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Consolidated Statement of Income

In millions, except per share data

REVENUES
Sales by Company-operated restaurants
Revenues from franchised restaurants
Total Revenues
OPERATING COSTS AND EXPENSES
Company-operated restaurant expenses
Food & paper
Payroll & employee benefits
Occupancy & other operating expenses
Franchised restaurants-occupancy expenses
Selling, general & administrative expenses
Other operating (income) expense, net
Total operating costs and expenses
Operating income
Interest expense-net of capitalized interest of $15.5, $15.9 and $14.0
Nonoperating (income) expense, net
Income before provision for income taxes
Provision for income taxes
Net Income
Earnings per common share-basic
Earnings per common share-diluted
Dividends declared per common share
Weighted-average shares outstanding-basic
Wieghted-average shares outstanding-diluted
See Notes to consolidated financial statements.

Years ended December

$
$
$

31, 2013

2012

2011

$ 18,874.20
9,231.50
28,105.70

$ 18,602.50
8,964.50
27,567.00

18,292.80
8,713.20
27,006.00

6,361.30
4,824.10
4,393.20
1,624.40
2,385.60
-247.2
19,341.10
8,764.30
521.9
37.90
8,204.50
2,618.60
5,585.90
5.59
5.55
3.12
998.40
1,006.00

6,318.20
4,710.30
4,195.20
1,527.00
2,455.20
-243.5
18,962.40
8,604.60
516.6
9.00
8,079.00
2,614.20
5,464.80
5.41
5.36
2.87
1.010,1
1.020,2

6,167.20
4,606.30
4,064.40
1,481.50
2,393.70
-236.8
18,476.30
8,529.70
492.80
24.70
8,012.20
2,509.10
5,503.10
5.33
5.27
2.53
1,032.10
1,044.90

$
$
$
$

$
$
$
$

Shareholders equity
Preferred stock, no par value; authorized 165.0 million shares; issued none
Common stock, $.01 par value; authorized 3.5 billion shares; issued 1,660.6 million shares
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income
Common stock in treasury, at cost; 670.2 and 657.9 million shares
Total shareholders equity
Total liabilities and shareholders equity
See Notes to consolidated financial statements.

Consolidated Balance Sheet


In millions, except per share data
ASSETS
Current assets
Cash and equivalents
Accounts and notes receivable
Inventories, at cost, not in excess of market
Prepaid expenses and other current assets
Total current assets
Other assets
Investments in and advances to affiliates
Goodwill
Miscellaneous
Total other assets
Property and equipment
Property and equipment, at cost
Accumulated depreciation and amortization
Net property and equipment
Total assets
LIABILITIES AND SHAREHOLDERS EQUITY
Current liabilities
Accounts payable
Income taxes
Other taxes
Accrued interest
Accrued payroll and other liabilities
Total current liabilities
Long-term debt
Other long-term liabilities
Deferred income taxes
Shareholders equity
Preferred stock, no par value; authorized 165.0 million shares; issued none
Common stock, $.01 par value; authorized 3.5 billion shares; issued 1,660.6 million shares
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income
Common stock in treasury, at cost; 670.2 and 657.9 million shares
Total shareholders equity
Total liabilities and shareholders equity
See Notes to consolidated financial statements.

December 31, 2013

2012

$ 2,798.70
1,319.80
123.7
807.9
$ 5,050.10

$ 2,336.10
1,375.30
121.7
1,089.00
$ 4,922.10

1,209.10
2,872.70
1,747.10
5,828.90

1,380.50
2,804.00
1,602.70
5,787.20

40,355.60
-14,608.30
25,747.30
$ 36,626.30

38,491.10
-13,813.90
24,677.20
$ 35,386.50

$ 1,086.00
215.5
383.1
221.6
1,263.80
$ 3,170.00
14,129.80
1,669.10
1,647.70

$ 1,141.90
298.7
370.7
217
1,374.80
$ 3,403.10
13,632.50
1,526.20
1,531.10

16.6
5,994.10
41,751.20
427.6
-32,179.80
16009.7
$ 36,626.30

16.6
5,778.90
39,278.00
796.4
-30,576.30
15293.6
$ 35,386.50

Consolidated Statement of Cash Flows


In millions
Operating activities
Net income
Adjustments to reconcile to cash provided by operations
Charges and credits:
Depreciation and amortization
Deferred income taxes
Share-based compensation
Other
Changes in working capital items:
Accounts receivable
Inventories, prepaid expenses and other current assets
Accounts payable
Income taxes
Other accrued liabilities
Cash provided by operations
Investing activities
Capital expenditures
Purchases of restaurant businesses
Sales of restaurant businesses and property
Other
Cash used for investing activities
Financing activities
Net short-term borrowings
Long-term financing issuances
Long-term financing repayments
Treasury stock purchases
Common stock dividends
Proceeds from stock option exercises
Excess tax benefit on share-based compensation
Other
Cash used for financing activities
Effect of exchange rates on cash and equivalents
Cash and equivalents increase (decrease)
Cash and equivalents at beginning of year
Cash and equivalents at end of year
Supplemental cash flow disclosures
Interest paid
Income taxes paid
See Notes to consolidated financial statements.

Yers ended December 31,

2013

2012

2011

$ 5,585.90

$ 5,464.80

$ 5,503.10

1,585.10
25.2
89.1
26.8

1,488.50
134.5
93.4
-92

1,415.00
188.4
86.2
-82.6

56.2
-44.4
-60.7
-154.4
11.9
$ 7,120.70

-29.4
-27.2
124.1
-74
-116.6
$ 6,966.10

-160.8
-52.2
35.8
198.5
18.7
$ 7,150.10

-2,824.70
-181
440.1
-108.2
-2,673.80

-3,049.20
-158.5
394.7
-354.3
-3,167.30

-2,729.80
-186.4
511.4
-166.1
-2,570.90

-186.5
1,417.20
-695.4
-1,777.80
-3,114.60
233.3
92.6
-11.8
-4043
$ 58.70
462.6
2,336.10
$ 2,798.70

-117.5
2,284.90
-962.8
-2,615.10
-2,896.60
328.6
142.3
-13.6
-3849.8
51.4
0.4
2,335.70
$ 2,336.10

260.6
1,367.30
-624
-3,363.10
-2,609.70
334
112.5
-10.6
-4533
-97.5
-51.3
2,387.00
$ 2,335.70

$ 532.70
2,546.00

$ 533.70
2,447.80

$ 489.30
2,056.70

Balance Sheet
Period Ending:

Trend

12/31/2013

1/1/2013

3/1/2012

Current Assets
$ 61,751

$ 83,569

$ 48,211

$0

$0

$0

Net Receivables

$ 86,079

$ 77,915

$ 63,476

Inventory

$ 35,478

$ 28,836

$ 28,210

Other Current Assets

$ 42,595

$ 39,887

$ 36,498

Total Current Assets

$ 225,903

$ 230,207

$ 176,395

$0

$0

$0

$ 795,379

$ 764,418

$ 758,503

$0

$0

$0

Intangible Assets

$ 18,647

$ 17,829

$ 14,674

Other Assets

$ 84,185

$ 79,713

$ 72,998

$0

$0

$0

$ 1,124,114

$ 1,092,167

$ 1,022,570

$ 264,247

$ 253,034

$ 223,240

Cash and Cash Equivalents

Short-Term Investments

Long-Term Assets
Long-Term Investments
Fixed Assets

Goodwill

Deferred Asset Charges

Total Assets

Current Liabilities
Accounts Payable

$0

$0

$0

Other Current Liabilities

$0

$0

$0

Total Current Liabilities

$ 264,247

$ 253,034

$ 223,240

Long-Term Debt

$0

$0

$0

Other Liabilities

$ 110,587

$ 91,411

$ 82,908

Deferred Liability Charges

$ 171,927

$ 167,996

$ 173,669

Misc. Stocks

$0

$0

$0

Minority Interest

$0

$0

$0

$ 546,761

$ 512,441

$ 479,817

$ 906

$ 878

$ 859

Capital Surplus

$ 602,469

$ 508,130

$ 455,339

Retained Earnings

$ 989,451

$ 902,532

$ 816,977

-$ 1,015,473

-$ 831,814

-$ 730,422

Other Equity

$0

$0

$0

Total Equity

$ 577,353

$ 579,726

$ 542,753

$ 1,124,114

$ 1,092,167

$ 1,022,570

Short-Term Debt / Current


Portion of Long-Term Debt

Total Liabilities

Stock Holders Equity


Common Stocks

Treasury Stock

Total Liabilities & Equity

12/31/2010

$ 81,619

$0
$ 61,962

$ 23,036

$ 28,345

$ 194,962

$0
$ 755,468

$0
$ 14,482

$ 72,395

$0

$ 1,037,307

$ 202,705

$0

$0

$ 202,705

$0
$ 79,179

$ 163,086

$0
$0
$ 444,970

$ 849

$ 428,527

$ 721,257

-$ 558,296
$0
$ 592,337

$ 1,037,307

Consolidated Statement of Income

Period Ending:
Total Revenue
Cost of Revenue
Gross Profit

Trend

12/31/2013

1/1/2013

3/1/2012

12/31/2010

$ 1,877,910

$ 1,809,017

$ 1,757,624

$ 1,659,404

$ 455,685

$ 450,153

$ 448,468

$ 412,855

$ 1,422,225

$ 1,358,864

$ 1,309,156

$ 1,246,549

$0

$0

$0

$0

$ 1,170,368

$ 1,123,907

$ 1,092,063

$ 1,041,045

$ 12,345

$ 21,825

$ 11,685

$ 5,153

Operating Expenses
Research and Development
Sales, General and Admin.
Non-Recurring Items
Other Operating Items
Operating Income
Add'l income/expense items
Earnings Before Interest and Tax
Interest Expense
Earnings Before Tax
Income Tax

$ 78,558

$ 74,433

$ 71,958

$ 72,140

$ 160,954

$ 138,699

$ 133,450

$ 128,211

$0

$0

$0

$0

$ 156,450

$ 133,974

$ 129,143

$ 111,089

$0

$0

$0

$0

$ 156,450

$ 133,974

$ 129,143

$ 111,089

$ 42,094

$ 35,551

$ 33,423

$ 29,376

$0

$0

$0

$0

Minority Interest
Equity Earnings/Loss
Unconsolidated Subsidiary
Net Income-Cont. Operations

$0

$0

$0

$0

$ 114,356

$ 98,423

$ 95,720

$ 81,713

Net Income

$ 114,356

$ 98,423

$ 95,720

$ 81,713

Net Income Applicable to Common


Shareholders

$ 114,356

$ 98,423

$ 95,720

$ 81,713

Cash Flow
Period
Ending:

Trend

12/31/2013

1/1/2013

3/1/2012

12/31/2010

$ 114,356

$ 98,423

$ 95,720

$ 81,713

$ 78,558

$ 74,433

$ 71,958

$ 72,140

$ 20,992

$ 4,442

$ 20,215

$ 11,256

-$ 2,009

-$ 19,228

$ 50

-$ 4,653

Changes in
Inventories

-$ 6,642

-$ 626

-$ 5,174

-$ 834

Other
Operating

-$ 6,705

-$ 9,922

-$ 8,698

-$ 7,288

Liabilities

$ 6,235

$ 47,849

$ 21,993

$ 14,723

Net Cash
Flow-

$ 204,785

$ 195,371

$ 196,064

$ 167,057

-$ 106,289

-$ 86,442

-$ 76,746

-$ 41,847

$0

$0

$0

$0

Other
Investing

-$ 1,654

-$ 1,712

-$ 870

-$ 1,821

Net Cash
Flows-

-$ 107,943

-$ 88,154

-$ 77,616

-$ 43,668

Cash FlowsFinancing
Sale and
Purchase of

-$ 110,763

-$ 62,109

-$ 155,980

-$ 21,511

$ 11,529

$ 211

$ 3,383

-$ 97,331

$0

$0

$0

$0

Net Income

Cash FlowsOperating
Depreciation

Net Income
Adjustments

Changes in
Operating
Accounts
Receivable

Cash FlowsInvesting
Capital
Expenditures
Investments

Net
Borrowings

Other
Financing

Net Cash
FlowsEffect of
Exchange
Net Cash
Flow

-$ 118,660

-$ 71,859

-$ 151,856

-$ 115,485

$0

$0

$0

$0

-$ 21,818

$ 35,358

-$ 33,408

$ 7,904

McDonalds

1) Gross margin*
Gross Profit
Sales

$ 8,764.30
$ 28,105.70

EBIT
Sales

$ 8,204.50
$ 28,105.70

Net Income
Sales

$ 5,585.90
$ 28,105.70

Net Income
Assets

$ 5,585.90
$ 36,626.30

Net Income
Shareholders Equity

$ 5,585.90
$ 16,009.70

2) Operating margin

3) Net margin

4) ROA

5) ROE

*Groos Margin acording nasdaq is:


Sales by Company-operated restaurants
Revenues from franchised restaurants
Total Revenues
OPERATING COSTS AND EXPENSES
Company-operated restaurant expenses
Food & paper
Payroll & employee benefits
Occupancy & other operating expenses
Franchised restaurants-occupancy expenses
Total Operating Costs And Expenses
Gross Profit
Sales
Gross Margin = Gross Profit / Sales =

onalds

The Cheescake Factory


31.18%

75.73%
Gross Profit
Sales

29.19%

8.33%
EBIT
Sales

$ 156,450
$ 1,877,910

19.87%

6.09%
Net Income
Sales

$ 114,356
$ 1,877,910

Net Income
Assets

$ 114,356
$ 1,124,114

15.25%

10.17%

34.89%

ted restaurants
d restaurants

19.81%
Net Income
$ 114,356
Shareholders Equity
$ 577,353

$ 18,874.20
9,231.50
28,105.70

urant expenses

ating expenses
ccupancy expenses
nd Expenses

ofit / Sales =

$ 1,422,225
$ 1,877,910

6,361.30
4,824.10
4,393.20
1,624.40
17,203.00
10,902.70
28,105.70
38.79%

McDonalds

1) Total asset turnover

0.77
Sales
Assets

$ 28,105.70
$ 36,626.30

2) Inventory turnover / days

227.21
Sales
Inventory
Days
Year
Inventory Turnover

$ 28,105.70
$ 123.70

Sales
Other Receivables and Assets
Days
Year
Receivables Turnover

$ 28,105.70
$ 1,319.80

1.61
365
227.21

3) Receivables turnover / days

21.30

17.14
365
21.30

4) Payable turnover / days

25.88
Sales
Payables
Days
Year
Payable Turnover

$ 28,105.70
$ 1,086.00
14.10
365
25.88001842

5) Cash conversion cycle

4.64
Inventory
Receivables
Payables

1.61
17.14
14.10

The Cheescake Factory


1.670569
Sales
Assets

$ 1,877,910
$ 1,124,114
52.931676

Sales
Inventory
Days
Year
Inventory Turnover

$ 1,877,910
$ 35,478
6.8956819
365
52.93167597
22.306943

Sales
Other Receivables and Assets
Days
Year
Receivables Turnover

$ 1,877,910
$ 84,185
16.3626185
365
22.30694304
7.10664643

Sales
Payables
Days
Year
Payable Turnover

$ 1,877,910
$ 264,247
51.3603714
365
7.106646433
41.8934347

Inventory
Receivables
Payables

6.895681902
16.36261855
51.36037137