Royal Caribbean Cruise Lines 2011 Annual Report Download - page 31

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PART I
ROYAL CARIBBEAN CRUISES LTD. 27
UNITED KINGDOM INCOME TAX
We operate 13 ships under companies which have
elected to be subject to the United Kingdom tonnage
tax regime (“U.K. tonnage tax”).
Companies subject to U.K. tonnage tax pay a corpo-
rate tax on a notional profit determined with reference
to the net tonnage of qualifying vessels. Normal United
Kingdom corporate income tax is not chargeable on
the relevant shipping profits of a qualifying U.K. ton-
nage tax company. The requirements for a company
to qualify for the U.K. tonnage tax regime include
being subject to United Kingdom corporate income
tax, operating qualifying ships, which are strategically
and commercially managed in the United Kingdom,
and fulfilling a seafarer training requirement. Failure
to meet any of these requirements could cause us to
lose the benefit of the tonnage tax regime which will
have a material effect on our results of operations.
Relevant shipping profits include income from the
operation of qualifying ships and from shipping-
related activities. Our United Kingdom income from
non-shipping activities which do not qualify under
the U.K. tonnage tax regime and which are not con-
sidered significant, remain subject to United Kingdom
corporate income tax.
BRAZILIAN INCOME TAX
Pullmantur and our U.K. tonnage tax company charters
certain ships to Brazilian companies for operations in
Brazil from November to May. Some of these charters
are with unrelated third parties and others are with a
Brazilian affiliate. The Brazilian affiliate’s earnings are
subject to Brazilian taxation which is not considered
significant. We believe the charter payments made to
the U.K. tonnage tax company and to Pullmantur are
exempt from Brazilian income tax under Brazilian
domestic law.
OTHER TAXATION
We and certain of our subsidiaries are subject to
income tax in other jurisdictions on income that does
not qualify for exemption or tonnage tax regimes. The
tax on such income was not material to our results of
operations for all years presented. Our U.K. tonnage
tax company is exempt from some taxation in certain
jurisdictions where those companies have business
operations under relevant United Kingdom tax treaties.
WEBSITE ACCESS TO REPORTS
We make available, free of charge, access to our Annual
Reports, all quarterly and current reports and all
amendments to those reports, as soon as reasonably
practicable after such reports are electronically
filed with or furnished to the Securities and
Exchange Commission through our website at
www.rclinvestor.com. The information contained
on our website is not a part of any of these reports
and is not incorporated by reference herein.
EXECUTIVE OFFICERS OF THE COMPANY
As of February 29, 2012, our executive officers are:
Name Age Position
Richard D. Fain  Chairman, Chief Executive
Officer and Director
Adam M. Goldstein  President and
Chief Executive Officer,
Royal Caribbean International
Daniel J. Hanrahan  President and
Chief Executive Officer,
Celebrity Cruises
Gonzalo Chico Barbier  President and
Chief Executive Officer,
Pullmantur
Lawrence Pimentel  President and
Chief Executive Officer,
Azamara Club Cruises
Brian J. Rice  Executive Vice President and
Chief Financial Officer
Harri U. Kulovaara  Executive Vice President,
Maritime
Michael W. Bayley  Executive Vice President,
Operations
Richard D. Fain has served as a director since 1979
and as our Chairman and Chief Executive Officer since
1988. Mr. Fain has been involved in the shipping
industry for over 30 years.
Adam M. Goldstein has served as President of Royal
Caribbean International since February 2005 and
as its President and Chief Executive Officer since
September 2007. Mr. Goldstein has been employed
with Royal Caribbean since 1988 in a variety of posi-
tions, including Executive Vice President, Brand
Operations of Royal Caribbean International, Senior
Vice President, Total Guest Satisfaction and Senior Vice
President, Marketing. Mr. Goldstein served as National
Chair of the United States Travel Association (formerly,
Travel Industry Association of America) in 2001.
Daniel J. Hanrahan has served as President of Celebrity
Cruises since February 2005 and as its President
and Chief Executive Officer since September 2007.
Mr. Hanrahan served as President and Chief Executive
Officer of Azamara Cruises until July 2009. From
1999 until February 2005, Mr. Hanrahan served
in a variety of positions with the Royal Caribbean
International brand, including Senior Vice President,
Sales and Marketing.
Gonzalo Chico Barbier has served as President and
Chief Executive Officer of Pullmantur since June
2008. From 1995 to June 2008, Mr. Chico served as