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Dienstag, 07.02.2017 22:30 von PR Newswire | Aufrufe: 52

Yum China Reports Full Year Operating Profit of US$640 million, up 31% year-over-year Led by Margin Expansion and New Unit Openings; Board Authorizes Share Repurchase Program

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PR Newswire

SHANGHAI, Feb. 8, 2017

SHANGHAI, Feb. 8, 2017 /PRNewswire/ -- Yum China Holdings, Inc. (the "Company" or "Yum China") (NYSE: YUMC) today reported unaudited results for the full year and fourth quarter ended December 31, 2016. Reported GAAP results include Special Items, which are excluded from non-GAAP measures. Special Items are not allocated to any segment and therefore only impact reported results of Yum China. See Reconciliation of Reported Results to Non-GAAP Measures within this release.

The Board of Directors authorized Yum China to repurchase up to $300 million of shares of common stock.

Full-Year Highlights

Total system sales grew 5%, including growth of 6% at KFC and 3% at Pizza Hut Casual Dining, excluding foreign currency translation ("F/X").
Opened 575 new restaurants for the full year, or 5% net growth, surpassing 7,500 restaurants in China.
Same-store sales were flat, with an increase of 3% at KFC, offset by a decline of 7% at Pizza Hut Casual Dining.
Total restaurant margin increased 2.7 percentage points to 15.3%, primarily aided by the impact of retail tax structure reform implemented on May 1, 2016.
Reported operating profit grew 31%, primarily aided by the impact of retail tax structure reform. Foreign currency translation negatively impacted operating profit by $36 million. Excluding F/X and Special Items, operating profit grew 37%.

Fourth-Quarter Highlights

Total system sales grew 4%, including growth of 4% at KFC and 6% at Pizza Hut Casual Dining, excluding F/X.
Opened 302 new restaurants during the quarter.
Same-store sales were flat, with an increase of 1% at KFC, offset by a decline of 3% at Pizza Hut Casual Dining.
Foreign currency translation negatively impacted operating profit by $5 million.

Key Financial Results

Fourth Quarter

Full Year

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Yum China Holdings Inc

39,65 $

+1,56%

(in US$ million, except

% Change

for per share data and percentages)

2016

2015

Reported

Ex F/X

2016

2015

Reported

Ex F/X

Reported Operating Profit

922%

1,010%

640

488

31%

38%

Operating Profit Before Special Items¹

265%

288%

655

503

30%

37%

Diluted EPS

0.23

(0.08)

1.36

0.89

53%

62%

Diluted EPS Before Special Items¹

0.17

(0.05)

1.28

0.92

39%

48%

¹See Reconciliation of Reported Results to Non-GAAP Measures included in the accompanying tables of this release for further details.

Note: All comparisons are versus the same period a year ago.

Consistent with prior years, Yum China's fiscal fourth quarter includes September, October, November and December results.

CEO Comments

"This was a momentous year for Yum China. We successfully became an independent, publicly traded company while simultaneously improving our business performance and investing for future growth. At year end 2016 with over 7,500 restaurants nationwide, we extended our market-leading position in China," said Micky Pant, CEO.

"For our shareholders, we exceeded our 2016 financial targets* in operating profit, restaurant margin and adjusted EBITDA. We continue to focus on our long-term growth formula: new unit development, same-store sales growth, and continued restaurant margin improvement. Right now, our top priority is consistently delivering positive same-store sales growth. During 2016, we continued to build a foundation for long-term growth with emphasis on product innovation, investments in refurbishing our restaurants, and focus on digital engagement with our customers.

2016 was a ground breaking year for Yum China in Digital and Delivery. Our loyalty programs have over 80 million members between KFC and Pizza Hut and are ranked #1 in the restaurant industry worldwide in terms of number of members. Total delivery sales reached approximately US$700 million, and in 2016, we were #1 among restaurant operators in terms of online sales in China. Cashless payment accounted for about 30% of our company sales.

Yum China has a long and successful track record of doing business in China, and 2017 marks the 30th anniversary of the launch of KFC in China. While we have achieved a lot in the past three decades, our growth plans give us confidence that we are well-positioned to drive strong operating performance and generate high returns for our shareholders over the long run. We believe the majority of our restaurants in China are yet to be built."

*	As detailed in our October 2016 investor conference.

New-Unit Development and Asset Upgrades

We believe development opportunities across China will provide us with new restaurant growth for all of our brands. Increasing urban population, continued development of city clusters and new transportation hubs provide growth opportunities for our nationwide development team.

Opened 575 new restaurants for the year and 302 for the fourth quarter, driven by development of the KFC brand.
96 of the new restaurants were opened in 56 new cities.
Remodeled 791 restaurants, focused on KFC. Over 75% of Yum China's current store portfolio has been remodeled or built in the past five years.
Opened first Taco Bell restaurant in Shanghai, China.

New Units

Restaurant Count

Fourth

Quarter

Full Year

% Change¹

Yum China

302

575

7,562

KFC

179

323

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