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1、TRANSFORMING THE BUSINESS MODEL,Emerging Markets,Stronger Growth,High Return Tim Jerzyk, SVP Investor Relations January 2011,Forward Looking Statements,This presentation will include forward-looking statements,that reflect managements expectations based on currently,available data. However, actual r
2、esults are subject to future events and uncertainties. The information in the presentation related to projections or other forward-looking statements which may cause actual results to differ,materially are subject to the safe harbor statement posted on our Web site,2,Powerful Global Portfolio of Bra
3、nds,3,Yum! Strategies,4,Build Leading Brands,in China in Every,Significant Category,Drive Aggressive,International Expansion,and Build Strong,Brands Everywhere,Dramatically Improve U.S. Brand Positions,Consistency and Returns,Drive Industry-Leading, Long-Term Shareholder and Franchisee Value,5,U.S.
4、35%,2010F,INTL,65% U.S. 78%,Yum!: Truly Global INTL,22%,1998 Operating Profit Source Note: Numbers are Approximate,6,13% 02,13% 03,15% 04,13% 05,14% 06,15% 07,14% 08,13% 09,14% 10 F,Note: Prior to special items and the initial impact of expensing stock options in 2005. Reconciliation of Non-GAAP mea
5、surements to GAAP results found on .,Consistent Financial Performance EPS Growth,01,02,03,04,05,06,07,08,09,18.5%,18.4%,18.0% 17.7%,18.3%,18.6%,Consistently Strong ROIC; Among Industry Leaders 20.5% 19.9% 18.9%,7,Yum! Has Generated Superior Shareholder Returns 5 Year Average Total Shareholder Return
6、 16% 1%,Source: Bloomberg Note: Total Shareholder Return includes the split adjusted stock price appreciation plus dividends reinvested for the 5 year period,ending September 30, 2010,Yum! Brands,S&P 500,8,$0.10 $0.05 $0.00,$0.30 $0.25 $0.20 $0.15,9,Note: Split-adjusted (May 2007 2-for-1 stock split
7、) quarterly dividend.,Initiated,Doubled,6th Annual Increase!,Consistent Dividend Growth On September 14th 2010,19% increase,China,Other,YRI,Franchise,2000,2010,Note: 2010 Units as of third quarter, excludes license units. Other includes U.S. Company and Franchise and YRI Company units.,Model Evoluti
8、on to High Return Businesses Number of World-wide Restaurants 640 4,047 3,200 35,141 27,254,10,+7%,+3%,+1%,1%,13%,2%,Strong Global Portfolio Generates Double-Digit EPS Growth On-going EPS Growth Model,Profit Growth,YRI +10%,Taco Bell U.S. +6%,China +15%,Modeled Growth,Other U.S. +3%,CF- Driven,11,U.
9、S.,Yum!: Truly Global,25% INTL 75% 2015F 12,INTL,U.S. 35% INTL 65% 2010F Operating Profit Source,22% U.S. 78% 1998 Note: Numbers are Approximate,13,Yum! China: Significant Lead over Western QSR Number of Restaurants 3,900 1,800,Numbers are approximate,14,And Growing Faster Forecasted 2011 New Units
10、475 400,Numbers are approximate Sources: Wall Street Journal and company communications,KFC Development Reaches Deep into China % of Total New Builds by Tier Tier 1,Tier 2 Tier 3 - 6,2010 15,33% 52%,15%,50 to 60,New Cities Each Year!,01,10 F,16,Yum! China: Outstanding Margins China Restaurant Margin
11、 % Net Sales,22%,548 $0.7,3,900 $4.9,20%,Units System Sales (Bn.) Numbers are approximate,China 450 Million,650 Million,2020F,Emerging Markets on the Ground Floor of Growth Consuming Class Population YRI EMERGING 2.0 Billion YRI EMERGING 1.1 Billion China,2010 Source: Euromonitor 2010,17,Emerging Ma
12、rkets 40% Developed Markets 60% Note: 2010F Operating Profits for YRI, does not include corporate and unallocated expense.,Almost Half of YRI Profits from Emerging Markets 2010F YRI Operating Profits Top EM Profit Contributors Asia, South Africa Middle East / North Africa Caribbean / Latin America 1
13、8,Investing in Future Growth & Returns in Emerging Markets,Equity & Franchise,India Russia,Africa Franchise Southeast Asia 19,India Development Path Similar to China,132,101 1 1,KFC China (1987 - 1996),KFC India (2001 - 2010F),20,10 Years of New Unit Development,Reaching Critical Mass in Russia, Acq
14、uisition of KFC Rostiks complete150 stores Strong unit-level economics Strong sales momentum Building the team,Significant Long-term Market Potential,21,Pioneering Africa Over 1 Billion People C-O-B Protein of Choice,South Africa Market Share 22,44%,Indonesia,Malaysia,Vietnam,23,Units,800,780,102,Ph
15、enomenal Sales Growth in Southeast Asia 5-yr System Sales CAGR 2005-2010 54% 21% 13%,24,2010 Source: Euromonitor data 2010; Consuming Class Annual disposable income $5,000.,2020,Emerging Markets Will Add Over 1 Billion Potential Customers Consuming Class Population 2010 to 2020 2.7 Billion +1.1 Bill
16、ion 1.6 Billion,25,2006,2009,2015F,$1.3 Bn,$1.6 Bn,Equity and Franchise Growth Driving Profits in Emerging Markets Total Yum! Operating Profit $3 Bn,Numbers are Approximate.,30%,46%,60%,Emerging Markets Developed Markets,26,Source: World Monitor 2010, 2010F Yum! Traditional units,U.S.,China,India,Re
17、st of Top 10,Emerging Markets on the Ground Floor of Growth Yum! Units Per Million People 60,2.7,0.2,1.7,0.3 Bn.,1+ Bn.,1+ Bn.,1+ Bn.,People,Impressive Portfolio of Global Brands,Consistent Financial Performance with High Returns,Unique International Growth Opportunity,27,Model evolving to stronger growth, high return,