CARNIVAL CORPORATION & PLC
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(in millions, except per share data)
|
| | | | | | | | | | | |
| | Years Ended November 30, |
| | 2014 | | 2013 | | 2012 |
| Revenues | | | | | |
| Cruise | | | | | |
| Passenger tickets | $ | 11,889 |
| | $ | 11,648 |
| | $ | 11,658 |
|
| Onboard and other | 3,780 |
| | 3,598 |
| | 3,513 |
|
| Tour and other | 215 |
| | 210 |
| | 211 |
|
| | 15,884 |
| | 15,456 |
| | 15,382 |
|
| Operating Costs and Expenses | | | | | |
| Cruise | | | | | |
| Commissions, transportation and other | 2,299 |
| | 2,303 |
| | 2,292 |
|
| Onboard and other | 519 |
| | 539 |
| | 558 |
|
| Fuel | 2,033 |
| | 2,208 |
| | 2,381 |
|
| Payroll and related | 1,942 |
| | 1,859 |
| | 1,742 |
|
| Food | 1,005 |
| | 983 |
| | 960 |
|
| Other ship operating | 2,463 |
| | 2,610 |
| | 2,245 |
|
| Tour and other | 160 |
| | 143 |
| | 154 |
|
| | 10,421 |
| | 10,645 |
| | 10,332 |
|
| Selling and administrative | 2,054 |
| | 1,879 |
| | 1,720 |
|
| Depreciation and amortization | 1,637 |
| | 1,590 |
| | 1,528 |
|
| Ibero goodwill and trademark impairment charges | — |
| | 13 |
| | 173 |
|
| | 14,112 |
| | 14,127 |
| | 13,753 |
|
| Operating Income | 1,772 |
| | 1,329 |
| | 1,629 |
|
| Nonoperating (Expense) Income | | | | | |
| Interest income | 8 |
| | 11 |
| | 10 |
|
| Interest expense, net of capitalized interest | (288 | ) | | (319 | ) | | (336 | ) |
| (Losses) gains on fuel derivatives, net | (271 | ) | | 36 |
| | (7 | ) |
| Other income (expense), net | 4 |
| | (8 | ) | | (7 | ) |
| | (547 | ) | | (280 | ) | | (340 | ) |
| Income Before Income Taxes | 1,225 |
| | 1,049 |
| | 1,289 |
|
| Income Tax (Expense) Benefit, Net | (9 | ) | | 6 |
| | (4 | ) |
| Net Income | $ | 1,216 |
| | $ | 1,055 |
| | $ | 1,285 |
|
| Earnings Per Share | | | | | |
| Basic | $ | 1.57 |
| | $ | 1.36 |
| | $ | 1.66 |
|
| Diluted | $ | 1.56 |
| | $ | 1.36 |
| | $ | 1.65 |
|
| Dividends Declared Per Share | $ | 1.00 |
| | $ | 1.00 |
| | $ | 1.50 |
|
CARNIVAL CORPORATION & PLC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
(in millions)
|
| | | | | | | | | | | |
| | Years Ended November 30, |
| | 2014 | | 2013 | | 2012 |
| Net Income | $ | 1,216 |
| | $ | 1,055 |
| | $ | 1,285 |
|
| Items Included in Other Comprehensive (Loss) Income | | | | | |
| Change in foreign currency translation adjustment | (746 | ) | | 332 |
| | 25 |
|
| Other | (31 | ) | | 36 |
| | (23 | ) |
| Other Comprehensive (Loss) Income | (777 | ) | | 368 |
| | 2 |
|
| Total Comprehensive Income | $ | 439 |
| | $ | 1,423 |
| | $ | 1,287 |
|
CARNIVAL CORPORATION & PLC
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in millions, except par values)
|
| | | | | | | |
| | November 30, | | November 30, |
| | 2014 | | 2013 |
| ASSETS | | | |
| Current Assets | | | |
| Cash and cash equivalents | $ | 331 |
| | $ | 462 |
|
| Trade and other receivables, net | 332 |
| | 405 |
|
| Insurance recoverables | 154 |
| | 381 |
|
| Inventories | 349 |
| | 360 |
|
| Prepaid expenses and other | 322 |
| | 315 |
|
| Total current assets | 1,488 |
| | 1,923 |
|
| Property and Equipment, Net | 32,819 |
| | 32,951 |
|
| Goodwill | 3,127 |
| | 3,210 |
|
| Other Intangibles | 1,270 |
| | 1,292 |
|
| Other Assets | 744 |
| | 666 |
|
| | $ | 39,448 |
| | $ | 40,042 |
|
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | |
| Current Liabilities | | | |
| Short-term borrowings | $ | 666 |
| | $ | 60 |
|
| Current portion of long-term debt | 1,059 |
| | 1,408 |
|
| Accounts payable | 626 |
| | 639 |
|
| Claims reserve | 262 |
| | 456 |
|
| Accrued liabilities and other | 1,276 |
| | 1,128 |
|
| Customer deposits | 3,032 |
| | 3,031 |
|
| Total current liabilities | 6,921 |
| | 6,722 |
|
| Long-Term Debt | 7,363 |
| | 8,092 |
|
| Other Long-Term Liabilities | 960 |
| | 736 |
|
| Shareholders’ Equity | | | |
Common stock of Carnival Corporation, $0.01 par value; 1,960 shares authorized; 652 shares at 2014 and 651 shares at 2013 issued | 7 |
| | 7 |
|
| Ordinary shares of Carnival plc, $1.66 par value; 216 shares at 2014 and 2013 issued | 358 |
| | 358 |
|
| Additional paid-in capital | 8,384 |
| | 8,325 |
|
| Retained earnings | 19,158 |
| | 18,718 |
|
| Accumulated other comprehensive (loss) income | (616 | ) | | 161 |
|
Treasury stock, 59 shares at 2014 and 2013 of Carnival Corporation and 32 shares at 2014 and 2013 of Carnival plc, at cost | (3,087 | ) | | (3,077 | ) |
| Total shareholders’ equity | 24,204 |
| | 24,492 |
|
| | $ | 39,448 |
| | $ | 40,042 |
|
CARNIVAL CORPORATION & PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in millions)
|
| | | | | | | | | | | |
| | Years Ended November 30, |
| | 2014 | | 2013 | | 2012 |
| OPERATING ACTIVITIES | | | | | |
| Net income | $ | 1,216 |
| | $ | 1,055 |
| | $ | 1,285 |
|
| Adjustments to reconcile net income to net cash provided by operating activities |
| Depreciation and amortization | 1,637 |
| | 1,590 |
| | 1,528 |
|
| Losses on ship sales and ship impairments, net | 2 |
| | 163 |
| | 49 |
|
| Goodwill, trademark and other impairment charges | — |
| | 27 |
| | 173 |
|
| Share-based compensation | 52 |
| | 42 |
| | 39 |
|
| Losses (gains) on fuel derivatives, net | 271 |
| | (36 | ) | | 7 |
|
| Other, net | 35 |
| | 35 |
| | 12 |
|
| Changes in operating assets and liabilities | | | | | |
| Receivables | 75 |
| | (128 | ) | | (15 | ) |
| Inventories | 1 |
| | 21 |
| | (17 | ) |
| Insurance recoverables, prepaid expenses and other | 422 |
| | 424 |
| | 156 |
|
| Accounts payable | 9 |
| | 79 |
| | (24 | ) |
| Claims reserves and accrued and other liabilities | (382 | ) | | (333 | ) | | (187 | ) |
| Customer deposits | 92 |
| | (105 | ) | | (7 | ) |
| Net cash provided by operating activities | 3,430 |
| | 2,834 |
| | 2,999 |
|
| INVESTING ACTIVITIES | | | | | |
| Additions to property and equipment | (2,583 | ) | | (2,149 | ) | | (2,332 | ) |
| Proceeds from sale of ships | 42 |
| | 70 |
| | 46 |
|
| Insurance proceeds for a ship | — |
| | — |
| | 508 |
|
| Other, net | 34 |
| | 23 |
| | 6 |
|
| Net cash used in investing activities | (2,507 | ) | | (2,056 | ) | | (1,772 | ) |
| FINANCING ACTIVITIES | | | | | |
| Proceeds from (repayments of) short-term borrowings, net | 617 |
| | 4 |
| | (224 | ) |
| Principal repayments of long-term debt | (2,466 | ) | | (2,212 | ) | | (1,052 | ) |
| Proceeds from issuance of long-term debt | 1,626 |
| | 2,687 |
| | 946 |
|
| Dividends paid | (776 | ) | | (1,164 | ) | | (779 | ) |
| Purchases of treasury stock | — |
| | (138 | ) | | (90 | ) |
| Sales of treasury stock | — |
| | 35 |
| | — |
|
| Other, net | (29 | ) | | 8 |
| | 9 |
|
| Net cash used in financing activities | (1,028 | ) | | (780 | ) | | (1,190 | ) |
| Effect of exchange rate changes on cash and cash equivalents | (26 | ) | | (1 | ) | | (22 | ) |
| Net (decrease) increase in cash and cash equivalents | (131 | ) | | (3 | ) | | 15 |
|
| Cash and cash equivalents at beginning of year | 462 |
| | 465 |
| | 450 |
|
| Cash and cash equivalents at end of year | $ | 331 |
| | $ | 462 |
| | $ | 465 |
|
CARNIVAL CORPORATION & PLC
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(UNAUDITED)
(in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Common
stock | | Ordinary
shares | | Additional
paid-in
capital | | Retained
earnings | | Accumulated
other comprehensive
(loss) income | | Treasury
stock | | Total
shareholders’
equity |
| Balances at November 30, 2011 | $ | 6 |
| | $ | 357 |
| | $ | 8,180 |
| | $ | 18,321 |
| | $ | (209 | ) | | $ | (2,851 | ) | | $ | 23,804 |
|
| Net income | — |
| | — |
| | — |
| | 1,285 |
| | — |
| | — |
| | 1,285 |
|
| Other comprehensive income | — |
| | — |
| | — |
| | — |
| | 2 |
| | — |
| | 2 |
|
| Cash dividends declared | — |
| | — |
| | — |
| | (1,168 | ) | | — |
| | — |
| | (1,168 | ) |
Purchases of treasury stock under the Repurchase Program and other | — |
| | — |
| | 72 |
| | — |
| | — |
| | (107 | ) | | (35 | ) |
| Balances at November 30, 2012 | 6 |
| | 357 |
| | 8,252 |
| | 18,438 |
| | (207 | ) | | (2,958 | ) | | 23,888 |
|
| Net income | — |
| | — |
| | — |
| | 1,055 |
| | — |
| | — |
| | 1,055 |
|
| Other comprehensive income | — |
| | — |
| | — |
| | — |
| | 368 |
| | — |
| | 368 |
|
| Cash dividends declared | — |
| | — |
| | — |
| | (775 | ) | | — |
| | — |
| | (775 | ) |
Purchases and sales under the Stock Swap program | — |
| | — |
| | 10 |
| | — |
| | — |
| | (9 | ) | | 1 |
|
Purchases of treasury stock under the Repurchase Program and other | 1 |
| | 1 |
| | 63 |
| | — |
| | — |
| | (110 | ) | | (45 | ) |
| Balances at November 30, 2013 | 7 |
| | 358 |
| | 8,325 |
| | 18,718 |
| | 161 |
| | (3,077 | ) | | 24,492 |
|
| Net income | — |
| | — |
| | — |
| | 1,216 |
| | — |
| | — |
| | 1,216 |
|
| Other comprehensive loss | — |
| | — |
| | — |
| | — |
| | (777 | ) | | — |
| | (777 | ) |
| Cash dividends declared | — |
| | — |
| | — |
| | (777 | ) | | — |
| | — |
| | (777 | ) |
| Other | — |
| | — |
| | 59 |
| | 1 |
| | — |
| | (10 | ) | | 50 |
|
| Balances at November 30, 2014 | $ | 7 |
| | $ | 358 |
| | $ | 8,384 |
| | $ | 19,158 |
| | $ | (616 | ) | | $ | (3,087 | ) | | $ | 24,204 |
|
