KFC百胜餐饮开店资料 肯德基餐厅 百胜集团2005年报.pdf
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1、yum!world of2005 Annual Customer Mania ReportA16 Dear Partners7 The Yum! Dynasty Model811 A World of Opportunity: China1215 A World of International Growth1619 A World of Leading Brands20 Taco Bell: Think Outside the Bun!21 Pizza Hut: Gather Round the Good Stuff22 KFC: Chicken Capital U.S.A.23 Long
2、John Silvers: Yarr, Genius!24 A&W: Hometown Food Made Fun 2527 A World of Customer Mania2829 A World of Choice 3032 A World of Results: Financial Review3384 Financials81 Selected Financial Data82 Board of Directors and Senior Officers83 Shareholder Information84 Shareholder Servicesinbc A World of G
3、iving Back(In millions, except for per share amounts) % B/(W) Year-end 2005 2004 changeCompany sales $ 8,225 $ 7,992 3 Franchise and license fees 1,124 1,019 10 Total revenues $ 9,349 $ 9,011 4 Operating profit $ 1,153 $ 1,155 Net income $ 762 $ 740 3 Wrench litigation income (expense) $ 2 $ 14 NMAm
4、eriServe and other (charges) credits 2 16 NMSpecial items 4 30 NMIncome tax on special items (1) (11) NMSpecial items, net of tax $ 3 $ 19 NMStock option expense $ (58) NMIncome tax benefit from stock option expense 20 NMStock option expense, net of tax $ (38) $ NMDiluted earnings per common share:
5、Earnings before stock option expense and special items $ 2.67 $ 2.36 13 Stock option expense, net of tax (0.13) NMSpecial items, net of tax 0.01 0.06 NMReported $ 2.55 $ 2.42 5 Cash flows provided by operating activities $ 1,238 $ 1,186 4 In 2005, we began expensing stock options as a result of adop
6、ting SFAS 123R, “Share-Based Payment,” which resulted in a reduction of net income of $38 million or $0.13 per share. We used earnings before stock option expensing and before special items as a key performance measure of results of operations for purposes of evaluating performance internally and de
7、termining incentive compensation in 2005. This non-GAAP measurement is not intended to replace the presentation of our financial results in accordance with GAAP. Rather, we believe that the presentation of results before special items and stock option expense provides additional information to facil
8、itate the comparison of past and present operations, excluding items that we do not believe are indicative of our ongoing operations and the adoption of SFAS 123R which did not impact our financial statements in the year ended December 25, 2004. AVERAGE U.S. SALES PER SYSTEM UNIT(a)(In thousands) Ye
9、ar-end 2005 2004 2003 2002 2001 5-year growth(b)KFC $ 954 $ 896 $ 898 $ 898 $ 865 3%Pizza Hut 810 794 748 748 724 3%Taco Bell 1,168 1,069 1,005 964 890 5%(a) Excludes license units. (b) Compounded annual growth rate. TABLE OF CONTENTSFinancialHighlightsAt Yum! Brands, we believe in the power of givi
10、ng back to the community to make a difference in the lives of our customers and their families.We commit ourselves to giving back to the communities we serve and to make a difference by financially supporting hun-dreds of charities across the globe. In 2005, Business Week recognized Yum! as one of t
11、he most generous in-kind givers with over $54 million in donated prepared meals. Our employees and franchisees donated nearly $6 million to aid victims of the Southeast Asia tsunami, the Pakistan earthquake and Hurricane Katrina here in the U.S. We support worthy causes financially and through emplo
12、yee volunteerism all around the globe. For example, the KFC China First Light Foundation is a scholarship fund to help Chinese students in need. KFC U.K. supports ChildLine, a free, 24-hour help line for children. KFC and Pizza Hut Thailand are building new elementary schools in impoverished village
13、s across the Kingdom. In the U.S., our efforts are primarily focused on nourishing the bodies, lives, spirits and minds of children in need. We do this through programs dedicated to hunger relief, scholarships, reading incentives and mentoring at-risk teens.Heres a brief look at some of our Communit
14、y Mania: NOURISHING BODIES YUMeals. Hunger remains a pressing social issue in America. One in ten children under the age of five runs the risk of going to bed hungry every night. To help address this issue, Yum! decided to create the worlds largest prepared food recovery program. We now donate over
15、10 mil-lion pounds of prepared food to the hungry every year. NOURISHING LIVES KFCs Colonels Kids. KFC is empowering students to improve their lives with scholarship resources to attend an accredited college within their state of residence through a KFC Colonels Scholars Scholarship. KFC Colonels Sc
16、holars will enable high school students with entrepreneurial drive, strong perseverance and demonstrated financial need to pursue up to four years of study at an accredited institution in the state they reside. This scholarship provides funding for tuition, fees, books and room and board. Awards can
17、 be up to $5,000 per year for up to four years to help complete a bachelors degree. The first class of 50 KFC Colonels Scholars will be announced in June, 2006. NOURISHING SPIRITS Taco Bells Teen Program. The Taco Bell Foundation is committed to helping teens become successful and productive leaders
18、 in their communities. Through its partner-ship 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, its franchisees and customers have donated over $15 million
19、to the Boys & Girls Clubs of America for teen programming.NOURISHING MINDS Pizza Huts BOOK IT! Program. For over 20 years, children have found reading a lot more fun and rewarding, thanks to the BOOK IT! Program. As the nations largest reading incentive program, BOOK IT! provides pizza, praise, and
20、recognition for childrens reading achievements. Since 1985, Pizza Hut has invested nearly a half billion dollars in BOOK IT! to encourage children to discover the joy and pleasure of reading. Over 23 million children a year are motivated to read more each year through BOOK IT! backworld ofgivingADav
21、id C. Novak, Chairman and Chief Executive Officer, Yum! Brands, Inc. The world of Yum! makes a world of difference when it comes to delivering consistent growth. Im pleased to report 2005 was once again another year where we demonstrated the underlying power of our global portfolio of leading restau
22、rant brands. Fired by continued profitable international expansion featuring dramatic new unit growth in China, particularly strong performance at Taco Bell and KFC in the United States, and sound execution of financial strategies, Yum! Brands achieved 13% earnings per share growth, the fourth strai
23、ght year we have exceeded our +10% annual target. This consistent growth was achieved in spite of a challenging worldwide environment which included record gasoline prices, Hurricane Katrina and significant con-sumer concerns in China from the perceived threat of the avian flu.Were proving year afte
24、r year that the power of our portfolio enables us to continue to weather whatever inevitable ups and downs come our way. Our diversified worldwide business allows us to consistently deliver on the three drivers of shareholder value in the retail cat-egory: (1) solid and improving same store sales gr
25、owth, Dear Partners, +4% in the U.S., (2) consistent new unit expansion, set-ting a record of 1,554 new openings around the world and (3) best in class return on invested capital, maintain-ing our industry leading ROIC of 18%.Whats more, we are now a demonstrated cash machine with a strong investmen
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