2020 Interim Report

M
MO
MOR
MORE
Restaurant Brands New Zealand Limited
Interim Report 2020
For 28 weeks ended 9 September 2019

Interim Report 202001
Restaurant Brands New Zealand Limited
Much more_
MORE STRONG
LEADERSHIP
MORE BRANDS
MORE GROWTH
MORE
INTERNATIONAL
REACH
MORE SUCCESS
LOTS MORE JOY
Restaurant Brands New Zealand Limited operates the KFC, Pizza Hut, Taco Bell and Carl’s Jr. brands in
New Zealand, the KFC and Taco Bell brands in Australia and the Taco Bell and Pizza Hut brands in Hawaii, Saipan
and Guam. These brands - four of the world’s most famous - are distinguished for their product, ambiance, service
and for the total experience they deliver to their customers in New Zealand and around the world.
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What’s inside_
Key points
03
Group operating results
04
Consolidated income statement
14
Non-GAAP financial measures
16
Consolidated statement of comprehensive income
18
Consolidated statement of changes in equity
19
Consolidated statement of financial position
21
Consolidated statement of cash flows
22
Notes to and forming part of the financial statements
24
Independent review report
36
Corporate directory
38
Financial calendar
38

Restaurant Brands New Zealand Limited
02
Total sales _
were $442.6 million, up $11.6
million on the previous half year
and up $24.6 million (+5.7%)
on a like-for-like basis (excluding
the Starbucks Coffee sales in
1H 2019). The bulk of the
increase is attributable to KFC
in New Zealand and Taco Bell
in Hawaii.
Net profit after taxation _
for the 28 weeks ended
9 September 2019 (1H 2020)
was $20.0 million (16.0 cents
per share), down $0.4 million
on the prior period (1H 2019).
Net profit after tax was adversely
impacted $2.9 million by the
adoption of the new lease
accounting standard NZ IFRS 16.
Net profit after taxation
(excluding non-trading items
and the effect of NZ IFRS 16) _
was $25.0 million (20.0 cents
per share), up $3.2 million or
+14.4% on the prior period.
Total concept EBITDA _
was up $3.4 million to $72.6
million with the New Zealand
businesses delivering an increase
of $1.8 million, despite the loss of
the Starbucks Coffee contribution
of $2.1 million due to the sale
of the business in October 2018.
A further $1.3 million was
generated in Hawaii with a
strong Taco Bell performance.
Interim Report 202003
Key points_

Restaurant Brands New Zealand Limited
04
Interim Report 202005
Group operating results_
1H 2020
$NZm
1H 2019
$NZm
Change
$NZm
Change (%)
Total Group sales
442.6431.0+11. 6+2.7
Group NPAT (reported)
20.020.4-0.4-2.0
Directors are pleased to report the Restaurant Brands New Zealand Limited (RBD on NZX) results for
1H 2020, with a Group Net Profit after Tax (NPAT) of $20.0 million, $0.4 million down on the same
period last year.
The underlying NPAT (excluding non-trading items and the effect of the adoption of the new lease
accounting standard NZ IFRS 16) is $25.0 million, an increase of 14.4% on 1H 2019. When also
taking into account the profit effect of $1.1 million relating to the Starbucks Coffee business sold in
October 2018 the ongoing business NPAT is $4.3 million (19.7%) ahead of 1H 2019.
Total store sales for the Group were $442.6 million, up $11.6 million or +2.7% on 1H 2019. This is
despite the loss of $13.0 million in Starbucks Coffee sales in 1H 2019. Total operating revenue was
$458.8 million, up $12.9 million on prior period.
Combined brand EBITDA at $72.6 million was $3.4 million (+5.0%) up on 1H 2019, largely because
of increased performance of KFC New Zealand which delivered an additional $4.8 million.
Restaurant Brands’ store numbers now total 285, down 20 on the 1H 2019 (due primarily to the
sale of the 22 Starbucks Coffee stores) and comprise 145 in New Zealand, 79 in Hawaii and
61 stores in Australia.
New Zealand operations_
New Zealand operating revenue was $246.8 million, up $2.0 million or +0.8% on 1H 2019.
Total store sales were $230.8 million, an increase of $0.6 million (+0.2%) on last period, with EBITDA
of $43.0 million, a $1.8 million or +4.3% improvement on 1H 2019, driven mainly by the continued
strong performance of the KFC business.
New Zealand operations produced an EBIT (before non-trading items and lease adjustments) of
$25.9 million, up 9.1% on the prior period.
KFC New Zealand
1H 2020
$NZm
1H 2019
$NZm
Change
$NZm
Change (%)
Network sales
204.6190.2+14 . 4+7.6
Network store numbers
103100
RBD sales
193.5179.3+14 . 2+7.9
RBD store numbers
9794
RBD EBITDA
41. 837.0+4.8+12 . 9
EBITDA as a % of sales
21.620.6
Restaurant Brands’ KFC New Zealand sales were $193.5 million, up 7.9% or $14.2 million on prior
period with same store sales up 5.7%. Continuing successful product promotions, the further roll out
of delivery and the effect of opening three new stores during the period have helped drive the strong
sales growth.
Margins remained strong at 21.6% of sales. In dollar terms EBITDA totalled $41.8 million, up $4.8 million
(+12.9%) on prior period’s result.
Both company-owned and total network store numbers increased by three to a total of 97 and
103 respectively with the opening of the Tauranga Crossing, Bombay and Courtenay Place stores.
The latter is the second in the new CBD-format, following the success of the Fort Street store
which opened in 2017.

Restaurant Brands New Zealand Limited
06
Interim Report 202007
Pizza Hut New Zealand
1H 2020
$NZm
1H 2019
$NZm
Change
$NZm
Change (%)
Network sales
53.655.8-2.3-4.0
Network store numbers
10098
RBD sales
18.320.5-2.1-10.5
RBD store numbers
3029
RBD EBITDA
0.51.5-1.0-65.6
EBITDA as a % of sales
2.77.1
Restaurant Brands’ Pizza Hut store sales were down $2.1 million to $18.3 million, despite an increase
in the company’s store network to 30 stores. Same store sales from Restaurant Brands’ stores were
also down -4.4% due to continued competitive pressure, the impact of new stores and new food
delivery companies coming into the market. A revamped menu launched late in 1H 2020 has had
a positive effect on sales and EBITDA which is expected to continue.
Restaurant Brands’ Pizza Hut store earnings were $0.5 million (2.7% of sales), down $1.0 million or
-65.6% on the equivalent period last year reflecting some sales deleverage, ongoing cost pressures
(particularly in relation to increased labour rates) and aggressive price competition in the market.
Total Pizza Hut network sales declined to $53.6 million for the half year, down $2.3 million (-4.0%)
on prior period. Network store numbers increased by 2 to 100 at the end of 1H 2020, with company
owned stores at 30.
Carl’s Jr. New Zealand
1H 2020
$NZm
1H 2019
$NZm
Change
$NZm
Change (%)
Sales
19.017.5+1. 5+8.8
EBITDA
0.80.7+0 .1 +18 . 0
EBITDA as a % of sales
4.44.0
Store numbers
1818
The Carl’s Jr. business demonstrated an improved performance as the half year progressed, driven
primarily by the introduction of a delivery channel into a number of stores. The arrangement with our
delivery service provider has been successful to date, driving strong same store sales growth.
Sales were up 8.8% (+9.8% on a same store basis) and this has begun to flow through to improved
earnings with EBITDA of $0.8 million (4.4% of sales), up 18% on last period.
Store numbers remain the same as prior year at 18 stores.
Taco Bell New Zealand
Initial planning and setup is well under way to bring this exciting new brand to the New Zealand market
with the first new store in Auckland targeted to open in November. Initial costs of $0.1 million have
been incurred within concept EBITDA with additional general and administration (G&A) expenses.
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Restaurant Brands New Zealand Limited
08
Interim Report 202009
Australia operations_
In $NZ terms the Australian business contributed total (KFC) sales of $NZ104.8 million (up 1.4%),
a store EBITDA of $NZ15.5 million (up 2.3%) and EBIT of $NZ6.8 million (down 1.3%). These results
were adversely effected by a strengthening of the NZD-AUD exchange rate.
KFC Australia
1H 2020
$Am
1H 2019
$Am
Change
$Am
Change (%)
Sales
99.595.5+4.0+4.2
EBITDA
14.814.0+0.8+5.7
EBITDA as a % of sales
14.914.7
Store numbers
6161
In $A terms total sales of the KFC business in Australia were $A99.5 million, up $A4.0 million (or
+4.2%) on last period. The ongoing store upgrade program has contributed to positive sales growth,
coupled with encouraging growth generated through the digital channels, including home delivery,
in-store kiosk and mobile app. Same store sales were also strong at +5.9% for the period.
Store EBITDA margins of $A14.8 million (14.9% of sales) were up $A0.8 million or +5.7% on prior
period. The strong underlying results are supported by a well-balanced marketing calendar and
continued product innovation.
Taco Bell Australia
As with New Zealand the planning and set up is well underway with two Taco Bell stores expected
to be opened in New South Wales this calendar year. Initial store set up costs were incurred of
$A0.1 million.
Hawaii operations_
Total sales in Hawaii for the period were $US70.9 million with store level EBITDA of $US9.4 million
generated equating to 13.3% of sales.
In $NZ terms the Hawaiian operations contributed $NZ106.9 million in revenues, $NZ14.1 million
in EBITDA and an EBIT of $NZ5.8 million for the period. These results were all significantly up on
the prior period.
Taco Bell Hawaii
1H 2020
$USm
1H 2019
$USm
Change
$USm
Change (%)
Sales
42.438.6+3.8+9.8
EBITDA
8.47.8+0.6 +8.0
EBITDA as a % of sales
19.820 .1
Store numbers
3636
This half year saw another strong performance from Taco Bell with total sales to date of $US42.4
million, up 9.8% in total and 13.7% on a same store basis. A full promotional programme including
both new product releases and the re-introduction of previously successful products, together with
initial returns from refurbished stores all helped to drive the strong sales growth.
Store-level EBITDA rose to $US8.4 million (19.8% of sales) driven by the increased sales, although
the EBITDA margin is down slightly due to continued cost pressure in labour and ingredients.
Store numbers have remained stable during the period at 36. The Company continues with its
refurbishment strategy which has helped to drive sales as store refurbishments are completed.
Three new stores and major refurbishments are underway with more planned for next year.
The Moanalua store reopened after undergoing a major transformation, delivering sales growth
of +29% on its pre-refurbishment levels.
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Restaurant Brands New Zealand Limited
10
Interim Report 202011
Pizza Hut Hawaii
1H 2020
$USm
1H 2019
$USm
Change
$USm
Change (%)
Sales
28.528.4+0 .1+0 .1
EBITDA
1.01.0+0.0+0.0
EBITDA as a % of sales
3.53.5
Store numbers
4345
Total sales were slightly up for the brand by $US0.1 million. Improved promotional activity has
helped drive positive sales growth despite the closure of two stores. Same store sales were up
2.9% for the half year. Despite the US Pizza Hut market continuing to struggle, Pizza Hut Hawaii
sales bucked the trend, in particular benefitting from the re-introduction of the Big New Yorker
pizza in the Hawaiian market.
EBITDA at $US1.0 million (3.5% of sales) was in line with prior period despite continued margin
pressure particularly from higher commodity costs and rising direct labour expense from low
unemployment rates.
The company continues with an asset refurbishment strategy that will see a move away from the
larger restaurants into smaller, more cost-effective delivery and carry out (delco) units.
Franchise agreements for a considerable number of stores expire before the end of the calendar
year and negotiations continue with Yum! as to renewal terms.
Corporate and other_
General and administration (G&A) expenses were $20.9 million, an increase of $1.4 million on prior
period. This reflects the impact of some additional headcount from FY19 now rolling into a full year and
additional staff and training costs arising from the establishment of the Taco Bell brand. G&A as a
% of total revenue was 4.6%, up from 4.4% in the prior period.
Depreciation charges of $29.1 million for the half year were $12.7 million higher than the prior period.
This is primarily due to the effect of NZ IFRS 16 which added $14.0 million in lease depreciation.
When adjusted for NZ IFRS 16 the depreciation charge was $1.3 million down on the prior period
mainly because of the sale of the Starbucks Coffee business sold in FY19.
Financing expenses of $13.4 million were up $9.7 million on prior period primarily due to lease interest
of $10.1 million resulting from the adoption of NZ IFRS 16. Bank interest costs were $3.3 million,
$0.4 million lower than prior period with reduced borrowing levels.
Tax expense was $7.7 million and in line with the prior period reflecting similar reported profit levels.
Non-trading items_
Non-trading expenditure for the half year was $2.3 million, an increase of $0.2 million on prior period.
This year’s costs included amortisation of franchise rights acquired on acquisition of QSR Pty Limited
and Pacific Island Restaurants Inc. ($1.1 million), store closure costs ($0.3 million) and relocation and
major refurbishment costs ($0.6 million).
NZ IFRS 16_
The Group adopted the new lease accounting standard, NZ IFRS 16 on 26 February 2019. The impact
of the standard has been significant on the half year financial statements. Net profit after taxation
attributable to shareholders has been negatively impacted by $2.9 million as a result of the lease
depreciation of $14.0 million and lease interest of $10.1 million (partially off-set by the removal of
lease expenses of $20.2 million).
The consolidated statement of financial position has also seen significant changes with total assets
increasing over FY 2019 year-end balance by $421.7 million, primarily through the recognition of
right of use assets ($356.0 million) and the deferred tax implications of the standard. Total liabilities
increased by $442.0 million with the recognition of future lease liabilities of ($428.7 million). The net
impact on retained earnings was a reduction of $46.5 million on adoption of the standard with a
further $2.9 million reduction in net profit during the period.

Restaurant Brands New Zealand Limited
12
“The launch of the Taco Bell
brand will see two stores
opening in both New Zealand
and Australia by early 2020.”
Cash flow and balance sheet_
Bank debt at the end of the half year was down to $151.2 million compared to $145.9 million at the
previous year end. As at balance date, the Group had bank debt facilities totalling $NZ258.0 million
in place. Cash and cash equivalents increased by $26.3 million during the period resulting in net debt
reducing by $21.0 million to $109.8 million at the half year.
Operating cash flows continue to improve, up $16.4 million to $63.7 million. However included in this
is a $10.1 million increase in relation to NZ IFRS 16 with the remaining $6.3 million due to enhanced
earnings, albeit with the assistance of positive working capital movements.
Net investing cash outflows at $27.7 million versus $13.9 million in 1H 2019 reflects the increased level
of spend as the Group continues to focus on refurbishing stores throughout the network.
Dividend_
As previously advised, the company is beginning to ramp up its capital expenditure programme.
Planning for the opening of more than 60 Taco Bell stores in New Zealand and Australia over the
next five years is now underway with the first of these due to open this financial year. This, combined
with potential further acquisitions and the refurbishment programme in Hawaii now picking up pace,
is beginning to place significant demands on the capital resources of the company. Therefore the
directors have resolved there will be no interim dividend for FY20.
Outlook_
The overall business continues to deliver solid results across all geographic markets and this strong
performance is expected to continue in the second half of the year.
New store roll outs for the KFC brand will continue in New Zealand and Australia with at least a
further two stores opening in each market. The launch of the Taco Bell brand will see two stores
opening in both New Zealand and Australia by early 2020. The Hawaiian market will see at least
one further Taco Bell transformation completed by the end of the calendar year.
The company continues to evaluate further acquisition opportunities in all three existing markets,
together with the US mainland.
On 30 October 2019 the Group announced a change in balance date to 31 December 2019.
The Directors believe Net Profit after Taxation (excluding non-trading items and the effect of
NZ IFR 16) for the 10 month period will be at least 10% in excess of the comparable period,
absent any changes to economic or market conditions.
Interim Report 202013

Restaurant Brands New Zealand Limited
14
Interim Report 202015
Consolidated income statement
for the 28 week period ended 9 September 2019

$NZ000’s
9 September 2019
28 weeks
vs Prior
%
10 September 2018
28 weeks
% sales% sales
Concept EBITDA before G&A
KFC41,7 7 9
21.612.937,018 20.6
Pizza Hut499 2.7(65.6)1,450 7.1
Starbucks Coffee– n/an/a2,061 15. 8
Taco Bell(82)n/an/a– n/a
Carl's Jr.830 4.418.0704 4.0
Total New Zealand43,026 18.64.341, 233 17.9
KFC 15,598 14.92.615 ,19 7 14.7
Taco Bell(59)n/an/a– n/a
Total Australia15,539 14.82.315,197 14.7
Taco Bell12,625 19.711. 7 11, 3 0 5 20 .1
Pizza Hut1,446 3.4(1.7 ) 1,471 3.6
Total Hawaii14,071 13.210 .1 12,776 13 .1
Total concept EBITDA before G&A72,636 16.45.069,206 16 .1
Ratios
Net tangible assets per security
(net tangible assets divided by
number of shares) in cents(42.5)(35.6)
Cost of goods sold are direct costs of operating stores: food, paper, freight, labour and store overheads.
Distribution expenses are costs of distributing products from stores.
Marketing expenses are order centre, advertising and local store marketing expenses.
General and administration expenses (G&A) are non-store related overheads.
Sales and concept EBITDA for each of the concepts may not aggregate to the total due to rounding.

$NZ000’s
9 September 2019
28 weeks
vs Prior
%
10 September 2018
28 weeks
Sales
KFC
193,487
7.9179,264
Pizza Hut
18,309
(10.5)20,452
Starbucks Coffee
–
(100.0)13,049
Carl's Jr.
19,0 01
8.817,461
Total New Zealand sales
230,797
0.2230,226
KFC
104,846
1.4103,391
Total Australia sales
104,846
1.4103,391
Taco Bell
63,998
14.0 5 6 ,115
Pizza Hut
42,921
4.0 41, 255
Total Hawaii sales
106,919
9.8 97,370
Total sales
442,563
2.7430,987
Other revenue
16 ,196
9.014,861
Total operating revenue
458,759
2.9445,848
Cost of goods sold
(367,136)
0.2(366,536)
Gross margin
91,623
15.579,312
Distribution expenses
(2,319)
15.0(2,016)
Marketing expenses
(25,010)
4.8(23,871)
General and administration expenses
(20,933)
7.2(19,523)
EBIT before non-trading items
43,361
27.933,902
Non-trading items
(2, 312)
10.4(2,095)
EBIT
41,0 4 9
2 9 .131,807
Financing expenses*
(13, 365)
264.9(3,663)
Net profit before taxation
27,684
(1.6)28 ,14 4
Taxation expense
(7,679)
(0.6)(7,726)
Net profit after taxation (NPAT)
20,005
(2.0)20, 418
Net profit after taxation excluding
non-trading items and NZ IFRS 1625,008
14.421,853
Consolidated income statement (continued)
for the 28 week period ended 9 September 2019
* 1H 2020 includes $10.1 million of interest paid on leases (refer to note 10).

Restaurant Brands New Zealand Limited
16
Interim Report 202017
Non-GAAP financial measures
for the 28 week period ended 9 September 2019
Non-GAAP financial measures (continued)
for the 28 week period ended 9 September 2019
The Group results are prepared in accordance with New Zealand Generally Accepted Accounting
Practice (“GAAP”) and comply with International Financial Reporting Standards (“IFRS”). These financial
statements include non-GAAP financial measures that are not prepared in accordance with IFRS.
The non-GAAP financial measures used in this presentation are as follows:
1. EBITDA before G&A. The Group calculates Earnings Before Interest, Tax, Depreciation and
Amortisation (“EBITDA”) before G&A (general and administration expenses) by taking net profit
before taxation and adding back (or deducting) financing expenses, non-trading items, depreciation,
amortisation and G&A. The Group also refers to this measure as Concept EBITDA before G&A.
The term Concept refers to the Group’s eight operating divisions comprising the New Zealand
divisions (KFC, Pizza Hut, Taco Bell and Carl’s Jr.), two Australian divisions (Taco Bell and KFC)
and the two Hawaiian divisions (Taco Bell and Pizza Hut). The term G&A represents non-store
related overheads.
2. EBIT before non-trading items. Earnings before interest and taxation (“EBIT”) before non-trading
items is calculated by taking net profit before taxation and adding back (or deducting) financing
expenses and non-trading items.
3. Non-trading items. Non-trading items represent amounts the Group considers unrelated to the
day to day operational performance of the Group. Excluding non-trading items enables the Group
to measure underlying trends of the business and monitor performance on a consistent basis.
4. EBIT after non-trading items. The Group calculates EBIT after non-trading items by taking net
profit before taxation and adding back financing expenses.
5. Total NPAT excluding non-trading items and NZ IFRS 16. Total Net Profit After Taxation (“NPAT”)
excluding non-trading items and NZ IFRS 16 is calculated by taking net profit after taxation and
adding back (or deducting) non-trading items and NZ IFRS 16 adjustments whilst also allowing
for any tax impact of those items.
The Group believes that these non-GAAP measures provide useful information to readers to assist
in the understanding of the financial performance and position of the Group but that they should not
be viewed in isolation, nor considered as a substitute for measures reported in accordance with IFRS.
Non-GAAP measures as reported by the Group may not be comparable to similarly titled amounts
reported by other companies.
The following is a reconciliation between these non-GAAP measures and net profit after taxation:
$NZ000’s Note*
2020 half year
(28 weeks)
unaudited
2019 half year
(28 weeks)
unaudited
EBITDA before G&A172,636 69,206
Depreciation(15 ,14 9)(16,426)
Net loss on sale of property, plant and equipment
(included in depreciation)(487)(112 )
Lease depreciation(13,996)–
Add back lease costs2 0 ,19 9 –

Amortisation (included in cost of sales)(1,385)(1,920)
General and administration costs - area managers,
general managers and support centre(18,457)(16,846)
EBIT before non-trading items
243,361 33,902
Non-trading items**
3(2,312)(2,095)
EBIT after non-trading items
441,0 4 9 31,807
Financing expenses(13,365)(3,663)
Net profit before taxation 27,684 28 ,14 4
Taxation expense(7,679)(7,726)
Net profit after taxation20,005 20,418
Add back IFRS16 impact3,871 –
Taxation expense on IFRS16 impact(956)–

Net profit after taxation excluding NZ IFRS 1622,920 20 ,418
Add back non-trading items2,312 2,095
Taxation expense on non-trading items(224)(660)
Net profit after taxation excluding
non-trading items and NZ IFRS 16
525,008 21,853
* Refers to the list of non-GAAP measures as listed above.
** Refer to Note 3 of the financial statements for an analysis of non-trading items.

Restaurant Brands New Zealand Limited
18
Interim Report 202019

$NZ000’s
Note
2020 half year
(28 weeks)
unaudited
2019 half year
(28 weeks)
unaudited
2019 full year
(52 weeks)
audited
Store sales revenue442,563 430,987 794,046
Other revenue16,196 14,861 30,869
Total operating revenue458,759 445,848 824,915
Cost of goods sold(367,136)(366,536)(675,697)
Gross profit91,623 7 9, 312 149, 218
Distribution expenses(2,319)(2,016)(3,629)
Marketing expenses(25,010)(23,871)(44,542)
General and administration expenses(20,933)(19,523)(35,818)
EBIT before non-trading items43,361 33,902 65,229
Non-trading items
3(2,312)(2,095)(8,997)
Earnings before interest and taxation (EBIT)41,0 4 9 31,807 56,232
Financing expenses(13,365)(3,663)(6,797 )
Profit before taxation27,684 28 ,14 4 49,435
Taxation expense(7,679)(7,726)(13,694)
Profit after taxation attributable to shareholders20,005 20,418 35 ,741
Other comprehensive income:
Exchange differences on translating foreign operations7, 930 11,438 4,189
Share option reserve– 34 (34)
Derivative hedging reserve(2,080)(65)(836)
Income tax relating to components of other
comprehensive income333 90 182
Other comprehensive income for the half year,
net of tax6,183 11,497 3,501
Total comprehensive income for the half year
attributable to shareholders26 ,18 8 31,915 39,242
Basic and diluted earnings per share (cents)
416.04 16.47 28.77
For and on behalf of the Board:
José Parés Gutiérrez Emilio Fullaondo Botella
Chairman Director
Consolidated statement of comprehensive income
for the 28 week period ended 9 September 2019
Consolidated statement of changes in equity
for the 28 week period ended 9 September 2019

$NZ000’s
Share
capital
Share
option
reserve
Foreign
currency
translation
reserve
Derivative
hedging
reserve
Retained
earningsTotal
For the 52 week period ended 25 February 2019
Balance at the beginning
of the period148,491 34 (6,060)174 58,969 201,608
Comprehensive income
Profit after taxation attributable
to shareholders––––20,418 20,418
Other comprehensive income
Movement in share option reserve – 34 –––34
Movement in foreign currency
translation reserve – – 11,438 ––11,438
Movement in derivative
hedging reserve – – – 25 – 25
Total other comprehensive income – 34 11, 4 3 8 25 –11,497
Total comprehensive income – 34 11, 4 3 8 25 20, 418 31,915
Transactions with owners
Shares issued5 , 8 41 ––––5 , 8 41
Shares issued costs(35)––––(35)
Net dividends distributed – – – – (22,254)(22,254)
Total transactions with owners5,806 –– – (22,254)(16,448)
Unaudited balance as at 10
September 2018154,297 68 5,378 199 57,13 3 217,075
Comprehensive income
Profit after taxation attributable
to shareholders––––15, 323 15, 323
Other comprehensive income
Movement in share option reserve–(68)– – –(68)
Movement in foreign currency
translation reserve––( 7,249)– –( 7,249)
Movement in derivative
hedging reserve – ––(679)–(679)
Total other comprehensive income – (68)( 7, 249)(679)– ( 7, 996)
Total comprehensive income – (68)( 7, 249)(679)15,323 7, 327
Transactions with owners
Shares issued291–– – – 291
Shares issued costs(23)– – – – (23)
Total transactions with owners268 – – –– 268
Audited balance as at
25 February 2019154,565 – (1,871)(480)72,456 224,670

Restaurant Brands New Zealand Limited
20
Interim Report 202021
Consolidated statement of changes in equity (continued)
for the 28 week period ended 9 September 2019
Consolidated statement of financial position
as at 9 September 2019

$NZ000’s
Note
Share
capital
Share
option
reserve
Foreign
currency
translation
reserve
Derivative
hedging
reserve
Retained
earningsTotal
For the 28 week period ended 9 September 2019
Balance at the beginning
of the period154,565 – (1,871)(480)72,456 224,670
Adoption of NZ IFRS 16
7––––(46,462)(46,462)
Restated balance at the
beginning of the period154,565 – (1,871)(480)25,994 178, 208
Comprehensive income
Profit after taxation attributable
to shareholders––––20,005 20,005
Other comprehensive income
Movement in foreign currency
translation reserve–– 7,930 ––7,930
Movement in derivative
hedging reserve– – – (1,747 )– (1,747 )
Total other comprehensive income– – 7, 930 (1,747 )– 6,183
Total comprehensive income– – 7, 930 (1,747 )20,005 26 ,18 8
Unaudited balance as at
9 September 2019154,565 – 6,059 (2,227) 45,999 204,396

$NZ000’s
Note
2020 half year
unaudited
2019 half year
unaudited
2019 full year
audited
Non-current assets
Property, plant and equipment161,739 158,358 153,400
Right of use assets
6, 9
356,003 – –
Net investment leases
9
840 –
–
Intangible assets257, 451
261,338 249,093
Deferred tax asset
9
36 ,10 3
16,045 16,304
Derivative financial instruments– – 339
Total non-current assets812 ,136 4 35 ,741 419,136
Current assets
Inventories11,14 0 10,589 10,226
Trade and other receivables12,486 11, 6 6 0 12,10 9
Income tax receivable2,522 1,700 2,734
Cash and cash equivalents41, 342 12,000 15,034
Derivative financial instruments– 837 –
Assets classified as held for sale
14
2,366 1,855 1,038
Total current assets69,856 38 ,6 41 41,141
Total assets881,992 474,382 460,277
Equity attributable to shareholders
Share capital154,565 154,29 7 154,565
Reserves3,832 5,645 (2 , 351)
Retained earnings45,999 57,133 72,456
Total equity attributable to shareholders204,396 217,075 224,670
Non-current liabilities
Provision for employee entitlements823 809 782
Deferred income352 8,449 7,852
Loans
13
148,082
159,580 145,491
Lease liabilities
9
408,647
–
–
Derivative financial instruments 2,857 811 1,10 0
Total non-current liabilities560,761 169,649 155,225
Current liabilities
Income tax payable2,632 2,347 4,275
Creditors and accruals89,330 82,831 73,386
Provision for employee entitlements1,621 1,657 1,567
Lease liabilities
9
20,082 – –
Deferred income78 823 792
Loans
13
3,092 – 362
Total current liabilities116,835 87,658 80,382
Total liabilities677,596 257,307 235,607
Total equity and liabilities881,992 474,382 460,277

Restaurant Brands New Zealand Limited
22
Interim Report 202023
Consolidated statement of cash flows
for the 28 week period ended 9 September 2019

$NZ000’s
Note
2020 half year
unaudited
2019 half year
unaudited
2019 full year
audited
Cash flows from operating activities
Cash was provided by/(applied to):
Receipts from customers460,889 446,753 825,540
Payments to suppliers and employees(372,626)(384,752)( 731,317 )
Interest paid(4,210)(4,031)(6,801)
Interest paid on leases
10(10,073)– –
Payment of income tax(10,285)(10,692)(16 ,159)
Net cash from operating activities63,695 47,278 71,263
Cash flows from investing activities
Cash was provided by/(applied to):
Payment for intangibles(3,543)(2,575)(3,820)
Purchase of property, plant and equipment(24,606)(15,768)( 3 3 ,114 )
Proceeds from disposal of property, plant and equipment373 4,405 10 ,159
Landlord contributions received105 46 46
Net cash used in investing activities(27,671)(13, 892)(26,729)
Cash flows from financing activities
Cash was provided by/(applied to):
Proceeds from non-current loans6,453 181,088 336,535
Repayment of non-current loans(6,615)(195,455)(358,487)
Dividends paid to shareholders– (17,701)(17,700)
Payments for lease principal
10(10,125)– –
Share issue costs– (34)(58)
Net cash used in financing activities(10,287)(32,102)(39,710)
Net increase in cash and cash equivalents25,737 1,284 4,824
Cash and cash equivalents at beginning
of the period15,034 10 ,14 0 10 ,14 0
Foreign exchange movements571 576 70
Cash and cash equivalents at the end
of the period41, 342 12,000 15,034
Cash and cash equivalents comprise:
Cash on hand477 567 446
Cash at bank40,865 11,433 14,588
41, 342 12,000 15,034
Consolidated statement of cash flows (continued)
for the 28 week period ended 9 September 2019
Reconciliation of profit after taxation with net cash from operating activities

$NZ000’s

2020 half year
unaudited
2019 half year
unaudited
2019 full year
audited
Total profit after taxation attributable
to shareholders20,005 20,418 35 ,741
Add items classified as investing/financing activities:
Loss/(gain) on disposal of property, plant and equipment946 (1,7 70)(2,946)
946 (1,7 70)(2,946)
Add/(less) non-cash items:
Depreciation29,631 16,538 30,309
Increase in provisions298 14 90
Amortisation of intangible assets2,503 3,010 5 ,147
Impairment on property, plant and equipment– – 3,290
Net increase in deferred tax asset(732)(1,014)(1,432)
Share option amortisation– 34 258
31,700 18,582 37,662
Add/(less) movement in working capital:
(Increase)/decrease in inventories(839)2 ,111 1,732
Increase in trade and other receivables(828)(2,394)(3,540)
Increase in trade creditors and other payables14,074 12, 264 3,601
Decrease in income tax payable(1,363)(1,933)(987)
11, 0 4 4 10,048 806
Net cash from operating activities63,695 47,278 71,263
Reconciliation of movement in term loans
Opening balance145,853 166, 815 166, 815
Net cash flow movement(162)(14,367)(21,952)
Foreign exchange movement5,483 7,132 990
Closing balance151,174 159,580 145,853

Restaurant Brands New Zealand Limited
24
Interim Report 202025
Notes to and forming part of the financial statements
for the 28 week period ended 9 September 2019
1. General information
Restaurant Brands New Zealand Limited (“Company” or “Parent”), together with its subsidiaries
(the “Group”) operate quick service and takeaway restaurant concepts in New Zealand, Australia,
Hawaii, Guam and Saipan.
The Company is a limited liability company incorporated and domiciled in New Zealand. The Company
is listed on the New Zealand Stock Exchange (“NZX”) and the Australian Securities Exchange (“ASX”)
and is an issuer in terms of the Financial Reporting Act 2013.
Statutory base
The Company is registered under the Companies Act 1993 and is a FMC reporting entity under
Part 7 of the Financial Markets Conduct Act 2013.
Reporting framework
These unaudited interim financial statements for the 28 week period ended 9 September 2019 (“2020
half year”) have been prepared in accordance with NZ IAS 34, Interim Financial Reporting and should
be read in conjunction with the financial statements published in the Annual Report for the 52 week
period ended 25 February 2019 referred to in these statements as (“2019 full year”). They also
comply with International Accounting Standard 34 Interim Financial Reporting (IAS 34).
The unaudited interim financial statements have been prepared in accordance with New Zealand
Generally Accepted Accounting Practice (“NZ GAAP”). These policies have been consistently applied
to all the periods presented, unless otherwise noted.
The Group has a negative working capital balance as the nature of the business results in most
sales being conducted on a cash basis. The Group has bank facilities totalling $258.0 million
(refer to note 13) and has the ability to fully pay debts as they fall due. At balance date the amount
undrawn was $106.8 million.
The Group divides its financial year into thirteen 4-week periods. These unaudited interim financial
statements are for the first 7 periods (28 weeks) of the period ended on 9 September 2019 (2019: 28
weeks ended 10 September 2018). The second half will be for 6 periods (24 weeks). The prior full year
comparative represents the 52 week period ended 25 February 2019 (2019 full year).
To ensure consistency with the current period, comparative figures have been restated where appropriate.
New standards and amendments
There are various standards, amendments and interpretations which were assessed as having an
immaterial impact on the Group. There were no NZ IFRS, NZ IFRIC interpretations or other applicable
IFRS that were effective for the first time for the financial year beginning on or after 26 February 2019
that have had a material impact on the financial statements, except for NZ IFRS 16 Leases.
NZ IFRS 16 was effective for the first time in the FY20 half year results, refer to notes 5 through
10 for the impact of this standard on these financial statements.
2. Segmental reporting
Operating segments are reported in a manner consistent with the internal reporting provided to
the chief operating decision makers. The Group is split into three geographically distinct operating
divisions; New Zealand, Australia, and Hawaii. The chief operating decision makers, responsible for
allocating resources and assessing performance of the operating segments, have been identified
as the Group Chief Executive Officer and Group Chief Financial Officer. The chief operating decision
makers consider the performance of the business from a geographic perspective, being New Zealand,
Australia and Hawaii (including Guam and Saipan) while the performance of the corporate support
function is assessed separately.
The Group is therefore organised into three operating segments, depicting the three geographic
regions the Group operates in and the corporate support function located in New Zealand.
All segments operate quick service and takeaway restaurant concepts. All operating revenue
is from external customers.
The Group evaluates performance and allocates resources to its operating segments on the basis
of segment assets, segment revenues, concept EBITDA before general and administration expenses
and EBIT before non-trading items. EBITDA refers to earnings before interest, taxation, depreciation
and amortisation. EBIT refers to earnings before interest and taxation.
Notes to and forming part of the financial statements (continued)
for the 28 week period ended 9 September 2019

Restaurant Brands New Zealand Limited
26
Interim Report 202027
2020
$NZ000’s
New Zealand AustraliaHawaii
Corporate
support
function
Consolidated
half year
unaudited
Business segments
Store sales revenue230,798 104,846 106,919 –442,563
Other revenue16,046 – 150 –16 ,196
Total operating revenue246,844 104,846 107,0 69 – 458,759
EBITDA before general and
administration expenses43,026 15,539 14,071 – 72,636
General and administration expenses(7,704)(4,439)(5,008)(1,306)(18,457 )
EBITDA after general and
administration expenses35,322 11,10 0 9,063 (1,306)5 4 ,17 9
Depreciation(8,230)( 4 ,115 )(3,284)(6)(15,635)
Amortisation (included in cost of sales)(1,17 0 )(205)(10)– (1,385)
Segment result (EBIT)
before non-trading items25,922 6,780 5,769 (1,312)37,159
Other non-trading items(2, 312)
Operating profit (EBIT)
after non-trading items34,847
Adjustments for NZ IFRS 16
Add back lease costs20 ,198
Less right of use asset depreciation(13,996)
Operating profit (EBIT) after
non-trading items and NZ IFRS 1641,0 4 9
Current assets44,242 9,626 15,988 – 69,856
Non-current assets124, 591 156,932 173,7 70 – 455,293
Non-current lease assets174,062 110 , 5 4 5 72,236 – 356,843
Total assets342,895 27 7,10 3 261,994 – 881,992
2019
$NZ000’s
New Zealand AustraliaHawaii
Corporate
support
function
Consolidated
half year
unaudited
Business segments
Store sales revenue230,226 103,391 97,370 – 430,987
Other revenue14,66 7 – 194 – 14,861
Total operating revenue244,893 103,391 97,564 – 445,848
EBITDA before general and
administration expenses41, 233 15,197 12,776 – 69,206
General and administration expenses( 7,122)(3,868)(4,776)(1,080)(16,846)
EBITDA after general and
administration expenses3 4 ,111 11, 3 2 9 8,000 (1,080)52,360
Depreciation( 9 ,116 )(4,207 )(3,215)–(16,538)
Amortisation (included in cost of sales)(1,225)(252)(443)– (1,920)
Segment result (EBIT)
before non-trading items23,770 6,870 4,342 (1,080)33,902
Other non-trading items(2,095)
Operating profit (EBIT)
after non-trading items31,807
Current assets 19,533 9,147 9,961 – 38 ,6 41
Non-current assets114 , 2 0 6 149,186 172,349 – 4 35 ,741
Total assets133,739 158,333 182,310 –474, 382
2.1 Reconciliation between EBIT after non-trading and net profit after tax

$NZ000’s

2020 half year
unaudited
2019 half year
unaudited
2019 full year
audited
EBIT after non-trading items41,0 4 9 31,807 56,232
Financing expenses(13,365)(3,663)(6,797 )
Net profit before taxation27,684 28 ,14 4 49,435
Taxation expense(7,679)(7,726)(13,694)
Net profit after taxation20,005 20,418 35 ,741
Add back net financing impact of NZ IFRS 163,871 – –
Less taxation expense of NZ IFRS 16 (956)– –
Net profit after taxation excluding NZ IFRS 16 22,920 20,418 35 ,741
Add back non-trading items2,312
2,095
8,997
Less taxation expense on non-trading items(224)(660)(2,557)
Net profit after taxation excluding
non-trading items and NZ IFRS 1625,008 21,853
42,181
Notes to and forming part of the financial statements (continued)
for the 28 week period ended 9 September 2019
Notes to and forming part of the financial statements (continued)
for the 28 week period ended 9 September 2019

Restaurant Brands New Zealand Limited
28
Interim Report 202029
3. Profit before taxation

$NZ000’s

2020 half year
unaudited
2019 half year
unaudited
2019 full year
audited
Profit before taxation
The profit before taxation is calculated after
charging/(crediting) the following items:
Royalties paid26,376 25,552 47, 312
Operating rental expenses4,043 24,629 4 4 , 510
Net loss/(gain) on disposal of property,
plant and equipment1,392 (1,036)(939)
Non-trading items
Gain on sale of stores
Net sale proceeds 160 2,332 1,848
Property, plant and equipment disposed of(77)( 721)–
83 1, 611 1,848
Amortisation of franchise rights acquired
on acquisition of QSR Pty Limited (QSR)
and Pacific Island Restaurants Inc. (PIR)(1,119 )(1,090)(2,035)
Acquisition costs(97)(225)(345)
Store closure costs(347)101 –
ASX listing-related costs– 20 –
Gain on the sale of Starbucks Coffee– – 1,186
Impairment of assets(75)– (3,539)
Relocation and refurbishment(642)(463)(1,021)
Leave remediation(290)(2,021)(3,466)
Hawaii workers compensation– – (1,625)
Make good on acquisition(24)(28)–
Lease modification gain199 – –
Total non-trading items(2,312)(2,095)(8,997)
Leave remediation
Included in non-trading items above is a $0.3 million (half year 2019: $2.0 million, full year 2019
$3.5 million) expense relating to leave remediation. The half year 2020 expense relates to costs
associated with making the payments to affected employees. The Group identified payroll calculation
errors in regards to entitlements under the Holidays Act 2003 which, over time, have resulted in staff
receiving incorrect payments. The specific areas that require remediation date back to 2012, and
primarily relate to the payment rates for annual leave. This amount represents an estimated provision
required for periods prior to the 2018 financial year. Any provisions related to the 2020 half year and
2019 full year have been included as part of operating costs.
4. Earnings per share

2020 half year
unaudited
2019 half year
unaudited
2019 full year
audited
Basic and diluted earnings per share
Profit after taxation attributable to shareholders
($NZ000's)20,005 20,418 35 ,741
Weighted average number of shares on issue (000's)124,759 123,936 124, 230
Basic and diluted earnings per share (cents)16.04 16.47 28.77
Shares on issue
As at 9 September 2019, the total number of ordinary shares on issue was 124,758,523
(half year 2019: 124,380,523).
5. Impact of NZ IFRS 16 on the reported segmental results and earnings per share
The following table shows the adjustments to profit and loss as a result of adoption of NZ IFRS 16.
$NZ000’s Pre NZ IFRS 16AdjustmentsNZ IFRS 16
For the period ended 9 September 2019
Store sales revenue442,563 – 442,563
Other revenue16 ,196 – 16 ,196
Total operating revenue
458,759 – 458,759
EBITDA before general and administration expenses72,636 19,536 92 ,17 2
General and administration expenses(18,457 ) 662 (17,795)
EBITDA after general and administration expenses5 4 ,17 9 2 0 ,19 8 74, 377
Depreciation(15,635)(13,996)(29,631)
Amortisation (included in cost of sales)(1,385)– (1,385)
Segment result (EBIT) before non-trading items37,159 6,202 43,361
Other non-trading items(2, 312)
Operating profit (EBIT) after non-trading items41,0 4 9
Current assets 69,856 – 69,856
Non-current assets 438,436 373,700 812,136
Total assets508,292 373,700 881,992
Earnings per share attributable to shareholders
Basic/diluted earnings per share 18.37 (2.33) 16.04
Notes to and forming part of the financial statements (continued)
for the 28 week period ended 9 September 2019
Notes to and forming part of the financial statements (continued)
for the 28 week period ended 9 September 2019

Restaurant Brands New Zealand Limited
30
Interim Report 202031
6. Right of use assets
The group has adopted NZ IFRS 16 retrospectively from 26 February 2019, but has not restated
comparatives for the 2019 reporting period, as permitted under the specific transitional provisions in
the standard. The reclassifications and the adjustments arising from the new leasing rules are therefore
recognised in the opening balance sheet on 26 February 2019.
Lease liabilities were measured at the present value of the remaining lease payments, discounted
using the lessee’s incremental borrowing rate as of 26 February 2019. The weighted average lessee’s
incremental borrowing rate applied to the lease liabilities on 26 February 2019 was 4.8%.
The associated right of use assets were measured on a retrospective basis as if the new rules had
always been applied, adjusted by the amount of any prepaid or accrued lease payments, lease
incentives, onerous or favourable leases recognised in the balance sheet as at 26 February 2019.
The recognised right of use assets are all property leases.
On transition, the Group applied the following practical expedients:
• the accounting for operating leases with a remaining lease term of less than 12 months as at
26 February 2019 as short-term leases
• the use of hindsight in determining the lease term where the contract contains options to extend
or terminate the lease.
Estimates and judgements applied
In the process of adopting NZ IFRS 16, a number of judgements and estimates have been made. 
These include:
• incremental borrowing rate at the time of adoption
• lease terms, including any rights of renewal expected to be exercised. The Group has assumed that
all rights of renewal are expected to be exercised which is consistent with the Group’s strategy and
previous leases. This judgement has been applied unless a store closure or a decision to relocate a
store is known at the time of adoption
• foreign exchange conversion rates
• application of practical expedients and recognition exemptions allowed by the new standards,
including in respect of low value assets and short-term lease exemptions.
$NZ000’s Total
Right of use asset at adoption date 26 February 2019345,870
Depreciation(13,996)
Lease modifications and additions15,286
FX movement8,843
Right of use asset at period end 356,003
Accounting policy
The Group leases relate to buildings which were all classified as operating leases until 25 February
2019. Payments made under operating leases (net of any incentives received from the lessor) were
previously charged to profit and loss on a straight line basis over the period of the lease. Rental
contracts are typically made for fixed periods of 1 to 50 years but may have extension options.
Lease terms are negotiated on an individual basis and contain a wide range of different terms and
conditions. The lease agreements do not impose any covenants, but leased assets may not be used
as security for borrowing purposes.
From 26 February 2019, leases are recognised as a right of use asset and a corresponding liability.
Each lease payment is allocated between the lease liability and the finance cost. The finance cost
is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest
on the remaining balance of the liability for each period. The right of use asset is depreciated over
the shorter of the asset’s useful life and the lease term on a straight line basis.
Assets and liabilities arising from a lease are initially measured on a present value basis.
Lease liabilities include the net present value of the following lease payments:
• fixed payments, less any lease incentives receivable and
• variable lease payments that are based on an index or a rate.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot
be determined, the lessee’s incremental borrowing rate is used, being the rate that the lessee would
have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic
environment with similar terms and conditions.
Right of use assets are measured at cost comprising the amount of the initial measurement of lease
liability and any restoration costs. These assets are subsequently depreciated using the straight line
method from the commencement date to the end of the lease term.
Payments associated with short-term leases and leases of low-value assets are recognised on a
straight-line basis as an expense in profit or loss. Short term leases are leases with a lease term
of 12 months or less. Low value assets comprise IT equipment and small items of office furniture.
Notes to and forming part of the financial statements (continued)
for the 28 week period ended 9 September 2019
Notes to and forming part of the financial statements (continued)
for the 28 week period ended 9 September 2019

Restaurant Brands New Zealand Limited
32
Interim Report 202033
7. Impact of NZ IFRS 16 adoption
At 25 February 2019 the Group had lease commitments of $196.5 million and lease liabilities of
$1.9 million in relation to lease incentives received on operating leases and NZ IAS 17 accruals.
The commitments included all building leases. The following table shows adjustments made to the
balance sheet on adoption of NZ IFRS 16 on 26 February 2019.

$NZ000’s
Total
Right of use asset345,870
Intangible assets – favourable leases(2,980)
Net investment leases315
Deferred tax asset18,268
Total assets361,473
Current lease incentives780
Current lease liability(19,575)
Other current liabilities1,295
Non-current lease incentives1,079
Non-current lease liabilities( 391, 514)
Total liabilities(407, 935)
Net liabilities(46,462)
Equity
Retained earnings adjustment on adoption of NZ IFRS 16(46,462)
8. Reconciliation of lease commitments to lease liabilities

$NZ000’s
Total
Operating lease commitments disclosed as at 25 February 2019196,522
As at 26 February 2019
Discounted at the incremental borrowing rate at the date of initial application156,048
Value of future lease options expected to be exercised at the date of initial application255 , 0 41
Net present value of future lease liability 411, 0 8 9
Current lease liability19,575
Non-current lease liability391, 514
Total future lease liabilities as at 26 February 2019411, 0 8 9
9. Impact of NZ IFRS 16 on the balance sheet at 9 September 2019
Assets and liabilities have both increased as a result of the change in accounting policy in relation to
leases. At 9 September 2019 the balance sheet accounts affected by the change are detailed below:
2020
$NZ000’s
Pre NZ IFRS 16AdjustmentsPost NZ IFRS 16
Right of use assets– 356,003 356,003
Intangibles 259,988 (2,537)25 7, 4 51
Net investment leases– 840 840
Deferred tax assets 16,709 19,394 36 ,10 3
Impact on total assets276,697 373,700 650,397
Current lease incentives780 (780)–
Current lease liability– 20,082 20,082
Other current liabilities92,039 (2,709)89,330
Non-current lease incentives1,058 (1,058)–
Non-current lease liabilities1,10 6 4 0 7, 541 408,647
Impact on total liabilities94,983 423,076 518,059
Impact on net liabilities49,376
10. Impact of NZ IFRS 16 on the statement of cash flows for the period ended
9 September 2019
Cash outflows from leases for the period ended 9 September 2019 are detailed in the table below.
For the period ended 10 September 2018 the equivalent cash outflow was included in cash flows
from operating activities as payments to suppliers and employees.
2020
$NZ000’s
Total
For the period ended 9 September 2019
Interest paid on leases (operating activities)(10,073)
Payments for lease liabilities principal (financing activities)(10 ,125)
Total cash outflows from leases(2 0 ,19 8 )
Notes to and forming part of the financial statements (continued)
for the 28 week period ended 9 September 2019
Notes to and forming part of the financial statements (continued)
for the 28 week period ended 9 September 2019

Restaurant Brands New Zealand Limited
34
Interim Report 202035
11. Property, plant and equipment
Acquisitions and disposals
During the half year ended 9 September 2019, the Group acquired assets with a total cost of $26.5
million (2019: $17.1 million) and disposed of assets with a total cost of $11.3 million (2019: $5.3 million).
12. Related party transactions
Transactions with entities with key management or entities related to them
During the period the Group received a reimbursement payment of $4.3 million from Finaccess Capital
in regards to acquisition costs incurred as part of the partial takeover process, which resulted in
Finaccess owning 75% of the company.
This transaction was at arm’s length and performed on normal commercial terms.
13. Loans
The Group has loan facilities in place totalling $NZ258.0 million with the following financial institutions:
• Westpac Banking Corporation – $NZ125.0 million facility expiring on 12 October 2020.
• First Hawaiian Bank – $US51.2 million facility expiring on 16 December 2023.
• MUFG Bank, Ltd – $A50.0 million facility expiring on 12 October 2020.
14. Assets classified as held for sale
Half year 2020 relates to Pizza Hut stores immediately available for sale.
Half year 2019 represents the non-current assets relating to the Starbucks Coffee business which
was sold with settlement late October 2018.
Year end 2019 relates to Pizza Hut stores immediately available for sale.
15. Capital commitments
The Group has capital commitments totalling $23.4 million (half year 2019: $9.1 million) which
are not provided for in these financial statements.
16. Contingent liabilities
There are no contingent liabilities that the directors consider will have a significant impact on the
financial position of the Group (half year 2019: nil).
17. Fair value measurements of financial instruments
Exposure to credit, interest rate and foreign currency risks arises in the normal course of the Group’s
business. Derivative financial instruments may be used to hedge exposure to fluctuations in foreign
currency exchange rates and interest rates. There have been no changes in the risk management
policies and the nature of the derivative financial instruments since year end. Consistent with the prior
year, the derivatives have been determined to be within level 2 (for the purposes of NZ IFRS 13) of the
fair value hierarchy as all significant inputs required to ascertain the fair values are observable. There
were also no changes in valuation techniques during the period.
18. Deed of Cross Guarantee
Pursuant to the Australian Securities and Investment Commission (ASIC) Class Order 98/1418,
the wholly owned subsidiary, QSR Pty Limited (QSR), is relieved from the Corporations Act 2001
requirement for the preparation, audit and lodgement of financial reports.
It is a condition of that class order that Restaurant Brands New Zealand Limited (RBNZ) and QSR enter
into a Deed of Cross Guarantee (Deed). On 9 February 2017 a Deed was executed between RBNZ,
QSR, Restaurant Brands Australia Pty Limited and Restaurant Brands Australia Holdings Pty Limited
under which each company guarantees the debts of the others.
19. Subsequent events
There are no subsequent events that would have a material effect on these accounts.
Notes to and forming part of the financial statements (continued)
for the 28 week period ended 9 September 2019
Notes to and forming part of the financial statements (continued)
for the 28 week period ended 9 September 2019

Restaurant Brands New Zealand Limited
36
Interim Report 202037
Report on the interim financial statements
We have reviewed the accompanying interim financial statements of Restaurant Brands New Zealand
Limited (the Company) and its subsidiaries (the Group) on pages 18 to 35, which comprise the
consolidated statement of financial position as at 9 September 2019, and the consolidated statement
of comprehensive income, the consolidated statement of changes in equity and the consolidated
statement of cash flows for the period ended on that date, and selected explanatory notes.
Directors’ responsibility for the interim financial statements
The Directors are responsible on behalf of the Company for the preparation and fair presentation
of these interim financial statements in accordance with International Accounting Standard 34
Interim Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting Standard
34 Interim Financial Reporting (NZ IAS 34) and for such internal control as the Directors determine
is necessary to enable the preparation of interim financial statements that are free from material
misstatement, whether due to fraud or error.
Our responsibility
Our responsibility is to express a conclusion on the accompanying interim financial statements based
on our review. We conducted our review in accordance with the New Zealand Standard on Review
Engagements 2410 Review of Financial Statements Performed by the Independent Auditor of the
Entity (NZ SRE 2410). NZ SRE 2410 requires us to conclude whether anything has come to our
attention that causes us to believe that the interim financial statements, taken as a whole, are not
prepared in all material respects, in accordance with IAS 34 and NZ IAS 34. As the auditors of the
Company, NZ SRE 2410 requires that we comply with the ethical requirements relevant to the audit
of the annual financial statements.
A review of interim financial statements in accordance with NZ SRE 2410 is a limited assurance
engagement. The auditor performs procedures, primarily consisting of making enquiries, primarily
of persons responsible for financial and accounting matters, and applying analytical and other
review procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted
in accordance with International Standards on Auditing (New Zealand) and International Standards on
Auditing. Accordingly, we do not express an audit opinion on these interim financial statements.
We are independent of the Group. Our firm carries out other services for the Group in the area
of specified procedures on landlord certificates. The provision of these other services has not
impaired our independence.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these interim
financial statements of the Group do not present fairly, in all material respects, the financial position
of the Group as at 9 September 2019, and its financial performance and cash flows for the period
then ended, in accordance with IAS 34 and NZ IAS 34.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our review work has been
undertaken so that we might state to the Company’s shareholders those matters which we are
required to state to them in our review report and for no other purpose. To the fullest extent permitted
by law, we do not accept or assume responsibility to anyone other than the shareholders, as a body,
for our review procedures, for this report, or for the conclusion we have formed.
For and on behalf of:
Chartered Accountants
16 October 2019 Auckland
Independent review report
To the shareholders of Restaurant Brands New Zealand Limited

Restaurant Brands New Zealand Limited
38
Interim Report 202039
Directors
José Parés Gutiérrez (Chairman)
Emilio Fullaondo Botella
Carlos Fernández González
Luis Miguel Álvarez Pérez
Stephen Ward
Huei Min (Lyn) Lim
Registered office
Level 3
Building 7
Central Park
666 Great South Road
Penrose
Auckland 1051
New Zealand
Share registrar
New Zealand
Computershare Investor Services Limited
Level 2
159 Hurstmere Road
Takapuna
Private Bag 92 119
Auckland 1142
New Zealand
T: 64 9 488 8700
E: enquiry@computershare.co.nz
Australia
Computershare Investor Services Limited
Yarra Falls
452 Johnston Street
Abbotsford, VIC 3067
GPO Box 3329
Melbourne, VIC 3001
Australia
T: 1 800 501 366 (within Australia)
T: 61 3 9415 4083
F: 61 3 9473 2500
E: enquiry@computershare.co.nz
Auditors
PricewaterhouseCoopers
Solicitors
Bell Gully
Harmos Horton Lusk
Meredith Connell
Bankers
Westpac Banking Corporation
First Hawaiian Bank
MUFG Bank, Ltd
Contact details
Postal Address:
P O Box 22 749
Otahuhu
Auckland 1640
New Zealand
Telephone: 64 9 525 8700
Fax: 64 9 525 8711
Email: investor@rbd.co.nz
Financial calendar
Financial year end
31 December 2019
Annual profit announcement
February 2020
Corporate directoryNotes

Restaurant Brands New Zealand Limited40
Notes

www.restaurantbrands.co.nz