Burger Fuel Group Limited FY22 Annual Report Provided

BURGER FUEL
GROUP LIMITED
ANNUAL REPORT 2022

WINNER WINNER // FRIED CHICKEN

3
Annual Report of the Directors
Total System Sales
Revenue and Trading History
Independent Auditor’s Report
Consolidated Statement of Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements
Shareholder Information
Corporate Governance
Directory
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TABLE OF CONTENTS

BFG ANNUAL REPORT 2022
4
Burger Fuel Group Ltd Full Year Results for the
12 months ended 31st March 2022
Overview - FY22
The Directors of Burger Fuel Group Limited (BFG)
present the audited results for the 12 months to
31 March 2022.
Net Profit after tax for the period was $575,869
representing a 19.2% decrease on the previous year.
The results reflect a second year of considerable
COVID disruption including temporary store closures
both during and after periods of lockdown. In addition,
substantial costs associated with establishing our
new brands (Winner Winner and Shake Out) were
also incurred as well as exit costs associated with
the termination of the Master License of the UAE and
ongoing development assessment costs for that region.
These and other operating costs were partly offset with
some Government support received by the Group.
As at 31 March 2022 the Group had no debt, and cash
reserves of $6.8M.
BurgerFuel Group (unaudited) Total System Sales
(all three brands, all regions) increased by 6.22% to
$94.2M on the same period last year. The increase in
sales is mainly due to benchmarking against reduced
sales in April 2020 when the total system was closed
for a month due to COVID. There were also reduced
sales due to COVID store closures in FY22 (August &
September) but not to the same extent. We had also
opened the BurgerFuel Whangarei store in March 2021,
and that store continues to perform well.
Total income for the Group increased by 0.01%
to $21.0M.
As at 31 March 2022 there were 58 BurgerFuel
restaurants operating in NZ and 12 operating in the
Middle East excluding third party “ghost” kitchens
operating in the UAE. From the 1st April 2022 the
UAE now only has the World Trade Centre store in
operation, taking the MENA region store count to 9
stores.
There are 3 Shake Out and 4 Winner Winner
restaurants operating in NZ.
BFG RESULTS FOR THE PERIOD 1 APRIL 2021
TO 31 March 2022
31 March
2022
31 March
2021
$000$000
Operating Revenue*19,27518,654
Interest Income
IFRS 16 non-occupied leases1,2671,381
COVID-19 Government wage
subsidy430934
Total Income20,97220,969
Operating Expenses**(17,689)(16,941)
Depreciation Expense
IFRS 16 occupied leases(780)(699)
Interest Expense
IFRS 16 non-occupied leases(1,267)(1,381)
Interest Expense
IFRS 16 occupied leases(488)(481)
Transfer from foreign
currency reserve on windup
of subsidiary-(131)
Total Expenses(20,224)(19,633)
Net Profit (Loss) Before Tax7481,336
Net Profit (Loss) After Tax***576713
* Revenue includes: Operating revenue and interest income but excludes COVID
related Government support.
** Expenses include: Operating expenses, depreciation, amortisation and interest
expense but excludes the transfer from foreign currency reserve on windup of
subsidiary.
*** The New Zealand entities had taxable income and were unable to utilise the foreign
tax losses. The overseas entities had minimal tax.
THE YEAR’S RESULTS
AND GROUP OUTLOOK
New Zealand
Total systemwide sales across New Zealand (65
restaurants, all 3 brands) increased by 5.67% on the
previous year.
The COVID Alert Level 4 lockdown resulted in FY22
having 35 less days of trade in the Auckland region
and 14 in the rest of the country. All stores were closed
between 18 August and 31 August 2021, with the
Auckland stores reopening on 22 September 2021. We
also had reduced store hours across the system in the
tail end of FY22 due to COVID staff shortages.
Shake Out total store sales increased by 6.3% in FY22
and we expect this increase to continue into FY23 with
the introduction of online delivery options now being
trialled. Delivery is also now available with the Winner
Winner brand.
Winner Winner total sales increased by 6.8%. Winner
Winner has a larger mix of dine-in customers and
the constantly changing Alert Levels had a greater
CHAIRMAN AND CHIEF EXECUTIVES’ REVIEW
FOR THE YEAR ENDED 31 MARCH 2022
/ ANNUAL REPORT OF THE DIRECTORS

BFG ANNUAL REPORT 2022
5
CHAIRMAN AND CHIEF EXECUTIVES’ REVIEWCHAIRMAN AND CHIEF EXECUTIVES’ REVIEW
negative impact on Winner Winner, more so than
our other two brands. The company owned store in
Takapuna continues to remain challenging, however
we remain optimistic about sales improvement in this
store in FY23, providing COVID does not once again
impact the Auckland region.
For the entire financial year, the two new brands
represented 6.5% of total NZ sales for the group.
The establishment of new brands takes considerable
time and financial investment and accordingly
this investment has affected our bottom line.
Unfortunately, with the ongoing impact of temporary
COVID store closures and reduced hours we were
unable to gain much traction with these brands in
FY22. We do however believe that both brands have a
future in New Zealand, however significant resources in
terms of cash and management will need to continue
in FY23. The future development of these brands in
FY23 is very much dependant on the impact of COVID
as well as general market conditions.
The Middle East
The Middle East sales improved in FY22 with total sales
up 10.0%. The drop in the Group’s royalty revenue from
the Middle East reflects COVID support provided to
our Middle Eastern partners.
As announced on 25 March 2022 our United Arab
Emirates Master License holder AKI Group, ceased
operating the BurgerFuel brand in the UAE on 1 April
2022. At present we continue to operate in the UAE
with a single store at the World Trade Centre in Dubai
and by way of third party “ghost” kitchens. Ultimately,
we anticipate the operation of BurgerFuel Middle East
will occur under, a yet to be finalised Development
Agent (DA) agreement. This structure effectively
appoints a Master Licensee for the entire region to
one company that assumes responsibility for the
appointment and operations of individual stores and
regional franchisees.
BFG earnings from the Middle East have been
diminishing for some years, but particularly since
the arrival of COVID. The Group doesn’t anticipate
generating any material income from the UAE region
or the wider Middle East in the next couple of years,
while this proposed new DA structure is embedded
and tested. It should be noted that the Group incurred
costs in FY22 in relation to both exiting the Master
License agreement with AKI Group, as well as the
ongoing assessment of this region for further growth.
BurgerFuel Saudi Arabia sales were up on FY21 even
after closing two underperforming stores and the
“ghost” kitchen operations. A new location was opened
at Faisaliyah in December 2020 which contributed to
these increased sales.
The future of the Middle East business remains
uncertain. This territory will need to be completely
redeveloped and although we have made an initial
commitment to move forward on this, there can be no
certainty of future returns from this region for some
time yet.
Summary & Outlook
The FY22 year was another very challenging year under
COVID. The hospitality sector was hit hard by the pandemic
but given these circumstances we believe the Group
turned in a reasonable performance, in that it was still able
to maintain a profit for the year. At this stage the Group
Performance over the next 12 months remains uncertain both
with COVID but also with the current worsening economic
conditions. Like every business in New Zealand, we are
experiencing rapidly escalating cost pressures both in the
supply chain, but also labour costs and shortages. We cannot
see an end to this at present and believe that these increased
costs are permanent and therefore will lead to increased
prices as the year progresses. Price increases are set to occur
right across our sector and also in the wider economy in
general.
In regard to franchise opportunities in FY23, whist we expect
there to be some activity, it is unclear if the current economic
conditions will yield potential suitable franchisees for new
locations. Accordingly we expect growth in new stores to
be modest with perhaps a few new stores across all brands
occurring in FY23. On the positive side, once again the
past year has confirmed BurgerFuel’s robustness as a well-
established brand within New Zealand and we expect to at
least maintain consumer demand (sales) in FY23 despite
increased prices.
BurgerFuel Group in conjunction with its advisors KPMG
continue to remain open to any future strategic options that
may present themselves in FY23. The Board will keep the
market updated with any material developments should they
occur throughout the ongoing strategic review process.
We would like to thank all shareholders, staff, franchisees,
suppliers and of course our valued customers for their
continued support.

Best regards,
FOR THE YEAR ENDED 31 MARCH 2021
Josef Roberts
Group CEO
Peter Brook
Chairman
/ ANNUAL REPORT OF THE DIRECTORS

BFG ANNUAL REPORT 2022
6
Total System Sales represent total till sales
figures across the counter for all franchise and
company owned stores. These figures are based
on store sales reported by franchisees to Burger
Fuel Limited for the corresponding financial
years, and have not been independently
reviewed or audited by Baker Tilly Staples
Rodway. All figures are taken from till sales
and are up to and including the last day of the
calendar month. These figures are exclusive of
GST.
These figures include all three brands
BurgerFuel, Shakeout, and Winner Winner.
Financial years are from 1st April to 31st March. Total system sales represent total till sales figures across the counter
for all franchise and company owned stores.
Total (Unaudited) System Sales
BURGER FUEL GROUP LIMITED FY22 TOTAL
SYSTEM SALES
2012
NZ$33.0M
2013
NZ$38.1M
2014
NZ$49.3M
2015
NZ$66.2M
2016
NZ$82.8M
2011
NZ$29.9M
2010
NZ$25.9M
2009
2017
NZ$96.5M
2018
NZ$100.3M
2019
NZ$105.6M
2020
2021
2022
NZ$103.6M
NZ$101.3M
NZ$88.7M
NZ$94.2M
$94,201,961
/ FY22 TOTAL SYSTEM SALES

BFG ANNUAL REPORT 2022
7
BURGER FUEL GROUP LIMITED FY22
REVENUE AND TRADING HISTORY
REVENUE
LOSS
PROFIT AFTER
TAX
/ FY22 REVENUE AND TRADING HISTORY
NZ$21.0M
2019
NZ$1,236,341
NZ$21.9M
NZ$21.0MNZ$21.0M
2020
2021
2022
NZ$505,478
NZ$712,985
NZ$575,869
2009
NZ$7.5M
(NZ$710,282)
2010
NZ$8.7M
(NZ$552,983)
2011
NZ$8.3M
NZ$33,513
2012
NZ$9.6M
NZ$708,360
NZ$12.0M
NZ$1,098,294
2013
NZ$14.4M
NZ$400,656
2014
NZ$18.7M
NZ$532,170
2015
NZ$20.3M
(NZ$1,143,655)
2016
NZ$22.3M
NZ$888,948
2017
NZ$24.8M
(NZ$463,062)
2018

8
BFG ANNUAL REPORT 2021
THE BFG BOARD
Mark is the CFO & Company
Secretary of BurgerFuel and
has been with the company
since 2008.
Mark is a chartered accountant
& a member of Chartered
Accountants Australia and
New Zealand.
Prior to joining BurgerFuel,
Mark worked for Deutsche
Bank & The Economist in
London.
MARK PIET
CHIEF FINANCIAL OFFICER
PETER BROOK
CHAIRMAN
MEMBER - BFG AUDIT
COMMITTEE
Peter has 20 years experience
in the investment banking
industry, retiring in 2000 to
pursue his own business and
consultancy activities.
ALAN DUNN
INDEPENDENT DIRECTOR
CHAIRMAN - BFG AUDIT
COMMITTEE
Former CEO and Chairman of
McDonald’s NZ from 1993 to
2003. In 2004 Alan became
Chicago based VP Operations,
then Regional VP Nordics and
Managing Director Sweden until
retirement from McDonalds in
2007.

9
JOSEF ROBERTS
GROUP CEO
Josef is the Group CEO and
is responsible for the overall
direction and management of
the business.
Former CEO and founder of
Red Bull Australasia.
TYRONE FOLEY
NON-INDEPENDENT DIRECTOR
Tyrone was the BFG Group
COO from 2011 to 2021.
He became a non-independent
director in October 2021.
Tyrone’s previous management
roles have been with
McDonald’s and BP.

INDEPENDENT AUDITOR’S REPORT
TO THE SHAREHOLDERS OF BURGER FUEL GROUP LIMITED
Report on the Audit of the Consolidated Financial Statements
Opinion
We have audited the consolidated financial statements of Burger Fuel Group Limited and its subsidiaries (‘the
Group’) on pages 17 to 62, which comprise the consolidated statement of financial position as at 31 March
2022, and the consolidated statement of comprehensive income, consolidated statement of changes in equity
and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial
statements, including significant accounting policies.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the
consolidated financial position of the Group as at 31 March 2022, and its consolidated financial performance
and its consolidated 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’).
Our report is made solely to the Shareholders of the Group. Our audit work has been undertaken so that
we might state to the Shareholders of the Group those matters we are required to state to them in an
auditor’s 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 of the Group as a body, for our audit work, for our
report or for the opinions we have formed.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (‘ISAs (NZ)’).
Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the
Audit of the Consolidated Financial Statements section of our report. 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) issued by the New Zealand Auditing and
Assurance Standards Board and the International Ethics Standards Board for Accountants’ International Code
of Ethics for Professional Accountants (including International Independence Standards) (‘IESBA Code’), and
we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Other than in our capacity as auditor, our firm carries out other assignments for Burger Fuel Group Limited
and its subsidiaries in the area of taxation compliance services. The provision of these other services has not
impaired our independence.
T
:
+64 9 309 0463

E
: auckland@bakertillysr.nz

W
: www.bakertillysr.nz
Level 9, 45 Queen Street,

Auckland 1010

PO Box 3899, Auckland 1140

New Zealand

Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
of the consolidated financial statements of the current year. These matters were addressed in the context of our
audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.
Key Audit Matter
How our audit addressed the key audit matter
Leases
As disclosed in Note 18 of the Group’s consolidated
financial statements, the Group has lease liabilities
of $28.2m (2021: $31.4m), right-of-use assets of
$7.7m (2021: $8.4m) and lease receivables of
$19.7m (2021: $22.5m).
Lease liabilities, right-of-use assets and lease
receivables were significant to our audit due
to the size of the assets and liabilities and the
subjectivity, complexity and uncertainty inherent
in the application of NZ IFRS 16 Leases and the
assumptions required by Management for the
calculations of the lease balances.
These calculations require estimates regarding
the lease term and the discount rate. As well,
Management has exercised their judgement
in determining the recoverability of the lease
receivables for the sublease arrangements.
Our audit procedures, among others, included:
•
Understanding and evaluating the Group’s
internal controls relevant to the accounting
estimates used to determine the expected term
of the Group’s leases and applicable incremental
borrowing rates.
•
Evaluating Management’s process relating to
the identification, recording, recognition and
measurement of leases within the scope of NZ
IFRS 16 Leases.
•
Evaluating Management’s judgements made in
applying allowable practical expedients against
the requirements of NZ IFRS 16.
•
Assessing the completeness of identified lease
contracts by checking that all leased facilities
were included in the calculation.
•
For new leases:
•
Agreeing key inputs in the lease calculation
to the underlying lease agreements;
•
Recalculating the lease liability, right-of-use
asset and lease receivable based on the key
inputs and compared our recalculations to
the balances recorded by the Group; and
•
Checking the appropriateness of the
classification of the lease liability and lease
receivable between current and non-current
based on the remaining term of the lease.
•
For a sample of existing leases, evaluating
Management’s calculations for the subsequent
measurement of the leases, including lease
modifications and rent revisions.

Key Audit Matter
How our audit addressed the key audit matter
•
Evaluating Management’s estimates regarding
terms of the leases and Management’s
consideration of options to extend or terminate
the leases.
•
Evaluating Management’s assessment of the
incremental borrowing rates applied to individual
leases or portfolios of leases.
•
Evaluating the inputs and any underlying
assumptions with a view to identifying
Management bias.
•
Evaluating Management’s assessment of any
indicators of impairment for the right of use
assets in accordance with NZ IAS 36 Impairment
of Assets.
•
Evaluating the recoverability of the lease
receivable based on Management’s assessment
of impairment using the expected credit loss
model in accordance with NZ IFRS 9 Financial
Instruments.
•
Evaluating the disclosures (including the
accounting policies and accounting estimates)
related to leases which are included in the
Group’s consolidated financial statements.

Key Audit Matter
How our audit addressed the key audit matter
Impairment assessment of Goodwill
As disclosed in Note 13 of the Group’s
consolidated financial statements, the Group has
goodwill of $1.4m (2021: $1.4m), allocated across
two (2021: two) cash-generating units (‘CGUs’).
Goodwill was significant to our audit due to
the size of the assets and the subjectivity,
complexity and uncertainty inherent in the
measurement of the recoverable amount of
these CGUs for the purpose of the required
annual impairment test. The measurement
of a CGU’s recoverable amount includes the
assessment and calculation of its ‘value in-use’
or its fair value less costs to sell.
The annual impairment test involves complex
and subjective estimates and judgements by
Management on the future performance of the
CGUs, discount rates applied to the future cash
flow forecasts and future market and economic
conditions.
Our audit procedures, among others, included:
•
Evaluating Management’s determination of the Group’s
CGUs based on our understanding of the nature of
the Group’s business and the economic environment
in which the segments operate. We also analysed the
internal reporting of the Group to assess how the CGUs
are monitored and reported.
•
Challenging Management’s assumptions and
estimates used to determine the recoverable value
of its goodwill, including those relating to forecasted
revenue, cost, capital expenditure and discount rates,
by adjusting for future events and corroborating
the key market related assumptions to external data
(including the consideration of the impact of the
COVID-19 pandemic, current adverse macro and micro
economic conditions and adverse global events).
•
Procedures included:
•
Evaluating the logic of the value-in-use
calculations supporting Management’s annual
impairment test and testing the accuracy of these
calculations;
•
Evaluating Management’s process regarding the
preparation and review of forecasts;
•
Comparing forecasts to Board approved
forecasts;
•
Evaluating the historical accuracy of the Group’s
forecasting to actual historical performance;
•
Challenging and evaluating the forecast growth
assumptions;
•
Evaluating the inputs to the calculation of the
discount rates applied;
•
Engaging our own internal valuation experts
to evaluate the reasonability of Management’s
discount rate;
•
Evaluating the forecasts, inputs and any
underlying assumptions with a view to identifying
Management bias;
•
Evaluating Management’s sensitivity analysis for
reasonably possible changes in key assumptions;
and
•
Performing our own sensitivity analyses for
reasonably possible changes in key assumptions,
the two main assumptions being: the discount rate
and forecast growth assumptions.
•
Evaluating the related disclosures (including the
accounting policies and accounting estimates)
about goodwill, and the risks attached to them
which are included in the Group’s consolidated
financial statements.

Other Information
The Directors are responsible for the other information. The other information comprises the information
included in the Group’s annual report for the year ended 31 March 2022 (but does not include the consolidated
financial statements and our auditor’s report thereon).
Our opinion on the consolidated financial statements does not cover the other information and we do not
express any form of audit opinion or assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
consolidated financial statements, or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Consolidated Financial Statements
The Directors are responsible on behalf of the Group for the preparation and fair presentation of the
consolidated 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 the consolidated financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Directors are responsible on behalf of the Group for
assessing the Group’s ability to 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.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as
a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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) 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
consolidated financial statements.
As part of an audit in accordance with ISAs (NZ), we exercise professional judgement and maintain professional
scepticism throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the consolidated financial statements, whether due
to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
•
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the Group’s internal control.
•
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.

•
Conclude on the appropriateness of the use of the going concern basis of accounting by the Directors and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions
that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related
disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the Group to cease to continue as a going concern.
•
Evaluate the overall presentation, structure and content of the consolidated financial statements, including
the disclosures, and whether the consolidated financial statements represent fairly the underlying
transactions and events in a manner that achieves fair presentation.
•
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the consolidated financial statements. We are
responsible for the direction, supervision and performance of the group audit. We remain solely responsible
for our audit opinion.
We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during our
audit.
We also provide the Directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Directors, we determine those matters that were of most significance
in the audit of the consolidated financial statements of the current year and are therefore the key audit matters.
We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated
in our report because the adverse consequences of doing so would reasonably be expected to outweigh the
public interest benefits of such communication.
Matters Relating to the Electronic Presentation of the Audited Consolidated Financial Statements
This audit report relates to the consolidated financial statements of Burger Fuel Group and its subsidiaries for
the year ended 31 March 2022 included on Burger Fuel Limited’s website. The Directors of Burger Fuel Limited
are responsible for the maintenance and integrity of Burger Fuel Limited’s website. We have not been engaged
to report on the integrity of Burger Fuel Limited’s website. We accept no responsibility for any changes that
may have occurred to the consolidated financial statements since they were initially presented on the website.
The audit report refers only to the consolidated financial statements named above. It does not provide an
opinion on any other information which may have been hyper linked to or from these consolidated financial
statements. If readers of this report are concerned with the inherent risks arising from electronic data
communication they should refer to the published hard copy of the audited consolidated financial statements
and related audit report dated 23 June 2022 to confirm the information included in the audited consolidated
financial statements presented on this website.
Legislation in New Zealand governing the preparation and dissemination of consolidated financial statements
may differ from legislation in other jurisdictions.
The engagement partner on the audit resulting in this independent auditor’s report is N S de Frere.
BAKER TILLY STAPLES RODWAY AUCKLAND
Auckland, New Zealand
23 June 2022

WINNER WINNER // FEED FOUR

17
BFG ANNUAL REPORT 2022
20222021
Note$$
Revenue419,251,10518,615,623
COVID-19 Government wage subsidy430,292934,020
Operating Expenses5(17,079,428)(16,322,939)
Transfer from Foreign currency reserve on windup
of subsidiary5-(130,882)
Profit before Interest, Taxation, Depreciation
and Amortisation2,601,9693,095,822
Depreciation on Property, Plant and Equipment10(470,161)(477,008)
Depreciation on Right of Use Assets18(779,953)(698,813)
Amortisation13(139,442)(142,067)
(1,389,556)(1,317,888)
Profit before Interest and Taxation 1,212,4131,777,934
Interest Income23,57938,816
Interest Income leases non-occupied181,266,6371,380,726
Interest Expense-(86)
Interest Expense leases occupied18(487,846)(480,899)
Interest Expense leases non-occupied18(1,266,637)(1,380,726)
(464,267)(442,169)
Profit before Taxation748,1461,335,765
Income Tax Expense6(172,277)(622,780)
Net Profit attributable to shareholders575,869712,985
Other comprehensive income:
Items that may be reclassified subsequently to
profit or loss:
Movement in Foreign Currency Translation Reserve1912,68412,257
Total comprehensive income588,553725,242
Basic Earnings per Share (cents)241.141.37
Diluted Earnings per Share (cents)241.141.37
The attached notes form part of these financial statements
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2022
/ CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

BFG ANNUAL REPORT 2022
18
FOR THE YEAR ENDED 31 MARCH 2022
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
20222021
Shareholders’ equityNote$$
Contributed equity1711,913,49911,913,499
Accumulated losses(691,166)(1,267,035)
Foreign currency translation reserve19(285,476)(298,160)
10,936,857 10,348,304
Current assets
Cash and cash equivalents166,798,3627,114,119
Trade and other receivables81,931,9502,076,126
Lease Receivable: non-occupied181,538,3831,553,671
Inventories9762,383548,352
Loans1211,034127,722
11,042,11211,419,990
Non-current assets
Property, plant and equipment102,465,2442,609,570
Right of use asset - leases187,727,1348,375,067
Lease receivable non-occupied1818,172,74320,947,424
Deferred tax asset6576,743615,988
Loans1263,296109,928
Intangible assets131,905,5632,043,642
30,910,72334,701,619
Total Assets41,952,83546,121,609
Current liabilities
Trade and other payables141,249,4551,856,625
Contract Liability14234,448283,965
Lease Liability18615,881511,735
Lease Liability: non-occupied181,538,3831,553,671
Income tax payable115,649524,580
Provisions15350,337438,163
4,104,1535,168,739
The attached notes form part of these financial statements
/ CONSOLIDATED STATEMENT OF FINANCIAL POSITION

BFG ANNUAL REPORT 2022
19
FOR THE YEAR ENDED 31 MARCH 2022
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
20222021
Non-current liabilitiesNote
Contract Liability14830,6151,245,448
Lease Liability187,867,2678,371,494
Lease Liability non-occupied1818,172,74320,947,424
Provisions1541,20040,200
26,911,82530,604,566
Total liabilities31,015,97835,773,305
Net assets10,936,85710,348,304
Net tangible assets per share ($ per share)270.170.15
For and on behalf of the Board who approved these financial statements for issue on 23rd June 2022.
DirectorDirector
The attached notes form part of these financial statements
Josef Roberts
Group CEO
Peter Brook
Chairman
/ CONSOLIDATED STATEMENT OF FINANCIAL POSITION

BFG ANNUAL REPORT 2022
20
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
2021
Contributed
Equity
Foreign
Currency
Translation
Reserve
Accumulated
lossesTotal Equity
Note$$$$
Balance as at 1 April 202013,594,825(441,299)(1,980,020)11,173,506
Buy Back and cancellation of
Ordinary Shares17(1,681,326)--(1,681,326)
Reclassification of FX translation
reserve on windup of USA subsidiary-130,882-130,882
Movement in foreign currency
translation reserve recognised in other
comprehensive income-12,257-12,257
Net Profit for the year ended 31 March
2021--712,9857 1 2 , 9 8 5
Total comprehensive income-12,257712,985725,242
Balance as at 31 March 202111,913,499(298,160)(1,267,035)10,348,304
2022
Contributed
Equity
Foreign
Currency
Translation
Reserve
Accumulated
lossesTotal Equity
Note$$$$
Balance as at 1 April 202111,913,499(298,160)(1,267,035)10,348,304
Movement in foreign currency
translation reserve recognised in other
comprehensive income-12,684-12,684
Net Profit for the year ended
31 March 2022--575,8695 7 5 , 8 6 9
Total comprehensive income-12,684575,869588,553
Balance as at 31 March 202211,913,499(285,476)(691,166)10,936,857
The attached notes form part of these financial statements
/ CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

BFG ANNUAL REPORT 2022
21
The attached notes form part of these financial statements
20222021
Cash flows from operating activities Note$$
Receipts from customers19,286,01918,552,954
COVID-19 Government wage subsidy445,301445,133
Interest received23,57938,816
Goods and services tax84,103(79,859)
Payments to suppliers & employees(18,502,590)(15,587,996)
Interest Paid-(86)
Interest on leases(459,677)(452,073)
Taxes (Paid/Refund)(541,965)187,245
Net cash flows provided from operating activities25334,7703,104,134
Cash flows from investing activities
Repayments from suppliers & franchisee163,32070,816
Sale of property, plant and equipment 77,576122,015
Acquisition of intangible assets13(1,364)(7,264)
Acquisition of property, plant & equipment10(383,584)(690,933)
Net cash flows applied to investing activities(144,052)(505,366)
FOR THE YEAR ENDED 31 MARCH 2022
CONSOLIDATED STATEMENT OF
CASH FLOWS
Cash flows from financing activities
Lease Liability Capital Component(505,496)(397,744)
Share buyback & cancellation-(700,000)
Net cash flows applied to financing activities(505,496)(1,097,744)
Net movement in cash and cash equivalents(314,778)1,501,024
Exchange gains / (loss) on cash and cash
equivalents(979)42,928
Opening cash and cash equivalents7,114,1195,570,167
Closing cash and cash equivalents166,798,3627,114,119
/ CONSOLIDATED STATEMENT OF CASH FLOWS

BFG ANNUAL REPORT 2022
22
1) Reporting entities and statutory base
Burger Fuel Group Limited (“BFG”) is a Company
registered under the Companies Act 1993 and is listed
with the New Zealand Stock Exchange (NZX). The
Company is a Financial Markets Conduct (FMC) reporting
entity for the purposes of the Financial Markets Conduct
Act 2013 and its financial statements comply with that
Act.
The financial statements presented are those of Burger
Fuel Group Limited (the ‘Group’). A list of its wholly
owned subsidiaries is listed in note 11 of the financial
statements.
The Group operates as a franchisor of gourmet burger
and chicken restaurants and is a for-profit oriented entity,
incorporated and domiciled in New Zealand.
2) Basis of preparation
Statement of Compliance
The financial statements have been prepared in
accordance with New Zealand Generally Accepted
Accounting Practice (“NZ GAAP”) and the requirements
of the Companies Act 1993, the Financial Reporting Act
2013 and the Financial Markets Conduct Act 2013. They
comply with the New Zealand equivalents to International
Financial Reporting Standards (“NZ IFRS”), and other
applicable Financial Reporting Standards as appropriate
for, for-profit oriented entities. For the purposes of
complying with NZ GAAP, the Group is a Tier 1 for-profit
entity as defined in the XRB’s Accounting Standards
Framework. These financial statements also comply with
International Financial Reporting Standards (“IFRS”).
These financial statements are presented in New Zealand
dollars ($), which is the Company’s functional currency
and they have been rounded to the nearest dollar.
Where necessary, comparative information has been
reclassified and repositioned for consistency with current
year disclosures.
The financial statements were approved by the Board of
Directors on the date set out on page 19 of the Annual
Report.
Basis of Measurement
These financial statements have been prepared under the
historical cost convention and on a going concern basis.
Use of Estimates and Judgements
The preparation of financial statements in conformity with
NZ IFRS requires management to make estimates and
assumptions that affect the reported amounts of assets
and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during
the year. Actual results could differ from those estimates.
The principal areas of judgments in preparing these
financial statements are set out below:
IFRS16 – Expected Lease Term
The Group has estimated the lease terms for the occupied
and non-occupied leases will run to their final expiry,
taking into account all optional exercise periods. This is
based on the fact that the Group and franchisee spends
a significant amount on the store fitout, thus it is in their
best interest to extend the lease term for as long as
possible while the asset is generating revenue.
Impairment of Receivables and Lease Receivables
The Group maintains an allowance for estimated losses
expected to arise from customers being unable to make
required payments. This allowance takes into account
known commercial factors impacting specific customer
accounts, as well as the overall profile of the Group’s
debtors’ portfolio. In assessing the allowance, factors such
as past collection history, the age of receivable balances,
the level of activity in customer accounts, as well as
general, macro-economic trends, are taken into account.
The impairment of receivables is detailed in note 8 of the
financial statements.
Accounting for Income Tax
Preparation of the annual financial statements requires
management to make estimates as to, amongst other
things, the amount of tax that will ultimately be payable,
the availability of losses to be carried forward and the
amount of foreign tax credits it will receive in each of the
jurisdictions it operates in.
Deferred tax assets are recognised for deductible
temporary differences and unused tax losses (where
applicable) only to the extent that it is probable that
future taxable amounts will be available to utilise those
temporary differences and losses. Actual results may
differ from these estimates as a result of reassessment by
management or taxation authorities.
Refer to note 6 for additional information on accounting
for income tax.
Impairment of Goodwill
The Group reviews goodwill for impairment on an annual
basis. This requires an estimation of the fair value of the
cash-generating units to which the Goodwill is allocated.
Estimating the fair value amount requires management
to make an estimate of the expected future cash flows
from the cash-generating unit in the forecasted period of
5 years and also to determine a suitable discount rate in
order to calculate the present value of those cash flows.
The Group’s longer-term forecasts are subject to a higher
level of uncertainty as it mostly depends on consumer
spending, market conditions and level of competition. For
additional information on the impairment test, reference is
made to note 13.1 - Intangible Assets.
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
23
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2) Basis of preparation (Continued)
COVID-19
COVID Alert Level 4 came into force at 11:59pm Tuesday
17 August 2021; Auckland moved to Alert Level 3 at
11:59pm on Tuesday 21 September 2021 with the rest of
the country moving to Alert Level 3 on the 01 September
2021. The NZ BurgerFuel, Winner Winner & Shake Out
stores were completely closed during Alert Level 4, thus
the Group generated no royalty, advertising or sales
income during this period. The NZ stores reopened in
Alert Level 3 with limited services, providing click and
collect, kerbside pickup and delivery services in some
stores. Alert Level 2 allowed dine in service but had social
distancing restrictions and at Alert Level 1 the stores are
operating as normal. The Country moved to the traffic
light system in December 2021, all stores could trade
under the red light setting.
As per previous lockdowns CBD stores take longer to
recover from the lockdown periods. Management puts this
down to the delays with office workers returning to the
CBDs.
Whilst the Group and franchised stores lost revenue
during the lockdown, the Government wage subsidy and
various rent reductions assisted with cashflow thus there
was no impact on the Group’s receivables at year end.
3) Specific accounting policies
The following is a summary of specific accounting policies
adopted by the Group in the preparation of the financial
statements that materially affect the measurement
of financial performance, cash flows and the financial
position.
a) Adoption of new & revised standards and
interpretations
No new standards and amendments and
interpretations to existing standards came into effect
during the current accounting period beginning on
1 April 2021 that materially impacted the Group’s
financial statements and required retrospective
adjustments.
b) Basis of Consolidation
Subsidiaries
Subsidiaries are all entities over which the Group has
control. The Group controls an entity when the Group
is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability to
affect those returns through its power over the entity.
Subsidiaries are fully consolidated from the date on
which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
Inter-company transactions, balances and gains or
losses on transactions between Group companies are
eliminated. Accounting policies of subsidiaries have
been changed where necessary to ensure consistency
with the policies adopted by the Group.
c) Revenue Recognition
Revenue arises mainly from the sale of food and
beverage products from our fast-casual stores that the
Group owns directly and from franchise and royalty
arrangements that it has in place with franchise holders
both in New Zealand and offshore.
To determine whether to recognise revenue, the Group
follows a 5-step process:
1. Identifying the contract with a customer
2. Identifying the performance obligations
3. Determining the transaction price
4. Allocating the transaction price to the performance
obligations
5. Recognising revenue when or as its performance
obligation(s) are satisfied.
Revenue is recognised either at a point in time or over
time, when (or as) the Group satisfies performance
obligations by transferring the promised goods or
services to its customers.
The transaction price for a contract excludes any
amounts collected on behalf of third parties.
The Group recognises contract liabilities for
consideration received in respect of unsatisfied
performance obligations and reports these amounts as
other contract liabilities in the statement of financial
position.
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
24
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
3) Specific accounting policies (Continued)
Sale of goods
The Group is in the business of providing fast-casual
food solutions to its customers and franchisees.
Revenue from contracts with customers is recognised
when control of the goods is transferred to the
customer or franchisee at an amount that reflects
the consideration to which the Group expects to be
entitled in exchange for those goods or services.
The Group has concluded that it is the principal in its
revenue arrangements, because it controls the goods
or services before transferring them to the customer.
Management has determined the performance
obligation to deliver the food & proprietary products is
completed when control of goods passes to customer.
Revenue is recognised at this time.
Franchise fees
The Group recognises revenue derived from its
franchise operations in New Zealand and the Middle
East on a straight-line basis over a period of time that
the franchise agreement is in place, which is generally
10 years. This is the period of time over which the
performance obligation, the use of the intellectual
property, is satisfied. Payment is received upfront upon
signing the franchise contract.
The transaction price includes a variable price
consideration for the possible transfer of franchise
rights. This is unknown until and if the transaction is
completed. Given the high uncertainty of this transfer,
the transaction price for franchise contract is not
adjusted for these transferred franchise rights until the
Group is notified of the sale.
Royalties from Franchises and Master Licencing
Arrangements (MLAs)
The Group recognises revenue derived from its
Franchises and MLAs over time, based on sales that
are reported back to the Group on a monthly basis for
sales that occurred in that month. Payment is received
on a monthly basis.
The performance obligation, to provide access to
the brand intellectual property, is satisfied over time.
Royalty revenue is recognised as the underlying sales
take place, in accordance with sales-based royalties.
Training fees
The Group recognises revenue from training over time
as each 12-week training course is provided to the new
operators of franchises. Payment is received upfront
when the new operator signs a franchise agreement.
Advertising revenue
The Group recognises advertising revenue derived
from its Franchises and MLAs over time, based on
sales that are reported back to the Group on a monthly
basis for sales that occurred in that month. Payment is
received on a monthly basis.
The performance obligation, to provide access to the
brand intellectual property and advertising services, is
satisfied over time. Advertising revenue is recognised
as the underlying sales take place, in accordance with
sales-based royalties.
Property management fees
The Group recognises revenue from property
management services on a straight-line basis over 12
months. This reflects the period of time over which the
Group provides property management services to each
franchise.
Other revenue
Other revenue includes incentives, bonuses and
rebates received by the Group from its suppliers in
relation to volume of goods and services that have
been purchased by franchise holders. Rebate revenue
is recognised when the sale of the underlying asset
is completed. Other revenues are recognised when
reliable estimates of the amounts due to the Group are
deemed to be highly probable.
Government grants
Government grants are not recognised until there is
reasonable assurance that the Group will comply with
the conditions attaching to them and that the grants
will be received. Government grants are recognised in
profit or loss on a systematic basis over the periods
in which the Group recognises as expenses the
related costs for which the grants are intended to
compensate. Government grants that are receivable as
compensation for expenses or losses already incurred
or for the purpose of giving immediate financial
support to the Group with no future related costs are
recognised in profit or loss in the period in which they
become receivable.
Significant financing components
Using the practical expedient in NZ IFRS 15, the Group
does not adjust the promised amount of consideration
for the effects of a significant financing component if
it expects, at contract inception, the period between
the transfer of the promised good or service to the
customer and when the customer pays for that good
or service will be one year or less.
FOR THE YEAR ENDED 31 MARCH 2022
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
25
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
3) Specific accounting policies (Continued)
d) Accounts Receivable
Trade receivables and contract assets
The Group makes use of a simplified approach in
accounting for trade receivables as well as contract
assets and records the loss allowance as lifetime
expected credit losses. These are the expected
shortfalls in contractual cash flows, considering the
potential for default at any point during the life of the
financial instrument. In calculating, the Group uses its
historical experience, external indicators and forward-
looking information to calculate the expected credit
losses.
The Group assesses the impairment of all its trade
receivables on a specific as well as a collective basis
in order to determine the allowance for credit losses.
The Group recognizes lifetime expected credit losses
for the amount expected to result from default events
over the expected life of the financial asset.
Management has assessed the information available
and concluded that no provision for expected credit
losses was identified.
e) Inventories
Inventories are stated at the lower of cost and net
realisable value after due consideration for excess
and obsolete items. Cost is based on the first in, first
out principle and includes expenditure incurred in
acquiring the inventories and bringing them to their
existing condition and location. Net realisable value
is the estimated selling price in the ordinary course of
business, less estimated selling expenses.
f) Financial Instruments
Recognition and derecognition
Financial assets and financial liabilities are recognised
when the Group becomes a party to the contractual
provisions of the financial instrument.
Financial assets are derecognised when the contractual
rights to the cash flows from the financial assets
expire, or when the financial asset and substantially
all the risks and rewards are transferred. A financial
liability is derecognised when it is extinguished,
discharged, cancelled or expires.
Classification and initial measurement
of financial assets
Except for those trade receivables that do not contain
a significant financing component and are measured
at the transaction price in accordance with NZ IFRS 15,
all financial assets are initially measured at fair value
adjusted for transaction costs (where applicable).
All revenue and expenses relating to financial assets
are presented within finance costs, finance income or
other financial items.
Subsequent measurement of financial assets
After initial recognition, these are measured at
amortised cost using the effective interest method.
Discounting is omitted where the effect of discounting
is immaterial. The Group’s cash and cash equivalents,
trade and other receivables are classified at amortised
cost as the Group intends to hold them and collect
contractual cash flows.
Impairment of financial assets
The Group recognises a loss allowance for expected
credit losses (ECL). The amount of expected credit
losses is updated at each reporting date to reflect
changes in credit risk since initial recognition of the
respective financial instrument.
The Group recognises lifetime ECL for trade
receivables and contract assets. The expected credit
losses on these financial assets are estimated using a
provision matrix based on the Group’s historical credit
loss experience, adjusted for factors that are specific
to the debtors, general economic conditions and an
assessment of both the current as well as the forecast
direction of conditions at the reporting date, including
time value of money where appropriate.
Lifetime ECL represents the expected credit losses
that will result from all possible default events over the
expected life of a financial instrument. In contrast, 12
month ECL represents the portion of lifetime ECL that
is expected to result from default events on a financial
instrument that are possible within 12 months after the
reporting date.
The measurement of expected credit losses is a
function of the probability of default, loss given
default (i.e. the magnitude of the loss if there is a
default) and the exposure at default. The assessment
of the probability of default and loss given default is
based on historical data adjusted by forward looking
information as described above.
Loans Receivable and Lease Receivable
at amortised cost
The Group records loans receivable for loans to
suppliers and employees as well as a lease receivable
for leases where the Group is a lessor. The Group
records these at amortised cost using the effective
interest method and assesses these receivables for
impairment under the expected credit loss model,
using 12 months expected losses. Management have
assessed each counterparty as having a low risk of

/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
26
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
3) Specific accounting policies (Continued)
default and a strong capacity to meet their contractual
cash flow obligations in the near term.
Financial Liabilities
These amounts represent unsecured liabilities for
goods and services provided to the Group prior to
the end of the financial year which are unpaid. Other
financial liabilities are recognised initially at fair value
and subsequently measured at amortised cost using
the effective interest method. The Group’s other
financial liabilities are trade and other payables, and
these are usually paid within 30 days.
g) Share Capital
Ordinary Shares
Incremental costs directly attributable to the issue of
ordinary shares and share options are recognised as a
deduction from equity.
h) Property, Plant and Equipment
Recognition and Measurement
Items of property, plant and equipment are measured
at cost less accumulated depreciation and impairment
losses.
Cost includes expenditures that are directly
attributable to the acquisition of the asset. The cost of
self-constructed assets includes the cost of materials
and direct labour, any other costs directly attributable
to bringing the asset to a working condition for
its intended use, and the costs of dismantling and
removing the items and restoring the site on which
they are located. Purchased software that is integral
to the functionality of the related equipment is
capitalised as part of that equipment.
When parts of an item of property, plant and
equipment have different useful lives, they are
accounted for as separate items (major components)
of property, plant and equipment.
Subsequent Costs
The cost of replacing part of an item of property, plant
and equipment is recognised in the carrying amount
of the item if it is probable that the future economic
benefits embodied within the part will flow to the
Group and its cost can be measured reliably. The
costs of the day-to-day servicing of property, plant
and equipment are recognised in profit and loss as
incurred.
Property, plant and equipment are stated at cost less
accumulated depreciation. The following depreciation
rates have been used:
Motor Vehicles 24% - 40% diminishing value
Leasehold Improvements 9% - 40% diminishing value
Computer Hardware 16% - 75% diminishing value
Furniture & Fittings 8% - 67% diminishing value
Kitchen Equipment 8% - 67% diminishing value
Office Equipment 8% - 67% diminishing value
Where an asset is disposed of, the gain or loss
recognised in the Statement of Comprehensive Income
is calculated as the difference between the sale price
and the carrying amount of the asset.
i) Leased Assets
As a lessee
At the commencement date of a lease (other than
leases of 12 months or less and leases of low value
assets), the Group recognises a right of use asset,
representing its right to use the underlying asset and a
lease liability, representing its obligation to make lease
payments to the lessor.
Initial measurement
• Initial measurement of the right of use (‘ROU’)
assets (occupied leases) includes the initial present
value of the lease liability, the initial direct costs,
prepayments made to lessor, less any lease incentives
received from the lessor and restoration, removal and
dismantling costs. These amounts are discounted using
the interest rate implicit in the lease, or, if the interest
rate implicit in the lease cannot be readily determined,
the Group’s incremental borrowing rate;
• Initial measurement of the lease liability (occupied)
reflects the present value of lease payments over
the term of the lease, including reasonably certain
renewals. The lease payments are discounted using
the interest rate implicit in the lease, or, if the interest
rate implicit in the lease cannot be readily determined,
Group’s incremental borrowing rate.
Subsequent measurement
• ROU asset: Carried at cost less impairment and
depreciation, The ROU assets are depreciated on a
straight-line basis.
• Lease liability: Accrete the liability based on
the effective interest method, using a discount rate
determined at lease commencement (as long as a
reassessment and a change in the discount rate have
not occurred) and reduce the liability by payments
made.
FOR THE YEAR ENDED 31 MARCH 2022
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
27
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
3) Specific accounting policies (Continued)
As a lessor
When the Group is an intermediate lessor, it accounts
for its interests in the head lease and the sub-lease
separately. It assesses the lease classification of a
sub-lease with reference to the right-of-use asset
arising from the head lease, not with reference to
the underlying asset. If a lease transfers substantially
all of the risks and rewards incidental to the right-
of-use asset, it is treated as a finance lease. These
are classified as non-occupied leases in the financial
statements.
The initial measurement of the present value of
the lease liability is offset with a lease receivable,
representing its right to receive lease payments from a
sublessee.
Initial measurement
• Initial measurement of the lease receivable (non-
occupied leases) includes the initial present
value of the lease payments that are not paid
at the commencement date, discounted using
the interest rate implicit in the lease, or, if the
interest rate implicit in the sublease cannot be
readily determined, the discount rate used for the
head lease (adjusted for any initial direct costs
associated with the sublease); and
• Initial measurement of the lease liability (non-
occupied) reflects the present value of lease
payments over the term of the lease, including
reasonably certain renewals. The lease payments
are discounted using the interest rate implicit in
the lease, or, if the interest rate implicit in the lease
cannot be readily determined, Group’s incremental
borrowing rate.
Subsequent measurement:
• Lease receivable: Accrete the receivable based on
the effective interest method, using a discount rate
determined at lease commencement (as long as
a reassessment and a change in the discount rate
have not occurred) and reduce the receivable by
payments made; and
• Lease liability: Accrete the liability based on the
effective interest method, using a discount rate
determined at lease commencement (as long as a
reassessment and a change in the discount rate have
not occurred) and reduce the liability by payments
made.
Variable lease payments, such as percentage rent based
on turnover, not included in the measurement of lease
liabilities are recognised as an expense when incurred.
Leases of 12-months or less and leases of
low value assets
Lease payments made in relation to leases of 12-months
or less and leases of low value assets (for which a
right of use asset and a lease liability has not been
recognised) are recognised as an expense on a straight-
line basis over the term of the lease.
j) Intangible Assets
The Group’s intangible assets have finite useful lives
with the exception of Goodwill and are stated at cost
less accumulated amortisation. This class of intangible
asset which includes brand assets and patents are
amortised in the Statement of Comprehensive Income
on a straight line basis over the period during which
benefits are expected to be derived, which is up to
10 years. Where there has been an impairment in the
value, the balance has been written off in the Statement
of Comprehensive Income.
Subsequent expenditure is capitalised only when it
increases the future economic benefits embodied
in the intangible asset to which it relates. All other
expenditure is recognised in the Statement of
Comprehensive Income when incurred.
As part of a business combination, an acquirer may
acquire a right that it had previously granted to
the acquiree to use one or more of the acquirer’s
recognised or unrecognised assets. An example of such
rights include a right to use the acquirer’s trade name
under a franchise agreement. A reacquired right is an
identifiable intangible asset that the acquirer recognises
separately from goodwill. Reacquired rights are initially
valued at the present value of the expected future
cash flows, and subsequently amortised on a straight-
line basis over its useful life, being the remaining
contractual period without considering contractual
extension possibilities, but not exceeding 10 years.
k) Employee Benefits
Short-term Benefits
Short-term employee benefit obligations are measured
on an undiscounted basis and are expensed as the
related service is provided.
A provision is recognised for the amount expected to
be paid under short-term cash bonus or profit-sharing
plans if the Group has a present legal or constructive
obligation to pay this amount as a result of past service
provided by the employee and the obligation can be
estimated reliably.
The Group pays contributions to the Kiwisaver
superannuation plans. The Group has no further
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
28
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
3) Specific accounting policies (Continued)
payment obligations once the contributions have
been paid. The contributions are recognised as an
employee benefit expense when they are due. Prepaid
contributions are recognised as an asset to the
extent that a cash refund or a reduction in the future
payments is available.
l) Taxation
Income tax expense comprises current and deferred
tax. Current and deferred tax are recognised as an
expense or income in the profit or loss, except when
they relate to items that are recognised outside profit
or loss (whether in other comprehensive income
or directly in equity), in which case the tax is also
recognised outside profit or loss.
Current tax is the expected tax payable on the taxable
income for the year, using tax rates enacted or
substantively enacted at the reporting date, and any
adjustment to tax payable in respect of previous years.
Deferred tax is provided using the liability method,
providing for temporary differences between the
carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for taxation
purposes. Temporary differences are not provided for
the initial recognition of assets or liabilities that affect
neither accounting nor taxable profit. The amount of
deferred tax provided is based on the expected manner
of realisation or settlement of the carrying amounts
of assets and liabilities, using tax rates enacted or
substantively enacted at the balance date. A deferred
tax asset is recognised only to the extent that it is
probable that future taxable profits will be available
against which the asset can be utilised. Deferred tax
assets are reduced to the extent that it is no longer
probable that the related tax benefit will be realised.
m) Goods and Services Tax (GST) &
Value Added Tax (VAT)
The Statements of Comprehensive Income and Cash
Flows has been prepared so that all components
are stated exclusive of GST and VAT. All items in
the Statement of Financial Position are stated net of
GST and VAT, with the exception of receivables and
payables, which include GST and VAT invoiced. The
operations of the Group comprise both exempt and
non-exempt supplies for GST and VAT purposes.
n) Foreign Currency
Foreign Currency Transactions
Transactions in foreign currencies are translated
into the functional currencies of the entities
within the Group at exchange rates at the date of
the transactions. Monetary assets and liabilities
denominated in foreign currencies at the reporting
date are retranslated to the functional currency at the
exchange rate at that date. The foreign currency gain
or loss on monetary items is the difference between
amortised cost in the functional currency at the
beginning of the period, adjusted for effective interest
and payments during the period, and the amortised
cost in foreign currency translated at the exchange rate
at the end of the period. Foreign currency differences
arising on retranslation are recognised in the profit or
loss.
Foreign Operations
The assets and liabilities of foreign operations are
translated to New Zealand dollars at exchange rates
at the reporting date. The revenue and expenses of
foreign operations are translated to New Zealand
dollars at the average exchange rates for the period
where this rate approximates the rate at the date of the
transaction.
Foreign currency differences are recognised in the
Foreign Currency Translation Reserve (FCTR). When
a foreign operation is disposed of, in part or in full,
the relevant amount in the FCTR is transferred to the
Statement of Comprehensive Income.
o) Statement of Cash Flows
Cash and cash equivalents comprise cash at bank
and call deposits. Investing activities comprise the
purchase and sale of fixed assets, acquisition of a
subsidiary and intangible assets along with any funding
made available or repaid from franchisees. Financing
activities comprise any changes in equity and debt and
the payment of dividends (if any). Operating activities
include all transactions and other events that are not
investing or financing activities.
p) Earnings and Net Tangible Assets Per Share
The Group presents basic and diluted Earnings Per
Share (EPS) data for its ordinary shares. Basic EPS is
calculated by dividing the profit or loss attributable to
ordinary shareholders of the Group by the weighted
average number of shares outstanding during the year.
Diluted EPS is calculated by adjusting the profit or loss
attributable to ordinary shareholders and the weighted
average number of ordinary shares outstanding for the
effects of all dilutive potential ordinary shares, which
includes share options granted to employees.
The Group also presents Net Tangible Assets Per Share
for its ordinary shares and it is calculated by dividing
the net tangible assets of the Group by the number of
shares outstanding at the end of the year.
FOR THE YEAR ENDED 31 MARCH 2022
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
29
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
3) Specific accounting policies (Continued)
q) Segment Reporting
Operating segments have been identified based on the
information provided to the chief operating decision
maker; being the Board of Directors.
The Group operates in two operating segments – these
consist of the following geographical locations, New
Zealand, and international markets. Previously this was
reported in four geographical locations New Zealand,
Australia, United States of America and the Middle
East.
r) Goodwill
Goodwill represents the future economic benefits
arising from a business combination that are not
individually identified and separately recognised.
Goodwill is carried at cost less accumulated
impairment losses. Refer to Note 13.1 for a description
of impairment testing procedures
s) Impairment Testing of Goodwill, Other Intangible
Assets and Non-financial Assets
For impairment assessment purposes, assets are
grouped at the lowest levels for which there are largely
independent cash inflows (cash-generating units).
As a result, some assets are tested individually for
impairment and some are tested at cash-generating
unit level. Goodwill is allocated to those cash-
generating units that are expected to benefit from
synergies of the related business combination and
represent the lowest level within the Group at which
management monitors goodwill.
Cash-generating units to which goodwill has been
allocated (determined by the Group’s management
as equivalent to its operating segments) are
tested for impairment at least annually. All other
individual assets or cash-generating units are tested
for impairment whenever events or changes in
circumstances indicate that the carrying amount may
not be recoverable.
An impairment loss is recognised for the amount by
which the asset’s or cash-generating unit’s carrying
amount exceeds its recoverable amount, which is the
higher of fair value less costs to sell and value-in-use.
To determine the value-in-use, management estimates
expected future cash flows from each cash-generating
unit and determines a suitable interest rate in order to
calculate the present value of those cash flows.
The data used for impairment testing procedures are
directly linked to the Group’s latest approved budget,
adjusted as necessary to exclude the effects of future
reorganisations and asset enhancements. Discount
factors are determined individually for each cash-
generating unit and reflect management’s assessment
of respective risk profiles, such as market and asset-
specific risks factors.
The carrying amounts of the Group’s non-financial
assets, other than inventories and deferred tax assets
are reviewed at each reporting date to determine
whether there is any indication of impairment. If any
such indication exists then the asset’s recoverable
amount is estimated.
An impairment loss is recognised if the carrying
amount of an asset exceeds its recoverable amount.
Impairment losses are recognised in the Statement of
Comprehensive Income.
Impairment losses for cash-generating units reduce
first the carrying amount of any Goodwill allocated to
that cash-generating unit. Any remaining impairment
loss is charged pro rata to the other assets in the
cash-generating unit. With the exception of Goodwill,
all assets are subsequently reassessed for indications
that an impairment loss previously recognised may no
longer exist. An impairment charge is reversed if the
cash-generating unit’s recoverable amount exceeds its
carrying amount.
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
30
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
4) Revenue
20222021
$$
Sale of Goods8,077,2747,775,995
Franchising Fees486,353298,004
Training Fees-30,000
Royalties4,978,6214,821,681
Advertising Fees3,507,3093,341,022
Property Management Fees57,00057,000
Gain on Sale of Fixed Assets 39,27782,510
Foreign Exchange Gains / (Losses) (13,721)29,725
Other Income1,977,2221,794,950
Rent Relief on Non-Occupied Leases141,770384,736
19,251,10518,615,623
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
31
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
5) Expenses
20222021
$$
Operating expenses include:
Cost of Sales3,496,1133,125,746
Rental and Operating Lease Costs-119
Loss on Disposal of Property, Plant and Equipment19,39225,921
Directors’ Fees (refer Note 23)130,417120,000
Wages and Salaries4,661,2914,343,558
Contributions to a defined contribution plan115,727102,327
Key management personnel costs: (refer Note 23)
- Salary and other short-term benefits1,667,4422,003,316
- Contributions to a defined contribution plan29,01240,089
Auditors’ remuneration – Audit Services – Baker Tilly Staples
Rodway:
- Audit of Financial Statements102,79692,271
- Tax and other compliance services46,49027,140
Other Operating Expenses 3,280,4782,303,813
Rent Relief on Non-Occupied Leases141,770384,736
Write-off of uniform stock (refer Note 9)2,53917,934
Transfer from Foreign currency reserve on windup of subsidiary-130,882
Advertising Expenditure3,385,9613,520,969
Impairment of Goodwill-215,000
17,079,42816,453,821
The above key management personnel costs include remuneration of the Group Chief Executive and the members of
the executive team.
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
32
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
6) Income tax
20222021
$$
Taxation expense is represented by:
Current Tax133,032549,664
Deferred Tax39,24573,116
172,277622,780
Profit / (Loss) before income tax expense748,1461,335,765
Timing differences & non-deductible expenses:
Extraordinary costs-1,735,648
50% entertainment21,85925,688
Non-deductible expenditure183,888499,489
Depreciation & Amortisation17,83418,332
IFRS 15 Deferred revenue(464,354)(444,204)
IFRS 16 Leases247,854276,818
Accruals(10,120)(7,763)
Prepayments-2,338
Make good provision1,0001,000
Holiday pay not paid out within 63 days55,626(47,139)
Provision for Doubtful Debts--
Other 18,715(61,330)
72,3021,998,877
Taxable Profit / (Loss)820,4483,334,642
Non-taxable Middle East & US Entities Income(22,187)(1,283,771)
Tax Losses utilised(152,579)(157,303)
Net Taxable Profit645,6821,893,568
Taxation at the company’s effective tax rate180,791530,199
Deferred tax movement P&L39,24573,116
Under Provision of Prior Period(47,759)19,465
Total income tax expense per statement of comprehensive income172,277622,780
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
33
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
6) Income tax (Continued)
20222021
Reconciliation of deferred tax asset:$$
Deferred tax on temporary differences
Opening balance615,988689,104
Provision for employee benefits15,575(13,199)
Provisions for make good280280
Depreciation & amortisation4,9945,359
Accruals526(19,343)
Deferred revenue(130,019)(124,377)
Impact of Leases69,39977,509
Prepayments-655
576,743615,988
Opening Balance615,988689,104
Charged to profit or loss(39,245)(73,116)
Closing Balance576,743615,988
The Group has $1,772,032 of unrecognised losses to be carried forward (2021: $1,888,853). The potential benefit
of these losses is $531,609 (2021: $566,656) which has not been recognised in the financial statements. The losses
carried forward relate to the Australian operations and are therefore in Australian dollars.
The Group has recognised a deferred tax asset of $576,743 (2021: $615,988) with respect to other temporary
differences. This has been recognised as it is probable that future taxable profit will be available to allow the asset to
be utilised.
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
34
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
20222021
$$
Opening balance1,719,4211,893,978
Add
Tax payable603,52059,113
Resident withholding tax6,4029,347
609,92268,460
Deduct
Income tax refund received-(243,017)
Closing balance2,329,3431,719,421
8) Trade and other receivables
20222021
$$
Trade receivables1,761,2151,935,741
Allowance for impaired assets--
1,761,2151,935,741
Prepayments151,008121,742
Sundry receivables19,72718,643
1,931,9502,076,126
Receivables denominated in currencies other than the presentation currency are Australian Dollars and UAE Dirhams
and they comprise 33.0% of the trade receivables (2021: 26.9%) The total receivables impaired for the 2022 financial
year are Nil (2021: Nil).
7) Imputation credits
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
35
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
20222021
$$
Ingredients172,098193,983
Finished Goods590,285354,369
Total Inventory762,383548,352
Finished goods includes signage, kitchen equipment, uniforms & proprietary products (BurgerFuel sauces & dry goods).
During the year ended 31 March 2022, $2,539 of obsolete uniforms were written off. (2021: $17,934).
9) Inventories
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
36
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
10) Property, plant & equipment
2022
Motor
vehicles
Office
equipment
Furniture &
fittings
Computer
Hardware
Kitchen
Equipment
Leasehold
Improve-
mentsTotal
$$$$$$$
Cost
Balance 1 April 2021457,51877,3491,168,0641,094,9881,188,8042,266,9316,253,654
Additions40,97483025,103240,04175,1461,490383,584
Disposals(159,513)-(1,412)(52,412)(52,732)(1,320)(267,389)
Cost at
31 March 2022338,97978,1791,191,7551,282,6171,211,2182,267,1016,369,849
Depreciation and
impairment losses
Balance 1 April 2021376,41657,363743,182924,912510,5231,031,6883,644,084
Disposals(136,872)-(958)(39,677)(31,147)(1,044)(209,698)
Depreciation for
the year23,0463,43985,375112,023120,763125,515470,161
Foreign exchange
impact51--7--58
Balance 31 March
2022262,64160,802827,599997,265600,1391,156,1593,904,605
Net Book Value
Balance 1 April 202181,10219,986424,882170,076678,2811,235,2432,609,570
Depreciation for
the year(23,046)(3,439)(85,375)(112,023)(120,763)(125,515)(470,161)
Additions40,97483025,103240,04175,1461,490383,584
Disposals(22,641)-(454)(12,735)(21,585)(276)(57,691)
Foreign exchange
impact(51)--(7)--(58)
Net Book Value at 31
March 202276,33817,377364,156285,352611,0791,110,9422,465,244
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
37
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
10) Property, plant & equipment (Continued)
2021
Motor
vehicles
Office
equipment
Furniture &
fittings
Computer
Hardware
Kitchen
Equipment
Leasehold
Improve-
mentsTotal
$$$$$$$
Cost
Balance 1 April 2020706,12677,7301,061,2171,105,3341,024,1782,015,6865,990,271
Additions32,651746145,94876,205184,138251,245690,933
Disposals(281,259)(1,127)(39,101)(86,551)(19,512)-(427,550)
Cost at 31 March 2021457,51877,3491,168,0641,094,9881,188,8042,266,9316,253,654
Depreciation and
impairment losses
Balance 1 April 2020595,87854,499686,329872,906409,346909,2963,528,254
Disposals(249,707)(768)(31,928)(69,887)(9,834)-(362,124)
Depreciation for the
year29,3673,63288,781121,825111,011122,392477,008
Foreign exchange
impact878--68--946
Balance 31 March
2021376,41657,363743,182924,912510,5231,031,6883,644,084
Net Book Value
Balance 1 April 2020110,24823,231374,888232,428614,8321,106,3902,462,017
Depreciation for the
year(29,367)(3,632)(88,781)(121,825)(111,011)(122,392)(477,008)
Additions32,651746145,94876,205184,138251,245690,933
Disposals(31,552)(359)(7,173)(16,664)(9,678)-(65,426)
Foreign exchange
impact(878)--(68)--(946)
Net Book Value at 31
March 202181,10219,986424,882170,076678,2811,235,2432,609,570
The gain on sale recorded in the Statement of Comprehensive Income was $39,277 (2021: $82,510), relating to the sale of
nine motor vehicles.
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
38
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Subsidiary CompaniesCountry of IncorporationInterest Held 2022Interest Held 2021
BF Lease Company LimitedNew Zealand100%100%
BF Lease Company No 1 LimitedNew Zealand100%100%
BF Lease Company No 2 LimitedNew Zealand100%100%
BF Lease Company No 3 LimitedNew Zealand100%100%
BF Lease Company No 4 LimitedNew Zealand100%100%
BF Lease Company No 5 LimitedNew Zealand100%100%
BF Lease Company No 6 LimitedNew Zealand100%100%
BF Lease Company No 7 LimitedNew Zealand100%100%
BF Lease Company No 8 LimitedNew Zealand100%100%
BF Lease Company No 9 LimitedNew Zealand100%100%
BF Lease Company No 10 LimitedNew Zealand100%100%
BF Lease Company No 11 LimitedNew Zealand100%100%
BF Lease Company No 12 LimitedNew Zealand100%100%
BF Lease Company No 13 LimitedNew Zealand100%100%
BF Lease Company No 14 LimitedNew Zealand100%100%
BF Lease Company No 15 LimitedNew Zealand100%100%
BF Lease Company No 16 LimitedNew Zealand100%100%
BF Lease Company No 17 LimitedNew Zealand100%100%
BF Lease Company No 18 LimitedNew Zealand100%100%
BF Lease Company No 19 LimitedNew Zealand100%100%
BF Lease Company No 20 LimitedNew Zealand100%100%
BF Lease Company No 21 LimitedNew Zealand100%100%
BF Lease Company No 22 LimitedNew Zealand100%100%
BF Lease Company No 23 LimitedNew Zealand100%100%
BF Lease Company No 24 LimitedNew Zealand100%100%
BF Lease Company No 25 LimitedNew Zealand100%100%
BF Lease Company No 26 LimitedNew Zealand100%100%
BF Lease Company No 27 LimitedNew Zealand100%100%
BF Lease Company No 28 LimitedNew Zealand100%100%
BF Lease Company No 29 LimitedNew Zealand100%100%
BF Lease Company No 30 LimitedNew Zealand100%100%
BF Lease Company No 31 LimitedNew Zealand100%100%
BF Lease Company No 32 LimitedNew Zealand100%100%
BF Lease Company No 33 LimitedNew Zealand100%100%
11) Investment in subsidiaries
The Parent Company’s investment in the subsidiaries comprises shares at cost.
All subsidiaries have a 31 March balance date.
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
39
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Subsidiary CompaniesCountry of IncorporationInterest Held 2022Interest Held 2021
BF Lease Company No 34 LimitedNew Zealand100%100%
BF Lease Company No 35 LimitedNew Zealand100%100%
BF Lease Company No 36 LimitedNew Zealand100%100%
BF Lease Company No 37 LimitedNew Zealand100%100%
BF Lease Company No 38 LimitedNew Zealand100%100%
BF Lease Company No 39 LimitedNew Zealand100%100%
BF Lease Company No 40 LimitedNew Zealand100%100%
BF Lease Company No 41 LimitedNew Zealand100%100%
BF Lease Company No 42 LimitedNew Zealand100%100%
BF Lease Company No 43 LimitedNew Zealand100%100%
BF Lease Company No 44 LimitedNew Zealand100%100%
BF Lease Company No 45 LimitedNew Zealand100%100%
BF Lease Company No 46 LimitedNew Zealand100%100%
BF Lease Company No 47 LimitedNew Zealand100%100%
BF Lease Company No 48 LimitedNew Zealand100%100%
Burger Fuel Group Lease Limited
(formally BF Lease Company No 49 Limited)New Zealand100%100%
Burger Fuel Worldwide Limited
(formally BF Lease Company No 50 Limited)New Zealand100%100%
Burger Fuel (Dubai) NZ LimitedNew Zealand100%100%
Burger Fuel (ME) DMCCDubai100%100%
Burger Fuel International LimitedNew Zealand100%100%
Burger Fuel (Australia) Pty LimitedNew Zealand100%100%
Burger Fuel (Australia) No2 Pty LimitedNew Zealand100%100%
Burger Fuel International Management
LimitedNew Zealand100%100%
Burger Fuel LimitedNew Zealand100%100%
BurgerFuel Henderson LimitedNew Zealand100%100%
Burger Fuel Takapuna LimitedNew Zealand100%100%
Winner Winner LimitedNew Zealand100%100%
Shake Out LimitedNew Zealand100%100%
Concept Brands LimitedNew Zealand100%100%
Shake Out Newmarket LimitedNew Zealand100%100%
Shake Out Container LimitedNew Zealand100%100%
Burger Fuel Pty Limited Australia100%100%
Burger Fuel Australia Pty LimitedAustralia100%100%
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
40
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
The principal activities of the subsidiaries are:
Burger Fuel Limited – Franchise systems – gourmet burger restaurants.
Burger Fuel International Limited – Holds patents, trademarks and licences and holds the international Master
Franchise Agreements.
Burger Fuel International Management Limited – Owns the BurgerFuel Australia operation and holds the international
Master Franchise Agreements.
Burger Fuel (Australia) Pty Limited – Non trading.
Burger Fuel (Australia) No2 Pty Limited – Non trading.
Burger Fuel Australia Pty Limited – Non trading.
Burger Fuel Pty Limited – Administration.
Burger Fuel (ME) DMCC – Dubai based trading company.
Burger Fuel (Dubai) NZ Limited – Holding company of the subsidiary in Dubai.
BurgerFuel Henderson Limited – New Zealand based company trading as restaurant.
Burger Fuel Takapuna Limited – New Zealand based company trading as restaurant.
Winner Winner Limited – New Zealand based company trading as restaurant.
Shake Out Limited – New Zealand based company trading as restaurant.
Concept Brands Limited - Franchise systems – Shake Out and Winner Winner brands.
Shake Out Newmarket Limited – Non trading.
Shake Out Container Limited – New Zealand based company trading as mobile restaurant.
All other companies are head lease holders for store premises in New Zealand.
11) Investment in subsidiaries (Continued)
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
41
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
20222021
$$
Loans to Third Parties
Advance to Supplier4,830109,650
Advance to Franchisee69,500128,000
Total Loans74,330237,650

Advances to suppliers and franchisee
The advance to a supplier is to assist ilabb Limited with the stock holding of the BurgerFuel uniforms.
The loan is interest bearing at 3% (2021: 3%), secured over the uniform inventory and is repayable on demand.
The advance to a franchisee is to assist with developing the new Shake Out brand. The loan is interest bearing at
5.7% (2021: 5.7%).
These advances have been assessed by management and there is no impairment or expected credit losses.
12) Loans
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
42
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2022
Key
Money
Brand
AssetsGoodwill
Reacquired
RightsPatent
Trade
MarksTotal
$$$$$$$
Cost
Balance 1 April 202122,500221,3331,639,279250,76017,896776,1252,927,893
Disposals/adjustment *-----(1)(1)
Acquisitions-----1,3641,364
Balance at
31 March 202222,500221,3331,639,279250,76017,896777,4882,929,256
Amortisation
Balance 1 April 202122,50082,838215,000111,44810,625441,840884,251
Adjustment *-------
Impairment **-------
Current year
amortisation-19,141-27,8621,45890,981139,442
Balance 31 March 202222,500101,979215,000139,31012,083532,8211,023,693

Net Book Value
Balance 1 April 2021-138,4951,424,279139,3127,271334,2852,043,642
Adjustment *-----(1)(1)
Impairment **-------
Additions-----1,3641,364
Amortisation-(19,141)-(27,862)(1,458)(90,981)(139,442)
Net Book Value at 31
March 2022-119,3541,424,279111,4505,813244,6671,905,563
13) Intangible assets
* Adjustment to the tax component of Winner Winner Brand asset 2022: Nil (2021: $28,000)
* Impairment of goodwill on the Takapuna and Henderson Burger Fuel stores 2022: Nil (2021: $215,000)
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
43
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2021
Key
Money
Brand
AssetsGoodwill
Reacquired
RightsPatent
Trade
MarksTotal
$$$$$$$
Cost
Balance 1 April 202022,500221,3331,639,279250,76017,896768,8612,920,629
Disposals/adjustment *-------
Acquisitions-----7,2647,264
Balance at
31 March 202122,500221,3331,639,279250,76017,896776,1252,927,893
Amortisation
Balance 1 April 202022,50035,697-83,5869,167348,234499,184
Adjustment *-28,000----28,000
Impairment **--215,000---215,000
Current year
amortisation-19,141-27,8621,45893,606142,067
Balance 31 March 202122,50082,838215,000111,44810,625441,840884,251

Net Book Value
Balance 1 April 2020-185,6361,639,279167,1748,729420,6272,421,445
Adjustment *-(28,000)----(28,000)
Impairment **--(215,000)---(215,000)
Additions-----7,2647,264
Amortisation-(19,141)-(27,862)(1,458)(93,606)(142,067)
Net Book Value at 31
March 2021-138,4951,424,279139,3127,271334,2852,043,642
13) Intangible assets (Continued)
The reacquired rights will be amortised over the life of the franchise agreement at the time of purchase being 9.5 years.
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
44
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
13.1) Impairment testing
Impairment
The goodwill of the Takapuna and Henderson stores have been tested for impairment. Based on the impairment
testing results, no impairment loss on Goodwill is recorded in the 2022 financial year (2021: $215,000). In assessing
impairment, management estimates the recoverable amount of each asset or cash-generating unit based on
expected future cash flows and uses an interest rate to discount to present values. Estimation uncertainty relates to
assumptions about future operating results and the determination of a suitable discount rate.
For the purpose of annual impairment testing, goodwill is allocated to the following cash-generating units, which are
the units expected to benefit from the synergies of the business combinations in which the Goodwill arises.
FOR THE YEAR ENDED 31 MARCH 2022
20222021
$$
New Zealand Retail – Henderson Store586,427701,427
Impairment of Henderson Goodwill-(115,000)
New Zealand Retail – Takapuna Store837,852937,852
Impairment of Takapuna Goodwill-(100,000)
Goodwill allocation at 31 March1,424,2791,424,279
The recoverable amounts of the cash-generating units were determined based on value-in-use calculations, covering
a detailed forecast period of 5 years of expected cash flows for the units’ remaining useful lives using the growth
rates determined by management.
Management assessed the impact of reduced economic activity and lower revenues due to the COVID pandemic on
the valuation of the Group’s financial and non-financial assets (i.e. impairment assessment of cash generating units).
As a result of the ongoing COVID pandemic, the Group’s impairment assessments as at reporting date took into
account the temporary cessation of operations, expected decline in demand and profitability.
The Group has prepared revised cash flow forecasts for the purposes of the Group’s annual impairment testing of
goodwill and brand. This assessment has confirmed the carrying value of goodwill and brand assets as at 31 March
2022.
The present value of the expected cash flows of each segment is determined by applying a suitable discount rate.
Growth RatesDiscount Rates
2022202120222021
New Zealand Retail – Henderson Store2.0%2.0%20.9%13.0%
New Zealand Retail – Takapuna Store2.0%2.0%18.5%13.0%
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
45
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
13.2) Growth rates
The growth rates reflect the long-term average growth rates for the product line and industry of the segments (all
publicly available). The Group is expecting the FY23 revenue growth rates to be 8.9% over a COVID normalised FY22
result, for the Henderson and Takapuna stores’.
13.3) Discount rates
The discount rates reflect appropriate adjustments relating to market risk and specific risk factors of each unit and
these are pre-tax discount rates;
13.4) Cash flow assumptions
Management’s key assumptions include uncertain profit margins due to the COVID pandemic. The Group had
reduced royalty and sales income due to store closures in Alert level 4 (refer note 2). While revenue was down in
FY22, reduced overheads and government assistance through the wage subsidy partially offset this lost revenue.
The forecasts assume that New Zealand will have no further restrictions placed on the business operations during the
forecast period.
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
46
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
20222021
$$
Trade payables938,6301,649,380
Payroll liabilities67,43156,195
GST payable195,832111,728
Accrued expenses47,56239,322
1,249,4551,856,625
Payables denominated in currencies other than the presentation currency comprise 0.0% of the trade payables
(2021: 0.0%).
Contract LiabilityFranchise Fees MLA Total
Opening Balance April 20191,212,550802,4962,015,046
Franchise fees booked to Balance Sheet in FY20235,000-235,000
Revenue recognised – Franchise fees(216,808)(59,620)(276,428)
Historic royalties invoiced65,000-65,000
Balance 31 March 20201,295,742742,8762,038,618
Franchise fees booked to Balance Sheet in FY2149,000-49,000
Revenue recognised – Franchise fees(212,742)(280,463)(493,205)
Historic royalties invoiced(65,000)-(65,000)
Balance 31 March 20211,067,000462,4131,529,413
Franchise fee refund(20,000)-(20,000)
Revenue recognised – Franchise fees(194,600)(249,750)(444,350)
Balance 31 March 2022852,400212,6631,065,063
The contract liability represents the remaining balance of franchise and MLA fees spread over the life of the
agreement which is typically 10 & 20 years in length, respectively. The MLA for Egypt was cancelled in June 2021
generating revenue of $221,170.
14) Trade and other payables and contract liabilities
FOR THE YEAR ENDED 31 MARCH 2022
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
47
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
20222021
$$
Store Closure Provision
Opening balance40,20039,200
Provisions made during the year1,0001,000
41,20040,200
Holiday Pay Provision
Opening balance438,163436,456
Provisions made during the year265,917355,450
Provisions used during the year(353,743)(353,743)
350,337438,163
Total Provisions391,537478,363
Store Closure Provision
This is the make good provision that is set aside to cover the costs of returning premises that are occupied by
BurgerFuel back to their original condition, after taking into account the normal wear and tear of these premises.
Holiday Pay Provision
This is the allocation of the 8% annual leave entitlement that each full-time and part-time employee is entitled to as
part of their employment, which is accrued throughout the year.
16) Cash and cash equivalents
20222021
$$
Cash at bank1,354,1601,417,131
Cash on deposit5,444,2025,696,988
6,798,3627,114,119
At balance date there is $76,608 (2021: $76,608) in restricted cash for bonds issued to the NZX and a lease
guarantee bond. Refer note 21 for further information.
15) Provisions
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
48
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
Number of SharesShare Capital
2022202120222021
$$
Opening ordinary shares on issue 50,336,86353,670,19511,913,49913,594,825
Share buyback and cancellation-(3,333,332)-(1,681,326)
Authorised & issued ordinary shares on issue at 31 March50,336,86350,336,86311,913,49911,913,499
Burger Fuel Group Limited was listed on the New Zealand Alternative Stock Exchange (NZAX) on the 27 July 2007.
The Group migrated to the main board (NZX) on the 1st July 2019. The Company has 50,336,863 (2021: 50,336,863)
authorised and fully paid ordinary shares on issue. All shares have equal voting rights and share equally in dividends
and any surplus on winding up. The shares have no par value.
No Dividends were paid in the 2022 financial year (2021: NIL).
17) Contributed equity
FOR THE YEAR ENDED 31 MARCH 2022
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
49
*Remeasurements of ROU assets include new vehicle leases and lease changes.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
In addition to the head office company owned stores & warehouse leases (Occupied leases), the Group at 31 March
2022 holds the head leases on 49 franchised Burger Fuel stores in New Zealand (Non-occupied leases). These have
been sublet to the franchisees on the same terms and conditions as the head leases. These are considered finance
leases and the net investment in the lease is recorded as a receivable. Expected credit losses have been reviewed
and no impairments noted.
2021
Non-OccupiedVehicle LeasesOccupiedTotal
Right of Use Assets
Opening balance--7,828,0077,828,007
Remeasurements of ROU assets-243,9341,001,9391,245,873
Depreciation-(21,774)(677,039)(698,813)
Right of use Asset as at 31 March 2021-222,1608,152,9078,375,067
2022
Non-OccupiedVehicle LeasesOccupiedTotal
Right of Use Assets
Opening balance-222,1608,152,9078,375,067
Remeasurements of ROU assets*-83,82948,191132,020
Depreciation-(75,176)(704,777)(779,953)
Right of use Asset as at 31 March 2022-230,8137,496,3217,727,134
18) Right of use assets, lease receivable and lease liabilities
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
50
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
18) Right of use assets, lease receivable and lease liabilities (Continued)
** Remeasurements of existing lease receivables are lease changes and non-occupied leases exited.
The group exited 4 non-occupied head leases in FY22.
2022Non-OccupiedVehicle LeasesOccupiedTotal
Lease Liability
Opening balance(22,501,095)(226,551)(8,656,678)(31,384,324)
Remeasurements of existing lease liabilities1,308,344(83,829)(48,190)1,176,325
Interest(1,266,637)(12,491)(475,355)(1,754,483)
Rent payments2,606,49283,866881,3073,571,665
Rent Relief COVID 141,770-54,773196,543
Lease Liability as at 31 March 2022(19,711,126)(239,005)(8,244,143)(28,194,274)
2021Non-OccupiedVehicle LeasesOccupiedTotal
Lease Liability
Opening balance(22,757,150)-(8,059,353)(30,816,503)
Remeasurements of existing lease liabilities(1,243,585)(243,934)(1,001,938)(2,489,457)
Interest(1,380,726)(4,205)(476,694)(1,861,625)
Rent payments2,495,63021,588828,2293,345,447
Rent Relief COVID-19384,736-53,078437,814
Lease Liability as at 31 March 2021(22,501,095)(226,551)(8,656,678)(31,384,324)
2022Non-OccupiedVehicle LeasesOccupiedTotal
Lease Receivable
Opening balance22,501,095--22,501,095
Remeasurements of existing lease
receivables**(1,308,344)--(1,308,344)
Interest income1,266,637--1,266,637
Rent payments(2,606,492)--(2,606,492)
Rent Relief COVID (141,770)--(141,770)
Lease Receivable as at 31 March 202219,711,126--19,711,126
2021Non-OccupiedVehicle LeasesOccupiedTotal
Lease Receivable
Opening balance22,757,150--22,757,150
Remeasurements of existing lease receivables1,243,585--1,243,585
Interest income1,380,726--1,380,726
Rent payments(2,495,630)--(2,495,630)
Rent Relief COVID-19(384,736)--(384,736)
Lease Receivable as at 31 March 202122,501,095--22,501,095
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
51
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
18) Right of use assets, lease receivable and lease liabilities (Continued)
The cash impact of the occupied leases (rent), short term low value asset, and Motor vehicle lease payments in 2022
is $910,399 (2021: $902,895). This increase is mainly due to moving our fleet vehicles to a lease model, rent increases
on existing sites and also includes the rent relief provided on the occupied leases due to the COVID lockdown’s.
The net impact between interest and depreciation and the original expense (rent) to the Consolidated Statement of
Comprehensive Income with the introduction of IFSR16 is $357,400 (2021: $329,895).
The group has 4 stores that have variable lease payments based on sales turnover that are not included in the
measurement for lease liability above, as the base rent was not exceeded or was capped. This was Nil in 2022 (2021:
Nil). The reduced turnover due to COVID impacted the turnover rent calculations.
Contractual Lease Commitments
The lease liability under IFRS 16 takes the lease term to its expiry as it is Management’s intention to use the asset’s
to date of final expiry. The actual legal commitment as per the legal obligations of the lease is $5,792,104 (2021:
$6,485,484). This reduction in lease obligation is due to renewal terms in the lease agreement and limited liability
clauses.
The Group holds the head lease over 60 of 65 sites in NZ. The lease on the franchised sites are then licensed to its
franchisees under the same terms and conditions. At balance date, the current annual rent expense of leases under
this arrangement including occupied leases, was $3,676,886 (2021: $3,783,261).
Limited Liability No Discount FY22
Less than one year2,251,42480,684652,6432,984,751
Between one and five years1,682,342158,321885,3972,726,060
More than five years81,293--81,293
31 March 20224,015,059239,0051,538,0415,792,104
Non-OccupiedVehicle LeasesOccupiedTotal
Limited Liability No Discount FY21
Less than one year2,491,40757,644702,8493,251,900
Between one and five years1,765,766168,9071,199,7413,134,414
More than five years24,545-74,62599,170
31 March 20214,281,718226,5511,977,2156,485,484
Maturity analysis – undiscounted
Non-OccupiedVehicle LeasesOccupiedTotal
Less than one year2,690,44790,480981,9733,762,900
Between one and five years10,297,864165,9853,849,54414,313,393
More than five years14,301,097-6,450,18720,751,284
Lease Liability as at 31 March 202227,289,408256,46511,281,70438,827,577
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
52
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Nature and Purpose of Reserves:
Foreign Currency Translation Reserve
Translation differences arising on the translation of the results of subsidiaries with functional currencies other than
New Zealand dollars are recognised directly in the Foreign Currency Translation Reserve. The cumulative amounts
are released to profit or loss upon disposal of these subsidiaries.
20) Financial instruments and risk management
Financial risk management objectives
Management provides services to the business, co-ordinates access to domestic and international financial markets,
monitors and manages the financial risks relating to the operations of the Group through internal risk reports which
analyse exposures by degree and magnitude of risks. These risks include market risk (including currency risk), credit
risk, liquidity risk and cash flow interest rate risk.
The Management reports quarterly to the Group’s audit committee, who monitors risk and policies implemented to
mitigate risk exposures.
Market risk
The Group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and
interest rates. Market risk exposures are analysed by sensitivity analysis. There has not been significant change to
BurgerFuel’s exposure to market risks or the manner in which it manages and measures the risk.
Foreign currency risk management
The Group’s foreign exchange risk is limited to its Australian Dollar & UAE Dirham bank accounts and the trading of
its Australian & United Arab Emirates subsidiaries. It maintains amounts in these foreign bank accounts and transfers
funds when foreign exchange rates are favourable.
Foreign currency sensitivity analysis
The following table details the Group’s sensitivity to a 10% increase and decrease in the NZ$ against the Australian,
& UAE currencies. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management
personnel and represents management’s assessment of the reasonably possible change in foreign exchange rates.
The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their
translation at year end for a 10% change in foreign currency rates.
The sensitivity analysis includes external loans as well as loans to foreign operations within the Group. A positive
number below indicates an increase in profit.
19) Foreign currency translation reserve
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
53
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
GROUP
10% Strengthening10% Weakening
2022202120222021
$000$000$000$000
Profit / (Loss) before tax4844(53)(48)
Equity3531(35)(31)
Interest rate sensitivity analysis
The sensitivity analysis below has been determined based on the exposure to interest rates at the balance date. For
floating rate liabilities, the analysis is prepared assuming the amount of liability outstanding at the balance date
was outstanding for the whole year. A 100-basis point increase or decrease is used when reporting interest rate
risk internally to key management personnel and represents management’s assessment of the reasonably possible
change in interest rates.
If the interest rates on cash and cash equivalents had been 100 basis points higher and all other variables were held
constant, the Group’s operating result for the year ended 31 March 2022 would have been $67,984 higher (2021:
$71,141 higher).
Interest rate risk
The Group has cash flow interest rate risk from financial instruments that attract interest. Interest rate risk is the risk
that the value of the Group’s assets and liabilities will fluctuate due to changes in market interest rates. The Group is
exposed to interest rate risk primarily through its cash balances and advances.
The Group manages its interest rate risk by maintaining minimal variable rate cash balances. Excess cash resources
are placed into fixed rate term deposits where appropriate.
20) Financial instruments and risk management (Continued)
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
54
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
20) Financial instruments and risk management (Continued)
Interest rate risk profile
2022Weighted
average
effective
interest
rate %
Greater
than 1 year
Less than 1
year
Non -
interest
bearingTotal
$$$$
Financial Assets
Cash and cash equivalent0.35%-6,798,362-6,798,362
Advance to Supplier3.00%4,830--4,830
Advance to Franchisee5.70%48,83520,665-69,500
Trade and other receivables---1,780,9721,780,972
Lease Receivable -non occupied6.30%18,172,7431,538,383-19,711,126
18,226,4088,357,4101,780,97228,364,790
Financial Liabilities870,000
Trade payables---1,249,4551,249,455
Lease Liability – Occupied5.90%8,244,144460,724-8,704,868
Lease Liability – Vehicles4.95%239,00571,375-310,380
Lease Liability – Non-occupied6.30%18,172,7431,538,383-19,711,126
26,655,8922,070,4821,249,45529,975,829
2021Weighted
average
effective
interest
rate %
Greater
than 1 year
Less than 1
year
Non -
interest
bearingTotal
$$$$
Financial Assets
Cash and cash equivalent0.16%-7,114,119-7,114,119
Advance to Supplier3.00%109,650--109,650
Advance to Franchisee5.70%110,66917,331-128,000
Trade and other receivables---1,954,3841,954,384
Lease Receivable -non occupied6.30%20,947,4241,553,671-22,501,095
21,167,7438,685,1211,954,38431,807,248
Financial Liabilities870,000
Trade payables---1,856,6251,856,625
Lease Liability – Occupied5.90%8,202,588454,090-8,656,678
Lease Liability – Vehicles4.95%168,90757,644-226,551
Lease Liability – Non -occupied6.30%20,947,4241,553,671-22,501,095
29,318,9192,065,4051,856,62533,240,949
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
55
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
20) Financial instruments and risk management (Continued)
Credit risk
Credit risk is the risk that the counter party to a transaction with the Group will fail to discharge its obligations,
causing the Group to incur a financial loss. The Group has adopted a policy of only dealing with creditworthy
counterparties, as a means of mitigating the risk of financial loss from defaults. The credit ratings of its counterparties
are continuously monitored by management and the aggregate value of transactions concluded is spread amongst
approved counterparties.
Financial instruments that potentially subject the Group to concentrations of credit risk consist principally of cash,
trade debtors, loans and advances.
The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses,
represents the Group’s maximum exposure to credit risk without taking account of the value of any collateral
obtained. The maximum credit risk exposures are:
Group
20222021
$$
Cash and bank balances6,798,3627,114,119
Loans, advances and receivables1,855,2722,192,034
Maximum exposures are net of any recognised provisions, and at balance date no loans or advances are considered
to be impaired (2021: $Nil). No trade receivables are impaired in FY22 with no further amounts past due (2021: Nil).
Cash
The Group’s major concentration of credit risk relates to cash deposits with ASB Limited in New Zealand and CBA
Bank Limited in Australia.
Receivables
The Group has a credit policy, which is used to manage its exposure to credit risk. As part of this policy, limits on
exposures have been set, lending is subject to defined criteria and loans are monitored on a regular basis. The trade
receivable are payable on the 10th of the following month and loans are subject to a loan agreement which stipulates
monthly repayments or payable on demand. No security is held.
Capital management
The Group’s capital includes share capital, reserves and retained earnings as shown in the Statements of Financial
Position. The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going
concern in order to provide returns for shareholders, and to maintain an optimal capital structure to reduce the cost
of capital. In order to maintain or adjust the required capital structure the Group may issue new shares, sell assets to
reduce debt and/or adjust amounts paid to investors.
The Group is not subject to any externally imposed capital requirements.
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
56
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Capital Commitments
At 31 March 2022, the Group has no contractual commitments (2021: Nil).
Indemnity / Guarantees
BurgerFuel has deposits in place to cover certain commitments the banks have provided:
22) Contingencies
The Group has no contingencies at balance date (2021: Nil).
20222021
Total future minimum
payments
Total future minimum
payments
$$
NZX Bond20,00020,000
Lease guarantee bond56,60856,608
76,60876,608
21) Commitments
20) Financial instruments and risk management (Continued)
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in raising funds at short notice to meet commitments
associated with financial instruments. The Group maintains sufficient funds to meet the commitments based on
historical and forecasted cash flow requirements. The exposure is being reviewed on an ongoing basis from daily
procedures to monthly reporting.
Ultimate responsibility for liquidity risk management rests with the board of directors, which has built an appropriate
liquidity risk management framework for the management of short, medium and long-term funding and liquidity
management requirements. Liquidity risk is managed by maintaining adequate reserves and banking facilities, by
continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and
liabilities. All payables are due within 6 months of balance date (2021: 6 months).
The Group expects to meet its obligations from operating cash flows and proceeds of maturing financial assets.
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
57
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Transactions with Related Parties
During the year the following related party transactions took place:
GroupRelationship
Nature
of transaction
2022
$
2021
$
SIAM Ventures LimitedKMPConsultancy Expenses Paid700,362277,922
Neo Corporate
Trustees LimitedKMPConsultancy Expenses Paid-389,090
Peter BrookDirectorDirectors Fees 70,00070,000
Trumpeter Consulting
LimitedDirectorDirectors Fees50,00050,000
Tyrone FoleyDirectorDirectors Fees10,417-
Neo Corporate
Trustees Limited KMPHead Office Rental519,893499,093
Trumpeter Consulting
LimitedDirectorConsultancy Expenses Paid5,47818,000
Tyrone FoleyDirectorConsultancy Expenses Paid33,406-
The Burger Fuel Group Limited Chief Executive Officer is the sole director of SIAM Ventures Limited and Neo
Corporate Trustees Limited. The head office rental is the premises at 66 Surrey Crescent, Grey Lynn, Auckland and
the SIAM Ventures Limited consultancy fee relates to the remuneration of the CEO. The above remuneration excludes
reimbursements of costs incurred on behalf of the Group.
20222021
$$
Salaries and other short-term employee benefits1,667,4422,003,316
KiwiSaver Employer Contribution29,01240,089
1,696,4542,043,405
Key Management Compensation
Key management personnel (KMP) compensation costs include remuneration of the Group Chief Executive, Directors
and the members of the executive team. The compensation paid or payable to key management for employee services is
shown above.
23) Related party transactions
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
58
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
25) Reconciliation of net surplus / (deficit) after taxation to net cash flows provided
from operating activities
24) Earnings per share
The basic earnings per share are calculated by dividing the profit attributed to owners of the Group by the weighted
average number of ordinary shares in issue during the year.
20222021
$$
Surplus / (Deficit) attributable to the owners of the Group575,8697 1 2 , 9 8 5
Weighted average number of ordinary shares on issue50,336,86352,008,095
Basic earnings / (loss) per share (cents)1.141.37
Diluted earnings /(loss) per share (cents)1.141.37
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding
to assume conversion of all dilutive potential ordinary shares. There is no difference between the basic and diluted
number of shares on issue.
20222021
$$
Net surplus after tax575,869 7 1 2 , 9 8 5
Add: Non-cash items
Amortisation139,442142,067
Depreciation470,161477,008
Depreciation on ROU asset779,953698,813
Deferred tax asset39,245101,116
Transfer from Foreign currency reserve on windup of subsidiary-130,882
Loss on disposal of property, plant and equipment19,39225,921
Unrealised exchange loss / (gain)13,721(29,725)
Impairment of Goodwill-215,000
Cancellation of shares USA settlement-(981,327)
Lease Liability component of rent relief(26,604)(24,253)
1,435,310755,502
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
59
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
20222021
Add: Items classified as investing or financing activities
Gain on sale of assets(39,277)(82,510)
Add: Working capital movements
(Increase) / decrease in trade and other receivables144,1761,113,208
(Increase) / decrease in inventories(214,031)16,865
(Decrease) / increase in taxation payable (408,931)708,906
Increase / (decrease) in accounts payable and accruals,
provisions and contract liability(1,158,346)(120,822)
(1,637,132)1,718,157
Net cash flows provided from operating activities334,7703,104,134
25) Reconciliation of net surplus / (deficit) after taxation to net cash flows provided
from operating activities (Continued)
26) Segment reporting
Operating Segments
The Group operates in two operating segments; these operating segments have been divided into the following
geographical regions, New Zealand and International markets. All the segment’s operations are made up of
franchising fees, royalties and sales to franchisees. The segments are in the business of Franchise Systems - Gourmet
Burger Restaurants. New Zealand’s segment result is also due to the amortisation of intangible assets.
The amounts provided to the Board with respect to total liabilities are measured in a manner consistent with that of
the financial statements. These liabilities are allocated based on the operations of the segment.
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
60
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2022
New ZealandInternationalConsolidated
$$$
Revenue
Sales8,035,13442,140 8,077,274
Royalties4,933,04145,5804,978,621
Franchising fees236,599249,754486,353
Training fees---
Property management fees57,000 - 57,000
Advertising fees3,507,309 - 3,507,309
Foreign exchange gain(2,749)(10,972)(13,721)
Sundry income2,016,1723272,016,499
Rent Relief on
Non-Occupied Leases141,770-141,770
Interest received23,55326 23,579
Interest Leases1,266,637-1,266,637
COVID-19 Government
wage subsidy430,292-430,292
Total Revenue20,644,758326,85520,971,613
Interest Expense---
Interest Expense Leases Occupied487,846-487,846
Interest Expense Leases non occupied1,266,637-1,266,637
Depreciation463,4516,710470,161
Depreciation Leases779,953-779,953
Amortisation139,442 - 139,442
Segment Result before Income Tax634,351113,795748,146
Income Tax Expense172,277- 172,277
Segment Assets41,724,930227,905 41,952,835
Segment Liabilities30,960,79055,18831,015,978
Acquisition of Property, Plant & Equipment & Intangible Assets.
Other384,948- 384,948
26) Segment reporting (Continued)
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
61
2021
New ZealandInternationalConsolidated
$$$
Revenue
Sales7,728,40047,5957,775,995
Royalties4,662,874158,8074,821,681
Franchising fees242,74255,262298,004
Training fees30,000-30,000
Property management fees57,000-57,000
Advertising fees3,340,5874353,341,022
Foreign exchange gain97,739(68,014)29,725
Sundry income1,841,17736,2831,877,460
Rent Relief on
Non-Occupied Leases384,736-384,736
Interest received38,05076638,816
Interest Leases1,380,726-1,380,726
COVID-19 Government
wage subsidy934,020-934,020
Total Revenue20,738,051231,13420,969,185
Interest Expense153(67)86
Interest Expense Leases Occupied480,899-480,899
Interest Expense Leases non occupied1,380,726-1,380,726
Depreciation474,2792,729477,008
Depreciation Leases698,813-698,813
Amortisation142,067-142,067
Segment Result before Income Tax1,532,323(196,558)1,335,765
Income Tax Expense622,780-622,780
Segment Assets45,754,882366,72746,121,609
Segment Liabilities35,649,636123,66935,773,305
Other698,197-698,197
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
26) Segment reporting (Continued)
Acquisition of Property, Plant & Equipment & Intangible Assets.
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
62
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
27) Net tangible asset per share
The net tangible asset per share is calculated by dividing the net tangible assets of the Group by the total number of
ordinary shares in issue during the year.
28) Subsequent Events
At the date of signing the Annual report and financial statements there has been no subsequent events.
20222021
$$
Assets14,514,57515,245,447
Current lease receivable non-occupied – IFRS161,538,3831,553,671
Right of use assets – Leases7,496,3218,152,907
Right of use assets – vehicles230,813222,160
Non-current lease receivable non-occupied – IFRS1618,172,74320,947,424
Total Assets41,952,83546,121,609
Liabilities(2,821,704)(4,388,981)
Lease Liabilities(8,244,143)(8,656,678)
Lease Liabilities – vehicles(239,005)(226,551)
Lease Liabilities – non-occupied(19,711,126)(22,501,095)
Total Liabilities(31,015,978)(35,773,305)
Net Assets10,936,85710,348,304
Less Intangible Assets and deferred tax asset(2,482,306)(2,769,558)
Net Tangible Assets8,454,5517,578,746
Total ordinary shares on issue50,336,86350,336,863
Net Tangible Assets per share
($ per Share)0.170.15
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

BFG ANNUAL REPORT 2022
63
Statement of Directors and Officers Interests
Directors and Officers held the following equity securities in the Company:
Beneficially held
at 31/03/22
Non-beneficially
held at 31/03/22
Beneficially held
at 31/03/21
Non-beneficially
held at 31/03/21
Peter Brook336,596-336,596-
Josef Roberts33,376,335-33,376,335-
Alan Dunn324,656-324,656-
Tyrone Foley14,874-14,874-
Mark Piet (Officer)21,667-21,667-
There were no share transactions with the Directors and Officers during the year.
Remuneration of Directors
2022
12 Months
2021
12 Months
$$
Peter Brook70,00070,000
Josef Roberts700,362667,012
Alan Dunn50,00050,000
Tyrone Foley10,417-
Tyrone Foley was elected to the Burger Fuel Group Limited Board of Directors on the 27 October 2021.
Tyrone is a non-independent Director.
Remuneration of Employees (Excluding Executive Directors)2022
12 Months
Number of Employees
2021
12 Months
Number of Employees
$100,000-$110,00023
$110,001-$120,00012
$120,001-$130,00021
$130,001-$140,00012
$140,001-$150,0001-
$150,001-$160,000-1
$160,001-$170,00011
$170,001-$180,0001-
$200,001-$210,000-1
$210,001-$220,0001-
$250,001-$260,000-1
$260,001-$270,0001-
$290,001-$300,000-1
SHAREHOLDER INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022
/ SHAREHOLDER INFORMATION

BFG ANNUAL REPORT 2022
64
Substantial Security Holders
The following information is given pursuant to section 293 of the Financial Markets Conduct Act 2013. As at 31 March
2022, details of the Substantial Security Holders in the company and their relevant interests in the company’s shares
are as follows:

Substantial Security HolderNumber of Voting Securities%
Mason Roberts Holdings Limited33,376,33566.3%
E & P Foundation Trustee Limited2,572,1385.1%
The total number of voting securities of the Company on issue at 31 March 2022 was 50,336,863 fully paid ordinary
shares.
SHAREHOLDER INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022
Twenty Largest Security Holders as at 31 March 2022
ShareholderNumber of Shares%
MASON ROBERTS HOLDINGS LIMITED33,376,33566.3%
E & P FOUNDATION TRUSTEE LIMITED2,572,1385.1%
MASON TRUSTEE LIMITED & CHRISTOPHER SIMON MASON &
CHRISTOPHER RONALD JOHN MILLS 2,422,4524.8%
FORSYTH BARR CUSTODIANS LIMITED1,302,0512.6%
NEW ZEALAND DEPOSITORY NOMINEE LIMITED 955,8431.9%
CUSTODIAL SERVICES LIMITED742,5001.5%
ASB NOMINEES LIMITED475,0000.9%
JBWERE (NZ) NOMINEES LIMITED369,2960.7%
PETER CLYNTON BROOK336,5960.7%
TRUMPETER TRUSTEES (2007) LIMITED 324,6560.6%
PLATEAU GROUP LIMITED253,6010.5%
LAPHROAIG TRUSTEE COMPANY (NZ) LIMITED 250,1290.5%
BRIAN KELLY LIMITED250,0000.5%
STERLING NOMINEES LIMITED150,2920.3%
ALASTAIR ROSS ARMSTRONG143,9360.3%
JOSEPH DANIEL BOTHA122,0570.2%
BRAD WILLIAM MCFARLANE107,7550.2%
ROBERT WALLACE MONTGOMERY DOWLER & ROSEMARY ELIZABETH
DOWLER100,0000.2%
MATTHEW JAMES PRINGLE75,0000.2%
GRAHAM RICHARD CALEY61,0380.2%
44,390,67588.2%
/ SHAREHOLDER INFORMATION

BFG ANNUAL REPORT 2022
65
SHAREHOLDER INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022
Domicile of Security Holdings
LocationHoldersUnitsUnits %
New Zealand2,23249,985,00599.3%
Australia85190,7500.4%
Austria12,0000.0%
Canada57,0580.0%
China12,0000.0%
France12,0000.0%
Hong Kong26,0000.0%
Hungary15500.0%
Ireland11,6000.0%
Norway11,0000.0%
Reunion11,0000.0%
Singapore13,5000.0%
South Africa11,0000.0%
Switzerland13000.0%
Taiwan11,0000.0%
U.S.A.1644,3330.1%
United Arab Emirates449,0170.1%
United Kingdom1238,7500.1%
2,36750,336,863100.0%
Spread of Security Holders

Shareholding SizeNumber of HoldersTotal Shares Held%
1 - 49919857,9190.1%
500 - 999156101,4460.2%
1,000 - 1,9991,2671,393,3942.8%
2,000 - 4,9994621,159,5312.3%
5,000 - 9,999137791,9871.6%
10,000 - 49,9991232,212,5404.4%
50,000 - 99,9996365,4090.7%
100,000 - 499,999122,883,3185.7%
500,000 - 999,99921,698,3433.4%
1,000,000 Over439,672,97678.8%
2,36750,336,863100.0%
/ SHAREHOLDER INFORMATION

BFG ANNUAL REPORT 2022
66
The Board of Directors is responsible for the corporate
governance of the Group. “Corporate Governance”
involves the direction and control of the business
by the Directors and the accountability of Directors
to shareholders and other stakeholders for the
performance of the Group and compliance with
applicable laws and standards.
Role of the Board
The Board is elected by the Shareholders of the
Company. A Director must not hold office (without
re-election) past the third annual meeting following the
Directors appointment or 3 years, whichever is longer.
The Directors to retire are those who wish to retire, or
those who have been longest in office since last being
elected.
The Board of Directors is responsible for the overall
direction of Burger Fuel Group Limited’s business and
affairs on behalf of all shareholders. The Board’s key role
is to ensure that corporate management is continuously
and effectively striving for above-average performance,
taking account of risk.
The Board:
• Establishes the objectives of Burger Fuel Group
Limited;
• Approves major strategies for achieving these
objectives;
• Oversees risk management and compliance;
• Sets in place the policy framework within which
BurgerFuel operates; and
• Monitors management performance against this
background.
The Board has delegated the day-to-day leadership and
management of the Group to the Group Chief Executive
Officer and the Chief Financial Officer.
The Board monitors financial results and compares them
to annual plans and forecasts / budgets on a regular
basis, and on a quarterly basis reviews the Group’s
performance against its strategic planning objectives.
Board size and Composition
The size and composition of the Board is determined
by the Company’s constitution. As at 31 March 2022,
there were four Directors and a Chief Financial Officer /
Company Secretary. The Chairman of the Board and the
Chairman of the Audit Committee are non-executive and
independent of the role of the Chief Executive Officer and
Chief Financial Officer.
Directors and Officers diversity
NZX listed issuers are required to report quantitative data
on the gender breakdown of Directors and Officers at the
financial year end. The policy behind the rule is to provide
information to allow investors to maintain an informed
view of diversity as a factor relevant to an Issuer’s
expected performance.
20222021
MaleFemaleMaleFemale
Directors4-3-
Executive /
Leadership Team5161
Total Head Office
Staff17161914
Audit Committee
(i) Risk Management
The Audit Committee is required to establish a
framework of internal control mechanisms to ensure
proper management of the Group’s affairs and that key
business and financial risks are identified and controls
and procedures are in place to effectively manage
those risks. The Audit Committee is accountable to the
Board for the recommendation of the external auditors,
directing and monitoring the audit function and
reviewing the adequacy and quality of the annual audit
process.
(ii) Additional Assurance
The Committee provides the Board with additional
assurance regarding the accuracy of financial
information for inclusion in the Group’s annual report,
including the financial statements. The Committee is
also responsible for ensuring that Burger Fuel Group
Limited has an effective internal control framework.
These controls include the safeguarding of assets,
maintaining proper accounting records, complying with
legislation, including resource management and health
and safety issues, ensuring the reliability of financial
information and assessing and overviewing business
risk. The Committee also deals with governmental and
New Zealand Stock Exchange requirements.
(iii) Share Trading Policy
The Company has adopted a formal Securities Trading
Policy (“Policy”) to address insider trading requirements.
The Policy is modelled on the Listed Companies
Association Securities Trading Policy and Guidelines and
is administered by the Audit Committee and restricts
share trading in a number of ways.
(iv) Insurance and Indemnification
Burger Fuel Group Limited provides indemnity insurance
cover to directors, officers and employees of the
Group except where there is conduct involving a wilful
breach of duty, improper use of inside information or
criminality.
CORPORATE GOVERNANCE
FOR THE YEAR ENDED 31 MARCH 2022
/ CORPORATE GOVERNANCE

BFG ANNUAL REPORT 2022
67
Constitution
A full copy of the Company’s constitution is available on
the Company’s website (www.burgerfuel.com).
Board Remuneration
Directors are entitled to Directors’ fees, reasonable
travelling, accommodation and other expenses incurred
in the course of performing duties or exercising powers
as Directors.
Peter Brook, the Chairman, receives an annual fee of
$70,000, Alan Dunn the independent, non-executive
Director receives an annual fee of $50,000 and Tyrone
Foley Non-Independent Director $25,000 PA. The
Company Secretary attends to all company secretarial
and corporate governance matters.
Conflict of Interest
The Board has guidelines dealing with the disclosure
of interests by Directors and the participation and
voting at Board meetings where any such interests are
discussed. The Group maintains an interests register in
which particulars of certain transactions and matters
involving Directors must be recorded.
Directors & Officers Board & Audit Committee Attendance Record
DirectorsBoard MeetingsAudit Committee Meetings
Peter Brook (Chair)63
Josef Roberts63
Alan Dunn63
Tyrone Foley63
Officers
Mark Piet (Chief Financial Officer / Company Secretary)63
CORPORATE GOVERNANCE
FOR THE YEAR ENDED 31 MARCH 2022
/ CORPORATE GOVERNANCE

BFG ANNUAL REPORT 2022
68
NZ Companies Office
Registered Office
Grant Thornton New Zealand Limited
152 Fanshawe Street
Auckland 1011
Company Number
1947191
Date of Incorporation
14 June 2007
Directors
Peter Brook - Chairman (Independent)
Alan Dunn (Independent)
Josef Roberts (Executive)
Tyrone Foley (Non-Independent)
Board Executives
Mark Piet
(Chief Financial Officer / Company Secretary)
Business Headquarters
66 Surrey Crescent
Grey Lynn
Auckland 1021
Auditor
Baker Tilly Staples Rodway
Level 9, Tower Centre
45 Queen Street
Auckland 1010
JAXA Chartered Accountants
Dubai (Head Office)
Al Mozna Building
Al Ghusais
Dubai
UAE
Accountant
KPMG
18 Viaduct Harbour Avenue,
Auckland 1140
Bridgepoint Group Accounting Pty Ltd
Suite 301, 8 West Street,
North Sydney
NSW 2060
Australia
Citrin Cooperman
529 Fifth Avenue
New York, NY 10017
USA
Bankers
ASB Bank Limited
CBA Bank Limited (Australia)
Emirates NBD (UAE)
Solicitors
Dentons Kensington Swan, 18 Viaduct Harbour Avenue,
Auckland 1011.
Buddle Findlay, HSBC Tower, 188 Quay Street, PO Box
1433, Auckland 1140.
Wiggin and Dana LLP, Two Liberty Place, 50 S. 16th
Street, Suite 2925, PA, 19102, USA.
Corporate Counsel Limited Solicitors, P.O Box 37-322,
Parnell, Auckland 1151.
Wynn Williams PO Box 2401, Shortland Street,
Auckland 1140.
EMA (Employers & Manufacturers Association) 145
Khyber Pass Road, Grafton, Auckland 1023.
COMPANY DIRECTORY
FOR THE YEAR ENDED 31 MARCH 2022
/ COMPANY DIRECTORY

69
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