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13MAR201517272138
PART II
ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations
Worldwide
The Consolidated Results of Operations for the years to date ended December 27, 2014, December 28, 2013 and December 29, 2012 are
presented below:
Amount % B/(W)
2014 2013 2012 2014 2013
Company sales $ 11,324 $ 11,184 $ 11,833 1 (5)
Franchise and license fees and income 1,955 1,900 1,800 3 6
Total revenues $ 13,279 $ 13,084 $ 13,633 1 (4)
Restaurant profit $ 1,642 $ 1,683 $ 1,981 (2) (15)
Restaurant Margin % 14.5% 15.0% 16.7% (0.5) ppts. (1.7) ppts.
Operating Profit $ 1,557 $ 1,798 $ 2,294 (13) (22)
Interest expense, net 130 247 149 47 (66)
Income tax provision 406 487 537 17 9
Net Income – including noncontrolling interests 1,021 1,064 1,608 (4) (34)
Net Income (loss) – noncontrolling interests (30) (27) 11 (12) NM
Net Income – YUM! Brands, Inc. $ 1,051 $ 1,091 $ 1,597 (4) (32)
Diluted EPS(a) $ 2.32 $ 2.36 $ 3.38 (2) (30)
Diluted EPS before Special Items(a) $ 3.09 $ 2.97 $ 3.25 4 (9)
Reported Effective tax rate 28.5% 31.4% 25.0%
Effective tax rate before Special Items 25.5% 28.0% 25.8%
(a) See Note 3 for the number of shares used in these calculations.
2014 2013
System Sales Growth, reported 2% 1%
System Sales Growth, excluding FX 3% 2%
% Increase
(Decrease)
Unit Count 2014 2013 2012 2014 2013
Franchise & License 32,125 31,420 30,733 2 2
Company-owned 8,664 8,097 7,544 7 7
Unconsolidated Affiliates 757 716 660 6 8
41,546 40,233 38,937 3 3
18 YUM! BRANDS, INC. - 2014 Form 10-K
Form 10-K