百胜餐饮集团YUM! Brands, Inc. (YUM) 2015年年度报告「NYSE」.pdf

1、01YUM!BRANDS 2015 ANNUAL REPORT02 02 DEAR STAKEHOLDERS04 CHINA DIVISION 06 KFC DIVISION07 PIZZA HUT DIVISION08 TACO BELL DIVISION09 HUGE HEART 10 CONCLUSIONCONTENTS2015 was a landmark year for Yum!Brands.Late in the year we announced our intention to spin-off our China business into an independent,p

2、ublicly-traded company.Our decision to create two powerful,independent,focused growth companies is a classic example of one plus one being greater than two.Yum!China will be Chinas largest independent restaurant company,with no meaningful external debt.New Yum!will be a global,diversified,franchise

3、company with an optimized capital structure.The separation of these two distinctly different businesses will give shareholders the best of both worlds.Yum!China will be a focused China investment with strong national appeal and major growth potential and will target annual ongoing EPS growth of appr

4、oximately 15%.This company will have tremendous new-unit potential in Chinas growing consumer economy and inherent value from improving unit economics.Yum!China will also have a self-sufficient business model,funding all of its capital needs,while having the potential for stock buybacks in year one.

5、New Yum!will be an even more highly franchised company with three leading global brands,leadership in emerging markets,clear average-unit volume and new-unit growth opportunities,less volatile cash and earnings streams,and high shareholder cash returns.New Yum!will target approximately 15%annual ong

6、oing shareholder return,defined as EPS growth plus dividend yield.In addition,we intend to return approximately$6.2 billion in capital to our shareholders prior to the completion of the spin-off.This is an incremental return of capital beyond our regularly planned dividend.Needless to say,2016 will