McDonalds 2002 Annual Report Download - page 5

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3
In the end, we will build a rock-solid foundation that can provide reliable top-line and
bottom-line growth, and predictable, solid returns on invested capital.
The food service industry is growing around the world, and we are positioned to
capture a good portion of that growth.
We will regain the discipline that once exemplified McDonald’s—discipline in our
restaurant operations, in our monitoring and measurement of those operations, in
remaining relevant, in aligning our resources, in our approach to innovation, and in the
management of our financial resources.
You can be confident that your management team understands the challenges. We
get it! And we have a clear sense of urgency.
We will monitor our performance. We will gauge our success by the degree of improve-
ment in existing restaurant sales, margins and returns. We will continue to act decisively.
As shareholders, you should expect nothing less.
While our challenges are great, there are many great things about McDonald’s. Last
year, we generated $2.9 billion in cash from operations and served an average of 46 mil-
lion customers a day. In the stories that follow, many of our successes are depicted.
Before I end this letter, I would like to recognize two Senior Directors, Gordon Gray
and Don Keough, who will be retiring at our upcoming Annual Meeting. These gentlemen
have made significant contributions to McDonald’s over many years, and we thank them.
We are embarking on a new chapter in McDonald’s history. Although it won’t happen
overnight, I have every confidence that McDonald’s will once again generate predictable
growth in sales and profits. I appreciate the patience and support you’ve shown us, and I
am certain that our actions will produce positive results for our stakeholders.
Very truly yours,
Jim Cantalupo
Chairman and Chief Executive Officer, Shareholder
March 21, 2003
left to right Charlie Bell, President and Chief Operating Officer;
Jim Cantalupo, Chairman and Chief Executive Officer; and
Jim Skinner, Vice Chairman