m Cds 2013 Annual Report

8/10/2019 m Cds 2013 Annual Report

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2013 Annual Report


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2013 Highlights

Global Comparable

Sales Growth


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To Our Valued Shareholders:

Its a privilege to serve great-tasting, high-quality food

and beverages with the speed and onveniene e!peted

by al"ost #0 "illion daily usto"ers in 11$ ountries %and we dont ta&e it for granted'

(ur unique business "odel % o"prised of the

best franhisees, e!ellent suppliers and talented

e"ployees % is the reason )*onalds is the worlds

largest qui&-servie restaurant brand' Its also the

reason we ontinued to grow in 2013' +lobal o"parable

sales inreased 0'2, and yste"wide sales were up

3.' /e inreased operating ino"e 3. and diluted

earnings per share .

2' billion in new and e!isting restaurants'

/e also re"ain o""itted to returning all free ash flow

to shareholders' In 2013, we returned '$ billion to

shareholders through dividends and share repurhases'

hough )*onalds ontinued to grow, our perfor"ane

fell short of our high e!petations this past year'

4hallenging onditions% inluding a flat or ontrating

infor"al eating out ategory in "ost of our "a5or

"ar&ets, inreased o"petitive ativity and onsu"er

prie sensitivity % i"pated our results' In addition,

so"e of our usto"er-faing initiatives didnt generate

the o"parable sales lift and inre"ental guest visitsneeded to overo"e e!ternal pressures in todays

highly frag"ented "ar&etplae'

/ere addressing near-ter" perfor"ane by opti"i6ing

urrent initiatives for broader reah and better e!eution,

while appropriately investing to "eet future de"and'

As we loo& forward, I re"ain onfident in the underlying

strength of our yste" and business "odel' 7es, for

us, this is about our sale' Its also about our si6eable

"ar&eting presene, our industry-leading ash flow

and the effiienies were able to apture as a result'

Building on our strengths to generateenduring pro!itable growth

(ur desire to ensure the )*onalds e!periene

onsistently delivers on our trade"ar& 849: %

.in onstant urrenies


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Gi"ing #ustomers more reasonsto #hoose $#%onald&s more o!ten

/ere plaing greater e"phasis on strengthening our

relationship with our usto"ers' /ere foused on what

"otivates the" % and losely aligning our global growth

priorities with the reasons they hoose )*onalds'

hat "eans serving great-tasting food and beverages,

reating "e"orable e!perienes within and beyond

our restaurants, and offering unparalleled onveniene

fro" a brand they respet and trust'

/hile our growth priorities are a global fra"ewor&,

"ar&ets have different areas of fous based on their

usto"ers needs' (ur deentrali6ed approah is

truly an enviable loal "ar&et struture that provides

grass-roots &nowledge to help us better e!eute

loal initiatives and progra"s that resonate with

our usto"ers'

;or e!a"ple, the


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he future holds great pro"ise and potential for our

brand, as we wor& to sei6e the still si6eable opportunities

around us to be "ore aessible, "ore relevant,

and ulti"ately "ore valuable in the daily lives of our

usto"ers' *riven by "anage"ents strong leadership,

strategies and our o""itted e"ployees, we are

onfident that )*onalds will ontinue to beo"e a

stronger, "ore profitable o"pany over the long ter"'

)*onalds Coard of diverse, e!periened business

leaders re"ains o""itted to overseeing the 4o"panys

diretion and enhaning shareholder value' /e e"brae

our role in helping this great brand ontinue to sueed %

through its long-standing for"ula of o""it"ent to the

usto"er, hard wor& and strong values'

(n behalf of the entire Coard of *iretors, it is an honor

and privilege to serve you, our shareholders'

:ery truly yours,

(nd) $#*enna

4hair"an

$#%onald&s Corporation 2013 Annual Report B ii


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DI A+= I IE=EI(EA??7 ?=; C?AEF


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Se#urities registered pursuant to Se#tion 12+g, o! the (#t:

-oneGitle of lassH

Indiate by he& "ar& if the registrant is a well-&nown seasoned issuer, as defined in Rule 0 of the eurities At' 7es Eo

Indiate by he& "ar& if the registrant is not required to file reports pursuant to etion 13 or etion 1GdH of the At' 7es Eo

Indiate by he& "ar& whether the registrant G1H has filed all reports required to be filed by etion 13 or 1GdH of the eurities =!hange At of 1$3 duringthe preeding 12 "onths Gor for suh shorter period that the registrant was required to file suh reportsH, and G2H has been sub5et to suh filing require"ents

for the past $0 days' 7es Eo

Indiate by he& "ar& whether the registrant has sub"itted eletronially and posted on its orporate /eb site, if any, every Interative *ata ;ile required tobe sub"itted and posted pursuant to Rule 0 of Regulation - during the preeding 12 "onths Gor for suh shorter period that the registrant was required

to sub"it and post suh filesH' 7es Eo

Indiate by he& "ar& if dislosure of delinquent filers pursuant to Ite" 0 of Regulation -F is not ontained herein, and will not be ontained, to the bestof registrants &nowledge, in definitive pro!y or infor"ation state"ents inorporated by referene in art III of this ;or" 10-F or any a"end"ent to this

;or" 10-F'

Indiate by he& "ar& whether the registrant is a large aelerated filer, an aelerated filer, a non-aelerated filer, or a s"aller reporting o"pany' ee thedefinitions of Jlarge aelerated filer,K Jaelerated filerK and Js"aller reporting o"panyK in Rule 12b-2 of the =!hange At'

G4he& oneHL

?arge aelerated filer Aelerated filer

Eon-aelerated filer Gdo not he& if a s"aller reporting o"panyH "aller reporting o"pany

Indiate by he& "ar& whether the registrant is a shell o"pany Gas defined in Rule 12b-2 of the =!hange AtH' 7es Eo

he aggregate "ar&et value of o""on sto& held by non-affiliates of the registrant as of Mune 30, 2013 was $,$32,1N,3N'

he nu"ber of shares outstanding of the registrants o""on sto& as of Manuary 31, 201 was $$,1,3# '

*(4


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.art /

/tem 1 Cusiness ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '

/tem 1( Ris& ;ators and 4autionary tate"ent Regarding ;orward-?oo&ing tate"ents ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '

/tem 1B


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AR I

I=) 1' Cusiness

)*onalds 4orporation, the registrant, together with its sub-sidiaries, is referred to herein as the J4o"pany'K

a0 General de"elopment o! business

*uring 2013, there were no "aterial hanges to the 4o"panys

orporate struture or in its "ethod of onduting business' In2013, the 4o"pany ontinued the proess it began in 200 torealign ertain subsidiaries to develop a orporate struture withinits geographi seg"ents that better reflets the operation of the)*onalds worldwide business'

b0 9inan#ial in!ormation about segments

eg"ent data for the years ended *ee"ber 31, 2013, 2012, and2011 are inluded in art II, Ite" , page 3$ of this ;or" 10-F'

#0 -arrati"e des#ription o! business

General

he 4o"pany franhises and operates )*onalds restaurants inthe global restaurant industry' hese restaurants serve a broad

"enu Gsee rodutsH at various prie points in "ore than 100ountries around the world'All restaurants are operated either by the 4o"pany or by

franhisees, inluding onventional franhisees under franhisearrange"ents, and develop"ental liensees and foreign affiliated"ar&ets under liense agree"ents'

he 4o"panys operations are designed to assureonsisteny and high quality at every restaurant ' /hen grantingfranhises or lienses, the 4o"pany is seletive and generally isnot in the pratie of franhising to passive investors'

or of their restaurantbusinesses, and by reinvesting in the business over ti"e' he4o"pany owns the land and building or seures long-ter" leases

for both 4o"pany-operated and onventional franhisedrestaurant sites' In ertain iru"stanes, the 4o"panypartiipates in reinvest"ent for onventional franhisedrestaurants' A disussion regarding site seletion is inluded inart I, Ite" 2, page N of this ;or" 10-F'

4onventional franhisees ontribute to the 4o"panysrevenue strea" through the pay"ent of rent and royalties basedupon a perent of sales, with speified "ini"u" rent pay"ents,along with initial fees reeived upon the opening of a newrestaurant or the granting of a new franhise ter"' heonventional franhise arrange"ent typially lasts 20 years, andfranhising praties are generally onsistent throughout theworld' (ver #0 of franhised restaurants operate underonventional franhise arrange"ents'


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years ended *ee"ber 31, 2013, 2012, and 2011 in art II,Ite" #, pages 10 through 2, and the 4onsolidated state"ent ofash flows for the years ended *ee"ber 31, 2013, 2012, and2011 in art II, Ite" , page 2$ of this ;or" 10-F'

Customers

he 4o"panys business is not dependent upon either a singleusto"er or s"all group of usto"ers'

Backlog

4o"pany-operated restaurants have no ba&log orders'

Government contracts

Eo "aterial portion of the business is sub5et to renegotiation ofprofits or ter"ination of ontrats or subontrats at the eletion ofthe s is separately available and now inluded inthe I=( seg"ent' he I=( seg"ent e!ludes establish"ents thatpri"arily serve alohol and full-servie restaurants other thanasual dining'

Cased on data fro" =uro"onitor International, the global I=(seg"ent was o"posed of appro!i"ately "illion outlets and

generated 1'2 trillion in annual sales in 2012, the "ost reentyear for whih data is available' )*onalds yste"wide 2012restaurant business aounted for 0' of those outlets and about of the sales'

)anage"ent also on oasion benh"ar&s )*onaldsagainst the entire restaurant industry, inluding the I=( seg"entdefined above and all other full-servie restaurants' Cased on datafro" =uro"onitor International, the restaurant industry waso"posed of appro!i"ately 1N "illion outlets and generated 2'3trillion in annual sales in 2012' )*onalds yste"wide restaurantbusiness aounted for 0'2 of those outlets and about of thesales'

Research and development

he 4o"pany operates researh and develop"ent failities in the


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I=) 1A' Ris& ;ators and 4autionarytate"ent Regarding ;orward-?oo&ingtate"ents

he infor"ation in this report inludes forward-loo&ing state"entsabout our plans and future perfor"ane, inluding those under(utloo&' hese state"ents use suh words as J"ay,K Jwill,KJe!pet,K JbelieveK and Jplan'K hey reflet our e!petations andspea& only as of the date of this report ' /e do not underta&e toupdate the"' (ur e!petations Gor the underlying assu"ptionsH

"ay hange or not be reali6ed, and you should not rely unduly onforward-loo&ing state"ents'(ur business and e!eution of our strategi plan, the lan to

/in, are sub5et to ris&s' he "ost i"portant of these is whetherwe an re"ain relevant and a brand usto"ers trust' )eetingusto"er e!petations is o"pliated by the ris&s inherent in ourglobal operating environ"ent' 4hallenging eono"i onditionsontinue to pressure our operating and finanial perfor"ane' Inpartiular, in so"e of our "a5or "ar&ets, I=( seg"ents "ayre"ain stagnant or e!periene "odest growth, refleting broad-based onsu"er aution, prie sensitivity, and intensifyingo"petitive ativity by both traditional and non-traditionalo"petitors' ;urther, ertain "enu, priing and pro"otionaldeisions "ay ontinue to yield results below desired levels andould ontinue to negatively i"pat sales, guest ounts and

"ar&et share' As our business "odel is built around growingo"parable sales to reali6e "argin leverage, given theseonditions and persistent ost pressures, we e!pet our results for201 will re"ain hallenged'

/e have the added hallenge of the ultural and regulatorydifferenes that e!ist within and a"ong the "ore than 100ountries where we operate' Initiatives we underta&e "ay nothave universal appeal a"ong different seg"ents of our usto"erbase and an drive unantiipated hanges in guest ounts andusto"er pereptions' (ur operations, plans and results are alsoaffeted by regulatory, ta! and other initiatives around the world,notably the fous on nutritional ontent and the souring,proessing and preparation of food Jfro" field to front ounter,K aswell as industry "ar&eting praties'

hese ris&s an have an i"pat both in the near- and long-ter" and are refleted in the following onsiderations and fatorsthat we believe are "ost li&ely to affet our perfor"ane'

Our abilit) to remain a rele"ant and trusted brand and toin#rease sales and pro!its depends largel) on how well wee8e#ute the .lan to in and our global growth priorities

The Plan to Win aligns the McDonald's System around thethree global growth priorities that represent our greatestopportunities to drive results - optimizing our menu, modernizingthe customer eperience and broadening accessibility to our brandin order to remain relevant to our customers! "t also #eeps us$ocused on a common approach to eecution through ourcontinued emphasis on people, products, place, price andpromotion! The %uality o$ our eecution depends mainly on the

$ollowing&(ur ability to antiipate and respond effetively to trends orother fators that affet the I=( seg"ent and our o"petitiveposition in the diverse "ar&ets we serve, suh as spendingpatterns, de"ographi hanges, trends in food preparation,onsu"er preferenes and publiity about us, all of whihan drive pereptions of our business or affet thewillingness of other o"panies to enter into site, supply orother arrange"ents with usP

(ur ontinued innovation in all aspets of the )*onaldQse!periene to differentiate the )*onaldQs e!periene in away that balanes value with "argin levelsP


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opportunisti atte"pts to enfore patents used in infor"ationtehnology syste"sHP the relative level of our defense osts,whih vary fro" period to period depending on the nu"ber,nature and proedural status of pending proeedingsP theost and other effets of settle"ents or 5udg"ents, whih"ay require us to "a&e dislosures or ta&e other ations that"ay affet pereptions of our brand and produtsP and thesope and ter"s of insurane or inde"nifiation protetionsthat we "ay haveP

Adverse results of pending or future litigation, inluding

litigation hallenging the o"position and preparation of ourproduts, or the appropriateness or auray of our"ar&eting or other o""uniation pratiesP

he ris&s and osts to us, our franhisees and our supplyhain of the effets of li"ate hange, greenhouse gases,energy and water resoures, as well as the inreased publifous, inluding by govern"ental and non-govern"entalorgani6ations, on these and other environ"entalsustainability "atters Ge'g', pa&aging and waste, ani"alhealth and welfare and land useH and the inreased pressureto "a&e o""it"ents or set targets and ta&e ations to "eetthe", whih ould e!pose the 4o"pany to "ar&et,operational and e!eution osts or ris&s, partiularly whenations are underta&en yste"wideP

he inreasing fous on wor&plae praties and onditionsand osts and other effets of o"pliane with


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I=) 2' roperties

he 4o"pany owns and leases real estate pri"arily in onnetionwith its restaurant business' he 4o"pany identifies and developssites that offer onveniene to usto"ers and long-ter" sales andprofit potential to the 4o"pany' o assess potential, the 4o"panyanaly6es traffi and wal&ing patterns, ensus data and otherrelevant data' he 4o"panys e!periene and aess toadvaned tehnology aid in evaluating this infor"ation' he4o"pany generally owns the land and building or seures long-

ter" leases for restaurant sites, whih ensures long-ter"oupany rights and helps ontrol related osts' Restaurantprofitability for both the 4o"pany and franhisees is i"portantPtherefore, ongoing efforts are "ade to ontrol averagedevelop"ent osts through onstrution and design effiienies,standardi6ation and by leveraging the 4o"panys global souringnetwor&' Additional infor"ation about the 4o"panys properties isinluded in )anage"ents disussion and analysis of finanialondition and results of operations in art II, Ite" #, pages10 through 2 and in ;inanial state"ents and supple"entarydata in art II, Ite" , pages 2 through 2 of this ;or" 10-F'

I=) 3' ?egal roeedings

he 4o"pany has pending a nu"ber of lawsuits that have been

filed in various 5urisditions' hese lawsuits over a broad varietyof allegations spanning the 4o"panys entire business' hefollowing is a brief desription of the "ore signifiant types oflawsuits' In addition, the 4o"pany is sub5et to various federal,state and loal regulations that i"pat various aspets of itsbusiness, as disussed below' /hile the 4o"pany does notbelieve that any suh lai"s, lawsuits or regulations will have a"aterial adverse effet on its finanial ondition or results ofoperations, unfavorable rulings ould our' /ere an unfavorableruling to our, there e!ists the possibility of a "aterial adversei"pat on net ino"e for the period in whih the ruling ours orfor future periods'

Franchising

A substantial nu"ber of )*onalds restaurants are franhised toindependent owner@operators under ontratual arrange"entswith the 4o"pany' In the ourse of the franhise relationship,oasional disputes arise between the 4o"pany and itsfranhisees relating to a broad range of sub5ets inluding, but notli"ited to, quality, servie and leanliness issues, ontentionsregarding grants or ter"inations of franhises, delinquentpay"ents of rents and fees, and franhisee lai"s for additionalfranhises or rewrites of franhises' Additionally, oasionaldisputes arise between the 4o"pany and individuals who lai"they should have been granted a )*onalds franhise'

N McDonald's Corporation 2013 Annual Report


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through Eove"ber 2010, he held the position of 4orporate enior:ie resident of upply 4hain' In addition to this role, )r' +oareassu"ed responsibility for *evelop"ent in *ee"ber 2010 andserved as 4orporate enior :ie resident of upply 4hain and*evelop"ent through Manuary 2011' )r' +oare has been with the4o"pany for 3 years'

David 1! 2o$$mann, N, is resident of Asia@aifi, )iddle=ast and Afria, a position he has held sine Muly 2012' ;ro"Manuary 2012 through Mune 2012, he held the position of enior:ie resident and Restaurant upport (ffier for Asia@aifi,)iddle =ast and Afria' rior to that ti"e, he held the position of

:ie resident of trategy, Insights and *evelop"ent for Asia@aifi, )iddle =ast and Afria fro" )ay 2011 through *ee"ber2011' ;ro" Eove"ber 200 through April 2011, he held theposition of =!eutive :ie resident of )*onaldQs Mapan' )r'Doff"ann has been with the 4o"pany for 1# years'

3enneth M! 3oziol, , bea"e 4orporate =!eutive :ieresident%4hief Restaurant (ffier in ;ebruary 2013' ;ro" Muly200N through Manuary 2013, he held the position of 4orporateenior :ie resident%Innovation' rior to that ti"e, )r' Fo6iolserved as 4orporate :ie resident Restaurant olutions +roup/orldwide Innovation fro" Mune 200 to Muly 200N' )r' Fo6iol hasbeen with the 4o"pany for 2 years'

3evin M! 'zan, 0, is 4orporate enior :ie resident4ontroller, a position he has held sine ;ebruary 200' ;ro"

)ay 200# through Manuary 200, he served as 4orporate :ieresident%Assistant 4ontroller' )r' (6an has been with the4o"pany for 1N years'

4loria Santona, N3, is 4orporate =!eutive :ie resident,+eneral 4ounsel and eretary, a position she has held sineMuly 2003' )s' antona has been with the 4o"pany for 3N years'

5e$$rey P! Stratton, , is resident, )*onaldQs


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6 Sub(ect to applicable law, the 7ompany may repurchase shares directly in the open mar#et, in privately negotiated transactions, or pursuant to derivative

instruments and plans complying with 8ule .b9-., among other types o$ transactions and arrangements!

:.; n 5uly .


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:.; "ncludes preta income due to "mpairment and other charges :credits;, net o$ >?.!. million :>!@ per share; primarily related to the

resolution o$ certain liabilities retained in connection with the A 1atin +merica developmental license transaction!

:,; "ncludes income o$ >9@!@ million :>!9 per share; $or gain on sale o$ investment related to the sale o$ the 7ompanyBs minority ownership interest in 8edbo

+utomated 8etail, 117!

:C; "ncludes income o$ >.!< per share; $or gain on sale o$ investment $rom the sale o$ the 7ompanyBs minority ownership interest in )!3!- based Pret +Manger!

:/; 8epresents treasury stoc# purchases as re$lected in Shareholders' e%uity!

:9; While $ranchised sales are not recorded as revenues by the 7ompany, management believes they are important in understanding the 7ompany's $inancial

per$ormance because these sales are the basis on which the 7ompany calculates and records $ranchised revenues and are indicative o$ the $inancial health o$ the

$ranchisee base! ranchised restaurants represent more than @E o$ McDonald's restaurants worldwide!

McDonald's Corporation 2013 Annual Report $


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I=) #' )anage"ents *isussion and Analysisof ;inanial 4ondition and Results of (perations

(verview

%7SC;/.T/O- O9 TH7 B


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enables )*onaldQs to onsistently deliver loally-relevantrestaurant e!perienes to usto"ers and be an integral part of theo""unities we serve'

)*onaldQs usto"er-foused lan to /in GOlanOH provides ao""on fra"ewor& that aligns our global business and allows forloal adaptation' /e ontinue to fous on our three global growthpriorities of opti"i6ing our "enu, "oderni6ing the usto"ere!periene, and broadening aessibility to Crand )*onaldQswithin the fra"ewor& of our lan' (ur initiatives support thesepriorities, and are e!euted with a fous on the lanQs five pillars -eople, roduts, lae, rie and ro"otion - to enhane our

usto"ersQ e!periene and build shareholder value over the longter"' /e believe these priorities align with our usto"ersQ evolvingneeds, and - o"bined with our o"petitive advantages ofonveniene, "enu variety, geographi diversifiation and yste"align"ent - will drive long-ter" sustainable growth'

o "easure our perfor"ane as we strive to build thebusiness, we have the following long-ter", average annualonstant urreny finanial targetsL

yste"wide sales growth of 3 to P

(perating ino"e growth of N to #P

R(II4 in the high teens'

In 2013, yste"wide sales growth was 1 G3 in onstant

urreniesH, operating ino"e growth was 2 G3 in onstanturreniesH, one-year R(II4 was 11' and three-year R(II4 was20'2 Gsee reoniliation on page 23H' (ur operating ino"egrowth and returns fell below our long-ter" finanial targets,refleting the i"pat of soft o"parable sales perfor"ane' In ourheavily franhised business "odel, growing o"parable sales isi"portant to inreasing operating ino"e and returns'

In 2013, our o"parable sales inreased 0'2, refletinghigher average he& and negative o"parable guest ounts of1'$' 4hallenging onditions, inluding a flat or ontratinginfor"al eating out GJI=(KH seg"ent in "ost "a5or "ar&ets,heightened o"petitive ativity and onsu"er prie sensitivity,ontinued to pressure perfor"ane' ;urther"ore, )*onaldsusto"er-faing initiatives did not generate the o"parable saleslift or usto"er visits neessary to overo"e these headwinds '

In 201, we do not e!pet signifiant hanges in "ar&etdyna"is given "odest growth pro5etions for the I=( seg"ent 'Dowever, we ontinue to believe that our targets re"ainahievable over the long ter"'

he following is a su""ary of our 2013 sales perfor"aneand our initiatives within the three global growth priorities by "a5orseg"ent'

U.S.

In the


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Consolidated Operating ;esults

+lobally, our approah to offering variety and value aross the"enu to our usto"ers is o"ple"ented by a fous on drivingoperating effiienies, and leveraging our sale and supply haininfrastruture to "anage osts' In 2013, we "aintained a full-yearo"bined operating "argin of 31'2, as we grew revenues 2and "anaged our e!penses'

/e ontinued our long-standing o""it"ent to fisaldisipline and "aintained a strong finanial foundation' 4ash fro"operations benefits fro" our heavily franhised business "odel asthe rent and royalty ino"e we reeive fro" franhisees providesa stable revenue strea" that has relatively low osts' In addition,the franhise business "odel is less apital intensive than the4o"pany-owned "odel' /e believe loally-owned and operatedrestaurants are i"portant to )*onaldQs being not 5ust a globalbrand, but also a loally-relevant one'

In 2013, ash fro" operations was #'1 billion'(ursubstantial ash flow, strong redit rating and ontinued aess toredit provided us fle!ibility to fund apital e!penditures as well asreturn ash to shareholders' 4apital e!penditures of appro!i"ately2' billion were invested in our business, of whih "ore than halfwas devoted to new restaurant openings and the re"ainder wasreinvested in our e!isting restaurants' Aross the yste", 1,3restaurants were opened and over 1,00 e!isting loations wererei"aged'

/e ontinued to return all free ash flow Gash fro"operations less apital e!pendituresH to shareholders, and in 2013returned '$ billion to shareholders onsisting of 3'1 billion individends and 1' billion in share repurhases'

;7S7(;:

+lobal o"parable sales inreased 0'2 and o"parableguest ounts delined 1'$'

4onsolidated revenues inreased 2 G2 in onstanturreniesH'

4onsolidated operating ino"e inreased 2 G3 inonstant urreniesH'

*iluted earnings per share was ', an inrease of

G in onstant urreniesH'

4ash provided by operations was #'1 billion'

(ne-year R(II4 was 11'and three-year R(II4 was20'2for the period ended *ee"ber 31, 2013'

he 4o"pany inreased the quarterly ash dividend pershare to 0'1 for the fourth quarter, equivalent to anannual dividend of 3'2 per share'

he 4o"pany returned '$ billion to shareholders throughdividends and share repurhases'

O


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he 4o"pany e!pets full-year 201 selling, general andad"inistrative e!penses to inrease appro!i"ately inonstant urrenies, with flutuations e!peted between thequarters' he inrease is pri"arily due to the i"pat ofbelow target 2013 inentive-based o"pensation, e!pensesassoiated with our /orldwide (wner@(perator 4onventionand sponsorship of the /inter (ly"pi ga"es, and ostsrelated to other initiatives'

Cased on urrent interest and foreign urreny e!hangerates, the 4o"pany e!pets interest e!pense for the full year

201 to inrease appro!i"ately -# o"pared with 2013'

A signifiant part of the 4o"panyQs operating ino"e isgenerated outside the


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4onsolidated (perating Results

perating results

Dollars and shares in millions, ecept per share data

;e"enues

ales by 4o"pany-operated restaurants

Revenues fro" franhised restaurants

Total re"enuesOperating #osts and e8penses

4o"pany-operated restaurant e!penses

;ranhised restaurants-oupany e!penses

elling, general 9 ad"inistrative e!penses

(ther operating Gino"eH e!pense, net

Total operating #osts and e8penses

Operating in#ome

Interest e!pense

Eonoperating Gino"eH e!pense, net

/n#ome be!ore pro"ision !or in#ome ta8es

rovision for ino"e ta!es

-et in#ome

7arnings per #ommon share?diluted

eighted@a"erage #ommon shares outstanding?diluted


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;7V7-


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;7ST(


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o"parable sales pri"arily due to +er"any' he derease in 2012refleted positive o"parable sales and higher oupany osts'

In A)=A, the franhised "argin perent dereased in 2013partly due to MapanQs negative sales perfor"ane and the i"patof the wea&er 7en, whih redued its ontribution to the seg"entQs"argin perent' In addition, the seg"ent was negatively i"patedby a deline in AustraliaQs results' he derease in 2012 waspri"arily due to Australia'

he franhised "argin perent in A)=A and (ther4ountries 9 4orporate is higher relative to the


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In the


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4ash used for investing ativities totaled 2'# billion in 2013,a derease of $3 "illion o"pared with 2012 ' he dereasepri"arily refleted lower apital e!penditures and a derease inother investing ativities related to short-ter" ti"e deposits ' 4ashused for investing ativities totaled 3'2 billion in 2012, aninrease of $N "illion o"pared with 2011' he inreasepri"arily refleted higher apital e!penditures, an inrease in otherinvesting ativities related to short-ter" ti"e deposits, and lowerproeeds fro" sales of restaurant businesses'

4ash used for finaning ativities totaled '0 billion in 2013,an inrease of 1$3 "illion o"pared with 2012, pri"arily due to

lower net debt issuanes and higher dividend pay"ents, partlyoffset by lower treasury sto& purhases' 4ash used for finaningativities totaled 3' billion in 2012, a derease of N3 "illiono"pared with 2011, pri"arily due to lower treasury sto&purhases and higher net debt issuanes, partly offset by higherdividend pay"ents'

he 4o"panys ash and equivalents balane was 2'billion and 2'3 billion at year end 2013 and 2012, respetively 'he 4o"pany "ade a debt repay"ent of 3 "illion in Manuary201' In addition to ash and equivalents on hand and ashprovided by operations, the 4o"pany an "eet short-ter" fundingneeds through its ontinued aess to o""erial paperborrowings and line of redit agree"ents'

;7ST(


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:.; +ll percentages are as o$ December C., ecept $or the weighted-average

annual interest rate, which is $or the year!

:,; =ased on debt obligations be$ore the e$$ect o$ $air value hedging

ad(ustments! This e$$ect is ecluded as these ad(ustments have no impacton the obligation at maturity! See Debt $inancing note to the consolidated

$inancial statements!

:C; "ncludes the e$$ect o$ interest rate swaps!

;ith, tandard 9 oors and )oodys urrently rate, with astable outloo&, the 4o"panys o""erial paper ;1, A-1 and -1,respetivelyP and its long-ter" debt A, A and A2, respetively'

4ertain of the 4o"panys debt obligations ontain ross-aeleration provisions and restritions on 4o"pany andsubsidiary "ortgages and the long-ter" debt of ertainsubsidiaries' here are no provisions in the 4o"panys debtobligations that would aelerate repay"ent of debt as a result ofa hange in redit ratings or a "aterial adverse hange in the4o"panys business'


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In the


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:.; 8epresents the e$$ect o$ $oreign currency translation by translating results :C; 8epresents the e$$ect o$ $oreign currency translation by translating results

at an average echange rate $or the periods measured! at an average echange rate $or the periods measured!

:,; 8epresents one-year weighted-average cash used $or investing activities, :/; 8epresents three-year weighted-average cash used $or investing

determined by applying the weightings below to the cash used $or activities, determined by applying the weightings below to the cash usedinvesting activities $or each %uarter in the two-year period ended $or investing activities $or each %uarter in the $our-year period ended

December C., .C! December C., .C!

Iears ended December C., Iears ended December C.,


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;/S* 9(CTO;S (-% C( ST(T7$7-T (BO


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4onsolidated tate"ent of Ino"e

"n millions, ecept per share data

7arnings per #ommon sharebasi#7arnings per #ommon sharediluted%i"idends de#lared per #ommon shareeighted@a"erage shares outstandingbasi#eighted@a"erage shares outstandingdiluted

See Jotes to consolidated $inancial statements!

2N McDonald's Corporation 2013 Annual Report


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9oreign #urren#) translation adustments:

+ain GlossH reogni6ed in au"ulated other o"prehensiveino"e GA(4IH, inluding net invest"ent hedges

Relassifiation of GgainH loss to net ino"e

9oreign #urren#) translation adustments@net o! ta8bene!it +e8pense, o! D+3, D+46, and D10

Cash !low hedges:

+ain GlossH reogni6ed in A(4IRelassifiation of GgainH loss to net ino"e

Cash !low hedges@net o! ta8 bene!it +e8pense, o! D11D+55, and D5

%e!ined bene!it pension plans:

+ain GlossH reogni6ed in A(4IRelassifiation of GgainH loss to net ino"e

%e!ined bene!it pension plans@net o! ta8 bene!it +e8pense,o! D12 D+1, and D26

otal other o"prehensive ino"e GlossH, net of ta!

Comprehensi"e in#ome



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?IACI?II= AE* DAR=D(?*=R =8


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4onsolidated tate"ent of 4ash ;lows

"n millions

Operating a#ti"itiesEet ino"e D 56 ,N' ,03'1

Ad5ust"ents to reonile to ash provided by operations4harges and reditsL

*epreiation and a"orti6ation 151 1,' 1,1'0

*eferred ino"e ta!es 22 13' 1'hare-based o"pensation 561 $3' N'2(ther 25 G$2'0H G2'NH

4hanges in wor&ing apital ite"sLAounts reeivable 2 G2$'H G1N0'HInventories, prepaid e!penses and other urrent assets +, G2#'2H G2'2H

Aounts payable +04, 12'1 3'Ino"e ta!es +1, G#'0H 1$'(ther arued liabilities 116 G11N'NH 1'#

Cash pro"ided b) operations 41204 N,$NN'1 #,10'1/n"esting a#ti"ities4apital e!penditures +2524, G3,0$'2H G2,#2$'Hurhases of restaurant businesses +1510, G1'H G1N'H

ales of restaurant businesses and property 01 3$'# 11'(ther +1052, G3'3H G1NN'1HCash used !or in"esting a#ti"ities +2435, G3,1N#'3H G2,#0'$H

9inan#ing a#ti"itiesEet short-ter" borrowings +15, G11#'H 2N0'N?ong-ter" finaning issuanes 1142 2,2'$ 1,3N#'3?ong-ter" finaning repay"ents +6, G$N2'H GN2'0Hreasury sto& purhases +14445, G2,N1'1H G3,3N3'1H4o""on sto& dividends +311, G2,$N'NH G2,N0$'#Hroeeds fro" sto& option e!erises 2333 32'N 33'0=!ess ta! benefit on share-based o"pensation 62 12'3 112'(ther +115, G13'NH G10'NH

Cash used !or !inan#ing a#ti"ities +030, G3,$'H G,33'0H7!!e#t o! e8#hange rates on #ash and eEui"alents 54 1' G$#'H

Cash and eEui"alents in#rease +de#rease, 2 0' G1'3H4ash and equivalents at beginning of year 2331 2,33'# 2,3#'0Cash and eEui"alents at end o! )ear D 24654 2,33N'1 2,33'#


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30 McDonald's Corporation 2013 Annual Report


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he results of operations of restaurant businesses purhasedand sold in transations with franhisees were not "aterial eitherindividually or in the aggregate to the onsolidated finanial

state"ents for periods prior to purhase and sale'CO-SO=/%(T/O-

he onsolidated finanial state"ents inlude the aounts of the4o"pany and its subsidiaries' Invest"ents in affiliates owned 0or less Gpri"arily )*onalds MapanH are aounted for by theequity "ethod'

(n an ongoing basis, the 4o"pany evaluates its businessrelationships suh as those with franhisees, 5oint venturepartners, develop"ental liensees, suppliers, and advertisingooperatives to identify potential variable interest entities'+enerally, these businesses qualify for a sope e!eption underthe variable interest entity onsolidation guidane' he 4o"panyhas onluded that onsolidation of any suh entity is notappropriate for the periods presented'

7ST/$(T7S /- 9/-(-C/(= ST(T7$7-TS

he preparation of finanial state"ents in onfor"ity withaounting priniples generally aepted in the


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:.; +PM*+ represents +sia0Paci$ic, Middle *ast and +$rica!

:,; ther 7ountries H 7orporate represents 7anada, 1atin +merica and 7orporate !

=O-G@=/V7% (SS7TS

?ong-lived assets are reviewed for i"pair"ent annually in thefourth quarter and whenever events or hanges in iru"stanesindiate that the arrying a"ount of an asset "ay not bereoverable ' ;or purposes of annually reviewing )*onaldsrestaurant assets for potential i"pair"ent, assets are initiallygrouped together at a television "ar&et level in the


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Fair *alue +edges

he 4o"pany enters into fair value hedges to redue thee!posure to hanges in the fair values of ertain liabilities' he4o"panyQs fair value hedges onvert a portion of its fi!ed-ratedebt into floating-rate debt by use of interest rate swaps'At*ee"ber 31, 2013, 2'2 billion of the 4o"panyQs outstandingfi!ed-rate debt was effetively onverted' All of the 4o"panysinterest rate swaps "eet the shortut "ethod require"ents '

Aordingly, hanges in the fair value of the interest rate swapsare e!atly offset by hanges in the fair value of the underlyingdebt' Eo ineffetiveness has been reorded to net ino"e related

to interest rate swaps designated as fair value hedges for the yearended *ee"ber 31, 2013'

Cash Flo' +edges

he 4o"pany enters into ash flow hedges to redue thee!posure to variability in ertain e!peted future ash flows' hetypes of ash flow hedges the 4o"pany enters into inludeinterest rate swaps, foreign urreny forwards, foreign urrenyoptions and ross urreny swaps'

he 4o"pany periodially uses interest rate swaps toeffetively onvert a portion of floating-rate debt, inludingforeasted debt issuanes, into fi!ed-rate debt' he agree"entsare intended to redue the i"pat of interest rate hanges onfuture interest e!pense'

o protet against the redution in value of foreasted foreignurreny ash flows Gsuh as royalties deno"inated in foreignurreniesH, the 4o"pany uses foreign urreny forwards andforeign urreny options to hedge a portion of antiipatede!posures'

/hen the


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Gains on sales o, restaurant %usinesses

he 4o"panys purhases and sales of businesses with itsfranhisees are ai"ed at ahieving an opti"al ownership "i! ineah "ar&et' Resulting gains or losses on sales of restaurantbusinesses are reorded in operating ino"e beause thesetransations are a reurring part of our business'

E$uity in earnings o, unconsolidated a,,iliates


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In *ee"ber 2012, the 4o"pany reahed a final settle"entwith the Internal Revenue ervie GOIROH Appeals *ivisionregarding its


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otal long-lived assets, pri"arily property and equip"ent,were Gin "illionsH4onsolidatedL 201330,N#$'P 20122$,N'P 20112#,#'NP


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="ployee Cenefit lans

he 4o"panys rofit haring and avings lan for


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;S


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:.; "ncludes a >!AA per share dividend declared and paid in third %uarter and a >!@. per share dividend declared in third %uarter and paid in $ourth %uarter!

:,; "ncludes a >!A per share dividend declared and paid in third %uarter and a >!AA per share dividend declared in third %uarter and paid in $ourth %uarter!

2 McDonald's Corporation 2013 Annual Report


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)anage"ents Assess"ent of Internal 4ontrol (ver ;inanial Reporting

he finanial state"ents were prepared by "anage"ent, whih is responsible for their integrity and ob5etivity and for establishing and"aintaining adequate internal ontrols over finanial reporting'

he 4o"panys internal ontrol over finanial reporting is designed to provide reasonable assurane regarding the reliability of finanialreporting and the preparation of finanial state"ents for e!ternal purposes in aordane with generally aepted aounting priniples' he4o"panys internal ontrol over finanial reporting inludes those poliies and proedures thatL

I' pertain to the "aintenane of reords that, in reasonable detail, aurately and fairly reflet the transations and dispositions of theassets of the 4o"panyP

II' provide reasonable assurane that transations are reorded as neessary to per"it preparation of finanial state"ents inaordane with generally aepted aounting priniples, and that reeipts and e!penditures of the 4o"pany are being "adeonly in aordane with authori6ations of "anage"ent and diretors of the 4o"panyP and

III' provide reasonable assurane regarding prevention or ti"ely detetion of unauthori6ed aquisition, use or disposition of the4o"panys assets that ould have a "aterial effet on the finanial state"ents'

here are inherent li"itations in the effetiveness of any internal ontrol, inluding the possibility of hu"an error and the iru"vention oroverriding of ontrols' Aordingly, even effetive internal ontrols an provide only reasonable assuranes with respet to finanialstate"ent preparation' ;urther, beause of hanges in onditions, the effetiveness of internal ontrols "ay vary over ti"e'

)anage"ent assessed the design and effetiveness of the 4o"panys internal ontrol over finanial reporting as of *ee"ber 31, 2013' In"a&ing this assess"ent, "anage"ent used the riteria set forth by the 4o""ittee of ponsoring (rgani6ations of the readway4o""ission GJ4((KH in Internal 4ontrol Integrated ;ra"ewor& G1$$2 ;ra"ewor&H'

Cased on "anage"ents assess"ent using those riteria, as of *ee"ber 31, 2013, "anage"ent believes that the 4o"panys internalontrol over finanial reporting is effetive'

=rnst 9 7oung, ??, independent registered publi aounting fir", has audited the finanial state"ents of the 4o"pany for the fisal yearsended *ee"ber 31, 2013, 2012 and 2011 and the 4o"panys internal ontrol over finanial reporting as of *ee"ber 31, 2013 ' heirreports are presented on the following pages' he independent registered publi aountants and internal auditors advise "anage"ent ofthe results of their audits, and "a&e reo""endations to i"prove the syste" of internal ontrols ' )anage"ent evaluates the auditreo""endations and ta&es appropriate ation'

)*(EA?* 4(R(RAI(E

;ebruary 2, 201

McDonald's Corporation 2013 Annual Report 3

$#%onald&s Corporation 2013 Annual Report B 3


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Report of Independent Registered ubli Aounting ;ir"

he Coard of *iretors and hareholders of )*onalds 4orporation

/e have audited the ao"panying onsolidated balane sheets of )*onalds 4orporation as of *ee"ber 31, 2013 and 2012, and therelated onsolidated state"ents of ino"e, o"prehensive ino"e, shareholders equity, and ash flows for eah of the three years in theperiod ended *ee"ber 31, 2013' hese finanial state"ents are the responsibility of the 4o"panyQs "anage"ent' (ur responsibility is toe!press an opinion on these finanial state"ents based on our audits'

/e onduted our audits in aordane with the standards of the ubli 4o"pany Aounting (versight Coard G


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I=) $' 4hanges in and *isagree"ents /ithAountants on Aounting and ;inanial*islosure

Eone'

I=) $A' 4ontrols and roedures

%/SC=OS


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G3H GaH Restated 4ertifiate of Inorporation, effetive as of Mune 1, 2012, inorporated herein by referene fro" ;or" 10-8,for the quarter ended Mune 30, 2012'

GbH Cy-?aws, as a"ended and restated with effet as of Muly 1$, 2012, inorporated herein by referene fro" ;or" -F,filed Muly 20, 2012'

GH Instru"ents defining the rights of seurity holders, inluding IndenturesL.

GaH enior *ebt eurities Indenture, inorporated herein by referene fro" =!hibit GHGaH of ;or" -3 Registrationtate"ent G;ile Eo' 333-111H, filed (tober 1, 1$$N'

GiH N 3@ *ebentures due 202' upple"ental Indenture Eo' 1, dated Manuary , 1$$, inorporated herein byreferene fro" =!hibit GHGaH of ;or" -F, filed Manuary 13, 1$$'

GiiH )ediu"-er" Eotes, eries ;, *ue fro" 1 7ear to N0 7ears fro" *ate of Issue' upple"ental Indenture Eo', inorporated herein by referene fro" =!hibit GHGH of ;or" -3 Registration tate"ent G;ile Eo'

333-$1H, filed Muly 1, 1$$'GiiiH )ediu"-er" Eotes, eries I, *ue fro" 1 7ear to N0 7ears fro" *ate of Issue' upple"ental Indenture Eo' ,

inorporated herein by referene fro" =!hibit GHGH of ;or" -3 Registration tate"ent G;ile Eo'333-13$31H, filed *ee"ber 1, 200N'

GivH )ediu"-er" Eotes, *ue fro" (ne 7ear to N0 7ears fro" *ate of Issue' upple"ental Indenture Eo' $,inorporated herein by referene fro" =!hibit GHGH of ;or" -3 Registration tate"ent G;ile Eo'333-1N212H, filed epte"ber 2, 200$'

GbH ubordinated *ebt eurities Indenture, inorporated herein by referene fro" =!hibit GHGbH of ;or" -3 Registrationtate"ent G;ile Eo' 333-111H, filed (tober 1, 1$$N'

G10H )aterial 4ontrats

GaH *iretors *eferred 4o"pensation lan, effetive as of Manuary 1, 200, inorporated herein by referene fro";or" -F, filed *ee"ber , 200#'..

GbH )*onalds =!ess Cenefit and *eferred Conus lan, effetive Manuary 1, 2011, as a"ended and restated

)arh 22, 2010, inorporated herein by referene fro" ;or" 10-8, for the quarter ended )arh 31, 2010'..GH )*onalds 4orporation upple"ental rofit haring and avings lan, effetive as of epte"ber 1, 2001,

inorporated herein by referene fro" ;or" 10-F, for the year ended *ee"ber 31, 2001'..

GiH ;irst A"end"ent to the )*onalds 4orporation upple"ental rofit haring and avings lan, effetive asof Manuary 1, 2002, inorporated herein by referene fro" ;or" 10-F, for the year ended *ee"ber 31,2002'..

GiiH eond A"end"ent to the )*onalds 4orporation upple"ental rofit haring and avings lan, effetiveManuary 1, 200, inorporated herein by referene fro" ;or" 10-F, for the year ended *ee"ber 31, 200'..

GdH 1$$2 to& (wnership Inentive lan, as a"ended and restated Manuary 1, 2001, inorporated herein by referenefro" ;or" 10-8, for the quarter ended )arh 31, 2001'..

McDonald's Corporation 2013 Annual Report #


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GiH ;irst A"end"ent to )*onalds 4orporation 1$$2 to& (wnership Inentive lan, as a"ended and restated,effetive as of ;ebruary 1, 200#, inorporated herein by referene fro" ;or" 10-8, for the quarter ended)arh 31, 200#'..

GeH )*onalds 4orporation =!eutive Retention Replae"ent lan, effetive as of *ee"ber 31, 200# Gas a"endedand restated on *ee"ber 31, 200H, inorporated herein by referene fro" ;or" 10-F, for the year ended*ee"ber 31, 200'..

GfH )*onalds 4orporation A"ended and Restated 2001 ("nibus to& (wnership lan, effetive Muly 1, 200,inorporated herein by referene fro" ;or" 10-8, for the quarter ended Mune 30, 200$'..

GiH ;irst a"end"ent to the )*onalds 4orporation A"ended and Restated 2001 ("nibus to& (wnershiplan, inorporated herein by referene fro" ;or" 10-F, for the year ended *ee"ber 31, 200'..

GiiH eond A"end"ent to the )*onalds 4orporation A"ended and Restated 2001 ("nibus to& (wnershiplan as a"ended, effetive ;ebruary $, 2011, inorporated herein by referene fro" ;or" 10-F, for the yearended *ee"ber 31, 2010'..

GgH )*onaldQs 4orporation 2012 ("nibus to& (wnership lan, effetive Mune 1, 2012, inorporated herein byreferene fro" ;or" 10-8, for the quarter ended epte"ber 30, 2012'..

GhH )*onalds 4orporation 200$ 4ash Inentive lan, effetive as of )ay 2#, 200$, inorporated herein by referenefro" ;or" 10-8, for the quarter ended Mune 30, 200$'..

GiH )*onaldQs 4orporation arget Inentive lan, effetive Manuary 1, 2013, inorporated herein by referene fro" ;or"10-8, for the quarter ended )arh 31, 2013'..

G5H )*onaldQs 4orporation 4ash erfor"ane


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G31'1H Rule 13a-1GaH 4ertifiation of 4hief =!eutive (ffier'

G31'2H Rule 13a-1GaH 4ertifiation of 4hief ;inanial (ffier'

G32'1H 4ertifiation pursuant to 1


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@s@ usan ='Arnoldusan ='Arnold

Director

@s@ eter M' Censen

eter M' Censen

7orporate *ecutive Kice President and

7hie$ inancial $$icer

:Principal inancial $$icer;

@s@ Robert A' =&ert

Robert A' =&ert

Director

@s@ =nrique Dernande6, Mr'=nrique Dernande6, Mr'

Director

@s@ Meanne ' Ma&son

Meanne ' Ma&son

Director

@s@ Rihard D' ?enny

Rihard D' ?enny

Director

@s@ /alter =' )assey

/alter =' )assey

Director

@s@ Andrew M' )Fenna

Andrew M' )Fenna

7hairman o$ the =oard and Director

@s@ 4ary *' ))illan

4ary *' ))illan

Director


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to& erfor"ane +raph

At least annually, we onsider whih o"panies o"prise a

readily identifiable invest"ent peer group' )*onalds is inluded

in published restaurant indiesP however, unli&e "ost other

o"panies inluded in these indies, whih have no or li"ited

international operations, )*onalds does business in "ore

than 100 ountries and a substantial portion of our revenues

and ino"e is generated outside the


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=!eutive )anage"ent 9 Cusiness


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Car) %0 $#$illan., 9

7hie$ *ecutive $$icer

True Partners 7onsulting 117

Sheila (0 .enrose., C

Jon-eecutive 7hairman5ones 1ang 1aSalle "ncorporated

Fohn 0 ;ogers Fr, C,9

ounder, 7hairman and 7hie$ *ecutive $$icer

+riel "nvestments, 117

;oger 0 Stone., 9, ?

7hairman and 7hie$ *ecutive $$icer

3apStone Paper and Pac#aging 7orporation

%onald Thompson/

President and 7hie$ *ecutive $$icer

McDonaldBs 7orporation

$iles %0 hite , ?

7hairman and 7hie$ *ecutive $$icer

+bbott 1aboratories

.! +udit 7ommittee! 7ompensation 7ommitteeC! Sustainability and 7orporate 8esponsibility 7ommittee/! *ecutive 7ommittee9! inance 7ommittee?! 4overnance 7ommittee

$#%onald&s Corporation 2013 Annual Report B 3


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Investor Infor"ation

Common sto#'

Tic#er symbol& M7D

Stoc# echange listing& Jew Ior#

he nu"ber of shareholders of reord and benefiial

owners of the 4o"panys o""on sto& as of

Manuary 31, 201, was esti"ated to be 1,2,000'

$#%onald&s home o!!i#e

)*onalds 4orporation

(ne )*onalds la6a

(a& Croo&, I? N023

1'N30'N23'3000

(nnual meeting

)ay 22, 201

L00 a'"' 4entral i"e

)*onalds (ffie 4a"pus

(a& Croo&, I? N023

$#%onald&s online

Investor infor"ation

www'investor'"donalds'o"

4orporate governane

www'governane'"donalds'o"

4orporate soial responsibility

www'r"donalds'o"

+eneral infor"ation

www'about"donalds'o"

*e) phone numbers

hareholder ervies

1'N30'N23'#2

)4*iret hares Gdiret sto& purhase planH

1'00'22'$N23


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2013 Highlights

:e operate

restaurants in o"er

100#ountries


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Documents

m Cds 2013 Annual Report