百胜餐饮集团YUM! Brands, Inc. (YUM) 2004年年度报告「NYSE」.pdf

1、power yum!2004 Annual Customer Mania ReportofAlone were delicious.Together were 1-6 DEAR PARTNERS7 THE Yum!DYNASTY MODEL8-11 CHINA POWER12-13 GLOBAL POWER14-15 BRAND POWER X516-17 TACO BELL:THINK OUTSIDE THE BUN!18-19 PIZZA HUT:GATHER ROUND THE GOOD STUFF20-21 KFC:CHICKEN CAPITAL U.S.A.22-23 LONG JO

2、HN SILVERS:GET COASTAL!A&W:HOMETOWN FOOD MADE FUN 24-25 MULTIBRAND POWER26-29 CUSTOMER MANIA POWER:100%CHAMPS 30-32 POWER OF RESULTS:FINANCIAL REVIEW33-80 FINANCIALS%B/(W)(In millions,except per share amounts)2004 2003 ChangeCompany sales$7,992$7,441 7Franchise and license fees 1,019 939 8Total reve

3、nues$9,011$8,380 8Operating profit$1,155$1,059 9Earnings before special items$721$628 15Special items,net of tax 19 (11)NMNet income$740$617 20Wrench litigation income(expense)$14$(42)NMAmeriServe and other(charges)credits 16 26 NMCumulative effect of accounting change (2)NMSpecial items 30 (18)NMIn

4、come tax on special items (11)7 NMSpecial items,net of tax$19$(11)NMDiluted earnings per common share:Earnings before special items$2.36$2.06 15Special items,net of tax 0.06 (0.04)NMReported$2.42$2.02 20Cash flows provided by operating activities$1,131$1,053 7AVERAGE U.S.SALES PER SYSTEM UNIT(a)(In

5、thousands)2004 2003 2002 2001 2000 5-year growth(b)KFC$896$898$898$865$833 1%Pizza Hut 794 748 748 724 712 3%Taco Bell 1,069 1,005 964 890 896 3%(a)Excludes license units.(b)Compound annual growth rate.TABLE OF CONTENTSfinancial highlightsNourishing Bodies:YUMeals.In America alone,one in ten childre

6、n under the age of five runs the risk of going to bed hungry every night.One in ten.So we decided to do something about this and have created the worlds largest prepared food recovery program.We now donate millions of pounds of prepared food to the hungry.Food that has nutritional value and will pro