Burger King 2012 Annual Report Download - page 8

Table of Contents
•  In November 2012, we entered into an agreement with Autogrill to develop restaurants at captive locations such as
highways, train stations and airports in France, Switzerland, Poland, Italy, Czech Republic, Germany and the Netherlands. We are
underpenetrated in many of these countries compared to our peers, and believe that this agreement is an important first step to accelerate
development in the region.
The table below sets forth our restaurant portfolio in our major markets in EMEA and all other markets as of December 31, 2012 and 2011:

 

Germany 684 678
Spain 522 484
Turkey 486 408
UK 473 469
Italy 91 72
Russia 86 39
Saudi Arabia 80 64
Sweden 79 71
UAE 68 60
Kuwait 64 61
Netherlands 56 54
Norway 32 32
Other 400 390
   

As of December 31, 2012, we had 1,290 franchise and 100 Company restaurants in LAC, as compared to 1,125 and 97, respectively, as of
December 31, 2011. In 2011, BKW entered into a joint venture agreement with Vinci Partners for Brazil and granted exclusive master franchise and
development rights to the joint venture. We received a significant minority stake and board seats in the joint venture without deploying our own capital. We are
encouraged by the initial success of our joint venture in Brazil. We believe that there are significant growth opportunities in LAC, particularly in Brazil,
Mexico, Colombia and Central America.
As part of our international growth strategy, we entered into several important agreements in 2012:
• In October 2012, we entered into an exclusive agreement with Fondo Escala Capital and Promotora to develop Burger King
restaurants in Colombia.
•  In December 2012, we entered into an agreement with Alsea S.A.B. de C.V., the parent of our largest franchisee in Mexico, to establish a
joint venture in Mexico. Under this agreement, we will contribute all of our Company restaurants in Mexico and grant exclusive master franchise
and development rights for Mexico to the joint venture. We will receive a significant minority interest in the joint venture, cash and board seats. We
expect this transaction to close in 2013, at which time LAC will become 100% franchised.
•  In December 2012, we created a joint venture in Central America with BEBOCA LTD, our franchisee in Costa Rica and
Panama. This multi-country joint venture is a first of its kind for the  brand worldwide. The new joint venture acquired exclusive
master franchise and development rights for Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama. We received a significant
minority stake in the joint venture without deploying our own capital.
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Source: Burger King Worldwide, Inc., 10-K, February 22, 2013 Powered by Morningstar® Document Research℠
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