Moreover certain countries within each region generate most of the revenues.

For

example, France, Germany and the United Kingdom account for about 65% of Europe’s

revenues; Australia, China and Japan (a 50%-owned affiliate accounted for under the

equity method) account for over 45% of APMEA’s revenues; and Brazil accounts for

about 40% of Latin America’s revenues.

Table from McDonald’s 2004 annual Reports

US Operations

In US full year sales in this segment totaled $6,525 million, an increase of 11%

against the previous year’s revenues that were $6,039 million. In the US, ongoing menu,

service and value initiatives drove the increase in revenues in 2003 as the US achieved its

highest annual sales increase since 1987. Initiatives included the introduction of premium

salads and McGriddles breakfast sandwiches, the Dollar Menu, extended hours, a

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