| Exhibit 99.2
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| ROYAL CARIBBEAN CRUISES LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in thousands)
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| Six Months Ended June 30, | ||||
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| 2008 |
| 2007 | ||
| Operating Activities |
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| Net income | $ | 160,356 |
| $ | 137,570 | |
| Adjustments: |
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| Depreciation and amortization |
| 251,667 |
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| 237,676 |
| Changes in operating assets and liabilities: |
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| Decrease (increase) in trade and other receivables, net |
| 68,149 |
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| (25,930) |
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| Increase in inventories |
| (20,341) |
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| (10,158) |
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| Increase in prepaid expenses and other assets |
| (47,747) |
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| (112,080) |
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| Increase in accounts payable |
| 26,604 |
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| 7,559 |
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| (Decrease) increase in accrued expenses and other liabilities |
| (15,143) |
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| 76,041 |
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| Increase in customer deposits |
| 354,894 |
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| 513,490 |
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| Other, net |
| (17,008) |
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| (1,022) |
| Net cash provided by operating activities | $ | 761,431 |
| $ | 823,146 | |
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| Investing Activities |
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| Purchases of property and equipment |
| (1,313,168) |
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| (1,075,814) | |
| Cash received on settlement of derivative financial instruments |
| 253,872 |
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| 45,056 | |
| Other, net |
| (28,515) |
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| (10,108) | |
| Net cash used in investing activities |
| (1,087,811) |
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| (1,040,866) | |
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| Financing Activities |
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| Debt proceeds |
| 1,098,105 |
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| 1,897,780 | |
| Debt issuance costs |
| (12,006) |
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| (10,048) | |
| Repayments of debt |
| (511,634) |
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| (1,514,686) | |
| Dividends Paid |
| (96,017) |
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| (66,339) | |
| Proceeds from exercise of common stock options |
| 3,372 |
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| 16,427 | |
| Other, net |
| 495 |
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| 2,593 | |
| Net cash provided by financing activities |
| 482,315 |
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| 325,727 | |
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| Effect of exchange rate changes on cash |
| 439 |
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| (162) | |
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| Net increase in cash and cash equivalents |
| 156,374 |
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| 107,845 | |
| Cash and cash equivalents at beginning of period |
| 230,784 |
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| 104,520 | |
| Cash and cash equivalents at end of period | $ | 387,158 |
| $ | 212,365 | |
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| Supplemental Disclosure |
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| Cash paid during the period for: |
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| Interest, net of amount capitalized | $ | 172,448 |
| $ | 137,499 |
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