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Royal Caribbean International Royal Caribbean International Financial Analysis and Recommendations By Reagan Elizabeth Huey A thesis submitted to the faculty of The University of Mississippi in partial fulfillment of the requirements of the Sally McDonnell Barksdale Honors College. Oxford June 2015 Approved by Dr. Victoria Dickinson, Thesis Advisor Dr. John Samonds, Associate Dean Dr. Douglass Sullivan-Gonzalez, Dean Table of Contents Chapter 1: General Company Information ................................................ 4 Company History ............................................................................................................. 4 Economic Timeline ........................................................................................................... 8 Company Operations and Analysis .................................................................................... 9 Segmentation ................................................................................................................... 10 The Value Chain .............................................................................................................. 13 Business Process Diagrams ............................................................................................... 14 Board of Directors ........................................................................................................... 15 Chapter 2: Strategy within Industry and Geographical Analysis .................... 17 Mission ........................................................................................................................... 17 Vision and Values ............................................................................................................ 18 Strategy ........................................................................................................................... 19 Outputs ........................................................................................................................... 19 Inputs .............................................................................................................................. 21 Major Competitors ........................................................................................................... 23 Geopolitical Risks ............................................................................................................ 26 Porter’s Five Forces ......................................................................................................... 26 Chapter 3: Financial Statement Analysis Part 1 ......................................... 30 Asset Composition ........................................................................................................... 31 Equity and Debt Financing .............................................................................................. 33 Cash Flows ...................................................................................................................... 34 Liquidity .......................................................................................................................... 35 Current Ratio ................................................................................................................... 36 Solvency .......................................................................................................................... 37 Earnings Per Share ........................................................................................................... 37 Chapter 4: Financial Statement Analysis Part 2 ......................................... 40 Accounts Receivable ........................................................................................................ 41 Inventories ....................................................................................................................... 43 Plant, Property, and Equipment ....................................................................................... 46 Chapter 5: Financial Statement Analysis Part 3 ......................................... 50 Intercorporate Investments, Goodwill ............................................................................... 50 Restructuring ................................................................................................................... 51 Foreign Currency ............................................................................................................. 53 Stock ............................................................................................................................... 56 Pension Plans .................................................................................................................. 58 Chapter 6: Financial Statement Analysis Part 4 ......................................... 60 Operating versus Non-Operating ...................................................................................... 60 Non-Operating Return: FLEV and Spread ........................................................................ 68 Ratio Limitations ............................................................................................................. 71 Chapter 7: Accounting Quality ............................................................. 72 Macroeconomic Trends ................................................................................................... 72 Revenue Recognition ....................................................................................................... 77 Earnings Targets .............................................................................................................. 80 Manipulate Earnings ........................................................................................................ 82 2 Chapter 8: Equity Valuation ................................................................ 85 Leasing ............................................................................................................................ 85 Cost of Capital ................................................................................................................. 87 Stock Valuation Model .................................................................................................... 88 Chapter 9: Audit and Tax Recommendations ........................................... 92 Management’s Assertions ................................................................................................. 92 Audit Risk ....................................................................................................................... 98 Tax ................................................................................................................................ 101 Tax Credits .................................................................................................................... 101 Tax Recommendation .................................................................................................... 103 Chapter 10: Advisory Recommendations ............................................... 105 Balanced Scorecard ........................................................................................................ 105 Wayfinder Customization and Revenue Generation ....................................................... 107 CocoCay Modification ................................................................................................... 108 Chinese Expansion ........................................................................................................ 110 Works Cited .................................................................................. 113 3 Chapter 1: General Company Information Royal Caribbean Cruises, Ltd. is an international cruise line that is publically traded on the New York Stock Exchange. It is the second largest cruise line in the world, controlling five brands, 42 ships, and contracts for many more. Royal Caribbean also has part ownership of TUI Cruises and related assets through a 50 percent joint venture. Their headquarters are in Miami, Florida, but the company offers cruises to over 490 destinations in all seven continents. Departure points across the globe allow the company to reach nearly every existing market. Using a strategy of innovation and increasingly lavish offerings, Royal Caribbean had net income over $764 million for the 2014 fiscal year. Company History Leisure cruises set sail for the first time in the mid-1800s. These first primitive ships killed thousands by sinking, running aground, or burning, yet more and more cruises were being offered. In the early 1900s, the infamous Titanic had its maiden voyage on which two-thirds of its passengers and crew were killed. While fleets grew World War I began. A German submarine sank the Lusitania killing over one thousand passengers. Attacks on non-military ships continued, even those serving as 4 hospitals. These unarmed cruises were vulnerable and were exploited throughout the war. Even without intentional sinking in wartime, cruises’ engines failed, hulls got holes in them, and ships collided. Consequently, in the next world war, many passenger vessels were converted for military use (Polsson). Before Royal Caribbean Cruises, Ltd, (RCL) was created, a number of innovations took place. Ships became quicker. In1970, a jet passenger service could cross the Atlantic Ocean in less than a week compared to a starting point of over two weeks. Ships could circumnavigate the globe with predetermined
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