2018 Interim Report Provided

new growth.
New
horizons,
Restaurant Brands New Zealand Limited
Interim Report 2018

N
S
WE
10
5
15
20
0
We’re on a steady,
well-planned course.
With favourable conditions ahead.
We’ve big growth ambitions and are well on track to achieve them.
Our acquisitions in Australia and Hawaii are part of a sharply focused
strategy that will shift our company from being a domestic franchisee
to being a multi-brand international business. It’s exciting, and the
prospects for controlled growth are significant.
Contents
01
Key points
02
Group operating results
10
Consolidated income
statement
12
Non-GAAP financial
measures
14
Statement of
comprehensive income
15
Statement of changes
in equity
17
Statement of financial
position
18
Statement of cash flows
20
Notes to the financial
statements
31
Independent review report
33
Corporate directory
33
Financial calendar
Restaurant Brands New Zealand Limited operates the New Zealand outlets of KFC, Pizza Hut,
Carl’s Jr. and Starbucks Coffee, together with KFC in Australia, and Pizza Hut and Taco Bell in
Hawaii, Guam and Saipan. These brands – five of
the world’s most famous – are distinguished
for their product, look, style, ambience, service and for the total experience they deliver to
their customers in New Zealand, Australia, the US and around the world.
Key points
• Net Profit after Tax for the 28 weeks ended 11 September 2017
(1H 2018) was $19.1 million (15.5 cents per share), up $5.6 million
or +41.3% on the prior period (1H 2017).
•
Net Profit (excluding non-trading items) was $20.2 million
(16.4 cents per share), up $4.2 million or +26.5% on the prior
period.
•
Total Group Sales were $386.1 million, up 50.7% on the previous
half year, with the bulk of the increase attributable to the Pacific
Island Restaurants Inc. (PIR) acquisition in Hawaii and the full
impact of the Australian operations which were acquired part
way through 1H 2017.
•
Combined brand EBITDA was up $17.7 million to $63.0 million
with $12.7 million of the increase resulting from the PIR acquisition,
the Australian KFC business accounting for a further $3.4 million
and the New Zealand businesses driving the remaining $1.6 million.
• Directors have declared an
interim dividend of NZ10.0 cents
per ordinary share, up NZ0.5 cents on last year. The dividend
is fully imputed and payable on 30 November 2017.

Group operating results
1H 20181H 2017Change ($)Change (%)
Total Group sales ($m)386.1256.2+1 29.9+50.7
Group NPAT (reported) ($m)19.113.5+5.6+41.3
Group NPAT (excl. non-trading) ($m)20.215.9+4.2+26.5
Dividend (cps)10.09.5+0.5+5.3
Directors are pleased to report that Restaurant Brands New Zealand Limited (RBD)
has produced a first half unaudited net profit after tax for the 28 weeks ended
11 September 2017 (1H 2018) of $19.1 million (15.5 cents per share). This compares
with a reported NPAT of $13.5 million (13.3 cents per share) for the prior half year.
After allowing for the impact of non-trading items the underlying NPAT was
$20.2 million (16.4 cents per share), up $4.2 million or +26.5% on prior year.
Total brand sales for the Group were $386.1 million, up $129.9 million or +50.7% on
1H 2017 with the benefit of $88.9 million in sales from the recent Hawaiian acquisition
(of PIR) effective from 7 March 2017, and strong performance in the KFC operations in
Australia and New Zealand which delivered increased sales of $28.3 million and
$12.8 million, respectively. Total operating revenue was $399.9 million, up $133.1 million
on prior year.
Combined brand EBITDA at $63.0 million was $17.7 million (+39.1%) up on prior year,
largely because of a $12.7 million contribution from the newly acquired Hawaiian
operations.
The Board is pleased with the progress and integration of the three business units for the
first six months of this new financial year, following completion of the Hawaiian business
purchase in March 2017.
Restaurant Brands’ store numbers at balance date totalled 297, comprising 168 in
New Zealand, 82 in Hawaii and 47 stores in Australia.
New Zealand operations
New Zealand operating revenue was $239.1 million, up $15.8 million or +7.1% on 1H 2017.
Total store sales were $225.4 million, an increase of $12.8 million or +6.0% on last year,
delivering EBITDA of $39.7 million (17.6% of sales); a $1.6 million or +4.3% improvement
on 1H 2017 driven mainly by the continued strong performance of the KFC business.
New Zealand operations produced an EBIT (before non-trading items) of $22.2 million,
up 14.2% on the prior year.
KFC New Zealand
1H 20181H 2017Change ($)Change (%)
Network sales ($m)180.81 6 7. 1+1 3.7+8.2
Network store numbers9897
RBD sales ($m)170.3157.4+1 2.9+8.2
RBD store numbers9291
RBD EBITDA ($m)35.033.1+1.9+5.7
EBITDA as a % of sales20.521.0
Restaurant Brands’ KFC New Zealand sales were $170.3 million, up 8.2% or $12.9 million
on prior year with same store sales up 7.0%. Successful product promotions and the
introduction of a delivery service in selected stores contributed to a strong first half
sales performance.
Margins remained strong, albeit slightly down in percentage terms on the equivalent
period last year, with an EBITDA margin of 20.5% of sales being delivered in the period.
In dollar terms EBITDA totalled $35.0 million, up $1.9 million (+5.7%) on last year’s result.
Both company-owned and total network store numbers increased by one to a total of
92 and 98 respectively with the opening of a new store in Rolleston in 2H 2017. Immediately
after balance date, KFC opened a new format store in Fort Street Auckland. Especially
customised for a central city environment with no drive-through facility, this store has
significantly outperformed expectations and is expected to be the prototype for a number
of similar central city stores.

“ KFC New Zealand sales
were $170.3 million, up
8.2% or $12.9 million on
prior year”
NPAT (excluding non-trading items)
+
26.5
%
Total store sales
+
50.7
%
02
Restaurant Brands New Zealand Ltd
Interim Report 2018
Restaurant Brands New Zealand Ltd
Interim Report 2018
03

Pizza Hut New Zealand
1H 20181H 2017Change ($)Change (%)
Network sales ($m)54.948.9+6.0+1 2.3
Network store numbers9490
RBD sales ($m)22.922.0+0.9+3.8
RBD store numbers3437
RBD EBITDA ($m)2.02.4-0.4-1 8.4
EBITDA as a % of sales8.611.0
Restaurant Brands’ Pizza Hut store sales were up $0.9 million to $22.9 million, despite
a reduction in the store network to 34 stores from further sales to independent
franchisees. Same store sales from Restaurant Brands’ stores were up 10.6%.
Restaurant Brands’ Pizza Hut store earnings were $2.0 million (8.6% of sales), down
$0.4 million or 18.4% on the equivalent period last year reflecting the cost pressures
encountered in the first half of the year, particularly in relation to increased labour
rates and ingredient costs.
Total Pizza Hut network sales climbed to $54.9 million for the half year, up $6.0 million
(+12.3%) on prior year. Company owned store numbers reduced by one to 34 during the
period. The number of independent franchisees has increased to 60, bringing the total
network at balance date to 94 stores.
Negotiations with the franchisor, Yum! Restaurants International, on the establishment
of a master franchise agreement for the New Zealand market are well advanced and
expected to be concluded shortly.
Starbucks Coffee New Zealand
1H 20181H 2017Change ($)Change (%)
Sales ($m)13.413.8-0.4-2.6
EBITDA ($m)2.22.2+0.0+0.4
EBITDA as a % of sales16.516.0
Store numbers2325
Note: all Starbucks Coffee stores are RBD owned.
Starbucks Coffee saw same store sales growth over the period of +6.5%.
Total sales were down marginally on 1H 2017 by $0.4 million (-2.6%) to $13.4 million,
reflecting the reduced store network to 23 stores, following the closure of the Aotea
Square and Botany stores in Auckland.
Margins improved slightly with continuing sales leverage and store efficiencies.
The brand achieved an EBITDA of $2.2 million (16.5% of sales), up slightly on 1H 2017.
Discussions between the company and franchisor concerning renewal options for the
Starbucks Coffee franchise are currently in process.
Carl’s Jr. New Zealand
1H 20181H 2017Change ($)Change (%)
Sales ($m)18.819.3-0.5-2.8
EBITDA ($m)0.60.4+0.2 +58.2
EBITDA as a % of sales3.01.8
Store numbers1920
Note: all Carl’s Jr. stores are RBD owned.
Progress continues to be made in building Carl’s Jr. into a profitable, sustainable brand
in New Zealand. Although sales were down 2.8% (-2.3% on a same store basis), this is a
reflection of rolling over the new opening volumes for two stores opened in Christchurch
last year, and strong sales driven by a higher level of promotional activity in the equivalent
period last year. In contrast, the focus in the first half of 2018 has been on generating more
profitable sales rather than driving sales through discounting and promotional activity.
Accordingly EBITDA was $0.6 million (3.0% of sales), an increase of $0.2 million or +58.2%
on last year.
Store numbers now total 19 following the closure of the Otahuhu store in 2H 2017.
04
Restaurant Brands New Zealand Ltd
Interim Report 2018
Restaurant Brands New Zealand Ltd
Interim Report 2018
05

Australia operations
In NZ$ terms the Australian business (operating the KFC brand) contributed total
sales of $NZ71.9 million, EBITDA (after G&A expenses) of $NZ7.9 million and EBIT of
$NZ4.5 million. These results are all significantly up on prior year, primarily because the
acquisition of this business took place part way through 1H 2017.
KFC Australia
1H 20181H 2017Change ($)Change (%)
Sales ($Am)66.741.4+25.3+61.1
Store EBITDA ($Am)9.86.9+2.9+43.2
EBITDA as a % of sales14.716.6
Store numbers 4742
In A$ terms total sales of the KFC business in Australia were $A66.7 million, up
$A25.3 million (or +61.1%) on last year, reflecting both increased store numbers
following the acquisition of the business assets of five stores at the start of this
financial year, and the full impact of the acquisition of QSR Pty Limited which only
became effective part way through 1H 2017. Same store sales are +5.8%.
Store EBITDA margins of $A9.8 million (14.7% of sales) are up A$2.9 million or +43.2%
on last year.
As part of the Australian market expansion strategy, the company has negotiated the
purchase of the business assets of a further 13 KFC stores in New South Wales, Australia at
a total price of $A38.2 million. Of these seven have settled since balance date with a further
six expected to settle in the third quarter. The purchases have been funded through bank
debt facilities. With the successful completion of these transactions, together with the
opening of a further new store early in the third quarter, the company-owned KFC store
network in Australia will total 61 stores.
Hawaii operations
Restaurant Brands acquired PIR in Hawaii with effect from 7 March 2017 and the reported
trading results are from that date. The Hawaiian business operates 82 stores under the
Taco Bell and Pizza Hut brands.
Total sales in Hawaii in the period since acquisition were $US63.9 million with store level
EBITDA of $US9.1 million generated equating to 14.3% of sales; in line with expectations at
the time of purchase.
In NZ$ terms the newly-acquired Hawaiian operations contributed $NZ89.0 million in
revenues, $NZ8.5 million in EBITDA (after G&A expenses) and an EBIT of $NZ5.4 million
since acquisition.
Taco Bell Hawaii
1H 20181H 2017Change ($)Change (%)
Sales ($USm)36.6–+36.6n/a
Store EBITDA ($USm)7. 2–+7. 2 n/a
EBITDA as a % of sales19.7–
Store numbers 37–
Taco Bell is a new brand for the Restaurant Brands Group and is performing well with total
sales to date of $US36.6 million and store-level EBITDA of $US7.2 million (19.7% of sales).
A strong promotional pipeline has helped drive solid sales.
The company has embarked on a store rebuild and refurbishment strategy for these stores
in the same vein as was undertaken for the KFC business in New Zealand. The one store
that has been significantly transformed to date is currently delivering same store sales
growth of +60%.
Pizza Hut Hawaii
1H 20181H 2017Change ($)Change (%)
Sales ($USm)2 7. 3–+2 7. 3n/a
Store EBITDA ($USm)1.9–+1.9 n/a
EBITDA as a % of sales7.1–
Store numbers 45–
The Pizza Hut business in Hawaii has integrated well into the Group’s operations. There has
been some margin pressure from participating in value-led marketing promotions together
with some higher commodity costs and rising direct labour expense.
Total sales were $US27.3 million with store-level EBITDA of $US1.9 million.
As with Taco Bell, the company is embarked on an asset refurbishment strategy that will
see a move away from the larger restaurants into smaller, more cost-effective delivery and
carry out (delco) units.
06
Restaurant Brands New Zealand Ltd
Interim Report 2018
Restaurant Brands New Zealand Ltd
Interim Report 2018
07

Dividend
Directors have declared a fully imputed interim dividend of NZ10.0 cents per ordinary
share (prior year NZ9.5 cents), payable on 30 November to all shareholders on the register
on 10 November 2017. A supplementary dividend of NZ1.7648 cents per share will be paid
to all overseas shareholders at the same time.
Directors have also approved the application of the recently constituted dividend
reinvestment plan to this dividend. For those participating in the plan, shares will be
issued in lieu of dividend at a discount of 1.5% to the pre-closing seven trading days
NZX volume-weighted-average price (VWAP).
Outlook
The current strategies across all geographic markets are delivering positive results.
The acquisition of the Taco Bell and Pizza Hut brands in Hawaii has made a pleasing
contribution in the first period of ownership, with the strong performance of the KFC
brand in Australia and New Zealand expected to continue in the second half.
Directors believe that, absent any major changes to economic or market conditions,
the Group will deliver a Net Profit after Tax (excluding non-trading items) for the FY18 year
of around $40 million.
Corporate and other
General and administration (G&A) costs were $18.5 million. The increase in the G&A cost
base resulted from the Hawaiian acquisition ($4.0 million), the full impact of the Australian
operations which were purchased part way through 1H17 ($1.0 million), and the new
corporate structure established during the period to meet the demands arising from
the changes in size and geography of the Group’s operations. G&A as a % of total
revenue was 4.6%.
Depreciation charges of $15.5 million for the half year were $4.0 million higher than the
prior year, of which the Hawaiian business accounted for $3.1 million.
Financing costs of $2.7 million were up $1.3 million on prior year reflecting the higher
borrowings required to fund the PIR acquisition.
Tax expense was $8.3 million, up $2.3 million on the prior year with higher reported profit
levels. The effective tax rate of 30.2% reflects the increased proportion of profits that
are generated off-shore, and the (one off) impact of non-trading items, with the rate on
earnings excluding non-trading items at 29.8%.
Non-trading items
Non-trading expenditure for the half year was $1.3 million, a reduction of $1.1 million on
prior year. This year’s amount included transaction costs on the PIR acquisition and listing
fees and legal costs relating to the dual listing of the company on the Australian Securities
Exchange (ASX). These costs were partially offset by a realised FX gain arising from the
forward contracts used in the PIR acquisition.
Cash flow and balance sheet
The composition of the Group’s balance sheet has been impacted by the acquisition of PIR
on 7 March 2017. This transaction, which was for a total purchase price of $NZ149.9 million
(after settlement adjustments), was funded through cash raised from the issue of shares
by a renounceable entitlement offer and private placement carried out in the previous
financial year, together with additional debt facilities.
Bank debt at the end of the half year was consequently up to $133.1 million compared to
$46.5 million at the previous year end. As at balance date, the Group had available bank
debt facilities totalling $209.0 million in place. A further $A50 million facility with The Bank
of Tokyo-Mitsubishi UFJ, Ltd. for the purpose of funding the KFC acquisitions in Australia
was finalised after balance date.
Operating cash flows were up $6.9 million to $37.6 million reflecting the Group’s
increased profitability.
Net investing cash outflows at $115.4 million (versus $72.5 million last year) primarily reflect
the impact of the PIR acquisition with a cash impact of $96.4 million (net of bank loans
assumed as part of the transaction). Cash inflows for the period saw $0.4 million received
from the sale of one Pizza Hut store.
08
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Interim Report 2018
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Interim Report 2018
09

Consolidated income statement
for the 28 week period ended 11 September 2017
Group
$NZ000’s
2018 half year
(28 weeks)
11 September 2017
unaudited
vs Prior
%
2017 half year
(28 weeks)
12 September 2016
unaudited
% sales% sales
EBITDA before G&A
KFC34,99120.55.733,11721.0
Pizza Hut1,9708.6(18.4)2,41311.0
Starbucks Coffee2,21816.50.42,20916.0
Carl's Jr.5573.058.23521.8
Total New Zealand39,73617.64.338,09117.9
KFC10,59214.746.5 7, 2 3 0 16.6
Total Australia10,59214.746.57, 2 3 016.6
Taco Bell10,01619.7100.0 – –
Pizza Hut2,7047.1100.0 – –
Total Hawaii12,72014.3100.0 – –
Total63,04816.339.145,32117.7
Ratios
Net tangible assets per security
(net tangible assets divided by
number of shares) in cents(22.2)c14.1c
Cost of goods sold are direct costs of operating stores: food, paper, freight, labour and store overheads.
Distribution expenses are costs of distributing product from store.
Marketing expenses are call centre, advertising and local store marketing expenses.
General and administration expenses (G&A) are non-store related overheads.
Group
$NZ000’s
2018 half year
(28 weeks)
11 September 2017
unaudited
vs Prior
%
2017 half year
(28 weeks)
12 September 2016
unaudited
Sales
KFC170,3078.2157,417
Pizza Hut22,8623.822,023
Starbucks Coffee13,425(2.6)13,784
Carl's Jr.18,803(2.8)19,338
Total New Zealand sales225,3976.0212,562
KFC71,86464.8 43,596
Total Australia sales71,86464.843,596
Taco Bell50,950100.0 –

Pizza Hut3 7, 91 9100.0 –
Total Hawaii sales88,869100.0 –
Total sales386,13050.7256,158
Other revenue13,80429.010,703
Total operating revenue399,93449.9266,861
Cost of goods sold(327,387)(51.2)(216,559)
Gross margin72,54744.250,302
Distribution expenses (1,713)(13.4)(1,510)
Marketing expenses(20,909)(42.5)(14,678)
General and administration expenses(18,537)(70.3)(10,885)
EBIT before non-trading31,38835.123,229
Non-trading(1,338)43.8(2,379)
EBIT30,05044.120,850
Net financing expenses(2,687)(95.3)(1,376)
Net profit before taxation2 7, 3 6 340.519,474
Taxation expense (8,277)(38.7)(5,967)
Total profit after taxation (NPAT)19,08641.313,507
Total NPAT excluding non-trading20,15726.515,935
Consolidated income statement (continued)
for the 28 week period ended 11 September 2017
10
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Interim Report 2018
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Interim Report 2018
11

Non-GAAP financial measures
for the 28 week period ended 11 September 2017 (2018 half year)
Non-GAAP financial measures (continued)
for the 28 week period ended 11 September 2017 (2018 half year)
The Group results are prepared in accordance with New Zealand Generally Accepted
Accounting Practice (“GAAP”) and comply with International Financial Reporting
Standards (“IFRS”). These financial statements include non-GAAP financial measures that
are not prepared in accordance with IFRS. The non-GAAP financial measures used in this
presentation are as follows:
1. EBITDA before G&A. The Group calculates earnings before interest, tax, depreciation
and amortisation (“EBITDA”) before G&A (general and administration expenses) by
taking net profit before taxation and adding back (or deducting) net financing expenses,
non-trading items, depreciation, amortisation and G&A. The Group also refers to this
measure as Concept EBITDA before G&A.
The term Concept refers to the Group’s stable of brands within the New Zealand (KFC,
Pizza Hut, Starbucks Coffee and Carl’s Jr.), Hawaii (Taco Bell, Pizza Hut) and Australia
(KFC) geographic segments. The term G&A represents non-store related overheads.
2. EBIT before non-trading. Earnings before interest and taxation (“EBIT”) before non-
trading is calculated by taking net profit before taxation and adding back (or deducting)
net financing expenses and non-trading items.
3. Non-trading items. Non-trading items represent amounts the Group considers unrelated
to the day to day operational performance of the Group. Excluding non-trading
items enables the Group to measure underlying trends of the business and monitor
performance on a consistent basis.
4. EBIT after non-trading items. The Group calculates EBIT after non-trading items by
taking net profit before taxation and adding back net financing expenses.
5. Total NPAT excluding non-trading. Total net profit after taxation (“NPAT”) excluding
non-trading items is calculated by taking profit after taxation attributable to
shareholders and adding back (or deducting) non-trading items whilst also allowing
for any tax impact of those items.
The Group believes that these non-GAAP measures provide useful information to readers
to assist in the understanding of the financial performance and position of the Group but
that they should not be viewed in isolation, nor considered as a substitute for measures
reported in accordance with IFRS. Non-GAAP measures as reported by the Group may not
be comparable to similarly titled amounts reported by other companies.
The following is a reconciliation between these non-GAAP measures and net profit
after taxation:
$NZ000’s Note* 2018 half year2017 half year
EBITDA before G&A163,04845,321
Depreciation(15,490)(11,470)
Loss on sale of property, plant and equipment
(included in depreciation)–(38)
Amortisation (included in cost of sales)(1,304)(1,392)
General and administration – area managers,
general managers and support centre(14,866)(9,192)
EBIT before non-trading
231,38823,229
Non-trading items**
3(1,338)(2,379)
EBIT after non-trading items
430,05020,850
Net financing costs(2,687)(1,376)
Net profit before taxation 2 7, 3 6 319,474
Income tax expense(8,277)(5,967)
Net profit after taxation19,08613,507
Add back non-trading items1,3382,379
Income tax on non-trading items(267)49
Net profit after taxation excluding non-trading items
520,15715,935
* Refers to the list of non-GAAP measures as listed above.
** Refer to Note 3 of the interim financial statements for an analysis of non-trading items.
GROUPGROUP
12
Restaurant Brands New Zealand Ltd
Interim Report 2018
Restaurant Brands New Zealand Ltd
Interim Report 2018
13

Group
$NZ000’s Note

2018 half year
(28 weeks)
unaudited
2017 half year
(28 weeks)
unaudited
2017 full year
(52 weeks)
audited
Store sales revenue386,130256,158497,179
Other revenue13,80410,70320,370
Total operating revenue399,934266,8615 1 7, 5 4 9
Cost of goods sold(327,387)(216,559)(421,872)
Gross profit72,54750,30295,677
Distribution expenses(1,713)(1,510)(2,764)
Marketing expenses(20,909)(14,678)(28,107)
General and administration expenses(18,537)(10,885)(20,364)
EBIT before non-trading31,38823,22944,442
Non-trading
3(1,338)(2,379)(5,063)
Earnings before interest and taxation (EBIT)30,05020,85039,379
Net financing expenses(2,687)(1,376)(2,291)
Profit before taxation2 7, 3 6 319,4743 7,0 8 8
Taxation expense(8,277)(5,967)(11,133)
Total profit after taxation attributable to
shareholders19,08613,50725,955
Items that may be reclassified subsequently
to the Statement of Comprehensive Income
Exchange differences on translating foreign
operations(1,545)(4, 252)(2,575)
Share option reserve5––
Derivative hedging reserve4925(1,303)
Income tax relating to components of other
comprehensive income(275)(2)367
Other comprehensive loss for the half year,
net of tax(1,323)(4, 249)(3,511)
Total comprehensive income for the half year
attributable to shareholders17,76 39,25822,444
Basic and diluted earnings per share from total
operation (cents)
415.513.324.1
For and on behalf of the Board:
E K van Arkel H W Stevens
Chairman Director

Statement of comprehensive income
for the 28 week period ended 11 September 2017 (2018 half year)
Statement of changes in equity
for the 28 week period ended 11 September 2017 (2018 half year)
Group
$NZ000’s
Share
capital
Share
option
reserve
Foreign
currency
translation
reserve
Derivative
hedging
reserve
Retained
earningsTotal
For the 52 week period ended 27 February 2017
Balance at the beginning
of the period26,756–53(238)49,04675,617
Comprehensive income
Profit after taxation attributable
to shareholders––––13,50713,507
Other comprehensive income
Movement in foreign currency
translation reserve––(4, 252)––(4, 252)
Movement in derivative
hedging reserve–––3–3
Total other comprehensive income––(4,252)3–(4,249)
Total comprehensive income––(4,252)313,5079,258
Transactions with owners
Issue of ordinary shares25,500––––25,500
Share issue costs(24)––––(24)
Net dividends distributed-–––(12,859)(12,859)
Total transactions with owners25,476–––(12,859)12,617
Unaudited balance as at
12 September 201652,232–(4,199)(235)49,69497, 4 9 2
Comprehensive income
Profit after taxation attributable
to shareholders––––12,44812,448
Other comprehensive income
Movement in foreign currency
translation reserve––1,677––1,677
Movement in derivative
hedging reserve–––(939)–(939)
Total other comprehensive income––1,677(939)–738
Total comprehensive income––1,677(939)12,44813,186
Transactions with owners
Issue of ordinary shares93,869––––93,869
Share issue costs(2,715)––––(2,715)
Net dividends distributed––––(9,773)(9,773)
Total transactions with owners91,154–––(9,773)81,381
Audited balance as at
27 February 2017143,386–(2,522)(1,174)52,369192,059
14
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Interim Report 2018
15

Statement of changes in equity (continued)
for the 28 week period ended 11 September 2017 (2018 half year)
Statement of financial position
as at 11 September 2017 (2018 half year)
Group
$NZ000’s
Share
capital
Share
option
reserve
Foreign
currency
translation
reserve
Derivative
hedging
reserve
Retained
earningsTotal
For the 28 week period ended 11 September 2017
Balance at the beginning
of the period143,386–(2,522)(1,174)52,369192,059
Comprehensive income
Profit after taxation attributable
to shareholders––––19,08619,086
Other comprehensive income
Movement in share option reserve–5–––5
Movement in foreign currency
translation reserve––(1,545)––(1,545)
Movement in derivative
hedging reserve–––217–217
Total other comprehensive income–5(1,545)217–(1,323)
Total comprehensive income–5(1,545)21719,08617,76 3
Transactions with owners
Net dividends distributed––––(16,584)(16,584)
Total transactions with owners––––(16,584)(16,584)
Unaudited balance as at
11 September 2017143,3865(4,067)(957)54,871193,238
Group
$NZ000’s Note

2018 half year
unaudited
2017 half year
unaudited
2017 full year
audited
Non-current assets
Property, plant and equipment145,739128,811124,379
Intangible assets220,53182,96884,361
Deferred tax asset13,5858,36310,325
Total non-current assets379,855220,142219,065
Current assets
Income tax receivable1,899––
Inventories11,4498,5658,659
Trade and other receivables9,7284,8494,273
Cash and cash equivalents8,7015,32170,390
Assets classified as held for sale2,762––
Total current assets34,53918,73583,322
Total assets414,394238,877302,387
Equity attributable to shareholders
Share capital143,38652,232143,386
Reserves(5,019)(4,4 3 4)(3,696)
Retained earnings54,87149,69452,369
Total equity attributable to shareholders193,23897, 4 9 2192,059
Non-current liabilities
Provision for employee entitlements690603676
Deferred income8,7085,5705,153
Loans
8123,72472,74046,482
Total non-current liabilities133,12278,91352,311
Current liabilities
Income tax payable3,9732,6483,647
Creditors and accruals71,0215 7, 1 5 150,370
Provision for employee entitlements1,5321,2941,301
Deferred income1,1981,0531,065
Derivative financial instruments1,1423261,634
Loans
89,348––
Total current liabilities88,03462,47258,017
Total liabilities221,156141,385110,328
Total equity and liabilities414,394238,877302,387
16
Restaurant Brands New Zealand Ltd
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Restaurant Brands New Zealand Ltd
Interim Report 2018
17

Statement of cash flows
for the 28 week period ended 11 September 2017 (2018 half year)
Group
$NZ000’s

2018 half year
unaudited
2017 half year
unaudited
2017 full year
audited
Cash flows from operating activities
Receipts from customers398,541266,231515,257
Payments to suppliers and employees(349,336)(226,339)(451,5 6 0)
Interest paid (net)(2,423)(1,304)(2,318)
Payment of income tax(9,199)( 7, 9 3 5 )(13,471)
Net cash flows from operating activities3 7, 5 8 330,65347, 9 0 8
Cash flows from investing activities
Acquisition of business(105,326)(63,905)(63,905)
Payment for intangibles(1,374)(2,791)(3,658)
Purchase of property, plant and equipment(9,090)(9,344)(16,628)
Proceeds from disposal of property, plant
and equipment4142,5404,220
Landlord contributions received–961961
Net cash flows from investing activities(115,376)(72,539)(79,010)
Cash flows from financing activities
Proceeds from non-current loans223,785230,668446,116
Repayment of non-current loans(195,622)(172,685)(41 5,365)
Share capital raised––93,869
Dividends paid to shareholders(16,584)(12,859)(22,632)
Share issue costs–(24)(2,739)
Net cash flows from financing activities11,57945,10099,249
Net (decrease)/increase in cash and
cash equivalents(66,214)3,21468,147
Cash and cash equivalents at beginning
of the period70,3901,0931,093
Opening cash balances acquired on acquisition
of QSR Pty Limited–1,4571,457
Opening cash balances acquired on acquisition
of Pacific Island Restaurants Inc.4,513––
Foreign exchange movements12(4 4 3)(307)
Cash and cash equivalents at the end
of the period8,7015,32170,390
Cash and cash equivalents comprise:
Cash on hand408307310
Cash at bank8,2935,01470,080
8,7015,32170,390
Statement of cash flows (continued)
for the 28 week period ended 11 September 2017 (2018 half year)
The following is a reconciliation between profit after taxation for the period shown in the
statement of comprehensive income and net cash flows from operating activities.
Group
$NZ000’s

2018 half year
unaudited
2017 half year
unaudited
2017 full year
audited
Total profit after taxation attributable to
shareholders19,08613,50725,955
Add items classified as investing/financing
activities:
Gain on disposal of property, plant and equipment(98)(921)(1,607)
FX gain on investing activities(873)––
(971)(921)(1,607)
Add/(less) non-cash items:
Depreciation15,49011,47022,152
Disposal of goodwill–75306
(Decrease) / increase in provisions(80)(59)526
Amortisation of intangible assets2,3351,6532,923
Impairment on property, plant and equipment–(39)672
Net increase in deferred tax asset(1,333)(662)(2,035)
16,41212,43824,544
Add/(less) movement in working capital:
(Increase)/decrease in inventories(1,914)413336
Increase in trade and other receivables(4,369)(1,679)(1,091)
Increase in trade creditors and other payables9,8818,19988
Decrease in income tax payable(542)(1,304)(317)
3,0565,629(984)
Net cash flows from operating activities3 7, 5 8 330,65347, 9 0 8
18
Restaurant Brands New Zealand Ltd
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Interim Report 2018
19

Notes to the financial statements
for the 28 week period ended 11 September 2017 (2018 half year)
1. General information
Restaurant Brands New Zealand Limited (“Company” or “Parent”), together with its
subsidiaries (the “Group”) operate quick service and takeaway restaurant concepts in
New Zealand, Australia, Hawaii, Guam and Saipan.
The Company is a limited liability company incorporated and domiciled in New Zealand.
Statutory base
The Company is registered under the Companies Act 1993 and is a FMC reporting entity
under Part 7 of the Financial Markets Conduct Act 2013.
Reporting framework
The unaudited interim financial statements have been prepared in accordance with
New Zealand Generally Accepted Accounting Practice (“NZ GAAP”). They comply with
New Zealand equivalents to International Financial Reporting Standards (“IFRS”) and
other applicable New Zealand Reporting Standards as appropriate for profit oriented
entities. The financial statements comply with International Financial Reporting Standards
(“IFRS”). These policies have been consistently applied to all the periods presented, unless
otherwise noted.
The Group has a negative working capital balance as the nature of the business results
in most sales being conducted on a cash basis. The Group has bank facilities totalling
$209 million (refer Note 8) and has the ability to fully pay debts as they fall due. At balance
date the amount undrawn was $76 million.
These interim financial statements for the 28 week period ended 11 September 2017 have
been prepared in accordance with NZ IAS 34, Interim Financial Reporting and should be
read in conjunction with the financial statements published in the Annual Report for the
52 week period ended 27 February 2017 (referred to in these statements as “2017 Full
Year”). They also comply with International Accounting Standard 34 Interim Financial
Reporting (IAS 34).
The Group divides its financial year into thirteen 4-week periods. These interim financial
statements are for the first 7 periods (28 weeks) of the year ended on 11 September 2017
(2017: 28 weeks ended on 12 September 2016). The second half will be for 6 periods (24
weeks). The prior full year comparative represents the 52 week period ended 27 February
2017 (2017 Full Year).
To ensure consistency with the current period, comparative figures have been restated
where appropriate. In addition, there has been a rationalisation of disclosures. Disclosures
have been removed where they are considered duplicated or immaterial.
New standards and amendments
• NZ IFRS 16 Leases (effective for periods beginning on or after 1 January 2019) replaces
the current guidance in NZ IAS 17. Under NZ IFRS 16, a contract is, or contains, a lease
if the contract conveys the right to control the use of an identified asset for a period
of time in exchange for consideration. Under NZ IAS 17, a lessee was required to make
a distinction between a finance lease (on balance sheet) and an operating lease (off
balance sheet). NZ IFRS 16 now requires a lessee to recognise a lease liability reflecting
future lease payments and a ‘right-of-use asset’ for virtually all lease contracts.
Included is an optional exemption for certain short-term leases and leases of low-value
assets; however, this exemption can only be applied by lessees. The Group intends to
adopt NZ IFRS 16 on its effective date and is currently assessing its full impact.
• NZ IFRS 15 Revenue from contracts with customers (effective for periods beginning on
or after 1 January 2018) deals with revenue recognition and establishes principles for
reporting useful information to users of financial statements about the nature, amount,
timing and uncertainty of revenue and cash flows arising from an entity’s contracts
with customers. Revenue is recognised when a customer obtains control of a good or
service and thus has the ability to direct the use and obtain the benefits from the good
or service. The standard replaces NZ IAS 18 ‘Revenue’ and NZ IAS 11 ‘Construction
contracts’ and related interpretations. The Group intends to adopt NZ IFRS 15 on its
effective date and is not expected to significantly impact the Group as all store sales
revenue is settled in cash at the point of sale.
• NZ IFRS 9 Financial Instruments (effective for periods beginning on or after 1 January
2018) addresses the classification, measurement and recognition of financial assets and
financial liabilities. The complete version of NZ IFRS 16 was issued in September 2014.
It replaces the guidance in NZ IAS 39 that relates to the classification and measurement
of financial instruments. The Group intends to adopt NZ IFRS 9 on its effective date
and has yet to assess its full impact.
There are various other standards, amendments and interpretations which were assessed
as having an immaterial impact on the Group.
Notes to the financial statements (continued)
for the 28 week period ended 11 September 2017 (2018 half year)
20
Restaurant Brands New Zealand Ltd
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21

Notes to the financial statements (continued)
for the 28 week period ended 11 September 2017 (2018 half year)
2. Business segments
Operating segments are reported in a manner consistent with the internal reporting
provided to the chief operating decision maker.
A new organisation structure was approved by the Board in March 2017, with the Group
split into three geographically distinct operating divisions; New Zealand, Australia, and
Hawaii. Leading these three geographic divisions is a new corporate division consisting
of Group Chief Executive Officer (Group CEO) and Group Chief Financial Officer (Group
CFO), who are focussed on driving and assessing global growth strategies, and are
supported by a small corporate team. Each geographic division operates on a stand-alone
basis, with each country’s CEO reporting to the Group CEO.
The organisation restructure announced in March 2017 has resulted in a change in the
chief operating decision maker, which affects the Group’s segment reporting disclosure.
Under the new structure the chief operating decision maker, responsible for allocating
resources and assessing performance of the operating segments, has been identified
as the Group CEO and Group CFO. The chief operating decision maker considers the
performance of the business from a geographic perspective, being New Zealand, Australia
and Hawaii (including Guam and Saipan) while the performance of the corporate support
function is assessed separately.
The Group is therefore organised into three operating segments, depicting the three
geographic regions the Group operates in and the corporate support function located
in New Zealand. All segments operate quick service and takeaway restaurant concepts.
All operating revenue is from external customers. Prior year comparatives have been
aligned to the geographic operating segments.
2018
$NZ000’s
New Zealand AustraliaHawaii
Corporate
support
function
Consolidated
half year
unaudited
Store sales revenue225,39771,86488,869–386,130
Other revenue13,702–102–13,804
Total operating revenue239,09971,86488,971–399,934
EBITDA before general and
administration expenses39,73610,59212,720–63,048
G&A – area managers, general
managers and support centres( 7, 1 8 0)(2,692)(4, 207 )(787)(14,866)
EBITDA after general and
administration expenses32,5567, 9 0 08,513(787)48,182
Depreciation(9,155)(3,242)(3,093)–(15,490)
Amortisation
(included in cost of sales)(1,170)(134)––(1,304)
EBIT before non-trading22,2314,5245,420(787)31,388
Non trading costs(1,338)
EBIT after non-trading30,050
Current assets 19,4236,7628,344–34,539
Non-current assets115,153109,596155,106–379,855
Total assets134,576116,358163,460–414,394
Notes to the financial statements (continued)
for the 28 week period ended 11 September 2017 (2018 half year)
22
Restaurant Brands New Zealand Ltd
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23

RBNZ20
17
RBNZ20
17
RBNZ20
17
2. Business segments (continued)
2017
$NZ000’s
New Zealand AustraliaHawaii
Corporate
support
function
Consolidated
half year
unaudited
Store sales revenue212,56243,596––256,158
Other revenue10,703–––10,703
Total operating revenue223,26543,596––266,861
EBITDA before general and
administration expenses38,0917, 2 3 0––45,321
G&A – area managers, general
managers and support centres( 7, 8 8 7 )(1,305)––(9,192)
EBITDA after general and
administration expenses30,2045,925––36,129
Depreciation(9,391)(2,079)––(11,470)
Loss on sale of property, plant and
equipment (included in depreciation)(38)–––(38)
Amortisation
(included in cost of sales)(1,316)(76)––(1,392)
EBIT before non-trading19,4593,770––23,229
Impairment on property, plant
and equipment 39
Other non-trading(2,418)
EBIT after non-trading20,850
Current assets 13,4685,267––18,735
Non-current assets125,31794,825––220,142
Total assets138,785100,092––238,877
2.1 Reconciliation between EBIT after non-trading and net profit after tax
Group
$NZ000’s

2018 half year
unaudited
2017 half year
unaudited
2017 full year
audited
EBIT after non-trading30,05020,85039,379
Net financing costs(2,687)(1,376)(2,291)
Net profit before taxation2 7, 3 6 319,4743 7,0 8 8
Income tax expense(8,277)(5,967)(11,133)
Net profit after taxation19,08613,50725,955
Add back non-trading items1,3382,3795,063
Income tax on non-trading items(267)49 (451)
Net profit after taxation excluding non-trading20,15715,93530,567
3. Profit before taxation
Group
$NZ000’s

2018 half year
unaudited
2017 half year
unaudited
2017 full year
audited
Profit before taxation
The profit before taxation is calculated after
charging / (crediting) the following items:
Royalties paid22,83815,01029,152
Operating rental expenses21,52214,0402 7,0 5 4
Net gain on disposal of property, plant and
equipment (98)(921)(1,607)
Non-trading items
Gain on sale of stores
Net sale proceeds(306)(4 02)(1,555)
Property, plant and equipment disposed of56 97 631
Goodwill disposed of––231
(250)(305)(693)
Amortisation of franchise rights acquired
on acquisition of QSR Pty Limited and PIR1,031 261 580
Acquisition costs694 2,733 3,864
ASX listing-related costs570 ––
Store closure costs166 65 1,687
Realised FX gain on forward exchange contracts(873)––
Store relocation and refurbishment costs
(including insurance proceeds)–63 63
Gain on sale and leaseback of stores–(4 3 8)(4 3 8)
Total non-trading items1,338 2,379 5,063
Notes to the financial statements (continued)
for the 28 week period ended 11 September 2017 (2018 half year)
Notes to the financial statements (continued)
for the 28 week period ended 11 September 2017 (2018 half year)
24
Restaurant Brands New Zealand Ltd
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25

4. Earnings per share
Group
2018 half year
unaudited
2017 half year
unaudited
2017 full year
audited
Basic and diluted earnings per share
Profit after taxation attributable to shareholders
($NZ000's)19,08613,50725,955
Weighted average number of shares on issue (000's)122,843101,4101 07,7 97
Basic and diluted earnings per share (cents)15.513.324.1
Shares on issue
As at 11 September 2017, the total number of ordinary shares on issue was 122,843,191
(2017: 102,871,090).
5. Property, plant and equipment
Acquisitions and disposals
During the half year ended 11 September 2017, the Group acquired assets with a
total cost of $9.4 million (2017: $8.9 million) and disposed of assets with a total cost
of $2.0 million (2017: $6.0 million). This excludes the assets of $27.3 million acquired
following the acquisition of PIR in Hawaii and the business assets totalling $2.9 million
of the five KFC Australia Stores (refer to Note 7).
6. Related party transactions
Transactions with entities with key management or entities related to them
During the period the Group made the following:
• Citywest Corp Pty Ltd, of which Company director Stephen Copulos is a director,
received rental payments of $74,000 (2017: $205,000) from the Group, under an
agreement to lease premises in Alexandria, New South Wales, Australia to Restaurant
Brands Australia Pty Limited. The Alexandria premises was sold to an unrelated party
in May 2017.
• Acquired services totalling $37,000 (2017: $15,000) from AsureQuality Limited,
a company of which Company director Hamish Stevens is a director. There was
no amount owing at balance date (2017: $3,100 owing).
Long term incentive scheme
On 28 August 2017, the Group established a Performance Rights Plan for the
Group CEO, Russel Creedy, and Group CFO, Grant Ellis (“the executives”).
Under the terms of the Plan if, in the five year period from the issue date of the
performance rights, the Restaurant Brands closing share price is at or exceeds $NZ10.00
for 40 consecutive trading days the executives will be issued Restaurant Brands ordinary
shares on a one-for-one basis on each performance right with no payment due to the
Company. The executives must remain employed by Restaurant Brands until the share
price target is achieved for the performance rights to vest.
The number of performance rights issued under the Plan are as follows:
Number of performance rights
Russel Creedy252,000
Grant Ellis126,000
Total378,000
The fair value of the performance rights at grant date is measured using the Monte Carlo
valuation model, and on this basis each performance right is valued at $0.77.
7. Business combinations
Purchase of Pacific Islands Restaurants Inc.
On 7 March 2017 the Group acquired 100% of the shares of Pacific Island Restaurants
Inc. (“PIR”) for a net consideration of US$105 million. PIR is the largest operator of quick
service restaurants across Hawaii and also operates in Guam and Saipan. The business has
82 stores and operates under the Taco Bell and Pizza Hut brands.
The US$105 million purchase price was partially funded through the issue of shares by
a renounceable entitlement offer and private placement which was undertaken in the
previous financial year, with the remainder funded through bank debt.
Notes to the financial statements (continued)
for the 28 week period ended 11 September 2017 (2018 half year)
Notes to the financial statements (continued)
for the 28 week period ended 11 September 2017 (2018 half year)
26
Restaurant Brands New Zealand Ltd
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Restaurant Brands New Zealand Ltd
Interim Report 2018
27

7. Business combinations (continued)
The following summarises the provisional assessment of the consideration paid for the
company and the fair value of assets acquired and liabilities assumed at the acquisition
date. Primary outstanding items relate to the finalisation of taxation and preparation of
the completion balance sheet financial statements.
$NZ000’s
Purchase price149,936
Less bank loans assumed(58,890)
Plus settlement adjustments5,316
Net consideration96,362
Net consideration made up as follows:
Cash paid97,101
Completion refund due(739)
Total net consideration96,362
Recognised amounts of identifiable assets acquired and liabilities assumed
Property, plant and equipment2 7, 3 2 0
Intangibles17,140
Deferred tax asset2,530
Stock890
Cash4,562
Other receivables1,380
Bank loans(58,890)
Current liabilities(10,540)
Term liabilities(4,59 8)
Other liabilities(54)
Total identifiable assets and liabilities(20,260)
Goodwill116,622
PIR contributed $88.9 million in sales revenue and $2.5 million in profit after taxation
attributable to shareholders in the period ended 11 September 2017.
Had PIR’s results been consolidated for the 28 week period ended 11 September 2017,
PIR would have contributed $91.8 million in sales revenue and profit after taxation
attributable to shareholders of $2.7 million.
Purchase of KFC business assets
On 21 March 2017 the Group acquired the business assets of five KFC stores located in
New South Wales, Australia. Two KFC stores were purchased from Samesa Pty Limited for
a total purchase price of AU$2.2 million, while the other three KFC stores were purchased
from Oshamma Pty Limited for a total purchase price of AU$6.4 million.
Both purchases were funded through a bank debt facility with ANZ Group which expires
in March 2018.
The following summarises the consideration paid and the fair value of the assets acquired
at the acquisition date.
$NZ000’s
Net consideration 9,267
Net consideration made up as follows:
Cash paid 9,267
Total net consideration 9,267
Recognised amounts of identifiable assets acquired
Property, plant and equipment 2,895
Other receivables 86
Intangibles 243
Total identifiable assets 3,224
Goodwill 6,043
8. Loans
The Group has loan facilities in place totalling NZ$209.0 million with the following
financial institutions:
• Westpac Banking Corporation – NZ$125.0 million facility expiring 22 April 2019;
• First Hawaiian Bank – US$54.2 million facility expiring 16 December 2023; and
• ANZ Banking Group – AU$8.6 million facility expiring 15 March 2018.
The Group is subject to a number of externally imposed bank covenants as part of the
terms of its loan facilities.
There have been no breaches of the covenants during the period (2017: no breaches).
9. Capital commitments
The Group has capital commitments totalling $2.7 million (2017: $3.4 million) which are
not provided for in these financial statements.
Notes to the financial statements (continued)
for the 28 week period ended 11 September 2017 (2018 half year)
Notes to the financial statements (continued)
for the 28 week period ended 11 September 2017 (2018 half year)
28
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Restaurant Brands New Zealand Ltd
Interim Report 2018
29

10. Contingent liabilities
There are no contingent liabilities that the directors consider will have a significant
impact on the financial position of the Group (2017: nil).
11. Deed of Cross Guarantee
Pursuant to the Australian Securities and Investment Commission (ASIC) Class Order
98/1418, the wholly owned subsidiary, QSR Pty Limited (QSR), is relieved from the
Corporations Act 2001 requirement for the preparation, audit and lodgement of
financial reports.
It is a condition of that class order that Restaurant Brands New Zealand Limited (RBNZ)
and QSR enter into a Deed of Cross Guarantee (Deed). On 9 February 2017 a Deed was
executed between RBNZ, QSR, Restaurant Brands Australia Pty Limited and Restaurant
Brands Australia Holdings Pty Limited under which each company guarantees the debts
of the others.
12. Subsequent events
Purchase of KFC business assets
On 17 July 2017 the Group entered into a conditional agreement with Vida Rica Pty Limited
to acquire the business assets of three KFC stores located in Sydney, Australia for a total
purchase price of AU$10.7 million. The contract is expected to be settled by the end of
December 2017.
On 28 August 2017 the Group entered into three conditional agreements with Kentucky
Fried Chicken Pty Limited, a subsidiary of Yum! Restaurants International, to acquire
the business assets of ten KFC stores located in New South Wales, Australia for a total
purchase price of AU$27.5 million. The contract relating to seven KFC stores was settled
on 16 October 2017, with the contracts for the remaining three stores expected to be settled
by the end of December 2017.
The fair value of the assets acquired are still being determined and will be disclosed at the
next reporting date.
Dividends
The directors have declared an interim dividend of 10.0 cents per share (2017: 9.5 cents)
or $12.3 million (2017: $9.8 million). A supplementary dividend of 1.8 cents per share will
be paid to overseas shareholders when the dividend is paid.
Bank facilities
On 12 October 2017 the existing Westpac bank loan facility was renewed on similar terms
for a further three years, expiring on 12 October 2020.
On 12 October 2017 a new loan facility agreement for AU$50 million was entered
into with The Bank of Tokyo-Mitsubishi UFJ, Ltd. for a term of three years, expiring
on 12 October 2020.
Report on the interim financial statements
We have reviewed the accompanying financial statements of Restaurant Brands
New Zealand Limited (the Company) and its subsidiaries (“the Group”) on pages 14 to
30, which comprise the statement of financial position as at 11 September 2017, and
the statement of comprehensive income, the statement of changes in equity and the
statement of cash flows for the period ended on that date, and a summary of significant
accounting policies and selected explanatory notes.
Directors’ responsibility for the financial statements
The Directors are responsible on behalf of the Group for the preparation and presentation
of these financial statements in accordance with New Zealand Equivalent to International
Accounting Standard 34 Interim Financial Reporting (NZ IAS 34) and for such internal
controls as the Directors determine are necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
Our responsibility
Our responsibility is to express a conclusion on the accompanying financial statements
based on our review. We conducted our review in accordance with the New Zealand
Standard on Review Engagements 2410 Review of Financial Statements Performed by
the Independent Auditor of the Entity (NZ SRE 2410). NZ SRE 2410 requires us to conclude
whether anything has come to our attention that causes us to believe that the financial
statements, taken as a whole, are not prepared in all material respects, in accordance
with NZ IAS 34. As the auditors of the Group, NZ SRE 2410 requires that we comply
with the ethical requirements relevant to the audit of the annual financial statements.
A review of financial statements in accordance with NZ SRE 2410 is a limited assurance
engagement. The auditor performs procedures, primarily consisting of making enquiries,
primarily of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. The procedures performed in a review are
substantially less than those performed in an audit conducted in accordance with
International Standards on Auditing (New Zealand) and International Standards on
Auditing. Accordingly, we do not express an audit opinion on these financial statements.
We are independent of the Group. Our firm carries out other services for the Group
in the areas of other assurance services and executive remuneration benchmarking.
The provision of these other services has not impaired our independence.
Notes to the financial statements (continued)
for the 28 week period ended 11 September 2017 (2018 half year)
Independent review report
To the Directors of Restaurant Brands New Zealand Limited
30
Restaurant Brands New Zealand Ltd
Interim Report 2018
Restaurant Brands New Zealand Ltd
Interim Report 2018
31

Corporate
directory
Directors
E K (Ted) van Arkel (Chairman)
David Beguely
Hamish Stevens
Stephen Copulos
Victoria Taylor
Registered office
Level 3
Building 7
Central Park
666 Great South Road
Penrose
Auckland 1061
New Zealand
Share registrar
New Zealand
Computershare Investor Services Limited
Level 2
159 Hurstmere Road
Takapuna
Private Bag 92 119
Auckland 1142
New Zealand
T: 64 9 488 8700
E: enquiry@computershare.co.nz
Australia
Computershare Investor Services Limited
Yarra Falls
452 Johnston Street
Abbotsford, VIC 3067
GPO Box 3329
Melbourne, VIC 3001
Australia
T: 1 800 501 366 (within Australia)
T: 61 3 9415 4083
F: 61 3 9473 2500
E: enquiry@computershare.co.nz
Auditors
PricewaterhouseCoopers
Solicitors
Bell Gully
Corrs Chambers Westgarth
Harmos Horton Lusk
Meredith Connell
Bankers
Westpac Banking Corporation
First Hawaiian Bank
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Australia and New Zealand Banking
Group Limited
Contact details
Postal Address:
P O Box 22 749
Otahuhu
Auckland 1640
New Zealand
Telephone: 64 9 525 8700
Fax: 64 9 525 8711
Email: investor@rbd.co.nz
Financial
calendar
Interim dividend paid
30 November 2017
Financial year end
26 February 2018
Annual profit announcement
April 2018
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these
financial statements of the Group are not prepared, in all material respects, in accordance
with NZ IAS 34.
Who we report to
This report is made solely to the Group’s Directors, as a body. Our review work has been
undertaken so that we might state to the Group’s Directors those matters which we are
required to state to them in our review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than
the Directors, as a body, for our review procedures, for this report, or for the conclusion
we have formed.
For and on behalf of:
Chartered Accountants
19 October 2017 Auckland
Independent review report (continued)
To the Directors of Restaurant Brands New Zealand Limited
32
Restaurant Brands New Zealand Ltd
Interim Report 2018
Restaurant Brands New Zealand Ltd
Interim Report 2018
33

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