Restaurant Brands Q4 Sales Announcement

Restaurant Brands New Zealand Limited

27 January 2022
ASX/NZX

Restaurant Brands Annual Sales Exceed $1 Billion Despite Impact of COVID-19

Restaurant Brands’ total sales for the year ended 31 December 2021 were $1,068.2 million, an
increase of $175.9 million (19.7%) from 2020. Approximately $100 million of the increase arose from
an additional eight months trading this year from the California acquisition. Same store sales were
strong despite the adverse impact of the continued COVID-19 crisis.

Restaurant Brands responded strongly to COVID-19’s continuing impact on the business in all
markets, despite the challenging trading environment, government-mandated restrictions and
changes in consumer behaviour. As a result the company achieved its long-standing goal of
$1 billion in annual sales, with solid foundations for further sales growth in all four regions in place.

For the fourth quarter of the financial year (three months to 31 December 2021) total sales were
$284.0 million, an increase of $14.9 million (5.5%) on the equivalent period last year. All regions had
positive same store growth despite the ongoing impact of COVID-19.

Company owned store numbers were up by 11 on the equivalent period last year to 359, primarily
from the acquisition of five KFC stores in Sydney earlier in the year and the ongoing builds of new
Taco Bell stores in Australia and New Zealand. This was partly offset by the sale of several
New Zealand Pizza Hut stores to independent franchisees.

New Zealand

Full year sales for New Zealand were $461.1 million, an increase of 12.4%, primarily from strong
same store sales growth of 9.1%. It is estimated that the Government-mandated full store closures
resulted in lost sales of $26 million in 2021 and $40 million in 2020.

Fourth quarter total sales for New Zealand were $126.2 million, an increase of 5.3% on the equivalent
period last year, with Carl’s Jr. and Pizza Hut performing very strongly.

Store numbers increased by four during the quarter to 137, with the opening of three new Taco Bell
stores (Dunedin, Rotorua and Sylvia Park – Auckland) and a new KFC store also in Sylvia Park. In
addition two Carl’s Jr. stores were converted to a KFC (Avondale) and a Taco Bell (Auckland Airport).

Australia

Full year sales for Australia were $A230.0 million ($NZ244.1 million), an increase of 13.6% in total,
primarily due to new stores and an increase of 1.4% on a same store basis (local currency).

Fourth quarter sales for Australia were $A62.2 million ($NZ65.5 million), an increase of 12.9%. On
a same store basis sales were up 1.3% (local currency), with mall and in-line city stores continuing
to be adversely impacted by COVID-19.

Store numbers increased by two during the quarter to 79, with the opening of two Taco Bell stores
in Dee Why and Orange.

Hawaii

Full year sales in Hawaii were $US146.3 million ($NZ206.5 million), an increase of 5.0% on a total
basis and 9.1% on a same store basis (local currency). Sales in $NZ terms are lower due to the
appreciation of the New Zealand dollar against the US dollar.

Fourth quarter sales were $US36.6 million ($NZ52.7 million). This was an increase of 7.9% on a
same store basis (local currency). Taco Bell showed strong growth from the ongoing removal of
COVID-19 restrictions and Pizza Hut continues to respond well to the increased demand for home
delivery.

Store numbers remained unchanged during the quarter at 73.

California

California full year sales were $US110.3 million ($NZ156.5 million) which were above expectations
at acquisition. Prior year to date comparisons are for four months of trading following the acquisition
of the California business in September 2020.

Fourth quarter sales were $US27.4 million ($NZ39.5 million), an increase of 2.5% on the on the
equivalent period last year in total and up 2.2% on a same store basis (local currency).

Store numbers during the quarter increased by one to 70 with the acquisition of a KFC store in central
Los Angeles from an independent franchisee.

Annual Trading Results

The company will release its annual trading results for the year ended 31 December 2021 on
28 February 2022.



Authorised by:

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


ENDS

2021 ($000's)2020 ($000's)Change
Total Store Sales ($NZ)
Q4 2021 vs Q4 2020

New Zealand
126,222 119,879 5.3%
Australia
65,513 58,397 12.2%
Hawai i
52,712 52,265 0.9%
California
39,541 38,539 2.6%
Total Store Sales
283,989 269,080 5.5%
YTD 2021 vs YTD 2020
New Zealand
461,121 410,399 12.4%
Australia
244,104 214,923 13.6%
Hawai i
206,506 215,113 (4.0%)
California
156,516 51,924 201.4%
Total Store Sales
1,068,246 892,359 19.7%
20212020Change
Same Store Sales
Q4 2021 vs Q4 2020
New Zealand
4.1% 9.4% (5.4%)
Australia
1.3% 3.6% (2.3%)
Hawai i
7.9% 6.1% 1.8%
California
2.2% n/an/a
YTD 2021 vs YTD 2020
New Zealand
9.1% 5.3% 3.8%
Australia
1.4% 2.0% (0.6%)
Hawai i
9.1% 7.7% 1.4%
California
2.3% n/an/a
REST AURANT BRANDS NEW ZEALAND LIM IT ED
Quarterly Sales Report
Summary of Results for the 4th Quarter (Q4)
(for the 3 months 01/10/21 to 31/12/21)

2021 ($000's)2020 ($000's)Change
Total Store Sales (Local Currency)
Q4 2021 vs Q4 2020
New Zealand ( $NZ)
126,222 119,879 5.3%
Australia ($A)
62,201 55,099 12.9%
Hawai i ( $US)
36,614 35,594 2.9%
California ($US)
27,399 26,737 2.5%
YTD 2021 vs YTD 2020
New Zealand ( $NZ)
461,121 410,399 12.4%
Australia ($A)
229,990 202,438 13.6%
Hawai i ( $US)
146,318 139,321 5.0%
California ($US)
110,265 35,569 210.0%
20212020Change
Number Of Stores Open At Quarter End
New Zealand
137 137 0
Australia
79 70 9
Hawai i
73 72 1
California
70 69 1
Total Stores
359 348 11
Exchange Rates
- Blended $A:$NZ rate for Q40.949 0.944 0.005
- Blended $A:$NZ rate for YTD0.942 0.942 0.000
- Blended $US:$NZ rate for Q40.694 0.686 0.008
- Blended $US:$NZ rate for YTD0.707 0.655 0.052
Note: Some sales numbers for each of the divisions may not aggregate in total due to rounding.
Summary of Results for the 4th Quarter (Q4)
(for the 3 months 01/10/21 to 31/12/21)
REST AURANT BRANDS NEW ZEALAND LIM IT ED
Quarterly Sales Report