Carnival Cruises 2003 Annual Report Download - page 44

41Carnival Corporation & plc
Selected Financial Data
The selected consolidated financial data presented below for fiscal 1999 through 2003 and as of the end of each
such year, are derived from our audited financial statements and should be read in conjunction with those financial
statements and the related notes.
Years Ended November 30,
(in millions, except per share and other operating data) 2003 2002 2001 2000 1999
Statement of Operations and Cash Flow Data(a)(b)
Revenues(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,718 $ 4,383 $ 4,549 $3,791 $3,509
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,383 $ 1,042 $ 892 $ 983 $1,020
Net income(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,194 $ 1,016(e) $ 926(e) $ 965 $1,027
Earnings per share(d)
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.66 $ 1.73 $ 1.58 $ 1.61 $ 1.68
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.66 $ 1.73 $ 1.58 $ 1.60 $ 1.66
Dividends declared per share. . . . . . . . . . . . . . . . . . $ 0.440 $ 0.420 $ 0.420 $0.420 $0.375
Cash from operations . . . . . . . . . . . . . . . . . . . . . . . $ 1,933 $ 1,469 $ 1,239 $1,280 $1,330
Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . $ 2,516 $ 1,986 $ 827 $1,003 $ 873
Other Operating Data(a)(b)
Available lower berth days(f)
North America . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,388,144 17,037,860 16,536,756 15,033,370 13,505,014
Europe and Australia . . . . . . . . . . . . . . . . . . . . . . 8,921,641 4,397,968 4,148,367 855,034 831,466
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,309,785 21,435,828 20,685,123 15,888,404 14,336,480
Passengers carried . . . . . . . . . . . . . . . . . . . . . . . . . 5,037,553 3,549,019 3,385,280 2,669,153 2,365,720
Occupancy percentages(g) . . . . . . . . . . . . . . . . . . . . 103.4% 105.2% 104.7% 105.4% 104.3%
As of November 30,
(in millions, except percentages) 2003 2002 2001 2000 1999
Balance Sheet and Other Data(a)(b)
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $24,491(h) $12,335(h) $11,564(h) $9,831 $8,286
Long-term debt, excluding current portion . . . . . . . . $ 6,918 $ 3,014 $ 2,955 $2,099 $ 868
Total shareholders’ equity . . . . . . . . . . . . . . . . . . . . $13,793 $ 7,418 $ 6,591 $5,871 $5,931
Debt to capital(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34.9% 29.9% 31.1% 28.6% 15.3%
(a) Includes the results of Carnival plc since April 17, 2003. Accordingly, the information for 2003 is not comparable to the prior periods.
(b) From June 1997 through September 28, 2000, we owned 50% of Costa. On September 29, 2000, we completed the acquisition
of the remaining 50% interest in Costa. We accounted for this transaction using the purchase accounting method. Prior to the
fiscal 2000 acquisition, we accounted for our 50% interest in Costa using the equity method. Commencing in fiscal 2001,
Costa’s results of operations have been consolidated in the same manner as our other wholly-owned subsidiaries. Our
November 30, 2000 and subsequent consolidated balance sheets include Costa’s balance sheet. All statistical information prior
to 2001 does not include Costa.
(c) Reclassifications have been made to prior period amounts to conform to the current period presentation.
(d) Effective December 1, 2001, we adopted SFAS No. 142, which required us to stop amortizing goodwill as of December 1, 2001,
and requires an annual, or when events or circumstances dictate a more frequent, impairment review of goodwill. If goodwill
had not been recorded for periods prior to December 1, 2001, our adjusted net income and adjusted basic and diluted earnings
per share would have been as follows (in millions, except per share data):
Years Ended
November 30,
2001 2000 1999
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 926 $ 965 $1,027
Goodwill amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 23 21
Adjusted net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 952 $ 988 $1,048
Adjusted earnings per share
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.63 $1.65 $ 1.71
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.62 $1.64 $ 1.70
(e) Our net income for fiscal 2002 and 2001 includes an impairment charge of $20 million and $140 million, respectively, and fiscal
2001 includes a nonoperating net gain of $101 million from the sale of our investment in Airtours plc. In addition, fiscal 2002
includes a $51 million income tax benefit as a result of an Italian investment incentive.