Interim Report

Restaurant Brands New Zealand Limited
Interim Report 2022
For the six months ended 30 June 2022
OPEN

The aftershocks from COVID-19 –
characterised by high inflation and
on-going staff shortages – continue to
impact businesses around the world.
We are not immune. But as we

navigate these headwinds we can
draw confidence from the resilience
of our multi-brand, multi-format,
multi-geography business model.
Our business is solid. And together with
the best team of people in the industry,
we’re well equipped to mitigate the new
challenges of our times.

A L L WAY S

02
Restaurant Brands New Zealand Limited

About Restaurant Brands:
Restaurant Brands New Zealand Limited operates the KFC, Pizza Hut, Taco Bell and Carl’s Jr. brands in New Zealand,
the KFC and Taco Bell brands in Australia, the KFC and Taco Bell brands in California, and the Taco Bell and Pizza Hut
brands in Hawaii and Guam. These brands - four of the world’s most famous - are distinguished for their product, look,
style, ambience and service and for the total experience they deliver to their customers around the world.
Key highlights 04
Group operating results 06
Consolidated income statement 14
Non-GAAP financial measures 16
Consolidated statement of comprehensive income 18
Consolidated statement of changes in equity 19
Consolidated statement of financial position 21
Consolidated statement of cash flows 22
Notes to and forming part of the financial statements 24
Independent auditor’s review report 35
Corporate directory 37
Financial calendar 37
ON THE MENU
Interim Report 2022
03

KEY HIGHLIGHTS
Total Group sales for the six months to 30 June 2022 (1H 2022)
were $584.9 million, up $44.3 million on the previous half year
(1H 2021). Total sales growth was assisted by the inclusion of
17 additional stores and a stronger US dollar.
Net Profit after Tax for 1H 2022 was $15.3 million (12.25 cents
per share), down $19.2 million on 1H 2021. Worldwide inflationary
pressures resulted in significant cost increases across all
regions. Also, the prior period result included recognition
of $11.4 million of loan forgiveness under the US Paycheck
Protection Program (PPP).
Brand EBITDA before G&A was down $3.7 million to $84.3
million. This is a reflection of the significant inflationary
pressures facing the company in all markets. This was partially
offset by the strong sales and, in particular, a very good overall
result for the Hawaii division.
TOTAL GROUP
SALES
1H 2022
$584.9m
NET PROFIT
A F T E R TA X
1H 2022
$15.3m
EBITDA
1H 2022
$84.3m
04
Restaurant Brands New Zealand Limited

AFTER
25 YEARS,
WE’VE
EARNED OUR
WINGS.
Interim Report 2022
05

GROUP OPERATING RESULTS
1H 2022
$NZm
1H 2021
$NZm
Change
$NZm

Change (%)
Total Group sales
584.9540.6+44.3+8.2
Group NPAT (reported)
15.334.5-1 9. 2- 5 5 .7

Restaurant Brands New Zealand Limited (RBD) has earned a Group Net Profit after Tax
(NPAT) of $15.3 million for the six months ended 30 June 2022 (1H 2022). This is down
$19.2 million on the last half year’s reported result. The company continues to face cost
inflation pressures across all markets but is mitigating the impact of these by implementing
cost savings and taking price increases where possible. However the extent of cost inflation
has meant that the opportunity to pass input costs on in the short term has been limited,
with consequent short term adverse profit impacts.
RBD continues to face challenges from COVID-19 with resultant staff shortages hampering
operations across all divisions and in some cases forcing reduced operating hours during
the period.
Comparisons at a reported profit level are distorted by the recognition of $11.4 million
($US8.1 million) relating to the PPP loan which was forgiven during 1H 2021. After adjusting
for the PPP loan, the underlying NPAT for 1H 2021 would be $23.1 million. This underlying
decrease for 1H 2022 of $7.8 million reflects the effect of inflation as well as continued
trading disruptions relating to COVID-19.
Total store sales hit a new high of $584.9 million, up $44.3 million or 8.2% on 1H 2021.
Sales across all regions were up on 1H 2021 due to 17 additional stores and the strengthened
US dollar.
Combined brand EBITDA at $84.3 million was down $3.7 million (4.2%) on 1H 2021, with the
impact of cost inflation pressures only being partially offset by strong sales growth over the
current period.
Restaurant Brands’ store numbers now total 367, up 17 from 1H 2021. This is primarily
driven by new store builds, including 11 new Taco Bell stores across NZ and Australia.
There are now 138 RBD-owned stores in New Zealand, 81 stores in Australia, 74 in Hawaii,
and 74 in California.
06
Restaurant Brands New Zealand Limited

NEW ZEALAND OPERATIONS
New Zealand store sales were $251.8 million, up $12.5 million or 5.2% on 1H 2021. KFC sales
remain strong and Taco Bell sales have grown $6.9 million from 1H 2021. Whilst down from
historic highs of 1H 2021, same store sales were up 1.4% for 1H 2022, despite the adverse
impact of COVID-19 related staff shortages which required many stores to reduce operating
hours and/or operate with reduced capacity. The second quarter of 1H 2022 saw same store
sales increase by 3.2%.
EBITDA was $40.6 million, a $2.5 million or 5.7% decrease on 1H 2021 reflecting significant
cost pressures, partially offset by the strong store sales performance. EBITDA margin at
16.1% was down on prior year reflecting the effect of the cost pressures and the mix of less
profitable Taco Bell brand sales as this business continues to build.
1H 2022
$NZm
1H 2021
$NZm
Change
$NZm

Change (%)
Sales
251.8239.3+1 2.5+5.2
Store EBITDA
40.643.1-2.5- 5 .7
EBITDA as a % of sales
16.118.0
Store numbers
138132
1H 2022 saw the successful introduction of a number of new products into the market, with
Hot & Crispy Boneless Chicken (KFC) and Detroit Pizza (Pizza Hut) delivering sales growth.
Carl’s Jr. continues to perform well. An e-commerce web site has been launched for Taco
Bell as the focus on building a digital offering and improving delivery service continues.
The Pizza Hut business in New Zealand continues to grow strongly, not only from RBD’s own
stores, but also from the 101 stores operated by independent franchisees under a Master
Franchise Agreement with the company. Two new stores were opened in the first half with
a similar number anticipated by the end of the year.
Operating profit for the NZ division (excluding the effect of NZ IFRS 16) was $22.7 million
(down 20.8%). Inflation has had a significant impact on ingredient and input costs and
continues to do so. In addition, labour shortages relating to the COVID-19 pandemic have
significantly impacted the hospitality industry in New Zealand. This has disrupted the ability
to operate at full trading hours across all stores and channels. The situation was particularly
challenging during the first quarter of 2022 and, despite improvement during the second
quarter, staff shortages remain an ongoing issue with high numbers of unfilled vacancies.
Interim Report 2022
07

Whilst restricted availability of building materials and store equipment have slowed store
development, new store builds continued with one KFC outlet in Whangarei and one Taco
Bell outlet at Cuba Mall, Wellington opened during 1H 2022. Despite continued development
challenges an additional three Taco Bell stores and two KFC stores are expected to open
before the end of the year.
AUSTRALIA OPERATIONS
In $A terms total sales in Australia were $A122.8 million, up $A8.0 million (or 7.0%) on last
year, primarily due to the full effect of five additional KFC stores purchased during 1H 2021,
the effect of additional store openings, and solid same store sales growth (up 3.4% for the
half year).
In $NZ terms the Australian business contributed total sales of $NZ133.5 million (up 8.5%),
a store EBITDA of $NZ14.2 million (down 13.3%) and operating profit (excluding the effect
of NZ IFRS 16) of $NZ1.4 million (down 74.5%).
1H 2022
$Am
1H 2021
$Am
Change
$Am

Change (%)
Sales
122.8114.8+8.0+7. 0
Store EBITDA
13.015.2-2.2-1 4 . 5
EBITDA as a % of sales
10.613.3
Store numbers
8176
Sales results in the second quarter have continued to see year on year improvement,
with strongest recovery in both the CBD and mall stores. These had experienced the
greatest adverse impact from COVID-19 in 2020 and 2021. The launch of Uber Eats delivery
service throughout the KFC network in June is expected to contribute to further sales
growth into 2H 2022.
Store EBITDA margins of $A13.0 million (10.6% of sales) were down $A2.2 million or
14.5% on last year. The Australian business was negatively impacted during the early stages
of the year with the escalation of COVID-19 cases impacting both restaurant staff availability
and all major chicken suppliers. This contributed to reduced operating hours and store
closures due to lack of staff availability and temporary chicken supply shortages.
The business continues to experience major cost pressures with escalating inflation levels
driven by ongoing supply chain disruptions and increased freight and other input costs.
The floods in northern and some western parts of New South Wales resulted in the
temporary closure of a number of stores and have significantly impacted the agricultural
sector further impacting supply availability.
The Australian business has continued to invest in the growth of Taco Bell, with the opening
of two new stores in 1H 2022.
08
Restaurant Brands New Zealand Limited

HAWAII OPERATIONS
Total sales in Hawaii for the period were $US76.0 million with store level EBITDA
of $US13.7 million (18.0% of sales).
In $NZ terms the Hawaiian operations contributed $NZ115.1 million in revenues,
$NZ20.8 million in EBITDA and an operating profit (excluding the effect of NZ IFRS 16)
of $NZ11.2 million for the period, down $8.2 million on 1H 2021.
However the 1H 2021 result included other revenue of $NZ11.4 million ($US8.1 million)
in relation to the PPP loan drawn down at the onset of the COVID-19 pandemic in 2020,
which was forgiven in June 2021. When normalised for the PPP loan forgiveness, operating
profit (excluding the effect of NZ IFRS 16) for 1H 2022 was $NZ3.3 million up on 1H 2021.
1H 2022
$USm
1H 2021
$USm
Change
$USm

Change (%)
Sales
76.07 2 .7+3.3+4.5
Store EBITDA
1 3 .711.6+2.1+17. 6
EBITDA as a % of sales
18.015.8
Store numbers
7473
Reported sales are up $US3.3 million with same store sales up 2.9%. Taco Bell sales
increased significantly over 1H 2021 as the brand returned to pre-COVID-19 trading levels.
The Taco Bell Mexican Pizza was so successful that ingredients ran out across the US
and required the promotion to finish ahead of schedule. It will be repeated during 2H 2022
and is expected to again drive strong sales for Taco Bell. Pizza Hut is also looking to roll out
a new “Melts” product range which is expected to have a positive impact on the lunch time
sales segment.
EBITDA margin as a % of sales is up from 15.8% to 18.0% (largely as a result of increased
levels of Taco Bell sales in the overall sales mix). Store staffing challenges arising from
COVID-19 continue to impact the business with stores having to operate reduced trading
hours on some occasions. The division also continues to face significant cost pressures,
including a further increase in the minimum wage to take effect from October 2022.
Overall store numbers in Hawaii are up by one from 1H 2021 with the opening of one new
Taco Bell store in April 2022 which is performing above expectations. A further Taco Bell
store is expected to open in January 2023.
Interim Report 2022
09

CALIFORNIA OPERATIONS
Total sales in California were $US55.8million, up $US0.6m on last year off the back of
three new store openings and the acquisition of three additional KFC stores, offset by
a same store sales decrease of 3.0%.
In $NZ terms the Californian operations contributed $NZ84.5 million in revenues,
$NZ8.8 million in EBITDA and an operating profit (excluding the effect of NZ IFRS 16)
of $NZ0.4 million for the period.
1H 2022
$USm
1H 2021
$USm
Change
$USm

Change (%)
Sales
55.855.2+0.6+1.0
Store EBITDA
5.89.1-3.3-36.3
EBITDA as a % of sales
10.416.5
Store numbers
7469
The division rolled over high sales in 2021, driven by strong Government stimulus payments.
Consequently same store sales fell by 3.0%. A steep rise in the cost of ingredients has
affected the business and price increases have been implemented in response. However,
as with all divisions, these need to be balanced against competitive pressures and the
contraction of consumer purchasing power. Additionally, the cost of labour increased
during 1H 2022 with staff shortages and increased overtime as teams stretched to cover
COVID-19 related absences.
As a result, store EBITDA of $US5.8 million was down $US3.3 million on last year with
EBITDA as % of sales of 10.4% vs 16.5% in 2021.
California store numbers grew by five through new builds and acquisition to 74 total stores,
up from 69 stores in 1H 2021. Three new KFC stores were opened in 2022 over the span of
six weeks in San Bernardino, Perris and Barstow. The opening day at KFC Barstow was one
of the largest opening days for a KFC outlet in the United States. Perris and Barstow were
among the first innovative ‘Next Generation’ KFC stores to open in the US market. The three
new stores mark the first new store openings for the California division post-acquisition
with more new stores scheduled to open later this year. One acquisition was completed in
Desert Hot Springs consolidating our strong presence in the greater Palm Springs area.
10
Restaurant Brands New Zealand Limited

CORPORATE & OTHER
General and administration (G&A) costs were $27.5 million, an increase of $3.1 million on
1H 2021. G&A as a % of total revenue was 4.5%, slightly up on 1H 2021 (4.3%). As with much
of the business, this was primarily driven by cost inflation over the period along with the
filling of vacancies that had remained open during the COVID-19 pandemic.
Depreciation charges of $21.5 million for 1H 2022 were $2.8 million higher than the
prior year. The increase is due to the continued high level of new store builds and store
refurbishments. Depreciation of leased assets is also up $1.2 million to $19.9 million
with new leases increasing the associated right of use asset depreciation.
Financing costs of $19.8 million were up $2.2 million on prior year primarily due to an
increase in lease interest of $1.8 million due to both new leases and existing leases
being extended. Bank interest costs were $3.7 million, $0.3 million higher than prior
year due to increased debt levels.
Tax expense was $5.3 million, down $4.2 million due to the lower earnings. The effective
tax rate is 25.6%, up from 21.5% last year due to the higher relative level of assessable
income in the Hawaii division.
OTHER INCOME / EXPENSES
Other income / expenses for the half year totalled $2.7 million, an increase of $1.7 million
versus 1H 2021. This year’s costs included the initial one-off costs associated with the
implementation of new company-wide financial systems ($3.4 million), partially offset by
an acquisition gain of $0.9 million. This gain is as a result of the net assets included in the
acquisition of a California store being higher than the net consideration paid.
NZ IFRS 16
The impact of NZ IFRS 16 on the Group accounts for the half year is a reduction of
$4.8 million on after-tax operating earnings (1H 2021 impact: $4.5 million).
The Consolidated Statement of Financial Position has right of use lease assets of $623.8
million, up $47.3 million since December 2021 due to the inclusion of the newly acquired
store in California, various other new stores being opened and lease renewals. Lease
liabilities of $725.2 million are also up by $56.5 million reflecting the increase in future
lease commitments.
Interim Report 2022
11

STATEMENTS OF CASH FLOW AND FINANCIAL POSITION
Bank debt at the end of the half year was $290.6 million compared to $246.9 million
at the previous year end. As at 30 June 2022, the Group had bank debt facilities totalling
$NZ381.8 million available. Cash and cash equivalents decreased by $12.0 million during
the period with net debt increasing by $55.7 million to $257.5 million over the half year.
This is due to continued commitment to a strong capital investment programme and the
payment of a $39.9 million dividend.
The company remains comfortably within all banking covenants with a Net Debt:EBITDA
ratio of 2.1:1.
Operating cash flows were $48.4 million, down $14.0 million on 1H 2021. This is a direct
reflection of the inflationary impact on trading margins combined with $2.0 million
additional interest paid versus the prior half year.
Net investing cash outflows at $34.0 million, were $19.2 million lower than the
$53.2 million in 1H 2021. Included in 1H 2021 was the acquisition of stores in Australia
for $25.3 million. The underlying spend on new stores as well as refurbishing stores
throughout the network was up by $6.1 million.
A dividend of $39.9 million (32 cents per share) was paid to shareholders in April.
12
Restaurant Brands New Zealand Limited

OUTLOOK
Store numbers are expected to grow in the second half despite continued building
constraints. New store roll outs for both the KFC and Taco Bell brands will continue
in New Zealand and Australia. The Hawaiian market will see another new Taco Bell
completed in early 2023. The new store development programme is well under way
in California, with up to three new KFC stores targeted for opening before year end.
The overall business continues to remain solid across all geographic markets as reflected
in the strong sales performance, which is expected to carry over into the second half of
the year. Trading results in recent months have also improved due to various actions taken
to lessen the inflationary effect on the business. The current results have been adversely
affected by worldwide inflationary and COVID-19 pressures, the company continues work to
mitigate their impact and improve profitability over 2H 2022. It is expected that cost inflation
and margins will stabilise over the second half – however, it is not anticipated that the impact
of a challenging 1H 2022 will be fully reversed by year end.
The continued impact of inflation as well as the rolling issues with COVID-19 makes it difficult
to provide firm profit guidance; however the reported net profit after taxation for the 2022
year is expected to be in the range of $32-37 million.
Interim Report 2022
13

14
Restaurant Brands New Zealand Limited

$NZ000’s
30 June 2022
unaudited
vs Prior
%
30 June 2021
unaudited
Sales
New Zealand
251,8165.223 9, 2 74
Australia
133,4738.5123,027
Hawaii
115,13914.0101,024
California
84,4629.27 7, 3 1 6
Total sales
584,8908.2540,641
Other revenue
2 7,0 0 917. 423,012
Total operating revenue
611,8998.6563,653
Cost of goods sold
(506,797)(11.4)(454,800)
Gross margin
105,102(3.4)108,853
Distribution expenses
(3 ,74 8)10.6(4,191)
Marketing expenses
(30,951)(5.6)(29,297)
General and administration expenses
( 2 7, 4 5 2 )(12.9)(24,312)
Loan forgiven
– n/a11,407
Other income
850(10.1)945
Other expenses
(3,500)(88.4)(1,858)
Operating profit
40,301(34.5)61,547
Financing expenses
(1 9,7 6 2 )(12.3)( 17,6 0 1 )
Net profit before taxation
20,539(53.3)43,946
Taxation expense
(5,258)44.3(9,4 40)
Total profit after taxation (NPAT)
15,281( 5 5 .7 )34,506
Consolidated income statement
for the six months ended 30 June 2022

Interim Report 2022
15

$NZ000’s
30 June 2022
unaudited
vs Prior
%
30 June 2021
unaudited
% sales% sales
Concept EBITDA before G&A
including Government grants
New Zealand
40,60816.1( 5 .7 )43,05018.0
Australia
14,15610.6(13.3)16,32213.3
Hawaii
2 0,7 5 018.030.115,95015.8
California
8,81510.4(30.8)1 2 ,74 6 16.5
Total concept EBITDA before G&A84,33014.4(4.2)88,06816.3
Ratios
Net tangible assets per security
(net tangible assets divided by
number of shares) in cents
(13.5)(11.8)
Cost of goods sold are direct costs of operating stores: food, paper, freight, labour and
store overheads.
Distribution expenses are costs of distributing products from store.
Marketing expenses are order centre, advertising and local store marketing expenses.
General and administration expenses (G&A) are non-store related overheads.
Sales and concept EBITDA for each of the concepts may not aggregate to the total due to rounding.
Consolidated income statement (continued)
for the six months ended 30 June 2022

16
Restaurant Brands New Zealand Limited
The Group results are prepared in accordance with New Zealand Generally Accepted
Accounting Practice (“NZ GAAP”) and comply with New Zealand International Financial
Reporting Standards (“NZ IFRS”). These financial statements include non-NZ GAAP
financial measures that are not prepared in accordance with NZ IFRS. The non-NZ GAAP
financial measures used in this presentation are as follows:
1. EBITDA including Government grants, G&A and other items. The Group calculates
Earnings Before Interest, Tax, Depreciation and Amortisation (“EBITDA”) before G&A
(general and administration expenses) and other items by taking net profit before
taxation and adding back (or deducting) financing expenses, other items, depreciation,
amortisation and G&A. The Group also refers to this measure as Store EBITDA before
G&A and other items. This measure provides the results of the Group’s core operating
business and excludes those costs not directly attributable to stores. This is believed
to be a useful measure to assist in the understanding of the financial performance of
the Group.
The term Store refers to the four New Zealand brands (KFC, Pizza Hut, Taco Bell and
Carl’s Jr.), the two Australia brands (KFC and Taco Bell), the two Hawaii brands (Taco
Bell and Pizza Hut), and the two California brands (KFC and Taco Bell). The term G&A
represents non-store related overheads.
2. Total NPAT excluding the impact of NZ IFRS 16. Total Net Profit After Taxation
(“NPAT”) excluding the impact of NZ IFRS 16 is calculated by taking profit after taxation
attributable to shareholders and adding back (or deducting) lease items whilst also
allowing for any tax impact of those items. This measure reflects the performance of the
business, excluding costs associated with the adoption of NZ IFRS 16 and is considered
a useful measure to assist with understanding the financial performance of the Group.
The Group believes that these non-NZ GAAP measures provide useful information to
readers to assist in the understanding of the financial performance and position of the
Group but that they should not be viewed in isolation, nor considered as a substitute for
measures reported in accordance with IFRS. Non-NZ GAAP measures as reported by the
Group may not be comparable to similarly titled amounts reported by other companies.
Non-GAAP financial measures
for the six months ended 30 June 2022

Interim Report 2022
17
The following is a reconciliation between these non-NZ GAAP measures and net profit
after taxation:
$NZ000’s Note*
30 June 2022
unaudited
30 June 2021
unaudited
EBITDA including Government grants,
before G&A and other items
185,40189,94 4
Depreciation(21,022)( 17,6 1 8 )
Net loss on sale of property, plant and equipment
(included in depreciation)
(526)(1,160)
Lease depreciation(19,943)(18,695)
Lease costs29,29326,265
Amortisation (included in cost of sales)(5,051)(4,459)
General and administration costs –
area managers, general managers and support centre
(25,201)(23,224)
Loan forgiven–11,407
Other items(2,650)(913)
Operating profit40,30161,547
Financing expenses(1 9,7 6 2 )( 17,6 0 1 )
Net profit before taxation 20,53943,946
Taxation expense (5,258)(9,4 40)
Net profit after taxation15,28134,506
Add back NZ IFRS 16 impact6,6686,184
Less taxation expense on NZ IFRS 16 impact(1,840)( 1 ,7 2 4)
Total NPAT excluding the impact of NZ IFRS 16220,10938,966
* Refers to the list of non-NZ GAAP measures as listed above.
Non-GAAP financial measures (continued)
for the six months ended 30 June 2022

18
Restaurant Brands New Zealand Limited

$NZ000’s
Note
30 June 2022
unaudited
30 June 2021
unaudited
31 December 2021
audited
Store sales revenue584,890540,6411,068,246
Other revenue2 7,0 0 923,01246,195
Total operating revenue611,899563,6531,114,441
Cost of goods sold(506,797)(454,800)(912,359)
Gross profit105,102108,853202,082
Distribution expenses(3 ,74 8)(4,191)(8,555)
Marketing expenses(30,951)(29,297)(55,8 41)
General and administration expenses( 2 7, 4 5 2 )(24,312)(49,974)
Government grants––7, 1 6 5
Loan forgiveness3–11,40711,419
Other income3850945945
Other expenses3(3,500)(1,858)(5,164)
Operating profit40,30161,547102,077
Finance expenses(1 9,7 6 2 )( 17,6 0 1 )(36,284)
Profit before taxation20,53943,94665,793
Taxation expense(5,258)(9,4 40)(13,912)
Profit after taxation attributable
to shareholders
15,28134,50651,881
Other comprehensive income:
Exchange differences on translating
foreign operations
15,8454,9446,558
Derivative hedging reserve9718981,820
Income tax relating to components of
other comprehensive income
(272)(186)(370)
Other comprehensive income net of tax16,5445,6568,008
Total comprehensive income attributable
to shareholders
31,82540,16259,889
Basic and diluted earnings per share
(cents)
412.252 7. 6 641.58
For and on behalf of the Board:
José Parés Emilio Fullaondo
Chairman Director
29 August 2022 29 August 2022
Consolidated statement of comprehensive income
for the six months ended 30 June 2022

Interim Report 2022
19

$NZ000’s
Share
capital
Foreign
currency
translation
reserve
Derivative
hedging
reserve
Retained
earningsTotal
For the period ended 31 December 2021
Balance at the beginning of the period
154,565(8,038)(2,322)85,643 229,848
Comprehensive income
Profit after taxation attributable
to shareholders
– – – 34,50634,506
Other comprehensive income
Movement in foreign currency
translation reserve
– 4,944–– 4,944
Movement in derivative hedging reserve– –712– 712
Total other comprehensive income– 4,944712– 5,656
Total comprehensive income– 4,94471234,50640,162
Unaudited balance as at 30 June 2021154,565 (3,094) (1,610)120,149 270,010
Comprehensive income
Profit after taxation attributable
to shareholders
–––17, 3 7 517, 3 7 5
Other comprehensive income
Movement in foreign currency
translation reserve
– 1,614– – 1,614
Movement in derivative hedging reserve– – 738 – 738
Total other comprehensive income– 1,614738– 2,352
Total comprehensive income– 1,61473817,37519,727
Audited balance as at 31 December 2021154,565(1,480)(872)1 3 7, 5 2 4 2 8 9,7 3 7
Consolidated statement of changes in equity
for the six months ended 30 June 2022

20
Restaurant Brands New Zealand Limited
Consolidated statement of changes in equity (continued)
for the six months ended 30 June 2022

$NZ000’s
Share
capital
Foreign
currency
translation
reserve
Derivative
hedging
reserve
Retained
earningsTotal
For the six month period ended
30 June 2022
Comprehensive income
Profit after taxation attributable
to shareholders
–––15,28115,281
Other comprehensive income
Movement in foreign currency
translation reserve
–15,845––15,845
Movement in derivative hedging reserve––699–699
Total other comprehensive income–15,845699–16,544
Total comprehensive income–15,84569915,28131,825
Transactions with owners
Net dividends distributed
–––(39,923)(39,923)
Total transactions with owners–––(39,923)(39,923)
Unaudited balance as at 30 June 2022154,56514,365(17 3)112,882281,639

Interim Report 2022
21
Consolidated statement of financial position
as at 30 June 2022

$NZ000’s
Note
As at
30 June 2022
unaudited
As at
30 June 2021
unaudited
As at
31 December 2021
audited
Non-current assets
Property, plant and equipment
5
301,463242,9312 7 6 ,74 8
Right of use assets
6
623,834548,052576,527
Sub-leases receivable
9271,062993
Other receivables
–763765
Intangible assets
370,4573 4 5 ,7 8 5348,216
Deferred tax asset
43,0703 7,74 638,711
Land held for development
8
7,0 8 4––
Total non-current assets
1,346,8351,176,3391,241,960
Current assets
Inventories
20,25316,81122,261
Trade and other receivables
17,7 2 09,17 011,012
Income tax receivable
9,1426,4229,452
Cash and cash equivalents
33,1512 7, 1 5 545,155
Held for sale – assets for stores developed for sale 9
–1,096–
Total current assets
80,26660,6548 7, 8 8 0
Total assets
1 , 4 2 7, 1 0 11,236,9931,329,840
Equity attributable to shareholders
Share capital
154,565154,565154,565
Reserves
14,192(4,704)(2,352)
Retained earnings
112,882120,1491 3 7, 5 2 4
Total equity attributable to shareholders
281,639270,0102 8 9,7 3 7
Non-current liabilities
Provisions
4,6884,0864,479
Deferred income
2121217 3
Loans
94,378222,252246,887
Lease liabilities
696,338609,011643,072
Deferred tax liabilities
586–1,136
Derivative financial instruments
–1,839–
Total non-current liabilities
796,0118 3 7, 4 0 08 9 5 ,747
Current liabilities
Loans
196,239––
Income tax payable
1,1683,8545,280
Trade and other payables
119,92796,997110,476
Provisions
1,3061,4161,304
Lease liabilities
28,88924,98225,609
Deferred income
1,8221,641770
Derivative financial instruments
100––
Held for sale – liabilities
––917
Held for sale – liabilities for stores developed for sale 9
–693–
Total current liabilities
349,451129,583144,356
Total liabilities
1,145,4629 6 7,0 1 11,040,103
Total equity and liabilities
1 , 4 2 7, 1 0 11,236,9931,329,840

22
Restaurant Brands New Zealand Limited
Consolidated statement of cash flows
for the six months ended 30 June 2022

$NZ000’s
Note
30 June 2022
unaudited
30 June 2021
unaudited
31 December 2021
audited
Cash flow from operating activities
Cash was provided by/(applied to):
Receipts from customers
609,201564,2211,114,474
Receipts from Government grants3––7, 1 6 5
Payments to suppliers and employees(528,054)(471,8 47 )(940,494)
Interest paid(3,665)(3,414)( 6 ,7 0 1 )
Interest paid on leases(16,018)(14,241)(29,450)
Payment of income tax(13,087)(12,353)(18,619)
Net cash from operating activities48,37762,366126,375
Cash flow from investing activities
Cash was (applied to)/provided by:
Acquisition of business
(1,021)(25,277)( 2 7, 9 9 2 )
Payment for intangibles(1,198)(1,613)(2,889)
Purchase of property, plant and equipment(31,984)(28,966)(82,564)
Proceeds from the disposal of property,
plant and equipment
1662,6492,620
Landlord contributions received––1,257
Net cash used in investing activities(34,037)(53,207)(109,568)
Cash flow from financing activities
Cash was provided by/(applied to):
Proceeds from loans
49,98617 8 ,0 81370,529
Repayment of loans(24,663)(185,720)(356,046)
Dividend paid to shareholders(39,923)––
Payment for lease principal(13,275)(12,024)(24,543)
Net cash used in financing activities( 2 7, 8 7 5 )(19,663)(10,060)
Net (decrease) / increase in cash and
cash equivalents
(13,535)(10,504)6 ,747
Cash and cash equivalents at beginning
of the period
45,15535,66635,666
Opening cash balances acquired on acquisition –1,2641,264
Foreign exchange movements1,5317291,478
Cash and cash equivalents at the end
of the period
33,1512 7, 1 5 545,155
Cash and cash equivalents comprise:
Cash on hand
679632640
Cash at bank32,47226,5234 4,515
33,1512 7, 1 5 545,155

Interim Report 2022
23
Consolidated statement of cash flows (continued)
for the six months ended 30 June 2022
Reconciliation of profit after taxation with net cash from operating activities:

$NZ000’s
Note
30 June 2022
unaudited
30 June 2021
unaudited
31 December 2021
audited
Total profit after taxation attributable
to shareholders
15,28134,50651,881
Add/(less) items classified as investing
activities:
Gain on acquisition
(850)––
Loss on disposal of property, plant and
equipment
5263712,673
(324)3712,673
Add/(less) non-cash items:
Depreciation
40,96536,31375,931
Loan forgiveness3–(11,407)(11,419)
Lease termination–(61)(233)
(Decrease)/increase in provisions211(240)(145)
Amortisation of intangible assets5,0514,4619,231
Net decrease/(increase) in deferred tax asset(4 ,7 8 5 )1,062536
41,44230,12873,901
Add/(less) movement in working capital:
(Increase)/decrease in inventory
2,264(101)(5,526)
Decrease/(increase) in trade and other
receivables
(3,465)3,3031,094
(Decrease)/increase in trade creditors and
other payables
(3,777)(2,055)7, 5 9 7
(Decrease)/increase in income tax payable(3,044)(3 ,7 8 6 )(5,245)
(8,022)(2,639)(2,080)
Net cash from operating activities48,37762,366126,375
Reconciliation of movement in term loans
Opening balance
246,887235,639235,639
Net cash flow movement25,323( 7,6 3 9 )14,483
Decrease/(increase) in prepaid facility costs114122256
Loan forgiveness–(11,407)(11,419)
Foreign exchange movement18,2935,5377, 9 2 8
Closing balance2 9 0,6 17222,252246,887

Notes to and forming part of the consolidated financial statements
for the six months ended 30 June 2022
1. GENERAL INFORMATION
The reporting entity is the consolidated group (the “Group”) comprising the parent
entity Restaurant Brands New Zealand Limited (the “Company”) and its subsidiaries.
Restaurant Brands New Zealand is a limited liability company incorporated and domiciled
in New Zealand. The principal activity of the Group is the operation of quick service and
takeaway restaurant concepts in New Zealand, Australia, USA, Saipan and Guam.
The Company is listed on the New Zealand Stock Exchange (“NZX”) and the Australian
Securities Exchange (“ASX”) and is an FMC reporting entity and subject to the Financial
Markets Conduct Act 2013 legislative provisions. The Group is designated as a for-profit
entity for financial reporting purposes.
Statutory base
The Company is registered under the Companies Act 1993 and is an FMC reporting entity
under Part 7 of the Financial Markets conduct Act 2013.
Reporting framework
These financial statements for the six months ended 30 June 2022 have been prepared
in accordance with NZ IAS 34, Interim Financial Reporting and should be read in
conjunction with the financial statements published in the Annual Report year ended
31 December 2021. The accounting policies have been applied on a basis consistent with
those used and described in the audited consolidated financial statements for the year
ended 31 December 2021.
The unaudited interim financial statements have been prepared in accordance with
New Zealand Generally Accepted Accounting Practice (“NZ GAAP”).
The Group has a negative working capital balance of $269.2 million due to loans that
are maturing within the next 12 months being classified as current. Other than the debt
becoming current, it is normal for the Group to be in a negative working capital position,
as the nature of the business results in most sales being conducted on a cash basis.
At 30 June 2022 the Group has bank facilities totalling $381.8 million including $90.8 million
undrawn at balance date and therefore the Company has the ability to fully pay debts
as they fall due. Of the $381.8 million facilities $257.5 million expires on 1 May 2023.
The Group has begun the process of negotiating with the banks new facility agreements
which are expected to be in place by 31 December 2022. There are no expected breaches
of bank covenants.
24
Restaurant Brands New Zealand Limited

Restatement of prior period balances
To ensure consistency and comparability with the current period and the last annual
financial statements, comparative figures have been reclassified where appropriate.
These changes are detailed below:
• The consolidated statement of financial position at 30 June 2021 included $0.8 million
of prepaid facility fees in current trade and other receivables rather than non-current trade
and other receivables. This has been corrected in the June 2021 comparative figures.
• The consolidated statement of financial position at 30 June 2021 excluded lease
modifications of $7.0 million and lease additions of $3.2 million in error from both
lease liabilities and right of use assets.
New standards and amendments
There are various standards, amendments and interpretations which were assessed as
having an immaterial impact on the Group. There are no NZ IFRS, NZ IFRIC interpretations
or other applicable IFRS that are effective for the first time for the financial year beginning
on or after 1 January 2022 that had a material impact on the financial statements.
Interim Report 2022
25

Notes to and forming part of the consolidated financial statements (continued)
for the six months ended 30 June 2022
2. SEGMENTAL REPORTING
Operating segments are reported in a manner consistent with the internal reporting
provided to the chief operating decision makers. The Group is split into four geographically
distinct operating divisions; New Zealand, Australia, Hawaii and California. The chief
operating decision makers, responsible for allocating resources and assessing performance
of the operating segments, have been identified as the Group Chief Executive Officer
(Group CEO) and Group Chief Financial Officer (Group CFO). The chief operating decision
makers consider the performance of the business from a geographic perspective, being
New Zealand, Australia, Hawaii (including Guam and Saipan) and California while the
performance of the corporate support function is assessed separately.
The Group is therefore organised into four operating segments, depicting the four
geographic regions the Group operates in and the corporate support function located
in New Zealand. All segments operate quick service and takeaway restaurant concepts.
All operating revenue is from external customers.
The Group evaluates performance and allocates resources to its operating segments on
the basis of segment assets, segment revenues, EBITDA before general and administration
expenses and operating profit before NZ IFRS 16. EBITDA refers to earnings before interest,
taxation, depreciation and amortisation. Operating profit refers to earnings before interest
and taxation.
The Group believes that these non-GAAP measures provide useful information to readers
to assist in the understanding of the financial performance and position of the Group but
that they should not be viewed in isolation, nor considered as a substitute for measures
reported in accordance with NZ IFRS. The non-GAAP measures presented do not have a
standardised meaning prescribed by GAAP and therefore may not be comparable to similar
financial information presented by other entities.
26
Restaurant Brands New Zealand Limited

30 June 2022
$NZ000’s
New Zealand AustraliaHawaiiCalifornia
Corporate
support
function
Consolidated
half year
unaudited
Business segment
Store sales revenue
251,816133,473115,13984,462–584,890
Other revenue2 5 ,7 9 8331880––2 7,0 0 9
Total operating revenue2 7 7,6 1 4133,804116,01984,462–611,899
EBITDA before general and
administration expenses,
NZ IFRS 16 and other items
43,19813,65320,2468,304–85,401
General and administration
expenses
( 9,747 )(5,643)(4,627 )(3,924)(1,260)(25,201)
33,4518,01015,6194,380(1,260)60,200
Other expenses–––850(3,500)(2,650)
Depreciation( 9,7 6 6 )(5,943)(3 ,7 9 7 )(2,030)(12)(21,548)
Amortisation(980)(649)(662)( 2 ,7 6 0 )–(5,051)
Operating profit before
NZ IFRS 16
2 2 ,7 0 51,41811,160440(4 ,7 7 2 )30,951
Adjustments for NZ IFRS 164,6772,5701,1299 74–9,350
Operating profit2 7, 3 8 23,98812,2891,414(4 ,7 7 2 )40,301
Current assets31,94715,32617, 9 0 515,08780,265
Non-current assets16 4 ,7 2 2226,839201,013129,500–72 2,0 74
Non-current lease assets
(excluding deferred tax)
188,061157,72593,685185,291–624,762
Total assets3 8 4 ,7 3 0399,890312,603329,878–1 , 4 2 7, 1 0 1
Interim Report 2022
27

Notes to and forming part of the consolidated financial statements (continued)
for the six months ended 30 June 2022
30 June 2021
$NZ000’s
New Zealand AustraliaHawaiiCalifornia
Corporate
support
function
Consolidated
half year
unaudited
Business segment
Store sales revenue
23 9, 2 74123,027101,0247 7, 3 1 6–540,641
Other revenue23,012––––23,012
Total operating revenue262,286123,027101,0247 7, 3 16–563,653
EBITDA before general and
administration expenses,
NZ IFRS 16 and other items
44,92616,32215,9501 2 ,74 6–89,944
General and administration
expenses
( 7,0 2 4 )(4,995)(3,915)(3,585)( 2 ,7 6 0 )(22,279)
3 7, 9 0 211,32712,0359,161( 2 ,7 6 0)67,665
Loan forgiveness––11,407––11,407
Other expenses(10)(358)–(686)(804)(1,858)
Depreciation(8,309)(4,922)(3,484)(2,055)(8)( 1 8 ,7 7 8 )
Amortisation(900)(489)(620)(2,450)–(4,459)
Operating profit before
NZ IFRS 16
28,6835,55819,3383,970(3,572)53,977
Adjustments for NZ IFRS 163,9772,039819735–7, 5 7 0
Operating profit32,6607, 5 9 720,1574,705(3,572)61,547
Current assets28,58211,63912,7797,6 5 4–60,654
Non-current assets3 2 3,17 7110,1988 3 ,7 5 0110,100–6 2 7, 2 2 5
Non-current lease assets
(excluding deferred tax)
17 8 ,4 9 914 4,6 1769,905156,093–549,114
Total assets530,258266,454166,434273,847–1,236,993
28
Restaurant Brands New Zealand Limited

2.1 Reconciliation between operating profit and net profit after taxation
excluding NZ IFRS 16

$NZ000’s

30 June 2022
unaudited
30 June 2021
unaudited
31 December 2021
audited
Operating profit
40,30161,547102,077
Financing expenses
(1 9,7 6 2 )( 17,6 0 1 )(36,284)
Net profit before taxation
20,53943,94665,793
Taxation expense
(5,258)(9,4 40)(13,912)
Net profit after taxation
15,28134,50651,881
Add back net financial impact of NZ IFRS 16
6,6686,18413,586
Less taxation expense of NZ IFRS 16
(1,840)( 1 ,7 2 4)(3,985)
Net profit after taxation excluding NZ IFRS 16
20,10938,96661,482
3. PROFIT BEFORE TAXATION

$NZ000’s

30 June 2022
unaudited
30 June 2021
unaudited
31 December 2021
audited
Profit before taxation
The profit before taxation is calculated after
charging/(crediting) the following items:
Royalties
34,29731,68362,533
Lease expense3,5924,4605,222
New Zealand Government wage subsidy––( 7, 1 6 5 )
Loan forgiveness–(11,407)(11,419)
Rent relief(165)–(500)
Net gain on sale of stores–(945)(945)
Gain on acquisition(850)––
Other expenses3,5001,8585,164
Lease expenses
This relates to short term and variable lease costs included in the consolidated statement
of comprehensive income not included in NZ IFRS 16 costs.
Interim Report 2022
29

Notes to and forming part of the consolidated financial statements (continued)
for the six months ended 30 June 2022
New Zealand Government wage subsidy
During 2021 as part of the New Zealand Government’s response to COVID-19 the Group
received a Government wage subsidy of $7.2 million due to Alert Level 4 Lockdown initiated
in August 2021. This amount is shown as a separate line item in the consolidated statement
of comprehensive income due to its material nature. The amount received was also included
in the consolidated statement of cash flows as part of receipts from Government grants.
Loan forgiveness
In June 2021 the Hawaii PPP loan was forgiven by the US Small Business Association.
This $11.4 million is shown as a separate line item in the consolidated statement of
comprehensive income due to its material nature. The loan forgiveness has been shown
as a non-cash item in the cash flow reconciliation of profit after taxation with net cash from
operating activities.
Rent relief
During 2022 the Group received rent relief of $0.2 million. (June 2021: nil). This has been
included as a negative variable rent within the consolidated statement of comprehensive
income. Contracts with abatement clauses total $0.1 million (June 2021: nil) whilst those
without abatement clauses total $0.1 million. (June 2021: nil).
Net gain on sales of stores
During 2021 the Group sold five Pizza Hut stores to independent franchisees resulting
in a net gain of $0.9 million.
Gain on acquisition
This is the result of the net assets included in an acquisition of a store in California being
higher than the net consideration paid
Other expenses

$NZ000’s

30 June 2022
unaudited
30 June 2021
unaudited
31 December 2021
audited
Non-recurring:
Acquisition costs
65650715
ERP implementation
3,4351,2084,189
Unused franchise rights
––260
Total other expenses
3,5001,8585,164
30
Restaurant Brands New Zealand Limited

4. EARNINGS PER SHARE

30 June 2022
unaudited
30 June 2021
unaudited
31 December 2021
audited
Basic and diluted earnings per share
Profit after taxation attributable to the
shareholder ($NZ000’s)
15,28134,50651,881
Weighted average number of shares
on issue (000’s)
1 2 4 ,7 5 9124,759124,759
Basic and diluted earnings per share
(cents)
12.252 7. 6 641.58
Shares on issue
As at 30 June 2022, the total number of ordinary shares on issue was 124,758,523
(June 2021: 124,758,523).
5. PROPERTY, PLANT AND EQUIPMENT
Additions and disposals
During the six months ended 30 June 2022, the Group acquired assets with a total cost
of $31.3 million (June 2021: $28.3 million) and disposed of assets with a total cost of
$0.8 million (June 2021: $3.4 million).
6. RIGHT OF USE ASSETS
Additions and modifications
During the six months ended 30 June 2022, the Group had lease additions and
modifications of $39.1 million (June 2021: $37.4 million).
Interim Report 2022
31

Notes to and forming part of the consolidated financial statements (continued)
for the six months ended 30 June 2022
7. RELATED PARTY TRANSACTIONS
Transactions with key management or entities related to them
During the period the Group received internal audit services from Finaccess Servicios
Corporativos SA DE CV a subsidiary of Grupo Finaccess S.A.P.I de C.V the ultimate parent
company of the Group. Acquired services totalling $30,000 have been included in the
consolidated statement of comprehensive income of which $30,000 remains owing
at balance date. These transactions were at arm’s length and performed on normal
commercial terms.
Apart from directors’ fees and key management remuneration, there were no other related
party transactions with key management or any Directors or entities associated with them.
8. LAND HELD FOR DEVELOPMENT
There was $7.1 million at June 2022 relating to land that has been purchased for use in
developing new stores in the future. Included in this balance is $2.1 million of land acquired
prior to 30 June 2022 with final settlement and formal title transferred on 1 July 2022. Land
held for development is measured at cost.
9. NEW STORES DEVELOPED FOR SALE
This relates to new Pizza Hut stores developed for sale in New Zealand which are being
actively marketed for sale and were expected to be sold within 12 months. Included in
June 2021 held for sale – assets for stores developed for sale of $1.1 million was
$0.7 million of lease liabilities and $0.7 million of right of use assets associated with
these stores.
10. CAPITAL COMMITMENTS
The Group has capital commitments totalling $26.5 million (June 2021: $19.2 million) which
are not provided for in these financial statements.
32
Restaurant Brands New Zealand Limited

11. CONTINGENT LIABILITIES
There are no contingent liabilities that the directors consider will have a significant impact
on the financial position of the Group (June 2021: nil).
12. FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS
Exposure to credit, interest rate and foreign currency risks arises in the normal course
of the Group’s business. Derivative financial instruments may be used to hedge exposure
to fluctuations in foreign currency exchange rates and interest rates. There have been no
changes in the risk management policies or nature of the derivative financial instruments
since year end. Consistent with the prior year, the derivatives have been determined to
be within level 2 (for the purposes of NZ IFRS 13 Fair Value Measurement) of the fair value
hierarchy as all significant inputs required to ascertain the fair values are observable.
There were also no changes in valuation techniques during the period.
13. DEED OF CROSS GUARANTEE
Pursuant to the Australian Securities and Investment Commission (ASIC) Class
Order 98/1418, the wholly owned subsidiary, QSR Pty Limited (QSR), is relieved from
the Corporations Act 2001 requirement for the preparation, audit and lodgement
of financial reports.
It is a condition of that class order that Restaurant Brands New Zealand Limited (RBNZ)
and QSR enter into a Deed of Cross Guarantee (Deed). On 9 February 2017 a Deed was
executed between RBNZ, QSR, Restaurant Brands Australia Pty Limited and Restaurant
Brands Australia Holdings Pty Limited under which each company guarantees the debts
of the others.
Interim Report 2022
33

Notes to and forming part of the consolidated financial statements (continued)
for the six months ended 30 June 2022
14. IMPAIRMENT CONSIDERATIONS
The financial performance of the Group for the six months ended 30 June 2022 was lower
than the last half year’s reported results. The Group continued to face challenges from
COVID-19 resulting in staff shortages impacting operations across all divisions and forcing
many stores to reduce operating hours during the period. In addition, the Group also faced
cost inflation pressures across all markets which was partially mitigated by implementing
price increases where possible.
The Group has considered these factors in reviewing its non-financial assets for indicators
of impairment at 30 June 2022. In respect of goodwill, an impairment indicator was
identified for the California cash-generating unit (CGU). A detailed impairment assessment
was performed to determine the recoverable amount of this CGU using a value in use
methodology, which resulted in headroom versus the carrying value of the CGU’s assets,
however this has significantly reduced since the prior year. Management concluded that
no impairment is required, however an increase in the weighted average post-tax cost of
capital of 8% to 8.1% would cause the carrying amount to equal its recoverable amount.
A detailed review of property, plant and equipment and ROU assets of stores at period
end resulted in a small number of stores with impairment indicators, however based on
further analysis, no impairment is required.
15. SUBSEQUENT EVENTS
There are no other subsequent events that would have a material effect on these
financial statements.
34
Restaurant Brands New Zealand Limited

REPORT ON THE INTERIM FINANCIAL STATEMENTS
Our conclusion
We have reviewed the consolidated financial statements of Restaurant Brands New Zealand
Limited (the Company) and its subsidiaries (the Group), which comprise the consolidated
statement of financial position as at 30 June 2022, and the consolidated statement
of comprehensive income, the consolidated statement of changes in equity and the
consolidated statement of cash flows for the period ended on that date, and significant
accounting policies and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying consolidated financial statements of the Group do not present fairly, in all
material respects, the financial position of the Group as at 30 June 2022, and its financial
performance and cash flows for the six month period then ended, in accordance with
International Accounting Standard 34 Interim Financial Reporting (IAS 34) and New Zealand
Equivalent to International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review
Engagements 2410 (Revised) Review of Financial Statements Performed by the Independent
Auditor of the Entity (NZ SRE 2410 (Revised)). Our responsibilities are further described in
the Auditor’s responsibilities for the review of the financial statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in
New Zealand relating to the audit of the annual financial statements, and we have fulfilled our
other ethical responsibilities in accordance with these ethical requirements. Our firm carries
out other services for the Group in the areas of specified procedures on landlord certificates
and review of the Yum! Advertising co-operative report. In addition, certain partners and
employees of our firm may deal with the Group on normal terms within the ordinary course
of trading activities of the Group. These relationships and provision of other services has not
impaired our independence as auditor of the Group.
Independent auditor’s review report
To the shareholders of Restaurant Brands New Zealand Limited
Interim Report 2022
35

36
Restaurant Brands New Zealand Limited
Auditor’s responsibilities for the review of the financial statements
Our responsibility is to express a conclusion on the consolidated financial statements based
on our review. NZ SRE 2410 (Revised) requires us to conclude whether anything has come to
our attention that causes us to believe that the consolidated financial statements, taken as a
whole, are not prepared in all material respects, in accordance with IAS 34 and NZ IAS 34.
A review of consolidated financial statements in accordance with NZ SRE 2410 (Revised)
is a limited assurance engagement. We perform procedures, primarily consisting of making
enquiries, primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. The procedures performed in a review
are substantially less than those performed in an audit conducted in accordance with
International Standards on Auditing and International Standards on Auditing (New Zealand)
and consequently does not enable us to obtain assurance that we might identify in an audit.
Accordingly, we do not express an audit opinion on these consolidated financial statements.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our review work has
been undertaken so that we might state those matters which we are required to state to
them in our review report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the shareholders, as a body,
for our review procedures, for this report, or for the conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review report
is Philippa (Pip) Cameron.
For and on behalf of:
Chartered Accountants
29 August 2022 Auckland

Interim Report 2022
37
Directors
José Parés Gutiérrez (Chairman)
Emilio Fullaondo Botella
Carlos Fernández González
Luis Miguel Álvarez Pérez
Stephen Ward
Huei Min (Lyn) Lim
Malena Pato-Castel
Registered office
Level 3
Building 7
Central Park
666 Great South Road
Penrose
Auckland 1051
New Zealand
Share registrar
New Zealand
Computershare Investor Services Limited
Level 2
159 Hurstmere Road
Takapuna
Private Bag 92 119
Auckland 1142
New Zealand
T: 64 9 488 8700
E: enquiry@computershare.co.nz
Australia
Computershare Investor Services Limited
Yarra Falls
452 Johnston Street
Abbotsford, VIC 3067
GPO Box 3329
Melbourne, VIC 3001
Australia
T: 1 800 501 366 (within Australia)
T: 61 3 9415 4083
F: 61 3 9473 2500
E: enquiry@computershare.co.nz
Auditors
PricewaterhouseCoopers
Solicitors
Bell Gully
Harmos Horton Lusk
Meredith Connell
Bankers
Westpac Banking Corporation
J . P. M o r g a n
Rabobank
Bank of China
Contact details
Postal Address:
P O Box 22 749
Otahuhu
Auckland 1640
New Zealand
Telephone: 64 9 525 8700
Fax: 64 9 525 8711
Email: investor@rbd.co.nz
Financial calendar
Financial year end
3
1 December 2022
Annual profit announcement
February 2023
Corporate directory

RESTAURANTBRANDS.CO.NZ