Yum! Brands (YUM) FY2013 results: revenue $13.1 billion, down 4.0% on the year
Yum! Brands, Inc. (YUM) reported revenue of $13.1 billion for fiscal 2013, the year ended 28 December 2013, down 4.0% on the year before. Net income was $1.1 billion, down 31.7%, and diluted earnings per share $2.36. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2014.
Revenue
$13.1 billion
-4.0% on the year
FY2007FY2013
Operating margin
13.7%
16.8% a year earlier
FY2007FY2013
Net income
$1.1 billion
-31.7% on the year
FY2007FY2013
Diluted EPS
$2.36
-30.2% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
13,084
13,633
12,626
-4.0%
Cost of revenue
9,501
9,852
9,140
-3.6%
Gross profit
3,583
3,781
3,486
-5.2%
Gross margin
27.4%
27.7%
27.6%
Research and development
31.0
30.0
34.0
+3.3%
Operating income
1,798
2,294
1,815
-21.6%
Operating margin
13.7%
16.8%
14.4%
Interest expense
270
169
184
+59.8%
Pre-tax income
1,551
2,145
1,659
-27.7%
Income tax
487
537
324
-9.3%
Effective tax rate
31.4%
25.0%
19.5%
Net income
1,091
1,597
1,319
-31.7%
Net margin
8.3%
11.7%
10.4%
Diluted EPS
$2.36
$3.38
$2.74
-30.2%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
2,139
2,294
2,170
-6.8%
Capital expenditure
1,049
1,099
940
-4.5%
Free cash flow
1,090
1,195
1,230
-8.8%
Free cash flow margin
8.3%
8.8%
9.7%
Cash from investing
-886
-1,005
-1,006
Cash from financing
-1,451
-1,716
-1,413
Depreciation and amortisation
721
665
637
+8.4%
Share-based compensation
49.0
50.0
59.0
-2.0%
Buybacks
770
965
752
-20.2%
Dividends paid
615
544
481
+13.1%
Dividend per share
$1.41
$1.24
$1.07
+13.7%
Diluted shares, weighted
461m
473m
481m
-2.5%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
2,166
2,154
1,823
+0.6%
Non-controlling interest
63.0
99.0
93.0
-36.4%
Redeemable equity
39.0
59.0
n/a
-33.9%
Debt
2,989
2,942
3,317
+1.6%
Other liabilities
3,438
3,757
3,601
-8.5%
Total liabilities and equity
8,695
9,011
8,834
-3.5%
Fixed assets
4,459
4,250
4,042
+4.9%
Goodwill
889
1,034
681
-14.0%
Intangible assets
638
690
299
-7.5%
Investments
10.0
n/a
n/a
Cash and equivalents
573
776
1,198
-26.2%
Inventory
294
313
273
-6.1%
Other assets
1,832
1,948
2,341
-6.0%
Total assets
8,695
9,011
8,834
-3.5%
10-K for the year ended 28 December 2013, filed 18 February 2014: the filing.