Quarterly Update

COOKS GLOBAL FOODS
SECOND QUARTER 2018 OPERATING METRICS
A GROWING
CONTRIBUTION
OF NEW AND
REFURBISHED
ESQUIRES COFFEE
STORES IS DRIVING
A STRONG UPLIFT
IN PERFORMANCE
AT COOKS GLOBAL
FOODS COFFEE
NETWORK.
Constant currency
network store sales
1
- a leading indicator
of the revenue Cooks
expects to generate
from design fees for new
and refurbished stores
and recurring revenues,
such as royalties, coffee
product and other retail
sales – were $10.7 million
in the three months
to June. The result
represents an increase
of 13.2% on the same
period a year ago and an
8.1% increase on the $9.9
million achieved in the
three months to June.
Cooks has achieved
the growth despite a
modest uplift in store
numbers to 92 from
89 a year earlier and
down on the 93 stores
operating at the end of
the June quarter. In the
three months to the end
of September, Cooks
opened three new stores
in the UK, but these
were offset by one
closure in that country
as well as the closure of
a store each in Canada,
the Middle East and
China.
NZAX & MEDIA RELEASE
NOVEMBER 2017
KEITH JACKSON
Executive Chairman
COOKS STORE REFURBISHMENT PROGRAMME DELIVERING RESULTS
MIDDLE EAST
“The Middle East business is undergoing
a reconfiguration to better position the
stores for evening sales, when cafes in the
region typically transact as much as 60%
of their business. During the evenings,
food and particularly sweet food becomes
increasingly important to maintaining sales
momentum.
“We are starting to see the benefits. Net
store numbers in the region were flat
with the closure of four under-performing
stores offset by the opening of four new
stores, all of which are performing well.
As a result, store sales for the three-
month period were 12% ahead of the same
period a year ago. Transaction volumes
and average transaction values have also
shown strong improvements.
“We expect these efforts to gain
momentum as the Middle East transitions
to a new ownership structure. As
announced in September, Cooks and its
Saudi Arabian partner Anasia Foods are
working towards the establishment of
a 50:50 joint venture to be the master
franchisee for the Middle East, North
Africa and West Asia. We are targeting
the settlement of the JV by the end of this
financial year.
CHINA
“In China store closures were higher
than normal due to a sharp escalation
of rents and employment costs in some
areas. At the same time the transition
of the business to a new joint venture
arrangement has led to a refocusing
on those stores best suited to the
new venture’s intention to pursue the
development of cafes featuring an
expanded food service offer.”
The new venture is expected to see Cooks
and a Chinese-based investment entity
together owning the master franchise for
the Esquires Coffee brand in China, Hong
Kong, Macau and Taiwan. The Chinese-
based investment entity will be the
majority shareholder in the new venture,
which is targeted for settlement at the end
of this financial year.
UK, IRELAND
“The UK and Ireland, which together
represent 67.8% of total network sales,
continue to lead the network, posting
sales increases for the three months
to September 2017 of 26% and 17%
respectively compared to the same three-
month period a year ago.
“The UK has benefitted from six additional
stores and the ongoing refurbishment
programme. Underscoring the strength
of the Esquires brand and service offer,
financial performance in the Irish business
improved despite static store numbers.
“The extent of the improvement in
Ireland and the UK was masked by the
numbers of stores awaiting rebranding
and refurbishment, which represent 36%
and 40% respectively of the total in each
country.
“Stores that have been rebranded and
refurbished have continued to deliver
improvement in sales long after their
revitalisation. Indeed, sales of the stores
in the UK that underwent a rebrand in
2017 are up 35.33% for the six months to
September when compared to the same
period a year ago.

“Transaction volumes are up across the
global network reflecting the increase in
stores that benefit from the new brand
livery and the improved food offering. This
is also reflected in the transaction values
across the network, which are up 4.4% on
the same three-month period last year to
$9.23.
“These quarterly results show our branding efforts are gaining
traction,” says Cooks Executive Chairman Keith Jackson. “The
new and refurbished stores emphasise Esquires Organic and
Fairtrade credentials, within a quirky and up-to-date brand
livery. Coupled with Cooks global supply and back office
systems, the Esquires brand adds up to a proposition that
is resonating for customers and driving improvements in
transaction volumes and values across the network.
“Store network growth has been slower than in previous
quarters. In the year to September we opened 14 new stores.
However, these gains were offset by the closure of 11 stores,
including five stores in China and four stores in the Middle East.
1
Prior year figures are converted at the same exchange rate as current year to eliminate any exchange fluctuation effect. For the definition of all terms please see the last page of this release.

SAME STORE SALES
“The network has delivered a strong same-store sales result,
with sales for the three months up 3.3% on the same period
last year at $8.6 million. A strong performance in the UK and
Ireland was offset by weakness in the Middle East.
“Cooks is performing well,” Mr Jackson said. “We continue to
believe that we will reach 140 stores by the end of the financial
year, although as we indicated at the end of the first quarter
and during our annual meeting in August, the achievement
of this goal is dependent on other development initiatives.
Meanwhile, we remain on track to achieve our goal of
transitioning to breakeven by the end of the current financial
year.”
CRUX AND GROUNDED GAIN MOMENTUM
Cooks supply businesses – Crux Products and Scarborough
Fair are building momentum. Crux, which is facilitating trade
between New Zealand and China, in the second quarter alone
shipped 9 containers of products, including water, squash,
beer and wine.
Meanwhile, Scarborough Fair’s new coffee brand ‘Grounded’
which was launched to replace Scarborough Fair’s coffee
products, is striking a chord with consumers. The brand,
which is certified 100% Fairtrade and Organic, is climate
neutral and is now selling more than twice the amount the
old Scarborough fair products sold in Countdown. The
products are also listed in selected New World and Pak ‘n Save
supermarkets.
The refurbishment programme across the UK is informed by Cooks’ determination to deliver a ‘third wave’ artisanal and local
coffee experience, replacing the older Esquires format that drew heavily on the ‘second wave’ approach of all stores looking the
same.

In Ambleside, the store draws its inspiration from the heritage of tramping – or rambling as it is called in the UK – with the walls
adorned with maps and tramping equipment.
However, all stores remain true to the Esquires Organic & Fairtrade brand livery, deploying a fashionable mid-century colour
palate, quirky artisanal typefaces and frequent references to sustainability, including the use of wooden signs and textured
crockery.
In line with the evolution of third-wave coffee, the stores offer a significantly expanded food offer with an emphasis on fresh, less
processed and sustainably-sourced natural ingredients that reflect a growing focus on health and well-being. This change alone
is responsible for much of the uplift in financial performance, with food sales rising 147.8% in Ambleside and 54.6% in Doncaster
compared to the same period a year ago.
Of the UK’s 31 stores, around 12 still sport the old Esquires livery. The company is working closely with franchisees to complete
the programme of rebranding that delivers attractive returns for franchisees as well as Cooks.
DESIGN DRIVING IMPROVING STORE PERFORMANCE.
Good design is helping to drive a significant uplift in sales at legacy Esquires Coffee stores and ensure new stores in the network
offer customers an experience that is at the forefront of café culture.
The Esquires stores in Doncaster in South Yorkshire and Ambleside in the picturesque Lakes District in North West England
demonstrate the potential. The stores, which were respectively refurbished in the new livery in November 2016 and January
2017, are now among the top performers in the global Esquires network.
Quarterly sales at the Ambleside store are now 71% ahead of where they were a year ago, while transaction volumes and average
transaction values are up by around 36% and 26% respectively. Meanwhile the Doncaster store has seen sales increase by 39%
while transaction volumes and average transaction values have risen by around 6% and 33% respectively.
The cafes’ enhanced food offer has been a major contributor to the growth. Indeed Ambleside’ has grown food sales by 148%
and Doncaster has lifted food sales by 55%. This trend is not an isolated case. Indeed, on a sales-per-square meter basis,
rebranded stores in the UK are some 30% ahead of the stores awaiting a rebrand.
“Cook’s branding and design expertise are core to our proposition. This coupled with our ability to select great locations
and committed franchisees, our ability to identify and effectively implement new trends in café service and culture, our back
office systems and our understanding of retail technologies add up to a strong offer for franchisees and importantly Cooks
shareholders,” says Cooks Executive Chairman Keith Jackson.
BEFOREBEFORE
AFTERAFTER
AMBLESIDE
UK
DONCASTER
UK

ESQUIRES COFFEE OPERATING METRICS
TOTAL NETWORK
TOTAL NETWORK
3 MONTHS TO 30 SEPTEMBER
6 MONTHS TO 30 SEPTEMBER
STORE NUMBERS
SAME STORE
SAME STORE
2017
2017
2017
2017
2016
2016
2016
2016
Esquires Coffee Store sales
Esquires Coffee Store sales
Esquires Coffee Store sales
Esquires Coffee Store sales
Transactions
Transactions
Transactions
Transactions
Average transaction value
Average transaction value
Average transaction value
Average transaction value
VARIANCE
VARIANCE
VARIANCE
VARIANCE
NZ$10,736,430
NZ$20,774,967
1,162,851
1,162,851
NZ$9.23
NZ$9.23
NZ$9,481,971
NZ$18,642,957
1,072,181
1,072,181
NZ$8.84
NZ$8.84
13.2%
11.4%
8.5%
8.5%
4.4%
4.4%
NZ$8,631,606
NZ$8,631,606
915,793
2,285,165
NZ$$9.43
NZ$$9.09
NZ$8,352,493
NZ$8,352,493
936,181
2,134,685
NZ$8.92
NZ$8.73
3.3%
3.3%
-2.2%
7.0 %
5.6%
4.1%
Note all the figures in the above table are constant currency with prior year figures converted at the same exchange rate as
current year to eliminate any exchange fluctuation effect.
SEPTEMBERSEPTEMBER
China
TOTAL
Ireland
Canada
UK
Middle East
Indonesia
2016OPENEDCLOSED2017
25
89
11
3
25
23
2
1
14
0
1
7
4
1
5
11
0
1
1
4
0
21
92
11
3
31
23
3

FOR FURTHER INFORMATION
ABOUT COOKS GLOBAL FOODS
Cooks Global Foods operates in world markets and is listed on the NZAX market operated by NZX Limited
in New Zealand under the code CGF. It owns the intellectual property and master franchising rights to
Esquires Coffee Houses worldwide excluding New Zealand and Australia. Cooks currently operates or
franchises Esquires Coffee in Canada, the United Kingdom, Ireland, Bahrain, Kuwait, Saudi Arabia, UAE,
Indonesia, and China.
For more information visit: www.cooksglobalfoods.com
APPENDIX
Network (Store) Sales
Total store sales are the aggregate of sales of all Esquires branded coffee stores, whether franchised or owned, across the company’s global brand network. Cooks franchise
businesses derive their income from franchise related fees, primarily related to those sales levels as well as store sales figures for those stores directly owned by the company. Total
network store sales, therefore, have a strong correlation to revenue earned by Cooks Global Foods. However, they are not and should not be confused with the sales of Cooks Global
Foods group.
Same Store Sales
Same store sales are the aggregate of all Esquires-branded coffee stores, whether franchised or owned across the company’s global brand network that have been operational for
at least a full two-year period for the purposes of like-for-like comparison between current and prior periods. The metric measures the improvement in existing store sales within
the brand network, excluding new stores opened in the previous 24 months. Same store sales are not the sales for Cooks Global Foods group, but nevertheless demonstrate a
correlation to revenue earned by Cooks Global Foods.
Transactions
Transactions relate to the total individual transactions, which occur within Esquires branded coffee stores, whether franchised or owned. A transaction is defined as a single financial
transaction for food, beverage or product that is processed through the point-of-sale system within a coffee store.
Average Transaction Value
Average transaction values are derived by dividing total Esquires coffee store sales by total transactions recorded over the period.
Total (Store) network
All stores whether owned or franchised, which are licensed under a brand owned by companies within the Cooks Global Foods group
INVESTORSMEDIA
+64 21 702 509+64 21 645 643
Executive Chairman
The Project
KEITH JACKSON RICHARD INDER