SlideShare ist ein Scribd-Unternehmen logo
1 von 22
Downloaden Sie, um offline zu lesen
Global Growth Company & Cash Machine

          Sanford Bernstein
    Strategic Decisions Conference
              May 29, 2008




                David Novak
        Yum! Brands Chairman & CEO
Power of Yum!


   GLOBAL PORTFOLIO




    GLOBAL GROWTH




GLOBAL CASH GENERATION
Not Your Ordinary Restaurant Company
                                              % of Total Operating Profit
                                                                              2017 F
                         2007
                                                                            30%
                                                                            U.S.
                                   24%
                                  China
                                                                                        40%
                                      China                                            China
               46%
               U.S. U.S.
                                                                            30%
                                       30%
                                                                            YRI
                                       YRI




Note: Excludes corporate allocation
Consistent Double-Digit EPS Growth



                                           +15%                                                +15%
                                                                              +14%
        +13%              +13%                               +13%
                                                                                                          +11%
                                                                                                                 Target
                                                                                                                  Target
                                                                                                                 at least
                                                                                                                 at least
                                                                                                                   10%
                                                                                                                   10%




        ’02              ’03               ’04              ’05              ’06               ’07       ’08 F

Note: Prior to special items. 2005 growth rate is also prior to the impact of expensing stock options.
Significant Share Buybacks


                                Share Buybacks                  Average Diluted Shares
                                  ($ million)                          (million)


                                                                                       12%
                                                          611
                                                 1,410
                                                                  597               reduction
                          1,056
                                        983
                                                                             564

           569                                                                           541




          ’04                 ’05       ’06      ’07     ’04     ’05        ’06          ’07

Avg                                              $34
       $20                $25          $25
Price*




*Rounded and split adjusted
Commitment to Dividends

                                                                                                         ~4x
                                          On May             6th,                                       initial
  $0.25
                                        27% increase,                                                  dividend
                                        from $0.15 to
  $0.20
                                       $0.19 per share                                Doubled
  $0.15

  $0.10                                                                    30%
                                                                         Increase
                                              15%
                                            Increase
                  Initiated
  $0.05

  $0.00
              4


                            5


                                         5


                                                         6


                                                                     6


                                                                                  7


                                                                                          7


                                                                                                   8
            '0


                          '0


                                       '0


                                                       '0


                                                                   '0


                                                                                '0


                                                                                        '0


                                                                                                 '0
        3


                      1


                                    3


                                                  1


                                                               3


                                                                             1


                                                                                       3


                                                                                                 1
       Q


                     Q


                                   Q


                                                 Q


                                                              Q


                                                                            Q


                                                                                      Q


                                                                                                Q
Note: split-adjusted (May 2007 2-for-1 stock split) quarterly dividend
4 Key Strategies to Drive Growth


                                     Drive
                                     Drive
 Build Leading Brands
 Build Leading Brands       Aggressive International
                            Aggressive International
   in China in Every
    in China in Every         Expansion and Build
                              Expansion and Build
  Significant Category
  Significant Category          Strong Brands
                                 Strong Brands
                                  Everywhere
                                  Everywhere




                                      Drive
                                      Drive
 Dramatically Improve
  Dramatically Improve
                          Industry-Leading, Long-Term
                           Industry-Leading, Long-Term
 U.S. Brand Positions,
  U.S. Brand Positions,
                           Shareholder and Franchisee
                            Shareholder and Franchisee
Consistency and Returns
Consistency and Returns
                                      Value
                                      Value
Build Leading Brands in China


    Bigger Brands               New Growth Brands

               • New Proteins
               • Breakfast
                 Expansion
               • Delivery
               • Drive-thru



• New Cities
• Tea Time
                                 East Dawning
• New Menu
. . . with World-Class Infrastructure and
    Long-Term Competitive Advantage




 “Sysco-like”                                     Unparalleled
 “Sysco-like”                                     Unparalleled
                                                    Talent &
 Distribution
 Distribution                                       Talent &
  Business                                         Experience
   Business                                        Experience


             Unmatched
             Unmatched              Targeted
                                    Targeted
        National Development
        National Development      Manufacturing
                                  Manufacturing
              Capability
              Capability

                National Scale — 500 Cities
Drive Aggressive YRI Expansion
               Yum! Restaurants International


                      New Brands


                                   •India
                                   •Russia
       Emerging/New Markets        •Western Europe
                                   •Africa

                                      •Non-Fried      •Enhanced
                                      •Beverages       Dine-In
Leverage Existing Brands              •New Proteins   •Dedicated
                                                       Delivery
                                      •Breakfast
Huge YRI Growth Opportunity
                                                                                  5+
                                                                                   5+
                                                                                billion
                                                                                billion




                             18,000                          1.3
                                                              1.3
                           Restaurants                      billion
                                                            billion
                                                                        12,000
                                                                      Restaurants
                                       300
                                       300
                                      million
                                      million       2,600
                                                  Restaurants


                               U.S.             Mainland China           YRI
  Restaurants Per
                              60                      2                   3
  Million People
Note: Traditional units only (2007)
Dramatically Improve U.S. Brands

         Permanent Sales Layers
         Permanent Sales Layers

                    +

     Refranchising and Restructuring
     Refranchising and Restructuring

                     +

     Investments in Brand Repositioning
    Investments in Brand Repositioning




         Business Transformation
         Business Transformation
Asset Leverage Opportunity
                     2007 Average Unit Volume
                                ($ million)




                                                           2.0
   2.0             1.9
                                              1.5
         1.1             1.0
                                                    0.8


Top 10% System Top 10% System     Top 10% System          System
               Company            Company
Company
Vision for Sales Layers


• More Balanced Options
• New Dayparts
• Everyday Value
• Contemporary Beverages & Destination Desserts
• New Proteins
• Contemporary Assets



  Leveraging 35,000 Restaurant Assets
Transforming Our U.S. Business

          FROM               TO


                         HMR
         Pizza
                          Pizza
                          Pasta
                          Chicken



                     Mexican-Inspired
      Mexican Food
                      Powerhouse



                       Fried, Grilled,
     Fried Chicken   Portable and More
4th Key Strategy: Drive Value


                                     Drive
                                     Drive
 Build Leading Brands
 Build Leading Brands       Aggressive International
                            Aggressive International
   in China in Every
    in China in Every         Expansion and Build
                              Expansion and Build
  Significant Category
  Significant Category          Strong Brands
                                 Strong Brands
                                  Everywhere
                                  Everywhere




                                      Drive
                                      Drive
 Dramatically Improve
  Dramatically Improve
                          Industry-Leading, Long-Term
                           Industry-Leading, Long-Term
 U.S. Brand Positions,
  U.S. Brand Positions,
                           Shareholder and Franchisee
                            Shareholder and Franchisee
Consistency and Returns
Consistency and Returns
                                      Value
                                       Value
Drive High ROIC


Focus investments on high-return opportunities
   Mainland China brands
   Franchise development at YRI


Maintain strong discipline with “earn the right to own”
                                                   own”
principle
   Reduce company ownership in U.S.
A Global Leader in Returns
                                                           2007 ROIC

                                                                                                             36%

                                                                                                       27%

                                                                                                     25%

                                                                                              22%

                                                                                      19%

                                                                                   18%

                                                                 11%

                                                                 11%



Source: Thomson Financial Data; ROIC = EBIT (1 – Effective Tax Rate) / (Total Equity + Total Debt)
Global Leader in Shareholder Payout

                                                3-Year Annual Average
                                                    2005 – 2007

                                                                                                            8.8%

                                                                                                     7.7%

                                                                                                   7.3%

                                                                                      5.9%

                                                                                5.2%

                                                                                5.2%

                                                                            4.6%

                                                                         4.3%




Source: Thomson Financial Data Payout = (Dividends + Repurchase) / Average Market Capitalization
Not Your Ordinary Restaurant Company


   China                                     U.S.
                         YRI
   China                                     U.S.
                         YRI


   Growth              Growth                Value
 “First Inning”   “Greatest Potential”   “Asset Leverage”



        Opportunity to Invest in
    Overseas and Emerging Markets
Commitment to Shareholders

    AT LEAST 10% EPS GROWTH
    AT LEAST 10% EPS GROWTH

    Leader in International Development


 Build Significant, Sustainable Sales Layers


   Leader in Free Cash Flow and Returns


       Leader in Shareholder Payouts
Yum!: A Defining Global Company


People Focused Culture: Where everyone
makes a difference

Breakthrough Results with Breakthrough
Innovation

Giving to Others: World Food Program




                                         22

Weitere ähnliche Inhalte

Was ist angesagt?

southwest airline ar02
southwest airline ar02southwest airline ar02
southwest airline ar02finance40
 
kellogg annual reports 2003
kellogg annual reports 2003kellogg annual reports 2003
kellogg annual reports 2003finance23
 
goodrich 3DA9047D-E6F4-41B8-9EBB-5BC4170B5319_Goodrich2004AR_FINAL
goodrich 3DA9047D-E6F4-41B8-9EBB-5BC4170B5319_Goodrich2004AR_FINALgoodrich 3DA9047D-E6F4-41B8-9EBB-5BC4170B5319_Goodrich2004AR_FINAL
goodrich 3DA9047D-E6F4-41B8-9EBB-5BC4170B5319_Goodrich2004AR_FINALfinance44
 
Tech M&A Outlook - presented by Mgi research bloomberg l.p. march 2012 conf...
Tech M&A Outlook - presented by Mgi research   bloomberg l.p. march 2012 conf...Tech M&A Outlook - presented by Mgi research   bloomberg l.p. march 2012 conf...
Tech M&A Outlook - presented by Mgi research bloomberg l.p. march 2012 conf...MGI_Research
 
Bill Stankeiwicz Copy Scope 2010 Bristlecone Co. Strategy
Bill Stankeiwicz Copy Scope 2010 Bristlecone Co. StrategyBill Stankeiwicz Copy Scope 2010 Bristlecone Co. Strategy
Bill Stankeiwicz Copy Scope 2010 Bristlecone Co. StrategyBillStankiewicz
 
southwest airline ar01
southwest airline ar01southwest airline ar01
southwest airline ar01finance40
 
Sri Lanka stock market weeekly foreign holding update 6 jan 2012
Sri Lanka stock market weeekly foreign holding update   6 jan 2012Sri Lanka stock market weeekly foreign holding update   6 jan 2012
Sri Lanka stock market weeekly foreign holding update 6 jan 2012Ishara Gamage
 
Rohm & Haas 3Q earnings release
Rohm & Haas 3Q earnings releaseRohm & Haas 3Q earnings release
Rohm & Haas 3Q earnings releaseearningsreport
 
Aba april 5 pitch_book_adley_exits deck
Aba april 5 pitch_book_adley_exits deckAba april 5 pitch_book_adley_exits deck
Aba april 5 pitch_book_adley_exits deckAdley Bowden
 
pitney bowes Monahan_2
pitney bowes  Monahan_2pitney bowes  Monahan_2
pitney bowes Monahan_2finance47
 
Minnetrista Before & After PPT
Minnetrista Before & After PPTMinnetrista Before & After PPT
Minnetrista Before & After PPTthottes
 
Attribution Case Study (Detailed) | Encore Media Metrics
Attribution Case Study (Detailed) | Encore Media MetricsAttribution Case Study (Detailed) | Encore Media Metrics
Attribution Case Study (Detailed) | Encore Media MetricsEncore Media Metrics
 
Attribution Case Study - Ad-Tech Presentation
Attribution Case Study - Ad-Tech Presentation Attribution Case Study - Ad-Tech Presentation
Attribution Case Study - Ad-Tech Presentation Encore Media Metrics
 
Brand strategies for growth.2012
Brand strategies for growth.2012Brand strategies for growth.2012
Brand strategies for growth.2012Tim Pulido
 
Airlines for America (A4A) Thanksgiving Air Travel Forecast and Year-To-Date ...
Airlines for America (A4A) Thanksgiving Air Travel Forecast and Year-To-Date ...Airlines for America (A4A) Thanksgiving Air Travel Forecast and Year-To-Date ...
Airlines for America (A4A) Thanksgiving Air Travel Forecast and Year-To-Date ...Airlines for America (A4A)
 
2Q12 Conference Call Presentation
2Q12 Conference Call Presentation2Q12 Conference Call Presentation
2Q12 Conference Call PresentationCia Hering RI
 
timken AR2004
timken AR2004timken AR2004
timken AR2004finance39
 

Was ist angesagt? (17)

southwest airline ar02
southwest airline ar02southwest airline ar02
southwest airline ar02
 
kellogg annual reports 2003
kellogg annual reports 2003kellogg annual reports 2003
kellogg annual reports 2003
 
goodrich 3DA9047D-E6F4-41B8-9EBB-5BC4170B5319_Goodrich2004AR_FINAL
goodrich 3DA9047D-E6F4-41B8-9EBB-5BC4170B5319_Goodrich2004AR_FINALgoodrich 3DA9047D-E6F4-41B8-9EBB-5BC4170B5319_Goodrich2004AR_FINAL
goodrich 3DA9047D-E6F4-41B8-9EBB-5BC4170B5319_Goodrich2004AR_FINAL
 
Tech M&A Outlook - presented by Mgi research bloomberg l.p. march 2012 conf...
Tech M&A Outlook - presented by Mgi research   bloomberg l.p. march 2012 conf...Tech M&A Outlook - presented by Mgi research   bloomberg l.p. march 2012 conf...
Tech M&A Outlook - presented by Mgi research bloomberg l.p. march 2012 conf...
 
Bill Stankeiwicz Copy Scope 2010 Bristlecone Co. Strategy
Bill Stankeiwicz Copy Scope 2010 Bristlecone Co. StrategyBill Stankeiwicz Copy Scope 2010 Bristlecone Co. Strategy
Bill Stankeiwicz Copy Scope 2010 Bristlecone Co. Strategy
 
southwest airline ar01
southwest airline ar01southwest airline ar01
southwest airline ar01
 
Sri Lanka stock market weeekly foreign holding update 6 jan 2012
Sri Lanka stock market weeekly foreign holding update   6 jan 2012Sri Lanka stock market weeekly foreign holding update   6 jan 2012
Sri Lanka stock market weeekly foreign holding update 6 jan 2012
 
Rohm & Haas 3Q earnings release
Rohm & Haas 3Q earnings releaseRohm & Haas 3Q earnings release
Rohm & Haas 3Q earnings release
 
Aba april 5 pitch_book_adley_exits deck
Aba april 5 pitch_book_adley_exits deckAba april 5 pitch_book_adley_exits deck
Aba april 5 pitch_book_adley_exits deck
 
pitney bowes Monahan_2
pitney bowes  Monahan_2pitney bowes  Monahan_2
pitney bowes Monahan_2
 
Minnetrista Before & After PPT
Minnetrista Before & After PPTMinnetrista Before & After PPT
Minnetrista Before & After PPT
 
Attribution Case Study (Detailed) | Encore Media Metrics
Attribution Case Study (Detailed) | Encore Media MetricsAttribution Case Study (Detailed) | Encore Media Metrics
Attribution Case Study (Detailed) | Encore Media Metrics
 
Attribution Case Study - Ad-Tech Presentation
Attribution Case Study - Ad-Tech Presentation Attribution Case Study - Ad-Tech Presentation
Attribution Case Study - Ad-Tech Presentation
 
Brand strategies for growth.2012
Brand strategies for growth.2012Brand strategies for growth.2012
Brand strategies for growth.2012
 
Airlines for America (A4A) Thanksgiving Air Travel Forecast and Year-To-Date ...
Airlines for America (A4A) Thanksgiving Air Travel Forecast and Year-To-Date ...Airlines for America (A4A) Thanksgiving Air Travel Forecast and Year-To-Date ...
Airlines for America (A4A) Thanksgiving Air Travel Forecast and Year-To-Date ...
 
2Q12 Conference Call Presentation
2Q12 Conference Call Presentation2Q12 Conference Call Presentation
2Q12 Conference Call Presentation
 
timken AR2004
timken AR2004timken AR2004
timken AR2004
 

Andere mochten auch

xcel energy ar 02 fin
xcel energy ar 02 finxcel energy ar 02 fin
xcel energy ar 02 finfinance26
 
xcel energy 2001 10-k
xcel energy 2001 10-kxcel energy 2001 10-k
xcel energy 2001 10-kfinance26
 
air products & chemicals 2007 Oc 03 CIBC
air products & chemicals 2007 Oc 03 CIBCair products & chemicals 2007 Oc 03 CIBC
air products & chemicals 2007 Oc 03 CIBCfinance26
 
xcel energy 2007 SPS10-K
xcel energy 2007 SPS10-Kxcel energy 2007 SPS10-K
xcel energy 2007 SPS10-Kfinance26
 
sanmina-sci annual reports 2004
sanmina-sci annual reports 2004sanmina-sci annual reports 2004
sanmina-sci annual reports 2004finance26
 
unum group 2Q 08_StatisticalSupplement
unum group   2Q 08_StatisticalSupplementunum group   2Q 08_StatisticalSupplement
unum group 2Q 08_StatisticalSupplementfinance26
 
xel_061605_print
xel_061605_printxel_061605_print
xel_061605_printfinance26
 
XEL_2005_10K
XEL_2005_10KXEL_2005_10K
XEL_2005_10Kfinance26
 
xcel energy 03/15/02 Annual Financials
xcel energy 03/15/02 Annual Financialsxcel energy 03/15/02 Annual Financials
xcel energy 03/15/02 Annual Financialsfinance26
 
xcel energy SPS_2005_10K
xcel energy SPS_2005_10Kxcel energy SPS_2005_10K
xcel energy SPS_2005_10Kfinance26
 
xcel energy 3_2_07PSCo
xcel energy 3_2_07PSCoxcel energy 3_2_07PSCo
xcel energy 3_2_07PSCofinance26
 
xcel energy 2007 NSP-MN10-K
xcel energy 2007 NSP-MN10-Kxcel energy 2007 NSP-MN10-K
xcel energy 2007 NSP-MN10-Kfinance26
 
xcel energy ar 03 narrative
xcel energy ar 03 narrativexcel energy ar 03 narrative
xcel energy ar 03 narrativefinance26
 
YUM Monday MASTER File webcast
YUM Monday MASTER File webcastYUM Monday MASTER File webcast
YUM Monday MASTER File webcastfinance26
 
xcel energy NSP-MN_2005_10K
xcel energy NSP-MN_2005_10Kxcel energy NSP-MN_2005_10K
xcel energy NSP-MN_2005_10Kfinance26
 

Andere mochten auch (19)

xcel energy ar 02 fin
xcel energy ar 02 finxcel energy ar 02 fin
xcel energy ar 02 fin
 
xcel energy 2001 10-k
xcel energy 2001 10-kxcel energy 2001 10-k
xcel energy 2001 10-k
 
air products & chemicals 2007 Oc 03 CIBC
air products & chemicals 2007 Oc 03 CIBCair products & chemicals 2007 Oc 03 CIBC
air products & chemicals 2007 Oc 03 CIBC
 
xcel energy 2007 SPS10-K
xcel energy 2007 SPS10-Kxcel energy 2007 SPS10-K
xcel energy 2007 SPS10-K
 
XEL_083005
XEL_083005XEL_083005
XEL_083005
 
xel_061405
xel_061405xel_061405
xel_061405
 
sanmina-sci annual reports 2004
sanmina-sci annual reports 2004sanmina-sci annual reports 2004
sanmina-sci annual reports 2004
 
unum group 2Q 08_StatisticalSupplement
unum group   2Q 08_StatisticalSupplementunum group   2Q 08_StatisticalSupplement
unum group 2Q 08_StatisticalSupplement
 
xel_061605_print
xel_061605_printxel_061605_print
xel_061605_print
 
XEL_2005_10K
XEL_2005_10KXEL_2005_10K
XEL_2005_10K
 
xcel energy 03/15/02 Annual Financials
xcel energy 03/15/02 Annual Financialsxcel energy 03/15/02 Annual Financials
xcel energy 03/15/02 Annual Financials
 
XEL_092005
XEL_092005XEL_092005
XEL_092005
 
xcel energy SPS_2005_10K
xcel energy SPS_2005_10Kxcel energy SPS_2005_10K
xcel energy SPS_2005_10K
 
xcel energy 3_2_07PSCo
xcel energy 3_2_07PSCoxcel energy 3_2_07PSCo
xcel energy 3_2_07PSCo
 
xel 2000ar1
xel 2000ar1xel 2000ar1
xel 2000ar1
 
xcel energy 2007 NSP-MN10-K
xcel energy 2007 NSP-MN10-Kxcel energy 2007 NSP-MN10-K
xcel energy 2007 NSP-MN10-K
 
xcel energy ar 03 narrative
xcel energy ar 03 narrativexcel energy ar 03 narrative
xcel energy ar 03 narrative
 
YUM Monday MASTER File webcast
YUM Monday MASTER File webcastYUM Monday MASTER File webcast
YUM Monday MASTER File webcast
 
xcel energy NSP-MN_2005_10K
xcel energy NSP-MN_2005_10Kxcel energy NSP-MN_2005_10K
xcel energy NSP-MN_2005_10K
 

Ähnlich wie YUM 05/29/08

Lehman Brothers Retail Seminar
Lehman Brothers Retail SeminarLehman Brothers Retail Seminar
Lehman Brothers Retail Seminarfinance7
 
SHFL Q3 11 Earnings Presentation
SHFL Q3 11 Earnings PresentationSHFL Q3 11 Earnings Presentation
SHFL Q3 11 Earnings PresentationAlexandru Corotchi
 
SHFL Q3 11 Earnings Presentation
SHFL Q3 11 Earnings PresentationSHFL Q3 11 Earnings Presentation
SHFL Q3 11 Earnings PresentationAlexandru Corotchi
 
SHFL Q3 11 Earnings Presentation
SHFL Q3 11 Earnings PresentationSHFL Q3 11 Earnings Presentation
SHFL Q3 11 Earnings PresentationAlexandru Corotchi
 
SHFL Q3 11 Earnings Presentation
SHFL Q3 11 Earnings PresentationSHFL Q3 11 Earnings Presentation
SHFL Q3 11 Earnings PresentationAlexandru Corotchi
 
SHFL Q3 11 Earnings Presentation
SHFL Q3 11 Earnings PresentationSHFL Q3 11 Earnings Presentation
SHFL Q3 11 Earnings PresentationAlexandru Corotchi
 
SHFL Q3 11 Earnings Presentation
SHFL Q3 11 Earnings PresentationSHFL Q3 11 Earnings Presentation
SHFL Q3 11 Earnings PresentationAlexandru Corotchi
 
autozone AZO_2002
autozone  AZO_2002autozone  AZO_2002
autozone AZO_2002finance46
 
atmos enerrgy aga2008
atmos enerrgy aga2008atmos enerrgy aga2008
atmos enerrgy aga2008finance35
 
CIBC World Markets 7th Annual Consumer Growth Conference
CIBC World Markets 7th Annual Consumer Growth ConferenceCIBC World Markets 7th Annual Consumer Growth Conference
CIBC World Markets 7th Annual Consumer Growth Conferencefinance7
 
Sun microsystems Q2 2009 earnings releases
Sun microsystems Q2 2009 earnings releasesSun microsystems Q2 2009 earnings releases
Sun microsystems Q2 2009 earnings releasesearningsreport
 
snxAnnualReport2003
snxAnnualReport2003snxAnnualReport2003
snxAnnualReport2003finance32
 
YUM Monday MASTER File_ webcast
YUM Monday MASTER File_ webcastYUM Monday MASTER File_ webcast
YUM Monday MASTER File_ webcastfinance26
 
Grendene - 2nd Qquarter 2007 Earnings
Grendene - 2nd Qquarter 2007 EarningsGrendene - 2nd Qquarter 2007 Earnings
Grendene - 2nd Qquarter 2007 EarningsGrendene
 
csx 2005_Deutsche_BK_FINAL-REF21832
csx  2005_Deutsche_BK_FINAL-REF21832csx  2005_Deutsche_BK_FINAL-REF21832
csx 2005_Deutsche_BK_FINAL-REF21832finance27
 
csx 2005_Deutsche_BK_FINAL-REF21832
csx  2005_Deutsche_BK_FINAL-REF21832csx  2005_Deutsche_BK_FINAL-REF21832
csx 2005_Deutsche_BK_FINAL-REF21832finance27
 
Annual Shareholders Meeting Presentation
Annual Shareholders Meeting PresentationAnnual Shareholders Meeting Presentation
Annual Shareholders Meeting Presentationfinance7
 
Morgan Stanley Global Consumer & Retail Conference
Morgan Stanley Global Consumer & Retail ConferenceMorgan Stanley Global Consumer & Retail Conference
Morgan Stanley Global Consumer & Retail Conferencefinance7
 
ecolab Ecolab_BusDesc_FinHigh
ecolab  Ecolab_BusDesc_FinHighecolab  Ecolab_BusDesc_FinHigh
ecolab Ecolab_BusDesc_FinHighfinance37
 

Ähnlich wie YUM 05/29/08 (20)

Lehman Brothers Retail Seminar
Lehman Brothers Retail SeminarLehman Brothers Retail Seminar
Lehman Brothers Retail Seminar
 
SHFL Q3 11 Earnings Presentation
SHFL Q3 11 Earnings PresentationSHFL Q3 11 Earnings Presentation
SHFL Q3 11 Earnings Presentation
 
SHFL Q3 11 Earnings Presentation
SHFL Q3 11 Earnings PresentationSHFL Q3 11 Earnings Presentation
SHFL Q3 11 Earnings Presentation
 
SHFL Q3 11 Earnings Presentation
SHFL Q3 11 Earnings PresentationSHFL Q3 11 Earnings Presentation
SHFL Q3 11 Earnings Presentation
 
SHFL Q3 11 Earnings Presentation
SHFL Q3 11 Earnings PresentationSHFL Q3 11 Earnings Presentation
SHFL Q3 11 Earnings Presentation
 
SHFL Q3 11 Earnings Presentation
SHFL Q3 11 Earnings PresentationSHFL Q3 11 Earnings Presentation
SHFL Q3 11 Earnings Presentation
 
SHFL Q3 11 Earnings Presentation
SHFL Q3 11 Earnings PresentationSHFL Q3 11 Earnings Presentation
SHFL Q3 11 Earnings Presentation
 
Bob chapman presentation 07
Bob chapman presentation 07Bob chapman presentation 07
Bob chapman presentation 07
 
autozone AZO_2002
autozone  AZO_2002autozone  AZO_2002
autozone AZO_2002
 
atmos enerrgy aga2008
atmos enerrgy aga2008atmos enerrgy aga2008
atmos enerrgy aga2008
 
CIBC World Markets 7th Annual Consumer Growth Conference
CIBC World Markets 7th Annual Consumer Growth ConferenceCIBC World Markets 7th Annual Consumer Growth Conference
CIBC World Markets 7th Annual Consumer Growth Conference
 
Sun microsystems Q2 2009 earnings releases
Sun microsystems Q2 2009 earnings releasesSun microsystems Q2 2009 earnings releases
Sun microsystems Q2 2009 earnings releases
 
snxAnnualReport2003
snxAnnualReport2003snxAnnualReport2003
snxAnnualReport2003
 
YUM Monday MASTER File_ webcast
YUM Monday MASTER File_ webcastYUM Monday MASTER File_ webcast
YUM Monday MASTER File_ webcast
 
Grendene - 2nd Qquarter 2007 Earnings
Grendene - 2nd Qquarter 2007 EarningsGrendene - 2nd Qquarter 2007 Earnings
Grendene - 2nd Qquarter 2007 Earnings
 
csx 2005_Deutsche_BK_FINAL-REF21832
csx  2005_Deutsche_BK_FINAL-REF21832csx  2005_Deutsche_BK_FINAL-REF21832
csx 2005_Deutsche_BK_FINAL-REF21832
 
csx 2005_Deutsche_BK_FINAL-REF21832
csx  2005_Deutsche_BK_FINAL-REF21832csx  2005_Deutsche_BK_FINAL-REF21832
csx 2005_Deutsche_BK_FINAL-REF21832
 
Annual Shareholders Meeting Presentation
Annual Shareholders Meeting PresentationAnnual Shareholders Meeting Presentation
Annual Shareholders Meeting Presentation
 
Morgan Stanley Global Consumer & Retail Conference
Morgan Stanley Global Consumer & Retail ConferenceMorgan Stanley Global Consumer & Retail Conference
Morgan Stanley Global Consumer & Retail Conference
 
ecolab Ecolab_BusDesc_FinHigh
ecolab  Ecolab_BusDesc_FinHighecolab  Ecolab_BusDesc_FinHigh
ecolab Ecolab_BusDesc_FinHigh
 

Mehr von finance26

xcel energy merrill_09/16//03
xcel energy  merrill_09/16//03xcel energy  merrill_09/16//03
xcel energy merrill_09/16//03finance26
 
xcel energy merrill_09/16/03
xcel energy  merrill_09/16/03xcel energy  merrill_09/16/03
xcel energy merrill_09/16/03finance26
 
xcel energy merrill_09/16/03
xcel energy  merrill_09/16/03xcel energy  merrill_09/16/03
xcel energy merrill_09/16/03finance26
 
xcel energy BofA_09/16/03
xcel energy  BofA_09/16/03xcel energy  BofA_09/16/03
xcel energy BofA_09/16/03finance26
 
xcel energy BofA_09/16/03
xcel energy  BofA_09/16/03xcel energy  BofA_09/16/03
xcel energy BofA_09/16/03finance26
 
xcel energy BofA_09/16/03
xcel energy  BofA_09/16/03xcel energy  BofA_09/16/03
xcel energy BofA_09/16/03finance26
 

Mehr von finance26 (20)

xcel energy merrill_09/16//03
xcel energy  merrill_09/16//03xcel energy  merrill_09/16//03
xcel energy merrill_09/16//03
 
xcel energy merrill_09/16/03
xcel energy  merrill_09/16/03xcel energy  merrill_09/16/03
xcel energy merrill_09/16/03
 
xcel energy merrill_09/16/03
xcel energy  merrill_09/16/03xcel energy  merrill_09/16/03
xcel energy merrill_09/16/03
 
xcel energy BofA_09/16/03
xcel energy  BofA_09/16/03xcel energy  BofA_09/16/03
xcel energy BofA_09/16/03
 
xcel energy BofA_09/16/03
xcel energy  BofA_09/16/03xcel energy  BofA_09/16/03
xcel energy BofA_09/16/03
 
xcel energy BofA_09/16/03
xcel energy  BofA_09/16/03xcel energy  BofA_09/16/03
xcel energy BofA_09/16/03
 
xel_102303b
xel_102303bxel_102303b
xel_102303b
 
xel_102303b
xel_102303bxel_102303b
xel_102303b
 
xel_102303b
xel_102303bxel_102303b
xel_102303b
 
xel_111403
xel_111403xel_111403
xel_111403
 
xel_111403
xel_111403xel_111403
xel_111403
 
xel_111403
xel_111403xel_111403
xel_111403
 
xel_021104
xel_021104xel_021104
xel_021104
 
xel_021104
xel_021104xel_021104
xel_021104
 
xel_021104
xel_021104xel_021104
xel_021104
 
xel_072804
xel_072804xel_072804
xel_072804
 
xel_090804
xel_090804xel_090804
xel_090804
 
xel_092404
xel_092404xel_092404
xel_092404
 
xel_092404
xel_092404xel_092404
xel_092404
 
xel_092404
xel_092404xel_092404
xel_092404
 

Kürzlich hochgeladen

20240315 _E-Invoicing Digiteal. .pptx
20240315 _E-Invoicing Digiteal.    .pptx20240315 _E-Invoicing Digiteal.    .pptx
20240315 _E-Invoicing Digiteal. .pptxFinTech Belgium
 
Stock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdfStock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdfMichael Silva
 
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdfLundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdfAdnet Communications
 
Hungarys economy made by Robert Miklos
Hungarys economy   made by Robert MiklosHungarys economy   made by Robert Miklos
Hungarys economy made by Robert Miklosbeduinpower135
 
Stock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdfStock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdfMichael Silva
 
2024.03 Strategic Resources Presentation
2024.03 Strategic Resources Presentation2024.03 Strategic Resources Presentation
2024.03 Strategic Resources PresentationAdnet Communications
 
Taipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for TourismTaipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for TourismBrian Lin
 
Sarlat Advisory - Corporate Brochure - 2024
Sarlat Advisory - Corporate Brochure - 2024Sarlat Advisory - Corporate Brochure - 2024
Sarlat Advisory - Corporate Brochure - 2024Guillaume Ⓥ Sarlat
 
Buy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptxBuy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptxPrecize Formely Leadoff
 
Contracts with Interdependent Preferences
Contracts with Interdependent PreferencesContracts with Interdependent Preferences
Contracts with Interdependent PreferencesGRAPE
 
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...Matthews Bantsijang
 
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESKumarJayaraman3
 
India Economic Survey Complete for the year of 2022 to 2023
India Economic Survey Complete for the year of 2022 to 2023India Economic Survey Complete for the year of 2022 to 2023
India Economic Survey Complete for the year of 2022 to 2023SkillCircle
 
The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?Stephen Perrenod
 
LIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptxLIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptxsonamyadav7097
 
MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.Arifa Saeed
 
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
20240314 Calibre March 2024 Investor Presentation (FINAL).pdfAdnet Communications
 

Kürzlich hochgeladen (20)

20240315 _E-Invoicing Digiteal. .pptx
20240315 _E-Invoicing Digiteal.    .pptx20240315 _E-Invoicing Digiteal.    .pptx
20240315 _E-Invoicing Digiteal. .pptx
 
Stock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdfStock Market Brief Deck for March 26.pdf
Stock Market Brief Deck for March 26.pdf
 
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdfLundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
 
Hungarys economy made by Robert Miklos
Hungarys economy   made by Robert MiklosHungarys economy   made by Robert Miklos
Hungarys economy made by Robert Miklos
 
Stock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdfStock Market Brief Deck for 3/22/2024.pdf
Stock Market Brief Deck for 3/22/2024.pdf
 
2024.03 Strategic Resources Presentation
2024.03 Strategic Resources Presentation2024.03 Strategic Resources Presentation
2024.03 Strategic Resources Presentation
 
Taipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for TourismTaipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
 
New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...
New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...
New Monthly Enterprises Survey. Issue 21. (01.2024) Ukrainian Business in War...
 
Sarlat Advisory - Corporate Brochure - 2024
Sarlat Advisory - Corporate Brochure - 2024Sarlat Advisory - Corporate Brochure - 2024
Sarlat Advisory - Corporate Brochure - 2024
 
Buy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptxBuy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptx
 
Effects & Policies Of Bank Consolidation
Effects & Policies Of Bank ConsolidationEffects & Policies Of Bank Consolidation
Effects & Policies Of Bank Consolidation
 
Contracts with Interdependent Preferences
Contracts with Interdependent PreferencesContracts with Interdependent Preferences
Contracts with Interdependent Preferences
 
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
Remembering my Totem _Unity is Strength_ growing in Bophuthatswana_Matthews B...
 
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
 
India Economic Survey Complete for the year of 2022 to 2023
India Economic Survey Complete for the year of 2022 to 2023India Economic Survey Complete for the year of 2022 to 2023
India Economic Survey Complete for the year of 2022 to 2023
 
The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?
 
LIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptxLIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptx
 
MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.
 
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
 
Commercial Bank Economic Capsule - March 2024
Commercial Bank Economic Capsule - March 2024Commercial Bank Economic Capsule - March 2024
Commercial Bank Economic Capsule - March 2024
 

YUM 05/29/08

  • 1. Global Growth Company & Cash Machine Sanford Bernstein Strategic Decisions Conference May 29, 2008 David Novak Yum! Brands Chairman & CEO
  • 2. Power of Yum! GLOBAL PORTFOLIO GLOBAL GROWTH GLOBAL CASH GENERATION
  • 3. Not Your Ordinary Restaurant Company % of Total Operating Profit 2017 F 2007 30% U.S. 24% China 40% China China 46% U.S. U.S. 30% 30% YRI YRI Note: Excludes corporate allocation
  • 4. Consistent Double-Digit EPS Growth +15% +15% +14% +13% +13% +13% +11% Target Target at least at least 10% 10% ’02 ’03 ’04 ’05 ’06 ’07 ’08 F Note: Prior to special items. 2005 growth rate is also prior to the impact of expensing stock options.
  • 5. Significant Share Buybacks Share Buybacks Average Diluted Shares ($ million) (million) 12% 611 1,410 597 reduction 1,056 983 564 569 541 ’04 ’05 ’06 ’07 ’04 ’05 ’06 ’07 Avg $34 $20 $25 $25 Price* *Rounded and split adjusted
  • 6. Commitment to Dividends ~4x On May 6th, initial $0.25 27% increase, dividend from $0.15 to $0.20 $0.19 per share Doubled $0.15 $0.10 30% Increase 15% Increase Initiated $0.05 $0.00 4 5 5 6 6 7 7 8 '0 '0 '0 '0 '0 '0 '0 '0 3 1 3 1 3 1 3 1 Q Q Q Q Q Q Q Q Note: split-adjusted (May 2007 2-for-1 stock split) quarterly dividend
  • 7. 4 Key Strategies to Drive Growth Drive Drive Build Leading Brands Build Leading Brands Aggressive International Aggressive International in China in Every in China in Every Expansion and Build Expansion and Build Significant Category Significant Category Strong Brands Strong Brands Everywhere Everywhere Drive Drive Dramatically Improve Dramatically Improve Industry-Leading, Long-Term Industry-Leading, Long-Term U.S. Brand Positions, U.S. Brand Positions, Shareholder and Franchisee Shareholder and Franchisee Consistency and Returns Consistency and Returns Value Value
  • 8. Build Leading Brands in China Bigger Brands New Growth Brands • New Proteins • Breakfast Expansion • Delivery • Drive-thru • New Cities • Tea Time East Dawning • New Menu
  • 9. . . . with World-Class Infrastructure and Long-Term Competitive Advantage “Sysco-like” Unparalleled “Sysco-like” Unparalleled Talent & Distribution Distribution Talent & Business Experience Business Experience Unmatched Unmatched Targeted Targeted National Development National Development Manufacturing Manufacturing Capability Capability National Scale — 500 Cities
  • 10. Drive Aggressive YRI Expansion Yum! Restaurants International New Brands •India •Russia Emerging/New Markets •Western Europe •Africa •Non-Fried •Enhanced •Beverages Dine-In Leverage Existing Brands •New Proteins •Dedicated Delivery •Breakfast
  • 11. Huge YRI Growth Opportunity 5+ 5+ billion billion 18,000 1.3 1.3 Restaurants billion billion 12,000 Restaurants 300 300 million million 2,600 Restaurants U.S. Mainland China YRI Restaurants Per 60 2 3 Million People Note: Traditional units only (2007)
  • 12. Dramatically Improve U.S. Brands Permanent Sales Layers Permanent Sales Layers + Refranchising and Restructuring Refranchising and Restructuring + Investments in Brand Repositioning Investments in Brand Repositioning Business Transformation Business Transformation
  • 13. Asset Leverage Opportunity 2007 Average Unit Volume ($ million) 2.0 2.0 1.9 1.5 1.1 1.0 0.8 Top 10% System Top 10% System Top 10% System System Company Company Company
  • 14. Vision for Sales Layers • More Balanced Options • New Dayparts • Everyday Value • Contemporary Beverages & Destination Desserts • New Proteins • Contemporary Assets Leveraging 35,000 Restaurant Assets
  • 15. Transforming Our U.S. Business FROM TO HMR Pizza Pizza Pasta Chicken Mexican-Inspired Mexican Food Powerhouse Fried, Grilled, Fried Chicken Portable and More
  • 16. 4th Key Strategy: Drive Value Drive Drive Build Leading Brands Build Leading Brands Aggressive International Aggressive International in China in Every in China in Every Expansion and Build Expansion and Build Significant Category Significant Category Strong Brands Strong Brands Everywhere Everywhere Drive Drive Dramatically Improve Dramatically Improve Industry-Leading, Long-Term Industry-Leading, Long-Term U.S. Brand Positions, U.S. Brand Positions, Shareholder and Franchisee Shareholder and Franchisee Consistency and Returns Consistency and Returns Value Value
  • 17. Drive High ROIC Focus investments on high-return opportunities Mainland China brands Franchise development at YRI Maintain strong discipline with “earn the right to own” own” principle Reduce company ownership in U.S.
  • 18. A Global Leader in Returns 2007 ROIC 36% 27% 25% 22% 19% 18% 11% 11% Source: Thomson Financial Data; ROIC = EBIT (1 – Effective Tax Rate) / (Total Equity + Total Debt)
  • 19. Global Leader in Shareholder Payout 3-Year Annual Average 2005 – 2007 8.8% 7.7% 7.3% 5.9% 5.2% 5.2% 4.6% 4.3% Source: Thomson Financial Data Payout = (Dividends + Repurchase) / Average Market Capitalization
  • 20. Not Your Ordinary Restaurant Company China U.S. YRI China U.S. YRI Growth Growth Value “First Inning” “Greatest Potential” “Asset Leverage” Opportunity to Invest in Overseas and Emerging Markets
  • 21. Commitment to Shareholders AT LEAST 10% EPS GROWTH AT LEAST 10% EPS GROWTH Leader in International Development Build Significant, Sustainable Sales Layers Leader in Free Cash Flow and Returns Leader in Shareholder Payouts
  • 22. Yum!: A Defining Global Company People Focused Culture: Where everyone makes a difference Breakthrough Results with Breakthrough Innovation Giving to Others: World Food Program 22