DOCSLIB.ORG

United States Securities and Exchange Commission Form 10-Q Yum! Brands, Inc

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
United States Securities and Exchange Commission Form 10-Q Yum! Brands, Inc UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 ___________ FORM 10-Q (Mark One) [Ÿ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended March 19, 2016 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to _________________ Commission file number 1-13163 ________________________ YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) North Carolina 13-3951308 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1441 Gardiner Lane, Louisville, Kentucky 40213 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (502) 874-8300 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [ü] No [ ] Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [ü] No [ ] Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. Large accelerated filer: [ü] Accelerated filer: [ ] Non-accelerated filer: [ ] Smaller reporting company: [ ] Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [ü] The number of shares outstanding of the Registrant’s Common Stock as of April 20, 2016 was 407,440,778 shares. YUM! BRANDS, INC. INDEX Page No. Part I. Financial Information Item 1 - Financial Statements Condensed Consolidated Statements of Income - Quarters ended March 19, 2016 and March 21, 2015 3 Condensed Consolidated Statements of Comprehensive Income - Quarters ended March 19, 2016 and March 21, 2015 4 Condensed Consolidated Statements of Cash Flows – Quarters ended March 19, 2016 and March 21, 2015 5 Condensed Consolidated Balance Sheets – March 19, 2016 and December 26, 2015 6 Notes to Condensed Consolidated Financial Statements 7 Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3 - Quantitative and Qualitative Disclosures about Market Risk 29 Item 4 – Controls and Procedures 29 Report of Independent Registered Public Accounting Firm 30 Part II. Other Information and Signatures Item 1 – Legal Proceedings 31 Item 1A – Risk Factors 31 Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 6 – Exhibits 32 Signatures 33 2 PART I - FINANCIAL INFORMATION Item 1. Financial Statements CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) YUM! BRANDS, INC. AND SUBSIDIARIES (in millions, except per share data) Quarter ended Revenues 3/19/2016 3/21/2015 Company sales $ 2,165 $ 2,179 Franchise and license fees and income 454 443 Total revenues 2,619 2,622 Costs and Expenses, Net Company restaurant expenses Food and paper 649 688 Payroll and employee benefits 486 493 Occupancy and other operating expenses 597 616 Company restaurant expenses 1,732 1,797 General and administrative expenses 286 295 Franchise and license expenses 48 34 Closures and impairment (income) expenses 3 3 Refranchising (gain) loss (7) (10) Other (income) expense (7) (3) Total costs and expenses, net 2,055 2,116 Operating Profit 564 506 Interest expense, net 37 34 Income Before Income Taxes 527 472 Income tax provision 132 111 Net income – including noncontrolling interests 395 361 Net income (loss) – noncontrolling interests 4 (1) Net Income – YUM! Brands, Inc. $ 391 $ 362 Basic Earnings Per Common Share $ 0.94 $ 0.83 Diluted Earnings Per Common Share $ 0.93 $ 0.81 Dividends Declared Per Common Share $ 0.46 $ — See accompanying Notes to Condensed Consolidated Financial Statements. 3 CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) YUM! BRANDS, INC. AND SUBSIDIARIES (in millions) Quarter ended 3/19/2016 3/21/2015 Net Income - including noncontrolling interests $ 395 $ 361 Other comprehensive income (loss), net of tax Translation adjustments and gains (losses) from intra-entity transactions of a long-term investment nature Adjustments and gains (losses) arising during the period (71) (91) (71) (91) Tax (expense) benefit 3 2 (68) (89) Changes in pension and post-retirement benefits Unrealized gains (losses) arising during the period 1 — Reclassification of (gains) losses into Net Income 3 11 4 11 Tax (expense) benefit (1) (4) 3 7 Changes in derivative instruments Unrealized gains (losses) arising during the period (5) 13 Reclassification of (gains) losses into Net Income 10 (13) 5 — Tax (expense) benefit (1) — 4 — Other comprehensive income (loss), net of tax (61) (82) Comprehensive Income - including noncontrolling interests 334 279 Comprehensive Income (loss) - noncontrolling interests 4 (2) Comprehensive Income - YUM! Brands, Inc. $ 330 $ 281 See accompanying Notes to Condensed Consolidated Financial Statements. 4 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) YUM! BRANDS, INC. AND SUBSIDIARIES (in millions) Quarter ended 3/19/2016 3/21/2015 Cash Flows – Operating Activities Net Income – including noncontrolling interests $ 395 $ 361 Depreciation and amortization 136 139 Closures and impairment (income) expenses 3 3 Refranchising (gain) loss (7) (10) Contributions to defined benefit pension plans (2) (76) Deferred income taxes (25) (29) Equity income from investments in unconsolidated affiliates (16) (9) Excess tax benefits from share-based compensation (11) (19) Share-based compensation expense 13 15 Changes in accounts and notes receivable 33 3 Changes in inventories 17 21 Changes in prepaid expenses and other current assets — (27) Changes in accounts payable and other current liabilities 66 113 Changes in income taxes payable 95 51 Other, net (38) (20) Net Cash Provided by Operating Activities 659 516 Cash Flows – Investing Activities Capital spending (160) (227) Changes in short-term investments, net (51) (24) Proceeds from refranchising of restaurants 9 22 Other, net 1 33 Net Cash Used in Investing Activities (201) (196) Cash Flows – Financing Activities Repayments of long-term debt (2) (3) Short-term borrowings by original maturity More than three months - proceeds 1,400 — More than three months - payments — — Three months or less, net — — Revolving credit facilities, three months or less, net (524) 53 Repurchase shares of Common Stock (925) (124) Excess tax benefits from share-based compensation 11 19 Employee stock option proceeds 1 10 Dividends paid on Common Stock (192) (178) Other, net (12) (23) Net Cash Used in Financing Activities (243) (246) Effect of Exchange Rates on Cash and Cash Equivalents (18) 23 Net Increase in Cash and Cash Equivalents 197 97 Cash and Cash Equivalents - Beginning of Period 737 578 Cash and Cash Equivalents - End of Period $ 934 $ 675 See accompanying Notes to Condensed Consolidated Financial Statements. 5 CONDENSED CONSOLIDATED BALANCE SHEETS YUM! BRANDS, INC. AND SUBSIDIARIES (in millions) (Unaudited) 3/19/2016 12/26/2015 ASSETS Current Assets Cash and cash equivalents $ 934 $ 737 Accounts and notes receivable, net 418 377 Inventories 210 229 Prepaid expenses and other current assets 279 241 Advertising cooperative assets, restricted 122 103 Total Current Assets 1,963 1,687 Property, plant and equipment, net 4,111 4,189 Goodwill 644 656 Intangible assets, net 265 271 Investments in unconsolidated affiliates 36 61 Other assets 500 521 Deferred income taxes 702 676 Total Assets $ 8,221 $ 8,061 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities Accounts payable and other current liabilities $ 2,055 $ 1,985 Income taxes payable 150 77 Short-term borrowings 2,321 922 Advertising cooperative liabilities 122 103 Total Current Liabilities 4,648 3,087 Long-term debt 2,510 3,041 Other liabilities and deferred credits 846 958 Total Liabilities 8,004 7,086 Redeemable noncontrolling interest 7 6 Shareholders’ Equity Common Stock, no par value, 750 shares authorized; 407 and 420 shares issued in 2016 and 2015, respectively 2 — Retained earnings 454 1,150 Accumulated other comprehensive income (loss) (300) (239) Total Shareholders’ Equity – YUM! Brands, Inc. 156 911 Noncontrolling interests 54 58 Total Shareholders’ Equity 210 969 Total Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity $ 8,221 $ 8,061 See accompanying Notes to Condensed Consolidated Financial Statements. 6 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Tabular amounts in millions, except per share data) Note 1 - Financial Statement Presentation We have prepared our accompanying unaudited Condensed Consolidated Financial Statements (“Financial Statements”) in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information
Load more

Recommended publications
  • Yum! Brands 2003 Annual Customer Mania Report Yum! Brands 2003 Annual Customer Mania Report
    YUM! BRANDS 2003 ANNUAL CUSTOMER MANIA REPORT YUM! BRANDS 2003 ANNUAL CUSTOMER MANIA REPORT Alone we’re delicious. Together we’re Power of Yum! DearDear Partners,Partners, I’mI’m pleasedpleased toto reportreport 22003003 wwasas a yyearear wwherehere we showed the underlying power of our global portfolio of leading restaurant brands. With continued profitable inter- national expansion led by dynamic growth in China, combined with strong momentum at Taco Bell in the United States, we achieved 13% earnings per share growth prior to special items. This growth was achieved in spite of a challenging worldwide environment which included war in Iraq, SARS in Asia, and a generally soft economy the first half of the year. Highlights include over $1 billion in operating profit, over $1 billion in cash from operating activities, and nearly $1 billion in franchise fees. In so doing, we once again achieved one of the industry’s leading returns on invested capital at 18%. After paying off $2.6 billion in debt the past six years, we now have the power of an investment-grade quality balance sheet. Given this strong performance and increasing financial strength, our share price climbed 42% in 2003, and our annual return to shareholders is 14% since becoming a public company in 1997. Going forward, we are quite confident we can continue to achieve our goals of growing our earnings per share at least 10% each year. We have three powerfully unique growth opportuni- ties that differentiate us from our competition. After reading this report, I hope you’ll agree that we are NOT YOUR ORDINARY RESTAURANT COMPANY.
    [Show full text]
  • Kentucky Fried Chicken Marketing Strategy (English)
    Kentucky Fried Chicken Marketing Strategy (English) BY WISNUDEWOBROTO · DECEMBER 25, 2011 HISTORY KFC (formerly known as Kentucky Fried Chicken) is a trademark franchise of Yum! Brands, Inc., headquartered in Louisville, Kentucky, United States .Founded by Col. Harland Sanders, KFC is known mainly for his fried chicken, which is usually served in a bucket . Col. Sanders began selling fried chicken at his gas station in the year 1939 in Corbin, Kentucky which subsequently moved to a motel. He closed his business in the late 1940s when the Interstate highway through town. In the early 1950s, he began traveling the United States and met with Pete Harman in Salt Lake City, Utah, and in 1952 co-founded the Kentucky Fried Chicken restaurant is the first in the world (his first restaurant does not use that name). Sanders sold the entire KFC franchise in 1964 worth 2 million USD, which has since been resold three times. Ultimate owner is PepsiCo, which incorporate them into the company Tricon Global Restaurants division, now known as Yum! Brands, Inc. In 1997, Tricon from PepsiCo separately. In Indonesia, sole franchisee of KFC is PT. Fastfood Indonesia, Tbk ( IDX : FAST ), which was founded by Gelael Business Group in 1978, and registered as a public company since 1994 . Indonesia’s first KFC restaurant opened in October 1979 in Jalan Melawai, Jakarta. MARKETING STRATEGY KFC Corporation, or KFC, founded and also known as Kentucky Fried Chicken, is a chain of fast food restaurants based in Louisville, Kentucky. KFC is a brand and operating segment, called a “concept” of Yum! Brands since 1997 when that company was spun off from PepsiCo.
    [Show full text]
  • UNITED STATES SECURITIES and EXCHANGE COMMISSION Washington, D
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 ___________ FORM 10-Q (Mark One) [ Ÿ ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended September 5, 2015 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to _________________ Commission file number 1-13163 ________________________ YUM! BRANDS, INC. (Exact name of registrant as specified in its charter) North Carolina 13-3951308 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1441 Gardiner Lane, Louisville, Kentucky 40213 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (502) 874-8300 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [ ü ] No [ ] Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [ ü ] No [ ] Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.
    [Show full text]
  • Global Journal of Human Social Science with the Subjective City of the Post-Pandemic, in Addition to the Espaço Para Ativar Fobias
    OnlineISSN:2249-460X PrintISSN:0975-587X DOI:10.17406/GJHSS AffectionandHealthyHousing TheSoutheastAsianCyber-Self FloodProneAreasofBangladesh StudyonOralHygienePractices VOLUME20ISSUE9VERSION1.0 Global Journal of Human-Social Science: C Sociology & Culture Global Journal of Human-Social Science: C Sociology & Culture Volume 2 0Issue 9 (Ver. 1.0) Open Association of Research Society Global Journals Inc. *OREDO-RXUQDORI+XPDQ (A Delaware USA Incorporation with “Good Standing”; Reg. Number: 0423089) Social Sciences. 2020. Sponsors:Open Association of Research Society Open Scientific Standards $OOULJKWVUHVHUYHG 7KLVLVDVSHFLDOLVVXHSXEOLVKHGLQYHUVLRQ Publisher’s Headquarters office RI³*OREDO-RXUQDORI+XPDQ6RFLDO 6FLHQFHV´%\*OREDO-RXUQDOV,QF Global Journals ® Headquarters $OODUWLFOHVDUHRSHQDFFHVVDUWLFOHVGLVWULEXWHG XQGHU³*OREDO-RXUQDORI+XPDQ6RFLDO 945th Concord Streets, 6FLHQFHV´ Framingham Massachusetts Pin: 01701, 5HDGLQJ/LFHQVHZKLFKSHUPLWVUHVWULFWHGXVH United States of America (QWLUHFRQWHQWVDUHFRS\ULJKWE\RI³*OREDO -RXUQDORI+XPDQ6RFLDO6FLHQFHV´XQOHVV USA Toll Free: +001-888-839-7392 RWKHUZLVHQRWHGRQVSHFLILFDUWLFOHV USA Toll Free Fax: +001-888-839-7392 1RSDUWRIWKLVSXEOLFDWLRQPD\EHUHSURGXFHG Offset Typesetting RUWUDQVPLWWHGLQDQ\IRUPRUE\DQ\PHDQV HOHFWURQLFRUPHFKDQLFDOLQFOXGLQJ SKRWRFRS\UHFRUGLQJRUDQ\LQIRUPDWLRQ Globa l Journals Incorporated VWRUDJHDQGUHWULHYDOV\VWHPZLWKRXWZULWWHQ 2nd, Lansdowne, Lansdowne Rd., Croydon-Surrey, SHUPLVVLRQ Pin: CR9 2ER, United Kingdom 7KHRSLQLRQVDQGVWDWHPHQWVPDGHLQWKLV ERRNDUHWKRVHRIWKHDXWKRUVFRQFHUQHG 8OWUDFXOWXUHKDVQRWYHULILHGDQGQHLWKHU
    [Show full text]
  • 2004 Annual Customer Mania Report
    of power yum!2004 Annual Customer Mania Report Alone we’re delicious. Together we’re At Yum! Brands, we believe in the “power financial power of giving back to the community to make a difference in the lives of our highlights of giving back!” customers and their families. While we commit ourselves to making a Nourishing Bodies: YUMeals. In America difference by financially supporting hundreds alone, one in ten children under the age % B/(W) and hundreds of charities across the globe, of five runs the risk of going to bed hungry (In millions, except per share amounts) 2004 2003 Change every night. One in ten. So we decided Company sales $ 7,992 $ 7,441 7 our efforts are primarily focused on nourishing to do something about this and have Franchise and license fees 1,019 939 8 created the world’s largest prepared food Total revenues $ 9,011 $ 8,380 8 the bodies, minds, souls and spirits of children recovery program. We now donate millions of pounds of prepared food to the hungry. Operating profit $ 1,155 $ 1,059 9 in need. We do this through programs dedicated Food that has nutritional value and will provide nourishment to those most in Earnings before special items $ 721 $ 628 15 to hunger relief, daycare subsidies, reading need, the underprivileged. Special items, net of tax 19 (11) NM incentives and mentoring at-risk teens. Nourishing Young Minds: Pizza Hut’s Net income $ 740 $ 617 20 BOOK IT! Program. For 20 years, children Wrench litigation income (expense) $ 14 $ (42) NM Here’s a brief snapshot of the work that is under way: have found reading a little more fun and AmeriServe and other (charges) credits 16 26 NM rewarding, as a result of participating in Cumulative effect of accounting change — (2) NM BOOK IT! As the nation’s largest reading incentive program, BOOK IT! provides Special items 30 (18) NM pizza, praise and recognition for children’s Income tax on special items (11) 7 NM reading achievements.
    [Show full text]
  • 1999 Annual Report the Power of YUM
    1999 annual report the power of YUM financial highlights ($ in millions, except for unit and share data) Number of stores: 1999 1998 % change Company 6,981 8,397 (17)% Affiliates 1,178 1,120 5% Franchisees 18,414 16,650 11% Licensees 3,409 3,596 (5)% System 29,982 29,763 1% System sales (rounded) 21,800 20,600 6% Company revenues 7,822 8,479 (8)% Ongoing operating profit 881 768 15% Accounting changes 29 —NM Facility actions net gain 381 275 38% Unusual items (51) (15) NM Operating profit 1,240 1,028 21% Net income 627 445 41% Diluted earnings per common share $3.92 $2.84 38% Diluted ongoing operating earnings per common share $2.58 $1.83 41% Cash flows provided by: Operating activities 565 674 (16)% Refranchising proceeds 916 784 17% average U.S. sales per system unit $ in thousands (Compounded annual growth rates) 5-year 1999 1998 1997 1996 1995 1994 growth KFC $837 $817 $786 $775 $733 $706 3% Pizza Hut 696 645 630 620 651 634 2% Taco Bell 918 931 902 886 925 953 (1)% worldwide system sales $ in billions (Compounded annual growth rates) 5-year 1999 1998 1997 1996 1995 1994 growth KFC 4.3 4.2 4.0 3.9 3.7 3.5 4% Pizza Hut 5.0 4.8 4.7 4.9 5.1 4.9 — Taco Bell 5.2 5.0 4.8 4.6 4.4 4.2 4% Total U.S. 14.5 14.0 13.5 13.4 13.2 12.6 3% Total Intl 7.3 6.6 7.0 6.9 6.5 5.6 5% Total 21.8 20.6 20.5 20.3 19.7 18.2 4% our passion is to put a yum on people’s faces around the world… we offer that special eating experience that makes you smile and creates lifelong customers.
    [Show full text]
  • Research Report on China Fast Food Industry
    +44 20 8123 2220 [email protected] Research Report on China Fast Food Industry, 2011-2012 https://marketpublishers.com/r/R407AAE4F8AEN.html Date: January 2011 Pages: 60 Price: US$ 2,200.00 (Single User License) ID: R407AAE4F8AEN Abstracts Modern fast food industry in China started relatively late along with the implementation of China's reform and opening up. In 1987, KFC established China's first fast food restaurant in Beijing, ushering in China's fast food market. In the 1980s and 1990s, other Western fast food enterprises began to enter the Chinese market, and acquired favorable achievements. Chinese fast food began to appear soon. According to characteristics of the Chinese fast food market, fast food is divided into such two major categories as Western and Chinese fast food. Standardization of Western fast food is easy to be realized since in Western fast food, which is generally roasted and fried, a small quantity of major ingredients, minor ingredients and condiments are adopted. The main varieties of Western fast food are hamburger, chicken nuggets, French fries, etc. which are generally accompanied by soft drinks. Standardization of Chinese fast food is difficult to be realized since in Chinese fast food, there are a large variety of major ingredients, minor ingredients and condiments. The cooking methods are multiple, and the varieties including rice, noodles, dumplings, fried dishes, steamed dishes, etc. are accompanied by Chinese soup or soft drinks. Currently, the major Western fast food brands in Chinese market are KFC, McDonald's, Burger King, etc.; the major Chinese fast food brands are Kungfu, Yonghe King, Da Niang Dumpling, etc.
    [Show full text]
  • Water Security 2020
    Yum! Brands, Inc. - Water Security 2020 W0. Introduction W0.1 (W0.1) Give a general description of and introduction to your organization. Yum! Brands, Inc., based in Louisville, Kentucky, has over 50,000 restaurants in more than 150 countries and territories primarily operating the Company’s brands – KFC, Pizza Hut, and Taco Bell – global leaders of the chicken, pizza, and Mexican-style food categories. Starting at end of the first quarter of 2020 the Company’s family of brands includes The Habit Burger Grill, a fast-casual restaurant concept specializing in made-to-order chargrilled burgers, sandwiches and more. In 2019, Yum! Brands was named to the Dow Jones Sustainability North America Index and ranked among the top 100 Best Corporate Citizens by Corporate Responsibility Magazine. W0.2 (W0.2) State the start and end date of the year for which you are reporting data. Start date End date Reporting year January 1 2019 December 31 2019 W0.3 (W0.3) Select the countries/areas for which you will be supplying data. Australia Canada France Germany India Italy Netherlands Russian Federation Singapore South Africa Spain United Arab Emirates United Kingdom of Great Britain and Northern Ireland United States of America W0.4 (W0.4) Select the currency used for all financial information disclosed throughout your response. USD W0.5 (W0.5) Select the option that best describes the reporting boundary for companies, entities, or groups for which water impacts on your business are being reported. Companies, entities or groups over which operational control is exercised W0.6 (W0.6) Within this boundary, are there any geographies, facilities, water aspects, or other exclusions from your disclosure? No W1.
    [Show full text]
  • Foreign Direct Investment in the Processed Food Sector
    CHAPTER 3 Foreign Direct Investment in the Processed Food Sector The Concept and Scope of Foreign Direct Investment In addition to trade in goods themselves, such as processed foods, there is a large volume of international exchange of capital and technology used for food manufacturing and distribution. Modern measures of a country’s or a firm’s international competitiveness incorporate sales from foreign affiliates of home-country firms in addition to international trade (Horstmann and Markusen 1987, Kravis and Lipsey 1992, Porter 1990). Foreign affiliation can occur in various ways: license production to a foreign firm, franchise a foreign firm to market products under the home firm’s trademark, acquire a minority interest in a foreign firm, develop a joint venture with a foreign partner, or obtain complete or majority ownership of foreign operations. For purposes of this report, foreign direct investment (FDI) refers to investment in a foreign affiliate. The term “foreign affiliate” is used to identify a foreign entity in which a parent firm holds a substantial (but not necessarily majority) ownership interest. Parent firms are referred to as multinational firms or corporations (MNC’s). U.S. firms’ investing in production facilities in other countries is known as outbound FDI, while foreign firms’ investing in facilities located in the United States is known as inbound FDI. Foreign direct investment is distinctly different from foreign portfolio investments and other international capital flows such as bank deposits. Portfolio investment takes a passive management role and does not seek control over decisionmaking within the firm. Foreign direct investment, by contrast, is defined as the ownership of assets in an affiliate by a foreign firm for the purpose of exercising control over the use of those assets.
    [Show full text]
  • Climate Change 2020
    Yum! Brands, Inc. - Climate Change 2020 C0. Introduction C0.1 (C0.1) Give a general description and introduction to your organization. Yum! Brands, Inc., based in Louisville, Kentucky, has over 50,000 restaurants in more than 150 countries and territories primarily operating the Company’s brands – KFC, Pizza Hut, and Taco Bell – global leaders of the chicken, pizza, and Mexican-style food categories. Starting at end of the first quarter of 2020 the Company’s family of brands includes The Habit Burger Grill, a fast-casual restaurant concept specializing in made-to-order chargrilled burgers, sandwiches and more. In 2019, Yum! Brands was named to the Dow Jones Sustainability North America Index and ranked among the top 100 Best Corporate Citizens by Corporate Responsibility Magazine. C0.2 (C0.2) State the start and end date of the year for which you are reporting data. Start date End date Indicate if you are providing emissions data for past reporting Select the number of past reporting years you will be providing emissions data years for Reporting January 1 December 31 No <Not Applicable> year 2019 2019 C0.3 (C0.3) Select the countries/areas for which you will be supplying data. Australia Canada France Germany India Italy Netherlands Russian Federation Singapore South Africa Spain United Arab Emirates United Kingdom of Great Britain and Northern Ireland United States of America C0.4 (C0.4) Select the currency used for all financial information disclosed throughout your response. USD C0.5 (C0.5) Select the option that describes the reporting boundary for which climate-related impacts on your business are being reported.
    [Show full text]
  • Fact Sheet Restaurant Brands
    FACT SHEET RESTAURANT BRANDS ABOUT RESTAURANT BRANDS: COMPANY INFORMATION Restaurant Brands is a corporate franchisee specialising in multi-site branded food retail chains. It operates the KFC, Pizza Hut and Starbucks Coffee brands in New Zealand under long-term Restaurant Brands New Zealand Ltd franchising arrangements. It dominates fast food retailing in New Zealand serving more than Address: P.O. Box 22-749 60,000 customers daily from more than 200 outlets and is considered a global ‘best practice’ Otahuhu operator, particularly with its KFC business. Auckland The company seeks to be a world-class operator of multi-site branded food outlets while New Zealand delivering long-term attractive and sustainable returns for its shareholders. It achieves this Telephone: + 64 9 525 8700 by: ensuring the brands are highly attuned to local customer demand; achieving world-class Facsimile: + 64 9 525 8711 operational performance; adapting and expanding its outlets and acquiring new multi-site Email: [email protected] branded food concept rights where there is demonstrable potential to add shareholder value. Websites: www.restaurantbrands.co.nz KEY FINANCIALS: Restaurant Brands NZ Ltd. 2011 2010 2009 2008 2007 SHARE INFORMATION Year to February NZ$m NZ$m NZ$m NZ$m NZ$m NZX code RBD Continuing operations Share price Brand sales* 324.4 317.8 309.1 303.5 293.7 at May 31 2011 NZ$2.68 Other sales 0.5 0.5 0.5 0.4 0.4 Shares on issue 97,777,758 Total sales 324.9 318.3 309.6 303.9 294.1 Market capitalisation $262.1m Brand EBITDA** 61.9 54.9 43.7 44.2 39.9 Dividend yield net* 6.3% Operating profit (EBIT) 35.0 29.2 15.6 16.1 -1.1 Financial year end February 28 Group net profit after tax 24.3 19.5 8.3 8.4 -3.6 Industry sector Services, consumer NZX indices: NZX50 Portfolio; NZX 50; Earnings per share (cents)*** 24.9 20.1 8.5 8.6 -3.7 NZX All; NZX Mid Cap Index * Dividends are fully imputed with a supplementary Dividend per share (cents) 17.0 12.5 7.0 6.5 5.5 dividend paid to overseas investors.
    [Show full text]
  • Kuwait Food Company (Americana) Was Established in Growth and Accompanying Expatriate Layoffs in GCC Countries Served to 1963 in Kuwait
    REGIONAL FOOD | KFC June 21, 2010 jam Kuwait Food Company (Americana) Necessity Drives Value Please Read Last Page For Contact Details and Important Disclaimer REGIONAL FOOD | KFC June 21, 2010 Kuwait Food Co. (Americana) HOLD LT FAIR VALUE | KWD1.83 Necessity Drives Value TARGET PRICE | KWD1.64 Frenetic lifestyles, increasingly westernised habits and a large youth base COMPANY SYNOPSIS are all helping to spur demand for both processed food and fast food outlets within the Middle East. The world-wide slowdown in economic Kuwait food Company (Americana) was established in growth and accompanying expatriate layoffs in GCC countries served to 1963 in Kuwait. KFC is one of the Middle East's largest group of companies operating in the following dampen the growth in demand for processed food yet, despite this, fast segments: food restaurant turnover remained relatively unscathed. In this note we (i) Restaurants sector: KFC runs 19 chains of initiate coverage on Kuwait Food Company (KFC) [FOOD], one of the restaurants, in the fields of Fast Food, Casual largest food conglomerates in the Middle East. The company operates 19 Dining, cafés and Pastries. chains of restaurants with over 1000 restaurants in 79 cities, as well as (ii) Industries Sector: KFC manufactures frozen and running 21 industrial companies. KFC enjoys a strong market share in processed meat, canned and frozen vegetables, Egypt in the dairy and processed chicken segments whilst it has a similar tuna and canned fruits, confectionary items and cakes. Also, the company operates in the field of influence in the GCC in regards to meat processing, frozen potatoes and dairy products and runs one of the Middle East’s canned beans.
    [Show full text]