Royal Caribbean Cruises Ltd. (NYSE, OSE: RCL) ha annunciato i risultati del secondo trimestre

Download PDF

 Royal Caribbean Cruises Ltd. (NYSE, OSE: RCL) ha annunciato i risultati del secondo trimestre

Miami, 26 luglio 2013 – Royal Caribbean Cruises Ltd. (NYSE, OSE: RCL) ha annunciato i risultati del secondo trimestre, aggiornato le proprie previsioni 2013 e commentato le iniziative adottate per aumentare la redditività.


 

PUNTI CHIAVE


 

® L’utile netto per il trimestre è stato di 24,7 milioni di dollari, o $0,11 per azione, contro una perdita netta di (3,7 milioni di dollari), o ($0,02) per azione, nel 2012.  I profitti nel corso del trimestre includono un impatto di $0,05 per azione correlato all’incendio avvenuto sulla Grandeur e un costo non monetario di  $0,07 per azione dovuto alla correzione inerente il programma Affinity Credit Card dell’azienda.

® Per tutto l’anno 2013, le previsioni di guadagno dell’azienda sono essenzialmente invariate rispetto all’aggiornamento fornito alla fine del mese di maggio, il che riflette l’impatto dell’incendio sulla Grandeur of the Seas e il rafforzamento del dollaro americano. Ci si aspetta che l’utile per azione sia nell’ordine dei $2,20 – $2,30.  I rendimenti netti su base di valuta costante dovrebbero aumentare approssimativamente del 3% (esclusa la correzione per il programma Affinity Card).

® Gli sforzi dell’azienda compiuti nel controllo dei costi stanno mostrando risultati incoraggianti. Non considerando l’incendio della Grandeur, nel secondo trimestre i costi operativi di crociera netti (“NCC”), escluso il carburante, sono aumentati dell’1,5% su base di valuta costante. Ci si aspetta ora che gli NCC, escluso il carburante, crescano dall’1% al 2% (rispetto alle precedenti previsioni per l’anno che parlavano del 2% al 3%).

® Le spese sostenute dall’azienda nel secondo trimestre, migliori di quanto ci si aspettasse, e la prevista riduzione dei costi riflettono le azioni intraprese dalla società quale parte di un programma di ampio miglioramento della redditività. Tali iniziative mirano ad aumentare le entrate e a ridurre le spese, con l’obiettivo di migliorare i ritorni sul capitale investito. Se da un lato il piano operativo è ancora nelle fasi iniziali, l’obiettivo dell’azienda è quello di generare, nel 2014, un miglioramento dei rendimenti e costi di crociera netti, escluso il carburante, quanto meno costanti.

 

“E’ gratificante vedere come i risultati comincino ad arrivare. Mentre l’ambiente in cui si opera è stato deludente, le nostre prenotazioni appaiono buone e sono entusiasta del fatto che le nostre iniziative per la riduzione dei costi comincino a dare i loro frutti,” – ha detto Richard D. Fain, chairman e CEO della compagnia. “Sfruttare al meglio questo momento positivo ci aiuterà a portare guadagni e redditività al livello successivo” – ha concluso Fain.

 

Second Quarter 2013 Results

Royal Caribbean today announced second quarter 2013 net income of $24.7 million, or $0.11 per share, versus a loss of ($3.7 million) or ($0.02) per share, in the second quarter of 2012.  Included in the 2013 figures is a $0.05 per share impact related to the Grandeur fire and a $0.07 non-cash charge to correct an underestimate of the reward liability for its affinity credit card.  Absent these two charges, earnings per share would have been $0.23 per share.

 

Net Yields on a Constant-Currency basis increased 2.8% for the quarter.  Ticket revenue for the second quarter came in as expected, while on-board revenue outperformed expectations.  Excluding the affinity card adjustment, Constant-Currency Net Yields in the quarter increased 3.9% versus the prior year.

 

NCC excluding fuel were better than anticipated and increased 2.3% on a Constant-Currency basis (1.5% excluding the impact from Grandeur).  Costs were controlled across all areas of the business with hotel, vessel and administrative expense categories all performing more efficiently than expected.

 

Bunker pricing net of hedging for the second quarter was $697 per metric ton and consumption was 6,400 metric tons lower than expected at 333,600 metric tons.


 

Previsioni


 

 

Tutto il 2013

I rendimenti su base di valuta costante dovrebbero aumentare dal 2% al 3% (il 3% approssimativamente, escludendo la correzione per il programma Affinity Card). Il saldo passivo rispetto alle precedenti previsioni è dovuto alla correzione per il programma Affinity Card, alle crociere in Cina, a causa del conflitto tra questo paese e il Giappone, e ad una modesta riduzione nelle aspettative per quel che concerne i Caraibi. Nonostante l’attuale campagna sconti per quell’area, le previsioni relative ai Caraibi hanno subito solo modeste variazioni e la domanda resta solida. L’Europa continua a mostrare miglioramenti, anno dopo anno, con atteso un aumento per l’anno in corso dei rendimenti netti legati alla vendita dei biglietti.  Nel complesso, tanto i fattori legati alla politica dei prezzi quanto quelli di carico sono superiori per la seconda metà dell’anno rispetto allo stesso periodo dell’anno scorso.

 

I ricavi di bordo hanno tratto vantaggio dal miglioramento delle spese degli ospiti americani e dalle nuove aree di ricavo di bordo che la compagnia ha aggiunto grazie ai propri sforzi di ammodernamento delle navi.

 

I costi netti di crociera, escluso il carburante, dovrebbero salire tra l’1% e il 2% su base di valuta costante. La compagnia continua a concentrare la propria attenzione su iniziative che portino ad una riduzione dei costi ed ha abbassato il mid-point delle proprie previsioni di spesa di 100 punti base per l’anno in corso.

 

Ci si aspetta che i costi del carburante restino relativamente invariati rispetto alle previsioni originali della compagnia, nonostante i recenti aumenti dei prezzi del petrolio, dovuti alle misure di hedging e conservazione dell’energia.

Inoltre, il dollaro americano ha continuato a rafforzarsi rispetto alle altre valute con le quali lavora l’azienda. Il dollaro è più forte del 5% rispetto a gennaio, quando l’azienda ha pubblicato le prime previsioni e gli effetti di ciò vengono riepilogati nel dettaglio nella tabella qui sotto.

 

Full year earnings per share are expected to be in the range of $2.20 to $2.30.

 

The following table bridges the company’s April guidance to its current guidance:

April Guidance (Midpoint)

$2.40

Grandeur Fire

($0.10)

F/X & Fuel Impact as of May 30th

($0.08)

Updated Guidance on May 30th

$2.22

Net Savings

$0.03

Current Guidance (Midpoint)

$2.25

 

 

Third Quarter 2013

Constant-Currency Net Yields are expected to be up 1% to 2% in the third quarter of 2013 and NCC excluding fuel are expected to increase approximately 4% on a Constant-Currency basis driven mainly by marketing and culinary programs that were launched in the fourth quarter of 2012.  Based on current fuel pricing and currency exchange rates, the company expects that third quarter earnings will be in the range of $1.60 to $1.70 per share.  Included in this third quarter guidance is a $0.05 per share impact related to the Grandeur fire.

 

Profitability Initiatives

While the company is still in the early stages of its profitability improvement initiatives, two programs of note relate to Pullmantur and to the company’s international operations.  Firstly, over the last few years, Pullmantur has systematically increased its emphasis on Latin America which now generates over 50% of its revenues.  In recognition of this, Pullmantur will shortly be opening a head office in Latin America to place the operating management closer to its largest and fastest growing market and to help reduce overhead.

Secondly, the broader organization has grown its international footprint meaningfully over the past several years and has now achieved significant scale in both global deployment and sourcing.  As part of its profitability initiatives, the company is working on opportunities to improve its global sales, marketing and general and administrative cost structure to further leverage economies of scale.

 

“The profitability improvement measures are designed to result in long-term cost savings and further revenue improvements that will benefit 2014 and beyond,” commented Jason T. Liberty, senior vice president and chief financial officer.  Liberty continued, “We will likely incur some one-time charges in 2013 related to these actions, but we are confident that the increase in efficiency will be well worth it.”

 

In addition to its traditional financial metrics, beginning in the third quarter the company intends to follow the growing practice of reporting the non-GAAP metric “adjusted net income” in order to isolate unusual items such as the one-time restructuring charges noted above.  The company feels that this measure will add an additional level of clarity to the performance of the underlying business.

 

 

 


 

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 $219 million and $923 million of fuel expense in its third quarter 2013 and full year 2013 guidance, respectively.

 

Forecasted consumption is now 60% hedged via swaps for the remainder of 2013 and 55%, 39%, 20% and 5% hedged for 2014, 2015, 2016 and 2017, respectively.  For the same five-year period, the average cost per metric ton of the hedge portfolio is approximately $576, $620, $647, $623 and $640, respectively.

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

FUEL STATISTICS

Third Quarter 2013

Full Year 2013

Fuel Consumption (metric tons)

329,000

1,346,000

Fuel Expenses

$219 million

$923 million

Percent Hedged (fwd consumption)

56%

60%

Impact of 10% change in fuel prices

$9 million

$16 million

 

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

GUIDANCE

As-Reported                    Constant-Currency

 

Third Quarter 2013

Net Yields

Approx. 1%

1% to 2%

Net Cruise Costs per APCD

Approx. 4%

3% to 4%

Net Cruise Costs per APCD

excluding Fuel

4% to 5%

Approx. 4%

 

 

 

Full Year 2013

Net Yields

Approx. 2%

2% to 3%

Net Cruise Costs per APCD

1% to 2%

1% to 2%

Net Cruise Costs per APCD

excluding Fuel

1% to 2%

1% to 2%

 

 

 

 

 

 

 

Third Quarter 2013

Full Year 2013

Capacity Increase

1.8%

1.0%

Depreciation and Amortization

$183 to $193 million

$750 to $770 million

Interest Expense, net

$75 to $85 million

$315 to $335 million

Reported EPS

$1.60 to $1.70

$2.20 to $2.30

 

 

1% Change in Currency

$3 million

$ 6 million (2H)

1% Change in Net Yield*

$17 million

$32 million (2H)

1% Change in NCC x fuel

$9 million

$18 million (2H)


*For the full year a 1% Net Yield change is approximately $60 million. 
Exchange rates used in guidance calculations

 

Current – July

Previous – April

GBP

$1.54

$1.53

CAD

BRL

AUD

EUR

$0.97

$0.45

$0.92

$1.32

 

$0.97

$0.50

$1.03

$1.31

 

Liquidity and Financing Arrangements

As of June 30, 2013, liquidity was $­­­1.5 billion, including cash and the undrawn portion of the company’s unsecured credit facilities.  The company noted that remaining scheduled debt maturities for 2013, 2014, 2015 and 2016 are $0.6 billion, $1.5 billion, $1.1 billion and $1.0 billion, respectively.

 

Capital Expenditures and Capacity Guidance

Based upon current ship orders, projected capital expenditures for 2013, 2014, 2015 and 2016 are $0.7 billion, $1.2 billion, $1.2 billion and $2.0 billion, respectively.

 

Capacity increases for 2013, 2014, 2015 and 2016 are 1.0%, 1.5%, 6.9% and 6.9%, respectively.  The company’s annualized capacity growth rate from 2012 to 2016 remains at 4.0%.

 

Conference Call Scheduled

The company has scheduled a conference call at 10 a.m. Eastern Time Zone 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., gruppo crocieristico leader a livello mondiale, opera con i marchi Royal Caribbean International, Celebrity Cruises, Azamara Club Cruises, Pullmantur e CDF Croisières de France e TUI Cruises, joint venture al 50% con il gruppo tedesco TUI A.G. Con 41 navi in servizio e 6 in costruzione vanta di fatto la più innovativa flotta del mondo e propone oltre 460 destinazioni nei 7 continenti. Numero verde in Italia per gli operatori: 010 545821. Per il pubblico: 848 000977 al costo di una chiamata urbana. Ulteriori informazioni sui siti www.royalcaribbean.it,

COPIA SNIPPET DI CODICE

Comments are closed.