$YUMC
Yum China Holdings, Inc.

2016 Q4 Form 10-Q Financial Statement

#000156459016029416 Filed on November 17, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $1.883B $1.969B
YoY Change -4.37%
Cost Of Revenue $890.0M $967.0M
YoY Change -7.96%
Gross Profit $993.0M $1.002B
YoY Change -0.9%
Gross Profit Margin 52.73% 50.89%
Selling, General & Admin $703.0M $740.0M
YoY Change -5.0%
% of Gross Profit 70.8% 73.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $130.0M $101.0M $106.0M
YoY Change -7.14% -4.72%
% of Gross Profit 10.17% 10.58%
Operating Expenses $723.0M $747.0M
YoY Change -3.21%
Operating Profit $286.0M $255.0M
YoY Change 12.16%
Interest Expense $20.00M $2.000M
YoY Change 900.0%
% of Operating Profit 6.99% 0.78%
Other Income/Expense, Net
YoY Change
Pretax Income $289.0M $257.0M
YoY Change 12.45%
Income Tax $87.00M $65.00M
% Of Pretax Income 30.1% 25.29%
Net Earnings $192.0M $187.0M
YoY Change 2.67%
Net Earnings / Revenue 10.2% 9.5%
Basic Earnings Per Share $0.53 $0.51
Diluted Earnings Per Share $0.53 $0.51
COMMON SHARES
Basic Shares Outstanding 383.1M
Diluted Shares Outstanding 363.8M

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $964.0M $750.0M
YoY Change 126.82%
Cash & Equivalents $885.0M $750.0M $603.0M
Short-Term Investments $79.00M
Other Short-Term Assets $120.0M $80.00M
YoY Change 10.09%
Inventory $268.0M $218.0M
Prepaid Expenses
Receivables $74.00M $110.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.426B $1.158B
YoY Change 78.47%
LONG-TERM ASSETS
Property, Plant & Equipment $1.647B $1.707B
YoY Change -10.54%
Goodwill $79.00M $82.00M
YoY Change -7.06%
Intangibles $88.00M $96.00M
YoY Change -17.76%
Long-Term Investments $71.00M $64.00M
YoY Change 16.39%
Other Assets $254.0M $217.0M
YoY Change 32.29%
Total Long-Term Assets $2.301B $2.305B
YoY Change -4.2%
TOTAL ASSETS
Total Short-Term Assets $1.426B $1.158B
Total Long-Term Assets $2.301B $2.305B
Total Assets $3.727B $3.463B
YoY Change 16.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $480.0M $521.0M
YoY Change 9.59%
Accrued Expenses $337.0M $316.0M
YoY Change -3.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.000M
YoY Change 0.0%
Total Short-Term Liabilities $1.004B $1.092B
YoY Change 5.91%
LONG-TERM LIABILITIES
Long-Term Debt $28.00M $29.00M
YoY Change -17.65%
Other Long-Term Liabilities $252.0M $232.0M
YoY Change 7.69%
Total Long-Term Liabilities $252.0M $232.0M
YoY Change 7.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.004B $1.092B
Total Long-Term Liabilities $252.0M $232.0M
Total Liabilities $1.284B $1.353B
YoY Change 5.59%
SHAREHOLDERS EQUITY
Retained Earnings $40.00M
YoY Change
Common Stock $2.356B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $20.00M
YoY Change
Treasury Stock Shares
Shareholders Equity $2.377B $2.044B
YoY Change
Total Liabilities & Shareholders Equity $3.727B $3.463B
YoY Change 16.43%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $192.0M $187.0M
YoY Change 2.67%
Depreciation, Depletion And Amortization $130.0M $101.0M $106.0M
YoY Change -7.14% -4.72%
Cash From Operating Activities $44.00M $400.0M $522.0M
YoY Change -650.0% -23.37%
INVESTING ACTIVITIES
Capital Expenditures -$168.0M -$96.00M -$122.0M
YoY Change 8.39% -21.31%
Acquisitions
YoY Change
Other Investing Activities -$71.00M $78.00M $22.00M
YoY Change -1114.29% 254.55%
Cash From Investing Activities -$239.0M -$18.00M -$100.0M
YoY Change 61.49% -82.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $364.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 340.0M -129.0M -90.00M
YoY Change -1800.0% 43.33%
NET CHANGE
Cash From Operating Activities 44.00M 400.0M 522.0M
Cash From Investing Activities -239.0M -18.00M -100.0M
Cash From Financing Activities 340.0M -129.0M -90.00M
Net Change In Cash 145.0M 253.0M 332.0M
YoY Change -182.39% -23.8%
FREE CASH FLOW
Cash From Operating Activities $44.00M $400.0M $522.0M
Capital Expenditures -$168.0M -$96.00M -$122.0M
Free Cash Flow $212.0M $496.0M $644.0M
YoY Change 44.22% -22.98%

Facts In Submission

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us-gaap Nature Of Operations
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<div> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Note 1 &#8211; Description of the Business</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Yum China Holdings, Inc. (the &#8220;Company&#8221;) owns, franchises or has ownership in entities that own and operate restaurants under the KFC, Pizza Hut Casual Dining, Pizza Hut Home Service, East Dawning and Little Sheep concepts (collectively, the &#8220;Concepts&#8221;). The Company was incorporated in Delaware on April 1, 2016. The Company separated from Yum! Brands, Inc. (&#8220;YUM&#8221; or the &#8220;Parent&#8221;) on October 31, 2016, becoming an independent publicly traded company as a result of a pro rata distribution to shareholders of YUM. YUM&#8217;s Board of Directors approved the distribution of its shares of the Company on September 23, 2016 and the Company&#8217;s Registration Statement was declared effective by the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) on October 7, 2016. On October 31, 2016, YUM&#8217;s shareholders of record as of October 19, 2016 received one share of the Company&#8217;s common stock for every one share of YUM&#8217;s common stock held as of the record date. The Company began trading &#8220;regular way&#8221; under the ticker symbol &#8220;YUMC&#8221; on the New York Stock Exchange on November 1, 2016. References to the Company throughout these Condensed Combined Financial Statements are made using the first person notations of &#8220;we,&#8221; &#8220;us&#8221; or &#8220;our.&#8221; </p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In connection with the separation of the Company from YUM, Yum! Restaurants Asia Pte. Ltd., a wholly-owned indirect subsidiary of YUM, and Yum Restaurants Consulting (Shanghai) Company Limited (&#8220;YCCL&#8221;), a wholly-owned indirect subsidiary of the Company, entered into a 50-year master license agreement with automatic renewals for additional consecutive renewal terms of 50 years each, subject only to YCCL being in &#8220;good standing&#8221; and unless YCCL gives notice of its intent not to renew, for the exclusive right to use and sublicense the use of intellectual property owned by YUM and its subsidiaries for the development and operation of the KFC, Pizza Hut Casual Dining and Pizza Hut Home Services brands and their related marks and other intellectual property rights for restaurant services in the People&#8217;s Republic of China (the &#8220;PRC&#8221; or &#8220;China&#8221;). In addition, subject to certain agreed-upon milestones, the Company has an exclusive license under the master license agreement to operate and develop Taco Bell restaurants and use the related marks in the PRC. In exchange, we pay a license fee to YUM equal to 3% of net sales from both our Company and franchise restaurants. We own the East Dawning and Little Sheep intellectual property and pay no license fee related to these concepts.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The operations of each Concept represent an operating segment of the Company within these Condensed Combined Financial Statements. We have two reportable segments: KFC and Pizza Hut Casual Dining. Our remaining operating segments, including the operations of Pizza Hut Home Service, East Dawning and Little Sheep, are combined and referred to as All Other Segments, as those operating segments are insignificant both individually and in the aggregate.</p></div>
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yumc Foreign Exchange Gain Loss And Other Income Expense
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yumc Period Trade Receivables Due Within After Sales Occur
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AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent
18000000
CY2016Q3 us-gaap Prepaid Rent
PrepaidRent
38000000
CY2015Q4 us-gaap Prepaid Rent
PrepaidRent
53000000
CY2016Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
42000000
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
38000000
CY2016Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3302000000
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3437000000
CY2016Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1595000000
CY2015Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1596000000
CY2016Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
521000000
CY2015Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
438000000
CY2016Q3 us-gaap Construction Payable Current
ConstructionPayableCurrent
123000000
CY2015Q4 us-gaap Construction Payable Current
ConstructionPayableCurrent
153000000
CY2016Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
193000000
CY2015Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
180000000
CY2016Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
182000000
CY2015Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
155000000
CY2016Q3 yumc Deferred Escalating Minimum Rent
DeferredEscalatingMinimumRent
160000000
CY2015Q4 yumc Deferred Escalating Minimum Rent
DeferredEscalatingMinimumRent
162000000
CY2016Q3 us-gaap Deferred Credits And Other Liabilities Noncurrent
DeferredCreditsAndOtherLiabilitiesNoncurrent
72000000
CY2015Q4 us-gaap Deferred Credits And Other Liabilities Noncurrent
DeferredCreditsAndOtherLiabilitiesNoncurrent
72000000
CY2016Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.298
CY2015Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.252
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.280
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.265
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
yumc Number Of Non Reportable Operating Segments
NumberOfNonReportableOperatingSegments
3
CY2015Q1 us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies Foreign
EffectiveIncomeTaxRateReconciliationTaxContingenciesForeign
0.10
CY2015Q1 yumc Percentage Of Tax Assessed On Difference Between Fair Market Value And Tax Basis
PercentageOfTaxAssessedOnDifferenceBetweenFairMarketValueAndTaxBasis
0.10
CY2016Q3 yumc Guarantees Outstanding Of Unconsolidated Affiliates
GuaranteesOutstandingOfUnconsolidatedAffiliates
0
yumc Shareholders Agreement Terms
ShareholdersAgreementTerms
Under the terms of the shareholders agreement, after the closing of the Investment, Primavera will be entitled to designate one member of the Company’s board of directors and have the right to designate one non-voting board observer to the Company’s board of directors. In addition, if certain shareholding requirements are met by both Primavera and Ant Financial, Ant Financial will also have the right to designate one non-voting board observer to the Company’s board of directors.

Files In Submission

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0001564590-16-029416-index-headers.html Edgar Link pending
0001564590-16-029416-index.html Edgar Link pending
0001564590-16-029416.txt Edgar Link pending
0001564590-16-029416-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
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yumc-10q_20160831.htm Edgar Link pending
yumc-20160831.xml Edgar Link completed
yumc-20160831.xsd Edgar Link pending
yumc-20160831_cal.xml Edgar Link unprocessable
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yumc-ex311_9.htm Edgar Link pending
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yumc-ex322_7.htm Edgar Link pending