百胜餐饮集团YUM! Brands, Inc. (YUM) 2005年年度报告「NYSE」.pdf

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 John

2、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 Giving Bac

3、k(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 NMAmeriServe and other(charges)credits

4、 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:Earnings before stock option expense and special ite

5、ms$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 adopting SFAS 123R,“Share-Based Payment,”which resulted in a reduction o

6、f 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 determining incentive compensation in 2005.This non-GAAP measurement is not