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2010 Annual Report 2010 Annual Report To navigate this document: McDonald’s Corporation › Use the navigation at the top of each page or the page forward/back arrows to go to other sections 2010 Annual Report › Left click to move to the next page, right click to move to the previous page (in full-screen mode only) › Rollover for more information or enlarged views INTRO Table of Contents McDonald’s Corporation 2010 Annual Report INTRO 2010 Highlights: Global Comparable Sales Growth 5.0% Earnings Per Share Growth 11 % Average Number of Customers Served Every Day 64 Million McDonald’s Corporation 2010 Annual Report 1 of 4 To Our Valued Shareholders: even as overall dining-out traffic remained flat. Europe grew comparable sales by 4.4% and also increased guest It’s been said the real secret counts — serving 200 million more customers than the year before. Asia/Pacific, Middle East and Africa continued to to success is sustaining it … make a strong impact to our overall results with higher and that’s what McDonald’s guest counts and 6% comparable sales growth. We achieved all of this through our Plan to Win, which did in 2010. has served as our strategic blueprint for the past eight years. The plan focuses on the core drivers of our busi- We began the year determined to build on our momentum ness — People, Products, Place, Price, and Promotion, or and strengthen our brand around the world. So with the the five “P’s.” I often say the opportunity within each “P” is business environment still challenging — and with many enormous — and we intend to go after it. To that end, we others forced to hold their ground — we pushed ahead. continue to focus on the right priorities to keep our brand We dug for deeper consumer insights, aligned our strate- relevant and meet the evolving needs of our customers. gies, and strengthened the pillars of our business, from This approach has served us remarkably well and will our menu and restaurants to our value and convenience. continue to do so in 2011 and beyond. The result was another banner year for McDonald’s. Our results could not have been achieved without the Global comparable sales increased 5% in 2010 — our performance of our highly talented management team. Jim Skinner eighth consecutive year of same store sales growth. They are focused, aligned, and committed to raising the Vice Chairman and CEO Operating income grew 9% and we continued to gain market share around the world. In addition, we returned $5.1 billion to shareholders through share repurchases and dividends paid, and we provided a 27% return to Operating Income 3-year Compound Annual Total Return (In billions) (2008–2010) investors for the year, ranking us third among the com- panies comprising the Dow Jones Industrial Average. ’ $. -.% S&P Our success remains global, with all areas of the world ’ $. -.% DJIA contributing significantly to our results. In the U.S., compa- rable sales increased 3.8%, while guest count growth ’ $. MCD .% reached all-time highs. A record number of customers visited our restaurants and drive-thrus across the U.S., McDonald’s Corporation 2010 Annual Report 2 of 4 bar in everything we do. President and Chief Operating Meanwhile, the entire McDonald’s System is thriving. Officer Don Thompson and our senior leadership operate Our world-class franchisees continue to invest in their with tremendous insight and a keen sense for how to restaurants and their people in order to elevate the entire drive continued growth. In addition, our exceptional Board customer experience, resulting in significant increases in of Directors provides strong corporate governance and cash flow. Our suppliers perform what I like to call the knowledgeable perspectives as we continue to deliver McDonald’s Daily Miracle — providing 32,000 restaurants shareholder value. an assured supply of safe, high-quality products at com- petitive prices, with ever improving efficiency. Lastly, our highly experienced company employees worked smarter Consecutive months to propel our business forward. of global comparable With the powerful alignment of our System and the Plan sales increases through to Win as the foundation, we will continue our winning December 2010 formula: building on the basics as we further modernize 92 and differentiate the brand. McDonald’s Corporation 2010 Annual Report 3 of 4 As always, running better restaurants is our number one animal welfare. In addition, we provide our customers with Combined Operating Margin priority. We will improve operations excellence around the a variety of menu options that address balance and world through new technology, better training, and service choice. We will keep listening to our customers, engag- ’ .% enhancements that will make it easier for our managers ing our stakeholders, and embracing the responsibility ’ .% and crew to quickly and accurately serve the customer. that comes with being a socially responsible brand. ’ .% At the same time, our brand is more contemporary and As McDonald’s Chief Executive Officer, I am immensely convenient and provides great value with menus that proud of our performance and confident in our ability to feature all of our iconic favorites — from our Big Mac sand- continue our growth. The secret to our success is staying wiches to French fries — along with local offerings and focused on the execution in our restaurants on behalf of Earnings Per Share new products that today’s consumers want. Whether it’s our customers. McWraps in Europe, Angus Burgers in Australia, or ’ $. McCafé specialty coffees and smoothies in the U.S., we As always, thank you for your investment in McDonald’s. I are strategically enhancing our menu to appeal to more appreciate your support and look forward to sharing ’ $. customers more often. further success with you. ’ $. We are moving ahead with the reimaging of our restau- Sincerely, rant interiors and exteriors to create an even more modern and inviting dining atmosphere. Around the world, we are re-invigorating our restaurants with local and relevant new Dividends Paid designs that keep the spirit of our brand alive and delight (In billions) our guests with a fresh look and contemporary appeal. Jim Skinner ’ $. Of course, we must continue to lead in ways that posi- Vice Chairman and CEO ’ $. tively impact the trust in our brand. It starts with delivering a great restaurant experience every time and ’ $. extends to a host of areas to which we are strongly committed — from charitable giving and supporting the communities we serve, to environmental stewardship and McDonald’s Corporation 2010 Annual Report 4 of 4 Dear Fellow Shareholders: McDonald’s Corporation achieved another year of strong results in 2010, as we continued to strengthen our connection with customers around the world. We maintained our momentum and increased sales The Board of Directors is pleased with McDonald’s amid a still challenging environment for many. Working performance and its plans moving forward. We believe within the framework of our proven Plan to Win strategy, the company has a clear vision — and the right people and McDonald’s showed flexibility, decisiveness, and strong strategies in place —for building our business even further business acumen in meeting the evolving needs of con- and delivering profitable growth into the future. sumers and staying in step with their lives. Andy McKenna As to our Board responsibilities, we remain committed to Chairman Your Board of Directors believes this is a testament overseeing the company’s direction and promoting strong to the strength of the McDonald’s System, what we refer corporate governance principles and effective manage- to as our “three-legged stool.” Under the leadership of ment oversight. Our team of experienced and diverse Vice Chairman and CEO Jim Skinner, all three legs of the directors stool — franchisees, suppliers and employees — continue is eager to continue doing its part to help strengthen to be firmly aligned behind the Plan to Win. This stability McDonald’s and deliver shareholder value. has been key to sustaining McDonald’s successful performance and to achieving an impressive eight years It is our honor and privilege to serve on behalf of you, of increasing global comparable sales. our shareholders, and we look forward to the days ahead for this great brand. Jim continues to lead our company with tremendous skill and a deep passion for the brand. His global leader- Very truly yours, ship team, with its deep insights into the operation of our three-legged stool, gives us a true competitive advan- tage in our efforts to evolve and elevate the McDonald’s customer experience. Andy McKenna Chairman 2010 Financial Report Financials Cover REV.indd 1 2/22/10 7:24 AM 2010 Financial Report 7 6-year Summary 8 Stock Performance Graph 9 Management’s Discussion and Analysis of Financial Condition and Results of Operations 26 Consolidated Statement of Income 27 Consolidated Balance Sheet 28 Consolidated Statement of Cash Flows 29 Consolidated Statement of Shareholders’ Equity 30 Notes to Consolidated Financial Statements 42 Quarterly Results (Unaudited) 43 Management’s Assessment of Internal Control over Financial Reporting 44 Report of Independent Registered Public Accounting Firm 45 Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting 46 Executive Management & Business Unit Officers 47 Board of Directors 48 Investor Information 6 McDonald’s Corporation Annual Report 2010 6-Year Summary Dollars in millions, except per share data 2010 2009 2008 2007 2006 2005 Company-operated
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