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CARNIVAL CORPORATION & PLC TO CONSOLIDATE GERMAN CRUISE OPERATIONS
MIAMI (09/02/03) - Carnival Corporation & plc (NYSE/LSE: CCL; NYSE:
CUK) announced today that it will consolidate its German cruise operations,
transferring the 1,590-passenger cruise ship A'ROSA Blu to its AIDA brand in
summer 2004. Separately, the company announced that it has entered into a
letter of intent to sell the A'ROSA brand name and the A'ROSA riverboats.
With the transfer of the A'ROSA Blu, to be renamed AIDA Blu, Carnival
Corporation & plc will have two distinct brands operating five vessels
catering exclusively to German-speaking clientele. The four AIDA ships will
operate under the informal "club resort" cruise concept aimed at younger,
more active passengers while the vessel of Costa Kreuzfahrten, a division of
Costa Cruises, offers a more traditional cruise experience.
Commented Carnival Corporation & plc Chairman and CEO Micky Arison,
"AIDA and Costa are the two most recognizable and respected names in German
ocean cruises. This is a strategic move that will allow us to focus on
these two truly exceptional but markedly different cruise products for
German-speaking clientele while optimizing asset utilization and maximizing
returns for the corporate group," he said. "The German-speaking market is
one of the fastest growing in Europe and these two well-known, popular
brands will serve as a platform for our future growth there," he added.
Arison pointed out that the consolidation of Carnival Corporation &
plc's German operations is yet another example of the company taking
advantage of the unique opportunities presented by the DLC combination of
Carnival Corporation and P&O Princess Cruises that was finalized in April
2003. For example, in June of this year, the company announced the transfer
of Carnival Cruise Lines' 1,486-passenger Jubilee to P&O Cruises Australia
to operate seven- to 14-day South Pacific cruises beginning in fall 2004,
doubling the size of its operations in the region. "We will continue to
explore opportunities to utilize our existing assets to benefit the
diversity of brands within Carnival Corporation & plc," he said.
As previously announced, Pier Luigi Foschi, Costa Cruises' chairman
and CEO and a member of Carnival Corporation & plc's boards of directors,
will continue to have overall responsibility for the company's German cruise
companies, including Seetours, which operates AIDA, with Seetours President
Lars Clasen reporting directly to Foschi.
The parent company of Seetours, the operator of A' ROSA, has signed
a letter of intent with Arkona AG for the sale of its A'ROSA river cruise
business, including three 200-passenger riverboats and the "A'ROSA"
trademark, effective later this year. The sale price for the transaction is
equal to the net book value of the assets on Nov. 30, 2003, with an
additional Euro 800,000 payable for the goodwill of the business. Thirty
percent of the purchase price is payable at closing with the remaining
balance payable over a five-year period, with interest. The completion of
the transaction is subject to the execution of definitive agreements. The
transaction, if completed, will have no financial impact to the company.
MIAMI (09/02/03) - Carnival Corporation & plc (NYSE/LSE: CCL; NYSE:
CUK) announced today that it will consolidate its German cruise operations,
transferring the 1,590-passenger cruise ship A'ROSA Blu to its AIDA brand in
summer 2004. Separately, the company announced that it has entered into a
letter of intent to sell the A'ROSA brand name and the A'ROSA riverboats.
With the transfer of the A'ROSA Blu, to be renamed AIDA Blu, Carnival
Corporation & plc will have two distinct brands operating five vessels
catering exclusively to German-speaking clientele. The four AIDA ships will
operate under the informal "club resort" cruise concept aimed at younger,
more active passengers while the vessel of Costa Kreuzfahrten, a division of
Costa Cruises, offers a more traditional cruise experience.
Commented Carnival Corporation & plc Chairman and CEO Micky Arison,
"AIDA and Costa are the two most recognizable and respected names in German
ocean cruises. This is a strategic move that will allow us to focus on
these two truly exceptional but markedly different cruise products for
German-speaking clientele while optimizing asset utilization and maximizing
returns for the corporate group," he said. "The German-speaking market is
one of the fastest growing in Europe and these two well-known, popular
brands will serve as a platform for our future growth there," he added.
Arison pointed out that the consolidation of Carnival Corporation &
plc's German operations is yet another example of the company taking
advantage of the unique opportunities presented by the DLC combination of
Carnival Corporation and P&O Princess Cruises that was finalized in April
2003. For example, in June of this year, the company announced the transfer
of Carnival Cruise Lines' 1,486-passenger Jubilee to P&O Cruises Australia
to operate seven- to 14-day South Pacific cruises beginning in fall 2004,
doubling the size of its operations in the region. "We will continue to
explore opportunities to utilize our existing assets to benefit the
diversity of brands within Carnival Corporation & plc," he said.
As previously announced, Pier Luigi Foschi, Costa Cruises' chairman
and CEO and a member of Carnival Corporation & plc's boards of directors,
will continue to have overall responsibility for the company's German cruise
companies, including Seetours, which operates AIDA, with Seetours President
Lars Clasen reporting directly to Foschi.
The parent company of Seetours, the operator of A' ROSA, has signed
a letter of intent with Arkona AG for the sale of its A'ROSA river cruise
business, including three 200-passenger riverboats and the "A'ROSA"
trademark, effective later this year. The sale price for the transaction is
equal to the net book value of the assets on Nov. 30, 2003, with an
additional Euro 800,000 payable for the goodwill of the business. Thirty
percent of the purchase price is payable at closing with the remaining
balance payable over a five-year period, with interest. The completion of
the transaction is subject to the execution of definitive agreements. The
transaction, if completed, will have no financial impact to the company.
