Pizza Hut 2003 Annual Report Download - page 12

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I’m very pleased that our interna-
tional business continues to set
new records in terms of revenues,
operating profits and new unit
development. In 2003, we achieved
$2.7 billion in revenues, operating
profits of $441 million and return
on invested capital of 20%.
What’s more, Yum! Restaurants International is a growth
engine. We’ve added more than 1,000 new international
restaurants a year over the past three years, including
1,108 new international restaurant openings in 2003, our
best year yet. We’ve achieved this growth while more than
doubling our operating profits since Yum! Brands became
a public company in 1997.
We believe that no other restaurant company has the kind
of opportunity that we do outside of the United States. We
continue to focus our international company operations
investment in seven key countries that account for over 70%
of our international operating profit. Each of these markets is
well established with powerful brands, powerful local teams
and even more powerful growth potential. Our franchise and
joint venture partners are driving system growth by opening
more than 70% of our new international restaurants. They
are using their capital, not ours, because they also see the
tremendous growth potential of our global brands.
With over 12,000 units in over 100 countries and territories
generating 22% operating profit growth, it’s easy to see why
our international business truly is a global powerhouse.
China
$157MM
UK
$97MM
Australia/New Zealand
$44MM
South Korea
$33MM
Mexico
$10MM
Yum! Restaurants International
continues to be our Growth Engine!
Operating Profi ts (in dollars)
Pete Bassi, Chairman, Yum! Restaurants International
10.