Annual report pursuant to Section 13 and 15(d)

Condensed Financial Information of the Registrant

v2.4.0.8
Condensed Financial Information of the Registrant
12 Months Ended
Dec. 31, 2013
Condensed Financial Information of the Registrant
12. Condensed Financial Information of the Registrant

Our debt agreements limit or prohibit, and any of our future debt arrangements may restrict, among other things, the ability of our subsidiaries, including NCLC, to pay distributions to NCLH and our ability to pay cash dividends to our shareholders. We are a holding company and depend upon our subsidiaries for their ability to pay distributions to us to finance any dividend or pay any other obligations of NCLH. The following is our condensed financial information.

 

Norwegian Cruise Line Holdings Ltd.

Condensed Statements of Operations

(in thousands, except share and per share data)

 

     Years Ended December 31,  
     2013     2012      2011  

Other operating expense

       

Marketing, general and administrative expense

   $ 2,890      $ —         $ —     
  

 

 

   

 

 

    

 

 

 

Total other operating expense

     2,890        —           —     
  

 

 

   

 

 

    

 

 

 

Non-operating income (expense)

       

Equity in earnings of subsidiaries

     118,643        168,556         126,859   
  

 

 

   

 

 

    

 

 

 

Total non-operating income (expense)

     118,643        168,556         126,859   
  

 

 

   

 

 

    

 

 

 

Net income before income taxes

     115,753        168,556         126,859   
  

 

 

   

 

 

    

 

 

 

Income tax expense

     (14,039     —           —     
  

 

 

   

 

 

    

 

 

 

Net income

   $ 101,714      $ 168,556       $ 126,859   
  

 

 

   

 

 

    

 

 

 

Earnings per share

       

Basic

   $ 0.50      $ 0.95       $ 0.71   
  

 

 

   

 

 

    

 

 

 

Diluted

   $ 0.49      $ 0.94       $ 0.71   
  

 

 

   

 

 

    

 

 

 

Weighted-average shares outstanding

       

Basic

     202,993,839        178,232,850         177,869,461   
  

 

 

   

 

 

    

 

 

 

Diluted

     209,239,484        179,023,683         178,859,720   
  

 

 

   

 

 

    

 

 

 

Comprehensive income

       

Net income

   $ 101,714      $ 168,556       $ 126,859   

Total other comprehensive income (loss)

     929        2,175         (24,103
  

 

 

   

 

 

    

 

 

 

Total other comprehensive income

   $ 102,643      $ 170,731       $ 102,756   
  

 

 

   

 

 

    

 

 

 

 

Norwegian Cruise Line Holdings Ltd.

Condensed Balance Sheets

(in thousands, except for share data)

 

     December 31,  
     2013     2012  

Assets

    

Cash and cash equivalents

   $ 4,336     $ —     

Other assets

     25,831       5,943   

Due from NCLC

     9,705        —     

Investment in subsidiaries

     2,609,903       2,010,318  
  

 

 

   

 

 

 

Total assets

   $ 2,649,775     $ 2,016,261  
  

 

 

   

 

 

 

Liabilities and Shareholders’ Equity

    

Liabilities:

    

Accrued expenses

   $ 27,225      $ —     

Deferred tax liability

     13,642        —     

Due to NCLC

     —          5,943  
  

 

 

   

 

 

 

Total liabilities

     40,867       5,943  
  

 

 

   

 

 

 

Shareholders’ equity:

    

Ordinary shares, $.001 par value; 490,000,000 shares authorized; 205,160,340 shares issued and outstanding at December 31, 2013, and $.0012 par value; 40,000,000 shares authorized; 21,000,000 shares issued and outstanding at December 31, 2012

     205        25   

Additional paid-in capital

     2,822,864       2,327,097  

Accumulated other comprehensive income (loss)

     (16,690 )     (17,619

Retained earnings (deficit)

     (197,471 )     (299,185 )
  

 

 

   

 

 

 

Total shareholders’ equity

     2,608,908       2,010,318  
  

 

 

   

 

 

 

Total liabilities and shareholders’ equity

   $ 2,649,775     $ 2,016,261  
  

 

 

   

 

 

 

 

Norwegian Cruise Line Holdings Ltd.

Condensed Statements of Cash Flows

(in thousands)

 

     Year Ended December 31,  
     2013     2012     2011  

Cash flows from operating activities

      

Net income

   $ 101,714     $ 168,556     $ 126,859   

Adjustments to reconcile net income to net cash used in operating activities:

      

Equity in earnings of subsidiaries

     (118,643     (168,556     (126,859

Deferred income taxes, net

     13,642        —          —     

Changes in operating assets and liabilities:

      

Other assets

     (19,888     —          —     

Due from NCLC

     (9,705     —          —     

Accrued expenses

     27,225        —          —     

Due to NCLC

     (5,943     —          —     
  

 

 

   

 

 

   

 

 

 

Net cash flows used in operating activities

     (11,598 )     —          —     
  

 

 

   

 

 

   

 

 

 

Cash flows from investing activities

      

Investment in subsidiary

     (460,000     —          —     
  

 

 

   

 

 

   

 

 

 

Net cash flows used in investing activities

     (460,000     —          —     
  

 

 

   

 

 

   

 

 

 

Cash flows from financing activities

      

Proceeds from the issuance of ordinary shares

     473,914        —          —     

Proceeds from the exercise of share options

     2,020        —          —     
  

 

 

   

 

 

   

 

 

 

Net cash flows provided by financing activities

     475,934        —          —     
  

 

 

   

 

 

   

 

 

 

Net increase in cash and cash equivalents

     4,336       —          —     
  

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of year

   $ 4,336     $ —        $ —