BFW Preliminary Full Year Results for 31 March 2019

1















Results for announcement to the market
Reporting Period 12 months to 31 March 2019
Previous Reporting Period 12 months to 31 March 2018

Amount (000s) Percentage change
Revenue from ordinary activities
NZD 21,028 -15.1%
Profit (loss) from ordinary activities after tax attributable
to security holder
NZD 1,236 367.0%
Net profit (loss) attributable to security holders
NZD 1,236 367.0%

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 2019

Chairman and Chief Executives’ Review

Burger Fuel Worldwide Ltd Preliminary Full Year Results for the 12 months ended 31st March 2019

Overview – FY19

The Directors of Burger Fuel Worldwide Limited (BFW) present the results for the 12 months to 31 March 2019.
The audit of these results is in the process of being finalised

Net Profit after tax for the period was $1,236,341 representing an increase of $1.7M on the previous year.

The Group has no debt, and cash reserves of $5.5M.

BurgerFuel (unaudited) Total System Sales reduced (2.90%) to $102M on the same period last year. Group Operating
Revenue decreased by (15%) to $21.0M, however this decline is mainly due to the sale of the company owned USA
store to the Founding Director Chris Mason in March 2018, as well as some internal changes. This internal change
lowers revenue from our proprietary product manufacturing operation but will ensure that this business unit becomes
more financially efficient.

Revenue is largely comprised of sales from our company owned restaurants, manufacturing and long-term recurring
royalties.

As at 31 March 2019 there were 78 BurgerFuel stores operating worldwide and 2 single outlets in New Zealand; one for
each of our new concepts; Shake Out® & Winner Winner®.

BFW PRELIMINARY RESULTS FOR THE PERIOD 1 APRIL 2018 TO 31 MARCH 2019

31 March 2019 31 March 2018
$000 $000

Operating Revenue * 21,028 24,774

Operating Expenses ** (19,172) (24,809)

Net Profit (Loss) Before Tax 1,856 (35)
Net Profit (Loss) After Tax *** 1,236 (463)


* 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.

New Zealand

System sales across New Zealand (56 restaurants) increased by 2.6% on the previous year. We closed our last
remaining Australian franchised stores in July & August 2018.

BurgerFuel NZ continues to perform well, although we did experience less growth than we would have liked in the
period. At this stage we are not undertaking third party home delivery, as over time we believe it will negatively affect
both the brand and individual store profitability. This decision may have impacted our growth numbers, however we
remain committed to a no delivery policy at this stage. There are still some opportunities for new BurgerFuel stores to
open in NZ, but we will only undertake new openings if we can achieve both the right locations as well as the
accompanying franchisees.

3




We previously advised the market at the last AGM, that whilst we remain fully dedicated to supporting the BurgerFuel
brand and driving growth within the BurgerFuel business, the Group is now also focused on the development of our
other brands; Winner Winner, the chicken concept purchased by BFW in December 2017, and Shake Out, the new
burger concept developed in-house. Our first Shake Out opened in November 2018 at the Smales Farm complex in
Auckland. This new company owned restaurant is performing well and we are currently preparing to open more
company owned and franchised Shake Out stores in the current year.

The Winner Winner chicken brand we have been working on for the past year is now also ready to roll out. We expect
to open new Winner Winner restaurants in FY20.

The Middle East

The Middle East has been very challenging in recent years. We continue to face difficulties in those markets. The UAE,
Saudi Arabia and Iraq have all experienced competitive pressures as well as internal political and economic issues over
the past 2-3 years. In their own unique way each of these countries remain volatile to sales which are in general, flat or
declining.

The UAE especially, continues 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. Our licensees in the Middle
East continue to face disproportionately high rental costs, and accordingly have already closed a number of stores, with
plans to close more stores that are no longer financially viable.
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 rents, increasing labour costs and staff shortages due to the changes in work visa
requirements. 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 did experience positive traction in this market, the political
and economic climate is now susceptible to volatility, and this is having an impact on trade. Only one store is now
trading in Iraq and we expect the situation there to remain as it is, or worsen, which could mean this single store in Iraq
may cease trading.
Overall, and as always, we continue to 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 country.
United States

In the United States we have one licenced store in Broad Ripple, Indianapolis, operated by our Licensee, 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. At this stage the US store continues to trade, and we will update the market if
anything changes.


Outlook

Last year we advised the market that BFW was transforming from a single brand, international company to a multi-
brand New Zealand company. This transition is going well, and we are pleased that we have managed to absorb all the
costs associated with this transition, as well as the costs to develop the new brands and provide an acceptable profit for
FY19. We will continue to focus on the opening of new restaurants in NZ and we look forward to updating the market
with these new openings as the year progresses.

As advised on the 15
th
February 2019, the board has sought input from KPMG’s Corporate Finance team to undertake a
full strategic options review of the business and to look at all potential opportunities for the Group. That review is now
underway.

A further matter is the dissolution of the NZAX. At this stage the Group will be migrating to the NZSX main board and
will continue to operate as a publicly listed company.

4




On the 28
th
April 2019 we completed the last tranche of the BFW share buyback from Franchise Brands. BFW bought
back and cancelled 5,963,355 (or 10%) shares in total, utilising its cash reserves. The total number of shares on issue in
BFW is now 53,670,195.

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 the 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 2019


2019

2018


$

$




Revenue 20,899,915

24,689,154

Operating Expenses (18,408,971)

(24,152,919)




Profit before Interest, Taxation, Depreciation and Amortisation 2,490,944

536,235




Depreciation (577,343)

(535,327)

Amortisation (174,648)

(117,876)


(751,991)

(653,203)






Profit / (Loss) before Interest and Taxation 1,738,953 (116,968)


Interest Income

127,751

85,052

Interest Expense (10,925)

(3,550)


116,826

81,502






Profit / (Loss) before Taxation 1,855,779

(35,466)


Income Tax Expense

(619,438)

(427,596)






Net Profit / (Loss) attributable to shareholders 1,236,341 (463,062)


Other comprehensive income:

Items that may be reclassified subsequently to profit or loss:

Movement in Foreign Currency Translation Reserve

(52,968)

34,107


Total comprehensive income 1,183,373

(428,955)


Basic Earnings per Share (cents)

2.18

(0.78)


Diluted Earnings per Share (cents) 2.18 (0.78)

6


Burger Fuel Worldwide Limited
Consolidated Statement of Financial Position
As at 31 March 2019

2019

2018
Shareholders’ equity $

$
Contributed equity 14,087,498

16,034,443
Retained earnings (2,541,498)

(2,336,651)
IPO capital costs (223,432)

(223,432)
Other reserves (324,083)

(271,115)

10,998,485

13,203,245
Current assets



Cash and cash equivalents 5,503,473

6,300,878
Trade and other receivables 3,021,234

3,030,807
Inventories 621,618

1,078,848
Loans 170,900

133,000

9,317,225

10,543,533
Non-current assets


Property, plant and equipment 2,538,702

2,387,128
Deferred tax asset 715,959

188,180
Intangible assets 2,544,788

2,525,189

5,799,449

5,100,497
Total assets

15,116,674

15,644,030
Current liabilities



Trade and other payables 1,498,449

1,656,880
Contract Liability 263,215 -
Income tax payable 152,013

448,650
Provisions 414,631 298,405
2,328,308 2,403,935
Non-current liabilities
Contract Liability 1,751,831 -
Provisions 38,050 36,850
1,789,881 36,850
Total liabilities 4,118,189 2,440,785

Net assets 10,998,485 13,203,245


Net tangible assets per share ($ per share)


0.14


0.18

7


Burger Fuel Worldwide Limited
Consolidated Statement of Changes in Equity
For The Year Ended 31 March 2019

2019


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




Balance as at 31 March
2018

16,034,443 (271,115) (223,432) (2,336,651) 13,203,245
Impact of Changes in
Accounting Policies

- - - (1,441,188) (1,441,188)
Balance as at 1 April 2018
16,034,443 (271,115) (223,432) (3,777,839) 11,762,057
Cancellation of Ordinary
Shares

(1,946,945) - - - (1,946,945)
Movement in foreign
currency translation reserve
recognised in other
comprehensive income

- (52,968) - - (52,968)
Net Profit for the year ended
31 March 2019

- - - 1,236,341 1,236,341
Total comprehensive income
- (52,968) - 1,236,341 1,183,373


Balance as at 31 March
2019

14,087,498 (324,083) (223,432) (2,541,498) 10,998,485






2018


Contributed
Equity
Foreign
Currency
Translation
Reserve
IPO Capital
Costs
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

8

Burger Fuel Worldwide Limited
Consolidated Statement of Cash Flows
For The Year Ended 31 March 2019



2019

2018

$

$
Cash flows from operating activities


Cash was provided from:


Receipts from customers
20,849,474 24,088,728
Interest received
127,751 85,052
Goods and services tax received / (paid)
13,867 (15,957)

20,991,092 24,157,823
Cash was applied to:

Payments to suppliers & employees
(17,908,340) (23,225,822)
Interest paid
(10,925) (3,550)
Taxes paid
(883,146) (97,507)


(18,802,411) (23,326,879)
Net cash flows provided from operating activities
2,188,681 830,944


Cash flows from investing activities

Cash was provided from:

Repayments from suppliers & staff 8,711 -
Sale of property, plant and equipment 75,218 1,176,152
83,929 1,176,152
Cash was applied to:

Acquisition of intangible assets
(192,671) (219,090)
Advances to supplier and staff
(46,611) -
Acquisition of property, plant & equipment
(870,799) (1,898,729)
Share buyback & cancellation
(1,946,945) -

(3,057,026) (2,117,819)
Net cash flows applied to investing activities
(2,973,097) (941,667)




Net movement in cash and cash equivalents
(784,416) (110,723)
Exchange gains / (loss) on cash and cash equivalents
(12,989) (1,294)
Opening cash and cash equivalents
6,300,878 6,412,895
Closing cash and cash equivalents
5,503,473 6,300,878

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.

2019
New Zealand Australia Middle East USA Consolidated

$
$

$
$ $
Revenue





Sales
8,592,548

-

95,282 -

8,687,830
Royalties
4,872,084

-

1,066,116 -

5,938,200
Franchising fees
117,333

-

- -

117,333
Franchise fees IFRS15 adjust
182,853

-

48,217 13,077

244,147
Training fees
30,000

-

- -

30,000
Property management fees
55,000

-

- -

55,000
Advertising fees
3,640,806

-

213,880 -

3,854,686
Foreign exchange gain
(52,884)

(24,053)

29 117,699

40,791
Sundry income
1,341,460

80,169

- 510,299

1,931,928
Interest received
86,185

1,067

- 40,499

127,751
Total Revenue 18,865,385 57,183 1,423,524 681,574 21,027,666

Interest Expense 10,087 838 - - 10,925

Depreciation 572,522 - 4,821 - 577,343

Amortisation 174,648 - - - 174,648

Segment Result before
Income Tax
1,042,405

51,669

663,002 98,703

1,855,779

Income Tax Expense 617,956 - - 1,482 619,438

Segment Assets
13,749,506

372,111

120,059 874,998

15,116,674








Segment Liabilities
4,017,543

-

62,370 38,276

4,118,189




Acquisition of Property, Plant & Equipment & Intangible Assets


Other 1,063,470 - - - 1,063,470

10


Burger Fuel Worldwide Limited

SEGMENT REPORTING (CONTINUED)

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 784,111 - 770 1,332,938 2,117,819





SUBSEQUENT EVENTS

Since balance date BFW has bought back & cancelled 712,947 BFW shares from Franchise Brands. This has reduced
the total number of BFW shares to 53,670,195. This had no impact on the Consolidated Statement of Comprehensive
Income but will reduce the Group’s cash and cash equivalents and equity by NZD$269,240. (2018 Subsequent events:
3,143,355 shares bought back from Franchise Brands on 17 July 2018 which occurred in the current year).

11



CHANGES IN ACCOUNTING POLICY


NZ IFRS 15 Revenue from Contracts with Customers and the related Clarifications to IFRS 15 Revenue from Contracts
with Customers (NZ IFRS 15) replace NZ IAS 18 Revenue (NZ IAS 18), NZ IAS 11 Construction Contracts (NZ IAS
11), and several revenue-related interpretations. The new standard has been applied retrospectively without restatement,
with the cumulative effect of initial application recognised as an adjustment to the opening balance of retained earnings
at 1 April 2018. In accordance with the transition guidance, NZ IFRS 15 has only been applied to contracts that are
incomplete as at 1 April 2018.

The adoption of NZ IFRS 15 has mainly affected the following areas:
• Franchising fees
• Master licensing agreement fees

On the date of initial application of NZ IFRS 15 on 1 April 2018, the impact to retained earnings of the Group is as
follows:

Impact Area Retained Earnings Effect
Franchising fees
1,138,106
Master Licence fees 863,789
IFRS 15 Tax adjustment (560,707)
Total 1,441,188




NZ IFRS 9 Financial Instruments (NZ IFRS 9) replaces NZ IAS 39 Financial Instruments: Recognition and
Measurement (NZ IAS 39). It makes major changes to the previous guidance on the classification and measurement of
financial assets and introduces an ‘expected credit loss’ model for the impairment of financial assets. It also considers
accounting for derivatives and hedge accounting arrangements, neither of which have been used by the Group.

When adopting NZ IFRS 9, the Group applied transitional relief that is provided for in this standard and opted not to
restate prior periods. Differences arising from the adoption of NZ IFRS 9 in relation to classification, measurement and
impairment have been recognised in retained earnings on the date of initial application, 1 April 2018. The Group’s trade
and other receivables, loans receivable and investments in financial assets measured at amortised cost, are affected by
applying NZ IFRS 9’s expected credit loss model. Contract assets arising from NZ IFRS 15 are also affected by
applying NZ IFRS 9’s expected credit loss model however the Group did not have any of these financial assets on the
date of initial application.

The adoption of NZ IFRS 9 has not impacted the classification and measurement of financial assets or the Group’s
decision not to use hedge accounting. It has however, had an impact on the way impairment losses have been
calculated, although this has not resulted in any quantitative change to the amount of impairment determined.

From 1 April 2018, NZ IFRS 9 and NZ IFRS 15 have been adopted, without restating comparative information. The
impact of the new standards has been recognised in the opening balance sheet of 1 April 2018.


2019

2018
$ $



Retained Earnings / (Accumulated Losses)

Closing Balance 31 March 2018
(2,336,651) (1,873,589)
Effect of changes in accounting policies resulting from the adoption
of IFRS 15 & IFRS 9

(1,441,188) -
Opening Balance 1 April 2018
(3,777,839) (1,873,589)
Net surplus / (Deficit) for the year
1,236,341 (463,062)
Closing Balance (2,541,498) (2,336,651)

12





The table below summarises the adjustments recognised for each individual account. Accounts that were not affected by
the changes have not been included.

31 March 2018
as originally
presented
1 April 2018 IFRS 9
adjustments
1 April 2018 IFRS
15 adjustments
1 April 2018
restated

Contract Liabilities - - (2,001,895) (2,001,895)
Deferred Tax Asset 188,188 - 560,707 748,895
Retained Earnings (2,336,651) - (1,441,188) (3,777,839)

---

Friday, 14
th
June 2019

BURGER FUEL WORLDWIDE LTD PRELIMINARY FULL
YEAR RESULTS FOR THE YEAR ENDED 31 MARCH 2019
OVERVIEW – FY19
The Directors of Burger Fuel Worldwide Limited (BFW) present the results for the 12 months to 31 March
2019. The audit of these results is in the process of being finalised.
Net Profit after tax for the period was $1,236,341 representing an increase of $1.7M on the previous
year.
The Group has no debt, and cash reserves of $5.5M.
BurgerFuel (unaudited) Total System Sales reduced (2.90%) to $102M on the same period last year. Group
Operating Revenue decreased by (15%) to $21.0M, however this decline is mainly due to the sale of the
company owned USA store to the Founding Director Chris Mason in March 2018, as well as some internal
changes. This internal change lowers revenue from our proprietary product manufacturing operation but
will ensure that this business unit becomes more financially efficient.
Revenue is largely comprised of sales from our company owned restaurants, manufacturing and long-term
recurring royalties.
As at 31 March 2019 there were 78 BurgerFuel stores operating worldwide and 2 single outlets in New
Zealand; one for each of our new concepts; Shake Out® & Winner Winner®.

BFW PRELIMINARY RESULTS FOR THE PERIOD 1 APRIL 2018 TO 31 MARCH 2019



31 March 2019 31 March 2018
$000 $000
Operating Revenue * 21,028 24,774
Operating Expenses ** (19,172) (24,809)

Net Profit (Loss) Before Tax 1,856 (35)
Net Profit (Loss) After Tax *** 1,236 (463)
BURGERFUEL WORLDWIDE PRESS RELEASE
* 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

NEW ZEALAND
System sales across New Zealand (56 restaurants) increased by 2.6% on the previous year. We closed our
last remaining Australian franchised stores in July & August 2018.
BurgerFuel NZ continues to perform well, although we did experience less growth than we would have liked
in the period. At this stage we are not undertaking third party home delivery, as over time we believe it will
negatively affect both the brand and individual store profitability. This decision may have impacted our
growth numbers, however we remain committed to a no delivery policy at this stage. There are still some
opportunities for new BurgerFuel stores to open in NZ, but we will only undertake new openings if we can
achieve both the right locations as well as the accompanying franchisees.
We previously advised the market at the last AGM, that whilst we remain fully dedicated to supporting the
BurgerFuel brand and driving growth within the BurgerFuel business, the Group is now also focused on the
development of our other brands; Winner Winner, the chicken concept purchased by BFW in December
2017, and Shake Out, the new burger concept developed in-house. Our first Shake Out opened in
November 2018 at the Smales Farm complex in Auckland. This new company owned restaurant is
performing well and we are currently preparing to open more company owned and franchised Shake Out
stores in the current year.
The Winner Winner chicken brand we have been working on for the past year is now also ready to roll out.
We expect to open new Winner Winner restaurants in FY20.

THE MIDDLE EAST
The Middle East has been very challenging in recent years. We continue to face difficulties in those markets.
The UAE, Saudi Arabia and Iraq have all experienced competitive pressures as well as internal political and
economic issues over the past 2-3 years. In their own unique way each of these countries remain volatile to
sales which are in general, flat or declining.
The UAE especially, continues 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. Our
licensees in the Middle East continue to face disproportionately high rental costs, and accordingly have
already closed a number of stores, with plans to close more stores that are no longer financially viable.
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 rents, increasing labour costs and staff shortages due to the
changes in work visa requirements. 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 did experience positive traction in this market,
the political and economic climate is now susceptible to volatility, and this is having an impact on trade.
Only one store is now trading in Iraq and we expect the situation there to remain as it is, or worsen, which
could mean this single store in Iraq may cease trading.
Overall, and as always, we continue to 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 country.

UNITED STATES
In the United States we have one licenced store in Broad Ripple, Indianapolis, operated by our Licensee,
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. At this stage the US store continues to trade,
and we will update the market if anything changes.

OUTLOOK
Last year we advised the market that BFW was transforming from a single brand, international company to a
multi-brand New Zealand company. This transition is going well, and we are pleased that we have managed
to absorb all the costs associated with this transition, as well as the costs to develop the new brands and
provide an acceptable profit for FY19. We will continue to focus on the opening of new restaurants in NZ
and we look forward to updating the market with these new openings as the year progresses.
As advised on the 15th February 2019, the board has sought input from KPMG’s Corporate Finance team to
undertake a full strategic options review of the business and to look at all potential opportunities for the
Group. That review is now underway.
A further matter is the dissolution of the NZAX. At this stage the Group will be migrating to the NZSX main
board and will continue to operate as a publicly listed company.
On the 28th April 2019 we completed the last tranche of the BFW share buyback from Franchise Brands.
BFW bought back and cancelled 5,963,355 (or 10%) shares in total, utilising its cash reserves. The total
number of shares on issue in BFW is now 53,670,195.
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 the year ahead.
Best regards,








Peter Brook
Chairman
Josef Roberts
Group CEO
For further information please contact:
Mark Piet
+64 9 360 6730
communications@burgerfuel.com
www.burgerfuel.com