Pizza Hut 2009 Annual Report Download - page 11
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We are extremely proud we continue to be a leader among consumer
companies with return on invested capital at 20%. We are denitely a global
cash machine, with each of our divisions generating free cash ow — or
effectively funding their own capital investments. As this capital is deployed
to high growth opportunities for example, in China, France, Russia, and India
we expect total returns to remain strong. These returns will further improve as
we continue to refranchise restaurants, which will increase our franchise fees
with minimal capital investment. We are one of the unique companies that
can CONTINUE to make signicant capital investments year after year (nearly
$800 million), AND pay a meaningful dividend (2.4% yield) AND grow EPS in
double digits, AND make investments in share repurchases with excess cash
ows. You should also know that we have a very strong balance sheet that
gives us plenty of insulation from any unforeseen challenge. Bottom line, any
way you look at it, Yum! Brands is in strong nancial shape.
#4
Shareholder & Franchisee Value
Ongoing Model: Maintain an Industry-
Leading Return On Invested Capital
of 20%; Return Meaningful Value
to Shareholders Through Share
Repurchases and a Dividend Pay-Out
Ratio of 35-40% of Net Income
2009:
ROIC 20%, EPS + 13%
Yum! Stock Price +17%
Drive Industry-Leading Long-Term Shareholder & Franchisee Value.
9