Carnival Cruises 2015 Annual Report Download - page 48

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 2015 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. All statements other than statements of historical facts
are statements that could be deemed forward-looking. These statements are based on current expectations,
estimates, forecasts and projections about our business and the industry in which we operate and the beliefs and
assumptions of our management. We have tried, whenever possible, to identify these statements by using words
like “will,” “may,” “could,” “should,” “would,” “believe,” “depends,” “expect,” “goal,” “anticipate,” “forecast,”
“project,” “future,” “intend,” “plan,” “estimate,” “target,” “indicate” and similar expressions of future intent or
the negative of such terms.
Forward-looking statements include those statements that may impact, among other things, the forecasting of our
adjusted earnings per share; net revenue yields; booking levels; pricing; occupancy; operating, financing and tax
costs, including fuel expenses; net cruise costs per available lower berth day; estimates of ship depreciable lives
and residual values; liquidity; goodwill, ship and trademark fair values and outlook. 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 2015 Annual Report. This note
contains important cautionary statements of the known factors that we consider could materially affect the
accuracy of our forward-looking statements and adversely affect our business, results of operations and financial
position. It is not possible to predict or identify all such risks. There may be additional risks that we consider
immaterial or which are unknown. These factors include, but are not limited to, the following:
– Incidents, such as ship incidents, security incidents, the spread of contagious diseases and threats thereof,
adverse weather conditions or other natural disasters and the related adverse publicity affecting our
reputation and the health, safety, security and satisfaction of guests and crew;
– Economic conditions and adverse world events affecting the safety and security of travel, such as civil
unrest, armed conflicts and terrorist attacks;
– Changes in and compliance with laws and regulations relating to environment, health, safety, security, tax
and anti-corruption under which we operate;
– Disruptions and other damages to our information technology and other networks and operations, and
breaches in data security;
– Ability to recruit, develop and retain qualified personnel;
– Increases in fuel prices;
– Fluctuations in foreign currency exchange rates;
– Misallocation of capital among our ship, joint venture and other strategic investments;
– Future operating cash flow may not be sufficient to fund future obligations and we may be unable to obtain
financing;
– Deterioration of our cruise brands’ strengths and our inability to implement our strategies;
– Continuing financial viability of our travel agent distribution system, air service providers and other key
vendors in our supply chain and reductions in the availability of, and increases in the prices for, the services
and products provided by these vendors;
– Inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments on
terms that are favorable or consistent with our expectations and increases to our repairs and maintenance
expenses and refurbishment costs as our fleet ages;
– Failure to keep pace with developments in technology;
– Geographic regions in which we try to expand our business may be slow to develop and ultimately not
develop how we expect and our international operations are subject to additional risks not generally
applicable to our U.S. operations;
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