Negocios

Financial Highlights
(In millions, except for per share amounts) Year-end 2011 2010 % B/(W) change

Company sales Franchise and license fees and income Total revenues Operating Profit Net Income – Yum! Brands, Inc. Diluted Earnings Per Common Share before Special Items Special Items Earnings Per Common Share
(a) (a)

$ 10,893 1,733 $ 12,626 $ $ $ $ $ 1,815 1,319 2.87 (0.13) 2.74 2,170

$9,783 1,560

11 11 11 3 14 14 NM 15 10

$ 11,343 $ $ $ $ $ 1,769 1,158 2.53 (0.15) 2.38 1,968

Reported Diluted Earnings Per Common Share Cash Flows Provided by Operating Activities
(a) See page 23 of our 2011 Form 10-K for further discussion of Special Items.

Contents
Dear Partners..................................................................................... 1 China and AWhole Lot More .......................................................2–5 Improving US Brand Positions .................................................... 6-7 Core Strategies ...................................................................................... 8 Business Model...................................................................................... 9 Taking People With You..................................................................... 10

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www.yum.com/annualreport

Dear Partners,
I am pleased to report we delivered 14% EPS growth in 2011, excluding special items, marking the 10th consecutive year we achieved at least 13% and exceeded our annual target of at least 10%. We once again demonstrated an ability to deliver strong results even inthe face of a challenging economic and macroeconomic environment. This is backed up by the fact we grew system sales 7%, prior to foreign currency translation and proved to be one of the leading retail developers of units outside the U.S., as we opened 1,561 new units, the eleventh straight year we’ve opened more than 1,000 new units. We generated $1.3 billion of net income and over $2 billion incash from operations. Our share price jumped 20% for the full year, on top of 40% in 2010. We take special pride that over the long term our five year average annual return, including stock appreciation and dividend reinvestment, is 17% versus a flat S&P average. Our strong cash flow generation, combined with our disciplined approach to deploying capital, allowed us to increase our dividend 14%,to an annual rate of $1.14 per share. Every year in December we host our Investor and Analyst Day in New York. This meeting gives us the opportunity to “go public” with our goals and commitments as well as showcase our management talent from around the world. The theme of our 2011 meeting was “On the Ground Floor of Global Growth: China and a Whole Lot More.” No statement could better describeYum! Brands. We, of course, highlighted our 10-year track record, but even more importantly, the future growth prospects of our company. The facts are we have a portfolio of brands with leadership positions in China and other emerging markets, with a long runway for growth. We have an asset base of over 37,000 restaurants and we continue to make progress leveraging these assets further by buildingsales layers and expanding dayparts. Additionally, we invested over $900 million in 2011 in the future growth of our business and returned cash to shareholders through share buy backs and a meaningful and growing dividend. All of this adds up to a growing confidence in our business model. As a matter of fact, we’re confident the best is yet to come as we pursue our objective to be the defining...