Burger King Worldwide — Merger or Acquisition (August 2014)
30 slides from Burger King Worldwide's merger presentation, Aug 26, 2014
Slide 1: Creating a Global QSR Leader
Exhibit 99.1 Creating26th, August a Global 2014QSR Leader
Slide 2: Cautionary statement regarding forward-looking statements
This regarding (2) delays, the by for have 1of Burger cautionary expectations the combined presentation affected year and(1) King (3) ended expectations and company. statements expectations or for includes could Tim December theHortons. effects These inand whether forward-looking the for 31, risk fu
Slide 3: Participants
Marc Caira Participants President Alexandre Executive Daniel Cynthia 2Chief Executive Financial Schwartz J.& Chairman Devine Behring Chief Officer, Officer, Executive of the Tim Burger Board, Hortons Officer, King Burger Tim Inc. Worldwide Hortons King Worldwide Inc. Inc. Inc.
Slide 4: The Companies at a Glance
Companies Canada’s Undisputed +$6bn #2 Iconic Present Market 1) 32) As Substantially Fast of60 inCap: Food in August system Leading year nearly at QSR C$9 $10 Hamburger aold Glance all 22, sales 100 billion(2) leader billion, QSR brand of 2014 countries these with Chain in universally Chain $8 Canad
Slide 5: Transaction Agenda: Transformational Opportunity
Transaction Agenda Tim Burger Transformational 4Financing Hortons King Highlights Highlights Overview Opportunity and Timetable
Slide 6: Transaction Overview
Transaction Offer Premium 3G Closing Subject Leading Attractive Potential Tim Franchisee New Consideration 5Value Structure Capital Hortons company price Creation to expected growth to of free regulatory relationships will of unlock Overview 39% and C$89.32 and cash toown and Burger be to inTiming s
Slide 7: Creating a New Global Leader
Creating New Catalyzing Opportunity Preserving Independently Continuing Actively Generating 6Significant public a Global 3rd support Rich Tim premium Substantial Commitment company to Largest managed apply Hortons Heritages both QSRfor Global Burger will companies’ Value Leader brands Tim Untapped t
Slide 8: Transaction Agenda: Tim Hortons Highlights
Transaction Agenda Tim Burger Transformational 7Financing Hortons King Highlights Highlights Overview Opportunity and Timetable
Slide 9: Tim Hortons Overview
Tim Canada’s 42% Strong 3,630 Fully-Franchised 99.5% 5Vertically Significant Of Deep Founded Leader 8Signature distribution, 4,546 Hortons traffic Canadian Canadian franchised Customer inin units, Leading Fast-Growing offerings Integrated International share 1964 Overview 2only Roots units coffee-ro
Slide 10: An Unparalleled Beloved Canadian Brand
AnShare Beloved #1 Canada #6 Ipsos Most #61 Worldwide 1) Canada’s Total % All Canadian 10% 5% 77% 76% 65% 975% Source: Unparalleled Other Total Cold Brewed Hot Trusted Caffeinated Beloved Read Most and of Tea Specialty Favourite Caffeinated QSR Specialty Caffeinated THI APCO QSR Highly Coffee Influe
Slide 11: Tim Hortons Strategic Vision
Tim Hortons Lead, Must-Win Build Grow, Continue 10 scalable, Defend Learn leadership to Battle build & Strategic &profitable Expand Grow onin success Vision Canada business in will through GCC Continue in core while dayand pursuing partpriority expansion, new markets international menuwhile innovati
Slide 12: Track Record of Consistent Canada Same-Store Sales Growth
Track Store +4.2% 2010A 3,750 4,009 4,240 4,417 Canada 8% 6% 5% 4% 3% 2003 11 8% 6% 5% 4% 3% 2%2004 Count Record CAGR 2011A 1% Same 2005 of Store 2012A 2006 Consistent Sales 2013A 2007%Growth 2008 2009 2010 2011 2012 2013 Q1 ’14 Q2 ’14
Slide 13: Strong Canada Store Footprint and Fleet
Strong 3,588 5Canada Fleet 859 1U.S. 38 International Operating Source: Note: 12distribution manufacturing Middle stores U.S. stores of Excludes Canada stores Canadian THI branded Units across in East in 2013 the 11 centers Units 11 (19%) Units 255 states UAE, U.S. Middle trucks facility Footprint p
Slide 14: Transaction Agenda: Burger King Highlights
Transaction Agenda Tim Burger Transformational Financing 13 Hortons King Highlights Highlights Overview Opportunity and Timetable
Slide 15: Burger King Overview
Burger #2 $16bn+ Global ~14,000 Fully-Franchised QSR Accelerating Among Revitalized Menu, Rich Founded Stable, Actively 14 Fast Heritage industry-leading Marketing, Brand Reliable King Food fastest-growing in restaurants managed insales, 1954 US Overview International Hamburger Presence Business Lon
Slide 16: Burger King Strategy and Proven Results
Burger Strategy International U.S. Increase Franchised Accelerate Capitalize Transformed 3Increased Completed 15consecutive & King’s Canada average Initiatives NRG on NRG growth Business refranchising business emerging quarters Proven by and unit of 4x Results Model continued Master sales since Stra
Slide 17: Growing Burger King Global Footprint
Growing Burger Brazil 102 317 China 3X 38 190 Russia 17X 2010 10 174 16 Store Store 2013 JV JV King Global Count Count has Brand Global quadrupled Footprintthe pace of its international growth over the past four years with its proven MFJV(1) strategy. Almost 50% of its restaurants are outside of the
Slide 18: Transaction Agenda: Transformational Opportunity
Transaction Agenda Tim Burger Transformational Financing 17 Hortons King Highlights Highlights Overview Opportunity and Timetable
Slide 19: Creating a New Global Leader
Creating New Catalyzing Opportunity Preserving Independently Continuing Actively Generating Significant 18 public a Global 3rd support Rich Tim premium Substantial Commitment company to Largest managed apply Hortons Heritages both QSRfor Global Burger will companies’ Value Leader brands Tim Untapped
Slide 20: Creating the ~$23bn Third Largest QSR Company
Creating The ~$23bn Companies Fully-franchised Franchise Real Extensive Highly-efficient Distribution Global Company #1 #2 #3 #4 #5 #6 #7 #8 #9 #10 1) 2) 19 Source: $89.1 $43.0(1) $22.7 $18.1(2) $16.3 $10.0 $9.2 $8.0 $6.4 $5.0 transaction Estate System in3rd will Rank real system Morningstar Forbes
Slide 21: Catalyzing International Growth
Catalyzing By Burger Leveraging Net Note: 0.4% 1.3% 1.4% 1.6% 2.4% 3.2% 5.4% 5.6% 1) 20 Master leveraging Unit 2013 King Growth Franchise Tim Net Burger has Burger New Hortons successfully %King’s Joint International King’s Untapped Venture extensive MFJV(1) pioneered Units International partner mod
Slide 22: Creating a New Global Multi-Brand Platform
Creating New culture Global Burger Miami, Revenue International 13% Canada Brand Franchisee Restaurant Corporate Opportunity 21 20% Company and Headquarters King Florida 67% A by to operational images Global, relationships Geography to Tim manage U.S. apply to Oakville, Hortons be to Multi-Brand hea
Slide 23: Continuing Both Companies' Community Commitment
Continuing Both Scholarships EDUCATING TWO Grants RELIEF EMERGENCY EDUCATION DISASTER/EMERGENCY 22 companies PILLARS to employees Commitment inTHE North are WORLD’S deeply ofAmerica thetoBURGER involved our RELIEF Libraries Communities YOUTH inKING their in EMEA communities system and Causes &who AP
Slide 24: Commitments to Tim Hortons, Canada and Governance
Commitment 3The Governance No Investment Transaction Headquarters New Employees There Tim Community 23ofchanges New new Hortons company willcompany’s Company be and will will towill franchisee to and no franchise will Growth have Canada accelerate facilitate changes maintain Employment be creates 11
Slide 25: Generating Value and Long-Term Opportunity
Generating Value Long-Term Opportunity The 39% Substantial New Fast-growing, Significant Strong Revenue: Purchasing: Costs: 24 New premium Company for Enhance cash Tim Company Accelerate cash potential Substantial premium Shareholder flow Leverage forHortons highly-profitable towill global Significa
Slide 26: Strategic Partner: 3G Capital
Strategic 3G Family Long-term Focus Deep World’s Second Largest Year Current 25 Capital of understanding on investors Investment: largest non-food ketchup Market Largest Partner business approach and fast its Cap: Brewer producer with who retailer affiliates operations food 1983 of to $7bn have Long
Slide 27: Transaction Agenda: Financing and Timetable
Transaction Agenda Tim Burger Transformational Financing 26 Hortons King Highlights Highlights Overview Opportunity and Timetable
Slide 28: Sources and Uses and Ownership
3G Capital, Other Substantial Sources USD Cash Debt Preferred New Uses Amount Value Tim Burger Total 27 Hortons Common 9.0 of $billions Sources Uses Burger per 0.6 King Funds &Investment ofShare Uses $Funds free Burger 15.5 Debt TEV shareholders Equity Net unless King $Equity 15.5 cash (CAD) (USD) D
Slide 29: Subject to Customary Conditions: Timetable
Subject Timetable Investment Tim Specific Anti-trust Transaction 28 Hortons to undertakings and customary Canada isand stockholder competition expected Burger Act closing will approval toKing approval close be lawconditions, given are approvals late committed with 2014respect regulatory in / early U
Slide 30: Creating a Global QSR Leader
Creating a Global QSR Leader
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