Restaurant Brands Q4 Sales Announcement

Restaurant Brands New Zealand Limited

29 January 2021
ASX/NZX

Restaurant Brands Announces Total Sales for the 2020 Financial Year

Restaurant Brands’ total sales for the year to December 2020 were $892.4 million, an increase of 2.1%
across the businesses it operated for the full year and up 8.4% when including four months trading from
its recent California acquisition.

For the fourth quarter of the financial year (three months to 31 December 2020) total sales were
$269.1 million, an increase of $54.5 million driven primarily by the inclusion of trading for the California
acquisition. Total sales for the fourth quarter after excluding the California acquisition were up 7.4% on
the equivalent period last year due to strong same store sales growth, particularly in Hawaii and
New Zealand.

COVID-19 had a significant negative effect on total annual sales for the New Zealand market as a result
of the full closure of the business for five weeks and reduced dine-in sales. The ongoing global situation
continues to affect all overseas markets.

Company owned store numbers were up by 64 on the equivalent period last year to 348, primarily
following the acquisition of 69 stores in California in September 2020.

New Zealand

Full year sales for New Zealand were $410.4 million, a decrease of 4.3% in total as a direct result of
five weeks of Government-mandated full store closures earlier in the year. During the full store
closures estimated lost sales were $40 million most of which were not recovered over the balance of
the year.

Fourth quarter total sales for New Zealand were $119.9 million, an increase of 7.3% on the equivalent
period last year.

Store numbers decreased by two during the quarter to 137, with the sale of four Pizza Hut stores to
independent franchisees, partly offset by the opening of Taco Bell stores in Lunn Ave and Taupiri in
December.

Australia

Full year sales for Australia were $A202.4 million ($NZ214.9 million), an increase of 8.1% in total, due
to new store openings late last year and up 2.0% on a same store basis (local currency).

Fourth quarter sales for Australia were $A55.1 million ($NZ58.4 million), an increase of 10.8%. This
primarily arose from the increase in store numbers over last year with the opening of four Taco Bell
stores and four additional KFC stores. On a same store basis sales were up 3.6% (local currency).

Store numbers increased by five during the quarter to 70, with the opening of two Taco Bell stores in
Albion Park and Ballina, and three new KFC stores (Ballina, Greenacre and Bennetts Green).

Hawaii

Full year sales in Hawaii were $US139.3 million ($NZ215.1 million), an increase of 7.4% on a total basis
and 7.7% on a same store basis (local currency).

Fourth quarter sales were $US35.6 million ($NZ52.3 million). This was an increase of 6.1% on a same
store basis (local currency). The small downturn in Taco Bell sales arising from the ongoing unavailability
of instore dining (due to local COVID-19 restrictions) was offset by Pizza Hut sales which responded to
an increased demand for home delivery.

Store numbers decreased by three during the quarter to 72 stores with the closure of three older format
Pizza Hut stores.

California

In early September the company acquired 69 stores (58 KFC and 11 joint KFC/Taco Bell) in California.

For the first full quarter of trading the sales were $US26.7 million ($NZ38.5 million), up on both prior
year levels and pre-purchase expectations.

Sales for the four months of trading following acquisition were $US35.6 million ($NZ51.9 million).

Annual Profit Result

The company will release its annual trading result for the year ended 31 December 2020 on 25 February
2021.




Authorised by:

Russel Creedy Grant Ellis
CEO
+64 9 525 8700
CFO
+64 9 525 8700


ENDS

2020 ($000's)2019 ($000's)Change
Total Store Sales ($NZ)
Q4 2020 vs Q4 2019

New Zealand119,879 111,764 7.3%
Australia58,397 52,533 11.2%
Hawaii52,265 50,288 3.9%
California38,539 - n/a
Total Store Sales269,080 214,584 25.4%
YTD 2020 vs YTD 2019
New Zealand410,399 428,840 (4.3%)
Australia214,923 197,340 8.9%
Hawaii215,113 197,087 9.1%
California51,924 - n/a
Total Store Sales892,359 823,267 8.4%
20202019Change
Same Store Sales
Q4 2020 vs Q4 2019
New Zealand9.4% n/c *n/c *
Australia3.6% n/c *n/c *
Hawaii6.1% n/c *n/c *
YTD 2020 vs YTD 2019
New Zealand5.3% 5.0% 0.3%
Australia2.0% 5.1% (3.1%)
Hawaii7.7% 9.1% (1.4%)
RESTAURANT BRANDS NEW ZEALAND LIMITED
Quarterly Sales Report
Summary of Results for the 4th Quarter (Q4)
(for the 3 months 01/10/20 to 31/12/20)

2020 ($000's)2019 ($000's)Change
Total Store Sales (Local Currency)
Q4 2020 vs Q4 2019
Australia ($A)55,099 49,748 10.8%
Hawaii ($US)35,594 32,381 9.9%
California ($US)26,737 - n/a
YTD 2020 vs YTD 2019
Australia ($A)202,438 187,189 8.1%
Hawaii ($US)139,321 129,780 7.4%
California ($US)35,569 - n/a
20202019Change
Number Of Stores Open At Quarter End
New Zealand137 144 (7)
Australia70 61 9
Hawaii72 79 (7)
California69 - 69
Total Stores348 284 64
Exchange Rates
- Blended $A:$NZ rate for Q40.944 0.947 (0.003)
- Blended $A:$NZ rate for YTD0.942 0.949 (0.007)
- Blended $US:$NZ rate for Q40.686 0.644 0.042
- Blended $US:$NZ rate for YTD0.655 0.658 (0.003)
Note: Some sales numbers for each of the divisions may not aggregate in total due to rounding.
* Quarterly comparatives for 2019 are not comparable due to the change of balance date last year from February 2020 to December 2019,
resulting in December 2019 same store sales being only for 4 weeks.
Summary of Results for the 4th Quarter (Q4)
(for the 3 months 01/10/20 to 31/12/20)
RESTAURANT BRANDS NEW ZEALAND LIMITED
Quarterly Sales Report