N o r w e g i a n C r u i s e L i n e H o l d i n g s

Size: px
Start display at page:

Download "N o r w e g i a n C r u i s e L i n e H o l d i n g s"

Transcription

1 N o r w e g i a n C r u i s e L i n e H o l d i n g s N A S D A Q : N C L H B U Y a t ( $ ) October 21 st, J Capital Jordan Li, Senior Associate Jordan.Li@mail.utoronto.ca Jodie Ngan, Associate Jodie.Ngan@mail.utoronto.ca Jun Takahashi, Associate Jun.Takahashi@mail.utoronto.ca w w w. g o r d o n e q r. c o m 1

2 3J Capital J o r d a n L i B C O M F I N A N C E BLACKROCK NEW YORK R E L E VA N T E X P E R I E N C E S I n c o m i n g S u m m e r E q u i t y A n a l y s t B l a c k R o c k ( ) T e a c h i n g A s s i s t a n t D e p a r t m e n t o f E c o n o m i c s U n i v e r s i t y o f T o r o n t o ( ) J o d i e N g a n B C O M A C C O U N T I N G GENERAL MILLS TORONTO F i n a n c i a l A n a l y s t G e n e r a l M i l l s ( ) T e a c h i n g A s s i s t a n t D e p a r t m e n t o f E c o n o m i c s U n i v e r s i t y o f T o r o n t o ( ) J u n Ta k a h a s h i H B S c F I N E C O N O M I C S CREDIT SUISSE TOKYO I n c o m i n g S a l e s & T r a d i n g I n t e r n C r e d i t S u i s s e ( ) T e a c h i n g A s s i s t a n t D e p a r t m e n t o f E c o n o m i c s U n i v e r s i t y o f T o r o n t o ( ) 2

3 Table of Contents Company Overview 5 Core Business 6 Macro Outlook 8 Industry Outlook 9 Investment Thesis 11 Valuation I: Comparable Companies Analysis 12 Valuation II: Discounted Cash Flow Analysis 13 Risk Considerations 15 Catalysts 16 Recommendation Summary 18 Appendix : DCF Assumptions I 21 Appendix : DCF Assumptions II 22 Appendix: Macro and Industry Information 23 3

4 CO M PANY O V E RVIEW 4

5 Company Overview Business Overview of NCLH 52-Week Share Price Performance Norwegian Cruise Line Holdings is a leading cruise line which operates three brands including: Norwegian Cruise Line, Regent Seven Seas, and Oceania Cruises. The total fleet includes 25 ships, an estimated 50,400 berths and over 510 destinations globally. NCLH plans to extend their fleet with 7 additional ships through Offers itineraries in North America, Mediterranean, Central America, Bermuda, Caribbean and Baltic Sea. NCLH was founded in 2010, and is headquartered in Miami, Florida NCLH has outperformed the S&P500 this past 52 weeks +55.6% +28.0% +19.4% S&P500 NCLH DOW Jones Us Travel & Leisure Management Subsidiaries Frank J. Del Rio CEO; Norwegian Cruise Line Holdings Frank J. Del Rio is the president and CEO of Norwegian Cruise Line Holdings. He was previously the CEO of Prestige Cruise Holdings. He has been CEO for 2 years. Andrew Stuart CEO; Norwegian Cruise Lines Andrew Stuart was appointed as CEO for NCL in He has 27 years of experience within the company, serving previously as Executive VP of Global Sales. Wendy A. Beck CFO; Norwegian Cruise Line Holdings Wendy A. Beck is the CFO of Norwegian Cruise Lines Holdings, and has been CFO for the past 7 years. Prior to this position, she was CFO of Domino s Pizza Inc. Norwegian Cruise Line Norwegian Cruise Line is NCLH s contemporary brand. There are currently 15 ships in this fleet, with a capacity to service above 42,000 guests. Oceania Cruises Oceania Cruises is one of the two luxury lines under NCLH. There are 6 ships in this fleet, operating in more than 370 ports globally. Regent Seven Sea Cruises Regent Seven Seas Cruises is NCLH s lead luxury brand, with four ships and 425 destinations. The line is undergoing a $125 million refurbishment. SOURCES : NCLH K, FactSet, Thomson Reuters 5

6 Passengers (Thousands) Core Business Operations Recent Significant Events Unlike their competitors, Norwegian Cruise Line offers a distinct freestyle cruising experience, allowing flexibility for passengers to customize their own itinerary. Norwegian Joy entered service in April The ship is targeted specifically for the Chinese market with homeports at Shanghai, and a guest capacity of 3,883. NCLH focuses on the meetings, incentives and charters channel to ensure in advanced bookings to secure customers. Travel agencies and tour operators also commit to purchasing a certain level of inventory. Enhanced product offering with Latitudes Rewards Program ; intended to offer returning passengers with additional perks based from the amount of nights they spend on NCLH brand ships. Norwegian Bliss is expected to be in service in the summer of The cruise will increase guest capacity by 4,004, and it s planned destinations including Alaska and the Caribbean. NCLH plans to add an additional seven cruises through 2025, and will increase the total berths by approximately 72,300. Revenue by Destination Operating Data 24% 4% 8% Total LTM Revenue $5,104 M 64% North America* Europe Asia-Pacific Other Passengers Carried (Left) Capacity Days (Right) Capacity Days (Thousands) Source: NCLH 10K * Includes Caribbean and Central America Source: NCLH 10K SOURCES : NCLH K, Bloomberg, FactSet 6

7 M AC RO & INDUSTRY O U T LOOK 7

8 market size ( Billions) China (Thousands) Macro Outlook Increase in Consumer Confidence Shift in Income Class in China US Consumer Confidence has steadily increased since Number of Households with Income > $200k US (Thousands) US (L) EU28 (R) China (Left) USA (Right) Fuel Prices Oil Prices have stabilized around 45~50 $/barrel for WTI $100.0 $90.0 $80.0 $70.0 $60.0 $50.0 $40.0 $30.0 $20.0 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 Growth in Luxury Goods Market Market Size of Luxury good markets has CAGR of 3~4% WTI Crude Oil ($/bbl) (Right) Crude Oil (Brent ICE Global Spot $/bbl) (Left) SOURCES: FactSet, Bloomberg, Cruise Line International Association, NCLH K, Bain & Co. 8

9 Cruise Passegers (Millions) Industry Outlook Geographic Breakdown of Passengers US passengers remain at top position as cruise passengers 50.0% 40.0% 30.0% 20.0% 10.0% Consumer Breakdown by Age Group Gen Y/Millennial ( Gen X ( ) boomer ( ) Traditionlaist ( ) No Maybe Yes 50% North America Likelihood of Booking A Cruise Trip 35% 32% 58% 57% 62% 68% 41% 39% 0% 20% 40% 60% 80% 100% Cruisers by Ages 0.0% US EU China Others Asia 0% Market Share by Revenue Continuous Global Growth in Demand NCLH has continued to grow in market share over the years 8.7% 2010 Market Share 9.9% 2013 Market Share 16.4% NCLH 2016 Revenue: $4.87 Billion Carnival Corp Royal Caribbean Cruises Ltd Norwegian Cruise Line Holdings 2016 Market Share E Source: CLIA SOURCES : FactSet, Bloomberg, Cruise Line International Association, NCLH K, Bain & Co. 9

10 I N VESTMENT T H E S I S & VA LUATION 10

11 Investment Thesis Pushing for Profitability Fleet Expansion 25.0% 20.0% 15.0% 10.0% Pricing Power Strong booking volumes has allowed NCLH to maintain strong pricing across all brands heading into Ticket prices to Caribbean destinations were slightly discounted, but is expected to be offset by increased onboard spending. Overall prices are expected to rise mid-single digits. Strengthening EPS Consensus estimates for 2017E EPS was $3.85 due to prior conservative estimates including: expectations of lower net yields from NCL Joy and a weaker booking environment. Both factors have exceeded prior guidance. (NCL Joy reported 120% occupancy) 5.0% Increasing Sales & Widening Margins 0.0% E 2018E 2019E EBIT Margin (L) Net Margin (L) Revenue (R) Source: Bloomberg NCLH has repurchased $236.5 M worth of shares as of Q417; leaving $263.5 M available for share repurchases by 4Q17. NCLH is benefiting from the current robust booking environment, allowing for stronger pricing across all geographies. With performance beating prior guidance, NCLH is in-line with management s goal of ~ 20% EPS growth E 2018E 2017E 2016 Adj. EPS Forecast Source: FactSet 2017E Add: NCL Bliss Improving Fleet Mix through 2019 NCLH is extending their fleet across all brands with an additional 7 ships until Norwegian Bliss and Breakaway Plus are expected to be in service in 2018 and 2019 respectively. For luxury cruise lines, Oceania and Regent will introduce Explorer & Project Leonardo; four additional ships serviceable by Stabilizing Net Yields Capcaity Days Mix Net Yield NCL 12,171, % $ NCL 2.75% 3.75% 4.75% Oceania 3,477, % $ Oceania 6.00% 7.00% 8.00% Regent 1,738, % $ Regent 6.00% 7.00% 8.00% Total 17,387, % $ Avg Mix 4.20% 5.18% 6.16% NCL 1,391, % $ Oceania % $ Add: NCL Bliss -2.07% -2.07% -2.07% Regent - 9.3% $ Net Yield (YoY%) Net Yield Needed to drive Corp Avg Change Total 1,391, % $ New Avg Mix 2.13% 3.11% 4.09% Net Yield (YoY%) -2.07% Source: Barclays, NCLH 10K Although the upcoming NCL ships will dampen Net Yields, the remaining upper-premium and luxury cruise releases from Oceania and Regent can offset the decrease. $1.1 Billion for ship improvements and shore side projects should stabilize Net Yields. Robust booking environment in 2H17 for 2018 has allowed for firm pricing, resulting in higher Net Yields. Additional ships will increase total berths to approximately 72,300 from the current 50,400 berths, securing capacity for future revenue and EBITDA growth. Management and analysts expect positive industry momentum to continue, driving Net Yield Growth. SOURCES : FactSet, Bloomberg, Cruise Line International Association, NCLH K, Barclays 11

12 Valuation I: Comparable Companies Analysis Norwegian Cruise Line Holdings Comparable Companies Analysis ($ in millions, except per share data) % of 52-wk Size P / E EV / EBITDA EV / EBIT EBITDA margin Dividend Yield Tickers Company name Low High Market value Enterprise value NCLH-US Norwegian Cruise Line Holdings Ltd % 99.5% $13,492.5 $20, x 12.67x 11.15x 12.02x 10.54x 9.58x 16.86x 15.15x 13.53x 30.84% 31.78% 32.86% 0.10% 0.30% 0.40% Cruise Lines CCL-US Carnival Corporation 145.5% 96.5% $48,364.7 $57, x 15.40x 13.25x 11.76x 10.46x 9.45x 19.08x 16.59x 14.73x 27.86% 29.67% 30.69% 2.40% 2.60% 2.90% RCL-US Royal Caribbean Cruises Ltd % 100.0% $26,844.1 $34, x 14.58x 12.40x 12.86x 11.67x 10.49x 19.92x 17.70x 15.46x 30.97% 32.14% 33.11% 1.80% 1.90% 2.10% Median $37,604.4 $46, x 14.99x 12.82x 12.31x 11.07x 9.97x 19.50x 17.14x 15.09x 29.4% 30.9% 31.9% 2.1% 2.3% 2.5% Hotels and Resorts WYN-US Wyndham Worldwide Corporation 171.7% 100.0% $11,163.8 $16, x 15.66x 14.58x 11.63x 10.99x 10.56x 14.66x 13.56x 13.15x 24.17% 24.46% 24.49% 2.10% 2.30% 2.10% H-US Hyatt Hotels Corporation Class A 126.1% 99.3% $7,704.0 $8, x 41.76x 37.97x 10.75x 10.48x 10.42x 27.62x 24.61x 23.98x 17.52% 17.47% 16.98% 0.00% 0.00% 0.00% Median $9,433.9 $12, x 28.71x 26.28x 11.19x 10.73x 10.49x 21.14x 19.09x 18.57x 20.8% 21.0% 20.7% 1.1% 1.2% 1.1% Overall Median $19,003.9 $25, x 15.53x 13.92x 11.70x 10.73x 10.45x 19.50x 17.14x 15.09x 26.0% 27.1% 27.6% 2.0% 2.1% 2.1% Average $23,519.1 $29, x 21.85x 19.55x 11.75x 10.90x 10.23x 20.32x 18.11x 16.83x 25.1% 25.9% 26.3% 1.6% 1.7% 1.8% High $48,364.7 $57, x 41.76x 37.97x 12.86x 11.67x 10.56x 27.62x 24.61x 23.98x 31.0% 32.1% 33.1% 2.4% 2.6% 2.9% Low $7,704.0 $8, x 14.58x 12.40x 10.75x 10.46x 9.45x 14.66x 13.56x 13.15x 17.5% 17.5% 17.0% 0.0% 0.0% 0.0% Commentary NCLH currently trades at a discount relative to Cruise lines under Price / Earnings and EV / EBITDA multiples. Analyst estimate that NCLH will begin paying dividends by Q417. NCLH maintains an attractive EBITDA margin above industry average across SOURCES : FactSet, Bloomberg, NCLH K, Morgan Stanley 12

13 Valuation II: Discounted Cash Flow Analysis Norwegian Cruise Line Holdings Ltd. Discounted Cash Flow Analysis ($ in millions, fiscal year ending December 31) Operating Scenario Base Operating Scenario 1 Mid-Year Convention N Historical Period CAGR LTM Projection Period CAGR ('14 - '16) ('18 - '25) Sales $3,125.9 $4,345.0 $4, % $5,104.8 $5,732.7 $6,265.9 $6,748.4 $7,254.5 $8,146.8 $9,059.2 $9,919.8 $10, % % growth NA 39.0% 12.2% 4.7% 12.3% 9.3% 7.7% 7.5% 12.3% 11.2% 9.5% 3.4% COGS 1,925.2 $2, , , , , , , , , , ,983.5 Gross Profit $1,200.8 $1,631.8 $1, % $2,115.6 $2,382.8 $2,604.4 $2,805.0 $3,015.3 $3,394.4 $3,774.5 $4,133.1 $4, % % margin 38.4% 37.6% 40.0% 41.4% 41.6% 41.6% 41.6% 41.6% 41.7% 41.7% 41.7% 41.7% SG&A , , , ,410.4 EBITDA $797.6 $1,048.4 $1, % $1,391.2 $1,594.6 $1,742.9 $1,877.1 $2,017.8 $2,274.2 $2,528.9 $2,769.1 $2, % % margin 25.5% 24.1% 26.4% 27.3% 27.8% 27.8% 27.8% 27.8% 27.9% 27.9% 27.9% 27.9% Depreciation & Amortization , , ,179.6 EBIT $492.0 $596.9 $ % $905.7 $990.3 $1,082.4 $1,134.7 $1,219.8 $1,337.3 $1,487.1 $1,628.3 $1, % % margin 15.7% 13.7% 17.2% 17.7% 17.3% 17.3% 16.8% 16.8% 16.4% 16.4% 16.4% 16.4% Taxes EBIAT $430.0 $521.7 $ % $792.0 $866.0 $946.6 $992.3 $1,066.8 $1,169.5 $1,300.4 $1,424.0 $1, % Plus: Depreciation & Amortization , , ,179.6 Less: Capital Expenditures (1,052.0) (1,122.7) (1,092.1) (1,392.5) (1,401.7) (1,469.3) (1,211.3) (983.0) (688.4) (674.9) (739.0) (753.9) Less: Increase in Net Working Capital Unlevered Free Cash Flow $266.4 $299.3 $669.6 $1,035.2 $1,688.5 $1,943.9 $2,086.6 $2,000.3 WACC 9.4% Discount Period \ Discount Factor Present Value of Free Cash Flow $243.5 $250.1 $511.4 $722.7 $1,077.5 $1,133.9 $1,112.6 $974.9 Capital Structure Debt-to-Total Capitalization 35.1% Equity-to-Total Capitalization 64.9% Cost of Debt Cost of Debt 3.0% Tax Rate 1.8% After-tax Cost of Debt 2.9% Cost of Equity WACC Calculation Risk-free Rate (1) 2.3% Market Risk Premium (2) $0.1 Levered Beta 1.5 Size Premium (3) - % Cost of Equity 13.0% WACC 9.4% Enterprise Value Cumulative Present Value of FCF $6,026.5 Terminal Value Terminal Year EBITDA (2025E) $2,863.3 Exit Multiple 12.6x Terminal Value $36,203.2 Discount Factor 0.49 Present Value of Terminal Value $17,644.5 % of Enterprise Value 74.54% Enterprise Value $23,671.0 Implied EV/EBITDA Enterprise Value $ 23,671.0 LTM 6/30/2017 EBITDA $ 1,391.2 Implied EV/EBITDA 17.0x Implied Equity Value and Share Price Enterprise Value $ 23, Less: Total Debt $ 6, Less: Preferred Securities 0 Less: Noncontrolling Interest 0 Plus: Cash and Cash Equivalents $ Implied Equity Value $ 17, Shares Outstanding Implied Share Price $ Implied Perpetuity Growth Rate Terminal Year Free Cash Flow (2022E) $ 2,000.3 WACC 9.40% Terminal Value $ 36,203.2 Implied Perpetuity Growth Rate 3.67% SOURCES : Bloomberg, FactSet, NCLH 10K 13

14 R I S K S & CATA LYS TS 14

15 Risks Considerations Risks in the Short to Medium Term Volatility in Fuel Prices - One of the largest expenses the company has is in fuel. There is possibility that their portfolio to hedge against increases in fuel price may be ineffective. Increase in Extreme Weather Conditions - With the increase in hurricane activity, key destinations including the Caribbean and Central America were adversely impacted. The locations damaged may impact demand in these areas. Large Capital investments with fleet expansion NCLH has committed to seven new ships through 2025, with an average cost of $841 Million per ship. There is no assurance that expansion will meet management expectations. High Levels of Leverage The company is currently leveraged at 4.8x Total debt to EBITDA, relative to the industry level of 2.32x. Although management and analyst consensus predict that leverage levels will be below 4x by Q417, their high leverage levels still pose a risk. Competitor Expansion Strategies Competitors Carnival Corp. and Royal Caribbean Lines have announced similar fleet expansion plans. Increased competition may adversely impact pricing and revenue. Although NCLH is on track to increasing their top-line revenue through expanding their fleet, they still face potential risk from internal operations and their competitors. Scenario Analysis Highly Likely Not Likely Macro Risks Low Impact Operational Risks Competitor Risks C1 G2 (G1) Oil Price Fluctuations G1 O2 (G2) Government Travel Restrictions (O1) High Leverage Levels (O2) Ineffective Hedging Prices (C1) Competitor Expansion Strategies O1 C2 (C2) Decreasing Prices due to Competition High Impact SOURCES : FactSet, Bloomberg, Cruise Line International Association, NCLH K 15

16 (in millions) Catalysts Renovation and Innovation The Next Generation of Norwegian Cruise Line Holdings - Norwegian Cruise Line Holdings made an agreement with Fincantieri S.p.A. to manufacture four next generation cruise ships to be delivered in 2022, 2023, 2024, and Fincantieri S.p.A. is one of the world s largest manufacturers of cruise ships and a leader in the industry through its innovative designs and diversification - Each ship is designed to be more energy efficient by optimizing the consumption of fuel along and includes a number of innovative designs that are to be announced at a later date Delivery Date Berth Cost New Ship # , MM New Ship # , MM New Ship # , MM New Ship # , MM Total 13,200 3,200MM NCLH will be able to continue their growth with the new generation of ships that designed to be more cost efficient and innovative. Tapping into Asia Increasing Presence in Asia Pacific Region - In summer of 2017, NCLH launched Norwegian Joy, a ship that is designed to meet the wants and needs of Chinese travellers - Partnered with Alibaba to reach Chinese consumers and to increase the awareness of products and services the company can provide through their cruises - To increase sources of attracting customers, sales offices in Shanghai, Beijing, Hong Kong, Singapore, Tokyo were opened in Number of Chinese Outbound Tourists 5% Q Q FR UK GER USA CN World's Top Tourism Spenders NCLH will be able to meet the demand of Chinese consumers with the launch of Norwegian Joy and be able to find these consumers through the partnership with Alibaba (in 2016) (in USD billions) SOURCES : FactSet, Bloomberg, Cruise Line International Association, NCLH K 16

17 I N VESTMENT R E COMMENDATION 17

18 Recommendation Summary Valuation Summary Football Field Broker Outlook Current Share Price Implied Share Price 100% 80% $70 $65 $ % $55 $50 40% $ % $40 $ % $30 60 Sell Hold Buy Target Price Actual Price E P / E 18E P / E 19E P / E 17E EV / EBITDA 18E EV / EBITDA 19E EV / EBITDA 17E EV / EBIT 18E EV / EBIT 19E EV / EBIT DCF Returns Analysis WACC Implied Share Price Exit Multiple x 12.1x 12.6x 13.1x 13.6x 8.4% % % $ % % Target Return Current Share Price $58.74 Target Share Price $67.84 Equity Upside 15.49% Dividend Yield 0.40% 12 Month Return 15.89% 18

19 N o r w e g i a n C r u i s e L i n e H o l d i n g s N A S D A Q : N C L H B u y a t ( $ ) October 21 st, J Capital Jordan Li, Senior Associate Jordan.Li@mail.utoronto.ca Jodie Ngan, Associate Jodie.Ngan@mail.utoronto.ca Jun Takahashi, Associate Jun.Takahashi@mail.utoronto.ca w w w. g o r d o n e q r. c o m 19

20 A P P ENDIX 20

21 Appendix: DCF Assumptions I Sensitivity Tables WACC Enterprise Value Exit Multiple Implied Equity Value Exit Multiple 23, x 12.1x 12.6x 13.1x 13.6x 17, x 12.1x 12.6x 13.1x 13.6x 8.4% 23,825 24,576 25,327 26,078 26, % 17,361 18,112 18,863 19,614 20, % 23,035 23,759 24,483 25,206 25, % 16,571 17,294 18,018 18,742 19, % 22,275 22,973 $23,671 24,369 25, % 15,811 16,509 $17,207 17,904 18, % 21,545 22,218 22,891 23,563 24, % 15,081 15,754 16,426 17,099 17, % 20,843 21,492 22,141 22,789 23, % 14,379 15,027 15,676 16,325 16,974 WACC WACC Implied Share Price Exit Multiple PV of Terminal Value as % of Enterprise Value Exit Multiple x 12.1x 12.6x 13.1x 13.6x x 12.1x 12.6x 13.1x 13.6x 8.4% % 73.4% 74.2% 75.0% 75.7% 76.4% 8.9% % 73.2% 74.0% 74.8% 75.5% 76.2% WACC 9.4% $ % 72.9% 73.8% 74.5% 75.3% 76.0% 9.9% % 72.7% 73.5% 74.3% 75.1% 75.7% 10.4% % 72.5% 73.3% 74.1% 74.8% 75.5% WACC Implied Perpetuity Growth Rate Exit Multiple Implied Enterprise Value / LTM EBITDA Exit Multiple x 12.1x 12.6x 13.1x 13.6x x 12.1x 12.6x 13.1x 13.6x 8.4% 2.3% 2.5% 2.7% 2.9% 3.1% 8.4% 17.1x 17.7x 18.2x 18.7x 19.3x 8.9% 2.7% 3.0% 3.2% 3.4% 3.6% 8.9% 16.6x 17.1x 17.6x 18.1x 18.6x 9.4% 3.2% 3.4% 3.7% 3.9% 4.1% 9.4% 16.0x 16.5x 17.0x 17.5x 18.0x 9.9% 3.7% 3.9% 4.1% 4.4% 4.5% 9.9% 15.5x 16.0x 16.5x 16.9x 17.4x 10.4% 4.2% 4.4% 4.6% 4.8% 5.0% 10.4% 15.0x 15.4x 15.9x 16.4x 16.8x WACC 21

22 Appendix: DCF Assumptions II Key Assumptions Projection Period Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year Income Statement Assumptions Sales (% growth) 12.3% 9.3% 7.7% 7.5% 12.3% 11.2% 9.5% 3.4% 3.4% 3.4% Base % 9.3% 7.7% 7.5% 12.3% 11.2% 9.5% 3.4% 3.4% 3.4% Management % 8.0% 6.0% 4.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Upside % 8.0% 11.0% 10.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% Downside % 4.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Downside % 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Cost of Goods Sold (% sales) 58.4% 58.4% 58.4% 58.4% 58.3% 58.3% 58.3% 58.3% 58.3% 58.3% Base % 58.4% 58.4% 58.4% 58.3% 58.3% 58.3% 58.3% 58.3% 58.3% Management % 60.0% 60.0% 60.0% 60.0% 60.0% 60.0% 60.0% 60.0% 60.0% Upside % 56.0% 56.0% 56.0% 56.0% 56.0% 56.0% 56.0% 56.0% 56.0% Downside % 61.0% 61.0% 61.0% 61.0% 61.0% 61.0% 61.0% 61.0% 61.0% Downside % 62.0% 62.0% 62.0% 62.0% 62.0% 62.0% 62.0% 62.0% 62.0% SG&A (% sales) 13.8% 13.8% 13.8% 13.8% 13.8% 13.8% 13.8% 13.8% 13.8% 13.8% Base % 13.8% 13.8% 13.8% 13.8% 13.8% 13.8% 13.8% 13.8% 13.8% Management % 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% Upside % 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% Downside % 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% Downside % 26.0% 26.0% 26.0% 26.0% 26.0% 26.0% 26.0% 26.0% 26.0% Depreciation & Amortization (% sales) 10.5% 10.5% 11.0% 11.0% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% Base % 10.5% 11.0% 11.0% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% Management 2 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Upside 3 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Downside % 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Downside % 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Cash Flow Statement Assumptions Capital Expenditures (% of sales) 24.5% 23.5% 18.0% 13.6% 8.5% 7.5% 7.5% 7.4% 7.4% 7.4% Base % 23.5% 18.0% 13.6% 8.5% 7.5% 7.5% 7.4% 7.4% 7.4% Management 2 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Upside 3 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Downside % 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% Downside % 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 22

23 Appendix: Macro and Industry Information Aging Population Worldwide Age Distribution (2017) 10.0% 5.0% 0.0% 5.0% 10.0% Male Female Age Distribution (2025) 10.0% 5.0% 0.0% 5.0% 10.0% Male Female Industry Definitions Berths: Double occupancy capacity per cabin Capacity Days: Available Berths multiplied # of cruise days for period Net Cruise Cost: Gross cruise cost less commissions, transportation and other expense Net Revenue: Total revenue less commissions, transportation and other expense Net Yield: Net Revenue per Capacity day Occupancy Percentage: The ratio of Passenger Cruise Days to Capacity Days SOURCES : FactSet, Economist 23

24 N o r w e g i a n C r u i s e L i n e H o l d i n g s N A S D A Q : N C L H B u y a t ( $ ) October 21 st, J Capital Jordan Li, Senior Associate Jordan.Li@mail.utoronto.ca Jodie Ngan, Associate Jodie.Ngan@mail.utoronto.ca Jun Takahashi, Associate Jun.Takahashi@mail.utoronto.ca w w w. g o r d o n e q r. c o m 24

United Continental Holdings, Inc (NYSE: UAL) ONE YEAR PRICE RANGE : $ LAST PRICE: $ ANALYST RATING: Sell

United Continental Holdings, Inc (NYSE: UAL) ONE YEAR PRICE RANGE : $ LAST PRICE: $ ANALYST RATING: Sell United Continental Holdings, Inc (NYSE: UAL) ONE YEAR PRICE RANGE : $61.91 68.76 LAST PRICE: $68.39 ANALYST RATING: Sell VALUATION DATE: August 3, 2017 NEXT EARNINGS DATE: October 17, 2017 Investment Thesis:

More information

Southwest Airlines Co. (NYSE: LUV) ONE YEAR PRICE RANGE : $ $73.62 LAST PRICE: $ ANALYST RATING: Long. VALUATION DATE: July 13, 2017

Southwest Airlines Co. (NYSE: LUV) ONE YEAR PRICE RANGE : $ $73.62 LAST PRICE: $ ANALYST RATING: Long. VALUATION DATE: July 13, 2017 Southwest Airlines Co. (NYSE: LUV) ONE YEAR PRICE RANGE : $69.66 - $73.62 LAST PRICE: $62.08 ANALYST RATING: Long VALUATION DATE: July 13, 2017 NEXT EARNINGS DATE: July 27, 2017 Investment Thesis: Dominant

More information

HK GAAP RESULTS RELEASE 12 August 2008 STAR CRUISES GROUP ANNOUNCES FIRST HALF RESULTS FOR 2008

HK GAAP RESULTS RELEASE 12 August 2008 STAR CRUISES GROUP ANNOUNCES FIRST HALF RESULTS FOR 2008 HK GAAP RESULTS RELEASE 12 August 2008 FOR IMMEDIATE RELEASE INTERNATIONAL STAR CRUISES GROUP ANNOUNCES FIRST HALF RESULTS FOR 2008 The below commentary is prepared based on the comparison of the results

More information

HK GAAP RESULTS RELEASE 25 February 2008 STAR CRUISES GROUP ANNOUNCES FOURTH QUARTER AND FULL YEAR RESULTS FOR 2007

HK GAAP RESULTS RELEASE 25 February 2008 STAR CRUISES GROUP ANNOUNCES FOURTH QUARTER AND FULL YEAR RESULTS FOR 2007 HK GAAP RESULTS RELEASE 25 February 2008 FOR IMMEDIATE RELEASE INTERNATIONAL STAR CRUISES GROUP ANNOUNCES FOURTH QUARTER AND FULL YEAR RESULTS FOR 2007 Key points for the quarter in comparison with 4Q

More information

RESULTS RELEASE 20 August GENTING HONG KONG GROUP ANNOUNCES FIRST HALF RESULTS FOR 2015 Highlights

RESULTS RELEASE 20 August GENTING HONG KONG GROUP ANNOUNCES FIRST HALF RESULTS FOR 2015 Highlights RESULTS RELEASE 20 August 2015 FOR IMMEDIATE RELEASE INTERNATIONAL GENTING HONG KONG GROUP ANNOUNCES FIRST HALF RESULTS FOR 2015 Highlights The commentary below is prepared based on a comparison of the

More information

Thank you for participating in the financial results for fiscal 2014.

Thank you for participating in the financial results for fiscal 2014. Thank you for participating in the financial results for fiscal 2014. ANA HOLDINGS strongly believes that safety is the most important principle of our air transportation business. The expansion of slots

More information

HK GAAP RESULTS RELEASE 18 November 2005

HK GAAP RESULTS RELEASE 18 November 2005 HK GAAP RESULTS RELEASE 18 November 2005 FOR IMMEDIATE RELEASE INTERNATIONAL STAR CRUISES GROUP ANNOUNCES THIRD QUARTER AND FIRST NINE MONTHS RESULTS FOR 2005 Key points for the quarter in comparison with

More information

INVESTOR PRESENTATION. Imperial Capital Global Opportunities Conference September 2015

INVESTOR PRESENTATION. Imperial Capital Global Opportunities Conference September 2015 INVESTOR PRESENTATION Imperial Capital Global Opportunities Conference September 2015 Forward-looking Statements This presentation contains forward-looking statements within the meaning of the Private

More information

INVESTOR PRESENTATION. May 2015

INVESTOR PRESENTATION. May 2015 INVESTOR PRESENTATION May 2015 Forward-looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the

More information

Q Earnings Financial Results for the First Quarter Ended June 30, July 28, 2016 OMRON Corporation

Q Earnings Financial Results for the First Quarter Ended June 30, July 28, 2016 OMRON Corporation Q1 2016 Earnings Financial Results for the First Quarter Ended June 30, 2016 July 28, 2016 OMRON Corporation Summary Q1 Results Both sales and operating income are in line with internal plan (decreased

More information

For personal use only

For personal use only ASX and Media Release QANTAS DELIVERS RECORD FIRST HALF PROFIT, INVESTS IN AIRCRAFT AND TRAINING Sydney, 22 February 2018 Underlying Profit Before Tax: $976 million (up 15%) Record results for Qantas Domestic,

More information

JAPAN AIRLINES Co., Ltd. Financial Results 1 st Quarter Mar/2017(FY2016) July 29, 2016

JAPAN AIRLINES Co., Ltd. Financial Results 1 st Quarter Mar/2017(FY2016) July 29, 2016 JAPAN AIRLINES Co., Ltd. Financial Results Mar/2017(FY2016) July 29, 2016 Today s Topics P.1 P.2 P.13 From the first quarter of this fiscal year, figures for Revenue Passengers Carried, ASK, RPK and Load

More information

PRESS RELEASE November 18, 2002 STAR CRUISES GROUP ANNOUNCES IMPROVED EARNINGS FOR THIRD QUARTER AND FIRST NINE MONTHS OF 2002

PRESS RELEASE November 18, 2002 STAR CRUISES GROUP ANNOUNCES IMPROVED EARNINGS FOR THIRD QUARTER AND FIRST NINE MONTHS OF 2002 PRESS RELEASE November 18, 2002 FOR IMMEDIATE RELEASE INTERNATIONAL STAR CRUISES GROUP ANNOUNCES IMPROVED EARNINGS FOR THIRD QUARTER AND FIRST NINE MONTHS OF 2002 Key points for the quarter and in comparison

More information

Ryanair. Overweight. Overweight. High Growth, Low Cost Champion

Ryanair. Overweight. Overweight. High Growth, Low Cost Champion Overweight RYA.I,RYA ID Price: 12.76 Price Target: 16.25 Previous: 13.50 Ireland Airlines Christopher G Combe AC J.P. Morgan Securities PLC Price Performance 12 10 8 6 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15

More information

2012 Result. Mika Vehviläinen CEO

2012 Result. Mika Vehviläinen CEO 2012 Result Mika Vehviläinen CEO 1 Agenda Market environment in Q4 Business performance and strategy execution Outlook Financials 2 Market Environment According to IATA, Global air travel continues to

More information

Management Presentation. November 2018

Management Presentation. November 2018 Management Presentation November 2018 Forward looking statements This presentation as well as oral statements made by officers or directors of Allegiant Travel Company, its advisors and affiliates (collectively

More information

4Q15 and 2015 Results Presentation. March 30, 2016

4Q15 and 2015 Results Presentation. March 30, 2016 4Q15 and 2015 Results Presentation March 30, 2016 Highlights Paulo Kakinoff CEO Highlights Macro Environment Even more adverse environment for the Brazilian economy, with a GDP drop of 3.8% in 2015 Devaluation

More information

Management Presentation. May 2013

Management Presentation. May 2013 Management Presentation May 2013 Forward looking statements This presentation as well as oral statements made by officers or directors of Allegiant Travel Company, its advisors and affiliates (collectively

More information

NORWEGIAN AIR SHUTTLE ASA QUARTERLY REPORT SECOND QUARTER 2006 [This document is a translation from the original Norwegian version]

NORWEGIAN AIR SHUTTLE ASA QUARTERLY REPORT SECOND QUARTER 2006 [This document is a translation from the original Norwegian version] NORWEGIAN AIR SHUTTLE ASA QUARTERLY REPORT SECOND QUARTER 2006 SECOND QUARTER IN BRIEF had earnings before tax of MNOK 24.8 (20.6) in the second quarter. The operating revenue increased by 44 % this quarter,

More information

Volaris Reports Strong First Quarter 2015: 32% Adjusted EBITDAR Margin, 9% Operating Margin

Volaris Reports Strong First Quarter 2015: 32% Adjusted EBITDAR Margin, 9% Operating Margin Volaris Reports Strong First Quarter 2015: 32% Adjusted EBITDAR Margin, 9% Operating Margin Mexico City, Mexico, April 22, 2015 Volaris* (NYSE: VLRS and BMV: VOLAR), the ultra-low-cost airline serving

More information

China Lodging Group (HTHT.US) Investor Presentation March 2016

China Lodging Group (HTHT.US) Investor Presentation March 2016 China Lodging Group (HTHT.US) Investor Presentation March 2016 Agenda Our Vision Who We Are Company Highlights Strategic Focus Operational and Financial Review Q & A 1 Our Vision We will build a world-class,

More information

Management Presentation. September 2015

Management Presentation. September 2015 Management Presentation September 2015 Forward looking statements This presentation as well as oral statements made by officers or directors of Allegiant Travel Company, its advisors and affiliates (collectively

More information

Management Presentation. September 2011

Management Presentation. September 2011 Management Presentation September 2011 Forward looking statements This presentation as well as oral statements made by officers or directors of Allegiant Travel Company, its advisors and affiliates (collectively

More information

Management Presentation. November 2011

Management Presentation. November 2011 Management Presentation November 2011 Forward looking statements This presentation as well as oral statements made by officers or directors of Allegiant Travel Company, its advisors and affiliates (collectively

More information

CARNIVAL CORPORATION & PLC REPORTS SECOND QUARTER EARNINGS. Chairman and Chief Executive Officer Micky Arison commenting on these results:

CARNIVAL CORPORATION & PLC REPORTS SECOND QUARTER EARNINGS. Chairman and Chief Executive Officer Micky Arison commenting on these results: June 21, 2011 FOR IMMEDIATE RELEASE CARNIVAL CORPORATION & PLC REPORTS SECOND QUARTER EARNINGS Carnival Corporation & plc today reports earnings for the second quarter ended May 31, 2011. The earnings

More information

OPERATING AND FINANCIAL HIGHLIGHTS SUBSEQUENT EVENTS

OPERATING AND FINANCIAL HIGHLIGHTS SUBSEQUENT EVENTS Copa Holdings Reports Net Income of US$6.2 Million and EPS of US$0.14 for the Third Quarter of 2015 Excluding special items, adjusted net income came in at $37.4 million, or EPS of $0.85 per share Panama

More information

China Lodging Group (HTHT.US) Q4 and full year 2017 Earnings Call March 13, 2018

China Lodging Group (HTHT.US) Q4 and full year 2017 Earnings Call March 13, 2018 China Lodging Group (HTHT.US) Q4 and full year 2017 Earnings Call March 13, 2018 Agenda Strategy Review Operational and Financial Review Q & A Appendix 1 Strong RevPAR Growth Driven by ADR + Occupancy

More information

Forward-looking Statements

Forward-looking Statements March 23, 2011 Forward-looking Statements This presentation contains certain forward-looking statements with respect to the Corporation. These forward-looking statements, by their nature, necessarily involve

More information

Management Presentation. March 2016

Management Presentation. March 2016 Management Presentation March 2016 Forward looking statements This presentation as well as oral statements made by officers or directors of Allegiant Travel Company, its advisors and affiliates (collectively

More information

Financial Results 1 st Quarter Mar/2016 (FY2015) 30 July, 2015

Financial Results 1 st Quarter Mar/2016 (FY2015) 30 July, 2015 Financial Results Mar/2016 (FY2015) 30 July, 2015 Today s Topics P.2 P.3 P.15 1 Overview of FY Mar/2016 Financial Results Operating Revenue Operating Profit 320 307.0 +4.9Bn (+1.6%) 312.0 50 +17.6Bn (+94.6%)

More information

Media Release. Qantas Group Full Year 2017 Financial Result 1. Sydney, 25 August 2017

Media Release. Qantas Group Full Year 2017 Financial Result 1. Sydney, 25 August 2017 Media Release Qantas Group Full Year 2017 Financial Result 1 Sydney, 25 August 2017 Underlying Profit Before Tax: $1,401 million (second highest in Qantas history) Statutory Profit Before Tax: $1,181 million

More information

STAYING TRUE. Scotia Capital Transportation & Aerospace Conference. November 15, 2011

STAYING TRUE. Scotia Capital Transportation & Aerospace Conference. November 15, 2011 STAYING TRUE Scotia Capital Transportation & Aerospace Conference November 15, 2011 FORWARD-LOOKING STATEMENT Certain information in this presentation and statements made during this presentation, including

More information

CARNIVAL CORPORATION & PLC REPORTS FIRST QUARTER EARNINGS

CARNIVAL CORPORATION & PLC REPORTS FIRST QUARTER EARNINGS FOR IMMEDIATE RELEASE CARNIVAL CORPORATION & PLC REPORTS FIRST QUARTER EARNINGS MIAMI (March 16, 2007) Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) reported net income of $283 million, or $0.35

More information

TUI News Investor Relations

TUI News Investor Relations records very successful financial year 2013/2014 Merger with TUI Travel PLC about to be closed Significant outperformance against earnings targets in full financial year 2013/2014; earnings growth driven

More information

TUI GROUP INVESTOR PRESENTATION

TUI GROUP INVESTOR PRESENTATION TUI GROUP INVESTOR PRESENTATION German Investment Conference UniCredit / Kepler Munich, 26-27 September 2012 Future-related statements This presentation contains a number of statements related to the future

More information

Management Presentation. November 2013

Management Presentation. November 2013 Management Presentation November 2013 Forward looking statements This presentation as well as oral statements made by officers or directors of Allegiant Travel Company, its advisors and affiliates (collectively

More information

SAS AB Q December 2018

SAS AB Q December 2018 SAS AB Q4 2018 4 December 2018 Q4 financial highlights Q4 POSITIVES Q4-18 CHANGE VS. Q4-17 Record number of passengers Total revenue up SEK 1bn vs. LY Yield (nominal) up 5.1% vs. LY RASK (nominal) up 7.0%

More information

FOR IMMEDIATE RELEASE

FOR IMMEDIATE RELEASE June 19, 2007 FOR IMMEDIATE RELEASE CARNIVAL CORPORATION & PLC REPORTS SECOND QUARTER EARNINGS Carnival Corporation & plc today reports earnings for the second quarter ended May 31, 2007. The earnings

More information

Summary of Results for the First Quarter of FY2015/3

Summary of Results for the First Quarter of FY2015/3 Summary of for the First Quarter of FY2015/3 August 8, 2014 Tokyu Corporation (9005) http://www.tokyu.co.jp/ Contents Ⅰ.Executive Summary 2 Ⅱ.Conditions in Each Business 4 Ⅲ.Details of Financial for the

More information

2010 ANNUAL GENERAL MEETING. May 4, 2010

2010 ANNUAL GENERAL MEETING. May 4, 2010 2010 ANNUAL GENERAL MEETING May 4, 2010 FORWARD-LOOKING STATEMENT Certain information in this presentation and statements made during this presentation, including any question and answer session, may contain

More information

STAYING TRUE. BofAML Global Transportation Conference. May

STAYING TRUE. BofAML Global Transportation Conference. May STAYING TRUE BofAML Global Transportation Conference May 19 2011 FORWARD-LOOKING STATEMENT Certain information in this presentation and statements made during this presentation, including any question

More information

Corporate presentation CIBC Whistler Institutional Investor Conference January 21, 2010

Corporate presentation CIBC Whistler Institutional Investor Conference January 21, 2010 Corporate presentation CIBC Whistler Institutional Investor Conference January 21, 2010 Forwardlooking statement Certain information in this presentation and statements made during this presentation, including

More information

Leaving the Competition Behind. Second Quarter (Apr-Jun) 2009 Results

Leaving the Competition Behind. Second Quarter (Apr-Jun) 2009 Results Leaving the Competition Behind Second Quarter (Apr-Jun) 2009 Results 12 Aug 2009 1 Disclaimer Information contained in our presentation is intended solely for your reference. Such information is subject

More information

Conference Call 1Q14 Results. Investor Relations May 15, 2014

Conference Call 1Q14 Results. Investor Relations May 15, 2014 Conference Call Results Investor Relations May 15, 2014 1 Highlights 2 Highlights Net revenues of R$2.5 billion in the quarter, an increase of 20% or R$411 million quarter-over-quarter; EBIT totaled R$144

More information

OPERATING AND FINANCIAL HIGHLIGHTS

OPERATING AND FINANCIAL HIGHLIGHTS Copa Holdings Reports Financial Results for the Fourth Quarter of 2015 Excluding special items, adjusted net income came in at $31.7 million, or EPS of $0.73 per share Panama City, Panama --- February

More information

Gerry Laderman SVP Finance, Procurement and Treasurer

Gerry Laderman SVP Finance, Procurement and Treasurer Gerry Laderman SVP Finance, Procurement and Treasurer Safe Harbor Statement Certain statements included in this release are forward-looking and thus reflect our current expectations and beliefs with respect

More information

2007/08 Full Year Results Investor Briefing

2007/08 Full Year Results Investor Briefing 2007/08 Full Year Results Investor Briefing Highlights of Result Profit before tax up 46% to $1,408 million Up 36% on the reported result Margin improvement $3 billion of Sustainable Future Benefits achieved

More information

Managing through disruption

Managing through disruption 28 July 2016 Third quarter results for the three months ended 30 June 2016 Managing through disruption 3 months ended Like-for-like (ii) m (unless otherwise stated) Change 30 June 2016 30 June 2015 change

More information

Virgin Australia Holdings Limited (ASX: VAH) H1 FY18 Results 1

Virgin Australia Holdings Limited (ASX: VAH) H1 FY18 Results 1 Virgin Australia Holdings Limited (ASX: VAH) H1 FY18 Results 1 Summary of H1 FY18 Group Outcomes 2 Group Underlying Profit Before Tax of $102.5 million up 142.3% Group Statutory Profit After Tax of $4.4

More information

OPERATING AND FINANCIAL HIGHLIGHTS

OPERATING AND FINANCIAL HIGHLIGHTS Copa Holdings Reports Net Income of US$32.0 Million and EPS of US$0.72 for the Second Quarter of 2012 Excluding special items, adjusted net income came in at $58.6 million, or EPS of $1.32 per share Panama

More information

1Q13 R sults esentation

1Q13 R sults esentation 1Q13 Results Presentation 14 May 2013 Disclaimer The presentation is dated the day it is given. The delivery of this presentation shall not, under any circumstances, create any implication that there has

More information

Copa Holdings Reports Record Earnings of US$41.8 Million for 4Q06 and US$134.2 Million for Full Year 2006

Copa Holdings Reports Record Earnings of US$41.8 Million for 4Q06 and US$134.2 Million for Full Year 2006 Copa Holdings Reports Record Earnings of US$41.8 Million for 4Q06 and US$134.2 Million for Full Year 2006 Panama City, Panama --- March 7, 2007. Copa Holdings, S.A. (NYSE: CPA), parent company of Copa

More information

1 sur 8 21/12/ :08

1 sur 8 21/12/ :08 1 sur 8 21/12/2010 17:08 Print Page Close Window Press Release Carnival Corporation & plc Reports Fourth Quarter and Full Year Earnings MIAMI, Dec. 21, 2010 /PRNewswire via COMTEX/ -- Carnival Corporation

More information

Air China Limited Annual Results. March Under IFRS

Air China Limited Annual Results. March Under IFRS Air China Limited 21 Annual Results Under IFRS March 211 Agenda Part 1 Highlights Part 2 Business Overview Part 3 Financial Overview Part 4 Outlook 2 Part 1 Highlights Steady Economic Growth; Asia Pacific

More information

Cebu Air, Inc. 4 th Quarter and Full Year 2017 Results of Operations. cebupacificair.com

Cebu Air, Inc. 4 th Quarter and Full Year 2017 Results of Operations. cebupacificair.com Cebu Air, Inc. 4 th Quarter and Full Year 2017 Results of Operations cebupacificair.com Disclaimer The information provided in this presentation is provided only for your reference. Such information has

More information

QANTAS DELIVERS STRONG FIRST HALF RESULT DESPITE HIGHER FUEL BILL

QANTAS DELIVERS STRONG FIRST HALF RESULT DESPITE HIGHER FUEL BILL ASX and Media Release Sydney, 21 February 2019 QANTAS DELIVERS STRONG FIRST HALF RESULT DESPITE HIGHER FUEL BILL Underlying Profit Before Tax: $780 million (down $179 million) Statutory Profit Before Tax:

More information

OPERATING AND FINANCIAL HIGHLIGHTS. Subsequent Events

OPERATING AND FINANCIAL HIGHLIGHTS. Subsequent Events Copa Holdings Reports Net Income of $103.8 million and EPS of $2.45 for the Third Quarter of 2017 Excluding special items, adjusted net income came in at $100.8 million, or EPS of $2.38 per share Panama

More information

SAS Q3 2017/ August 2018

SAS Q3 2017/ August 2018 SAS Q3 2017/2018 31 August 2018 Strong earnings in peak season POSITIVES Record number of passengers Total revenue up MSEK 936 vs. LY Currency adjusted yield up 1.1% vs. LY EB point sale up 27% vs. LY

More information

CARNIVAL CORPORATION & PLC REPORTS FIRST QUARTER RESULTS

CARNIVAL CORPORATION & PLC REPORTS FIRST QUARTER RESULTS FOR IMMEDIATE RELEASE CARNIVAL CORPORATION & PLC REPORTS FIRST QUARTER RESULTS MIAMI (March 9, 2012) Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) announced non-gaap net income of $13 million,

More information

Bank of America Merrill Lynch Global Transportation Conference. June 16, 2010

Bank of America Merrill Lynch Global Transportation Conference. June 16, 2010 Bank of America Merrill Lynch Global Transportation Conference June 16, 2010 FORWARD-LOOKING STATEMENT Certain information in this presentation and statements made during this presentation, including any

More information

Finnair Group Annual Report 1 January 31 December 2006

Finnair Group Annual Report 1 January 31 December 2006 Finnair Group Annual Report 1 January 31 December 2006 2006: A year for restructuring Scheduled Passenger Traffic transforming to meet Asian traffic demands Labour negotiations to cut 670 jobs 80 million

More information

UBS 14 th Global Emerging Markets Conference. New York, November 2016

UBS 14 th Global Emerging Markets Conference. New York, November 2016 UBS 14 th Global Emerging Markets Conference New York, November 2016 This presentation may include forward-looking comments regarding the Company s business outlook and anticipated financial and operating

More information

October 30, 2013 Oriental Land Co., Ltd.

October 30, 2013 Oriental Land Co., Ltd. October 30, 2013 Oriental Land Co., Ltd. . Financial Results Consolidated Statement of Income Half Ended 9/12 Net Sales 188.3 230.0 41.6 22.1 Theme Park Segment 156.4 189.7 33.2 21.3 Hotel Business Segment

More information

Delta Airlines, Inc. Analyst: Karsen Bell. INVESTMENT MANAGEMENT CERTIFICATE PROGRAM March 7, Major American Airline

Delta Airlines, Inc. Analyst: Karsen Bell. INVESTMENT MANAGEMENT CERTIFICATE PROGRAM March 7, Major American Airline Analyst: Karsen Bell Recommendation BUY Target (today s value) $82 Current Price $52.95 52-week range $43.81 - $56.77 Delta Airlines, Inc. Major American Airline Share Data Ticker: DAL Market Cap. (Billion):

More information

Cebu Air, Inc. 2Q2014 Results of Operation

Cebu Air, Inc. 2Q2014 Results of Operation Cebu Air, Inc. 2Q2014 Results of Operation 1 Disclaimer This information provided in this presentation is provided only for your reference. Such information has not been independently verified and, as

More information

OPERATING AND FINANCIAL HIGHLIGHTS SUBSEQUENT EVENTS

OPERATING AND FINANCIAL HIGHLIGHTS SUBSEQUENT EVENTS Copa Holdings Reports Financial Results for the Third Quarter of 2016 Excluding special items, adjusted net income came in at $55.3 million, or adjusted EPS of $1.30 per share Panama City, Panama --- November

More information

AIR CANADA REPORTS 2010 THIRD QUARTER RESULTS; Operating Income improved $259 million or 381 per cent from previous year s quarter

AIR CANADA REPORTS 2010 THIRD QUARTER RESULTS; Operating Income improved $259 million or 381 per cent from previous year s quarter AIR CANADA REPORTS 2010 THIRD QUARTER RESULTS; Operating Income improved $259 million or 381 per cent from previous year s quarter MONTRÉAL, November 4, 2010 Air Canada today reported operating income

More information

26 October 2017 Icelandair Group Interim Report NET PROFIT USD 101 MILLION IN THIRD QUARTER

26 October 2017 Icelandair Group Interim Report NET PROFIT USD 101 MILLION IN THIRD QUARTER NET PROFIT USD 101 MILLION IN THIRD QUARTER Total income in Q3 up by 10% between years, to USD 536.0 million Passenger revenue higher than expected EBITDA unchanged year on year, at USD 161.1 million Passenger

More information

GALAXY ENTERTAINMENT GROUP

GALAXY ENTERTAINMENT GROUP GALAXY ENTERTAINMENT GROUP RECORD HALF YEAR GROUP ADJUSTED EBITDA OF $5.8 BILLION, UP 23% YEAR-ON-YEAR NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS GREW 35% TO $4.6 BILLION FURTHER STRENGTHENED LIQUID BALANCE

More information

CREDIT SUISSE GLOBAL INDUSTRIALS CONFERENCE DECEMBER 4, 2014

CREDIT SUISSE GLOBAL INDUSTRIALS CONFERENCE DECEMBER 4, 2014 CREDIT SUISSE GLOBAL INDUSTRIALS CONFERENCE DECEMBER 4, 2014 1 1 SAFE HARBOR This presentation contains statements of a forward-looking nature which represent our management's beliefs and assumptions concerning

More information

Q Earnings Financial Results for the Third Quarter Ended December 31, January 29, 2015 OMRON Corporation

Q Earnings Financial Results for the Third Quarter Ended December 31, January 29, 2015 OMRON Corporation Q3 2014 Earnings Financial Results for the Third Quarter Ended December 31, 2014 January 29, 2015 OMRON Corporation Contents 1. Summary 2. Q1-Q3 Results P. 2 P. 4 3. Full-Year Forecast P. 13 4. Corporate

More information

Fourth Quarter 2015 Financial Results

Fourth Quarter 2015 Financial Results Fourth Quarter 2015 Financial Results AerCap Holdings N.V. February 23, 2016 Disclaimer Incl. Forward Looking Statements & Safe Harbor This presentation contains certain statements, estimates and forecasts

More information

SAS Q1 2016/

SAS Q1 2016/ SAS Q1 2016/2017 08.03.2017 Weak Q1 as expected new structural actions underway Q1 in summary Positives + Currency adjusted passenger revenue up 5% + Strong development of ancillary revenues + Passengers

More information

OPERATING AND FINANCIAL HIGHLIGHTS. Subsequent Events

OPERATING AND FINANCIAL HIGHLIGHTS. Subsequent Events Copa Holdings Reports Financial Results for the First Quarter of 2016 Excluding special items, adjusted net income came in at US$69.9 million, or EPS of US$1.66 per share Panama City, Panama --- May 5,

More information

Copa Holdings Reports Net Income of $49.9 million and EPS of $1.18 for the Second Quarter of 2018

Copa Holdings Reports Net Income of $49.9 million and EPS of $1.18 for the Second Quarter of 2018 Copa Holdings Reports Net Income of $49.9 million and EPS of $1.18 for the Second Quarter of 2018 Panama City, Panama --- Aug 8, 2018. Copa Holdings, S.A. (NYSE: CPA), today announced financial results

More information

FIRST QUARTER OPERATING PROFIT IMPROVES TO $274 MILLION

FIRST QUARTER OPERATING PROFIT IMPROVES TO $274 MILLION 1 August 2006 Page 1 of 4 No. 03/06 1 August 2006 FIRST QUARTER OPERATING PROFIT IMPROVES TO $274 MILLION HIGHLIGHTS OF THE GROUP S PERFORMANCE 1st Quarter 2006-07 Year-on-Year % Change Operating revenue

More information

Investment Highlights

Investment Highlights Third Quarter 2014 Investment Highlights 1 Mexican airport portfolio positioned to take full advantage of global growth. 2 Diversified business model contributing to earnings resilience. 3 Well-defined

More information

Forward-looking Statements

Forward-looking Statements September 21, 2011 Forward-looking Statements This presentation contains certain forward-looking statements with respect to the Corporation. These forward-looking statements, by their nature, necessarily

More information

OPERATING AND FINANCIAL HIGHLIGHTS. Subsequent Events

OPERATING AND FINANCIAL HIGHLIGHTS. Subsequent Events Copa Holdings Reports Net Income of US$113.1 Million and EPS of US$2.57 for the First Quarter of 2015 Excluding special items, adjusted net income came in at US$106.0 million, or EPS of US$2.41 per share

More information

SAS Q2 2017/2018 TELECONFERENCE

SAS Q2 2017/2018 TELECONFERENCE SAS Q2 2017/2018 TELECONFERENCE 30 May 2018 Earnings as expected despite negative currency effect POSITIVES + Total revenue up MSEK 73 vs. LY + Currency adjusted yield up 0.6% vs. LY + EB-point sale revenue

More information

An Overview of SATS. Cho Wee Peng, CFO SIAS Corporate Profile & Investment Seminar 30 November 2013

An Overview of SATS. Cho Wee Peng, CFO SIAS Corporate Profile & Investment Seminar 30 November 2013 An Overview of SATS Cho Wee Peng, CFO SIAS Corporate Profile & Investment Seminar 30 November 2013 Forward Looking Statements This presentation may contain forward-looking statements regarding, among other

More information

Corporate Presentation National Bank Transportation and Logistics Conference March 24, 2010

Corporate Presentation National Bank Transportation and Logistics Conference March 24, 2010 Corporate Presentation National Bank Transportation and Logistics Conference March 24, 2010 Forwardlooking statement Certain information in this presentation and statements made during this presentation,

More information

MANAGEMENT DISCUSSION AND ANALYSIS

MANAGEMENT DISCUSSION AND ANALYSIS MANAGEMENT DISCUSSION AND ANALYSIS COMPANY AND SUBSIDIARIES FINANCIAL STATUS AND PERFORMANCE MINOR INTERNATIOANL PUBLIC COMPANY LIMITED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 2006 1.) Overview In

More information

Helloworld Travel Limited results announcement Half year ended 31 December 2017

Helloworld Travel Limited results announcement Half year ended 31 December 2017 Helloworld Travel Limited results announcement Half year ended 31 December 2017 HIGHLIGHTS FOR THE HALF YEAR ENDED 31 DECEMBER 2017 Total Transaction Value (TTV) growth of 2.7% to $2.968 billion. Earnings

More information

JAPAN AIRLINES Co., Ltd. Financial Results 1 st Quarter Mar/2017(FY2016) July 29, 2016

JAPAN AIRLINES Co., Ltd. Financial Results 1 st Quarter Mar/2017(FY2016) July 29, 2016 JAPAN AIRLINES Co., Ltd. Financial Results Mar/2017(FY2016) July 29, 2016 Today s Topics P.1 P.2 P.13 From the first quarter of this fiscal year, figures for Revenue Passengers Carried, ASK, RPK and Load

More information

For personal use only

For personal use only HELLOWORLD TRAVEL LIMITED RESULTS ANNOUNCEMENT Highlights for the year ended 30 June 2018 Total Transaction Value (TTV) growth of 3.5% to $6.1 billion, underpinned by strong air ticket sales volume growth.

More information

FY2015 2nd Quarter Business Results

FY2015 2nd Quarter Business Results FY2015 2nd Quarter Business Results Project AH A MAY products Yamaha Corporation and Yamaha Motor Co., Ltd. make products by exchanging the design divisions and their design fields, and present a joint

More information

Air China Limited Interim Results. August Under IFRS

Air China Limited Interim Results. August Under IFRS Air China Limited 21 Interim Results Under IFRS August 21 1 Agenda 21 Interim Results Overview Business Overview Financial Overview Outlook 2 2 2 21 Interim Results 3 21 Interim Results Overview 4 4 4

More information

MARRIOTT INTERNATIONAL 2017 SECURITY ANALYST MEETING. March 21, 2017

MARRIOTT INTERNATIONAL 2017 SECURITY ANALYST MEETING. March 21, 2017 MARRIOTT INTERNATIONAL 2017 SECURITY ANALYST MEETING March 21, 2017 FORWARD LOOKING STATEMENTS, NON GAAP FINANCIAL MEASURES, AND INFORMATION FOR 2016 AND 2015 This material contains forward looking statements

More information

Air China Limited 2014 Annual Results Under IFRS

Air China Limited 2014 Annual Results Under IFRS Air China Limited 2014 Annual Results Under IFRS March 2015 Agenda Part 1 Results Highlights Part 2 Business Overview Part 3 Financial Overview Part 4 Outlook Part 1 Results Highlights Gradual Global Economic

More information

Financial Results 3 rd Quarter MAR/2016 (FY2015)

Financial Results 3 rd Quarter MAR/2016 (FY2015) Financial Results MAR/2016 (FY2015) January 29 th, 2016 CONTENTS P.1 P.2 P.3 P.4~ Overview of FY MAR/16 Results Operating Revenue Operating Profit 1,030 1,020 1,010 +1.0Bn 1,022.3 1,023.4 (+0.1%) 180 160

More information

Presentation on Results for the 2nd Quarter FY Idemitsu Kosan Co.,Ltd. November 14, 2018

Presentation on Results for the 2nd Quarter FY Idemitsu Kosan Co.,Ltd. November 14, 2018 Presentation on Results for the 2nd Quarter FY 2018 Idemitsu Kosan Co.,Ltd. November 14, 2018 Table of Contents 1. FY 2018 2nd Quarter Financials (1) Overview (2) Segment Information 2. Reference Materials

More information

American Airlines Group Inc.

American Airlines Group Inc. American Airlines Group Inc. Deutsche Bank Leveraged Finance Conference October 4, 2017 Tom Weir Vice President, Treasurer Cautionary Statement Regarding Forward-Looking Statements and Information This

More information

Finnair Group Interim Report 1 January 30 June 2008

Finnair Group Interim Report 1 January 30 June 2008 Finnair Group Interim Report 1 January 30 June 2008 1 08/08/2008 Presentation name / Author Airline industry at a historical turning point Fuel price has a stranglehold on the business Average ticket prices

More information

J.P. Morgan Global High Yield & Leveraged Finance Conference Miami, FL

J.P. Morgan Global High Yield & Leveraged Finance Conference Miami, FL J.P. Morgan Global High Yield & Leveraged Finance Conference Miami, FL February 28, 2011 Caution Regarding Forward-looking Information Air Canada s public communications may include forward-looking statements

More information

View Report Details. Global Cruise Market

View Report Details. Global Cruise Market View Report Details Global Cruise Market ----------------------------------- 2013 View Report Details Executive Summary Cruising is one of the fastest-growing industries in the travel and tourism sector.

More information

2004/05 Full Year Results Presentation to Investors

2004/05 Full Year Results Presentation to Investors Geoff Dixon Chief Executive Officer 2004/05 Full Year Results Presentation to Investors 18 August 2005 Group Highlights 12 months to June 2005 12 months to June 2004 Increase/ (decrease) % Sales and operating

More information

QANTAS HALF YEAR 2015 FINANCIAL RESULTS 1

QANTAS HALF YEAR 2015 FINANCIAL RESULTS 1 QANTAS HALF YEAR 2015 FINANCIAL RESULTS 1 Key points: Underlying Profit Before Tax: $367 million Statutory Profit After Tax: $206 million Transformation benefits: $374 million Comparable unit cost reduction:

More information

2003/04 Full Year Results Presentation to Investors

2003/04 Full Year Results Presentation to Investors 2003/04 Full Year Results Presentation to Investors 19 August 2004 Geoff Dixon Chief Executive Officer Highlights 12 months to June 2004 12 months to June 2003 Increase/ (decrease) % Sales and operating

More information

Preliminary Figures FY 2016

Preliminary Figures FY 2016 February 14, 2017 Preliminary Figures FY 2016 Capital Markets Day 2017 Tom Blades (CEO) Disclaimer This presentation has been produced for support of oral information purposes only and contains forwardlooking

More information