CARNIVAL PLC:Carnival Corp & plc Third Quarter Results

CARNIVAL CORPORATION & PLC REPORTS                        
                         THIRD QUARTER RESULTS                               
Carnival Corporation & plc today reported its results of operations for the
third quarter ended August 31, 2012. The results of Carnival Corporation and
Carnival plc have been consolidated, and this statement includes consolidated
results on a U.S. GAAP basis. 
3Q Highlights 
* 3Q net revenue yields in constant dollars decreased 5.3% (decreased 2.1% 
excluding Costa) compared to the prior year
  * Excluding fuel, constant dollar net cruise costs per available lower berth 
day ("ALBD") decreased 3% for 3Q compared to the prior year
  * 3Q changes in currency exchange rates reduced earnings by $0.09 per share 
compared to the prior year
  * 3Q Non-GAAP (diluted) earnings per share of $1.53, compared to $1.69 of 
U.S. GAAP diluted earnings per share for the prior year
  * 3Q U.S. GAAP (diluted) earnings per share of $1.71 includes unrealized 
gains on fuel derivatives of $136m 
Outlook 
* Since June, fleetwide booking volumes and pricing trends for the remainder 
of 2012 and first half of 2013 have continued to strengthen
  * For the remainder of 2012 and first half of 2013, cumulative advance 


    bookings excluding Costa are still behind the prior year at slightly lower
    prices. Cumulative advance bookings for Costa have improved but are still


five occupancy points behind the prior year at lower prices
  * Net revenue yields (constant dollars) for FY 2012 are expected to be flat 
to down slightly excluding Costa, and decline 3% (constant dollars) 
including Costa
  * Net cruise costs excluding fuel per ALBD for FY 2012 are expected to be 
down slightly compared with the prior year on a constant dollar basis
  * For full year 2012, higher revenue yield expectations and improvement in 
costs compared to June guidance have been offset by $0.13 per share of 
unfavorable changes in fuel prices and currency exchange rates
  * Full year 2012 non-GAAP earnings per share (diluted) expected to be in the 
range of $1.83 to $1.87, compared to June guidance range of $1.80 to $1.90
  * 4Q 2012 non-GAAP earnings per share (diluted) expected to be in the range 
of $0.07 to $0.11, compared to $0.28 in 4Q 2011 
Chairman and Chief Executive Officer Micky Arison commenting on these results: 
"The significant efforts of our brand management teams were successful in
partially mitigating thedecline in cruise ticket prices. Onboard revenue yields
(constant dollars excluding Costa) improved three percent during the quarter.
Our brand managements' continued focus on cost containment contributed to a
three percent reduction in cruise costs (constant dollars excluding fuel) as
well as a six percent reduction in fuel consumption on a unit basis." 
Arison also noted that the company repurchased two million shares valued at $67
million during the third quarter, demonstrating a continued commitment to
returning excess free cash flow to shareholders.  
"Looking forward, we remain committed to a measured pace of newbuilds and
achieving a strategic balance of supply and demand in established markets."
Arison added, "Our lower capital commitments should result in significant
excess free cash flow in the coming years which we intend to return to
shareholders." 
"The pace of booking volumes remains healthy enabling us to continue to catch
up on occupancy levels, while pricing has gradually improved. Both of these
trends leave us well positioned for a recovery in cruise ticket prices
beginning in the second quarter of 2013."   
MEDIA CONTACT                             INVESTOR RELATIONS CONTACT
Jennifer de la Cruz                       Beth Roberts
001 305 599 2600, ext. 16000              001 305 406 4832 
Analyst conference call 
The company has scheduled a conference call with analysts at 3:00 p.m. BST (10:
00 a.m. EDT) today to discuss its 2012 third quarter results.  This call can be
listened to live, and additional information can be obtained, via Carnival
Corporation & plc's Web site at www.carnivalcorp.com and www.carnivalplc.com.  
Carnival Corporation & plc
Carnival Corporation & plc is the largest cruise company in the world, with a
portfolio of cruise brands in North America, Europe, Australia and Asia,
comprised of Carnival Cruise Lines, Holland America Line, Princess Cruises,
Seabourn, AIDA Cruises, Costa Cruises, Cunard, Ibero Cruises, P&O Cruises
(Australia) and P&O Cruises (UK).  
Together, these brands operate 100 ships totaling 203,000 lower berths with
seven new ships scheduled to be delivered between March 2013 and March 2016. 
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.    
                                                                            
       Carnival Corporation & plc Reports Third Quarter Results             
MIAMI, Sept. 25, 2012 -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) 
announced non-GAAP net income of $1.2 billion, or $1.53 diluted earnings per 
share, for the third quarter of 2012. Reported U.S. GAAP net income, which 
includes unrealized gains on fuel derivatives of $136 million, was 
$1.3 billion, or $1.71 diluted earnings per share.  Net income for
the third quarter of 2011 was $1.3 billion, or $1.69 diluted earnings per
share.  Revenues for the third quarter of 2012 were $4.7 billion compared to
$5.1 billion for the prior year. 
Carnival Corporation & plc Chairman and CEO Micky Arison noted that third
quarter non-GAAP earnings were better than anticipated in the company's June
guidance due primarily to a combination of higher than expected revenue yields
and lower than expected costs, partly due to the timing of certain expenses. 
Commenting on the third quarter, Arison said, "The significant efforts of our
brand management teams were successful in partially mitigating the decline in
cruise ticket prices. Onboard revenue yields (constant dollars excluding Costa)
improved three percent during the quarter. Our brand managements' continued
focus on cost containment contributed to a three percent reduction in cruise
costs (constant dollars excluding fuel) as well as a six percent reduction in
fuel consumption on a unit basis." 
Arison also noted that the company repurchased two million shares valued at $67
million during the third quarter, demonstrating a continued commitment to
returning excess free cash flow to shareholders.  
Key metrics for the third quarter 2012 compared to the prior year were as
follows: 
* Changes in currency exchange rates for 3Q 2012 compared to the prior year  
have reduced both net revenue yields and net cruise costs excluding fuel 
per 
available lower berth day, "ALBD" by almost 4 percent each and cost the  


    company $0.09 per share.

  * On a constant dollar basis net revenue yields (net revenue per ALBD) 
    decreased 5.3 percent for 3Q 2012, which was better than June guidance of 
    down 6 to 7 percent. Excluding Costa, constant dollar net revenue yields 
    decreased 2.1 percent for 3Q 2012, which was also better than June guidance 


of down 3 to 4 percent. Gross revenue yields decreased 9.2 percent in 
current  
dollars driven by unfavorable currency exchange rates compared to the prior  
year. 
* Net cruise costs per ALBD excluding fuel decreased 3 percent in constant 
dollars, better than June guidance of down 0.5 to 1.5 percent, partly due 
to 


    the timing of certain expenses. Gross cruise costs per ALBD including fuel
    decreased 8.2 percent in current dollars driven by unfavorable currency
    exchange rates compared to the prior year.                  

  * Fuel prices decreased almost 4 percent to $659 per metric ton for 3Q 2012 
    from $686 per metric ton in 3Q 2011. However, fuel prices were higher than 
    June guidance costing an additional $18 million, net of realized losses on 
    fuel derivatives. 

Arison indicated that in keeping with the company's previously stated strategy
of introducing two to three new ships per year, the company has seven new ships
scheduled for delivery between 2013 and 2016, some of which will replace
existing capacity reductions from possible sales of older ships.  Arison also
noted that the company expects to direct capacity growth toward the continued
development of emerging cruise markets.  The company has almost tripled its
guest sourcing from emerging cruise markets in the past five years. For 2013,
the company will capitalize on the increasing popularity of cruising in Asia
with the deployment of a second Costa ship in China and the launch of a new
Princess Cruises program for the Japanese market. 

Arison stated, "Looking forward, we remain committed to a measured pace of
newbuilds and achieving a strategic balance of supply and demand in established
markets." Arison added, "Our lower capital commitments should result in
significant excess free cash flow in the coming years which we intend to return
to shareholders."

Outlook 
Since June, fleetwide booking volumes and pricing trends for the remainder of
fiscal 2012 and first half of 2013 have continued to strengthen. For the last
six weeks, booking volumes excluding Costa have increased 9 percent versus the
prior year at prices in line with last year's levels. Over the same period,
booking volumes for Costa have also increased 9 percent albeit at lower prices.
For the remainder of the year and first half of 2013, cumulative advance
bookings excluding Costa are still behind the prior year at slightly lower
prices. For Costa, cumulative advance bookings have shown considerable
improvement but are still five occupancy points behind the prior year at lower
prices over the same period.      

Arison commented, "The pace of booking volumes remains healthy enabling us to
continue to catch up on occupancy levels, while pricing has gradually improved.
Both of these trends leave us well positioned for a recovery in cruise ticket
prices beginning in the second quarter of 2013."  

2012 Guidance
Excluding Costa, the company forecasts full year 2012 net revenue yields, on a
constant dollar basis, to be flat to down slightly which is slightly better
than previous guidance. Including Costa, the company expects a decline in net
revenue yields of 3 percent compared to its previous guidance of down 3 to 4
percent (constant dollars) for the full year 2012. Full year 2012 revenue
yields for the North American brands are expected to be slightly higher than
the prior year. Full year 2012 revenue yields for the European brands,
excluding Costa, are expected to be lower than the prior year. The company
continues to expect net cruise costs excluding fuel per ALBD for the full year
2012 to be down slightly compared with the prior year on a constant dollar
basis.

For full year 2012, higher net revenue yield expectations and improvement in
costs compared to June guidance have been offset by $0.13 per share of higher
fuel prices and unfavorable changes in currency exchange rates. Taking all the
above factors into consideration, the company forecasts full year 2012 non-GAAP
diluted earnings per share to be in the range of $1.83 to $1.87, in line with
the midpoint of the June guidance range of $1.80 to $1.90 per share.

Fourth quarter constant dollar net revenue yields excluding Costa, are expected
to decrease 3 to 4 percent (including Costa, expected to decrease 5 to 6
percent) compared to the prior year. Net cruise costs excluding fuel per ALBD
for the fourth quarter are expected to be down 2 to 3 percent on a constant
dollar basis compared to the prior year.  In addition, changes in currency
exchange rates and fuel prices are expected to reduce fourth quarter earnings
by $0.08 per share compared to the prior year. 

Based on the above factors, the company expects non-GAAP diluted earnings for
the fourth quarter 2012 to be in the range of $0.07 to $0.11 per share versus
2011 non-GAAP earnings of $0.28 per share.


Selected Key Forecast Metrics
----------------------------- 


                               Full Year 2012           Fourth Quarter 2012
                             --------------           -------------------


                     Current       Constant      Current        Constant
Year over year change:   Dollars       Dollars       Dollars        Dollars 
                     -------       -------       -------        -------
Net revenue yields         (5)%          (3)%      (7) to (8)%    (5) to (6)%
Net cruise costs
excl. fuel /ALBD           (3)%          (1)%      (4) to (5)%    (2) to (3)% 
                           Full Year 2012           Fourth Quarter 2012 
                         --------------           -------------------
Fuel price per
metric ton                       $716                        $739
Fuel consumption
(metric tons in
thousands)                      3,366                         854
Currency:   Euro             $1.28 to EUR1               $1.30 to EUR1 
        Sterling         $1.58 to BPS1               $1.62 to BPS1 
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 2012 third quarter results.  This call can be
listened to live, and additional information can be obtained, via Carnival
Corporation & plc's Web site at www.carnivalcorp.com and www.carnivalplc.com.  
Carnival Corporation & plc is the largest cruise company in the world, with a
portfolio of cruise brands in North America, Europe, Australia and Asia,
comprised of Carnival Cruise Lines, Holland America Line, Princess Cruises,
Seabourn, AIDA Cruises, Costa Cruises, Cunard, Ibero Cruises, P&O Cruises
(Australia) and P&O Cruises (UK).  
Together, these brands operate 100 ships totaling 203,000 lower berths with
seven new ships scheduled to be delivered between March 2013 and March 2016. 
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.    
Cautionary Note Concerning Factors That May Affect Future Results
Carnival Corporation and Carnival plc and their respective subsidiaries are
referred to collectively in this release as "Carnival Corporation & plc,"
"our," "us" and "we." Some of the statements, estimates or projections
contained in this release 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. We have tried, whenever
possible, to identify these statements by using words like "will," "may,"
"could," "should," "would," "believe," "depends," "expect," "anticipate,"
"forecast," "future," "intend," "plan," "estimate," "target," "indicate" and
similar expressions of future intent or the negative of such terms.  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 in this release. 
Forward-looking statements include those statements that may impact, among
other things, the forecasting of our non-GAAP earnings per share ("EPS"); net
revenue yields; booking levels; pricing; occupancy; operating, financing and
tax costs, including fuel expenses; costs per available lower berth day;
estimates of ship depreciable lives and residual values; liquidity; goodwill
and trademark fair values and outlook. These factors include, but are not
limited to, the following: general economic and business conditions; increases
in fuel prices; accidents, the spread of contagious diseases and threats
thereof, adverse weather conditions or natural disasters and other incidents
affecting the health, safety, security and satisfaction of guests and crew; the
international political climate, armed conflicts, terrorist and pirate attacks,
vessel seizures, and threats thereof, and other world events affecting the
safety and security of travel; negative publicity concerning the cruise
business in general or us in particular, including any adverse environmental
impacts of cruising; litigation, enforcement actions, fines or penalties,
including those relating to the Costa Concordia incident; economic, market and
political factors that are beyond our control, which could increase our
operating, financing and other costs; changes in and compliance with laws and
regulations relating to the protection of persons with disabilities,
employment, environment, health, safety, security, tax and other regulations
under which we operate; our ability to implement our shipbuilding programs and
ship repairs, maintenance and refurbishments on terms that are favorable or
consistent with our expectations; increases to our repairs and maintenance
expenses and refurbishment costs as our fleet ages; lack of continuing
availability of attractive, convenient and safe port destinations; 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 pricing for, the services and products
provided by these vendors; disruptions and other damages to our information
technology and other networks and operations, and breaches in data security;
competition from and overcapacity in the cruise ship or land-based vacation
industry; loss of key personnel or our ability to recruit or retain qualified
personnel; union disputes and other employee relation issues; disruptions in
the global financial markets or other events may negatively affect the ability
of our counterparties and others to perform their obligations to us; the
continued strength of our cruise brands and our ability to implement our brand
strategies; our international operations are subject to additional risks not
applicable to our U.S. operations; geographic regions in which we try to expand
our business may be slow to develop and ultimately not develop how we expect;
our decisions to self-insure against various risks or our inability to obtain
insurance for certain risks at reasonable rates; fluctuations in foreign
currency exchange rates; whether our future operating cash flow will be
sufficient to fund future obligations and whether we will be able to obtain
financing, if necessary, in sufficient amounts and on terms that are favorable
or consistent with our expectations; risks associated with the dual listed
company arrangement and uncertainties of a foreign legal system as we are not
incorporated in the U.S.  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 release, 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,
                                         ----------              ----------
                                      2012        2011          2012       2011


                                  ----        ----          ----       ----
Revenues 
Cruise 
    Passenger tickets            $3,561      $3,907       $9,000      
$9,336 
    Onboard and other               965         936        2,618       
2,511 
Tour and other                      158         215          186         
249 
                                    ---         ---          ---         --- 
                                  4,684       5,058       11,804      
12,096 


                                      -----       -----       ------      ------

Operating Costs and Expenses
    Cruise
          Commissions,
           transportation and


       other                        613         686        1,793       
1,911 
      Onboard and other             150         137          404         
379 
      Fuel                          541         581        1,778       
1,611 
      Payroll and related           422         435        1,299       
1,282 
      Food                          246         257          722         
728 
      Other ship operating          534     575 (a)        1,647       
1,640 
Tour and other                       91         143          126         
179 
                                    ---         ---          ---         --- 
                                  2,597       2,814        7,769       
7,730 
Selling and administrative          409         421        1,261       
1,282 
Depreciation and amortization       383         390        1,135       
1,137 


    Ibero goodwill and trademark
     impairment charges                   -           -          173           -
                                        ---         ---          ---         ---


                                  3,389       3,625       10,338      
10,149 
                                  -----       -----       ------      ------ 
Operating Income                      1,295       1,433        1,466       
1,947 
                                  -----       -----        -----       ----- 
Nonoperating Income (Expense) 
Interest income                       2           3            8           
8 
Interest expense, net of 
 capitalized interest               (84)        (96)        (259)       
(273) 


    Unrealized gains on fuel
     derivatives, net                   136           -           12           -
    Realized losses on fuel
     derivatives                        (12)          -          (12)          -


Other (expense) income, net          (1)          2           (6)         
21 
                                    ---         ---          ---         --- 
                                     41         (91)        (257)       
(244) 
                                    ---         ---         ----        ---- 
Income Before Income Taxes            1,336       1,342        1,209       
1,703 
Income Tax Expense, Net                  (6)         (5)          (4)         
(8) 
                                    ---         ---          ---         --- 
Net Income                           $1,330      $1,337       $1,205      
$1,695 
                                 ======      ======       ======      
====== 
Earnings Per Share 
Basic                             $1.71       $1.69        $1.55       
$2.14 
                                  =====       =====        =====       
===== 
Diluted                           $1.71       $1.69        $1.55       
$2.14 
                                  =====       =====        =====       
===== 
Non-GAAP Earnings Per Share-Diluted                               $1.53       $1.69        $1.75       
$2.14 
                                  =====       =====        =====       
===== 
Dividends Declared Per Share          $0.25       $0.25        $0.75       
$0.75 
                                  =====       =====        =====       
===== 
Weighted-Average Shares
Outstanding - Basic                     778         790          778         
791 
                                    ===         ===          ===         
===
Weighted-Average Shares
Outstanding - Diluted                   779         792          779         
793 
                                    ===         ===          ===         
=== 
(a) Includes a $28 million charge related to the sales of Costa Marina and 
Pacific Sun, 
which left the fleet in November 2011 and July 2012, respectively. 


                              CARNIVAL CORPORATION & PLC
                         CONSOLIDATED BALANCE SHEETS
                                (UNAUDITED)
                      (in millions, except par values)
                                                                          
                                                 August 31,     November 30,
                                                    2012            2011


                                                ----            ----
ASSETS
Current Assets 
Cash and cash equivalents                        $568             $450 
Trade and other receivables, net                  306              263 
Insurance recoverables                            482               30 
Inventories                                       364              374 
Prepaid expenses and other                        221              195 


                                                     ---              ---
       Total current assets                        1,941            1,312
                                                   -----            -----


                                                                     
Property and Equipment, Net                       31,972           32,054 
                                                                      
Goodwill                                           3,146            3,322 
                                                                     
Other Intangibles                                  1,307            1,330 
                                                                      
Other Assets                                         716              619 


                                                     ---              ---
                                                 $39,082          $38,637
                                                 =======          =======


                                                                      
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities 
Short-term borrowings                              $9             $281 
Current portion of long-term debt                 754            1,019 
Accounts payable                                  561              576 
Claims reserve                                    564               97 
Accrued liabilities and other                     970            1,026 
Customer deposits                               3,078            3,106 


                                                   -----            -----
               Total current liabilities           5,936            6,105
                                                   -----            -----


                                                                      
Long-Term Debt                                     8,289            8,053 
                                                                     
Other Long-Term Liabilities and Deferred Income      664              647 
                                                                      
Shareholders' Equity 
Common stock of Carnival Corporation, 


    $0.01 par value; 1,960 shares
    authorized; 649 shares at 2012


and 647 shares at 2011 issued                      6                6 
Ordinary shares of Carnival plc, 
$1.66 par value; 215 shares at 2012 
and 2011 issued                                  357              357 
Additional paid-in capital                      8,218            8,180 
Retained earnings                              18,969           18,349 
Accumulated other comprehensive loss             (434)            (209) 
Treasury stock, 54 shares at 2012 


    and 52 shares at 2011 of Carnival Corporation
    and 33 shares at 2012 and 2011 of
    Carnival plc, at cost                         (2,923)          (2,851)
                                                  ------           ------
            Total shareholders' equity            24,193           23,832
                                                  ------           ------
                                                 $39,082          $38,637
                                                 =======          =======
                                                                           
                                         CARNIVAL CORPORATION & PLC
                                         OTHER INFORMATION
                                                                       


                                                    Three Months Ended       
Nine Months Ended 


                                                            August 31,          
       August 31,
                                                            ----------          
      ----------


                                                     2012         2011       
2012          2011 
                                                     ----         ----       
----          ----
STATISTICAL INFORMATION
  Passengers carried (in thousands)                     2,804        2,676      
  7,400         7,192
  Occupancy percentage (a)                              110.8%       111.9%     
  106.3%        107.2%
  Fuel consumption (metric tons in thousands)             823          847      
  2,512         2,537
  Fuel cost per metric ton consumed                      $659         $686       
$708          $635
  Currencies 
      U.S. dollar to EUR1                           $1.24        $1.43      
  $1.28         $1.40 
      U.S. dollar to BPS1                           $1.56        $1.63      
  $1.57         $1.61 
      U.S. dollar to Australian dollar              $1.02        $1.06      
  $1.03         $1.03 
                                                         
CASH FLOW INFORMATION
Cash from operations                                   $1,018       $1,215      
 $2,476        $3,016
Capital expenditures                                     $167         $813      
 $2,164        $2,435
Dividends paid                                           $196         $197       
$584          $474 
                                                       
                                                      
(a) In accordance with cruise business practice, occupancy is calculated using 
a denominator of two 
passengers per cabin even though some cabins can accommodate three or more 
passengers. Percentages in 
excess of 100% indicate that on average more than two passengers occupied some 
cabins. 
FUEL DERIVATIVES 
At August 31, 2012, our outstanding fuel derivatives consisted of zero cost 
collars on Brent crude oil to 
cover a portion of our estimated fuel consumption as follows: 
                                            Weighted-  Weighted-  Percent of 
                                          Average    Average    Estimated 
Fuel 
              Transaction    Barrels      Floor      Ceiling    Consumption
Maturities (a)(b)    Dates   (in thousands)   Prices     Prices     Covered 
                  ---     ------------   --------    --------   --------
Fiscal 2012-Q4 


                November 2011      522          $75        $135
                February 2012      522         $109        $128
                  March 2012     1,044         $112        $132
                                 -----
                                 2,088                                 36%


                             ===== 
Fiscal 2013 


                November 2011    2,112          $74        $132
                February 2012    2,112          $98        $127
                  March 2012     4,224         $100        $130
                                 -----
                                 8,448                                 38%


                             ===== 
Fiscal 2014 


                November 2011    2,112          $71        $128
                February 2012    2,112          $88        $125
                  June 2012      2,376          $71        $116
                                 -----
                                 6,600                                 29%


                             ===== 
Fiscal 2015 


                November 2011    2,160          $71        $125
                February 2012    2,160          $80        $125
                  June 2012      1,236          $74        $110
                                 -----
                                 5,556                                 24%


                             ===== 
Fiscal 2016        June 2012     3,564          $75        $108        15% 
                             ===== 
(a) Fuel derivatives mature evenly over each month within the above fiscal 
periods.
(b) We will not realize any economic gain or loss upon the monthly maturities 
of our zero cost 
collars unless the average monthly price of Brent crude oil is above the 
ceiling price or below 
the floor price. 
                                            CARNIVAL CORPORATION & PLC 
                                      NON-GAAP FINANCIAL MEASURES 
Consolidated gross and net revenue yields were computed by dividing the gross 
and net cruise revenues, 
without rounding, by ALBDs as follows (dollars in millions, except yields) 
(a)(b): 


                                          Three Months Ended August 31,           
      Nine Months Ended August 31,
                                        -----------------------------           
     ----------------------------
                                                   2012                         
             2012
                                                   Constant                     
             Constant


                                 2012          Dollar            2011       
  2012       Dollar            2011 
                                 ----          ------           ----        
  ----       ------            ----
Passenger ticket revenues          $3,561          $3,718          $3,907       
$9,000       $9,245          $9,336
Onboard and other revenues            965             997             936       
 2,618        2,667           2,511 
                                  ---             ---             ---       
 -----        -----           -----
Gross cruise revenues               4,526           4,715           4,843       
11,618       11,912          11,847 
                                -----           -----           -----       
------       ------          ------
Less cruise costs
  Commissions, transportation
  and other                          (613)           (644)           (686)      
(1,793)      (1,848)         (1,911)
  Onboard and other                  (150)           (154)           (137)      
  (404)        (411)           (379) 
                                 ----            ----            ----       
  ----         ----            ---- 
                                 (763)           (798)           (823)      
(2,197)      (2,259)         (2,290) 
                                 ----            ----            ----       
------       ------          ------ 
Net passenger ticket revenues       2,948           3,074           3,221       
 7,207        7,397           7,425
Net onboard and other revenues        815             843             799       
 2,214        2,256           2,132 
                                  ---             ---             ---       
 -----        -----           -----
Net cruise revenues                $3,763          $3,917          $4,020       
$9,421       $9,653          $9,557 
                               ======          ======          ======       
======       ======          ====== 
ALBDs (c)                      18,613,416      18,613,416      18,089,807   
53,705,889   53,705,889      52,178,866 
                           ==========      ==========      ==========   
==========   ==========      ========== 
Gross revenue yields              $243.18         $253.33         $267.70      
$216.33      $221.80         $227.05
% decrease vs. 2011                  (9.2)%          (5.4)%                     
  (4.7)%       (2.3)% 
Net revenue yields                $202.21         $210.47         $222.21      
$175.42      $179.74         $183.17
% decrease vs. 2011                  (9.0)%          (5.3)%                     
  (4.2)%       (1.9)% 
Net passenger ticket
revenue yields                    $158.34         $165.14         $178.06      
$134.19      $137.72         $142.30
% decrease vs. 2011                 (11.1)%          (7.3)%                     
  (5.7)%       (3.2)% 
Net onboard and other
revenue yields                     $43.87          $45.33          $44.15       
$41.24       $42.02          $40.86
% (decrease) increase vs. 2011       (0.6)%           2.7%                       
0.9%         2.8%
------------------------------      -----             ---                        
---          --- 
Consolidated gross and net cruise costs and net cruise costs excluding fuel per 
ALBD were computed by dividing the 
gross and net cruise costs and net cruise costs excluding fuel, without 
rounding, by ALBDs as follows (dollars in 
millions, except costs per ALBD) (a)(b): 
                                         Three Months Ended August 31,         
Nine Months Ended August 31, 
                                     -----------------------------         -
--------------------------- 


                                                     2012                       
          2012
                                                     Constant                   
          Constant


                                       2012      Dollar        2011        
2012       Dollar        2011 
                                       ----      ------        ----        -
---       ------        ----
Cruise operating expenses                $2,506      $2,592      $2,671      
$7,643       $7,788      $7,551
Cruise selling and administrative           407         424         413       
1,255        1,285       1,264
  expenses (d) 
Gross cruise costs                        2,913       3,016       3,084       
8,898        9,073       8,815
Less cruise costs included in net
  cruise revenues 
 Commissions, transportation 
 and other                             (613)       (644)       (686)     
(1,793)      (1,848)     (1,911) 
 Onboard and other                     (150)       (154)       (137)       
(404)        (411)       (379) 
                                       ----        ----        ----        -
---         ----        ----
Net cruise costs                          2,150       2,218       2,261       
6,701        6,814       6,525
Less fuel                                  (541)       (541)       (581)     
(1,778)      (1,778)     (1,611) 
                                       ----        ----        ----      ---
---      ------      ------
Net cruise costs excluding fuel          $1,609      $1,677      $1,680      
$4,923       $5,036      $4,914 
                                     ======      ======      ======      
======       ======      ====== 
ALBDs (c)                            18,613,416  18,613,416  18,089,807  
53,705,889   53,705,889  52,178,866 
                                 ==========  ==========  ==========  
==========   ==========  ========== 
Gross cruise costs per ALBD             $156.52     $162.05     $170.49     
$165.68      $168.95     $168.93
% decrease vs. 2011                        (8.2)%      (4.9)%                  
(1.9)%        0.0% 
Net cruise costs per ALBD               $115.55     $119.20     $125.00     
$124.78      $126.89     $125.05
% (decrease) increase vs. 2011            (7.6)%       (4.6)%                  
(0.2)%        1.5% 
Net cruise costs
excluding fuelper ALBD                  $86.44       $90.08      $92.88      
$91.67       $93.78      $94.18
% decrease vs. 2011                       (6.9)%       (3.0)%                  
(2.7)%       (0.4)%
-------------------                       -----       -----                   --
---        ----- 
(See next page for Notes to Non-GAAP Financial Measures.) 


    
                       CARNIVAL CORPORATION & PLC


             NON-GAAP FINANCIAL MEASURES (CONTINUED) 
Non-GAAP fully diluted earnings per share was computed as follows
(in millions, except per share data) (b): 


                                 Three Months         Nine Months
                                   Ended               Ended
                                 August 31,          August 31,
                                ----------         -------------
                               2012     2011       2012      2011


                           ----     ----       ----      ----
Net income - diluted 
U.S. GAAP net income      $1,330   $1,337     $1,205    $1,695 
Ibero goodwill and 
trademark 
impairment charges (e)        -        -        173         - 
Unrealized gains on 


    fuel derivatives,
    net (f)                    (136)       -        (12)        -


                           ----      ---        ---       --- 
Non-GAAP net income       $1,194   $1,337     $1,366    $1,695 
                         ======   ======     ======    ====== 
Weighted-average
shares outstanding
- diluted                       779      792        779       793 
                            ===      ===        ===       === 
Earnings per share -
diluted 
U.S. GAAP earnings 
per share                 $1.71    $1.69      $1.55     $2.14 
Ibero goodwill and 


    trademark
    impairment charges


(e)                           -        -       0.22         - 
Unrealized gains on 


    fuel derivatives,
    net (f)                   (0.18)       -      (0.02)        -


                          -----      ---      -----       --- 
Non-GAAP earnings 


    per share                 $1.53    $1.69      $1.75     $2.14
                              =====    =====      =====     =====
     

Notes to Non-GAAP Financial Measures

(a)     We use net cruise revenues per ALBD ("net revenue yields"), net cruise
costs per ALBD and net cruise costs excluding fuel per ALBD as significant
non-GAAP financial measures of our cruise segment financial performance.  These
measures enable us to separate the impact of predictable capacity changes from
the more unpredictable rate changes that affect our business. We believe these
non-GAAP measures provide useful information to investors and expanded insight
to measure our revenue and cost performance as a supplement to our U.S.
generally accepted accounting principles ("U.S. GAAP") consolidated financial
statements.

Net revenue yields are commonly used in the cruise business to measure a
company's cruise segment revenue performance and for revenue management
purposes.  We use "net cruise revenues" rather than "gross cruise revenues" to
calculate net revenue yields.  We believe that net cruise revenues is a more
meaningful measure in determining revenue yield than gross cruise revenues
because it reflects the cruise revenues earned net of our most significant
variable costs, which are travel agent commissions, cost of air and other
transportation, certain other costs that are directly associated with onboard
and other revenues and credit card fees.  Substantially all of our remaining
cruise costs are largely fixed, except for the impact of changing prices, once
our ship capacity levels have been determined.

Net passenger ticket revenues reflect gross cruise revenues, net of (1) onboard
and other revenues, (2) commissions, transportation and other costs and (3)
onboard and other cruise costs.  Net onboard and other revenues reflect gross
cruise revenues, net of (1) passenger ticket revenues, (2) commissions,
transportation and other costs and (3) onboard and other cruise costs.  Net
passenger ticket revenue yields and net onboard and other revenue yields are
computed by dividing net passenger ticket revenues and net onboard and other
revenues by ALBDs. 

Net cruise costs per ALBD and net cruise costs excluding fuel per ALBD are the
most significant measures we use to monitor our ability to control our cruise
segment costs rather than gross cruise costs per ALBD. We exclude the same
variable costs that are included in the calculation of net cruise revenues to
calculate net cruise costs with and without fuel to avoid duplicating these
variable costs in our non-GAAP financial measures. 

We have not provided estimates of future gross revenue yields or future gross
cruise costs per ALBD because the quantitative reconciliations of forecasted
gross cruise revenues to forecasted net cruise revenues or forecasted gross
cruise costs to forecasted net cruise costs would include a significant amount
of uncertainty in projecting the costs deducted to arrive at this measure.  As
such, management does not believe that this reconciling information would be
meaningful.
                             CARNIVAL CORPORATION & PLC                           
                    NON-GAAP FINANCIAL MEASURES (CONTINUED)                    

In addition, because our Europe, Australia & Asia cruise brands utilize the
euro, sterling and Australian dollar to measure their results and financial
condition, the translation of those 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.  Accordingly, we also monitor and report these
non-GAAP financial measures assuming the 2012 periods' currency exchange rates
have remained constant with the 2011 periods' rates, or on a "constant dollar
basis," in order to remove the impact of changes in exchange rates on our
non-U.S. dollar cruise operations. We believe that this is a useful measure
since it facilitates a comparative view of the growth of our business in a
fluctuating currency exchange rate environment. 

(b)     Our consolidated financial statements are prepared in accordance with
U.S. GAAP.  The presentation of our non-GAAP financial information is not
intended to be considered in isolation or as substitute for, or superior to,
the financial information prepared in accordance with U.S. GAAP.  There are no
specific rules for determining our non-GAAP current and constant dollar
financial measures and, accordingly, they are susceptible to varying
calculations, and it is possible that they may not be exactly comparable to the
like-kind information presented by other companies, which is a potential risk
associated with using these measures to compare us to other companies.

(c)     ALBDs is a standard measure of passenger capacity for the period, which
we use to perform rate and capacity variance analyses to determine the main
non-capacity driven factors that cause our cruise revenues and expenses to
vary. ALBDs assume that each cabin we offer for sale accommodates two
passengers and is computed by multiplying passenger capacity by
revenue-producing ship operating days in the period.

(d)     For the three months and nine months ended August 31, 2012, selling and
administrative expenses were $409 million ($421 million in 2011) and $1.3
billion ($1.3 billion in 2011), respectively. For the three and nine months
ended August 31, 2012, selling and administrative expenses were comprised of
cruise selling and administrative expenses of $407 million ($413 million in
2011) and $1.3 billion ($1.3 billion in 2011) and Tour and Other selling and
administrative expenses of $2 million ($8 million in 2011) and $6 million ($18
million in 2011), respectively.

(e)     We believe that the impairment charges recognized in the nine months
ended August 31, 2012 related to Ibero's goodwill and trademarks are
nonrecurring and, therefore, are not an indication of our future earnings
performance.  As such, we believe it is more meaningful for the impairment
charges to be excluded from our net income and earnings per share and,
accordingly, we present non-GAAP net income and non-GAAP EPS excluding these
impairment charges.

(f)      Under U.S. GAAP, the realized and unrealized gains and losses on fuel
derivatives not qualifying as fuel hedges are immediately recognized in
earnings.  We believe that unrealized gains and losses on fuel derivatives are
not an indication of our future 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 non-GAAP net income and non-GAAP EPS excluding
these unrealized gains and losses.

We have not included in our earnings guidance the impact of unrealized gains
and losses on fuel derivatives because these unrealized amounts involve a
significant amount of uncertainty and we do not believe they are an indication
of our future earnings performance.  Accordingly, our earnings guidance is
presented on a non-GAAP basis only.  As a result, we did not present a
reconciliation between forecasted non-GAAP diluted EPS guidance and forecasted
U.S. GAAP diluted EPS guidance, since we do not believe that the reconciliation
information would be meaningful. 


CONTACT: MEDIA, Jennifer De La Cruz, +1-305-599-2600, ext. 16000, INVESTOR
RELATIONS, Beth Roberts, +1-305-406-4832
 

SOURCE  Carnival Plc 
END 
-0- Sep/25/2012 13:15 GMT