Burger King 2009 Annual Report Download - page 92
Download and view the complete annual report
Please find page 92 of the 2009 Burger King annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82 -
83 -
84 -
85 -
86 -
87 -
88 -
89 -
90 -
91 -
92 -
93 -
94 -
95 -
96 -
97 -
98 -
99 -
100 -
101 -
102 -
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
-
205
-
206
-
207
-
208
-
209
-
210
-
211
-
212
-
213
-
214
-
215
-
216
-
217
-
218
-
219
-
220
-
221
-
222
-
223
-
224
-
225
 |
 |
Table of Contents
BURGER KING HOLDINGS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements — (Continued)
Note 20). Gains and losses recognized in the current period may reflect closures and refranchisings that occurred in previous periods.
Years Ended June 30,
2009 2008 2007
Number of restaurant closures 19 29 24
Number of refranchisings 51 38 15
Net gain on restaurant closures, refranchisings and dispositions of assets $ (8.5) $ (9.8) $ (4.7)
Included in the net gain on restaurant closures, refranchisings and dispositions of assets for the year ended June 30, 2009 is a
$5.4 million gain from the refranchising of Company restaurants in the U.S. and Germany. Included in the net gain on restaurant
closures, refranchisings and dispositions of assets for the year ended June 30, 2008 is a $9.0 million gain from the refranchising of
Company restaurants, primarily in Germany.
Note 5. Franchise Revenues
Franchise revenues consist of the following (in millions):
Years Ended June 30,
2009 2008 2007
Franchise royalties $ 518.2 $ 512.6 $ 438.3
Initial franchise fees 13.8 13.2 11.5
Renewal franchise fees and other related fees 11.4 11.4 9.7
Total $ 543.4 $ 537.2 $ 459.5
Note 6. Trade and Notes Receivable, Net
Trade and notes receivable, net, consists of the following (in millions):
As of June 30,
2009 2008
Trade accounts receivable $ 146.3 $ 157.4
Notes receivable, current portion 5.5 4.9
151.8 162.3
Allowance for doubtful accounts (21.8) (23.0)
Total, net $ 130.0 $ 139.3
The change in allowances for doubtful accounts is as follows:
Years Ended June 30,
2009 2008 2007
Beginning balance $ 23.0 $ 28.6 $ 32.3
Provision (recoveries) for doubtful accounts, net 0.7 (2.7) (4.4)
Write−offs (1.9) (2.9) 0.7
Ending balance $ 21.8 $ 23.0 $ 28.6
Note 7. Prepaids and Other Current Assets, net
Included in prepaids and other current assets, net were refundable income taxes of $39.3 million and zero as of June 30, 2009 and
2008, respectively, inventories totaling $15.8 million for each of the year ended June 30, 2009,
89