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
For
further information please find the original press release attached
Norwegian
Reports Results for the Fourth Quarter and Full Year 2012
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