EXHIBIT 12

CINEMARK HOLDINGS, INC.

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

Year Ended

 

 

December 31,

 

 

2013

 

 

2014

 

 

2015

 

 

2016

 

 

2017

Computation of Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations before   equity income

 

$

241,182

 

 

$

267,320

 

 

$

319,541

 

 

$

328,684

 

$

309,392

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

215,488

 

 

 

207,100

 

 

 

207,914

 

 

 

204,523

 

 

203,789

Amortization of capitalized interest

 

 

496

 

 

 

496

 

 

 

496

 

 

 

496

 

 

496

Distributed income of equity investees

 

 

22,682

 

 

 

22,743

 

 

 

28,126

 

 

 

31,962

 

 

35,985

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL EARNINGS

 

$

479,848

 

 

$

497,659

 

 

$

556,077

 

 

$

565,665

 

$

549,662

Computation of Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

119,237

 

 

$

108,453

 

 

$

107,590

 

 

$

102,821

 

 

99,721

Capitalized interest

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of debt issue costs

 

 

5,476

 

 

 

5,245

 

 

 

5,151

 

 

 

5,492

 

 

97,871

Interest factor on rent expense

 

 

90,775

 

 

 

93,402

 

 

 

95,173

 

 

 

96,210

 

 

203,789

TOTAL FIXED CHARGES

 

$

215,488

 

 

$

207,100

 

 

$

207,914

 

 

$

204,523

 

$

203,789

RATIO OF EARNINGS TO FIXED   CHARGES (1)

 

2.23x

 

 

2.40x

 

 

2.67x

 

 

2.77x

 

 

2.70x

 

(1)

For the purposes of calculating the ratio of earnings to fixed charges, earnings consist of income from continuing operations before taxes plus fixed charges excluding capitalized interest.  Fixed charges consist of interest expense, capitalized interest, amortization of debt issue costs and that portion of rental expense which we believe to be representative of the interest factor.