Burger King 2012 Annual Report Download - page 59

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Cash provided by investing activities was $33.6 million in 2012 compared to $41.4 million of cash used for investing activities in 2011, primarily as a
result of an increase in proceeds from refranchisings, net of payments for acquisitions, and a decrease in capital expenditures.
Cash used for investing activities was $41.4 million in 2011 compared to $3,430.7 million in 2010 driven primarily by cash used for the 3G
Acquisition in 2010 and a $51.0 million decrease in capital expenditures.
Capital expenditures for new restaurants have historically been comprised primarily of (i) costs to build new Company restaurants and new restaurants
that we lease to franchisees, (ii) costs to maintain the appearance of existing restaurants in accordance with our standards, including investments in new
equipment and remodeling and (iii) investments in information technology systems and corporate furniture and fixtures. The following table presents capital
expenditures, by type of expenditure:
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New restaurants $ 1.1 $6.8 $6.7 $ 1.8 $23.3
Existing restaurants 49.0 65.7 16.7 11.1 54.1
Other, including corporate 20.1 9.6 5.0 5.3 9.1
Total $70.2 $ 82.1 $28.4 $ 18.2 $86.5
We expect cash capital expenditures of approximately $30.0 million to $40.0 million in 2013. Our actual capital expenditures may be affected by
economic and other factors. We expect to fund capital expenditures from cash on hand, cash flow from operations and borrowings under the 2012 Revolving
Credit Facility.
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Cash used for financing activities was $174.6 million in 2012, compared to $108.0 million in 2011, primarily as a result of an increase in cash used
for the prepayment of our Term Loans, repurchase of our Senior Notes and Discount Notes, and dividend payments in 2012. 2011 proceeds were primarily
provided by the sale of our Discount Notes, generating $393.4 million in net proceeds which were paid as a dividend to the stockholders of Worldwide,
principally 3G.
Cash used by financing activities was $108.0 million in 2011, compared to cash provided by financing activities of $3,321.9 million during 2010.
2011 proceeds were primarily provided by the sale of our Discount Notes, generating $393.4 million in net proceeds which were paid as a dividend to the
stockholders of Worldwide, principally 3G. 2010 proceeds were primarily a result of the capital contribution and borrowings associated with the 2010
Transactions.
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Source: Burger King Worldwide, Inc., 10-K, February 22, 2013 Powered by Morningstar® Document Research℠
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