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FORM 10-K
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þ
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Commission file number: 001-9610
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Commission file number: 001-15136
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Carnival Corporation
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Carnival plc
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(Exact name of registrant as
specified in its charter)
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(Exact name of registrant as
specified in its charter)
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Republic of Panama
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England and Wales
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(State or other jurisdiction of
incorporation or organization)
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(State or other jurisdiction of
incorporation or organization)
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59-1562976
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98-0357772
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(I.R.S. Employer Identification No.)
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(I.R.S. Employer Identification No.)
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3655 N.W. 87th Avenue
Miami, Florida 33178-2428
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Carnival House, 100 Harbour Parade,
Southampton SO15 1ST, United Kingdom
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(Address of principal
executive offices
and zip code)
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(Address of principal
executive offices
and zip code)
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(305) 599-2600
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011 44 23 8065 5000
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(Registrant’s telephone number,
including area code)
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(Registrant’s telephone number,
including area code)
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Securities registered pursuant
to Section 12(b) of the Act:
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Securities registered pursuant
to Section 12(b) of the Act:
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Title of each class
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Title of each class
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Common Stock
($0.01 par value)
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Ordinary Shares each represented
by American Depositary Shares
($1.66 par value), Special Voting Share,
GBP 1.00 par value and Trust Shares
of beneficial interest in the
P&O Princess Special Voting Trust
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Name of each exchange on which registered
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Name of each exchange on which registered
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New York Stock Exchange, Inc.
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New York Stock Exchange, Inc.
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Large accelerated filers
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þ
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Accelerated filers
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¨
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Non-accelerated filers
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¨
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Smaller reporting companies
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¨
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Emerging growth companies
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¨
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The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold was $23.8 billion as of the last business day of the registrant’s most recently completed second fiscal quarter.
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The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold was $11.5 billion as of the last business day of the registrant’s most recently completed second fiscal quarter.
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At January 17, 2019, Carnival Corporation had outstanding 526,719,965 shares of its Common Stock, $0.01 par value.
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At January 17, 2019, Carnival plc had outstanding 191,875,647 Ordinary Shares $1.66 par value, one Special Voting Share GBP 1.00 par value and 526,719,965 Trust Shares of beneficial interest in the P&O Princess Special Voting Trust.
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PART I
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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PART II
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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PART III
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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PART IV
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Item 15.
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Item 16.
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I.
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Summary
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II.
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Vision, Goals and Related Strategies
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•
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Health, environment, safety, security and sustainability
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•
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Guests
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•
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Employees
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•
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Shareholders and other stakeholders
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• Expanded entertainment options and shipboard activities
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• Enhanced internet and communication capabilities
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• Flexible dining options including open-seating dining
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• Beverage package options
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• Branded specialty restaurants, bars and cafés
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• Money-back guarantees
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•
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5.1% for Australia and New Zealand
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•
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3.5% for the United States (“U.S.”) and Canada
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•
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2.9% for the United Kingdom (“UK”)
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•
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2.1% for Germany and Italy
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(in thousands)
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Average Passenger Capacity (a)
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Cruise Guests Carried
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Year |
Global
Cruise Industry (b) |
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Carnival
Corporation & plc |
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Global
Cruise Industry (c) |
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Carnival
Corporation & plc |
2016
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470
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220
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25,200
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11,500
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2017
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490
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230
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26,700
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12,100
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2018
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520
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230
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28,300
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12,400
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(a)
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In accordance with cruise industry practice, passenger capacity is calculated based on the assumption of two passengers per cabin even though some cabins can accommodate three or more passengers.
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(b)
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Amounts were based on internal estimates using public industry data.
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(c)
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The global cruise guests carried for 2016 and
2017
were obtained from G.P. Wild, an independent cruise research company. The estimates for global cruise guests carried for
2018
are internally developed.
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November 30, 2018
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Passenger Capacity
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Percentage of Total Capacity
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Number of Cruise Ships
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North America and Australia ("NAA") Segment
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Carnival Cruise Line
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70,430
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30
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%
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26
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Princess Cruises
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45,240
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19
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17
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Holland America Line
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26,480
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11
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15
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P&O Cruises (Australia)
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7,790
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3
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5
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Seabourn
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2,570
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1
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5
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152,510
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64
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68
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Europe and Asia (“EA”) Segment
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Costa Cruises ("Costa")
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34,620
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15
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14
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AIDA Cruises ("AIDA")
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25,290
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11
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12
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P&O Cruises (UK)
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17,660
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7
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7
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Cunard
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6,830
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3
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3
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84,400
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36
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36
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236,910
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100
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%
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104
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Scheduled Delivery Date
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Passenger Capacity
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Carnival Cruise Line
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Carnival Panorama
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October 2019
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3,990
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Mardi Gras
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August 2020
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5,280
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Newbuild
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October 2022
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5,280
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Princess Cruises
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Sky Princess
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October 2019
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3,660
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Enchanted Princess
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June 2020
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3,660
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Newbuild
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October 2021
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3,660
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Newbuild
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November 2023
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4,310
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Newbuild
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May 2025
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4,310
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Holland America Line
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Newbuild
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May 2021
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2,670
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Seabourn
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Newbuild
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June 2021
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260
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Newbuild
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May 2022
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260
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Costa
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Costa Venezia
(intended for Asia)
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February 2019
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4,200
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Costa Smeralda
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October 2019
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5,220
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Newbuild (intended for Asia)
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September 2020
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4,260
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Newbuild
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May 2021
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5,320
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AIDA
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AIDAnova
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December 2018
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5,230
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Newbuild
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May 2021
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5,410
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Newbuild
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May 2023
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5,410
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P&O Cruises (UK)
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Iona
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May 2020
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5,200
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Newbuild
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May 2022
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5,280
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Cunard
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Newbuild
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April 2022
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3,000
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Carnival Corporation & plc
Cruise Guests Carried |
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(in thousands)
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2018
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2017
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2016
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Brands Mainly Serving
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United States and Canada
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6,790
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6,440
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6,100
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Carnival Cruise Line, Princess Cruises, Holland America Line, Seabourn and Cunard
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Continental Europe
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2,340
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2,290
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2,170
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Costa and AIDA
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Asia
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1,140
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1,240
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1,130
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Princess Cruises and Costa
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Australia and New Zealand
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1,020
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1,060
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1,010
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Carnival Cruise Line, Princess Cruises and
P&O Cruises (Australia)
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United Kingdom
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810
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800
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840
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P&O Cruises (UK) and Cunard
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Other
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310
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270
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270
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Total
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12,410
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12,100
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11,520
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Carnival Corporation & plc
Percentage of Passenger Capacity by Itinerary
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2019
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2018
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2017
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Caribbean
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32
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%
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33
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%
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32
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%
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Europe without Mediterranean
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14
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14
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13
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Mediterranean
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13
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13
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13
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Australia and New Zealand
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7
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8
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8
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Alaska
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6
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6
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5
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China
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4
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5
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6
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Other
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25
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23
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23
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100
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%
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100
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%
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100
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%
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• Alcoholic/non-alcoholic beverage packages
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• Internet packages
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• Shore excursions
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• Photo packages
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• Air packages
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• Onboard spending credits
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• Specialty restaurants
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• Gratuities
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Substantially all liquor and some non-alcoholic beverage sales
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•
Internet and communication services
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•
Casino gaming
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•
Full service spas
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•
Shore excursions
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•
Specialty restaurants
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•
Gift shop sales
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•
Art sales
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•
Photo sales
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•
Laundry and dry cleaning services
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•
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Reduce intensity of carbon dioxide equivalent (“CO
2
e”) emissions from operations by 25% by 2020 relative to our 2005 baseline
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•
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Continue to improve the quality of our emissions into the air by developing, deploying and operating advanced air quality systems across our fleet
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•
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Increase usage of ship-to-shore power connection capabilities
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•
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Increase Advanced Waste Water Purification System coverage of our fleet capacity by 10 percentage points by 2020 relative to our 2014 baseline
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•
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Continue to improve our shipboard operations’ water use efficiency by 5% by 2020 relative to our 2010 baseline
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•
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Continue to reduce waste generated by our shipboard operations by 5% by 2020 relative to our 2016 baseline
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•
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Continue to build on our commitment to protect the health, safety and security of guests, employees and all others working on our behalf
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•
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Continue to build a diverse and inclusive workforce and provide all employees with a positive work environment and opportunities to build a rewarding career to further drive employee engagement
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•
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Further develop and implement vendor assurance procedures ensuring compliance with Carnival Corporation & plc’s Business Partner Code of Conduct and Ethics
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•
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Continue to work on initiatives and partnerships that support and sponsor a broad range of organizations for the benefit of the communities where we operate
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•
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OceanMedallion
TM
- a revolutionary wearable device that enables a highly personalized vacation experience that works in conjunction with a portfolio of digital experiences all focused on simplifying guest access to experiences and facilitating a more immersive vacation
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•
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xiOT
TM
- an invisible network of interactive intelligent sensors and embedded devices mounted throughout the ship, home ports and destinations that uses a guest-centric, Internet of Things approach to enable a seamless guest experience
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a.
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General
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b.
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Protection and Indemnity (“P&I”) Coverages
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c.
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Hull and Machinery Insurance
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d.
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War Risk Insurance
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e.
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Other Insurance
|
•
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Provide regular health, environmental, safety and security support, training, guidance and information to guests, employees and others working on our behalf
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•
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Develop and implement effective and verifiable management systems to fulfill our health, environmental, safety, security and sustainability commitments
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•
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Perform regular shoreside and shipboard audits and take appropriate action when deficiencies are identified
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•
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Report and investigate all health, environmental, safety and security incidents and take appropriate action to prevent recurrence
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•
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Identify those employees responsible for managing health, safety, environment, security and sustainability programs and ensure that there are clear lines of accountability
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•
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Identify the aspects of our business that impact the environment and continue to take appropriate action to minimize that impact
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Develop a Safety Management System (“SMS”) that includes, among other things, the adoption of safety and environmental protection policies setting forth instructions and procedures for operating vessels safely and describing procedures for responding to emergencies and protecting the environment
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Obtain a Document of Compliance (“DOC”) for the vessel operator, as well as a Safety Management Certificate (“SMC”) for each vessel they operate. These documents are issued by the vessel’s Flag State and evidence compliance with the SMS
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Verify or renew DOCs and SMCs periodically in accordance with the ISM Code
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Training of our bridge, engineering and environmental officers in maritime related best practices at our new CSMART Academy, the Center for Simulator Maritime Training located within our Arison Maritime Center in Almere, Netherlands
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•
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Further standardization of our detailed bridge and engine resource management procedures on all of our ships
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•
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Expansion of our existing oversight function to monitor bridge and engine room operations through state of the art fleet operations centers in Miami, Seattle and Hamburg
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Identifying and standardizing best-practice policies and procedures in health, environment, safety and security disciplines across the entire organization including on all our ships
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•
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Further enhancement of our processes for auditing our HESS performance throughout our operations
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•
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Implementation of specific security measures, including onboard installation of a ship security alert system
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•
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Assessment of vessel security
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•
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Efforts to identify and deter security threats
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•
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Training, drills and exercises
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•
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Security plans that may include guest, vehicle and baggage screening procedures, security patrols, establishment of restricted areas, personnel identification procedures, access control measures and installation of surveillance equipment
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•
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Establishment of procedures and policies for reporting and managing allegations of crimes
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•
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AIDAprima
and
AIDAperla
are
the first cruise ships in the world that regularly use dual-fuel engines for an energy supply with LNG while in ports on Northern European and other itineraries
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•
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AIDAnova
will be the first cruise ship in the world with the ability to use LNG to generate 100 percent of its power both in port and on the open sea. We have 11 next generation LNG cruise ships on order, including
AIDAnova
, entering the fleet in December 2018. These innovative ships will reduce exhaust emissions to help protect the environment
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a.
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U.S. Income Tax
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1.
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Application of Section 883 of the Internal Revenue Code
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2.
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Exemption Under Applicable Income Tax Treaties
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3.
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U.S. State Income Tax
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b.
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UK and Australian Income Tax
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c.
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Italian and German Income Tax
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d.
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Asian Countries Income and Other Taxes
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e.
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Other
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d.
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Breaches in data security and lapses in data privacy as well as disruptions and other damages to our principal offices, information technology operations and system networks and failure to keep pace with developments in technology may adversely impact our business operations, the satisfaction of our guests and crew and lead to reputational damage
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e.
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Ability to recruit, develop and retain qualified shipboard personnel who live away from home for extended periods of time may adversely impact our business operations, guest services and satisfaction
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f.
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Increases in fuel prices and availability of fuel supply may adversely impact our scheduled itineraries and costs
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g.
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Fluctuations in foreign currency exchange rates may adversely impact our financial results
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h.
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Overcapacity and competition in the cruise and land-based vacation industry may lead to a decline in our cruise sales and pricing
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i.
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Geographic regions in which we try to expand our business may be slow to develop or ultimately not develop how we expect
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j.
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Inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments may adversely impact our business operations and the satisfaction of our guests
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•
Net revenue yields
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•
Net cruise costs, excluding fuel per available lower berth day
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•
Booking levels
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•
Estimates of ship depreciable lives and residual values
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Pricing and occupancy
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•
Goodwill, ship and trademark fair values
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Interest, tax and fuel expenses
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Liquidity
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Currency exchange rates
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Adjusted earnings per share
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Location
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Square Footage
(in thousands)
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Own/Lease
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Principal Operations
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Miami, FL, U.S.A.
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463/61
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Own/Lease
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Carnival Corporation and Carnival Cruise Line
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Genoa, Italy
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246/66
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Own/Lease
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Costa and AIDA
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Santa Clarita, CA, U.S.A.
|
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311
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Lease
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Princess Cruises, Holland America Line and Seabourn
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Almere, Netherlands
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253
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Own
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Arison Maritime Center
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Rostock, Germany
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224
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Own
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Costa and AIDA
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Seattle, WA, U.S.A.
|
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175
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Lease
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Princess Cruises, Holland America Line and Seabourn
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Southampton, England
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150
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Lease
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Carnival plc, P&O Cruises (UK) and Cunard
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Hamburg, Germany
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146
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Lease
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Costa and AIDA
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Sydney, NSW, Australia
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37
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Lease
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Princess Cruises and P&O Cruises (Australia)
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Shanghai, China
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32
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Lease
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Costa
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Age
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Years of Service (a)
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Title
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Micky Arison
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69
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47
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Chairman of the Boards of Directors
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David Bernstein
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61
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20
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Chief Financial Officer and Chief Accounting Officer
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Arnold W. Donald
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64
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18
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President and Chief Executive Officer and Director
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Stein Kruse
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60
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19
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Group Chief Executive Officer of Holland America Group and Carnival UK
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Arnaldo Perez
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58
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|
26
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General Counsel and Secretary
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Michael Thamm
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55
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|
25
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Group Chief Executive Officer of Costa Group and Carnival Asia
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(a)
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Years of service with us or Carnival plc predecessor companies.
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Period
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Total Number of Shares of Carnival Corporation
Common Stock Purchased
(in millions)
|
|
Average Price Paid per Share of Carnival Corporation Common Stock
|
|
Maximum Dollar Value of Shares That May Yet Be Purchased Under the Repurchase Program (in millions)
|
|||||
September 1, 2018 through September 30, 2018
|
|
—
|
|
|
$
|
—
|
|
|
$
|
919
|
|
October 1, 2018 through October 31, 2018
|
|
—
|
|
|
$
|
55.20
|
|
|
$
|
767
|
|
November 1, 2018 through November 30, 2018
|
|
—
|
|
|
$
|
—
|
|
|
$
|
726
|
|
|
|
—
|
|
|
$
|
55.20
|
|
|
|
Period
|
|
Total Number of Shares of Carnival plc
Purchased (in millions)
|
|
Average Price Paid per Share of Carnival plc
|
|
Maximum Dollar Value of Shares That May Yet Be Purchased Under the Repurchase Program (in millions)
|
|||||
September 1, 2018 through September 30, 2018
|
|
1.1
|
|
|
$
|
62.13
|
|
|
$
|
919
|
|
October 1, 2018 through October 31, 2018
|
|
2.7
|
|
|
$
|
56.69
|
|
|
$
|
767
|
|
November 1, 2018 through November 30, 2018
|
|
0.7
|
|
|
$
|
58.08
|
|
|
$
|
726
|
|
|
|
4.5
|
|
|
$
|
58.24
|
|
|
|
•
|
In the event Carnival Corporation common stock trades at a premium to Carnival plc ordinary shares, we may elect to sell shares of Carnival Corporation common stock, at prevailing market prices in ordinary brokers’ transactions and repurchase an equivalent number of Carnival plc ordinary shares in the UK market.
|
•
|
In the event Carnival plc ordinary shares trade at a premium to Carnival Corporation common stock, we may elect to sell ordinary shares of Carnival plc, at prevailing market prices in ordinary brokers’ transactions and repurchase an equivalent number of shares of Carnival Corporation common stock in the U.S. market.
|
•
|
In January 2017, to sell up to 22.0 million of Carnival Corporation common stock in the U.S. market and repurchase up to 22.0 million of Carnival plc ordinary shares in the UK market.
|
•
|
In 2016, to sell up to 26.9 million of existing shares of Carnival plc in the UK market and repurchase up to 26.9 million shares of Carnival Corporation common stock in the U.S. market.
|
Plan category
|
|
Number of securities to be issued upon exercise of warrants and rights
(in millions)
|
|
Weighted-average exercise price of outstanding warrants and rights
|
|
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (1))
(in millions)
|
|
||
|
|
(1)
|
|
|
|
|
|
||
Equity compensation plans approved by security holders
|
|
2.0
|
|
(a)
|
-
|
|
8.6
|
|
(b)
|
Equity compensation plans not approved by security holders
|
|
—
|
|
|
-
|
|
—
|
|
|
|
|
2.0
|
|
|
-
|
|
8.6
|
|
|
(a)
|
Represents
2.0 million
of restricted share units outstanding under the Carnival Corporation 2011 Stock Plan.
|
(b)
|
Includes Carnival Corporation common stock available for issuance as of
November 30, 2018
as follows: 2.0 million under the Carnival Corporation Employee Stock Purchase Plan, which includes 43,376 shares subject to purchase during the current purchase period and 6.6 million under the Carnival Corporation 2011 Stock Plan.
|
Plan category
|
|
Number of securities to be issued upon exercise of warrants and rights
(in millions)
|
|
Weighted-average exercise price of outstanding warrants and rights
|
|
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (1))
(in millions)
|
||
|
|
(1)
|
|
|
|
|
||
Equity compensation plans approved by security holders
|
|
0.6
|
|
(a)
|
-
|
|
6.9
|
|
Equity compensation plans not approved by security holders
|
|
—
|
|
|
-
|
|
—
|
|
|
|
0.6
|
|
|
-
|
|
6.9
|
|
(a)
|
Represents
0.6 million
restricted share units outstanding under the Carnival plc 2014 Employee Share Plan.
|
INDEX TO EXHIBITS
|
|
|
|
|
|
|
||
|
|
Incorporated by Reference
|
||||||
Exhibit Number
|
Exhibit Description
|
Form
|
|
Exhibit
|
|
Filing Date
|
|
Filed Herewith
|
|
|
|
|
|
|
|
|
|
4.10
|
Post
Amend- ment to Form F-6 |
|
99-a
|
|
4/15/03
|
|
|
|
|
|
|
|
|
|
|
|
|
4.11
|
S-3
|
|
4.1
|
|
7/2/09
|
|
|
|
Material contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.1*
|
10-Q
|
|
10.1
|
|
9/28/07
|
|
|
|
|
|
|
|
|
|
|
|
|
10.2
|
10-Q
|
|
10.1
|
|
10/3/14
|
|
|
|
|
|
|
|
|
|
|
|
|
10.3*
|
10-Q
|
|
10.1
|
|
6/27/08
|
|
|
|
|
|
|
|
|
|
|
|
|
10.4*
|
10-Q
|
|
10.2
|
|
6/27/08
|
|
|
|
|
|
|
|
|
|
|
|
|
10.5
|
10-Q
|
|
10.2
|
|
7/12/02
|
|
|
|
|
|
|
|
|
|
|
|
|
10.6*
|
10-K
|
|
10.23
|
|
1/30/17
|
|
|
|
|
|
|
|
|
|
|
|
|
10.7*
|
10-Q
|
|
10.2
|
|
10/3/14
|
|
|
|
|
|
|
|
|
|
|
|
|
10.8*
|
10-K
|
|
10.39
|
|
1/30/17
|
|
|
|
|
|
|
|
|
|
|
|
|
10.9*
|
10-Q
|
|
10.1
|
|
7/1/15
|
|
|
|
|
|
|
|
|
|
|
|
|
10.10*
|
10-Q
|
|
10.2
|
|
7/1/15
|
|
|
|
|
|
|
|
|
|
|
|
|
10.11*
|
10-Q
|
|
10.3
|
|
7/1/15
|
|
|
INDEX TO EXHIBITS
|
|
|
|
|
|
|
||
|
|
Incorporated by Reference
|
||||||
Exhibit Number
|
Exhibit Description
|
Form
|
|
Exhibit
|
|
Filing Date
|
|
Filed Herewith
|
|
|
|
|
|
|
|
|
|
10.12*
|
10-Q
|
|
10.1
|
|
7/1/16
|
|
|
|
|
|
|
|
|
|
|
|
|
10.13*
|
10-Q
|
|
10.3
|
|
7/1/16
|
|
|
|
|
|
|
|
|
|
|
|
|
10.14*
|
10-Q
|
|
10.4
|
|
7/1/16
|
|
|
|
|
|
|
|
|
|
|
|
|
10.15*
|
8-K
|
|
99.1
|
|
10/21/16
|
|
|
|
|
|
|
|
|
|
|
|
|
10.16*
|
10-Q
|
|
10.1
|
|
3/30/17
|
|
|
|
|
|
|
|
|
|
|
|
|
10.17*
|
10-Q
|
|
10.2
|
|
3/30/17
|
|
|
|
|
|
|
|
|
|
|
|
|
10.18*
|
10-Q
|
|
10.3
|
|
3/30/17
|
|
|
|
|
|
|
|
|
|
|
|
|
10.19*
|
8-K
|
|
10.1
|
|
4/27/17
|
|
|
|
|
|
|
|
|
|
|
|
|
10.20*
|
10-Q
|
|
10.2
|
|
6/30/17
|
|
|
|
|
|
|
|
|
|
|
|
|
10.21*
|
10-Q
|
|
10.3
|
|
6/30/17
|
|
|
|
|
|
|
|
|
|
|
|
|
10.22*
|
10-Q
|
|
10.4
|
|
6/30/17
|
|
|
|
|
|
|
|
|
|
|
|
|
10.23*
|
10-Q
|
|
10.1
|
|
3/22/18
|
|
|
|
|
|
|
|
|
|
|
|
|
CARNIVAL CORPORATION
|
CARNIVAL PLC
|
/s/ Arnold W. Donald
|
/s/ Arnold W. Donald
|
President and Chief Executive Officer and
|
President and Chief Executive Officer and
|
Director
|
Director
|
January 28, 2019
|
January 28, 2019
|
CARNIVAL CORPORATION
|
CARNIVAL PLC
|
/s/ Arnold W. Donald
|
/s/ Arnold W. Donald
|
President and Chief Executive Officer and
|
President and Chief Executive Officer and
|
Director
|
Director
|
January 28, 2019
|
January 28, 2019
|
|
|
/s/ David Bernstein
|
/s/ David Bernstein
|
David Bernstein
|
David Bernstein
|
Chief Financial Officer and Chief Accounting Officer
|
Chief Financial Officer and Chief Accounting Officer
|
January 28, 2019
|
January 28, 2019
|
|
|
/s/*Micky Arison
|
/s/*Micky Arison
|
Micky Arison
|
Micky Arison
|
Chairman of the Board of
|
Chairman of the Board of
|
Directors
|
Directors
|
January 28, 2019
|
January 28, 2019
|
|
|
/s/*Sir Jonathon Band
|
/s/*Sir Jonathon Band
|
Sir Jonathon Band
|
Sir Jonathon Band
|
Director
|
Director
|
January 28, 2019
|
January 28, 2019
|
|
|
/s/*Jason Glen Cahilly
|
/s/*Jason Glen Cahilly
|
Jason Glen Cahilly
|
Jason Glen Cahilly
|
Director
|
Director
|
January 28, 2019
|
January 28, 2019
|
|
|
/s/*Helen Deeble
|
/s/*Helen Deeble
|
Helen Deeble
|
Helen Deeble
|
Director
|
Director
|
January 28, 2019
|
January 28, 2019
|
|
|
|
|
|
|
|
|
/s/*Richard J. Glasier
|
/s/*Richard J. Glasier
|
Richard J. Glasier
|
Richard J. Glasier
|
Director
|
Director
|
January 28, 2019
|
January 28, 2019
|
|
|
/s/*Debra Kelly-Ennis
|
/s/*Debra Kelly-Ennis
|
Debra Kelly-Ennis
|
Debra Kelly-Ennis
|
Director
|
Director
|
January 28, 2019
|
January 28, 2019
|
|
|
/s/*Katie Lahey
|
/s/*Katie Lahey
|
Katie Lahey
|
Katie Lahey
|
Director
|
Director
|
January 28, 2019
|
January 28, 2019
|
|
|
/s/*Sir John Parker
|
/s/*Sir John Parker
|
Sir John Parker
|
Sir John Parker
|
Director
|
Director
|
January 28, 2019
|
January 28, 2019
|
|
|
/s/*Stuart Subotnick
|
/s/*Stuart Subotnick
|
Stuart Subotnick
|
Stuart Subotnick
|
Director
|
Director
|
January 28, 2019
|
January 28, 2019
|
|
|
/s/*Laura Weil
|
/s/*Laura Weil
|
Laura Weil
|
Laura Weil
|
Director
|
Director
|
January 28, 2019
|
January 28, 2019
|
|
|
/s/*Randall J. Weisenburger
|
/s/*Randall J. Weisenburger
|
Randall J. Weisenburger
|
Randall J. Weisenburger
|
Director
|
Director
|
January 28, 2019
|
January 28, 2019
|
|
|
*By: /s/ Arnaldo Perez
|
*By: /s/ Arnaldo Perez
|
Arnaldo Perez
|
Arnaldo Perez
|
(Attorney-in-fact)
|
(Attorney-in-fact)
|
January 28, 2019
|
January 28, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended November 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Revenues
|
|
|
|
|
|
||||||
Cruise
|
|
|
|
|
|
||||||
Passenger ticket
|
$
|
13,930
|
|
|
$
|
12,944
|
|
|
$
|
12,090
|
|
Onboard and other
|
4,679
|
|
|
4,330
|
|
|
4,068
|
|
|||
Tour and other
|
272
|
|
|
236
|
|
|
231
|
|
|||
|
18,881
|
|
|
17,510
|
|
|
16,389
|
|
|||
Operating Costs and Expenses
|
|
|
|
|
|
||||||
Cruise
|
|
|
|
|
|
||||||
Commissions, transportation and other
|
2,590
|
|
|
2,359
|
|
|
2,240
|
|
|||
Onboard and other
|
638
|
|
|
587
|
|
|
553
|
|
|||
Payroll and related
|
2,190
|
|
|
2,107
|
|
|
1,993
|
|
|||
Fuel
|
1,619
|
|
|
1,244
|
|
|
915
|
|
|||
Food
|
1,066
|
|
|
1,031
|
|
|
1,005
|
|
|||
Other ship operating
|
2,807
|
|
|
3,010
|
|
|
2,525
|
|
|||
Tour and other
|
180
|
|
|
163
|
|
|
152
|
|
|||
|
11,089
|
|
|
10,501
|
|
|
9,383
|
|
|||
Selling and administrative
|
2,450
|
|
|
2,265
|
|
|
2,197
|
|
|||
Depreciation and amortization
|
2,017
|
|
|
1,846
|
|
|
1,738
|
|
|||
Goodwill and trademark impairment
|
—
|
|
|
89
|
|
|
—
|
|
|||
|
15,556
|
|
|
14,701
|
|
|
13,318
|
|
|||
Operating Income
|
3,325
|
|
|
2,809
|
|
|
3,071
|
|
|||
Nonoperating Income (Expense)
|
|
|
|
|
|
||||||
Interest income
|
14
|
|
|
9
|
|
|
6
|
|
|||
Interest expense, net of capitalized interest
|
(194
|
)
|
|
(198
|
)
|
|
(223
|
)
|
|||
Gains (losses) on fuel derivatives, net
|
59
|
|
|
35
|
|
|
(47
|
)
|
|||
Other income, net
|
3
|
|
|
11
|
|
|
21
|
|
|||
|
(118
|
)
|
|
(143
|
)
|
|
(243
|
)
|
|||
Income Before Income Taxes
|
3,207
|
|
|
2,666
|
|
|
2,828
|
|
|||
Income Tax Expense, Net
|
(54
|
)
|
|
(60
|
)
|
|
(49
|
)
|
|||
Net Income
|
$
|
3,152
|
|
|
$
|
2,606
|
|
|
$
|
2,779
|
|
Earnings Per Share
|
|
|
|
|
|
||||||
Basic
|
$
|
4.45
|
|
|
$
|
3.61
|
|
|
$
|
3.73
|
|
Diluted
|
$
|
4.44
|
|
|
$
|
3.59
|
|
|
$
|
3.72
|
|
Dividends Declared Per Share
|
$
|
1.95
|
|
|
$
|
1.60
|
|
|
$
|
1.35
|
|
|
Years Ended November 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Net Income
|
$
|
3,152
|
|
|
$
|
2,606
|
|
|
$
|
2,779
|
|
Items Included in Other Comprehensive (Loss) Income
|
|
|
|
|
|
||||||
Change in foreign currency translation adjustment
|
(199
|
)
|
|
590
|
|
|
(675
|
)
|
|||
Other
|
32
|
|
|
82
|
|
|
(38
|
)
|
|||
Other Comprehensive (Loss) Income
|
(167
|
)
|
|
672
|
|
|
(713
|
)
|
|||
Total Comprehensive Income
|
$
|
2,986
|
|
|
$
|
3,278
|
|
|
$
|
2,066
|
|
|
November 30,
|
||||||
|
2018
|
|
2017
|
||||
ASSETS
|
|
|
|
||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
982
|
|
|
$
|
395
|
|
Trade and other receivables, net
|
358
|
|
|
312
|
|
||
Inventories
|
450
|
|
|
387
|
|
||
Prepaid expenses and other
|
436
|
|
|
502
|
|
||
Total current assets
|
2,225
|
|
|
1,596
|
|
||
Property and Equipment, Net
|
35,336
|
|
|
34,430
|
|
||
Goodwill
|
2,925
|
|
|
2,967
|
|
||
Other Intangibles
|
1,176
|
|
|
1,200
|
|
||
Other Assets
|
738
|
|
|
585
|
|
||
|
$
|
42,401
|
|
|
$
|
40,778
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
||||
Current Liabilities
|
|
|
|
||||
Short-term borrowings
|
$
|
848
|
|
|
$
|
485
|
|
Current portion of long-term debt
|
1,578
|
|
|
1,717
|
|
||
Accounts payable
|
730
|
|
|
762
|
|
||
Accrued liabilities and other
|
1,654
|
|
|
1,877
|
|
||
Customer deposits
|
4,395
|
|
|
3,958
|
|
||
Total current liabilities
|
9,204
|
|
|
8,800
|
|
||
Long-Term Debt
|
7,897
|
|
|
6,993
|
|
||
Other Long-Term Liabilities
|
856
|
|
|
769
|
|
||
Commitments and Contingencies
|
|
|
|
||||
Shareholders' Equity
|
|
|
|
||||
Common stock of Carnival Corporation, $0.01 par value; 1,960 shares authorized; 656 shares at 2018 and 655 shares at 2017 issued
|
7
|
|
|
7
|
|
||
Ordinary shares of Carnival plc, $1.66 par value; 217 shares at 2018 and 2017 issued
|
358
|
|
|
358
|
|
||
Additional paid-in capital
|
8,756
|
|
|
8,690
|
|
||
Retained earnings
|
25,066
|
|
|
23,292
|
|
||
Accumulated other comprehensive loss
|
(1,949
|
)
|
|
(1,782
|
)
|
||
Treasury stock, 129 shares at 2018 and 122 shares at 2017 of Carnival Corporation and 48 shares at 2018 and 32 shares at 2017 of Carnival plc, at cost
|
(7,795
|
)
|
|
(6,349
|
)
|
||
Total shareholders' equity
|
24,443
|
|
|
24,216
|
|
||
|
$
|
42,401
|
|
|
$
|
40,778
|
|
|
Years Ended November 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
OPERATING ACTIVITIES
|
|
|
|
|
|
||||||
Net income
|
$
|
3,152
|
|
|
$
|
2,606
|
|
|
$
|
2,779
|
|
Adjustments to reconcile net income to net cash provided by operating activities
|
|||||||||||
Depreciation and amortization
|
2,017
|
|
|
1,846
|
|
|
1,738
|
|
|||
Impairments
|
16
|
|
|
392
|
|
|
—
|
|
|||
(Gains) losses on fuel derivatives, net
|
(59
|
)
|
|
(35
|
)
|
|
47
|
|
|||
Share-based compensation
|
65
|
|
|
63
|
|
|
55
|
|
|||
Other, net
|
(6
|
)
|
|
51
|
|
|
71
|
|
|||
|
5,186
|
|
|
4,923
|
|
|
4,690
|
|
|||
Changes in operating assets and liabilities
|
|
|
|
|
|
||||||
Receivables
|
(58
|
)
|
|
6
|
|
|
(22
|
)
|
|||
Inventories
|
(67
|
)
|
|
(49
|
)
|
|
1
|
|
|||
Prepaid expenses and other
|
74
|
|
|
(13
|
)
|
|
11
|
|
|||
Accounts payable
|
(24
|
)
|
|
21
|
|
|
109
|
|
|||
Accrued and other liabilities
|
(100
|
)
|
|
73
|
|
|
(21
|
)
|
|||
Customer deposits
|
539
|
|
|
361
|
|
|
366
|
|
|||
Net cash provided by operating activities
|
5,549
|
|
|
5,322
|
|
|
5,134
|
|
|||
INVESTING ACTIVITIES
|
|
|
|
|
|
||||||
Purchases of property and equipment
|
(3,749
|
)
|
|
(2,944
|
)
|
|
(3,062
|
)
|
|||
Proceeds from sales of ships
|
389
|
|
|
—
|
|
|
26
|
|
|||
Payments of fuel derivative settlements
|
(39
|
)
|
|
(203
|
)
|
|
(291
|
)
|
|||
Other, net
|
(102
|
)
|
|
58
|
|
|
4
|
|
|||
Net cash used in investing activities
|
(3,502
|
)
|
|
(3,089
|
)
|
|
(3,323
|
)
|
|||
FINANCING ACTIVITIES
|
|
|
|
|
|
||||||
Proceeds from (repayments of) short-term borrowings, net
|
417
|
|
|
(29
|
)
|
|
447
|
|
|||
Principal repayments of long-term debt
|
(1,556
|
)
|
|
(1,227
|
)
|
|
(1,278
|
)
|
|||
Proceeds from issuance of long-term debt
|
2,542
|
|
|
467
|
|
|
1,542
|
|
|||
Dividends paid
|
(1,355
|
)
|
|
(1,087
|
)
|
|
(977
|
)
|
|||
Purchases of treasury stock
|
(1,468
|
)
|
|
(552
|
)
|
|
(2,340
|
)
|
|||
Sales of treasury stock
|
—
|
|
|
—
|
|
|
40
|
|
|||
Other, net
|
(39
|
)
|
|
(24
|
)
|
|
(25
|
)
|
|||
Net cash used in financing activities
|
(1,460
|
)
|
|
(2,452
|
)
|
|
(2,591
|
)
|
|||
Effect of exchange rate changes on cash and cash equivalents
|
(1
|
)
|
|
11
|
|
|
(12
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
587
|
|
|
(208
|
)
|
|
(792
|
)
|
|||
Cash and cash equivalents at beginning of year
|
395
|
|
|
603
|
|
|
1,395
|
|
|||
Cash and cash equivalents at end of year
|
$
|
982
|
|
|
$
|
395
|
|
|
$
|
603
|
|
|
Common
stock |
|
Ordinary
shares |
|
Additional
paid-in capital |
|
Retained
earnings |
|
Accumulated other comprehensive loss
|
|
Treasury
stock |
|
Total
shareholders’ equity |
||||||||||||||
At November 30, 2015
|
$
|
7
|
|
|
$
|
358
|
|
|
$
|
8,562
|
|
|
$
|
20,060
|
|
|
$
|
(1,741
|
)
|
|
$
|
(3,475
|
)
|
|
$
|
23,771
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
2,779
|
|
|
—
|
|
|
—
|
|
|
2,779
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(713
|
)
|
|
—
|
|
|
(713
|
)
|
|||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(996
|
)
|
|
—
|
|
|
—
|
|
|
(996
|
)
|
|||||||
Purchases and sales under the Stock Swap program, net
|
—
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
1
|
|
|||||||
Purchases of treasury stock under the Repurchase Program and other
|
—
|
|
|
—
|
|
|
56
|
|
|
—
|
|
|
—
|
|
|
(2,301
|
)
|
|
(2,245
|
)
|
|||||||
At November 30, 2016
|
7
|
|
|
358
|
|
|
8,632
|
|
|
21,843
|
|
|
(2,454
|
)
|
|
(5,789
|
)
|
|
22,597
|
|
|||||||
Change in accounting principle (a)
|
—
|
|
|
—
|
|
|
2
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
2,606
|
|
|
—
|
|
|
—
|
|
|
2,606
|
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
672
|
|
|
—
|
|
|
672
|
|
|||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,155
|
)
|
|
—
|
|
|
—
|
|
|
(1,155
|
)
|
|||||||
Purchases of treasury stock under the Repurchase Program and other
|
—
|
|
|
—
|
|
|
56
|
|
|
—
|
|
|
—
|
|
|
(560
|
)
|
|
(504
|
)
|
|||||||
At November 30, 2017
|
7
|
|
|
358
|
|
|
8,690
|
|
|
23,292
|
|
|
(1,782
|
)
|
|
(6,349
|
)
|
|
24,216
|
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
3,152
|
|
|
—
|
|
|
—
|
|
|
3,152
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(167
|
)
|
|
—
|
|
|
(167
|
)
|
|||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,378
|
)
|
|
—
|
|
|
—
|
|
|
(1,378
|
)
|
|||||||
Purchases of treasury stock under the Repurchase Program and other
|
—
|
|
|
—
|
|
|
66
|
|
|
—
|
|
|
—
|
|
|
(1,446
|
)
|
|
(1,380
|
)
|
|||||||
At November 30, 2018
|
$
|
7
|
|
|
$
|
358
|
|
|
$
|
8,756
|
|
|
$
|
25,066
|
|
|
$
|
(1,949
|
)
|
|
$
|
(7,795
|
)
|
|
$
|
24,443
|
|
(a)
|
We elected to early adopt the provisions of ASU 2016-09,
Compensation - Stock Compensation - Improvements to Employee Share-Based Payment Accounting,
on December 1, 2016 using the modified retrospective approach. The impact primarily related to forfeitures.
|
|
Years
|
|
Residual
Values |
Ships
|
30
|
|
15%
|
Ship improvements
|
3-30
|
|
0%
|
Buildings and improvements
|
10-40
|
|
0% or 10%
|
Computer hardware and software
|
3-12
|
|
0% or 10%
|
Transportation equipment and other
|
3-20
|
|
0% or 10%
|
Leasehold improvements, including port facilities
|
Shorter of the remaining lease term or related asset life (3-30)
|
|
0%
|
|
November 30,
|
||||||
(in millions)
|
2018
|
|
2017
|
||||
Ships and ship improvements
|
$
|
46,957
|
|
|
$
|
46,744
|
|
Ships under construction
|
2,004
|
|
|
790
|
|
||
Other property and equipment
|
3,661
|
|
|
3,331
|
|
||
Total property and equipment
|
52,622
|
|
|
50,865
|
|
||
Less accumulated depreciation
|
(17,286
|
)
|
|
(16,435
|
)
|
||
|
$
|
35,336
|
|
|
$
|
34,430
|
|
|
November 30, 2018
|
|
November 30,
|
|||||||||
(in millions)
|
Interest Rates
|
|
Maturities Through
|
|
2018
|
|
2017
|
|||||
Long-Term Debt
|
|
|
|
|
|
|
|
|||||
Export Credit Facilities
|
|
|
|
|
|
|
|
|||||
Fixed rate
|
2.4% to 5.0%
|
|
2030
|
|
$
|
1,819
|
|
|
$
|
860
|
|
|
EUR fixed rate
|
3.8% to 4.5%
|
|
2025
|
|
189
|
|
|
229
|
|
|||
Floating rate
|
3.0% to 3.3%
|
|
2022
|
|
240
|
|
|
307
|
|
|||
EUR floating rate
|
0.0% to 0.7%
|
|
2027
|
|
1,297
|
|
|
1,596
|
|
|||
Bank Loans
|
|
|
|
|
|
|
|
|||||
EUR fixed rate
|
0.5% to 3.9%
|
|
2021
|
|
257
|
|
|
653
|
|
|||
Floating rate
|
3.2% to 3.6%
|
|
2025
|
|
495
|
|
|
500
|
|
|||
EUR floating rate
|
0.3% to 0.7%
|
|
2023
|
|
1,193
|
|
|
355
|
|
|||
GBP floating rate
|
1.3% to 1.7%
|
|
2023
|
|
848
|
|
—
|
|
415
|
|
||
Private Placement Notes
|
|
|
|
|
|
|
|
|||||
EUR fixed rate
|
—
|
|
—
|
|
—
|
|
|
57
|
|
|||
Publicly-Traded Notes
|
|
|
|
|
|
|
|
|||||
Fixed rate
|
4.0% to 7.2%
|
|
2028
|
|
1,217
|
|
|
1,717
|
|
|||
EUR fixed rate
|
1.1% to 1.9%
|
|
2022
|
|
1,989
|
|
|
2,072
|
|
|||
Short-Term Borrowings
|
|
|
|
|
|
|
|
|||||
Floating rate commercial paper
|
—
|
|
—
|
|
—
|
|
|
420
|
|
|||
EUR floating rate commercial paper
|
(0.2)%
|
|
2019
|
|
621
|
|
|
65
|
|
|||
EUR fixed rate bank loans
|
(0.2)%
|
|
2019
|
|
227
|
|
|
—
|
|
|||
Total Debt
|
|
|
|
|
10,394
|
|
|
9,246
|
|
|||
Less: Unamortized debt issuance costs
|
|
|
|
|
(71
|
)
|
|
(51
|
)
|
|||
Total Debt, net of unamortized debt issuance costs
|
|
|
|
|
10,323
|
|
|
9,195
|
|
|||
Less: Short-term borrowings
|
|
|
|
|
(848
|
)
|
|
(485
|
)
|
|||
Less: Current portion of long-term debt
|
|
|
|
|
(1,578
|
)
|
|
(1,717
|
)
|
|||
Long-Term Debt
|
|
|
|
|
$
|
7,897
|
|
|
$
|
6,993
|
|
|
Fiscal
|
|
|
|
|
||||||||||||||||||||||
(in millions)
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
|
Total
|
||||||||||||||
New ship growth capital
|
$
|
4,935
|
|
|
$
|
3,849
|
|
|
$
|
3,887
|
|
|
$
|
3,117
|
|
|
$
|
2,110
|
|
|
$
|
1,132
|
|
|
$
|
19,029
|
|
Operating leases
|
70
|
|
|
48
|
|
|
46
|
|
|
36
|
|
|
35
|
|
|
180
|
|
|
415
|
|
|||||||
Port facilities and other
|
311
|
|
|
292
|
|
|
249
|
|
|
172
|
|
|
132
|
|
|
1,097
|
|
|
2,253
|
|
|||||||
|
$
|
5,316
|
|
|
$
|
4,189
|
|
|
$
|
4,182
|
|
|
$
|
3,325
|
|
|
$
|
2,277
|
|
|
$
|
2,409
|
|
|
$
|
21,697
|
|
|
Carnival Corporation
|
|
Carnival plc
|
||||||||||
(in millions)
|
Number of Shares Repurchased
|
|
Dollar Amount Paid for Shares Repurchased
|
|
Number of Shares Repurchased
|
|
Dollar Amount Paid for Shares Repurchased
|
||||||
2018
|
7.8
|
|
|
$
|
476
|
|
|
16.3
|
|
|
$
|
985
|
|
2017
|
3.3
|
|
|
$
|
223
|
|
|
5.6
|
|
|
$
|
335
|
|
2016
|
47.8
|
|
|
$
|
2,264
|
|
|
0.7
|
|
|
$
|
35
|
|
|
Accumulated Other Comprehensive Loss
|
||||||
|
November 30,
|
||||||
(in millions)
|
2018
|
|
2017
|
||||
Cumulative foreign currency translation adjustments, net
|
$
|
(1,875
|
)
|
|
$
|
(1,675
|
)
|
Unrecognized pension expenses
|
(56
|
)
|
|
(94
|
)
|
||
Net losses on cash flow derivative hedges
|
(19
|
)
|
|
(13
|
)
|
||
|
$
|
(1,949
|
)
|
|
$
|
(1,782
|
)
|
|
Quarters Ended
|
||||||||||||||
(in millions, except per share data)
|
February 28/29
|
|
May 31
|
|
August 31
|
|
November 30
|
||||||||
2018
|
|
|
|
|
|
|
|
||||||||
Dividends declared per share
|
$
|
0.45
|
|
|
$
|
0.50
|
|
|
$
|
0.50
|
|
|
$
|
0.50
|
|
Dividends declared
|
$
|
322
|
|
|
$
|
357
|
|
|
$
|
350
|
|
|
$
|
349
|
|
|
|
|
|
|
|
|
|
||||||||
2017
|
|
|
|
|
|
|
|
||||||||
Dividends declared per share
|
$
|
0.35
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
$
|
0.45
|
|
Dividends declared
|
$
|
251
|
|
|
$
|
291
|
|
|
$
|
289
|
|
|
$
|
324
|
|
|
|
|
|
|
|
|
|
||||||||
2016
|
|
|
|
|
|
|
|
||||||||
Dividends declared per share
|
$
|
0.30
|
|
|
$
|
0.35
|
|
|
$
|
0.35
|
|
|
$
|
0.35
|
|
Dividends declared
|
$
|
225
|
|
|
$
|
261
|
|
|
$
|
256
|
|
|
$
|
254
|
|
•
|
Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Valuation of these items does not entail a significant amount of
judgment.
|
•
|
Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or market data other than quoted prices that are observable for the assets or liabilities.
|
•
|
Level 3 measurements are based on unobservable data that are supported by little or no market activity and are significant to the fair value of the assets or liabilities.
|
|
November 30, 2018
|
|
November 30, 2017
|
||||||||||||||||||||||||||||
|
Carrying
Value |
|
Fair Value
|
|
Carrying
Value |
|
Fair Value
|
||||||||||||||||||||||||
(in millions)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Long-term other assets (a)
|
$
|
127
|
|
|
$
|
—
|
|
|
$
|
30
|
|
|
$
|
95
|
|
|
$
|
126
|
|
|
$
|
—
|
|
|
$
|
49
|
|
|
$
|
75
|
|
Total
|
$
|
127
|
|
|
$
|
—
|
|
|
$
|
30
|
|
|
$
|
95
|
|
|
$
|
126
|
|
|
$
|
—
|
|
|
$
|
49
|
|
|
$
|
75
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Fixed rate debt (b)
|
$
|
5,699
|
|
|
$
|
—
|
|
|
$
|
5,799
|
|
|
$
|
—
|
|
|
$
|
5,588
|
|
|
$
|
—
|
|
|
$
|
5,892
|
|
|
$
|
—
|
|
Floating rate debt (b)
|
4,695
|
|
|
—
|
|
|
4,727
|
|
|
—
|
|
|
3,658
|
|
|
—
|
|
|
3,697
|
|
|
—
|
|
||||||||
Total
|
$
|
10,394
|
|
|
$
|
—
|
|
|
$
|
10,526
|
|
|
$
|
—
|
|
|
$
|
9,246
|
|
|
$
|
—
|
|
|
$
|
9,589
|
|
|
$
|
—
|
|
(a)
|
Long-term other assets are comprised of notes receivable. The fair values of our Level 2 notes receivables were based on estimated future cash flows discounted at appropriate market interest rates. The fair values of our Level 3 notes receivable were estimated using risk-adjusted discount rates.
|
(b)
|
The debt amounts above do not include the impact of interest rate swaps or debt issuance costs. The fair values of our publicly-traded notes were based on their unadjusted quoted market prices in markets that are not sufficiently active to be Level 1 and, accordingly, are considered Level 2. The fair values of our other debt were estimated based on current market interest rates being applied to this debt.
|
|
November 30, 2018
|
|
November 30, 2017
|
||||||||||||||||||||
(in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
$
|
982
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
395
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Restricted cash
|
14
|
|
|
—
|
|
|
—
|
|
|
26
|
|
|
—
|
|
|
—
|
|
||||||
Marketable securities held in rabbi trusts (a)
|
9
|
|
|
—
|
|
|
—
|
|
|
97
|
|
|
—
|
|
|
—
|
|
||||||
Derivative financial instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
||||||
Total
|
$
|
1,005
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
518
|
|
|
$
|
15
|
|
|
$
|
—
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative financial instruments
|
$
|
—
|
|
|
$
|
29
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
161
|
|
|
$
|
—
|
|
Total
|
$
|
—
|
|
|
$
|
29
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
161
|
|
|
$
|
—
|
|
(a)
|
The use of marketable securities held in rabbi trusts is restricted to funding certain deferred compensation and non-qualified U.S. pension plans.
|
•
|
Forecasted operating results, including net revenue yields and net cruise costs including fuel prices
|
•
|
Capacity changes and the expected rotation of vessels into or out of each of these cruise brands, including decisions about the allocation of new ships amongst brands, the transfer of ships between brands and the timing of ship dispositions
|
•
|
Weighted-average cost of capital of market participants, adjusted for the risk attributable to the geographic regions in which these cruise brands operate
|
•
|
Capital expenditures, proceeds from forecasted dispositions of ships
and
terminal values
|
|
Goodwill
|
||||||||||
(in millions)
|
NAA Segment
|
|
EA Segment
|
|
Total
|
||||||
At November 30, 2016
|
$
|
1,934
|
|
|
$
|
976
|
|
|
$
|
2,910
|
|
Impairment charge
|
(38
|
)
|
|
—
|
|
|
(38
|
)
|
|||
Foreign currency translation adjustment
|
2
|
|
|
93
|
|
|
95
|
|
|||
At November 30, 2017
|
1,898
|
|
|
1,069
|
|
|
2,967
|
|
|||
Foreign currency translation adjustment
|
—
|
|
|
(42
|
)
|
|
(42
|
)
|
|||
At November 30, 2018
|
$
|
1,898
|
|
|
$
|
1,027
|
|
|
$
|
2,925
|
|
|
Trademarks
|
||||||||||
(in millions)
|
NAA Segment
|
|
EA Segment
|
|
Total
|
||||||
At November 30, 2016
|
$
|
975
|
|
|
$
|
231
|
|
|
$
|
1,206
|
|
Impairment charge
|
(50
|
)
|
|
—
|
|
|
(50
|
)
|
|||
Foreign currency translation adjustment
|
3
|
|
|
20
|
|
|
23
|
|
|||
At November 30, 2017
|
928
|
|
|
251
|
|
|
1,179
|
|
|||
Foreign currency translation adjustment
|
—
|
|
|
(10
|
)
|
|
(10
|
)
|
|||
At November 30, 2018
|
$
|
927
|
|
|
$
|
242
|
|
|
$
|
1,169
|
|
|
|
|
November 30,
|
||||||
(in millions)
|
Balance Sheet Location
|
|
2018
|
|
2017
|
||||
Derivative assets
|
|
|
|
|
|
||||
Derivatives designated as hedging instruments
|
|
|
|
|
|
||||
Cross currency swaps (a)
|
Prepaid expenses and other
|
|
$
|
—
|
|
|
$
|
3
|
|
Foreign currency zero cost collars (b)
|
Prepaid expenses and other
|
|
—
|
|
|
12
|
|
||
Total derivative assets
|
|
|
$
|
—
|
|
|
$
|
15
|
|
Derivative liabilities
|
|
|
|
|
|
||||
Derivatives designated as hedging instruments
|
|
|
|
|
|
||||
Cross currency swaps (a)
|
Accrued liabilities and other
|
|
$
|
5
|
|
|
$
|
13
|
|
|
Other long-term liabilities
|
|
—
|
|
|
17
|
|
||
Interest rate swaps (c)
|
Accrued liabilities and other
|
|
8
|
|
|
10
|
|
||
|
Other long-term liabilities
|
|
11
|
|
|
17
|
|
||
|
|
|
23
|
|
|
57
|
|
||
Derivatives not designated as hedging instruments
|
|
|
|
|
|
||||
Fuel (d)
|
Accrued liabilities and other
|
|
6
|
|
|
95
|
|
||
|
Other long-term liabilities
|
|
—
|
|
|
9
|
|
||
|
|
|
6
|
|
|
104
|
|
||
Total derivative liabilities
|
|
|
$
|
29
|
|
|
$
|
161
|
|
(a)
|
At
November 30, 2018
and
2017
, we had cross currency swaps totaling
$156 million
and
$324 million
, respectively, that are designated as hedges of our net investments in foreign operations with a euro-denominated functional currency. At
November 30, 2018
, this cross currency swap settles through
September 2019
.
|
(b)
|
At
November 30, 2017
, we had foreign currency derivatives consisting of foreign currency zero cost collars that are designated as foreign currency cash flow hedges for a portion of our euro-denominated shipbuilding payments.
|
(c)
|
We have euro interest rate swaps designated as cash flow hedges whereby we receive floating interest rate payments in exchange for making fixed interest rate payments. These interest rate swap agreements effectively changed
$385 million
at
November 30, 2018
and
$479 million
at November 30,
2017
of EURIBOR-based floating rate euro debt to fixed rate euro debt. At
November 30, 2018
, these interest rate swaps settle through March 2025.
|
(d)
|
At November 30,
2017
, we had fuel derivatives consisting of zero cost collars on Brent crude oil (“Brent”) to cover a portion of our estimated fuel consumption through 2018.
|
|
November 30, 2018
|
||||||||||||||||||
(in millions)
|
Gross Amounts
|
|
Gross Amounts Offset in the Balance Sheet
|
|
Total Net Amounts Presented in the Balance Sheet
|
|
Gross Amounts not Offset in the Balance Sheet
|
|
Net Amounts
|
||||||||||
Assets
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Liabilities
|
$
|
29
|
|
|
$
|
—
|
|
|
$
|
29
|
|
|
$
|
—
|
|
|
$
|
29
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
November 30, 2017
|
||||||||||||||||||
(in millions)
|
Gross Amounts
|
|
Gross Amounts Offset in the Balance Sheet
|
|
Total Net Amounts Presented in the Balance Sheet
|
|
Gross Amounts not Offset in the Balance Sheet
|
|
Net Amounts
|
||||||||||
Assets
|
$
|
15
|
|
|
$
|
—
|
|
|
$
|
15
|
|
|
$
|
(8
|
)
|
|
$
|
7
|
|
Liabilities
|
$
|
161
|
|
|
$
|
—
|
|
|
$
|
161
|
|
|
$
|
(8
|
)
|
|
$
|
153
|
|
|
November 30,
|
||||||||||
(in millions)
|
2018
|
|
2017
|
|
2016
|
||||||
Cross currency swaps - net investment hedges
|
$
|
18
|
|
|
$
|
(31
|
)
|
|
$
|
(33
|
)
|
Foreign currency zero cost collars – cash flow hedges
|
$
|
(12
|
)
|
|
$
|
45
|
|
|
$
|
(8
|
)
|
Interest rate swaps – cash flow hedges
|
$
|
6
|
|
|
$
|
8
|
|
|
$
|
8
|
|
|
November 30,
|
||||||||||
(in millions)
|
2018
|
|
2017
|
|
2016
|
||||||
Unrealized gains on fuel derivatives, net
|
$
|
94
|
|
|
$
|
227
|
|
|
$
|
236
|
|
Realized losses on fuel derivatives, net
|
(35
|
)
|
|
(192
|
)
|
|
(283
|
)
|
|||
Gains (losses) on fuel derivatives, net
|
$
|
59
|
|
|
$
|
35
|
|
|
$
|
(47
|
)
|
•
|
Conducting business with large, well-established financial institutions, insurance companies and export credit agencies
|
•
|
Diversifying our counterparties
|
•
|
Having guidelines regarding credit ratings and investment maturities that we follow to help safeguard liquidity and
minimize risk
|
•
|
Generally requiring collateral and/or guarantees to support notes receivable on significant asset sales, long-term ship charters and new ship progress payments to shipyards
|
|
As of and for the years ended November 30,
|
||||||||||||||||||||||||||
(in millions)
|
Revenues
|
|
Operating costs and expenses
|
|
Selling and administrative
|
|
Depreciation and amortization
|
|
Operating income (loss)
|
|
Capital expenditures
|
|
Total assets
|
||||||||||||||
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
NAA
|
$
|
12,236
|
|
|
$
|
7,180
|
|
|
$
|
1,403
|
|
|
$
|
1,264
|
|
|
$
|
2,389
|
|
|
$
|
2,614
|
|
|
$
|
25,613
|
|
EA
|
6,243
|
|
|
3,676
|
|
|
751
|
|
|
611
|
|
|
1,205
|
|
|
945
|
|
|
13,825
|
|
|||||||
Cruise Support
|
129
|
|
|
53
|
|
|
268
|
|
|
103
|
|
|
(296
|
)
|
|
38
|
|
|
2,303
|
|
|||||||
Tour and Other
|
272
|
|
|
180
|
|
|
28
|
|
|
39
|
|
|
26
|
|
|
152
|
|
|
660
|
|
|||||||
|
$
|
18,881
|
|
|
$
|
11,089
|
|
|
$
|
2,450
|
|
|
$
|
2,017
|
|
|
$
|
3,325
|
|
|
$
|
3,749
|
|
|
$
|
42,401
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
NAA
|
$
|
11,442
|
|
|
$
|
6,704
|
|
|
$
|
1,337
|
|
|
$
|
1,195
|
|
|
$
|
2,117
|
|
(a)
|
$
|
1,715
|
|
|
$
|
24,430
|
|
EA
|
5,703
|
|
|
3,568
|
|
|
667
|
|
|
561
|
|
|
907
|
|
|
793
|
|
|
14,149
|
|
|||||||
Cruise Support
|
129
|
|
|
66
|
|
|
246
|
|
|
53
|
|
|
(235
|
)
|
|
431
|
|
|
1,739
|
|
|||||||
Tour and Other
|
236
|
|
|
163
|
|
|
15
|
|
|
37
|
|
|
20
|
|
|
5
|
|
|
459
|
|
|||||||
|
$
|
17,510
|
|
|
$
|
10,501
|
|
|
$
|
2,265
|
|
|
$
|
1,846
|
|
|
$
|
2,809
|
|
|
$
|
2,944
|
|
|
$
|
40,778
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
NAA
|
$
|
10,563
|
|
|
$
|
5,961
|
|
|
$
|
1,273
|
|
|
$
|
1,117
|
|
|
$
|
2,211
|
|
|
$
|
2,114
|
|
|
$
|
24,066
|
|
EA
|
5,464
|
|
|
3,203
|
|
|
638
|
|
|
538
|
|
|
1,086
|
|
|
622
|
|
|
12,844
|
|
|||||||
Cruise Support
|
131
|
|
|
67
|
|
|
278
|
|
|
42
|
|
|
(256
|
)
|
|
310
|
|
|
1,513
|
|
|||||||
Tour and Other
|
231
|
|
|
152
|
|
|
8
|
|
|
41
|
|
|
30
|
|
|
16
|
|
|
458
|
|
|||||||
|
$
|
16,389
|
|
|
$
|
9,383
|
|
|
$
|
2,197
|
|
|
$
|
1,738
|
|
|
$
|
3,071
|
|
|
$
|
3,062
|
|
|
$
|
38,881
|
|
(a)
|
Includes
$89 million
of impairment charges related to NAA’s goodwill and trademarks.
|
|
Shares
|
|
Weighted-Average
Grant Date Fair Value |
|||
Outstanding at November 30, 2015
|
3,609,395
|
|
|
$
|
42.84
|
|
Granted
|
1,451,917
|
|
|
$
|
53.98
|
|
Vested
|
(1,454,381
|
)
|
|
$
|
38.18
|
|
Forfeited
|
(193,806
|
)
|
|
$
|
47.76
|
|
Outstanding at November 30, 2016
|
3,413,125
|
|
|
$
|
48.03
|
|
Granted
|
1,116,314
|
|
|
$
|
54.79
|
|
Vested
|
(1,466,690
|
)
|
|
$
|
38.95
|
|
Forfeited
|
(112,781
|
)
|
|
$
|
51.72
|
|
Outstanding at November 30, 2017
|
2,949,968
|
|
|
$
|
51.82
|
|
Granted
|
951,906
|
|
|
$
|
66.68
|
|
Vested
|
(1,419,218
|
)
|
|
$
|
45.45
|
|
Forfeited
|
(202,139
|
)
|
|
$
|
56.57
|
|
Outstanding at November 30, 2018
|
2,280,517
|
|
|
$
|
61.57
|
|
|
Years Ended November 30,
|
||||||||||
(in millions, except per share data)
|
2018
|
|
2017
|
|
2016
|
||||||
Net income for basic and diluted earnings per share
|
$
|
3,152
|
|
|
$
|
2,606
|
|
|
$
|
2,779
|
|
Weighted-average shares outstanding
|
709
|
|
|
722
|
|
|
745
|
|
|||
Dilutive effect of equity plans
|
2
|
|
|
3
|
|
|
2
|
|
|||
Diluted weighted-average shares outstanding
|
710
|
|
|
725
|
|
|
747
|
|
|||
Basic earnings per share
|
$
|
4.45
|
|
|
$
|
3.61
|
|
|
$
|
3.73
|
|
Diluted earnings per share
|
$
|
4.44
|
|
|
$
|
3.59
|
|
|
$
|
3.72
|
|
•
Net revenue yields
|
•
Net cruise costs, excluding fuel per available lower berth day
|
•
Booking levels
|
•
Estimates of ship depreciable lives and residual values
|
•
Pricing and occupancy
|
•
Goodwill, ship and trademark fair values
|
•
Interest, tax and fuel expenses
|
•
Liquidity
|
•
Currency exchange rates
|
•
Adjusted earnings per share
|
•
|
Adverse world events impacting the ability or desire of people to travel may lead to a decline in demand for cruises
|
•
|
Incidents concerning our ships, guests or the cruise vacation industry as well as adverse weather conditions and other natural disasters may impact the satisfaction of our guests and crew and lead to reputational damage
|
•
|
Changes in and non-compliance with laws and regulations under which we operate, such as those relating to health, environment, safety and security, data privacy and protection, anti-corruption, economic sanctions, trade protection and tax may lead to litigation, enforcement actions, fines, penalties, and reputational damage
|
•
|
Breaches in data security and lapses in data privacy as well as disruptions and other damages to our principal offices, information technology operations and system networks and failure to keep pace with developments in technology may adversely impact our business operations, the satisfaction of our guests and crew and lead to reputational damage
|
•
|
Ability to recruit, develop and retain qualified shipboard personnel who live away from home for extended periods of time may adversely impact our business operations, guest services and satisfaction
|
•
|
Increases in fuel prices and availability of fuel supply may adversely impact our scheduled itineraries and costs
|
•
|
Fluctuations in foreign currency exchange rates may adversely impact our financial results
|
•
|
Overcapacity and competition in the cruise and land-based vacation industry may lead to a decline in our cruise sales and pricing
|
•
|
Geographic regions in which we try to expand our business may be slow to develop or ultimately not develop how we expect
|
•
|
Inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments may adversely impact our business operations and the satisfaction of our guests
|
•
|
Net income
increased
21%
to
$3.2 billion
from
$2.6
billion in
2017
and diluted earnings per share increased to
$4.44
from
$3.59
in
2017
.
|
•
|
Adjusted net income increased
9.3%
to
$3.0
billion from
$2.8 billion
in
2017
and adjusted diluted earnings per share increased to
$4.26
from
$3.82
in
2017
. Adjusted net income excludes for the full year 2018 unrealized gains and losses on fuel derivatives and other net gains, totaling
$123
million in net gains and for the full year 2017 unrealized gains and losses on fuel derivatives of
$227
million in net gains and impairments and other net charges of $390 million.
|
•
|
Revenues increased
$1.4
billion to
$18.9
billion from
$17.5
billion in
2017
.
|
•
|
Gross cruise revenues increased
7.7%
to
$18.6 billion
from
$17.3 billion
in 2017. In constant currency, net cruise revenues increased
5.7%
to
$15.1
billion from
$14.3 billion
in 2017.
|
•
|
Gross revenue yields increased
5.7%
. In constant currency, net revenue yields increased
3.7%
, comprised of a
3.2%
increase in net passenger ticket revenue yields and a
5.1%
increase in net onboard and other revenue yields.
|
•
|
Gross cruise costs including fuel per ALBD increased
3.9%
. Net cruise costs excluding fuel per ALBD in constant currency increased
1.6%
.
|
•
|
Changes in fuel prices (including realized fuel derivatives) and currency exchange rates decreased earnings by $0.21 per share.
|
•
|
Our proactive public relations effort to increase understanding and reduce misconceptions has clearly had a positive impact. The absolute number of positive media mentions are multiples of what they were five years ago and our brands consistently capture over 75 percent of all positive media in our industry.
|
•
|
Our brands marketing efforts have shared the spotlight with many well-known personalities who brought with them a greater audience of potential new-to-cruise to our respective brands, including Oprah Winfrey for Holland America Line, Shaquille O’Neal for Carnival Cruise Line, Shakira for Costa, and Her Majesty the Queen for P&O Cruises (UK).
|
•
|
Our brands were featured on television programs all around the world including The New Celebrity Apprentice, The Ellen DeGeneres Show, ITV reality show, The Cruise, in its 6
th
season in the UK, and Ant & Dec, also in the UK. We created our own original content TV programs which have already reached more than 400 million views airing on major U.S. networks. Our proprietary shows, which include the Voyager with Josh Garcia, Ocean Treks with Jeff Corwin, Vacation Creation, and La Gran Sorpresa, are among the most popular travel series on TV.
|
•
|
With our history making voyage to Cuba in 2016, we became the first U.S. cruise operator in over 40 years to bring U.S. cruise guests directly from the U.S. to Cuba, and opened up an exciting new destination option for guests of Carnival Cruise Line, Holland America Line and Seabourn. Our cruise brands continue to further the guest experience through new destinations like Cuba and Amber Cove and new terminals like Barcelona and Dubai.
|
•
|
OceanMedallion debuted onboard
Caribbean Princess
and has received 36 billion favorable media impressions. We have been recognized globally for our innovation efforts, including being recognized by Fast Company as one of the Top Ten Most Innovative Companies in the travel category.
|
•
|
Our state-of-the-art revenue management tool has been deployed across half the company to facilitate further yield growth.
|
•
|
Across many of our brands, we are in the process of rolling out new technology both onboard and shoreside. This includes enhanced targeted marketing, improved CRM capabilities, new mobile apps and redesigned websites, which collectively contribute to an enhanced guest experience, added empowerment to our travel agent partners, increased revenues and reduced cost of sales.
|
•
|
We underwent multibillion dollar fleet wide reinvestment efforts, including Funship 2.0 for Carnival Cruise Line and Signature of Excellence for Holland America Line.
|
•
|
We signed a historic joint venture agreement with CSSC, China State Shipbuilding Corporation, forming a local cruise operating company and forging a significant long-term relationship to help build the cruise industry in China.
|
•
|
Forecasted operating results, including net revenue yields and net cruise costs including fuel prices
|
•
|
Capacity changes and the expected rotation of vessels into or out of each of these cruise brands, including decisions about the allocation of new ships amongst brands, the transfer of ships between brands and the timing of ship dispositions
|
•
|
Weighted-average cost of capital of market participants, adjusted for the risk attributable to the geographic regions in which these cruise brands operate
|
•
|
Capital expenditures, proceeds from forecasted dispositions of ships and terminal values
|
•
|
Sales of passenger cruise tickets and, in some cases, the sale of air and other transportation to and from airports near our ships’ home ports and cancellation fees. We also collect fees, taxes and other charges from our guests
|
•
|
The cruise ticket price typically includes the following:
|
•
|
Sales of goods and services not included in the cruise ticket price are generally the following:
|
• Substantially all liquor and some non-alcoholic beverage sales
|
• Internet and communication services
|
• Casino gaming
|
• Full service spas
|
• Shore excursions
|
• Specialty restaurants
|
• Gift shop sales
|
• Art sales
|
• Photo sales
|
• Laundry and dry cleaning services
|
•
|
The costs of passenger cruise bookings, which represent costs that are directly associated with passenger cruise ticket revenues, and include travel agent commissions, cost of air and other transportation and credit and debit card fees
|
•
|
Onboard and other cruise costs, which represent costs that are directly associated with onboard and other revenues, and include the costs of liquor and some non-alcoholic beverages, costs of tangible goods sold by us in our gift shops and from our photo packages, communication costs, costs of cruise vacation protection programs, costs of pre- and post-cruise land packages and credit and debit card fees
|
•
|
Fuel costs, which include fuel delivery costs
|
•
|
Payroll and related costs, which represent all costs related to our shipboard personnel, including bridge and engineering officers and crew and hotel and administrative employees, while costs associated with our shoreside personnel are included in selling and administrative expenses
|
•
|
Food costs, which include both our guest and crew food costs
|
•
|
Other ship operating expenses, which include port costs that do not vary with guest head counts; repairs and maintenance, including minor improvements and dry-dock expenses; hotel costs; entertainment; gains and losses on ship sales; ship impairments; freight and logistics; insurance premiums and all other ship operating expenses
|
|
Years Ended November 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
ALBDs (in thousands) (a) (b)
|
83,872
|
|
|
82,303
|
|
|
80,002
|
|
|||
Occupancy percentage (c)
|
106.9
|
%
|
|
105.9
|
%
|
|
105.9
|
%
|
|||
Passengers carried (in thousands)
|
12,407
|
|
|
12,130
|
|
|
11,520
|
|
|||
Fuel consumption in metric tons (in thousands)
|
3,296
|
|
|
3,286
|
|
|
3,233
|
|
|||
Fuel consumption in metric tons per thousand ALBDs
|
39.3
|
|
|
39.9
|
|
|
40.4
|
|
|||
Fuel cost per metric ton consumed
|
$
|
491
|
|
|
$
|
378
|
|
|
$
|
283
|
|
Currencies (USD to 1)
|
|
|
|
|
|
||||||
AUD
|
$
|
0.75
|
|
|
$
|
0.77
|
|
|
$
|
0.74
|
|
CAD
|
$
|
0.78
|
|
|
$
|
0.77
|
|
|
$
|
0.75
|
|
EUR
|
$
|
1.18
|
|
|
$
|
1.12
|
|
|
$
|
1.11
|
|
GBP
|
$
|
1.34
|
|
|
$
|
1.28
|
|
|
$
|
1.37
|
|
RMB
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
•
|
Partial period impact from one Princess Cruises 3,560-passenger capacity ship that entered into service in April 2017
|
•
|
Partial period impact from one Carnival Cruise Line 3,960-passenger capacity ship that entered into service in April 2018
|
•
|
Partial period impact from one Seabourn 600-passenger capacity ship that entered into service in May 2018
|
•
|
Partial period impact from one AIDA 3,290-passenger capacity ship that entered into service in June 2017
|
•
|
Partial period impact from one P&O Cruises (UK) 700-passenger capacity ship removed from service in March 2018
|
•
|
Partial period impact from one Costa Cruises 1,300-passenger capacity ship removed from service in April 2018
|
•
|
Full period impact from one Seabourn 600-passenger capacity ship that entered into service in December 2016
|
•
|
Partial period impact from one Holland America Line 2,650-passenger capacity ship that entered into service in April 2016
|
•
|
Partial period impact from one Carnival Cruise Line 3,930-passenger capacity ship that entered into service in May 2016
|
•
|
Partial period impact from one Princess Cruises 3,560-passenger capacity ship that entered into service in April 2017
|
•
|
Partial period impact from one AIDA 3,290-passenger capacity ship that entered into service in April 2016
|
•
|
Partial period impact from one AIDA 3,290-passenger capacity ship that entered into service in June 2017
|
•
|
$264 million
-
increase
in cruise ticket revenues,
driven primarily by price improvements in our European, Australian, China and various other programs and net favorable foreign currency transactional impacts
|
•
|
$247 million
-
1.9%
capacity
increase
in ALBDs
|
•
|
$246 million
- foreign currency translational impact from a weaker U.S. dollar against the functional currencies of our foreign operations (“foreign currency translational impact”)
|
•
|
$119 million
-
increase
in occupancy
|
•
|
$81 million - increase in air transportation revenues
|
•
|
$29 million - increase in other passenger revenue
|
•
|
$132 million
-
higher
onboard spending by our guests
|
•
|
$83 million
-
1.9%
capacity
increase
in ALBDs
|
•
|
$52 million
- foreign currency translational impact
|
•
|
$42 million
-
increase
in other revenues
|
•
|
$40 million
-
increase
in occupancy
|
•
|
$239 million
-
2.9%
capacity
increase
in ALBDs
|
•
|
$229 million
-
increase
in cruise ticket revenues, driven primarily by price improvements in the European, Australian and China programs and net favorable foreign currency transactional impacts
|
•
|
$70 million
-
increase
in air transportation revenues
|
•
|
$21 million
-
increase
in occupancy
|
•
|
$100 million
-
higher
onboard spending by our guests
|
•
|
$92 million
-
2.9%
capacity
increase
in ALBDs
|
•
|
$35 million
-
increase
in other revenues
|
•
|
$251 million
- foreign currency translational impact
|
•
|
$96 million
-
increase
in occupancy
|
•
|
$69 million
-
increase
in cruise ticket revenues, driven primarily by price improvements in the European, China and various other programs, partially offset by decrease in the Caribbean programs
and net unfavorable foreign currency transactional impacts
|
•
|
$371 million
-
higher
fuel prices
|
•
|
$197 million
-
1.9%
capacity
increase
in ALBDs
|
•
|
$169 million
- foreign currency translational impact
|
•
|
$100 million
-
higher
commissions, transportation and other expenses
|
•
|
$37 million
-
increase
in occupancy
|
•
|
$27 million - higher onboard and other expenses
|
•
|
$21 million - higher dry-dock expenses and repair and maintenance expenses
|
•
|
$253 million
-
higher
fuel prices
|
•
|
$194 million
-
2.9%
capacity
increase
in ALBDs
|
•
|
$102 million - higher commissions, transportation and other
|
•
|
$31 million
-
higher
dry-dock expenses and repair and maintenance expenses
|
•
|
$30 million
-
higher
port expenses
|
•
|
$24 million
-
higher
cruise payroll and related expenses
|
•
|
$24 million - higher onboard and other expenses
|
•
|
$174 million
- foreign currency translational impact
|
•
|
$117 million
-
higher
fuel prices
|
•
|
$29 million
-
increase
in occupancy
|
•
|
$141 million - ship impairments in 2017
|
•
|
$39 million - gains on ship sales in 2018
|
•
|
$21 million
-
lower
cruise payroll and related expenses
|
•
|
$39 million
- foreign currency translational impact
|
•
|
$27 million - higher administrative expense
s
|
|
Years Ended November 30,
|
||||||
(in millions)
|
2018
|
|
2017
|
||||
Unrealized gains on fuel derivatives
|
$
|
94
|
|
|
$
|
227
|
|
Realized (losses) on fuel derivatives, net
|
(35
|
)
|
|
(192
|
)
|
||
Gains on fuel derivatives, net
|
$
|
59
|
|
|
$
|
35
|
|
•
|
The translation of our operations with functional currencies other than U.S. dollar 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.
|
•
|
Our operations have revenue and expense transactions in currencies other than their functional currency. If their functional currency strengthens against these other currencies, it reduces the functional currency revenues and expenses. If the functional currency weakens against these other currencies, it increases the functional currency revenues and expenses.
|
|
Years Ended November 30,
|
||||||||||||||||||
(dollars in millions, except yields)
|
2018
|
|
2018 Constant Dollar
|
|
2017
|
|
2017 Constant Dollar
|
|
2016
|
||||||||||
Passenger ticket revenues
|
$
|
13,930
|
|
|
$
|
13,684
|
|
|
$
|
12,944
|
|
|
$
|
12,998
|
|
|
$
|
12,090
|
|
Onboard and other revenues
|
4,679
|
|
|
4,627
|
|
|
4,330
|
|
|
4,338
|
|
|
4,068
|
|
|||||
Gross cruise revenues
|
18,609
|
|
|
18,311
|
|
|
17,274
|
|
|
17,336
|
|
|
16,158
|
|
|||||
Less cruise costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commissions, transportation and other
|
(2,590
|
)
|
|
(2,526
|
)
|
|
(2,359
|
)
|
|
(2,371
|
)
|
|
(2,240
|
)
|
|||||
Onboard and other
|
(638
|
)
|
|
(630
|
)
|
|
(587
|
)
|
|
(589
|
)
|
|
(553
|
)
|
|||||
|
(3,228
|
)
|
|
(3,156
|
)
|
|
(2,946
|
)
|
|
(2,960
|
)
|
|
(2,793
|
)
|
|||||
Net passenger ticket revenues
|
11,340
|
|
|
11,158
|
|
|
10,585
|
|
|
10,627
|
|
|
9,850
|
|
|||||
Net onboard and other revenues
|
4,041
|
|
|
3,997
|
|
|
3,744
|
|
|
3,749
|
|
|
3,515
|
|
|||||
Net cruise revenues
|
$
|
15,381
|
|
|
$
|
15,155
|
|
|
$
|
14,329
|
|
|
$
|
14,376
|
|
|
$
|
13,365
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
ALBDs
|
83,872,441
|
|
|
83,872,441
|
|
|
82,302,887
|
|
|
82,302,887
|
|
|
80,002,092
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross revenue yields
|
$
|
221.87
|
|
|
$
|
218.32
|
|
|
$
|
209.88
|
|
|
$
|
210.63
|
|
|
$
|
201.97
|
|
% increase
|
5.7
|
%
|
|
4.0
|
%
|
|
3.9
|
%
|
|
4.3
|
%
|
|
|
|
|||||
Net revenue yields
|
$
|
183.38
|
|
|
$
|
180.69
|
|
|
$
|
174.10
|
|
|
$
|
174.67
|
|
|
$
|
167.06
|
|
% increase
|
5.3
|
%
|
|
3.8
|
%
|
|
4.2
|
%
|
|
4.6
|
%
|
|
|
||||||
Net passenger ticket revenue yields
|
$
|
135.21
|
|
|
$
|
133.03
|
|
|
$
|
128.62
|
|
|
$
|
129.12
|
|
|
$
|
123.11
|
|
% increase
|
5.1
|
%
|
|
3.4
|
%
|
|
4.5
|
%
|
|
4.9
|
%
|
|
|
|
|||||
Net onboard and other revenue yields
|
$
|
48.17
|
|
|
$
|
47.65
|
|
|
$
|
45.48
|
|
|
$
|
45.55
|
|
|
$
|
43.95
|
|
% increase
|
5.9
|
%
|
|
4.8
|
%
|
|
3.5
|
%
|
|
3.6
|
%
|
|
|
|
|
Years Ended November 30,
|
||||||||||||||||||
(dollars in millions, except yields)
|
2018
|
|
2018 Constant Currency
|
|
2017
|
|
2017 Constant Currency
|
|
2016
|
||||||||||
Net passenger ticket revenues
|
$
|
11,340
|
|
|
$
|
11,137
|
|
|
$
|
10,585
|
|
|
$
|
10,632
|
|
|
$
|
9,850
|
|
Net onboard and other revenues
|
4,041
|
|
|
4,008
|
|
|
3,744
|
|
|
3,741
|
|
|
3,515
|
|
|||||
Net cruise revenues
|
$
|
15,381
|
|
|
$
|
15,145
|
|
|
$
|
14,329
|
|
|
$
|
14,373
|
|
|
$
|
13,365
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
ALBDs
|
83,872,441
|
|
|
83,872,441
|
|
|
82,302,887
|
|
|
82,302,887
|
|
|
80,002,092
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net revenue yields
|
$
|
183.38
|
|
|
$
|
180.57
|
|
|
$
|
174.10
|
|
|
$
|
174.63
|
|
|
$
|
167.06
|
|
% increase
|
5.3
|
%
|
|
3.7
|
%
|
|
4.2
|
%
|
|
4.5
|
%
|
|
|
||||||
Net passenger ticket revenue yields
|
$
|
135.21
|
|
|
$
|
132.79
|
|
|
$
|
128.62
|
|
|
$
|
129.18
|
|
|
$
|
123.11
|
|
% increase
|
5.1
|
%
|
|
3.2
|
%
|
|
4.5
|
%
|
|
4.9
|
%
|
|
|
||||||
Net onboard and other revenue yields
|
$
|
48.17
|
|
|
$
|
47.78
|
|
|
$
|
45.48
|
|
|
$
|
45.45
|
|
|
$
|
43.95
|
|
% increase
|
5.9
|
%
|
|
5.1
|
%
|
|
3.5
|
%
|
|
3.4
|
%
|
|
|
|
Years Ended November 30,
|
||||||||||||||||||
(dollars in millions, except costs per ALBD)
|
2018
|
|
2018 Constant Dollar
|
|
2017
|
|
2017 Constant Dollar
|
|
2016
|
||||||||||
Cruise operating expenses
|
$
|
10,910
|
|
|
$
|
10,740
|
|
|
$
|
10,338
|
|
|
$
|
10,372
|
|
|
$
|
9,231
|
|
Cruise selling and administrative expenses
|
2,422
|
|
|
2,385
|
|
|
2,250
|
|
|
2,259
|
|
|
2,188
|
|
|||||
Gross cruise costs
|
13,332
|
|
|
13,125
|
|
|
12,588
|
|
|
12,631
|
|
|
11,419
|
|
|||||
Less cruise costs included above
|
|
|
|
|
|
|
|
|
|
||||||||||
Commissions, transportation and other
|
(2,590
|
)
|
|
(2,526
|
)
|
|
(2,359
|
)
|
|
(2,371
|
)
|
|
(2,240
|
)
|
|||||
Onboard and other
|
(638
|
)
|
|
(630
|
)
|
|
(587
|
)
|
|
(589
|
)
|
|
(553
|
)
|
|||||
Gains (losses) on ship sales and impairments
|
38
|
|
|
34
|
|
|
(298
|
)
|
|
(288
|
)
|
|
2
|
|
|||||
Restructuring expenses
|
(1
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
(3
|
)
|
|
(2
|
)
|
|||||
Other
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(41
|
)
|
|||||
Net cruise costs
|
10,139
|
|
|
10,000
|
|
|
9,341
|
|
|
9,380
|
|
|
8,585
|
|
|||||
Less fuel
|
(1,619
|
)
|
|
(1,619
|
)
|
|
(1,244
|
)
|
|
(1,244
|
)
|
|
(915
|
)
|
|||||
Net cruise costs excluding fuel
|
$
|
8,521
|
|
|
$
|
8,382
|
|
|
$
|
8,097
|
|
|
$
|
8,136
|
|
|
$
|
7,670
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
ALBDs
|
83,872,441
|
|
|
83,872,441
|
|
|
82,302,887
|
|
|
82,302,887
|
|
|
80,002,092
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross cruise costs per ALBD
|
$
|
158.96
|
|
|
$
|
156.49
|
|
|
$
|
152.94
|
|
|
$
|
153.46
|
|
|
$
|
142.73
|
|
% increase
|
3.9
|
%
|
|
2.3
|
%
|
|
7.2
|
%
|
|
7.5
|
%
|
|
|
|
|||||
Net cruise costs excluding fuel per ALBD
|
$
|
101.59
|
|
|
$
|
99.93
|
|
|
$
|
98.37
|
|
|
$
|
98.84
|
|
|
$
|
95.87
|
|
% increase
|
3.3
|
%
|
|
1.6
|
%
|
|
2.6
|
%
|
|
3.1
|
%
|
|
|
|
|
Years Ended November 30,
|
||||||||||||||||||
(dollars in millions, except costs per ALBD)
|
2018
|
|
2018 Constant Currency
|
|
2017
|
|
2017 Constant Currency
|
|
2016
|
||||||||||
Net cruise costs excluding fuel
|
$
|
8,521
|
|
|
$
|
8,385
|
|
|
$
|
8,097
|
|
|
$
|
8,108
|
|
|
$
|
7,670
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
ALBDs
|
83,872,441
|
|
|
83,872,441
|
|
|
82,302,887
|
|
|
82,302,887
|
|
|
80,002,092
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cruise costs excluding fuel per ALBD
|
$
|
101.59
|
|
|
$
|
99.98
|
|
|
$
|
98.37
|
|
|
$
|
98.51
|
|
|
$
|
95.87
|
|
% increase
|
3.3
|
%
|
|
1.6
|
%
|
|
2.6
|
%
|
|
2.7
|
%
|
|
|
|
Years Ended November 30,
|
||||||||||
(dollars in millions, except per share data)
|
2018
|
|
2017
|
|
2016
|
||||||
Net income
|
|
|
|
|
|
||||||
U.S. GAAP net income
|
$
|
3,152
|
|
|
$
|
2,606
|
|
|
$
|
2,779
|
|
Unrealized (gains) losses on fuel derivatives, net
|
(94
|
)
|
|
(227
|
)
|
|
(236
|
)
|
|||
(Gains) losses on ship sales and impairments
|
(38
|
)
|
|
387
|
|
|
(2
|
)
|
|||
Restructuring expenses
|
1
|
|
|
3
|
|
|
2
|
|
|||
Other
|
8
|
|
|
—
|
|
|
37
|
|
|||
Adjusted net income
|
$
|
3,029
|
|
|
$
|
2,770
|
|
|
$
|
2,580
|
|
|
|
|
|
|
|
||||||
Weighted-average shares outstanding
|
710
|
|
|
725
|
|
|
747
|
|
|||
|
|
|
|
|
|
||||||
Earnings per share
|
|
|
|
|
|
||||||
U.S. GAAP earnings per share
|
$
|
4.44
|
|
|
$
|
3.59
|
|
|
$
|
3.72
|
|
Unrealized (gains) losses on fuel derivatives, net
|
(0.13
|
)
|
|
(0.31
|
)
|
|
(0.32
|
)
|
|||
(Gains) losses on ship sales and impairments
|
(0.05
|
)
|
|
0.53
|
|
|
—
|
|
|||
Restructuring expenses
|
—
|
|
|
—
|
|
|
—
|
|
|||
Other
|
0.01
|
|
|
—
|
|
|
0.05
|
|
|||
Adjusted earnings per share
|
$
|
4.26
|
|
|
$
|
3.82
|
|
|
$
|
3.45
|
|
|
|
|
|
|
|
•
|
$545 million -
3.7%
increase in constant currency net revenue yields
|
•
|
$271 million - 1.9% capacity increase in ALBDs
|
•
|
$236 million - foreign currency impacts (including both foreign currency translational and transactional impacts)
|
•
|
$517 million - increase in cruise ticket revenues, driven primarily by price improvements in our Caribbean, European and Alaska programs, partially offset by decrease in our China programs
|
•
|
$348 million - 2.9% capacity increase in ALBDs
|
•
|
$55 million - increase in other passenger revenue
|
•
|
$54 million - foreign currency translational impact
|
•
|
$20 million - decrease in air transportation revenues
|
•
|
$124 million - higher onboard spending by our guests
|
•
|
$117 million - 2.9% capacity increase in ALBDs
|
•
|
$390 million - increase in cruise ticket revenues, driven primarily by price improvements in the Caribbean, European and Alaska programs, partially offset by decrease in the China programs
|
•
|
$214 million - 2.8% capacity increase in ALBDs
|
•
|
$29 million - increase in other passenger revenue
|
•
|
$26 million - increase in occupancy
|
•
|
$96 million - higher onboard spending by our guests
|
•
|
$83 million - 2.8% capacity increase in ALBDs
|
•
|
$135 million - 3.0% capacity increase in ALBDs
|
•
|
$123 million - increase in cruise ticket revenues, driven primarily by price improvements in the European programs, partially offset by decrease in the China programs
|
•
|
$63 million - foreign currency translational impact
|
•
|
$314 million - higher fuel prices
|
•
|
$304 million - impairment of ships
|
•
|
$265 million - 2.9% capacity increase in ALBDs
|
•
|
$68 million - higher cruise payroll and related expenses
|
•
|
$67 million - higher port expenses
|
•
|
$65 million - higher commissions, transportation and other expenses
|
•
|
$64 million - higher dry-dock expenses and repair and maintenance expenses
|
•
|
$207 million - higher fuel prices
|
•
|
$168 million - 2.8% capacity increase in ALBDs
|
•
|
$162 million - impairment of ships
|
•
|
$80 million - higher commissions, transportation and other expenses
|
•
|
$42 million - higher port expenses
|
•
|
$41 million - higher cruise payroll and related expenses
|
•
|
$24 million - higher dry-dock expenses and repair and maintenance expenses
|
•
|
$141 million - impairment of ships
|
•
|
$107 million - higher fuel prices
|
•
|
$95 million - 3.0% capacity increase in ALBDs
|
•
|
$43 million - higher dry-dock expenses and repair and maintenance expenses
|
•
|
$26 million - higher port expenses
|
•
|
$21 million - higher cruise payroll and related expenses
|
•
|
$49 million - foreign currency translational impact
|
•
|
$23 million - decrease in air transportation costs
|
|
Years Ended November 30,
|
||||||
(in millions)
|
2017
|
|
2016
|
||||
Unrealized gains on fuel derivatives
|
$
|
227
|
|
|
$
|
236
|
|
Realized losses on fuel derivatives, net
|
(192
|
)
|
|
(283
|
)
|
||
Gains (losses) on fuel derivatives, net
|
$
|
35
|
|
|
$
|
(47
|
)
|
•
|
$626 million - 4.5% increase in constant currency net revenue yields
|
•
|
$381 million - 2.9% capacity increase in ALBDs
|
•
|
Capital expenditures of $2.1 billion for our ongoing new shipbuilding program
|
•
|
Capital expenditures of $1.7 billion for ship improvements and replacements, information technology and buildings and improvements
|
•
|
Proceeds from sale of ships of
$389 million
|
•
|
Purchase of minority interest of $135 million
|
•
|
Payments of $
39 million
of fuel derivative settlements
|
•
|
Capital expenditures of $1.4 billion for our ongoing new shipbuilding program
|
•
|
Capital expenditures of $1.5 billion for ship improvements and replacements, information technology and buildings and improvements
|
•
|
Payments of $
203 million
of fuel derivative settlements
|
•
|
Capital expenditures of $1.9 billion for our ongoing new shipbuilding program
|
•
|
Capital expenditures of $1.2 billion for ship improvements and replacements, information technology and buildings and improvements
|
•
|
Payments of $
291 million
of fuel derivative settlements
|
•
|
Proceeds from sale of ships of
$26 million
|
•
|
Net proceeds of short-term borrowings of
$417 million
in connection with our availability of, and needs for, cash at various times throughout the period
|
•
|
Repayments of
$1.6 billion
of long-term debt
|
•
|
Issuances of $2.5 billion of long-term debt
|
•
|
Payments of cash dividends of
$1.4
billion
|
•
|
Purchases of
$1.5
billion of Carnival Corporation common stock and Carnival plc ordinary shares in open market transactions under our Repurchase Program
|
•
|
Net repayments of short-term borrowings of $29 million in connection with our availability of, and needs for, cash at various times throughout the period
|
•
|
Repayments of $1.2 billion of long-term debt
|
•
|
Issuances of $100 million of long-term debt under a term loan
|
•
|
Proceeds of $367 million of long-term debt under an export credit facility
|
•
|
Payments of cash dividends of $1.1 billion
|
•
|
Purchases of $552 million of Carnival Corporation common stock and Carnival plc ordinary shares in open market transactions under our Repurchase Program
|
•
|
Net proceeds from short-term borrowings of $447 million in connection with our availability of, and needs for, cash at various times throughout the period
|
•
|
Repayments of $1.3 billion of long-term debt
|
•
|
Issuances of $555 million of euro-denominated publicly-traded notes, which net proceeds were used for general corporate purposes
|
•
|
Proceeds of $987 million of long-term debt
|
•
|
Payments of cash dividends of $977 million
|
•
|
Purchases of $2.3 billion of shares of Carnival Corporation common stock and $35 million of Carnival plc ordinary shares in open market transactions under our Repurchase Program
|
|
Payments Due by
|
|
|
|
|
||||||||||||||||||||||
(in millions)
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
|
Total
|
||||||||||||||
Debt (a)
|
$
|
2,633
|
|
|
$
|
2,320
|
|
|
$
|
1,243
|
|
|
$
|
1,203
|
|
|
$
|
1,867
|
|
|
$
|
2,095
|
|
|
$
|
11,360
|
|
Other long-term liabilities reflected on the balance
sheet (b)
|
—
|
|
|
135
|
|
|
90
|
|
|
73
|
|
|
59
|
|
|
178
|
|
|
535
|
|
|||||||
New ship growth capital
|
4,935
|
|
|
3,849
|
|
|
3,887
|
|
|
3,117
|
|
|
2,110
|
|
|
1,132
|
|
|
19,029
|
|
|||||||
Operating leases
|
70
|
|
|
48
|
|
|
46
|
|
|
36
|
|
|
35
|
|
|
180
|
|
|
415
|
|
|||||||
Port facilities and other
|
311
|
|
|
292
|
|
|
249
|
|
|
172
|
|
|
132
|
|
|
1,097
|
|
|
2,253
|
|
|||||||
Purchase obligations
|
451
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
451
|
|
|||||||
Total Contractual Cash Obligations
|
$
|
8,400
|
|
|
$
|
6,644
|
|
|
$
|
5,514
|
|
|
$
|
4,600
|
|
|
$
|
4,203
|
|
|
$
|
4,682
|
|
|
$
|
34,044
|
|
(in billions)
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
||||||||
Annual capital expenditure forecast
|
|
$
|
6.8
|
|
|
$
|
5.7
|
|
|
$
|
5.9
|
|
|
$
|
5.4
|
|
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
||||
Annual capacity forecast
|
|
4.6
|
%
|
|
5.5
|
%
|
|
7.2
|
%
|
|
5.2
|
%
|
•
|
In the event Carnival Corporation common stock trades at a premium to Carnival plc ordinary shares, we may elect to sell shares of Carnival Corporation common stock, at prevailing market prices in ordinary brokers’ transactions and repurchase an equivalent number of Carnival plc ordinary shares in the UK market.
|
•
|
In the event Carnival plc ordinary shares trade at a premium to Carnival Corporation common stock, we may elect to sell ordinary shares of Carnival plc, at prevailing market prices in ordinary brokers’ transactions and repurchase an equivalent number of shares of Carnival Corporation common stock in the U.S. market.
|
(in billions)
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
||||||||
Availability of committed future financing at November 30, 2018
|
|
$
|
3.4
|
|
|
$
|
2.9
|
|
|
$
|
2.8
|
|
|
$
|
2.4
|
|
•
|
$0.27 per share on an annualized basis for
2019
|
•
|
$0.01 per share for the first quarter of
2019
|
|
November 30,
|
||||||
USD to 1:
|
2018
|
|
2017
|
||||
AUD
|
$
|
0.73
|
|
|
$
|
0.76
|
|
CAD
|
$
|
0.75
|
|
|
$
|
0.78
|
|
EUR
|
$
|
1.14
|
|
|
$
|
1.18
|
|
GBP
|
$
|
1.28
|
|
|
$
|
1.33
|
|
RMB
|
$
|
0.14
|
|
|
$
|
0.15
|
|
|
November 30, 2018
|
|
Fixed rate
|
29
|
%
|
EUR fixed rate
|
29
|
%
|
Floating rate
|
6
|
%
|
EUR floating rate
|
28
|
%
|
GBP floating rate
|
8
|
%
|
•
|
$0.21 per share on an annualized basis for
2019
|
•
|
$0.05 per share for the first quarter of
2019
|
(in millions, except per share, per ton and currency data)
|
Years Ended November 30,
|
||||||||||||||||||
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|||||||||||
Statements of Income Data
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues
|
$
|
18,881
|
|
|
$
|
17,510
|
|
|
$
|
16,389
|
|
|
$
|
15,714
|
|
|
$
|
15,884
|
|
Operating income
|
$
|
3,325
|
|
|
$
|
2,809
|
|
|
$
|
3,071
|
|
|
$
|
2,574
|
|
|
$
|
1,772
|
|
Net income
|
$
|
3,152
|
|
|
$
|
2,606
|
|
|
$
|
2,779
|
|
|
$
|
1,757
|
|
|
$
|
1,216
|
|
Earnings per share
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
$
|
4.45
|
|
|
$
|
3.61
|
|
|
$
|
3.73
|
|
|
$
|
2.26
|
|
|
$
|
1.57
|
|
Diluted
|
$
|
4.44
|
|
|
$
|
3.59
|
|
|
$
|
3.72
|
|
|
$
|
2.26
|
|
|
$
|
1.56
|
|
Adjusted net income
|
$
|
3,029
|
|
|
$
|
2,770
|
|
|
$
|
2,580
|
|
|
$
|
2,106
|
|
|
$
|
1,504
|
|
Adjusted earnings per share - diluted
|
$
|
4.26
|
|
|
$
|
3.82
|
|
|
$
|
3.45
|
|
|
$
|
2.70
|
|
|
$
|
1.93
|
|
Dividends declared per share
|
$
|
1.95
|
|
|
$
|
1.60
|
|
|
$
|
1.35
|
|
|
$
|
1.10
|
|
|
$
|
1.00
|
|
Statistical Data
|
|
|
|
|
|
|
|
|
|
||||||||||
ALBDs (in thousands)
|
83,872
|
|
|
82,303
|
|
|
80,002
|
|
|
77,307
|
|
|
76,000
|
|
|||||
Occupancy percentage
|
106.9
|
%
|
|
105.9
|
%
|
|
105.9
|
%
|
|
104.8
|
%
|
|
104.1
|
%
|
|||||
Passengers carried (in thousands)
|
12,407
|
|
|
12,130
|
|
|
11,520
|
|
|
10,840
|
|
|
10,570
|
|
|||||
Fuel consumption in metric tons (in thousands)
|
3,296
|
|
|
3,286
|
|
|
3,233
|
|
|
3,181
|
|
|
3,194
|
|
|||||
Fuel consumption in metric tons per thousand ALBDs
|
39.3
|
|
|
39.9
|
|
|
40.4
|
|
|
41.2
|
|
|
42.0
|
|
|||||
Fuel cost per metric ton consumed
|
$
|
491
|
|
|
$
|
378
|
|
|
$
|
283
|
|
|
$
|
393
|
|
|
$
|
636
|
|
Currencies (USD to 1)
|
|
|
|
|
|
|
|
|
|
||||||||||
AUD
|
$
|
0.75
|
|
|
$
|
0.77
|
|
|
$
|
0.74
|
|
|
$
|
0.76
|
|
|
$
|
0.91
|
|
CAD
|
$
|
0.78
|
|
|
$
|
0.77
|
|
|
$
|
0.75
|
|
|
$
|
0.79
|
|
|
$
|
0.91
|
|
EUR
|
$
|
1.18
|
|
|
$
|
1.12
|
|
|
$
|
1.11
|
|
|
$
|
1.12
|
|
|
$
|
1.34
|
|
GBP
|
$
|
1.34
|
|
|
$
|
1.28
|
|
|
$
|
1.37
|
|
|
$
|
1.54
|
|
|
$
|
1.66
|
|
RMB
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
As of November 30,
|
||||||||||||||||||
(in millions)
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Balance Sheet
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets (a)
|
$
|
42,401
|
|
|
$
|
40,778
|
|
|
$
|
38,881
|
|
|
$
|
39,237
|
|
|
$
|
39,448
|
|
Total debt (a)
|
$
|
10,323
|
|
|
$
|
9,195
|
|
|
$
|
9,399
|
|
|
$
|
8,787
|
|
|
$
|
9,088
|
|
(a)
|
Total assets and total debt for years 2015 and 2014 have not been updated to reflect the changes as a result of adopting ASU 2015-03 -
Debt Issuance Cost
|
|
Years Ended November 30,
|
||||||||||||||||||
(in millions, except for per share data):
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
Net income
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. GAAP net income
|
$
|
3,152
|
|
|
$
|
2,606
|
|
|
$
|
2,779
|
|
|
$
|
1,757
|
|
|
$
|
1,216
|
|
Unrealized (gains) losses on fuel derivatives, net
|
(94
|
)
|
|
(227
|
)
|
|
(236
|
)
|
|
332
|
|
|
268
|
|
|||||
(Gains) losses on ship sales and impairments
|
(38
|
)
|
|
387
|
|
|
(2
|
)
|
|
(8
|
)
|
|
2
|
|
|||||
Restructuring expenses
|
1
|
|
|
3
|
|
|
2
|
|
|
25
|
|
|
18
|
|
|||||
Other
|
8
|
|
|
—
|
|
|
37
|
|
|
—
|
|
|
—
|
|
|||||
Adjusted net income
|
$
|
3,029
|
|
|
$
|
2,770
|
|
|
$
|
2,580
|
|
|
$
|
2,106
|
|
|
$
|
1,504
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted-average shares outstanding
|
710
|
|
|
725
|
|
|
747
|
|
|
779
|
|
|
778
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per share
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. GAAP earnings per share
|
$
|
4.44
|
|
|
$
|
3.59
|
|
|
$
|
3.72
|
|
|
$
|
2.26
|
|
|
$
|
1.56
|
|
Unrealized (gains) losses on fuel derivatives, net
|
(0.13
|
)
|
|
(0.31
|
)
|
|
(0.32
|
)
|
|
0.42
|
|
|
0.35
|
|
|||||
(Gains) losses on ship sales and impairments
|
(0.05
|
)
|
|
0.53
|
|
|
—
|
|
|
(0.01
|
)
|
|
—
|
|
|||||
Restructuring expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
0.03
|
|
|
0.02
|
|
|||||
Other
|
0.01
|
|
|
—
|
|
|
0.05
|
|
|
—
|
|
|
—
|
|
|||||
Adjusted earnings per share
|
$
|
4.26
|
|
|
$
|
3.82
|
|
|
$
|
3.45
|
|
|
$
|
2.70
|
|
|
$
|
1.93
|
|
|
Assumes $100 Invested on November 30, 2013
Assumes Dividends Reinvested Years Ended November 30, |
|||||||||||||||||||||||
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
||||||||||||
Carnival Corporation Common Stock
|
|
$
|
100
|
|
|
$
|
125
|
|
|
$
|
147
|
|
|
$
|
154
|
|
|
$
|
200
|
|
|
$
|
189
|
|
Dow Jones Recreational Index
|
|
$
|
100
|
|
|
$
|
133
|
|
|
$
|
148
|
|
|
$
|
144
|
|
|
$
|
193
|
|
|
$
|
192
|
|
FTSE 100 Index
|
|
$
|
100
|
|
|
$
|
99
|
|
|
$
|
94
|
|
|
$
|
87
|
|
|
$
|
105
|
|
|
$
|
98
|
|
S&P 500 Index
|
|
$
|
100
|
|
|
$
|
117
|
|
|
$
|
120
|
|
|
$
|
130
|
|
|
$
|
159
|
|
|
$
|
169
|
|
|
Assumes $100 Invested on November 30, 2013
Assumes Dividends Reinvested Years Ended November 30, |
||||||||||||||||||||||
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
||||||||||||
Carnival plc ADS
|
$
|
100
|
|
|
$
|
124
|
|
|
$
|
150
|
|
|
$
|
150
|
|
|
$
|
200
|
|
|
$
|
185
|
|
Dow Jones Recreational Index
|
$
|
100
|
|
|
$
|
133
|
|
|
$
|
148
|
|
|
$
|
144
|
|
|
$
|
193
|
|
|
$
|
192
|
|
FTSE 100 Index
|
$
|
100
|
|
|
$
|
99
|
|
|
$
|
94
|
|
|
$
|
87
|
|
|
$
|
105
|
|
|
$
|
98
|
|
S&P 500 Index
|
$
|
100
|
|
|
$
|
117
|
|
|
$
|
120
|
|
|
$
|
130
|
|
|
$
|
159
|
|
|
$
|
169
|
|
|
2018 Quarters Ended
|
||||||||||||||
(in millions, except per share data)
|
February 28
|
|
May 31
|
|
August 31
|
|
November 30
|
||||||||
Revenues
|
$
|
4,232
|
|
|
$
|
4,357
|
|
|
$
|
5,836
|
|
|
$
|
4,456
|
|
Operating income
|
$
|
419
|
|
|
$
|
559
|
|
|
$
|
1,794
|
|
|
$
|
552
|
|
Net income
|
$
|
391
|
|
|
$
|
561
|
|
|
$
|
1,707
|
|
|
$
|
494
|
|
Earnings per share
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.54
|
|
|
$
|
0.79
|
|
|
$
|
2.42
|
|
|
$
|
0.71
|
|
Diluted
|
$
|
0.54
|
|
|
$
|
0.78
|
|
|
$
|
2.41
|
|
|
$
|
0.71
|
|
Adjusted net income (a)
|
$
|
375
|
|
|
$
|
489
|
|
|
$
|
1,673
|
|
|
$
|
492
|
|
Adjusted earnings per share - diluted (a)
|
$
|
0.52
|
|
|
$
|
0.68
|
|
|
$
|
2.36
|
|
|
$
|
0.70
|
|
Dividends declared per share
|
$
|
0.45
|
|
|
$
|
0.50
|
|
|
$
|
0.50
|
|
|
$
|
0.50
|
|
(a)
|
Adjusted net income and adjusted fully diluted earnings per share were computed as follows:
|
|
2018 Quarters Ended
|
||||||||||||||
(in millions, except per share data)
|
February 28
|
|
May 31
|
|
August 31
|
|
November 30
|
||||||||
Net income
|
|
|
|
|
|
|
|
||||||||
U.S. GAAP net income
|
$
|
391
|
|
|
$
|
561
|
|
|
$
|
1,707
|
|
|
$
|
494
|
|
Unrealized (gains) losses on fuel derivatives, net
|
(32
|
)
|
|
(50
|
)
|
|
(8
|
)
|
|
(4
|
)
|
||||
(Gains) losses on ship sales and impairments
|
16
|
|
|
(28
|
)
|
|
(27
|
)
|
|
—
|
|
||||
Restructuring expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Other
|
—
|
|
|
6
|
|
|
—
|
|
|
1
|
|
||||
Adjusted net income
|
$
|
375
|
|
|
$
|
489
|
|
|
$
|
1,673
|
|
|
$
|
492
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding
|
719
|
|
|
715
|
|
|
707
|
|
|
699
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per share
|
|
|
|
|
|
|
|
||||||||
U.S. GAAP earnings per share
|
$
|
0.54
|
|
|
$
|
0.78
|
|
|
$
|
2.41
|
|
|
$
|
0.71
|
|
Unrealized (gains) losses on fuel derivatives, net
|
(0.05
|
)
|
|
(0.07
|
)
|
|
(0.01
|
)
|
|
(0.01
|
)
|
||||
(Gains) losses on ship sales and impairments
|
0.02
|
|
|
(0.04
|
)
|
|
(0.04
|
)
|
|
—
|
|
||||
Restructuring expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Other
|
—
|
|
|
0.01
|
|
|
—
|
|
|
—
|
|
||||
Adjusted earnings per share
|
$
|
0.52
|
|
|
$
|
0.68
|
|
|
$
|
2.36
|
|
|
$
|
0.70
|
|
|
2017 Quarters Ended
|
||||||||||||||
(in millions, except per share data)
|
February 28
|
|
May 31
|
|
August 31
|
|
November 30
|
||||||||
Revenues
|
$
|
3,791
|
|
|
$
|
3,945
|
|
|
$
|
5,515
|
|
|
$
|
4,259
|
|
Operating income
|
$
|
368
|
|
|
$
|
500
|
|
|
$
|
1,393
|
|
|
$
|
548
|
|
Net income
|
$
|
352
|
|
|
$
|
379
|
|
|
$
|
1,329
|
|
|
$
|
546
|
|
Earnings per share
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.48
|
|
|
$
|
0.52
|
|
|
$
|
1.84
|
|
|
$
|
0.76
|
|
Diluted
|
$
|
0.48
|
|
|
$
|
0.52
|
|
|
$
|
1.83
|
|
|
$
|
0.76
|
|
Adjusted net income (a)
|
$
|
279
|
|
|
$
|
378
|
|
|
$
|
1,659
|
|
|
$
|
452
|
|
Adjusted earnings per share - diluted (a)
|
$
|
0.38
|
|
|
$
|
0.52
|
|
|
$
|
2.29
|
|
|
$
|
0.63
|
|
Dividends declared per share
|
$
|
0.35
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
$
|
0.45
|
|
(a)
|
Adjusted net income and adjusted fully diluted earnings per share were computed as follows:
|
|
2017 Quarters Ended
|
||||||||||||||
(in millions, except per share data)
|
February 28
|
|
May 31
|
|
August 31
|
|
November 30
|
||||||||
Net income
|
|
|
|
|
|
|
|
||||||||
U.S. GAAP net income
|
$
|
352
|
|
|
$
|
379
|
|
|
$
|
1,329
|
|
|
$
|
546
|
|
Unrealized losses (gains) on fuel derivatives, net
|
(72
|
)
|
|
2
|
|
|
(65
|
)
|
|
(93
|
)
|
||||
(Gains) losses on ship sales and impairments
|
—
|
|
|
(4
|
)
|
|
392
|
|
|
(1
|
)
|
||||
Restructuring expenses
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
||||
Other
|
(1
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
||||
Adjusted net income
|
$
|
279
|
|
|
$
|
378
|
|
|
$
|
1,659
|
|
|
$
|
452
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding
|
728
|
|
|
727
|
|
|
726
|
|
|
722
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per share
|
|
|
|
|
|
|
|
||||||||
U.S. GAAP earnings per share
|
$
|
0.48
|
|
|
$
|
0.52
|
|
|
$
|
1.83
|
|
|
$
|
0.76
|
|
Unrealized (gains) losses on fuel derivatives, net
|
(0.10
|
)
|
|
—
|
|
|
(0.09
|
)
|
|
(0.13
|
)
|
||||
(Gains) losses on ship sales and impairments
|
—
|
|
|
—
|
|
|
0.55
|
|
|
—
|
|
||||
Restructuring expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Adjusted earnings per share
|
$
|
0.38
|
|
|
$
|
0.52
|
|
|
$
|
2.29
|
|
|
$
|
0.63
|
|
Name of Subsidiary
|
Jurisdiction of
Incorporation
or Organization
|
6348 Equipment LLC
|
Florida
|
A.C.N. 098 290 834 Pty. Ltd.
|
Australia
|
A.J. Juneau Dock, LLC
|
Alaska
|
AIDA Kundencenter GmbH
|
Germany
|
Air-Sea Holiday GmbH
|
Switzerland
|
Alaska Hotel Properties LLC
|
Delaware
|
Barcelona Cruise Terminal SLU
|
Spain
|
Bay Island Cruise Port, S.A.
|
Honduras
|
Belize Cruise Terminal Limited
|
Belize
|
Carnival (UK) Limited
|
UK
|
Carnival Bahamas FC Limited
|
Bahamas
|
Carnival Bahamas Holdings Limited
|
Bahamas
|
Carnival Celebration, Inc.
|
Texas
|
Carnival Corporation & plc Asia (Hong Kong) Limited
|
Hong Kong
|
Carnival Corporation & plc Asia Pte. Ltd.
|
Singapore
|
Carnival Corporation Hong Kong Limited
|
Hong Kong
|
Carnival Corporation Korea Ltd.
|
Korea
|
Carnival Grand Bahama Investment Limited
|
Bahamas
|
Carnival Investments Limited
|
Bahamas
|
Carnival Japan, Inc.
|
Japan
|
Carnival License Holdings Limited
|
Bahamas
|
Carnival Maritime GmbH
|
Germany
|
Carnival North America LLC
|
Florida
|
Carnival Port Holdings Limited
|
UK
|
Carnival Ports Inc.
|
Florida
|
Carnival Support Services India Private Limited
|
India
|
Carnival Technical Services (UK) Limited
|
UK
|
Carnival Technical Services Finland Limited
|
Finland
|
Carnival Technical Services GmbH
|
Germany
|
Carnival Technical Services, Inc.
|
Japan
|
CC U.S. Ventures, Inc.
|
Delaware
|
CCL Gifts, LLC
|
Florida
|
Costa Crociere PTE Ltd.
|
Singapore
|
Costa Crociere S.p.A.
|
Italy
|
Costa Cruceros S.A.
|
Argentina
|
Costa Cruise Lines Inc.
|
Florida
|
Costa Cruise Lines UK Limited
|
UK
|
Costa Cruises Shipping Services (Shanghai) Company Limited
|
China
|
Name of Subsidiary
|
Jurisdiction of
Incorporation
or Organization
|
Costa Cruises Travel Agency (Shanghai) Co., Ltd.
|
China
|
Costa Cruzeiros Agencia Maritima e Turismo Ltda.
|
Brazil
|
Costa Group Digital & Strategic Services GmbH
|
Germany
|
Costa International B.V.
|
Netherlands
|
Costa Kreuzfahrten GmbH
|
Switzerland
|
Cozumel Cruise Terminal S.A. de C.V.
|
Mexico
|
Creative Travel Lab, Ltd.
|
Bahamas
|
Cruise Shipping Services Limited
|
Bahamas
|
Cruise Ships Catering & Services International N.V.
|
Curacao
|
Cruise Terminal Services, S.A. de C.V.
|
Mexico
|
Cruiseport Curacao C.V.
|
Curacao
|
CSSC Carnival Italy Cruise Investment S.r.L
|
Italy
|
Cunard Celtic Limited
|
Hong Kong
|
D.R. Cruise Port, Ltd.
|
Bahamas
|
Ecospray Technologies S.r.L.
|
Italy
|
F.P.M. SAS
|
French Polynesia
|
F.P.P. SAS
|
French Polynesia
|
Fathom Travel Ltd.
|
UK
|
Fleet Maritime Services (Bermuda) Limited
|
Bermuda
|
Fleet Maritime Services Holdings (Bermuda) Limited
|
Bermuda
|
Fleet Maritime Services International Limited
|
Bermuda
|
Gibs, Inc.
|
Delaware
|
Global Experience Innovators, Inc.
|
Florida
|
Global Fine Arts, Inc.
|
Florida
|
Global Shipping Service (Shanghai) Co., Ltd.
|
China
|
Grand Cruise Shipping Unipessoal LdA
|
Portugal (Madeira)
|
Grand Turk Cruise Center Ltd.
|
Turks & Caicos
|
GXI, LLC
|
Delaware
|
HAL Antillen N.V.
|
Curacao
|
HAL Beheer B.V.
|
Netherlands
|
HAL Cruises Limited
|
Bahamas
|
HAL Maritime Ltd.
|
British Virgin Islands
|
HAL Nederland N.V.
|
Curacao
|
HAL Properties Limited
|
Bahamas
|
HAL Services B.V.
|
Netherlands
|
Holding Division Iberocruceros SLU
|
Spain
|
Holland America Line Inc.
|
Washington
|
Holland America Line N.V.
|
Curacao
|
Holland America Line Paymaster of Washington LLC
|
Washington
|
Holland America Line U.S.A., Inc.
|
Delaware
|
HSE Hamburg School of Entertainment GmbH
|
Germany
|
Ibero Cruzeiros Ltda.
|
Brazil
|
Iberocruceros SLU
|
Spain
|
Name of Subsidiary
|
Jurisdiction of
Incorporation
or Organization
|
Information Assistance Corporation
|
Bermuda
|
International Cruise Services, S.A. de C.V.
|
Mexico
|
International Leisure Travel Inc.
|
Panama
|
International Maritime Recruitment Agency, S.A. de C.V.
|
Mexico
|
Milestone N.V.
|
Curacao
|
Navitrans B.V.
|
Netherlands
|
Ocean Medallion Fulfillment, Ltd.
|
Bahamas
|
Operadora Catalina S.r.L.
|
Dominican Republic
|
P&O Princess American Holdings
|
UK
|
P&O Princess Cruises International Limited
|
UK
|
P&O Princess Cruises Pension Trustee Limited
|
UK
|
P&O Properties (California), Inc.
|
California
|
P&O Travel Limited
|
UK
|
Prestige Cruises Management S.A.M.
|
Monaco
|
Prestige Cruises N.V.
|
Curacao
|
Princess Bermuda Holdings, Ltd.
|
Bermuda
|
Princess Cays Ltd.
|
Bahamas
|
Princess Cruise Corporation Inc.
|
Panama
|
Princess Cruise Lines, Ltd.
|
Bermuda
|
Princess Cruises and Tours, Inc.
|
Delaware
|
Princess U.S. Holdings, Inc.
|
California
|
RCT Maintenance & Related Services S.A.
|
Honduras
|
RCT Pilots & Related Services, S.A.
|
Honduras
|
RCT Security & Related Services S.A.
|
Honduras
|
Roatan Cruise Terminal S.A. de C.V.
|
Honduras
|
Royal Hyway Tours, Inc.
|
Alaska
|
Santa Cruz Terminal, S.L.
|
Spain
|
Seabourn Cruise Line Limited
|
Bermuda
|
SeaVacations Limited
|
UK
|
SeaVacations UK Limited
|
UK
|
Shanghai Coast Cruise Consulting Co. Lda
|
China
|
Ship Care (Bahamas) Limited
|
Bahamas
|
Sitmar Cruises Inc.
|
Panama
|
Southwark 2013 Ltd.
|
Isle of Man
|
Spanish Cruise Services N.V.
|
Curacao
|
Sunshine Shipping Corporation Ltd.
|
Bermuda
|
Tour Alaska, LLC
|
Delaware
|
Transnational Services Corporation
|
Panama
|
Trident Insurance Company Ltd.
|
Bermuda
|
Westmark Hotels of Canada, Ltd.
|
Canada
|
Westmark Hotels, Inc.
|
Alaska
|
Westours Motor Coaches, LLC
|
Alaska
|
Wind Surf Limited
|
Bahamas
|
Name of Subsidiary
|
Jurisdiction of
Incorporation
or Organization
|
World Leading Cruise Management (Shanghai) Co., Ltd.
|
China
|
CARNIVAL CORPORATION
|
|
CARNIVAL PLC
|
|
|
|
/s/ Micky Arison
|
|
/s/ Micky Arison
|
Micky Arison
|
|
Micky Arison
|
Chairman of the Board of Directors
|
|
Chairman of the Board of Directors
|
|
|
|
/s/ Sir Jonathon Band
|
|
/s/ Sir Jonathon Band
|
Sir Jonathon Band
|
|
Sir Jonathon Band
|
Director
|
|
Director
|
|
|
|
/s/ Jason Glen Cahilly
|
|
/s/ Jason Glen Cahilly
|
Jason Glen Cahilly
|
|
Jason Glen Cahilly
|
Director
|
|
Director
|
|
|
|
/s/ Helen Deeble
|
|
/s/ Helen Deeble
|
Helen Deeble
|
|
Helen Deeble
|
Director
|
|
Director
|
|
|
|
/s/ Richard J. Glasier
|
|
/s/ Richard J. Glasier
|
Richard J. Glasier
|
|
Richard J. Glasier
|
Director
|
|
Director
|
|
|
|
/s/ Debra Kelly-Ennis
|
|
/s/ Debra Kelly-Ennis
|
Debra Kelly-Ennis
|
|
Debra Kelly-Ennis
|
Director
|
|
Director
|
|
|
|
/s/ Katie Lahey
|
|
/s/ Katie Lahey
|
Katie Lahey
|
|
Katie Lahey
|
Director
|
|
Director
|
|
|
|
/s/ Sir John Parker
|
|
/s/ Sir John Parker
|
Sir John Parker
|
|
Sir John Parker
|
Director
|
|
Director
|
|
|
|
/s/ Stuart Subotnick
|
|
/s/ Stuart Subotnick
|
Stuart Subotnick
|
|
Stuart Subotnick
|
Director
|
|
Director
|
|
|
|
/s/ Laura Weil
|
|
/s/ Laura Weil
|
Laura Weil
|
|
Laura Weil
|
Director
|
|
Director
|
|
|
|
/s/ Randall J. Weisenburger
|
|
/s/ Randall J. Weisenburger
|
Randall J. Weisenburger
|
|
Randall J. Weisenburger
|
Director
|
|
Director
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Carnival Corporation.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Carnival Corporation.
|