Resultados del 1er trimestre
Marzo 27, 2024
RELEASE OF CARNIVAL CORPORATION & PLC QUARTERLY REPORT ON FORM 10-Q
PARA EL PRIMER TRIMESTRE DE 2024
Carnival Corporation & plc announced its first quarter results of operations in its earnings release issued on March 27, 2024. Carnival Corporation & plc is hereby announcing that today it has filed its joint Quarterly Report on Form 10-Q ("Form 10-Q") with the U.S. Securities and Exchange Commission ("SEC") containing the Carnival Corporation & plc unaudited consolidated financial statements as of and for the three months ended February 29, 2024.
The information included in the Form 10-Q (Schedule A) has been prepared in accordance with SEC rules and regulations. The Carnival Corporation & plc unaudited consolidated financial statements contained in the Form 10-Q have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP").
Planificar una contains the Carnival Corporation & plc unaudited consolidated financial statements as of and for the three months ended February 29, 2024, management's discussion and analysis ("MD&A") of financial conditions and results of operations, and information on Carnival Corporation and Carnival plc's sales and purchases of their equity securities and use of proceeds from such sales.
Los Directores consideran que dentro del acuerdo de sociedad cotizada dual de Carnival Corporation y Carnival plc, la presentación más apropiada de los resultados y la posición financiera de Carnival plc es por referencia a los estados financieros consolidados no auditados de Carnival Corporation & plc US GAAP.
CONTACTO PARA LOS MEDIOS | CONTACTO RELACIONES CON INVERSORES |
Jody Venturoni | beth roberts |
001 469 797 6380 | 001 305 406 4832 |
El Formulario 10-Q está disponible para su visualización en el sitio web de la SEC en www.sec.gov bajo Carnival Corporation o Carnival plc o el sitio web de Carnival Corporation & plc en www.carnavalcorp.com or www.carnavalplc.com. A copy of the Form 10-Q has been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. Additional information can be obtained via Carnival Corporation & plc's website listed above or by writing to Carnival plc at Carnival House, 100 Harbour Parade, Southampton, SO15 1ST, United Kingdom.
Carnival Corporation & plc is the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines - AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises (Australia), P&O Cruises (UK), Princess Cruises, and Seabourn.
Se puede encontrar información adicional en www.carnavalcorp.com, www.aida.de, www.carnaval.com, www.costacrucero.com, www.cunard.com, www.hollandamerica.com , www.pocruises.com.au, www.pocruises.com, www.princesa.com y www.seabourn.com. Para obtener más información sobre las iniciativas de sustentabilidad líderes en la industria de Carnival Corporation, visite www.carnavalsustainability.com.
Planificar una
CORPORACIÓN CARNAVAL Y PLC
ESTADOS DE RESULTADOS (PÉRDIDAS) CONSOLIDADOS
(NO AUDITADO)
(en millones, excepto datos por acción)
Three Months Ended February 29/28, | |||
2024 |
| 2023 | |
Ingresos |
|
|
|
Boleto de pasajero | $3,617 |
| $2,870 |
A bordo y otros | 1,790 |
| 1,563 |
| 5,406 |
| 4,432 |
Los gastos de explotación |
|
|
|
Comisiones, transporte y otros | 819 |
| 655 |
A bordo y otros | 550 |
| 484 |
Nómina y afines | 623 |
| 582 |
Combustible | 505 |
| 535 |
Alimentos | 346 |
| 311 |
Otro operativo | 862 |
| 743 |
Gastos operativos de cruceros y tours | 3,705 |
| 3,311 |
Comercial y administrativo | 813 |
| 712 |
Depreciación y amortización | 613 |
| 582 |
| 5,131 |
| 4,604 |
Ingreso operativo (pérdida) | 276 |
| (172) |
Ingresos (gastos) no operativos |
|
|
|
Ingresos por intereses | 33 |
| 56 |
Gastos por intereses, neto de intereses capitalizados | (471) |
| (539) |
Costos de extinción y modificación de deuda | (33) |
| - |
Otros ingresos (gastos), neto | (18) |
| (30) |
| (489) |
| (514) |
Utilidad (pérdida) antes de impuestos a la utilidad | (214) |
| (686) |
Beneficio (Gasto) de Impuesto a la Renta, Neto | - |
| (7) |
Utilidad (pérdida) neta | $ (214) |
| $ (693) |
Ganancias por acción |
|
|
|
Basic | $ (0.17) |
| $ (0.55) |
Diluido | $ (0.17) |
| $ (0.55) |
Las notas adjuntas son parte integral de estos estados financieros consolidados.
CORPORACIÓN CARNAVAL Y PLC
ESTADOS CONSOLIDADOS DE RESULTADOS (PÉRDIDAS) INTEGRALES
(NO AUDITADO)
(en millones)
Three Months Ended February 29/28, | |||
2024 |
| 2023 | |
Utilidad (pérdida) neta | $ (214) |
| $ (693) |
Partidas incluidas en Otra utilidad (pérdida) integral |
|
|
|
Cambio en el ajuste de conversión de moneda extranjera | - |
| (3) |
Otro | 1 |
| 14 |
Otra utilidad (pérdida) integral | 1 |
| 11 |
Utilidad integral total (pérdida) | $ (213) |
| $ (682) |
Las notas adjuntas son parte integral de estos estados financieros consolidados.
CORPORACIÓN CARNAVAL Y PLC
BALANCE CONSOLIDADO
(NO AUDITADO)
(en millones, excepto valores nominales)
Febrero 29, 2024 |
| 30 de noviembre. | |
BIENES |
|
|
|
Activos circulantes |
|
|
|
Efectivo y equivalentes de efectivo | $2,242 |
| $2,415 |
Cuentas por cobrar comerciales y otras, neto | 644 |
| 556 |
Los inventarios | 531 |
| 528 |
Gastos pre-pagados y otros | 1,067 |
| 1,767 |
Total de activos corrientes | 4,484 |
| 5,266 |
Propiedad y equipo, neto | 41,515 |
| 40,116 |
Arrendamiento Operativo Activos por Derecho de Uso, Neto | 1,238 |
| 1,265 |
Goodwill | 579 |
| 579 |
Otros intangibles | 1,168 |
| 1,169 |
Otros activos | 777 |
| 725 |
| $49,761 |
| $49,120 |
PASIVO Y PATRIMONIO |
|
|
|
Pasivo circulante |
|
|
|
porción actual de la deuda a largo plazo | $2,195 |
| $2,089 |
Porción corriente de los pasivos por arrendamiento operativo | 138 |
| 149 |
Cuentas por pagar | 1,103 |
| 1,168 |
Pasivos acumulados y otros | 2,318 |
| 2,003 |
Depósitos del cliente | 6,642 |
| 6,072 |
Total pasivo corriente | 12,396 |
| 11,481 |
Deuda a largo plazo | 28,544 |
| 28,483 |
Pasivos por arrendamiento operativo a largo plazo | 1,138 |
| 1,170 |
Otros pasivos a largo plazo | 1,001 |
| 1,105 |
Contingencias y Compromisos |
|
|
|
Accionistas |
|
|
|
acciones ordinarias de Carnival Corporation, $0.01 valor nominal; 1,960 acciones autorizadas; 1,253 shares issued at 2024 and 1,250 shares issued at 2023 | 13 |
| 12 |
acciones ordinarias de carnaval plc, $1.66 valor nominal; 217 shares issued at 2024 and 2023 | 361 |
| 361 |
Capital pagado adicional | 16,679 |
| 16,712 |
Ganancias retenidas (déficit acumulado) | (29) |
| 185 |
Otra utilidad (pérdida) integral acumulada ("AOCI") | (1,938) |
| (1,939) |
acciones propias, 130 acciones a 2024 y 2023 de Carnival Corporation y 73 shares at 2024 and 2023 of Carnival plc, at cost | (8,404) |
| (8,449) |
Equidad total de los accionistas | 6,682 |
| 6,882 |
| $49,761 |
| $49,120 |
Las notas adjuntas son parte integral de estos estados financieros consolidados.
CORPORACIÓN CARNAVAL Y PLC
ESTADOS CONSOLIDADOS DE FLUJOS DE EFECTIVO
(NO AUDITADO)
(en millones)
Three Months Ended February 29/28, | |||
2024 |
| 2023 | |
ACTIVIDADES DE EXPLOTACIÓN |
|
|
|
Ingreso neto (pérdida) | $ (214) |
| $ (693) |
Ajustes para conciliar la utilidad (pérdida) neta con el efectivo neto proporcionado por (utilizado en) actividades operativas |
|
|
|
Depreciación y amortización | 613 |
| 582 |
(Ganancia) pérdida por extinción de deuda | 33 |
| - |
(Ingreso) pérdida de inversiones de método de participación | 3 |
| 11 |
Compensación basada en acciones | 11 |
| 9 |
Amortización de descuentos y costes de emisión de deuda | 36 |
| 44 |
Gastos de arrendamiento no monetarios | 34 |
| 35 |
Otro | 16 |
| 7 |
| 531 |
| (4) |
Cambios en activos y pasivos operativos |
|
|
|
Cuentas por cobrar | (106) |
| (121) |
Los inventarios | (7) |
| (19) |
Gastos prepagos y otros activos | 634 |
| (57) |
Cuentas por pagar | (11) |
| (35) |
Pasivos acumulados y otros | 108 |
| 28 |
Depósitos del cliente | 619 |
| 596 |
Efectivo neto provisto por (utilizado en) actividades operativas | 1,768 |
| 388 |
ACTIVIDADES DE INVERSIÓN |
|
|
|
Compras de propiedades y equipo. | (2,138) |
| (1,075) |
Producto de la venta de barcos | - |
| 23 |
Otro | (25) |
| 8 |
Efectivo neto provisto por (utilizado en) actividades de inversión | (2,163) |
| (1,044) |
ACTIVIDADES DE FINANCIACIÓN |
|
|
|
Amortizaciones de principal de deuda a largo plazo | (1,390) |
| (679) |
Costos de emisión de deuda | (77) |
| (40) |
Costos de extinción de deuda | (31) |
| - |
Producto de la emisión de deuda a largo plazo | 1,735 |
| 830 |
Otro | - |
| (1) |
Efectivo neto provisto por (utilizado en) actividades de financiamiento | 237 |
| 111 |
Efecto de las variaciones del tipo de cambio en el efectivo, equivalentes de efectivo y efectivo restringido | (3) |
| (2) |
Aumento (disminución) neto de efectivo, equivalentes de efectivo y efectivo restringido | (162) |
| (546) |
Efectivo, equivalentes de efectivo y efectivo restringido al comienzo del período | 2,436 |
| 6,037 |
Efectivo, equivalentes de efectivo y efectivo restringido al final del período | $2,274 |
| $5,491 |
Las notas adjuntas son parte integral de estos estados financieros consolidados.
CORPORACIÓN CARNAVAL Y PLC
ESTADOS CONSOLIDADOS DEL PATRIMONIO NETO
(NO AUDITADO)
(en millones)
| Tres meses terminados | ||||||||||||
| Algunos en stock |
| Ordinario las acciones |
| Adicionales pagado en capital |
| retenido ganancias (accumulated deficit) |
| AOCI |
| Tesorería en stock |
| Equidad total de los accionistas |
Al 30 de noviembre de 2023 | $12 |
| $361 |
| $16,712 |
| $185 |
| $ (1,939) |
| $ (8,449) |
| $6,882 |
Ingreso neto (pérdida) | - |
| - |
| - |
| (214) |
| - |
| - |
| (214) |
Otra utilidad (pérdida) integral | - |
| - |
| - |
| - |
| 1 |
| - |
| 1 |
Emisión de acciones propias para adjudicaciones basadas en acciones otorgadas | - |
| - |
| (47) |
| - |
| - |
| 47 |
| - |
Compensación basada en acciones y otros | - |
| - |
| 14 |
| - |
| - |
| (2) |
| 13 |
Al 29 de febrero de 2024 | $13 |
| $361 |
| $16,679 |
| $ (29) |
| $ (1,938) |
| $ (8,404) |
| $6,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Al 30 de noviembre de 2022 | $12 |
| $361 |
| $16,872 |
| $269 |
| $ (1,982) |
| $ (8,468) |
| $7,065 |
Change in accounting principle (a) | - |
| - |
| (229) |
| (10) |
| - |
| - |
| (239) |
Ingreso neto (pérdida) | - |
| - |
| - |
| (693) |
| - |
| - |
| (693) |
Otra utilidad (pérdida) integral | - |
| - |
| - |
| - |
| 11 |
| - |
| 11 |
Emisión de acciones propias para adjudicaciones basadas en acciones otorgadas | - |
| - |
| (36) |
| - |
| - |
| 36 |
| - |
Compensación basada en acciones y otros | - |
| - |
| 28 |
| - |
| - |
| (1) |
| 27 |
Al 28 de febrero de 2023 | $12 |
| $361 |
| $16,635 |
| $ (434) |
| $ (1,972) |
| $ (8,433) |
| $6,170 |
(A) We adopted the provisions of Debt - Debt with Conversion and Other Options and Derivative and Hedging - Contracts in Entity's Own Equity de diciembre 1, 2022.
Las notas adjuntas son parte integral de estos estados financieros consolidados.
CORPORACIÓN CARNAVAL Y PLC
NOTAS A LOS ESTADOS FINANCIEROS CONSOLIDADOS
(NO AUDITADO)
NOTE 1 - General
The consolidated financial statements include the accounts of Carnival Corporation and Carnival plc and their respective subsidiaries. Together with their consolidated subsidiaries, they are referred to collectively in these consolidated financial statements and elsewhere in this joint Quarterly Report on Form 10-Q as "Carnival Corporation & plc," "our," "us" and "we."
Base de presentación
The Consolidated Statements of Income (Loss), the Consolidated Statements of Comprehensive Income (Loss), the Consolidated Statements of Cash Flows and the Consolidated Statements of Shareholders' Equity for the three months ended February 29/28, 2024 and 2023, and the Consolidated Balance Sheet at February 29, 2024 are unaudited and, in the opinion of our management, contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted as permitted by such Securities and Exchange Commission rules and regulations. The preparation of our interim consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported and disclosed. We have made reasonable estimates and judgments of such items within our financial statements and there may be changes to those estimates in future periods. Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire year.
Our interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in the Carnival Corporation & plc 2023 joint Annual Report on Form 10-K ("Form 10-K") filed with the U.S. Securities and Exchange Commission on January 26, 2024.
For 2023, we reclassified $11 million from restricted cash to prepaid expenses and other in the Consolidated Balance Sheets and $40 million from other financing activities to debt issuance costs in the Consolidated Statements of Cash Flows to conform to the current year presentation.
Pronunciamientos contables
In September 2022, the Financial Accounting Standards Board ("FASB") issued guidance, Liabilities-Supplier Finance Programs - Disclosure of Supplier Finance Program Obligations. This guidance requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program's nature, activity during the period, changes from period to period, and potential magnitude. On December 1, 2023, we adopted this guidance using the retrospective method for each period presented. The adoption of this guidance had no impact on our consolidated financial statements and disclosures.
In November 2023, the FASB issued guidance, Improvements to Reportable Segment Disclosures. This guidance requires annual and interim disclosure of significant segment expenses that are provided to the chief operating decision maker ("CODM") as well as interim disclosures for all reportable segments' profit or loss and assets. This guidance also requires disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. This guidance is required to be adopted by us in 2025. We are currently evaluating the impact this guidance will have on our consolidated financial statements and disclosures.
Actualización regulatoria
We became subject to the EU Emissions Trading Scheme ("ETS") on January 1, 2024, which includes a three-year phase-in period. The ETS regulates emissions through a "cap and trade" principle, where a cap is set on the total amount of certain emissions that can be emitted and requires us to procure emission allowances for certain emissions inside EU waters (as defined in the ETS). We record emission allowances at cost within prepaid expenses and other or other assets, based on the timing of when they are required to be surrendered. We record expense for emissions inside EU waters within fuel expense in the period incurred. As of February 29, 2024, the cost of allowances purchased and the related expenses were not material.
NOTA 2 - Reconocimiento de ingresos y gastos
Los depósitos de cruceros de los huéspedes y las compras anticipadas a bordo se incluyen inicialmente en los depósitos de los clientes cuando se reciben. Los depósitos de los clientes se reconocen posteriormente como ingresos de cruceros, junto con los ingresos a bordo y otras actividades, y todos los costos y gastos directos asociados de un viaje se reconocen como costos y gastos de crucero, al finalizar los viajes con una duración de diez noches o menos y en un base prorrateada para viajes de más de diez noches. El impacto de reconocer estos ingresos y costos y gastos de cruceros de menor duración sobre la base de un viaje completo frente a una base prorrateada no es significativo. Algunas de nuestras ofertas de productos están agrupadas y asignamos el valor de los servicios y bienes agrupados entre los ingresos por boletos de pasajeros y a bordo y otros ingresos en función de los precios de venta independientes estimados de esos bienes y servicios. Las tarifas de cancelación de invitados, cuando corresponda, se reconocen en los ingresos por boletos de pasajeros en el momento de la cancelación.
Our sales to guests of air and other transportation to and from airports near the home ports of our ships are included in passenger ticket revenues, and the related costs of these services are included in prepaid expenses and other when paid prior to the start of a voyage and are subsequently recognized in transportation costs at the time of revenue recognition. The cost of prepaid air and other transportation costs at February 29, 2024 and November 30, 2023 were $273 million and $253 million. The proceeds that we collect from the sales of third-party shore excursions are included in onboard and other revenues and the related costs are included in onboard and other costs. The amounts collected on behalf of our onboard concessionaires, net of the amounts remitted to them, are included in onboard and other revenues as concession revenues. All of these amounts are recognized on a completed voyage or pro rata basis as discussed above.
Passenger ticket revenues include fees, taxes and charges collected by us from our guests. The fees, taxes and charges that vary with guest head counts are expensed in commissions, transportation and other costs when the corresponding revenues are recognized. The remaining portion of fees, taxes and charges are generally expensed in other operating expenses when the corresponding revenues are recognized.
Los ingresos y gastos de nuestras operaciones hoteleras y de transporte, que se incluyen en nuestro segmento de Viajes y Otros, se reconocen en el momento en que se prestan los servicios.
Depósitos del cliente
Our payment terms generally require an initial deposit to confirm a reservation, with the balance due prior to the voyage. Cash received from guests in advance of the cruise is recorded in customer deposits and in other long-term liabilities on our Consolidated Balance Sheets. These amounts include refundable deposits. In certain situations, we have provided flexibility to guests by allowing guests to rebook at a future date, receive future cruise credits ("FCCs") or elect to receive refunds in cash. We record a liability for FCCs to the extent we have received and not refunded cash from guests for cancelled bookings. We had total customer deposits of $7.0 billion as of February 29, 2024 and $6.4 billion as of November 30, 2023, which includes approximately $110 million of unredeemed FCCs as of February 29, 2024, of which approximately $88 million are refundable. At February 28, 2023, we had approximately $174 million of unredeemed FCCs, of which $124 million were refundable. During the three months ended February 29/28, 2024 and 2023, we recognized revenues of $3.5 billion and $2.8 billion related to our customer deposits as of November 30, 2023 and 2022. Our customer deposits balance changes due to the seasonal nature of cash collections, which typically results from higher ticket prices and occupancy levels during the third quarter, the recognition of revenue, refunds of customer deposits and foreign currency changes.
Comerciales y otras cuentas a cobrar
Although we generally require full payment from our customers prior to or concurrently with their cruise, we grant credit terms to a relatively small portion of our revenue source. We have receivables from credit card merchants and travel agents for cruise ticket purchases and onboard revenue. These receivables are included within trade and other receivables, net and are less allowances for expected credit losses. We have agreements with a number of credit card processors that transact customer deposits related to our cruise vacations. Certain of these agreements allow the credit card processors to request, under certain circumstances, that we provide a capped reserve fund in cash.
Costos del contrato
We recognize incremental travel agent commissions and credit and debit card fees incurred as a result of obtaining the ticket contract as assets when paid prior to the start of a voyage. We record these amounts within prepaid expenses and other and subsequently recognize these amounts as commissions, transportation and other at the time of revenue recognition or at the time of voyage cancellation. We had incremental costs of obtaining contracts with customers recognized as assets of $328 million as of February 29, 2024 and $294 million as of 30 de noviembre..
NOTA 3 - Deuda
|
|
| 29 febrero, |
| Noviembre 30, | ||
(en millones) | Madurez |
| Tasa (a) (b) |
| 2024 |
| 2023 |
Secured Subsidiary Guaranteed |
|
|
|
|
|
|
|
Notas |
|
|
|
|
|
|
|
Notas | Jun 2027 |
| 7.9% |
| $192 |
| $192 |
Notes (c) | Agosto 2027 |
| 9.9% |
| - |
| 623 |
Notas | Agosto 2028 |
| 4.0% |
| 2,406 |
| 2,406 |
Notas | Agosto 2029 |
| 7.0% |
| 500 |
| 500 |
Préstamos |
|
|
|
|
|
|
|
EUR floating rate (d) | Jun 2025 |
| Euribor + 3.8% |
| 837 |
| 851 |
Tipo de interés variable | 2027 agosto - octubre 2028 |
| SOFR + 3.0 - 3.4% (E) |
| 3,558 |
| 3,567 |
Total Secured Subsidiary Guaranteed |
|
|
| 7,493 |
| 8,138 | |
Senior Priority Subsidiary Guaranteed |
|
|
|
|
|
|
|
Notas | Mayo 2028 |
| 10.4% |
| 2,030 |
| 2,030 |
Unsecured Subsidiary Guaranteed |
|
|
|
|
|
|
|
Notas |
|
|
|
|
|
|
|
Notas convertibles | Oct 2024 |
| 5.8% |
| 426 |
| 426 |
Notas | Marzo 2026 |
| 7.6% |
| 1,351 |
| 1,351 |
Billetes EUR | Marzo 2026 |
| 7.6% |
| 542 |
| 550 |
Notes (c) | Marzo 2027 |
| 5.8% |
| 2,725 |
| 3,100 |
Notas convertibles | Diciembre 2027 |
| 5.8% |
| 1,131 |
| 1,131 |
Notas | Mayo 2029 |
| 6.0% |
| 2,000 |
| 2,000 |
Notas | Jun 2030 |
| 10.5% |
| 1,000 |
| 1,000 |
Préstamos |
|
|
|
|
|
|
|
tipo de cambio flotante EUR | 2024 de abril - 2026 de marzo |
| Euribor + 2.4 - 4.0% |
| 624 |
| 678 |
Facilidades de Crédito a la Exportación |
|
|
|
|
|
|
|
Tipo de interés variable | Diciembre 2031 |
| SOFR + 1.2% (E) |
| 549 |
| 583 |
Tipo de interés fijo | Agosto 2027 - Diciembre 2032 |
| 2.4 - 3.4% |
| 2,677 |
| 2,756 |
tipo de cambio flotante EUR | Mayo 2024 - noviembre 2034 |
| Euribor + 0.2 - 0.8% |
| 2,957 |
| 3,086 |
tasa fija EUR | 2031 de febrero - 2037 de julio |
| 1.1 - 4.0% |
| 5,197 |
| 3,652 |
Total Unsecured Subsidiary Guaranteed |
|
|
| 21,179 |
| 20,312 | |
Unsecured Notes (No Subsidiary Guarantee) |
|
|
|
|
|
| |
Notas | Enero 2028 |
| 6.7% |
| 200 |
| 200 |
Billetes EUR | Oct 2029 |
| 1.0% |
| 651 |
| 659 |
Total Unsecured Notes (No Subsidiary Guarantee) |
|
|
| 851 |
| 859 | |
Deuda total |
|
|
|
| 31,552 |
| 31,339 |
Menos: costos y descuentos de emisión de deuda no amortizada |
|
|
|
| (813) |
| (768) |
Deuda Total, neta de costos y descuentos de emisión de deuda no amortizada |
|
|
|
| 30,739 |
| 30,572 |
Menos: porción circulante de la deuda a largo plazo |
|
|
|
| (2,195) |
| (2,089) |
Deuda a largo plazo |
|
|
|
| $28,544 |
| $28,483 |
(a) The reference rates, together with any applicable credit adjustment spread, for substantially all of our variable debt have 0.0% to 0.75% floors.
(b) The above debt table excludes the impact of any outstanding derivative contracts.
(c) See "Extinguishments" below.
(D) Subsequent to February 29, 2024, we prepaid $837 million of principal payments for our Euro floating rate loan originally scheduled to mature in 2025.
(e) Includes applicable credit adjustment spread.
Carnival Corporation and/or Carnival plc is the primary obligor of all our outstanding debt excluding the following:
? $2.0 billion of senior priority notes (the "2028 Senior Priority Notes"), issued by Carnival Holdings (Bermuda) Limited ("Carnival Holdings"), a subsidiary of Carnival Corporation
? $0.4 billion under a term loan facility of Costa Crociere S.p.A. ("Costa"), a subsidiary of Carnival plc
? $0.9 billion under an export credit facility of Sun Princess Limited, a subsidiary of Carnival Corporation
? $0.1 billion under an export credit facility of Sun Princess II Limited, a subsidiary of Carnival Corporation
In addition, Carnival Holdings (Bermuda) II Limited ("Carnival Holdings II") will be the primary obligor under a $2.5 billion multi-currency revolving facility ("New Revolving Facility") when the New Revolving Facility replaces our Revolving Facility upon its maturity in August 2024. See "Revolving Facilities."
All of our outstanding debt is issued or guaranteed by substantially the same entities with the exception of the following:
? Up to $250 million of the Costa term loan facility, which is guaranteed by certain subsidiaries of Carnival plc and Costa that do not guarantee our other outstanding debt
? Our 2028 Senior Priority Notes, issued by Carnival Holdings, which does not guarantee our other outstanding debt
? The export credit facilities of Sun Princess Limited and Sun Princess II Limited, which do not guarantee our other outstanding debt
As of February 29, 2024, the scheduled maturities of our debt are as follows:
(en millones) |
|
|
Año |
| Pagos de capital |
Resto de 2024 |
| $1,719 |
2025 (a) |
| 2,350 |
2026 |
| 3,323 |
2027 |
| 5,457 |
2028 |
| 9,115 |
Después de eso |
| 9,588 |
Total |
| $31,552 |
(a) Subsequent to February 29, 2024, we prepaid $837 million of our euro floating rate loan originally scheduled to mature in 2025.
Revolving Facilities
We had $3.0 billion available for borrowing under our Revolving Facility as of February 29, 2024. We may continue to borrow or otherwise utilize available amounts under the Revolving Facility through August 2024, subject to satisfaction of the conditions in the facility.
Carnival Holdings II has a $2.5 billion New Revolving Facility which may be utilized from August 2024 through August 2027, replacing our Revolving Facility upon its maturity in August 2024. The New Revolving Facility was extended from 2025 to 2027 and contains an accordion feature, which Carnival Holdings II partially exercised in February 2024 to increase commitments from $2.1 billion to $2.5 billion. The accordion feature allows for further additional commitments not to exceed the aggregate commitments under our Revolving Facility.
Extinguishments
During the three months ended February 29, 2024, we extinguished an aggregate principal amount of $998 million of our 5.8% senior notes and 9.9% second-priority secured notes due 2027.
Préstamos de líneas de crédito a la exportación
During the three months ended February 29, 2024, we borrowed $1.7 billion under export credit facilities due in semi-annual installments through 2036. As of February 29, 2024, the net book value of the vessels subject to negative pledges was $18.1 billion.
Colateral y grupo prioritario
As of February 29, 2024, the net book value of our ships and ship improvements, excluding ships under construction, is $39.3 billion. Our secured debt is secured on a first-priority basis by certain collateral, which includes vessels and certain assets related to those vessels and material intellectual property (combined net book value of approximately $23.0 billion, including $21.3 billion related to vessels and certain assets related to those vessels) as of February 29, 2024 and certain other assets.
As of February 29, 2024, $8.1 billion in net book value of our ships and ship improvements relate to the priority pool vessels included in the priority pool of 12 unencumbered vessels (the "Senior Priority Notes Subject Vessels") for our 2028 Senior Priority Notes and $2.9 billion in net book value of our ship and ship improvements relate to the priority pool vessels included in the priority pool of three unencumbered vessels (the "New Revolving Facility Vessels") for our New Revolving Facility. As of February 29, 2024, there was no change in the identity of the Senior Priority Notes Subject Vessels or the New Revolving Facility Vessels.
Cumplimiento del Pacto
As of March 26, 2024, our Revolving Facility, New Revolving Facility, unsecured loans and export credit facilities contain certain covenants listed below:
? Maintain minimum interest coverage (adjusted EBITDA to consolidated net interest charges, as defined in the agreements) (the "Interest Coverage Covenant") as follows:
? For certain of our unsecured loans and our New Revolving Facility, from the end of each fiscal quarter from August 31, 2024, at a ratio of not less than 2.0 to 1.0 for each testing date occurring from August 31, 2024 until May 31, 2025, at a ratio of not less than 2.5 to 1.0 for the August 31, 2025 and November 30, 2025 testing dates, and at a ratio of not less than 3.0 to 1.0 for the February 28, 2026 testing date onwards and as applicable through their respective maturity dates.
? For our export credit facilities, from the end of each fiscal quarter from May 31, 2024, at a ratio of not less than 2.0 to 1.0 for each testing date occurring from May 31, 2024 until May 31, 2025, at a ratio of not less than 2.5 to 1.0 for the August 31, 2025 and November 30, 2025 testing dates, and at a ratio of not less than 3.0 to 1.0 for the February 28, 2026 testing date onwards.
? For certain of our unsecured loans and export credit facilities, maintain minimum issued capital and consolidated reserves (as defined in the agreements) of $5.0 billion.
? Limit our debt to capital (as defined in the agreements) percentage to a percentage not to exceed 67.5% for the February 29, 2024 testing date, following which it will be tested at 65% from the May 31, 2024 testing date onwards.
? Maintain minimum liquidity of $1.5 billion.
? Adhere to certain restrictive covenants through August 2027 (subject to such covenants terminating if the Company reaches an investment grade credit rating in accordance with the agreement governing the New Revolving Facility).
? Limit the amounts of our secured assets as well as secured and other indebtedness.
At Febrero 29, 2024, cumplimos con las cláusulas aplicables en virtud de nuestros acuerdos de deuda. En general, si ocurre un evento de incumplimiento bajo cualquier acuerdo de deuda, entonces, de conformidad con las cláusulas de incumplimiento cruzado y/o aceleración cruzada del mismo, sustancialmente toda nuestra deuda pendiente y las cuentas por pagar de contratos de derivados podrían vencer, y nuestra deuda y contratos de derivados podrían vencer. ser terminado. Cualquier modificación de convenio financiero puede dar lugar a mayores costos, mayores tasas de interés, convenios restrictivos adicionales y otros prestamistas disponibles. protecciones que serían aplicables.
NOTA 4 - Contingencias y Compromisos
Litigación
Nos involucramos de manera rutinaria en procedimientos legales, reclamos, disputas, asuntos regulatorios e inspecciones o investigaciones gubernamentales que surgen en el curso normal de nuestro negocio o son incidentales a este, incluidos los que se indican a continuación. Además, como resultado del impacto del COVID-19, las demandas por litigios, las acciones de ejecución, las acciones regulatorias y las investigaciones, incluidas, entre otras, las derivadas de lesiones personales y pérdida de vidas, han sido y pueden ser, en el futuro, afirmarse contra nosotros. Esperamos que muchos de estos reclamos y acciones, o cualquier liquidación de estos reclamos y acciones, estén cubiertos por un seguro e históricamente el monto máximo de nuestra responsabilidad, neto de cualquier recuperación del seguro, se ha limitado a nuestros niveles de retención de autoseguro.
Registramos provisiones en los estados financieros consolidados para litigios pendientes cuando determinamos que es probable un resultado desfavorable y el monto de la pérdida puede estimarse razonablemente.
Los procesos judiciales y las investigaciones gubernamentales están sujetos a incertidumbres inherentes y podrían ocurrir fallos desfavorables u otros eventos. Resoluciones desfavorables podrían implicar daños monetarios sustanciales. Además, en los asuntos por los cuales se buscan remedios de conducta, las resoluciones desfavorables podrían incluir una medida cautelar u otra orden que nos prohíba vender uno o más productos en absoluto o de formas particulares, impidiendo prácticas comerciales particulares o requiriendo otros remedios. Un resultado desfavorable podría resultar en un impacto material adverso en nuestro negocio, resultados de operaciones, posición financiera o liquidez.
As previously disclosed, on May 2, 2019, the Havana Docks Corporation filed a lawsuit against Carnival Corporation in the U.S. District Court for the Southern District of Florida under Title III of the Cuban Liberty and Democratic Solidarity Act, also known as the Helms-Burton Act, alleging that Carnival Corporation "trafficked" in confiscated Cuban property when certain ships docked at certain ports in Cuba, and that this alleged "trafficking" entitles the plaintiffs to treble damages. On March 21, 2022, the court granted summary judgment in favor of Havana Docks Corporation as to liability. On December 30, 2022, the court entered judgment against Carnival Corporation in the amount of $110 million plus $4 million in fees and costs. We have filed an appeal. Oral argument has been scheduled for May 17, 2024.
Acciones COVID-19
Hemos sido nombrados en una serie de acciones individuales relacionadas con COVID-19. Estas acciones incluyen reclamos por daños y perjuicios basados en una variedad de teorías, incluida la negligencia y la falta de advertencia. Los demandantes en estas acciones alegan una variedad de lesiones: algunos limitaron su reclamo a la angustia emocional, mientras que otros alegan lesiones derivadas de dar positivo por COVID-19. Un número menor de acciones incluye demandas por muerte injusta. Sustancialmente todas estas acciones individuales ahora han sido desestimadas o resueltas por montos inmateriales.
As of February 29, 2024, two purported class actions brought against us by former guests in the Federal Court in Australia and in Italy remain pending. These actions include claims based on a variety of theories, including negligence, gross negligence and failure to warn, physical injuries and severe emotional distress associated with being exposed to and/or contracting COVID-19 onboard our ships. On October 24, 2023, the court in the Australian matter held that we were liable for negligence and for breach of consumer protection warranties as it relates to the lead plaintiff. The court ruled that the lead plaintiff was not entitled to any pain and suffering or emotional distress damages on the negligence claim and awarded medical costs. In relation to the consumer protection warranties claim, the court found that distress and disappointment damages amounted to no more than the refund already provided to guests and therefore made no further award. Further proceedings will determine the applicability of this ruling to the remaining class participants. Additionally, on December 6, 2023, the High Court of Australia ruled on appeal that United States and United Kingdom passengers were properly included in the class, regardless of the ticket contract terms applicable to those passengers. We believe the ultimate outcome of these matters will not have a material impact on our consolidated financial statements.
Todos los asuntos de COVID-19 buscan daños monetarios y la mayoría busca daños punitivos adicionales en cantidades no especificadas.
Continuamos tomando medidas para defendernos de los reclamos anteriores.
Consultas e investigaciones reglamentarias o gubernamentales
We have been, and may continue to be, impacted by breaches in data security and lapses in data privacy, which occur from time to time. These can vary in scope and range from inadvertent events to malicious motivated attacks.
We have incurred legal and other costs in connection with cyber incidents that have impacted us. The penalties and settlements paid in connection with cyber incidents over recent years were not material. While these incidents did not have a material adverse effect on our business, results of operations, financial position or liquidity, no assurances can be given about the future and we may be subject to future attacks, incidents or litigation that could have such a material adverse effect.
El 14 de marzo de 2022, el Departamento de Justicia de EE. UU. y la Agencia de Protección Ambiental de EE. UU. nos notificaron sobre posibles sanciones civiles y medidas cautelares por presuntas violaciones de la Ley de Agua Limpia por parte de embarcaciones de propiedad y operación cubiertas por el Permiso General de Embarcaciones de 2013. Estamos trabajando con estas agencias para llegar a una resolución de este asunto. Creemos que el resultado final no tendrá un impacto material en nuestros estados financieros consolidados.
Otras Obligaciones Contingentes
Algunos de los contratos de deuda que celebramos incluyen disposiciones de indemnización que nos obligan a realizar pagos a la contraparte si ocurren ciertos eventos. Estas contingencias generalmente se relacionan con cambios en los impuestos o cambios en las leyes que aumentan los costos del prestamista. No hay montos establecidos o nocionales incluidos en las cláusulas de indemnización, y no podemos estimar el monto potencial máximo de pagos futuros, si los hubiere, en virtud de estas cláusulas de indemnización.
We have agreements with a number of credit card processors that transact customer deposits related to our cruise vacations. Certain of these agreements allow the credit card processors to request, under certain circumstances, that we provide a capped reserve fund in cash. Although the agreements vary, these requirements may generally be satisfied either through a withheld percentage of customer payments or providing cash funds directly to the credit card processor.
As of February 29, 2024 and 30 de noviembre., we had $25 million and $844 million in reserve funds. Additionally, as of February 29, 2024 and 30 de noviembre., we had $158 million in compensating deposits we are required to maintain. These balances are included within other assets as of February 29, 2024.
Compromisos de envío
As of February 29, 2024, and including commitments entered into subsequent to February 29, 2024 (contingent on financing which is expected to be completed in 2024), our new ship growth capital commitments were $0.8 billion for the remainder of 2024 and $0.9 billion, $0.3 billion, $1.2 billion and $1.0 billion for the years ending November 30, 2025, 2026, 2027 and 2028.
NOTA 5 - Mediciones del Valor Razonable, Instrumentos Derivados y Actividades de Cobertura y Riesgos Financieros
Mediciones del valor razonable
El valor razonable se define como la cantidad que se recibiría por vender un activo o se pagaría por transferir un pasivo en una transacción ordenada entre participantes del mercado en la fecha de medición y se mide utilizando insumos en una de las siguientes tres categorías:
? Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Valuation of these items does not entail a significant amount of judgment.
? Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or market data other than quoted prices that are observable for the assets or liabilities.
? Level 3 measurements are based on unobservable data that are supported by little or no market activity and are significant to the fair value of the assets or liabilities.
Se puede requerir un juicio considerable al interpretar los datos de mercado utilizados para desarrollar las estimaciones del valor razonable. En consecuencia, ciertas estimaciones del valor razonable presentadas en este documento no son necesariamente indicativas de los montos que podrían realizarse en un intercambio de mercado actual o futuro.
Instrumentos financieros que no se miden a valor razonable de forma recurrente
Febrero 29, 2024 |
| 30 de noviembre. | |||||||||||||
Que lleva Valor |
| Fair Value |
| Que lleva Valor |
| Fair Value | |||||||||
(en millones) |
| Nivel A1 |
| Nivel A2 |
| Nivel A3 |
| Nivel A1 |
| Nivel A2 |
| Nivel A3 | |||
Pasivos |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deuda a tasa fija (a) | $23,027 |
| $- |
| $22,733 |
| $- |
| $22,575 |
| $- |
| $21,503 |
| $- |
Deuda a tipo variable (a) | 8,525 |
| - |
| 8,289 |
| - |
| 8,764 |
| - |
| 8,225 |
| - |
Total | $31,552 |
| $- |
| $31,022 |
| $- |
| $31,339 |
| $- |
| $29,728 |
| $- |
(a) The debt amounts above do not include the impact of interest rate swaps or debt issuance costs and discounts. The fair values of our publicly-traded notes were based on their unadjusted quoted market prices in markets that are not sufficiently active to be Level 1 and, accordingly, are considered Level 2. The fair values of our other debt were estimated based on current market interest rates being applied to this debt.
Instrumentos financieros que se miden al valor razonable de forma recurrente
Febrero 29, 2024 |
| 30 de noviembre. | |||||||||
(en millones) | Nivel A1 |
| Nivel A2 |
| Nivel A3 |
| Nivel A1 |
| Nivel A2 |
| Nivel A3 |
Activos |
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents (a) | $983 |
| $- |
| $- |
| $1,021 |
| $- |
| $- |
Instrumentos financieros derivados | - |
| 22 |
| - |
| - |
| 22 |
| - |
Total | $983 |
| $22 |
| $- |
| $1,021 |
| $22 |
| $- |
Pasivos |
|
|
|
|
|
|
|
|
|
|
|
Instrumentos financieros derivados | $- |
| $10 |
| $- |
| $- |
| $28 |
| $- |
Total | $- |
| $10 |
| $- |
| $- |
| $28 |
| $- |
(a) Consists of money market funds and cash investments with original maturities of less than 90 days.
Instrumentos no financieros que se miden a valor razonable sobre una base no recurrente
Valoración de Fondos de Comercio y Marcas
As of February 29, 2024 and 30 de noviembre., goodwill for our North America and Australia ("NAA") segment was $579 million.
| Marcas Comerciales | ||||
(en millones) | NAA Segmento |
| Europa Segmento |
| Total |
30 de noviembre. | $927 |
| $237 |
| $1,164 |
Movimientos cambiarios | - |
| (1) |
| (1) |
Febrero 29, 2024 | $927 |
| $236 |
| $1,163 |
Instrumentos derivados y actividades de cobertura
(en millones) | Balance Sheet Location |
| Febrero 29, 2024 |
| 30 de noviembre. |
Activos derivados |
|
|
|
|
|
Derivados designados como instrumentos de cobertura |
|
|
|
|
|
Permutas financieras de tipo de interés (a) | Otros activos |
| $21 |
| $22 |
Derivados no designados como instrumentos de cobertura |
|
|
|
|
|
Permutas financieras de tipo de interés (a) | Gastos pre-pagados y otros |
| 1 |
| 1 |
Activos derivados totales |
|
| $22 |
| $22 |
Pasivos derivados |
|
|
|
|
|
Derivados designados como instrumentos de cobertura |
|
|
|
|
|
Cross currency swaps (b) | Otros pasivos a largo plazo |
| $- |
| $12 |
Permutas financieras de tipo de interés (a) | Otros pasivos a largo plazo |
| 10 |
| 16 |
Pasivos derivados totales |
|
| $10 |
| $28 |
(A) We have interest rate swaps whereby we receive floating interest rate payments in exchange for making fixed interest rate payments. These interest rate swap agreements effectively changed $46 million at February 29, 2024 and 30 de noviembre. of EURIBOR-based floating rate euro debt to fixed rate euro debt, and $2.5 billion at February 29, 2024 of SOFR-based variable rate debt to fixed rate debt. As of February 29, 2024 and 30 de noviembre., the EURIBOR-based interest rate swaps settle through 2025 and were not designated as cash flow hedges; the SOFR-based interest rate swaps settle through 2027 and were designated as cash flow hedges.
(B) At 30 de noviembre., we had a cross currency swap with a notional amount of $670 million that was designated as a hedge of our net investment in foreign operations with euro-denominated functional currencies. This cross currency swap was terminated in January 2024.
Our derivative contracts include rights of offset with our counterparties. As of February 29, 2024 and 30 de noviembre., there was no netting for our derivative assets and liabilities. The amounts that were not offset in the balance sheet were not material.
El efecto de nuestros derivados calificados y designados como instrumentos de cobertura reconocidos en otra utilidad (pérdida) integral y en la utilidad (pérdida) neta fue el siguiente:
Tres meses terminados 29/28 de febrero, | |||
(en millones) | 2024 |
| 2023 |
Ganancias (pérdidas) reconocidas en AOCI: |
|
|
|
Swaps de divisas cruzadas - coberturas de inversión neta - componente incluido | $- |
| $15 |
Swaps de divisas cruzadas - coberturas de inversión neta - componente excluido | $- |
| $ (4) |
Swaps de tipos de interés - coberturas de flujos de efectivo | $13 |
| $14 |
(Gains) losses reclassified from AOCI - cash flow hedges: |
|
|
|
Swaps de tasa de interés - Gastos por intereses, neto de intereses capitalizados | $ (11) |
| $ (1) |
Ganancias (pérdidas) reconocidas en instrumentos derivados (cantidad excluida de la prueba de efectividad - coberturas de inversión neta) |
|
|
|
Swaps de divisas cruzadas - Gastos por intereses, neto de intereses capitalizados | $2 |
| $1 |
The amount of gains and losses on derivatives not designated as hedging instruments recognized in earnings during the three months ended February 29, 2024 and estimated cash flow hedges' unrealized gains and losses that are expected to be reclassified to earnings in the next twelve months are not material.
Riesgos financieros
Riesgos del precio del combustible
We manage our exposure to fuel price risk by managing our consumption of fuel. Substantially all of our exposure to market risk for changes in fuel prices relates to the consumption of fuel on our ships. We manage fuel consumption through fleet optimization, energy efficiency, itinerary efficiency and new technologies and alternative fuels.
Riesgos de tipo de cambio de moneda extranjera
Estrategia global
We manage our exposure to fluctuations in foreign currency exchange rates through our normal operating and financing activities, including netting certain exposures to take advantage of any natural offsets and, when considered appropriate, through the use of derivative and non-derivative financial instruments. Our primary focus is to monitor our exposure to, and manage, the economic foreign currency exchange risks faced by our operations and realized if we exchange one currency for another. We consider hedging certain of our ship commitments and net investments in foreign operations. The financial impacts of our hedging instruments generally offset the changes in the underlying exposures being hedged.
Riesgos de divisas operativos
Nuestras operaciones utilizan principalmente el dólar estadounidense, el euro, la libra esterlina o el dólar australiano como sus monedas funcionales. Nuestras operaciones también tienen ingresos y gastos denominados en monedas no funcionales. Los movimientos en las tasas de cambio de moneda extranjera afectan nuestros estados financieros.
Riesgos de divisas de inversión
We consider our investments in foreign operations to be denominated in stable currencies and of a long-term nature. We have euro-denominated debt which provides an economic offset for our operations with euro functional currency. In addition, we have in the past and may in the future utilize derivative financial instruments, such as cross currency swaps, to manage our exposure to investment currency risks.
Riesgos cambiarios de nueva construcción
Nuestros contratos de construcción naval suelen estar denominados en euros. Nuestra decisión de cubrir un compromiso de envío de moneda no funcional para nuestras marcas de cruceros se toma caso por caso, considerando el monto y la duración de la exposición, la volatilidad del mercado, las tendencias económicas, nuestros flujos de efectivo netos esperados generales por moneda y otros riesgos compensatorios.
At February 29, 2024, our remaining newbuild currency exchange rate risk relates to euro-denominated newbuild contract payments for non-euro functional currency brands, which represent a total unhedged commitment of $2.8 billion for newbuilds scheduled to be delivered through 2027.
The cost of shipbuilding orders that we may place in the future that are denominated in a different currency than our cruise brands' functional currency will be affected by foreign currency exchange rate fluctuations. These foreign currency exchange rate fluctuations may affect our decision to order new cruise ships.
Riesgos de tipos de interés
We manage our exposure to fluctuations in interest rates through our debt portfolio management and investment strategies. We evaluate our debt portfolio to determine whether to make periodic adjustments to the mix of fixed and floating rate debt through the use of interest rate swaps and the issuance of new debt.
Concentraciones de Riesgo de Crédito
As part of our ongoing control procedures, we monitor concentrations of credit risk associated with financial and other institutions with which we conduct significant business. We seek to manage these credit risk exposures, including counterparty nonperformance primarily associated with our cash and cash equivalents, investments, notes receivables, reserve funds related to customer deposits, future financing facilities, contingent obligations, derivative instruments, insurance contracts and new ship progress payment guarantees, by:
? Conducting business with well-established financial institutions, insurance companies and export credit agencies
? Diversifying our counterparties
? Having guidelines regarding credit ratings and investment maturities that we follow to help safeguard liquidity and minimize risk
? Generally requiring collateral and/or guarantees to support notes receivable on significant asset sales and new ship progress payments to shipyards
We also monitor the creditworthiness of travel agencies and tour operators in Australia and Europe and credit and debit card providers to which we extend credit in the normal course of our business. Our credit exposure also includes contingent obligations related to cash payments received directly by travel agents and tour operators for cash collected by them on cruise sales in Australia and most of Europe where we are obligated to honor our guests' cruise payments made by them to their travel agents and tour operators regardless of whether we have received these payments.
Concentrations of credit risk associated with trade receivables and other receivables, charter-hire agreements and contingent obligations are not considered to be material, principally due to the large number of unrelated accounts, the nature of these contingent obligations and their short maturities. Normally, we have not required collateral or other security to support normal credit sales and have not experienced significant credit losses.
NOTA 6 - Información de segmento
The chief operating decision maker, who is the President, Chief Executive Officer and Chief Climate Officer of Carnival Corporation and Carnival plc assesses performance and makes decisions to allocate resources for Carnival Corporation & plc based upon review of the results across all of our segments. The operating segments within each of our reportable segments have been aggregated based on the similarity of their economic and other characteristics, including geographic guest sourcing. Our four reportable segments are comprised of (1) NAA cruise operations, (2) Europe cruise operations ("Europe"), (3) Cruise Support and (4) Tour and Other.
Our Cruise Support segment includes our portfolio of leading port destinations and exclusive islands as well as other services, all of which are operated for the benefit of our cruise brands. Our Tour and Other segment represents the hotel and transportation operations of Holland America Princess Alaska Tours and other operations.
| Three Months Ended February 29/28, | ||||||||
(en millones) | Ingresos |
| Costos de operación y gastos |
| vender y administrativo |
| Depreciación y amortización |
| Funcionamiento ingresos (pérdida) |
2024 |
|
|
|
|
|
|
|
|
|
NAA | $3,574 |
| $2,402 |
| $502 |
| $398 |
| $272 |
Europa | 1,769 |
| 1,251 |
| 234 |
| 164 |
| 119 |
Soporte de crucero | 59 |
| 36 |
| 73 |
| 45 |
| (95) |
Tour y Otros | 4 |
| 15 |
| 4 |
| 6 |
| (21) |
| $5,406 |
| $3,705 |
| $813 |
| $613 |
| $276 |
2023 |
|
|
|
|
|
|
|
|
|
NAA | $3,078 |
| $2,189 |
| $440 |
| $363 |
| $86 |
Europa | 1,294 |
| 1,078 |
| 213 |
| 169 |
| (166) |
Soporte de crucero | 51 |
| 25 |
| 53 |
| 42 |
| (69) |
Tour y Otros | 9 |
| 18 |
| 5 |
| 7 |
| (21) |
| $4,432 |
| $3,311 |
| $712 |
| $582 |
| $ (172) |
Los ingresos por áreas geográficas, que se basan en el origen de nuestros huéspedes, fueron los siguientes:
| Tres meses terminados 29/28 de febrero, | ||
(en millones) | 2024 |
| 2023 |
Norteamérica | $3,121 |
| $2,696 |
Europa | 1,567 |
| 1,187 |
Australia | 425 |
| 338 |
Otro | 293 |
| 211 |
| $5,406 |
| $4,432 |
NOTA 7 - Ganancias por acción
Tres meses terminados 29/28 de febrero, | |||
(en millones, excepto datos por acción) | 2024 |
| 2023 |
Utilidad (pérdida) neta por utilidad por acción básica y diluida | $ (214) |
| $ (693) |
Promedio ponderado de acciones en circulación | 1,264 |
| 1,260 |
Promedio ponderado diluido de acciones en circulación | 1,264 |
| 1,260 |
Ganancias básicas por acción | $ (0.17) |
| $ (0.55) |
Ganancias diluidas por acción | $ (0.17) |
| $ (0.55) |
Las acciones antidilutivas excluidas de los cálculos de las ganancias diluidas por acción fueron las siguientes:
| Tres meses terminados 29/28 de febrero, | ||
(en millones) | 2024 |
| 2023 |
Premios de equidad | 6 |
| 1 |
Notas convertibles | 127 |
| 137 |
Valores antidilutivos totales | 133 |
| 138 |
NOTA 8 - Información complementaria de flujo de efectivo
(en millones) | Febrero 29, 2024 |
| 30 de noviembre. |
Efectivo y equivalentes de efectivo (Balance de Situación Consolidado) | $2,242 |
| $2,415 |
Restricted cash (included in prepaid expenses and other and other assets) | 32 |
| 21 |
Total de efectivo, equivalentes de efectivo y efectivo restringido (Estados de Flujos de Efectivo Consolidados) | $2,274 |
| $2,436 |
Discusión y análisis de la administración sobre la situación financiera y los resultados de las operaciones.
Nota de advertencia sobre los factores que pueden afectar los resultados futuros
Algunas de las declaraciones, estimaciones o proyecciones contenidas en este documento son "declaraciones prospectivas" que involucran riesgos, incertidumbres y suposiciones con respecto a nosotros, incluidas algunas declaraciones sobre resultados, operaciones, perspectivas, planes, metas, reputación, flujos de efectivo futuros. , liquidez y otros eventos que aún no han ocurrido. Estas declaraciones están destinadas a calificar para los puertos seguros de responsabilidad provistos por la Sección 27A de la Ley de Valores de 1933 y la Sección 21E de la Ley de Bolsa de Valores de 1934, según enmendada. Todas las declaraciones que no sean declaraciones de hechos históricos son declaraciones que podrían considerarse prospectivas. Estas declaraciones se basan en expectativas, estimaciones, pronósticos y proyecciones actuales sobre nuestro negocio y la industria en la que operamos y las creencias y suposiciones de nuestra gerencia. Hemos tratado, siempre que ha sido posible, de identificar estas afirmaciones usando palabras como "hará", "puede", "podría", "debería", "creería", "depende", "esperará", "objetivo". "aspiración", "anticipar", "pronosticar", "proyectar", "futuro", "pretender", "planificar", "estimar", "objetivo", "indicar", "perspectiva" y expresiones similares de futuro intención o la negativa de tales términos.
Las declaraciones prospectivas incluyen aquellas declaraciones que se relacionan con nuestra perspectiva y posición financiera, incluidas, entre otras, declaraciones con respecto a:
? Pricing | ? Adjusted net income (loss) |
? Booking levels | ? Adjusted EBITDA |
? Occupancy | ? Adjusted earnings per share |
? Interest, tax and fuel expenses | ? Adjusted free cash flow |
? Currency exchange rates | ? Net per diems |
? Goodwill, ship and trademark fair values | ? Net yields |
? Liquidity and credit ratings | ? Adjusted cruise costs per ALBD |
? Investment grade leverage metrics | ? Adjusted cruise costs excluding fuel per ALBD |
? Estimates of ship depreciable lives and residual values | ? Adjusted return on invested capital |
Debido a que las declaraciones prospectivas implican riesgos e incertidumbres, existen muchos factores que podrían causar que nuestros resultados, desempeño o logros reales difieran materialmente de aquellos expresados o implícitos en nuestras declaraciones prospectivas. Esta nota contiene importantes declaraciones de advertencia sobre los factores conocidos que consideramos que podrían afectar materialmente la precisión de nuestras declaraciones prospectivas y afectar negativamente nuestro negocio, resultados de operaciones y posición financiera. Además, muchos de estos riesgos e incertidumbres se ven actualmente, y es posible que en el futuro sigan estando, amplificados por nuestro importante saldo de deuda incurrido durante la pausa de nuestras operaciones de cruceros para huéspedes. Puede haber riesgos adicionales que consideramos irrelevantes o que desconocemos. Estos factores incluyen, entre otros, los siguientes:
? Events and conditions around the world, including geopolitical uncertainty, war and other military actions, inflation, higher fuel prices, higher interest rates and other general concerns impacting the ability or desire of people to travel have led, and may in the future lead, to a decline in demand for cruises as well as negative impacts to our operating costs and profitability.
? Pandemics have in the past and may in the future have a significant negative impact on our financial condition and operations.
? Incidents concerning our ships, guests or the cruise industry have in the past and may, in the future, negatively impact the satisfaction of our guests and crew and lead to reputational damage.
? Changes in and non-compliance with laws and regulations under which we operate, such as those relating to health, environment, safety and security, data privacy and protection, anti-money laundering, anti-corruption, economic sanctions, trade protection, labor and employment, and tax may be costly and have in the past and may, in the future, lead to litigation, enforcement actions, fines, penalties and reputational damage.
? Factors associated with climate change, including evolving and increasing regulations, increasing global concern about climate change and the shift in climate conscious consumerism and stakeholder scrutiny, and increasing frequency and/or severity of adverse weather conditions could adversely affect our business.
? Inability to meet or achieve our targets, goals, aspirations, initiatives, and our public statements and disclosures regarding them, including those that are related to sustainability matters, may expose us to risks that may adversely impact our business.
? Breaches in data security and lapses in data privacy as well as disruptions and other damages to our principal offices, information technology operations and system networks and failure to keep pace with developments in technology may adversely impact our business operations, the satisfaction of our guests and crew and may lead to reputational damage.
? The loss of key team members, our inability to recruit or retain qualified shoreside and shipboard team members and increased labor costs could have an adverse effect on our business and results of operations.
? Los aumentos en los precios del combustible, los cambios en los tipos de combustible que se consumen y la disponibilidad del suministro de combustible pueden tener un impacto adverso en nuestros itinerarios y costos programados.
? We rely on supply chain vendors who are integral to the operations of our businesses. These vendors and service providers may be unable to deliver on their commitments, which could negatively impact our business.
? Las fluctuaciones en los tipos de cambio de moneda extranjera pueden tener un impacto adverso en nuestros resultados financieros.
? El exceso de capacidad y la competencia en la industria de cruceros y vacaciones en tierra pueden afectar negativamente nuestras ventas de cruceros, precios y opciones de destino.
? La incapacidad para implementar nuestros programas de construcción naval y reparaciones, mantenimiento y reacondicionamiento de barcos puede afectar negativamente nuestras operaciones comerciales y la satisfacción de nuestros huéspedes.
? We require a significant amount of cash to service our debt and sustain our operations. Our ability to generate cash depends on many factors, including those beyond our control, and we may not be able to generate cash required to service our debt and sustain our operations.
? Our substantial debt could adversely affect our financial health and operating flexibility.
El orden de los factores de riesgo establecidos anteriormente no pretende reflejar nuestra indicación de prioridad o probabilidad.
Las declaraciones prospectivas no deben considerarse una predicción de resultados reales. Sujeto a cualquier obligación continua bajo la ley aplicable o cualquier regla relevante de la bolsa de valores, renunciamos expresamente a cualquier obligación de difundir, después de la fecha de este documento, cualquier actualización o revisión de dichas declaraciones prospectivas para reflejar cualquier cambio en las expectativas o eventos. condiciones o circunstancias en las que se basan dichas declaraciones.
Las declaraciones prospectivas y de otro tipo contenidas en este documento también pueden abordar nuestro progreso, planes y objetivos de sostenibilidad (incluido el cambio climático y asuntos relacionados con el medio ambiente). Además, las declaraciones históricas, actuales y prospectivas relacionadas con la sostenibilidad y el clima pueden basarse en estándares y herramientas para medir el progreso que aún se están desarrollando, controles y procesos internos que continúan evolucionando, y suposiciones y predicciones que están sujetas a cambiar en el futuro y es posible que no se comparta en general.
Nuevos Pronunciamientos Contables
Consulte la Nota 1 - "General, Pronunciamientos Contables" of the consolidated financial statements for additional discussion regarding Pronunciamientos contables.
Estimaciones contables críticas
Para una discusión de nuestras estimaciones contables críticas, consulte "Discusión y análisis de la administración de la situación financiera y los resultados de las operaciones" que se incluye en el Formulario 10-K.
Estacionalidad
Our passenger ticket revenues are seasonal. Demand for cruises has been greatest during our third quarter, which includes the Northern Hemisphere summer months. This higher demand during the third quarter results in higher ticket prices and occupancy levels and, accordingly, the largest share of our operating income is typically earned during this period. Our results are also impacted by ships being taken out-of-service for planned maintenance, which we schedule during non-peak seasons. In addition, substantially all of Holland America Princess Alaska Tours' revenue and operating income is generated from May through September in conjunction with Alaska's cruise season.
Tendencias conocidas e incertidumbres
? We believe the volatility in the price of fuel and foreign currency exchange rates are reasonably likely to impact our profitability.
? We believe a global minimum tax could affect us in 2026, with the potential for a one-year deferral. Prior to any mitigating actions, we believe the annual impact could be approximately $200 million. We continue to evaluate the impact of these rules and are currently evaluating a variety of mitigating actions to minimize the impact. The application of the rules continues to evolve, and its outcome may alter our tax obligations in certain countries in which we operate.
? We believe the increasing global focus on climate change, including the reduction of greenhouse gas emissions and new and evolving regulatory requirements, is reasonably likely to have a material negative impact on our future financial results. We became subject to the EU ETS on January 1, 2024, which includes a three-year phase-in period. The impact in 2024 will be aproximadamente $ 50 millones.
Información Estadística
| Tres meses terminados | ||
| 2024 |
| 2023 |
Passenger Cruise Days ("PCDs") (en millones) (A) | 23.5 |
| 20.2 |
Días de amarre más bajos disponibles ("ALBD") (en millones) (antes de Cristo) | 23.0 |
| 22.1 |
Occupancy percentage (d) | 102% |
| 91% |
Pasajeros transportados (en millones) | 3.0 |
| 2.7 |
|
|
|
|
Consumo de combustible en toneladas métricas (en millones) | 0.7 |
| 0.7 |
Consumo de combustible en toneladas métricas por mil ALBD | 31.8 |
| 33.4 |
Costo de combustible por tonelada métrica consumida (excluyendo la asignación de la Unión Europea ("EUA")) | $686 |
| $730 |
Costo de EUA por tonelada métrica de emisiones | $81 |
| $- |
Gasto de la EUA (en millones) | $3 |
| $- |
|
|
|
|
Monedas (USD a 1) |
|
|
|
MXN | $0.66 |
| $0.69 |
CAD | $0.74 |
| $0.74 |
EUR | $1.09 |
| $1.07 |
GBP | $1.27 |
| $1.22 |
Notas a la información estadística
(A) PCD representa el número de pasajeros de cruceros en un viaje multiplicado por el número de días de operación del barco que generan ingresos para ese viaje.
(B) ALBD es una medida estándar de la capacidad de pasajeros para el período que utilizamos para aproximar las variaciones de capacidad y tarifas, en función de fórmulas aplicadas consistentemente que utilizamos para realizar análisis para determinar los principales factores no relacionados con la capacidad que hacen que nuestros ingresos y gastos de cruceros varíen. . Los ALBD asumen que cada cabina que ofrecemos a la venta tiene capacidad para dos pasajeros y se calcula multiplicando la capacidad de pasajeros por los días de operación del barco que generan ingresos en el período.
(C) For the three months ended February 29, 2024 compared to the three months ended February 28, 2023, we had a 4.2% capacity increase in ALBDs comprised of a 3.1% capacity increase in our NAA segment and a 6.1% capacity increase in our Europe segment.
Our NAA segment's capacity increase was caused by the impacts from:
? One Carnival Cruise Line 4,090-passenger capacity ship transferred from Costa Cruises and entered into service in May 2023
? One Seabourn 260-passenger capacity ship that entered into service in July 2023
? One Carnival Cruise Line 5,360-passenger capacity ship that entered into service in December 2023
? One Princess Cruises 4,310-passenger capacity ship that entered into service in February 2024
The increase in our NAA segment's capacity was partially offset by more ship dry-dock days in 2024 compared to 2023.
Our Europe segment's capacity increase was caused by the impacts from:
? The return to service of two ships as part of the completion of our return to guest cruise operations
? One P&O Cruises (UK) 5,280-passenger capacity ship that entered into service in December 2022
The increase in our Europe segment's capacity was partially offset by the impacts from:
? One Costa Cruises 4,090-passenger capacity ship that was transferred to Carnival Cruise Line in March 2023
? One AIDA Cruises 1,270-passenger capacity ship removed from service in November 2023
? One Costa Cruises 4,240-passenger capacity ship that was transferred to Carnival Cruise Line in February 2024 and is scheduled to enter service in April 2024
(D) La ocupación, de acuerdo con la práctica de la industria de cruceros, se calcula utilizando un numerador de PCD y un denominador de ALBD, lo que supone dos pasajeros por cabina, aunque algunas cabinas pueden acomodar a tres o más pasajeros. Los porcentajes superiores al 100% indican que, en promedio, más de dos pasajeros ocuparon algunas cabinas.
Three Months Ended February 29, 2024 ("2024") Compared to Three Months Ended February 28, 2023 ("2023")
Ingresos
Consolidado
Passenger ticket revenues made up 67% de nuestra 2024 total revenues. Passenger ticket revenues aumentado by 747 millones de dólareso 26%, a un 3.6 millones de dólares in 2024 en 2.9 millones de dólares in 2023.
Este incrementar fue causado por:
? 352 millones de dólares - 12% increase in occupancy
? 252 millones de dólares - incrementar in passenger ticket revenues driven by continued strength in demand, which drove ticket prices higher
? 120 millones de dólares - 4.2% capacity increase in ALBDs
? 32 millones de dólares - net favorable foreign currency translational impact
El restante 33% of 2024 total revenues was comprised of onboard and other revenues, which aumentado by 227 millones de dólareso 15%, a un 1.8 millones de dólares in 2024 en 1.6 millones de dólares in 2023.
Este incrementar was principally due to:
? 147 millones de dólares - 12% increase in occupancy
? 56 millones de dólares - 4.2% capacity increase in ALBDs
Segmento NAA
Passenger ticket revenues made up 63% of our NAA segment's 2024 total revenues. Passenger ticket revenues aumentado by 376 millones de dólareso 20%, a un 2.3 millones de dólares in 2024 en 1.9 millones de dólares in 2023.
Este incrementar fue causado por:
? 216 millones de dólares - incrementar in passenger ticket revenues driven by continued strength in demand, which drove ticket prices higher
? 123 millones de dólares - 6.5% increase in occupancy
? 59 millones de dólares - 3.1% capacity increase in ALBDs
El restante 37% of our NAA segment's 2024 total revenues were comprised of onboard and other revenues, which aumentado by 120 millones de dólareso 10%, a un 1.3 millones de dólares in 2024 en comparación con 1.2 millones de dólares in 2023.
This increase was substantially all due to:
? $77 million - 6.5% increase in occupancy
? $37 million - 3.1% capacity increase in ALBDs
Europe Segment
Passenger ticket revenues made up 77% of our Europe segment's 2024 total revenues. Passenger ticket revenues aumentado by 373 millones de dólareso 38%, a un 1.4 millones de dólares in 2024 en comparación con 1.0 millones de dólares in 2023.
Este incrementar was substantially all debido a:
? 230 millones de dólares - 23% increase in occupancy
? 61 millones de dólares - 6.1% capacity increase in ALBDs
? $36 million - increase in passenger ticket revenues driven by continued strength in demand, which drove ticket prices higher
? 34 millones de dólares - net favorable foreign currency translational impact
El restante 23% of our Europe segment's 2024 total revenues were comprised of onboard and other revenues, which aumentado by 102 millones de dólareso 34%, a un 404 millones de dólares in 2024 en 302 millones de dólares in 2023.
This increase was principally due to:
? $70 million - 23% increase in occupancy
? $19 million - 6.1% capacity increase in ALBDs
Costos y gastos
Consolidado
Costos y gastos operativos aumentado by 394 millones de dólareso 12%, a un 3.7 millones de dólares in 2024 en 3.3 millones de dólares in 2023.
This increase was driven by:
? $134 million - 4.2% capacity increase in ALBDs
? $ 126 millones - higher commissions, transportation costs, and other expenses driven by higher commission on increased ticket pricing and an increase in the number of guests
? 72 millones de dólares - 12% increase in occupancy
? 43 millones de dólares - higher onboard and other cost of sales driven by higher onboard revenues
? 30 millones de dólares - higher repair and maintenance expenses (including dry-dock expenses)
? 25 millones de dólares - net unfavorable foreign currency translational impact
? 25 millones de dólares - higher port expenses
Estas aumentos fueron parcialmente compensados por 52 millones de dólares of lower fuel expenses.
Gastos de venta y administración aumentado by 101 millones de dólareso 14%, a un 813 millones de dólares in 2024 en 712 millones de dólares in 2023. This increase was caused by an increase in advertising costs and administrative expenses, which includes an increase in compensation costs.
Segmento NAA
Costos y gastos operativos aumentado by 213 millones de dólareso 9.7%, a un 2.4 millones de dólares in 2024 en 2.2 millones de dólares in 2023.
This increase was driven by:
? 68 millones de dólares - 3.1% capacidad incrementar in ALBDs
? 47 millones de dólares - higher commissions, transportation costs, and other expenses driven by higher commission on increased ticket pricing and an increase in the number of guests
? 44 millones de dólares - higher repair and maintenance expenses (including dry-dock expenses)
? 26 millones de dólares - higher onboard and other cost of sales driven by higher onboard revenues
? 26 millones de dólares - 6.5% increase in occupancy
? 20 millones de dólares - higher port expenses
These increases were partially offset by 30 millones de dólares of lower fuel expenses.
Gastos de venta y administración aumentado by 62 millones de dólareso 14%, a un 502 millones de dólares in 2024 en 440 millones de dólares in 2023. Esto incrementar fue caused by an increase in advertising costs and administrative expenses, which includes an increase in compensation costs.
Europe Segment
Costos y gastos operativos aumentado by 173 millones de dólareso 16%, a un 1.3 millones de dólares in 2024 en 1.1 millones de dólares in 2023.
This increase was caused by:
? $79 million - higher commissions, transportation costs, and other expenses driven by an increase in the number of guests
? $66 million - 6.1% capacity increase in ALBDs
? $45 million - 23% increase in occupancy
? 27 millones de dólares - net unfavorable foreign currency translational impact
? 17 millones de dólares - higher onboard and other cost of sales driven by higher onboard revenues
These increases were partially offset by:
? 22 millones de dólares - lower fuel expenses
? 14 millones de dólares - lower repair and maintenance expenses (including dry-dock expenses)
Gastos de venta y administración aumentado by 21 millones de dólareso 10%, a un 234 millones de dólares in 2024 en 213 millones de dólares in 2023. Esto incrementar was caused by an increase in advertising costs and administrative expenses, which includes an increase in compensation costs.
Ingreso operativo (pérdida)
Our consolidated operating income (loss) increased by $447 million to $276 million in 2024 from $(172) million in 2023. Our NAA segment's operating income (loss) increased by $187 million to $272 million in 2024 from $86 million in 2023, and our Europe segment's operating income (loss) increased by $286 million to $119 million in 2024 from $(166) million in 2023. These changes were primarily due to the reasons discussed above.
Ingresos (gastos) no operativos
Gastos por intereses, neto de intereses capitalizados, disminuido by 68 millones de dólareso 13%, a un 471 millones de dólares in 2024 en 539 millones de dólares in 2023. disminuir fue causado by a decrease in total debt.
Debt extinguishment costs were 33 millones de dólares in 2024 as a result of debt transactions occurring during the current period.
Liquidez, Situación Financiera y Recursos de Capital
A partir de Febrero 29, 2024, tuvimos 5.2 millones de dólares of liquidity including 2.2 millones de dólares de efectivo y equivalentes de efectivo y 3.0 millones de dólares of borrowings available under our Revolving Facility, which matures in August 2024, at which point it will be replaced by the 2.5 millones de dólares New Revolving Facility available through August 2027. We will continue to pursue various opportunities to repay portions of our existing indebtedness and refinance future debt maturities to extend maturity dates and reduce interest expense. Refer to Note 3 - "Debt" of the consolidated financial statements and Funding Sources below for additional details.
We had a working capital deficit of 7.9 millones de dólares a partir de Febrero 29, 2024 compared to a working capital deficit of 6.2 millones de dólares a partir de 30 de noviembre.. The increase in working capital deficit was primarily due to an increase in customer deposits and the current portion of long-term debt as well as a decrease in prepaid expenses and other. We operate with a substantial working capital deficit. This deficit is mainly attributable to the fact that, under our business model, substantially all of our passenger ticket receipts are collected in advance of the applicable sailing date. These advance passenger receipts generally remain a current liability on our balance sheet until the sailing date. The cash generated from these advance receipts is used interchangeably with cash on hand from other sources, such as our borrowings and other cash from operations. The cash received as advanced receipts can be used to fund operating expenses, pay down our debt, make long-term investments or any other use of cash. Included within our working capital are $6.6 billion and $6.1 billion of customer deposits as of February 29, 2024 and November 30, 2023, respectively. We have agreements with a number of credit card processors that transact customer deposits related to our cruise vacations. Certain of these agreements allow the credit card processors to request, under certain circumstances, that we provide a capped reserve fund in cash. In addition, we have a relatively low level of accounts receivable and limited investment in inventories.
Fuentes y usos del efectivo
Actividades operativas
Our business provided 1.8 millones de dólares of net cash flows from operating activities during the three months ended February 29, 2024, un incremento de 1.4 millones de dólares, En comparación con los 0.4 millones de dólares provided for the same period in 2023. This was driven by an increase in net cash provided by operating activities and an increase in cash provided by the release of substantially all credit card reserves (included in the change in prepaid expenses and other assets).
Actividades de inversión
Durante los three months ended February 29, 2024, net cash used in investing activities was 2.2 millones de dólares. This was driven by:
? Capital expenditures of 1.7 millones de dólares for our ongoing new shipbuilding program
? Capital expenditures of 0.4 millones de dólares for ship improvements and replacements, information technology and buildings and improvements
Durante los three months ended February 28, 2023, net cash used in investing activities was 1.0 millones de dólares. This was driven by:
? Capital expenditures of 0.8 millones de dólares for our ongoing new shipbuilding program
? Capital expenditures of 0.2 millones de dólares for ship improvements and replacements, information technology and buildings and improvements
? Proceeds from sale of ships of 23 millones de dólares
Actividades de financiamiento
Durante los three months ended February 29, 2024, net cash provided by financing activities of 0.2 millones de dólares fue causado por:
? Repayments of 1.4 millones de dólares of long-term debt
? Debt issuance costs of 77 millones de dólares
? Debt extinguishment costs of 31 millones de dólares
? Issuances of 1.7 millones de dólares of long-term debt
Durante los three months ended February 28, 2023, net cash provided by financing activities of 0.1 millones de dólares fue causado por:
? Issuances of 0.8 millones de dólares of long-term debt
? Repayments of 0.7 millones de dólares of long-term debt
? Payments of 40 millones de dólares relacionados con los costos de emisión de deuda
Fuentes de financiamiento
A partir de Febrero 29, 2024, tuvimos 5.2 millones de dólares of liquidity including 2.2 millones de dólares de efectivo y equivalentes de efectivo y 3.0 millones de dólares of borrowings available under our Revolving Facility, which matures in August 2024, at which point it will be replaced by the New Revolving Facility available through August 2027. Refer to Note 3 - "Debt" of the consolidated financial statements for additional discussion. In addition, we had $2.8 billion of undrawn export credit facilities to fund ship deliveries planned through 2027. We plan to use existing liquidity and future cash flows from operations to fund our cash requirements including capital expenditures not funded by our export credit facilities. We seek to manage our credit risk exposures, including counterparty nonperformance associated with our cash and cash equivalents, and future financing facilities by conducting business with well-established financial institutions, and export credit agencies and diversifying our counterparties.
(en miles de millones) |
| 2024 |
| 2025 |
| 2026 |
| 2027 |
Futuras líneas de crédito a la exportación al 29 de febrero de 2024 |
| $0.6 |
| $0.7 |
| $- |
| $1.4 |
Our export credit facilities contain various financial covenants as described in Note 3 - "Debt". At Febrero 29, 2024, cumplimos con las cláusulas aplicables en virtud de nuestros acuerdos de deuda.
Arreglos Fuera de Balance
No somos parte de ningún acuerdo fuera de balance, incluidos contratos de garantía, intereses retenidos o contingentes, ciertos instrumentos derivados y entidades de interés variable que tienen, o es razonablemente probable que tengan, un efecto material presente o futuro en nuestros estados financieros consolidados. declaraciones.
Divulgaciones cuantitativas y cualitativas sobre el riesgo de mercado.
For a discussion of our hedging strategies and market risks, see the discussion below and Note 10 - "Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks" in our consolidated financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations within our Form 10-K. There have been no material changes to our exposure to market risks since the date of our 2023 Form 10-K.
Riesgos de tipos de interés
The composition of our debt, interest rate swaps and cross currency swaps, was as follows:
| Febrero 29, 2024 |
Tipo de interés fijo | 61% |
tasa fija EUR | 20% |
Tipo de interés variable | 5% |
tipo de cambio flotante EUR | 14% |
Controles y procedimientos.
A. Evaluación de Controles y Procedimientos de Divulgación
Disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934, is recorded, processed, summarized and reported, within the time periods specified in the U.S. Securities and Exchange Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in our reports that we file or submit under the Securities Exchange Act of 1934 is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.
Our President, Chief Executive Officer and Chief Climate Officer and our Chief Financial Officer and Chief Accounting Officer have evaluated our disclosure controls and procedures and have concluded, as of Febrero 29, 2024, that they are effective to provide a reasonable level of assurance, as described above.
B. Cambios en el control interno sobre la información financiera
There have been no changes in our internal control over financial reporting during the quarter ended Febrero 29, 2024 that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.
PARTE II - OTRA INFORMACIÓN
Artículo 1. Procedimientos legales.
The legal proceedings described in Note 4 - "Contingencies and Commitments" of our consolidated financial statements, including those described under "COVID-19 Actions" and "Regulatory or Governmental Inquiries and Investigations," are incorporated in this "Legal Proceedings" section by reference. Additionally, SEC rules require disclosure of certain environmental matters when a governmental authority is a party to the proceedings and such proceedings involve potential monetary sanctions that we believe may exceed $1 million for such proceedings.
On June 20, 2022, Princess Cruises notified the Australian Maritime Safety Authorization ("AMSA") and the flag state, Bermuda, regarding approximately six cubic meters of comminuted food waste (liquid biodigester effluent) inadvertently released by Princesa coral inside the Great Barrier Reef Marine Park. On June 23, 2022, the UK P&I Club N.V. provided a letter of undertaking for approximately $1.9 million (being the estimated maximum combined penalty). On May 31, 2023, we received a summons from the Australia Federal Prosecution Service indicating that formal charges are being pursued against Princess Cruises and the Captain of the vessel. We believe the ultimate outcome will not have a material impact on our consolidated financial statements.
On February 5, 2024, P&O Cruises (Australia) notified AMSA and the UK Marine Accident Investigation Branch that a small amount of oil may have inadvertently contaminated grey water which was discharged by Aventura del Pacífico in the Great Barrier Reef Marine Park, Queensland. We are conducting an internal investigation and intend to cooperate with any inquiries from governmental authorities. We believe the ultimate outcome will not have a material impact on our consolidated financial statements.
Artículo 1A. Factores de riesgo.
The risk factors that affect our business and financial results are discussed in "Item 1A. Risk Factors," included in the Form 10-K, and there has been no material change to these risk factors since the Form 10-K filing. These risks should be carefully considered, and could materially and adversely affect our results, operations, outlooks, plans, goals, growth, reputation, cash flows, liquidity, and stock price. Our business also could be affected by risks that we are not presently aware of or that we currently consider immaterial to our operations.
Artículo 2. Ventas no registradas de valores de renta variable y uso de los ingresos.
A. Programa de intercambio de acciones
Our Stock Swap Program allows us to realize a net cash benefit when Carnival Corporation common stock is trading at a premium to the price of Carnival plc ordinary shares. Under the Stock Swap Program, we may elect to offer and sell shares of Carnival Corporation common stock at prevailing market prices in ordinary brokers' y recomprar un número equivalente de acciones ordinarias de Carnival plc en el mercado del Reino Unido.
Under the Stock Swap Program effective June 2021, the Boards of Directors authorized the sale of up to $500 million of shares of Carnival Corporation common stock in the U.S. market and the repurchase of an equivalent number of Carnival plc ordinary shares.
We may in the future implement a program to allow us to realize a net cash benefit when Carnival plc ordinary shares are trading at a premium to the price of Carnival Corporation common stock.
Any sales of Carnival Corporation common stock and Carnival plc ordinary shares have been or will be registered under the Securities Act of 1933, as amended. Since the beginning of the Stock Swap Program, first authorized in June 2021, we have sold 17.2 millones de shares of Carnival Corporation common stock and repurchased the same amount of Carnival plc ordinary shares, resulting in net proceeds of 29 millones de dólares. During the three months ended Febrero 29, 2024, there were no sales or repurchases under the Stock Swap Program. Durante los tres meses terminados Febrero 29, 2024, no shares of Carnival Corporation common stock or Carnival plc ordinary shares were repurchased.
Artículo 5. Otra información.
C. Trading Plans
Durante los trimestre terminó Febrero 29, 2024, no director or Section 16 officer adoptado or finalizado any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements (in each case, as defined in Item 408(a) of Regulation S-K).
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.