Carnival Corporation & plc offers first quarter 2021 update

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Carnival Corporation & plc offers first quarter 2021 update
Wed April 07, 2021

Booking volumes for all future cruises during this period were approximately 90% higher than those recorded during the fourth quarter of 2020


Carnival Corporation & plc (NYSE / LSE: CCL; NYSE: CUK) provides a business update for the first quarter of 2021.

  • US GAAP net loss of $ (2.0) billion and adjusted net loss of $ (2.0) billion for the first quarter of 2021.
  • The first quarter of 2021 ended with $ 11.5 billion in cash and short-term investments.
  • The cash burn rate in the first quarter of 2021 was better than expected as the company has identified and implemented opportunities to optimize its monthly spending.
  • Reservation volumes for all future cruises during the first quarter of 2021 were approximately 90% higher than the reservation volumes during the fourth quarter of 2020.
  • Accumulated advanced bookings for full year 2022 are ahead of a very strong 2019, despite minimal advertising or marketing.
  • Six of the company's nine brands are expected to resume limited guest cruise operations this summer.
  • AIDA resumed guest cruise operations in March sailing in the Canary Islands.
  • Costa expects to resume guest cruise operations in May bound for Italian ports.
  • P&O Cruises (UK), Cunard and Princess Cruises will each offer a number of UK cruises this summer.
  • Seabourn expects to resume guest cruise operations this summer sailing from Greece.

Carnival Corporation & plc Chairman and Chief Executive Officer Arnold Donald said: "We are focused on resuming operations as quickly as practical, while at the same time demonstrating prudent capital management and doing so in a way that serves customers. best interests of public health. Our highest responsibility and therefore our highest priority is always compliance, environmental protection, and the health, safety and well-being of all. " Donald added: "Our portfolio of brands has clearly been an asset as we resumed operations this summer with nine ships on six of our brands."

Donald continued: "Throughout the hiatus, we have been positioning Carnival Corporation to once again serve guests as an operationally stronger company than before. With an exciting roster of six new and more efficient ships for December and fewer. capacity since the departure of 19 less efficient ships, we hope to capitalize on pent-up demand and achieve significant cost improvement from the increased efficiency of our fleet, along with the continuous optimization of operations on land. "

Update on reservations

Donald added: "Booking volumes are accelerating. During the first quarter of 2021 they were approximately 90% higher than the volumes during the fourth quarter of 2020, reflecting both the significant pent-up demand and the long-term potential for Cruises".

Accumulated advanced bookings for the full year 2022 are ahead of a very strong 2019 as of March 21, 2021. The company highlights that this level of bookings was achieved with minimal advertising and marketing. (Due to the pause in guest cruise operations in 2020, the company's current booking trends will be compared to booking trends for 2019 voyages.)

Total customer deposits as of February 28, 2021 and November 30, 2020 were $ 2.2 billion, the majority of which are future cruise credits. During the quarter, customer deposits in new reserves essentially offset the impact of the refunds provided. As of February 28, 2021, the current portion of customer deposits was $ 1.8 billion, of which $ 0.7 billion relates to reserves for the remainder of 2021.

Resumption of guest operations
La compañía se encuentra en una posición única para la reanudación gradual de los viajes en crucero debido a sus múltiples marcas, que pueden reiniciarse de forma independiente y adaptadas al entorno de su respectivo mercado de origen. AIDA Cruises ("AIDA") reanudó las operaciones de cruceros para huéspedes a fines de marzo navegando en las Islas Canarias. Costa Cruceros ("Costa") espera reanudar sus operaciones en mayo navegando hacia puertos italianos. P&O Cruises (Reino Unido), Cunard y Princess Cruises ofrecerán cada uno una serie de cruceros este verano navegando por las aguas costeras del Reino Unido con P&O Cruises (Reino Unido) iniciando la temporada en junio, seguido de Cunard y Princess Cruises en julio. Seabourn también espera reanudar las operaciones de cruceros de invitados este verano navegando desde Grecia. Además, este verano, Holland America Line y Princess Cruises esperan ofrecer opciones de vacaciones en tierra para que los viajeros experimenten Alaska a través de una combinación de recorridos, alojamiento y visitas turísticas.

Health and safety protocols
The initial cruises are being carried out with adjusted passenger capacity and improved health protocols developed with the government and health authorities, and with the guidance of the company's roster of medical and scientific experts. The company has been working with a number of the world's leading policy, epidemiology and public health experts to support their ongoing efforts with improved health and safety protocols to help protect and mitigate the impact of COVID-19 during the holidays in cruise. The company's brands have a comprehensive set of health and hygiene protocols that facilitate a safe and healthy return to cruise vacations.

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