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World video travel guide
Norwegian Cruise Line reports results for the fourth quarter and full year 2012
Wiesbaden, February 13, 2013 – Norwegian Cruise Line (NASDAQ: NCLH, Norwegian Cruise Line Holdings Ltd., NCL Corporation Ltd., “Norwegian” or “the Company”), has reported results for the quarter and year ended December 31, 2012.
2012 Full Year Highlights
· Net income of $173,1 million and diluted EPS of $0,97, excluding share-based compensation charge detailed below
· Adjusted EBITDA increase of 10%
· Net Yield increase of 1,6% (2,4% on a Constant Currency basis)
· Net Cruise Cost per Capacity Day Excluding Fuel (“NCC ex Fuel”) decrease of 5,3% (decrease of 4,6% on a Constant Currency basis)
· Expansion of new build programme with order for Breakaway Plus ship for delivery in Q4 2015 with option for second ship
2012 Fourth Quarter Highlights
· Net income of $5,6 million and diluted EPS of $0,04, excluding share-based compensation charge detailed below
· Adjusted EBITDA increase of 17%
· Net Yield increase of 2,5% (2,7% on a Constant Currency basis)
· NCC ex Fuel decrease of 6,7% (decrease of 5,9% on a Constant Currency basis)
“We are very pleased to begin our journey as a public company by posting strong results for 2012,” said Kevin Sheehan, President and Chief Executive Officer of Norwegian Cruise Line. “In addition, our fourth quarter results marked our eighteenth consecutive quarter of year-over-year Adjusted EBITDA growth,” continued Sheehan.
2012 Full Year Results
The Company reported full year 2012 net income of $173,1 million, or $0,97 diluted EPS, before a non-recurring, non-cash share-based compensation charge of $4,5 million related to former CEO, compared to net income of $126,9 million, or $0,71 diluted EPS, in 2011.
Revenue for the full year 2012 increased 2,6% to $2.276,2 million from $2.219,3 million. Net Yield increased 1,6%, or 2,4% on a Constant Currency basis, from higher yields from both passenger ticket and on-board and other revenue. NCC ex Fuel decreased 5,3% in the period, or 4,6% on a Constant Currency basis, as a result of cost improvement initiatives in all line items. The Company’s fuel price per metric ton, net of hedges, increased to $664 from $571 from the same period last year. Despite the increase in fuel price, Net Cruise Cost per Capacity Day decreased 1,0%, or 0,5% on a Constant Currency basis.
“While 2012 included some unexpected challenges in the macro environment, our results demonstrate our ability to manage our operations through these external factors and report healthy growth,” said Sheehan.
2012 Fourth Quarter Results
The Company reported fourth quarter 2012 net income of $5,6 million and diluted EPS of $0,04, before the aforementioned share-based compensation charge, compared to a net loss in 2011 of $(1,9) million, or $(0,01) diluted EPS. Revenue for 2012 increased to $503,2 million from $488,6 million in 2011.
Contributing to the increase in revenue were slightly higher Capacity Days in the quarter and a Net Yield improvement of 2,5%, or 2,7% on a Constant Currency basis, from higher ticket pricing and on-board spend per Capacity Day. NCC ex Fuel decreased 6,7%, or 5,9% on a Constant Currency basis, from the timing of certain repairs and maintenance expense, including dry-docks, and business improvement initiatives. The Company’s fuel price per metric ton, net of hedges, increased to $695 from $573 in the same period last year. Including fuel expense, Net Cruise Cost per Capacity Day was essentially flat on both an as-reported and Constant Currency basis.
Guidance for 2013
In addition to the results for the fourth quarter and full year 2012, the Company also issued the following guidance which reflects its expectations for the first quarter and full year 2013.
First Quarter 2013
For the first quarter of 2013, compared to the same period in 2012, Net Yield is expected to increase between 2,5% and 3,5% (1) on both an as-reported and Constant Currency basis. Net cruise cost excluding fuel per Capacity Day basis is expected to be flat to up 1,0% (2) on both an as-reported and Constant Currency basis. Adjusted EPS (3) is expected to be in the range of $0,02 to $0,05. Fuel consumption is expected to be approximately 109.000 metric tons with a per metric ton price of approximately $670 (4), net of hedges.
Full Year 2013
For the full year 2013, compared to the same period in 2012, Net Yield is expected to increase between 3,5% and 5,5% (5) on both an as-reported and Constant Currency basis. Fuel consumption is expected to be approximately 460.500 metric tons with a per metric ton price of approximately $695 (6), net of hedges. Adjusted EPS (3) is expected to be in the range of $1,20 to $1,40.
“2013 marks the beginning of the next chapter of Norwegian’s growth story,” commented Sheehan. “The delivery of our Breakaway and Breakaway Plus class vessels, designed to improve on the already successful platform of Norwegian Epic, along with our strong product proposition that offers a consistent experience throughout our fleet, has Norwegian well positioned for 2013 and beyond.”
(1) Based on the midpoint of guidance on an as-reported basis, a 25 basis point change in Net Yield results in a change of approximately $1,0 million to Net Revenue ($0,40 to Net Yield).
(2) Based on the midpoint of guidance on an as-reported basis, a 25 basis point change in NCC ex fuel per Capacity Day results in a change of approximately $0,5 million to NCC ex Fuel ($0,25 change to NCC ex Fuel per Capacity Day).
(3) Adjusted EPS guidance based on net income excluding one-time charges related to the Company’s initial public offering, issuance of $300 million in senior unsecured notes, redemption of the full amount of the Company’s outstanding $450 million 11,75% senior secured notes due 2016 and partial redemption of our outstanding $350 million 9,5% senior unsecured notes due 2018.
(4) A 10% increase in fuel price results in a change of approximately $2,0 million in fuel expense, net of hedges.
(5) Based on the midpoint of guidance on an as-reported basis, a 25 basis point change in Net Yield results in a change of approximately $5,0 million to Net Revenue ($0,45 to Net Yield).
(6) A 10% increase in fuel price results in a change of approximately $11,5 million in fuel expense, net of hedges.
Subsequent Events
On January 24, 2013 the Company closed on an initial public offering (“IPO”) of 27.058.824 of its ordinary shares, including shares sold as a result of the full exercise by the underwriters of their option to purchase additional shares, at a price of $19,00 per share. In addition, on February 6, 2013, the Company closed on the sale of $300 million of senior unsecured notes due February 2018 at a coupon of 5,00% per annum. The notes were issued at a price of 99,451%. The aggregate net proceeds of the IPO and the notes offering, after deducting underwriting discounts, commissions, initial purchasers’ discount and estimated fees and expenses, were used to prepay certain credit facilities, repay amounts pursuant to the Norwegian Sky Agreement, redeem the full amount of the outstanding $450 million 11,75% senior secured notes due 2016, redeem a portion of the outstanding $350 million 9,5% senior notes due 2018 and for general corporate purposes.
The results of the aforementioned transactions will be reflected in the Company’s results for the first quarter of 2013.
