Brillanti i risultati del primo esercizio annuale della dual listed company Carnival Corporation & plc

Il gruppo crocieristico Carnival Corporation & plc ha concluso il periodo settembre-novembre di quest'anno con un utile netto di 294 milioni di dollari su un ricavo di 2,24 miliardi di dollari, contro rispettivamente 205 milioni e 1,82 miliardi di dollari nel corrispondente trimestre del 2003.

L'anno conclusosi lo scorso 30 novembre, nel corso del quale è avvenuta la costituzione della dual listed company con P&O Princess (inforMARE del 16 aprile 2003), è stato archiviato con un utile netto di 1,85 miliardi di dollari su un ricavo di 9,73 miliardi di dollari, contro un utile pro forma di 1,21 miliardi di dolalri su un ricavo pro forma di 7,60 miliardi di dollari nell'esercizio annuale precedente.

«Nel primo intero anno dalla storica fusione di Carnival Corporation e P&O Princess - ha dichiarato oggi il chairman e CEO del gruppo, Micky Arison - la performance delle due compagnie unite è stata superba». Ringraziando i 70.000 dipendenti del gruppo per i risultati ottenuti, Arison ha detto che «dopo tre anni estremamente impegnativi, il 2004 è risultato essere il migliore nella storia della compagnia ed è una testimonianza della buona capacità di ripresa dell'industria crocieristica e della continua attrattiva delle vacanze crocieristiche».

Arison, confortato dal volume di prenotazioni registrato dal gruppo, si è dichiarato ottimista circa l'andamento del 2005 nonostante nel corso dell'anno la flotta del gruppo registrerà un incremento del 9% della capacità.

Nel corso del quarto trimestre dell'esercizio finanziario 2004 il gruppo americano ha ordinato sei nuove navi da crociera che saranno consegnate tra il 2007 e il 2009. Si tratta di due unità di 68.500 tonnellate di stazza lorda ordinate al cantiere navale Meyer Werft e destinate alla filiale tedesca AIDA Cruises (inforMARE del 19 ottobre 2004), e di quattro navi ordinate all'italiana Fincantieri: un'unità di 110.000 tonnellate di stazza lorda di classe Conquest per Carnival Cruise Lines, una nave di 116.000 tsl di classe Caribbean Princess per la filiale Princess Cruises, e due navi, di cui una di 110.000 tsl e l'altra di 116.000 tsl, che opereranno sotto un marchio europeo del gruppo (inforMARE del 23 settembre 2004). Illustrando le strategie del gruppo, i dirigenti di Carnival hanno sottolineato che «l'ordine record a Fincantieri di novembre non sarebbe stato possibile senza la fusione con P&O Princess», operazione che ha determinato la creazione di un gruppo e di economie di scala di dimensioni tali che hanno consentito di programmare un'espansione della flotta così ambiziosa. I dirigenti di Carnival hanno inoltre confermato che il gruppo sta lavorando con Fincantieri al "Pinnacle project", che prevede la realizzazione di una nave da crociera della stazza lorda record di circa 180.000 tonnellate.

Carnival Corporation & plc
Consolidated statements of operations
(Source: Carnival)

	Three Months Ended November 30,		Twelve Months Ended November 30,
	2004(1)	2003(1)(3)	2004(1)	2003(2)(3)	2003(1)(3)
	(in millions, except per share data)
Revenues
Cruise
Passenger tickets	$1,694	$1,368	$7,357	$5,732	$5,039
Onboard and other	516	417	2,070	1,600	1,420
Other	33	32	300	264	259
	2,243	1,817	9,727	7,596	6,718

Costs and Expenses
Operating
Cruise
Commissions, transportation and other	345	274	1,572	1,227	1,021
Onboard and other	89	74	359	279	229
Payroll and related	265	224	1,003	841	744
Food	138	117	550	447	393
Other ship operating	478	373	1,763	1,428	1,237
Other	27	27	210	198	190
Total	1,342	1,089	5,457	4,420	3,814
Selling and administrative	341	286	1,285	1,103	936
Depreciation and amortization	213	168	812	653	585
	1,896	1,543	7,554	6,176	5,335
Operating Income	347	274	2,173	1,420	1,383

Nonoperating
(Expense) Income
Interest income	5	7	17	29	27
Interest expense, net of capitalized interest	(72)	(67)	(284)	(225)	(195)
Other income (expense), net	4	(5)	11	8
	(63)	(60)	(272)	(185)	(160)

Income Before Income Taxes	284	214	1,901	1,235	1,223

Income Tax Benefit (Expense), Net	10	(9)	(47)	(25)	(29)

Net Income	$294	$205	$ 1,854	$ 1,210	$1,194

Earnings Per Share
Basic	$0.37	$0.26	$2.31	$1.52	$1.66
Diluted	$0.36	$0.26	$2.24	$1.49(4)	$1.63(4)

Dividends Per Share	$0.15	$0.125	$0.525	$0.44	$0.44

Weighted-Average
Shares
Outstanding - Basic	803.8	798.1	802.3	796.5	717.7
Weighted-Average
Shares
Outstanding - Diluted	852.5	817.2	850.5	839.4	759.2

(1)	The reported results for the 2004 three and twelve months and the 2003 three months included Carnival Corporation and Carnival plc for the entire periods. The 2003 twelve month reported results only included Carnival plc since April 17, 2003, the date when the dual listed company ("DLC") transaction was completed.
(2)	See note (1) to the Carnival Corporation & plc "Reported and Pro Forma GAAP Reconciling Information."
(3)	Reclassifications have been made to certain 2003 amounts to conform to the current period presentation.
(4)	The 2003 twelve month diluted earnings per share have been restated and reduced by $0.03 to reflect the change in how the company treats convertible debt with contingent conversion features in its earnings per share computations in accordance with Emerging Issues Task Force Statement 04-08.

Carnival Corporation & plc
Selected statistical and segment information

	Three Months Ended November 30,		Twelve Months Ended November 30,
	2004(1)	2003(1)(3)	2004(1)	2003(2)(3)	2003(1)(3)
	(in millions, except statistical information)
STATISTICAL INFORMATION
Passengers carried	1,543,853	1,366,073	6,306,168	5,422,456	5,037,553
Available lower berth days(4)	11,141,844	9,929,108	44,009,061	37,554,709	33,309,785
Occupancy percentage	102.5%	101.1%	104.5%	102.6%	103.4%

SEGMENT INFORMATION
Revenues
Cruise	$2,210	$1,785	$9,427	$7,332	$6,459
Other	43	42	398	350	345
Intersegment elimination	(10)	(10)	(98)	(86)	(86)
$2,243	$1,817	$9,727	$7,596	$6,718
Operating expenses
Cruise	$1,315	$1,062	$5,247	$4,222	$3,624
Other	37	37	308	284	276
Intersegment elimination	(10)	(10)	(98)	(86)	(86)
$1,342	$1,089	$5,457	$4,420	$3,814
Selling and administrative expenses
Cruise	$329	$274	$1,231	$1,054	$896
Other	12	12	54	49	40
$341	$286	$1,285	$1,103	$936
Operating income (loss)
Cruise	$358	$286	$2,158	$1,422	$1,371
Other	(11)	(12)	15	(2)	12
$347	$274	$2,173	$1,420	$1,383

(1)	The reported information for the 2004 three and twelve months and the 2003 three months included Carnival Corporation and Carnival plc for the entire periods. The 2003 twelve month reported results only included Carnival plc since April 17, 2003.
(2)	See note (1) to the Carnival Corporation & plc "Reported and Pro Forma GAAP Reconciling Information."
(3)	Reclassifications have been made to certain 2003 amounts to conform to the current period presentation.
(4)	Available lower berth days ("ALBDs") is the total passenger capacity for the period, assuming two passengers per cabin, that we offer for sale, which is computed by multiplying passenger capacity by revenue-producing ship operating days in the period.

NOTES TO REPORTED AND PRO FORMA GAAP RECONCILING INFORMATION

(1)

The pro forma information gives pro forma effect to the DLC transaction between Carnival Corporation and Carnival plc, which was completed on April 17, 2003, as if the DLC transaction had occurred on December 1, 2002. Management has prepared the pro forma information based upon the companies' reported financial information and, accordingly, the above information should be read in conjunction with the companies' financial statements, as well as pro forma information included in the companies' joint Current Report on Form 8-K filed on March 5, 2004.

The DLC transaction has been accounted for as an acquisition of Carnival plc by Carnival Corporation, using the purchase method of accounting. The Carnival plc accounting policies have been conformed to Carnival Corporation's policies. Carnival plc's reporting period has been changed to the Carnival Corporation reporting period and the pro forma information covers the same periods of time for both companies.

The pro forma information has not been adjusted to reflect any net transaction benefits from the DLC transaction. In addition, it excludes $51 million for the year ended November 30, 2003 of nonrecurring DLC transaction costs, which were expensed by Carnival plc prior to April 17, 2003. The exclusion of these nonrecurring costs is consistent with the requirements of Article 11 of Regulation S-X. The 2003 pro forma information was computed by adding Carnival plc's 2003 results, adjusted for acquisition adjustments (reductions of $16 million of depreciation expense and $3 million of interest expense for the year ended November 30, 2003) to the 2003 Carnival Corporation reported results. Finally, the pro forma information does not purport to represent what the results of operations actually could have been if the DLC transaction had occurred on December 1, 2002 or what those results will be for any future periods.