Wendy's 2010 Annual Report Download - page 105

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WENDY’S/ARBY’S GROUP, INC. AND SUBSIDIARIES
WENDY’S/ARBY’S RESTAURANTS, LLC AND SUBSIDIARIES
COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(In Thousands Except Per Share Amounts)
Presented below is activity related to our portion of TimWen included in our consolidated balance sheets and
consolidated statements of operations as of and for the years ended January 2, 2011 and January 3, 2010 and the
quarter ended December 28, 2008.
2010 2009 2008
Balance at beginning of period ............................ $97,476 $ 89,771 $ 41,649
Purchase price adjustments ............................... — — 65,455
97,476 89,771 107,104
Equity in net earnings for the period ........................ 12,316 11,334 2,630
Amortization of purchase price adjustments .................. (2,857) (2,835) (656)
9,459 8,499 1,974
Distributions .......................................... (13,980) (14,583) (2,864)
Currency translation adjustment included in “Comprehensive
income (loss)” ....................................... 5,676 13,789 (16,443)
Balance at end of period ................................. $98,631 $ 97,476 $ 89,771
Presented below is a summary of financial information of TimWen as of and for the years and quarter ended
January 2, 2011, January 3, 2010 and December 28, 2008, respectively, in Canadian dollars. The summary balance
sheet financial information does not distinguish between current and long-term assets and liabilities:
Year End
January 2,
2011
January 3,
2010
Balance sheet information:
Properties ................................................. C$78,769 C$83,078
Cash and cash equivalents ..................................... 1,639 75
Accounts receivable .......................................... 4,529 4,989
Other .................................................... 3,001 3,150
C$87,938 C$91,292
Accounts payable and accrued liabilities .......................... C$ 2,169 C$ 2,257
Other liabilities ............................................. 9,339 9,081
Partners’ equity ............................................. 76,430 79,954
C$87,938 C$91,292
Quarter ended
December 28,
20082010 2009
Income statement information:
Revenues ..................................... C$38,361 C$38,471 C$9,462
Income before income taxes and net income ........... 24,976 27,532 6,325
(Wendy’s/Arby’s)
Investment in Jurlique International Pty Ltd.
We account for our approximately 11% investment in Jurlique International Pty Ltd. (“Jurlique”) (an
Australian manufacturer and multi-channel global marketer, which sells a high-end series of natural skincare products
in certain department stores, duty-free shops, company and franchised locations) under the cost method since our
voting interest does not provide us the ability to exercise significant influence over Jurlique’s operational and financial
policies. Jurlique was affected by the global economic recession leading to lower than anticipated sales and margins.
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