REG-Carnival PLC: Carnival Corp & plc First Quarter Results <Origin Href="QuoteRef">CCL.L</Origin> - Part 2

CarnivalAnnouncement

28/03/2017 14:15

- Part 2: For the preceding part double click  ID:nPRrSBD66a 

America, EAA and Cruise Support segments.                                                                                         
                                                                                                                                                                                                                                                                      
      Examples :                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                      
      * The translation of our EAA segment operations to our U.S. dollar reporting currency results in decreases in reported U.S. dollar revenues and expenses if the U.S. dollar strengthens against these foreign currencies and increases in reported U.S. dollar  
      revenues and expenses if the U.S. dollar weakens against these foreign currencies.                                                                                                                                                                              
                                                                                                                                                                                                                                                                      
      * Our North American segment operations have a U.S. dollar functional currency but also have revenue and expense transactions in currencies other than the U.S. dollar. If the U.S. dollar strengthens against these other currencies, it reduces the U.S.      
      dollar revenues and expenses. If the U.S. dollar weakens against these other currencies, it increases the U.S. dollar revenues and expenses.                                                                                                                    
                                                                                                                                                                                                                                                                      
      * Our EAA segment operations have euro, sterling and Australian dollar functional currencies but also have revenue and expense transactions in currencies other than their functional currency. If their functional currency strengthens against these other    
      currencies, it reduces the functional currency revenues and expenses. If the functional currency weakens against these other currencies, it increases the functional currency revenues and expenses.                                                            
                                                                                                                                                                                                                                                                      
 (b)  Under U.S. GAAP, the realized and unrealized gains and losses on fuel derivatives not qualifying as fuel hedges are recognized currently in earnings. We believe that unrealized gains and losses on fuel derivatives are not an indication of our earnings     
      performance since they relate to future periods and may not ultimately be realized in our future earnings. Therefore, we believe it is more meaningful for the unrealized gains and losses on fuel derivatives to be excluded from our net income and earnings  
      per share and, accordingly, we present adjusted net income and adjusted earnings per share excluding these unrealized gains and losses.                                                                                                                         
                                                                                                                                                                                                                                                                      
 (c)  We believe that gains and losses on ship sales and ship impairments and restructuring and other expenses are not part of our core operating business and are not an indication of our future earnings performance. Therefore, we believe it is more meaningful  
      for gains and losses on ship sales and ship impairments and restructuring and other non-core gains and charges to be excluded from our net income and earnings per share and, accordingly, we present adjusted net income and adjusted earnings per share       
      excluding these items.                                                                                                                                                                                                                                          

CONTACT:  MEDIA CONTACT - Roger Frizzell, +1 (305) 406 7862; INVESTOR
RELATIONS CONTACT - Beth Roberts, +1 (305) 406 4832



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