Royal Caribbean Reports Full Year 2012 Results And Provides 2013 Guidance

  Royal Caribbean Reports Full Year 2012 Results And Provides 2013 Guidance

  PR Newswire

  MIAMI, Feb. 4, 2013

MIAMI, Feb. 4, 2013 /PRNewswire/ -- Royal Caribbean Cruises Ltd. (NYSE, OSE:
RCL) today reported full year 2012 results and provided an initial outlook for
2013.

KEY HIGHLIGHTS

  *Results For the Full Year 2012:

       *Full year Net Yields increased 3.0% on a Constant-Currency basis;
         1.5% As-Reported;
       *Net Cruise Costs ("NCC") excluding fuel increased 4.2% on a
         Constant-Currency basis; 2.7% As-Reported;
       *Net income before the non-cash impairment charge described below was
         $432.2 million, or $1.97 per share, versus net income of $607.4
         million, or $2.77 per share, in 2011. This exceeded the company's
         previous guidance due to better yields from late bookings, partially
         offset by super-storm Sandy; and
       *The company recorded non-cash impairment charges totaling $413.9
         million related to the Pullmantur brand during the fourth quarter
         resulting in reported net income of $18.3 million, or $0.08 per share
         for the full year of 2012.

  *2013 Outlook:

       *Net Yields are expected to increase 2% to 4% on a Constant-Currency
         and 3% to 5% on an As-Reported basis;
       *NCC excluding fuel are expected to be up 2% to 3% on a
         Constant-Currency basis and up approximately 3% on an As-Reported
         basis, directly related to increased insurance expenses and
         investments in marketing and technology; and
       *Earnings per share are expected to be within a range of $2.30 to
         $2.50.

"Excluding the Pullmantur impairment charges, our operating results came in
remarkably close to our forecast from a year ago, which is notable given the
challenging environment," said Richard D. Fain, chairman and chief executive
officer. Fain continued, "Looking forward, we see a tale of two continents;
North America is doing well, while parts of Europe continue to be a challenge.
Nonetheless, we are encouraged that the former will countervail the latter
allowing us to drive meaningful yield growth in 2013."

Pullmantur Impairment Charges The company conducts an analysis of the carrying
value of its assets on a regular basis and in the past has pointed out the
risks related to Pullmantur and the Spanish economy. While the 2013 WAVE
season is broadly off to a promising start, booking volumes and pricing are
down substantially in Spain due to the impact of additional austerity measures
there, the lingering impact of the Costa Concordia tragedy and other factors.
Accordingly, the company has recorded a total impairment charge of $413.9
million. Of this amount, approximately $319.2 million relates to goodwill and
the balance relates to a valuation allowance for deferred tax assets, a
reduction in the value of the trademarks and an impairment charge related to
three aircraft that Pullmantur owns and operates.

Regarding the impairment charge, Richard D. Fain, chairman and chief executive
officer commented, "While it is appropriate that we record this impairment
charge now, we remain confident in and committed to the Pullmantur brand.
Despite terribly challenging multi-year economic headwinds, Pullmantur's
management team has done an excellent job in maintaining the brand's
market-leading position while simultaneously diversifying guest sourcing into
new markets."

Fourth Quarter 2012 Results Royal Caribbean Cruises Ltd. today announced
fourth quarter 2012 net income before impairment charges of $21.1 million, or
$0.10 per share, versus income of $36.6 million, or $0.17 per share, in the
fourth quarter of 2011. During the quarter the company recorded non-cash
impairment charges totaling $413.9 million related to the company's Pullmantur
brand.

Both close-in bookings and onboard spending were stronger than expected for
the fourth quarter, resulting in a Net Yield increase of 1.8% on a
Constant-Currency basis versus prior guidance of up approximately 1%.

NCC excluding fuel were in-line with previous expectations and increased 1.0%
on a Constant-Currency basis and 0.4% on an As-Reported basis.

Approximately 110 basis points of the Net Yield improvement and approximately
60 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 fourth quarter was $671 per metric ton
and consumption was 341,800 metric tons.

Full Year 2012 Results Full year 2012 net income before impairment charges was
$432.2 million, or $1.97 per share, versus income of $607.4 million, or $2.77
per share for full year 2011. Net Yields increased 3.0% on a Constant-Currency
basis; 1.5% As-reported. NCC excluding fuel increased 4.2% on a
Constant-Currency basis; 2.7% As-Reported. Approximately 240 basis points of
the Net Yield improvement and approximately 350 basis points of the NCC
excluding fuel increases for the year relate to previously announced
deployment initiatives and changes to the company's international distribution
system. The company does not anticipate meaningful influences on yields or NCC
measurements from changes in deployment or international distribution in 2013.

Bunker pricing net of hedging for full year 2012 was $668 per metric ton and
consumption was 1,361,100 metric tons.

2013 Outlook

Full Year 2013 Booking activity in the fourth quarter was slightly lower than
the same time last year, with the greatest decline coming in the aftermath of
super-storm Sandy. However, the company has observed a much stronger booking
pattern since the beginning of WAVE season and demand trends have been quite
healthy.

In recent weeks, booking volumes have been running approximately 20% ahead of
the same time last year, due in part to the slower booking trends the company
experienced after the Costa Concordia grounding in January of 2012.
Normalizing for this favorable comparison, the company still considers the
WAVE season to be off to a strong start, particularly from U.S. points of
sale. Booking volumes are exceeding those during the same period in 2011 and
in the aggregate, forward booked load factors and pricing are higher than at
this time in both 2011 and 2012.

Full year Net Yields in 2013 are expected to increase 2% to 4% on a
Constant-Currency basis and 3% to 5% on an As-Reported basis.

"We were proactive in reducing our deployment and guest sourcing programs from
Europe due to uncertain consumer spending patterns as austerity measures
continue to pressure the region," commented Brian J. Rice, vice-chairman and
chief financial officer. Rice continued, "Encouragingly though, demand from
our other source markets, especially the U.S., is strong and should more than
offset any ongoing weakness in Europe. In fact, we are optimistic that we will
achieve record yields in the Caribbean and Alaska this year."

NCC excluding fuel are expected to be up 2% to 3% on a Constant-Currency basis
and up approximately 3% on an As-Reported basis, directly related to higher
insurance costs and investments in marketing activities and technology. These
investments are expected to drive yield accretion in 2013 with accelerating
benefits in pricing in 2014 and beyond. Excluding the aforementioned
insurance, marketing and technology investments, NCC excluding fuel are
expected to be approximately flat year-over-year on a Constant-Currency basis.

Taking into account current fuel pricing and currency exchange rates and the
factors detailed above, the company currently estimates 2013 earnings will be
in the range of $2.30 to $2.50 per share.

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 $245 million and $960
million of fuel expense in its first quarter and full year 2013 guidance,
respectively.

Forecasted consumption is 55% hedged via swaps for the remainder of 2013 and
45%, 25% and 7% hedged for 2014, 2015 and 2016, respectively. For the same
four-year period, the average cost per metric ton of the hedge portfolio is
approximately $568, $625, $616 and $582, respectively.

The company provided the following fuel statistics for the first quarter and
full year 2013:

          FUEL STATISTICS           First Quarter 2013 Full Year 2013
  Fuel Consumption (metric tons)         350,600         1,377,500
           Fuel Expenses               $245 million     $960 million
 Percent Hedged (fwd consumption)          53%              55%
Impact of 10% change in fuel prices    $12 million      $43 million

The company provided the following additional guidance for the first quarter
and full year of 2013:

             GUIDANCE                  As-Reported       Constant-Currency
                                              First Quarter 2013
            Net Yields                  Approx. 2%            2% to 3%
    Net Cruise Costs per APCD            2% to 3%             2% to 3%
    Net Cruise Costs per APCD,
          excluding Fuel                Approx. 2%           Approx. 2%
                                                Full Year 2013
            Net Yields                   3% to 5%             2% to 4%
    Net Cruise Costs per APCD            3% to 4%            Approx. 3%
    Net Cruise Costs per APCD,
          excluding Fuel                Approx. 3%           2% to 3%
                                    First Quarter 2013     Full Year 2013
        Capacity Increase                  1.5%                 1.4%
  Depreciation and Amortization    $183 to $193 million $750 to $770 million
      Interest Expense, net         $82 to $92 million  $335 to $355 million
               EPS                    $0.10 to $0.20       $2.30 to $2.50
                Exchange rates used in guidance calculations
                                    Current – February   Previous – October
               EUR                        $1.36                $1.30
               GBP                        $1.58                $1.61
               CAD                        $1.00                $0.99
               BRL                        $0.50                $0.49
               AUD                        $1.04                $1.04

Liquidity and Financing Arrangements As of December 31, 2012, liquidity was
$2.2 billion, including cash and the undrawn portion of the company's
unsecured credit facilities. The company noted that scheduled debt maturities
for 2013, 2014, 2015 and 2016 are $1.5 billion, $1.5 billion, $1.1 billion and
$1.0 billion, respectively. The company will continue to opportunistically
approach the prepayment and refinancing of its 2013 and 2014 scheduled
maturities.

Capital Expenditures & Capacity Guidance Based upon current ship orders,
projected capital expenditures for 2013, 2014, 2015 and 2016 are $700 million,
$1.2 billion, $1.2 billion and $1.3 billion, respectively.

Capacity increases for 2013, 2014, 2015 and 2016 are 1.4%, 1.0%, 6.8% and
4.8%, respectively. The company's annualized capacity growth rate from 2012 to
2016 remains at a historically low rate of 3.5%.

Conference Call Scheduled The company has scheduled a conference call at 10
a.m. Eastern Standard 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 five under contract. 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 first quarter and
full year 2013 and the costs and yields expected in 2013 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              Year Ended
                               December 31,             December 31,
                              2012         2011         2012         2011
 Passenger ticket
 revenues                 $ 1,275,117  $ 1,268,270  $ 5,594,595  $ 5,525,904
 Onboard and other
 revenues                     531,033      507,131    2,093,429    2,011,359
  Total revenues     1,806,150    1,775,401    7,688,024    7,537,263
 Cruise operating
 expenses:
    Commissions,
    transportation and
    other                     294,720      315,316    1,289,255    1,299,713
    Onboard and other         124,521      116,469      529,453      535,501
    Payroll and related       209,921      211,860      828,198      825,676
    Food                      115,409      111,758      449,649      424,308
    Fuel                      229,302      208,091      909,691      764,758
    Other operating           284,110      287,367    1,151,188    1,092,651
       Total cruise
       operating expenses   1,257,983    1,250,861    5,157,434    4,942,607
 Marketing, selling and
 administrative expenses      255,494      238,445    1,011,543      960,602
 Depreciation and
 amortization expenses        188,536      179,933      730,493      702,426
 Impairment of Pullmantur
 related assets               385,444            -      385,444            -
 Operating Income           (281,307)      106,162      403,110      931,628
 Other income (expense):
    Interest income             5,269        7,989       21,331       25,318
    Interest expense, net
    of interest
    capitalized              (89,036)     (90,625)    (355,785)    (382,416)
    Extinguishment of
    unsecured senior
    notes                        (16)            -      (7,501)            -
    Other (expense)
    income (including in
    2012 $28.5 million
    netdeferred tax
    expense related to
    Pullmantur
    impairment)              (27,713)       13,036     (42,868)       32,891
                            (111,496)     (69,600)    (384,823)    (324,207)
 Net (Loss) Income        $ (392,803)  $    36,562  $    18,287  $   607,421
 (Loss) Earnings Per
 Share:
 Basic                    $    (1.80)  $      0.17  $      0.08  $      2.80
 Diluted                  $    (1.80)  $      0.17  $      0.08  $      2.77
 Weighted-Average Shares
 Outstanding:
 Basic                        218,326      217,279      217,930      216,983
 Diluted                     218,326      218,982      219,457      219,229
 Comprehensive Income
 (Loss)
 Net (Loss) Income        $ (392,803)  $    36,562  $    18,287  $   607,421
 Other comprehensive
 income (loss):
    Foreign currency
    translation
    adjustments                 4,927     (13,803)      (2,763)     (18,200)
    Change in defined
    benefit plans             (4,567)      (6,482)      (4,567)      (6,698)
    Gain (loss) on cash
    flow derivative
    hedges                      8,213     (29,866)     (51,247)     (76,106)
       Total other
       comprehensive
       income (loss)            8,573     (50,151)     (58,577)    (101,004)
 Comprehensive (Loss)
 Income                   $ (384,230)  $  (13,589)  $  (40,290)  $   506,417

                              STATISTICS
                          Quarter Ended             Year Ended
                          December 31,            December 31,
                         2012        2011        2012         2011
Passengers Carried     1,144,656   1,201,947   4,852,079    4,850,010
Passenger Cruise Days  8,796,654   8,779,189  35,197,783   34,818,335
APCD                   8,643,664   8,521,272  33,705,584   33,235,508
Occupancy                 101.8%      103.0%      104.4%       104.8%

                         ROYAL CARIBBEAN CRUISES LTD.
                          CONSOLIDATED BALANCE SHEETS
                       (in thousands, except share data)
                                                             As of
                                                  December 31,  December 31,
                                                      2012          2011
                                                  (unaudited)
 Assets
 Current assets
  Cash and cash equivalents                          $ 194,855     $ 262,186
  Trade and other receivables, net                     281,421       292,447
  Inventories                                          146,295       144,553
  Prepaid expenses and other assets                    207,662       185,460
  Derivative financial instruments                      57,827        84,642
  Total current assets                                 888,060       969,288
 Property and equipment, net                        17,451,034    16,934,817
 Goodwill                                              432,975       746,537
 Other assets                                        1,055,861     1,153,763
                                                  $ 19,827,930  $ 19,804,405
 Liabilities and Shareholders' Equity
 Current liabilities
  Current portion of long-term debt                $ 1,519,483     $ 638,891
  Accounts payable                                     351,587       304,623
  Accrued interest                                     106,366       123,853
  Accrued expenses and other liabilities               541,722       564,272
  Customer deposits                                  1,546,993     1,436,003
  Total current liabilities                          4,066,151     3,067,642
 Long-term debt                                      6,970,464     7,856,962
 Other long-term liabilities                           482,566       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;
  229,080,109 and 227,366,165 shares issued,
  December 31, 2012
  and December 31, 2011, respectively)                   2,291         2,276
  Paid-in capital                                    3,109,887     3,071,759
  Retained earnings                                  5,744,791     5,823,430
  Accumulated other comprehensive loss               (134,516)      (75,938)
  Treasury stock (10,308,683 common shares at
  cost, December 31, 2012 and December 31, 2011)     (413,704)     (413,704)
  Total shareholders' equity                         8,308,749     8,407,823
                                                  $ 19,827,930  $ 19,804,405

                           ROYAL CARIBBEAN CRUISES LTD.
                       CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (unaudited, in thousands)
                                                          Year Ended
                                                         December 31,
                                                      2012          2011
 Operating Activities
 Net income                                       $   18,287  $  607,421
 Adjustments:
       Depreciation and amortization                   730,493       702,426
       Impairment of Pullmantur related assets         385,444             -
       Deferred tax expense related to
       Pullmantur impairment                            28,488             -
       Loss (gain) on fuel call options                  5,651      (18,920)
       Loss on extinguishment of debt                    7,501             -
 Changes in operating assets and liabilities:
       Decrease in trade and other receivables,
       net                                               8,026        87,872
       Increase in inventories                         (1,645)      (18,423)
       Increase in prepaid expenses and other
       assets                                          (1,614)      (17,052)
       Increase in accounts payable                     36,602        56,755
       Decrease in accrued interest                   (15,786)      (28,553)
       Increase in accrued expenses and other
       liabilities                                     33,060        25,318
       Increase in customer deposits                   103,733        19,482
 Cash received on settlement of derivative
 financial instruments                                  69,684        12,200
 Dividends received from unconsolidated
 affiliate                                                   -        21,147
 Other, net                                           (26,190)         6,066
 Net cash provided by operating activities           1,381,734     1,455,739
 Investing Activities
 Purchases of property and equipment              (1,291,499)   (1,173,626)
 Cash (paid) received on settlement of
 derivative financial instruments                     (10,886)        16,307
 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                                              5,739       (1,586)
 Net cash used in investing activities             (1,263,323)     (924,565)
 Financing Activities
 Debt proceeds                                       2,558,474     1,578,368
 Debt issuance costs                                  (75,839)      (84,381)
 Repayments of debt                                (2,216,701)   (2,179,046)
 Extinguishment of unsecured senior notes            (344,589)             -
 Dividends paid                                      (117,707)      (21,707)
 Proceeds from exercise of common stock options         15,146        19,463
 Other, net                                              1,599        10,788
 Net cash used in financing activities               (179,617)     (676,515)
 Effect of exchange rate changes on cash               (6,125)      (12,402)
 Net decrease in cash and cash equivalents            (67,331)     (157,743)
 Cash and cash equivalents at beginning of
 period                                                262,186       419,929
 Cash and cash equivalents at end of period       $  194,855  $  262,186
 Supplemental Disclosure
 Cash paid during the period for:
       Interest, net of amount capitalized        $  341,047  $  360,892

                                   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                              Year Ended
                              December 31,                            December 31,
                                 2012 On a                                2012 On a
                                 Constant                                  Constant
                                 Currency                                  Currency
                      2012         basis        2011           2012         basis          2011
Passenger ticket
revenues          $ 1,275,117  $ 1,275,138    1,268,270   $  5,594,595  $  5,698,635  $  5,525,904
Onboard and
other revenues        531,033      533,786      507,131      2,093,429     2,116,296     2,011,359
Total revenues      1,806,150    1,808,924    1,775,401      7,688,024     7,814,931     7,537,263
Less:
   Commissions,
   transportation
   and other          294,720      295,766      315,316      1,289,255     1,317,028     1,299,713
   Onboard and
   other              124,521      125,513      116,469        529,453       540,011       535,501
Net revenues      $ 1,386,909  $ 1,387,645  $ 1,343,616   $  5,869,316  $  5,957,892  $  5,702,049
APCD                8,643,664    8,643,664    8,521,272     33,705,584    33,705,584    33,235,508
Gross Yields      $    208.96  $    209.28  $    208.35   $     228.09  $     231.86  $     226.78
Net Yields        $    160.45  $    160.54  $    157.68   $     174.13  $     176.76  $     171.56

 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                              Year Ended
                              December 31,                            December 31,
                                  2012 On
                                    a                                    2012 On a
                                 Constant                                  Constant
                                 Currency                                  Currency
                      2012         basis        2011           2012         basis          2011
 Total cruise
 operating
 expenses         $ 1,257,983  $ 1,263,369  $ 1,250,861   $  5,157,434  $  5,231,963  $  4,942,607
 Marketing,
 selling and
 administrative
 expenses             255,494      257,017      238,445      1,011,543     1,029,564       960,602
 Gross Cruise
 Costs              1,513,477    1,520,386    1,489,306      6,168,977     6,261,527     5,903,209
 Less:
   Commissions,
   transportation
   and other          294,720      295,766      315,316      1,289,255     1,317,028     1,299,713
   Onboard and
   other              124,521      125,513      116,469        529,453       540,011       535,501
 Net Cruise Costs $ 1,094,236  $ 1,099,107  $ 1,057,521   $  4,350,269  $  4,404,488  $  4,067,995
 Less:
   Fuel               229,302      229,164      208,091        909,691       914,444       764,758
 Net Cruise Costs
 Excluding Fuel   $   864,934  $   869,943  $   849,430   $  3,440,578  $  3,490,044  $  3,303,237
 APCD               8,643,664    8,643,664    8,521,272     33,705,584    33,705,584    33,235,508
 Gross Cruise
 Costs per APCD   $    175.10  $    175.90  $    174.78   $     183.03  $     185.77  $     177.62
 Net Cruise
 Costs per APCD   $    126.59  $    127.16  $    124.10   $     129.07  $     130.68  $     122.40
 Net Cruise Costs
 Excluding Fuel
 per APCD        $    100.07  $    100.65  $     99.68   $     102.08  $     103.54  $      99.39

Net Debt-to-Capital was calculated as follows (in thousands):
                                                    As of
                                          December 31,   December 31,
                                              2012           2011
Long-term debt, net of current portion $    6,970,464 $    7,856,962
Current portion of long-term debt           1,519,483        638,891
Total debt                                  8,489,947      8,495,853
Less: Cash and cash equivalents               194,855        262,186
Net Debt                               $    8,295,092 $    8,233,667
Total shareholders' equity              $    8,308,749 $    8,407,823
Total debt                                  8,489,947      8,495,853
Total debt and shareholders' equity         16,798,696     16,903,676
Debt-to-Capital                                 50.5%          50.3%
Net Debt                                    8,295,092      8,233,667
Net Debt and shareholders' equity       $   16,603,841 $   16,641,490
Net Debt-to-Capital                             50.0%          49.5%

Website: http://www.royalcaribbean.com
Contact: Ian Bailey, +1-305-982-2625
 
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