CARNIVAL PLC: Carnival Corp & plc Fourth Quarter Results

Carnival Corporation & plc Reports Fourth Quarter and Full Year Earnings 
Carnival Corporation & plc today announced earnings for the fourth quarter and 
full year 
ended November 30, 2012. The earnings of Carnival Corporation and Carnival plc 
have been 
consolidated, and this statement includes consolidated results on a U.S. GAAP 
basis. 
4Q and Full Year Highlights 
* 4Q net revenue yields in constant dollars decreased 4.5% compared to the 
prior year,  
  which was better than the company's September guidance, down 5 to 6% 
* 4Q net cruise costs, excluding fuel, per available lower berth day 
("ALBD") decreased  
  0.9% in constant dollar, less than September guidance, down 2 to 3% 
* 4Q non-GAAP earnings per share (diluted) of $0.13, compared to $0.28 for 
the prior year 
* Full year non-GAAP earnings per share (diluted) of $1.88, compared to 
$2.42 for the  
  prior year 
* Unfavorable changes in fuel prices and currency exchange rates reduced 
full year 2012  
  earnings by $300 million or $0.39 per share, compared to the prior year. 
2013 Outlook 
* Since September, booking volumes for the first three quarters, including 
Costa, are  
  running in line with the strong volumes experienced last year at slightly 
lower prices 
* At this time, cumulative advance bookings for 2013 continue to be behind 
the prior year  
  at slightly lower prices 
* Net revenue yields on a constant dollar basis for full year 2013 expected 
to be up 1 to  
  2% 
* Net cruise costs excluding fuel per ALBD for full year 2013 expected to 
be up 1 to 2%  
  on a constant dollar basis 
* Full year 2013 non-GAAP earnings per share (diluted) expected to be in 
the range of  
  $2.20 to $2.40, compared to $1.88 for 2012 
* 1Q 2013 non-GAAP earnings per share (diluted) expected to be in the range 
of $0.03 to  


      $0.07, compared to $0.02 in 1Q 2012

Chairman and Chief Executive Officer Micky Arison commenting on these results:

"As a result of the Costa Concordia tragedy in January, the past year has been 
the most 
challenging in our company's history. However, through the significant efforts 
of our brand 
management teams, we were able to maintain full year 2012 net revenue yields 
(excluding Costa) 
in line with the prior year. In addition, we drove down net cruise costs, 
excluding fuel, 
slightly and fuel consumption by four percent."

"Cash from operations of $3.0 billion was more than sufficient to fund $1.8 
billion in net 
capital investments and positioned the company with excess free cash flow to 
return to 
shareholders. Our regular quarterly dividend of $0.25 per share, combined with 
our recently 
announced special year-end dividend of $0.50 per share, will result in $1.2 
billion of 
dividend distributions to our shareholders. Additionally, since the start of 
the fiscal year 
we purchased 3.5 million of the company's shares in the open market at a cost 
of $120 
million."

"We remain well positioned for a recovery in 2013 and beyond evidenced by the 
demonstrated 
resilience of our global portfolio of cruise brands, as consumers continue to 
capitalize on 
cruising's superior value versus land-based vacation alternatives. We continue 
to focus on a 
measured growth strategy through the introduction of two to three new ships per 
year and the 
development of emerging cruise markets in Asia."

"Based on 2013 guidance, we estimate that cash from operations will reach $3.3 
billion for 
the year while our capital commitments will be just $2.0 billion. As a result, 
we anticipate 
significant free cash flow in 2013, which we intend to continue to return to 
shareholders."
    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. GMT 
(10:00 a.m. EST) 
today to discuss its 2012 fourth quarter and full year earnings. 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 
nine 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 Fourth Quarter and Full Year Earnings

MIAMI, Dec. 20, 2012 -- Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) 
announced 
non-GAAP net income of $98 million, or $0.13 diluted EPS, for the fourth 
quarter of 2012. 
Reported U.S. GAAP net income, which included net unrealized losses on fuel 
derivatives of 
$5 million, was $93 million, or $0.12 diluted EPS. Net income for the fourth 
quarter of 2011 
was $217 million, or $0.28 diluted EPS. Revenues for the fourth quarter of 2012 
were 
$3.6 billion compared to $3.7 billion for the prior year.

Non-GAAP net income for the full year 2012 was $1.5 billion, or $1.88 diluted 
EPS, compared 
to net income of $1.9 billion, or $2.42 diluted EPS, for the prior year. Full 
year 2012 U.S. 
GAAP net income was $1.3 billion, or $1.67 diluted EPS, which included the non-
cash write 
down for Ibero Cruises' goodwill and trademark assets of $173 million. Revenues 
for the full 
year 2012 were $15.4 billion compared to $15.8 billion for the prior year.

Carnival Corporation & plc Chairman and CEO Micky Arison noted that fourth 
quarter earnings 
on a non-GAAP basis were better than anticipated in the company's September 
guidance. 
Stronger than expected revenue yields combined with lower than expected fuel 
costs more than 
offset higher than anticipated operating costs.

Commenting on full year 2012, Arison stated, "As a result of the Costa 
Concordia tragedy in 
January, the past year has been the most challenging in our company's history. 
However, 
through the significant efforts of our brand management teams, we were able to 
maintain full 
year 2012 net revenue yields (excluding Costa) in line with the prior year. In 
addition, we 
drove down net cruise costs, excluding fuel, slightly and fuel consumption by 
four percent." 
Arison added that unfavorable changes in fuel prices and currency exchange 
rates reduced 
earnings by $300 million, or $0.39 per share, compared to the prior year.

Arison noted, "Cash from operations of $3.0 billion was more than sufficient to 
fund $1.8 
billion in net capital investments and positioned the company with excess free 
cash flow to 
return to shareholders. Our regular quarterly dividend of $0.25 per share, 
combined with our 
recently announced special year-end dividend of $0.50 per share, will result in 
$1.2 billion 
of dividend distributions to our shareholders. Additionally, since the start of 
the fiscal 
year we purchased 3.5 million of the company's shares in the open market at a 
cost of $120 
million."

Key metrics for the fourth quarter 2012 compared to the prior year were as 
follows:


* On a constant dollar basis, net revenue yields (net revenue per available 
lower berth  
  day or "ALBD") decreased 4.5 percent for 4Q 2012, which was better than 
the company's  
  September guidance, down 5 to 6 percent. Gross revenue yields decreased 
5.7 percent in  
  current dollars. 
* Net cruise costs excluding fuel per ALBD decreased 0.9 percent in 
constant dollars,  
  less than the September guidance, down 2 to 3 percent. Gross cruise costs 
including  
  fuel per ALBD in current dollars decreased 2.5 percent. 
* Fuel prices increased 5.4 percent to $716 per metric ton for 4Q 2012 from 
$680 per  
  metric ton in 4Q 2011 and were better than the September guidance of $739 
per metric  
  ton. 
During the fourth quarter, the company also announced it had reached an 
agreement for the 
construction of two new cruise ships - a 2,660-passenger ship for its Holland 
America Line 
brand to be delivered in 2015 and a 4,000-passenger vessel for its Carnival 
Cruise Lines 
brand to be delivered in 2016. Both are the largest ships ever built for those 
brands. 
Full Year 2013 Outlook
Since September, booking volumes for the first three quarters, including Costa, 
are running 
in line with the strong volumes experienced last year at slightly lower prices. 
At this time, 
cumulative advance bookings for 2013 continue to be behind the prior year at 
slightly lower 
prices. 
Based on current booking trends, the company forecasts full year 2013 net 
revenue yields, on 
a constant dollar basis, to be up 1 to 2 percent. Revenue yields (constant 
dollars) are 
expected to decline 2 to 3 percent in the first quarter and improve 
sequentially during the 
remainder of 2013 based on a recovery in ticket prices and occupancy for the 
North American 
brands and Costa. However, the company's European brands continue to be 
negatively impacted 
by a deteriorating economic environment. 
The company expects net cruise costs excluding fuel per ALBD for the full year 
2013 to be up 
1 to 2 percent on a constant dollar basis. Taking the above factors into 
consideration, the 
company forecasts full year 2013 non-GAAP diluted earnings per share to be in 
the range of 
$2.20 to $2.40, compared to 2012 non-GAAP diluted earnings of $1.88 per share. 
Looking forward, Arison stated, "We remain well positioned for a recovery in 
2013 and beyond 
evidenced by the demonstrated resilience of our global portfolio of cruise 
brands as 
consumers continue to capitalize on cruising's superior value versus land-based 
vacation 
alternatives. We continue to focus on a measured growth strategy through the 
introduction of 
two to three new ships per year and the development of emerging cruise markets 
in Asia." 
Arison added, "Based on 2013 guidance, we estimate that cash from operations 
will reach $3.3 
billion for the year while our capital commitments will be just $2.0 billion. 
As a result, we 
anticipate significant free cash flow in 2013, which we intend to continue to 
return to 
shareholders." 
During 2013, the company expects to carry over 10 million guests on its global 
fleet and will 
introduce two new ships, the 2,192-passenger AIDAstella which is scheduled for 
delivery in 
March and the 3,560-passenger Royal Princess, which is scheduled for delivery 
in May. 
First Quarter 2013 Outlook
First quarter constant dollar net revenue yields are expected to decrease 2 to 
3 percent 
compared to the prior year. Net cruise costs excluding fuel per ALBD for the 
first quarter 
are expected to be down 1.5 to 2.5 percent on a constant dollar basis compared 
to the prior 
year. 
Based on the above factors, the company expects non-GAAP diluted earnings for 
the first 
quarter 2013 to be in the range of $0.03 to $0.07 per share versus 2012 non-GAAP earnings of 
$0.02 per share. 
Selected Key Forecast Metrics 
                                       Full Year 2013                  
First Quarter 2013 
                                ----------------------------- --------------
----------------------- 
                                   Current        Constant         Current   
      Constant
Year over year change:                 Dollars        Dollars          Dollars   


          Dollars
                                       -------        -------          -------  


      -------
Net revenue yields                   1.5 to 2.5 %   1.0 to 2.0 %   (1.5) to 
(2.5) %   (2.0) to (3.0) %
Net cruise costs excl. fuel / ALBD   1.5 to 2.5 %   1.0 to 2.0 %   (1.5) to 
(2.5) %   (1.5) to (2.5) % 
                                         Full Year 2013   First Quarter 
2013 
                                         --------------   ------------------ 
Fuel price per metric ton                             $ 692                $ 
674
Fuel consumption (metric tons in thousands)           3,300                  
835
Currency:  Euro                               $1.30 to EUR1        $1.30 to 
EUR1 
       Sterling                           $1.61 to GBP1        $1.61 to 
GBP1 
Conference Call
The company has scheduled a conference call with analysts at 10:00 a.m. EST 
(3:00 p.m. GMT) 
today to discuss its 2012 fourth quarter and full year earnings. 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 
nine 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," "goal," "anticipate," "forecast," "future," "intend," 
"plan," 
"estimate," "target," "indicate" and similar expressions of future intent or 
the negative of 
such terms. 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. 
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. These factors include, but are not limited to, the 
following: 
general economic and business conditions; increases in fuel prices; incidents, 
the spread of 
contagious diseases and threats thereof, adverse weather conditions or other 
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; 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; our failure to keep pace with developments in technology; 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 generally 
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      
Twelve Months Ended 
                                                   November 30,             
November 30, 
                                              ----------------------  ------
------------------ 
                                                2012         2011        
2012          2011 
                                                ----         ----        ---
-          ----
Revenues
  Cruise 
Passenger tickets                              $ 2,659      $ 2,821    $ 
11,658      $ 12,158 
Onboard and other                                  894          847       
3,513         3,357
  Tour and other                                        26           28         
211           278 
                                                   ---          ---         
---           --- 
                                                 3,579        3,696      
15,382        15,793 
                                                 -----        -----      ---
---        ------
Operating Costs and Expenses
  Cruise 
Commissions, transportation and other              499          549       
2,292         2,461 
Onboard and other                                  155          128         
558           506 
Fuel                                               603          583       
2,381         2,193 
Payroll and related                                443          442       
1,742         1,723 
Food                                               238          236         
960           965 
Other ship operating                               586          606       
2,233         2,247
  Tour and other                                        28           25         
154           204 
                                                   ---          ---         
---           --- 
                                                 2,552        2,569      
10,320        10,299
  Selling and administrative                           459          434       
1,720         1,717
  Depreciation and amortization                        392          385       
1,527         1,522
  Ibero goodwill and trademark impairment charges        -            -         
173             - 
                                                   ---          ---         
---           --- 
                                                 3,403        3,388      
13,740        13,538 
                                                 -----        -----      ---
---        ------
Operating Income                                       176          308       
1,642         2,255 
                                                   ---          ---       --
---         ----- 
Nonoperating (Expense) Income
  Interest income                                        2            3         
 10            11
  Interest expense, net of capitalized interest        (77)         (92)       
(336)         (365)
  Unrealized (losses) gains on fuel derivatives, net    (5)           1         
  6             1
  Realized losses on fuel derivatives                   (1)           -         
(13)            -
  Other (expense) income, net                           (1)         (11)        
 (7)           10 
                                                    ---         ----        
 ---          --- 
                                                   (82)         (99)       
(340)         (343) 
                                                   ----         ----       -
----         ----- 
Income Before Income Taxes                              94          209       
1,302         1,912 
Income Tax (Expense) Benefit, Net                       (1)           8         
 (4)            - 
                                                    ---         ---         
 ---          --- 
Net Income                                            $ 93        $ 217     $ 
1,298       $ 1,912 
                                                  ====        =====     
=======       ======= 
Earnings Per Share
  Basic                                             $ 0.12       $ 0.28      $ 
1.67        $ 2.43 
                                                ======       ======      
======        ======
  Diluted                                           $ 0.12       $ 0.28      $ 
1.67        $ 2.42 
                                                ======       ======      
======        ====== 
Non-GAAP Earnings Per Share-Diluted                 $ 0.13       $ 0.28      $ 
1.88        $ 2.42 
                                                ======       ======      
======        ====== 
Dividends Declared Per Share                        $ 0.75       $ 0.25      $ 
1.50        $ 1.00 
                                                ======       ======      
======        ====== 
Weighted-Average Shares Outstanding - Basic            777          778         
778           787 
                                                   ===          ===         
===           ===
Weighted-Average Shares Outstanding - Diluted          779          780         
779           789 
                                                   ===          ===         
===           === 


                                CARNIVAL CORPORATION & PLC
                                CONSOLIDATED BALANCE SHEETS
                                        (UNAUDITED)
                             (in millions, except par values)


                                                                      
November 30, 
                                                                ------------
------------ 


                                                                       2012     
     2011
                                                                       ----     


 ----
ASSETS
Current Assets
  Cash and cash equivalents                                             $ 465    
  $ 450
  Trade and other receivables, net                                        270    
    263
  Insurance recoverables                                                  460    
     30
  Inventories                                                             390    
    374
  Prepaid expenses and other                                              236    


        195
                                                                          ---   
        ---
    Total current assets                                                1,821   
      1,312
                                                                        -----   
      -----

Property and Equipment, Net                                            32,137   
     32,054

Goodwill                                                                3,174   
      3,322

Other Intangibles                                                       1,314   
      1,330

Other Assets                                                              715   
        619
                                                                          ---   
        ---


                                                                 $ 39,161    
$ 38,637 
                                                                 ========    
======== 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
  Short-term borrowings                                                  $ 56    
  $ 281
  Current portion of long-term debt                                     1,678    
  1,019
  Accounts payable                                                        549    
    576
  Dividends payable                                                       583    
    194
  Claims reserve                                                          553    
     97
  Accrued liabilities and other                                           845    
    832
  Customer deposits                                                     3,076    


      3,106
                                                                        -----   
      -----
    Total current liabilities                                           7,340   
      6,105
                                                                        -----   
      -----

Long-Term Debt                                                          7,168   
      8,053

Other Long-Term Liabilities                                               724   
        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                                            8,252    
  8,180
  Retained earnings                                                    18,479    
 18,349
  Accumulated other comprehensive loss                                   (207)   
   (209)
  Treasury stock, 55 shares at 2012 and 52 shares at 2011 of 


    Carnival Corporation and 33 shares at 2012 and 2011 of
    Carnival plc, at cost                                              (2,958)  
     (2,851)
                                                                       -------  
     -------
      Total shareholders' equity                                       23,929   
     23,832
                                                                       ------   
     ------


                                                                 $ 39,161    
$ 38,637 
                                                                 ========    
======== 


                                CARNIVAL CORPORATION & PLC
                                    OTHER INFORMATION


                                          Three Months Ended     Twelve 
Months Ended 
                                              November 30,           
November 30, 
                                         --------------------   ------------
--------- 
                                             2012      2011         2012    
  2011 
                                             ----      ----         ----    
  ----
STATISTICAL INFORMATION
  Passengers carried (in thousands)             2,430     2,367        9,829    
 9,559
  Occupancy percentage (a)                      103.1%    103.2%       105.5%   
 106.2%
  Fuel consumption (metric tons in thousands)     842       858        3,354    
 3,395
  Fuel cost per metric ton consumed             $ 716     $ 680        $ 710    
 $ 646
  Currencies 
U.S. dollar to EUR1                        $ 1.29    $ 1.37       $ 1.28    
$ 1.40 
U.S. dollar to GBP1                        $ 1.60    $ 1.58       $ 1.58    
$ 1.60 
U.S. dollar to Australian dollar           $ 1.04    $ 1.02       $ 1.03    
$ 1.03 
CASH FLOW INFORMATION
  Cash from operations                          $ 523     $ 749      $ 2,999    
$3,766
  Capital expenditures                          $ 168     $ 261      $ 2,332    
$2,696
  Dividends paid                                $ 195     $ 197        $ 779    
 $ 671 
(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 November 30, 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:


                                                                            
  Percent of Estimated 
                Transaction     Barrels     Weighted-Average Weighted-Average   Fuel Consumption
Maturities (a) (b)     Dates     (in thousands)   Floor Prices    Ceiling 
Prices         Covered
----------             -----      ------------    ------------    -------------- 
     -------
Fiscal 2013 
               November 2011         2,112            $ 74             $ 
132 
               February 2012         2,112            $ 98             $ 
127 
                March 2012           4,224           $ 100             $ 
130 


                                         -----
                                         8,448                                  
           40%
                                         =====

Fiscal 2014


               November 2011         2,112            $ 71             $ 
128 
               February 2012         2,112            $ 88             $ 
125 
                 June 2012           2,376            $ 71             $ 
116 


                                         -----
                                         6,600                                  
           32%
                                         =====

Fiscal 2015


               November 2011         2,160            $ 71             $ 
125 
               February 2012         2,160            $ 80             $ 
125 
                 June 2012           1,236            $ 74             $ 
110 


                                         -----
                                         5,556                                  
           26%
                                         =====

Fiscal 2016          June 2012           3,564            $ 75             $ 
108           17%
                                         =====

(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 November 30,    
Twelve Months Ended November 30, 
                                   ---------------------------------  ------
---------------------------- 


                                                     2012                       
         2012
                                                   Constant                     
       Constant


                                     2012       Dollar       2011        
2012       Dollar       2011 
                                     ----       ------       ----        ---
-       ------       ----
Passenger ticket revenues               $ 2,659     $ 2,696     $ 2,821    $ 
11,658    $ 11,941    $ 12,158
Onboard and other revenues                  894         903         847       
3,513       3,570       3,357 
                                        ---         ---         ---       --
---       -----       -----
Gross cruise revenues                     3,553       3,599       3,668      
15,171      15,511      15,515 
                                      -----       -----       -----      ---
---      ------      ------
Less cruise costs
  Commissions, transportation and other    (499)       (509)       (549)     
(2,292)     (2,358)     (2,461)
  Onboard and other                        (155)       (156)       (128)       
(558)       (566)       (506) 
                                       -----       -----       -----       -
----       -----       ----- 
                                       (654)       (665)       (677)     
(2,850)     (2,924)     (2,967) 
                                       -----       -----       -----     ---
----     -------     ------- 
Net passenger ticket revenues             2,160       2,187       2,272       
9,366       9,583       9,697
Net onboard and other revenues              739         747         719       
2,955       3,004       2,851 
                                        ---         ---         ---       --
---       -----       -----
Net cruise revenues                     $ 2,899     $ 2,934     $ 2,991    $ 
12,321    $ 12,587    $ 12,548 
                                    =======     =======     =======    
========    ========    ======== 
ALBDs (c)                            18,269,763  18,269,763  17,792,044  
71,975,652  71,975,652  69,970,910 
                                 ==========  ==========  ==========  
==========  ==========  ========== 
Gross revenue yields                   $ 194.47    $ 196.99    $ 206.19    $ 
210.78    $ 215.50    $ 221.74
% decrease vs. 2011                        (5.7)%      (4.5)%                  
(4.9)%      (2.8)% 
Net revenue yields                     $ 158.69    $ 160.60    $ 168.15    $ 
171.18    $ 174.88    $ 179.35
% decrease vs. 2011                        (5.6)%      (4.5)%                  
(4.6)%      (2.5)% 
Net passenger ticket revenue yields    $ 118.21    $ 119.69    $ 127.72    $ 
130.13    $ 133.14    $ 138.60
% decrease vs. 2011                        (7.5)%      (6.3)%                  
(6.1)%      (3.9)% 
Net onboard and other revenue yields    $ 40.49     $ 40.91     $ 40.43     $ 
41.05     $ 41.74     $ 40.75
% increase vs. 2011                         0.2%        1.2%                    
0.7%        2.4% 
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 November 30,    
Twelve Months Ended November 30, 
                                      ---------------------------------  ---
------------------------------- 


                                                        2012                    
            2012
                                                      Constant                  
          Constant


                                        2012       Dollar       2011        
2012       Dollar       2011 
                                        ----       ------       ----        
----       ------       ----
Cruise operating expenses                  $ 2,524     $ 2,550     $ 2,544    $ 
10,166    $ 10,338    $ 10,095
Cruise selling and administrative
  expenses (d)                                 458         464         433      
 1,713       1,749       1,696 
                                           ---         ---         ---      
 -----       -----       -----
Gross cruise costs                           2,982       3,014       2,977      
11,879      12,087      11,791
Less cruise costs included in net
  cruise revenues 
Commissions, transportation and other     (499)       (509)       (549)     
(2,292)     (2,358)     (2,461) 
Onboard and other                         (155)       (156)       (128)     
  (558)       (566)       (506) 
                                          -----       -----       -----     
  -----       -----       -----
Net cruise costs                             2,328       2,349       2,300      
 9,029       9,163       8,824
Less fuel                                     (603)       (603)       (583)     
(2,381)     (2,381)     (2,193) 
                                          -----       -----       -----     
-------     -------     -------
Net cruise costs excluding fuel            $ 1,725     $ 1,746     $ 1,717     
$ 6,648     $ 6,782     $ 6,631 
                                       =======     =======     =======     
=======     =======     ======= 
ALBDs (c)                               18,269,763  18,269,763  17,792,044  
71,975,652  71,975,652  69,970,910 
                                    ==========  ==========  ==========  
==========  ==========  ========== 
Gross cruise costs per ALBD               $ 163.17    $ 164.96    $ 167.28    $ 
165.04    $ 167.94    $ 168.51
% decrease vs. 2011                           (2.5)%      (1.4)%                
  (2.1)%      (0.3)% 
Net cruise costs per ALBD                 $ 127.40    $ 128.57    $ 129.24    $ 
125.44    $ 127.32    $ 126.11
% (decrease) increase vs. 2011                (1.4)%      (0.5)%                
  (0.5)%       1.0% 
Net cruise costs excluding fuel per ALBD   $ 94.39     $ 95.56     $ 96.47     
$ 92.36     $ 94.23     $ 94.76
% decrease vs. 2011                           (2.2)%      (0.9)%                
  (2.5)%      (0.6)% 
(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 Ended      
Twelve Months Ended 
                                                      November 30,          
  November 30, 
                                                      ------------          
  ------------ 
                                                     2012      2011         
 2012       2011 
                                                     ----      ----         
 ----       ----
Net income - diluted
  U.S. GAAP net income                                      $ 93     $ 217      
 $ 1,298    $ 1,912
  Ibero goodwill and trademark impairment charges (e)          -         -       
 173          -
  Unrealized losses (gains) on fuel derivatives, net (f)       5        (1)      


      (6)        (1)
                                                             ---        ---     


  ---        ---
  Non-GAAP net income                                       $ 98     $ 216      
 $ 1,465    $ 1,911 
                                                        ====     =====      
 =======    ======= 
Weighted-average shares outstanding - diluted                779       780       


     779        789
                                                             ===       ===      
     ===        ===

Earnings per share - diluted
  U.S. GAAP earnings per share                            $ 0.12    $ 0.28      
  $ 1.67     $ 2.42
  Ibero goodwill and trademark impairment charges (e)          -         -      


0.22          -
  Unrealized losses (gains) on fuel derivatives, net (f)    0.01         -       
(0.01)         - 
                                                        ----       ---       
------       ---
  Non-GAAP earnings per share                             $ 0.13    $ 0.28      
  $ 1.88     $ 2.42 
                                                      ======    ======      
  ======     ====== 
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 twelve months ended November 30, 2012, selling and  
administrative expenses were $459 million ($434 million in 2011) and $1.7 
billion ($1.7 
billion in 2011), respectively. For the three and twelve months ended November 
30, 2012, 
selling and administrative expenses were comprised of cruise selling and 
administrative 
expenses of $458 million ($433 million in 2011) and $1.7 billion ($1.7 billion 
in 2011) and 
Tour and Other selling and administrative expenses of $1 million ($1 million in 
2011) and $7 
million ($21 million in 2011), respectively. 
(e) We believe that the impairment charges recognized in the twelve months 
ended November 30, 
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. 

SOURCE Carnival Plc 
CONTACT: Media, Jennifer De La Cruz, +1-305-599-2600, ext. 16000, or Investor 
Relations, Beth 
Roberts, +1-305-406-4832 
END 
-0- Dec/20/2012 14:15 GMT