8-KOther Events

CARNIVAL CORP 8-K Report (May 19, 2003)

Filed May 19, 2003For Securities:CCL

Summary

This 8-K filing by Carnival Corporation & plc provides summarized, unaudited financial statements for Carnival plc for the three months ended March 31, 2003. It's important to note these financials were prepared under UK GAAP and reflect Carnival plc's performance prior to its dual listed company (DLC) transaction with Carnival Corporation, which closed on April 17, 2003. Therefore, these results are not directly indicative of the combined entity's future performance but serve as a technical filing requirement. The filing shows a decrease in profit for the period compared to the prior year, impacted by increased interest expenses and specific transaction costs related to the DLC merger. Despite lower overall occupancy (primarily due to lower German market performance), the company saw a significant increase in passenger cruise days, driven by growth in North America and Europe/Australia, and a substantial rise in gross revenue. The company is preparing to release its first consolidated results post-DLC transaction on or about June 19, 2003.

Key Highlights

  • 1Unaudited summarized consolidated financial statements for Carnival plc for the three months ended March 31, 2003, are included.
  • 2These financials are prepared under UK GAAP and prior to the completion of the Carnival Corporation & plc dual listed company (DLC) transaction on April 17, 2003.
  • 3Passenger cruise days increased by 16.5% year-over-year, with significant growth in Europe and Australia, though overall occupancy decreased to 95.6% from 98.8%.
  • 4Gross revenue increased by 24.8% to $639 million, driven by higher passenger cruise days and improved revenue per passenger cruise day.
  • 5Profit for the period was $17.3 million, down from $25.7 million in the prior year, impacted by higher interest costs and transaction expenses.
  • 6The DLC transaction costs amounted to $6.2 million, impacting selling and administrative expenses.
  • 7A combined trading update and preliminary consolidated results for the three and six months ended May 31, 2003, are expected around June 19, 2003.

Frequently Asked Questions

This filing is primarily to report Carnival plc's unaudited summarized consolidated financial statements for the three months ended March 31, 2003, as a technical requirement for its U.S. public debt. It's important to note these results predate the completion of the dual listed company (DLC) transaction with Carnival Corporation.

For the three months ended March 31, 2003, Carnival plc reported a profit for the period of $17.3 million, down from $25.7 million in the same period of 2002. While gross revenue increased significantly due to more passenger cruise days and higher revenue per day, this was offset by higher interest expenses and costs related to the DLC transaction.

Passenger cruise days saw a substantial increase of 16.5% year-over-year, driven by strong growth in the Europe and Australia segments and moderate growth in North America. However, overall occupancy declined to 95.6% from 98.8% in the prior year, largely due to lower occupancy in the German market. Revenue per passenger cruise day showed improvement, particularly for the Princess brand.

The company anticipates releasing its first consolidated results of operations for the three and six months ended May 31, 2003, which will include the combined performance, on or about June 19, 2003. These results will be prepared in accordance with U.S. GAAP.