REG-Carnival PLC: Carnival Corp & plc Fourth Quarter Results <Origin Href="QuoteRef">CCL.L</Origin> - Part 1
18/12/2015 14:20
Carnival Corporation & PLC Reports A 40 Percent Increase In Full Year Earnings
MIAMI, Dec. 18, 2015 -- Carnival Corporation & plc today reported its results
for the fourth quarter and full year ended November 30, 2015. The results of
Carnival Corporation and Carnival plc have been consolidated and include
results on a U.S. GAAP and adjusted basis.
4Q and Full Year Highlights
* FY 2015 adjusted earnings per share (diluted) of $2.70, compared to $1.93
for the prior year
* 4Q net revenue yields increased 4.1% in constant currency compared to the
prior year, better than September guidance, up 3%
* 4Q net cruise costs excluding fuel per available lower berth day ("ALBD")
increased 3.2% in constant currency, which was in line with September
guidance, up 3%
* 4Q adjusted net income was $389 million, or earnings per share (diluted) of
$0.50, before U.S. GAAP unrealized losses (non-cash) on fuel derivatives of
$117 million, or $0.15 earnings per share (diluted)
Outlook
* At this time, cumulative advance bookings for the first three quarters of
2016 are well ahead of the prior year at slightly higher constant currency
prices
* FY 2016 net revenue yields are expected to be up approximately 3% in
constant currency compared to the prior year, of which approximately 1% is
due to an accounting reclassification
* FY 2016 net cruise costs excluding fuel per ALBD are expected to be up
approximately 2% in constant currency compared to the prior year, of which
approximately 1.5% is also due to the reclassification
* FY 2016 adjusted earnings per share (diluted) are expected to be in the
range of $3.10 to $3.40, compared to $2.70 per share in FY2015
* 1Q 2016 adjusted earnings per share (diluted) are expected to be in the
range of $0.28 to $0.32, compared to $0.20 in 1Q 2015
President and Chief Executive Officer Arnold Donald commenting on these
results:
"We nearly doubled our fourth quarter results and ended the year with 40
percent higher earnings. Strong operational execution delivered $0.25 per share
higher earnings than the mid-point of our full year 2015 December guidance,
despite a $0.10 drag from the net impact of currency and fuel prices. This year
we achieved a 4.3 percent improvement (constant currency) in revenue yields
compared to the prior year due to higher onboard revenues and increased ticket
prices as we have driven demand in excess of capacity growth, while our ongoing
efforts to leverage our industry-leading scale helped to contain costs. Our
strong performance led to record operating cash flow of well over $4 billion
versus $3.4 billion last year."
"As we had anticipated, with less inventory remaining for sale, we have begun
to sell at higher prices than the same time last year, particularly close to
departure, affirming our expectation of continued yield improvement in 2016."
"We have accelerated progress toward and remain well positioned to achieve our
double digit return on invested capital threshold in the next two to three
years. Over time, we expect to continue to return excess cash to shareholders
as demonstrated by our recent 20 percent increase in quarterly dividends and
more than $400 million in share repurchases."
MEDIA CONTACT INVESTOR RELATIONS CONTACT
Roger Frizzell Beth Roberts
001 305 406 7862 001 305 406 4832
Conference Call
The company has scheduled a conference call with analysts at 3:00 p.m. GMT (10:
00 a.m. EST) today to discuss its 2015 fourth quarter and full year results.
This call can be listened to live, and additional information can be obtained,
via Carnival Corporation & plc's Web site at http://www.carnivalcorp.com/ and
http://www.carnivalplc.com/.
Carnival Corporation & plc is the largest cruise company in the world, with a
portfolio of 10 cruise brands in North America, Europe, Australia and Asia,
comprised of Carnival Cruise Line, Fathom, Holland America Line, Princess
Cruises, Seabourn, AIDA Cruises, Costa Cruises, Cunard, P&O Cruises (Australia)
and P&O Cruises (UK).
Together, these brands operate 99 ships totaling 216,000 lower berths with 18
new ships scheduled to be delivered between 2016 and 2022. Carnival Corporation
& plc also operates Holland America Princess Alaska Tours, the leading tour
companies in Alaska and the Canadian Yukon. Traded on both the New York and
London Stock Exchanges, Carnival Corporation & plc is the only group in the
world to be included in both the S&P500 and the FTSE 100 indices. Additional
information can be found on http://www.carnival.com/, http://www.fathom.org/,
http://www.hollandamerica.com/, http://www.princess.com/, http://
www.seabourn.com/, http://www.aida.de/, http://www.costacruise.com/, http://
www.cunard.com/, http://www.pocruises.com.au/, and http://www.pocruises.com/.
CARNIVAL CORPORATION & PLC REPORTS A 40 PERCENT INCREASE IN FULL YEAR EARNINGS
MIAMI (December 18, 2015) - Carnival Corporation & plc (NYSE/LSE: CCL; NYSE:
CUK) announced adjusted net income for the full year 2015 of $2.1 billion, or
$2.70 diluted EPS, compared to $1.5 billion, or $1.93 diluted EPS, for the
prior year. Full year 2015 U.S. GAAP net income was $1.8 billion, or $2.26
diluted EPS, which included unrealized losses (non-cash) on fuel derivatives of
$332 million and other net charges of $17 million. Full year 2014 U.S. GAAP net
income was $1.2 billion, or $1.56 diluted EPS, which included unrealized losses
(non-cash) on fuel derivatives of $268 million and other net charges of $20
million. Revenues for the full year 2015 were $15.7 billion compared to $15.9
billion for the prior year due to the unfavorable impact from currency exchange
rates of over $800 million.
Carnival Corporation & plc President and Chief Executive Officer Arnold Donald
noted, "We nearly doubled our fourth quarter results and ended the year with 40
percent higher earnings. Strong operational execution delivered $0.25 per share
higher earnings than the mid-point of our full year 2015 December guidance,
despite a $0.10 drag from the net impact of currency and fuel prices. This year
we achieved a 4.3 percent improvement (constant currency) in revenue yields
compared to the prior year due to higher onboard revenues and increased ticket
prices as we have driven demand in excess of capacity growth, while our ongoing
efforts to leverage our industry-leading scale helped to contain costs. Our
strong performance led to record operating cash flow of well over $4 billion
versus $3.4 billion last year," Donald stated.
Key metrics for the fourth quarter 2015 compared to the prior year were as
follows:
* Net revenue yields (net revenue per available lower berth day or "ALBD")
increased 4.1 percent in constant currency, which was better than the
company's September guidance, up 3 percent. Gross revenue yields decreased
2.5 percent in current dollars due to changes in currency exchange rates.
* Net cruise costs excluding fuel per ALBD increased 3.2 percent in constant
currency, which was in line with September guidance, up 3 percent. Gross
cruise costs including fuel per ALBD decreased 10.7 percent in current
dollars.
* Fuel prices declined 46 percent to $316 per metric ton for 4Q 2015 from
$584 per metric ton in 4Q 2014 and were better than September guidance of
$366 per metric ton.
* Changes in currency exchange rates reduced earnings by $0.08 per share.
* Adjusted net income was $389 million, or $0.50 diluted EPS, before U.S.
GAAP unrealized losses (non-cash) on fuel derivatives of $117 million, or
$0.15 diluted EPS. U.S. GAAP net income was $270 million, or $0.35 diluted
EPS.
* The company repurchased approximately 8 million shares under its $1 billion
stock repurchase program.
Highlights during the fourth quarter included the grand opening of Amber Cove,
a new Carnival Corporation cruise facility on the northern coast of the
Dominican Republic, and the launch of P&O Cruises (Australia's) Pacific Aria
and Pacific Eden, which have been impeccably appointed to suit Australian
guests. In October, Carnival Cruise Line and AIDA Cruises announced they will
each enter the China market in 2017 with a second Carnival Cruise Line ship to
be positioned there in 2018. In 2016, there is already a combined fleet of six
ships from the Costa Cruises and Princess Cruises brands scheduled to operate
in China. Also, Princess Cruises will introduce the Majestic Princess to the
Chinese market in 2017. That ship is currently under construction and will be
the first vessel built specifically for Chinese guests incorporating a unique
blend of international and Chinese features. Carnival Corporation also recently
announced the formation of a joint venture with the China State Shipbuilding
Corporation and the China Investment Corporation aimed at accelerating the
development and growth of the overall cruise industry in China including the
planned launch of the first world-class, multi-ship domestic cruise brand in
the Chinese market. These latest developments further strengthen the company's
leading position in China, which is expected to, over time, surpass North
America as the world's largest cruising region.
2016 Outlook
At this time, cumulative advance bookings for the first three quarters of 2016
are well ahead of the prior year at slightly higher constant currency prices.
Since September, booking volumes for the first three quarters of 2016 are in
line with last year's levels at higher prices.
Donald noted, "As we had anticipated, with less inventory remaining for sale,
we have begun to sell at higher prices than the same time last year,
particularly close to departure, affirming our expectation of continued yield
improvement in 2016."
Based on current booking trends, the company forecasts full year 2016 net
revenue yields in constant currency to be up approximately 3 percent compared
to the prior year, of which approximately 1 percent is due to an accounting
reclassification for the Europe, Australia and Asia segment. The company
expects net cruise costs excluding fuel per ALBD in constant currency for full
year 2016 to be up approximately 2 percent, of which approximately 1.5 percent
is also due to the reclassification. The reclassification has no impact on
operating income.
Current currency exchange rates and fuel prices, net of fuel derivatives, are
$0.22 per share favorable compared to the prior year. Taking the above factors
into consideration, the company forecasts full year 2016 adjusted earnings per
share to be in the range of $3.10 to $3.40, compared to 2015 adjusted earnings
of $2.70 per share.
Looking forward, Donald stated, "We have accelerated progress toward and remain
well positioned to achieve our double digit return on invested capital
threshold in the next two to three years. Over time, we expect to continue to
return excess cash to shareholders as demonstrated by our recent 20 percent
increase in quarterly dividends and more than $400 million in share
repurchases."
Donald also noted that four new ships are scheduled to enter service for
Carnival Corporation brands in 2016. Holland America Line's Koningsdam and
AIDAprima will debut in April, Carnival Vista will enter service in May, and
Seabourn Encore in December. Each vessel has a wide variety of exciting and
innovative new features that will generate consumer buzz for those brands.
First Quarter 2016 Outlook
First quarter constant currency net revenue yields are expected to be up 3.5 to
4.5 percent compared to the prior year. Net cruise costs excluding fuel per
ALBD for the first quarter are expected to be 2.5 to 3.5 percent higher in
constant currency compared to the prior year. Based on the above factors, the
company expects adjusted earnings for the first quarter 2016 to be in the range
of $0.28 to $0.32 per share, compared to 2015 adjusted earnings of $0.20 per
share.
Selected Key Forecast Metrics
Full Year 2016 First Quarter 2016
Current Current
Year over year change: Dollars Constant Dollars Constant
Currency Currency
Net revenue yields Flat - up Approx. 3% (0.5) to 3.5 to 4.5%
slightly (1.5)%
Net cruise costs excl. Approx. 1% Approx. 2% 0.0 to 2.5 to 3.5%
fuel / ALBD 1.0 %
Full Year 2016 First Quarter 2016
Fuel price per metric ton $246 $239
Fuel consumption (metric tons in thousands) 3,260 800
Currency: Euro $1.10 to €1 $1.10 to €1
Sterling $1.51 to £1 $1.51 to £1
Australian dollar $0.73 to A$1 $0.73 to A$1
Canadian dollar $0.73 to C$1 $0.73 to C$1
Conference Call
The company has scheduled a conference call with analysts at 10:00 a.m. EST (3:
00 p.m. GMT) today to discuss its 2015 fourth quarter and full year results.
This call can be listened to live, and additional information can be obtained,
via Carnival Corporation & plc's Web site at http://www.carnivalcorp.com/ and
http://www.carnivalplc.com/.
Carnival Corporation & plc is the largest cruise company in the world, with a
portfolio of 10 cruise brands in North America, Europe, Australia and Asia,
comprised of Carnival Cruise Line, Fathom, Holland America Line, Princess
Cruises, Seabourn, AIDA Cruises, Costa Cruises, Cunard, P&O Cruises (Australia)
and P&O Cruises (UK).
Together, these brands operate 99 ships totaling 216,000 lower berths with 18
new ships scheduled to be delivered between 2016 and 2022. Carnival Corporation
& plc also operates Holland America Princess Alaska Tours, the leading tour
companies in Alaska and the Canadian Yukon. Traded on both the New York and
London Stock Exchanges, Carnival Corporation & plc is the only group in the
world to be included in both the S&P500 and the FTSE 100 indices. Additional
information can be found on http://www.carnival.com/, http://www.fathom.org/,
http://www.hollandamerica.com/, http://www.princess.com/, http://
www.seabourn.com/, http://www.aida.de/, http://www.costacruise.com/, http://
www.cunard.com/, http://www.pocruises.com.au/, and http://www.pocruises.com/.
MEDIA CONTACT INVESTOR RELATIONS CONTACT
Roger Frizzell Beth Roberts
1 305 406 7862 1 305 406 4832
Cautionary Note Concerning Factors That May Affect Future Results
Carnival Corporation and Carnival plc and their respective subsidiaries are
referred to collectively in this release as "Carnival Corporation & plc,"
"our," "us" and "we." Some of the statements, estimates or projections
contained in this release are "forward-looking statements" that involve risks,
uncertainties and assumptions with respect to us, including some statements
concerning future results, outlooks, plans, goals and other events which have
not yet occurred. These statements are intended to qualify for the safe harbors
from liability provided by Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements other than
statements of historical facts are statements that could be deemed
forward-looking. These statements are based on current expectations, estimates,
forecasts and projections about our business and the industry in which we
operate and the beliefs and assumptions of our management. We have tried,
whenever possible, to identify these statements by using words like "will,"
"may," "could," "should," "would," "believe," "depends," "expect," "goal,"
"anticipate," "forecast," "project," "future," "intend," "plan," "estimate,"
"target," "indicate" and similar expressions of future intent or the negative
of such terms.
Forward-looking statements include those statements that may impact, among
other things, the forecasting of our adjusted earnings per share; net revenue
yields; booking levels; pricing; occupancy; operating, financing and tax costs,
including fuel expenses; net cruise costs per available lower berth day;
estimates of ship depreciable lives and residual values; liquidity; goodwill,
ship and trademark fair values and outlook. Because forward-looking statements
involve risks and uncertainties, there are many factors that could cause our
actual results, performance or achievements to differ materially from those
expressed or implied in this release. This note contains important cautionary
statements of the known factors that we consider could materially affect the
accuracy of our forward-looking statements and adversely affect our business,
results of operations and financial position. It is not possible to predict or
identify all such risks. There may be additional risks that we consider
immaterial or which are unknown. These factors include, but are not limited to,
the following:
* general economic and business conditions;
* increases in fuel prices;
* incidents, the spread of contagious diseases and threats thereof, adverse
weather conditions or other natural disasters and other incidents affecting
the health, safety, security and satisfaction of guests and crew;
* the international political climate, armed conflicts, terrorist and pirate
attacks, vessel seizures, and threats thereof, and other world events
affecting the safety and security of travel;
* negative publicity concerning the cruise industry in general or us in
particular, including any adverse environmental impacts of cruising;
* geographic regions in which we try to expand our business may be slow to
develop and ultimately not develop how we expect;
* economic, market and political factors that are beyond our control, which
could increase our operating, financing and other costs;
* changes in and compliance with laws and regulations relating to the
protection of persons with disabilities, employment, environment, health,
safety, security, tax and other regulations under which we operate;
* our inability to implement our shipbuilding programs and ship repairs,
maintenance and refurbishments on terms that are favorable or consistent
with our expectations;
* increases to our repairs and maintenance expenses and refurbishment costs
as our fleet ages;
* lack of continuing availability of attractive, convenient and safe port
destinations on terms that are favorable or consistent with our
expectations;
* continuing financial viability of our travel agent distribution system, air
service providers and other key vendors in our supply chain and reductions
in the availability of, and increases in the prices for, the services and
products provided by these vendors;
* disruptions and other damages to our information technology and other
networks and operations, and breaches in data security;
* failure to keep pace with developments in technology;
* competition from and overcapacity in the cruise ship and land-based
vacation industry;
* loss of key personnel or our ability to recruit or retain qualified
personnel;
* union disputes and other employee relationship issues;
* disruptions in the global financial markets or other events that may
negatively affect the ability of our counterparties and others to perform
their obligations to us;
* the continued strength of our cruise brands and our ability to implement
our strategies;
* additional risks to our international operations not generally applicable
to our U.S. operations;
* our decisions to self-insure against various risks or our inability to
obtain insurance for certain risks at reasonable rates;
* litigation, enforcement actions, fines or penalties;
* fluctuations in foreign currency exchange rates;
* whether our future operating cash flow will be sufficient to fund future
obligations and whether we will be able to obtain financing, if necessary,
in sufficient amounts and on terms that are favorable or consistent with
our expectations;
* risks associated with our dual listed company arrangement;
* uncertainties of a foreign legal system as Carnival Corporation and
Carnival plc are not U.S. corporations and
* the ability of a small group of shareholders effectively to control the
outcome of shareholder voting.
Forward-looking statements should not be relied upon as a prediction of actual
results. Subject to any continuing obligations under applicable law or any
relevant stock exchange rules, we expressly disclaim any obligation to
disseminate, after the date of this release, any updates or revisions to any
such forward-looking statements to reflect any change in expectations or
events, conditions or circumstances on which any such statements are based.
CARNIVAL CORPORATION & PLC
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(in millions, except per share data)
Three Months Twelve Months
Ended Ended
November 30, November 30,
2015 2014 2015 2014
Revenues
Cruise
Passenger tickets $ $ $ $
2,709 2,745 11,601 11,889
Onboard and other 969 941 3,887 3,780
Tour and other 33 32 226 215
3,711 3,718 15,714 15,884
Operating Costs and Expenses
Cruise
Commissions, 490 520 2,161 2,299
transportation and other
Onboard and other 131 127 526 519
Payroll and related 471 491 1,859 1,942
Fuel 253 464 1,249 2,033
Food 244 245 981 1,005
Other ship operating 603 621 (a) 2,516 2,463 (a)
Tour and other 26 30 155 160
2,218 2,498 9,447 10,421
Selling and administrative 564 547 2,067 2,054
Depreciation and amortization 419 408 (a) 1,626 1,637 (a)
3,201 3,453 13,140 14,112
Operating Income 510 265 2,574 1,772
Nonoperating (Expense) Income
Interest income 2 2 8 8
Interest expense, net of (50) (76) (217) (288)
capitalized interest
Losses on fuel derivatives, (198) (280) (576) (271)
net (b)
Other income (expense), net 7 (8) 10 4
(239) (362) (775) (547)
Income (Loss) Before Income Taxes 271 (97) 1,799 1,225
Income Tax Expense, Net (1) (7) (42) (9)
Net Income (Loss) $ $ $ $
270 (104) 1,757 1,216
Earnings (Loss) Per Share
Basic $ $ $ $
0.35 (0.13) 2.26 1.57
Diluted $ $ $ $
0.35 (0.13) 2.26 1.56
Adjusted Earnings Per $ $ $ $
Share-Diluted (c) 0.50 0.27 2.70 1.93
Dividends Declared Per Share $ $ $ $
0.30 0.25 1.10 1.00
Weighted-Average Shares 774 776 777 776
Outstanding - Basic
Weighted-Average Shares 777 776 779 778
Outstanding - Diluted
In the first quarter of 2015, we revised and corrected the accounting for one
of our brands' marine and technical spare parts in order to consistently
expense them fleetwide. Had we not revised, this accounting may have resulted
in material inconsistencies to our financial statements in the future.
Accordingly, we will revise other previously reported results in future
filings. This revision increased our three and twelve months ended November
30, 2014 other ship operating expenses by $1 million and $18 million and
depreciation expense by $1 million and $2 million, respectively.
During the three months ended November 30, 2015 and 2014, our losses on fuel
derivatives, net include unrealized losses of $117 million and $277 million and
realized losses of $81 million and $3 million, respectively. During the twelve
months ended November 30, 2015 and 2014, our losses on fuel derivatives, net
include unrealized losses of $332 million and $268 million and net realized
losses of $244 million and $2 million, respectively.
See the U.S. GAAP net income (loss) to Adjusted net income reconciliations in
the Non-GAAP Financial Measures included herein.
CARNIVAL
CORPORATION & PLC
CONSOLIDATED
BALANCE SHEETS
(UNAUDITED)
(in millions, except par values)
November 30,
2015 2014
ASSETS
Current Assets
Cash and cash equivalents $ 1,395 $ 331
Trade and other receivables, net 303 332
Insurance recoverables 109 154
Inventories 330 349
Prepaid expenses and other 314 322
Total current assets 2,451 1,488
Property and Equipment, Net 31,888 32,819
Goodwill 3,010 3,127
Other Intangibles 1,238 1,270
Other Assets 650 744
$ 39,237 $ 39,448
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Short-term borrowings $ 30 $ 666
Current portion of long-term debt 1,344 1,059
Accounts payable 627 626
Accrued liabilities and other 1,683 1,538
Customer deposits 3,272 3,032
Total current liabilities 6,956 6,921
Long-Term Debt 7,413 7,363
Other Long-Term Liabilities 1,097 960
Shareholders' Equity
Common stock of Carnival Corporation, $0.01 par value;
1,960 shares
authorized; 653 shares at 2015 and 652 shares at
2014 issued 7 7
Ordinary shares of Carnival plc, $1.66 par value; 216
shares at 2015
and 2014 issued 358 358
Additional paid-in capital 8,562 8,384
Retained earnings 20,060 19,158
Accumulated other comprehensive loss (1,741) (616)
Treasury stock, 70 shares at 2015 and 59 shares at 2014 (3,475) (3,087)
of Carnival Corporation
and 27 shares at 2015 and 32 shares at 2014 of
Carnival plc, at cost
Total shareholders' equity 23,771 24,204
$ 39,237 $ 39,448
CARNIVAL CORPORATION & PLC
OTHER INFORMATION
Three Months Ended Twelve Months Ended
November 30, November 30,
____
2015 2014 2015 2014
STATISTICAL INFORMATION
ALBDs (in thousands) (a) 77,307
19,622 19,170 76,000
Occupancy percentage (b) 102.5% 101.9%
104.8% 104.1%
Passengers carried (in 10,837
thousands) 2,699 2,623 10,566
Fuel consumption in metric
tons (in thousands) 802 794 3,181 3,194
Fuel consumption in metric
tons per ALBD 0.041 0.041 0.041 0.042
Fuel cost per metric ton $ $ $ 393 $
consumed 316 584 636
Currencies
U.S. dollar to Euro $ $ $ 1.12 $
1.11 1.27 1.34
U.S. dollar to $ $ $ 1.54 $
Sterling 1.53 1.60 1.66
U.S. dollar to $ $ $ 0.76 $
Australian dollar 0.71 0.88 0.91
U.S. dollar to $ $ $ 0.79 $
Canadian dollar 0.75 0.89 0.91
CASH FLOW INFORMATION
Cash from operations $ $ $ $ $
978 637 4,545 3,430
Capital expenditures $ $ $ 2,294 $ 2,583
590 906
Dividends paid $ $ $ 816 $
232 194 776
Notes to Statistical Information
a. ALBD is a standard measure of passenger capacity for the period that we use
to approximate rate and capacity variances, based on consistently applied
formulas that we use to perform analyses to determine the main non-capacity
driven factors that cause our cruise revenues and expenses to vary. ALBDs
assume that each cabin we offer for sale accommodates two passengers and is
computed by multiplying passenger capacity by revenue-producing ship
operating days in the period.
b. In accordance with cruise industry practice, occupancy is calculated using
a denominator of ALBDs, which assumes two passengers per cabin even though
some cabins can accommodate three or more passengers. Percentages in excess
of 100% indicate that on average more than two passengers occupied some
cabins.
CARNIVAL CORPORATION & PLC
NON-GAAP FINANCIAL MEASURES
Consolidated gross and net revenue yields were computed by dividing the gross
and net cruise revenues by ALBDs as follows (dollars in millions, except
yields) (a) (b):
Three Months Ended November 30, Twelve Months Ended November 30,
2015 2015
Constant Constant
2015 Dollar 2014 2015 Dollar 2014
Passenger $ $ $ $ $ $
ticket 2,838 11,601 12,316 11,889
revenues 2,709 2,745
Onboard and 969 1,001 941 3,887 4,052 3,780
other revenues
Gross cruise 3,678 3,839 3,686 15,488 16,368 15,669
revenues
Less cruise
costs
(490) (516) (520) (2,161) (2,324) (2,299)
Commissions,
transportation
and other
Onboard and (131) (136) (127) (526) (549) (519)
other
(621) (652) (647) (2,687) (2,873) (2,818)
Net passenger 2,219 2,322 2,225 9,440 9,992 9,590
ticket
revenues
Net onboard 838 865 814 3,361 3,503 3,261
and other
revenues
Net cruise $ $ $ $ $ $
revenues 3,187 12,801 13,495 12,851
3,057 3,039
ALBDs 19,621,729 19,621,729 19,170,347 77,307,323 77,307,323 75,999,952
Gross revenue $ $ $ $ $ $
yields 187.46 195.65 192.29 200.34 211.73 206.17
% (decrease) (2.5)% 1.7% (2.8)% 2.7%
increase vs.
2014
Net revenue $ $ $ $ $ $
yields 155.80 162.44 158.53 165.58 174.57 169.09
% (decrease) (1.7)% 2.5% (2.1)% 3.2%
increase vs.
2014
Net passenger $ $ $ $ $ $
ticket revenue 113.09 118.34 116.07 122.11 129.25 126.18
yields
% (decrease) (2.6)% 2.0% (3.2)% 2.4%
increase vs.
2014
Net onboard $ $ $ $ $ $
and other 44.11 43.48 42.90
revenue yields 42.70 42.46 45.32
% increase vs. 0.6% 3.9% 1.3% 5.6%
2014
Three Months Ended Twelve Months Ended
November 30, November 30,
2015 2015
Constant Constant
Currency 2014 Currency 2014
Net passenger $ $ $ $
ticket 2,366 10,123 9,590
revenues 2,225
Net onboard 872 814 3,513 3,261
and other
revenues
Net cruise $ $ $ $
revenues 3,238 13,636 12,851
3,039
ALBDs 19,621,729 19,170,347 77,307,323 75,999,952
Net revenue $ $ $ $
yields 165.00 158.53 176.39 169.09
% increase vs. 4.1% 4.3%
2014
Net passenger $ $ $ $
ticket revenue 120.59 116.07 130.94 126.18
yields
% increase vs. 3.9% 3.8%
2014
Net onboard $ $ $ $
and other 44.41 42.46 45.45 42.90
revenue yields
% increase vs. 4.6% 5.9%
2014
(See Notes to Non-GAAP Financial Measures.)
CARNIVAL CORPORATION & PLC
NON-GAAP FINANCIAL MEASURES (CONTINUED)
Consolidated gross and net cruise costs and net cruise costs excluding fuel per
ALBD were computed by dividing the gross and net cruise costs and net cruise
costs excluding fuel by ALBDs as follows (dollars in millions, except costs per
ALBD) (a) (b):
Three Months Ended November 30, Twelve Months Ended November 30,
2015 2015
Constant Constant
2015 Dollar 2014 2015 Dollar 2014
Cruise operating $ $ $ $ $ $
expenses 2,280 9,292 10,261
2,192 2,468 9,767
Cruise selling 561 584 545 2,058 2,168 2,046
and
administrative
expenses
Gross cruise 2,753 2,864 3,013 11,350 11,935 12,307
costs
Less cruise
costs included
above
(490) (516) (520) (2,161) (2,324) (2,299)
Commissions,
transportation
and other
Onboard (131) (136) (127) (526) (549) (519)
and other
(4) (5) (18) (25) (30)
- More to follow, for following part double click ID:nPRrIB34EbRecent news on Carnival
See all newsREG-Carnival PLC: CARNIVAL PLC - VOTING RIGHTS AND CAPITAL
AnnouncementREG-Carnival PLC: Carnival Corporation & plc Announces Closing of $1.0 Billion 5.875% Senior Unsecured Notes Offering for Refinancing and Interest Expense Reduction
AnnouncementREG-Carnival PLC: Carnival Corporation & plc Announces Pricing of $1.0 Billion 5.875% Senior Unsecured Notes Offering for Refinancing and Interest Expense Reduction
AnnouncementREG-Carnival PLC: Carnival Corporation & plc Announces the Redemption of Existing $993 Million 7.625% Senior Unsecured Notes due 2026 and Launch of New Senior Unsecured Notes Offering for Interest Expense Reduction
AnnouncementREG-Carnival PLC: BLOCK LISTING RETURN
Announcement