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Mod X: Incorporating additional information Jake Peng

Mod X: Incorporating additional information Jake Peng. Agenda. Introduction Expansion of items in F/S. An overview of the QSR industry. Fast Food Hamburger Restaurants (FFHR) High competitive High volume, low margin Compete on cost leadership and market penetration. Restaurant industry

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Mod X: Incorporating additional information Jake Peng

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  1. Mod X: Incorporating additional informationJake Peng

  2. Agenda • Introduction • Expansion of items in F/S

  3. An overview of the QSR industry • Fast Food Hamburger Restaurants (FFHR) • High competitive • High volume, low margin • Compete on cost leadership and market penetration Restaurant industry ($1.75 trillion) Fine dining Quick service restaurant “Fast casual” Others

  4. Comparison

  5. Overview of Burger King • World’s 2nd largest FFHR • 13,660 restaurants in 80+ countries • 1.1 billion in revenues, 234 million net income in 2013 • Brief history • Started in 1950s; changed hands several times • Acquired from Diageo by a P/E consortium in 2002 and first went public in 2006 • Acquired by 3G Capital in Oct. 2010 and went public again in Jun. 2012

  6. Global refranchising strategy • Sell Company restaurants to franchisees • Started in 2011, completed in 2013 • % Franchised stores up from 89% (2010) to 99.6%(2013) • Only retained 52 own stores in Florida for new product testing • Benefit • Avoid capital commitment • Focus on marketing, food innovation, and global expansion

  7. Revenue breakdown (2013)

  8. Consolidated B/S - Asset • Largest three items: • Intangibles (including G/W) • Cash • PPE

  9. Prepaids and other assets

  10. PPE

  11. Intangibles

  12. Other asset (non-current)

  13. Consolidated B/S - Liability • Observation: • Minimal ST debt, but significant LT debt • Highly leveraged – A/L ratio 74%

  14. Other current liabilities (accrued liabilities)

  15. Other liabilities (non-current)

  16. Pensions On B/S In Notes

  17. Deferred tax

  18. Deferred tax

  19. Income Statement

  20. Revenues

  21. SG&A

  22. Other operating loss

  23. Questions?

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