Burger King 2012 Annual Report Download - page 51
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Table of Contents
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, following the refranchisings in 2012 and franchise NRG in both periods and an increase in
CRM%.
Company:
Company restaurant revenues $62.5 $66.2 $13.1 $18.3 $30.2 (5.6)% 7.5%
CRM 9.9 12.5 1.5 3.4 5.6 (20.8)% 19.0%
CRM % 15.8% 18.9% 11.5% 18.6% 18.5% (3.0)% 1.8%
Company restaurant expenses as a % of
Company restaurant revenues:
Food and paper 38.8% 38.2% 38.6% 39.3% 38.7% (0.6)% 0.7%
Payroll and benefits 12.9% 12.0% 12.2% 11.9% 11.9% (0.9)% (0.1)%
Depreciation and amortization 9.3% 9.7% 13.1% 8.0% 8.5% 0.4% (0.4)%
Other occupancy and operating 23.2% 21.2% 24.7% 22.3% 22.3% (2.0)% 1.6%
Franchise:
Franchise and property revenues $71.9 $61.9 $11.7 $15.7 $ 24.9 16.2% 18.4%
Franchise and property expenses — (1.1) — 1.3 — 100.0% 184.6%
Segment SG&A 14.6 18.3 5.5 7.0 10.9 20.2% 21.8%
Segment depreciation and amortization 6.0 6.7 1.8 1.5 2.7 10.4% (11.7)%
Segment income 73.2 63.9 9.5 12.3 22.3 14.6% 44.9%
Segment margin 54.5% 49.9% 38.3% 36.2% 40.5% 4.6% 11.2%
Favorable/(Unfavorable)
Segment revenues $(3.7) $ 1.1 $ 0.6 $0.7 $2.4
Segment CRM (0.6) 0.2 0.1 0.1 0.4
Segment income (0.4) — (0.1) 0.1 0.4
System-wide sales growth 9.9% 13.5% 13.9%
Franchise sales $1,334.1 $1,208.7 $1,060.6
Comparable sales growth
Company 0.6% 4.3% (2.9)%
Franchise 5.9% 8.1% 4.2%
System 5.7% 7.9% 3.8%
NRG
Company 3 1 2
Franchise 165 81 33
System 168 82 35
Net Refranchisings — — —
Restaurant counts at period end
Company 100 97 96
Franchise 1,290 1,125 1,044
System 1,390 1,222 1,140
50
Source: Burger King Worldwide, Inc., 10-K, February 22, 2013 Powered by Morningstar® Document Research℠
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