Carnival Cruises 2009 Annual Report Download - page 37

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
Cautionary Note Concerning Factors That May Affect Future Results
Some of the statements, estimates or projections contained in this 2009 Annual Report are “forward-looking
statements” that involve risks, uncertainties and assumptions with respect to us, including some statements
concerning future results, outlooks, plans, goals and other events which have not yet occurred. These statements
are intended to qualify for the safe harbors from liability provided by Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. We have tried, whenever possible, to identify these
statements by using words like “will,” “may,” “could,” “should,” “would,” “believe,” “expect,” “anticipate,”
“forecast,” “future,” “intend,” “plan,” “estimate” and similar expressions of future intent or the negative of such
terms.
Because forward-looking statements involve risks and uncertainties, there are many factors that could cause
our actual results, performance or achievements to differ materially from those expressed or implied in this 2009
Annual Report. Forward-looking statements include those statements which may impact, among other things, the
forecasting of our earnings per share, net revenue yields, booking levels, pricing, occupancy, operating, financing
and tax costs, fuel expenses, costs per available lower berth day (“ALBD”), estimates of ship depreciable lives
and residual values, liquidity, goodwill and trademark fair values and outlook. These factors include, but are not
limited to, the following:
– general economic and business conditions, including fuel price increases, high unemployment rates,
and declines in the securities, real estate and other markets, and perceptions of these conditions, may
adversely impact the levels of our potential vacationers’ discretionary income and net worth and this
group’s confidence in their country’s economy;
– fluctuations in foreign currency exchange rates, particularly the movement of the U.S. dollar against
the euro, sterling and the Australian and Canadian dollars;
– the international political climate, armed conflicts, terrorist and pirate attacks and threats thereof, and
other world events affecting the safety and security of travel;
– competition from and overcapacity in both the cruise ship and land-based vacation industries;
– lack of acceptance of new itineraries, products and services by our guests;
– changing consumer preferences;
– our ability to attract and retain qualified shipboard crew and maintain good relations with employee
unions;
– accidents, the spread of contagious diseases and threats thereof, adverse weather conditions or natural
disasters, such as hurricanes and earthquakes, and other incidents (including, but not limited to, ship
fires and machinery and equipment failures or improper operation thereof), which could cause, among
other things, individual or multiple port closures, injury, death, alteration of cruise itineraries or
cancellation of a cruise or series of cruises or tours;
– adverse publicity concerning the cruise industry in general, or us in particular, including any adverse
impact that cruising may have on the marine environment;
– changes in and compliance with laws and regulations relating to the protection of disabled persons,
employment, environmental, health, safety, security, tax and other regulatory regimes under which we
operate;
– increases in global fuel demand and pricing, fuel supply disruptions and/or other events on our fuel and
other expenses, liquidity and credit ratings;
– increases in our future fuel expenses from implementing approved International Maritime Organization
regulations, which require the use of higher priced low sulfur fuels in certain cruising areas, including
the proposed establishment of a U.S. and Canadian Emissions Control Area (“ECA”), which will, if
established, change the specification and increase the price of fuel that ships will be required to use
within this ECA;
– changes in financing and operating costs, including changes in interest rates and food, insurance,
payroll and security costs;
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