百胜餐饮集团YUM! Brands, Inc. (YUM) 2016年年度报告「NYSE」.pdf

1、YUM!BRANDS 2016 ANNUAL REPORTYUM!BRANDS 2016 ANNUAL REPORTABOUT 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 o

2、rganic compounds(VOCs).? HIGHLIGHTS (In millions,except for per share amounts)Year-end 2016?Company sales$4,200$4,356 (4)Franchise and license fees and income 2,166?4Total revenues$6,366?Operating Profit$1,625?Income from Continuing Operations$994$936 6Reported Diluted Earnings Per Common Share from

3、 Continuing Operations$2.48?Special Items Earnings Per Common Share(a)0.03?Diluted Earnings Per Common Share from Continuing Operations before Special Items(a)$2.45$2.33 5Cash Flows Provided by Operating Activities from Continuing Operations$1,204?2016 was truly a landmark year.On October 31st we co

4、mpleted the spin-off of the China business into a powerful,independent,publicly-traded company positioned for long-termgrowth.This marked the largest strategic initiative undertaken by Yum!since our spin-off from Pepsi 20 years ago.Yum China Holdings,Inc.(NYSE:YUMC)is now our largest franchisee and

5、pays us a 3%license fee on system sales of our brands in mainland China.Id liketo recognize the work,effort and diligence across the organization that enabled us to complete the spin-off on time and with greatsuccess.The China spin-off and return of$6.2 billion of capital to shareholders through div

6、idends and share repurchases in 2016concluded step one of Yum!s transformation.Step two,which weannounced in October 2016,includes executing a multi-year strategyto accelerate growth,further reduce volatility in our results andincrease capital returns.This transformation will result in a company tha