BFW Half Year Report for the Period Ended 30 September 2018

BURGERFUEL
CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2018

Registered Office
Grant Thornton New Zealand Limited
152 Fanshawe Street
Auckland
Company Number
1947191
Date of Incorporation
14 June 2007
Directors
Peter Brook - Chairman (Independent)
Alan Dunn (Independent)
Josef Roberts (Executive)
Board Executives
Tyrone Foley (Chief Operating Officer)
Mark Piet (Chief Financial Officer/Company Secretary)
Accountant
Grant Thornton New Zealand Limited
Level 4
152 Fanshawe Street
Auckland
Bankers
ASB Bank Limited
CBA Bank Limited (Australia)
Bank of America Merrill Lynch (USA)
Emirates NBD (UAE)
Solicitors
Kensington Swan
Wiggin and Dana LLP
Anthony Harper
Fragomen, Delrey, Bernsen & Loewy LLP
Corporate Counsel Limited
FC Law Partners Limited
Missingham Law Limited
Business Headquarters
66 Surrey Crescent
Grey Lynn
Auckland
Auditor
Staples Rodway
Level 9, Tower Centre
45 Queen Street
Auckland
COMPANY DIRECTORY

CONTENTS PAGE
Chairman and Chief Executive’s Review 3-4
Consolidated Statement of Comprehensive Income 5
Consolidated Statement of Financial Position 6
Consolidated Statement of Changes in Equity 7
Consolidated Statement of Cash Flows 8
Notes to the Consolidated Financial Statements 9-15
BURGERFUEL
CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2018

PAGE 3
BURGERFUEL WORLDWIDE LIMITED HALF YEAR REPORT 2018
OVERVIEW
The Directors of Burger Fuel Worldwide Limited
(BFW) present the unaudited results for the 6 months
to 30 September 2018.
Net Profit after tax for the period was $646,373
compared to $65,071 in the same period last year,
showing a gain of $581,302.
Our Group Operating Revenue decreased by 13.3% on
the same period last year to $11.0M. This decrease in
revenue is mainly due to the sale of the Indianapolis
store and the outsourcing of our packaging
distribution. This reduction in revenue was partly
offset with the IFRS 15 Revenue adjustment of $122K
which increased the Group revenue for the 6 months
to 30 September 2018.
The Group has no debt and as at 30 September 2018
had cash reserves of $4.5M. The reduction in cash
reserves was mainly due to the BFW share buyback
from Franchise Brands. This transaction reduced the
cash balance by $1.5M.
BurgerFuel Total System Sales (store sales including
franchised stores) are down 4.47% to $50.3M for the
period. This decrease in sales is mainly due to exiting
Australia & reduced sales in the Middle Eastern region.
BFW RESULTS (UNAUDITED) FOR THE PERIOD
1 APRIL TO 30 SEPTEMBER 2018
30 September
2018
30 September
2017
$000$000
Operating Revenue*10,96712,651
Operating Expenses**(10,108)(12,247)
Net Profit Before Tax859404
Net Profit After Tax64665
* Revenue includes; Operating revenue & interest income.
** Expenses include; Operating expenses, depreciation, amortisation
& interest expense.
Total system sales down 4.47 % to $50.3M
AUSTRALASIAN REGION
In New Zealand, the BurgerFuel brand has continued
to perform well overall. Focus has remained on
maximising the potential of our existing store
network, as well as seeking opportunities to franchise
any new BurgerFuel locations.
In Australia, as previously advised, reasonable
operating margins proved too difficult to achieve
despite every effort to move towards profit, and we
completed our exit from this market in early FY19,
closing all franchised stores.
As communicated by the Board at the AGM,
while we remain fully dedicated to supporting the
BurgerFuel brand and driving growth within the
BurgerFuel business, concentration is now also on the
development of other brands, like Winner Winner, the
chicken concept purchased by BFW in FY18, as well
as exploring new opportunities, as part of our efforts
to stimulate financial growth for the Group.
During the period, the Group focused on systemising
Winner Winner in preparation for further expansion
- as well as the development and launch of a new
brand into the New Zealand market. Late last month,
we opened the doors to the first store for Shake Out,
a fast, modern, simple burger concept developed in-
house by the existing BFW team. If proof of concept
is achieved with this first store, efforts will be turned
to the further expansion of this brand here in New
Zealand.
CHAIRMAN AND CHIEF EXECUTIVE’S REVIEW
FOR THE 6 MONTH PERIOD ENDED 30 SEPTEMBER 2018

PAGE 4
MIDDLE EASTERN REGION
In the Middle East, as previously cautioned, we are
facing challenging times in this volatile market and
sales are down.
The UAE especially, is continuing to see a significant
slowdown in the retail sector, and the competitor
market is becoming even more densely populated,
both of which have been reflected in the slowing of
sales. We are also facing disproportionately high
retail rent costs, especially in Dubai, and our Master
Franchisees in the Middle East who have already
closed a number of sites, are planning to close more
sites that are no longer financially viable.
As communicated at the 2018 BFW AGM, these
closures are consistent with our Master Franchisees
strategy to relocate high rent stores to lower rent,
key residential areas so as to reduce overheads, while
maintaining customer reach. To further assist this
strategy, our partners in Dubai have been driving
forward with the development of a home delivery
service in order to maximise revenue.
Our licensed business in Saudi Arabia has continued
to see satisfactory sales, but like our other Middle
Eastern markets, they are also facing high retail rent,
increasing labour costs and staff shortages due to
work visa changes. In-line with our other Middle
Eastern markets, our partners in Saudi are also
optimising locations, working to reduce overheads
and increase customer reach.
Iraq too, is facing significant challenges, and while the
brand has experienced positive traction in this market,
the political and economic climate is experiencing
some volatility, and this is having an impact on trade.
We will monitor the situation closely and continue to
support our Iraqi partners.
Overall, we caution the market as to the future of the
Middle Eastern region for BurgerFuel - these countries
remain uncertain and we anticipate further declines
in our revenue from this market. That said, we remain
committed to supporting the BurgerFuel business in
this region and will continue working closely with our
partners in each market.
UNITED STATES
In the United States we have one licenced store in
Broad Ripple, Indianapolis, operated by our Licencee,
Chris Mason. Whilst the store has experienced a
decline in sales in the past 12 months since opening,
Chris remains focused on his search for an established
US partner.
GROUP OUTLOOK / SUMMARY
The past six months have been pivotal for BFW, and
the Group now has three brands operating within the
New Zealand market.
As previously advised, since the loss of Franchise
Brands as our international partner, the reality of
global expansion and development has become an
expensive and risky proposition. Accordingly, we are
now focusing our resources on expansion within New
Zealand, where we have an intimate knowledge of the
market and the ability to better contain costs.
During the past 6 months the board has sought
input from KPMG’s Corporate Finance team on
potential opportunities and options that could help
accelerate the company, beyond what is currently
an organic growth strategy. As a result of their input
the board has now requested that KMPG Corporate
Finance undertake a full strategic options review
of the business. This review is now underway, and
we will update the market further on any material
developments.
BFW remains in a strong position financially, as
well as from a resource and intellectual property
perspective, putting the Group in good stead for
further growth as we continue our efforts to drive
forward. We thank all shareholders, staff, franchisees,
suppliers and of course our valued customers for their
support and wish you all a safe and Merry Christmas
and a prosperous New Year.
Best regards
Josef Roberts
Group CEO
Peter Brook
Chairman

PAGE 5
PAGE G3A BURFGBLRWL UBWOWD LUIMB3UT MGUG HFGDUY201
The attached notes form part of these financial statements
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2018
UnauditedUnauditedAudited
30 Sep 201830 Sep 201731 Mar 2018
6 months6 monthsFull Year
Note$’000$’000$’000
Revenue10,92012,61224,689
Operating expenses(9,728)(11,858)(24,153)
Profit before interest, taxation, depreciation
and amortisation
1,192754536
Depreciation4275329535
Amortisation49657118
371386653
Profit / (Loss) before Interest and Taxation821368(117)
Interest income473985
Interest expense(9)(3)(4)
383681
Profit / (Loss) before Taxation859404(36)
Income tax expense213339427
Net Profit / (Loss) attributable to shareholders64665(463)
Other comprehensive income:
Items that may be reclassified subsequently to
profit or loss:
Movement in foreign currency translation
reserve
(127)(4)34
Total comprehensive income51961(429)

Basic Net Earnings per Share (cents)
1.100.11(0.78)
Diluted Earnings per Share (cents)
1.100.11(0.78)

PAGE 6
The attached notes form part of these financial statements
Director
CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
AS AT 30 SEPTEMBER 2018
Note
UnauditedUnauditedAudited
30 Sep 201830 Sep 201731 Mar 2018
6 months6 monthsFull Year
$’000$’000$’000
Shareholders’ Equity
Contributed equity14,51916,03416,034
Retained earnings12(3,774)(1,809)(2,337)
IPO capital costs(223)(223)(223)
Other reserves(398)(309)(271)
10,12413,69313,203
Current assets
Cash and cash equivalents4,5265,3096,301
Trade and other receivables3,4583,4713,031
Income tax receivable201--
Inventories5901,2901,079
Loans129133133
8,90410,20310,544
Non-current assets
Property, plant and equipment2,6003,7292,387
Deferred tax asset16095188
Intangible assets2,5082,4132,525
5,2686,2375,100
Total assets
14,17216,44015,644
Current liabilities
Trade and other payables123,6541,9451,657
Tax payable-323449
Provisions357443298
4,0112,7112,404
Non-current liabilities
Provisions373637
373637
Total liabilities
4,0482,7472,441
Net assets10,12413,69313,203
Net Tangible Assets per Share (cents)12.719.018.0
For and on behalf of the board on 6
th
December 2018
Director

PAGE 7
PAGE G3A BURFGBLRWL UBWOWD LUIMB3UT MGUG HFGDUY201
The attached notes form part of these financial statements
PAGE 7
September 2018
Share
capital
Foreign
currency
translation
reserve
IPO
capital
costs
Retained
earnings
Total
equity
Note$’000$’000$’000$’000$’000
Balance as at 1 April 201816,034(271)(223)(2,337)13,203
IFRS 15 Revenue adjustment to
Retained Earnings
12
---(2,083)(2,083)
Buy Back and Share cancellation 10(1,515)---(1,515)
Movement in foreign currency
translation reserve recognised in
other comprehensive income
-(127)--(127)
Net Profit for the period ended 30
September 2018
---646646
Balance as at 30 September 2018
14,519(398)(223)(3,774)10,124
September 2017
Share
capital
Foreign
currency
translation
reserve
IPO capital
costs
Retained
earnings
Total
equity
Note$’000$’000$’000$’000$’000
Balance as at 1 April 201716,034(305)(223)(1,874)13,632
Movement in foreign currency
translation reserve recognised in
other comprehensive income
-(4)--(4)
Net Profit for the period ended 30
September 2017
---6565
Balance as at 30 September 201716,034(309)(223)(1,809)13,693
March 2018
Share
capital
Foreign
currency
translation
reserve
IPO capital
costs
Retained
earnings
Total
equity
Note
$’000$’000$’000$’000
$’000
Balance as at 1 April 201716,034(305)(223)(1,874)13,632
Movement in foreign currency
translation reserve recognised in
other comprehensive income
-34--34
Net Loss for the year ended 31
March 2018
---(463)(463)
Balance as at 31 March 201816,034(271)(223)(2,337)13,203
CONSOLIDATED STATEMENTS OF
CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2018

PAGE 8
The attached notes form part of these financial statements
CONSOLIDATED STATEMENT OF
CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER 2018
UnauditedUnauditedAudited
30 Sep 201830 Sep 201731 Mar 2018
Note6 months6 months12 months
$’000$’000$’000
Cash flows from operating activities
Cash was provided from:
Receipts from customers10,38511,56624,089
Interest received473985
Goods and services tax received2960(16)
10,46111,66524,158
Cash was applied to:
Operating expenses(9,300)(11,865)(23,226)
Interest paid(9)(3)(4)
Taxes paid(834)(41)(98)
(10,143)(11,909)(23,328)
Net cash flow provided from / (applied to) operating
activities
5318(244)830
Cash flows from investing activities
Cash was provided from:
Sale of property, plant and equipment 9-1,176
9-1,176
Cash was applied to:
Acquisition of intangible assets(79)(46)(219)
Advance to Supplier---
Acquisition of property, plant & equipment(520)(821)(1,899)
BFW Share buy back & cancellation(1,515)--
Acquisition of subsidiary---
(2,114)(867)(2,118)
Net cash flow applied to investing activities
(2,105)(867)(942)
Net movement in cash and cash equivalents(1,787)(1,111)(112)
Exchange gains/(losses) on cash and cash equivalents127-
Opening cash and cash equivalents6,3016,4136,413
Closing cash and cash equivalents4,5265,3096,301

PAGE 9
PAGE G3A BURFGBLRWL UBWOWD LUIMB3UT MGUG HFGDUY201
The attached notes form part of these financial statements
1) REPORTING ENTITIES AND STATUTORY BASE
Burger Fuel Worldwide Limited is a company registered
under the Companies Act 1993 and is listed with the
New Zealand Alternative Stock Exchange (NZAX).
The company is a Financial Markets Conduct (FMC)
reporting entity for the purposes of the Financial
Markets Conduct Act 2013 and its financial statements
comply with that Act.
The financial statements presented are those of Burger
Fuel Worldwide Limited (the ‘Group’). A list of its
wholly owned subsidiaries is listed in note 2 of the
financial statements.
BurgerFuel operates as a franchisor of gourmet
burger restaurants and is a for-profit oriented entity,
incorporated and domiciled in New Zealand.
2) STATEMENT OF SIGNIFICANT ACCOUNTING
POLICIES
2.1) STATEMENT OF COMPLIANCE
The condensed consolidated interim financial
statements for the six months ended 30 September
2018 have been prepared in accordance with NZ
IAS 34, Interim Financial Reporting. The condensed
consolidated interim financial statements should
be read in conjunction with the annual financial
statements for the year ended 31 March 2018, which
have been prepared in accordance with NZ IFRS.
2.2) BASIS OF PREPARATION
2.2.1) REPORTING ENTITY
The consolidated financial statements for the Group
are for the economic entity comprising Burger Fuel
Worldwide Limited and its subsidiaries;
Burger Fuel (Dubai) NZ Limited
Burger Fuel (ME) DMCC
Burger Fuel International Limited
Burger Fuel (Australia) Pty Limited
Burger Fuel (Australia) No2 Pty Limited
Burger Fuel International Management Limited
Burger Fuel Limited
BurgerFuel Henderson Limited
Burger Fuel Takapuna Limited
Winner Winner Limited
Shake Out Limited
Burger Fuel Pty Limited (formerly Kincro Holdings Pty
Limited)
Burger Fuel Australia Pty Limited
Burger Fuel (USA) Inc.
Burger Fuel (USA) Management Inc.
Burger Fuel (USA) Franchising Inc. (Sold March 2018)
BF Indiana One LLC. (Dissolved March 2018)
BF Indiana Two LLC (formerly BF Hollywood LLC).
(Sold March 2018)
BF California One LLC. (Dissolved March 2018)
BF California Two LLC. (Dissolved March 2018)
BF Indiana Three LLC. (Dissolved March 2018)
BF Lease Company Limited
BF Lease Company No 1 Limited
BF Lease Company No 2 Limited
BF Lease Company No 3 Limited
BF Lease Company No 4 Limited
BF Lease Company No 5 Limited
BF Lease Company No 6 Limited
BF Lease Company No 7 Limited
BF Lease Company No 8 Limited
BF Lease Company No 9 Limited
BF Lease Company No 10 Limited
BF Lease Company No 11 Limited
BF Lease Company No 12 Limited
BF Lease Company No 13 Limited
BF Lease Company No 14 Limited
BF Lease Company No 15 Limited
BF Lease Company No 16 Limited
BF Lease Company No 17 Limited
BF Lease Company No 18 Limited
BF Lease Company No 19 Limited
BF Lease Company No 20 Limited
BF Lease Company No 21 Limited
BF Lease Company No 22 Limited
BF Lease Company No 23 Limited
BF Lease Company No 24 Limited
BF Lease Company No 25 Limited
BF Lease Company No 26 Limited
BF Lease Company No 27 Limited
BF Lease Company No 28 Limited
BF Lease Company No 29 Limited
BF Lease Company No 30 Limited
BF Lease Company No 31 Limited
BF Lease Company No 32 Limited
BF Lease Company No 33 Limited
BF Lease Company No 34 Limited
BF Lease Company No 35 Limited
BF Lease Company No 36 Limited
BF Lease Company No 37 Limited
BF Lease Company No 38 Limited
BF Lease Company No 39 Limited
BF Lease Company No 40 Limited
BF Lease Company No 41 Limited
BF Lease Company No 42 Limited
BF Lease Company No 43 Limited
BF Lease Company No 44 Limited
BF Lease Company No 45 Limited
BF Lease Company No 46 Limited
BF Lease Company No 47 Limited
BF Lease Company No 48 Limited
BF Lease Company No 49 Limited
BF Lease Company No 50 Limited
NOTES TO THE INTERIM CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2018

PAGE 10
The attached notes form part of these financial statements
4) SEGMENT INFORMATION
Operating Segments
The Group operates in four geographical segments – New Zealand, Australia, USA and the Middle East. All the
segments 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.
September 2018NoteNew ZealandAustraliaMiddle EastUSATotal
$’000$’000$’000$’000$’000
6 months6 months6 months6 months6 months
Revenue
Sales4,390-95-4,485
Royalties 2,409-494-2,903
Franchising fees71---71
Franchise Fees IFRS15 Adjustment1291-31-122
Advertising fees1,806-100-1,906
Foreign exchange gain(65)38-167140
Sundry income997-(2)2981,293
Interest income461--47
Total Revenue
9,7453971846510,967
Interest Expense9---9
Depreciation273-2-275
Amortisation96---96
Segment Result before Tax32039393107859
Income Tax Expense173--40213
Segment Assets13,12548920435414,172
Segment Liabilities4,610(205)62(419)4,048
Acquisition of Property, Plant &
Equipment & Intangible Asset
Other599---599
NOTES TO THE INTERIM CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2018
3) ACCOUNTING POLICIES
Except as described below, the accounting policies and method of computation applied are consistent with
those of the annual financial statements for the year ended 31 March 2018, as described in the annual financial
statements.
The IFRS 15 retrospective adjustment for franchise fee & licence fee income for the 6 months to 30 September 2018 is
$122,183.64. The above has no cash effect to the Group and the change is for financial reporting purposes only.
Refer Note 12 for additional information.

PAGE 11
BURGERFUEL WORLDWIDE LIMITED HALF YEAR REPORT 2018
September 2017New ZealandAustraliaMiddle EastUSATotal
$’000$’000$’000$’000$’000
6 months6 months6 months6 months6 months
Revenue
Sales5,40978969866,569
Royalties
2,299102595-2,996
Franchising fees170---170
Advertising fees1,74686119-1,951
Foreign exchange gain20(4)--16
Sundry income8061193-910
Interest income381--39
Total Revenue10,48827490398612,651
Interest Expense-3--3
Depreciation23715473329
Amortisation57---57
Segment Result before Tax1,424(22)437(1,435)404
Income Tax Expense339---339
Segment Assets13,9545861051,79516,440
Segment Liabilities2,35713643132,747
March 2018New ZealandAustraliaMiddle EastUSATotal
12 months12 months12 months12 months12 months
$’000$’000$’000$’000$’000
Revenue
Sales10,7341331451,60512,617
Royalties
4,6741401,192-6,006
Franchising fees565---565
Advertising fees3,528105240-3,873
Foreign exchange gain58(37)-(63)(42)
Sundry income1,47314130531,670
Interest received841--85
Total Revenue21,1163561,7071,59524,774
Interest Expense4---4
Depreciation528-7-535
Amortisation118---118
Segment Result before Tax2,303(163)912(3,088)(36)
Income Tax Expense444--(17)427
Segment Assets14,10150510293615,644
Segment Liabilities2,552(216)23822,441
NOTES TO THE INTERIM CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2018
Acquisition of Property, Plant &
Equipment & Intangible Assets
Other784-11,3332,118

PAGE 12
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5) NET CASH FLOWS PROVIDED FROM / (APPLIED TO) OPERATING ACTIVITIES
UnauditedUnauditedAudited
30 Sep 201830 Sep 201731 Mar 2018
6 months6 months12 months
$’000$’000$’000
Net surplus / (deficit) after tax64665(463)
Add: Non-cash items
Amortisation9657118
Depreciation275329535
Loss on sale of property, plant and
equipment
2445191
Loss on disposal of US Entity--881
Deferred tax asset(28)-93
Unrealised exchange loss / (gain)(140)(16)42
Provision for Doubtful Debts--129
2274151,989
Add: Items classified as investing or
financing activities
Gain on sale of assets---
Add: Working capital movements
(Increase) / decrease in trade and other
receivables(422)(837)(656)
(Increase) / decrease in inventories489(115)95
Increase / (decrease) in taxation receivable(594)297237
(Increase) / decrease in accounts payable
and accruals(28)(69)(372)
(555)(724)(696)
Net cash flows provided from / (applied to)
operating activities318(244)830

PAGE 13
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6) ACQUISITIONS AND DISPOSALS OF PROPERTY, PLANT, AND EQUIPMENT
During the six months to 30 September 2018, the Group acquired assets with a total cost of $519,960 (2017:
$821,154) and intangible assets of $78,764 (2017: $45,711). The Group also disposed of assets with a net book value
of $33,220 (2017: $45,125).
7) RELATED PARTY TRANSACTIONS
Interests of Directors in Certain Transactions
Certain Directors have relevant interests in a number of companies with which Burger Fuel Worldwide Ltd has
transactions in the normal course of business. A number of Burger Fuel Worldwides Ltd’s Directors are also non-
executive Directors of other companies. Any transactions undertaken with these entities have been entered into on
an arms-length commercial basis.
Transactions with Related Parties
The following are related entities to the Group:
September 2018
(6 months)
RelationshipNature
of transaction
Value of
transactions
during the
period
Closing Balance
Receivable/(Payable)
as at 30 Sep 2018
$’000$’000
Neo Corporate Trustees
LimitedCommon DirectorshipConsultancy303-
Trumpeter Consulting LimitedCommon DirectorshipDirectors Fees25-
Peter BrookCommon DirectorshipDirectors Fees35-
66 Surrey LimitedCommon DirectorshipHead office rental223-
Trumpeter Consulting LimitedCommon DirectorshipConsultancy8-
Christopher MasonMajor ShareholderUSA Licence
agreement
-261
Christopher MasonMajor ShareholderUSA Store
purchase
-609
Christopher MasonMajor ShareholderExpense
reimbursement
received
29833
September 2017
(6 months)
RelationshipNature
of transaction
Value of
transactions
during the
period
Closing Balance
Receivable/(Payable)
as at 30 Sep 2017
$’000$’000
Redmond
Enterprises LimitedCommon DirectorshipConsultancy303-
Trumpeter Consulting LimitedCommon DirectorshipDirectors Fees25-
Peter BrookCommon DirectorshipDirectors Fees35-
66 Surrey LimitedCommon DirectorshipHead office rental217-
Trumpeter Consulting LimitedCommon DirectorshipConsultancy8-

PAGE 14
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All of the above are related parties of the Group. Other than the entities listed above, there are no additional related
parties with whom material transactions have taken place.
March 2018
(Full Year)
RelationshipNature
of transaction
Value of
transactions
during the
period
Closing Balance
Receivable/(Payable)
as at 31 Mar 2018
$’000$’000
Neo Corporate Trustees
Limited & Redmond
Enterprises LimitedCommon DirectorshipConsultancy605-
Trumpeter Consulting LimitedCommon DirectorshipDirectors Fees50-
Peter BrookCommon DirectorshipDirectors Fees70-
66 Surrey LimitedCommon DirectorshipHead office rental438-
Trumpeter Consulting LimitedCommon DirectorshipConsultancy 44-
Christopher MasonMajor Shareholder
USA Licence
agreement 261261
Christopher MasonMajor Shareholder
USA Store
purchase609609
8) CONTINGENCIES
There were no contingent liabilities as at 30 September 2018 (2017: Nil).
9) CAPITAL EXPENDITURE COMMITMENTS
There was no capital expenditure commitment as at 30 September 2018 (2017: Nil).
10) BFW SHARE BUY BACK AND CANCELLATION
The Group purchased and cancelled 3,143,355 BFW shares on the 17th July 2018 and a further 934,260 BFW shares
on the 10th September 2018, from Franchise Brands LLC for USD$0.25 per share (NZD$1,515,941 in total) and will
purchase and cancel a further 1,885,740 BFW shares from Franchise Brands LLC over the next 7 months.
Buy back &
Cancellation
BFW
Shareholding
Share Capital
$’000
BFW Shareholding 1/04/201859,633,550 $16,034
BFW Buyback & cancellation17/07/2018(3,143,355)56,490,195 ($1,164)
BFW Buyback & cancellation - Tranche #110/09/2018(934,260)55,555,935 ($351)
(4,077,615)($1,515)
Contributed Equity 30 September 2018$14,519
Future Share buyback & Cancellation Tranches
BFW Buyback & cancellation - Tranche #25/12/2018(457,190) 55,098,745
BFW Buyback & cancellation - Tranche #328/02/2019(715,603) 54,383,142
BFW Buyback & cancellation - Tranche #428/04/2019(712,947) 53,670,195
(1,885,740)
Total Share buyback and cancellation(5,963,355)

PAGE 15
PAGE G3A BURFGBLRWL UBWOWD LUIMB3UT MGUG HFGDUY201
11) EVENTS AFTER BALANCE DATE
The BFW Group opened it’s first company owned “Shake Out” store in Takapuna in November 2018.
This is a burger concept which will potentially be franchised throughout New Zealand.
12) NZ IFRS 15 “REVENUE FROM CONTRACT WITH CUSTOMERS”
NZ IFRS 15 Introduces a five-step process for revenue recognition with the core principle being for entities
to recognise revenue to depict the transfer of goods and services to customers in amounts that reflect the
consideration to which the entity expects to be entitled in exchange for those goods or services.
The Group elected to apply the retrospective cumulative effect method, with no restatement of comparative period
amounts. The cumulative effect of applying the new standard is included as an adjustment to the opening balance
of retained earnings recognised in the Statement of Changes in Equity for the six months ended 30 September
2018.
This adjustment to opening retained earnings & trade and other payables, for the Franchise & Licence fee income
was $2,083,803 and will be spread over the life of the existing franchise & licence agreements. From the 1st April
2018 any new franchise income or licence fee income will be spread over the life of the agreement.
For the 6 months ending 30 September 2018, the additional income generated from this IFRS 15 adjustment
amounts to $122,184 and is reflected in the segment information as Franchise fee – IFRS 15 adjustment.
The above has no cash effect to the Group and the change is for financial reporting purposes only.
13) NZ IFRS 9 “FINANCIAL INSTRUMENTS”
NZ IFRS 9 introduces new requirements for the classification and measurement of financial assets and liabilities.
These requirements improve and simplify the approach for classification and measurement of financial assets
compared with the requirements of NZ IAS 39.
The Group considers financial assets to be in default when internal or external information indicates that the Group
is unlikely to receive the outstanding contractual amounts in full. Based on historic information and experience,
the Group has assessed that there is low risk with its financial assets. The Group has not made any adjustments for
the application of the new standard for the six months ended 30 September 2018 or comparable interim periods.
NOTES TO THE INTERIM CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2018

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