Burger Fuel Group Ltd Half Year Results – 30 September 2022

2

Burger Fuel Group Limited
Consolidated Interim Financial Statements
For the Period Ended 30 September 2022



Contents Page


Chairman and Chief Executive’s Review 3-5

Consolidated Condensed Statement of Comprehensive Income 6

Consolidated Condensed Statement of Financial Position 7-8

Consolidated Condensed Statement of Changes in Equity 9

Consolidated Condensed Statement of Cash Flows 10

Notes to the Consolidated Interim Financial Statements 11-14

3
Burger Fuel Group Limited
Chairman and Chief Executive’s Review
For the period ended 30 September 2022

Burger Fuel Group Ltd Half Year Results for the 6 months ended 30 September 2022

OVERVIEW

The Directors of Burger Fuel Group Limited (BFG) present the unaudited results for the 6 months to 30 September 2022.

Net Profit after tax for the period was $552,316 compared to $404,525 for the same period last year. This represents an
increase of 36.5%.

Group Operating Revenue (excluding IFRS 16 and the Government support income) increased by 13.9% on the same period
last year to $10.7M. This is mainly due to royalty income from increased sales across the system compared to periods of
COVID lockdowns last year. The NZ system was closed in August and September 2021 thus we are benchmarking against
14 less trading days for the entire NZ system in August, and an additional 21 lost trading days for the Auckland stores in
September. We estimate total system sales were down circa~ $5.9M in FY22 due to COVID lockdowns.

The Group has no debt and as at 30 September 2022 had cash reserves of $7.4M.

BFG RESULTS (UNAUDITED) FOR THE PERIOD 1 APRIL TO 30 SEPTEMBER 2022

30 September 2022 30 September 2021

Operating Revenue * 10,748,756 9,438,906
Interest Income – IFRS 16 non-occupied leases 569,845 650,771
COVID-19 Government wage subsidy 17,139 372,441
Total Income 11,335,740 10,462,118

Operating Expenses ** (9,382,323) (8,650,977)
Depreciation Expense – IFRS 16 occupied leases
(401,674) (386,232)
Interest Expense - IFRS 16 non-occupied leases
(569,845) (650,771)
Interest Expense - IFRS 16 occupied leases
(235,263) (246,583)
Total Expenses
(10,589,105) (9,934,563)




Net Profit (Loss) Before Tax 746,635 527,555
Net Profit (Loss) After Tax *** 552,316 404,525


* Revenue includes: Operating revenue and interest income but excludes COVID-19 related Government grants and interest income on non-
occupied leases.
** Expenses include: Operating expenses, depreciation, amortisation and interest expense.
*** The New Zealand entities had taxable income and were unable to utilise the foreign tax losses. The overseas entities had minimal tax.


GROUP PERFORMANCE

Total system sales (all regions all brands) were $51.6M for the period, representing an increase of 13.17% over the same
period last year. The increase is mainly due to the opening of the franchised BurgerFuel Cambridge store which is
preforming well and the fact that we are benchmarking against reduced trading days, as the entire NZ system was closed due
to COVID lockdowns from 18 August 2022 until 1 September 2022, with the Auckland stores reopening on 22 September.
This amounts to 1,477 lost trading days across the total system in FY22.

Total store numbers globally across all three brands are 75 as at 30 September 2022, with the closing of 3 stores in the UAE
on 1 April 2022 (when the Master Licence agreement ceased with AKI Group) which was offset with the opening of one
franchised store in New Zealand being BurgerFuel Cambridge. The new brands, Winner Winner and Shake Out accounted
for 7.9% of total systems sales (up from 6.8% in FY22) and their total sales are up 32.03% on FY22, once again due to
benchmarking against a COVID year.

BurgerFuel International sales accounted for 9.51% of total BurgerFuel sales.

4
OPERATING RESULTS

BurgerFuel New Zealand

Total BurgerFuel sales for the period were up 11.8% on the previous year. This was due to 1,317 additional trading days in
the 6 months to 30 September 2022 compared to the previous year, and also the opening of the franchised BurgerFuel
Cambridge store in May 2022. The Group is also pleased to announce that it opened the 60
th
NZ BurgerFuel store in
Rolleston, Christchurch on 31 October 2022 and are planning to open another store in Dunedin before the end of the
financial year. With COVID restrictions lifted we are starting to see more people coming back to the CBDs which is helping
our city stores.

Staff shortages are still a major issue across the BurgerFuel system, and we had 52 lost trading days in a company owned
BurgerFuel store in the 6 months to 30 September 2022.

BurgerFuel Middle East (MENA)

As previously advised, on 1 April 2022 the Group exited the UAE Licensee Agreement with AKI Group. In our FY22 full
year results we advised that we expected to finalise a Development Agent (DA) Agreement for the MENA region, and we
are pleased to announce that this agreement has now been executed. 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. The Development Agent Agreement will be operated by Mr Farah George Farah.

Farah was instrumental in executing the original UAE Master Licence Agreement with AKI Group back in 2008. He has a
significant amount of operational experience in the MENA region and is very familiar with the BurgerFuel brand. With his
expertise and contacts, we are looking forward to restarting the brand’s growth in this region once again.

Under the DA Agreement BFG will receive a share of royalties generated from BurgerFuel sales in the region. Each new
store will be owned or franchised under the new DA agreement. The DA will be responsible for site selection and store
construction as well as training and day to day operations. As previously advised, the Group incurred costs in FY23 in
relation to setting up this new DA structure with a view to rebuilding the brand in the MENA region over future years.

The Middle East business total sales comparison for the first half of this year records a decrease of 22% due to our Master
Licence Agreement partner AKI Group exiting the brand and closing 3 BurgerFuel stores. The BurgerFuel World Trade
Centre store is still operating and is part of the new DA structure. There are also some dark/ghost kitchens operating, in
Dubai, which are delivery only. Currently we are not receiving any royalty income from the MENA region whilst the DA
structure is embedded and some operational issues in those territories are being addressed.

The future of MENA will be entirely dependent on the success of the proposed DA structure. Whilst BFG’s percentage share
of royalties will be substantially lower than in previous years, our operational involvement will also be on a significantly
reduced basis. As always, we caution shareholders regarding Middle East operations as they can be vulnerable, and
circumstances can change there at any time, due to political or other factors beyond our control.


Winner Winner & Shake Out New Zealand

Sales for the new brands are up 32.03% on the previous 6 months mainly due to benchmarking against 160 reduced trading
days in FY22. We also had reduced trading (18 days) in our company owned Winner Winner store in FY23 due to staff
shortages and not being able to open for full trading weeks. The labour market still remains extremely tight.

The Group is pleased to announce that we have opened a company owned Shake Out store in the Commercial Bay precinct
in the Auckland CBD on 31 October 2022. This is our 4
th
Shake Out store and this busy location will assist in the brands’
exposure. The Winner Winner store numbers remain at 4.

We have also added delivery options for the Shake Out and Winner Winner stores, which is helping with brand exposure and
increased sales.

Because the Winner Winner brand is a dine-in concept it has been impacted more with COVID lockdowns. Now that
restrictions have been lifted, we are hoping sales will start improving over the coming months. Our company owned
Takapuna store is still not performing as well as we would like, but with the staffing issues resolved and more activity in the
community, we are hoping performance will improve in the coming months. The Group continues to monitor the
performance of this store closely.

The Group is still investing a considerable amount in these new brands and will continue to do so going forward.

5

GROUP OUTLOOK

We do see challenging times ahead with increasing supply chain costs, labour shortages and rising hourly rates as well as the
general economic cost pressures that are hitting all New Zealand households. However, our main brand BurgerFuel remains
strong. The last few tough COVID years have only served to validate BurgerFuel’s brand strength in NZ.

The Group maintains strong cash reserves and as always, we will continue to review any opportunities for development of
current brands and future company growth that may present themselves.

There have been no further developments regarding the KPMG strategic option review.

We would like to thank all shareholders, staff, franchisees, suppliers and of course our valued customers for their support.

Best regards


Peter Brook

Josef Roberts
Chairman Group CEO

6
Burger Fuel Group Limited
Consolidated Condensed Statement of Comprehensive Income
For the period ended 30 September 2022




Unaudited Unaudited Audited

30 Sep
2022

30 Sep
2021
31 Mar
2022


6 months 6 months
Full Year












Revenue
10,727,543 9,429,073
19,251,105
COVID-19 Government wage subsidy
17,139 372,441
430,292
Operating Expenses
(9,106,071) (8,354,089)
(17,079,428)
Profit before interest, taxation, depreciation and
amortisation 1,638,611 1,447,425
2,601,969



Depreciation on Property, Plant and Equipment
(207,674) (226,640)
(470,161)
Depreciation on Right of Use Assets
(401,674) (386,232)
(779,953)
Amortisation
(68,522) (70,248)
(139,442)

(677,870) (683,120)
(1,389,556)


Profit / (Loss) before Interest and Taxation
960,741 764,305 1,212,413


Interest Income
21,213 9,833
23,579
Interest Income leases non-occupied
569,845 650,771
1,266,637
Interest Expense
(56) -
-
Interest Expense leases occupied
(235,263) (246,583)
(487,846)
Interest Expense leases non-occupied
(569,845) (650,771)
(1,266,637)

(214,106) (236,750)
(464,267)

Profit / (Loss) before Taxation 746,635 527,555 748,146


Income Tax Expense
(194,319) (123,030) (172,277)


Net Profit / (Loss) attributable to shareholders
552,316 404,525 575,869


Other comprehensive income:

Items that may be reclassified subsequently to profit
or loss:
Movement in Foreign Currency Translation Reserve
(25,706) 33,070
12,684



Total comprehensive income
526,610 437,595
588,553


Basic Net Earnings per Share (cents)
1.10 0.80
1.14

Diluted Earnings per Share (cents)
1.10 0.80 1.14

7
Burger Fuel Group Limited
Consolidated Condensed Statement of Financial Position
As at 30 September 2022


Unaudited Unaudited Audited


30 Sep
2022

30 Sep
2021
31 Mar
2022
6 months 6 months Full Year


$

$
$
Shareholders’ Equity

Contributed equity
11,913,499 11,913,499
11,913,499
Accumulated losses
(138,850) (862,510)
(691,166)
Foreign currency translation reserve
(311,182) (265,090)
(285,476)

11,463,467 10,785,899
10,936,857
Current assets

Cash and cash equivalents
7,360,933 6,762,808
6,798,362
Trade and other receivables
1,815,577 1,309,676
1,931,950
Lease Receivable non-occupied
1,484,007 1,610,644
1,538,383
Inventories
710,720 687,864
762,383
Loans
7,034 23,034
11,034

11,378,271 10,394,026
11,042,112
Non-current assets

Property, plant and equipment
2,667,969 2,473,684
2,465,244
Right of use asset - leases
7,436,330 8,059,979
7,727,134
Lease receivable non-occupied
16,213,071 19,065,365
18,172,743
Deferred tax asset
553,455 529,256
576,743
Loans
51,296 109,796
63,296
Intangible assets
1,838,764 1,973,393
1,905,563

28,760,885 32,211,473
30,910,723




Total assets
40,139,156 42,605,499
41,952,835


Current liabilities

Trade and other payables
1,223,472 635,245
1,249,455
Contract Liability
317,202 364,243
234,448
Lease Liability
631,054 604,962
615,881
Lease Liability non-occupied
1,484,007 1,610,644
1,538,383
Income tax payable
94,911 65,767
115,649
Provisions
384,097 493,320
350,337

4,134,743 3,774,181
4,104,153
Non-current liabilities

Contract Liability
635,888 830,615
830,615
Lease Liability
7,650,287 8,108,739
7,867,267
Lease Liability non-occupied
16,213,071 19,065,365
18,172,743
Provisions
41,700 40,700
41,200

24,540,946 28,045,419
26,911,825



Total liabilities
28,675,689 31,819,600
31,015,978

Net assets
11,463,467 10,785,899 10,936,857

8
Burger Fuel Group Limited
Consolidated Condensed Statement of Financial Position (continued)
As at 30 September 2022


Unaudited Unaudited Audited


30 Sep
2022

30 Sep
2021
31 Mar
2022





Net tangible assets per share ($ per share)
0.18 0.16 0.15



For and on behalf of the Board on 25
th
November 2022

Peter Brook Josef Roberts
Director Director

9
Burger Fuel Group Limited
Consolidated Condensed Statement of Changes in Equity
For the period ended 30 September 2022



September 2022
Contributed
Equity
Foreign currency
translation reserve
Accumulated
Losses Total equity


$ $ $ $
Balance as at 1 April 2022
11,913,499 (285,476) (691,166) 10,936,857
Movement in foreign currency translation
reserve recognised in other comprehensive
income

- (25,706) - (25,706)
Net Profit for the period ended 30
September 2022

- - 552,316 552,316
Total comprehensive income

- (25,706) 552,316 526,610



Balance as at 30 September 2022

11,913,499 (311,182) (138,850) 11,463,467


September 2021
Contributed
Equity
Foreign currency
translation reserve
Accumulated
Losses Total equity
$ $ $ $
Balance as at 1 April 2021
11,913,499 (298,160) (1,267,035) 10,348,304
Movement in foreign currency translation
reserve recognised in other comprehensive
income

- 33,070 - 33,070
Net Profit for the period ended 30
September 2021

- - 404,525 404,525
Total comprehensive income

- 33,070 404,525 437,595



Balance as at 30 September 2021

11,913,499 (265,090) (862,510) 10,785,899




March 2022
Contributed
Equity
Foreign Currency
Translation Reserve
Accumulated
Losses
Total
Equity
$ $ $ $
Balance as at 1 April 2021
11,913,499 (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
- - 575,869 575,869
Total comprehensive income
- 12,684 575,869 588,553


Balance as at 31 March 2022
11,913,499 (285,476) (691,166) 10,936,857

10
Burger Fuel Group Limited
Consolidated Condensed Statement of Cash Flows
For the period ended 30 September 2022

Unaudited Unaudited Audited


30 Sep
2022

30 Sep
2021
31 Mar
2022



6 months 6 months
12 months
$ $ $
Cash flows from operating activities
Receipts from customers
10,785,897 10,121,226 19,286,019
COVID-19 Government wage subsidy
17,139 379,641 445,301
Interest received
21,213 9,833 23,579
Goods and services tax
39,220 (35,337) 84,103
Payments to suppliers & employees
(9,183,296) (9,920,662) (18,502,590)
Interest paid
(56) - -
Interest on leases
(235,112) (234,421) (459,677)
Taxes paid
(191,770) (495,113) (541,965)
Net cash flow provided from / (applied to)
operating activities 1,253,235 (174,833) 334,770


Cash flows from investing activities
Repayments from suppliers & franchisees 16,000 104,820 163,320
Sale of property, plant and equipment 76,332 54,800 77,576
Acquisition of intangible assets
(1,722) - (1,364)
Acquisition of property, plant & equipment
(482,725) (135,934) (383,584)
Sale of subsidiary company
24,253 - -
Net cash flow applied to investing activities
(367,862) 23,686 (144,052)






Cash flows from financing activities

Lease Liability
(336,759) (230,487) (505,496)
Net cash flows applied to financing activities
(336,759) (230,487) (505,496)

Net movement in cash and cash equivalents
548,614 (381,634) (314,778)
Exchange gain / (loss) on cash and cash equivalents
13,957 30,323 (979)
Opening cash and cash equivalents
6,798,362 7,114,119 7,114,119
Closing cash and cash equivalents
7,360,933 6,762,808 6,798,362

11
Burger Fuel Group Limited
Notes to the Interim Consolidated Financial Statements
For the period ended 30 September 2022

1) REPORTING ENTITIES AND STATUTORY BASE

Burger Fuel Group Limited 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. These Interim Consolidated
Financial Statements also comply with NZ IAS 34 and have been prepared on a going concern basis.

The financial statements presented are those of Burger Fuel Group Limited (the ‘Group’). A list of its wholly owned
subsidiaries is listed in note 2 of the financial statements.

BurgerFuel operates as a franchisor of gourmet burger & chicken restaurants and is a for-profit oriented entity,
incorporated and domiciled in New Zealand.

2) STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

2.1) STATEMENT OF COMPLIANCE

The condensed consolidated interim financial statements should be read in conjunction with the annual financial
statements for the year ended 31 March 2022, which have been prepared in accordance with NZ IFRS.

2.2) REPORTING ENTITY

The consolidated financial statements for the Group are for the economic entity comprising Burger Fuel Group Limited
and its subsidiaries;
Burger Fuel (Dubai) NZ Limited BF Lease Company No 9 Limited BF Lease Company No 34 Limited
Burger Fuel (ME) DMCC (sold 01/04/2022) BF Lease Company No 10 Limited BF Lease Company No 35 Limited
Burger Fuel International Limited BF Lease Company No 11 Limited BF Lease Company No 36 Limited
Burger Fuel (Australia) Pty Limited BF Lease Company No 12 Limited BF Lease Company No 37 Limited
Burger Fuel (Australia) No2 Pty Limited BF Lease Company No 13 Limited BF Lease Company No 38 Limited
Burger Fuel International Management Limited BF Lease Company No 14 Limited BF Lease Company No 39 Limited
Burger Fuel Limited BF Lease Company No 15 Limited BF Lease Company No 40 Limited
BurgerFuel Henderson Limited BF Lease Company No 16 Limited BF Lease Company No 41 Limited
Burger Fuel Takapuna Limited BF Lease Company No 17 Limited BF Lease Company No 42 Limited
Winner Winner Limited BF Lease Company No 18 Limited BF Lease Company No 43 Limited
Shake Out Limited BF Lease Company No 19 Limited BF Lease Company No 44 Limited
Concept Brands Limited BF Lease Company No 20 Limited BF Lease Company No 45 Limited
Burger Fuel Pty Limited BF Lease Company No 21 Limited BF Lease Company No 46 Limited
Burger Fuel Australia Pty Limited BF Lease Company No 22 Limited BF Lease Company No 47 Limited
BF Lease Company Limited BF Lease Company No 23 Limited BF Lease Company No 48 Limited
BF Lease Company No 1 Limited BF Lease Company No 24 Limited Burger Fuel Group Leases Limited
BF Lease Company No 2 Limited BF Lease Company No 25 Limited Burger Fuel Worldwide Limited
BF Lease Company No 3 Limited BF Lease Company No 26 Limited

BF Lease Company No 4 Limited BF Lease Company No 27 Limited

BF Lease Company No 5 Limited BF Lease Company No 28 Limited

BF Lease Company No 6 Limited BF Lease Company No 29 Limited

BF Lease Company No 7 Limited BF Lease Company No 30 Limited

BF Lease Company No 8 Limited BF Lease Company No 31 Limited

Shake Out Commercial Bay Limited
BF Lease Company No 32 Limited

Shake Out Container Limited
BF Lease Company No 33 Limited

12
Burger Fuel Group Limited
Notes to the Interim Consolidated Financial Statements
For the period ended 30 September 2022

3) ACCOUNTING POLICIES
The accounting policies and methods of computation applied are consistent with those of the annual financial statements
for the year ended 31 March 2022, as described in the annual financial statements.

4) SEGMENT INFORMATION

Operating Segments
The Group operates in two geographical segments – New Zealand & International (Australia and the Middle East).
All the segments 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.



September 2022
New Zealand
International Total

$ $ $
Revenue
6 months
6 months
6 months
Sales
4,458,933
-
4,458,933
Royalties
2,837,351
-
2,837,351
Franchising fees
270,728
12,496
283,224
Training fees
37,500
-
37,500
Property Management fees
59,000
-
59,000
Advertising fees
2,032,721
-
2,032,721
Foreign exchange gain
19,779
27,067
46,846
Sundry income
924,441
-
924,441
Rent Relief on Non-Occupied Leases
47,527
-
47,527
Interest received
21,209
4
21,213
Interest received - leases
569,845
-
569,845
COVID-19 Government wage subsidy
17,139
-
17,139
Total Revenue 11,296,173 39,567 11,335,740



Interest Expense
56 - 56
Interest Expense leases occupied
235,263 - 235,263
Interest Expense leases non-occupied
569,845 - 569,845
Depreciation
207,674 - 207,674
Depreciation leases
401,674 - 401,674
Amortisation
68,522 - 68,522


Segment Result before Tax
1,096,433 (349,798) 746,635
Income Tax Expense 194,319 - 194,319

Segment Assets 40,014,090 125,066 40,139,156
Segment Liabilities 28,645,703 29,986 28,675,689

Acquisition of Property, Plant & Equipment & Intangible Assets

Other 484,447 - 484,447

13


Operating Segments (Continued)

September 2021
New Zealand
International Total

$ $ $
Revenue
6 months
6 months
6 months
Sales
3,731,236
- 3,731,236
Royalties
2,418,299
(5,512) 2,412,787
Franchising fees
112,549
237,258 349,807
Training fees
-
- -
Property Management fees
57,000
- 57,000
Advertising fees
1,698,322
- 1,698,322
Foreign exchange gain
29,421
(32,125) (2,704)
Sundry income
1,091,079
(986) 1,090,093
Rent Relief on Non-Occupied Leases
92,532
- 92,532
Interest received
9,822
11 9,833
Interest received - leases
650,771
- 650,771
COVID-19 Government wage subsidy
372,441
- 372,441
Total Revenue 10,263,472 198,646 10,462,118

Interest Expense
- - -
Interest Expense leases occupied
246,583 - 246,583
Interest Expense leases non-occupied
650,771 - 650,771
Depreciation
225,207 1,433 226,640
Depreciation leases
386,232 - 386,232
Amortisation
70,248 - 70,248


Segment Result before Tax
423,567 103,988 527,555
Income Tax Expense 123,030 - 123,030

Segment Assets 42,248,646 356,854 42,605,500
Segment Liabilities 31,686,601 133,000 31,819,601

Acquisition of Property, Plant & Equipment & Intangible Assets

Other 135,934 - 135,934

14


Operating Segments (Continued)


31 March 2022 New Zealand International Consolidated

$ $ $
Revenue

Sales 8,035,134 42,140 8,077,274
Royalties 4,933,041 45,580 4,978,621
Franchising fees 236,599 249,754 486,353
Training fees - - -
Property management fees 57,000 - 57,000
Advertising fees 3,507,309 - 3,507,309
Foreign exchange gain (2,749) (10,972) (13,721)
Sundry income 2,016,172 327 2,016,499
Rent Relief on Non-Occupied Leases 141,770 - 141,770
Interest received 23,553 26 23,579
Interest Leases 1,266,637 - 1,266,637
COVID Government wage subsidy 430,292 - 430,292
Total Revenue 20,644,758 326,855 20,971,613



Interest Expense - - -
Interest Expense Leases Occupied 487,846 - 487,846
Interest Expense Leases non occupied 1,266,637 - 1,266,637
Depreciation 463,451 6,710 470,161
Depreciation Leases 779,953 - 779,953
Amortisation 139,442 - 139,442

Segment Result before Income Tax 634,351 113,795 748,146
Income Tax Expense 172,277 - 172,277

Segment Assets 41,724,930 227,905 41,952,835
Segment Liabilities 30,960,790 55,188 31,015,978

Acquisition of Property, Plant & Equipment & Intangible Assets


Other 384,948 - 384,948

15
Burger Fuel Group Limited
Company Directory
As at 30 September 2022

NZ Companies Office - Registered Office Accountants
Burger Fuel Group Limited KPMG
66 Surrey Crescent 18 Viaduct Harbour Avenue,
Grey Lynn Auckland 1140
Auckland 1021


Company Number Bridgepoint Group Accounting Pty Ltd
1947191 Suite 301, 8 West Street,

North Sydney
Date of Incorporation NSW 2060
14-Jun-07 Australia

Directors Auditors
Peter Brook - Chairman (Independent) Baker Tilly Staples Rodway
Alan Dunn (Independent) Level 9, Tower Centre
Josef Roberts (Executive) 45 Queen Street
Tyrone Foley (Non-Independent) Auckland 1010

Board Executives JAXA Chartered Accountants
Mark Piet (Chief Financial Officer / Company Secretary) Dubai (Head Office)

Al Mozna Building
Business Headquarters Al Ghusais
66 Surrey Crescent Dubai
Grey Lynn UAE
Auckland 1021


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.

Wynn Williams PO Box 2401, Shortland Street, Auckland 1140.

Corporate Counsel Limited Solicitors, P.O Box 37-322, Parnell, Auckland 1151 *
*Ceased providing services to the Group on 25 July 2022.


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.


30 Sept 2022 30 Sept 2021

Male Female Male Female
Directors 4 - 3 -
Executive/ Leadership Team 5 1 6 1
Total Head Office Staff 19 13 17 15

16

---

Results for announcement to the market
Name of issuer Burger Fuel Group Limited
Reporting Period 6 months to 30 September 2022
Previous Reporting Period 6 months to 30 September 2021
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$11,336 8.4%
Total Revenue $11,336 8.4%
Net profit/(loss) from continuing
operations
$552 36.5%
Total net profit/(loss) $552 36.5%
Interim Dividend
Amount per Quoted Equity Security Not Applicable
Imputed amount per Quoted Equity
Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$0.18 $0.16
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
This increase in sales and royalty revenue is due to the opening of the
BurgerFuel Cambridge store in May 2022 and the system was closed the prior
year due to COVID lockdowns in August and September 2021, thus we are
benching against less trading days. The Group is still investing in the new
brands (Winner Winner and Shake Out) and in the MENA region.
Authority for this announcement
Name of person authorised to make
this announcement
Mark Piet
Contact person for this
announcement
Mark Piet
Contact phone number 021 453 333
Contact email address Mark.Piet@Burgerfuel.com
Date of release through MAP 25/11/2022

Unaudited financial statements accompany this announcement