Pizza Hut 2009 Annual Report Download - page 126
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35
The impact on Operating Profit arising from refranchising is the net of (a) the estimated reductions in restaurant profit,
which reflects the decrease in Company sales, and G&A expenses and (b) the increase in franchise fees from the
restaurants that have been refranchised. The tables presented below reflect the impacts on Total revenues and on
Operating Profit from stores that were operated by us for all or some portion of the respective previous year and were no
longer operated by us as of the last day of the respective current year. In these tables, Decreased Company sales and
Decreased Restaurant profit represents the amount of sales or restaurant profit earned by the refranchised restaurants
during the period we owned them in the prior year but did not own them in the current year. Increased Franchise and
license fees represents the franchise and license fees from the refranchised restaurants that were recorded by the Company
in the current year during periods in which the restaurants were Company stores in the prior year.
The following table summarizes the impact of refranchising as described above:
2009
U.S. YRI
China
Division Worldwide
Decreased Company sales
$
(640
)
$
(77
)
$ (5
)
$
(722
)
Increased Franchise and license fees and income 36 5
—
41
Decrease in Total revenues
$
(604
)
$
(72
)
$ (5 )
$
(681
)
The following table summarizes the estimated impact on Operating Profit of refranchising:
2009
U.S. YRI
China
Division Worldwide
Decreased Restaurant profit
$
(63
)
$
(2
)
$
(1
)
$
(66
)
Increased Franchise and license fees and income 36 5
—
41
Decreased G&A 14 —
—
14
Increase (decrease) in Operating Profit
$
(13
)
$
3
$
(1
)
$
(11
)
2008
U.S. YRI
China
Division Worldwide
Decreased Company sales
$
(300
)
$
(106
)
$
(5)
$
(411
)
Increased Franchise and license fees and income 16 6
—
22
Decrease in Total revenues
$
(284
)
$
(100
)
$
(5
)
$
(389
)
2008
U.S. YRI
China
Division Worldwide
Decreased Restaurant profit
$
(19
)
$
(8
)
$
(1
)
$
(28
)
Increased Franchise and license fees and income 16 6 —
22
Decreased G&A 7 1 — 8
Increase (decrease) in Operating Profit
$
4
$
(1
)
$
(1
)
$
2
Form 10-K