Burger King 2012 Annual Report Download - page 49
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Table of Contents
During 2012 and 2011, segment income increased due to an increase in net franchise and property income and a decrease in segment selling, general and
administrative expenses (“SG&A”), partially offset by a decrease in CRM.
During 2012 and 2011, segment margin increased primarily as a result of the higher contribution of franchise and property revenues in the segment,
which yield higher margins than Company restaurant revenues, after completion of the refranchisings, partially offset by a decrease in CRM%.
Company:
Company restaurant revenues $264.6 $330.7 $68.1 $113.8 $208.7 (20.0)% (15.3)%
CRM 30.7 35.5 6.9 14.6 15.1 (13.5)% (3.0)%
CRM % 11.6% 10.7% 10.1% 12.8% 7.2% 0.9% 1.4%
Company restaurant expenses as a % of
Company restaurant revenues:
Food and paper 30.1% 29.4% 28.9% 28.1% 28.2% (0.7)% (1.1)%
Payroll and benefits 32.5% 31.4% 31.7% 32.3% 34.8% (1.1)% 2.1%
Depreciation and amortization 3.1% 3.5% 3.6% 2.6% 3.3% 0.4% (0.3)%
Other occupancy and operating 22.7% 25.0% 25.7% 24.1% 26.4% 2.3% 0.7%
Franchise:
Franchise and property revenues $208.3 $194.9 $36.6 $55.3 $ 82.8 6.9% 11.6%
Franchise and property expenses 29.7 25.9 6.5 7.0 10.7 (14.7)% (7.0)%
Segment SG&A 61.1 81.1 21.3 35.6 58.1 24.7% 29.5%
Segment depreciation and amortization 17.9 22.6 4.4 3.5 7.8 20.8% (43.9)%
Segment income 166.1 146.0 20.1 30.8 36.9 13.8% 66.3%
Segment margin 35.1% 27.8% 19.2% 18.2% 12.7% 7.3% 12.3%
Favorable/(Unfavorable)
Segment revenues $ (35.9) $23.4 $ (8.5) $(15.3) $(0.1)
Segment CRM (2.2) 1.7 (0.5) (1.3) (0.1)
Segment income (12.7) 6.4 0.4 (2.9) (0.7)
System-wide sales growth 11.2% 6.5% 6.2%
Franchise sales $3,822.9 $3,649.0 $ 3,163.1
Comparable sales growth
Company 4.3% 5.8% (2.5)%
Franchise 3.1% 4.1% (0.1)%
System 3.2% 4.3% (0.3)%
NRG
Company (1) (4) (1)
Franchise 240 158 65
System 239 154 64
Net Refranchisings 59 7 73
Restaurant counts at period end
Company 132 192 203
Franchise 2,989 2,690 2,525
System 3,121 2,882 2,728
48
Source: Burger King Worldwide, Inc., 10-K, February 22, 2013 Powered by Morningstar® Document Research℠
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