Carnival Cruises 2014 Annual Report Download - page 46

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
Cautionary Note Concerning Factors That May Affect Future Results
Some of the statements, estimates or projections contained in this 2014 Annual Report are “forward-looking
statements” that involve risks, uncertainties and assumptions with respect to us, including some statements
concerning future results, outlooks, plans, goals and other events which have not yet occurred. These statements
are intended to qualify for the safe harbors from liability provided by Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts
are statements that could be deemed forward-looking. These statements are based on current expectations,
estimates, forecasts and projections about our business and the industry in which we operate and the beliefs and
assumptions of our management. We have tried, whenever possible, to identify these statements by using words
like “will,” “may,” “could,” “should,” “would,” “believe,” “depends,” “expect,” “goal,” “anticipate,” “forecast,”
“project,” “future,” “intend,” “plan,” “estimate,” “target,” “indicate” 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; net revenue yields; booking levels; pricing; occupancy; operating, financing and
tax costs, including fuel expenses; net cruise costs per available lower berth day; estimates of ship depreciable
lives and residual values; liquidity; goodwill, ship 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 2014 Annual Report.
This note contains important cautionary statements of the known factors that we consider could materially affect
the accuracy of our forward-looking statements and adversely affect our business, results of operations and
financial position. It is not possible to predict or identify all such risks. There may be additional risks that we
consider immaterial or which are unknown. These factors include, but are not limited to, the following:
– 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 industry in general or us in particular, including any adverse
environmental impacts of cruising;
– geographic regions in which we try to expand our business may be slow to develop and ultimately not
develop how we expect;
– 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 inability 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 on terms that are favorable
or consistent with our expectations;
– continuing financial viability of our travel agent distribution system, air service providers and other key
vendors in our supply chain and reductions in the availability of, and increases in the prices for, the services
and products provided by these vendors;
– disruptions and other damages to our information technology and other networks and operations, and
breaches in data security;
– failure to keep pace with developments in technology;
– competition from and overcapacity in the cruise ship and land-based vacation industry;
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