百胜餐饮集团YUM! Brands, Inc. (YUM) 2003年年度报告「NYSE」.pdf

1、YUM!BRANDS 2003 ANNUAL CUSTOMER MANIA REPORTYUM!BRANDS 2003 ANNUAL CUSTOMER MANIA REPORT Power Yum!ofAlone were delicious.Together were Dear Partners,Dear Partners,Dear Partners,Im pleased to report 2003 was a year where Im pleased to report 2003 was a year whereIm pleased to report 2003 was a year

2、where 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.

3、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 fran

4、chise fees.In so doing,we once again achieved one of the industrys 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

5、 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

6、that differentiate us from our competition.After reading this report,I hope youll agree that we are NOT YOUR ORDINARY RESTAURANT COMPANY.Let me explain why we think so.#1.Driving Profitable GLOBAL Growth On the international front we have an undeniable competitive advantage and undeniable growth opp