Carnival Cruises 2011 Annual Report Download - page 46

Download and view the complete annual report

Please find page 46 of the 2011 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 64

  • 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
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64

EAA Brands
Approximately 83% of 2011 total revenues are comprised of cruise passenger ticket revenues. Cruise passenger
ticket revenues increased $633 million, or 13.3%, to $5.4 billion in 2011 from $4.8 billion in 2010. This increase
was caused by our 9.0% capacity increase in ALBDs, which accounted for $431 million, and a weaker U.S.
dollar against the euro, sterling and Australia dollar, which accounted for $257 million. Cruise passenger ticket
revenues were impacted by the close-in MENA deployment changes.
The remaining 17% of 2011 total revenues is comprised of onboard and other cruise revenues, which increased
$141 million, or 14.6%, to $1.1 billion in 2011 from $1.0 billion in 2010. This increase was caused by our 9.0%
capacity increase in ALBDs, which accounted for $87 million, and a weaker U.S. dollar against the euro, sterling
and Australia dollar, which accounted for $58 million. Onboard and other revenues included concession revenues
of $397 million in 2011 and $330 million in 2010.
Costs and Expenses
Consolidated
Operating costs and expenses increased $1.2 billion, or 13.3%, to $10.3 billion in 2011 from $9.1 billion in
2010. This increase was substantially due to higher fuel prices, which accounted for $535 million, our 5.1%
capacity increase in ALBDs, which accounted for $457 million, a weaker U.S. dollar against the euro, sterling
and Australia dollar, which accounted for $143 million, and inflationary pressures on crew travel, food, freight
and other hotel operating expenses.
Selling and administrative expenses increased $103 million, or 6.4%, to $1.7 billion in 2011 from $1.6 billion in
2010. The increase was caused by our 5.1% capacity increase in ALBDs, which accounted for $82 million, and a
weaker U.S. dollar against the euro, sterling and Australia dollar, which accounted for $29 million.
Depreciation and amortization expense increased $106 million, or 7.5%, to $1.5 billion in 2011 from $1.4 billion
in 2010. The increase was substantially due to $71 million from our 5.1% capacity increase in ALBDs principally
through the addition of new ships, and a weaker U.S. dollar against the euro, sterling and Australia dollar, which
accounted for $26 million.
Our total costs and expenses as a percentage of revenues increased to 85.7% in 2011 from 83.8% in 2010.
North America Brands
Operating costs and expenses increased $554 million, or 10.5%, to $5.8 billion in 2011 from $5.3 billion in
2010. This increase was principally due to higher fuel prices, which accounted for $328 million, and our 2.8%
capacity increase in ALBDs, which accounted for $148 million.
Selling and administrative expenses increased $36 million, or 4.0%, to $938 million in 2011 from $902 million in
2010.
Depreciation and amortization expense increased $26 million, or 3.1%, to $869 million in 2011 from $843
million in 2010.
Our total costs and expenses as a percentage of total revenues increased to 85.8% in 2011 from 84.0% in 2010.
EAA Brands
Operating costs and expenses increased $672 million, or 18.8%, to $4.2 billion in 2011 from $3.6 billion in
2010. This increase was caused by our 9.0% capacity increase in ALBDs, which accounted for $323 million,
higher fuel prices, which accounted for $207 million, and a weaker U.S. dollar against the euro, sterling and
Australia dollar, which accounted for $143 million.
45