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Exhibit 99.2

Additional Information

March 22, 2011

On March 22, 2011, Carnival Corporation & plc reported net income of $152 million, or $0.19 diluted EPS, on revenues of $3.4 billion for its first quarter ended February 28, 2011. Net income for the first quarter 2010 was $175 million, or $0.22 diluted EPS, on revenues of $3.2 billion. The first quarter 2010 included the favorable impact of $0.10 per share from unusual items.

Key metrics for the first quarter 2011 compared to the prior year were as follows:

 

   

On a constant dollar basis net revenue yields (net revenue per available lower berth day) increased 2.0 percent for 1Q 2011, which was in line with December guidance. Gross revenue yields increased 2.4 percent in current dollars.

 

   

Net cruise costs, excluding fuel and the 1Q 2010 $44 million gain on the sale of P&O Cruises (UK)’s Artemis, per available lower berth day (“ALBD”) were in line with the prior year in constant dollars, and were better than the December guidance of flat to up 1 percent. Gross cruise costs per ALBD in current dollars increased 4.4 percent.

 

   

Fuel prices increased 9 percent to $543 per metric ton for 1Q 2011 from $497 per metric ton in 1Q 2010 and were higher than the December guidance of $526 per metric ton.

2011 Outlook

As of March 22, 2011, the company expects fully diluted earnings per share for the second quarter and full year 2011 to be in the range of $0.20 to $0.24 and $2.55 to $2.65, respectively. The company’s guidance was based in part on the assumptions in the table below.

 

     Full Year 2011   Second Quarter 2011

Fuel price per metric ton

     $631   $659

Fuel consumption (metric tons in thousands)

   3,440     875

Currency

    

Euro

   $1.39 to €1   $1.40 to €1

Sterling

   $1.61 to £1   $1.61 to £1


The above forward-looking statements involve risks, uncertainties and assumptions with respect to us. There are many factors that could cause our actual results to differ materially from those expressed above including, but not limited to, economic and business conditions, foreign currency exchange rates, fuel prices, ship incidents, adverse weather conditions, spread of contagious diseases, regulatory changes, geopolitical and other factors that could adversely impact our revenues, costs and expenses. You should read the following forward-looking statement together with the discussion of these and other risks under “Cautionary Note Concerning Factors That May Affect Future Results.”

Stock Swap” Programs

We use the “Stock Swap” programs in situations where we can obtain an economic benefit because either Carnival Corporation common stock or Carnival plc ordinary shares are trading at a price that is at a premium or discount to the price of Carnival plc ordinary shares or Carnival Corporation common stock, as the case may be.

In the event Carnival Corporation common stock trades at a premium to Carnival plc ordinary shares, we may elect to issue and sell Carnival Corporation common stock through a sales agent, and use the sale proceeds to repurchase Carnival plc ordinary shares in the UK market on at least an equivalent basis. Carnival Corporation may issue and sell up to 19.2 million of its common stock in the U.S. market, which shares are to be sold from time to time at prevailing market prices in ordinary brokers’ transactions by a sales agent. Any sales of Carnival Corporation shares have been or will be registered under the Securities Act.

In the event Carnival Corporation common stock trades at a discount to Carnival plc ordinary shares, we may elect to sell existing ordinary shares of Carnival plc, with such sales made by Carnival Corporation or Carnival Investments Limited, a subsidiary of Carnival Corporation, and with a sales agent, from time to time in “at the market” transactions, and use the sale proceeds to repurchase Carnival Corporation common stock in the U.S. market on at least an equivalent basis. Carnival Corporation or Carnival Investments Limited may sell up to 31.5 million Carnival plc ordinary shares in the UK market, which shares are to be sold from time to time at prevailing market prices in ordinary brokers’ transactions by a sales agent. Any sales of Carnival plc shares have been or will be registered under the Securities Act.

During the three months ended February 28, 2011, no Carnival Corporation common stock or Carnival plc ordinary shares were sold and none were repurchased under the “Stock Swap” programs.


Cautionary Note Concerning Factors That May Affect Future Results

Some of the statements, estimates or projections contained in this earnings release are “forward-looking statements” that involve risks, uncertainties and assumptions with respect to Carnival Corporation & plc, including some statements concerning future results, outlooks, plans, goals and other events which have not yet occurred. These statements are intended to qualify for the safe harbors from liability provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We have tried, whenever possible, to identify these statements by using words like “will,” “may,” “could,” “should,” “would,” “believe,” “expect,” “anticipate,” “forecast,” “future,” “intend,” “plan,” “estimate” and similar expressions of future intent or the negative of such terms. Because forward-looking statements involve risks and uncertainties, there are many factors that could cause Carnival Corporation & plc’s actual results, performance or achievements to differ materially from those expressed or implied in this earnings release. Forward-looking statements include those statements which may impact, among other things, the forecasting of Carnival Corporation & plc’s earnings per share, net revenue yields, booking levels, pricing, occupancy, operating, financing and tax costs, fuel expenses, costs per available lower berth day, estimates of ship depreciable lives and residual values, liquidity, goodwill and trademark fair values and outlook. These factors include, but are not limited to, the following: general economic and business conditions; fluctuations in foreign currency exchange rates; the international political climate, armed conflicts, terrorist and pirate attacks, vessel seizures, and threats thereof, and other world events affecting the safety and security of travel; competition from and overcapacity in the cruise ship or land-based vacation industries; accidents, the spread of contagious diseases and threats thereof, adverse weather conditions or natural disasters and other incidents affecting the health, safety, security and satisfaction of guests and crew; adverse publicity concerning the cruise industry in general, or Carnival Corporation & plc in particular, including any adverse impact that cruising may have on the marine environment; changes in and compliance with laws and regulations relating to the protection of persons with disabilities, employment, environment, health, safety, security, tax and other regulations under which Carnival Corporation & plc operates; economic, market and political factors that are beyond Carnival Corporation & plc’s control, which could increase its operating, financing and other costs; the ability of Carnival Corporation & plc to implement its shipbuilding programs and ship repairs, maintenance and refurbishments on terms that are favorable or consistent with its expectations; increases in Carnival Corporation & plc’s repairs and maintenance expenses and refurbishment costs as its fleet ages; the continued strength of Carnival Corporation & plc’s cruise brands and its ability to implement its brand strategies; Carnival Corporation & plc’s international operations are subject to additional risks not generally applicable to its U.S. operations; geographic regions in which Carnival Corporation & plc tries to expand its business may be slow to develop and ultimately not develop how it expects; whether Carnival Corporation & plc’s future operating cash flow will be sufficient to fund future obligations and whether it will be able to obtain financing, if necessary, in sufficient amounts and on terms that are favorable or consistent with its expectations; Carnival Corporation & plc counterparties’ abilities to perform; continuing financial viability of Carnival Corporation & plc’s travel agent distribution system, air service providers and other key vendors in its supply chain and reductions in the availability of, and increases in the pricing for, the services and products provided by these vendors; Carnival Corporation & plc’s decisions to self-insure against various risks or its inability to obtain insurance for certain risks at reasonable rates; disruptions and other damages to Carnival Corporation & plc’s information technology and other networks and operations and breaches in data security; loss of key personnel or Carnival Corporation & plc’s ability to recruit or retain qualified personnel; union disputes and other employee relation issues; lack of continuing availability of attractive, convenient and safe port destinations; and risks associated with the dual listed company arrangement. Forward-looking statements should not be relied upon as a prediction of actual results. Subject to any continuing obligations under applicable law or any relevant stock exchange rules, Carnival Corporation & plc expressly disclaim any obligation to disseminate, after the date of this release, any updates or revisions to any such forward-looking statements to reflect any change in expectations or events, conditions or circumstances on which any such statements are based.


CARNIVAL CORPORATION & PLC

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

(in millions, except per share data)

 

     Three Months Ended
February 28,
 
     2011     2010  

Revenues

    

Cruise

    

Passenger tickets

   $ 2,652      $ 2,441 (a) 

Onboard and other

     757        729   

Tour and other

     10        8   
                
     3,419        3,178   
                

Costs and Expenses

    

Operating

    

Cruise

    

Commissions, transportation and other

     664        581 (a) 

Onboard and other

     120        113   

Payroll and related

     411        391   

Fuel

     450        397   

Food

     231        212   

Other ship operating

     510        474   

Tour and other

     9        14   
                

Total

     2,395        2,182   

Selling and administrative

     422        396   

Depreciation and amortization

     367        345   
                
     3,184        2,923   
                

Operating Income

     235        255   
                

Nonoperating (Expense) Income

    

Interest income

     2        4   

Interest expense, net of capitalized interest

     (86     (96

Other income (expense), net

     6        (3
                
     (78     (95
                

Income Before Income Taxes

     157        160   

Income Tax (Expense) Benefit, Net

     (5     15   
                

Net Income

   $ 152      $ 175   
                

Earnings Per Share

    

Basic

   $ 0.19      $ 0.22   
                

Diluted

   $ 0.19      $ 0.22   
                

Dividends Declared Per Share

   $ 0.25      $ 0.10   
                

Weighted-Average Shares Outstanding – Basic

     790        787   
                

Weighted-Average Shares Outstanding – Diluted

     794        805   
                

 

(a) During the fourth quarter of 2010, we changed the classification of our port costs that vary with guest head counts to a gross presentation from a net presentation, which resulted in an increase in both passenger ticket revenues and commissions, transportation and other costs. The amount reclassified and now included on a gross basis in passenger ticket revenues and commissions, transportation and other costs was $83 million for the three months ended February 28, 2010.


CARNIVAL CORPORATION & PLC

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in millions, except par values)

 

     February 28,
2011
    November 30,
2010
 

ASSETS

    

Current Assets

    

Cash and cash equivalents

   $ 465      $ 429   

Trade and other receivables, net

     308        248   

Inventories

     343        320   

Prepaid expenses and other

     249        247   
                

Total current assets

     1,365        1,244   
                

Property and Equipment, Net

     31,225        30,967   

Goodwill

     3,373        3,320   

Other Intangibles

     1,335        1,320   

Other Assets

     667        639   
                
   $ 37,965      $ 37,490   
                

LIABILITIES AND SHAREHOLDERS’ EQUITY

    

Current Liabilities

    

Short-term borrowings

   $ 679      $ 740   

Current portion of long-term debt

     811        613   

Accounts payable

     516        503   

Accrued liabilities and other

     1,121        1,094   

Customer deposits

     2,882        2,805   
                

Total current liabilities

     6,009        5,755   
                

Long-Term Debt

     7,815        8,011   

Other Long-Term Liabilities and Deferred Income

     706        693   

Shareholders’ Equity

    

Common stock of Carnival Corporation, $0.01 par value; 1,960 shares authorized; 647 shares at 2011 and 646 shares at 2010 issued

     6        6   

Ordinary shares of Carnival plc, $1.66 par value; 215 shares at 2011 and 214 shares at 2010 issued

     357        355   

Additional paid-in capital

     8,148        8,094   

Retained earnings

     17,178        17,224   

Accumulated other comprehensive income (loss)

     141        (254

Treasury stock, 39 shares at 2011 and 2010 of Carnival Corporation and 31 shares at 2011 and 2010 of Carnival plc, at cost

     (2,395     (2,394
                

Total shareholders’ equity

     23,435        23,031   
                
   $ 37,965      $ 37,490   
                


CARNIVAL CORPORATION & PLC

OTHER INFORMATION

 

     Three Months Ended
February 28,
 
     2011     2010  

STATISTICAL INFORMATION

    

Passengers carried (in thousands)

     2,185        2,049   

Occupancy percentage

     105.0     103.5

Fuel consumption (metric tons in thousands)

     828        800   

Fuel cost per metric ton (a)

   $ 543      $ 497   

Currencies

    

U.S. dollar to €1

   $ 1.34      $ 1.42   

U.S. dollar to £1

   $ 1.58      $ 1.60   

U.S. dollar to Australian dollar

   $ 1.00      $ 0.90   

CASH FLOW INFORMATION (in millions)

    

Cash from operations

   $ 412      $ 396   

Capital expenditures

   $ 172      $ 1,169   

Dividends paid

   $ 79     

 

(a) Fuel cost per metric ton is calculated by dividing the cost of fuel by the number of metric tons consumed.


CARNIVAL CORPORATION & PLC

NON-GAAP FINANCIAL MEASURES

Consolidated gross and net revenue yields were computed by dividing the gross and net cruise revenues, without rounding, by ALBDs as follows (dollars in millions, except yields) (a):

 

     Three Months Ended February 28,  
     2011     2011
Constant
Dollar
    2010  

Passenger ticket revenues

   $ 2,652      $ 2,688      $ 2,441   

Onboard and other revenues

     757        763        729   
                        

Gross cruise revenues

     3,409        3,451        3,170   
                        

Less cruise costs

      

Commissions, transportation and other

     (664     (679     (581

Onboard and other

     (120     (121     (113
                        
     (784     (800     (694
                        

Net passenger ticket revenues

     1,988        2,009        1,860   

Net onboard and other revenues

     637        642        616   
                        

Net cruise revenues

   $ 2,625      $ 2,651      $ 2,476   
                        

ALBDs (b)

     16,686,710        16,686,710        15,890,082   
                        

Gross revenue yields

   $ 204.30      $ 206.79      $ 199.48   

% increase vs. 2010

     2.4     3.7  

Net revenue yields

   $ 157.28      $ 158.87      $ 155.81   

% increase vs. 2010

     0.9     2.0    
   

Net passenger ticket revenue yields

   $ 119.11      $ 120.41      $ 117.07   

% increase vs. 2010

     1.7     2.9    
   

Net onboard and other revenue yields

   $ 38.17      $ 38.46      $ 38.74   

% decrease vs. 2010

     (1.5 )%      (0.7 )%         

Consolidated gross and net cruise costs and net cruise costs excluding fuel per ALBD were computed by dividing the gross and net cruise costs and net cruise costs excluding fuel, without rounding, by ALBDs as follows (dollars in millions, except costs per ALBD) (a):

 

     Three Months Ended February 28,  
     2011     2011
Constant
Dollar
    2010  

Cruise operating expenses

   $ 2,386      $ 2,414      $ 2,168   

Cruise selling and administrative expenses (c)

     416        420        389   
                        

Gross cruise costs

     2,802        2,834        2,557   

Less cruise costs included in net cruise revenues

      

Commissions, transportation and other

     (664     (679     (581

Onboard and other

     (120     (121     (113
                        

Net cruise costs

     2,018        2,034        1,863   

Less fuel

     (450     (450     (397
                        

Net cruise costs excluding fuel

   $ 1,568      $ 1,584      $ 1,466   
                        

ALBDs (b)

     16,686,710        16,686,710        15,890,082   
                        

Gross cruise costs per ALBD

   $ 167.92      $ 169.81      $ 160.92   

% increase vs. 2010

     4.4     5.5  

Net cruise costs per ALBD

   $ 120.90      $ 121.89      $ 117.25   

% increase vs. 2010

     3.1     4.0    
   

Net cruise costs excluding fuel per ALBD

   $ 93.95      $ 94.94      $ 92.25   

% increase vs. 2010

     1.9     2.9        

(See next page for Notes to Non-GAAP Financial Measures.)


NOTES TO NON-GAAP FINANCIAL MEASURES

 

(a) We use net cruise revenues per ALBD (“net revenue yields”), net cruise costs per ALBD and net cruise costs excluding fuel per ALBD as significant non-GAAP financial measures of our cruise segment financial performance. These measures enable us to separate the impact of predictable capacity changes from the more unpredictable rate changes that affect our business. We believe these non-GAAP measures provide an expanded insight to measure our revenue and cost performance in addition to the standard U.S. GAAP-based financial measures.

Net revenue yields are commonly used in the cruise industry to measure a company’s cruise segment revenue performance and for revenue management purposes. We use “net cruise revenues” rather than “gross cruise revenues” to calculate net revenue yields. We believe that net cruise revenues is a more meaningful measure in determining revenue yield than gross cruise revenues because it reflects the cruise revenues earned net of our most significant variable costs, which are travel agent commissions, cost of air and other transportation, certain other costs that are directly associated with onboard and other revenues and credit card fees. Substantially all of our remaining cruise costs are largely fixed, except for the impact of changing prices, once our ship capacity levels have been determined.

Net passenger ticket revenues reflect gross cruise revenues, net of (1) onboard and other revenues, (2) commissions, transportation and other costs and (3) onboard and other cruise costs. Net onboard and other revenues reflect gross cruise revenues, net of (1) passenger ticket revenues, (2) commissions, transportation and other costs and (3) onboard and other cruise costs. Net passenger ticket revenue yields and net onboard and other revenue yields are computed by dividing net passenger ticket revenues and net onboard and other revenues by ALBDs.

Net cruise costs per ALBD and net cruise costs excluding fuel per ALBD are the most significant measures we use to monitor our ability to control our cruise segment costs rather than gross cruise costs per ALBD. We exclude the same variable costs that are included in the calculation of net cruise revenues to calculate net cruise costs with and without fuel to avoid duplicating these variable costs in our non-GAAP financial measures.

We have not provided estimates of future gross revenue yields or future gross cruise costs per ALBD because the quantitative reconciliations of forecasted gross cruise revenues to forecasted net cruise revenues or forecasted gross cruise costs to forecasted net cruise costs would include a significant amount of uncertainty in projecting the costs deducted to arrive at this measure. As such, management does not believe that this reconciling information would be meaningful.

In addition, because our Europe, Australia & Asia cruise brands utilize the euro, sterling and Australian dollar to measure their results and financial condition, the translation of those operations to our U.S. dollar reporting currency results in decreases in reported U.S. dollar revenues and expenses if the U.S. dollar strengthens against these foreign currencies, and increases in reported U.S. dollar revenues and expenses if the U.S. dollar weakens against these foreign currencies. Accordingly, we also monitor and report our non-GAAP financial measures assuming the 2011 period currency exchange rates have remained constant with the 2010 period rates, or on a “constant dollar basis,” in order to remove the impact of changes in exchange rates on our non-U.S. dollar cruise operations. We believe that this is a useful measure since it facilitates a comparative view of the growth of our business in a fluctuating currency exchange rate environment.

There are no specific rules for determining our non-GAAP current and constant dollar financial measures and, accordingly, it is possible that they may not be exactly comparable to the like-kind information presented by other cruise companies, which is a potential risk associated with using these measures to compare us to other cruise companies.

 

(b) ALBDs is a standard measure of passenger capacity for the period, which we use to perform rate and capacity variance analyses to determine the main non-capacity driven factors that cause our cruise revenues and expenses to vary. ALBDs assume that each cabin we offer for sale accommodates two passengers and is computed by multiplying passenger capacity by revenue-producing ship operating days in the period.

 

(c) For the three months ended February 28, 2011 and 2010, selling and administrative expenses were $422 million and $396 million, respectively. For the three months ended February 28, 2011 and 2010, selling and administrative expenses were comprised of cruise selling and administrative expenses of $416 million and $389 million and Tour and Other selling and administrative expenses of $6 million and $7 million, respectively.