REG-Carnival PLC: Carnival Corp & plc Third Quarter Results <Origin Href="QuoteRef">CCL.L</Origin> - Part 1
26/09/2017 14:20
CARNIVAL CORPORATION & PLC REPORTS THIRD QUARTER EARNINGS
GAAP earnings per share down 5%, adjusted earnings per share up nearly 20%
Carnival Corporation & plc today reported its results for the third quarter
ended August 31, 2017. The results of Carnival Corporation and Carnival plc
have been consolidated and include results on a U.S. GAAP and adjusted basis.
3Q Highlights
*
3Q U.S. GAAP net income of $1.3 billion, or $1.83 diluted EPS, compared to
$1.4 billion, or $1.93 diluted EPS for the prior year
*
3Q adjusted net income of $1.7 billion, or $2.29 EPS, compared to adjusted net
income of $1.4 billion, or $1.92 EPS for the prior year (adjusted net income
excludes unrealized gains and losses on fuel derivatives and other net charges
of $62 million and ships, trademark, and goodwill impairments of $392 million
for 3Q 2017 and net gains of $7 million for 3Q 2016)
*
3Q net revenue yields in constant currency increased 5.1% compared to prior
year, better than June guidance of up approximately 4.0%
*
3Q net cruise costs excluding fuel per available lower berth day (“ALBD”)
in constant currency increased 0.2% from prior year, in line with June
guidance of approximately flat
*
Changes in fuel prices (including realized fuel derivatives) and currency
exchange rates decreased earnings by $0.03 per share
Outlook
*
At this time, cumulative bookings for the first half of next year are well
ahead of the prior year on both price and occupancy
*
FY 2017 net revenue yields in constant currency are expected to be up
approximately 4.0% compared to the prior year, better than June guidance of up
approximately 3.5%
*
FY 2017 net cruise costs excluding fuel per ALBD in constant currency are
expected to be up approximately 2.5% compared to the prior year, versus June
guidance of up approximately 1.5%
*
FY 2017 adjusted EPS is expected to be in the range of $3.64 to $3.70,
compared to FY 2016 adjusted EPS of $3.45
*
4Q 2017 adjusted EPS is expected to be in the range of $0.44 to $0.50,
compared to $0.67 in 4Q 2016
President and Chief Executive Officer Arnold Donald commenting on these
results:
“We delivered another consecutive quarter of strong operational improvement
and another third quarter adjusted earnings record. Our ongoing efforts to
create demand well in excess of measured supply growth helped to drive five
percent higher cruise ticket pricing. We have many innovative efforts to
accelerate demand in 2018 and beyond including our recently announced digital
streaming channel, OceanView, and our mobile gaming portfolio, PlayOcean, both
launching this week.”
“After the earthquakes in Mexico and a very challenging series of
hurricanes, our thoughts are with all of those impacted and we are actively
contributing to the relief and rebuilding efforts in the Caribbean and the
southern U.S. through monetary and other support. Many people throughout these
areas have been impacted and several ports are temporarily unavailable.
Fortunately, our owned destinations including Amber Cove, Dominican Republic;
Cozumel, Mexico; Mahogany Bay, Honduras; Half Moon Cay and Princess Cays,
Bahamas, as well as more than 40 other ports, plus all those in Mexico, are
fully operational and welcoming guests.” Donald added that several temporary
port closures associated with the storms led to voyage disruptions which are
expected to result in an estimated $0.10 to $0.12 per share reduction in
earnings in the fourth quarter. The company has resumed normal operations,
with some itinerary modifications and is continuing to deliver exceptional
Caribbean cruise vacations to its guests.
“Our record results, coupled with strong booking trends, have more than
offset the anticipated earnings impact from these weather disruptions,
enabling us to raise the mid-point of our guidance and positioning us to
achieve the higher end of our previous earnings guidance range. Our
performance affirms conviction in our company’s inherent ability to deliver
sustained double digit return on invested capital in 2018 and beyond. We
remain on track to achieve record cash from operations of $5 billion this
year, and to continue to distribute cash to shareholders through steadily
increasing dividends, currently totaling $1.2 billion annually, and
opportunistic share repurchases, which are approaching $3 billion cumulatively
over the past two years.”
Conference Call
The company has scheduled a conference call with analysts at 10:00 a.m. EDT
(3:00 p.m. BST) today to discuss its 2017 third quarter results. This call can
be listened to live, and additional information can be obtained, via Carnival
Corporation & plc’s website at www.carnivalcorp.com and
www.carnivalplc.com.
Carnival Corporation & plc is the world’s largest leisure travel company
and among the most profitable and financially strong in the cruise and
vacation industries, with a portfolio of 10 dynamic brands that include nine
of the world’s leading cruise lines. With operations in North
America, Europe, Australia and Asia, its portfolio features Carnival Cruise
Line, Holland America Line, Princess Cruises, Seabourn, AIDA Cruises, Costa
Cruises, Cunard, P&O Cruises (Australia) and P&O Cruises (UK), as well as
Fathom, the corporation’s immersion and enrichment experience brand.
Together, the corporation’s cruise lines operate 103 ships with 231,000
lower berths visiting over 700 ports around the world, with 18 new ships
scheduled to be delivered between 2018 and 2022. Carnival Corporation & plc
also operates Holland America Princess Alaska Tours, the leading tour company
in Alaska and the Canadian Yukon. Traded on both the New York and London
Stock Exchanges, Carnival Corporation & plc is the only group in the world
to be included in both the S&P 500 and the FTSE 100 indices.
Additional information can be found on www.carnival.com, www.fathom.org,
www.hollandamerica.com, www.princess.com, www.seabourn.com, www.aida.de,
www.costacruise.com, www.cunard.com, www.pocruises.com.au and
www.pocruises.com.
Exhibit 99.1
Carnival Corporation & plc Reports Third Quarter Earnings
GAAP earnings per share down 5%, adjusted earnings per share up nearly 20%
MIAMI, Sept. 26, 2017 -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK)
announced U.S. GAAP net income of $1.3 billion, or $1.83 diluted EPS, for the
third quarter of 2017 compared to U.S. GAAP net income for the third quarter
of 2016 of $1.4 billion, or $1.93 diluted EPS. Third quarter 2017 adjusted net
income of $1.7 billion, or $2.29 adjusted EPS, was higher than adjusted net
income of $1.4 billion, or $1.92 adjusted EPS, for the third quarter of 2016.
Adjusted net income excludes unrealized gains on fuel derivatives of $65
million and impairments and other net charges of $395 million for the third
quarter 2017 and net gains of $7 million for the third quarter 2016. Revenues
for the third quarter of 2017 of $5.5 billion were higher than the $5.1
billion in the prior year.
Carnival Corporation & plc President and Chief Executive Officer Arnold Donald
stated, "We delivered another consecutive quarter of strong operational
improvement and another third quarter adjusted earnings record. Our ongoing
efforts to create demand well in excess of measured supply growth helped to
drive five percent higher cruise ticket pricing. We have many innovative
efforts to accelerate demand in 2018 and beyond including our recently
announced digital streaming channel, OceanView, and our mobile gaming
portfolio, PlayOcean, both launching this week." The company will launch
OceanView and PlayOcean at a public relations event in New York City's Time
Square on September 28th between 11 a.m. and 1 p.m.
Key information for the third quarter 2017 compared to the prior year:
*
Gross revenue yields (revenue per available lower berth day or "ALBD")
increased 5.5 percent. In constant currency, net revenue yields increased 5.1
percent for 3Q 2017, better than June guidance of up approximately 4.0
percent.
*
Gross cruise costs including fuel per ALBD increased 12.4 percent (including
ship impairment charges). In constant currency, net cruise costs excluding
fuel per ALBD increased 0.2 percent, in line with June guidance of
approximately flat.
*
Changes in fuel prices (including realized fuel derivatives) and currency
exchange rates decreased earnings by $0.03 per share.
*
Noncash impairment charges for ships, trademark and goodwill of $392 million
driven by the company's decision to strategically realign its business in
Australia.
Highlights from the third quarter include the official naming ceremonies for
AIDA Cruises' AIDAperla, which was christened in Palma de Mallorca with German
model and presenter Lena Gercke serving as godmother, and Princess Cruises'
Majestic Princess, which debuted in China with renowned basketball legend Yao
Ming and his wife Ye Li presiding over the ceremony. We announced three
additional Princess Cruises ships, Golden Princess, Crown Princess and Ruby
Princess, will be outfitted with the technical requirements to transition them
to the Ocean Platform featuring Ocean Medallion(TM). This cutting edge
interactive guest experience will be piloted later this year on Regal
Princess. Also during the quarter, Holland America Line along with O, The
Oprah Magazine, had its inaugural Share the Adventure cruise sailing from
Seattle to Alaska with a number of distinguished guests on board including
Oprah Winfrey. Additionally, Holland America Line received approval to operate
a series of cruises to Cuba beginning in December 2017 and Carnival Cruise
Line received approval for five additional Cuba cruises in 2018, following the
debut of its program in June of this year.
Outlook
Donald commented, "After the earthquakes in Mexico and a very challenging
series of hurricanes, our thoughts are with all of those impacted and we are
actively contributing to the relief and rebuilding efforts in the Caribbean
and the southern U.S. through monetary and other support. Many people
throughout these areas have been impacted and several ports are temporarily
unavailable. Fortunately, our owned destinations including Amber Cove,
Dominican Republic; Cozumel, Mexico; Mahogany Bay, Honduras; Half Moon Cay and
Princess Cays, Bahamas, as well as more than 40 other ports, plus all those in
Mexico, are fully operational and welcoming guests." Donald added that several
temporary port closures associated with the storms led to voyage disruptions
which are expected to result in an estimated $0.10 to $0.12 per share
reduction in earnings in the fourth quarter. The company has resumed normal
operations, with some itinerary modifications and is continuing to deliver
exceptional Caribbean cruise vacations to its guests.
At this time, cumulative bookings for the first half of next year are well
ahead of the prior year on both price and occupancy. Since June, booking
volumes for the first half of next year have been running ahead of last year
at prices that are well ahead.
Donald added, "Our record results, coupled with strong booking trends, have
more than offset the anticipated earnings impact from these weather
disruptions, enabling us to raise the mid-point of our guidance and
positioning us to achieve the higher end of our previous earnings guidance
range. Our performance affirms conviction in our company's inherent ability to
deliver sustained double digit return on invested capital in 2018 and beyond.
We remain on track to achieve record cash from operations of $5 billion this
year, and to continue to distribute cash to shareholders through steadily
increasing dividends, currently totaling $1.2 billion annually, and
opportunistic share repurchases, which are approaching $3 billion cumulatively
over the past two years."
The company expects full year 2017 net revenue yields in constant currency to
be up approximately 4.0 percent compared to the prior year, better than June
guidance of up approximately 3.5 percent. The company expects full year net
cruise costs excluding fuel per ALBD in constant currency compared to the
prior year to be up approximately 2.5 percent versus June guidance of up
approximately 1.5 percent. The cumulative impact of the recent weather related
voyage disruptions reduced forecasted full year net revenue yields by 0.4
percent and increased full year net cruise cost guidance by 0.3 percent.
Changes in fuel prices (including realized fuel derivatives) and currency
exchange rates compared to the prior year are expected to decrease earnings by
$0.33 per share. Taking the above factors into consideration, the company
expects full year 2017 adjusted earnings per share to be in the range of $3.64
to $3.70 compared to June guidance of $3.60 to $3.70 and 2016 adjusted
earnings per share of $3.45.
Fourth Quarter 2017 Outlook
Fourth quarter constant currency net revenue yields are expected to be up
approximately 1.5 to 2.5 percent compared to the prior year. Excluding the
estimated impact from recent weather related voyage disruptions, fourth
quarter constant currency revenue yields would have been expected to increase
approximately 3.5 percent, 1.5 percent higher than the mid-point of September
guidance. Net cruise costs excluding fuel per ALBD in constant currency for
the fourth quarter of 2017 are expected to increase by approximately 6 to 7
percent compared to the prior year of which approximately 1.5 percent was due
to the impact of the recent weather related voyage disruptions and nearly 3
percent will be due to higher dry-dock costs as previously anticipated.
Changes in fuel prices (including realized fuel derivatives) and currency
exchange rates compared to the prior year are expected to decrease earnings by
$0.04 per share. Based on the above factors, the company expects adjusted
earnings per share for the fourth quarter 2017 to be in the range of $0.44 to
$0.50 versus 2016 adjusted earnings per share of $0.67.
Selected Key Metrics
Full Year 2017 Fourth Quarter 2017
Year over year change: Current Dollars Constant Currency Current Dollars Constant Currency
Net revenue yields Approx 3.5% Approx 4.0% 4.0 to 5.0% 1.5 to 2.5%
Net cruise costs excl. fuel / ALBD Approx 2.5% Approx 2.5% 8.0 to 9.0% 6.0 to 7.0%
Full Year 2017 Fourth Quarter 2017
Fuel price per metric ton $378 $397
Fuel consumption (metric tons in thousands) 3,305 840
Currency: Euro $1.13 to €1 $1.19 to €1
Sterling $1.28 to £1 $1.35 to £1
Australian dollar $0.77 to A$1 $0.80 to A$1
Three Months Ended Nine Months Ended
August 31, August 31,
2017 2016 2017 2016
Net income (in millions) $ 1,329 $ 1,424 $ 2,060 $ 2,171
Adjusted net income (in millions) (a) $ 1,659 $ 1,417 $ 2,318 $ 2,089
Earnings per share-diluted $ 1.83 $ 1.93 $ 2.84 $ 2.88
Adjusted earnings per share-diluted (a) $ 2.29 $ 1.92 $ 3.19 $ 2.77
(a) See the net income to adjusted net income and EPS to adjusted EPS reconciliations in the Non-GAAP Financial Measures included herein.
Conference Call
The company has scheduled a conference call with analysts at 10:00 a.m. EDT
(3:00 p.m. BST) today to discuss its 2017 third quarter results. This call can
be listened to live, and additional information can be obtained, via Carnival
Corporation & plc's website at www.carnivalcorp.com and www.carnivalplc.com.
Carnival Corporation & plc is the world's largest leisure travel company and
among the most profitable and financially strong in the cruise and vacation
industries, with a portfolio of 10 dynamic brands that include nine of the
world's leading cruise lines. With operations in North America, Europe,
Australia and Asia, its portfolio features Carnival Cruise Line, Holland
America Line, Princess Cruises, Seabourn, AIDA Cruises, Costa Cruises, Cunard,
P&O Cruises (Australia) and P&O Cruises (UK), as well as Fathom, the
corporation's immersion and enrichment experience brand.
Together, the corporation's cruise lines operate 103 ships with 231,000 lower
berths visiting over 700 ports around the world, with 18 new ships scheduled
to be delivered between 2018 and 2022. Carnival Corporation & plc also
operates Holland America Princess Alaska Tours, the leading tour company in
Alaska and the Canadian Yukon. Traded on both the New York and London Stock
Exchanges, Carnival Corporation & plc is the only group in the world to be
included in both the S&P 500 and the FTSE 100 indices.
In 2017, Fast Company recognized Carnival Corporation as being among the "Top
10 Most Innovative Companies" in both the design and travel categories. Fast
Company specifically recognized Carnival Corporation for its work in
developing Ocean Medallion™, a high-tech wearable device that enables the
world's first interactive guest experience platform capable of transforming
vacation travel into a highly personalized and elevated level of customized
service.
Additional information can be found on www.carnival.com, www.fathom.org,
www.hollandamerica.com, www.princess.com, www.seabourn.com, www.aida.de,
www.costacruise.com, www.cunard.com, www.pocruises.com.au and
www.pocruises.com.
Cautionary Note Concerning Factors That May Affect Future Results
Carnival Corporation and Carnival plc and their respective subsidiaries are
referred to collectively in this document as "Carnival Corporation & plc,"
"our," "us" and "we." Some of the statements, estimates or projections
contained in this document are "forward-looking statements" that involve
risks, uncertainties and assumptions with respect to us, including some
statements concerning future results, outlooks, plans, goals and other events
which have not yet occurred. These statements are intended to qualify for the
safe harbors from liability provided by Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. All statements
other than statements of historical facts are statements that could be deemed
forward-looking. These statements are based on current expectations,
estimates, forecasts and projections about our business and the industry in
which we operate and the beliefs and assumptions of our management. We have
tried, whenever possible, to identify these statements by using words like
"will," "may," "could," "should," "would," "believe," "depends," "expect,"
"goal," "anticipate," "forecast," "project," "future," "intend," "plan,"
"estimate," "target," "indicate," "outlook," and similar expressions of future
intent or the negative of such terms.
Forward-looking statements include those statements that relate to our outlook
and financial position including, but not limited to, statements regarding:
• Net revenue yields • Net cruise costs, excluding fuel per available lower berth day
• Booking levels • Estimates of ship depreciable lives and residual values
• Pricing and occupancy • Goodwill, ship and trademark fair values
• Interest, tax and fuel expenses • Liquidity
• Currency exchange rates • Adjusted earnings per share
Because forward-looking statements involve risks and uncertainties, there are
many factors that could cause our actual results, performance or achievements
to differ materially from those expressed or implied by our forward-looking
statements. This note contains important cautionary statements of the known
factors that we consider could materially affect the accuracy of our
forward-looking statements and adversely affect our business, results of
operations and financial position. It is not possible to predict or identify
all such risks. There may be additional risks that we consider immaterial or
which are unknown. These factors include, but are not limited to, the
following:
*
Incidents, such as ship incidents, security incidents, the spread of
contagious diseases and threats thereof, adverse weather conditions or other
natural disasters and the related adverse publicity affecting our reputation
and the health, safety, security and satisfaction of guests and crew
*
Economic conditions and adverse world events affecting the safety and security
of travel, such as civil unrest, armed conflicts and terrorist attacks
*
Changes in and compliance with laws and regulations relating to the
environment, health, safety, security, tax and anti-corruption under which we
operate
*
Disruptions and other damages to our information technology and other networks
and operations, and breaches in data security
*
Ability to recruit, develop and retain qualified personnel
*
Increases in fuel prices
*
Fluctuations in foreign currency exchange rates
*
Misallocation of capital among our ship, joint venture and other strategic
investments
*
Future operating cash flow may not be sufficient to fund future obligations
and we may be unable to obtain financing
*
Overcapacity in the cruise ship and land-based vacation industry
*
Deterioration of our cruise brands' strengths and our inability to implement
our strategies
*
Continuing financial viability of our travel agent distribution system, air
service providers and other key vendors in our supply chain and reductions in
the availability of, and increases in the prices for, the services and
products provided by these vendors
*
Inability to implement our shipbuilding programs and ship repairs, maintenance
and refurbishments on terms that are favorable or consistent with our
expectations and increases to our repairs and maintenance expenses and
refurbishment costs as our fleet ages
*
Failure to keep pace with developments in technology
*
Geographic regions in which we try to expand our business may be slow to
develop and ultimately not develop how we expect and our international
operations are subject to additional risks not generally applicable to our
U.S. operations
*
Competition from the cruise ship and land-based vacation industry
*
Economic, market and political factors that are beyond our control
*
Litigation, enforcement actions, fines or penalties
*
Lack of continuing availability of attractive, convenient and safe port
destinations on terms that are favorable or consistent with our expectations
*
Union disputes and other employee relationship issues
*
Decisions to self-insure against various risks or the inability to obtain
insurance for certain risks at reasonable rates
*
Reliance on third-party providers of various services integral to the
operations of our business
*
Business activities that involve our co-investment with third parties
*
Disruptions in the global financial markets or other events that may
negatively affect the ability of our counterparties and others to perform
their obligations to us
*
Our shareholders may be subject to the uncertainties of a foreign legal system
since Carnival Corporation and Carnival plc are not U.S. corporations
*
Small group of shareholders may be able to effectively control the outcome of
shareholder voting
*
Provisions in Carnival Corporation's and Carnival plc's constitutional
documents may prevent or discourage takeovers and business combinations that
our shareholders might consider to be in their best interests
*
The dual listed company arrangement involves risks not associated with the
more common ways of combining the operations of two companies
The ordering of the risk factors set forth above is not intended to reflect
our indication of priority or likelihood.
Forward-looking statements should not be relied upon as a prediction of actual
results. Subject to any continuing obligations under applicable law or any
relevant stock exchange rules, we expressly disclaim any obligation to
disseminate, after the date of this document, any updates or revisions to any
such forward-looking statements to reflect any change in expectations or
events, conditions or circumstances on which any such statements are based.
CARNIVAL CORPORATION & PLC CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in millions, except per share data)
Three Months Ended Nine Months Ended
August 31, August 31,
2017 2016 2017 2016
Revenues
Cruise
Passenger ticket $ 4,138 $ 3,803 $ 9,814 $ 9,217
Onboard and other 1,223 1,146 3,237 3,047
Tour and other 154 148 200 190
5,515 5,097 13,251 12,454
Operating Costs and Expenses
Cruise
Commissions, transportation and other 699 646 1,781 1,723
Onboard and other 184 171 438 411
Payroll and related 520 494 1,552 1,488
Fuel 307 265 914 648
Food 270 260 774 755
Other ship operating (a) 947 643 2,293 1,914
Tour and other 86 84 132 125
3,013 2,563 7,884 7,064
Selling and administrative 547 529 1,649 1,613
Depreciation and amortization 473 443 1,368 1,303
Goodwill and trademark impairment 89 — 89 —
4,122 3,535 10,990 9,980
Operating Income 1,393 1,562 2,261 2,474
Nonoperating Income (Expense)
Interest income 3 2 7 5
Interest expense, net of capitalized interest (49) (61) (150) (168)
Gains (losses) on fuel derivatives, net (b) 7 (36) (19) (102)
Other income (expense), net 14 (2) 7 6
(25) (97) (155) (259)
Income Before Income Taxes 1,368 1,465 2,106 2,215
Income Tax Expense, Net (39) (41) (46) (44)
Net Income $ 1,329 $ 1,424 $ 2,060 $ 2,171
Earnings Per Share
Basic $ 1.84 $ 1.93 $ 2.85 $ 2.89
Diluted $ 1.83 $ 1.93 $ 2.84 $ 2.88
Dividends Declared Per Share $ 0.40 $ 0.35 $ 1.15 $ 1.00
Weighted-Average Shares Outstanding - Basic 723 737 724 751
Weighted-Average Shares Outstanding - Diluted 726 739 727 754
(a) Includes $304 million of ship impairment charges in the three and nine months ended August 31, 2017.
(b) During the three months ended August 31, 2017 and 2016, our gains (losses) on fuel derivatives, net include net unrealized gains of $65 million and $25 million and realized (losses) of $(57) million and $(61) million, respectively. During the nine months ended August 31, 2017 and 2016, our gains (losses) on fuel derivatives, net include net unrealized gains of $134 million and $121 million and realized (losses) of $(153) million and $(223) million, respectively.
CARNIVAL CORPORATION & PLC
CONSOLIDATED BALANCE SHEETS
(UNAUDITED) (in millions, except par values)
August 31, November 30,
2017 2016
ASSETS
Current Assets
Cash and cash equivalents $ 489 $ 603
Trade and other receivables, net 324 298
Inventories 357 322
Prepaid expenses and other 491 466
Total current assets 1,661 1,689
Property and Equipment, Net 34,172 32,429
Goodwill 2,957 2,910
Other Intangibles 1,247 1,275
Other Assets 606 578 (a)
$ 40,643 $ 38,881
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Short-term borrowings $ 182 $ 457
Current portion of long-term debt 1,265 640
Accounts payable 639 713
Accrued liabilities and other 1,845 1,740
Customer deposits 4,038 3,522
Total current liabilities 7,969 7,072
Long-Term Debt 7,723 8,302 (a)
Other Long-Term Liabilities 779 910
Shareholders' Equity
Common stock of Carnival Corporation, $0.01 par value; 1,960 shares authorized; 655 shares at 2017 and 654 shares at 2016 issued 7 7
Ordinary shares of Carnival plc, $1.66 par value; 217 shares at 2017 and 2016 issued 358 358
Additional paid-in capital 8,690 8,632
Retained earnings 23,066 21,843
Accumulated other comprehensive loss (1,845) (2,454)
Treasury stock, 121 shares at 2017 and 118 shares at 2016 of Carnival Corporation and 30 shares at 2017 and 27 shares at 2016 of Carnival plc, at cost (6,104) (5,789)
Total shareholders' equity 24,172 22,597
$ 40,643 $ 38,881
(a) On December 1, 2016, we adopted the Financial Accounting Standards Board's Interest - Imputation of Interest and reclassified $55 million from Other Assets to Long-Term Debt on our November 30, 2016 Consolidated Balance Sheet.
CARNIVAL CORPORATION & PLC
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