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9Carnival Corporation & plc
Note 1—General
Description of Business
On April 17, 2003, Carnival Corporation and Carnival
plc (formerly known as P&O Princess Cruises plc)
completed a dual listed company (“DLC”) transaction
(the “DLC transaction”), which implemented Carnival
Corporation & plc’s DLC structure. The DLC transaction
combined the businesses of Carnival Corporation and
Carnival plc through a number of contracts and amend-
ments to Carnival Corporation’s articles of incorporation
and by-laws and to Carnival plc’s memorandum of asso-
ciation and articles of association. The two companies
have retained their separate legal identities, and each
company’s shares continue to be publicly traded on
the New York Stock Exchange (“NYSE”) for Carnival
Corporation and the London Stock Exchange for
Carnival plc. In addition, Carnival plc ADS’s are traded
on the NYSE. However, the two companies operate as
if they were a single economic enterprise (see Note 3).
Carnival Corporation is a Panamanian corporation
and Carnival plc is incorporated in England and Wales.
Together with their consolidated subsidiaries they are
referred to collectively in these consolidated financial
statements and elsewhere in this 2003 Annual Report
as “Carnival Corporation & plc,” “our,” “us,” and “we.”
Our consolidated financial statements include the con-
solidated results of operations of Carnival Corporation
for all periods presented and Carnival plc’s consolidated
results of operations since April 17, 2003.
We are a global cruise company and one of the
largest vacation companies in the world. As of February
15, 2004, a summary of the number of cruise ships we
operate, by brand, their passenger capacity and the pri-
mary areas in which they are marketed is as follows:
Notes to Consolidated Financial Statements
Number of Passenger
Cruise Brands Cruise Ships Capacity(a) Primary Market
Carnival Cruise Lines (“CCL”) . . . . . . . . . . . . . . . . . . . . . . . . . 20 43,446 North America
Princess Cruises (“Princess”) . . . . . . . . . . . . . . . . . . . . . . . . . 11 19,880 North America
Holland America Line . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 16,320 North America
Costa Cruises (“Costa”) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 15,570 Europe
P&O Cruises. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 7,724 United Kingdom
AIDA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5,314 Germany
Cunard Line (“Cunard”). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 5,078 United Kingdom/North America
Ocean Village . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1,602 United Kingdom
P&O Cruises Australia. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1,200 Australia
Swan Hellenic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 678 United Kingdom
Seabourn Cruise Line (“Seabourn”). . . . . . . . . . . . . . . . . . . . . 3 624 North America
Windstar Cruises (“Windstar”) . . . . . . . . . . . . . . . . . . . . . . . . 3 604 North America
73 118,040
(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.