Balance sheet, Cash flow, Financial ratio 1918 Words 5 Pages the income statement and balance sheet. increase our vulnerability to general adverse economic and industry conditions; require us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness if we do not maintain specified financial ratios, thereby reducing the availability of our cash flow for other purposes; or limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate, thereby placing us at a competitive disadvantage compared to our competitors that may have less indebtedness. I was told I could not use this card if it was not for the total amount of the order. Capital asset pricing model, Dividend yield, Financial ratio 1284 Words 4 Pages 1. This realignment of our company allows us to operate as a global brand and to execute our global growth strategy while remaining responsive to national differences in consumer preferences and local requirements. Occupancy and other operating costs, excluding the favorable and unfavorable lease amortization and fiscal 2004 depreciation adjustments discussed above, were 23.
Or do we need to change your attitudes about eating and the. We recorded transaction related expenses and strategic initiative costs associated with the Tim Hortons Transaction during the three and nine months ended September 30, 2014 primarily related to financing, legal, and advisory professional fees. We expect that most of this growth will come from franchisees in our established markets, particularly in Germany, Spain and Mexico, although we also intend to aggressively pursue market expansion opportunities in Brazil. Global Portfolio Realignment Project During 2011, we initiated a project to realign our global restaurant portfolio by refranchising our Company restaurants and establishing strategic partnerships to accelerate development through joint ventures and master franchise and development agreements the global portfolio realignment project. No shares were repurchased during the three months ended September 30, 2014.
The change in investing activities was driven primarily by a decrease in proceeds from refranchisings, net, partially offset by a decrease in payments for acquired franchisee operations. These awards generally cliff vest five years from the original grant date and expire ten years following the grant date. These measures are analyzed on a constant currency basis, which means they are calculated using the same exchange rate over the periods under comparison, to remove the effects of currency fluctuations from these trend analyses. Share-Based Compensation Share-based incentive awards are provided to employees, directors and other persons who provide services to the Company and its subsidiaries under the terms of various share-based compensation plans. As a result, we may be liable for lease obligations if such franchisees do not renew their subleases or if we cannot find substitute tenants. Each Burger King restaurant is subject to licensing and regulation by a number of governmental authorities, which include zoning, health, safety, sanitation, building and fire agencies in the jurisdiction in which the restaurant is located. We early adopted the provisions of this accounting standards update and it did not have a significant impact on our condensed consolidated financial statements.
Our founders sold Burger King Corporation to The Pillsbury Company in 1967, taking it from a small privately held franchised chain to a subsidiary of a large food conglomerate. Comparable sales increased at franchise restaurants in all segments during the first nine months of fiscal 2006, and 284 new franchise restaurants were opened since the end of the third quarter of fiscal 2005, including 253 new international franchise restaurants. Although we believe that this restaurant ownership mix is beneficial to us, it also presents a number of drawbacks, such as our limited control over franchisees and limited ability to facilitate changes in restaurant ownership. During the nine months ended September 30, 2014, system comparable sales growth of 0. We continually seek to develop new products as we endeavor to enhance the menu and service of all of our restaurants. The Moodys Aa rate as of the March 31, 2005 measurement date for fiscal 2006 was 5.
At the effective time of the merger, each outstanding stock option to acquire common stock of the Company Company option will be converted into the right to receive, on the same terms and conditions as were applicable under the award agreement issued in connection with such Company option including with respect to vesting and exercise price , an option to acquire common shares from Holdings in respect of the same number of Holdings common shares as were subject to the underlying Company option. The results for interim periods do not necessarily indicate the results that may be expected for any other interim period or for the full year. We do not record franchise restaurant sales as revenues. Burger King and McDonald's are two organizations that use financial statements in conducting business. In countries where we have company restaurants, such as the United States, Canada, the United Kingdom and Germany, we manage an advertising fund for that country by collecting required advertising contributions from company and franchise restaurants and purchasing advertising and other marketing initiatives on behalf of all Burger King restaurants in that country. In that event, the price of our common stock would likely decrease. The term loan A matures in June 2011 and the term loan B-1 matures in June 2012.
At September 30, 2014, we had no outstanding foreign currency forward contracts to hedge the remeasurement of certain foreign currency-denominated intercompany loans. The worst experience ever with getting a gift card balance. We and our franchisees opened 93 new restaurants in the United States between fiscal 2004 and fiscal 2005, of which 74 were open for at least 12 months as of March 31, 2006. During the second half of fiscal 2003, we began to experience delinquencies in payments of royalties, advertising fund contributions and rents from certain franchisees in the United States and Canada. Over the past several years, we have concentrated on developing company restaurants, primarily in Germany and Spain. Any of these events could adversely affect our profitability or our franchisees profitability. While we have not issued any options to employees or directors since March 31, 2006, we intend to grant approximately 447,884 options, restricted shares or restricted stock units at a price equal to the initial offering price to several employees at the effective time of this offering.
Offsetting these factors was the elimination of royalties from 390 franchise restaurants that were closed or acquired by us, primarily in the United States and Canada. The preparation of these financial statements requires our management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses, as well as related disclosures of contingent assets and liabilities. All material intercompany balances and transactions have been eliminated in consolidation. This program, known as softscape, includes repainting the dining rooms and removing old wallpaper and outdated artwork and replacing it with décor elements that will highlight our core message of Have It Your Way. Beside this, the per-share earnings. Franchise sales represent sales at all franchise restaurants and are revenues to our franchisees.
As a condition to their approval, these agencies may impose requirements, limitations or costs, require divestitures, require undertakings or place restrictions on the conduct of the Holdings business after the closing. Our effective tax rate was an expense of 15. While research and development activities are important to our business, these expenditures are not material. Merger Sub will then merge with and into the Company, with the Company surviving the merger as an indirect subsidiary of both Holdings and Partnership the merger and, together with the arrangement, the transactions. Conversely, in cases where we were making above-market lease payments, we recorded a liability reflecting this unfavorable lease. These swaps are entered into with financial institutions and have reset dates and critical terms that match those of the underlying debt. Future dividends will be determined at the discretion of the Board of Directors.