PRESS RELEASE: Carnival Corporation & plc Reports -3-

22nd Jun 2010 14:15

LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Short-term borrowings $ 808 $ 135 Current portion of long-term debt 676 815 Convertible debt subject to current debt option 595 Accounts payable 548 568 Accrued liabilities and other 928 874 Customer deposits 3,208 2,575 ---------------- ---------------- Total current liabilities 6,763 4,967 ---------------- ---------------- Long-Term Debt 7,681 9,097 Other Long-Term Liabilities and Deferred Income 721 732 Shareholders' Equity Common stock of Carnival Corporation; $0.01 par value; 1,960 shares authorized; 645 shares at 2010 and 644 shares at 2009 issued 6 6 Ordinary shares of Carnival plc; $1.66 par value; 214 shares at 2010 and 213 shares at 2009 issued 355 354 Additional paid-in capital 8,059 7,920 Retained earnings 15,830 15,561 Accumulated other comprehensive (loss) income (1,029) 462 Treasury stock; 32 shares at 2010 and 24 shares at 2009 of Carnival Corporation and 38 shares at 2010 and 46 shares at 2009 of Carnival plc, at cost (2,357) (2,264) ---------------- ---------------- Total shareholders' equity 20,864 22,039 ---------------- ---------------- $ 36,029 $ 36,835 ================ ================ CARNIVAL CORPORATION & PLC SELECTED INFORMATION Three Months Ended Six Months Ended May 31, May 31, ------------------------- ------------------------ 2010 2009 2010 2009 ------------ ----------- ----------- ----------- (in millions, except statistical information) STATISTICAL INFORMATION Passengers carried (in thousands) 2,222 2,029 4,271 3,898 Occupancy percentage 103.8% 103.3% 103.7% 103.6% Fuel consumption (metric tons in thousands) 835 799 1,635 1,552 Fuel cost per metric ton (a) $ 498 $ 304 $ 497 $ 291 Currency U.S. dollar to EUR1 $ 1.32 $ 1.33 $ 1.36 $ 1.33 U.S. dollar to BPS1 $ 1.50 $ 1.48 $ 1.55 $ 1.47 CASH FLOW INFORMATION Cash from operations $ 1,398 $ 1,136 $ 1,794 $ 1,441 Capital expenditures $ 999 $ 1,650 $ 2,168 $ 1,956 Dividends paid $ 79 $ 79 $ 314 SEGMENT INFORMATION Revenues Cruise $ 3,164 $ 2,915 $ 6,251 $ 5,768 Tour and other 45 48 54 61 Intersegment elimination (14) (15) (15) (17) ------------ ----------- ----------- ----------- $ 3,195 $ 2,948 $ 6,290 $ 5,812 ============ =========== =========== =========== Operating expenses Cruise $ 2,061 $ 1,850 $ 4,145 $ 3,684 Tour and other 46 50 62 68 Intersegment elimination (14) (15) (15) (17) ------------ ----------- ----------- ----------- $ 2,093 $ 1,885 $ 4,192 $ 3,735 ============ =========== =========== =========== Selling and administrative expenses Cruise $ 396 $ 386 $ 785 $ 770 Tour and other 8 7 15 15 ------------ ----------- ----------- ----------- $ 404 $ 393 $ 800 $ 785 ============ =========== =========== =========== Depreciation and amortization Cruise $ 339 $ 308 $ 676 $ 610 Tour and other 10 9 18 18 ------------ ----------- ----------- ----------- $ 349 $ 317 $ 694 $ 628 ============ =========== =========== =========== Operating income (loss) Cruise $ 368 $ 371 $ 645 $ 704 Tour and other (19) (18) (41) (40) ------------ ----------- ----------- ----------- $ 349 $ 353 $ 604 $ 664 ============ =========== =========== =========== (a) Fuel cost per metric ton is calculated by dividing the cost of fuel by the number of metric tons consumed. CARNIVAL CORPORATION & PLC NON-GAAP FINANCIAL MEASURES Gross and net revenue yields were computed by dividing the gross or net revenues, without rounding, by ALBDs as follows: Three Months Ended Six Months Ended May 31, May 31, -------------------------- ----------------------------- 2010 2009 2010 2009 ------------- ----------- ------------- -------------- (in millions, except ALBDs and yields) Cruise revenues Passenger tickets $ 2,427 $ 2,242 $ 4,785 $ 4,461 Onboard and other 737 673 1,466 1,307 ------------- ----------- ------------- -------------- Gross cruise revenues 3,164 2,915 6,251 5,768 Less cruise costs Commissions, transportation and other (440) (440) (937) (954) Onboard and other (106) (110) (219) (214) ------------- ----------- ------------- -------------- Net cruise revenues (a) $ 2,618 $ 2,365 $ 5,095 $ 4,600 ============= =========== ============= ============== ALBDs (b) 16,575,242 15,329,812 32,465,324 29,822,062 ============= =========== ============= ============== Gross revenue yields (a) $ 190.90 $ 190.19 $ 192.53 $ 193.42 ============= =========== ============= ============== Net revenue yields (a) $ 157.97 $ 154.24 $ 156.91 $ 154.25 ============= =========== ============= ============== Gross and net cruise costs per ALBD were computed by dividing the gross or net cruise costs, without rounding, by ALBDs as follows: Three Months Ended Six Months Ended May 31, May 31, -------------------------- ----------------------------- 2010 2009 2010 2009 ------------- ----------- ------------- -------------- (in millions, except ALBDs and costs per ALBD) Cruise operating expenses $ 2,061 $ 1,850 $ 4,145 $ 3,684 Cruise selling and administrative expenses 396 386 785 770 ------------- ----------- ------------- -------------- Gross cruise costs 2,457 2,236 4,930 4,454 Less cruise costs included in net cruise revenues Commissions, transportation and other (440) (440) (937) (954) Onboard and other (106) (110) (219) (214) ------------- ----------- ------------- -------------- Net cruise costs (a) $ 1,911 $ 1,686 $ 3,774 $ 3,286 ============= =========== ============= ============== ALBDs (b) 16,575,242 15,329,812 32,465,324 29,822,062 ============= =========== ============= ============== Gross cruise costs per ALBD (a) $ 148.22 $ 145.90 $ 151.87 $ 149.36 ============= =========== ============= ============== Net cruise costs per ALBD (a) $ 115.29 $ 109.95 $ 116.25 $ 110.18 ============= =========== ============= ============== NOTES TO NON-GAAP FINANCIAL MEASURES (MORE TO FOLLOW) Dow Jones Newswires June 22, 2010 09:15 ET (13:15 GMT)