Carnival Cruises 2003 Annual Report Download - page 45

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Carnival Corporation’s common stock, together with
paired trust shares of beneficial interest in the P&O
Princess Special Voting Trust (which holds a Special
Voting Share of Carnival plc), is traded on the NYSE
under the symbol “CCL.” Effective April 22, 2003,
Carnival plc’s ordinary shares trade on the London
Stock Exchange (“LSE”) under the symbol “CCL”
(formerly traded under “POC”). Effective April 21,
2003, Carnival plc’s American Depositary Shares or
ADSs, each one of which represents one Carnival plc
ordinary share, are traded on the NYSE under the sym-
bol “CUK” (formerly traded under “POC”). The deposi-
tory for the ADSs is JPMorgan Chase Bank. The high
and low stock sales price for the periods indicated
were as follows:
Carnival Corporation
High Low
Fiscal 2003
Fourth Quarter . . . . . . . . . . . . . . . . . . . . $35.99 $32.76
Third Quarter . . . . . . . . . . . . . . . . . . . . . $36.04 $30.50
Second Quarter . . . . . . . . . . . . . . . . . . . $30.74 $20.34
First Quarter . . . . . . . . . . . . . . . . . . . . . $28.15 $21.86
Fiscal 2002
Fourth Quarter . . . . . . . . . . . . . . . . . . . . $29.78 $22.07
Third Quarter . . . . . . . . . . . . . . . . . . . . . $30.90 $22.81
Second Quarter . . . . . . . . . . . . . . . . . . . $34.64 $27.40
First Quarter . . . . . . . . . . . . . . . . . . . . . $28.62 $25.05
Carnival plc(a)
Price per Ordinary Price per
Share (GBP) ADS ($)
High Low High Low
Fiscal 2003
Fourth Quarter . . . . . . 21.80 18.72 $35.71 $31.21
Third Quarter . . . . . . . 21.80 16.50 $33.98 $27.92
Second Quarter . . . . . 17.41 11.24 $28.50 $18.54
First Quarter . . . . . . . 16.82 11.97 $26.22 $19.97
Fiscal 2002
Fourth Quarter . . . . . . 17.88 12.32 $27.92 $20.72
Third Quarter . . . . . . . 15.06 11.15 $23.13 $18.14
Second Quarter . . . . . 16.64 12.98 $23.54 $19.35
First Quarter . . . . . . . 13.85 11.75 $20.89 $17.06
(a) Per share price has been adjusted for the effect of the con-
solidation of each 3.3289 existing shares into one share
effected in connection with the DLC transaction.
As of January 29, 2004, there were approximately
4,897 holders of record of Carnival Corporation common
stock and 63,801 holders of record of Carnival plc ordi-
nary shares and 64 holders of record of Carnival plc ADSs.
Since the completion of the DLC transaction, Carnival
plc dividends per share are the same as Carnival
Corporation’s per share dividends and are declared in U.S.
dollars. Carnival plc UK ordinary shareholders can elect to
receive these dividends either in U.S. dollars or sterling,
based upon a current U.S. dollar to sterling exchange
rate announced prior to the dividend payment date.
Market Price for Common Stock and Ordinary Shares
42 Carnival Corporation & plc
(f) Total annual passenger capacity for the period, assuming two passengers per cabin, that we offered for sale, which is computed
by multiplying passenger capacity by revenue-producing ship operating days in the period. North America brands in 2003 include
CCL, Holland America Line, Princess, Seabourn and Windstar. Europe brands in 2003 include AIDA, A’ROSA, Costa, Cunard,
Ocean Village, P&O Cruises and Swan Hellenic.
(g) In accordance with cruise industry practice, occupancy percentage is calculated using a denominator of two passengers per
cabin even though some cabins can accommodate three or more passengers. The percentages in excess of 100% indicate that
more than two passengers occupied some cabins.
(h) Effective December 1, 2000, we adopted SFAS No. 133, which requires that all derivative instruments be recorded on our bal-
ance sheet. At November 30, 2003, total assets included $410 million of derivative contract fair values. Total assets at November
30, 2002 and 2001 included $187 million and $578 million, respectively, of fair value of hedged firm commitments. See Note 2 in
the accompanying financial statements.
(i) Percentage of total debt to the sum of total debt and shareholders’ equity.
Management’s Discussion and Analysis of Financial Condition and
Results of Operations (continued)