2000 Annual Report - Yum!

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Consolidated Statements of Income Fiscal years ended December 30, 2000, December 25, 1999 and December 26, 1998 (in millions, except per share amounts) 2000 1999 1998 Revenues Company sales $6,305 $7,099 $7,852 Franchise and license fees 788 723 627 40 TRICON GLOBAL RESTAURANTS, INC. AND SUBSIDIARIES 7,093 7,822 8,479 Costs and Expenses, net Company restaurants Food and paper 1,942 2,238 2,521 Payroll and employee benefits 1,744 1,956 2,243 Occupancy and other operating expenses 1,665 1,814 2,030 5,351 6,008 6,794 General and administrative expenses 879 920 941 Other (income) expense (25) (16) (24) Facility actions net (gain) (176) (381) (275) Unusual items 204 51 15 Total costs and expenses, net 6,233 6,582 7,451 Operating Profit 860 1,240 1,028 Interest expense, net 176 202 272 Income Before Income Taxes 684 1,038 756 Income Tax Provision 271 411 311 Net Income $÷«413 $÷«627 $÷«445 Basic Earnings Per Common Share $÷2.81 $÷4.09 $÷2.92 Diluted Earnings Per Common Share $÷2.77 $÷3.92 $÷2.84 See accompanying Notes to Consolidated Financial Statements.
Consolidated Statements of Cash Flows Fiscal years ended December 30, 2000, December 25, 1999 and December 26, 1998 (in millions) 2000 1999 1998 Cash Flows – Operating Activities Net income $«413 $««««627 $««««445 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 354 386 417 Facility actions net gain (176) (381) (275) Unusual items 120 45 15 Other liabilities and deferred credits (5) 65 58 Deferred income taxes (51) (16) 3 Other non-cash charges and credits, net 43 66 117 Changes in operating working capital, excluding effects of acquisitions and dispositions: Accounts and notes receivable (161) (28) (8) Inventories 11 6 4 Prepaid expenses and other current assets (3) (13) (20) Accounts payable and other current liabilities (94) (215) 10 Income taxes payable 40 23 (92) Net change in operating working capital (207) (227) (106) Net Cash Provided by Operating Activities 491 565 674 Cash Flows – Investing Activities Capital spending (572) (470) (460) Proceeds from refranchising of restaurants 381 916 784 Acquisition of restaurants (24) (6) – AmeriServe Funding, net (70) – – Short-term investments (21) 39 (57) Sales of property, plant and equipment 64 51 58 Other, net 5 (8) (23) Net Cash (Used in) Provided by Investing Activities (237) 522 302 Cash Flows – Financing Activities Proceeds from Notes – – 604 Revolving Credit Facility activity, by original maturity More than three months – proceeds – – 400 More than three months – payments – – (900) Three months or less, net 82 (860) (120) Proceeds from long-term debt – 4 4 Payments of long-term debt (99) (180) (1,068) Short-term borrowings – three months or less, net (11) 21 (53) Repurchase shares of common stock (216) (134) – Other, net 37 30 13 Net Cash Used in Financing Activities (207) (1,119) (1,120) Effect of Exchange Rate Changes on Cash and Cash Equivalents (3) – (3) Net Increase (Decrease) in Cash and Cash Equivalents 44 (32) (147) Cash and Cash Equivalents – Beginning of Year 89 121 268 Cash and Cash Equivalents – End of Year $«133 $÷÷÷89 $÷÷121 Supplemental Cash Flow Information Interest paid $«194 $÷÷212 $÷÷303 Income taxes paid 252 340 310 Significant Non-Cash Investing and Financing Activities Issuance of promissory note to acquire an unconsolidated affiliate $«««25 – – Contribution of non-cash net assets to an unconsolidated affiliate 67 – – See accompanying Notes to Consolidated Financial Statements. TRICON GLOBAL RESTAURANTS, INC. AND SUBSIDIARIES 41
Page 1 and 2: 2000 Annual Report TRICON GLOBAL RE
Page 3 and 4: Dear Partners As you’ll see on th
Page 5 and 6: 1. International Expansion Our Inte
Page 7 and 8: eturn on invested capital improving
Page 9 and 10: the best possible experience - ever
Page 11 and 12: Jianzhong Tang was turning five. He
Page 13 and 14: “We’ve been focused on growing
Page 15 and 16: mile! Just about all 10,000 people
Page 17 and 18: Pizza Hut was named the #1 national
Page 19 and 20: customers
Page 21 and 22: generation of chicken lovers; accel
Page 23 and 24: Team member Jeff Shine brightens th
Page 25 and 26: Taco Bell continues to drive custom
Page 27 and 28: U.S. Sales by Daypart (% of Sales)
Page 29 and 30: Depending upon the facts and circum
Page 31 and 32: Results of Operations Worldwide Res
Page 33 and 34: Worldwide Other (Income) Expense 20
Page 35 and 36: U.S. System Sales System sales were
Page 37 and 38: International System Sales System s
Page 39 and 40: Financing Activities Our primary ba
Page 41: subject to tax considerations and l
Page 45 and 46: Consolidated Statements of Sharehol
Page 47 and 48: To the extent we participate in ind
Page 49 and 50: previously closed stores. These cos
Page 51 and 52: Confidence level means the likeliho
Page 53 and 54: The following table summarizes the
Page 55 and 56: At December 30, 2000, we had unused
Page 57 and 58: The components of net periodic bene
Page 59 and 60: We estimated the fair value of each
Page 61 and 62: This description of the rights is q
Page 63 and 64: the ultimate cost of the AmeriServe
Page 65 and 66: Due to the inherent volatility of o
Page 67 and 68: Note 22 Selected Quarterly Financia
Page 69 and 70: Selected Financial Data Fiscal Year
Page 71 and 72: A B C D E F G H I J K L Board of Di

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