Interim Report December 2020

Restaurant Brands New Zealand Limited
Interim Report December 2020
For the six months ended 30 June 2020
What’s new
on the menu?

Edging towards our
$1 billion dollar
target. Opening 10 0
new stores in the next
five years. Expanding
in the USA.
And that’s just
for starters.

01
Interim Report Dec 2020
About Restaurant Brands:
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
and Guam. These brands - four of the world’s most famous - are distinguished for their product, look, style,
ambience and service and for the total experience they deliver to their customers around the world.
Contents
Key highlights 02
Group operating results 04
Consolidated income statement 12
Non-GAAP financial measures 14
Consolidated statement of comprehensive income 16
Consolidated statement of changes in equity 17
Consolidated statement of financial position 19
Consolidated statement of cash flows 20
Notes to and forming part of the financial statements 22
Independent review report 34
Corporate directory 36
Financial calendar 36

Restaurant Brands New Zealand Limited02
Key highlights
Total Group sales for the
1H December 2020 year
were $383.4 million, down
$59.2 million on the previous
half year. This is the result of
the impact of COVID-19 as
well as the current reporting
period being two weeks less
than last year’s reported 28
week result.
Net Profit after Tax for the
six months (26 weeks)
ended 30 June 2020 was
$11.4 million (9.2 cents per
share), down $8.6 million
on the 1H Dec 2019 (28
weeks ended 9 September
2019). Net profit after tax
was adversely affected by
COVID-19 as reflected in
the Group sales.
Combined store EBITDA
before G&A was down
$10.6 million to $62.1 million,
primarily due to the effect of
the COVID-19 store closures
in New Zealand. The USA
business however delivered
an earnings increase of
$2.2 million, with a strong
Pizza Hut performance despite
the challenges of COVID-19.

Interim Report Dec 2020Interim Report Dec 2020
03
Overview
During the year ended 31 December 2019
Restaurant Brands NZ Limited (“RBD”) changed
its balance date from February to December.
This half year report therefore is for a six month
(26 week) period compared to 28 weeks as a
comparison for the previous half financial year.
This, together with the adverse effect of COVID-19
on the financial results makes direct comparisons
between the reported results difficult.
Scaling back the previous year’s results
to enable a 26 week comparison produces
a comparative sales number of approximately
$411.0 million, which is approximately
$27.6 million higher than the current year.
Similarly proportionately adjusting 1H Dec
2019 NPAT to approximately $18.6 million,
results in the 1H Dec 2020 result being
$7.2 million lower.
COVID-19 has had a significant impact on the
Company’s results. Whilst difficult to quantify
exactly, the New Zealand business five week
full store closure saw lost sales in excess of
$40 million. In addition there was a period of
time where stores were only able to partially
open with drive-through and delivery, further
adversely impacting sales. All New Zealand
stores are now fully operational. Most stores in
Australia and the USA remained open although
they have, and in most cases continue to operate,
without dine in facilities being available. This
further creates difficulties in quantifying the
underlying effect of COVID-19.
The USA business
delivered an earnings
increase of $2.2 million

Restaurant Brands New Zealand Limited
04
Group operating results
1H Dec 2020*
$NZm
1H Dec 2019*
$NZm
Change
$NZm
Change (%)
Total Group sales
383.4
442.6-59.2-13.4
Group NPAT (reported)
11. 4
20.0-8.6-42.9
* 6 months ended 30 June (26 weeks) vs 28 weeks ended 9 September 2019.
Despite the challenges faced by Restaurant Brands during the period, Directors are pleased to report
that for the six months ended 30 June 2020, the Company produced a Net Profit after Tax (NPAT)
of $11.4 million. Although down $8.6 million on last year’s reported profit the results have recovered
strongly towards the end of the second quarter as the NZ market in particular has largely returned to
pre-COVID-19 sales levels.
The underlying NPAT (excluding other items and the effect of NZ IFRS 16) is $16.1 million, a decrease
of $8.9 million on the 1H Dec 2019 result ($7.1 million on a like-for-like 26 week period). The profit
reduction is a direct result of the impact of COVID-19.
Total store sales for the Group were $383.4 million, down $59.2 million or -13.4% on 1H Dec 2019.
After adjusting for the 26/28 week period in the comparison, store sales is down approximately
$27.5 million (-6.7%). This is purely attributable to COVID-19. Sales have however recovered towards
the end of the half.
Combined store EBITDA at $62.1 million was $10.6 million down (-14.5%) on 1H Dec 2019, partially
due to the reduction to 26 week in the current reporting period but primarily because of the effect of
COVID-19. The effect of COVID-19 in New Zealand and Australia was partly off-set by an increased
performance in the USA (Hawaii) business which delivered an additional $2.2 million in EBITDA.
Restaurant Brands’ store numbers now total 290, up three on the 1H 2019 primarily due to the
opening of the new Taco Bell stores in Australia and New Zealand. They comprise 150 in New Zealand,
75 in Hawaii and 65 stores in Australia.

05
Interim Report Dec 2020
New Zealand operations
New Zealand store sales were $174.6 million, down $56.2 million or -24.3% on 1H Dec 2019. This is
a direct reflection of five weeks full store lockdown due to COVID-19 with the balance a result of the
additional two weeks trading in 1H Dec 2019. The five week lockdown alone is estimated to have cost
over $40 million in lost sales.
Store EBITDA was $34.0 million, a $9.1 million or -21.0% drop on 1H Dec 2019. This again reflects the
shorter reporting period and the five week store closure.
New Zealand operations produced an EBIT (before other items and lease adjustments) of $17.7 million,
down 31.9% on the prior year.
New Zealand
Actual
26 weeks
30 June 2020
$NZm
Actual
28 weeks
9 September 2019
$NZm
Proportioned
26 weeks
9 September 2019
$NZm
Change
$NZmChange (%)
Store sales
174.6
230.8214.3-56.2-24.3
Store EBITDA
34.0
43.040.0- 9 .1-21.0
EBITDA as a % of sales
19.5
18.618.6
Store numbers
150
145
The proportioned 26 weeks in the table above is an arithmetical calculation factoring down the 28 weeks 1H Dec 2019
(26 February 2019 to 9 September 2019) to a 26 week equivalent. This is for illustrative purposes only.
The New Zealand business continues to trade on expectations, having bounced back post the
COVID-19 lockdown, with same store sales for the half of +3.0%. This has been led by another good
performance by KFC combined with Carl’s Jr. whose sales continue to grow through both the delivery
and store channels. Product offerings such as the
Double Down promotion have help to drive this result
with a continued strong new product development pipeline expected to maintain the positive same
stores sales in 2H. Taco Bell remains only a small portion of the New Zealand business sales with the
two stores opened to date continuing to track above expectations.
Store EBITDA was down $9.1 million reflecting the lower sales; however the underlying EBITDA as a
percentage of sales has increased to 19.5% up from 18.6% in the 1H Dec 2019.
The New Zealand business received a Government wage subsidy of $22.1 million which was recognised
as an off-set to labour cost over the closedown period. Restaurant Brands is proud to have made
the decision to retain all staff at 100% of their wages and salaries throughout the lockdown period.
Although the wage subsidy help off-set the cost to the business of doing so, there was a shortfall of
approximate $0.5 million per week.

Restaurant Brands New Zealand Limited
06
The Pizza Hut sub-franchising process continues, although no existing stores were sold to franchisees
during the period, five stores have been sold to franchisees since 30 June 2020. One turnkey store
was developed and sold to a franchisee during 1H Dec 2020.
Overall store numbers increased by two during the period with one new KFC store being opened
in the Christchurch CBD and a second Taco Bell store in Shortland Street, Auckland. Both are trading
well. An additional two Taco Bell stores and two further KFC stores are expected to open before the
end of the year.
Australia operations
In $NZ terms the Australian business contributed total sales of $NZ99.1 million (-5.4%), a store EBITDA
of $NZ11.8 million (-23.9%) and EBIT (excluding the effect of NZ IFRS 16) of $NZ3.2 million (-56.6%).
In $A terms total sales in Australia were $A94.4million, down $A5.1 million or -5.1% on last year, although
on a proportional 26 week basis sales are up $A2.0m, primarily due to the effect of additional store
openings with same store sales up +0.3% for the half.
Australia
Actual
26 weeks
30 June 2020
$Am
Actual
28 weeks
9 September 2019
$Am
Proportioned
26 weeks
9 September 2019
$Am
Change
$AmChange (%)
Sales
94.4
99.592.4- 5 .1- 5 .1
Store EBITDA
11. 3
14.813.7-3.5-23.6
EBITDA as a % of sales
11. 9
14.914.9
Store numbers
65
61
The proportioned 26 weeks in the table above is an arithmetical calculation factoring down the 28 weeks 1H Dec 2019
(26 February 2019 to 9 September 2019) to a 26 week equivalent. This is for illustrative purposes only.
There was significant disruption to stores due to COVID-19 with the temporary closure of all mall stores
and the closure of all dine-in channels. The business has focused on continuing to provide a safe work
environment for all members of staff and quality of hygiene standards for customers. We continued to
invest in a number of KFC upgrades in addition to growing the portfolio with work commencing on two
new drive-thru Taco Bell sites and three additional KFC stores, all of which are expected to open before
the end of the year.
During the COVID-19 crisis the Australian business successfully expanded the home delivery services
into regional markets and generated further growth in KFC mobile ordering.
Store EBITDA margins of $A11.3 million (11.9% of sales) were down $A3.5 million or -23.6% on last year.
This reflects the ongoing challenges resulting from the dine-in restaurants not opening as well as initial
set up costs of operating Taco Bell as we look to scale the business.

07
Interim Report Dec 2020
USA operations
Total sales in Hawaii for the period were $US68.7 million with store EBITDA of $US10.2 million
(14.8% as a percentage of sales).
In $NZ terms the Hawaiian operations contributed $NZ109.8 million in revenues, $NZ16.3 million in
store EBITDA and an EBIT (adjusted for NZ IFRS 16 and other costs) of $NZ8.4 million for the period.
These results, particularly Pizza Hut, were all positive to 1H Dec 2019 despite the operational challenges
provided by COVID-19.
Hawaii
Actual
26 weeks
30 June 2020
$USm
Actual
28 weeks
9 September 2019
$USm
Proportioned
26 weeks
9 September 2019
$USm
Change
$USmChange (%)
Sales
68.7
70.965.8-2.2- 3 .1
Store EBITDA
10.2
9.48.7+0.8+8.5
EBITDA as a % of sales
14.8
13.213.2
Store numbers
75
79
The proportioned 26 weeks in the table above is an arithmetical calculations factoring down the 28 weeks 1H Dec 2019
(26 February 2019 to 9 September 2019) to a 26 week equivalent. This is for illustrative purposes only.
Although reported sales are down $US2.2 million this is predominately due to this year’s 26 week vs
last year’s reporting period of 28 weeks. On a proportioned comparison sales are up $US2.9 million for
the period which is also reflected in same store sales which are up 8.0% for the year to date.
Pizza Hut has seen a significant increase in both sales and profitability. This has been the result of both
the benefits of a strategic review which saw the closure of seven stores at the end of last year with a
move towards smaller and more efficient delivery and carry-out delcos and the excellent response by
the Pizza Hut brand to the challenges created by COVID-19. Pizza Hut USA were very responsive with
their COVID-19 response emphasizing food safety, no touch contactless delivery as well as the roll out
of curb side pick up. They also had a strong value multi pizza offering that resonated well in the Hawaii
community. Online ordering grew significantly and now accounts for 60% of sales.
Although Taco Bell was harder hit by the closure of dine in options the promotions of family size meals
and affordable pricing were successful with drive through average ticket increasing significantly.
UberEats and Postmates also came on board as food aggregators (in addition to GrubHub) which has
also helped to drive sales.
Store numbers are down by four from 1H Dec 2019 following the closure of several Pizza Hut stores late
last year which was part of our strategy to close some very old dine-in restaurants. During this period
one new Taco Bell store has opened in Kahili.

Restaurant Brands New Zealand Limited
08
Corporate and other
General and administration (G&A) costs were $22.7 million, an increase of $1.8 million on 1H Dec 2019
largely as a result of long term incentive remuneration payments plus additional costs associated with
the launch of Taco Bell in New Zealand and Australia. G&A as a % of total revenue was 5.7%, up from
4.6% in the prior year due to the drop in revenue as a result of store closures for COVID-19.
Depreciation charges of $15.4 million for the half year were $0.2 million lower than the prior year.
Although when adjusted to reflect the reduced weeks, depreciation is up by $1.8 million reflecting
the continued high level of new store builds and store refurbishments as well as new leases increasing
the right of use asset depreciation.
Financing costs of $14.1 million were up $0.8 million on prior year primarily due to an increase in
lease interest of $0.8 million resulting from new leases and some existing leases being extended.
Bank interest costs were $3.3 million, consistent with prior year with increased debt levels off-set
by lower interest.
Tax expense of $4.1 million is down $3.6 million due to the lower earnings. The effective tax rate is
26.3% down from 27.7% last year due to the strong performance of the Hawaii division which has
a corporate tax rate of 21%.
Other items
Other items for the half year were $2.6 million, an increase of $0.2 million on prior year. This year’s
costs included amortisation of franchise rights acquired on acquisition of QSR Pty Limited and Pacific
Island Restaurants Inc. ($0.7 million), impairment of assets ($0.6 million), acquisition costs ($0.8 million)
and relocation and major refurbishment costs ($0.5 million) off-set by the utilisation of depreciation
provisions of $0.4 million created in prior years.
Government grants
The Company has received $22.1 million as a wage subsidy for its New Zealand division over the
COVID-19 crisis. This money was received in April 2020 and was applied against wages and salaries
in the half year. Because of its material nature the amount is disclosed as a separate line item in the
consolidated statement of comprehensive income and is also included in the consolidated statement
of cash flows as part of the receipts from Government grants.
During the COVID-19 crisis the Group also received $US8.1 million as a Government loan in the USA.
This support is part of the Paycheck Protection Program (PPP) offered to businesses affected by the
crisis. The receipt has been classified as deferred income at reporting date pending an application for
the PPP loan to be forgiven. The amount is also included as part of receipts from Government grants
in the consolidated statement of consolidated cash flows.

09
Interim Report Dec 2020
NZ IFRS 16
The impact of NZ IFRS 16 on the Group financial statements is a reduction of $2.8 million on after
tax operating earnings (1H Dec 2019: $2.9 million).
The consolidated statement of financial position has right of use assets of $360.5 million, up
$5.4 million due to increased store numbers and lease renewals. Lease liabilities of $438.6 million
are also up $11.3 million reflecting the increase in future lease commitments.
Cash flow & balance sheet
In February the Group announced the negotiation of new bank facilities of $370 million which were
activated on 1 May 2020. The new facilities were part of the rationalisation of the Group’s lending
arrangements as it became more geographically diversified and to fund the US acquisition. The new
arrangements have meant some reduction in interest costs.
Bank debt at the end of the half year was up to $165.9 million compared to $154.3 million at the
previous year end. Cash and cash equivalents increased to $58.2 million during the period resulting
in net debt reducing by $11.7 million to $107.7 million over the half year.
Operating cash flows were $51.6 million, down $12.1 million which is a direct reflection of the effect
of COVID-19. Operating cash flows however include $35.4 million of Government grants, $22.1 million
from the New Zealand wage subsidy with the remainder in relation to the PPP loan in Hawaii.
Net investing cash outflows at $24.3 million versus $27.7 million in 1H Dec 2019 reflects the continued
high level of spend as the Group continues to build new stores as well as focus on refurbishing stores
throughout the network. The decline of $3.4 million on last year relates to having minimal spend in
April due to the New Zealand lock down together with the shorter reporting period.
Dividend
Restaurant Brands continues to ramp up its capital expenditure programme. Despite the interruption
of the COVID-19 crisis, the company is targeting more than 60 Taco Bell stores in New Zealand and
Australia over the next five years, with the first four stores already open and successfully operating.
This, combined with potential further acquisitions and the refurbishment programme is increasing
demands on capital. Directors have therefore resolved there will be no interim dividend for
31 December 2020 financial year.
Directors have also considered the future of the existing Dividend Reinvestment Plan and, given the
constraints upon the majority shareholder in participation and the limited likelihood of dividends in the
immediate future, they have elected to terminate the Dividend Reinvestment Plan with immediate effect.

Restaurant Brands New Zealand Limited
10
Acquisitions
In December 2019 the Group entered into a conditional agreement to acquire 70 stores in Southern
California, USA for $US73 million (plus some capital expenditure reimbursements). The purchase
comprised of 59 KFC stores and 11 combined KFC Taco Bell stores together with a head office
facility. The purchase was conditional on Yum! approval and the assignment of property leases.
After satisfying a number of conditions, including the approval from the franchisor, Yum! Restaurants
International, the transaction for 69 stores was settled on 2 September 2020 in New Zealand
(1 September in the USA). The $US80.7 million purchase price was fully funded through debt drawdown
on existing facilities. Total net debt is approximately $NZ240 million following the transaction.
The business is expected to generate $US95 million in sales every year with a store EBITDA of
$US12 million. It has 1,500 employees and is centred around the greater Los Angeles area.
Directors are very pleased with the acquisition and expect that it will serve as a base for considerable
future expansion in the US market.
COVID-19 response
Directors would like to acknowledge all staff for their efforts in overcoming the many and varied
challenges faced over the period of the COVID-19 crisis. Each division has had to deal with different
issues, including a full shut down and restart in New Zealand and extended periods of reduced trading
in Australia and Hawaii. During these trying and stressful times the teams in our stores managed to
successfully keep the business running.
Outlook
Although the Group was adversely affected by COVID-19, particularly with the full close down in
New Zealand trading has recovered well and is now producing results on or above prior years.
New store roll outs for the KFC brand will continue in Australia with three stores opening before
the end of the year. The Taco Bell brand will also see two stores opening in New Zealand and four
stores scheduled to open in Australia by early 2021. 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.
Despite a solid recovery in sales and margin in the beginning of 2H, continuing COVID-19 trading
restrictions and with the possibility of further outbreaks, RBD is not providing firm guidance for
the balance of this financial year.

Interim Report Dec 2020Interim Report Dec 202011

Restaurant Brands New Zealand Limited
12
Consolidated income statement
for the six months ended 30 June 2020

$NZ000’s
30 June 2020
26 weeks
unaudited
vs Prior
%
9 September 2019
28 weeks
unaudited
Sales
Total New Zealand sales
174,6 0 3
(24.3)230,797
Total Australia sales
9 9 ,13 7
(5.4)104,846
Total USA sales
109,697
2.6 106,919
Total sales
383,437
(13.4)442,563
Other revenue
12,05 4
(25.6)16,196
Total operating revenue
395,491
(13.8)458,759
Cost of goods sold
(338,839)
7.7(367,136)
Gross margin
56,652
(38.2)91,623
Distribution expenses
(2,887)
(24.5)(2,319)
Marketing expenses
(20,969)
16.2(25,010)
General and administration expenses
(22,689)
(8.4)(20,933)
Government grants
22,071
n/a–
Other items
(2,552)
(10.3)(2,312)
Operating profit (EBIT)
29,626
(31.7 )41,0 4 9
Financing expenses
(14 ,12 7 )
(5.7 )(13,365)
Net profit before taxation
15,499
(44.0)27,684
Taxation expense
(4,081)
46.9(7,679)
Total profit after taxation (NPAT)
11, 418
(42.9)20,005
% sales% sales
Concept EBITDA before G&A
including Government grants
Total New Zealand
33,970
19.5(21.0)43,026 18.6
Total Australia
11, 8 3 2
11. 9(23.9)15,539 14.9
Tot a l US A
16,272
14.815.6 14,071 13.2
Total concept EBITDA before G&A62 ,074 16.2(14.5)72,636 16.4
Ratios
Net tangible assets per security (net tangible
assets divided by number of shares) in cents19.5 (1.5)
Cost of goods sold are direct costs of operating stores: food, paper, freight, labour and store overheads.
Distribution expenses are costs of distributing product from store.
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.

Interim Report Dec 2020
13

$NZ000’s
30 June 2020
26 weeks
unaudited
vs Prior
%
Proportional reduction
1

9 September 2019
26 weeks
unaudited
Sales
Total New Zealand sales
174,6 0 3
(18.5)214,312
Total Australia sales
9 9 ,13 7
1.89 7, 3 57
Total USA sales
109,697
10.5 99,282
Total sales
383,437
(6.7 )410, 951
Other revenue
12,05 4
(19.8)15,039
Total operating revenue
395,491
( 7. 2)425,990
Cost of goods sold
(338,839)
0.6(3 4 0,912)
Gross margin
56,652
(33.4)85,078
Distribution expenses
(2,887)
( 3 4 .1)( 2 ,15 3 )
Marketing expenses
(20,969)
9.7(23,223)
General and administration expenses
(22,689)
(16.7 )(19,438)
Government grants
22,071
n/a–
Other items
(2,552)
(18.8)( 2 ,147 )
Operating profit (EBIT)
29,626
(22.3)3 8 ,117
Financing expenses
(14 ,12 7 )
(13.8)(12,411)
Net profit before taxation
15,499
(39.7 )25,706
Taxation expense
(4,081)
42.8( 7,131)
Total profit after taxation (NPAT)
11, 418
(38.5)18,575
% sales% sales
Concept EBITDA before G&A
including Government grants
Total New Zealand
33,970
19.5(15.0)39,953 18.6
Total Australia
11, 8 3 2
11. 9(18.0)14,429 14.9
Tot a l US A
16,272
14.824.513,0 66 13.2
Total concept EBITDA before G&A62 ,074 16.2(8.0)67,448 16.4
1
The results of the 28 week period ended 9 September 2019 have been proportionally reduced in an arithmetical
calculation to a comparable 26 week period. This has been done for illustrative purposes only.
Consolidated Income Statement - Proportionally reduced for comparatives
for the six months ended 30 June 2020

Restaurant Brands New Zealand Limited
14
Non-GAAP financial measures
for the six months ended 30 June 2020
The Group results are prepared in accordance with New Zealand Generally Accepted Accounting
Practice (“NZ GAAP”) and comply with New Zealand International Financial Reporting Standards
(“NZ IFRS”). These financial statements include non-NZ GAAP financial measures that are not
prepared in accordance with NZ IFRS. The non-NZ GAAP financial measures used in this
presentation are as follows:
1. EBITDA including Government grants, G&A and other items. The Group calculates Earnings
Before Interest, Tax, Depreciation and Amortisation (“EBITDA”) before G&A (general and
administration expenses) and other items by taking net profit before taxation and adding back
(or deducting) financing expenses, other items, depreciation, amortisation and G&A. The Group
also refers to this measure as Concept EBITDA before G&A and other items. This measure provides
the results of the Group’s core operating business and excludes those costs not directly attributable
to stores. This is believed to be a useful measure to assist in the understanding of the financial
performance of the Group.
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 Australia divisions (KFC and Taco Bell) and the
two USA divisions (Taco Bell and Pizza Hut). The term G&A represents non-store related overheads.
2. Total NPAT excluding the impact of NZ IFRS 16. Total Net Profit After Taxation (“NPAT”) excluding
the impact of NZ IFRS 16 is calculated by taking profit after taxation attributable to shareholders
and adding back (or deducting) lease items whilst also allowing for any tax impact of those items.
This measure reflects the performance of the business, excluding costs associated with the adoption
of NZ IFRS 16 and is considered a useful measure to assist with understanding the financial
performance of the Group.
The Group believes that these non-NZ 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 NZ IFRS.
Non-NZ GAAP measures as reported by the Group may not be comparable to similarly titled amounts
reported by other companies.

Interim Report Dec 2020
15
Non-GAAP financial measures (continued)
for the six months ended 30 June 2020
The following is a reconciliation between these non-NZ GAAP measures and net profit after taxation:
$NZ000’s Note*
Six months ended
30 June 2020
unaudited
28 weeks ended
9 September 2019
unaudited
EBITDA including Government grants,
before G&A and other items
162 ,074 72,636
Depreciation(15,361)(15,149)
Net loss on sale of property, plant and equipment
(included in depreciation)(74)(487)
Lease depreciation(13,832)(13,996)
Lease costs20,716 20,199
Amortisation (included in cost of sales)(1,328)(1,385)
General and administration costs –
area managers, general managers and support centre(20,017 )(18,457)
Other income– 603
Other expenses(2,552)(2,915)
EBIT 29,626 41, 0 4 9
Financing expenses(14 ,127 )(13,365)
Net profit before taxation 15,499 2 7, 6 8 4
Taxation expense (4,081)(7,679)
Net profit after taxation11, 418 20,005
Add back NZ IFRS 16 impact3,952 3,871
Income tax on NZ IFRS 16 impact(1,161)(956)
Total NPAT excluding the impact of NZ IFRS 16
214, 209 22,920
* Refers to the list of non-NZ GAAP measures as listed above.

Restaurant Brands New Zealand Limited
16

$NZ000’s
Note
Six months ended
30 June 2020
unaudited
28 weeks ended
9 September 2019
unaudited
44 weeks ended
31 December 2019
audited
Store sales revenue383,437 442,563 70 5 , 5 41
Other revenue12,054 16,196 2 8 ,12 5
Total operating revenue395,491 458,759 733,666
Cost of goods sold(338,839)(367,136)(587,874)
Gross profit56,652 91,623 145,792
Distribution expenses(2,887)(2,319)(3,976)
Marketing expenses(20,969)(25,010)(39,524)
General and administration expenses(22,689)(20,933)(33,306)
Government grants
1622,071 – –
Other income3– 603 722
Other expenses3(2,552)(2,915)(5,338)
Operating profit (EBIT)29,626 41, 0 4 9 64,370
Financing expenses(14 ,127 )(13,365)(21,464)
Profit before taxation15,499 2 7, 6 8 4 42,906
Taxation expense(4,081)(7,679)(12,815)
Profit after taxation attributable
to shareholders11, 418 20,005 30,091
Other comprehensive income:
Exchange differences on translating foreign operations6,615 7, 9 3 0 1,707
Derivative hedging reserve(1,355)(2,080)(1,473)
Income tax relating to components of other
comprehensive income152 333 217
Other comprehensive income net of tax5, 412 6 ,18 3 4 51
Total comprehensive income attributable
to shareholders16,830 2 6 ,18 8 30,542
Basic and diluted earnings per share (cents)
49.15 16.0 4 24 .12
For and on behalf of the Board:
José Parés Gutiérrez Emilio Fullaondo Botella
Chairman Director
8 September 2020
Consolidated statement of comprehensive income
for the six months ended 30 June 2020

Interim Report Dec 2020
17
Consolidated statement of changes in equity
for the six months ended 30 June 2020

$NZ000’s
Share
capital
Foreign
currency
translation
reserve
Derivative
hedging
reserve
Retained
earningsTotal
For the 44 week period ended 31 December 2019
Balance at the beginning of the period154,565 (1,871)(480)72,456 224,670
Adoption of NZ IFRS 16– – – (47, 218 )(47, 218 )
Restated balance at the beginning of the period154,565 (1,871)(480)25,238 177, 452
Comprehensive income
Profit after taxation attributable to shareholders– – – 20,005 20,005
Other comprehensive income
Movement in foreign currency translation reserve– 7, 9 3 0 – – 7, 9 3 0
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)45,243 203,640
Comprehensive income
Profit after taxation attributable to shareholders–––10,086 10,086
Other comprehensive income
Movement in foreign currency translation reserve– (6,223)– – (6,223)
Movement in derivative hedging reserve– – 491 – 491
Total other comprehensive income– (6,223)491 – (5,732)
Total comprehensive income– (6,223)491 10,086 4,354
Audited balance as at 31 December 2019154,565 (164)(1,736)55,329 207,994

Restaurant Brands New Zealand Limited
18
Consolidated statement of changes in equity (continued)
for the six months ended 30 June 2020

$NZ000’s
Share
capital
Foreign
currency
translation
reserve
Derivative
hedging
reserve
Retained
earningsTotal
For the six month period ended 30 June 2020
Balance at the beginning of the period154,565 (164)(1,736)55,329 207,994
Comprehensive income
Profit after taxation attributable to shareholders–––11, 418 11, 418
Other comprehensive income
Movement in foreign currency translation reserve– 6,615 – – 6,615
Movement in derivative hedging reserve– – (1,203)– (1,203)
Total other comprehensive income– 6,615 (1,203)– 5, 412
Total comprehensive income– 6,615 (1,203)11, 418 16,830
Unaudited balance as at 30 June 2020154,565 6,451 (2,939)66,747 224,824

Interim Report Dec 2020
19
Consolidated statement of financial position
as at 30 June 2020

$NZ000’s
Note
As at
30 June 2020
unaudited
As at
9 September 2019
unaudited
As at
31 December 2019
audited
Non-current assets
Property, plant and equipment
5
185,772 161,739 175,781
Right of use assets
6
360,535
3 5 5 ,12 5
353,937
Sub-lease receivable991 840 1,029
Intangible assets256,614 2 57, 4 51 24 9 ,14 0
Deferred tax asset41, 4 62
34,731
36,353
Total non-current assets845, 374 809,886 816,24 0
Current assets
Inventories12, 230 11,14 0 12 , 415
Trade and other receivables9,762 12,4 86 9,528
Income tax receivable963 2,522 1,546
Cash and cash equivalents58,220 41, 3 42 34,965
Held for sale – assets
8
3,883
– –
Held for sale – assets for stores developed for sale
9
4,054 3,862 5,210
Total current assets8 9 ,112 71,352 63,664
Total assets934,486 881,238 879,904
Equity attributable to shareholders
Share capital154,565 15 4,565 15 4,565
Reserves3, 512 3,832 (1,90 0)
Retained earnings66,747 45,243 55,329
Total equity attributable to shareholders224,824 203,640 207,994
Non-current liabilities
Provision for employee entitlements654 823 676
Deferred income290 352 328
Loans
10
165,898 148,082 52,74 8
Lease liabilities418 ,051 4 0 7, 2 3 2 4 0 7,131
Derivative financial instruments 3,598 2,857 2,217
Total non-current liabilities588,491 559,346 4 6 3 ,10 0
Current liabilities
Income tax payable2,008 2,632 3,563
Trade and other payables80,200
89,330
78,791
Provision for employee entitlements1,540 1,621 1,584
Lease liabilities20,501
20,033
20,963
Deferred income
12, 16
12,765 78 77
Held for sale – liabilities
8
1,942
– –
Held for sale – liabilities for stores developed for sale
9
2 , 215 1,466
2,254
Loans
10
– 3,092 101,578
Total current liabilities121,171 118 , 2 5 2 208,810
Total liabilities709,662 6 7 7, 5 9 8 671,910
Total equity and liabilities934,486 881,238 879,904

Restaurant Brands New Zealand Limited
20
Consolidated statement of cash flows
for the six months ended 30 June 2020

$NZ000’s
Note
Six months ended
30 June 2020
unaudited
28 weeks ended
9 September 2019
unaudited
44 weeks ended
31 December 2019
audited
Cash flows from operating activities
Cash was provided by/(applied to):
Receipts from customers395,644 460,889 734,263
Receipts from Government grants
1635,354 – –
Payments to suppliers and employees(356,048)(372,626)(609,579)
Interest paid(3,024)(4,210)(5,370)
Interest paid on leases(10,837)(10,073)(16,351)
Payment of income tax(9,487)(10,285)(15,338)
Net cash from operating activities51,602 63,695 8 7, 6 25
Cash flows from investing activities
Cash was provided by/(applied to):
Acquisition of business– – (647 )
Payment for intangible assets(1,371)(3,543)( 4 , 911)
Purchase of property, plant and equipment(23,399)(24,606)(5 4,772)
Proceeds from disposal of property,
plant and equipment91 373 555
Landlord contributions received 362 105 105
Net cash used in investing activities(24, 317 )( 2 7, 6 71)(59,670)
Cash flows from financing activities
Cash was provided by/(applied to):
Proceeds from loans360,897 6,453 265,345
Repayment of loans(354,534)(6,615)( 257, 521)
Payments for lease principal(9,880)(10 ,12 5 )(16,019)
Net cash used in financing activities(3, 517 )(10,287)( 8 ,19 5 )
Net increase in cash and cash equivalents23,768 25,737 19,76 0
Cash and cash equivalents at beginning of the period34,965 15,034 15,034
Opening cash balances acquired on acquisition – –
3
Foreign exchange movements(513)571 168
Cash and cash equivalents at the end
of the period58,220 41, 3 42 34,965
Cash and cash equivalents comprise:
Cash on hand1,436 477 1,680
Cash at bank56,784 40,865 33,285
58,220 41, 3 42 34,965

Interim Report Dec 2020
21
Consolidated statement of cash flows (continued)
For the six months ended 30 June 2020
Reconciliation of profit after taxation with net cash from operating activities

$NZ000’s
Six months ended
30 June 2020
unaudited
28 weeks ended
9 September 2019
unaudited
44 weeks ended
31 December 2019
audited
Total profit after taxation attributable
to shareholders11, 418 20,005 30,091
Add items classified as investing activities:
Loss on disposal of property, plant and equipment468 946 3,590
468 946 3,590
Add/(less) non-cash items:
Depreciation2 9,19 3 29,631 47, 6 4 6
Lease termination– – (301)
(Decrease)/increase in provisions(96)298 (67)
Amortisation of intangible assets2,034 2,503 3,959
Impairment on property, plant and equipment(388)–
(660)
Net increase in deferred tax asset(4, 516)(732)( 3 ,18 7 )
26,227 31,70 0 47, 3 9 0
Add/(less) movement in working capital:
Decrease/(increase) in inventories249 (839)( 2 ,16 6 )
Decrease/(increase) in trade and other receivables737 (828)645
Increase in trade creditors and other payables13,371 14,0 74 7, 6 2 9
(Decrease)/increase in income tax payable(868)(1,363)446
13,489 11, 0 4 4 6,554
Net cash from operating activities51,602 63,695 8 7, 6 25
Reconciliation of movement in term loans
Opening balance154,326 145,853 145,853
Net cash flow movement6,363 (162)7, 8 24
Foreign exchange movement5,209 5,483 649
Closing balance165,898 151,174 15 4,326

Restaurant Brands New Zealand Limited
22
Notes to and forming part of the consolidated financial statements
for the six months ended 30 June 2020
1. General information
The reporting entity is the consolidated group (the “Group”) comprising the economic entity Restaurant
Brands New Zealand Limited (the “Company”) and its subsidiaries. Restaurant Brands New Zealand is a
limited liability company incorporated and domiciled in New Zealand. The principal activity of the Group
is the operation of quick service and takeaway restaurant concepts in New Zealand, Australia, USA,
Saipan and Guam.
The Company is listed on the New Zealand Stock Exchange (“NZX”) and the Australian Securities
Exchange (“ASX”) and is an FMC reporting entity and subject to the Financial Markets Conduct Act 2013
legislative provisions. The Group is designated as a for-profit entity for financial reporting purposes.
Statutory base
The Company is registered under the Companies Act 1993 and is an FMC reporting entity under Part 7
of the Financial Markets conduct Act 2013.
Reporting framework
These interim financial statements for the 6 months ended 30 June 2020 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 44 week period ended 31 December 2019.
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 $372.3 million (refer Note 10)
and has the ability to fully pay debts as they fall due. At balance date the amount undrawn was
$206.4 million.
During the 2019 calendar year the Group had a change in balance date to align with Global Valar S.L.
our major shareholder. These interim financial statements are for the six months ending 30 June 2020.
The prior interim comparative represents the 28 weeks ended 9 September 2019. The prior full year
comparative represents the 44 week period ended 31 December 2019. Therefore the current period
is not directly comparable to the prior period.

Interim Report Dec 2020
23
To ensure consistency with the current period, comparative figures have been restated where
appropriate. Previously, the Group presented certain items as non-trading in the consolidated
statement of comprehensive income. To ensure consistency and comparability with the current
period, the transactions previously included as non-trading items have been split between other
income and other expenses. In addition, the Group has reclassified the right of use asset for stores
developed for sale into the Held for sale – asset for stores developed for sale line item. The associated
lease liabilities have been reclassified into the Held for sale – liabilities for stores developed for sale line
item. To ensure consistency and comparability with the current period, the same reclassification has
been recorded in the previous periods.
New standards and amendments
There are various standards, amendments and interpretations which were assessed as having an
immaterial impact on the Group. There are no NZ IFRS, NZ IFRIC interpretations or other applicable
IFRS that are effective for the first time for the financial year beginning on or after 1 January 2020
that had a material impact on the 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 USA. 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 (Group CEO) and Group Chief Financial Officer (Group CFO).
The chief operating decision makers consider the performance of the business from a geographic
perspective, being New Zealand, Australia and USA (including Hawaii, 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 other items. EBITDA refers to earnings before interest, taxation, depreciation
and amortisation. EBIT refers to earnings before interest and taxation. Operating revenue is from
external customers.
Notes to and forming part of the consolidated financial statements (continued)
for the six months ended 30 June 2020

Restaurant Brands New Zealand Limited
24
30 June 2020
$NZ000’s
New Zealand AustraliaUSA
Corporate
support
function
Consolidated
half year
unaudited
Business segments
Store sales revenue174,6 0 3 9 9 ,13 7 109,697 – 383,437
Other revenue11, 9 31 – 123 – 12,05 4
Total operating revenue186,534 9 9,137 109,820 – 395,491
EBITDA before general and
administration expenses,
NZ IFRS 16 and other items12,893 11, 8 3 2 16,272 – 40,997
Government grants22,071 – –
– 22,071
General and administration expenses(8,071)(4,280)(4 ,741)(3,919)( 21, 0 11)
EBITDA before NZ IFRS 16
and other items26,893 7, 552 11, 5 31 (3,919)42,057
Depreciation( 8 ,15 3 )( 4 ,117 )( 3 ,16 0 )(5)(15,435)
Amortisation(1,087)(222)(19)– (1,328)
Segment result (EBIT) before
NZ IFRS 16 and other items17,653 3, 213 8,352 (3,924)25,294
Other items
Other expenses(630)(337)(781)(804)(2,552)
Operating profit (EBIT)
before NZ IFRS 1617,023 2,876 7, 571 (4,728)22 ,742
Adjustments for NZ IFRS 164 ,19 6 1,756 932 – 6,884
Operating profit (EBIT) 21,219 4,632 8,503 (4,728)29,626
Current assets4 8,787 11, 6 8 6 28,639 – 8 9 ,112
Non-current assets262,560 119 ,16 6 10 2 ,12 2 – 483,848
Non-current lease assets178,281 115,621 67,624 – 361,526
Total assets489,628 246,473 198,385 –934,486
Notes to and forming part of the consolidated financial statements (continued)
for the six months ended 30 June 2020

Interim Report Dec 2020
25
9 September 2019
$NZ000’s
New Zealand AustraliaUSA
Corporate
support
function
Consolidated
half year
unaudited
Business segments
Store sales revenue230,798 104,846 106,919
–
442,563
Other revenue16,0 46
–
15 0
–
16,196
Total operating revenue246,844 104,846 107,0 69 –458,759
EBITDA before general and
administration expenses,
NZ IFRS 16 and other items43,026 15,539 14,071 – 72,636
General and administration expenses( 7,70 4)(4,439)(5,008)(1,306)(18,457)
EBITDA before NZ IFRS 16
and other items35,322 11,10 0 9,063 (1,306)5 4 ,17 9
Depreciation(8,230)( 4 ,115 )(3,284)(6)(15,635)
Amortisation(1,17 0 )(205)(10)– (1,385)
Segment result (EBIT) before
NZ IFRS 16 and other items25,922 6,780 5,769 (1,312)37,159
Other items
Other income205
398 – – 603
Other expenses(480)(1,218)(1,17 0 )(46)(2,915)
Operating profit (EBIT)
before NZ IFRS 1625,648 5,959 4,599 (1,358)34,847
Adjustments for NZ IFRS 16 4,070 1,379 754 – 6,202
Operating profit (EBIT)29,717 7, 338 5,352 (1,358)41,0 4 9
Current assets
45,739

9,626 15,988
– 71,353
Non-current assets
123,219

156,932 173,770 –
453,921
Non-current lease assets
17 3 ,18 3
110 , 5 4 5
72,236
–
355,964

Total assets3 42 ,141 27 7,10 3 261,994 – 881,238
Notes to and forming part of the consolidated financial statements (continued)
for the six months ended 30 June 2020

Restaurant Brands New Zealand Limited
26
2.1 Reconciliation between EBIT after other items and NZ IFRS 16
and net profit after tax

$NZ000’s

Six months ended
30 June 2020
unaudited
28 weeks ended
9 September 2020
unaudited
44 weeks ended
31 December 2019
audited
EBIT 29,626 41, 0 4 9 64,370
Financing expenses(14 ,127 )(13,365)(21,464)
Net profit before taxation15,499 2 7, 6 8 4 42,906
Taxation expense(4,081)(7,679)(12,815)
Net profit after taxation11, 418 20,005 30,091
Add back net financing impact of NZ IFRS 163,952 3,871 6,076
Less income tax impact of NZ IFRS 16 (1,161)(956)(1,547 )
Net profit after taxation excluding NZ IFRS 16 14, 209 22,920 34,620
Less other income
– (603)(421)
Add back other expenses2,552 2,915 5,338
Less income tax on other items(665)(224)(883)
Net profit after taxation excluding
other items and NZ IFRS 1616,096 25,008 38,654
Notes to and forming part of the consolidated financial statements (continued)
for the six months ended 30 June 2020

Interim Report Dec 2020
27
3. Profit before taxation

$NZ000’s

Six months ended
30 June 2020
unaudited
28 weeks ended
9 September 2019
unaudited
44 weeks ended
31 December 2019
audited
Profit before taxation
The profit before taxation is calculated after
charging / (crediting) the following items:
Royalties paid22,956 26,376 42,069
Lease expenses2,007 4,043 3,953
New Zealand Government wage subsidy(22,071) – –
Rent relief(1,14 6 ) – –
Other income
Net gain on sale of stores– 83 100
Lease termination– 199 301
Lease surrender gain– 321 321
Total other income– 603 722
Other expenses
Recurring
Amortisation of franchise rights acquired on
acquisition of QSR Pty Limited (QSR) and
Pacific Island Restaurants Inc. (PIR)(707)(1,119 )(1,781)
Relocation and refurbishment(500)(963)(3,209)
Non-recurring
Acquisition costs(813)(97)(631)
Leave remediation(19)(290)(361)
Calendar realignment costs(50)
–
(16)
Impairment of assets(593)(75)
–
Utilisation of depreciation provision388 – 660
Store closure costs(232)(347 )–
Make good on acquisition(26)(24)
–
Total other expenses(2,552)(2,915)(5,338)
New Zealand Government wage subsidy
As part of the New Zealand Government response to COVID-19 the Group received a Government wage
subsidy of $22.1 million. This has been included as a separate item on the consolidated statement of
comprehensive income. The Group views this as a credit against salaries and wage costs, however due
to the material nature of the subsidy it is disclosed separately. It has also been included as receipts from
Government grants in the consolidated statement of cash flows. Refer to Note 16 for further details.
Notes to and forming part of the consolidated financial statements (continued)
for the six months ended 30 June 2020

Restaurant Brands New Zealand Limited
28
Rent relief
The Group received rent relief of $1.1 million during the period. This has been included as a negative
variable rent within the consolidated statement of comprehensive income. Contracts with abatement
clauses total $0.5 million whilst those without abatement clauses total $0.6 million.
Lease termination
This is the gain related to the termination of a lease contract prior to its maturity.
Utilisation of depreciation provision
This is the correction of depreciation charged on assets that were impaired in previous periods.
4. Earnings per share

30 June 2020
half year unaudited
9 September 2019
half year unaudited
31 December 2019
full year audited
Basic and diluted earnings per share
Profit after taxation attributable to the
shareholders ($NZ000's)11, 418 20,005 30,091
Weighted average number of shares on issue
(000's)124,759 124,759 124,759
Basic and diluted earnings per share (cents)9.15 16.0 4 24 .12
Shares on issue
As at 30 June 2020, the total number of ordinary shares on issue was 124,758,523
(September 2019: 124,758,523).
5. Property, plant and equipment
Acquisition and disposals
During the six months ended 30 June 2020, the Group acquired assets with a total cost of $23.5 million
(September 2019: $26.5 million) and disposed of assets with a total cost of $5.7 million (September
2019: $11.3 million).
6. Right of use assets
Additions and modifications
During the six months ended 30 June 2020, the Group had lease additions and modifications of
$15.6 million (September 2019: $15.3 million). There has been no disposals or reductions to the
right of use assets (September 2019: nil).
Notes to and forming part of the consolidated financial statements (continued)
for the six months ended 30 June 2020

Interim Report Dec 2020
29
7. Related party transactions
Transactions with key management or entities related to them
There were no related party transactions with key management or any Directors or entities associated
with them.
8. Assets classified as held for sale
This relates to existing Pizza Hut stores that are being actively marketed and are immediately available
for sale. It is expected that these stores will be sold within the next 12 months. Included in the held for
sale asset are $1.7 million relating to right of use assets. The liabilities held for sale of $1.9 million relates
to lease liabilities associated with the stores held for sale.
9. New stores developed for sale
This relates to new Pizza Hut stores developed for sale in New Zealand which are being actively
marketed for sale and are expected to be sold within 12 months. Included as part of the balance
is $2.2 million of lease liabilities and $2.1m of right of use assets associated with these stores.
10. Loans
On 25 February 2020 the Group entered into new loan facility agreements. The facilities are split
between NZD, USD and AUD tranches and replace the Group’s previous agreements which primarily
expired on 12 October 2020. Most of the tranches are for three year terms with the remainder expiring
in four years.
The Group has loan facilities in place totalling $372.3 million with the following financial institutions:
• Westpac Banking Corporation – $NZ20.0 million and $A70.0 million facility expiring
on 1 May 2023
• Bank of China – $NZ20.0 million facility expiring on 1 May 2023 and $A40.0 million
facility expiring on 1 May 2024
• J P Morgan – $US75.0 million expiring on 1 May 2023
• Rabobank – $NZ20.0 million expiring on 1 May 2023 and $US50.0 million facility
expiring on 1 May 2024
Notes to and forming part of the consolidated financial statements (continued)
for the six months ended 30 June 2020

Restaurant Brands New Zealand Limited
30
The specific covenants relating to financial ratios the Group is required to meet under the new
agreements are:
• debt coverage ratio (i.e. net debt to EBITDA), with EBITDA being earnings before interest,
taxation, deprecation and amortisation, and
• fixed charge coverage ratio (EBITDAL to fixed charges), with EBITDAL being EBITDA
before lease costs, fixed charges comprise interest and lease costs, and
• guaranteeing group assets ratio (i.e. total guaranteeing group tangible assets to total
consolidated group tangible assets), and
• guaranteeing group earnings ratio (i.e. non-guaranteeing group EBITDA to the consolidated
group EBITDA).
11. Capital commitments
The Group has capital commitments totalling $4.5 million (September 2019: $23.4 million) which
are not provided for in these financial statements.
12. Deferred income
In April 2020 as part of the USA government response to COVID-19 the Hawaii division applied for
a Paycheck Protection Program (PPP) loan of $12.7 million ($US8.1 million). The Group believes that
the companies within the Hawaii division met the criteria to qualify for the loan at the date of the
application. The eligibility is subject to a future audit by the federal government at which time the
Hawaii division may be deemed not to be eligible. If this was the outcome of the audit the company
would be required to repay the PPP loan as well as 1% interest on that loan from the period it was
received until the date it was repaid. The Group believes that the USA resident companies did meet
the criteria to qualify for the loan and future forgiveness of the loan and that the audit is unlikely to
require the loan to be repaid.
The PPP loan was initially received as a loan and once various criteria are met the Group can apply
for forgiveness of that loan. Once forgiveness of the loan has been approved it will be recognised in
the consolidated statement of comprehensive income, until that time it is held as a financial liability
disclosed as deferred income.
13. Contingent liabilities
There are no contingent liabilities that the directors consider will have a significant impact on the
financial position of the Group (September 2019: nil).
Notes to and forming part of the consolidated financial statements (continued)
for the six months ended 30 June 2020

Interim Report Dec 2020
31
Notes to and forming part of the consolidated financial statements (continued)
for the six months ended 30 June 2020
14. 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 or 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 Fair Value
Measurement) 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.
15. Deed of Cross Guarantee
Pursuant to the Australian Securities and Investment Commission (ASIC) Class Order 98/1418,
the wholly owed 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.
16. Government grants
The Group has received $22.1 million as a wage subsidy for its New Zealand division. This money was
received in April 2020 and was applied against wages and salaries between March and June 2020.
This amount is shown as a separate line item in the consolidated statement of comprehensive income
due to its material nature. The amount received is also included in the consolidated statement of cash
flows as part of the receipts from Government grants.
The Group also received a $12.7 million PPP loan in the USA. This amount has been included as part
of deferred income at reporting date as the Group has yet to apply for the PPP loan to be forgiven.
The amount is also included as part of receipts from Government grants in the statement of
consolidated cash flows.
Government grants are recognised when there is reasonable assurance that the company will
comply with the conditions attached to the grant and the grant will be received. A forgivable loan
from government is treated as a government grant when there is reasonable assurance that the
company will meet the terms for forgiveness of the loan.
The Group will recognise a grant using the income approach with the grant recognised in profit
and loss over the period in which the company recognises as expenses the related costs for which
the grant is intended to compensate.

Restaurant Brands New Zealand Limited
32
17. COV I D -19
On 30 January 2020, the spread of COVID-19 was declared a public health emergency by the
World Health Organisation. Following this, on 25 March 2020, the New Zealand Government raised
its Alert level to 4 which entailed a full lockdown of non-essential services. During Alert level 4, the
Group’s operations in New Zealand were deemed to be a non-essential service, and as a result, all
stores were closed. Stores in New Zealand were re-opened during Alert level 3 for drive through and
delivery, on 28 April 2020. In Australia and the USA, there were closures of the dine-in business and
a number of in-line and mall stores during the month of April.
The shutdown in New Zealand and reduced operations in Australia and the USA severely impacted
trading in these markets over the April period. Accordingly, the Directors consider it appropriate to
reduce forecasts for the year ended 31 December 2020 which largely relate to the impacts from the
April period.  Following the April period, the Group has continued to operate largely unaffected with
sales across most divisions up on the prior year for May and June.
An assessment of the impact of COVID-19 on the Group interim consolidated financial statements
is set out below, based on information available at the time of preparing these interim consolidated
financial statements:
Government grants: The Group has claimed $22.1 million under the New Zealand Wage Subsidy
Scheme for the 12 weeks beginning 26 March. This has been recognised and disclosed separately
in the consolidated statement of comprehensive income. For further information about the
New Zealand Government grant claimed see Note 16.
Deferred income: The Group claimed $US8.1 million in the USA as a PPP loan for the period. This has
been recognised as deferred income in the consolidated statement of financial position. The Group is
expecting to apply for forgiveness of this loan during the second half of the year. Once the forgiveness
of the loan is approved the amount will be recognised as a Government grant in the consolidated of
comprehensive income. For further information about the deferred income arising from this claim see
Note 12.
Property, plant and equipment: Property, plant and equipment are stated at historical cost less
depreciation and impairment. Following recovery of operations since the April period, COVID-19
and the resulting economic impacts, as assessed at this reporting period, is not an external indicator
of impairment. The Group has therefore concluded that no impairment is required.
Right-of-use assets and lease liabilities: The Group has engaged with landlords for rent relief as
a result of the lock down in New Zealand and the reduced trading in the other divisions. To date,
$1.1 million in rent relief has been included as negative variable rental payments in the consolidated
statement of comprehensive income.
Notes to and forming part of the consolidated financial statements (continued)
for the six months ended 30 June 2020

Interim Report Dec 2020
33
Goodwill: Following recovery of operations since the April period, COVID-19 and the resulting
economic impacts, as assessed at this reporting period, is not an external indicator of impairment.
For the Pizza Hut New Zealand cash generating unit (CGU), as disclosed the 31 December 2019
financial statements, a reasonably possible change in key assumptions were identified as resulting in
impairment. Since then the Pizza Hut New Zealand CGU has returned improved results largely due to
the store sales program, delivering an improved EBITDA percentage. Discount rates have also reduced
as a result of decreases in market interest rates. The expected recoverable amount has increased from
the calculation performed at 31 December 2019. For this reporting period, any reasonably possible
change in the key assumptions used in the calculations would not cause the carrying amount to exceed
its recoverable amount. We will update our impairing testing for all CGU’s at the 31 December 2020
reporting period.
No other significant measurement impacts were noted. No impact on the going concern status of the
Group has been identified as a result of COVID-19.
18. Subsequent events
On 24 December 2019 the Group entered a conditional agreement to acquire the assets of 70 stores in
Southern California, USA. The purchase now comprises 58 KFC stores and 11 combined KFC Taco Bell
stores, together with a head office facility.
After satisfying a number of conditions, including the approval from the franchisor, Yum! Restaurants
International, the transaction was settled with Great American Chicken Corp, Inc and Great American
Chicken LLC. Control of the stores passed on 2 September 2020 in New Zealand, which corresponds
to 1 September in the USA. The $US80.7 million purchase price has been fully funded through debt
drawdown on the Group’s existing facilities. The Group’s total net debt is expected to be approximately
$NZ240 million after the transaction.
The assets are expected to generate annual turnover of $US95 million and Store EBITDA (pre-G&A)
in excess of $US12 million.
The transaction is a non-adjusting event. As the transaction has recently settled the acquisition
accounting has not been completed and any financial impact has not been recognised in these
financial statements.
During July the Group sold 5 Pizza Hut stores for $2.2 million. This is a non-adjusting event therefore
the financial impact has not been recognised in these financial statements.
There are no other subsequent events that would have a material effect on these financial statements.
Notes to and forming part of the consolidated financial statements (continued)
for the six months ended 30 June 2020

Restaurant Brands New Zealand Limited34
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 16 to 33, which comprise the
consolidated statement of financial position as at 30 June 2020, 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. Other than in our capacity as auditors and providers of specified
procedures on landlord certificates and review of Yum! Advertising Co-operative report, we have
no relationships in, or interests in, the Group. The provision of these other services has not impaired
our independence.
Independent review report
To the shareholders of Restaurant Brands New Zealand Limited

Interim Report Dec 202035
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 30 June 2020, 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
8 September 2020 Auckland

Restaurant Brands New Zealand Limited
36
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
J . P. M o r g a n
Rabobank
Bank of China
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 2020
Annual profit announcement
February 2021
Corporate directory
Restaurant Brands New Zealand Limited36

www.restaurantbrands.co.nz