The document outlines the agenda for today which includes welcome remarks, an introduction, a presentation on China's division growth strategy, a break, a division trade show presentation, and a tour of the Muhammad Ali Center. It then provides forward-looking statements and discusses Yum!'s global portfolio, global growth, global cash generation, consistent earnings growth, share buybacks, driving shareholder value through same-store sales growth, new unit growth, and high return on invested capital.
The document discusses tax managed funds offered by The Senate Group. It summarizes the funds as follows:
1) The Senate Group offers several tax managed income funds that vary in risk and after-tax return profiles, including the Sanlam Alternative Income Fund, Sanlam Dividend Income Fund of Funds, Sanlam Optimised Income Fund, and Sanlam Stable Growth Fund.
2) The funds are designed to enhance after-tax returns for individuals, companies, and trusts through their tax efficient investment mandates and income focus.
3) The document provides details on the objectives, investment mandates, performance targets, and risk profiles of the different funds.
Aurobindo Pharma has transformed from a low-margin API player to a high-margin formulation player. The company is expected to see net sales and recurring profits grow at a CAGR of 15.6% and 29.1% through FY2012 due to supply agreements with Pfizer and AstraZeneca, growth in the US market, and their ARV formulation business. The report initiates coverage on Aurobindo Pharma with a buy recommendation and a target price of Rs. 1,330, representing growth potential of 18.7%
Motherson Sumi Systems (MSSL) reported a 32% year-over-year increase in net sales to Rs. 1,905 crores for the first quarter of fiscal year 2011, below expectations. Operating margins increased 370 basis points year-over-year to 9.8% but fell short of expectations and declined sequentially. Net profit for the quarter came in below expectations at Rs. 60 crores due to lower-than-expected revenue growth and margins. Management indicated input costs and currency impacts would be gradually passed on to customers, and the analyst maintains an 'Accumulate' rating while lowering the target price.
Exchange Income Corporation 2009 Annual ReportTMX Equicom
Exchange Income Corporation is a diversified acquisition-oriented company, focused on opportunities in the industrial products and transportation sectors which are ideally suited for public markets except for their size. The strategy of the Corporation is to invest in profitable, well-established companies with strong cash flows operating in niche markets in Canada and/or the United States. The Corporation trades on the TSX under the symbol EIF.
Topaz Resources, Inc. (OTCBB: TOPZ) today announced that Grass Roots Research and Distribution, Inc. (www.grassrootsrd.com), the Investor Awareness Industry's Research Firm of Choice, has issued its 2nd Research Report with a Buy Recommendation on Topaz Resources.
Grass Roots' report stated: "Topaz is one of the most exciting junior oil and gas exploration and production companies. The Company is transforming itself from a start-up stage to a development stage oil and gas Company.
Bharat Petroleum Corporation Ltd (BPCL), a government‐owned company operating in
the refining and marketing segment. The company has also diversified into the
petrochemical feedstock and exploration and production segments.
Based on a consolidated FY12 P/E multiple of 12, the fair value for the
company works out to Rs 691.
For the first quarter of fiscal year 2011 (1QFY2011):
1) Hero Honda's net sales grew 12% year-over-year to Rs. 4,297 crore, in line with estimates, while operating profit fell 7% and net profit declined 2% due to higher input costs.
2) Operating margins decreased significantly to 14% from 17% in the prior year quarter due to a 345 basis point rise in raw material costs.
3) The analyst maintains revenue growth estimates but revises operating margin forecasts lower to account for pressure from increasing raw material prices.
The document discusses tax managed funds offered by The Senate Group. It summarizes the funds as follows:
1) The Senate Group offers several tax managed income funds that vary in risk and after-tax return profiles, including the Sanlam Alternative Income Fund, Sanlam Dividend Income Fund of Funds, Sanlam Optimised Income Fund, and Sanlam Stable Growth Fund.
2) The funds are designed to enhance after-tax returns for individuals, companies, and trusts through their tax efficient investment mandates and income focus.
3) The document provides details on the objectives, investment mandates, performance targets, and risk profiles of the different funds.
Aurobindo Pharma has transformed from a low-margin API player to a high-margin formulation player. The company is expected to see net sales and recurring profits grow at a CAGR of 15.6% and 29.1% through FY2012 due to supply agreements with Pfizer and AstraZeneca, growth in the US market, and their ARV formulation business. The report initiates coverage on Aurobindo Pharma with a buy recommendation and a target price of Rs. 1,330, representing growth potential of 18.7%
Motherson Sumi Systems (MSSL) reported a 32% year-over-year increase in net sales to Rs. 1,905 crores for the first quarter of fiscal year 2011, below expectations. Operating margins increased 370 basis points year-over-year to 9.8% but fell short of expectations and declined sequentially. Net profit for the quarter came in below expectations at Rs. 60 crores due to lower-than-expected revenue growth and margins. Management indicated input costs and currency impacts would be gradually passed on to customers, and the analyst maintains an 'Accumulate' rating while lowering the target price.
Exchange Income Corporation 2009 Annual ReportTMX Equicom
Exchange Income Corporation is a diversified acquisition-oriented company, focused on opportunities in the industrial products and transportation sectors which are ideally suited for public markets except for their size. The strategy of the Corporation is to invest in profitable, well-established companies with strong cash flows operating in niche markets in Canada and/or the United States. The Corporation trades on the TSX under the symbol EIF.
Topaz Resources, Inc. (OTCBB: TOPZ) today announced that Grass Roots Research and Distribution, Inc. (www.grassrootsrd.com), the Investor Awareness Industry's Research Firm of Choice, has issued its 2nd Research Report with a Buy Recommendation on Topaz Resources.
Grass Roots' report stated: "Topaz is one of the most exciting junior oil and gas exploration and production companies. The Company is transforming itself from a start-up stage to a development stage oil and gas Company.
Bharat Petroleum Corporation Ltd (BPCL), a government‐owned company operating in
the refining and marketing segment. The company has also diversified into the
petrochemical feedstock and exploration and production segments.
Based on a consolidated FY12 P/E multiple of 12, the fair value for the
company works out to Rs 691.
For the first quarter of fiscal year 2011 (1QFY2011):
1) Hero Honda's net sales grew 12% year-over-year to Rs. 4,297 crore, in line with estimates, while operating profit fell 7% and net profit declined 2% due to higher input costs.
2) Operating margins decreased significantly to 14% from 17% in the prior year quarter due to a 345 basis point rise in raw material costs.
3) The analyst maintains revenue growth estimates but revises operating margin forecasts lower to account for pressure from increasing raw material prices.
This presentation provides an overview and summary of CSX Corporation's financial performance and targets. CSX has created significant shareholder value as shown by strong stock performance that has outpaced industry benchmarks. The company is targeting double-digit earnings growth through 2010 by further improving its operating ratio to the mid-70s range and increasing operating income and earnings per share at a compound annual growth rate of 10-12% and 15-17%, respectively. CSX will balance capital investments focused on growth with returning cash to shareholders through dividends and share buybacks.
Larsen & Toubro (L&T) reported modest results for the first quarter of fiscal year 2011 that were below analyst expectations on revenue but positively surprised on margins. Revenue grew 6.4% year-over-year to Rs. 7,885 crore, below estimates, due to flat performance in the engineering and construction segment. However, operating margins expanded significantly by 170 basis points due to lower subcontracting costs. The order backlog remained strong at Rs. 1,07,816 crore as of June 30, 2010 and order inflows were led by the power segment. While most positives are priced into the stock, further upside could come from value unlocking at subsidiary levels.
This document is Omnicom's 2005 annual report. It highlights that in 2005, Omnicom achieved record financial results, new business wins, and awards for creative excellence. Key metrics included a 12% increase in diluted earnings per share to $4.36, a 9% increase in net income to $791 million, and 8% growth in worldwide revenue to $10.5 billion. The report credits Omnicom's investments in creative talent and integrated agency networks for driving momentum and collaboration across its businesses.
Godrej Consumer Products reported results for the first quarter of fiscal year 2011. While revenue grew strongly by 47% due to recent acquisitions, recurring earnings grew only 9% due to margin contraction, higher interest costs, and increased taxes. Domestic revenue excluding recent acquisitions declined 7% as sales of soaps fell 9% due to high bases and inventory destocking, while hair color sales grew only 4%. The company upgraded its outlook for the stock to "Buy" based on strong future earnings growth prospects.
Apollo Tyres reported modest results for 1QFY2011, despite a sharp jump in rubber prices and lockout at one of its plant. Standalone top-line registered a decline of 5% yoy to Rs1,121cr due to a 20% decline in tonnage sold following a lockout at its Perambra facility. Operating margin contracted by 603 bps to 10.4% due to higher raw material costs. Net profit declined 57.1% to Rs40.6cr. However, consolidated performance was better with 11.4% revenue growth and stable net profit due to strong performances at subsidiaries.
The document provides an analysis and market update on Manappuram Finance. It summarizes that while Manappuram has underperformed recently due to regulatory issues and governance concerns, the worst may be priced in. The analyst believes the stock is attractive at its current discounted valuation relative to peers and upgrades their recommendation to Buy, seeing 25% upside potential. Key risks include further negative regulatory changes, but clarity is expected by year-end which could support improved growth and profitability.
TVS Motor reported a 41% increase in net sales for the first quarter of fiscal year 2011 compared to the same period last year, driven by a 33% rise in total volumes. However, operating profit was slightly below expectations due to lower-than-expected operating margins. While earnings grew substantially year-over-year due to margin expansion and lower taxes, the report maintains a neutral rating on the stock given its recent price increase. Future performance will depend on consistent volume growth, improved market share, and higher margins.
Deccan Chronicle Holdings (DCHL) reported a 7% year-over-year increase in revenue and an 18.4% increase in profits for the first quarter of fiscal year 2011. Revenue was in line with expectations at Rs231.8 crore, driven by a 7% increase in advertising revenue. Profits increased due to a 281 basis point expansion in operating margins and a lower effective tax rate of 14%. The company continued to benefit from low newsprint prices. While advertising revenue growth was driven by higher rates, management expects advertising volumes to recover going forward. DCHL maintained its buy rating based on attractive valuations and growth prospects.
Bajaj Auto reported strong results for the first quarter of fiscal year 2011. The company's top line was marginally above expectations, driven by a 70% year-over-year increase in total volumes. EBITDA margins expanded slightly by 50 basis points year-over-year to 20%. Net profit increased 101% year-over-year to Rs590 crore, beating estimates, aided by higher other income and improved operating leverage. Overall, robust volume growth and margin expansion led to better-than-expected financial performance during the quarter.
Nestle reported a 21% increase in revenue for the second quarter driven by 20% growth in domestic sales and 36% growth in exports. However, earnings grew at a slower 12% due to a contraction in operating margins from rising input costs and increased spending on marketing. The analyst downgraded the stock to Reduce due to concerns over margin pressure and high valuations leaving little room for negative surprises. Top-line growth was robust due to increased sales volumes and limited price increases while exports picked up on higher sales to Russia.
- Blue Star reported a 22.6% year-over-year increase in quarterly revenue to Rs875 crore, slightly ahead of estimates. Operating margins were in line with estimates at 12.8%.
- The company has shifted its strategic focus from IT/ITeS and retail segments to hospital, hotel, and infrastructure segments, which have longer execution periods.
- Order inflows increased 43% year-over-year to Rs704 crore for the quarter, indicating an improved outlook. The analyst maintains an "Accumulate" rating with a target price of Rs425.
1) Anant Raj Industries reported a 203.4% quarter-over-quarter growth in net sales to Rs. 103 crore for the first quarter of FY2011, though sales were down 1.5% from the prior year. However, margins declined due to a change in accounting practices.
2) The company launched two residential projects during the quarter and has already sold all units in one project and 50% of units in the other.
3) Anant Raj maintains a strong balance sheet with a net cash position and fully paid land banks, providing flexibility for future growth.
For 2QFY2011, TVS Motor (TVSM) reported:
1) Net sales growth of 43% year-over-year to Rs. 1,616 crore, slightly above estimates, driven by a 33.4% increase in total volumes.
2) EBITDA margin expanded 20 basis points quarter-over-quarter to 6.7%, marginally below estimates.
3) Net profit grew 123.1% year-over-year to Rs. 54.8 crore, above expectations, due to lower interest costs and tax rates.
The analyst maintains earnings estimates for TVSM but remains Neutral on the stock, believing the recent run-up factors in expected growth over
Colgate Palmolive reported first quarter results for fiscal year 2011 with revenues growing 13% year-over-year to Rs. 528.8 crores, slightly below estimates. Earnings beat estimates due to a sharp rise in gross margins of 662 basis points year-over-year. Volume growth was 13% overall led by 14% growth in toothpaste and 19% growth in toothbrushes. The analyst maintains a "Reduce" rating due to the stock being highly expensive trading at 23.4 times estimated fiscal year 2012 earnings per share given muted earnings growth estimates.
Essel Propack reported a 1QFY2011 sales of Rs332 crore, which was flat compared to the previous year. EBITDA margin declined by 100 basis points to 16.9% due to higher raw material costs. Segmentally, growth was seen across regions except the Americas. Europe reduced its losses substantially. While margins saw pressure, cost cutting measures restricted the decline. The company remains focused on improving profitability through higher contribution from high-margin products.
Zensar Technologies is an IT company that ended the 2011 fiscal year strongly positioned for growth. The acquisition of Akibia in November 2010 makes Zensar a leader in infrastructure management among midcap IT companies. Zensar has also reorganized around focus verticals, which will allow it to better cross-sell services and mine existing clients. The company now has a robust business model and stronger financials than many peers, including better margins, capital efficiency, and free cash flow generation.
raytheonSmith Barney Citigroup 18th Annual Global Industrial Manufacturing Co...finance12
This document contains the presentation slides from Raytheon Company CFO Ed Pliner at the 18th Annual Global Industrial Manufacturing Conference on March 8, 2005. The presentation provides an overview of Raytheon, including that it is a $20 billion defense technology business leader. It outlines Raytheon's strategy of growing in core defense markets and leveraging domain expertise across sectors. Financial information is presented showing strong order growth, sales increases, debt reduction, and 2005 guidance forecasts.
Fiddle - Presidio MBA team project - M. Chic, E. Irvine, B. Mascioli, J. WiseMatthew Chic
The document discusses the growth of the sharing economy or collaborative consumption market. It provides data on the market size, which was valued at $8 billion in collective funding in 2012 and $110 billion in total market value in 2011. It also shares statistics on the opportunity for individuals, with the average person in New York City able to earn $21,000 per year in the sharing economy. The document outlines the key players in the sharing economy landscape and reviews Fiddle's business model, revenue projections, and financial statements, positioning Fiddle as a platform to connect individuals and companies in the sharing economy.
The document discusses the growth of the sharing economy or collaborative consumption market. It provides data on the market size, which was valued at $8 billion in collective funding in 2012 and $110 billion in total market value in 2011. It also shows a chart depicting strong growth in the number of sharing economy companies from 2011 to mid-2012. The document discusses opportunities in the sharing economy to earn extra income by renting out goods that would otherwise sit idle, such as cars. It presents the sharing economy as enabling more efficient use of resources.
1. Santander reported consistent results in Q1 2009, with attributable profit decreasing 5% year-over-year to EUR 2.096 billion. Excluding exchange rates, profit increased 9%.
2. Net interest income increased 18.8% excluding exchange rates, driven by spreads management in a low interest rate environment. Operating expenses increased 1.8% excluding exchange rates and perimeter changes, reflecting strict cost control.
3. Loan-loss provisions increased 67.8% excluding exchange rates to EUR 2.234 billion, but were lower than in Q4 2008 due to specific provisions. Generic provisions decreased as forecasted.
1. Santander reported consistent results in Q1 2009, with attributable profit decreasing 5% year-over-year to EUR 2.096 billion. Excluding exchange rates, profit increased 9%.
2. Net interest income increased 18.8% excluding exchange rates, driven by spreads management in a low interest rate environment. Operating expenses increased 1.8% excluding exchange rates and perimeter changes, reflecting strict cost control.
3. Loan-loss provisions increased 67.8% excluding exchange rates to EUR 2.234 billion, but were lower than in Q4 2008 due to specific provisions. Generic provisions decreased as forecasted.
Omnicom reported strong financial results for 2007, with revenue increasing 11.6% to $12.7 billion and net income growing 13% to $976 million. Diluted earnings per share rose 18% to $2.95. The company continued to invest in its businesses, adding capabilities and talent to better serve major clients globally. Omnicom agencies received numerous awards for creative excellence. Looking ahead, Omnicom is well positioned with a diversified portfolio to navigate potential economic challenges while continuing to deliver consistent long-term results.
This presentation provides an overview and summary of CSX Corporation's financial performance and targets. CSX has created significant shareholder value as shown by strong stock performance that has outpaced industry benchmarks. The company is targeting double-digit earnings growth through 2010 by further improving its operating ratio to the mid-70s range and increasing operating income and earnings per share at a compound annual growth rate of 10-12% and 15-17%, respectively. CSX will balance capital investments focused on growth with returning cash to shareholders through dividends and share buybacks.
Larsen & Toubro (L&T) reported modest results for the first quarter of fiscal year 2011 that were below analyst expectations on revenue but positively surprised on margins. Revenue grew 6.4% year-over-year to Rs. 7,885 crore, below estimates, due to flat performance in the engineering and construction segment. However, operating margins expanded significantly by 170 basis points due to lower subcontracting costs. The order backlog remained strong at Rs. 1,07,816 crore as of June 30, 2010 and order inflows were led by the power segment. While most positives are priced into the stock, further upside could come from value unlocking at subsidiary levels.
This document is Omnicom's 2005 annual report. It highlights that in 2005, Omnicom achieved record financial results, new business wins, and awards for creative excellence. Key metrics included a 12% increase in diluted earnings per share to $4.36, a 9% increase in net income to $791 million, and 8% growth in worldwide revenue to $10.5 billion. The report credits Omnicom's investments in creative talent and integrated agency networks for driving momentum and collaboration across its businesses.
Godrej Consumer Products reported results for the first quarter of fiscal year 2011. While revenue grew strongly by 47% due to recent acquisitions, recurring earnings grew only 9% due to margin contraction, higher interest costs, and increased taxes. Domestic revenue excluding recent acquisitions declined 7% as sales of soaps fell 9% due to high bases and inventory destocking, while hair color sales grew only 4%. The company upgraded its outlook for the stock to "Buy" based on strong future earnings growth prospects.
Apollo Tyres reported modest results for 1QFY2011, despite a sharp jump in rubber prices and lockout at one of its plant. Standalone top-line registered a decline of 5% yoy to Rs1,121cr due to a 20% decline in tonnage sold following a lockout at its Perambra facility. Operating margin contracted by 603 bps to 10.4% due to higher raw material costs. Net profit declined 57.1% to Rs40.6cr. However, consolidated performance was better with 11.4% revenue growth and stable net profit due to strong performances at subsidiaries.
The document provides an analysis and market update on Manappuram Finance. It summarizes that while Manappuram has underperformed recently due to regulatory issues and governance concerns, the worst may be priced in. The analyst believes the stock is attractive at its current discounted valuation relative to peers and upgrades their recommendation to Buy, seeing 25% upside potential. Key risks include further negative regulatory changes, but clarity is expected by year-end which could support improved growth and profitability.
TVS Motor reported a 41% increase in net sales for the first quarter of fiscal year 2011 compared to the same period last year, driven by a 33% rise in total volumes. However, operating profit was slightly below expectations due to lower-than-expected operating margins. While earnings grew substantially year-over-year due to margin expansion and lower taxes, the report maintains a neutral rating on the stock given its recent price increase. Future performance will depend on consistent volume growth, improved market share, and higher margins.
Deccan Chronicle Holdings (DCHL) reported a 7% year-over-year increase in revenue and an 18.4% increase in profits for the first quarter of fiscal year 2011. Revenue was in line with expectations at Rs231.8 crore, driven by a 7% increase in advertising revenue. Profits increased due to a 281 basis point expansion in operating margins and a lower effective tax rate of 14%. The company continued to benefit from low newsprint prices. While advertising revenue growth was driven by higher rates, management expects advertising volumes to recover going forward. DCHL maintained its buy rating based on attractive valuations and growth prospects.
Bajaj Auto reported strong results for the first quarter of fiscal year 2011. The company's top line was marginally above expectations, driven by a 70% year-over-year increase in total volumes. EBITDA margins expanded slightly by 50 basis points year-over-year to 20%. Net profit increased 101% year-over-year to Rs590 crore, beating estimates, aided by higher other income and improved operating leverage. Overall, robust volume growth and margin expansion led to better-than-expected financial performance during the quarter.
Nestle reported a 21% increase in revenue for the second quarter driven by 20% growth in domestic sales and 36% growth in exports. However, earnings grew at a slower 12% due to a contraction in operating margins from rising input costs and increased spending on marketing. The analyst downgraded the stock to Reduce due to concerns over margin pressure and high valuations leaving little room for negative surprises. Top-line growth was robust due to increased sales volumes and limited price increases while exports picked up on higher sales to Russia.
- Blue Star reported a 22.6% year-over-year increase in quarterly revenue to Rs875 crore, slightly ahead of estimates. Operating margins were in line with estimates at 12.8%.
- The company has shifted its strategic focus from IT/ITeS and retail segments to hospital, hotel, and infrastructure segments, which have longer execution periods.
- Order inflows increased 43% year-over-year to Rs704 crore for the quarter, indicating an improved outlook. The analyst maintains an "Accumulate" rating with a target price of Rs425.
1) Anant Raj Industries reported a 203.4% quarter-over-quarter growth in net sales to Rs. 103 crore for the first quarter of FY2011, though sales were down 1.5% from the prior year. However, margins declined due to a change in accounting practices.
2) The company launched two residential projects during the quarter and has already sold all units in one project and 50% of units in the other.
3) Anant Raj maintains a strong balance sheet with a net cash position and fully paid land banks, providing flexibility for future growth.
For 2QFY2011, TVS Motor (TVSM) reported:
1) Net sales growth of 43% year-over-year to Rs. 1,616 crore, slightly above estimates, driven by a 33.4% increase in total volumes.
2) EBITDA margin expanded 20 basis points quarter-over-quarter to 6.7%, marginally below estimates.
3) Net profit grew 123.1% year-over-year to Rs. 54.8 crore, above expectations, due to lower interest costs and tax rates.
The analyst maintains earnings estimates for TVSM but remains Neutral on the stock, believing the recent run-up factors in expected growth over
Colgate Palmolive reported first quarter results for fiscal year 2011 with revenues growing 13% year-over-year to Rs. 528.8 crores, slightly below estimates. Earnings beat estimates due to a sharp rise in gross margins of 662 basis points year-over-year. Volume growth was 13% overall led by 14% growth in toothpaste and 19% growth in toothbrushes. The analyst maintains a "Reduce" rating due to the stock being highly expensive trading at 23.4 times estimated fiscal year 2012 earnings per share given muted earnings growth estimates.
Essel Propack reported a 1QFY2011 sales of Rs332 crore, which was flat compared to the previous year. EBITDA margin declined by 100 basis points to 16.9% due to higher raw material costs. Segmentally, growth was seen across regions except the Americas. Europe reduced its losses substantially. While margins saw pressure, cost cutting measures restricted the decline. The company remains focused on improving profitability through higher contribution from high-margin products.
Zensar Technologies is an IT company that ended the 2011 fiscal year strongly positioned for growth. The acquisition of Akibia in November 2010 makes Zensar a leader in infrastructure management among midcap IT companies. Zensar has also reorganized around focus verticals, which will allow it to better cross-sell services and mine existing clients. The company now has a robust business model and stronger financials than many peers, including better margins, capital efficiency, and free cash flow generation.
raytheonSmith Barney Citigroup 18th Annual Global Industrial Manufacturing Co...finance12
This document contains the presentation slides from Raytheon Company CFO Ed Pliner at the 18th Annual Global Industrial Manufacturing Conference on March 8, 2005. The presentation provides an overview of Raytheon, including that it is a $20 billion defense technology business leader. It outlines Raytheon's strategy of growing in core defense markets and leveraging domain expertise across sectors. Financial information is presented showing strong order growth, sales increases, debt reduction, and 2005 guidance forecasts.
Fiddle - Presidio MBA team project - M. Chic, E. Irvine, B. Mascioli, J. WiseMatthew Chic
The document discusses the growth of the sharing economy or collaborative consumption market. It provides data on the market size, which was valued at $8 billion in collective funding in 2012 and $110 billion in total market value in 2011. It also shares statistics on the opportunity for individuals, with the average person in New York City able to earn $21,000 per year in the sharing economy. The document outlines the key players in the sharing economy landscape and reviews Fiddle's business model, revenue projections, and financial statements, positioning Fiddle as a platform to connect individuals and companies in the sharing economy.
The document discusses the growth of the sharing economy or collaborative consumption market. It provides data on the market size, which was valued at $8 billion in collective funding in 2012 and $110 billion in total market value in 2011. It also shows a chart depicting strong growth in the number of sharing economy companies from 2011 to mid-2012. The document discusses opportunities in the sharing economy to earn extra income by renting out goods that would otherwise sit idle, such as cars. It presents the sharing economy as enabling more efficient use of resources.
1. Santander reported consistent results in Q1 2009, with attributable profit decreasing 5% year-over-year to EUR 2.096 billion. Excluding exchange rates, profit increased 9%.
2. Net interest income increased 18.8% excluding exchange rates, driven by spreads management in a low interest rate environment. Operating expenses increased 1.8% excluding exchange rates and perimeter changes, reflecting strict cost control.
3. Loan-loss provisions increased 67.8% excluding exchange rates to EUR 2.234 billion, but were lower than in Q4 2008 due to specific provisions. Generic provisions decreased as forecasted.
1. Santander reported consistent results in Q1 2009, with attributable profit decreasing 5% year-over-year to EUR 2.096 billion. Excluding exchange rates, profit increased 9%.
2. Net interest income increased 18.8% excluding exchange rates, driven by spreads management in a low interest rate environment. Operating expenses increased 1.8% excluding exchange rates and perimeter changes, reflecting strict cost control.
3. Loan-loss provisions increased 67.8% excluding exchange rates to EUR 2.234 billion, but were lower than in Q4 2008 due to specific provisions. Generic provisions decreased as forecasted.
Omnicom reported strong financial results for 2007, with revenue increasing 11.6% to $12.7 billion and net income growing 13% to $976 million. Diluted earnings per share rose 18% to $2.95. The company continued to invest in its businesses, adding capabilities and talent to better serve major clients globally. Omnicom agencies received numerous awards for creative excellence. Looking ahead, Omnicom is well positioned with a diversified portfolio to navigate potential economic challenges while continuing to deliver consistent long-term results.
Omnicom reported strong financial results for 2007, with revenue increasing 11.6% to $12.7 billion and net income growing 13% to $976 million. Earnings per share rose 18% to $2.95. The company continued to invest in its businesses, expanding capabilities in digital and new markets. Omnicom agencies received numerous awards for creative excellence. Looking ahead, Omnicom is well positioned with a diverse portfolio but economic challenges may impact some clients. The company will focus on consistent long-term results and building capabilities around client needs through organic growth and acquisitions.
Omnicom reported strong financial results for 2005, with record revenue of $10.5 billion, up 8% from 2004. Net income increased 9% to $791 million, and diluted earnings per share rose 12% to $4.36. Operating profit grew 10% to $1.3 billion. The company saw growth across all of its business segments, including advertising, customer relationship management, public relations, and specialty communications. Omnicom also had record new business wins in 2005 and continued to make investments to strengthen its creative capabilities and expand its global reach.
1) Relative performance measurement in annual incentive plans can help companies mitigate challenges in forecasting goals by measuring performance against peers.
2) Companies set goals through a top-down and bottom-up process but forecasts are uncertain, so relative metrics provide useful context.
3) Relative performance is assessed by comparing metrics like revenue growth, margins, and earnings to peer groups, and can modify payouts up or down based on relative results.
Textron's 2000 annual report outlines its new strategic framework aimed at delivering compelling growth through creating a portfolio of powerful brands and fostering enterprise excellence, with return on invested capital (ROIC) as the key performance metric. Some key points:
- The framework focuses on transitioning businesses into strong brands in attractive, growing industries and leveraging the potential of the Textron enterprise through initiatives like supply chain management, e-business strategies, and shared services.
- Financial goals include achieving a ROIC at least 400 basis points above the weighted average cost of capital, 5% annual organic revenue growth, segment profit margins over 13%, and 10% annual earnings per share growth.
- A Transformation Leadership Team was established to lead
Carfinco Financial Group Inc. is an auto finance company that provides loans to non-prime borrowers. The presentation discusses Carfinco's growing loan portfolio and revenues, increasing earnings per share, and impressive return on equity. Key highlights include a loan portfolio that has grown to $172.5 million, annualized revenues of $67.1 million, quarterly earnings per share of $0.19, and an annualized return on equity of 79.4%. The analysts cited have target share prices ranging from $10 to $12 and view Carfinco positively.
Carfinco Financial Group Inc. is an auto finance company that provides loans to non-prime borrowers. The presentation summarizes the company's consistent growth and profitability, analyst forecasts, competitive position in the Canadian market, and leadership team. Key highlights include a 20% annual growth in loan originations and portfolio size, 11 consecutive quarters of record earnings, and analyst price targets of $10-12 per share.
This document summarizes the Individual Business segment of a company for 2008 results and the 2009 plan. It highlights that earnings declined significantly in 2008 but are projected to increase in 2009. Key priorities for 2009 include leveraging the company's strong market position, maintaining expense controls, adjusting prices for market volatility, and increasing distribution efficiency. The business focuses on annuities and life insurance products distributed through affiliated and third party channels.
- A $100 investment in Smithfield Foods in 1981 would be worth $8,511 today, representing strong returns for shareholders over the past 20 years.
- The company has pursued a strategy of vertical integration, combining hog production with superior genetics and a large fresh pork and processed meats distribution business to gain competitive advantages.
- Smithfield Foods has merged several of its hog production subsidiaries into one organization, Murphy-Brown LLC, creating the world's largest pork production operation and helping ensure a consistent supply of high-quality raw materials.
Fixed Capital Evaluation To Improve Business Growth Powerpoint Presentation S...SlideTeam
This document discusses evaluating fixed capital requirements to improve business growth. It includes an agenda covering assessing fixed capital performance, understanding needs for land, buildings, and machinery, and evaluating expansion and replacement needs. Techniques to be considered include net present value, internal rate of return, payback period. The implementation plan involves inventorying assets, assessing conditions, establishing maintenance plans, identifying failure impacts, and developing optimization and funding strategies. Software can help manage assets, reduce downtime, and provide project snapshots and depreciation methods. Dashboards can track asset values across categories.
This document provides an overview and estimates for MetLife's 4th quarter 2008 results and full year 2008 results. It also reviews MetLife's 2009 plan and discusses key topics such as their variable annuities business and GMIB rider liability. Some of the key points include estimated operating earnings of ($50)-$150 million for Q4 2008, realized gains of $1,200-$1,800 million, and an operating EPS estimate of $3.50-$3.75 for full year 2008. The 2009 plan projects operating earnings of $2,920-$3,250 million and an adjusted operating EPS of $3.60-$4.00. MetLife also discusses their hedging activities and disputes analyses claiming a
This document summarizes DeVry's strategic plan to strengthen its core business of providing career-oriented education through investments in areas like technology and faculty, while also diversifying its business across different academic programs, education levels, and geographies. It discusses DeVry's history of growth and financial performance, current challenges around enrollment and earnings declines, and a 5-point plan to improve performance through cost alignment, recruiting enhancements, awareness building, targeted investments, and developing faculty.
Considerations for a sustainable corporate venture program by Robert Ackerma...the Hartsook Letter
Reputation is Key to the Success/Failure of a CVC Program
* Corporate Venturing is Here to Stay
* Increased Scrutiny Requires Deliberate Steps
* Model will Evolve Based on Lessons Learned
* Working with the Venture Community is Critical
* Every Transaction, Every Engagement, Every Partnership contributes to the Corporate Reputation
This document provides an overview of ratio analysis and its use in analyzing financial statements. It discusses various profitability, asset management, and leverage ratios that can be calculated such as profit margin, return on assets, inventory turnover, days sales outstanding, fixed asset turnover and total asset turnover. Sample calculations of these ratios are shown using income statement and balance sheet data for years 2019 and 2020. The ratios are also compared to industry averages to evaluate the company's performance relative to its peers. The document demonstrates how ratio analysis can be used to identify strengths and weaknesses in a company's operations and financial position.
This document provides an overview and financial projections for Xcel Energy. It discusses Xcel Energy's integrated utility operations, forecasts steady customer and earnings growth, and outlines plans to reduce emissions and refurbish coal plants. It also summarizes Xcel Energy's liquidity and debt refinancing plans, provides 2003 earnings guidance, and outlines priorities including resolving its involvement with bankrupt company NRG.
This document provides an overview and financial projections for Xcel Energy. It discusses Xcel Energy's integrated utility operations, forecasts steady customer and earnings growth, and outlines plans to reduce emissions and refurbish coal plants. It also summarizes Xcel Energy's liquidity and debt refinancing plans, provides 2003 earnings guidance, and outlines priorities including resolving its NRG investment and maintaining its dividend.
This document provides an overview and financial projections for Xcel Energy. It discusses Xcel Energy's integrated utility operations, forecasts steady customer and earnings growth, and outlines plans to reduce emissions and refurbish coal plants. It also summarizes Xcel Energy's liquidity and debt refinancing plans, provides 2003 earnings guidance, and outlines priorities including resolving its involvement with bankrupt company NRG.
This document summarizes Xcel Energy's presentation at the 2003 Banc of America Securities Investment Conference. It outlines Xcel Energy's operations as an integrated utility across multiple US states, financial metrics including earnings growth and dividend yield, efforts to divest from the unprofitable NRG Energy business, and capital expenditure plans including converting coal plants to natural gas to reduce emissions. It also provides guidance for 2003 earnings per share and outlines financing plans to redeem higher interest debt.
This document summarizes Xcel Energy's presentation at the 2003 Banc of America Securities Investment Conference. It outlines Xcel Energy's operations as an integrated utility across multiple US states, its financial performance and guidance, initiatives to reduce emissions in Minnesota, and capital expenditure and financing plans. It highlights Xcel Energy's regulated business model, commitment to dividends, efforts to resolve issues related to its former subsidiary NRG, and expectations for continued earnings growth.
This document summarizes an investor presentation by Xcel Energy on its business operations and financial outlook. It discusses Xcel Energy's integrated utility operations, positive cash flow generation, plans to divest its stake in NRG Energy through bankruptcy proceedings, financial guidance for 2003 including earnings per share, and capital expenditure plans. The presentation also provides comparisons of Xcel Energy's operating metrics to industry peers.
This document provides an overview of Xcel Energy's financial performance and objectives presented at the Edison Electric Institute Financial Conference in October 2003. Key points include: Xcel achieved several accomplishments in 2003 including settling with NRG creditors and maintaining investment grade ratings. Objectives are to invest in utility assets, provide competitive returns, and improve credit ratings. Earnings guidance for 2003 is $1.48-$1.53 per share and $1.15-$1.25 for 2004, driven by utility operations and tax benefits from NRG. The presentation outlines capital expenditures, financing plans, and regulatory strategies.
This document provides an overview of Xcel Energy's financial performance and objectives presented at the Edison Electric Institute Financial Conference in October 2003. Key points include: Xcel achieved several accomplishments in 2003 including settling with NRG creditors and maintaining investment grade ratings. Objectives are to invest in utility assets, provide competitive returns, and improve credit ratings. Earnings guidance for 2003 is $1.48-$1.53 per share and $1.15-$1.25 for 2004, driven by utility operations and tax benefits from NRG. The presentation outlines capital expenditures, financing plans, and regulatory strategies.
This document provides an overview of Xcel Energy from their presentation at the Edison Electric Institute Financial Conference in October 2003. Key points include Xcel achieving several accomplishments in 2003 including settling with NRG creditors, maintaining investment grade ratings, and refinancing debt. Projections for 2004 include earnings of $1.15-1.25 per share assuming NRG emerges from bankruptcy. The presentation outlines Xcel's objectives, investments, regulatory strategy, and earnings drivers to emphasize the company as a low-risk, integrated utility with a total return of 7-8%.
This document provides an overview of Xcel Energy from their presentation at the Banc of America Securities Energy & Power Conference in November 2003. Key points include that Xcel achieved several accomplishments in 2003 including settling with NRG creditors and maintaining investment grade ratings. Objectives for 2004 include investing additional capital in utilities, providing competitive returns to shareholders, and improving credit ratings. Earnings guidance for 2003 is $1.48-$1.53 per share and $1.15-$1.25 per share for 2004.
This document summarizes Xcel Energy's presentation at the Banc of America Securities Energy & Power Conference on November 17-19, 2003. It discusses Xcel Energy's accomplishments in 2003, objectives for investment, earnings growth, and credit ratings improvement. It also provides guidance on projected 2003 and 2004 earnings, cash flows, utility investments, and the expected timeline for NRG's emergence from bankruptcy.
This document summarizes Xcel Energy's presentation at the Banc of America Securities Energy & Power Conference on November 17-19, 2003. It discusses Xcel Energy's accomplishments in 2003, objectives for investment, earnings growth, and credit ratings improvement. It also provides guidance on projected 2003 and 2004 earnings, cash flows, utility investments, and the expected timeline for NRG's emergence from bankruptcy.
This document provides an overview of Xcel Energy Inc. for investors attending the EEI International Financial Conference. It summarizes Xcel's financial performance, business segments, generation assets, environmental commitments, regulatory strategy, and earnings guidance. The presentation outlines Xcel's strengths as a utility, investment merits, and objectives to invest additional capital in its utility business and improve credit ratings while providing competitive returns.
This document provides an overview of Xcel Energy Inc. for investors attending the EEI International Financial Conference. It summarizes Xcel's financial performance, business segments, generation assets, environmental commitments, regulatory strategy, and earnings guidance. The presentation outlines Xcel's strengths as a growing utility, its investment merits, and capital expenditure plans to improve its credit ratings and provide competitive returns.
This document provides an overview of Xcel Energy Inc. for investors attending the EEI International Financial Conference. It summarizes Xcel's business segments, strengths, investment merits, capital investment plans, power supply, environmental commitments, and financial performance. Projections for 2004 earnings per share and cash flow are also presented. Key points include Xcel being the 4th largest US electric and gas utility, a growing service area, low rates, and a goal of providing competitive total returns of 7-9% to shareholders.
Xcel Energy reported improved second quarter 2004 earnings compared to the second quarter of 2003. Net income for the quarter was $86 million, or $0.21 per share, compared to a net loss of $283 million, or $0.71 per share in 2003. Regulated utility earnings from continuing operations improved to $89 million in 2004 from $77 million in 2003. Results from discontinued operations were earnings of $5 million in 2004 compared to losses of $337 million in 2003. The company maintained its annual earnings guidance of $1.15 to $1.25 per share.
This document summarizes a presentation given by Dick Kelly, president and COO of Xcel Energy, at a Lehman Brothers energy conference on September 8, 2004. Kelly outlines Xcel Energy's strategy of investing $900-950 million annually in its utility assets to meet growth, while also pursuing specific generation projects, including a $1 billion coal plant expansion in Colorado. Kelly projects total shareholder return of 7-9% annually through earnings growth of 2-4% and a dividend yield of around 5%.
Wayne Brunetti is the Chairman and CEO of Xcel Energy, a major electric and gas utility. The document discusses Xcel Energy's business strategy, which involves continued investment in its utility assets to meet growth. Key capital projects include a $1 billion emissions reduction program in Minnesota and a proposed $1.3 billion coal plant in Colorado. The summary also provides Xcel Energy's earnings guidance for 2004 and discusses its dividend policy. Brunetti emphasizes that Xcel Energy needs clarity on public policy regarding energy and the environment to effectively plan and invest.
Wayne Brunetti is the Chairman and CEO of Xcel Energy, a major electric and gas utility. The document discusses Xcel Energy's business strategy, which involves continued investment in its utility assets to meet growth. Key capital projects include a $1 billion emissions reduction program in Minnesota and a proposed $1.3 billion coal plant in Colorado. The summary also outlines Xcel Energy's financial metrics, earnings guidance, and dividend policy. Brunetti emphasizes that Xcel Energy needs clarity on public policy regarding energy and the environment to effectively plan and invest.
Wayne Brunetti is the Chairman and CEO of Xcel Energy, a major electric and gas utility. The document discusses Xcel Energy's business strategy, which involves continued investment in its utility assets to meet growth. Key capital projects include a $1 billion emissions reduction program in Minnesota and a proposed $1.3 billion coal plant in Colorado. The summary also provides Xcel Energy's earnings guidance for 2004 and discusses its dividend policy. Brunetti emphasizes that Xcel Energy needs clarity on public policy regarding energy and the environment to effectively plan and invest.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.
Mutual Fund Taxation – How Mutual Funds Are Taxeddhvikdiva
Divadhvik explains Mutual Fund Taxation clearly: Equity funds held over a year are taxed at 10% for gains over ₹1 lakh, while short-term gains are taxed at 15%. Debt funds held over three years are taxed at 20% post-indexation. Short-term gains are taxed as per your income slab.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
3. Information herein is as of 4/22/08
This presentation will include forward-looking
statements that reflect management’s
expectations based on currently available data.
However, actual results are subject to future
events and uncertainties. The information in the
presentation related to projections or other
forward-looking statements may be relied on
subject to the safe harbor statement posted on
our Web site: www.yum.com.
4.
5. Power of Yum!
GLOBAL PORTFOLIO
GLOBAL GROWTH
GLOBAL CASH GENERATION
6. Consistent Double-Digit EPS Growth
+15% +15%
+14%
+13% +13% +13%
+11%
Target
Target
at least
at least
10%
10%
’02 ’03 ’04 ’05 ’06 ’07 ’08 F
Note: Prior to special items. 2005 growth rate is also prior to the impact of expensing stock options.
9. Same-Store-Sales Growth
Brand Vision for Sales Layers
• More Balanced Options
• New Dayparts
• Everyday Value
• Contemporary Beverages & Destination Desserts
• New Proteins
• Contemporary Assets
Leveraging 35,000 Restaurant Assets
10. Asset Leverage Opportunity
2007 Average Unit Volume
($ million)
2.0
2.0 1.9
1.5
1.1 1.0
0.8
Top 10% System Top 10% System Top 10% System System
Company Company
Company
11. High-Return Unit Growth – China
China Division
506
New Restaurants
en
Driv 409
ty
i
Equ 396
357
302 297
’02 ’03 ’04 ’05 ’06 ’07
Strategic
Advantage
Largest Nationwide Development Capability
12. High-Return Unit Growth – YRI
YRI Division
Traditional New Restaurants
852
811
780 785 Company
749 720 6%
94%
Franchise Driven
’02 ’03 ’04 ’05 ’06 ’07
Strategic
Advantage
700+ Franchisees . . . across 110+ Markets
13. Increasing Return on Invested Capital
18% ROIC
• Extensive Equity Investment in Mainland China
• Broad-based YRI Franchise Growth
• Substantially Increased U.S. Franchise Ownership
• Increased Asset Leverage through Sales Layers
14. The Dynasty Model
Our Goal
Our Goal
Be the Best in the World at Building Great Brands and Running Great Restaurants!
Our Passion Our Formula for Success
Our Passion Our Formula for Success
Customer Mania . . . People Capability First . . .
put a YUM on customers’ faces satisfied customers and profitability follow
around the world
How We Lead
How We Lead
(with intentionality)
1. Step Change Thinkers
2. Know How Builders
3. Action Drivers
4. People Growers
How We Grow
How We Grow
Build Drive Aggressive, Dramatically Drive Industry-
Leading Brands in International Expansion Improve U.S. Brand Leading, Long-Term
China in Every and Build Strong Brands Positions, Consistency Shareholder and
Significant Category Everywhere and Returns Franchisee Value
15. A Winning Culture
how we win
together
(hwwt)2
believe in all people
we are customer maniacs
go for breakthrough
build know how
take the hill teamwork
recognize! recognize! recognize!
16. Yum!: A Defining Global Company
People Focused Culture: Where everyone
makes a difference
Breakthrough Results with Breakthrough
Innovation
Giving to Others: World Food Program
16
20. YUM’s #1 Growth Strategy
Build Leading Brands
Build Leading Brands
Across China
Across China
in Every
in Every
Significant Category
Significant Category
Drive
Drive
Aggressive International
Aggressive International
Expansion and Build
Expansion and Build
Strong Brands
Strong Brands
Everywhere
Everywhere
Dramatically Improve
Dramatically Improve
U.S. Brand Positions,
U.S. Brand Positions,
Consistency and Returns
Consistency and Returns
Drive
Drive
Industry-Leading, Long-Term
Industry-Leading, Long-Term
Shareholder and Franchisee
Shareholder and Franchisee
Value
Value
21. Building a Portfolio of Category-Leading
Brands
Western
Western
Western Home Chinese Other New
Other New
Casual
Casual
QSR Delivery QSR Concepts
Concepts
Dining
Dining
?
East Dawning
22. Strong Profit Growth in a Scale Business
China Division
($ million)
26%+
26%+
5-Year CAGR
5-Year CAGR
$375
$290
$205
$120
’02 ’04 ’06 ’07
23. Yum! China
Huge
Huge
Restaurant
Restaurant
Opportunity
Opportunity
Portfolio of Brands
Portfolio of Brands
to Capture Opportunity
to Capture Opportunity
Big Investments
Big Investments
In Support Capability
In Support Capability
24. A Huge Opportunity
— Best growth market of 21st Century —
China
Population
Urban 500 million
Total 1.3 billion
U.S. Total Population
300 million
25. Biggest Growth Opportunity for
Restaurant Industry in 21st Century
Double-digit GDP/personal income growth last 4 years
Over 18 million people enter cities each year
Restaurant chain market share < 3%
U.S. Chain Brands = 60% of U.S. QSR market
High purchase intent for Western brands
Consumer demand for quality growing sharply
26. Big Opportunity Deserves a Big Goal
“To become
the best restaurant company
not only in China but the world”
Yum Restaurants China
Team Mission Statement
At Pepsi spin-off (October 1997)
27. Yum! China
Huge
Huge
Restaurant
Restaurant
Opportunity
Opportunity
Portfolio of Brands
Portfolio of Brands
to Capture Opportunity
to Capture Opportunity
Big Investments
Big Investments
In Support Capability
In Support Capability
28. Building Leading Brands in Multiple Key
Categories
YUM! China
Restaurant Categories
QSR
Casual Delivery
QSR Chinese
Dining
East Dawning
1987 1990 2001 2005
1987 1990 2001 2005
29. KFC the Leader in QSR
#1 QSR
“Life is tastier with KFC”
AUV = $1.3 million
30. KFC Well Positioned to Capture Huge
Opportunity
The leading QSR brand by wide margin
In over 450 cities
Reach & frequency at all-time high
Yet plenty of room for growth
As well positioned in China as McDonald’s was in the U.S.
Strong unit economics enable expansion
31. KFC’s Positioning: Go Beyond
Traditional QSR
Go Beyond the Traditional
Traditional QSR
Maintain the core (QSCV)
Core QSR strengths QSCV
Offer variety
Focus on few products to
generate volume
Focus on product taste
Focus on product consistency
(industrialize) Offer balanced choices
Encourage balanced meals &
Value drivers (“up size”)
regular exercise
Educate consumer on
Eat a lot of same product
healthy life style
frequently
32. KFC Leads in Major Food-Related
Measures…
Top 2 box% KFC
Chicken expert 67*
Food expert 61*
Good taste 73*
Food variety 66*
Interesting new products 65*
Data source: BIT March 2008 *Significant difference versus nearest competition,
N=1900 in 47 cities 95 confidence level
33. … and in Many Brand Imagery Attributes
Top 2 box% KFC
The leading QSR brand in China 65*
A brand I can trust 71*
The QSR brand I like most 63*
Deeply rooted in China 61*
Data source: BIT March 2008 *Significant difference versus nearest competition,
N=1900 in 47 cities 95 confidence level
34. Building a Big Brand at KFC
Community
Involvement
In-Store Experience
Menu
designed for Broad Appeal
Rooted in China
integrated into their life
35. KFC Menu Design Strategy
The chicken expert, but not chicken only
Different cooking platform to enhance variety
Meaningful side items to support balanced choices
Variety for different day parts, including breakfast
Products adapted to local tastes
Innovation Key to KFC’s Menu in China. . .
36. KFC Innovation in Chicken, Other Proteins
Chicken
Fish Series
Sandwiches
39. Beyond Menu, KFC’s In-Store Experience
Second to None
Passionate crew brings Customer Mania to life
Up-to-date interior design
Dedicated hostess program in every store
Chicky program, a big hit with Kids
Birthday parties
Kids fun club - educational content
40. Community Involvement That’s Deeply
Rooted
Hostess as “community ambassador”
Community events / Festival celebration
Chicky program
KFC National Youth 3-on-3 Basketball Tournament
Largest grass-roots sports program in China history
Encourage healthy lifestyle
Charity program a critical part of brand building
First Light Foundation
41. KFC Brand Ready to Grow Even Bigger
• New sales layers
• Multiple proteins
• Multiple day parts
• Delivery
• New cities
43. Pizza Hut the Clear Category Leader in
Casual Dining
Complete casual dining experience
Few Western competitors
In over 80 cities
Developing at rapid pace
Highly profitable business
Proven economics beyond top-tier cities
44. A Unique Western Casual Dining Brand
For most Chinese, a first experience with western dining
Pizza varieties - Pan, Thin & Crispy, Stuffed Crust
Expertise and innovation well beyond Pizza
Sautéed Pasta, Risotto
Regional cuisine – from Italy, from other origins
Complete meals -- appetizer, soup, salad, drinks, dessert
45. A Premium Casual Dining Experience
Escape from the ordinary
Upscale décor package
“5-Star” feel
In-store activities – e.g., country festivals
Fun, special moments
Tea Time afternoon day part
46. Pizza Hut Home Service an Emerging
Growth Brand
Pizza Hut Home Service
First in China to offer pizza delivery
Already a proven business model
Over 50 units today
Entering new cities
47. Delivery Brand with Everyday
Affordability
Functionally focused
Simplifying consumers’ daily routine
New traditional dough
Fast bake time
Non-pizza menu to enhance varieties
48. Delivery with Differentiated Service
Easy ordering
Well-trained Call Center staff
Online ordering
Delivery time promise
Neat, professional drivers
50. Bold Intentions to Build the Leading
Chinese QSR Brand
East Dawning
14 units today
Strong SSS growth
Improving AUVs
Inaugural TV launched
51. A Promising Future
East Dawning
KFC graduate
Higher frequency
Balanced in nature
Moving beyond Shanghai
52. East Dawning – The Choice of Chinese
QSR
East Dawning
Chinese Fast Food Meets KFC’s Standards
53. Yum! China
Huge
Huge
Restaurant
Restaurant
Opportunity
Opportunity
Portfolio of Brands
Portfolio of Brands
to Capture Opportunity
to Capture Opportunity
Big Investments
Big Investments
In Support Capability
In Support Capability
54. Making Bigger Investment in China
Unmatched Support Capabilities
Development
Logistics
Enabling Rapid
Growth in Our
Food Safety/Quality
High-Return
Brands
Food Innovation
Manufacturing
Call Center / Online Ordering
55. Unrivaled Development Capability
Today . . . 600+ Development professionals on the
ground
Extensive people development programs
Technical know-how and execution
Incentive programs drive superior results
Database of 450+ cities
2,500+ investment decisions in our database
56. Penetrating Beyond the Big Cities
KFC – % of New Builds by Tier
Tier 3,4,5,6 51%
Tier 1,2 50 % 48 % 49%
2005 2006 2007
57. New Opportunities in Non-Traditional
Units
• Today, over 25 Drive-Thru units
• Entering new destinations
– Airports, Bus & Train Stations
58. Operating Our Own Logistics Since Day
One
Today, A Powerful Advantage
Distribution Centers: 11
Satellite DC: 5
Processing: 2
59. World Class Logistics Infrastructure
Multiple Brands, Three Temperatures (Dry, Chilled, Frozen)
60. Investing in Logistics to Support Future
Growth
World-class distribution system
Support world-class restaurant operation
Food safety, ensure cold temp chain
Network plan for future store, volume growth
Increased efficiency with scale
61. Food Safety and Quality a Top Priority
Our Food Safety approach cited as strong model for China
Collaborating with government at many levels
Credibility with consumers and regulatory officials
Supplier commitment to our standards growing
As a whole, the industry is moving in the right direction
62. Food Product Innovation a Core Value for
China
Brands focused on developing new sales layers
Multiple categories: Proteins, Snacks, Desserts, Drinks
Launched 80+ new products annually across our brands
Over 170 products in our pipeline at any time
Team understands local palate, unique food culture
Intent to make breakthroughs in big payoff area:
Chinese Fast Food
63. Manufacturing When it Makes Sense
Targeted support for portfolio of growing brands
Pizza Dough Commissary Egg Tart Commissary
Destination Dessert
64. Call Center, Online Ordering to
Strengthen the Brand Experience
Investing in technology, services to make Brands more
accessible
Multiple national call centers, across China
Well-trained staff ready to take customer orders
Online ordering for added convenience
Capabilities scalable for multiple brands
65. Yum! China
Huge
Huge
Restaurant
Restaurant
Opportunity
Opportunity
Portfolio of Brands
Portfolio of Brands
to Capture Opportunity
to Capture Opportunity
Big Investments
Big Investments
In Support Capability
In Support Capability
66. Sustainable Competitive Advantages
Entering 3rd decade in Mainland China, first in market
Talented, tenured team… on the ground in Shanghai
Portfolio of category-leading Brands
Top tier Development team (600+ people)
Own major distribution network
Food Innovation, Food Safety systems “best in class”
Targeted manufacturing where it makes sense
68. Yum! China
Q&A
Yum! China Leadership Panel
Sam Su President, Yum! China
Lily Hsieh Chief Financial Officer
Angela Loh Chief Marketing Officer
Joaquin Pelaez Chief Support Officer