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Carnival Corporation & plc
Highlights
(in millions, except per share Pro Forma
amounts and other operating data) 2003(a) 2003 2002 2001
Revenues . . . . . . . . . . . . . . . . . . . . . . . . $ 7,596 $ 6,718 $ 4,383 $ 4,549
Net Income. . . . . . . . . . . . . . . . . . . . . . . $ 1,210 $ 1,194 $ 1,016 $ 926
Earnings Per Share . . . . . . . . . . . . . . . . . $ 1.51 $ 1.66 $ 1.73 $ 1.58
Dividends Per Share . . . . . . . . . . . . . . . . $ 0.44 $ 0.44 $ 0.42 $ 0.42
Total Assets(b) . . . . . . . . . . . . . . . . . . . . . $24,491 $24,491 $12,335 $11,564
Other Operating Data
Passengers Carried . . . . . . . . . . . . . . . . . 5,422,456 5,037,553 3,549,019 3,385,280
Passenger Capacity(b)(c). . . . . . . . . . . . . . . 118,040 118,040 67,282 58,346
Number of Ships(b) . . . . . . . . . . . . . . . . . . 73 73 45 42
(a) Gives pro forma effect for the merger with P&O Princess as if the P&O Princess brands had been included in our consoli-
dated results for all of 2003 and excludes $51 million of P&O Princess’ merger related costs, or $0.06 earnings per share.
This differs from the pro forma amounts shown in Note 3 to the consolidated financial statements as GAAP requires pro
forma net income to be reduced by the amount of the merger related costs.
(b) As of the end of the year, except for the number of ships and passenger capacity in 2003, which is as of February 15, 2004.
(c) Passenger capacity is calculated based on two passengers per cabin.
1Carnival Corporation & plc
A Global Cruise Company
Carnival Corporation & plc is a global cruise company and one of the largest vacation companies in
the world. Our portfolio of 12 leading cruise brands includes Carnival Cruise Lines, Princess Cruises,
Holland America Line, Windstar Cruises and Seabourn Cruise Line in North America; P&O Cruises,
Cunard Line, Ocean Village and Swan Hellenic in the United Kingdom; AIDA in Germany; Costa
Cruises in Europe; and P&O Cruises in Australia. These brands, which comprise the most-recognized
cruise brands in North and South America, the United Kingdom, Germany, Southern Europe and
Australia, offer a wide range of holiday and vacation products to a customer base that is broadly
varied in terms of cultures, languages and leisure-time preferences. We also own two leading tour
companies in Alaska and the Canadian Yukon that complement our cruise operations, Holland America
and Princess Tours. Combined, our vacation companies attract over five million guests annually.
Carnival’s product offerings provide our guests with exceptional vacation experiences at an out-
standing value, and our success in this regard has made us the most profitable company in the leisure
industry. Our company is dually listed on both the New York Stock Exchange and on the London Stock
Exchange under the symbol CCL. Carnival is the only company in the world to be included in both the
S&P 500 Index in the United States and the FTSE 100 Index in the United Kingdom.
Headquartered in Miami, Florida, U.S.A. and London, England, Carnival has more than 65,000
employees worldwide. We operate a fleet of 73 ships, and we have another 11 vessels scheduled for
delivery by mid-2006. With more than 118,000 berths and 55,000 crew members, there are approxi-
mately 175,000 people at sea with Carnival at any given time.