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Audit Committee Report 61 Staying the Course China and a Whole Lot More 2012 Yum! Brands Annual Customer Mania Report Financial Highlights (In millions, except for per share amounts) Year-end 2012 2011 % B/(W) change Company sales $ 11,833 $ 10,893 9 Franchise and license fees and income 1,800 1,733 4 Total revenues $ 13,633 $ 12,626 8 Operating Profit $ 2,294 $ 1,815 26 Net Income – Yum! Brands, Inc. $ 1,597 $ 1,319 21 Diluted Earnings Per Common Share before Special Items (a) $ 3.25 $ 2.87 13 Special Items Earnings Per Common Share (a) $ 0.13 (0.13) NM Reported Diluted Earnings Per Common Share $ 3.38 $ 2.74 23 Cash Flows Provided by Operating Activities $ 2,294 $ 2,170 6 (a) See our 2012 Form 10-K for further discussion of Special Items. Contents Dear Partners.....................................................................................1 Building Leading Brands in China ................................................ 3–4 Building Strong Brands Everywhere ........................................... 5-6 Improving U.S. Brand Positions .......................................................7-8 Driving Long-Term Shareholder Value .............................................. 9 Company with a Huge Heart ............................................................ 10 ABOUT THE PAPER USED FOR THIS REPORT The inks used in the printing of this report contain an average of 25% - 35% vegetable oils from plant derivatives, a renewable resource. They replace petroleum based inks as an effort to also reduce volatile organic compounds (VOCs). The cover and first 12 pages of this report were printed using FSC-certified paper made with 50% recycled content including 24% post-consumer waste. www.yum.com/annualreport Dear Partners, 13% EPS Growth* I’m pleased to report that in 2012 we delivered full-year EPS growth of 13% or $3.25 per share, excluding special items, marking the eleventh consecutive year we achieved at least 13% and exceeded our annual target of at least 10%. This kind +5% System Sales Growth** of consistent performance puts us in an elite group of high- growth companies. We set a new record for international development by opening $1.6 billion nearly 2,000 new restaurants in 2012. We also grew worldwide Net Income system sales 5% and operating profit 12%, both prior to foreign currency translation and special items. We generated $1.6 billion in net income and almost $2.3 billion in cash from operations. And +18% with our disciplined approach to capital deployment, we remained Increased Dividend an industry leader with a Return on Invested Capital of 22%. Our strong cash flow generation allowed us to increase our dividend rate 18%, to an annual rate of $1.34 per share. Our share price $1.34 increased 13% for the full year, on top of 20% in 2011. Looking Annual Dividend back, we are extremely proud that our five year average annual Per Share Rate shareholder return, including stock appreciation and dividend reinvestment, is 14% versus the S&P 500 average of 2%. We are proud of our track record of consistency which we believe +1,976 *** is a result of getting better and better at executing the same Units growth strategies we identified over a decade ago. So as tempting as it might be to unveil some new revolutionary thinking that will drive our company’s growth, I have to admit my message this year might be a bit boring: we’re simply going to STAY THE COURSE with our strategies to build the defining global company that feeds the world. Yet when I step back and think about it, I’ve concluded and hope you agree, staying the course is actually good news for you as a long-term shareholder. For you see, we don’t have to dream up a dramatic new approach or totally revamp our business model because the strategies we have are working. David C. Novak Chairman & Chief Executive Officer, Yum! Brands, Inc. *Excluding special items **Prior to foreign currency translation ***Outside the U.S. 1 In fact, unlike other companies that have to scramble to find new paths for growth, we have enormous opportunities that are staring us in the face. That’s because we have powerful global brands with a proven high performance organization, capable and determined to rapidly expand around the world. Every year in December we host our Investor and Analyst Day in New York. This meeting gives us the opportunity to “go public” with Over 39,000 our goals and commitments as well as showcase our management restaurants around the world. talent from around the world. The theme of our 2012 meeting was “On the Ground Floor of Global Growth: China and a Whole Lot More.” No statement could better describe Yum! Brands. We, of course, highlighted our 11-year track record but, even more importantly, the future growth prospects of our company. We have a portfolio of brands with leadership positions in China and other emerging markets, with a long runway for growth. We have an asset base of over 39,000 restaurants and we continue to make Building sales layers and progress leveraging these assets further by building sales layers and expanding day parts. expanding dayparts. Additionally, we invested over $1.1 billion in 2012 in the future growth of our business and expect to invest at least that same amount in 2013. All of this adds up to a growing confidence in our business model. As a matter of fact, we believe the best is yet to come as we pursue our objective to be the defining global company that feeds the world. Let me highlight some of the reasons I’m confident we must STAY THE COURSE on our four growth strategies 2 Build leading brands in China in every 1 significant category. At Yum! China, we crossed the billion dollar profit and Pizza Hut are developing rapidly across China mark in 2012, opened our 4,000th KFC, our 800th in cities large and small, including lower tier cities Pizza Hut Casual Dining Restaurant, and opened where we enjoy first mover advantage, a favorable 889 restaurants (that’s right, 889 restaurants!) — cost structure and fantastic cash on cash returns. a remarkable achievement by anyone’s standards. I’ve said it before — our single biggest advantage in China is we have the finest operating and KFC now has 4,260 restaurants in more than 850 development teams in the world. We are really cities throughout the country, and continues to in tune with the consumer and infrastructure expand into new cities and increase its penetration development trends that will accelerate our brands’ levels in existing markets. At 826 units, Pizza Hut penetration across the country. Casual Dining is the leader in its category. Both KFC 3 As I’m sure you’re well aware, urbanization and the rapidly growing consumer class point to China as the #1 retail growth opportunity in the world and certainly for Yum!. Rising incomes are making our brands even more affordable for an increasing number of people. Think about this. In the U.S., McDonald’s has over 14,000 traditional units in a population of more than 310 million. In China, we expect to have at least that many KFC units with the consuming class growing from 300 million to more than 600 million in the next 10 years. With this tailwind, new unit development across China should continue at a high rate, and same-store sales should continue to grow. And remember, I’m only talking about KFC. Pizza Hut Casual Dining, with its dramatic sales increase and strong margins in the past few years, is far and away the largest and most successful full-scale restaurant in China with fantastic new-unit returns. Yet, as I write this letter, there is no doubt we recently suffered a setback in China following an investigation into KFC China’s poultry supply and the 889 resulting negative publicity. These events significantly impacted consumer New restaurants in China. confidence in KFC, and resulted in a sharp decline in sales beginning in the last two weeks of December. Hindsight is always 20/20 and history is only good for two things: first, to learn from and second, to inspire your belief about what can be done in the future. We are aggressively applying our learnings from this incident, and we are committed to regaining consumer confidence and rebuilding sales. Because our China business accounted for 42% of our segments’ profits in 2012, and because it’s clear it will take time for sales to recover, there is no question we will fall well short of our targeted growth of at least 10% EPS 826 in 2013. Pizza Hut Casual Dining restaurants in China. In spite of this challenge, looking back at history also gives us confidence we have the capability to fully recover and grow. We have faced SARS, Avian Flu, Sudan Red and in every case, we bounced back. No two crises are the same, and we don’t know how long it will take us to recover. Nevertheless, we expect to weather this storm and come out stronger. So let me be very clear…we will STAY THE COURSE in China and are fully committed to our #1 Growth Strategy. We will continue to grow the business with leading brands in every significant category. This includes continuing to build our two big brands KFC and Pizza Hut Casual Dining. We will also continue to invest behind Pizza Hut Home Service, Little Sheep China is the #1 retail growth and East Dawning. Our new unit target of at least 700 remains unchanged opportunity in the world. for 2013. As a matter of fact, we are more confident than ever in our long-term business models in China and our ability to leverage the strengths that make our company so unique.
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