百胜中国Yum China Holdings Inc. (YUMC) 2016年年度报告「NYSE」.pdf

1、2016 Annual Report1A LONG AND SUCCESSFULTRACK RECORD OF DOING BUSINESS IN CHINAMicky PantCEO,Yum ChinaDear Stockholders,2016 was a momentous year for Yum China.We successfully became an independent,publicly traded company while simultaneously improving our business performance and investing for futu

2、re growth.Yum China has a long and successful track record of doing business in China;we opened our first KFC in 1987 in Qian Men,Beijing.As the first international restaurant chain operator entering the China market following the reform and opening up policy,we benefited from the tremendous growth

3、of the Chinese economy,and we believe we are an integral part of the community.Over the past three decades,we have built an unprecedented national presence.In 2016,we delivered a same-store sales growth turnaround and met or exceeded key financial goals.Operating profit reached$640 million,an increa

4、se of 31%year-over-year,led by margin expansion and new store openings.Net income increased 55%year-over-year to$502 million.Our adjusted EBITDA was$1.13 billion,growth of 19%year-over-year,excluding the impact of foreign currency exchange.Our full year restaurant margin was 15.3%,an increase of 2.7

5、 percentage points versus 2015.With 575 new stores opened in the year,we passed the 7,500 store milestone for the first time in our history.In addition,we remodeled 791 stores and launched our first flagship Taco Bell in Shanghai.Our real estate in China ranks among the best in the world of Yum Bran

6、ds.With over 75%of stores built or renovated in the past five years,we believe we are very well positioned to drive future growth.Adjusted EBITDA excluding the impact of foreign currency exchange is a non-GAAP financial measure.For information regarding non-GAAP financial measures,and a reconciliati