Royal Caribbean Cruises (RCL) FY2012 results: revenue $7.7 billion, up 2.0% on the year
Royal Caribbean Cruises Ltd. (RCL) reported revenue of $7.7 billion for fiscal 2012, the year ended 31 December 2012, up 2.0% on the year before. Net income was $18 million, down 97.0%, and diluted earnings per share $0.08. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2013.
Revenue
$7.7 billion
+2.0% on the year
FY2008FY2012
Operating margin
5.2%
12.4% a year earlier
FY2008FY2012
Net income
$18 million
-97.0% on the year
FY2008FY2012
Diluted EPS
$0.08
-97.1% on the year
FY2008FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
7,688
7,537
6,753
+2.0%
Cost of revenue
5,157
4,943
4,458
+4.3%
Gross profit
2,531
2,595
2,294
-2.5%
Gross margin
32.9%
34.4%
34.0%
Selling, general and administrative
1,012
961
848
+5.3%
Operating income
403
932
803
-56.7%
Operating margin
5.2%
12.4%
11.9%
Interest expense
356
382
371
-7.0%
Income tax
55.5
20.7
20.3
+168.1%
Net income
18.3
607
516
-97.0%
Net margin
0.2%
8.1%
7.6%
Diluted EPS
$0.08
$2.77
$2.37
-97.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
1,382
1,456
1,663
-5.1%
Capital expenditure
1,291
1,174
2,187
+10.0%
Free cash flow
90.2
282
-524
-68.0%
Free cash flow margin
1.2%
3.7%
-7.8%
Cash from investing
-1,263
-925
-2,288
Cash from financing
-180
-677
757
Depreciation and amortisation
730
702
644
+4.0%
Share-based compensation
24.2
23.8
28.1
+1.5%
Buybacks
0.0
n/a
n/a
Dividends paid
118
21.7
0.0
+442.3%
Dividend per share
$0.12
n/a
n/a
Diluted shares, weighted
219m
219m
218m
+0.1%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
8,309
8,408
7,901
-1.2%
Debt
8,490
8,496
9,150
-0.1%
Other liabilities
3,029
2,901
2,603
+4.4%
Total liabilities and equity
19,828
19,804
19,654
+0.1%
Fixed assets
17,451
16,935
16,769
+3.0%
Goodwill
433
747
759
-42.0%
Cash and equivalents
195
262
420
-25.7%
Receivables
281
292
267
-3.8%
Inventory
146
145
127
+1.2%
Other assets
1,321
1,424
1,312
-7.2%
Total assets
19,828
19,804
19,654
+0.1%
10-K for the year ended 31 December 2012, filed 25 February 2013: the filing.