Restaurant Brands Announces Annual Profit Result

28 February 2022
NZX





RESTAURANT BRANDS ANNOUNCES ANNUAL PROFIT RESULT

$NZm
Dec 2021 Dec 2020 Change ($) Change (%)
Total Sales 1,068.2 892.4 +175.8 +19.7
Net Profit After Tax 51.9 30.6 +21.3 +69.3


Key Points

 Our billion dollar sales target has been achieved with total sales for the year of $1,068.2 million, up
against the previous year, with full year positive same store sales growth across all four of our
operating divisions.

 Reported net profit after tax of $51.9 million for the year was up $21.3 million on the last year, despite
the ongoing adverse impact of COVID-19.

 Combined store EBITDA
1
(pre NZ IFRS 16) for the period was $172.7 million, up 17.2% on the
previous year.

 Total store numbers increased by 11 to 359 including the acquisition of five stores in Australia and two
stores in California.

 The Taco Bell brand, launched in New Zealand and Australia (New South Wales) in late 2019, has
continued to grow with 18 stores now successfully operating in these markets.

 Directors have declared a dividend of 32.0 cents per share, payable on 22 April to all shareholders on
the register as at 8 April. The dividend will be paid fully imputed to NZ tax resident holders.


Overview

The FY21 result was once again adversely affected by COVID-19 with continued disruptions across all of the
company’s operations, including an extended lockdown in New Zealand. However, all divisions have
generally continued to trade through the crisis and consequently have achieved improved EBITDA results.

Offsetting the adverse impacts of COVID-19, the company saw its federal PPP loan in Hawaii forgiven
resulting in an additional $11.4 million income. Also, as a result of an extended lockdown in New Zealand,
the Company received $7.2 million in wage subsidies which was fully passed onto staff.

The resulting reported FY21 NPAT of $51.9 million is up 69.3% or $21.3 million on the prior year.

Group Operating Results

Directors are pleased to report that Restaurant Brands has produced a net profit after tax (NPAT) for the
year ended 31 December 2021 (FY21) of $51.9 million, up 69.3% on the reported NPAT of $30.6 million for
the prior period.

Direct comparisons between the two years remains difficult as both years have been adversely affected by
COVID-19. This year’s result also includes the $11.4 million PPP loan forgiveness.

Total brand sales for the Company were $1,068.2 million, up $175.8 million on the previous year. This is
primarily because of the inclusion of $156.5 million of sales in California, up $104.6 million on the four
months of initial ownership in 2020. All four divisions produced positive same store sales.

1

1
EBITDA is earnings before interest, tax, depreciation and amortisation. The EBITDA amounts referred to throughout
this report are before G&A, NZ IFRS 16 and Other Items. EBITDA is a non-GAAP financial measure and is not in
accordance with NZ IFRS.

RESTAURANT BRANDS NEW ZEALAND LIMITED

Combined store EBITDA (pre-NZ IFRS 16 and Other Items) of $172.7 million was up $25.4 million or +17.2%
on the prior year driven by the full year performance of the California division, which was $15.3 million up on
the FY20 year. EBITDA margins (as a % of sales) reduced from 16.5% to 16.2% due to continued cost
pressures, particularly in New Zealand and Australia.

Restaurant Brands’ store numbers at the end of the financial year totalled 359, comprising 137 in
New Zealand, 73 in Hawaii, 79 stores in Australia and 70 stores in California.

New Zealand Operations

Total store sales in New Zealand were $461.1 million, up $50.7 million or +12.4% on the prior year ending
December 2020. The 2021 result was adversely affected by a Level 4 lockdown across the country
(including an extended lockdown in the major Auckland region which resulted in lost sales of approximately
$26 million). Whilst last year’s result was impacted by eight weeks without trading due to COVID-19 with lost
sales of approximately $40 million.

Actual
31 December
2021
Actual
31 December
2020
Change ($) Change (%)
Store sales ($m) 461.1 410.4
+50.7 +12.4%
EBITDA ($m) 83.3 75.9
+7.4 +9.7%
EBITDA as a % of Sales 18.1 18.5
Store Numbers 137 137



The New Zealand business was completely closed for two weeks in August 2021 as part of the COVID-19
lockdown, with the Auckland region remaining locked down for an additional three weeks, resulting in an
estimated $26 million in lost sales. The lockdown and continued restricted trading with no dine-in capacity
also had a significant adverse effect on EBITDA. However, upon re-opening the business recovered well,
with same store sales for the full year up +9.1%.

The underlying sales growth has been driven by another good performance by both KFC and Carl’s Jr.
through both the delivery and in-store channels. The new KFC on-line “click and collect” channel and the
launch of the new KFC e-commerce website helped drive the strong result.

Taco Bell remains a small but growing portion of the New Zealand business sales with six stores opened
during the year and sales from the four existing stores continuing to track to expectations.

EBITDA was up $7.4 million reflecting the higher sales, despite the underlying EBITDA as a percentage of
sales reducing to 18.1% from 18.5% as a result of on-going cost pressures and the distribution impact from
COVID-19.

As part of the government COVID-19 response, the New Zealand business received a wage subsidy of
$7.2 million (2020: $22.0 million) which was fully passed on to all staff. This number has been included in the
statement of comprehensive income. Restaurant Brands elected to retain all staff at 100% of their wages
and salaries throughout the lockdown periods. There were other fixed costs incurred during the mandated
lockdown which contributed to an estimated $8.5 million drop in EBITDA before G&A costs over the closure
period.

The Pizza Hut sub-franchising process continued, with seven stores sold to franchisees during the year. This
included two turnkey stores. Restaurant Brands has now consolidated on six company-owned stores with
independent franchisees operating 99 stores.

Overall, store numbers remained constant during the year with the seven Pizza Hut stores sold offset by
three new KFC store openings and the continued roll out of Taco Bell, with six new stores opened across
New Zealand including three in the South Island. Two poorly performing Carl’s Jr. stores were closed and
rebranded as Taco Bell and KFC stores. All nine of the new stores are trading well.

Australian Operations

In NZ$ terms, the Australian business contributed total sales of $NZ244.1 million (up 13.6%) and a store
EBITDA (excluding the effect of NZ IFRS 16) of $NZ31.6 million (up 7.5%).


Actual
31 December
2021
Actual
31 December
2020
Change ($) Change (%)
Sales ($Am) 230.0
202.4
+27.6 +13.6%
Store EBITDA ($Am) 29.8
27.7
+2.1 +7.6%
EBITDA as a % of Sales 13.0
14.2

Store Numbers 79
70


Total sales in Australia were $A230.0 million, up $A27.6 million (or +13.6%) on last year, primarily due to the
effect of additional store openings and the acquisition of five stores in Sydney in February 2021.

Continued disruption to the business due to COVID-19 included the temporary closure of all mall stores and
Sydney CBD in-line stores. This, together with the extended closure of all dine-in facilities in our restaurants
has had a continued adverse effect on the Australian results.

In February 2021, the company acquired five KFC stores in Northern Sydney that have subsequently traded
above expectations. There has also been continued investment in KFC store upgrades with eight store
refurbishments completed during the year. Four new drive-thru Taco Bell sites also opened during the year
bringing total store numbers to 79, nine up on 2020.

The closure of the dine-in facilities due to COVID-19 resulted in the home delivery service continuing to grow
in popularity. This has helped to maintain same store sales growth over the past 12 months at +1.4%.

Store EBITDA of $A29.8 million (13.0% of sales) was up $A2.1 million or +7.6% on last year. The increase
was assisted by the 10 months trading from the five stores acquired in February 2021. However continued
cost pressures, along with the ongoing COVID-19 disruptions, have resulted in a drop in the % EBITDA
margin from 13.7% to 13.0%.

Hawaiian Operations

In $NZ terms, Hawaiian operations contributed $NZ206.5 million in revenues and $NZ33.9 million in EBITDA
for the year. Whilst reported sales in $NZ were down $8.6 million due to the strengthening NZD/USD
exchange rate, they were actually up by $US7.0 million in $US terms.

Actual
31 December
2021
Actual
31 December
2020
Change ($) Change (%)
Sales ($USm) 146.3
139.3 +7.0 +5.0%
Store EBITDA ($USm) 24.4
21.5 +2.9 +13.5%
EBITDA as a % of Sales 16.4
15.6

Store Numbers 73
72

Total sales in Hawaii for the period were $US146.3 million with store level EBITDA of $US24.4 million
(16.4% as a percentage of sales vs 15.6% in the prior period).

Reported sales are up $US7.0 million to $US146.3 million primarily due to a strong recovery by Taco Bell
after being more effected by COVID-19 in 2020. Same store sales growth was 9.1% for the year, up on the
7.7% same store sales growth in the prior year.

Taco Bell recovered strongly in 2021 after being harder hit in 2020 than Pizza Hut with the closure of its
dine-in channels. Increased use of delivery channels resulted in strong growth as customers continued to
move away from dining out. Use of the Taco Bell mobile ordering system has also grown substantially as the
mobile ordering offers customers a touchless option.

The Pizza Hut ordering system also continued to grow sales with over 60% of orders now performed on line.
Touchless deliveries coupled with real time order tracking appeals to customers wanting to know where their
pizza is from the safety of their homes. The continued growth of the delivery channels combined with some

strong promotional activities such as, the Big New Yorker Pizza and the impact of new and refurbished
stores has resulted in another strong year for the Pizza Hut brand.

Store numbers are up by one from December 2020 with one new Taco Bell and one new Pizza Hut store
being opened during the year, offset by the closure of one Taco Bell. The new stores opened during the year
are performing well.

Californian Operations

In $NZ terms the California operations contributed $NZ156.5 million in full-year revenues and
$NZ23.8 million in EBITDA, up significantly on the four month period included in FY20.

Actual
12 months
31 December
2021
Actual
4 months
31 December
2020
Change ($) Change (%)
Sales ($USm) 110.3 35.6
+74.7 209.8%
Store EBITDA ($USm) 16.8 5.8
+11.0 189.7%
EBITDA as a % of Sales 15.2 16.4
Store Numbers 70 69

In the first full year of trading, total sales in California for the period were $US110.3 million, with store level
EBITDA of $US16.8 million (15.2% as a percentage of sales). The reduction in % EBITDA margin was the
result of supply chain issues and cost pressures which are expected to continue into 2022.

The sales for the year were particularly strong, driven in part by two rounds of Government stimulus
payments (the first in January and a larger second payment in March 2021). Both rounds of payments saw
significant increases in consumer spending.

As seen across all our divisions, delivery channels continue to be key to business success. In California, the
new KFC.com platform and mobile app were launched in the second half of the year with strong uptake. In
addition, the national launch of the KFC on-line ordering Quick Pick-up digital sales channel is ensuring a
faster, easier and more relevant experience for our customers and adding more channel capacity to our
stores. The KFC.com and mobile app has also been complementary with our aggregator delivery channels.

Two new stores were acquired during the year (one in July and a second store in November). After some
refurbishment, both stores were up and running well. In line with our strategy, more capital expenditure is
planned for this market, including new store builds, of which three are expected to open in the first quarter of
2022. Total store numbers are 70, up from 69 at the end of 2020.

Corporate & Other

General and administration (G&A) costs were $50.0 million, up $4.4 million from last year due to the
inclusion of a full year of California G&A costs. G&A as a % of total revenue was 4.5% which is down from
4.9% for the period ended 31 December 2020. This was largely due to the effect of the closure of the
New Zealand stores and the lost sales during both 2021 and 2020.

Depreciation charges of $75.9 million for the year ended 31 December 2021 were $11.1 million higher than
the prior year primarily due to the impact of the full year of California results. Of the $75.9 million,
$38.1 million related to right of use asset depreciation incurred under NZ IFRS 16.

Financing costs of $36.3 million were up $6.1 million on prior year, once again reflecting the impact of a full
year’s results from California. Interest on bank debt for the period ended 31 December 2021 was
$6.8 million, up $0.4 million on last year due the additional debt taken on to acquire the California business in
September 2020. This was partially offset by a lower effective interest rates following the restructure of the
Group’s debt facilities which was activated in May 2020.

Tax expense was $13.9 million, in line with the prior year. The effective tax rate was 21.1% (31.2% for FY20)
with a higher level of non-assessable income in the current year including the forgiveness of the PPP Loan.

Other Items

Other Net Income of $7.2 million is up from a Net Expense of $4.8 million for the prior year. This relates to
the forgiveness of the PPP loan of $11.4 million and the acquisition costs associated with the California

acquisition of $4.3 million in the prior year. $4.2 million in systems development costs was also incurred this
year as part of a major overhaul of the company’s financial systems.

Cash Flow & Balance Sheet

The total assets of the Group are $1,329 million, up $148.5 million primarily because of new store
acquisitions and new store builds which increased the value of both property plant and equipment as well as
lease assets. Equally, there has been an increase of $88.7 million in liabilities, primarily reflecting the future
discounted lease liability on leases acquired and an increase in debt drawdowns arising from the acquisition
of seven stores through the year.

Operating cash flows (adjusted by $24.5 million for NZ IFRS 16) were up $15.2 million to $126.4 million,
reflecting the strong trading performance. The inclusion of the full year of trading for the California business
has also had a positive impact on operating cash flows.

Net investing cash outflows were $109.6 million (versus $177.3 million last year) including the acquisition of
two stores in California and five in Australia for a total of $28.0 million. Payments for fixed assets and
intangibles of $85.5 million was up from $59.9 million with three new KFC and ten new Taco Bell stores in
New Zealand and Australia and significant KFC refurbishment expenditure in both those markets. In addition,
there were several major Taco Bell refurbishments in Hawaii. This year’s net investing cash flows also
included inflows of $2.6 million received, primarily from the sale of Pizza Hut stores in New Zealand.

Dividend

Directors have assessed at balance date the current and projected financial position of the company, in
particular its cash flows, capital expenditure demands and debt levels.

Given both the strength of its cash flows and the fact that there are currently no significant acquisitions under
consideration, the board has elected to pay a dividend to shareholders, the first since the FY18 year.

An interim dividend has been declared for 32.0 cents per ordinary share, payable on 22 April to all
shareholders on the register on 8 April 2022. The dividend will be paid as fully imputed to all New Zealand
resident shareholders. In addition a supplementary dividend of 5.6474 cents per share be paid to all
overseas shareholders at the same time.

There is no dividend reinvestment plan in place for this dividend.

Outlook

The focus for Taco Bell in New Zealand and Australia remains on investing to build brand presence with
approximately 15 additional stores expected to open by December 2022. With $25 million in sales during
FY21, the significance of the brand continues to grow as additional stores are opened. However, overall the
financial impact of the brand on the Group will remain small for the coming year.

Current trading for the new year remains strong across all divisions. However, due to the continued
uncertainties arising from the ongoing COVID-19 pandemic, it is difficult to provide firm guidance for FY22 at
this point in time.

Staff Appreciation

This has been another challenging year for the 11,400 staff members of Restaurant Brands, particularly with
the uncertainty and challenges brought about by COVID-19 continuing for a second year. The entire team
has done an outstanding job not only adapting to new COVID-19 challenges, but finding new and better
ways to provide a great dining experience to our many satisfied customers. We also acknowledge that for
many of our employees, the wider impact of COVID-19 on them and their families has been particularly
difficult with some team members directly impacted by the virus.

Annual Shareholders’ Meeting

The Annual Shareholders’ Meeting of the company will be held on Thursday 26 May 2022. Given the
COVID-19 uncertainty, it is likely to be a virtual meeting.

José Parés
Chairman of the Board

Russel Creedy
Group CEO

Consolidated Income Statement
For the year ended 31 December 2021
31 Dec 2021vs Prior31 Dec 2020
52 weeks%52 weeks
$NZ000's
Sales
Total New Zealand sales461,121
12.4
410,399
Total Australia sales244,104
13.6
214,923
Total Hawaii sales206,506
(4.0)
215,113
Total California sales156,516
n/a
51,924
Total sales1,068,247
19.7
892,359
Other revenue46,195 42.732,369
Total operating revenue1,114,441
20.5
924,728
Cost of goods sold(910,643)(18.9)(766,053)
Gross margin203,799
28.4
158,675
Distribution expenses (8,555)(19.8)(7,138)
Marketing expenses(57,557)(19.1)(48,344)
General and administration expenses(49,974)(9.6)(45,596)
Government grants7,165 (67.5)22,013
Loan forgiveness11,419 n/a-
Other items(4,219)12.6(4,826)
Ope ra ting profit102,077
36.5
74,784
Financing expenses(36,284)(20.1)(30,220)
Net profit before taxation65,793
47.6
44,564
Taxation expense (13,912)0.1(13,920)
Net profit after ta xation (NPAT)51,881
69.3
30,644
% sales% sales
Conce pt EBITDA before G&A
Tota l Ne w Zea land83,319
18.19.8
75,856
18.5
Tota l Australia31,614
13.07.5
29,408
14.2
Total Hawaii33,932
16.41.1
33,547
15.6
Total California23,849
15.2n/a
8,516
16.4
Total concept EBITDA before G&A172,713
16.217.2
147,327
16.5
Ra tios
Ne t ta ngible a sse ts pe r se curity (ne t
tangible assets divided by number of
shares) in cents
8.4 (26.0)
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.

Non-GAAP Financial Measures
For the year ended 31 December 2021
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 before G&A, NZ IFRS 16 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 t erm
Conce pt
refers to the Group’s seven 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 Hawaii divisions (Taco Bell and Pizza Hut).
The t erm
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.
3.
Capital expenditure including intangibles
. Capital expenditure including intangibles represents additions to property, plant
and equipment and intangible assets. This measure represents the amount of reinvestment in the business and is therefore a useful
measure to assist the financial position 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.
The following is a reconciliation between these non-NZ GAAP measures and net profit after taxation:
$NZ000's
Note*31 Dec 202131 Dec 2020
EBITDA before G&A, NZ IFRS 16 and other items1172,713 146,401
Depreciation(36,944)(33,129)
Net loss on sale of property, plant and equipment (included in depreciation)(3,619)(1,850)
Lease deprecation(38,129)(30,908)
Lease costs53,993 44,919
Amortisation (included in cost of sales)(9,231)(5,515)
General and administration costs (area managers, general managers and support centre)(43,906)(40,309)
Other income12,364 405
Other expenses(5,164)(5,231)
Operating profit102,077 74,784
Financing expenses(36,284)(30,220)
Net profit before taxation 65,793 44,564
Taxation expense (13,912)(13,920)
Net profit after taxation51,881 30,644
Add back IFRS 16 impact13,586 9,741
Taxation expense on IFRS 16 impact(3,986)(2,737)
Total NPAT excluding the impact of NZ IFRS 16261,482 37,942
* Refers to the list of non-NZ GAAP measures as listed above.

---

PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142 New Zealand
T: +64 9 355 8000, www.pwc.co.nz

To the shareholders of Restaurant Brands New Zealand Limited

Our opinion
In our opinion, the accompanying financial statements of Restaurant Brands New Zealand Limited (the
Company), including its subsidiaries (the Group), present fairly, in all material respects, the financial
position of the Group as at 31 December 2021, its financial performance and its cash flows for the
year then ended in accordance with New Zealand Equivalents to International Financial Reporting
Standards (NZ IFRS) and International Financial Reporting Standards (IFRS).
What we have audited
The Group's financial statements comprise:
the consolidated statement of financial position as at 31 December 2021;
the consolidated statement of comprehensive income for the year then ended;
the consolidated statement of changes in equity for the year then ended;
the consolidated statement of cash flows for the year then ended; and
the notes to the financial statements, which include significant accounting policies and other
explanatory information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in the responsibilities for the audit of the financial statements section of our
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards
Board and the International Code of Ethics for Professional Accountants (including International
Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA
Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Our firm carries out other services for the Group in the areas of specified procedures on landlord
certificates and review of the Yum! Advertising co-operative report. In addition, certain partners and
employees of our firm may deal with the Group on normal terms within the ordinary course of trading
activities of the Group. These relationships and provision of other services has not impaired our
independence as auditor of the Group.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial statements of the current year. These matters were addressed in the context
of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.

PwC 38
Description of the key audit matter How our audit addressed the key audit matter
Goodwill impairment tests for KFC
Australia and KFC and Taco Bell
California
As at balance date, the Group has
recognised goodwill of $112.8 million
relating to KFC Australia and $27.8 million
relating to KFC and Taco Bell California.
The Australian business unit has been
impacted by COVID-19 during the year,
which has had a significant adverse effect
on trading circumstances due to extended
lockdown restrictions causing store
closures and reducing sales and
profitability. As the California business unit
was acquired in September 2020 with
FY21 being the first full year of trading
under the Group, the impairment model is
sensitive to small changes in
assumptions.
Management performed an annual
impairment assessment using discounted
cash flow value in use (VIU) models to
determine whether the carrying value of
assets held by these cash generating
units (CGUs) are recoverable. The
discounted cash flows are based on the
four year budgets approved by the Board
of Directors.
Our audit focussed on the KFC Australia
CGU due to the impacts of COVID-19 and
the inherent judgement involved in
estimating future business performance,
which includes certain key assumptions
such as sales growth, EBITDA margin,
EBITDA margin terminal year, terminal
growth rate and the discount rate. We
focussed on the California CGU due to it
being recently acquired as well as the
ongoing impacts of COVID-19 on the
business.
The recoverable amount based on the
VIU model was higher than the carrying
value of both CGUs and as a result, no
impairment charge was recognised.
In addressing the estimation and judgements in
relation to future performance of the KFC Australia
and KFC and Taco Bell CGUs, our audit procedures
included:
Gaining an understanding of the business process
applied by management in preparing the
impairment assessment;

profitability against the original budgeted
performance to determine the reliability of the
budgeting process and considering the impact on
forecast performance;
Agreeing forecast future performance included in
the impairment assessments to four year budgets
approved by the Board of Directors;
Challenging key assumptions used in the VIU
model in relation to sales growth, costs and
EBITDA margins, terminal year sales and EBITDA
growth and discount rate, and assessing whether
these are reasonable by understanding strategic
and operational initiatives underway, along with
reviewing recent monthly performance trends to
assess the recovery in sales upon stores re-
opening;
Evaluating whether corporate costs had been
allocated appropriately and included in the cash
flows for each CGU;

expert, assessing the appropriateness of the
terminal growth and discount rates as well as
considering industry trends and external market
forecasts for the industry;
Testing the calculation of the carrying amounts of
the CGU assets;
Performing a sensitivity analysis over key
assumptions to determine whether reasonably
possible changes would result in impairment of
goodwill; and
Reviewing the financial statements to ensure
appropriate identification and disclosure of key
assumptions.

PwC 39
Description of the key audit matter How our audit addressed the key audit matter
For the KFC Australia CGU, any
reasonably possible change in the key
assumptions used in the calculations
would not cause the carrying amount to
exceed its recoverable amount. For the
KFC and Taco Bell California CGU, an
increase from 8% to 8.1% in the weighted
average post-tax cost of capital would
cause the carrying amount to equal its
recoverable amount.
Refer to note 15 of the financial
statements.
Impairment assessment of restaurant
property, plant and equipment and
right of use assets for KFC Australia
As disclosed in note 13, the Group has
recognised property, plant and equipment
of $81.9 million and right of use assets of
$152.9 million relating to KFC Australia.
Accounting standards require an entity to
assess at the end of each reporting period
whether there is any indication that an
asset may be impaired. For the purposes
of restaurant property, plant and
equipment and right of use asset
impairment testing, each individual
restaurant is considered to be a separate
CGU.
The Group has identified impairment
indicators for certain restaurants in KFC
Australia which have experienced
prolonged closure periods due to COVID-
19 restrictions. For these restaurants,
management has performed value in use
calculations to assess whether the
associated carrying amounts of restaurant
property, plant and equipment and right of
use assets are recoverable.
This area is a key focus of our audit due
to the inherent judgement in assumptions
used in impairment testing including the
uncertainty as to the ongoing impact of
COVID-19 on forecast sales, costs and
EBITDA margins for each restaurant.
Our audit procedures included:
Considering the appropriate composition of each
cash-generating unit;
Gaining an understanding of the business process
applied by management in preparing the
impairment assessment;
Reviewing monthly restaurant performance data to
analyse how stores have recovered where
COVID-19 related restrictions have been eased;

and profitability against the original budgeted
performance to determine the reliability of the
budgeting process and considering the impact on
forecast performance and understanding the
impacts of COVID-19 on operations during the
year;
Challenging key assumptions used in the VIU
model in relation to sales growth, EBITDA margin,
EBITDA margin terminal year, terminal growth rate
and discount rate by performing sensitivity
analyses;
Challenging key assumptions used within the
impairment indicators assessment such as
forecast sales, costs and margin assumptions and
assessing whether these are reasonable when
taking into account ongoing uncertainty from
COVID-19. This includes considering the potential
for future restaurant closures and the impact of
this on future sales and recovery of costs; and
Considering whether the disclosures in the
financial statements complied with the
requirements of the accounting standards.

PwC 40
Description of the key audit matter How our audit addressed the key audit matter
The key assumptions used in
models for restaurants identified to have
impairment indicators are sales growth,
EBITDA margin, EBITDA margin terminal
year, terminal growth rate and discount
rate.
There was no impairment recorded as a
result of the impairment tests of individual
restaurant property, plant and equipment
and right of use assets as the recoverable
amounts exceeded the carrying amounts.

Our audit approach
Overview

Overall group materiality: $3.282 million, which represents approximately
5% of profit before taxation.
We chose profit before taxation as the benchmark because, in our view, it
is the benchmark against which the performance of the Group is most
commonly measured by users and is a generally accepted benchmark.
Following our assessment of the risk of material misstatement, we:

in New Zealand, Australia, Hawaii and California based on their
financial significance;
Performed specified audit procedures and analytical review
procedures over three of the remaining entities.
As reported above, we have two key audit matters, being:
Goodwill impairment tests for KFC Australia and KFC and Taco Bell
California
Impairment assessment of restaurant property, plant and equipment
and right of use assets for KFC Australia
As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the financial statements. In particular, we considered where management made
subjective judgements; for example, in respect of significant accounting estimates that involved
making assumptions and considering future events that are inherently uncertain. As in all of our audits,
we also addressed the risk of management override of internal controls, including among other
matters, consideration of whether there was evidence of bias that represented a risk of material
misstatement due to fraud.

PwC 41
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain
reasonable assurance about whether the financial statements are free from material misstatement.
Misstatements may arise due to fraud or error. They are considered material if, individually or in
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of the financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall Group materiality for the financial statements as a whole as set out above. These,
together with qualitative considerations, helped us to determine the scope of our audit, the nature,
timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually
and in aggregate, on the financial statements as a whole.
How we tailored our group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an
opinion on the financial statements as a whole, taking into account the structure of the Group, the
accounting processes and controls, and the industry in which the Group operates. We performed full-
scope
Hawaii.
The materiality levels applied in the full scope audits of the principal business units were calculated by
reference to a portion of Group materiality appropriate to the relative scale of the business concerned.
Other information
The Directors are responsible for the other information. The other information comprises the
information included in the Annual report (but does not include the financial statements and our
comprised the Historical Summary, Consolidated Income Statement, Non-GAAP Financial Measures
ng other information is expected to be made available to us
after that date.
Our opinion on the financial statements does not cover the other information and we do not and will
not express any form of audit opinion or assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit, or otherwise appears to be materially
misstated.
If, based on the work we have performed on the other information that we obtained prior to the date of
are
required to report that fact. We have nothing to report in this regard.
When we read the other information not yet received, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to the Directors and use our
professional judgement to determine the appropriate action to take.
Responsibilities of the Directors for the financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of
the financial statements in accordance with NZ IFRS and IFRS, and for such internal control as the
Directors determine is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.

PwC42
Our objectives are to obtain reasonable assurance about whether the financial statements, as a
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with ISAs (NZ) and ISAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the
https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-1/
Who we report to
undert
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 Company and the Com
audit work, for this report or for the opinions we have formed.
Cameron.
For and on behalf of:
Chartered AccountantsAuckland
28 February 2022

---

Russel Creedy - Group CEOGrant Ellis - Group CFO28 February 2022
Restaurant Brands
New Zealand Limited
Annual Results to 31 December 2021
(FY21)

•
Key Points
•
Results Overview
•
New Zealand Operations
•
Australian Operations
•
Hawaiian Operations
•
Californian Operations
•
Outlook
•
Questions
Presentation Outline
2

Key Points
3
Note: •
FY 19D = 10 months to 31 December 2019
•
FY 19D (R) = Restated FY 19D (pro rata) for equivalent 12 month period
•
FY 20 = 12 months to 31 December 2020
•
FY 21 = 12 months to 31 December 2021
vs.
 
FY
 
20
FY
 
19D
FY
 
19D
 
(R)
FY
 
20
FY
 
21
•
   
Group
 
Sales
+19.7%
$705.5m
$833.8m
$892.4m
$1,068.2m
•
   
Reported
 
NPAT
+69.3%
$30.1m
$35.6m
$30.6m
$51.9m
•
   
Brand
 
EBITDA
+17.2%
$116.0m
$137.1m
$147.3m
$172.6m
•
   
Group
 
sales
 
exceeded
 
the
 
long
 
signalled
 
target
 
of
 
$1B.
•
   
A
 
strong
 
performance
 
despite
 
the
 
COVID
‐
19
 
headwinds.
•
   
California
 
purchase
 
(69
 
stores)
 
completed
 
on
 
2
 
September
 
2020
 ‐ 
full
 
year's
 
trading
 
included
 
in
 
FY21.
•
   
Dividend
 
of
 
32.0
 
cents
 
per
 
share
 
declared,
 
payable
 
on
 
22
 
April

4
Results Overview

5
NPAT increases on full year trading of California acquisition and solid same store sales growth
$m
 
(after
 
tax)
FY
 
20
FY
 
21
Change
 
$Change
 
B/(W)%
Reported
 
NPAT
30.6
 
51.9
 
21.3
 
69.3%
 
NZ
 
IFRS
 
16
 
Impact
7.0
 
9.6
 
2.6
 
(37.1%)
Other
 
(Income)
 
and
 
Expenses
4.8
 
(7.2)
(12.0)
250.0%
 
Comparable
 
Trading
 
NPAT
42.4
 
54.3
 
11.9
 
28.1%
 

6
COVID-19 – A continuing impact on the businessNEW ZEALAND•
All stores fully closed 18 August - 31 August, with
Auckland stores remained fully closed until 21 September (Level 4).
•
Lost sales from full store closures in excess of $26m.
All staff were paid full wages over this time.
•
Various other restrictions on dine-in trading during the
year.
•
Government grants of $7.2m for wages received
during the Level 4 “lockdown” fully paid out to staff.

7
COVID-19 – An unprecedented impact on the business
AUSTRALIA•
Temporary closure of 15 mall and inline stores.
•
Various other restrictions on
dine-in trading during the year.
•
FSDT stores performed strongly.
•
No Government support.
HAWAII•
Hawaii and Guam Taco Bell stores recovered from dine-in
restrictions and temporary mall store closures.
•
Pizza Hut business maintained it’s growth with a strong
delivery and online offer.
•
Government PPP loan of $US8.1m (drawn during 2020)
has been forgiven.
CALIFORNIA•
COVID-19 dine in restrictions in place were mitigated by all
stores having drive-thru functions.

8
Lost sales and margin from COVID-19 store
closures more than made up for by full
year of California operations and strong same store sales
Note: •
FY 19D = 10 months to 31 December 2019
•
FY 19D (R) = Restated FY 19D (pro rata) for equivalent 12 month period
•
FY 20 = 12 months to 31 December 2020
•
FY 21 = 12 months to 31 December 2021
368
 
434
 
410
 
461
 
169
 
200
 
215
 
244
 
169
 
200
 
215
 
207
 
52
 
157
 
706
 
834
 
892
 
1,068
 
FY
 
19D
FY
 
19D
 
(R)
FY
 
20
FY
 
21
Sales
$NZm
New
 
Zealand
Australia
Hawaii
California
68
 
80
 
76
 
83
 
25
 
30
 
29
 
32
 
23
 
27
 
34
 
34
 
9
 
24
 
116
 
137
 
147
 
173
 
FY
 
19D
FY
 
19D
 
(R)
FY
 
20
FY
 
21
Brand
 
EBITDA
$NZm
New
 
Zealand
Australia
Hawaii
California

9
Note: •
FY 19D = 10 months to 31 December 2019
•
FY 19D (R) = Restated FY 19D (pro rata) for equivalent 12 month period
•
FY 20 = 12 months to 31 December 2020
•
FY 21 = 12 months to 31 December 2021
% of Revenue
4.5%
4.5%
4.9%
G&A costs stable at 4.5% of revenues, incl
uding initial Taco Bell staffing costs in New
Zealand & Australia
4.5%
15.2
 
18.0
 
18.9
 
18.6
 
7.0
 
8.3
 
9.1
 
10.3
 
8.1
 
9.6
 
10.3
 
8.2
 
2.5
 
7.3
 
3.0
 
3.5
 
5.1
 
5.6
 
FY
 
19D
FY
 
19D
 
(R)
FY
 
20
FY
 
21
G&A
$NZm
New
 
Zealand
Australia
Hawaii
California
Corporate
39.4
50.0
33.3
45.9

10
Other Income and Expenses (“non-trading it
ems”) primarily consists of Hawaii PPP
loan forgiven, partly offset by ERP implementation costs
$NZm
 
(Pre
 
tax)
FY
 
20
FY
 
21
Loan
 
Forgiveness
‐
(11.4)
Gain
 
on
 
sale
 
Pizza
 
Hut
 
stores
(0.4)
(0.9)
Impairment
 
of
 
assets
 
&
 
goodwill
0.5
 
‐
Sundry
 
other
 
income
 
&
 
expenses
0.4
 
0.2
 
Acquisition
 
costs
4.3
 
0.7
 
ERP
 
Implementation
‐
4.2
 
Net
 
Other
 
(Income)
 
&
 
Expenses
4.8
 
(7.2)

11
Operating cash flows up on prior year with strong trading and California acquisition.Investing cash flows higher on catch up of
prior year’s COVID-19 related delays.
Note: •
FY 19D = 10 months to 31 December 2019
•
FY 20 = 12 months to 31 December 2020
•
FY 21 = 12 months to 31 December 2021
$NZm
FY
 
19D
FY
 
20
FY
 
21
Operating
 
Cashflow
 
(
 
NZ
 
IFRS
 
16
 
adjusted)
72
 
90
 
*
102
 
*
Investing
 
Cashflow
 
(adjusted)
(60)
(58)
**
(82)
***
Free
 
Cashflow
12
 
32
 
20
 
*
 
Adjusted
 
for
 
lease
 
principal
 
payments
 
of
 
$24.5m
 
(FY
 
20
 
$21.2m)
 
classified
 
as
 
financing
 
activities
 
under
 
NZ
 
IFRS
 
16
**
 
Adjusted
 
for
 
$119.2m
 
($US80.7m)
 
69
 
store
 
California
 
acquisition
***
 
Adjusted
 
for
 
$27.5m
 
($A23.3m)
 
5
 
store
 
Australia
 
acquisition

12
Net borrowings stable with improved debt ratios from strong trading performance
FY 19D FY 20 FY 21
Facility (1-2 years)
Ratios
Net
 
Debt:
 
EBITDA*
1.2:1
1.9:1
1.6:1
Gearing (ND:ND+E)
36%
47%
41%
Net Debt $NZm
*
FY 19D EBITDA grossed up 44 weeks to 52 weeks,
EBITDA including lease costs (pre NZ IFRS16)
119
 
201
 
202
 
360

13
New Zealand Operations

14
NZ sales impact of COVID-19 closures and r
estrictions offset by strong same store
sales. EBITDA % drops slightly on hi
gher sales mix of new Taco Bell stores
Note: •
FY 19D = 10 months to 31 December 2019
•
FY 19D (R) = Restated FY 19D (pro rata) for equivalent 12 month period
•
FY 20 = 12 months to 31 December 2020
•
FY 21 = 12 months to 31 December 2021
368
 
434
 
410
 
461
 
5.0%
5.0%
5.3%
9.1%
FY
 
19D
FY
 
19D
 
(R)
FY
 
20
FY
 
21
NZ
 
Sales
Total
 
Sales
 
$m
Same
 
Store
 
Sales
 
%
68
 
80
 
76
 
83
 
18.5%
18.5%
18.5%
18.1%
FY
 
19D
FY
 
19D
 
(R)
FY
 
20
FY
 
21
NZ
 
EBITDA
EBITDA
 
$m
EBITDA
 
%
 
of
 
Sales

15
Sales of Pizza Hut stores to independent franchisees complete, with new store builds for independent franchisees to continue
No. of Stores
Note: •
FY 19D = as at 31 December 2019
•
FY 20 = as at 31 December 2020
•
FY 21 = as at 31 December 2021
73
90
99
29
 
13
 
6
 
FY
 
19D
FY
 
20
FY
 
21
Independents
Restaurant
 
Brands
103
102
105

16
Australian Operations

17
Australian business continues to be impacted by lower sales in mall and CBD stores from COVID-19 crisis; however larger FSDT stores performed strongly
Note: •
FY 19D = 10 months to 31 December 2019
•
FY 19D (R) = Restated FY 19D (pro rata) for equivalent 12 month period
•
FY 20 = 12 months to 31 December 2020
•
FY 21 = 12 months to 31 December 2021
160
 
189
 
202
 
230
 
5.1%
5.1%
2.0%
1.4%
FY
 
19D
FY
 
19D
 
(R)
FY
 
20
FY
 
21
Australia
 
Sales
Total
 
Sales
 
$Am
Same
 
Store
 
Sales
 
%
25
 
29
 
28
 
30
 
15.4%
15.4%
13.7%
13.0%
FY
 
19D
FY
 
19D
 
(R)
FY
 
20
FY
 
21
Australia
 
EBITDA
EBITDA
 
$Am
EBITDA
 
%
 
of
 
Sales

18
Hawaiian Operations

19
Hawaii boosted by recovery of sales and margin lost during initial stages of COVID-19, with Pizza Hut maintaining prior year trading gains
Note: •
FY 19D = 10 months to 31 December 2019
•
FY 19D (R) = Restated FY 19D (pro rata) for equivalent 12 month period
•
FY 20 = 12 months to 31 December 2020
•
FY 21 = 12 months to December 2021
111
 
131
 
139
 
146
 
9.1%
9.1%
7.7%
9.1%
FY
 
19D
FY
 
19D
 
(R)
FY
 
20
FY
 
21
Hawaii
 
Sales
Total
 
Sales
 
$USm
Same
 
Store
 
Sales
 
%
15
 
18
 
22
 
24
 
13.5%
13.5%
15.6%
16.4%
FY
 
19D
FY
 
19D
 
(R)
FY
 
20
FY
 
21
Hawaii
 
EBITDA
EBITDA
 
$USm
EBITDA
 
%
 
of
 
Sales

20
Californian Operations

21
California acquisition exceeded expectations in first full year of ownership
36
 
110
 
FY
 
20
FY
 
21
California
 
Sales
Total
 
Sales
 
$USm
6
 
17
 
16.4%
15.2%
FY
 
20
FY
 
21
California
 
EBITDA
EBITDA
 
$USm
EBITDA
 
%
 
of
 
Sales
Note: •
FY 20 = 4 months to 31 December 2020
•
FY 21 = 12 months to 31 December 2021
Same Store Sales 2.3%

Completion of US acquisition places
final piece on RBD beachhead expansion
strategy
22
• With additional US business and strong sales growth
RBD reached its $1billion dollar revenue target.
• Future expansion in US to come from store builds and
smaller franchise acquisition.
• Confirms wisdom of geographic and brand
diversification strategy.
46%
22%
19%
14%
%
 
of
 
Revenue
NZ
Australia
Hawaii
California
48%
18%
20%
14%
%
 
of
 
Store
 
EBITDA
NZ
Australia
Hawaii
California

Outlook
23
Despite the challenges of operating under ongoing
COVID-19 cases RBD intends to continue
take a “business as usual” approach and continue
with further growth through acquisition, store
refurbishments and new store roll outs.New KFC and Taco Bell store builds will continue
to drive sales and profit enhancement in New
Zealand and Australia. The Taco Bell scrape and r
ebuilds in Hawaii will further assist that
result.
The California acquisition is well settled in and tr
ading well, with plans for additional stores by
both new store builds and ongoing minor acquisitions near existing stores.Despite solid sales and margins in the beginning of FY22,
continued uncertainty in the
trading environment due to COVID-19
mean that RBD is not provid
ing firm guidance for the
FY22 results at this stage.

Questions
DISCLAIMERThe information in this presentation: 
Is provided by Restaurant Brands New Zealand Limited (“
RBD
”) for general information purposes and does not constitute investm
ent advice or an offer of or invitation to purchase RBD secu
rities.

Includes forward-looking statements. These
statements are not guarantees or
predictions of future performance. They involve kno
wn and unknown risks, uncertainties
and other factors,
many of which
are beyond RBD’s control, and which may cause actual results to
differ materially from those contained in this presentation.

Includes statements relating to past performance which should not
be regarded as reliable indicators of future performance.

Is current at the date of this presentation, unless otherwise st
ated. Except as required by law
or the NZX Main Board and ASX li
sting rules, RBD is not under any obligation to update this presentation,
whether as a result of new information, future events or otherwise.

Should be read in conjunction with RBD’s audited consolidated
financial statements for the 12
months ending 31 December 2021 an
d NZX and ASX market releases.

Includes non-GAAP financial measures including "EBITDA”. These measures do not have a standardised meaning prescribed by GAAP a
nd therefore may not be com
parable to similar financial
information presented by other entities. However, they should not
be used in substitution for, or isolation of, RBD’s audited co
nsolidated financial statements. We
monitor EBITDA as a key performance
indicator and we believe it assists investors in assessing
the performance of the core operations of our business.

Has been prepared with due care and attention. However, RBD and its directors and employees accept no liability for any errors
or omissions.

Contains information from third parties RBD believes reliable. Ho
wever, no representations or wa
rranties are made as to the acc
uracy or completeness of such information.
24

---

Distribution Notice




Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer Restaurant Brands New Zealand Limited
Financial product name/description Final dividend
NZX ticker code RBD
ISIN (If unknown, check on NZX
website)
NZRBDE0001S1
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X Quarterly
Half Year Special
DRP applies
Record date 08/04/2022
Ex-Date (one business day before the
Record Date)
07/04/2022
Payment date (and allotment date for
DRP)
22/04/2022
Total monies associated with the
distribution
1

$39,922,727
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZ Dollars
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.44444444
Gross taxable amount
3
$0.44444444
Total cash distribution
4
$0.32000000
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.05647059
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed X
Partial imputation
No imputation

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3

“Gross taxable amount” is the gross distribution minus any excluded income.

4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$0.12444444
Resident Withholding Tax per
financial product
$0.02222222
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
%
Start date and end date for
determining market price for DRP
[dd/mm/yyyy] [dd/mm/yyyy]
Date strike price to be announced (if
not available at this time)
[dd/mm/yyyy]
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)

DRP strike price per financial product
$
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
[dd/mm/yyyy]
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Grant Ellis
Contact person for this
announcement
Grant Ellis
Contact phone number +64 9 525 8710
Contact email address Grant.ellis@rbd.co.nz
Date of release through MAP

28/02/2022





6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)


Results for announcement to the market
Name of issuer Restaurant Brands New Zealand Limited
Reporting Period Year ended 31 December 2021
Previous Reporting Period Year ended 31 December 2020
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$1,114,441 20.5%
Total Revenue $1,114,441 20.5%
Net profit/(loss) from
continuing operations
$51,881 69.3%
Total net profit/(loss) $51,881 69.3%
Interim/Final Dividend
Amount per Quoted Equity
Security
$ 0.32
Imputed amount per Quoted
Equity Security
$0.1244
Record Date 08/04/2022
Dividend Payment Date 22/04/2022
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.08 ($0.26)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer announcement for Restaurant Brands released to the
market on 28 February 2022
Authority for this announcement
Name of person

authorised
to make this announcement
Grant Ellis
Contact person for this
announcement
Grant Ellis
Contact phone number +64 9 525 8710
Contact email address Grant.ellis@rbd.co.nz
Date of release through MAP

28/02/2022

Audited financial statements accompany this announcement.