Carnival (CCL)

Going concern

Carnival Corporation & plc’s business activities, together with the factors likely to affect its future development, performance and position are set out in the “Business review and future developments” included within the Carnival plc Directors’ Report. Within the Carnival Corporation & plc DLC structure, understanding the financial position of the Carnival plc group, its cash flows, liquidity position and borrowing facilities can only be achieved by understanding the financial position of the DLC. Details of the DLC’s financial position, cash flows,

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liquidity position and borrowing facilities are set out in the Carnival Corporation & plc 2009 Annual Report, and specifically, in the consolidated balance sheets, statement of cash flows, note 5 to the consolidated financial statements and within Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”).

The future commitments and funding sources review within the MD&A indicates that Carnival Corporation & plc is well positioned to meet its commitments and obligations for the 12 months from the date of this report. In light of these circumstances, the directors have a reasonable expectation that Carnival Corporation & plc has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Carnival plc consolidated IFRS financial statements.

Going concern

Carnival Corporation & plc’s business activities, together with the factors likely to affect its future development, performance and position are set out in the “Business review and future developments” included within the Carnival plc Directors’ Report. Within the Carnival Corporation & plc DLC structure, understanding the financial position of the Carnival plc group, its cash flows, liquidity position and borrowing facilities can only be achieved by understanding the financial position of the DLC. Details of the DLC’s financial position, cash flows, liquidity position and borrowing facilities are set out in the Carnival Corporation & plc 2008 Annual Report, and specifically, in the consolidated balance sheets, statement of cash flows, note 5 to the consolidated financial statements and within Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”).

The future commitments and funding sources review within the MD&A indicates that Carnival Corporation & plc is well positioned to meet its commitments and obligations during the next 12 months, even under the current uncertain economic climate. In light of these circumstances, the directors have a reasonable expectation that Carnival Corporation & plc has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Carnival plc consolidated IFRS financial statements.

Going concern

On the basis of current financial forecasts and available borrowing facilities, the directors have a reasonable expectation that Carnival Corporation & plc has adequate resources to continue in operational existence for the foreseeable future and, accordingly, consider that it is appropriate to adopt the going concern basis in preparing the consolidated financial statements of Carnival plc.

Going concern

On the basis of current financial forecasts and available borrowing facilities, the directors have a reasonable expectation that Carnival Corporation & plc has adequate resources to continue in operational existence for the foreseeable future and, accordingly, consider that it is appropriate to adopt the going concern basis in preparing the consolidated financial statements of Carnival plc.

Going concern

On the basis of current financial forecasts and available borrowing facilities, the directors have a reasonable expectation that Carnival Corporation & plc has adequate resources to continue in operational existence for the foreseeable future and, accordingly, consider that it is appropriate to adopt the going concern basis in preparing the consolidated financial statements of Carnival plc.