Carnival Cruises 2010 Annual Report Download - page 10

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CARNIVAL CORPORATION & PLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 – General
Description of Business
Carnival Corporation is incorporated in Panama, and Carnival plc is incorporated in England and Wales. Carnival
Corporation and Carnival plc operate a dual listed company (“DLC”), whereby the businesses of Carnival
Corporation and Carnival plc are combined through a number of contracts and through provisions in Carnival
Corporation’s Articles of Incorporation and By-Laws and Carnival plc’s Articles of Association. The two
companies operate as if they are a single economic enterprise, but each has retained its separate legal
identity. Each company’s shares are publicly traded; on the New York Stock Exchange (“NYSE”) for Carnival
Corporation and the London Stock Exchange for Carnival plc. In addition, Carnival plc American Depository
Shares are traded on the NYSE. See Note 3.
The accompanying consolidated financial statements include the accounts of Carnival Corporation and Carnival
plc and their respective subsidiaries. Together with their consolidated subsidiaries they are referred to
collectively in these consolidated financial statements and elsewhere in this 2010 Annual Report as “Carnival
Corporation & plc,” “our,” “us,” and “we.”
We are the largest cruise company and among the largest vacation companies in the world. Each of our cruise
brands is an operating segment that we aggregate into either the (1) North America or (2) Europe, Australia &
Asia reportable cruise segments (see Note 11). As of November 30, 2010, the summary by cruise brand of our
passenger capacity, the number of cruise ships we operate and the primary areas or countries in which they are
marketed are as follows:
Cruise Brands
Passenger
Capacity (a)
Number of
Cruise Ships Primary Markets
North America
Carnival Cruise Lines ....................... 54,480 22 North America
Princess Cruises (“Princess”) .................. 37,608 17 North America
Holland America Line ....................... 23,492 15 North America
Seabourn ................................. 1,524 5 North America
North America Cruise Brands ............. 117,104 59
Europe, Australia & Asia (“EAA”)
Costa Cruises (“Costa”) ...................... 29,202 14 Italy, France and Germany
P&O Cruises (UK) (b) ....................... 15,098 7 United Kingdom (“UK”)
AIDA Cruises (“AIDA”) ..................... 12,054 7 Germany
Cunard ................................... 6,676 3 UK and North America
P&O Cruises (Australia) ..................... 6,322 4 Australia
Ibero Cruises (“Ibero”) ...................... 5,008 4 Spain and South America
EAA Cruise Brands ..................... 74,360 39
191,464 98
(a) In accordance with cruise industry practice, passenger capacity is calculated based on two passengers per
cabin even though some cabins can accommodate three or more passengers.
(b) Includes the 1,200-passenger capacity Artemis, which was sold in October 2009 to an unrelated entity and is
being operated by P&O Cruises (UK) under a bareboat charter agreement until April 2011.
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