WENDYS

BALANCE SHEET
Assets
Fiscal year is January-December. All values USD millions.
Cash & Short Term Investments

2009

2010

2011

673.31M

589.06M

544.9M

Cash Only

433.76M

584.92M

540.78M

Short-Term Investments

239.55M

4.14M

4.12M

88M

84.26M

68.35M

77.45M

75.54M

59.4M

Accounts Receivables, Gross

157.93M

82.86M

63.46M

Bad Debt/Doubtful Accounts

(80.48M)

(7.32M)

(4.05M)

10.55M

8.72M

8.95M

23.02M

22.69M

12.9M

Finished Goods

Work in Progress

Total Accounts Receivable

Accounts Receivables, Net

Other Receivables
Inventories

Fiscal year is January-December. All values USD millions.

Raw Materials

2009

Miscellaneous Current Assets

Total Current Assets

22.69M

12.9M

94.66M

58.78M

120.78M

94.66M

58.78M

120.78M

878.99M

754.79M

746.94M

2009
Net Property, Plant & Equipment

2011

23.02M

Progress Payments & Other

Other Current Assets

2010

2010

2011

1.62B

1.55B

1.19B

1.97B

2.01B

1.49B

Buildings

411.67M

426.96M

384.8M

Land & Improvements

467.25M

467.72M

401.95M

Computer Software and Equipment

Other Property, Plant & Equipment

976.73M

1B

676.3M

346.76M

455.43M

298.36M

113.26M

107.22M

119.27M

15.79M

39.3M

12.61M

Property, Plant & Equipment - Gross

Accumulated Depreciation
Total Investments and Advances
Other Long-Term Investments
Long-Term Note Receivable

2009
Intangible Assets
Net Goodwill
Net Other Intangibles
Other Assets

2011

2.27B

2.24B

2.17B

881.02M

883.64M

870.43M

1.39B

1.36B

1.3B

50.72M

64.55M

67.54M

67.54M

4.98B

4.73B

4.3B

Tangible Other Assets

Total Assets

2010

Liabilities & Shareholders' Equity

2009
ST Debt & Current Portion LT Debt

2010

2011

22.13M

18.42M

6.6M

22.13M

18.42M

6.6M

103.45M

81.36M

81.3M

Other Current Liabilities

349.57M

321.71M

280.37M

Dividends Payable

Short Term Debt

Current Portion of Long Term Debt
Accounts Payable
Income Tax Payable

2009

2010

2011

Accrued Payroll

81.86M

83.15M

67.56M

Miscellaneous Current Liabilities

267.7M

238.56M

212.81M

475.15M

421.49M

368.27M

1.5B

1.55B

1.35B

1.43B

1.48B

1.34B

1.43B

1.48B

1.34B

72.19M

70.77M

13.79M

475.54M

412.29M

470.52M

475.54M

412.29M

470.52M

187.61M

181.71M

115.41M

174.41M

170.25M

108.89M

13.2M

11.46M

6.52M

2.64B

2.57B

2.3B

Total Current Liabilities

Long-Term Debt
Long-Term Debt excl. Capitalized Leases
Non-Convertible Debt
Convertible Debt
Capitalized Lease Obligations
Provision for Risks & Charges
Deferred Taxes
Deferred Taxes - Credit
Deferred Taxes - Debit
Other Liabilities
Other Liabilities (excl. Deferred Income)
Deferred Income
Total Liabilities

2009

2010

2011

Non-Equity Reserves

Preferred Stock (Carrying Value)

Redeemable Preferred Stock

Non-Redeemable Preferred Stock

2.34B

2.16B

2B

47.04M

47.04M

47.04M

(380.48M)

(412.46M)

(435M)

Cumulative Translation Adjustment/Unrealized For. Exch. Gain

(4.7M)

7.97M

1.1M

Unrealized Gain/Loss Marketable Securities

59,000

(85.97M)

(249.55M)

(395.95M)

2.34B

2.16B

2B

Total Equity

2.34B

2.16B

2B

Liabilities & Shareholders' Equity

4.98B

4.73B

4.3B

Common Equity (Total)

Common Stock Par/Carry Value
Retained Earnings
ESOP Debt Guarantee

Revaluation Reserves
Treasury Stock
Total Shareholders' Equity
Accumulated Minority Interest

INCOME STATEMENT
Fiscal year is January-December. All values USD millions.

2009

2010

2011

Sales/Revenue

3.58B

3.42B

2.43B

Cost of Goods Sold (COGS) incl. D&A

2.92B

2.79B

1.94B

2.73B

2.61B

1.79B

191.45M

182.14M

145.3M

146.62M

136.42M

112.12M

44.84M

45.72M

33.18M

660.9M

623.52M

492.26M

COGS excluding D&A

Depreciation & Amortization Expense
Depreciation
Amortization of Intangibles
Gross Income

2009
SG&A Expense
Research & Development
Other SG&A

2010

2011

452.71M

416.61M

294.16M

452.71M

416.61M

294.16M

2009
Other Operating Expense

2010

2011

12.75M

14.47M

14.72M

100.22M

103.55M

64.21M

EBIT after Unusual Expense

(100.22M)

(103.55M)

(64.21M)

Non Operating Income/Expense

(245,000)

8.99M

3.19M

249,000

14,000

8,000

8.5M

9.46M

10.57M

123.84M

129.35M

108.5M

123.84M

129.35M

108.5M

Pretax Income

(20.13M)

(22M)

24.44M

Income Tax

(23.65M)

(17.67M)

6.53M

10.32M

5.01M

675,000

6.16M

7.1M

5.54M

(37.05M)

(27.72M)

1.42M

(3.08M)

(2.06M)

(1.11M)

Unusual Expense

Non-Operating Interest Income

Equity in Affiliates (Pretax)
Interest Expense
Gross Interest Expense
Interest Capitalized

Income Tax - Current Domestic

Income Tax - Current Foreign
Income Tax - Deferred Domestic
Income Tax - Deferred Foreign

2009
Income Tax Credits

2010

2011

Equity in Affiliates

Other After Tax Income (Expense)

Consolidated Net Income

3.52M

(4.33M)

17.91M

Minority Interest Expense

3.52M

(4.33M)

17.91M

1.55M

(8.04M)

Extra Items & Gain/Loss Sale Of Assets

(8.8M)

Cumulative Effect - Accounting Chg

1.55M

762,000

5.06M

(4.33M)

9.88M

3.52M

(4.33M)

17.91M

0.01

(0.01)

0.05

466.2M

426.25M

405.22M

Net Income
Extraordinaries & Discontinued Operations

Discontinued Operations
Net Income After Extraordinaries
Preferred Dividends
Net Income Available to Common
EPS (Basic)
Basic Shares Outstanding

2009
EPS (Diluted)

2010

2011

0.01

(0.01)

0.05

Diluted Shares Outstanding

466.69M

426.25M

407.18M

EBITDA

386.88M

374.58M

328.68M

STATEMENT OF CASH FLOWS

Operating Activities
Fiscal year is January-December. All values USD millions.
Net Income before Extraordinaries

2009

2010

2011

5.06M

(4.33M)

9.88M

Depreciation, Depletion & Amortization

190.25M

182.17M

145.3M

Depreciation and Depletion

145.41M

136.45M

112.12M

44.84M

45.72M

33.18M

(40.13M)

(29.78M)

1.62M

(40.13M)

(29.78M)

1.62M

Other Funds

146.35M

126.31M

78.22M

Funds from Operations

301.53M

274.38M

235.02M

Amortization of Intangible Assets

Deferred Taxes & Investment Tax Credit
Deferred Taxes
Investment Tax Credit

Extraordinaries

Fiscal year is January-December. All values USD millions.

Changes in Working Capital

2009

2010

2011

(2.74M)

(48.13M)

11.7M

xReceivables

(6.07M)

(4.73M)

(2.69M)

Accounts Payable

(2.53M)

(15.8M)

11.36M

3.99M

1.51M

(7.58M)

298.8M

226.25M

246.72M

Other Assets/Liabilities
Net Operating Cash Flow

Investing Activities
2009

2010

2011

(101.91M)

(147.97M)

(146.76M)

Capital Expenditures (Fixed Assets)

(101.91M)

(147.97M)

(146.76M)

Capital Expenditures (Other Assets)

(2.97M)

(3.12M)

(11.21M)

97.93M

38.14M

32.16M

(841,000)

(19.83M)

(404,000)

(1.18M)

Capital Expenditures

Net Assets from Acquisitions

Sale of Fixed Assets & Businesses
Purchase/Sale of Investments
Purchase of Investments

2009
Sale/Maturity of Investments

2010

2011

57.97M

32.56M

342,000

Other Uses

(3.67M)

(4.27M)

Other Sources

11.12M

6.01M

6.96M

(59.29M)

(112.92M)

(58.2M)

Net Investing Cash Flow

Financing Activities
2009
Cash Dividends Paid - Total

2010

2011

(27.98M)

(27.62M)

(32.37M)

Common Dividends

(27.98M)

(27.62M)

(32.37M)

Preferred Dividends

(72.93M)

(173.54M)

(151.2M)

(72.93M)

(173.54M)

(157.56M)

6.36M

Proceeds from Stock Options

Other Proceeds from Sale of Stock

6.36M

Change in Capital Stock

Repurchase of Common & Preferred Stk.
Sale of Common & Preferred Stock

2009
Issuance/Reduction of Debt, Net

2010

2011

358.74M

6.52M

(38.76M)

358.74M

6.52M

(38.76M)

569.11M

481.31M

(57,000)

(210.37M)

(474.79M)

(38.7M)

1.56M

491,000

(2.26M)

(156,000)

(2.26M)

1.72M

491,000

259.39M

(194.15M)

(224.58M)

Exchange Rate Effect

2.73M

1.61M

(1.21M)

Miscellaneous Funds

Net Change in Cash

501.63M

(79.21M)

(37.28M)

Free Cash Flow

168.91M

50.66M

67.59M

Change in Current Debt

Change in Long-Term Debt
Issuance of Long-Term Debt
Reduction in Long-Term Debt
Other Funds
Other Uses
Other Sources
Net Financing Cash Flow