BFW Preliminary Full Year Results for 31 March 2018

1











Results for announcement to the market
Reporting Period 12 months to 31 March 2018
Previous Reporting Period 12 months to 31 March 2017

Amount (000s) Percentage change
Revenue from ordinary activities
NZD 24,774 10.9%
Profit (loss) from ordinary activities after tax attributable
to security holder
NZD (463) -152.1%
Net profit (loss) attributable to security holders
NZD (463) -152.1%

Interim/Final Dividend Amount per security
Imputed amount per
security

It is not proposed to
pay dividends.

Record Date Not Applicable
Dividend Payment Date Not Applicable

Comments:

2

Burger Fuel Worldwide Limited
Preliminary Full Year Results
For The Year Ended 31 March 2018

Chairman and Chief Executive’s Review

Burger Fuel Worldwide Ltd Preliminary Full Year Results for the 12 months ended 31st March 2018

Overview – FY18

The Directors of BurgerFuel Worldwide (BFW) present the audited results for the 12 months to 31 March 2018.

Group Operating Revenue increased by 10.9% to $24.8M. BurgerFuel Total (unaudited) System Sales are up 5.0% to
$105M.

Net loss after tax for the period was ($463,062) representing a decrease of 152% on last year.

The reported loss is due to the costs associated with the initial establishment and later exiting of the USA, which all
occurred within the period.

The Group has no debt, and cash reserves of $6.3M.

Group Operating Revenue increased by 10.9% on the same period last year. This revenue is largely comprised of long-
term recurring royalties, sales and additional sales generated from the US company owned store which opened in May
2017 and was sold in early March 2018.

As at 31 March 2018 there were 80 BurgerFuel stores operating worldwide.

BFW RESULTS FOR THE PERIOD 1 APRIL 2017 TO 31 MARCH 2018

31 March 2018 31 March 2017
$000 $000

Operating Revenue * 24,774 22,343

Operating Expenses ** (24,809) (21,229)

Net Profit (Loss) Before Tax (35) 1,114
Net Profit (Loss) After Tax *** (463) 889


* Revenue includes; Operating revenue and interest income.
** Expenses include; Operating expenses, depreciation, amortisation and interest expense.
*** The New Zealand entities had taxable income and were unable to utilise the foreign tax losses. The overseas
entities had minimal tax.


The Year to Date and Group Outlook.

Australasian Region

System sales across New Zealand (55 restaurants) and Australia (2 restaurants) increased by 6.7%

The New Zealand market remains strong, with the BurgerFuel brand continuing to receive high levels of customer
support across the country.

As previously communicated, whilst the Board sees some potential for the development of additional BurgerFuel outlets
in NZ, concentration is on the development of other brands, like Winner Winner, the chicken concept which was
announced late last year. To prepare for this, as well as stimulate financial growth for the Group, FY18 saw a drive
forward in operational excellence, franchising, systemisation and increasing cost efficiencies.

3




While sales continue to grow year-on-year, new store openings in New Zealand have slowed as the market approaches
its potential in terms of store numbers. While we continue franchising, the focus has also turned to the growth of the
business and brand by maximising the potential of the current BurgerFuel sites, as well as the development of new
opportunities.

In Australia, as previously communicated, reasonable operating margins have been difficult to achieve despite every
effort to move towards profit in this very competitive market with high operating costs. Thus, in FY18 the process to
close all remaining franchised stores in Australia commenced and this is expected to be completed in the coming
months. These store closures are not material to the Group.

Middle Eastern Region (MENA)

In the Middle East, total revenue is down for FY18, but the region continues to be a good contributor for us and we are
seeing progress in some areas.

Retail occupancy costs remain extremely high in most parts of the Middle East, especially Dubai. To lessen the effects
of this, our strategy with our Master Franchisees in MENA is now to relocate the high rent stores to lower rent, key
residential areas, thereby reducing overheads, while maintaining customer reach. To further assist this strategy, our
partners in Dubai have been driving forward with the development of the home delivery service so as to highlight the
convenience aspect of the brand in this competitive city.

While the entire retail sector in the UAE continues to experience a downturn, as well as a heavy proliferation of
competitor concepts, our business is operating quite well and remains a good contributor for the Group at this stage.

Our franchised business in Saudi Arabia has continued to see good growth in sales and this can be largely attributed to a
continued increase in BurgerFuel marketing activity, as well as the on-going effects of the revitalisation of the Saudi
economy. Like our other Middle Eastern markets, Saudi Arabia is also facing high retail rent and increasing labour costs
and as such, our partners in Saudi are also relocating high rent stores as well as implementing store re-design strategies
to maximise space, reduce overhead and increase local customer reach.

In Iraq, sales for the store in Baghdad performed reasonably well in FY18 and the brand has continued to grow in
popularity, standing out in a revitalised market that is currently free from a proliferation of American chains. Our
partners in Iraq opened a second store in Baghdad in early FY19.

In Egypt, the political climate and its effect on the economy proved unviable for our licence holders in this market and
accordingly our partners made the move in FY18 to close their remaining stores. At this point in time there are no plans
to reopen in Egypt. These closures are not material to the Group.

In summary, while revenue is down for the MENA region, the Board remains positive about parts of the region,
especially if we can lessen the effects of high retail rents via strategic store relocations. As always, we do caution the
market every year that our outlook in any of these regions can change quickly due to the ongoing potential for volatility
in the Middle East. As such, we will continue to monitor all of these markets closely and keep the market informed of
any significant developments.

United States

The first BurgerFuel USA store in Indianapolis has now been open for just over 12 months. At the end of FY18, the
Master Licence Agreement for BurgerFuel USA was sold to BurgerFuel founder, Chris Mason. This was decided due to
the fact that without a US partner, the board considered that development alone in this vast market would take too long
and would require too much capital for a potentially unknown return.

The agreement included the purchase of the single company-owned store in Indianapolis. As part of the agreement,
Chris Mason resigned from the BFW Board of Directors in order to ensure that independent governance at board level
was maintained and also to allow Chris’s focus to remain firmly on the development of the USA only.

Under the Master Licence Agreement, BFW will receive some royalties and territory fees from the American business if
and when it progresses. The agreement does not require BFW to support the USA to any significant extent and is
regarded as a “low support” license agreement. Should the USA expansion prove to be unsuccessful, the USA rights
will revert back to BFW in 3 years.

4



Exiting the USA in a developer and store owner capacity and passing the reigns to Chris Mason to continue
development under licence, has allowed BFW to return to its primary function as a Master Franchisor. This frees up
capital and will allow BFW to focus on the development of our strong New Zealand market, as well as on the
exploration of new opportunities in New Zealand. The board is of the opinion that it can in this coming year, focus on
the financial growth of the Group.

Outlook

FY18 was a pivotal one for the Group, with the first USA based store opening, the purchase of the Winner Winner
brand, and the sale of the USA master licence agreement, and single Indianapolis based store, to BurgerFuel founder,
Chris Mason.

In the past couple of years, it has become clear to the board, that international development has become an expensive
and ultra-competitive proposition. The board is of the view that the growth potential for BFW lays here in New Zealand,
where we have intimate knowledge of the market and the ability to move the Group forward into profit.

It is likely that BurgerFuel Worldwide will undergo a name change in the near future as it diminishes its international
activity and focusses on becoming a multi brand business in New Zealand. The board is very positive about the
opportunities available to us in New Zealand and looks forward to sharing more news of other potential business
activities outside of the BurgerFuel brand, over the coming year.

On the 11
th
June 2018, it was announced that an agreement has been reached between BFW and Franchise Brands (FB)
whereby BFW will purchase 3,143,355 shares equating to 5.27% of the total shares on issue, for USD$790,667 utilising
cash reserves. This transaction is subject to a 10-day notice period.

To complete the transaction, BFW will cancel 3,143,355 shares thereby reducing the total number of shares in the
company from 59,633,550 to 56,490,195. The board is comfortable with the level or shares being purchased by BFW
and due to the cancellation of these shares, every BFW shareholder will benefit by gaining an increase in their
proportionate equity holding, without the need to outlay any cash.

The acquisition of the Winner Winner brand in December 2017 marks a new era for BFW, as the Group looks to
diversify into the development of other brands, utilising our company strengths in franchising, marketing and
systemisation. In addition to developing and franchising the Winner Winner brand, BFW has another concept in
incubation and hopes to share more news around this new brand shortly.

The Group is focused on profit and growth, as well as development in new areas beyond the BurgerFuel brand. We
thank all shareholders for their support and we look forward to an exciting year ahead.


Best regards

Peter Brook Josef Roberts
Chairman Group CEO

5



Burger Fuel Worldwide Limited
Consolidated Statement of Comprehensive Income
For The Year Ended 31 March 2018


2018

2017


$

$




Revenue 24,689,154

22,217,345

Operating Expenses (24,152,919)

(20,520,743)




Profit / (Loss) before Interest, Taxation, Depreciation and Amortisation 536,235

1,696,602




Depreciation (535,327)

(615,868)

Amortisation (117,876)

(85,771)


(653,203)

(701,639)






Profit / (Loss) before Interest and Taxation (116,968) 994,963


Interest Income

85,052

126,453

Interest Expense (3,550)

(6,918)


81,502

119,535






Profit / (Loss) before Taxation (35,466)

1,114,498


Income Tax Expense (427,596)

(225,550)






Net Profit / (Loss) attributable to shareholders (463,062) 888,948


Other comprehensive income:

Items that may be reclassified subsequently to profit or loss:

Movement in Foreign Currency Translation Reserve

34,107

3,565


Total comprehensive income (428,955)

892,513


Basic Earnings per Share (cents) (0.78)

1.49


Diluted Earnings per Share (cents) (0.78) 1.49

6
Burger Fuel Worldwide Limited
Consolidated Statement of Financial Position
As at 31 March 2018

2018

2017
Shareholders’ equity $

$
Contributed equity 16,034,443

16,034,443
Retained earnings (2,336,651)

(1,873,589)
IPO capital costs (223,432)

(223,432)
Other reserves (271,115)

(305,222)
13,203,245

13,632,200
Current assets

Cash and cash equivalents 6,300,878

6,412,895
Trade and other receivables 3,030,807

2,634,258
Inventories 1,078,848

1,174,109
Loans 133,000

133,000

10,543,533

10,354,262
Non-current assets


Property, plant and equipment 2,387,128

3,278,161
Deferred tax asset 188,180

94,965
Intangible assets 2,525,189

2,423,975

5,100,497

5,797,101
Total assets 15,644,030

16,151,363
Current liabilities

Trade and other payables 1,656,880

2,121,142
Income tax payable 448,650

25,348
Provisions 298,405 337,023
2,403,935 2,483,513
Non-current liabilities
Provisions 36,850 35,650
36,850 35,650
Total liabilities 2,440,785 2,519,163

Net assets 13,203,245 13,632,200


Net tangible assets per share ($ per share)


0.18


0.19

7


Burger Fuel Worldwide Limited
Consolidated Statement of Changes in Equity
For The Year Ended 31 March 2018

2018


Contributed
Equity
Foreign
Currency
Translation
Reserve
IPO Capital
Costs
Share
Option
Reserve
Retained
Earnings
Total
Equity
$ $ $ $ $ $




Balance as at 1 April 2017
16,034,443 (305,222) (223,432) - (1,873,589) 13,632,200
Movement in foreign
currency translation reserve
recognised in other
comprehensive income

- 34,107 - - - 34,107
Net Loss for the year ended
31 March 2018

- - - - (463,062) (463,062)
Total comprehensive
income

- 34,107 - - (463,062) (428,955)


Balance as at 31 March
2018

16,034,443 (271,115) (223,432) - (2,336,651) 13,203,245





2017


Contributed
Equity
Foreign
Currency
Translation
Reserve
IPO Capital
Costs
Share
Option
Reserve
Retained
Earnings
Total
Equity
$ $ $ $ $ $




Balance as at 1 April 2016
16,034,443 (308,787) (223,432) - (2,762,537) 12,739,687
Movement in foreign
currency translation reserve
recognised in other
comprehensive income

- 3,565 - - - 3,565
Net Profit for the year ended
31 March 2017

- - - - 888,948 888,948
Total comprehensive
income

- 3,565 - - 888,948 892,513


Balance as at 31 March
2017

16,034,443 (305,222) (223,432) - (1,873,589) 13,632,200

8

Burger Fuel Worldwide Limited
Consolidated Statement of Cash Flows
For The Year Ended 31 March 2018



2018

2017

$

$
Cash flows from operating activities


Cash was provided from:


Receipts from customers
24,088,728 22,934,671
Interest received
85,052 126,453
Goods and services tax received
(15,957) 7,918

24,157,823 23,069,042
Cash was applied to:

Payments to suppliers & employees
(23,225,822) (20,374,689)
Interest paid
(3,550) (6,918)
Taxes paid
(97,507) (107,015)


(23,326,879) (20,488,622)
Net cash flows provided from operating activities
830,944 2,580,420


Cash flows from investing activities

Cash was provided from:

Repayments from franchisees
- 46,000
Sale of property, plant and equipment 1,176,152 140,419
1,176,152 186,419
Cash was applied to:

Acquisition of intangible assets
(219,091) (195,180)
Advance to supplier
- (133,000)
Acquisition of property, plant & equipment
(1,898,729) (814,513)
Acquisition of subsidiary
- (1,298,067)

(2,117,820) (2,440,760)
Net cash flows applied to investing activities
(941,668) (2,254,341)




Net movement in cash and cash equivalents
(110,724) 326,079
Exchange gains / (loss) on cash and cash equivalents
(1,293) 8,528
Opening cash and cash equivalents
6,412,895 6,078,288
Closing cash and cash equivalents
6,300,878 6,412,895

9

Burger Fuel Worldwide Limited

SEGMENT REPORTING

Operating Segments

The Group operates in four operating segments; these operating segments have been divided into the following
geographical regions, New Zealand, Australia, USA and the Middle East. All the segment’s operations are made up of
franchising fees, royalties and sales to franchisees. The segments are in the business of Franchise Systems - Gourmet
Burger Restaurants. New Zealand’s segment result is also due to the amortisation of intangible assets.

The amounts provided to the Board with respect to total liabilities are measured in a manner consistent with that of the
financial statements. These liabilities are allocated based on the operations of the segment.

2018
New Zealand Australia Middle East USA Consolidated

$
$

$
$ $
Revenue





Sales 10,734,127 132,722 144,806 1,604,881 12,616,536
Royalties 4,674,358 140,126 1,193,234 - 6,007,718
Franchising fees 495,000 - - - 495,000
Training fees 15,000 - - - 15,000
Construction and property
management fees
55,000 - - - 55,000
Advertising fees 3,527,531 105,434 239,631 - 3,872,596
Foreign exchange gain 57,671 (37,082) 20 (62,899) (42,290)
Sundry income 1,473,212 14,106 129,678 52,598 1,669,594
Interest received 84,037 1,015 - - 85,052
Total Revenue 21,115,936 356,321 1,707,369 1,594,580 24,774,206

Interest Expense 3,514 36 - - 3,550

Depreciation 528,194 - 7,133 - 535,327

Amortisation 117,876 - - - 117,876

Segment Result before
income Tax
2,303,494 (162,871) 912,287 (3,088,376) (35,466)

Income Tax Expense 444,452 - - (16,856) 427,596

Segment Assets 14,100,561 504,861 102,706 935,902 15,644,030

Segment Liabilities 2,551,850 (216,682) 23,456 82,161 2,440,785




Acquisition of Property, Plant & Equipment & Intangible Assets


Other 784,112 - 770 1,332,938 2,117,820

10

Burger Fuel Worldwide Limited

SEGMENT REPORTING (CONTINUED)



2017
New
Zealand
Australia Middle East USA Consolidated

$
$

$
$ $
Revenue





Sales 9,890,968 181,058 693,631 - 10,765,657
Royalties 4,232,709 199,408 1,281,344 - 5,713,461
Franchising fees 175,000 - - - 175,000
Training fees 30,000 - - - 30,000
Construction and property
management fees
57,500 - - - 57,500
Advertising fees 3,242,015 181,651 255,555 - 3,679,221
Foreign exchange gain 6,537 (9,346) - - (2,809)
Sundry income 1,645,042 53,314 100,959 - 1,799,315
Interest received 125,372 1,081 - - 126,453
Total Revenue 19,405,143 607,166 2,331,489 - 22,343,798

Interest Expense 1,202 498 - 5,218 6,918

Depreciation 523,371 42,209 8,742 41,546 615,868

Amortisation 85,771 - - - 85,771

Segment Result before
Income Tax
1,539,777 (123,642) 953,857 (1,255,494) 1,114,498

Income Tax Expense 196,645 - - 28,905 225,550

Segment Assets 14,210,738 256,627 825,443 858,555 16,151,363

Segment Liabilities 682,070 1,048,970 63,098 725,025 2,519,163












Acquisition of Property, Plant & Equipment & Intangible Assets.

Business Combination 1,290,000 - - - 1,290,000

Other
445,782 1,825 4,067 566,086 1,017,760




SUBSEQUENT EVENTS

Since balance date BFW intends to buy back & cancel 3,143,355 BFW shares from Franchise brands. This will reduce
the total number of BFW shares to 56,490,195. This will have no impact on the Consolidated Statement of
Comprehensive Income but will reduce the Groups Cash and cash equivalents by USD$790,667. (2017 Subsequent
events: Nil).

---

Thursday, 14th June 2018
BURGER FUEL WORLDWIDE LTD PRELIMINARY FULL
YEAR RESULTS FOR THE YEAR ENDED 31 MARCH 2018
OVERVIEW - FY18
The Directors of BurgerFuel Worldwide (BFW) present the audited results for the 12 months to 31 March
2018.
Group Operating Revenue increased by 10.9% to $24.8M. BurgerFuel Total (unaudited) System Sales are up
5.0% to $105M.
Net loss after tax for the period was ($463,062) representing a decrease of 152% on last year.
The reported loss is due to the costs associated with the initial establishment and later exiting of the USA,
which all occurred within the period.
The Group has no debt, and cash reserves of $6.3M.
Group Operating Revenue increased by 10.9% on the same period last year. This revenue is largely
comprised of long-term recurring royalties, sales and additional sales generated from the US company
owned store which opened in May 2017 and was sold in early March 2018.
As at 31 March 2018 there were 80 BurgerFuel stores operating worldwide.
BFW RESULTS FOR THE PERIOD 1 APRIL 2017 TO 31 MARCH 2018

31 March 201831 March 2017
$000$000
Operating Revenue*24,77422,343
Operating Expenses**(24,809)(21,229)
Net Profit/(Loss) Before Tax(35)1,114
Net Profit/(Loss) After Tax***(463)889
* Revenue includes; Operating revenue and interest income.
** Expenses include; Operating expenses, depreciation, amortisation and interest expense
*** The New Zealand entities had taxable income and were unable to utilise the foreign tax losses. The overseas entities had minimal tax.
BURGERFUEL WORLDWIDE PRESS RELEASE

THE YEAR TO DATE AND GROUP OUTLOOK.
AUSTRALASIAN REGION
System sales across New Zealand (55 restaurants) and Australia (2 restaurants) increased by 6.7%
The New Zealand market remains strong, with the BurgerFuel brand continuing to receive high levels of
customer support across the country.
As previously communicated, whilst the Board sees some potential for the development of additional
BurgerFuel outlets in NZ, concentration is on the development of other brands, like Winner Winner, the
chicken concept which was announced late last year. To prepare for this, as well as stimulate financial
growth for the Group, FY18 saw a drive forward in operational excellence, franchising, systemisation and
increasing cost efficiencies.
While sales continue to grow year-on-year, new store openings in New Zealand have slowed as the
market approaches its potential in terms of store numbers. While we continue franchising, the focus has
also turned to the growth of the business and brand by maximising the potential of the current
BurgerFuel sites, as well as the development of new opportunities.
In Australia, as previously communicated, reasonable operating margins have been difficult to achieve
despite every effort to move towards profit in this very competitive market with high operating costs.
Thus, in FY18 the process to close all remaining franchised stores in Australia commenced and this is
expected to be completed in the coming months. These store closures are not material to the Group.
MIDDLE EASTERN REGION (MENA)
In the Middle East, total revenue is down for FY18, but the region continues to be a good contributor for
us and we are seeing progress in some areas.
Retail occupancy costs remain extremely high in most parts of the Middle East, especially Dubai. To lessen
the effects of this, our strategy with our Master Franchisees in MENA is now to relocate the high rent
stores to lower rent, key residential areas, thereby reducing overheads, while maintaining customer reach.
To further assist this strategy, our partners in Dubai have been driving forward with the development of
the home delivery service so as to highlight the convenience aspect of the brand in this competitive city.
While the entire retail sector in the UAE continues to experience a downturn, as well as a heavy
proliferation of competitor concepts, our business is operating quite well and remains a good contributor
for the Group at this stage.
Our franchised business in Saudi Arabia has continued to see good growth in sales and this can be largely
attributed to a continued increase in BurgerFuel marketing activity, as well as the on-going effects of the
revitalisation of the Saudi economy. Like our other Middle Eastern markets, Saudi Arabia is also facing
high retail rent and increasing labour costs and as such, our partners in Saudi are also relocating high rent
stores as well as implementing store re-design strategies to maximise space, reduce overhead and
increase local customer reach.
In Iraq, sales for the store in Baghdad performed reasonably well in FY18 and the brand has continued to
grow in popularity, standing out in a revitalised market that is currently free from a proliferation of
American chains. Our partners in Iraq opened a second store in Baghdad in early FY19.
In Egypt, the political climate and its effect on the economy proved unviable for our licence holders in this
market and accordingly our partners made the move in FY18 to close their remaining stores. At this point
in time there are no plans to reopen in Egypt. These closures are not material to the Group.
In summary, while revenue is down for the MENA region, the Board remains positive about parts of the
region, especially if we can lessen the effects of high retail rents via strategic store relocations. As always,
we do caution the market every year that our outlook in any of these regions can change quickly due to
the ongoing potential for volatility in the Middle East. As such, we will continue to monitor all of these
markets closely and keep the market informed of any significant developments.

UNITED STATES
The first BurgerFuel USA store in Indianapolis has now been open for just over 12 months. At the end of
FY18, the Master Licence Agreement for BurgerFuel USA was sold to BurgerFuel founder, Chris Mason.
This was decided due to the fact that without a US partner, the board considered that development alone
in this vast market would take too long and would require too much capital for a potentially unknown
return.
The agreement included the purchase of the single company-owned store in Indianapolis. As part of the
agreement, Chris Mason resigned from the BFW Board of Directors in order to ensure that independent
governance at board level was maintained and also to allow Chris’s focus to remain firmly on the
development of the USA only.
Under the Master Licence Agreement, BFW will receive some royalties and territory fees from the
American business if and when it progresses. The agreement does not require BFW to support the USA to
any significant extent and is regarded as a “low support” license agreement. Should the USA expansion
prove to be unsuccessful, the USA rights will revert back to BFW in 3 years.
Exiting the USA in a developer and store owner capacity and passing the reigns to Chris Mason to
continue development under licence, has allowed BFW to return to its primary function as a Master
Franchisor. This frees up capital and will allow BFW to focus on the development of our strong New
Zealand market, as well as on the exploration of new opportunities in New Zealand. The board is of the
opinion that it can in this coming year, focus on the financial growth of the Group.
OUTLOOK
FY18 was a pivotal one for the Group, with the first USA based store opening, the purchase of the Winner
Winner brand, and the sale of the USA master licence agreement, and single Indianapolis based store, to
BurgerFuel founder, Chris Mason.
In the past couple of years, it has become clear to the board, that international development has become
an expensive and ultra-competitive proposition. The board is of the view that the growth potential for
BFW lays here in New Zealand, where we have intimate knowledge of the market and the ability to move
the Group forward into profit.
It is likely that BurgerFuel Worldwide will undergo a name change in the near future as it diminishes its
international activity and focusses on becoming a multi brand business in New Zealand. The board is very
positive about the opportunities available to us in New Zealand and looks forward to sharing more news
of other potential business activities outside of the BurgerFuel brand, over the coming year.
On the 11th June 2018, it was announced that an agreement has been reached between BFW and
Franchise Brands (FB) whereby BFW will purchase 3,143,355 shares equating to 5.27% of the total shares
on issue, for USD$790,667 utilising cash reserves. This transaction is subject to a 10-day notice period.
To complete the transaction, BFW will cancel 3,143,355 shares thereby reducing the total number of
shares in the company from 59,633,550 to 56,490,195. The board is comfortable with the level or shares
being purchased by BFW and due to the cancellation of these shares, every BFW shareholder will benefit
by gaining an increase in their proportionate equity holding, without the need to outlay any cash.
The acquisition of the Winner Winner brand in December 2017 marks a new era for BFW, as the Group
looks to diversify into the development of other brands, utilising our company strengths in franchising,
marketing and systemisation. In addition to developing and franchising the Winner Winner brand, BFW
has another concept in incubation and hopes to share more news around this new brand shortly.

The Group is focused on profit and growth, as well as development in new areas beyond the BurgerFuel
brand. We thank all shareholders for their support and we look forward to an exciting year ahead.
Best regards
Peter Brook Josef Roberts
Chairman Group CEO
For further information please contact:
Kate McGahan
021 858 619
communications@burgerfuel.com
www.burgerfuel.com