Parent Company Msc Cruises Sa Financial Statements 75
ANNUAL REPORT 2019 MSC Cruises Group ANNUAL REPORT 2019 _________________________________________________________________________________________________________________ ANNUAL REPORT 2019 MSC Cruises Group INDEX BUSINESS REPORT 3 MANAGEMENT STRUCTURE AND CORPORATE GOVERNANCE 12 MSC CRUISES GROUP CONSOLIDATED FINANCIAL STATEMENTS 13 PARENT COMPANY MSC CRUISES SA FINANCIAL STATEMENTS 75 _________________________________________________________________________________________________________________ ANNUAL REPORT 2019 | 2 MSC Cruises Group BUSINESS REPORT _________________________________________________________________________________________________________________ ANNUAL REPORT 2019 | 3 Business Report MSC Cruises Group FINANCIAL HIGHLIGHTS For the years ended December 31, in MEUR 2019 2018 Net income 3,232 2,751 Operating profit 543 484 Net profit 405 348 1 * ALBDs (Available Lower Berth Days) is a standard measure of passenger capacity for the period, which the Group uses to perform rate and capacity variance analyses to determine the main non-capacity-driven factors that cause cruise revenues and expenses to vary. ALBDs assumes that each cabin the Group offers for sale accommodates two passengers and is computed by multiplying passenger capacity by revenue-producing ship operating days in the period. _________________________________________________________________________________________________________________ ANNUAL REPORT 2019 | 4 MSC Cruises Group OCCUPANCY (%) 113.0% 20,000,000 112.0% 18,000,000 16,000,000 111.0% 14,000,000 110.0% 12,000,000 109.0% 10,000,000 108.0% 8,000,000 6,000,000 107.0% 4,000,000 106.0% 2,000,000 105.0% 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Occupancy Total Berths % _________________________________________________________________________________________________________________ ANNUAL REPORT 2019 | 5 MSC Cruises Group EXECUTIVE OVERVIEW In 2019 we delivered another year of solid double-digit growth and continued to outpace capacity expansion reaching revenues of EUR 3,232 million.
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