Exhibit 12
CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)
Years Ended November 30,
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2006 2005 2004 2003 2002
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Net income $ 2,279 $ 2,253 $ 1,809 $ 1,187 $ 1,011
Income tax expense (benefit),
net 39 72 47 29 (57)
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Income before income taxes 2,318 2,325 1,856 1,216 954
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Fixed charges
Interest expense, net 312 330 284 195 111
Interest portion of
rent expense (a) 16 17 17 16 5
Capitalized interest 37 21 26 49 39
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Total fixed charges 365 368 327 260 155
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Fixed charges not affecting
earnings:
Capitalized interest (37) (21) (26) (49) (39)
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Earnings before fixed
charges $ 2,646 $ 2,672 $ 2,157 $ 1,427 $ 1,070
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Ratio of earnings to
fixed charges 7.2x 7.3x 6.6x 5.5x 6.9x
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(a) Represents one-third of rent expense, which we believe to be
representative of the interest portion of rent expense.
49