Royal Caribbean Reports Third Quarter Results And Updates 2012 Guidance
Royal Caribbean Reports Third Quarter Results And Updates 2012 Guidance
PR Newswire
MIAMI, Oct. 25, 2012
MIAMI, Oct. 25, 2012 /PRNewswire/ -- Royal Caribbean Cruises Ltd. (NYSE, OSE:
RCL) today reported better than expected third quarter results and increased
its earnings outlook for full year 2012.
KEY HIGHLIGHTS
* Results For the Third Quarter 2012: Both close-in booking activity and
cost controls were stronger than the company anticipated in its previous
guidance.
* Net Yields increased 0.1% on a Constant-Currency basis (down 2.4%
As-Reported);
* Net Cruise Costs ("NCC") excluding fuel increased 2.0% on a
Constant-Currency basis (declined 0.2% As-Reported); and
* Net income was $367.8 million, or $1.68 per share, versus net income
of $399.0 million, or $1.82 per share, in 2011.
* Fourth Quarter 2012:
* Net Yields are expected to increase approximately 1% on both a
Constant-Currency and As-Reported basis;
* NCC excluding fuel are expected to be up approximately 1% on a
Constant-Currency basis and flat to up 1% on an As-Reported basis;
and
* Earnings per share are expected to be within a range of ($0.02) to
$0.08.
* Full Year 2012:
* Net Yields are expected to increase approximately 3% on a
Constant-Currency basis and 1% to 2% on an As-Reported basis;
* NCC excluding fuel are expected to be up approximately 4% on a
Constant-Currency basis and up 2% to 3% on an As-Reported basis; and
* Earnings per share are expected to be within a range of $1.85 to
$1.95.
"The strong third quarter certainly validates our confidence in our business
model," said Richard D. Fain, chairman and chief executive officer. "Strong
close-in demand and our focus on costs drove substantially better results than
expected. I am especially gratified that we are still seeing price increases
in a year marked by so many external pressures," Fain continued.
Third Quarter 2012 Results Royal Caribbean Cruises Ltd. today announced third
quarter 2012 net income of $367.8 million, or $1.68 per share, versus income
of $399.0 million, or $1.82 per share, in the third quarter of 2011.
Close-in bookings for the third quarter across most itineraries — including
Europe — were stronger than anticipated, resulting in a Net Yield increase of
0.1% on a Constant-Currency basis. NCC excluding fuel were also better than
anticipated and increased 2.0% on a Constant-Currency basis (declined 0.2%
As-Reported). Approximately 200 basis points of the Net Yield improvement and
approximately 220 basis points of the NCC excluding fuel increases during the
quarter relate to previously announced deployment initiatives and changes to
the company's international distribution system.
Bunker pricing net of hedging for the third quarter was $639 per metric ton
and consumption was 334,200 metric tons.
Outlook
Fourth Quarter 2012 As the company anticipated in February, the tragedy in
Italy had its biggest yield impact in the second and third quarters of the
year. The effect of the incident on bookings has continued to wane and fourth
quarter 2012 Net Yields are expected to increase approximately 1% on both
Constant-Currency and As-Reported bases. Excluding previously referenced
deployment initiatives and changes to the company's international distribution
system, Net Yields for the quarter are expected to be approximately flat.
For the fourth quarter of 2012, NCC excluding fuel are expected to be up
approximately 1% on a Constant-Currency basis and flat to up 1% on an
As-Reported basis. Excluding the deployment initiatives and changes to the
company's international distribution system, NCC excluding fuel are expected
to be approximately flat on both a Constant-Currency and As-Reported basis.
Full Year 2012 The company increased its guidance for full year earnings per
share by $0.15 to a range of $1.85 to $1.95. This increase has been mainly
driven by stronger than anticipated revenue (+$0.06 per share) and expense
reduction (+$0.06 per share). The remaining $0.03 per share improvement is
principally due to currency benefits net of oil price increases.
For the full year of 2012, Net Yields are expected to increase approximately
3% on a Constant-Currency basis and to be up 1% to 2% on an As-Reported basis.
Approximately 200-250 basis points of the expected improvement in Net Yields
relates to deployment initiatives and changes to the company's international
distribution system.
For the full year, NCC excluding fuel are expected to increase approximately
4% on a Constant-Currency basis (up 2% to 3% As-Reported). Excluding
deployment initiatives and changes to the company's distribution system,
Constant-Currency NCC excluding fuel are expected to be flat to up 1%.
Capacity Additions The company noted that it is engaged in negotiations for
the possible construction of an Oasis-type newbuild that would be delivered in
middle to late 2016. While the company has not entered into any agreement at
this time, it hopes to do so before year's end. The new ship is expected to
cost less on a per berth basis than either of the first two Oasis-class
vessels.
"The Oasis of the Seas and Allure of the Seas have proven themselves to be
exceptionally attractive ships by generating the highest guest satisfaction
ratings in the fleet coupled with very compelling financial returns," said
Richard D. Fain, chairman and chief executive officer. Fain continued,
"Ordering another such ship for delivery in 2016, at a lower cost, with better
energy efficiency is very consistent with our balanced goals of prudent
growth, return improvement and debt reduction."
2013 Outlook The company noted that while it is very early in the 2013
bookings cycle and visibility at this time is limited, the company is
encouraged by the trends so far. For the year 2013, booked load factors and
average per diems are both slightly higher currently than at this same time
last year. This is particularly encouraging in light of the fact that these
prior year comparisons relate to bookings before the Costa Concordia incident
which occurred in January 2012.
FUEL EXPENSE & GUIDANCE SUMMARY
Fuel Expense The company does not forecast fuel prices, and its fuel cost
calculations are based on current at-the-pump prices, net of hedging impacts.
Based on today's fuel prices the company has included $229 million and $910
million of fuel expense in its fourth quarter 2012 and full year 2012
guidance, respectively.
Forecasted consumption is now 58% hedged via swaps for the remainder of 2012
and 54%, 45%, 25% and 7% hedged for 2013, 2014, 2015 and 2016, respectively.
For the same five-year period, the average cost per metric ton of the hedge
portfolio is approximately $522, $568, $623, $610 and $582, respectively.
During the third quarter the company fully liquidated its previously disclosed
WTI fuel option portfolio resulting in a $1.8 million gain. Year-to-date
through September, the company has recorded a net loss of $5.7 million on this
portfolio.
The company provided the following fuel statistics for the fourth quarter and
full year 2012:
FUEL STATISTICS Fourth Quarter 2012 Full Year 2012
Fuel Consumption (metric tons) 344,000 1,363,000
Fuel Expenses $229 million $910 million
Percent Hedged (fwd consumption) 58% 58%
Impact of 10% change in fuel prices $9 million $9 million
The company provided the following additional guidance for the fourth quarter
and full year of 2012:
GUIDANCE As-Reported Constant-Currency
Fourth Quarter 2012
Net Yields Approx. 1% Approx. 1%
Net Cruise Costs per APCD Approx. 2% 2% to 3%
Net Cruise Costs per APCD,
excluding Fuel Flat to 1% Approx. 1%
Full Year 2012
Net Yields 1% to 2% Approx. 3%
Net Cruise Costs per APCD 5% to 6% Approx. 7%
Net Cruise Costs per APCD,
excluding Fuel 2% to 3% Approx. 4%
Fourth Quarter 2012 Full Year 2012
Capacity Increase 1.4% 1.4%
Depreciation and Amortization $185 to $195 million $725 to $735 million
Interest Expense, net $80 to $90 million $330 to $340 million
EPS ($0.02) to $0.08 $1.85 to $1.95
Exchange rates used in guidance calculations
Current – October Previous - July
EUR $1.30 $1.21
GBP $1.61 $1.55
CAD $0.99 $0.98
BRL $0.49 $0.49
AUD $1.04 $1.03
Liquidity and Financing Arrangements As of September 30, 2012, liquidity was
$1.9 billion, including cash and the undrawn portion of the company's
unsecured credit facilities. As previously disclosed, the company has taken a
number of actions this year to augment liquidity in advance of its 2013 and
2014 scheduled debt maturities, including increasing the size of its revolving
credit facility due July 2016 by $233 million and establishing a €365 million
5-year unsecured delayed-draw bank facility. More recently, the company
further bolstered its liquidity through a new $290 million 3 ½ year unsecured
bank facility. In part, this additional liquidity was used for the early
extinguishment of €255 million (or approximately 25%) of the company's €1.0
billion senior notes due in January 2014.
The company also has committed unsecured financing for its remaining
newbuilds. The company noted that scheduled debt maturities for 2012, 2013 and
2014 are now $600 million, $1.5 billion and $1.5 billion, respectively.
Capital Expenditures and Capacity Guidance Based on current ship orders,
projected capital expenditures for 2012, 2013, 2014 and 2015 are $1.3 billion,
$600 million, $1.1 billion and $1.0 billion, respectively.
Capacity increases for 2012, 2013, 2014 and 2015 are 1.4%, 1.3%, 1.0% and
6.5%, respectively.
Conference Call Scheduled The company has scheduled a conference call at 10
a.m. Eastern Daylight Time today to discuss its earnings. This call can be
heard, either live or on a delayed basis, on the company's investor relations
web site at www.rclinvestor.com .
Selected Operational and Financial Metrics
Available Passenger Cruise Days ("APCD") APCD is our measurement of capacity
and represents double occupancy per cabin multiplied by the number of cruise
days for the period. We use this measure to perform capacity and rate analysis
to identify the main non-capacity drivers that cause our cruise revenues and
expenses to vary.
Constant-Currency We believe Net Yields and Net Cruise Costs are our most
relevant non-GAAP financial measures. However, a significant portion of our
revenue and expenses are denominated in currencies other than the United
States dollar. Because our reporting currency is the United States dollar, the
value of these revenues and expenses in US dollars will be affected by changes
in currency exchange rates. Although such changes in local currency prices is
just one of many elements impacting our revenues and expenses, it can be an
important element. For this reason, we also monitor Net Yields and Net Cruise
Costs on a "Constant-Currency" basis – i.e. as if the current period's
currency exchange rates had remained constant with the comparable prior
period's rates. We calculate "Constant-Currency" by applying the average prior
year period exchange rates for each of the corresponding months of the
reported and/or forecasted period, so as to calculate what the results would
have been had exchange rates been the same throughout both periods. We do not
make predictions about future exchange rates and use current exchange rates
for calculations of future periods. It should be emphasized that the use of
Constant-Currency is primarily used by us for comparing short-term changes
and/or projections.
Over the longer term, changes in guest sourcing and shifting the amount of
purchases between currencies significantly change the impact of the purely
currency-based fluctuations.
Gross Cruise Costs Gross Cruise Costs represent the sum of total cruise
operating expenses plus marketing, selling and administrative expenses.
Gross Yields Gross Yields represent total revenues per APCD.
Net Cruise Costs and Net Cruise Costs Excluding Fuel Net Cruise Costs and Net
Cruise Costs Excluding Fuel represent Gross Cruise Costs excluding
commissions, transportation and other expenses and onboard and other expenses
and, in the case of Net Cruise Costs Excluding Fuel, fuel. In measuring our
ability to control costs in a manner that positively impacts net income, we
believe changes in Net Cruise Costs and Net Cruise Costs Excluding Fuel to be
the most relevant indicators of our performance. A reconciliation of
historical Gross Cruise Costs to Net Cruise Costs and Net Cruise Costs
Excluding Fuel is provided below under Results of Operations. We have not
provided a quantitative reconciliation of projected Gross Cruise Costs to
projected Net Cruise Costs and projected Net Cruise Costs Excluding Fuel due
to the significant uncertainty in projecting the costs deducted to arrive at
these measures. Accordingly, we do not believe that reconciling information
for such projected figures would be meaningful.
Net Debt-to-Capital Net Debt-to-Capital is a ratio which represents total
long-term debt, including the current portion of long-term debt, less cash and
cash equivalents ("Net Debt") divided by the sum of Net Debt and total
shareholders' equity. We believe Net Debt and Net Debt-to-Capital, along with
total long-term debt and shareholders' equity are useful measures of our
capital structure.
Net Revenues Net Revenues represent total revenues less commissions,
transportation and other expenses and onboard and other expenses.
Net Yields Net Yields represent Net Revenues per APCD. We utilize Net Revenues
and Net Yields to manage our business on a day-to-day basis as we believe that
it is the most relevant measure of our pricing performance because it reflects
the cruise revenues earned by us net of our most significant variable costs,
which are commissions, transportation and other expenses and onboard and other
expenses. We have not provided a quantitative reconciliation of projected
Gross Yields to projected Net Yields due to the significant uncertainty in
projecting the costs deducted to arrive at this measure. Accordingly, we do
not believe that reconciling information for such projected figures would be
meaningful.
Occupancy Occupancy, in accordance with cruise vacation industry practice, is
calculated by dividing Passenger Cruise Days by APCD. A percentage in excess
of 100% indicates that three or more passengers occupied some cabins.
Passenger Cruise Days Passenger Cruise Days represent the number of passengers
carried for the period multiplied by the number of days of their respective
cruises.
Royal Caribbean Cruises Ltd. (NYSE,OSE: RCL) is a global cruise vacation
company that owns Royal Caribbean International, Celebrity Cruises,
Pullmantur, Azamara Club Cruises and CDF Croisieres de France, as well as TUI
Cruises through a 50 percent joint venture. Together, these six brands operate
a combined total of 41 ships with three under construction. They operate
diverse itineraries around the world that call on approximately 460
destinations on all seven continents. Additional information can be found on
www.royalcaribbean.com , www.celebritycruises.com , www.pullmantur.es ,
www.azamaraclubcruises.com , www.cdfcroisieresdefrance.com or
www.rclinvestor.com .
Certain statements in this release relating to, among other things, our future
performance constitute forward-looking statements under the Private Securities
Litigation Reform Act of 1995. These statements include, but are not limited
to, statements regarding expected financial results for the fourth quarter and
full year 2012 and the costs and yields expected in 2012 and other future
periods. Words such as "anticipate," "believe," "could," "estimate," "expect,"
"goal," "intend," "may," "plan," "project," "seek," "should," "will," and
similar expressions are intended to identify these forward-looking statements.
Forward-looking statements reflect management's current expectations, are
inherently uncertain and are subject to risks, uncertainties and other
factors, which could cause our actual results, performance or achievements to
differ materially from the future results, performance or achievements
expressed or implied in those forward-looking statements. Examples of these
risks, uncertainties and other factors include, but are not limited to the
following: the impact of the economic environment on the demand for cruises,
the impact of the economic environment on our ability to generate cash flows
from operations or obtain new borrowings from the credit or capital markets in
amounts sufficient to satisfy our capital expenditures, debt repayments and
other financing needs, the uncertainties of conducting business
internationally and expanding into new markets, changes in operating and
financing costs, vacation industry competition and changes in industry
capacity and overcapacity, emergency ship repairs, including the related lost
revenue, the impact of ship delivery delays, ship cancellations or ship
construction price increases, financial difficulties encountered by shipyards
or their subcontractors and incidents or adverse publicity concerning the
cruise vacation industry such as the Costa Concordia casualty and the
unavailability or cost of air service.
More information about factors that could affect our operating results is
included under the captions "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in our most recent
annual report on Form 10-K and subsequent quarterly reports on Form 10-Q,
copies of which may be obtained by visiting our Investor Relations web site at
www.rclinvestor.com or the SEC's web site at www.sec.gov . Undue reliance
should not be placed on the forward-looking statements in this release, which
are based on information available to us on the date hereof. We undertake no
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Non-GAAP Measures of Financial Performance This press release includes certain
non-GAAP financial measures as defined under Securities and Exchange
Commission rules, which we believe provide useful information to investors as
a supplement to our consolidated financial statements which are prepared and
presented in accordance with generally accepted accounting principles, or
GAAP.
The presentation of non-GAAP financial information is not intended to be
considered in isolation or as a substitute for, or superior to, the financial
information prepared and presented in accordance with GAAP. These measures may
be different from non-GAAP measures used by other companies. In addition,
these non-GAAP measures are not based on any comprehensive set of accounting
rules or principles. Non-GAAP measures have limitations in that they do not
reflect all of the amounts associated with our results of operations as do the
corresponding GAAP measures.
A reconciliation to the most comparable GAAP measure of all non-GAAP financial
measures included in this press release can be found in the tables included at
the end of this press release.
Financial Tables Follow
ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited; in thousands, except per share data)
Quarter Ended Nine Months Ended
September 30, September 30,
2012 2011 2012 2011
Passenger ticket
revenues $ 1,635,033 $ 1,734,328 $ 4,319,478 $ 4,257,634
Onboard and other
revenues 591,357 587,666 1,562,396 1,504,228
Total revenues 2,226,390 2,321,994 5,881,874 5,761,862
Cruise operating
expenses:
Commissions,
transportation and
other 366,100 405,674 994,535 984,397
Onboard and other 166,356 181,604 404,932 419,032
Payroll and related 201,644 210,535 618,277 613,816
Food 111,315 113,319 334,240 312,550
Fuel 213,434 202,478 680,389 556,667
Other operating 289,476 291,690 867,078 805,284
Total cruise
operating
expenses 1,348,325 1,405,300 3,899,451 3,691,746
Marketing, selling and
administrative expenses 243,877 231,761 756,049 722,157
Depreciation and
amortization expenses 182,051 177,191 541,957 522,493
Operating Income 452,137 507,742 684,417 825,466
Other income (expense):
Interest income 4,744 7,070 16,062 17,329
Interest expense,
net of interest
capitalized (84,977) (98,198) (266,749) (291,791)
Extinguishment of
unsecured senior
notes (7,485) - (7,485) -
Other income
(expense) 3,360 (17,656) (15,155) 19,855
(84,358) (108,784) (273,327) (254,607)
Net Income $ 367,779 $ 398,958 $ 411,090 $ 570,859
Earnings Per Share:
Basic $ 1.69 $ 1.84 $ 1.89 $ 2.63
Diluted $ 1.68 $ 1.82 $ 1.87 $ 2.60
Weighted-Average Shares
Outstanding:
Basic 217,940 217,105 217,797 216,883
Diluted 219,296 218,934 219,263 219,315
Comprehensive Income (Loss)
Net Income $ 367,779 $ 398,958 $ 411,090 $ 570,859
Other comprehensive income
(loss):
Foreign currency
translation adjustments 1,331 (43,786) (7,690) (4,397)
Change in defined benefit
plans - - - (216)
Gain (loss) on cash flow
derivative hedges 81,322 (255,015) (59,460) (46,240)
Total other
comprehensive income
(loss) 82,653 (298,801) (67,150) (50,853)
Comprehensive Income $ 450,432 $ 100,157 $ 343,940 $ 520,006
STATISTICS
Quarter Ended Nine Months Ended
September 30, September 30,
2012 2011 2012 2011
Passengers Carried 1,246,730 1,247,574 3,707,423 3,648,063
Passenger Cruise Days 9,203,801 9,255,801 26,401,129 26,039,146
APCD 8,581,222 8,575,926 25,061,920 24,714,236
Occupancy 107.3% 107.9% 105.3% 105.4%
ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
As of
September 30, December 31,
2012 2011
(unaudited)
Assets
Current assets
Cash and cash equivalents $ 241,237 $ 262,186
Trade and other receivables, net 301,110 292,447
Inventories 143,954 144,553
Prepaid expenses and other assets 249,080 185,460
Derivative financial instruments 97,799 84,642
Total current assets 1,033,180 969,288
Property and equipment, net 16,820,816 16,934,817
Goodwill 742,466 746,537
Other assets 1,071,760 1,153,763
$ 19,668,222 $ 19,804,405
Liabilities and Shareholders' Equity
Current liabilities
Current portion of long-term debt $ 1,154,948 $ 638,891
Accounts payable 361,094 304,623
Accrued interest 119,847 123,853
Accrued expenses and other liabilities 605,699 564,272
Customer deposits 1,584,597 1,436,003
Total current liabilities 3,826,185 3,067,642
Long-term debt 6,623,920 7,856,962
Other long-term liabilities 515,456 471,978
Commitments and contingencies
Shareholders' equity
Preferred stock ($0.01 par value;
20,000,000 shares authorized; none
outstanding) - -
Common stock ($0.01 par value;
500,000,000 shares authorized;
228,384,628 and 227,366,165 shares
issued, September 30, 2012 and December
31, 2011, respectively) 2,284 2,276
Paid-in capital 3,093,326 3,071,759
Retained earnings 6,163,842 5,823,430
Accumulated other comprehensive loss (143,087) (75,938)
Treasury stock (10,308,683 common
shares at cost, September 30, 2012
and December 31, 2011) (413,704) (413,704)
Total shareholders' equity 8,702,661 8,407,823
$ 19,668,222 $ 19,804,405
ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
Nine Months Ended
September 30,
2012 2011
Operating Activities
Net income $ 411,090 $ 570,859
Adjustments:
Depreciation and amortization 541,957 522,493
Loss (gain) on fuel call options 5,671 (11,701)
Loss on extinguishment of debt 7,485 -
Changes in operating assets and liabilities:
Decrease in trade and other receivables, net 42,484 55,062
Decrease (increase) in inventories 423 (25,490)
Increase in prepaid expenses and other assets (39,410) (72,538)
Increase in accounts payable 46,836 74,498
Decrease in accrued interest (2,305) (14,370)
Increase in accrued expenses and other
liabilities 11,688 34,380
Increase in customer deposits 80,993 97,089
Cash received on settlement of derivative
financial instruments 69,684 -
Dividends received from unconsolidated affiliate - 21,147
Other, net (4,340) 21,289
Net cash provided by operating activities 1,172,256 1,272,718
Investing Activities
Purchases of property and equipment (429,309) (1,030,102)
Cash received on settlement of derivative
financial instruments 19,058 20,172
Loan to unconsolidated affiliate - (110,660)
Cash payments received on loan to unconsolidated
affiliate 23,512 -
Proceeds from the sale of ships 9,811 345,000
Other, net (6,395) 352
Net cash used in investing activities (383,323) (775,238)
Financing Activities
Debt proceeds 915,000 1,408,368
Debt issuance costs (48,190) (80,619)
Repayments of debt (1,263,769) (1,786,414)
Extinguishment of unsecured senior notes (344,150) -
Dividends paid (65,293) (21,707)
Proceeds from exercise of common stock options 3,703 18,947
Other, net 1,228 10,413
Net cash used in financing activities (801,471) (451,012)
Effect of exchange rate changes on cash (8,411) (14,937)
Net (decrease) increase in cash and cash
equivalents (20,949) 31,531
Cash and cash equivalents at beginning of period 262,186 419,929
Cash and cash equivalents at end of period $ 241,237 $ 451,460
Supplemental Disclosure
Cash paid during the period for:
Interest, net of amount capitalized $ 242,680 $ 269,625
ROYAL CARIBBEAN CRUISES LTD.
NON-GAAP RECONCILING INFORMATION
(unaudited)
Gross Yields and Net Yields were calculated as follows (in thousands, except APCD
and Yields):
Quarter Ended Nine Months Ended
September 30, September 30,
2012 On a 2012 On a
Constant Constant
Currency Currency
2012 basis 2011 2012 basis 2011
Passenger
ticket revenues $ 1,635,033 $ 1,685,476 1,734,328 $ 4,319,478 $ 4,423,497 $ 4,257,634
Onboard and
other revenues 591,357 602,293 587,666 1,562,396 1,582,510 1,504,228
Total revenues 2,226,390 2,287,769 2,321,994 5,881,874 6,006,007 5,761,862
Less:
Commissions,
transportation
and other 366,100 378,173 405,674 994,535 1,021,262 984,397
Onboard and
other 166,356 172,260 181,604 404,932 414,498 419,032
Net revenues $ 1,693,934 $ 1,737,336 $ 1,734,716 $ 4,482,407 $ 4,570,247 $ 4,358,433
APCD 8,581,222 8,581,222 8,575,926 25,061,920 25,061,920 24,714,236
Gross Yields $ 259.45 $ 266.60 $ 270.76 $ 234.69 $ 239.65 $ 233.14
Net Yields $ 197.40 $ 202.46 $ 202.28 $ 178.85 $ 182.36 $ 176.35
Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs Excluding Fuel were calculated as
follows (in thousands, except APCD and costs per APCD):
Quarter Ended Nine Months Ended
September 30, September 30,
2012 On a 2012 On a
Constant Constant
Currency Currency
2012 basis 2011 2012 basis 2011
Total cruise
operating
expenses $ 1,348,325 $ 1,377,772 $ 1,405,300 $ 3,899,451 $ 3,968,593 $ 3,691,746
Marketing,
selling and
administrative
expenses 243,877 250,433 231,761 756,049 772,547 722,157
Gross Cruise
Costs 1,592,202 1,628,205 1,637,061 4,655,500 4,741,140 4,413,903
Less:
Commissions,
transportation
and other 366,100 378,173 405,674 994,535 1,021,262 984,397
Onboard and
other 166,356 172,260 181,604 404,932 414,498 419,032
Net Cruise
Costs $ 1,059,746 $ 1,077,772 $ 1,049,783 $ 3,256,033 $ 3,305,380 $ 3,010,474
Less:
Fuel 213,434 213,557 202,478 680,389 685,280 556,667
Net Cruise
Costs Excluding
Fuel $ 846,312 $ 864,215 $ 847,305 $ 2,575,644 $ 2,620,100 $ 2,453,807
APCD 8,581,222 8,581,222 8,575,926 25,061,920 25,061,920 24,714,236
Gross Cruise
Costs per APCD $ 185.54 $ 189.74 $ 190.89 $ 185.76 $ 189.18 $ 178.60
Net Cruise
Costs per APCD $ 123.50 $ 125.60 $ 122.41 $ 129.92 $ 131.89 $ 121.81
Net Cruise
Costs Excluding
Fuel per APCD $ 98.62 $ 100.71 $ 98.80 $ 102.77 $ 104.55 $ 99.29
Net Debt-to-Capital was calculated as follows (in
thousands):
As of
September 30, December 31,
2012 2011
Long-term debt, net of current portion $ 6,623,920 $ 7,856,962
Current portion of long-term debt 1,154,948 638,891
Total debt 7,778,868 8,495,853
Less: Cash and cash equivalents 241,237 262,186
Net Debt $ 7,537,631 $ 8,233,667
Total shareholders' equity $ 8,702,661 $ 8,407,823
Total debt 7,778,868 8,495,853
Total debt and shareholders' equity 16,481,529 16,903,676
Debt-to-Capital 47.2% 50.3%
Net Debt 7,537,631 8,233,667
Net Debt and shareholders' equity $ 16,240,292 $ 16,641,490
Net Debt-to-Capital 46.4% 49.5%
Website: http://www.royalcaribbean.com
Contact: Ian Bailey, +1-305-982-2625
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