Dunkin' Donuts 2012 Annual Report Download - page 2

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Dear Shareholders,
I am immensely proud of our performance in 2012. For the full year –
our first full year as a public company – we delivered nearly 40 percent
adjusted operating income growth and nearly 40 percent adjusted earnings per share growth
year-over-year. And since our IPO in July 2011, our stock has outperformed both the general market
and our industry group.
These results are a testimony to Dunkin’ Brands’ unique combination of assets. We have a nearly
100 percent franchised, asset-light business model, with high margins, low capital expenditure
requirements and strong cash flow generation. We have an intense focus on driving franchisee
profitability, which drives strong returns for both franchisees and shareholders. We have two widely
recognized global brands, Dunkin’ Donuts and Baskin-Robbins, and, unlike most of our peers,
we have significant restaurant expansion opportunities, both in the U.S. and internationally.
We're pleased that at the beginning of 2013 our Board announced a 27 percent increase in
our dividend, further underscoring our commitment to delivering shareholder value.
All of which gives us great confidence about the short- and long-term future of our business.