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Exhibit 99.1

 

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NORWEGIAN CRUISE LINE HOLDINGS LTD. NCL NORWEGIAN CRUISE LINE® ACQUISITION OF PRESTIGE CRUISES INTERNATIONAL, INC. OCEANIA CRUISES SEPTEMBER 2, 2014 REGENT SEVEN SEAS CRUISES


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MANAGEMENT PRESENTERS
Kevin Sheehan President and Chief Executive Officer Norwegian Cruise Line Holdings Ltd. Wendy Beck Executive Vice-president and Chief Financial Officer Norwegian Cruise Line Holdings Ltd. Frank Del Rio Chairman and Chief Executive Officer Prestige Cruises International, Inc. Andrea DeMarco Director, Investor Relations Norwegian Cruise Line Holdings Ltd.
2 NCL NORWEGIAN CRUISE LINE®


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FORWARD LOOKING STATEMENTS
This presentation may contain statements, estimates or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. Generally, the words “will,” “may,” “believes,” “expects,” “intends,” “anticipates,” “projects,” “plans,” “seeks,” and similar expressions are intended to identify forward-looking statements, which are not historical in nature.
Forward-looking statements are based on management’s current expectations and assumptions, and are subject to significant business, economic, regulatory and competitive risks and uncertainties (many of which are beyond the control of the company and management) that could cause actual results, performance or achievements to differ significantly from Norwegian’s historical results or those implied in forward-looking statements. You should not place undue reliance on forward-looking statements as a prediction of actual results. Norwegian expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in expectations or events, conditions or circumstances on which any such statements are based. For a discussion of some of the important factors that could cause these variations, please consult the “Risk Factors” section of the prospectus filed with the SEC.
We use certain non-GAAP financial measures in this presentation, such as EBITDA, Adjusted EBITDA, net onboard yield, and compound annual growth rate, to enable us to analyze our performance. We utilize these financial measures to manage our business on a day-to-day basis and believe that they are the most relevant measures of our financial performance. Some of these measures are commonly used in the cruise industry to measure performance. Our use of a non-GAAP financial measure may not be comparable to other companies within our industry. For a discussion concerning non-GAAP financial measures, please refer to our respective filings with the SEC.
This information is confidential, and should not be photocopied, distributed or disclosed to anyone other than to whom it is provided, and your acceptance of this document is deemed to be an agreement to these terms.
3 NCL NORWEGIAN CRUISE LINE®


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ADDITIONAL INFORMATION ABOUT THE TRANSACTION
The transaction discussed in this presentation is being provided for informational purposes only. WE ARE NOT ASKING FOR
A PROXY, AND YOU ARE REQUESTED NOT TO SEND A PROXY.
In connection with the transaction, we will file relevant materials with the SEC, including a Schedule 14C information statement. Investors and security holders are urged to read these documents (if and when they become available) and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will include important information about Prestige, Norwegian, and the transaction. Investors and stockholders will be able to obtain free copies of the information statement and other documents containing important information about Prestige and Norwegian, once such documents are filed with the SEC by Norwegian, through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by [Norwegian] will be available free of charge of [Norwegian’s] investor relations website at www.investor.ncl.com or by contacting Norwegian’s Investor Relations Department at 305-468-2339.
This presentation is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction pursuant to the acquisition or otherwise.
4 NCL NORWEGIAN CRUISE LINE®


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NCL NORWEGIAN CRUISE LINE®
OCEANIA CRUISES
REGENT SEVEN SEAS CRUISES


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NORWEGIAN’S JOURNEY FROM GOOD TO GREAT
2008
$1 Billion Investment /
New Diversified Management Team 2009 Heavy lifting 2010 Launch of Norwegian Epic 2011-2012 More heavy lifting 2013 Initial Public Offering / Launch of Norwegian Breakaway 2014 Launch of Norwegian Getaway / Prestige Acquisition
Since 2008 Norwegian has maintained a track record of consistent, measured, orderly financial growth, reporting 24 consecutive quarters of adjusted EBITDA growth and consistent margin improvement
6 NCL NORWEGIAN CRUISE LINE®


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NORWEGIAN’S ADJUSTED EBITDA GROWTH:
24 CONSECUTIVE QUARTERS WITH ADJUSTED EBITDA GROWTH & CONSISTENT MARGIN IMPROVEMENT(1)
($ millions)
$800.0
$700.0
$600.0
$500.0
$400.0
$300.0
$200.0
$100.0
$0.0
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2008 2009 2010 2011 2012 2013 2014
11.1% $242
13.6% $286
14.8% $298
16.4% $323
17.2% $325
17.9% $332
18.4% $340
19.0% $351
19.8% $383
20.1% $405
20.5% $428
20.9% $456
21.7% $481
22.8% $506
23.0% $515
23.3% $525
23.9% $540
24.4% $556
24.6% $562
24.6% $579
25.3% $627
25.2% $647
25.4% $687
26.7% $754
(1) Trailing 12 months.
NCL NORWEGIAN
CRUISE LINE®
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COMPELLING STRATEGIC RATIONALE
• Combination creates a diversified, industry-leading cruise operating company
- Three complementary brands with presence across market segments
• Further enhances industry-leading financial metrics
• Sharing of best practices among brands and synergies from breadth of scale
• Increases economies of scale providing greater operational leverage
• Expands growth trajectory and global footprint
• Complementary new build programs provides measured, orderly capacity growth annually through 2019
8 NCL NORWEGIAN CRUISE LINE®


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TRANSACTION OVERVIEW
Overview
• Total purchase price of $3.025 billion (~11x 2014E Adjusted EBITDA) subject to certain other adjustments(1)
• Day one identified synergies of $25 million with continuing benefits to be realized over the next several years
Pro Forma Impact
• Combined Pro Forma LTM June 30 Revenue of $4.1 billion and Adjusted EBITDA of $1.0 billion(2)
- Pro Forma net leverage at September 30 of 5.3x(2)(3) and target leverage of approximately 4x within 18 months
• Expected to be accretive to earnings in 2015 pre-synergies
- High single-digit percentage adjusted EPS accretion with synergies(4)
Sources of Funding
• Equity issuance of approximately 20.3 million shares or $670 million to Prestige shareholders, equivalent to ~10% of NCLH current shares outstanding(5)
- Certain Prestige shareholders will be subject to lock-up
• Remaining consideration in cash, to be financed with a mix of bank debt, bonds and cash on hand
- Fully committed financing in place
Timing
• Expected to close in the fourth quarter of 2014
1. Additional contingent cash consideration of $50 million, upon achievement of certain performance metrics in 2015.
2. Including $25 million in identified synergies.
3. Includes annualized contribution for Norwegian Getaway.
4. Excludes non-recurring amortization from purchase accounting.
5. Weighted average diluted shares outstanding at June 30, 2014.
9 NCL NORWEGIAN CRUISE LINE®


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PRESTIGE CRUISES INTERNATIONAL OVERVIEW
• Global leader in the upscale cruise segment with approximately 46% of berth capacity
• Operates two brands, Oceania Cruises and Regent Seven Seas Cruises
- 8 ships, approximately 6,500 berths with 87% balconies
- Loyal followings with high repeat guest rates
OCEANIA CRUISES
• Among the highest space-to-guest and crew to passenger ratios in the industry, providing guests with unparalleled accommodations and individually-tailored service levels
Regent SEVEN SEAS CRUISES
• Brands cater to affluent and seasoned travelers
- Guests are less impacted by recessionary pressures
• Attractive financial characteristics
- Industry-leading net yield
- High visibility to future bookings
- Strong EBITDA and earnings growth
Note: Upscale refers to Upper Premium and Luxury segments.
10 NCL NORWEGIAN CRUISE LINE®


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ABOUT OCEANIA CRUISES
OCEANIA CRUISES
• Operates five small to mid-size vessels that provide an upscale and sophisticated experience
• Offers destination-oriented cruises to approximately 330 ports around the globe with gourmet culinary experiences, elegant accommodations and personalized service
• Expanded capacity by 122% with the addition of two 1,250-berth newbuilds in 2011 and 2012
• Conde Nast Traveler Gold List Platinum Circle 2013; Best Premium Cruise Line 2013 Virtuoso Awards
11 NCL NORWEGIAN CRUISE LINE®


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ABOUT REGENT SEVEN SEAS CRUISES
Regent SEVEN SEAS CRUISES
‰ The most inclusive luxury product offering in the industry
‰ Operates three all-suite ships with a fourth under construction
‰ Focus on high level of personal service, unique shore excursions, world-class accommodations and top-rated cuisine
‰ Imaginative itineraries to approximately 300 ports worldwide
‰ Best Luxury Cruise Line 2013 Virtuoso Awards; Best for Luxury 2013 Cruise Critic Editor’s Choice
12 NCL NORWEGIAN CRUISE LINE®


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HIGH QUALITY FLEET
‰ Ships are classic and refined with focus on cuisine, service and destinations
‰ High space ratios and crew to passenger ratios
‰ Majority of fleet either built or refurbished in the last three years with a newbuild in 2016
OCEANIA CRUISES Regent SEVEN SEAS CRUISES
Regatta, Insignia Nautica Marina, Riviera Voyager Mariner Navigator Explorer
Berths 684 1,250 700 700 490 750
Balcony % 68% 95% 100% 100% 90% 100%
Crew to Passenger 1:1.7 1:1.6 1:1.6 1:1.6 1:1.4 1:1.3
13 NCL NORWEGIAN CRUISE LINE®


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REVENUE OPPORTUNITIES AND SYNERGIES
REVENUE ENHANCEMENT OPPORTUNITIES
‰ Leverage cross-selling opportunities by offering products for every stage of a guests’ life cycle
- Leverage customer databases to offer targeted multi-generational and other experiences (i.e. The Haven)
‰ Explore multi-brand joint partnerships
‰ Use combined expertise on product delivery to enhance the guest experience across the brands
‰ Glean learnings to benefit Pride of America’s unique proposition
SYNERGY OPPORTUNITIES
‰ Purchasing and procurement
‰ Crew recruitment and training
‰ Global port contracts
‰ Insurance
‰ Fuel and fuel efficiencies
‰ Marketing / Sponsorships / Partnerships
‰ Maintenance contracts and dry-docks
Revenue Enhancements and Synergies focused on maintaining brand integrity with no impact on the guest experience
14 NCL NORWEGIAN CRUISE LINE®


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HIGHLY COMPLEMENTARY BRANDS
NCL NORWEGIAN CRUISE LINE® OCEANIA CRUISES Regent SEVEN SEAS CRUISES
Number of Vessels Berths 13 34,510 5 4,552 3 1,890
Vessel Size Berth Ranges Large 2,000 to 4,000 Small to mid-size 684 to 1,250 Small 490 to 750
Guest Demographics Multi-generational travel Experienced cruisers Luxury travelers
Product Offering A la carte Semi-inclusive All-inclusive
Itineraries Majority 7 day 7 to 180 days 7 to 28 days
Combined company offers a portfolio of products that appeal to guests at every stage of their life cycle
15 NCL NORWEGIAN CRUISE LINE®


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POWERFUL COMBINED NEWBUILD PROGRAM
Consistent growth from newbuilds through 2019
Vessel Delivery
Norwegian Escape October 2015
Seven Seas Explorer Summer 2016
Breakaway Plus 2 Spring 2017
Breakaway Plus 3 Spring 2018
Breakaway Plus 4 Fall 2019
16 NCL NORWEGIAN CRUISE LINE®


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PRO FORMA FINANCIALS
LTM JUNE 30, 2014
Gross Revenue Net Yield Adjusted EBITDA(1)
$2,838 $4,076
$186.26 $219.09
$754 $1,036
NCL NORWEGIAN CRUISE LINE® NCL NORWEGIAN CRUISE LINE® NCL NORWEGIAN CRUISE LINE® NCL NORWEGIAN CRUISE LINE® NCL NORWEGIAN CRUISE LINE® NCL NORWEGIAN CRUISE LINE®
PCI PRESTIGE CRUISES INTERNATIONAL, INC. PCI PRESTIGE CRUISES INTERNATIONAL, INC. PCI PRESTIGE CRUISES INTERNATIONAL, INC.
1. Includes $25 million in identified synergies.
17 NCL NORWEGIAN CRUISE LINE®


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PRO FORMA CAPITALIZATION AND DELEVERAGING PROFILE
Highly attractive debt markets
Transaction funded with:
– Existing cash
– New and existing debt facilities
– 20.3 million shares of NCLH common stock
Committed financing in place to fund purchase price and optimize capital structure
Net leverage of 5.3x as of September 30 pro forma for transaction
– Flexible capital structure with significant portion of prepayable debt
– Strong free cash flow enables significant, rapid debt deleveraging
Approaching ~5x by year-end 2014 and ~4x within 18 months
Net Debt / Adjusted EBITDA
4.1x
NCLH Q2 2014 (1)
~5.3x
Combined Pro Forma
Q3 2014 (2)
~5x
Combined Pro Forma
Q4 2014(2)
~4x
Combined Pro Forma
Within 18 Months(2)

1. Includes annualized contribution for newbuilds introduced in the year.
2. Includes annualized contribution for newbuilds introduced in the year and $25 million in identified annual synergies.
18 NCL NORWEGIAN CRUISE LINE®


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IN CONCLUSION, THIS TRANSACTION:
Combines Three Successful, Complementary Brands Across Different Market Segments
Will Retain Distinct Brand Proposition, Guest Experience and Culture of Brands
Enhances Already Best-In-Class Financial Metrics
Expands Growth Trajectory with Measured Orderly Capacity Growth Through 2019
Is Immediately Accretive on a non-GAAP, Adjusted EPS Basis
Provides Significant Synergies with Benefits for Years to Come
NCL NORWEGIAN CRUISE LINE®
OCEANIA CRUISESSM
Your World. Your WAY.SM
Regent SEVEN SEAS CRUISES
19 NCL NORWEGIAN CRUISE LINE®


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NORWEGIAN CRUISE LINE HOLDINGS LTD.
ACQUISITION OF PRESTIGE CRUISES INTERNATIONAL, INC.
SEPTEMBER 2, 2014
NCL NORWEGIAN CRUISE LINE®
OCEANIA CRUISES
Regent SEVEN SEAS CRUISES


NORWEGIAN CRUISE LINE HOLDINGS LTD.

NON-GAAP RECONCILING INFORMATION

(unaudited)

Adjusted EBITDA (1) is calculated as follows (in thousands):

 

     Twelve months ended,  
     September 30,
2008
    December 31,
2008
    March 31,
2009
    June 30,
2009
    September 30,
2009
    December 31,
2009
 

Net income (loss)

   $ (133,710   $ (211,761   $ (61,066   $ (19,373   $ (104,833   $ 66,952   

Interest expense, net

     165,973        149,568        127,209        119,675        111,352        114,514   

Income tax expense

     1,192        874        820        634        554        503   

Depreciation and amortization expense

     162,048        162,565        160,793        158,530        155,853        152,700   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

EBITDA

     195,503        101,246        227,756        259,466        162,926        334,669   

Other (income) expense

     15,389        (1,886     (111,822     (105,220     1,567        (10,874

Other

     28,061        186,632        182,476        169,180        159,993        8,459   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 238,953      $ 285,992      $ 298,410      $ 323,426      $ 324,486      $ 332,254   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     Twelve months ended,  
     March 31,
2010
    June 30,
2010
    September 30,
2010
    December 31,
2010
    March 31,
2011
    June 30,
2011
 

Net income

   $ 47,507      $ 17,779      $ 23,948      $ 22,986      $ 28,939      $ 72,210   

Interest expense, net

     125,261        135,923        156,440        173,672        185,730        195,402   

Income tax expense

     457        400        338        136        85        791   

Depreciation and amortization expense

     152,573        153,334        161,663        170,191        178,591        186,205   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

EBITDA

     325,798        307,436        342,389        366,985        393,345        454,608   

Other (income) expense

     7,110        36,682        32,995        33,815        30,831        (3,300

Other

     7,089        6,833        7,703        4,313        3,994        4,624   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 339,997      $ 350,951      $ 383,087      $ 405,113      $ 428,170      $ 455,932   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     Twelve months ended,  
     September 30,
2011
    December 31,
2011
    March 31,
2012
    June 30,
2012
    September 30,
2012
    December 31,
2012
 

Net income

   $ 88,821      $ 126,859      $ 138,076      $ 144,883      $ 165,562      $ 168,556   

Interest expense, net

     199,092        190,187        188,488        190,711        188,019        189,930   

Income tax expense

     1,624        1,700        1,775        1,103        626        706   

Depreciation and amortization expense

     186,181        183,985        183,525        183,695        185,601        189,537   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

EBITDA

     475,718        502,731        511,864        520,392        539,808        548,729   

Other (income) expense

     113        (2,634     (3,287     (889     (4,280     (2,099

Other

     5,596        5,942        6,175        5,922        4,898        9,004   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 481,427      $ 506,039      $ 514,752      $ 525,425      $ 540,426      $ 555,634   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
     Twelve months ended,  
     March 31,
2013
    June 30,
2013
    September 30,
2013
    December 31,
2013
    March 31,
2014
    June 30,
2014
 

Net income attributable to Norwegian Cruise Line Holdings Ltd.

   $ 68,877      $ 24,005      $ 66,675      $ 101,714      $ 249,376      $ 369,833   

Interest expense, net

     271,416        326,197        305,628        282,602        186,118        114,292   

Income tax expense

     2,828        3,804        11,339        11,802        218        2,295   

Depreciation and amortization expense

     192,488        199,662        207,336        215,593        228,485        238,090   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

EBITDA

     535,609        553,668        590,978        611,711        664,197        724,510   

Net income attributable to non-controlling interest

     (1,105     (1,179     857        1,172        2,702        4,439   

Other income

     (379     (2,807     (537     (1,403     (426     328   

Other

     27,728        29,448        35,291        35,715        20,242        24,495   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 561,853      $ 579,130      $ 626,589      $ 647,195      $ 686,715      $ 753,772   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

The financial data presented for the years 2007 through 2012 are derived from NCLC’s consolidated financial statements and should be read in conjunction with those financial statements. Prior to the period ended March 31, 2013, the financial data presented are those of NCLC.

 

(1)  Adjusted EBITDA is defined as EBITDA adjusted for other (income) expense, impairment loss and other supplemental adjustments (“Other”). We believe that Adjusted EBITDA is appropriate as a supplemental financial measure as it is used by management to assess operating performance, is a factor in the evaluation of the performance of management and is the primary metric used in determining the Company’s performance incentive bonus paid to its employees. We believe that Adjusted EBITDA is a useful measure in determining the Company’s performance as it reflects certain operating drivers of the Company’s business, such as sales growth, operating costs, marketing, general and administrative expense and other operating income and expense. Adjusted EBITDA is not a defined term under GAAP. Adjusted EBITDA is not intended to be a measure of liquidity or cash flows from operations or measures comparable to net income as it does not take into account certain requirements such as capital expenditures and related depreciation, principal and interest payments and tax payments and it includes other supplemental adjustments.