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2009 Yum! Brands Annual Customer Mania Report

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2009 Yum! Brands Annual Customer Mania Report the powerof building the defining global company that feeds the world Yum! Brands 2009 Annual Customer Mania Report Financial Highlights (In millions, except for per share amounts) Year-end 2009 2008 % B/(W) change Company sales $ 9,413 $ 9,843 (4) Franchise and license fees and income 1,423 1,461 (3) Total revenues $ 10,836 $ 11,304 (4) Operating profit $ 1,590 $ 1,517 5 Net income – Yum! Brands, Inc. $ 1,071 $ 964 11 Diluted earnings per common share $ 2.22 $ 1.96 13 Cash flows provided by operating activities $ 1,404 $ 1,521 (8) (a) Average US Sales per System Unit (In thousands) Year-end 2009 2008 2007 2006 2005 5-year growth (b) KFC $ 960 $ 967 $ 994 $ 977 $ 954 1% Pizza Hut 786 854 825 794 810 – Taco Bell 1,229 1,241 1,120 1,176 1,168 3% (a) Excludes license units. (b) Compounded annual growth rate. Contents Dear Partners ............................................................................1 Winning Big in China! ............................................................. 2–3 Building Strong Brands Everywhere ..................................... 4–5 Improving US Brand Positions ..................................................6–8 Driving Long-Term Shareholder Value.......................................... 9 Becoming the Defining Global Company .............................10-12 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. Dear Partners, Last year in this letter I laid out our future-back vision to be The Defining Global Company that Feeds the World. I talked about how our goal is for Yum! Brands to lead the way in defining how to truly build a superlative global company, a company that sets the example others want to emulate. Given the fact we are powered by restaurant brands that customers love around the world and already operate in over 110 countries and territories with over 1 million team members, I believed then and even more so now that we have everything it takes to make this goal a reality over time. As a matter of fact, we are absolutely determined to get this done by building a famous recognition culture where everyone counts, making our brands dynamic and vibrant everywhere, demonstrating we are truly a company with a huge heart and delivering results again and again. As you go through this report, my aim is to give you the substance behind our intentionality. The substance starts with the power of Yum! Brands to deliver consistently strong results, even in tough economic and macro environments like we faced in 2009. That’s why I’m especially pleased to report we achieved 13% Earnings Per Share (EPS) growth, marking the eighth consecutive year that we exceeded our annual target of at least 10% and achieved at least 13%. We grew worldwide system sales 1% prior to foreign currency translation and once again strengthened our claim as the number one retail developer of units outside the United States as we opened over 1,400 new restaurants, the ninth straight year we’ve opened more than 1,000 new units. We also improved our worldwide restaurant margins by 1.7 percentage points, and operating profits grew by 9% prior to foreign currency translation and special items. For the first time we generated over $1 billion in net income and we generated $1.4 billion of cash from operations. Importantly, we continued to be an industry leader with Return On Invested Capital (ROIC) of 20%. We achieved all of our goals with the exception of our same store sales, driven in large part by a weak global economy, significant unemployment and consumer confidence. However, our overall performance proved once again the resilience of our global portfolio of leading brands to deliver consistent double digit EPS growth. As a result, our share price climbed 17% for the full year. Over the longer term, we are gratified we have returned nearly $8 billion to shareholders through dividends and share repurchases since our spin-off from PepsiCo in 1997. But the best thing about business is the unfinished business. And, I’m happy to tell you we are even more excited about the opportunities we have to continue building shareholder value. David C. Novak Chairman & Chief Executive Officer Our growth will continue to come from executing four powerful Yum! Brands, Inc. and unique strategies. 1 2 Our experienced and tremendous local team led by our Vice Chairman of Yum! Brands and President of China, Sam Su, grew our profits a whopping 25% in 2009 on top of 28% in 2008. You don’t need to be a math major (and I’m not!) to easily calculate #1 that’s over 50% growth in two years. The good news is that we achieved these results Build Leading even though our same store sales were slightly negative as the consumer generally lagged China’s relatively strong economic growth. We added a record 509 new units Brands Across in Mainland China and now have nearly 3,500 restaurants that generated near record restaurant margins of 20% in 2009. In spite of this robust profit growth, some China In Every investors have asked: “Is Yum!’s recent relatively weak same store sales performance in Mainland China an early indicator that something is wrong with the business or Significant Yum! is growing too fast?” We believe the answer is definitively NO! Let me explain. Category. For a little more perspective, let me step back to 2005, a year we saw same store sales decline 3%. That year we opened up 379 new restaurants and made $211 million. I remember some people questioned our pace of development then and the state of our business as a result of our negative same store sales. Since 2005, we have added over 1,800 restaurants and have tripled our profits to over $600 million in the China division. We have 3,400 KFCs with $1.4 million average unit volumes with margins of over 20%. We also have 500 casual dining Pizza Huts with average unit volumes of $1.2 million and margins of 19%. Given these incredible unit economics, we can open up new restaurants with cash paybacks within 2-3 years. Our single biggest advantage is we have arguably the finest operating team in the world that knows how to satisfy customers and make money. In fact, over 70% of our restaurant general managers have at least a college education and as I like to say, the rest of them are just plain smart! This tremendous store level operating capability, combined with the fact we’ve put in a world class infrastructure, including our own food distribution system along with one of the largest real estate and construction teams anywhere in the world, has given us a huge competitive advantage, allowing us to confidently expand KFC into more than 650 cities and Pizza Hut into over 100 cities. Our conclusion is our foundation has never been stronger. Today, just like in 2005, 25% China is predicted to be the fastest growing major economy in the world. In fact, it is Profit Growth expected to grow its middle class from around 300 million today to 500 million people in in 2009 2020. Like I’ve said in the past, we will no doubt have some bumpy years, but I wouldn’t trade our long-term position in China with any consumer company in the world. Our strategy is to leverage our undeniable strength and compete and lead in every significant category that emerges in China. With KFC and Pizza Hut, we have already established two of the most loved brands in the fast food and casual dining category and we are now successfully developing Pizza Hut Home Service, making pizza available with very efficient, low investment pizza carryout units. We are even creating our own Chinese quick service restaurant chain, East Dawning, tailored to the local favorites based on the amazing insight that Chinese people’s favorite cuisine is, believe it or not, Chinese food! Consistent with this belief, we took a 27% stake in Little Sheep, a Chinese hot pot concept, that already has more than 375 units and tons of potential. The way we look at it KFC can be every bit as big as McDonald’s is in the US, ultimately reaching 15,000+ units; Pizza Hut Casual can equal the casual dining leader in the US, Applebee’s, achieving 2,000+ units; Pizza Hut Home Service can match delivery category leader Domino’s in the US, achieving 5,000+ units. And East Dawning is attacking the Chinese equivalent to the hamburger category in the US, so who knows how high is up? I always liken our China opportunity to the days when Colonel Sanders, Glen Bell, Dan Carney and Ray Kroc started KFC, Taco Bell, Pizza Hut and McDonald’s, creating category leading brands in the US. Clearly, just like the founders of the brands I just mentioned, we are the pioneers on the ground floor of a booming category in a growing China Division Ongoing mega market. Having said this, we are constantly monitoring our returns and fully Growth Model: 15%+ intend to remain true to our commitment to never build ahead of our people capability Operating Profit Growth and unit economics. Our goal is to build a quality long-term business the right way. 3 #2 Drive Aggressive international Expansion & Build Strong Brands Everywhere.
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