Royal Caribbean Cruise Lines 2009 Annual Report Download - page 50

Download and view the complete annual report

Please find page 50 of the 2009 Royal Caribbean Cruise Lines annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 109

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109

Other significant items for 2009 included:
Other Items:
40
•
Net Cruise Costs per APCD decreased by 9.8% compared to 2008.
•
Fuel expenses per APCD, net of the financial impact of fuel swap agreements, decreased 20.9% per APCD as compared to
the same period in 2008.
•
Our Net Debt-to-Capital ratio increased to 52.0% in 2009 from 49.3% in 2008. Similarly, our Debt-to-Capital ratio
increased to 52.9% in 2009 from 50.8% in 2008.
•
As of December 31, 2009, liquidity was $0.9 billion, including cash and the undrawn portion of our unsecured revolving
credit facility.
•
We sold Celebrity Galaxy, a 1,850-berth ship for €€224.4 million or $290.9 million to TUI Cruises to serve as its first ship.
The ship has been sailing under the name Mein Schi
ff
since May 2009.
•
We issued $300.0 million of 11.88% senior unsecured notes due 2015 at a price of 97.40% of par. The net proceeds from
the offering were used to repay $285.0 million outstanding under our unsecured revolving credit facility.
•
We took delivery of Celebrity Equinox, the second Solstice-class ship for Celebrity Cruises. To finance the purchase, we
drew in full $524.5 million of an unsecured term loan.
•
We took delivery of Oasis of the Seas, the first Oasis-class ship for Royal Caribbean International. To finance the
purchase, we drew in full $840.0 million and €€159.4 million from an unsecured term loan.
•
We arranged commitments for unsecured financing in the amount of $1.1 billion or up to 80% of the contract price of
A
llure o
f
the Seas. The facility will be 95% guaranteed by Finnvera, the official export credit agency of Finland.
•
In January 2010, we reached a settlement with Rolls Royce, co-producer of the Mermaid pod-propulsion system on
Celebrity Cruises’ Millennium-class ships, in our lawsuit pending in the Circuit Court for Miami-Dade County, Florida
against Rolls Royce for the recurring Mermaid pod failures. Under the terms of the settlement, we will receive payments of
approximately $85.6 million, net of costs and payments to insurers, of which $20.0 million will be payable within five
years. This award will be recognized in our consolidated financial statements in the first quarter of 2010 within other
(expense) income.