Escolar Documentos
Profissional Documentos
Cultura Documentos
September 2009 *
• Contemporary
• 6 Ships
• Largest Spanish Cruise Line
• Deluxe
• 2 Ships
• Intimate, Unique Destinations
• Contemporary
• 1 Ship from Pullmantur
• French Brand
• Contemporary
• 1 Ship from Celebrity
• Joint Venture with TUI AG (Germany)
4
Strong Industry Fundamentals
• Great product
• Loyal customers & growth in first timers
• High-value holiday relative to alternatives
• Favorable demographics
• Asset portability
• Low penetration of cruise vacation market
• Global footprint expansion/capacity absorption
• Proven resilience and well positioned for the
recovery 5
Investment Highlights
7
International Guest Growth
(thousands)
Over 1M International Guests 1,369
3 0%
GR:
ar CA
Ye
5-
365
04 05 06 07 08 09 E1
1
2009E based on current run-rate and booking patterns 8
Solstice – Truly Premium
Lawn Club/Real Grass Corning Museum of Glass Studio
Larger Cabins 86% Balconies
World-Class Restaurants Innovative Spa and Fitness Center
9
Oasis: Like No Other
10
Compelling Newbuilds
Solstice Oasis
versus versus
Millennium Voyager
11
Update on Newbuild Financing
• Solstice Class
¾ Financing commitments for 80% of vessel cost
¾ 95% German government guarantee
¾ 12-year amortization
• Oasis Class
9 Oasis of the Seas
¾ Financing commitments for 80% of vessel cost in place
¾ 40% FEC participation
¾ 95% Finnish government guarantee
¾ 12-year amortization
9 Allure of the Seas
¾ 80% Finnish government guarantee commitment currently
¾ 13 months to delivery
¾ Improved lending environment
12
Intense Focus on Costs
Comprehensive review of entire cost structure
10%
GR:
rC A
Y e a
10-
$2.5
$2.5
99 00 01 02 03 04 05 06 07 08 14
EBITDA Resilience
$ Billions
Fuel Spike
Recession
$1.4
Consistently over Katrina
$1B EBITDA
09/11 Iraq War
$0.7
99 00 01 02 03 04 05 06 07 08
15
Fuel Hedging Initiatives
Fuel pricing has been volatile,
but our business model works well at current levels
50%
50%
45%
17
Investment Highlights
10%
5%
7/7/2009 7/21/2009 8/4/2009 8/18/2009 9/1/2009 9/15/2009 19
Thank You !
20
Appendix
21