SEC Filings

DEF 14A
CARNIVAL CORP filed this Form DEF 14A on 03/07/2019
Entire Document
 


Table of Contents

COMPENSATION

Compensation Discussion and Analysis and Carnival plc Directors’ Remuneration Report—Part I

 

Fiscal 2018 Company Performance

We achieved double-digit ROIC and the highest full year earnings in our company’s history in 2018 reflecting our senior leadership’s focus on executing our business strategies effectively to achieve our goals.

 

 

  Fiscal 2018 Financial Results and Achievements

 

 

 

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Fiscal 2018 net income increased to $3.2 billion or $4.44 diluted earnings per share compared to $2.6 billion or $3.59 in fiscal 2017. Adjusted net income increased to $3.0 billion or $4.26 adjusted diluted earnings per share in fiscal 2018 compared to $2.8 billion or $3.82 in fiscal 2017(1)

 

 

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Increased revenues by $1.4 billion to achieve record revenues of $18.9 billion

 

 

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Generated cash from operations of $5.5 billion in fiscal 2018 compared to $5.3 billion in fiscal 2017

 

 

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Returned $2.8 billion to shareholders through the combination of dividends and share repurchases

 

 

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Increased the quarterly dividend to $0.50 per share from $0.40 per share in 2017

 

 

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Achieved our objective of double-digit ROIC in 2018, while maintaining a strong balance sheet and strong investment grade credit ratings

 

 

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Leveraged our scale to reduce costs, achieving cumulative savings of over $350 million in just five years

 

 

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Recognized globally for our innovation efforts, including being recognized by Fast Company as one of the “Top 10 Most Innovative Companies” in both the design and travel categories for our Ocean MedallionTM experience, which we debuted on Caribbean Princess

 

 

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Deployed our state-of-the-art revenue management system across nearly half of the company to facilitate further yield growth

 

 

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Continued to execute on our strategy to grow demand in excess of measured capacity growth by increasing consumer awareness and consideration of our cruise brands and the global cruise industry through ongoing public relations efforts and advertising, with our brands consistently capturing over 75 percent of all positive media in our industry and the absolute number of positive mentions being five times what they were just five years ago

 

 

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Exceeded our target unit fuel consumption reduction of 25 percent, three years ahead of schedule

 

 

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Opened the third of three state-of-the-art Fleet Operations Centers with advanced ship to shore communication technology

 

 

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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

 

 

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Introduced three new ships during fiscal 2018: Carnival Horizon, Seabourn Ovation, and Nieuw Statendam and entered into agreements to sell six ships

 

(1)

Reconciliation to the corresponding $3.2 billion net income and $4.44 GAAP diluted earnings per share can be found on page F-43 of the Carnival Corporation & plc joint Annual Report on Form 10-K filed with the SEC on January 28, 2019.

2018 Compensation Recommendations and Rationale

As previously disclosed, the Compensation Committees undertook a fundamental restructuring of the compensation program for the Named Executive Officers in 2017. The restructured program, which strengthened the performance-based focus of compensation to our Named Executive Officers and enhanced the alignment between executive rewards and long-term gains for Carnival Corporation & plc and its shareholders, was continued for fiscal 2018. This compensation structure consists of base

 

LOGO Carnival Corporation & plc 2019 Proxy Statement  

 

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