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NCL turns a profit for 2009

Monday, March 29, 2010, 3:58pm EDT

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NCL Corp. had lower revenue in 2009, but managed to turn a $67.23 million profit, according to an SEC filing made by Genting Hong Kong Group, its half-owner.

NCL revenue fell 12 percent, to $1.27 billion in 2009 from $1.5 billion in 2008.

NCL, which is the parent of Miami-based Norwegian Cruise Line, had a $211.8 million loss in 2008 and a $226.96 million loss in 2007.

One factor in the 2008 loss was a $128.77 million impairment charge that stems from cancellation of a contract to build what would have been a sister ship to the Norwegian Epic. The Epic is a more than $1 billion ship that will start sailing out of Miami this summer.

Genting Hong Kong, formerly known as Star Cruises Ltd., said the drop in revenue was due to a 7.7 percent decrease in net yields and a 5.1 percent decrease in capacity days.

"The decrease in net yield was the result of a decrease in passenger ticket pricing due to adverse global economic conditions," the company said.

The decrease in capacity days was the result of the departure of the Marco Polo, Dream and Majesty from Norwegian's fleet as charter agreements expired, Genting Hong Kong said. A plus factor was the reflagging of the Pride of Aloha, which was withdrawn from the fleet in May 2008 and relaunched as the Norwegian Sky, which sails out of Miami, in July 2008.

Ship operating expenses decreased 18.3 percent in 2009, primarily due to cost controls and lower fuel prices, Genting Hong Kong said.

NCL's finance costs, net of capitalized interest, decreased to $115.4 million in 2009 from $152.4 million in 2008, primarily due to lower average interest rates, Genting Hong Kong said.

The SEC filing says 37.5 percent of NCL is owned by Apollo and 12.5 percent is owned by three TPG (Texas Pacific Group) limited partnerships.

Excluding NCL, Genting Hong Kong had an operating profit of $5.3 million before an impairment, down from a $16.2 million profit in 2008. Genting Hong Kong, excluding NCL, had a 33.6 percent drop in capacity, but managed to boost occupancy percentages to 91 percent from 85 percent.

Genting Hong Kong's five-ship Star Cruises brand, which hasn't changed its name, is the leader in the emerging Asia market.

On Friday night, Genting Hong Kong celebrated its rebranding from Star Cruises with a party at the W Hotel in Kowloon.

A post on eTravelBlackboardAsia.com has a brief article and three photos of the festivities, including one of Chairman and CEO Tan Sri Lim Kok Thay.

The chairman's father, who passed away in October 2007, was once the richest man in Malaysia, with a net worth of $4.2 billion, according to a 2007 Forbes article that listed the family at 204th on the list of the world's richest billionaires.

Categories: Travel Industry

Companies: Genting Hong Kong Group, NCL Corp., Texas Pacific Group

People: Tan Sri Lim Kok Thay

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30-Mar-2010 09:11

Healthway Med / healthway, healthy?

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anOther day Of HEALTHWAY S$0.170 jUicing MUSICAL CHAIR

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30-Mar-2010 09:09

Oceanus / Oceanus

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CHAIRMAN should iNvitE every sharEhOldEr

tO an ABALONE DINNER

Or sErvE ABALONE at the cOming AGM

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30-Mar-2010 09:07

Healthway Med / healthway, healthy?

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Tuesday, 30th March 2010 OPENING

jUiced TiLL DRY

S$0.170 4,221,000 shares SOLD tO BUYER

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29-Mar-2010 18:57

Neptune Orient L Rg / NOL

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Monday, 29 March 2010 CLOSING

S$1.93 -S$0.01

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29-Mar-2010 18:55

Scintronix / Scintronix

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Harmless lOOking bOnds can dEadly when duE ?

victorian2 ( Date: 26-Sep-2009 08:21) Posted:

Counter looks set to be in play..... with the redemption of the bond.
-------------------------------------------
SCINTRONIX CORPORATION LTD.
(Company Registration No.199901719E)
ISSUE OF REDEEMABLE ZERO COUPON CONVERTIBLE BONDS (THE “BONDS”) WITH
AN AGGREGATE PRINCIPAL AMOUNT OF S$40 MILLION, ISSUABLE IN 40 EQUAL
TRANCHES OF A PRINCIPAL AMOUNT OF S$1,000,000 EACH TO FORTENSA SPECIAL
OPPORTUNITIES LTD (THE “SUBSCRIBER”) IN ACCORDANCE WITH THE TERMS AND
SUBJECT TO THE TERMS AND CONDITIONS OF THE BOND SUBSCRIPTION AGREEMENT
DATED 11 FEBRUARY 2009
The Board of Directors (the “
announce that Fortensa Special Opportunities Ltd, in accordance with the terms of the Bond
Subscription Agreement, has exercised its right to convert S$500,000 in value of the Initial
Tranche of Bonds with an aggregate value of S$1,000,000, issued by the Company on 24
September 2009 into 8,928,571 new shares of the Company at the conversion price of S$0.056
(the “
In accordance with the terms of the Bond Subscription Agreement, the Conversion Price will
initially be equal to the lower of either:
(a) 120% of the average of the closing prices quoted by the SGX-ST for one Share (being a
Share carrying full entitlement to dividend) for the 30 consecutive Trading Days ending
on the Trading Day immediately preceding the date of issue of the relevant Bond (“
Conversion Price
(b) 90% of the lowest average of the closing prices quoted by the SGX-ST for one Share
(being a Share carrying full entitlement to dividend) for any five (5) consecutive Trading
Day period in the 30 consecutive Trading Days immediately preceding the Conversion
Date.
The Fixed Conversion Price is S$0.075 while 90% of the lowest average of the closing prices for
the five (5) consecutive Trading Day period (from 9 September 2009 to 15 September 2009)
amounts to S$0.056. Hence, in accordance with the Bond Subscription Agreement, the
Conversion Price in respect of the conversion of S$500,000 in value of the Initial Tranche of
Bonds is the lower of the two, being S$0.056.
The 8,928,571 new shares in the Company will be listed and quoted on the SGX-ST. The new
shares will rank
Following the issue of the 8,928,571 new shares in the Company, the number of issued and paidup
ordinary shares of the Company will be increased to 255,008,108 ordinary shares.
Arising from the issuance of the new Shares, the EPS and the NTA per ordinary share of the
Company, based on financial statements for the financial year ended 30 June 2009, would have
been (2.146) cents instead of (2.225) cents and 9.24 cents instead of 9.37 cents respectively.
On behalf of the Board
Scintronix Corporation Ltd.
Tan Kee Liang
Executive Chairman

25 September 2009Board”) of Scintronix Corporation Ltd. (the “Company”) wishes toConversion Price”) for each new share. The Conversion Price was arrived at as follows:Fixed”); orpari passu in all respects with the existing shares of the Company in issue.

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29-Mar-2010 18:52

Stamford Land / Stamford Land rebound from 18.5 cents

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monitoring

shplayer ( Date: 29-Mar-2010 16:42) Posted:

For the sake of forumers who don't follow STL closely, its financial year end is 31 Mar.. It will have to announce FY2010 results before end May.

As of 3Q10 (31 Dec09), its eps is 1.95c. My est of FY10 eps is 2.6-2.8c. In good years, Co. is known to be pretty generous with its dividents. But at 47.5c (current price), its P/E is 17.6X....which is demanding and even if it declares div of 2.5c, its yield is 5.2%......

Fundamentally, the abovementioned indicators are not very attractive....but this counter is a valuation play.

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29-Mar-2010 18:48

TeleChoice Intl / Telechoice

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35% Guaranteed Returns Over next 5 years is Very Very NICE for CPF funds.

pharoah88 ( Date: 29-Mar-2010 18:40) Posted:

I sEE what yOu mEan.

Thanks

http://www.investmentmoats.com/money-management/dividend-investing/yield-watch-telechoice-revisited-dividend-payout-sustainable/

So how are they funding the dividend payment in those years? Judging by the balance sheets, its definitely not by long term debt.

There are 3 years where dividend payout is more than FCF. these are 2006,2007 and currently 2009.

In 2oo6, they fund that by using their 44 mil in cash holdings (see Cash from 44.6 mil to 28.9 mil)

In 2007, observe that there is a build up in current liabilities increase quite substantially (see current liabilities 46 mil to 85 mil)

The puzzling one is in 2009, because both liabilities have decrease and cash have increase. I did some digging and it would seem there is a divestment of a subsidiary perhaps thats why they have additional cash that goes to paying the dividends.

So is dividend sustainable? Hard to say. At current share price of 23.5 cents they always pay out around 9 mil for dividend. Their current cash holdings allow them to pay out for 5 years even if they are not earning money. I feel even if they want to sustain it they can take on some long term debts, but they probably won’t do that.

In these cases, if you are looking for consistent 7% for 5 years, i would say it can definitely take it.

However, what i normally look for in my investments is a sustainable free cashflow greater than the dividend payout. A good example are the telcos in Singapore

humblepie ( Date: 27-Mar-2010 15:30) Posted:

here is my take on the sustainability of its dividend

[Analysis here >>]

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29-Mar-2010 18:46

M1 / M1

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not much market interest in Telcos?

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29-Mar-2010 18:44

StarHub / Starhub

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Monday, 29 March 2010 CLOSING

S$2.30 +S$0.01

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29-Mar-2010 18:40

TeleChoice Intl / Telechoice

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I sEE what yOu mEan.

Thanks

http://www.investmentmoats.com/money-management/dividend-investing/yield-watch-telechoice-revisited-dividend-payout-sustainable/

So how are they funding the dividend payment in those years? Judging by the balance sheets, its definitely not by long term debt.

There are 3 years where dividend payout is more than FCF. these are 2006,2007 and currently 2009.

In 2oo6, they fund that by using their 44 mil in cash holdings (see Cash from 44.6 mil to 28.9 mil)

In 2007, observe that there is a build up in current liabilities increase quite substantially (see current liabilities 46 mil to 85 mil)

In these cases, if you are looking for consistent 7% for 5 years, i would say it can definitely take it.

However, what i normally look for in my investments is a sustainable free cashflow greater than the dividend payout. A good example are the telcos in Singapore

humblepie ( Date: 27-Mar-2010 15:30) Posted:

here is my take on the sustainability of its dividend

[Analysis here >>]

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29-Mar-2010 18:31

M1 / M1

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Some ago, someone told me M1 is the BEST of the Three Telcos?

des_khor ( Date: 25-Jan-2010 15:47) Posted:

Last Friday bought M1 now kenal P&D... M1 will never over take Starhub ....

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29-Mar-2010 18:29

Seatrium / Sembmarine

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gOOd jOb

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29-Mar-2010 18:25

Parkway / Parkway

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Monday, 29 March 2010 CLOSING

S$3.37 -S$0.09

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29-Mar-2010 18:20

AusGroup / AUSGROUP: 1H09 revenue up 28.8% to reach A$260.5 m

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Monday, 29 March 2010 Next Insight

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29-Mar-2010 18:16

ShareJunction / Short Term Technical Analysis for Majors (08:00 GM

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AUD / USD ??

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