Carnival Cruises 2004 Annual Report Download - page 23

Download and view the complete annual report

Please find page 23 of the 2004 Carnival Cruises annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 53

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53

20 Carnival Corporation & plc
Note 7—Commitments
Ship Commitments
A description of our ships under contract for construction at November 30, 2004 was as follows (in millions, except
passenger capacity):
Expected
Service Passenger Estimated Total Cost(b)
Brand and Ship Date(a) Capacity Euros Sterling USD
USD Commitments
Carnival Cruise Lines
Carnival Valor(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12/04 2,974 $ 520
Carnival Liberty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7/05 2,974 460
Carnival Freedom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3/07 2,974 500
Total Carnival Cruise Lines. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,922 1,480
Princess
Crown Princess. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6/06 3,110 500
Newbuild . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4/07 3,100 525
Total Princess . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,210 1,025
Holland America Line
Noordam(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2/06 1,848 405
Total USD Commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,980 2,910
Euro Commitments
AIDA
Newbuild(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5/07 2,030 € 315
Newbuild(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5/09 2,030 315
Total AIDA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,060 630
Costa
Costa Concordia(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7/06 3,004 450
Cunard
Queen Victoria(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12/07 1,982 340 95
Unassigned Contracts
Newbuild(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4/08 3,100 490
Newbuild(e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6/08 3,000 485
Total Unassigned Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,100 975
Total Euro Commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,146 €2,395
Total Euro Commitments converted to USD(f) . . . . . . . . . . . . . . . . . . . . . 3,190
Sterling Commitment
P&O Cruises
Arcadia(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4/05 1,968 £238
Total Sterling Commitment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,968 £238
Total Sterling Commitment converted to USD(f) . . . . . . . . . . . . . . . . . . . 455
Grand Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,094
Grand Total in USD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,650
(a) The expected service date is the month in which the ship is currently expected to begin its first revenue generating cruise.
(b) Estimated total cost of the completed ship includes the contract price with the shipyard, design and engineering fees, capitalized
interest, construction oversight costs and various owner supplied items. All of our ship construction contracts are with the Fincantieri
shipyards in Italy, except for AIDA’s which are with the Meyer Werft shipyard in Germany.
(c) These construction contracts are denominated in euros, except for $95 million of the Queen Victoria costs, which are denominated
in USD. The euro denominated amounts, except for the Queen Victoria, have been fixed into U.S. dollars or sterling by utilizing
foreign currency swaps.
(d) These construction contracts are denominated in euros, which is the functional currency of the cruise line which will operate the
ship and, therefore, we have not entered into foreign currency swaps to hedge these commitments.
(e) We have not yet determined which of our North American or European brands will be assigned these contracts. The brand assign-
ments are expected to be made by September 30, 2005.
(f) The estimated total costs of all contracts denominated in euros and sterling have been translated into U.S. dollars using the
November 30, 2004 exchange rate.
Notes to Consolidated Financial Statements (continued)