Burger King 2013 Annual Report Download - page 37
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Table of Contents
Tabular amounts in millions of dollars unless noted otherwise.
Revenues:
Company restaurant revenues $ 222.7 $1,169.0 $1,638.7 $ (946.3) (80.9)% $ (469.7) (28.7)%
Franchise and property revenues 923.6 801.9 701.2 121.7 15.2% 100.7 14.4%
Total revenues 1,146.3 1,970.9 2,339.9 (824.6) (41.8)% (369.0) (15.8)%
Company restaurant expenses:
Food, paper and product costs 70.6 382.2 524.7 311.6 81.5% 142.5 27.2%
Payroll and employee benefits 68.1 345.1 481.2 277.0 80.3% 136.1 28.3%
Occupancy and other operating costs 56.6 309.9 441.5 253.3 81.7% 131.6 29.8%
Total Company restaurant expenses 195.3 1,037.2 1,447.4 841.9 81.2% 410.2 28.3%
Franchise and property expenses 152.4 115.1 100.2 (37.3) (32.4)% (14.9) (14.9)%
Selling, general and administrative expenses 242.4 347.6 418.5 105.2 30.3% 70.9 16.9%
Other operating (income) expenses, net 34.0 53.3 11.3 19.3 36.2% (42.0) (371.7)%
Total operating costs and expenses 624.1 1,553.2 1,977.4 929.1 59.8% 424.2 21.5%
Income from operations 522.2 417.7 362.5 104.5 25.0% 55.2 15.2%
Interest expense, net 200.0 223.8 226.7 23.8 10.6% 2.9 1.3%
Loss on early extinguishment of debt — 34.2 21.1 34.2 100.0% (13.1) (62.1)%
Income before income taxes 322.2 159.7 114.7 162.5 101.8% 45.0 39.2%
Income tax expense 88.5 42.0 26.6 (46.5) (110.7)% (15.4) (57.9)%
Net income $233.7 $117.7 $ 88.1 $116.0 98.6% $29.6 33.6%
Favorable/(Unfavorable)
Consolidated revenues $ (7.5) $ (41.7) $ 35.6
Consolidated CRM 0.1 (3.1) 2.5
Consolidated SG&A (1.2) 6.1 (5.3)
Consolidated income from operations (8.7) (12.2) 4.8
Consolidated net income (8.6) (10.4) 4.0
Consolidated Adjusted EBITDA (8.6) (15.3) 7.5
System sales growth 4.2% 5.7% 1.7%
Franchise sales $16,078.3 $14,672.5 $13,653.4
System comparable sales growth 0.5% 3.2% (0.5)%
System Net Restaurant Growth (NRG) 670 485 261
Net Refranchisings 360 871 45
Restaurant counts at period end
Company 52 418 1,295
Franchise 13,615 12,579 11,217
System 13,667 12,997 12,512
CRM% 12.3% 11.3% 11.7%
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Source: Burger King Worldwide, Inc., 10-K, February 21, 2014 Powered by Morningstar® Document Research℠
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