拉丁美洲麥當勞公司McDonald's市場前景及投資研究報告-外文版培訓課件肯德基

COMPANIES

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PRODUCTSMcDonald'sinLatinAmericaCHAPTER

01GlobaloverviewRevenueofMcDonald'sworldwidefrom2005to2023,bymodeofoperation(inbillionU.S.dollars)RevenueofMcDonald'sworldwide2005-2023,bymodeofoperationCompany-operatedrestaurantsFranchisedrestaurants302520151059.238.968.719.278.936.967.849.336.187.295.4910.115.445.113.0914.1211.0111.6610.7318.29

18.6118.88201318.17201416.61

16.5616.49201516.23201015.415.46200915.314.02200512.710.0120189.799.749.428.758.1402006200720082011201220162017201920202021202220233Description:Duringthe2023financialyear,franchisedrestaurantsaccountedforalargershareofMcDonald'stotalrevenue,amountingto15.44billionU.S.dollars.ThatwasoverfivebillionU.S.dollarsmorethantherevenuegeneratedbycompany-operatedrestaurants.ReadmoreNote(s):2005to2023;financialyearendedDecember31eachyearSource(s):McDonald'sRevenueofMcDonald'sworldwidefrom2019to2023,byregion(inbillionU.S.dollars)RevenueofMcDonald'sworldwide2019-2023,byregionUnitedStatesInternationalOperatedMarketsInternationalDevelopmentalLicensedMarkets&Corporate302520151052.542.072.271.8411.41.759.4612.2511.1612.0910.3820239.428.717.847.66020192020202120224Description:FastfoodgiantMcDonald’srecordedarevenueofapproximately10.38billionU.S.dollarsintheUnitedStatesalonein2023.Comparatively,internationaloperatedmarketsaccountedforthehighestamountofrevenue,with12.25billionU.S.dollars.Duetothecompany'swidespreadsuccess,McDonald'shasbecomeoneofthemostwell-knownfastfoodrestaurantsintheUnitedStates.TheMcDonald'sbrandMcDonald’sisarguablyoneofthemostrecognizablebrandsworldwide,letalone[...]

ReadmoreNote(s):Worldwide;2019to2023;financialyearendedDecember31Source(s):McDonald'sNumberofMcDonald'semployeesworldwidefrom2012to2023(in1,000s)NumberofMcDonald'semployeesworldwide2012-20235004404404504003503002502001501005042042037523521020520020015015002012201320142015201620172018201920202021202220235Description:HouseholdnameMcDonald’saccountedforaround150thousandemployeesin2023.Thisfigureremainedconsistentwiththepreviousyear.Overall,thenumberofMcDonald'semployeeshasmorethanhalvedinthepastdecade.ThenumberofemployeesintherestaurantindustryintheU.S.,asof2022,was12.5million.?Unitgrowth,staffdeclineThenumberofMcDonald’srestaurantsacrosstheglobeisontherise.Thecompanyoperatedandfranchisedatotalof41,822restaurants[...]

ReadmoreNote(s):Worldwide;2012to2023;includedinthecountarecorporateofficeemployeesandcompany-ownedrestaurantemployeesSource(s):McDonald'sNumberofMcDonald'srestaurantsinLatinAmericaandtheCaribbeanfrom2017to2023,bycountryorterritoryNumberofMcDonald'srestaurantsinLatinAmerican&Caribbeancountries2017-202320179293882249320189683882279520191023387231982020102136722099202110523652201018920221084366221105932023113036922311097BrazilMexicoArgentinaGuatemalaChile81838487PuertoRicoVenezuelaPanamaColombiaCostaRicaEcuadorUruguayPeru102130691011207299969395951207611074102749883798180797975747476626467666770732626282829313329293029313233292931272728296Description:BrazilaccountedforthemajorityofMcDonald’srestaurantsoperatinginLatinAmericain2023.Thatyear,therewere1.13thousandMcDonald'srestaurantsthroughouttheSouthAmericancountry.MexicoandArgentinafollowedintherankingwith369and223establishments,respectively.ReadmoreNote(s):LACSource(s):McDonald'sPricesforaBigMacinselectedLatinAmericancountriesasofJanuary2024,bycountry(inU.S.dollars)LatinAmerica:BigMacindexinselectedcountries2024AveragepriceinU.S.dollars012345678UruguayCostaRicaMexico7.045.715.195.094.934.81ColombiaVenezuelaBrazilChile4.464.344.254.13NicaraguaPeruHondurasArgentinaGuatemala3.833.717Description:AsofJanuary2024,UruguayhadthehighestBigMacIndexandGuatemala,thelowest,amongtheLatinAmericancountriesmeasured.Theso-calledBigMacIndexisregardedasanindicatorforthepurchasingpowerofaneconomy.InGuatemala,itwasestimatedthataBigMacwouldcostanaverageof3.71U.S.dollars,whiletheaveragepriceforaBigMacburgerinBrazilamountedtoapproximately4.81U.S.dollars.

ReadmoreNote(s):January2024Source(s):IMF;McDonald's;TheEconomist;ThomsonReutersMostpopularquick-servicerestaurantsinselectedLatinAmericancountriesin2023(brandrecognitionindex)Mostrecognizedfast-foodbrandsinLatinAmerica2023,bycountryBrandrecognitionindexMcDonald's40KFC01020305060708090EcuadorPanamaPeru76.973.567.8ArgentinaBrazil61.657Chile45.541.7MexicoColombia36.68Description:In2023,BurgerKingwasthemostrecognizedfast-foodbrandinEcuador,achievingthehighestbrandrecognitioninLatinAmericancountriesatnearly77indexpoints.Meanwhile,McDonald'sinPanamaalsoreachedmorethan70brandrecognitionpointsthatyear.ReadmoreNote(s):LAC;January1toAugust3,2023Source(s):YouGovSpainCHAPTER

02FinancialperformanceMarketcapitalizationofArcosDoradosHoldingsInc.fromJanuary2016toJanuary2024(inbillionU.S.dollars)ArcosDorados:networth2016-20243.02.572.52.152.01.671.651.641.51.271.211.021.00.650.50.020162017201820192020202120222023202410Description:ThemainfranchiseofMcDonald'sinLatinAmerica,ArcosDoradosHoldingsInc.,hadamarketcapitalizationvalueofaround2.6billionU.S.dollarsasofJanuary2nd,2024.Basedonthemarketcapvalueatthebeginningofeachyear,thiswasthehighestvaluereachedsinceJanuaryof2018.ThecompanyislistedontheNewYorkStockExchangeas'ARCO'.ReadmoreNote(s):Uruguay;valuereferstothefirstJanuarydayofeachyearshowninthegraphicSource(s):YChartsTotalassetsofArcosDoradosHoldingsfrom2012to2023(inbillionU.S.dollars)ArcosDorados:totalassets2012-20233.53.03.022.642.562.52.362.292.182.052.01.51.00.50.01.791.81.581.511.420122013201420152016201720182019202020212022202311/statistics/806744/arcos-dorados-total-assetsIn2023,thetotalassetsofArcosDoradosHoldingssurpassedthreebillionU.S.dollars.ThiswasthehighestfigurerecordedbytheUruguayanfoodservicecompanysince2012.ArcosDoradosisthelargestMcDonald'sfranchiseholderworldwide.

ReadmoreNote(s):UruguaySource(s):ArcosDoradosRevenueofArcosDoradosHoldingsfrom2012to2023(inbillionU.S.dollars)ArcosDorados:revenue2012-20235.04.334.54.034.03.53.02.52.01.51.00.50.03.83.653.623.323.083.052.962.932.661.982012201320142015*2016201720182019202020212022202312Description:In2023,ArcosDoradosHoldingsgeneratedmorethan4.3billionU.S.dollars,growingbynearly20percentoverthepreviousyear.Thiswasalsothehighestfigurerecordedsince2012.ArcosDoradosoperatestheMcDonald'sfranchiseinLatinAmericaandtheCaribbean.ReadmoreNote(s):UruguaySource(s):ArcosDoradosNetincomeofArcosDoradosHoldingsfrom2012to2023(inmillionU.S.dollars)ArcosDorados:netincome2012-2023200150100182.42140.92129.17114.3350078.8180.1253.8545.8537.03-51.63-50-109.33-149.392020-100-150-2002012201320142015201620172018201920212022202313Description:In2023,ArcosDoradosHoldingsrecordednetincomeamountingtomorethan182millionU.S.dollars.Thatsameyear,thelargestfranchiseeofMcDonald'sinLatinAmericageneratedarevenueof4.3billionU.S.dollars.

ReadmoreNote(s):Uruguay;attributabletoArcosDoradosHoldingsInc.Source(s):ArcosDoradosAdvertisingexpensesofArcosDoradosHoldingsfrom2014to2023,bysegment(in1,000U.S.dollars)ArcosDorados:adspend2014-2023Company-operatedrestaurantsFranchisedoperations2502001501005051.0544.0944.8346.5443.9435.1343.0436.3732.81175.042023146.36201426.49148.782022130.282017122.922015120.842018117.252016115.57104.01202160.8602019202014Description:In2023,ArcosDoradosHoldings'advertisingexpensesrelatedtocompany-operatedrestaurantsamountedtoroughly175thousandU.S.dollars.Infranchisedoperations,thelargestMcDonald'sfranchiseeinLatinAmericainvested50thousandU.S.dollarsthatsameyear.ReadmoreNote(s):UruguaySource(s):ArcosDoradosCHAPTER

03SegmentsRevenueofArcosDoradosHoldingsfrom2012to2023,bytypeofrestaurantoperation(inbillionU.S.dollars)ArcosDorados:revenue2012-2023,byrestaurantoperationCompanyoperatedrestaurantsFranchisedrestaurants5.04.54.03.53.02.52.01.51.00.50.00.194.140.173.860.163.630.153.50.163.460.160.120.152.930.132.80.152.810.122.540.091.893.162.9320122013201420152016201720182019202020212022202316Description:In2023,ArcosDoradosHoldings'generated4.14billionU.S.dollarsinrevenuefromrestaurantsoperatedbythecompany,whichshowsaincreaserelativetothepreviousyear.Thecompany'srevenuefromfranchisedoutletsamountedtonearly190millionU.S.dollarsthatsameyear.ReadmoreNote(s):UruguaySource(s):ArcosDoradosNumberofrestaurantsoperatedbyArcosDoradosHoldingsin2023,byregionandoperationtypeArcosDorados:numberofrestaurants2023,byregionandoperationCompanyoperatedrestaurantsFranchisedrestaurants1,2001,000800600400200044115349489689495BrazilNorthLatinAmericandivision(NOLAD)SouthLatinAmericandivision(SLAD)17Description:In2023,thenumberofrestaurantsoperatedbyArcosDoradosHoldingsinBrazilamountedto1,130,whilethenumberoffranchisedrestaurantsintheSouthAmericancountrywas584.

ReadmoreNote(s):LAC;2023Source(s):ArcosDoradosNumberofMcCaféoutletsoperatedbyArcosDoradosHoldingsinLatinAmericaandtheCaribbeanfrom2016to2023ArcosDorados:McCaféoutletsinLatinAmerica2016-20233503163163083002502001501005026826826625824302016201720182019202020212022202318Description:Bytheendof2023,therewere308McCaféoutletsoperatedbyArcosDoradosinLatinAmerica.Thisfigureremainedstagnantversusthepreviousyear.ArcosDoradoshadmoreMcCaféestablishmentsintheentireregionin2016and2017.

ReadmoreNote(s):LAC;asofDecember31ofeachyearSource(s):ArcosDoradosNumberofDessertCentersoperatedbyArcosDoradosHoldingsinLatinAmericaandtheCaribbeanfrom2016to2023ArcosDorados:McDonald'sDessertCentersinLatinAmerica2016-20233,5003,0002,5002,0001,5001,0005003,3263,3143,2653,2293,1983,0892,8772,74502016201720182019202020212022202319/statistics/807134/number-dessert-centers-latin-america-and-the-caribbeanArcosDoradosHoldingsoperatedatotalof3,229McDonald'sDessertCentersinLatinAmericaandtheCaribbeanattheendof2023.Thisfigurerepresentsadeclineinthenumberofoutletsofthistypeoperatedbycompanyintheregionthatyear.

ReadmoreNote(s):LAC;asofDecember31ofeachyearSource(s):ArcosDoradosDistributionofArcosDoradosHoldingsrestaurantsin2023,byformatArcosDorados:shareofrestaurants2023,byformat60%51.8%50%40%30%24.4%20%12.5%11.3%10%0%FreestandingFoodcourtMallstoresIn-store20Description:AsofDecember2023,roughlyhalfofArcosDoradosHoldings'restaurantswerecategorizedasfreestanding,whileapproximatelyone-quarterwerefoodcourts.ArcosDoradosisafranchiseeofMcDonald'soperatinginLatinAmericaandtheCaribbeanwithheadquartersinMontevideo,Uruguay.ReadmoreNote(s):LAC;asofDecember31,2023Source(s):ArcosDoradosCHAPTER

04CompetitorsBrandvalueofthe10mostvaluablequickservicerestaurantbrandsworldwidein2023(inmillionU.S.dollars)MostvaluableQSRbrandsworldwide2023BrandvalueinmillionU.S.dollars050,000100,000150,000200,000250,000McDonald'sStarbucksKFC191,10961,53422,05613,318ChipotleSubway11,00210,6558,807Domino'sPizzaPizzaHutBurgerKingTacoBell7,6767,185Chick-Fil-A7,13922Description:McDonald'swasthemostvaluablefastfoodbrandintheworldwithanestimatedbrandvalueofabout191billionU.S.dollarsin2023.Thatsameyear,thebrandvalueofStarbucksamountedtoapproximately61.5billionU.S.dollars.HowmanyMcDonald’srestaurantsarethereworldwide?Thefastfoodbehemoth’sglobalexpansioncontinuedin2023withtheadditionof1,547newMcDonald’srestaurantsworldwide.Inthatyear,FrancestoodoutastheEuropeanregionwiththemost[...]

ReadmoreNote(s):Worldwide;2023Source(s):KantarMillwardBrownRevenueofBurgerKingworldwidefrom2007to2023,bysegment(inbillionU.S.dollars)RevenueofBurgerKingworldwide2007-2023,bysegmentSalesFranchiseandpropertyrevenueandother3.02.52.01.51.00.50.02007200820092010201120122013201420152016201720182019202020212022202323Description:WorldfamousburgerfastfoodchainBurgerKinggenerated1.3billionU.S.dollarsinrevenuefromitsglobaloperationsduringthe2023financialyear.Themajorityofthecompany'srevenuecamefromitsfranchiseandpropertysegmentwhichtotaled1.2billionU.S.dollars.Meanwhile,salesrevenueduringthisperiodamountedtonearly100millionU.S.dollars.BurgerKingisasubsidiaryofthemultinationalquickserviceholdingscompanyRestaurantBrandsInternational.ReadmoreNote(s):Worldwide;2007to2023Source(s):BurgerKing;RestaurantBrandsInternationalLeadingcompaniesinthefoodserviceindustryinBrazilin2022,basedonnetrevenue(inbillionBrazilianreals)LeadingrestaurantcompaniesinBrazil2022,byrevenue87.37765432103.642.24IMC1.48McDonald'sZampGrupoMadero24Description:In2022,McDonald'sBrasilgeneratedroughly7.4billionBrazilianrealsinnetrevenue,rankingasthetoprestaurantcompanyintheSouthAmericancountry.Meanwhile,thenetrevenueoftheZAMPamountedtoaround3.6billionBrazilianreals,followinginthesecondplaceonthelist.ReadmoreNote(s):Brazil;2022;basedonthecompanies'financialstatementsunlessotherwisestatedSource(s):Funda??oGetúlioVargas;SerasaExperian;ValorEcon?micoNumberofunitsoperatedbyAlsea,S.A.B.deC.V.worldwideasof4thquarter2023,bybrandAlsea:restaurantsworldwideQ42023,bybrandNumberofunits80002004006001,0001,2001,4001,6001,8002,000StarbucksDomino'sPizzaBurgerKing1,7771,441425405VipsFoster'sHollywoodGinos221120Chili'sGrill&BarItalianni's7776P.F.Chang's3129Archie'sTGIFridays13TheCheesecakeFactory725Description:Alsea,S.A.B.deC.V.operated1,777unitsofthefamouscoffeeshopStarbucksinthelastquarterof2023.Domino'sPizzawasthesecondmostimportantrestaurantbrandforthecompanyinthatperiod,with1,441outletsintotal.Alseaisamulti-brandrestaurantoperatorheadquarteredinMexicoCity,withthemajorityofitsrestaurantslocatedinMexicoandSpain.ReadmoreNote(s):Worldwide;Q42023;includingcorporateandsub-franchisesSource(s):AlseaNumberofDomino'sPizzaestablishmentsinMexicofromJanuary2012toJanuary2024Domino'sPizzaoutletsinMexico2012-20241,0009008948428018027798007607017006556226045905775816005004003002001000Jan2012

Dec2012

Dec2013

Dec2014

Jan2016Jan2017

Dec2017

Dec2018

Dec2019

Jan2021Jan2022Jan2023Jan202426Description:TheU.S.companyDomino'sPizzastartedtheyear2023with894storesoperatinginMexico,whichrepresentsthehighestfigureofthedepictedperiod.IncomparisontoJanuaryofthepreviousyear,thenumberofDomino'sestablishmentsintheLatinAmericancountryincreasedbyapproximately6.2percent.ReadmoreNote(s):MexicoSource(s):Domino'sPizzaCHAPTER

05RegionaldivisionsRevenueofArcosDoradosHoldingsin2023,bygeographicaldivision(inmillionU.S.dollars)ArcosDorados:revenue2023,byregion1,8001,701.61,6001,4001,2001,0008001,497.41,132.96004002000BrazilSouthLatinAmericandivision(SLAD)NorthLatinAmericandivision(NOLAD)28Description:In2023,ArcosDoradosHoldingsgeneratednearly4.3billionU.S.dollarsinrevenue.InBrazilalone,thecompany'srevenueamountedtomorethan1.7billionU.S.dollars.ArcosDoradosisafranchiseeofMcDonald'soperatinginLatinAmericawithheadquartersinMontevideo,Uruguay.ReadmoreNote(s):LAC;2023Source(s):ArcosDoradosOperatingincomeofArcosDoradosHoldingsin2023,bygeographicaldivision(inmillionU.S.dollars)ArcosDorados:operatingincome2023,byregion25020015010050230.02121.6873.230-50-100-150-110.91BrazilSouthLatinAmericandivision(SLAD)

NorthLatinAmericandivision(NOLAD)

Corporate&others&purchasepriceallocation29Description:In2023,ArcosDo