1/19

Phn tch ti chnh v d bo

Krispy Kreme Doughnuts, Inc.

Khi thin nin ky bt du, tuong lai cua Krispy Kreme Doughnuts, Inc comui ngot ngao. Cng tykhng chi nm giu cac nhn hiumang tinh biu tuong va comt s nguoi ung hgn nhu dnmuc sung bai,manodnhanh chong trothanh con cung cuaph Wall. Chua dy mt nm sau khi ra chao ban c phn ra cng chung ln du (IPO), trong thang 4 nm 2000, c phiu Krispy Kreme d duoc ban gp 62 ln thu nhp, va nm 2003 cng ty d duoc tap chi Fortune bu chon la "thuong hiu nong nht o M. Voi k hoach dy tham vong la mo 500 cua hang banh doughnuttrong nua du cua thp nin, dc bit logo voi2mau xanh lacyvamau dodtrothanh biu tuong cdin cua cng tyvakhng th nhm ln va bang hiu neon "hot Doughnuts now" d tro nn ph bin.

Vaocuinm2004,cuchuynngotngaodbtdutronnchuachatkhicngtybi phat hin d thuc hin mt sgian lnk toan, sau do gia c phiu cua no d bigiam gia manh. Tu dinh caovao thang tam nm 2003, giac phiu cua Krispy Kremegiam manh hon80trong 16thang toi.Cacnhadutuvacacnhaphntichbtdudtranhung cu hoiv nhung gia tri nn tang cua cng ty,nhung thm chi dn du nm 2005, nhiu cu hoi trong s nhung cu duoc dt ravn chua duoc tra loi. Bang 1va 2 cung cp cac bao cao tai chinh cua Krispy Kreme trong nm tai chinh tu nm 2000 toi nm 2004. Dy co phai la mt Cng ty lanh manh khng? Diu gi d xay ra cho cng ty khi mt s nguoi dnghirngnostrothanhmtStarbuckstiptheo?Nuhuhtmoinguoiduyu thichbanhDoughnuts,taisaortnhiunhadutulaiboquanhasanxutbanh Doughnuts ni ting nay?

i canh cng ty

Krispy Kreme bt du lamt cua hang banh Doughnuts duy nht o Winston-Salem, min BcCarolina,vaonm1937,khiVernonRudolphnguoidmualaicngthucbanh doughnut dc bit cua cng ty tu mt du bp Phap o New Orleans, bt du lam va ban si banhdoughnutschocacsiuthi.Trongmtthoigianngn,sanphmcuaRudolphtro nn qua ph bin dnni ng phai ctmt ltrn tuong nhamaycuaminh dban truc tip chokhach hang, do do sinh rakhai nim trung tm ban le cua Krispy Kreme (central retail concept): cua hang tai nha may. Vao cui nhung nm 1950, Krispy Kreme d co 29 cua hang tai 12 tiu bang, nhiu cua hang trong s dod duocmo ra bng cach nhuong quyn thuong hiu.

SaucaichtcuaRudolph,vaonm1973,BeatriceFoodsdmualaicngtyvanhanh chongmorng norahon100diadim.Beatrice duaracacsanphmkhac,chnghan nhu supvabanhmisandwich,vactgiam chiphibng cach thaydisuxuthincua 2/19

cac cua hang va thay th bng cac thanh phn re hon trong hn hop banh doughnut. Tuy nhin, kinh doanh suy yu, Beatrice buc phai ban cng ty vao du nhung nm 1980.

Mt nhom cac co so nhn nhuong quyn duoc dn dtboi Joseph McAleer, languoi d duoc bn Krispy Kreme nhuong quyn thuong hiu du tin,ktthucvicmua lai cng tybngnovay(LBO)voigia24triu$vaonm1982.McAleerdkhiphuctrolai cng thuc banh doughnut ban duvalogo truyn thng cuacng ty.Docng lakhoang thoigianmacngtygioithiubanghiudenneon"hotDoughnutsNow",dnoivoi khachhangkhinhungchicbanhdoughnuttuoivuamoirakhoidychuyn.Cngty vnphaivtlnvoinhungkhokhntrongmtthoigian,nhungtoinm1989,Krispy Kremedtrahtnovabtdudnmorng.Cngtyvntptrungvaodongbanh doughnutdctrung cuaminhvataothmmtnhnhiucaphtrongnm1996.Scott Livengood, nguoi tro thanh Giam dc diu hanh vao nm 1998vavn tip tucvitri nay vaonhung nm sau,dduacngtyracngchungvaothang 4nm 2000,lamttrong nhung dot chao ban ra cng chung ln du tin (IPO) lon nht trong nhung nm gn dy. Mt ngay saukhi chao ban, gia c phiu cua Krispy Kreme la 40,63 $, dua dn cho cng ty mt gia tri vn hoa thi truong gn 500 triu $.

HOAT DNG KINH DOANH CUA KRISPY KREME

Saukhicng tyIPO,KrispyKremedcngbmtchinluoctichcucdmorng s luong cua hang tu 144 ln trn 500 trong vong nm nm toi. Ngoai ra, cng ty d lnk hoachphattrintoancu,dukinsmo32diadim taiCanadavamothm nhiudia dim hon tai Vuong qucAnh, Mexico,vaAustrali. Bang 3trinh baytng quanvvic mo cua hang cua cng ty.

Doanh thu cua Krispy Kreme Doughnuts duoc tao ra thng qua bnngun chinh: doanh sbanletructiptaicaccuahangthucsohuucuacngty(chim27doanhthu); doanhsgiantipthngquacachangtaphoavacuahangtinloi(40),sanxutva phnphicacsanphmvacacthitbiphatrn(29)vatinbanquynvacackhoan phi lin quan toi hoat dng nhuong quyn (4). Ngoai cac dia dim ban le truyn thng trong nuoc, cng ty con timkim su tng truong thng qua cac cua hang nho hon tao ra cac"khainimvtinh,tucladuavaocaccuahangtainhamaydcungcpbanh doughnut hm nong, cng nhu phat trin ra thi truong quc t.

OBan hang truc tip (On-premises sales): Mi cua hang tai nha may cho phep nguoi tiudungdnxemvicsanxutbanhdoughnut;thitbituychinhcuaKrispy Kreme va khu vuc d xem banh doughnut duoc cng ty duoc goi la mt "sn khu banh doughnut. Bng cach do, Krispy Kreme d cgng taoramt sukhac bit chochinhnosovoicacdithucanhtranhbngcachcungcpchokhachhang mt trai nghim chu khng phai chi don gian la mt san phm. Mi cua hang nha 3/19

may co th san xut tu 4000 ta toi 1000 ta banh doughnut mi ngay, s banh nay duoc ban ca trn co so truc tip va gian tip. OBan hang gian tip (OII - premises sales): Khoang 60 doanh s ban hang gia tip dn tu cac cua hang tap hoa, ca trong cac truong hop d dc lp va d trn cac k hang. Phn con lai duoc ban cho cac cua hang tin loi (mt ty l nho duoc ban nhu la mt nhn hiu ring). Cng ty duy tri mt di xe tai giao hang cho cac co so ban hang gian tip. OSan xutva phn phi: B phn San xut va Phn phi cua cng ty Krispy Kreme (KKM&D)cung cp hn hopbtbanhdoughnutdcquynvacacthit bilam banhdoughnutchottcacaccuahangcngtysohuuvacaccuahangnhuong quyn.Mhinhquanlytheochiudocchophepcngtyduytrivickimsoat cht luong va tinh nht quan cua san phm trn toan h thng. Cng tyduy tri co so san xut ring cua minh d san xut bt hn hop va thit bi cua no, va co so nay cung cp dichvu hang quy cho ttca cacdon vitrong h thng. Ttca cac co so nhnnhuongquynduduocyuculaphaimuabthnhopvathitbitu Krispy Kreme. KKM& Dcng quan lydong sanphm caphrang cuacng ty, bphnkinh doanh nay scung cpcaphbtvoi thuong hiu ring dn cacac cua hang cng ty so huu va cac cua hang nhuong quyn. OTin ban quyn va cackhoan phi trong hoat dng nhuong quyn thuong mai: Voi vic tramtkhoan phi huong quyn ban duva chiphi ban quyn hng nm, cac cosonhnnhuongquynduocsuhtrotuKrispyKremetrongcachoatdng, quang caovatip thi,ktoan,vacachthng quan lythng tinkhac.Cac coso nhnnhuong quyndcomiquanhvoicng tytruockhiIPOvaonm 2000 duocgoi lacacThanh Vin,vahothuong cotrusotaithitruong truyn thng o dng nam Hoa Ky. Cac Thanh Vin khng chiu trach nhim cho vic mo cua hang moi.Nhungnhanhnnhuongquynmoiduocgoilanhungnhaphattrinthi truongkhuvuc`(AreaDevelopers),vahochiutrachnhimchovicphattrin mang luoi tai cac thi truong tim nng cao. Nhung nha phat trin khuvuc thuong tra tu 20.000$ dn 50.000$ phi nhuong quyn ban duvamuc tinban quyn tu 4,5dn6,5mtnm.Nhungcosonhnnhuongquyncngdonggop1 tng doanh thu hng nm cua ho vao ngun kinh phi quan cao cua cng ty.

Khoang60doanhsbanhangtaimtcuahangcuaKrispyKremebtnguntusan phmdctrungcuacngtylabanhdoughnutbong(glazeddoughnut).Diunaykhac bit voi Dunkin`Donuts, di thu canh tranh lon nht cua cng ty, phn lon doanh thu cua di thu nay dn tu ca ph.

Cu chuyn kh khn trong kinh doanh cua Krispy Kreme

Vao ngay 07 thang 5 nm 2004, ln du tin trong lich suk tu khi tro thanh cng ty dai chung,KrispyKremecngbktquakinhdoanhtiucuc.Cng tythng baovoicac 4/19

nha du tu thu nhp mong doi s thp hon 10 so voi muc muc d du kin, nguyn nhn la do xu huong ua chung ch d nung thp carbohydrate gn dy tai Hoa Ky d anh huongdn doanhthu ban bunvabanle. Cng tycng chobit hindang cokhoach banchuicuahangMontanaMills,gm28quancaphbanhdmualaitrong thang 1 nm 2003voi gia 40 triu $va co th phai chiu chi phi tu 35 triu $ dn 40 triu $ trong quy du tin. Ngoai ra, Krispy Kreme thy rng tinh hinh kinh doanh cua chui cua hang 'Hot Doughnut and CoIIee moi cua no dang giam nhe so voi muc ky vong va cng ty d cokhoachdongcuabacuahangtrongsdo(dndnmtchiphitu7triu$dn8 triu$).CphiucuaKrispyKremekhidongcuagiam30,omuc22,51$mtc phiu.

Sau do, vao ngay 25 thang 5, thoi bao Wall Street d dng tai mt bai bao d cp dn vic hach toank toan cua cac thuong vumua lainhuong quyn do Krispy Kreme thuc hin. Theo bai bao, trong nm 2003, Krispy Kreme d bt du mt cuc dam phan cng thng nhm mua lai 7 cua hang nhuong quyn thuong mai o Michigan. Cac co so nhn nhuong quynnayconnocng tynhiutriudlatinthitbi,nguynliu,vacackhoanphi nhuongquyn,vamtphncuacucthoathunlaKrispyKremeyucubnnhn nhuongquyndonghaicuahanghoatdngkemhiuquavatrachoKrispyKreme khoanliphatsinhtrnkhoannoquahan.Dilai,KrispyKremehuasnngcaogia mua nhuong quyn.

Theo to bao, Krispy Kreme ghi nhn tin li do cac bn nhn nhuong quyn thanh toan la thu nhp livay vavi th do la loi nhun truc tip, tuy nhin, cng tyghi s chi phimua lainhuongquynnhulamttaisanvhinh,duoikhoanmucquynmualainhuong quynthuongmai(reacquiredIranchiseright),macngtykhngphaitrichkhuhao (amortize).KrispyKremecngchophepnhungnhaquanlycpcaonhuongquyn thuong mai o Michigan vn lamvic tai cng ty saukhi thoa thun, nhung ngay saukhi thoathunnayduochoanthanh,nhungnhaquanlynaydthivic.Theomtthoa thun dn bu thivic, Krispy Kreme buc phai tra thm cho cac nha quan ly thi vic 5 triu $,dy cng lamtkhoan chi phimacng tydduavaokhoanmuc taisankhng trich khu hao nhu quyn mua lai nhuong quyn.

Cngtyphunhnbtcusaisotnaotrongvichachtoantrnvatiptucduytriquan dimlacngtydhachtoanthuongvunhuong quynnayphuhopvoichunmuck toan (GAAP). Vao ngay 29 thang 7, cng ty d d l thng tin rng uy ban Chung khoan va Hi doai M (SEC) d bt du mt cuc diu tra phi chinh thuc lin quan dn 'cac vu mualainhuongquynvavicctgiam trongthunhpdukindduoccngb.Cac nha quan sathoai nghi. Mtnha phn tich taithoi dim dod phat biu rng'vichach toanktoancuaKrispyKremetrongthuongvumualainhuongquynthuongmaila truong hop nghim trong nhtma chung ti bit". "Chung ti d khao sat 18 cng tygiao dich dai chung co hoat dng nhuong quyn, bn trong s do co cac nhuong quyn duoc 5/19

mua lai,vahodu thuc hinkhu hao chohoat dng nay.Vady rrang lahanh dng phaiduocthuchin.Trongbanmtruocdo,KrispyKremedghinhn174,5triu USD tai sanv hinh (quyn mua lai nhuong quyn), ma cng ty khng doi hoi phai khu hao.NgaySECrathngbao,cphiucuaKrispyKremedgiamthm15,voigia dong cua o muc $ 15,71 mt c phiu.

PHAN UNG CUA CC CHUYN GIA

Sovoigiai doan si dng vao nm 2001, khi80 cac nha phn tich c phiu du dua ra khuyn nghinnmuacphiu cuacng tyKrispy Kreme, nhung nhndinh thuong gp hinnayvcng tydthaydi.Vaothoidim toWallStreetdngtaibaivitvvic thuchanhhachtoanktoannghipvumualainhuongquynthuongmaicuaKrispy Kremetrongthang5/2004,chicon 25cacnhaphntichkhuynnghimuacphiu cuaKrispyKreme,50duakhuynnghixungmucnmgiu.Bang4va5cungcp bang cackhuyn nghi cua cac nha phn tich tng hop va cac uoc tinh EPS. Khi kho khn cuaKrispyKremelndndinhdimvaonuacuinm2004,cacnhaphntichngay cang tro nn bi quan v c phiu cua cng ty.

Khi su kinv cuc diu tra cua SECva cac vn d quan ly khac cua Krispy Kremevn con dang duoc tip din (vi du, giam dc diu hanh cua Krispy Kreme bi sa thai vao ngay 16 thang 8, 2004), nha quan sat nhin thy su nghim trong trong nn tang hoat dng kinh doanh cua Krispy Kreme. Trong thang 9, Wall Street Journal lai dng taimt bai bao tp trung chu y vao su tng truong cua cng ty nay:

Vn d lon nht divoi Krispy Kreme co thlado cng ty phat trinqua nhanhvadan trai hoat dng kinh doanh cuaminh bng cach ban banh doughnut cua no tai quanhiu cua hang, trong n lucgy n tuongvoi Ph Wall.Sluong cuahang cuaKrispy Kremedtnggngpba ln k tu du nm 2000,voi 427 cuahang tai 45 bangva bnqucgianuocngoai. Khoang 20.000 siu thi,cuahangtinich,cuahangtaicacbnxe,vacacdangcuahangkhaccngbanbanh doughnut cua cng ty.

Mt vn d khac la Krispy Kreme d dua vao dang k loi nhun tu vic ban thit bi voi loi nhun bin caomano yu cu cac bnnhnnhuongquyn phaimua chomi cuahangmoi. Loi nhun cua no cng bi rang buc cht ch voi su tng truong v s luong cua cac cua hang nhn nhuong quyn, vi nhung khoan phi ma cac cua hang nhn nhuong quyn phai tra truoc cho cng ty.

Trongthang9nm2004,KrispyKremethngbaorngnosgiamsluongcaccua hang moi trong nm xung khoang 60 so voi con s thng bao ban du 120.

Nha phn tichNhn dinhNgay JohnIvankoe, J.P.Morgan Securities, Inc Ngoai rakhixem xetlaibaocaothunhp,chung titin rng vn con tn tai nhiu vn d co ban, bao gm mt s tac dng cua phuong phap giam cn"low-carb". Giam khi luong giao dich cua cac cua hang moi la biu thicuamtmhinhdutungaycangxudi,vachung 29/7/2004 6/19

ti tin rng vic tai cu truc cac cua hanghinh thuc cua hangnhohonvagiambotcackhoanphiduoctinhcho thitbivacacnguynliubanchocaccosonhn nhuong quyn la diu cn thit.

JonathanM. Waite, KeyBanc Capital Markets ChungtitinrngnhungthachthucmaKKDphaidi mt,baogmsugiamloinhunbin,giamtysutsinh loi, vic diu tra cuaSEC, vad bo hoa sanphm, dang manh hon nhung yu t tich cuc cua cng ty. Ngoai ra, c phiucuaKKDdanggiaodichomuc16.6lnthunhp sovoitcdtng truong15.Nhuvy,chung tidanh gia c phiu KKD la HOLD (nn nm giu). 12/10/2004 John S. Glass, CIBCWorld Markets BangcndiktoancuaKrispyKremetronncng knhtronghainmquaboivicmualaithuonghiu (acquisitiongoodwill)macothsphaihachtoanlaila mtkhoanl(writedown).Ktquala,tysutsinhloi trnvn dutu cuaKKD dgiam xungkhoang 10 so voi 18 truoc khi nhung vumua lai duoc thuc hin cach dyhainm.Chungtacoththybangcndiktoan diuchinh,baogm cavicloaibomtphn dangk$ 170triutrong"quynmualainhuongquynthuong mai" nhu la mt buoc di dung huong du tin. 8/11/2004 GlennM. Guard,Legg Mason Theo y kin cua chung ti, su quan ly d khng tp trung vaonhung hoatdngmalnophaiduoctinhanh.Kt qua, qua nhiu co sod duoc mo tai cac dia dim ngheo khicngtytnggpbalnscosocuanoktunm 2000.Ngoaira, chungti chorngcacco so nhn nhuong quyn thuong mai khng duoc dao tao dung cach dduytrittnhthoatdngkinhdoanhgiantip.Kt qua la, nhiu co so dang thua l tu cac co so gian tip, va bnnhnnhuongquynkhngphailamtdnglucd phattrinhoatdngkinhdoanh.Chungtacngthytro ngaicoban,giaiquyt cacvnd,vicdiuhanhvatit kim chi phi (cost Discipline) dang khim khuyt nghim trongocacngtylnhthngcaccosonhnnhuong quyn, diu nay dn dn su khng hiu qua. 23/11/2004

Cng b hung khc phc

Ngay 4 Thang 1, 2005, ban giam dc cua Krispy Kreme thng bao rng bao cao tai chinh macngtydcngbtruocdochonmtaichinhktthucvaongay01thang2nm 2004 (FY2004) sduoc trinh baylaid"hiu chinhmtvaisaisot".Hi dng quan tri quytdinhdiuchinh,machuyulinquandn'vichachtoanktoandivoihoat dngmualaimtsnhuong quyn cuacng ty,diunayslamgiam thunhp truoc 7/19

thu cua nm tai chinh 2004 trong khoang tu 6,2 triu $ dn 8,1 triu $. Cng ty cng du kin s trinh bay lai bao cao tai chinh cho quy du tin va thu hai cua nm tai chinh 2005.

Krispy Kreme cng cho bitnostrihonvicnp bao caotaichinhcho dnkhicuc diutracuaSECdduocgiaiquytvavicchinhdnlainibcuacng tyhoantt. Tuy nhin, Vic cng tykhng cung cp cac bao cao tai chinh cho cac chu no vao ngay 14 Thang Mt nm 2005 co th tao nn mt su kho khn di voi khoan tin dung 150 triu $cuacng ty.Trong tinhcanhkhokhnnhuvy,cacngnhang cuaKrispyKremeco quynchm dutvicchovayvayucuthanhtoanngaylptucdivoicackhoanno chua thanh toan. Krispy Kreme khng np bao cao kip thoi cng dt cng ty vao nguy co lacphiucuanobihuybonimytkhoiSoGiaodichChungkhoanNewYork (NYSE). Dn cui ngay hm sau, c phn cua Krispy Kreme duoc giao dich omuc thp hon $ 10 mt c phn.

HuhtcacnhaphntichcamthyrngnguoichovaycuaKrispyKremescpcho cng tymtkhoan h tro trong tinh canhkho khnvhanmuc tindung,va chimtvai nha phn tichcam thy cng tythuc su roivao nguy cobihuybonim yttrnNYSE. Tuy nhin, thng bao cua hi dng quan tri chi dong vai tro lam dy ln thm cacmi lo ngaivcng ty.Ktuthang 8nm 2003,giatrithitruongvn cphn cua cng tyd giam 2,5 ty$.Bang 6mtadin bingia cphiu cng ty trong milin hvoi chi s S&P500.Liusuphathinvcacthuchanhktoannhuong quyncuacng tydud khin gia c phiu giam manh dn vy? Liu con vn dgi ngiu tai Krispy Kreme cn duoc xem xet k lung? Bang 7, 8 va 9 cung cp cac ty s tai chinh cua Krispy Kreme va so sanh voi mt nhom cac cng ty trong cung nganh.

Hnh 1. Mu hnh gi c phiu cng ty so vi chi s tng hp S&P 500

Ngun: Datastream 8/19

ANG 1: O CO THU NHAP

Ngan $, ngoai tru s luong c phn3 thang kt thuc3 thang kt thuc 30/1/200028/1/20013/2/20022/2/20031/2/20045/5/20032/5/20043/8/20031/8/2004 Tng doanh thu220,243300,715394,354491,549665,592148,660184,356159,176177,448 Chi phi hoat dng190,003250,690316,946381,489507,396112,480141,383120,573145,633 Chi phi quan ly va chi phi chung14,85620,06127,56228,89736,9128,90210,6649,06011,845 Chi phi khu hao4,5466,4577,95912,27119,7234,1016,1304,5366,328

Loi nhun tu kinh doanh chch lch gia

9,075

(525)

(525)

Cac khoan du phong cho vic tai cu truc, phi hu hong va phi dong cua

7,543 1,802 Thu nhp thot dng10,83823,50741,88759,817102,08623,70218,63625,00711,840 Thu nhp li2932,3252,9801,966921227176205226 Chi phi li vay(1,525)(607)(337)(1,781)(4,409)(866)(1,433)(997)(1,366)

L vn chu so huu trong hoat dng lin doanh

(706)

(602)

(2,008)

(1,836)

(694)

(575)

(802)

(399) Loi ich c dng thiu s

(716)(1,147)(2,287)(2,072)(616)(126)(616)267 Cac chi phi rong khac

(20)(235)(934)(13)(25)(156)(343)114 Thu nhp truoc thu thu nhp9,60623,78342,54654,77394,67721,7286,52222,45410,682 Du phong thu thu nhp3,6509,05816,16821,29537,5908,5886,6759,0144,438 Cac hoat dng gian doan 1 4,285439480

Thu nhp rng

5,956

14,725

26,378

33,478

57,087

13,140

24,438)

13,001

5,764 Thu nhp mi c phn pha long0.150.270.450.560.920.22(0.38)0.210.09 Gia c phiu (kt thuc nm tai chinh)

S luong c phn dang luu hanh (triu)

39.70

54.50

58.60

59.80

62.10

60.70

63.60

62.10

63.40 Ngun du liu: Bao cao cng ty gui SEC

1 Tu vic ban lai Montana Mills 9/19

ANG 2: ANG CAN DI KE TON

NGAN $ KET THUC NM TAI KHOAKET THUC 3 THANG 30/1/200028/1/20013/2/20022/2/20031/2/20042/5/20041/8/2004 TI SAN

TI SAN NGAN HAN

Tin va cac khoan tuong duong tin3,1837,02621,90432,20320,30013,71519,309 Du tu ngn han-18,10315,29222,976

Cac khoan phai thu khach hang17,96519,85526,89434,37345,28347,43444,329 Cac khoan phai thu ni b1,6082,5999,01711,06220,48220,74019,933 Cac khoan phai thu khac7942,2792,7718842,3633,1694,868 Phai thu ni b khac----4584,4045,440 Hang tn kho9,97912,03116,15924,36528,57332,97433,076 Chi phi tra truoc3,1481,9092,5913,4785,3994,6756,749 Thu thu nhp co th hoan lai861-2,5341,9637,9467,4498,139 Thu thu nhp hon lai (deIIered income taxes)

3,500

3,809

4,607

9,824

6,453

13,280

20,005 Tai san duoc giu d ban 36,8563,3743,325 TONG TI SAN NGAN HAN41,03867,611101,769141,128174,113151,214165,173 Dt dai va may moc thit bi (rong)60,58478,340112,577202,558281,103301,160297,154 Thu thu nhp hon lai (deIIered income taxes)

1,398

-

-

-

- Du tu dai han-17,87712,7004,344- Phai tra dai han phai thu ni b---1,0007,6092,9882,925 Du tu vao cng ty lin doanh

2,8273,4006,87112,42610,7289,921 Quyn mua lai nhuong quyn thuong mai, thuong hiu vamt s tai san v hinh khac

-

-

16,621

49,354

175,957

176,078

176,045 Cac tai san khac1,9384,8388,3095,2329,45612,31510,390 TONG TI SAN104,958171,493255,376410,487660,664654,483661,608 CAC KHOAN NO VA VON CHU SO HU

NO NGAN HAN

10/19

Cac khoan phai tra khach hang13,1068,21112,09514,05518,78418,86618,817 No ngn han ngn hang-5,1479,10711,3758,12312,67013,107 Phai tra khac14,08021,24326,72920,98123,74427,10732,249 Khoan phat theo phan quyt toa an (arbitration award)

-

-

-

9,075

- Han ngach tin dung chu chuyn-3,5263,871-- No dai han dn han tra2,400-7313,3012,8424,6635,566 No ngn han khac---900- Thu thu nhp phai tra-41--- TONG N NGAN HAN29,58638,16852,53359,68753,49363,30669,739 Thu thu nhp hon lai (deIIered income taxes)

-

579

3,930

9,849

6,374

16,468

25,564 Tin bi thuong chua thanh toan9901,106

Han ngach tin dung chu chuyn 7,28887,00072,00062,000 No dai han20,502-3,91249,90048,05658,46950,135 Phai tra cho vic tai cu truc4,2593,109

Cac nghia vu dai han khac1,8661,7354,8435,21811,21110,77412,078 TONG N DI HAN27,6176,52912,68572,255152,641157,711149,777 Quyn loi thiu s

1,1172,4915,1932,3232,8152,593 'N CHU SO HU

C phiu thuong, khng co mnh gia, 300.000 c phn duoc quyn phat hanh va luu hanh

85,060

121,052

173,112

294,477

296,812

299,865 C phiu thuong, mnh gia 10$, 1.000 c phn duoc quyn phat hanh va luu hanh

4,670 Vn c phn d dong gop (paid in capital)10,805 Bu dp quyn chon chua thuc hin cua nhn vin (unearned compensation) (188)

(186)

(119)

(62)

(47)

(31) Phai thu, nguoi lao dng(2,547)(2,349)(2,580)(558)(383)(383)(383) K hoach loi ich nhn vin

(126)(138)(339)(369)(264)(264) Phai tra cho k hoach loi ich nhn vin

126138339369264264 Li (hoc l) ly k

609456(1,486)(1,315)(783)(768) Loi nhun giu lai34,82742,54768,925102,403159,490135,052140,816 11/19

TONG 'N CHU SO HU47,755125,679187,667273,352452,207430,651439,499 TONG N ' 'N CHU SO HU104,958171,493255,376410,487660,664654,483661,608 Ngun du liu: Bao cao cng ty gui cho SEC 12/19 ANG 3: SJ PHT TRIEN CUA CC CUA HNG SU PHAT TRIEN CUA CAC CUA HANG30/1/200028/1/20013/2/20022/2/20031/2/2004 TONG CC CUA HNG NH MY CUA CNG TY

Du ky6158637599 S cua hang duoc mo2871428 S cua hang dong cua(5)(3)(2)(3)(2) Cac cua hang duoc mua tu nhung nguoi nhn nhuong quyn

0

0

7

13

16 Cui ky58637599141 Thay di rong(3)5122442 Tc d tng truong giua cac nm

9193242 TONG CC CUA HNGNHUNG QUYEN

Du ky7086111143177 Cac co so duoc mo1928414958 S co so dong cua(3)(3)(2)(2)(3) Cac cua hang chuyn giao lai cho cng ty00(7)(13)(16) Cui ky86111143177216 Thay di rong1625323439 Tc d tng truong giua cac nm

29292422 TONG CAC CUA HANG NHA MAY

Du ky131144174218276 S cua hang duoc mo2136486386 S cua hang dong cua(8)(6)(4)(5)(5) Cui ky144174218276357 Thay di rong1330445881 Tc d tng truong giua cac nm

21252729 CUA CAC CUA HANG

Cng ty so huu40.336.234.435.939.5 Nhuong quyn thuong mai59.763.865.664.160.5

Ngun du liu: bao cao cua cng ty, nguoi phn tich vit tinh hung

ANG 4: KHUYEN CO CUA CC NH PHAN TICH

Thoi gian cac khuyn cao

mua

ban nm giu 14/06/200180.020.00.0 19/07/200180.020.00.0 16/08/200180.020.00.0 20/09/200180.020.00.0 18/10/200180.020.00.0 13/19

15/11/200180.020.00.0 20/12/200180.020.00.0 17/01/200266.733.30.0 14/02/200257.128.614.3 14/03/200271.428.60.0 18/04/200266.733.30.0 16/05/200266.733.30.0 20/06/200271.428.60.0 18/07/200271.428.60.0 15/08/200271.428.60.0 19/09/200266.733.30.0 17/10/200257.128.614.3 14/11/200257.128.614.3 19/12/200250.012.537.5 16/01/200350.012.537.5 20/02/200362.512.525.0 20/03/200362.512.525.0 17/04/200362.512.525.0 15/05/200355.611.133.3 19/06/200366.70.033.3 17/07/200380.00.020.0 14/08/200383.30.016.7 18/09/200366.716.716.6 16/10/200366.716.716.6 20/11/200366.716.716.6 18/12/200342.914.342.8 15/01/200442.914.342.8 19/02/200428.614.357.1 18/03/200428.614.357.1 15/04/200437.525.037.5 20/05/200425.025.050.0 17/06/200425.025.050.0 15/07/200433.311.155.6 19/08/200428.628.642.8 16/09/200425.037.537.5 14/10/200414.342.942.8 18/11/200414.342.942.8 16/12/200414.357.128.6 20/01/200514.357.128.6 Ngun du liu: I/B/E/S (Thomsom Iinancial/Iirst call) 14/19 ANG 5:CC UC LUNG THUAN NHT CUA EPS uoc luong (gia tri trung binh)Ngay uoc luong $ 0.3802/07/2001 $ 0.4324/08/2001 $ 0.4125/10/2001 $ 0.4416/11/2001 $ 0.4321/12/2001 $ 0.6208/03/2002 $ 0.6324/05/2002 $ 0.6303/06/2002 $ 0.6301/07/2002 $ 0.6429/08/2002 $ 0.6403/09/2002 $ 0.6308/10/2002 $ 0.6622/11/2002 $ 0.6510/01/2003 $ 0.6614/02/2003 $ 0.8720/03/2003 $ 0.8929/05/2003 $ 0.9030/07/2003 $ 0.9021/08/2003 $ 0.9115/09/2003 $ 0.9117/10/2003 $ 0.9227/01/2004 $ 1.1710/03/2004 $ 1.0007/05/2004 $ 0.9926/05/2004 $ 0.9824/06/2004 $ 0.9216/08/2004 $ 0.5927/08/2004 $ 0.6910/09/2004 $ 0.6513/09/2004 $ 0.5803/11/2004 $ 0.4523/11/2004 Ngun du liu: I/B/E/S (Thomsom Iinancial/Iirst call) 15/19 ANG 7: PHAN TICH CC CHI S TI CHINH CUA KRISPY KREME

KET THUC NM TAI KHOA

Dinh nghia cac ty s30/1/200028/1/20013/2/20022/2/20031/2/2004 Ty s thanh ton Ty s thanh toan nhanh1.051.461.631.962.72(tai san ngn han -hang tn kho)/no ngn han Ty s thanh toan hin hanh1.391.771.942.363.25tai san ngn han/no ngn han Ty s dn by No trn vn c phn (gia tri s sach)47.960.002.4719.4611.26No dai han/vn chu so huu No trn tng tai san32.410.002.4116.2910.12No dai han/(vn chu s huuno) Kha nng thanh toan li vay7.1138.73124.2933.5923.15EBIT/chi phi li vay Tai san trn vn chu so huu2.201.361.361.50

Tng tai san/vn chu so huu Ty s hot dng Vong quay khoan phai thu10.8112.1610.1910.619.70Doanh thu/cac khoan phai thu Vong quay hang tn kho19.0420.8419.6115.6617.76Gia vn hang ban/hang tn kho Vong quay tng tai san2.101.751.541.201.01Doanh thu/tng tai san Vong quay tin mt69.1942.8018.0015.2632.79Doanh thu/tin va cac khoan tuong duong tin Ty s kha nng sinh li Loi nhun trn tng tai san5.678.5910.338.168.64Thu nhp rong/tng tai san Loi nhun trn vn c phn12.4711.7214.0612.2512.62Thu nhp rong/vn chu so huu Ty sut loi nhun hoat dng trn doanh thu

4.92

7.82

10.62

12.17

15.34

Thu nhp hoat dng/Doanh thu thun Ty sut loi nhun rong trn doanh thu2.704.906.696.818.58Thu nhp rong/ doanh thu Ngun du liu: Bao cao cng ty gui choSEC 16/19

ANG 8: CC TY S TI CHINH CUA CC NH HNG CUNG CP DJCH ' THUC N NHANH O NM TI KHA 2003

TN CNG TY

CHECKERS

CKE

DOMINO'S

JACK IN THE BOX

KRISPY KREME

Mc DONALD'S DOANH THU THUAN(TRIEU $)190.001,413.001,333.002,058.00666.0017,141.00 Ty s thanh ton Ty s thanh toan nhanh0.960.470.600.232.720.49 Ty s thanh toan hin hanh1.420.760.990.633.250.76 Ty s dn by No trn vn c phn (gia tri s sach)33.97262.97(131.07)61.8211.2677.97 No trn tng tai san25.3672.45421.9038.2010.1243.81 Kha nng thanh toan li vay6.99(0.09)2.055.4423.156.93 Tai san trn vn chu so huu1.765.29(0.62)2.501.462.13 Ty s hot dng Vong quay khoan phai thu65.0835.1520.6371.229.7021.56 Vong quay hang tn kho133.3959.3046.8852.8317.7689.84 Vong quay tng tai san1.501.753.161.841.010.69 Vong quay tin mt12.0038.8340.90147.1232.7941.64 Ty s kha nng sinh li Loi nhun trn tng tai san12.23(5.92)8.666.268.645.91 Loi nhun trn vn c phn21.5531.30nmI15.6512.6212.59 Ty sut loi nhun hoat dng trn doanh thu

8.24

3.49

13.20

6.94

15.34

19.62 Ty sut loi nhun rong trn doanh thu8.32(3.24)2.913.588.588.80 nmI: khng co s liu d tinh 17/19

TN CNG TY PAMERA BREAD PAPA JOHNS

SONIC

STARBUCKS

WENDY'S YUM BRANDS DOANH THU THUAN(TRIEU $)356.00917.00447.004,076.003,149.003,380.00 Ty s thanh ton Ty s thanh toan nhanh1.340.330.770.760.610.26 Ty s thanh toan hin hanh1.580.770.921.520.880.55 Ty s dn by No trn vn c phn (gia tri s sach)0.0038.3062.530.2139.39183.57 No trn tng tai san0.0026.9838.110.2128.2664.74 Kha nng thanh toan li vay1,014.108.9314.09nmI9.255.79 Tai san trn vn chu so huu1.262.181.831.311.805.02 Ty s hot dng Vong quay khoan phai thu32.4250.2927.4938.4428.4249.73 Vong quay hang tn kho38.7544.87111.2410.5879.5891.32 Vong quay tng tai san1.642.571.001.621.081.52 Vong quay tin mt8.74110.7340.3110.8417.1246.04 Ty s kha nng sinh li Loi nhun trn tng tai san12.469.7910.759.837.4611.00 Loi nhun trn vn c phn15.6421.3319.6912.8913.4258.18 Ty sut loi nhun hoat dng trn doanh thu

14.02

6.38

23.42

9.48

13.35

12.77 Ty sut loi nhun rong trn doanh thu8.613.7011.706.587.497.37 nmI: khng co s liu d tinh Ngun du liu:nghin cuu cua Standard & Poor

ang 8: M TA CC CNG TY DI THU

Checkers Drive-in Restaurants, Inc: checkers la mt # 1 chui cac nha hang thuc n nhanh, voi hon 780 dia dim thuc so huu cua cng ty va nhuong quyn. Gn 30 cac dia dim cua no la thuc so huu cua cng ty.

CKE Restaurants, Inc: CKE la mt cng ty hang du trong linh vuc cung cp thuc an nhanh, voi hon 3100 dia dim. CKE so huu va diu hanh hon 1 / 3 cac nha hang cua no, phn con lai duoc diu han Panera Bread Company: h boi nguoi nhn nhuong quyn. 18/19 Domino`s Pizza, Inc: Dominola mt chui cac cua hangban Pizza lon thu2 th gioi, voi hon 7.750 dia dim o hon 50 quc gia. Cua hang cua Dominola mt dia dim giao hang va thuong khng co bt ky ch ngi nao cho vic n ung.

ack in the ox Inc: Jack trong Box cachoatdngvanhuong quyn thuongmai hon 2000 cuahangbanh hamburger hang ducua no o 17 bang. Hon 1550 dia dim cng ty thuc so huu, trong khi phn con lai duoc nhuong quyn.

Tpdon McDonald`s:McDonaldla cngty ban thuc n nhanhs1 th gioivoihon 31.000nhahanghangduphucvubanhmi kep thit va khoai ty chin tai hon 100 quc gia. Gn 30 cac cua hangcua nola cng ty thuc so huu, nhung cua hang con lai duoc diu hanh boi nhung nguoi nhn nhuong quyn.

PanerareadCompany:PaneraBreadlamtnguoi tin phongtronglinhvuckinhdoanhnhahangthucn nhanh tinloi(quick- casual restaurant), voi hon 740 quan ca ph tim banh o khoang 35 bang. Khoang 70 cac dia dim cua no duoc diu hanh boi nhung nguoi nhn nhuong quyn.

Papa John`s International, Inc: Papa John la mt trong 3 chui cua hang cung cp banh pizza, voi 3000 pizzerias trn khp Hoa Ky va trong 17 thi truong quc t. Papa John so huu va diu hanh khoang 20 cac dia dim cua no.

Tp don Sonic: lamt tp doan lon nht trong hoat dng cung cp dich vu thuc nnhanh tai Hoa Ky, Sonic diuhanh khoang 535 nha hang va cac co so nhuong quyn thuong mai tai hon 2.325 dia dim trong 30 tiu bang.

Tp doan Starbucks: La mt tp doan ban le ca ph dc san s 1 th gioi, Starbuck hoat dng va co giy phep o hon 8500 cua hang ca ph tai hon 30 quc gia. Ngoai ra, Starbucks cung cp ca ph thng qua cac cua hang tap hoa, va xin giy phep thuonghiu cua minh cho thuc phm va cac san phm nuoc giai khat khac.

endy`sInternational,Inc:Wendylamttrong3chuibanbanhhamburger.WendyCogn6700nhahangtrntoanthgioi, khoang 78 trong s do la cua hang nhuong quyn thuong mai.

YUM! rands,Inc:YUM! Brands,Inclamt trongnhungthuonghiunhnnhuongquyn tronglinhvuccungcpthucnnhanh lonnht trn toan th gioi,chi sauMcDonald trong tng doanh thu. Nodng khachnhovaobanh burger khngl, tuy nhin tai cac cuahang,voihon33.000cosotrongkhoang100quc gia(cngtysohuuvadiuhanhkhoang1/4scuahangvanhnnhuong quyn thuongmai cuanhungnguoi khac) . Cac thuong hiuhang du cua cng ty baogm KFC,Pizza Hut, Taco Bell. Yum! Cng sohuuA&WAll-AmericanFoodRestaurantsvaLongJohnSilver`s.chinluocdaihancuacngtylamultibranding(cungcp nhiu hon mt thuong hiu tai mt khu vuc) d duoc chung minh la thanh cng. 19/19 ANG 9: o co ti chnh theo quy m chung: Trung bnh d|ch v nh hng v Krispy Kreme KKD)

200120022003KKD2003 Bang cn di: tai san () Tin va tuong duong tin12.812.413.73.1 Phai thu khach hang (rong)1.60.91.410.4 Hang tn kho43.33.84.3 Cac tai san ngn han khac2.62.63.58.6 Tng tai san ngn han119.6104.5 Bang cn di: No va vn chu so huu() Phai tra, ngn han4.75.65.80 No dai han dn han tra6.166.80.4 Phai tra nguoi ban9.27.49.32.8 Thu thu nhp phai tra0.20.20.30 Cac khoan no ngn han khac13.916.9144.8 Tng no ngn han34.136.136.48.1 No dai han40.245.641.97.3 Thu thu nhp tri hoan0.10.20.11 Cac khoan no dai han khac4.78.38.714.9 Vn chu so huu20.99.912.968.4 Tng no va vn chu so huu100100100100 Bao cao thu nhp() Doanh thu thun100100100100 Chi phi hoat dng56.355.658.176.2 Loi nhun hoat dng44.7415.3 Cac chi phi khac (rong)1.31.61.51.1 Loi nhun truoc thu2.732.514.2 Ngun du liu: Ngin cuu bao cao thuong nin: 2004-2005, Hip hi quan tri rui ro