Attached files
| file | filename |
|---|---|
| 8-K - 8-K - CARNIVAL CORP | a8-k.htm |
| EX-99.1 - EX 99.1 SUMMARY IMPACT OF REVISION TO PRIOR PERIOD FINANCIAL INFORMATION - CARNIVAL CORP | exhibit9918-k.htm |
| EX-99.3 - EX 99.3 RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED) - CARNIVAL CORP | exhibit9938-k.htm |
Exhibit 99.2
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 | |||||
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Exhibit 99.2
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 | |||||
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Exhibit 99.2
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 | ||||
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Exhibit 99.2
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 | |||||
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Exhibit 99.2
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 | |||||||||||
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