KFC百胜餐饮开店资料 肯德基餐厅 百胜集团2004年报.pdf

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1、power yum!2004 Annual Customer Mania ReportofAlone were delicious. Together were 1-6 DEAR PARTNERS7 THE Yum! DYNASTY MODEL8-11 CHINA POWER12-13 GLOBAL POWER14-15 BRAND POWER X516-17 TACO BELL: THINK OUTSIDE THE BUN!18-19 PIZZA HUT: GATHER ROUND THE GOOD STUFF20-21 KFC: CHICKEN CAPITAL U.S.A.22-23 LO

2、NG JOHN SILVERS: GET COASTAL! A&W: HOMETOWN FOOD MADE FUN 24-25 MULTIBRAND POWER26-29 CUSTOMER MANIA POWER: 100% CHAMPS 30-32 POWER OF RESULTS: FINANCIAL REVIEW33-80 FINANCIALS % B/(W) (In millions, except per share amounts) 2004 2003 ChangeCompany sales $ 7,992 $ 7,441 7Franchise and license fees 1

3、,019 939 8Total revenues $ 9,011 $ 8,380 8Operating profit $ 1,155 $ 1,059 9Earnings before special items $ 721 $ 628 15Special items, net of tax 19 (11) NMNet income $ 740 $ 617 20Wrench litigation income (expense) $ 14 $ (42) NMAmeriServe and other (charges) credits 16 26 NMCumulative effect of ac

4、counting change (2) NMSpecial items 30 (18) NMIncome tax on special items (11) 7 NMSpecial items, net of tax $ 19 $ (11) NMDiluted earnings per common share:Earnings before special items $ 2.36 $ 2.06 15Special items, net of tax 0.06 (0.04) NMReported $ 2.42 $ 2.02 20Cash flows provided by operating

5、 activities $ 1,131 $ 1,053 7AVERAGE U.S. SALES PER SYSTEM UNIT(a)(In thousands) 2004 2003 2002 2001 2000 5-year growth(b)KFC $ 896 $ 898 $ 898 $ 865 $ 833 1%Pizza Hut 794 748 748 724 712 3%Taco Bell 1,069 1,005 964 890 896 3%(a) Excludes license units.(b) Compound annual growth rate.TABLE OF CONTEN

6、TSfinancial highlightsNourishing Bodies: YUMeals. In America alone, one in ten children under the age of five runs the risk of going to bed hungry every night. One in ten. So we decided to do something about this and have created the worlds largest prepared food recovery program. We now donate milli

7、ons of pounds of prepared food to the hungry. Food that has nutritional value and will provide nourishment to those most in need, the underprivileged.Nourishing Young Minds: Pizza Huts BOOK IT! Program. For 20 years, children have found reading a little more fun and rewarding, as a result of partici

8、pating in BOOK IT! As the nations largest reading incentive program, BOOK IT! provides pizza, praise and recognition for childrens reading achievements. Since 1985, Pizza Hut has invested nearly a half billion dollars in BOOK IT! to encourage children to read more and discover the joy and pleasure o

9、f reading.Nourishing Souls: KFCs Colonels Kids. With more and more double-income and single-parent households, finding safe, affordable high-quality child care has become an increasing burden. Today, Colonels Kids helps fund extended-hour and infant/toddler child care programs across the country for

10、 the millions of people who work “after hours” or on weekends. Since 2000, more than $4.5 million has been awarded to YMCA Child Care Centers nationwide.Nourishing Spirits: Taco Bells TEENSupreme. The Taco Bell Foundation is committed to helping teens become successful and productive leaders in thei

11、r communities. Through its partnership with the Boys & Girls Clubs of America, the Taco Bell Foundation supports teen-focused initiatives that are designed to build self-esteem, leadership skills and values. Since 1995, Taco Bell and its franchisees have donated over $15 million dollars to the Boys

12、& Girls Clubs of America for teen programming.Tsunami Relief: Finally, were very proud that our teammates and franchisees around the globe came together in support of victims of the Tsunami natural disaster in Southeast Asia in late 2004. Together, the YUM Foundation and its employees and franchisee

13、s donated over $2.2 million to aid those in their time of need.At Yum! Brands, we believe in the power of giving back to the community to make a difference in the lives of our customers and their families. While we commit ourselves to making a difference by financially supporting hundreds and hundre

14、ds of charities across the globe, our efforts are primarily focused on nourishing the bodies, minds, souls and spirits of children in need. We do this through programs dedicated to hunger relief, daycare subsidies, reading incentives and mentoring at-risk teens. Heres a brief snapshot of the work th

15、at is under way:From America to Europe, Asia and all around the globe, were committed to improving the lives of the customers we serve. Thats community mania! “power of giving back!”Front and Back Cover: KFC and Pizza Hut in Shanghai, China#1 BUILD DOMINANT CHINA BRANDSTheres nothing like making a s

16、trategic investment in the right place at the right time and thats exactly what weve done in China. With KFC and Pizza Hut, we already have the dominant brands in the fastest growing econ-omy in the world populated with 1.3 billion people. To be more specific, KFC has 1,243 quick service restaurants

17、 compared to approximately 600 for McDonalds. Pizza Hut has 171 casual dining restaurants and there is no other substantial casual dining chain in China.We have an outstanding tenured team, which has worked together for over ten years building the business from scratch. Our China Division now genera

18、tes over $1 billion in revenue and $200 million in operating profit, up over 20% versus a year ago. Whats more, it is our highest return international equity business with a +20% store level margin. In fact, China has grown to the point that the team will now report into Yum! as a separate operat-in

19、g division.Consider the powerful competitive advantages we have in China. We uniquely own our own food distribution system that gives us coverage in every major Chinese province and has allowed us to expand KFC to over 280 cities. We also have one of the largest real estate development teams of any

20、retailer in the world that opened up over 350 new restaurants in 2004. Our China operations are best in class. In fact, 81% of our restaurant managers have at least a college education (the rest are just plain smart!). We also have highly sought after jobs with 13,000 team members. This investment i

21、n infrastructure has given us an incredible opportunity and Im pleased to report 2004 was another year where we demon-strated the underlying power of our global portfolio of leading restaurant brands.Fueled by continued profitable international expansion, dynamic growth in China, and strong momentum

22、 at Taco Bell and Pizza Hut in the United States, we achieved 15% earnings per share growth prior to special items. Highlights include a number of firsts: a record $1.2 billion in operating profit; a record $1.1 billion in cash provided by operating activities and a record $1.0 billion in franchise

23、and license fees. We also reached our goal to achieve an investment grade rating from each major rating agency after paying off nearly $3 billion in debt the past seven years. Armed with increasing cash flow and a powerful balance sheet, we increased our shareholder payout by initiating the first di

24、vi-dend in our history and buying back a record $569 million of Yum! shares. Given this overall strong performance, our share price climbed 37% in 2004. Were pleased our annual return to shareholders is 22% for the first half of this decade.Most importantly, we remain confident we will continue our

25、track record of growing earnings per share at least 10% each year. We have four powerfully unique growth opportunities that differentiate us from the competi-tion and bolster our belief that we are Not Your Ordinary Restaurant Company. Let me give you my perspective on each of these strategies and h

26、opefully you will come to the same conclusion.Dear Partners,David C. Novak, Chairman and Chief Executive Officer, pictured in his office literally filled from floor to ceiling with “customer maniac” recognition photos.1The foundation of this consistent growth comes from the competitive advantage of

27、the strong infrastructure we already have in place. For this we are largely indebted to PepsiCo who, prior to our spin-off in 1997, invested 40 years and billions of dollars to establish the global net-work we inherited.The tough reality for our competition is that it would take the same kind of tim

28、e and commitment to reach our size and scale. The obvious exception, of course, is McDonalds. McDonalds already makes $1.8 billion outside the U.S. demonstrating the clear profit opportu-nity we can capture in the international arena.Thats because the great reality for us is we already have strong l

29、ocal teams and operate in approximately 100 countries around the world with nearly 600 international franchisees growing two popular global brands, KFC and Pizza Hut. In fact, our franchisees opened up over 80% of the 738 new restaurants we added this year. This helps make our international business

30、 high return because our franchisees are using their capital, not ours, to grow.Our plan is to continue to leverage our big scale markets. We have nine countries and franchise-only business units that have over 600 restaurants each. Were focusing our international company operations investment in fo

31、ur of these countries where we are building scale and expect to produce excellent returns over time (U.K., Australia, South Korea, Mexico). The largest of these markets is the U.K. where we have great KFC and Pizza Hut businesses. Here, we have almost 1,300 restaurants generating $115 million in ope

32、rating profits with a 24% 5-year growth rate.When you look at our franchise-only business, youll see we have nearly 4,500 restaurants generating $154 million in operating profit and a 16% 5-year growth rate. Whats more we have broad-based growth evidenced by the fact we opened new units in 60 countr

33、ies this year. Going forward, we want to continue to add at least 700 new units each year and do it profitably. Consider this, excluding the China Division we only have 6,100 KFCs and 4,500 Pizza Huts compared to over 16,000 units McDonalds has in international markets outside of China.an incredible

34、 head start. We estimate there are already 500 million urban Chinese customers who can afford our food. Theres no question, we are on the ground floor with an unprecedented opportunity. I liken it to the days when Colonel Sanders, Glen Bell, Dan Carney and Ray Kroc started KFC, Taco Bell, Pizza Hut

35、and McDonalds, respec-tively, and created fast-food categories in the U.S., leading to 270,000 units today. We have the first mover advantage and the opportunity to do the same thing in China. Thats why our goal is to build dominant restaurant brands in every significant category. So, in addition to

36、 KFC and Pizza Hut casual dining, weve recently developed Pizza Hut Home Service and our Taco Bell Grande dine-in format. The team has also enthusiastically developed and is now testing East Dawning, which is a Chinese fast-food concept that is geared to provide the everyday local favorite foods of

37、Chinese customers.With all the good news in China, the leading question is, what can go wrong? Well, the past two years weve weath-ered SARS, the Avian Flu and events like that are always a possibility. And Ill leave it to you to predict the future economy or potential political issues. One thing Im

38、 sure of is well have our ups and some unforeseen downs but as I said last year and Ill say it again, theres no doubt in my mind that one day we will have more restaurants in China than we do in the U.S.China Division Key Measures: +20% operating profit growth; +22% system sales growth; +375 new uni

39、ts/year.#2 DRIVE PROFITABLE INTERNATIONAL EXPANSION Since China is now a separate division, the remainder of our international business is now reported excluding our China Division. It too is a large and growing busi-ness. For the fifth straight year we opened up over 700 restaurants in countries ou

40、tside of China and the U.S. The International Division generates over $335 million in oper-ating profit, with a solid record of growing at least 10% in operating profits. Our China Division is our highest return international equity business generating over $1 billion in revenue and $200 million in

41、operating profit, up over 20% versus a year ago.2To attack this opportunity, we are making targeted invest-ments to develop new markets, with the goal to eventually get to scale in India, Brazil, Russia, France, Germany and Holland. We are especially pleased with our progress in India and France. Pi

42、zza Hut is the number one most trusted brand in India with almost 100 units and we are now developing KFC with an offering that includes a vege-tarian menu. KFC in France is generating huge sales volume and good unit economics so we are beginning to expand. While weve made some progress, we are stru

43、ggling with our unit economics in Germany and Holland. Developing new markets is tough because building consumer awareness and acceptance takes time. Just as importantly, it takes time to build local operating capability. Our approach is to continue to be patient and ever mindful of overall profitab

44、ility and returns. The potential is obvious and we are determined to build our international business the right way.International Division Key Measures: +10 15% operating profit growth; +5% system sales growth; +700 new units/year.#3BE THE BEST AT PROVIDING BRANDED RESTAURANT CHOICE AND MULTIBRANDIN

45、G GREAT BRANDS The foundation of our company is category-leading U.S. brands with proprietary products and operating systems that are highly successful on a stand alone basis. Our strategy is to make our brands more and more powerful each year by building even more relevance, energy and differentiat

46、ion for our customers. Let me post you on our U.S. progress.Taco Bell generated 5% same store sales growth, hit the $1 million mark again for average unit volumes and is now the second most profitable Quick Service Restaurant brand. Were especially pleased that Taco Bell is becoming a model for cons

47、istency, growing its same store sales at least 2% the past three years. This result is coming from a focus on “exceptional execution of the basics” which is driving continuous improvement in both operations and marketing. Taco Bell has made dramatic improvement in speed of service and cleanliness. A

48、nd Taco Bells “Think Outside the Bun” marketing campaign which features a steady stream of product and value news continues to build what we call “big brand momentum” with our customers. Pizza Hut also had strong same store sales performance, +5%. Pizza Hut did this by staying one step ahead of our

49、competition, introducing innovative new pizzas like The 4forALL, The Full House XL Pizza and limited time only offerings like Buffalo Chicken Pizza. The brands “Gather Round the Good Stuff” advertising campaign is building real traction with the heart of the pizza category by focusing on the family

50、and the primary decision maker, Mom. And importantly, Pizza Hut is also steadily improving its operations, targeting improving delivery phone service and dine-in table service.Our single biggest disappointment in the U.S. was negative 2% same store sales at KFC. It would be easy to blame increasing