Highlights of Panera Bread’s Item 19 Financial Performance Representations (2012 FDD) – Part 3
Information Regarding Statement of Average Net Profit and EBITDA of Company-Owned Bakery-Cafes
- The Statement of Average Net Profit and EBITDA are based on average results of company-owned Panera Bread Bakery-Cafes and exclude inter-company adjustments made in consolidation. These results should not be considered as the actual or probable results that will be realized by you.
- The Statement of Average Net Profit and EBITDA of company-owned Bakery-Cafes consists of the mean averages of 624 company-owned Bakery-Cafes open during the entire fiscal year ending December 27, 2011.
- The Statement of Average Net Profit and EBITDA of company-owned Bakery-Cafes was prepared in accordance with generally accepted accounting principles.
- The Statement of Average Net Profit and EBITDA does not include, among other things, amortization of initial franchise fees or royalties, which a franchisee would have to pay the franchisor, or bank financing charges, which can vary greatly.
- Sales volumes of Panera Bread Bakery-Cafes vary considerably due to a variety of factors, such as: