Burger King 2012 Annual Report Download - page 41

Table of Contents
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Tabular amounts in millions of dollars unless noted otherwise.
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Revenues:
Company restaurant revenues $1,169.0 $1,638.7 $331.7 $514.5 $893.3 (28.7)% (5.8)%
Franchise and property revenues 797.3 697.0 135.1 203.2 326.6 14.4% 4.8%
Total revenues 1,966.3 2,335.7 466.8 717.7 1,219.9 (15.8)% (2.9)%
Company restaurant expenses:
Food, paper and product costs 382.2 524.7 102.8 162.6 285.2 27.2% 4.7%
Payroll and employee benefits 345.1 481.2 98.3 154.2 277.5 28.3% 9.2%
Occupancy and other operating costs 309.9 441.5 91.7 127.7 232.5 29.8% 2.3%
Total Company restaurant expenses 1,037.2 1,447.4 292.8 444.5 795.2 28.3% 5.6%
Franchise and property expenses 112.1 97.1 21.3 22.2 33.0 (15.4)% (26.9)%
Selling, general and administrative expenses 346.0 417.4 247.2 153.1 235.8 17.1% 34.4%
Other operating (income) expenses, net 53.3 11.3 (8.7) (3.6) (5.8) (371.7)% 162.4%
Total operating costs and expenses 1,548.6 1,973.2 552.6 616.2 1,058.2 21.5% 11.4%
Income (loss) from operations 417.7 362.5 (85.8) 101.5 161.7 15.2% 104.3%
Interest expense, net 223.8 226.7 58.1 14.6 23.9 1.3% (134.7)%
Loss on early extinguishment of debt 34.2 21.1 — — — (62.1)% NM
Income (loss) before income taxes 159.7 114.7 (143.9) 86.9 137.8 39.2% 42.0%
Income tax expense (benefit) 42.0 26.6 (28.2) 15.8 47.8 (57.9)% 24.9%
Net income (loss) $117.7 $88.1 $(115.7) $71.1 $90.0 33.6% 94.1%
 Favorable/(Unfavorable)
Consolidated revenues $(41.3) $35.6 $(5.8) $(11.5) $13.4
Consolidated CRM (3.1) 2.6 (0.3) (1.0) 1.1
Consolidated SG&A 6.5 (8.2) 3.6 3.1 (1.3)
Consolidated income (loss) from operations (10.9) 5.3 1.0 (2.9) (2.0)
Consolidated net income (loss) (10.6) 5.7 — (3.0) (3.0)
Consolidated Adjusted EBITDA (12.8) 4.5 0.2 (2.7) 0.2
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  
System sales growth 5.9% 1.7% 1.5%
Franchise sales $14,672.5 $13,653.4 $13,086.8
Comparable sales growth
Company 3.6% 0.1% (3.3)%
Franchise 3.2% (0.6)% (2.3)%
System 3.2% (0.5)% (2.4)%
Average restaurant sales (in thousands) $1,267.9 $1,248.0 $1,225.1
Net Restaurant Growth (NRG)
Company (6) (4) 4
Franchise 491 265 169
System 485 261 173
Net Refranchisings 871 45 82
Restaurant counts at period end
Company 418 1,295 1,344
Franchise 12,579 11,217 10,907
System 12,997 12,512 12,251
NM — Not Meaningful
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Source: Burger King Worldwide, Inc., 10-K, February 22, 2013 Powered by Morningstar® Document Research℠
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