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Financial HigHligHts
 
(In millions, ecept for per share amounts) Year-end
2008
2007 % B/(W) change
Company sales
$ 9,843
$ 9,100 8Franchise and license fees
1,436
1,316 9Total revenues
$ 11,279
$ 10,416 8Operating profit
$ 1,506
$ 1,357 11Net income
$ 964
$ 909 6Diluted earnings per common share
$ 1.96
$ 1.68 17Cash flows provided by operating activities
$ 1,521
$ 1,551 (2)
 average U.s. sales per system Unit 
(a)
 (In thousands) Year-end
2008
2007 2006 2005 2004 5-year growth
(b)
KFC
$ 967
$ 994 $ 977 $ 954 $ 896 2%Pizza Hut
854
825 794 810 794 3%Taco Bell
1,241
1,120 1,176 1,168 1,069 4%
(a) Ecludes license units.(b) Compounded annual growth rate.
 
contents
Dear Partners .......................................................................1–3Winning Big in China! .............................................................4–5Building Strong Brands Everywhere .....................................6–7Improving US Brand Positions ..................................................8–9Driving Long-Term Shareholder Value........................................10Going for Breakthrough .............................................................11
 
 aboUt tHe paper Used For tHis report 
 
The inks used in the printing of this report contain an average of 25% - 35% vegetable oils from plantderivatives, a renewable resource. They replace petroleum based inks as an effort to also reducevolatile organic compounds (VOCs).
The cover and rst 12 pages of this report were printed using FSC-certied paper made with 50%
 recycled content including 24% post-consumer waste.
 
dear
partners,
I’m sure you would agree that a company gets the best results and the best people when it is inpursuit of greatness. After all, when given a choice,who in the world really wants to wake up every day,go to work and muddle in mediocrity when you havea chance to be a part of something special. That’swhy I’m proud to report that our people are pumpedup about
pUtting tHe pieces in place to become tHedeFining global company tHat Feeds tHe World.
david
 
c. novaK 
cHairman and cHieF eXecUtive oFFicer yUm! brands, inc.
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