Carnival Cruises 2015 Annual Report Download - page 66

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Gross cruise revenues decreased by $181 million, or 1.2%, to $15.5 billion in 2015 from $15.7 billion in 2014 for
largely the same reasons as discussed above.
Net cruise costs excluding fuel decreased slightly by $39 million and remained at $7.4 billion in 2015 and 2014.
The slight decrease in net cruise costs excluding fuel was caused by:
– $395 million – 2015 foreign currency translational impact and
– $37 million – 2015 foreign currency transactional impact.
These decreases were partially offset by:
– $265 million – 3.5% increase in constant currency net cruise costs excluding fuel per ALBD and
– $128 million – 1.7% capacity increase in ALBDs.
The 3.5% increase in constant currency net cruise costs excluding fuel per ALBD were primarily due to:
– $106 million – higher dry dock expenses as a result of higher number of dry-dock days and
– $88 million – higher selling, general and administrative expenses.
Fuel costs decreased by $784 million, or 39%, to $1.2 billion in 2015 from $2.0 billion in 2014.
This decrease was caused by:
– $776 million – lower fuel prices and
– $43 million – lower fuel consumption per ALBD.
These decreases in fuel costs were partially offset by our 1.7% capacity increase in ALBDs, which accounted for
$35 million.
Gross cruise costs decreased by $957 million, or 7.8%, to $11.4 billion in 2015 from $12.3 billion in 2014 for
principally the same reasons as discussed above.
2014 Compared to 2013
Revision of Prior Period Financial Statements
Management’s discussion and analysis of the results of operations is based on the revised Consolidated
Statements of Income for the years ended November 30, 2014 and November 30, 2013 (see “Note 1 – General –
Revision of Prior Period Financial Statements” in the consolidated financial statements for additional discussion).
Revenues
Consolidated
Cruise passenger ticket revenues made up 75% of our 2014 total revenues. Cruise passenger ticket revenues
increased by $241 million, or 2.1%, to $11.9 billion in 2014 from $11.6 billion in 2013.
This increase was caused by:
– $309 million – 2.7% capacity increase in ALBDs and
– $102 million – foreign currency translational impact from a weaker U.S. dollar against the euro and sterling,
net of a stronger U.S. dollar against the Australian dollar (“2014 net foreign currency translational impact”).
These increases were partially offset by:
– $114 million – 1.0 percentage point decrease in occupancy and
– $37 million – decrease in cruise ticket pricing.
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