Yum! Brands (YUM) FY2011 results: revenue $12.6 billion, up 11.3% on the year
Yum! Brands, Inc. (YUM) reported revenue of $12.6 billion for fiscal 2011, the year ended 31 December 2011, up 11.3% on the year before. Net income was $1.3 billion, up 13.9%, and diluted earnings per share $2.74. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2012.
Revenue
$12.6 billion
+11.3% on the year
FY2007FY2011
Operating margin
14.4%
15.6% a year earlier
FY2007FY2011
Net income
$1.3 billion
+13.9% on the year
FY2007FY2011
Diluted EPS
$2.74
+15.1% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
12,626
11,343
10,836
+11.3%
Cost of revenue
9,140
8,120
7,934
+12.6%
Gross profit
3,486
3,223
2,902
+8.2%
Gross margin
27.6%
28.4%
26.8%
Research and development
34.0
33.0
31.0
+3.0%
Operating income
1,815
1,769
1,590
+2.6%
Operating margin
14.4%
15.6%
14.7%
Interest expense
184
195
212
-5.6%
Pre-tax income
1,659
1,594
1,396
+4.1%
Income tax
324
416
313
-22.1%
Effective tax rate
19.5%
26.1%
22.4%
Net income
1,319
1,158
1,071
+13.9%
Net margin
10.4%
10.2%
9.9%
Diluted EPS
$2.74
$2.38
$2.22
+15.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
2,170
1,968
1,404
+10.3%
Capital expenditure
940
796
797
+18.1%
Free cash flow
1,230
1,172
607
+4.9%
Free cash flow margin
9.7%
10.3%
5.6%
Cash from investing
-1,006
-579
-727
Cash from financing
-1,413
-337
-542
Depreciation and amortisation
637
589
580
+8.1%
Share-based compensation
59.0
47.0
56.0
+25.5%
Buybacks
752
371
0.0
+102.7%
Dividends paid
481
412
362
+16.7%
Dividend per share
$1.07
$0.92
$0.80
+16.3%
Diluted shares, weighted
481m
486m
483m
-1.0%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
1,823
1,576
1,025
+15.7%
Non-controlling interest
93.0
93.0
89.0
0.0%
Short-term borrowings
n/a
n/a
59.0
Debt
3,317
3,588
3,227
-7.6%
Other liabilities
3,601
3,059
2,748
+17.7%
Total liabilities and equity
8,834
8,316
7,148
+6.2%
Fixed assets
4,042
3,830
3,899
+5.5%
Goodwill
681
659
640
+3.3%
Intangible assets
299
475
462
-37.1%
Cash and equivalents
1,198
1,426
353
-16.0%
Inventory
273
189
122
+44.4%
Other assets
2,341
1,737
1,672
+34.8%
Total assets
8,834
8,316
7,148
+6.2%
10-K for the year ended 31 December 2011, filed 21 February 2012: the filing.