Royal Caribbean Reports a 55% Increase in Third Quarter Earnings, Increases 2010 Outlook and Comments on 2011
By Royal Caribbean Cruises Ltd., PRNEMonday, October 25, 2010
MIAMI, October 26, 2010 - Royal Caribbean Cruises Ltd. (NYSE, OSE: RCL) today announced a 55%
year-over-year increase in third quarter earnings, provided higher earnings
guidance for full year 2010 and commented on 2011.
Key Highlights
-- For the third Quarter:
-- Third quarter 2010 net income increased 55% year-over-year to
US$356.8 million, or US$1.64 per share.
-- Third quarter close-in bookings were stronger than expected
while operating costs and fuel consumption were lower.
-- Third quarter Net Yields increased 5.2%, (7.2% on a Constant
Currency basis).
-- Third quarter Net Cruise Costs excluding fuel per APCD ("NCC
ex. fuel") declined 2.8%, (1.2% on a Constant Currency basis).
-- Looking to the rest of 2010:
-- Net Yields are expected to increase approximately 4%-5% in
the fourth quarter (approximately 5% on a Constant Currency
basis) and 4%-5% for the year on both Constant Currency and as
reported basis.
-- NCC are expected to be down approximately 1% for the full year.
-- EPS expectation has been increased for the full year 2010 to
US$2.43 to US$2.47. Fourth quarter 2010 EPS is expected to be
in the range of US$0.08 to US$0.12 after taking into account
two incidents that cost the company about US$0.05.
-- Looking to Next Year:
-- While it is early in the booking cycle, 2011 Yields are
trending positively in all four quarters and the company
expects yield increases in 2011 comparable to 2010. As a
result, early 2011 EPS modeling indicates that next year will
set a new EPS record for the company.
"We continue to characterize demand for our brands as steady and solid
and the strength of our third quarter results is certainly a validation of
that," said Richard D. Fain, chairman and chief executive officer. Fain
continued, "Profitability momentum moving into 2011 is also quite strong with
our newest vessels performing exceptionally well and our management team
controlling costs very effectively. The economy is still tough, but even
facing such headwinds our outlook is remarkably encouraging."
Third Quarter 2010 Results
Royal Caribbean Cruises Ltd. today announced net income for the third
quarter 2010 of US$356.8 million, or US$1.64 per share, compared to net
income of US$230.4 million, or US$1.07 per share, in the third quarter of
2009. This represents a 55% increase in earnings year-over-year in the third
quarter.
Revenues improved to US$2.1 billion in the third quarter of 2010 compared
to US$1.8 billion in the third quarter of 2009, as a result of capacity
increases and yield improvements. Net Yields for the third quarter of 2010
increased 5.2% (7.2% on a Constant Currency basis).
In the third quarter of 2010, NCC decreased 2.3%, and NCC excluding fuel
decreased 2.8%. Excluding currency impacts, the comparable figures would have
been decreases of 1.1% and 1.2%, respectively.
Continued fuel conservation efforts resulted in better than expected fuel
usage of 342,400 metric tons during the third quarter. At-the-pump pricing
(including the benefit of the company's hedging) was in-line with earlier
calculations at US$481 per metric ton. Altogether, the quarter's fuel
expenditures were approximately US$5 million better than previous
calculations.
Forward Guidance
The company reported that the current revenue environment has remained
stable and continues to be characterized as slowly improving. Additionally,
booked load factors and average per diems continue to run ahead of same time
last year for the remainder of the year. Fourth quarter 2010 Net Yields are
expected to improve approximately 5% on a Constant Currency basis, or
approximately 4%-5% on an as-reported basis. Full Year 2010 Net Yields are
expected to improve approximately 4%-5% on both Constant Currency and
as-reported basis.
Owning primarily to timing, NCC are forecasted to be up approximately 2%
in the fourth quarter, or up 3% on a constant currency basis. On a constant
currency basis, full year NCC guidance remains unchanged at down
approximately 1%. On an as reported basis full year NCC are down
approximately 1%.
Operational disruptions on Pullmantur's Pacific Dream and the Celebrity
Century have negatively impacted the company's fourth quarter EPS guidance by
approximately US$0.05.
Looking to 2011, while recognizing it is still too early to provide
definitive guidance, the company reported that early indications are
encouraging. At today's exchange rates, the company expects full year 2011
Net Yields to increase by a similar proportion to 2010. The company also
noted that its business is seasonal and that the biggest yield declines
caused by the recession impacted the second and third quarters more than they
impacted the first and fourth quarters. As a result, the company expects that
the most meaningful yield recovery in 2011 will occur correspondingly during
those same two summer quarters. First quarter 2011 Net Yields are currently
expected to improve 2%-4%. Taking into account these revenue trends as well
as current fuel prices and exchange rates, the company expects 2011 EPS to
exceed its previous record of US$3.26 per share.
With only one ship delivery in 2011, capital commitments are dropping by
more than 50% from 2010's levels. This slowing capacity investment combined
with improving profitability is expected to generate meaningful free cash
flow (cash from operating activities less capital commitments).
Fuel Expense
The company does not forecast fuel prices and its cost calculations are
based on current at-the-pump prices net of hedging impacts. Based on today's
fuel prices the company has included US$167 million and US$651 million of
fuel expense in its fourth quarter 2010 and full year 2010 guidance,
respectively.
The ongoing focus on fuel conservation has allowed the company to further
reduce its full year 2010 consumption estimate to 1,318,000 metric tons of
fuel versus the estimate of 1,327,000 metric tons the company provided in
July. Forecasted consumption is now 50% hedged for the remainder of 2010, 58%
hedged in 2011, 55% hedged in 2012 and 22% hedged in 2013.
Forward Guidance Summary
The company provided the following estimates for the fourth quarter and
full year 2010.
(All currency noted is in US$ unless otherwise specified)
Fuel Statistics
Fourth Quarter 2010 Full Year 2010
------------------- --------------
Fuel Consumption 350,000 mt 1,318,000 mt
Fuel Expenses $167 Million $651 Million
Percent Hedged (forward
consumption) 50% 50%
Impact of 10% change in fuel
prices $9 Million $9 Million
Guidance Estimates
Fourth Quarter 2010
-------------------
Reported Constant Currency
Net Yields 4%-5% Approx. 5%
Net Cruise Costs per APCD Approx. 2% Approx. 3%
Net Cruise Costs per APCD, Approx. 4% Approx. 4%-5%
excluding Fuel
Full Year 2010
--------------
Reported Constant Currency
Net Yields 4%-5% 4%-5%
Net Cruise Costs per APCD Approx. (1%) Approx. (1%)
Net Cruise Costs per APCD, Approx. (1%) Flat-(1%)
excluding Fuel
Fourth Quarter 2010 Full Year 2010
------------------- --------------
EPS $0.08-$0.12 $2.43-$2.47
Capacity Increase 8.1% 11.0%
Depreciation and
Amortization $162 to $167 Million $642 to $647 Million
Exchange rates used in forecast calculations
--------------------------------------------
Interest Expense $85 to $90 Million $330 to $335 Million
EUR 1.40 1.40
GBP 1.57 1.57
Liquidity and Financing Arrangements
As of September 30, 2010, in addition to committed unsecured
financing on its three remaining newbuilds, liquidity was $1.3 billion,
including cash and the undrawn portion of the company's unsecured revolving
credit facility.
Delivery of Royal Caribbean International's highly anticipated Allure of
the Seas is scheduled for Thursday, October 28, 2010. The Allure of the Seas
will sail year-round Caribbean itineraries from Port Everglades, FL and
begins revenue service on December 1st.
Capital Expenditures and Capacity Guidance
Based on current ship orders, projected capital expenditures for 2010,
2011 and 2012 are $2.2 billion, $1.0 billion, and $1.0 billion, respectively.
Capacity increases for the same three years are 11.0%, 7.5% and 1.8%,
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.
Terminology
Available Passenger Cruise Days ("APCD")
APCDs are our measurement of capacity and represent double occupancy per
cabin multiplied by the number of cruise days for the period.
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 can 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 "as if" the
current periods' currency exchange rates had remained constant with the
comparable prior periods' rates, or on a "Constant Currency" basis.
It should be emphasized that the use of Constant Currency is primarily
used 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
Net Cruise Costs represent Gross Cruise Costs excluding commissions,
transportation and other expenses and onboard and other expenses. In
measuring our ability to control costs in a manner that positively impacts
net income, we believe changes in Net Cruise Costs to be the most relevant
indicator of our performance. We have not provided a quantitative
reconciliation of projected Gross Cruise Costs to projected Net Cruise Costs
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.
Net Debt-to-Capital
Net Debt-to-Capital is a ratio which represents total long-term debt,
including 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. is a global cruise vacation company that
operates Royal Caribbean International, Celebrity Cruises, Pullmantur,
Azamara Club Cruises, CDF Croisieres de France, and TUI Cruises through a 50%
joint venture. The company has a combined total of 39 ships in service and
three under construction. It also offers unique land-tour vacations in
Alaska, Asia, Australia, Canada, Europe, Latin America and New Zealand.
Additional information can be found on www.royalcaribbean.com,
www.celebrity.com. www.pullmantur.com,
www.azamaraclubcruises.com, www.cdfcroisieresdefrance.com,
www.tuicruises.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 2010 and the yields expected in 2011. 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 adverse publicity concerning the cruise vacation
industry 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 the
corresponding GAAP measures.
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.
ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share data)
Quarter Ended
September 30,
-------------
2010 2009
---- ----
Passenger ticket revenues $1,520,562 $1,270,610
Onboard and other revenues 540,097 492,932
------- -------
Total revenues 2,060,659 1,763,542
--------- ---------
Cruise operating expenses:
Commissions, transportation and other 350,166 303,969
Onboard and other 159,824 152,579
Payroll and related 197,070 171,164
Food 99,969 88,394
Fuel 164,786 146,254
Other operating 267,810 253,726
------- -------
Total cruise operating expenses 1,239,625 1,116,086
Marketing, selling and
administrative expenses 213,300 196,594
Depreciation and amortization expenses 162,232 144,021
------- -------
Operating Income 445,502 306,841
------- -------
Other income (expense):
Interest income 1,815 2,225
Interest expense, net of
interest capitalized (82,494) (73,912)
Other (expense) income (8,056) (4,762)
------ ------
(88,735) (76,449)
------- -------
Net Income $356,767 $230,392
======== ========
Earnings Per Share:
Basic $1.66 $1.08
===== =====
Diluted $1.64 $1.07
===== =====
Weighted-Average Shares Outstanding:
Basic 215,150 213,839
======= =======
Diluted 217,512 215,669
======= =======
Nine Months Ended
September 30,
-------------
2010 2009
---- ----
Passenger ticket revenues $3,762,536 $3,176,473
Onboard and other revenues 1,385,470 1,261,686
--------- ---------
Total revenues 5,148,006 4,438,159
--------- ---------
Cruise operating expenses:
Commissions, transportation and other 889,956 772,350
Onboard and other 374,949 348,336
Payroll and related 565,112 505,376
Food 286,466 254,710
Fuel 483,843 437,617
Other operating 750,761 715,468
------- -------
Total cruise operating expenses 3,351,087 3,033,857
Marketing, selling and
administrative expenses 636,143 576,344
Depreciation and amortization expenses 479,838 421,802
------- -------
Operating Income 680,938 406,156
------- -------
Other income (expense):
Interest income 4,547 5,114
Interest expense, net of
interest capitalized (250,264) (221,701)
Other (expense) income 69,539 (30,501)
------ -------
(176,178) (247,088)
-------- --------
Net Income $504,760 $159,068
======== ========
Earnings Per Share:
Basic $2.35 $0.74
===== =====
Diluted $2.32 $0.74
===== =====
Weighted-Average Shares Outstanding:
Basic 214,839 213,769
======= =======
Diluted 217,388 214,773
======= =======
STATISTICS
Quarter Ended Nine Months Ended
September 30, September 30,
------------- -------------
2010 2009 2010 2009
---- ---- ---- ----
Passengers Carried 1,199,759 1,046,943 3,430,273 2,958,219
Passenger Cruise Days 8,656,023 7,545,314 24,058,087 21,105,895
APCD 8,069,663 7,157,608 22,967,291 20,486,192
Occupancy 107.3% 105.4% 104.7% 103.0%
ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
As of
-----
September 30, December 31,
2010 2009
---- ----
(unaudited)
Assets
Current assets
Cash and cash equivalents $441,930 $284,619
Trade and other receivables, net 279,388 338,804
Inventories 113,061 107,877
Prepaid expenses and other assets 171,413 180,997
Derivative financial instruments 37,515 114,094
------ -------
Total current assets 1,043,307 1,026,391
Property and equipment, net 15,684,378 15,268,053
Goodwill 768,048 792,373
Other assets 1,110,075 1,146,677
--------- ---------
$18,605,808 $18,233,494
=========== ===========
Liabilities and Shareholders' Equity
Current liabilities
Current portion of long-term debt $1,104,706 $756,215
Accounts payable 281,051 264,554
Accrued interest 154,706 147,547
Accrued expenses and other liabilities 645,569 521,190
Customer deposits 1,266,794 1,059,524
--------- ---------
Total current liabilities 3,452,826 2,749,030
Long-term debt 6,980,254 7,663,555
Other long-term liabilities 321,484 321,192
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;
225,521,087 and 224,258,247 shares
issued, September 30, 2010 2,255 2,243
and December 31, 2009, respectively)
Paid-in capital 3,007,803 2,973,495
Retained earnings 5,259,710 4,754,950
Accumulated other comprehensive (loss)
income (4,820) 182,733
Treasury stock (10,308,683 common
shares at cost, September 30, 2010
and December 31, 2009) (413,704) (413,704)
-------- --------
Total shareholders' equity 7,851,244 7,499,717
--------- ---------
$18,605,808 $18,233,494
=========== ===========
ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
Nine Months Ended
September 30,
-------------
2010 2009
---- ----
Operating Activities
Net income $504,760 $159,068
Adjustments:
Depreciation and amortization 479,838 421,802
Changes in operating assets and
liabilities:
Decrease (increase) in trade and
other receivables, net 91,196 (18,029)
Increase in inventories (6,255) (12,539)
Increase in prepaid expenses and
other assets (33,456) (9,433)
Increase in accounts payable 16,894 21,915
Increase in accrued interest 7,159 16,706
Increase in accrued expenses and
other liabilities 58,700 31,623
Increase in customer deposits 157,952 13,840
Cash received on settlement of
derivative financial instruments 172,993 -
Other, net (13,874) 38,826
------- ------
Net cash provided by operating activities 1,435,907 663,779
--------- -------
Investing Activities
Purchases of property and equipment (925,826) (1,153,090)
Cash (paid) received on settlement
of derivative financial instruments (1,521) 105,964
Loans and equity contributions to
unconsolidated affiliates - (181,683)
Proceeds from the sale of Celebrity Galaxy - 290,928
Other, net (12,057) (100)
------- ----
Net cash used in investing activities (939,404) (937,981)
-------- --------
Financing Activities
Debt proceeds 1,081,069 992,463
Debt issuance costs (57,238) (35,819)
Repayments of debt (1,378,099) (804,356)
Proceeds from exercise of common
stock options 11,802 290
Other, net 1,148 3,827
----- -----
Net cash (used in) provided by
financing activities (341,318) 156,405
-------- -------
Effect of exchange rate changes on cash 2,126 782
Net increase (decrease) in cash and
cash equivalents 157,311 (117,015)
Cash and cash equivalents at
beginning of period 284,619 402,878
------- -------
Cash and cash equivalents at end of period $441,930 $285,863
======== ========
Supplemental Disclosure
Cash paid during the period for:
Interest, net of amount capitalized $210,684 $205,873
======== ========
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
September 30,
-------------
2010 2010 2009
---- ---- ----
On a
----
Constant
--------
Currency basis
--------------
Passenger ticket revenues $1,520,562 $1,555,143 $1,270,610
Onboard and other revenues 540,097 548,201 492,932
------- ------- -------
Total revenues 2,060,659 2,103,344 1,763,542
========= ========= =========
Less:
Commissions, transportation
and other 350,166 359,69 6 303,969
Onboard and other 159,824 164,669 152,579
Net revenues $1,550,669 $1,578,979 $1,306,994
========== ========== ==========
APCD 8,069,663 8,069,663 7,157,608
Gross Yields $255.36 $260.65 $246.39
Net Yields $192.16 $195.67 $182.60
Nine Months Ended
September 30,
-------------
2010 2010 2009
---- ---- ----
On a
----
Constant
--------
Currency basis
--------------
Passenger ticket revenues $3,762,536 $3,763,044 $3,176,473
Onboard and other revenues 1,385,470 1,393,243 1,261,686
--------- --------- ---------
Total revenues 5,148,006 5,156,287 4,438,159
========= ========= =========
Less:
Commissions, transportation
and other 889,956 892,745 772,350
Onboard and other 374,949 381,341 348,336
Net revenues $3,883,101 $3,882,201 $3,317,473
========== ========== ==========
APCD 22,967,291 22,967,291 20,486,192
Gross Yields $224.15 $224.51 $216.64
Net Yields $169.07 $169.03 $161.94
Gross Cruise Costs and Net Cruise Costs were calculated as follows
(in thousands, except APCD and costs per APCD):
Quarter Ended
September 30,
-------------
2010 2010 2009
---- ---- ----
On a
----
Constant
--------
Currency basis
--------------
Total cruise operating
expenses $1,239,625 $1,262,872 $1,116,086
Marketing, selling and
administrative expenses 213,300 216,427 196,594
------- ------- -------
Gross Cruise Costs 1,452,925 1,479,299 1,312,680
========= ========= =========
Less:
Commissions, transportation
and other 350,166 359,696 303,969
Onboard and other 159,824 164,669 152,579
Net Cruise Costs $942,935 $954,934 $856,132
======== ======== ========
APCD 8,069,663 8,069,663 7,157,608
Gross Cruise Costs per APCD $180.05 $183.32 $183.40
Net Cruise Costs per APCD $116.85 $118.34 $119.61
Nine Months Ended
September 30,
-------------
2010 2010 2009
---- ---- ----
On a
----
Constant
--------
Currency basis
--------------
Total cruise operating
expenses $3,351,087 $3,371,680 $3,033,857
Marketing, selling and
administrative expenses 636,143 636,070 576,344
------- ------- -------
Gross Cruise Costs 3,987,230 4,007,750 3,610,201
========= ========= =========
Less:
Commissions, transportation
and other 889,956 892,745 772,350
Onboard and other 374,949 381,341 348,336
Net Cruise Costs $2,722,325 $2,733,664 $2,489,515
========== ========== ==========
APCD 22,967,291 22,967,291 20,486,192
Gross Cruise Costs per APCD $173.60 $174.50 $176.23
Net Cruise Costs per APCD $118.53 $119.02 $121.52
Net Debt-to-Capital was calculated as follows (in thousands):
As of
September 30, December 31,
------------- ------------
2010 2009
---- ----
Long-term debt, net of current portion $6,980,254 $7,663,555
Current portion of long-term debt 1,104,706 756,215
--------- -------
Total debt 8,084,960 8,419,770
Less: Cash and cash equivalents 441,930 284,619
------- -------
Net Debt $7,643,030 $8,135,151
========== ==========
Total shareholders' equity $7,851,244 $7,499,717
Total debt 8,084,960 8,419,770
--------- ---------
Total debt and shareholders' equity 15,936,204 15,919,487
========== ==========
Debt-to-Capital 50.7% 52.9%
Net Debt 7,643,030 8,135,151
--------- ---------
Net Debt and shareholders' equity $15,494,274 $15,634,868
=========== ===========
Net Debt-to-Capital 49.3% 52.0%
Ian Bailey, +1-305-982-2625
Tags: florida, Miami, Norway, October 26, Royal Caribbean Cruises Ltd.
