Burger King 2013 Annual Report Download - page 42

Table of Contents
Adjusted EBITDA in 2013 reflects increases in segment income in our EMEA and APAC segments, partially offset by decreases in segment income in
our U.S. and Canada and LAC segments and an increase in Unallocated Management G&A. Unallocated Management G&A represents corporate support
costs in areas such as facilities, finance, human resources, information technology, legal, marketing and supply chain management, which benefit all of our
geographic segments and system-wide restaurants and are not allocated specifically to any of the geographic segments. EBITDA for 2013 increased primarily
for the same reasons that Adjusted EBITDA increased as well as the non-recurrence of Business Combination Agreement expenses, decreases in other operating
(income) expenses, net and decreases in global portfolio realignment project costs, partially offset by an increase in share-based compensation and non-cash
incentive compensation expense.
The increase in Adjusted EBITDA in 2012 was primarily driven by increases in segment income in all of our operating segments and reductions in
Unallocated Management G&A. EBITDA for 2012 increased primarily for the same reasons that consolidated adjusted EBITDA increased as well as the non-
recurrence of global restructuring and related professional fees, field optimization project costs and 2010 Transaction costs, partially offset by Business
Combination Agreement expenses in 2012, increases in global portfolio realignment project costs and increases in other operating (income) expenses, net.
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
Company:
Company restaurant revenues $ 111.2 $792.8 $1,172.0 $ (681.6) $ (379.2)
CRM 13.5 90.1 142.2 (76.6) (52.1)
CRM % 12.1% 11.4% 12.1% 0.8% (0.8)%
Company restaurant expenses as a % of Company restaurant
revenues:
Food and paper 32.6% 33.0% 32.3% 0.4% (0.7)%
Payroll and benefits 29.9% 30.5% 30.4% 0.6% (0.1)%
Depreciation and amortization 5.2% 5.5% 5.7% 0.3% 0.2%
Other occupancy and operating 20.2% 19.6% 19.5% (0.6)% (0.1)%
Franchise:
Franchise and property revenues $ 554.0 $ 472.8 $ 401.3 $ 81.2 $ 71.5
Franchise and property expenses 119.8 82.8 73.0 (37.0) (9.8)
Segment SG&A (1) 52.5 101.9 120.1 49.4 18.2
Segment depreciation and amortization 41.5 68.8 86.2 27.3 17.4
Segment income 436.7 447.0 436.6 (10.3) 10.4
(1) Segment selling, general and administrative expenses (“Segment SG&A”) consists of segment selling expenses and Management G&A.
 Favorable/(Unfavorable)   
Segment revenues $ (1.3) $ (1.7) $ 6.5
Segment CRM (0.1) (0.2) 0.6
Segment income (0.7) (0.3) 1.0
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System-wide sales growth (0.9)% 3.0% (3.3)%
Franchise sales $8,730.4 $8,143.9 $7,510.5
System comparable sales growth (0.9)% 3.5% (3.4)%
System NRG (40) (24) (50)
Net Refranchisings 127 752 38
Restaurant counts at period end
Company 52 183 939
Franchise 7,384 7,293 6,561
System 7,436 7,476 7,500
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Source: Burger King Worldwide, Inc., 10-K, February 21, 2014 Powered by Morningstar® Document Research℠
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