Annual Report Provided

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.
As one door closes on an era so another opens.
Arif Khan, Restaurant Brands’ Acting Group
CEO is full of praise for the achievements of
CEO Russel Creedy and CFO Grant Ellis who
both retire this year. Yet at the same time, he
is quick to assert their legacy is not just about
the past. “Great leadership is great because
of how it sets people and organisations up for
the future. It’s a winning spirit that runs deeply
throughout the company today. It’s a mindset
and can-do attitude amongst all our interna-
tional leaders towards problem solving and
envisioning what’s possible,” says Khan.
For his own part, Khan is extremely enthu-
siastic about the next stage of the company’s
growth and to working closely with the com-
pany’s new incoming Group CFO, Julio Valdés.
“The organisation is vastly different from the
domestic business it used to be, though some
of the challenges are familiar. The GFC and
more recently COVID have, in different ways,
taught the company a lot about itself and its
ability to adapt, pivot and take advantage of
the opportunities that emerge from economic
pressure,” says Khan. “Julio and I have a great
team of leaders working across the business
– people who make us and this company proud
every day. And we have some of the most
amazing, globally recognised power brands.
Combining these two factors sets us up to
unlock more growth opportunities as we lead
the business into the future.”
Read more about Arif Khan’s and Julio
Valdés’ ambitions for Restaurant Brands’
future on page 12
Leadership for
the times —
Fresh opportunities
and familiar challenges
Experienced international leadership team in good place for
post-COVID era says Restaurant Brands new Acting Group CEO.
THE ANNUAL REPORT
31 DECEMBER 2022
STORYPAG E
Leadership for the times1
Highlights2
Financial highlights2
The year at a glance4
Chairman & CEO's report6
Restaurant Brands’ leadership12
Q&A with Arif Khan & Julio Valdés12
Leading is in the Group’s DNA16
Sustainability report24
Caring about people & communities26
Environmental consciousness34
Leading in food quality40
Operations Report44
New Zealand44
Australia46
Hawaii48
California50
Restaurant Brands’ Board of Directors52
Consolidated income statement 54
Non-GAAP financial measures55
Financial statements56
Notes to financial statements64
Auditor's report93
Shareholder information99
Statutory information101
Statement of corporate governance104
Corporate directory112
Financial calendar112

RESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022HIGHLIGHTS
Financial highlightsKey pointsOur brands
Year in review
TOTAL SALES
A $170.8 million increase in total sales for the
year to $1,239.0 million, 16.0% up against the
previous year, with all four operating divisions
showing growth.
TOTAL EBITDA
1
Combined store EBITDA (pre-NZ IFRS 16) for
the period was $180.2 million, up 4.3% on the
previous year.
TOTAL STORES
Total store numbers increased by 17 to 376
including the acquisition of two KFC stores,
one in New Zealand and one in California.
All figures in $NZ millions unless stated
52 weeks
25 Feb 2019
44 weeks
31 Dec 2019
52 weeks
31 Dec 2020
52 weeks
31 Dec 2021
52 weeks
31 Dec 2022
FINANCIAL PERFORMANCE
Sales*
New Zealand 419.8 3 6 7. 5 410.4 461.1 529.2
Australia 191.5 169.1 214.9 244.1 283.4
Hawaii 1 8 2 .7 168.9 215.1 206.5 2 47. 5
California - - 51.9 156.5 17 9.0
Total sales 794.0 705.5 892.4 1,068.2 1,239.0
Concept EBITDA before G&A*
New Zealand 76.4 6 7. 9 76.3 83.3 89.5
Australia 29.1 25.2 28.6 31.6 31.2
Hawaii 2 3 .7 22.9 32.633.9 42.3
California - - 8.5 23.8 17. 1
Total EBITDA 129.2 116.0 146.017 2 .7180.2
Operating profit 56.2 64.4 74.8 102.1 8 6 .7
NPAT (reported) 3 5 .7 30.1 30.6 51.9 32.1
FINANCIAL POSITION/CASH FLOW
Share capital 154.6 154.6 154.6 154.6 154.6
To t a l e q u i t y 2 2 4 .7 208.0 229.8 2 8 9 .7 293.2
To t a l a s s e t s 460.3 879.9 1,180.2 1,329.8 1 , 417. 3
Operating cash flows 71.3 8 7. 6 111.2 126.4 121.6
SHARES
Shares on issue (year end)124,758,523124,758,523124,758,523124,758,523124,758,523
Number of shareholders (year end)7, 1 2 76,0265,4285,1805,225
Basic earnings per share
(full year reported)
28.8c24.1c24.6c41.6c25.8c
Ordinary dividend per share0c0c0c32.0c16.0c
OTHER
Number of stores (year end)
New Zealand142148137137143
Australia 6165707983
Hawaii8074727375
California--697075
Total stores283287348359376
Number of employees
New Zealand3,4843,7774,5823 ,74 84,041
Australia3,3603,8874,0554,5264 ,7 1 9
Hawaii2,0071,9352,0551 ,7 6 41,687
California--1,3811,4021,542
Total employees8,8519,59912,07311,44011,989
* Sales and concept EBITDA for each of the concepts may not aggregate to the total due to rounding.
Highlights
DIVIDENDS
Directors have declared a fully imputed final
dividend of 16.0 cents per ordinary share,
payable on 20 April to all shareholders on the
register on 6 April 2023.
NET PROFIT AFTER TAX
Reported net profit after tax of $32.1 million
for the year, which was down $19.8 million
on the last year, due to the ongoing adverse
impact of inflation and the FY21 results re-
cording forgiveness of the $11.4 million US
Government loan.
TOTAL EBITDA ($NZ M)
Feb
19
129.2
Dec
19
116.0
20
146.0
21
17 2 .7
22
180.2
TOTAL SALES ($NZ M)
Feb
19
794.0
Dec
19
705.5
20
892.4
21
1,068.2
22
1.239.0
Feb
19
460.3
Dec
19
879.9
20
1,180.2
21
1,329.8
22
1 , 417. 3
TOTAL ASSETS ($NZ M)
Feb
19
3 5 .7
Dec
19
30.1
20
30.6
21
51.9
22
32.1
NPAT (REPORTED) ($NZ M)
FRANCHISOR: CKE
RESTAURANTS INC.
FRANCHISOR:
YUM! BRANDS INC.
FRANCHISOR:
YUM! BRANDS INC.
FRANCHISOR:
YUM! BRANDS INC.
1
EBITDA is earnings before interest, tax, depreciation and amortisation. It is a non-GAAP financial measure and is not
prepared in accordance with NZ IFRS.

RESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022HIGHLIGHTS
Highlights
The year at a glance
GroupDivisions
YEAR ENDED
31 DECEMBER 2022
11,989 EMPLOYEES
488 STORES
376
112
OWNED
FRANCHISED
NEW ZEALAND
4,041
1
255
143
10961315
1124108
EMPLOYEES
STORES
OWNED
SUPPORT
OFFICE
SUPPLY CHAIN
Managed by

New Zealand logistics team
FRANCHISED
AUSTRALIA
1
83
7211
4 ,7 1 9
EMPLOYEES
STORES
ALL OWNED
SUPPORT
OFFICE
SUPPLY CHAIN
Managed by Yum!
10
CALIFORNIA
1
75
65
1,542
EMPLOYEES
STORES
ALL OWNED
SUPPORT
OFFICE
SUPPLY CHAIN
Managed by Yum!
HAWAII (INC. GUAM AND SAIPAN)
1
1
75
1,687
EMPLOYEES
STORES
ALL OWNED
SUPPORT
OFFICE
CALL
CENTRE
SUPPLY CHAIN
Managed by Yum!
36
Inc.
5 in Guam
1 in Saipan
39
Inc.
7 in Guam
5 7. 9
MILLION
HAPPY
CUSTOMERS
$1.2b
SALES
$ 3 2 .1m
N PAT
$180.2m
EBITDA
$1.4b
ASSETS
FINANCIAL RESULTS

RESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022CHAIRMAN AND CEO’S REPORT
Overview
After successfully riding out the COVID
challenges during the 2020 and 2021 years,
Restaurant Brands faced an even bigger
challenge in 2022, that of sudden significant
inflation pressures across all operating di-
visions. Food inflation has been particularly
high, being well above the overall consumer
price index (CPI) inflation rates in each of the
company’s markets. Price increases have
been taken to mitigate some of the impact of
rising costs where possible.
The result was once again adversely
affected by COVID, particularly in the first
quarter of the year with disruptions across
all the company’s operations primarily due to
staffing issues caused by isolation require-
ments. Staffing shortages continue to be a
challenge with high levels of vacancies across
all divisions.
In the FY21 year the company saw its
federal PPP loan in Hawaii forgiven, resulting
in an additional $11.4 million in income. This
was a one-off gain which, when normalised,
reduces the FY21 result to $40.5 million.
The resulting FY22 reported NPAT of
$32.1 million is down 38.2% or $19.8 million
on the prior year. Normalised for the gain on
the PPP loan forgiveness the result is down
$8.4 million or 20.7%.
Group operating results
Directors wish to report that during these
high inflationary times Restaurant Brands
has produced a reported net profit after tax
(NPAT) for the year ended 31 December 2022
(FY22) of $32.1 million.
Direct comparisons between the FY21
and FY22 years remain difficult as both years
have been affected by COVID. In addition
this year’s result has been severely impacted
by inflation whilst last year’s result included
the benefit of the $11.4 million US PPP loan
forgiveness.
Total brand sales for the Company were
$1,239.0 million, up $170.8 million on the pre-
vious year. This is due to the reduced sales
levels in 2021 arising from the extended lock
down in New Zealand (with an estimated
$26 million of lost sales) and the inclusion
of 17 new stores opened between December
2021 and December 2022. All four divisions
produced positive total sales growth over
the year. Same store sales were also positive
for all divisions except California which saw
reduced consumer spending in the face of
high inflation levels and the withdrawal of gov-
ernment stimulus payments to households.
Combined store EBITDA (pre-NZ IFRS
16 and Other Items) of $180.2 million was
up $7.5 million or +4.3% on the prior year.
Sales growth was assisted by a significant
turnaround in the New Zealand business
(with store closures significantly impacting
2021 performance) and a strong result in the
Hawaii division. EBITDA margins (as a % of
sales) reduced from 16.2% to 14.5% due to
continued cost pressures across all divisions.
Restaurant Brands’ store numbers at the
end of December 2022 totalled 376, compris-
ing 143 in New Zealand, 83 stores in Australia,
75 in Hawaii and 75 stores in California.
Guiding business success
through global challenges
$32.1 MILLION
NET PROFIT AFTER TAX
$NZm
Dec 2022Dec 2021Change ($)Change (%)
Total sales
1,239.01,068.2+17 0. 8+16.0
Net profit after tax
32.151.9-1 9.8-38.2
Total store numbers increased
by 17 to 376 including the
acquisition of two KFC stores,
one in New Zealand and one
in California.
Chairman and CEO’s report
Russel Creedy
Outgoing Group CEO
José Parés
Chairman

RESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022CHAIRMAN AND CEO’S REPORT
Chairman and CEO’s report
New Zealand operations
Total store sales in New Zealand were $529.2
million, up $68.1 million or +14.8% on the
December 2021 year. This was largely from
strong sales in the KFC brand, along with
growing store numbers in the KFC and Taco
Bell networks. The favourable prior year
comparison was also partly because the 2021
result was adversely affected by major COV-
ID-related store closures across the country
(including an extended lockdown in the major
Auckland region which resulted in lost sales
of approximately $26 million).
The New Zealand KFC and Pizza Hut busi-
nesses both delivered some of the strongest
sales in their respective brands’ histories.
With price increases and the continued intro-
duction of great new products including Hot
& Crispy Boneless Chicken (KFC) and Detroit
Pizza (Pizza Hut) weekly sales reached new
highs for both brands.
Carl’s Jr. continues to perform well with
sales up on last year, even with reduced
store numbers.
Although Taco Bell remains a small portion of
the New Zealand business, with three stores
opened during the year, overall sales more
than doubled during 2022. An e-commerce
website has been launched for Taco Bell
which allows customers to order online.
Store EBITDA for NZ operations was $89.5
million, up $6.2 million with some leverage
from the higher sales. This was despite the
underlying EBITDA as a percentage of sales
reducing to 16.9% from 18.1%. Inflation had a
substantial impact on margins with ingredient
and labour input costs rising significantly and
well above the level of CPI.
COVID isolation requirements for staff
and ongoing tightness in the New Zealand
labour market adversely impacted the result,
particularly in the first half of FY22. This con-
sequently restricted the ability to operate full
trading hours across all stores and channels.
However, the situation is slowly being reme-
died with some growth in staff numbers.
Whilst plant and equipment constraints
have slowed development, the NZ division
continued to build and develop new stores
with three KFC outlets opening at Whangarei
South, Richmond and Ruakura. The busi-
ness also acquired the KFC in the Auckland
Airport International Terminal. Three Taco
Bells were opened at Cuba Mall, Wellington,
Botany Downs, Auckland and
Christchurch Airport.
The Pizza Hut store network
has also continued to grow
with nine new independently
franchised stores opening over
the year. This brought the total
number of Pizza Hut stores to
114, of which 108 are operated by
independent franchisees under
a master franchise agreement
with Restaurant Brands.
31 December
2022
31 December
2021
Change ($)Change (%)
Store sales ($NZm)
529.2461.1+68.1+14. 8
EBITDA ($NZm)
89.583.3+6.2+7. 4
EBITDA as a % of sales
16.918.1
Store numbers
143137
31 December
2022
31 December
2021
Change ($)Change (%)
Store sales ($USm)
156.4146.3+10.1+6.9
EBITDA ($USm)
26.824.4+2.4+9.8
EBITDA as a % of sales
17. 116.4
Store numbers
7573
31 December
2022
31 December
2021
Change ($)Change (%)
Store sales ($USm)
113.2110.3+2.9+2.6
EBITDA ($USm)
10.916.8-5.9-35.1
EBITDA as a % of sales
9.615.2
Store numbers
7570
Hawaiian operations
In $NZ terms, Hawaiian operations contrib-
uted $NZ247.5 million in sales and $NZ42.3
million in store EBITDA for the year. This was
significantly higher than FY21 with sales up
$NZ41.0 million and EBITDA up $NZ8.4 mil-
lion, partly helped by a favourable NZD/USD
exchange rate.
Total sales in Hawaii in USD
terms for the period were $US156.4
million, up 5.4%. Store level EBIT-
DA was $US26.8 million (17.1% as
a percentage of sales vs 16.4% in
the prior period). Taco Bell sales
topped $US100 million for the first
time in the division’s history.
The strong sales growth (up
$US10.1 million) was primarily
due to the continued outstanding
recovery by Taco Bell after it was severely
affected by COVID. Same store sales growth
for Hawaii was 2.9% for the year, following on
from an increase of 9.1% in same store sales
growth in FY21.
Taco Bell’s strong performance was un-
derpinned by strong promotional activities
and product innovation. Sales for the Mexican
Pizza were particularly strong, with the initial
promotion selling out of product in less than
a week. A relaunch later in the year proved
equally successful. Delivery aggregators also
continue to grow in volume.
Taco Bell also opened two new restau-
rants at Kilauea (on the island of Hawaii) and
Ho’okele (on Maui).
Although Pizza Hut achieved more mod-
erate growth, innovative product offers such
as Pizza Melts, which targeted lunchtime
diners were very successful. During the year
Californian operations
In $NZ terms California operations contrib-
uted $NZ179.0 million (up $22.5 million) in
revenue. However, store EBITDA was down
$6.7 million to $NZ17.1 million. The reported
revenue increase in $NZ terms is largely due
to a strong $US exchange rate.
Total sales were up $2.9 million to $113.2
million primarily due to store growth from
four new KFC stores opened during the year
and the acquisition of an existing KFC store
in the Palm Valley area. Same store sales
were down 2.9% for the year due to reduced
California consumer spending in the face of
high inflation levels and the withdrawal of
government stimulus payments that were
made to households in 2020 and 2021.
Store EBITDA was $US10.9 million (9.6%
as a percentage of sales). The reduction in %
EBITDA margin was the result of significant
cost pressures which continue to impact the
business into 2023.
There were four new KFC store openings
during the FY22 year with the first three new
stores since acquisition of the California
business in September 2020 opening over
an intensive period of six weeks. KFC San
Bernardino opened in February 2022. KFC
Perris (opened March 2022) and KFC Bar-
stow (opened April 2022) were both new
format ‘American Showman Next Generation’
store formats.
The sales from these stores continue
to track above expectations. A fourth new
store at Ridgecrest opened in August 2022.
Opening day trading in both the Ridgecrest
and Barstow stores were in the top 10 opening
days ever for any US KFC outlet.
Overall, store numbers grew by five with
the four new store openings, and one ac-
quired store. The store, acquired in January
2022, has tracked to expectation and is being
remodelled in early 2023 to improve back of
house operations and present a more con-
temporary customer offering consistent with
our existing stores.
$529.2 MILLION
NEW ZEALAND TOTAL STORE SALES ($NZm)
$156.4 MILLION
HAWAII TOTAL STORE
SALES ($USm)
$113.2 MILLION
CALIFORNIA TOTAL
STORE SALES ($USm)
31 December
2022
31 December
2021
Change ($)Change (%)
Store sales ($Am)
259.0230+29.0+1 2 .6
EBITDA ($Am)
28.629.8-1. 2-4.0
EBITDA as a % of sales
11.013.0
Store numbers
8379
Australian operations
In $NZ terms the Australian business con-
tributed total sales of $NZ283.4 million (up
16.1%) and a store EBITDA of $NZ31.2 million
(down 1.3%).
Total sales in Australia were $A259.0
million, up $A29.0 million (or +12.6%) on last
year, due to same store sales growth of +7.4%
along with additional store openings and
the full annualised effect of stores opened
throughout FY21.
Store EBITDA of $A28.6 million (11.0% of
sales) was down $A1.2 million or -4.0% on
last year. This was because of a number of
challenges during the year, including further
COVID outbreaks, extreme weather events,
major supply chain disruptions, and signif-
icant inflationary pressures. With the lower
EBITDA, the % margin dropped from 13.0%
to 11.0%.
Despite these challenges the business
has continued to grow with four new Taco Bell
stores and one new KFC store opening during
the year and ongoing upgrades to existing fa-
cilities including further investment in digital
technology (kiosks & digital drive thru menu
boards) improving customer experience.
There has also been further expansion of the
delivery channels with the launch of Uber Eats
as a delivery partner.
$259 MILLION
AUSTRALIAN TOTAL
STORE SALES ($Am)
DoorDash also rolled out a delivery service
in the State. This allowed Pizza Hut to still
deliver orders generated from the Pizza Hut
proprietary systems despite facing delivery
driver staffing shortages.

RESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022CHAIRMAN AND CEO’S REPORT
Chairman and CEO’s report
Corporate & other
General and administration (G&A) costs were
$61.4 million, up $11.4 million from last year
reflecting the effect of inflation on salary
costs as well as the continued expansion of
the business, particularly the growth of Taco
Bell in New Zealand and Australia. G&A as a
% of total revenue was 4.7% which is up from
4.5% for FY21.
Depreciation charges of $85.2 million for
the year ended 31 December 2022 were $10.1
million higher than the prior year primarily
due to the impact of continued high capital
expenditure on new stores and refurbish-
ments of existing stores. Of the $85.2 million,
$41.3 million related to right of use asset
depreciation incurred under NZ IFRS 16.
Financing costs of $44.5 million were
up $8.2 million on prior year, reflecting the
impact of both increased debt levels and
higher interest rates. Interest on bank debt
for the period ended 31 December 2022 was
$11.1 million, up $4.3 million on last year. The
additional debt arose from continued heavy
reinvestment in property, plant and equip-
ment and the payment of the first dividend
since 2018.
Tax expense was $10.1 million, $3.8 million
lower than the prior year reflecting the lower
level of profitability for the year. The effective
tax rate was 23.9% (21.1% for FY21) due to the
higher level of non-assessable income in
FY21 which included the forgiveness of the
US PPP Loan.
Other items
Other net expenses of $2.9 million are down
from a net income of $7.2 million for the prior
year. The prior year positive income arose
primarily due to the forgiveness of the US PPP
loan of $11.4 million. This year’s expenditure
primarily was a further $4.0 million in systems
development costs (FY21 $4.2 million) which
were incurred as part of a major overhaul
of the company’s financial systems. Other
items in other income and expenses in FY22
were $1.2 million in store closure and asset
impairment costs, insurance recovery on a
flood damaged store under a full replacement
insurance policy and a gain on acquisition
relating to a store in California acquired for a
value lower than its net assets.
Cash flow &
balance sheet
Total assets were $1,417.3 million, up $87.4
million on FY21 primarily because of new
store acquisitions and store builds which in-
creased the value of both property, plant and
equipment as well as lease assets. Equally,
there has been an increase of $84.0 million
in liabilities, primarily reflecting the future
discounted lease liability on leases acquired
and an increase in debt.
Operating cash flows (adjusted by $27.0
million for NZ IFRS 16) were down $7.3 million
to $94.6 million, reflecting the lower margins
from the effects of inflation.
Net investing cash outflows were $91.6
million (vs $109.6 million in FY21). FY21 was
higher than the current year because of the
acquisition of seven stores (for a total of
$28.0 million). Payments for property, plant
and equipment were $90.5 million, compared
with $82.6 million in the prior year. Much of
the expenditure was on new stores with four
new KFC and seven new Taco Bell stores in
New Zealand and Australia (together with
significant KFC refurbishment expenditure
in both those markets). There were also four
new KFC stores opened in California and two
Taco Bell stores opened in Hawaii.
Debt refinancing
Over the year the company renewed its bank
lending facilities with Westpac, JPMorgan,
Rabobank and Bank of China – the majority
of which were due to expire in April 2023.
The refinancing was with bi-lateral com-
mitted bank debt facilities under the existing
global negative pledge arrangement, totalling
approximately $370 million (NZD equivalent).
The facilities are split between NZD, USD and
AUD tranches with a mix of four and five-
year tenors.
The lending facilities are on similar terms
to RBD’s previous banking arrangements and
were activated in December 2022.
Dividend
Directors have assessed at balance date
the current and projected financial position
of the company and in particular its cash
flows, capital expenditure demands and debt
levels. A final dividend has been declared for
16.0 cents per ordinary share, payable on 20
April 2023 to all shareholders on the register
on 6 April 2023. The dividend will be paid
as fully imputed to all New Zealand resident
shareholders. In addition, a supplementary
dividend of 2.8235 cents per share will be
paid to all overseas shareholders at the same
time. There is no dividend reinvestment plan
in place for this dividend.
Sustainability reporting
Restaurant Brands is continuing its journey
into taking more accountability for its envi
-
ronmental, social and governance outcomes.
With the appointment of dedicated ESG
resource at a senior level and a wider accept-
ance of these non-financial performance
measures and associated activities at all
levels in the organisation, we are confident in
institutionalising sustainable outcomes in all
our activities.
Further details on progress in our sustain-
ability journey are elsewhere in this report.
Future strategies
Despite the short-term headwinds faced by
the business over the past twelve months, we
remain focussed on the longer-term growth
strategies that will deliver enhanced share-
holder value.
Much of this growth is built around new
store builds and major refurbishments. All
four markets will see some increase in new
store numbers, but California is seen as our
greatest network growth opportunity with
both new store builds and targeted acquisi
-
tions driving expansion over the coming years.
We also remain focussed on building a
profitable Taco Bell business in Australia and
New Zealand. To that end we are slowing the
pace of our new Taco Bell store builds while
we review menus, cost structures and mar-
ket opportunities to establish a firm base for
future expansion.
We continue to be open to acquiring new
brands, but as already seen with Taco Bell,
this is a long and carefully managed process
and will always take time and patience.
With proven returns from existing brands
in existing markets we will continue to
re-invest in store refurbishments and infill
opportunities to ensure continued same store
sales growth.
Staff appreciation
The past twelve months have provided little
relief to our 11,989 people in terms of con-
tinued COVID-related pressures. Further
periodic COVID outbreaks, together with
continued in-store vacancies has meant often
long working hours for our dedicated staff.
We acknowledge the considerable pres-
sures on them and their families and remain
Russel Creedy
Outgoing Group CEO
Grant Ellis
Outgoing Group CFO
Julio Valdés
Incoming Group CFO
Arif Khan
Acting Group CEO
Despite the short-term headwinds
faced by the business over the
past twelve months, we remain
focussed on the longer-term
growth strategies that will deliver
enhanced shareholder value.
16
CENTS
FINAL
DIVIDEND
DECLARED
Directors & shareholders
We would like to thank our board for their
constant support and involvement over
this past year. Their guidance has been
sincerely appreciated.
And finally we thank our shareholders
for their trust in us as we continue to steer
the company through what have been
trying times.
Annual Shareholders’
Meeting
The Annual Shareholders’ Meeting of the
company will be held in Auckland on Thursday
18 May 2023.
Authorised by:
José Parés
Chairman of the Board
Russel Creedy
Group CEO
grateful for their dedication and “can-do”
approach to keeping the business going and
our stores open over these difficult times.
Change of management
The board acknowledges the retirement
of Russel Creedy as Group CEO and Grant
Ellis as Group CFO in March and May of this
year respectively. Russel (with 22 years of
service) and Grant (with 26 years) have been
instrumental in growing Restaurant Brands to
a billion-dollar company, operating in a truly
international environment.
Arif Khan has been appointed Acting
Group CEO and Julio Valdés will be taking over
as Group CFO. Both are well experienced in
their particular fields. Further details about
the new senior management team are else
-
where in this annual report.

RESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022RESTAURANT BRANDS’ LEADERSHIP
Restaurant Brands’ leadership
Leadership on knowledge,
experience & the future
Arif, you joined RBD in 2018 as
CEO for New Zealand, but this
wasn’t your first time joining the
company was it?
Arif: Absolutely not. I first joined the company
back in the Nineties while studying. I was a
restaurant team member working in KFC and
also spent time delivering pizzas for Pizza Hut.
I have been working with these brands based
in the Middle East – working with Yum! – and
Asia including a coffee chain (in Australia),
and latterly in SE Asia I was with Jardines
Group before returning to New Zealand as
CEO of RBD New Zealand.
Did you find a very different
company compared to the
one you left?
Arif: Hugely. Everything was done on paper
back then; there was no internet, so orders
were taken on paper pads. Pizza Hut was
served all you can eat pizzas and pastas and
desserts at $9.90 and KFC had a simple menu
with single lane small Drive-thru format stores.
Whereas now the pace of change is very
rapid with a big focus on digital technologies
so customers can engage with our brands
and enter our brands via multiple channels,
making it easy and convenient to consumers!
And there’s also been significant international
growth, with acquisitions in Australia, Hawaii,
and more recently California making us one of
Yum!’s larger franchises.
Julio: Well I wouldn’t exactly say I have a fa-
vourite as I love all of them. But yeah, there’s
a new Mexican in town and he’s definitely a
supporter of Taco Bell.
You both have broad experience
of international markets which
is a clearly an advantage for
RBD going forward. What are
some of the key differences and
implications between one QSR
market and another?
Arif: I’ve worked in mostly emerging markets
where our consumers were much younger,
living in multi-generational families than in
mature markets like here and Australia. Take
Vietnam, where they’re a lot younger gener-
ally, extremely enthusiastic for our food yet
with less in their pocket to spend. Developing
brand love and repeat purchase with distinc-
tive value offers was a very different challenge
in those economies – keeping the brand
younger and more everyday so to speak!
Though having said that, there are paral-
lels right now, specifically in this post-COVID
inflationary environment with the pressure on
restricted consumer spending. We’ll be look-
ing more towards lower capital expenditure
models for our store builds across the year in
future. This means we’ll be effectively value
engineering the success of each store from
the start. It makes a big difference if we are to
build 10-20 stores going forwards.
Julio, the experience you bring
is not purely from QSR. You
spent the best part of 30 years
with PwC with responsibliity for
multinational/multi-geography
companies like RBD. How is your
broader industry experience
going to be an advantage in this
QSR leadership role?
Julio: Throughout my career I’ve learned that
the core of all businesses across different
cultures from professional services, to man
-
ufacturing, to retail, consumer and QSR are
not that different. They all focus on offering
value to customers requiring an in-depth
understanding of their different needs and
expectations, on attracting, retaining and de-
veloping talent, as well as responding to their
key communities like investors, for example.
It adds up to a breadth and depth of insight
and experience that I’m confident will bring a
lot to the company.
Arif: We’ll definitely get you into the stores for
some experience of washing up and making
some tacos and pizzas!
Julio: Yes, I’m looking forward to it! I actually
already have a training schedule mapped out
for me that involves a bit of that. Can’t promise
I’ll naturally be a good cook, but I’ll do my best
for sure.
The Annual Report team caught up with the company’s new
leadership, Arif Khan and Julio Valdés, Acting Group CEO
and incoming Group CFO respectively, to get to know them
a little better and to learn more about how they see the
Group growing in the future.
Presumably, Julio, being a
numbers man, it’s the kind of
growth trajectory that attracted
Grupo Finaccess to acquiring a
majority stake in 2019. What was
your involvement in that?
Julio: Yes I am into the numbers, thanks for the
compliment. I was part of the Finaccess ac-
quisition team that first visited New Zealand
to get to grips with all of the fun reporting
stuff – like the infamous IFRS 16 accounting
protocols. But as enthusiastic as we were
about the history of growth and solid fi
-
nancial performance, we were very excited
about the culture of the place and the work
ethic. Getting out to visit the stores here, in
Hawaii and California was a real highlight for
me personally – seeing the operation and
enthusiasm behind every piece of chicken,
pizza, taco and burger made me fall in love
with this organisation and its brands.
Arif: I hear you fell in love with one of our tacos,
and it’s now your favourite daily staple, is that
right, Julio?
Q&A
With Arif Khan
and Julio Valdés
Julio Valdés
– Incoming Group CFO
Julio Valdés, who has more than 30 years’ experience in accounting, auditing, mergers,
divestitures, and taxes, has provided a diversity of services primarily to companies in the
consumer products, power & utilities, and manufacturing sectors advising both Mexican
and international companies and supporting their comprehensive development. He has
also participated in projects for multinational public companies with diverse statutory
reporting requirements.
Julio Valdés currently serves as CFO for Grupo Finaccess, a post to which he was
appointed in September 2020. Previously, he served as Director of New Business Inte-
gration. Julio also participated in the process through which Grupo Finaccess acquired
a majority stake in RBD.
Prior to joining Grupo Finaccess, Julio worked for more than 29 years at PwC, where
he held several positions including Market Team Leader for the largest audit team in
Mexico, overseeing 18 Audit Partners and a staff of over 300 people. He also served as
either Leading Partner or Manager advising several of the most relevant companies in
Mexico and participated in PwC’s Global Leadership Programs.
Arif Khan – Acting Group CEO
Arif Khan’s extensive career spans more than 25 years in the hospitality and Quick
Service Restaurant (QSR) sectors across both Franchisor and Master Franchisee net-
works. His global experience covers New Zealand, Australia, the Middle East, Southeast
Asia, Pakistan, Turkey, and North Africa. He has a proven track record leading growth
and innovation in large businesses.
Having spent several years at RBD earlier in his career, Arif returned to the company
in 2018 as CEO to lead the New Zealand operations. Under his leadership the New
Zealand operations have continued to grow rapidly, including the launch of Taco Bell
into New Zealand in 2019 and the turnaround of Pizza Hut and Carl’s Jr. brands in New
Zealand. RBD currently has over 250 locations across New Zealand and employs over
4,000 people in that market.
Arif is a strategic and commercially-focused people leader. He has a long history
in both high level national and international managerial positions. He has a strong
business acumen and successfully steered the New Zealand business through the
COVID pandemic.
“Seeing the operation and
enthusiasm behind every piece
of chicken, pizza, taco and burger
made me fall in love with this
organisation and its brands.”

RESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022RESTAURANT BRANDS’ LEADERSHIP
Restaurant Brands’ leadership
Where do you see the
future growth opportunities
coming from?
Arif: Across the regions throughout our
business we have the most amazing, globally
recognised powerhouse brands and I really
believe there’s a lot more we could do with
them. There’s a lot of opportunity in California
– it’s a white space for us.
We have a great KFC brand in Australia
and it’s encouraging to see that our business
in Australia is starting to bounce back this
year post-COVID. Taco Bell. That’s our new
brand which we started in 2019 just before
the pandemic negatively impacted growth
ambitions. But in both Australia and New
Zealand, we’re very confident about it and
we’re restarting Taco Bell as a growth engine
with a cohesive reset and structure so we can
live and breathe the brand with the right team
and leadership.
Technology is also a means to unlock new
growth within each of our brands in their ge-
ographies. like online ordering and enhanced
e-commerce platforms for all our brands,
which are also supported by RBD NZ’s owned
last mile delivery systems.
Julio: Just as Arif said, there’s a lot more we
can be doing with our existing brands and
technology will play a big part. And we are
closely looking at the opportunities ranging
from new store openings and acquisitions.
But all future growth is a due diligence pro-
cess, and we’re always aiming to make our
investments when we believe we are going to
get them right – at the right time and at the
right location!
What do you consider the
biggest challenges facing
the company in this post-
COVID world?
Arif: Well COVID brought unprecedented
challenges as well as opportunities in how
our teams pivoted and embedded digital
eco-systems to reopen the business and de-
liver our delicious products to our customers.
But going forward post-COVID the challenges
stem from inflation and staff shortages. Sup-
ply chain issues are beginning to stabilise,
however the inflationary pressures remain
around certain input and labour costs, costs
of construction, and also challenges around
site availability and having the staff to fully
operate new units.
Julio: The challenges are plenty right now, but
I am confident this business can deal to them
well. The foundations are solid and have proven
themselves to be resilient through the pan-
demic, as long as we stay focused, diligent and
execute as planned and adapt when we have to.
Arif: Yes adapting, especially to shifts in
consumer behaviour in how they purchase
and engage with our brands. There is a shift
in channel mix as we are starting to see
customers coming back into restaurants,
dining in and picking up orders. The delivery
channels are smoothing out but we need to
Russel and Grant had a
management approach and
style of their own – are you going
to be different?
Arif: Russel and Grant have done an awesome
job in this organisation for more than 20 years.
And I believe the longest serving CEO and
CFO combo in a New Zealand public company.
Both great leaders – commercially-minded
and never miss a beat in how they’ve grown
the business and its people.
I believe great leaders leave a great legacy.
I’ve learned much from Russel over the years
and that will count for a lot in how Julio and
I take the business forward into the future.
But be sure my style will be very different
from Russel’s. I’m just as committed to great
ideas, our growth strategies and growing all
our brands across all the geographies we
operate in. But I am also going to be very
close to the field, being visible and available
on the front line, understanding challenges
and ensuring we deliver to our people and
customer promises!
Julio: I’m liking your style, Arif. For my part I
can say that I’ve been working very closely
with Grant learning a lot from his experience
so am confident of a smooth transition. Yes
I guess I will be different, of course. Up front
I can tell you I am very people and results
oriented driven by the importance of being
prepared, understanding our people, our
customers and our business. Overall I con
-
sider myself an easy person to work with.
Grant has set the bar very high and in that
respect we’re similar. Delivering to the high
expectations of our different audiences – our
shareholders, our customers, our communi-
ties and above all our people – will always be
fundamentally important to me just as it has
always been to Grant.
remain tuned to the inflationary pressures
facing our customers. These brands are built
on having great food, convenient and acces-
sible locations, and everyday great value. We
must remain focussed on this, and be more
adaptive and agile as we grow these brands.
So what’s going to be key in
meeting these challenges?
Arif: Motivated and engaged teams! Our
RGMs (Restaurant General Managers) are
pivotal to our success and so there’s plenty
to do right now around our people strategies
and leadership initiatives. Specifically, having
RGM’s who are highly visible, motivated and
engaged in their businesses. It’s critical they
get the right support from the Customer Ser-
vice Centre here, from the leadership team,
and we equip them with what they need. Get
that right and we see the translation into sales
and profitability from those stores.
Where will you be based for this
role; where is home going to be?
Julio: I start on 1st June and I will be living in
New Zealand. Looking forward to being a
Kiwi! But not only a Kiwi, also an Australian,
Hawaiian and if possible a surfer in California!
We want to be close to our regions and bring
them closer than ever so we achieve not just
regional success, but Group success.
Arif: Well New Zealand is home for us. We’ve
lived in different parts of the country and in-
deed in different countries over the past 20
years. So yeah very much based here.
There’ll be a fair amount of travel
involved. How do you and your
families feel about that?
Julio: Family is always a major consideration
in our organisation with any decision that
might impact them and I am happy to say
that I totally and absolutely appreciate their
support for this opportunity. In fact they’re
really excited and looking forward to moving
to New Zealand for what is going to be an
amazing experience.
Arif: We’ve moved around a fair bit during my
career – Australia, Middle East, Asia – and
there was a lot of travel involved too so in a
way we’re all used to it. We understand the
nature of the job and what comes with it.
Besides I expect just quietly that they’ll quite
like me out of the home for a few days every
now and then.
Julio: Yeah, probably the same for me too.
Just wrapping up, what are you
both looking forward to the most
in your new roles?
Julio: As I said the bar is set high, but I’m look-
ing forward to working with you, Arif, to take
the company on to the next level. Our success
will be driven by making the organisation
a great place to work, a great place for our
customers and a great place for our investors.
Arif: And I am especially looking forward to
working with you too, Julio, my new partner.
It will be great to work with Finaccess and
to align our growth strategies. But I’m also
looking forward to growing our brands and
working with the special people in this organ-
isation who have delivered some awesome
results and done awesome things for us. I’m
looking forward to to helping them to grow as
well as the business.
“These brands
are built on
having great
food, convenient
and accessible
locations, and
everyday great
value. We
must remain
focussed on this,
and be more
adaptive and
agile as we grow
these brands.”
“I’ve been working very closely
with Grant learning a lot from his
experience so am confident of a
smooth transition.”
WAT C H T H E
INTERVIEW
Scan the QR code or visit
restaurantbrands.co.nz/about-us/
future-at-restaurant-brands/

RESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022RESTAURANT BRANDS’ LEADERSHIP
Leading is in the
Group’s DNA
The Annual Report team spoke with a range of
people from across the business represent-
ing the leadership and middle management
of different functions and geographies.
It is clear from speaking with everybody
that leadership in the company is not an
embodiment of one or two people, but rather
a very healthy and robust state of mind, an
attitude, that runs freely throughout the
organisation. Leadership is at the core of
Restaurant Brands’ DNA.
Here we examine some of those functions
and get to meet the people who drive and lead
them every day.
Property –
Experience by design
Gino Gigliotti (Australia) and Andrew
Buckthought (New Zealand) share similar
pressures when it comes to finding and de
-
veloping sites for new stores.
“Land prices are climbing and competition
is intensifying in highly populated areas like
Sydney,” says Gino. “It’s difficult to get good
sites. Add to that the shifts in considerations
we need to design into our stores these days
and things are not as straightforward as
they once were. COVID accelerated home
delivery and “Click & Collect”, so along with
additional drive-through lanes we’ve flexed
to accommodate more options with our new
builds and refurbs. Parking for scooters and
delivery vehicles for example, designated
areas for helmeted pick up riders, kiosks for
our 20-35 year old digitally savvy consumers.
Ultimately we’re designing for the very best
customer experience.”
Keeping one step ahead to ensure cus-
tomers can happily access their favourite
food via any channel they prefer puts big
pressure on the planning.
Andrew Buckthought sums it up. “We’re
effectively doing more with our stores these
days but with less time and funds to do it,” he
says. “Take our refurbs; when you think we
might be upgrading 30 odd stores a year and
each store has to close then we really need
to minimise that downtime. 30 stores each
closed perhaps for a day and we lose 30 days
trading. Having said that store upgrades are
proving to deliver significant uplift in EDITDA.”
“Our ESG commitments give us the op-
portunity to explore a number of initiatives,
like retrofitting solar panels. Pre-fabrication
is also an option we’re looking at but the
overriding challenge is creating store assets
With two of the industry’s well-known campaigners moving on and
fresh blood coming in to take their place, a question might be asked
about the role of leadership at Restaurant Brands, and especially
how Russel and Grant’s legacy will continue.
IT –
A foundational
game-changer
Thuy Le-Kim provided the steady hand of
leadership to the project team charged with
implementing its new Group-wide ERP sys-
tem. It is probably the largest foundational
project ever undertaken by the company to
bring together all geographies and brands on
to a single platform.
the impacts of necessary upgrade and
maintenance work on customer experience
and store trading. Stores have to be kept safe,
healthy and modern – it’s hospitality after
all and well-designed stores help to grow
the business.
“The company leadership gave me full empow-
erment to drive this project. We had the right
mix of people from across the Group collabo-
rating remotely – we were in lockdown – and
across the different time zones,” says Thuy.
“The success of ‘Project Camino’ – meaning
journey – relied on transparency, agility, prag-
matism, and frank and honest exchanges to
ensure the right issues were addressed and
the right decisions were made at the right
time. We were outcome-focused with no
room given to sweating the small stuff.”
“I’m truly proud of everyone’s
efforts and input into what will
now provide the business with a
tremendous foundation to grow.
We’ve replaced three different
financial systems – all more
than 20 years old – with a cloud-
based, responsive product that
allows us to move faster, share
information, and work better
together as one Group.”
Kenny Thein was a key New Zealand-based
member of the Senior Leadership Team with a
particular focus on evolving technologies and
cyber security while ensuring the business
maintains the best in class approaches to
system implementation.
Says Kenny, “There are many more mov-
ing parts in our business compared with, say,
10 years ago. And fragmented too, with the
uptake of BYOD and laptops. An integral part
of our security posture new system is mov-
ing towards a zero-trust approach to help
manage this. With our multi-faceted cyber
security approach, working 24/7 to analyse,
identify and isolate any threats, we are now
more secure than ever, while being able to
move faster, easier and safer.”
that have long term viability, where we can
optimise savings in the cost of the build.
Tough to do when supply chains are squeezed
and costs of materials are increasing.”
It’s a constant balancing act for the
property teams. Leadership demands close
collaboration with operations to minimise
“We’re effectively
doing more with
our stores these
days but with
less time and
funds to do it...”
Restaurant Brands’ leadership
Andrew Buckthought
Gino Gigliotti
Thuy Le-Kim
Kenny Thein

RESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022RESTAURANT BRANDS’ LEADERSHIP
Supply Chain –
Plan B, C, D, E...
Pivoting on a dime! That’s how Leonie
Reyneke, New Zealand’s Supply Chain GM,
describes the last two years keeping the
supply of goods flowing to the restaurants.
“No two days are the same these days,” she
says. “What was a complex but nonetheless
well-oiled machine several years ago, has
been confronted by headwinds on all fronts;
COVID, geo-political tensions, commodity
price inflation, labour shortages, transport
disruptions and more recently, floods!”
Contingency planning has been a daily ac-
tivity for the past few years requiring Leonie’s
team to remain agile and adaptable at every
turn. ‘Just in time’ planning has given way to
‘just in case’ contingency strategies.
“It’s made a huge difference to know you
have the trust of the company leadership and
room to act, to make the calls and be account-
able to the business,” says Leonie. “Take the
HR –
Finders keepers
Businesses the world over are struggling to
find good talent and Restaurant Brands is
no exception. While COVID brought a range
of people issues, the post-COVID era is pre
-
senting a new set of challenges requiring the
company’s HR function to shift and adapt, yet
again. Elizabeth (Beth) Fink (California) and
Emma Jones (Australia) are at the forefront.
“COVID was all about the physical and
emotional strain on people and families so
we had to frame our culture around empathy.
That’s still there of course but now the focus
is on building a culture of training, personal
growth and development,” explains Beth,
“Retention is the name of the game, with com-
petency training, upskilling, and leadership
initiatives like our HeartStyles soft skills pro-
gramme is fulfilling the ambitions of a younger
generation.”
Emma points out, meanwhile, that Aus-
tralia’s unemployment rates are at an all time
low. “There are many more opportunities for
employment around the world without ever
having to leave home. Borders have reopened
allowing young people to head off on their OE.
And big brands have entered the Australian
market adding to the competition for talent,”
she says.
“My team
deals with
it effectively
through agility,
perseverance,
passion for the
business, and a
sprinkle of grit.”
“One thing’s for sure these days, if
you cultivate a great happy culture
then this new generation will stay
with you. And a happy crew lifts
the customer experience, which
elevates their brand experience
versus our competitors’, which in
turn builds the business.”
Recruitment difficulties maybe starting to
ease now so energies can get behind identi-
fying and nurturing talent, building leadership
capability and a Group-wide community
and culture.
“Priorities can differ by generation – our
staff are aged anywhere between 15 and 50+.
So while younger team members are hungry
for life’s experiences, older workers value sta-
bility and guaranteed work. It’s about match-
ing their priorities to the right opportunities.
And now with our new HR systems giving us
oversight of all our people we can identify
nurture the gold a lot quicker,” explains Emma.
“One thing’s for sure these days,” Beth
summarises, “If you cultivate a great happy
culture then this new generation will stay
with you. And a happy crew lifts the customer
experience, which elevates their brand expe-
rience versus our competitors’, which in turn
builds the business.”
chillies that go into the Zinger marinade for
example; when our usual source of supply
choked off due to shipping problems, we
had to find an alternative – not just with the
same properties but also one that passes all
of the regulations. Sunflower oil too; prices
have sky-rocketed due to the situation in the
Ukraine, so we had to find another source that
has the same high oleic content. We’re talking
to our suppliers on a daily basis to keep one
step ahead.”
Leonie maintains the confidence and
calm of a leader who’s got things under con-
trol. Commodity prices will eventually settle
back and she is already beginning to see a
softening in the market.
“Managing risk is what we’ve been trained
for – and we’ve been trained well,” she says.
“My team deals with it effectively through agil-
ity, perseverance, passion for the business,
and a sprinkle of grit.”
Restaurant Brands’ leadership
Elizabeth Fink
Emma Jones
Leonie Reyneke

RESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022RESTAURANT BRANDS’ LEADERSHIP
Restaurant Brands’ leadership
Cynthia Julian
Nancy Franco
Finance –
Fast, detailed
and accurate
The benefits of the new Group ERP system
(‘Project Camino’) have been well-received
across the Group’s geographies.
Elyse Hooper (New Zealand) and Alice Liu
(California), who look after the purse strings
in their respective countries, both had signif-
icant input into the system from a financial
perspective. And, understandably, they are
both full of praise for the new efficiencies.
“Constant change has become the new
normal for us, so automating a lot of what
used to be manual processes, has been a
welcome breath of fresh air,” says Alice. “All
four regions are now aligned working with
the same data on a bigger platform so we can
learn best practice from each other and agree
our decisions as a group.”
Elyse elaborates. “As our needs keep
changing we have to be more agile than ever.
Freeing up manpower, allowing people to
learn new skills and redeploying skills across
different parts of the business is making a
huge difference now – which a lot of the time
helps us to be more productive and ultimately
save money.”
Through these inflationary times the sys-
tem is flexing very efficiently allowing for fast-
er scrutiny of costs and timely, better decision
making right down to individual store level.
“Increases in interest rates means our re-
sults have to be out as fast as possible,” says
Elyse. “The analysis needs to be fast and ac-
curate across all areas of our business – even
including things like couriers and shipping
costs. By noticing shifts in certain cost trends
we can be one step ahead meaning we can
discuss opportunities for savings with man-
agers. It makes us smarter with our resources
while maintaining optimum product quality
and customer experience.”
The new financial agility bodes well for
the business as it navigates the current tur-
bulence. Higher than expected cost increases
for food have hit hospitality and manufactur-
ing hard and, while increases appear to be
easing, the new system is helping to identify
and implement the consumer pricing sweet
spot in double quick time.
“Inflation appears to be easing out of its
climb which is good,” says Alice, “so hopefully
the pattern of constant change might settle.
Oh, but looking out my window, I see we’ve
got snow in LA!”
Alice Liu
Elyse Hooper
Operations –
Providing certainty
Leading the frontline teams through COVID
and now post-COVID has provided huge
learnings, calling on the business to pivot
and shift through the uncertainties. But one
thing’s crystal clear now, putting your people
first and providing them with as much certain-
ty about their future as you can is working well.
Nancy Franco (California), Shahida Khan
(New Zealand) – both with many years
experience working with our brands – and
Cynthia (Cindy) Julian, a QSR veteran in her
own right in Hawaii, all have thing or two to
share about how the dialled up people focus
is delivering results.
“Restaurant Brands has been a phenomenal
partner and owner,” says Nancy, “They care
so much about their employees. The sales
and profits have grown as a consequence.
HR has helped us to develop our restaurant
managers to lead with their heart and connect
with their teams.”
The HeartStyles programme, on-hand
training, weekly face-to-face development
classes and benchmark certification is help-
Both Cindy and Shahida confirm that the la-
bour shortages are leading some restaurants
to engage older workers as long as they fit
with our values and are right for the type of
store and customer community.
Cindy shares her wisdom around the need
for compassion at every step and for every
age group of employee. “The young want
to be heard while the older workers want to
be seen.”
“There’s no doubt,” concludes Shahida,
“that putting our next generation leaders at
the centre of our operations, providing them
with clear development pathways and sup-
porting them in a variety of ways is providing
the future certainty they need. The known will
always pull you through the unknown.”
ing restaurant leaders to be the best they can.
It’s an investment in leadership that identifies
and retains potential as well as showing
other team members by example that there
is a genuine path for career and personal
development.
“The company trusts us to get
on with it which we do and that’s
why it works,” says Nancy.
Shahida concurs. “There’s much more self
awareness these days after COVID. We’ve
grounded our values – like family – and work
together across the business a lot more with
shared purpose.”
“And we’ve focused too on simplifying op-
erations; COVID taught us to rationalise the
menu and tighten our processes in the kitch-
en, the drive through lanes, “Click & Collect”,
and delivery. Also we’ve been able to shape
the operation to suit each store’s customer
profile,” she says.
Cindy acknowledges the continuous chal-
lenge of finding good committed staff.
“Younger people in Hawaii have so much
choice these days about how and when they
want to work. Living at home has given them
more disposable income and more options,”
she says. “So it’s really important we set
ourselves apart as an employer and sell the
personal development dream!”
Shahida Khan
“As our needs
keep changing
we have to be
more agile than
ever. Freeing
up manpower,
allowing people
to learn new skills
and redeploying
skills across
different parts
of the business
is making a
huge difference
now – which a
lot of the time
helps us to be
more productive
and ultimately
save money.”

RESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022RESTAURANT BRANDS’ LEADERSHIP
Marketing –
Complexity needs agility
COVID drew every area of the business to-
gether for closer, more collaborative and co-
hesive working relationships. Meanwhile, the
market and society in general has fragmented
with the proliferation of choices around what
to eat, what and when to watch on a screen,
even where and when to work.
The implications for marketing have been
extraordinary, especially in the post-COVID in-
flationary environment. Clark Wilson and Leah
Allen head the marketing for New Zealand and
Hawaii respectively. How each has defined
the role of their departments reflects the
challenges they face in their markets.
Clark points to the proliferation of media
compared with, say, 10 years ago. “We’ve a
complex media eco-system now particu
-
larly driven by social media and the array of
video-on-demand channels. Audiences are
segmented more and we need to deploy ap-
propriate strategies to reach them,” he says.
“Activation though sports sponsorships and
PR initiatives are much more common. And
creative has had to evolve too – especially for
those who don’t want to be ‘marketed to’ with
traditional ads.”
The role of digital has evolved
massively such that it’s no longer
a discrete marketing function.
Everybody in Marketing needs
to be digitally upskilled – after
all, digital channels are where
audiences live.
Meanwhile in Hawaii, Marketing’s role has
adapted and expanded too. Only this time as
a resource for managers who often struggle
to resource their shifts.
Alive and thriving
The company has changed significantly from
the earlier days when it was heavily reliant on
KFC’s performance in New Zealand. Russel
Creedy led the successful resurgence of KFC
in New Zealand, and on the back of that the
company has matured enormously with more
geographies and management structures to
reflect the needs of an international Group.
Everybody in the business agrees that
Russel and Grant have been great leaders.
But great leaders build great leaders for the
times to come. It’s clear talking with people
across the Group that leadership is alive and
well as an attitude and state of mind. Arguably,
the business has more great leaders than ever.
Clark Wilson, GM Marketing New Zealand
sums it up. “One of the biggest learnings I got
from Russel is restless creativity – there’s
always room for improvement. Courageous
leadership is about confronting the good-
enough status quo, making a decision and
making things happen. And to keep laying
the tracks for the big red train.”
The first Kentucky Fried Chicken in New Zealand, Royal Oak, Auckland – November, 1974
Copyright: Public Domain / Farrelly Photo
Leah explains. “Consumer demand for Pizza
Hut and Taco Bell products is strong, however
the labour environment is extremely chal-
lenging. For the first time ever, we’ve had to
leverage our marketing relationships to build
our employment brand as way of recruiting
and retaining staff. We work closely with HR
and Operations to incentivise and attract
delivery drivers and restaurant team workers.
The competition for employees is fierce, es-
pecially on Maui where we not only compete
with other restaurants and aggregate meal
delivery drivers like Uber Eats but also with
hotels who offer higher pay.”
Leah describes how Marketing and all oth-
er areas of the business are like one big team
where everyone collaborates across a range
of challenges. “We treat the business like it’s
our own,” she says, “we all have faith in each
other to do our part to ensure the businesses
are successful for many years to come.”
Aside from media fragmentation, Clark
is also focused on maintaining the brands’
appeal for consumers who are facing huge
cost of living pressures.
“It’s a really interesting dynamic,” he says.
“There’s a big consumer focus on value for
money – which is not just about price. We’ve
seen a slight move away from delivery ser-
vices post-COVID as customers weigh up
the cost of convenience versus picking it up
themselves. We’ve had to adapt how we best
offer value as customers shop around for the
best deals and trade across the menu. And
with supermarket prices climbing it’s not
always cheaper to make food at home so that
can work in our favour.”
Across all the company’s brands, cus-
tomers have come to know and love their
distinctive personalities and tastes. “They
still see our food as a treat and when you
have limited money you go with brands you
trust that will deliver on those unique tastes
and flavours. So we expect to navigate the
current climate well, just as we did during the
last GFC”, says Clark.
“They still see our food as a treat and
when you have limited money you go with
brands you trust that will deliver on those
unique tastes and flavours. So we expect
to navigate the current climate well, just
as we did during the last GFC.”
Restaurant Brands’ leadership
Clark Wilson
Leah Allen

RESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022SUSTAINABILITY REPORT – ENVIRONMENTAL, SOCIAL AND GOVERNANCE
Leading in
food quality
BEYOND
COMPLIANCE
• Food safety and product quality
• Food safety training
• Supply chain food safety
• Nutritional profile
• Nutritional improvements
• Hormone and steroid-free chicken
• Responsible antibiotic use in chicken
ETHICAL
SOURCING
• Supplier code of conduct,
policy and audit programmes
• Animal welfare
• Forest stewardship
Environmental consciousness
PACK AGING &
RESOURCE MANAGEMENT
C L I M AT E
ACTION
• Landfill waste reduction
• Back-of-house waste
reduction and diversion
• Sustainable packaging
• Energy usage
• Refrigerant gas loss
• LED lighting
• Solar energy innovation
• Sustainable restaurants
Caring about people and communities
AN INCLUSIVE & PRODUCTIVE
TEAM FOCUSED ON WELLBEING
SUPPORTING OUR
COMMUNITIES
• A diverse and inclusive workforce
• Competitive remuneration
• First job
• Career progression
• Staff satisfaction and wellbeing
• Lost time injuries
• Workforce relations and monitoring
• Zero tolerance for forced or underage labour
• Charitable donations
• Local sponsorships and partnerships
• Food recovery
• Local procurement
OUR
SUSTAINABILITY
FRAMEWORK
Purpose:
To be a thriving business
built on brands that our
employees and customers
love and trust.
As 2022 gained momentum, the Omicron var-
iant of COVID impacted operations across all
our divisions. This event further highlighted
the critical importance of caring for our team
members and communities. Our resilient
supply chain also played a crucial role in en-
suring that we could continue to provide our
customers with the food they know and love.
We are pleased to share our progress to-
wards greater sustainability, especially in the
area of carbon emissions and managing our
climate-related risk. While we encountered
some challenges in collating the necessary
information to measure our carbon footprint,
we persevered and accomplished much of
what we set out to achieve.
Our journey will continue with dedication
and pace, and we look forward to sharing our
plans for Emission Reduction and Climate
Adaptation in the 2023 Annual Report.
Sustainable success
on the menu
Restaurant Brands’ commitment to sustainable growth is steadfast.
We work hard, every year, to make progress across all three pillars
of our business: our people, our planet, and our food.
Sustainability report – Environmental, Social and Governance
The Restaurant Brands’ Board oversees
sustainability performance and provides stra-
tegic input and governance on our Sustaina-
bility Framework. The Board has convened a
Health, Safety & Sustainability Committee to
assist it in providing leadership and oversight
for environmental, social and governance
policies and disclosure matters across the
Group’s business. The Health, Safety & Sus
-
tainability Committee also assists the Audit
& Risk Committee with collecting, reviewing
and verifying the data that goes into our
sustainability reports, and has oversight of
the Group’s performance and annual targets.
Major initiatives, programmes and policies
under the framework are discussed and
signed off at Board level.
The Audit & Risk Committee of the Board
oversees all significant risks to our business
through the Risk Management Framework
and any sustainability or climate-related risks
that are identified as critical to our business
are closely monitored by management and
reported to the Audit & Risk Committee.
Operational responsibility is with the
newly appointed Group ESG Manager and
oversight for our sustainability strategy falls
to our Executive Sustainability Committee.
Together they develop and support the
Sustainability Framework and its strategic
objectives, and review progress against it.
Input is provided by the Board, Department
Heads and members of staff. It is the role
of the Committee to develop, review, refine
and aid the implementation of sustainability
programmes and policies.
Each of our business units has a com-
mitted Environmental Lead, collating and
providing information on a quarterly basis
and providing valuable local insights to the
Executive Sustainability Committee.
In the new year, as we work
towards aligning with the
Aotearoa New Zealand
Climate Standards issued
by the External Reporting
Board at the end of 2022, our
sustainability governance will
be further reviewed.
Sustainability governance

RESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022SUSTAINABILITY REPORT – ENVIRONMENTAL, SOCIAL AND GOVERNANCE
A diverse and inclusive workforce
Restaurant Brands has a strong commitment to diversity and rec-
ognises the value of attracting and retaining people with different
backgrounds, knowledge, experiences and abilities. Not only does di-
versity benefit individuals, customers, teams, shareholders, and other
stakeholders, it also creates a vibrant and thriving work environment.
Our business policies, practices and behaviours promote diversity
and equal opportunity and create an environment where individual dif-
ferences are valued and all employees have the opportunity to realise
their potential and contribute to Restaurant Brands’ success.
Gender diversity
Competitive remuneration
We work to keep salary and wage levels on or above market rates to ensure our employees feel valued and remunerated.
ADULT MINIMUM
WAGE BY DIVISION
As at 31 December 2022
% OF EMPLOYEES
ON COUNTRY
MINIMUM WAGE
RESTAURANT BRANDS
AVERAGE HOURLY WAGE
In New Zealand, our lowest rate of pay is $21.30 per hour – 10 cents above
minimum wage. 31% of our employees are on this entry-level wage.
NEW ZEALAND
($NZ)
$22.38$21.58$21.300%
MALEFEMALE
Australia has a large casual workforce, with 91% of all employees work-
ing on this basis. The majority of that workforce are youth, and both
casual and permanent employees are paid above the minimum Fast
Food Award wage starting from $8.71 at the entry level, and rising to up
to $21.15 for 15-20 year old employees as they progress and become
qualified for work.
AUSTRALIA
($A)
$19.43$19.71$21.380%
MALEFEMALE
In Hawaii, 85% of our employees earn above State minimum wage. Our
employee ‘package’ includes medical benefits and a retirement plan.
HAWAII
($US)
$14.09$14.33$12.0015%
MALEFEMALE
California pays the State or applicable local jurisdiction minimum
wage at point of entry.
CALIFORNIA
($US)
$15.59$15.97$15.0051%
MALEFEMALE
($16.04 IN CITY
OF LOS ANGELES
METROPOLITAN AREA)
Caring about people
& communities
An inclusive and productive
team focused on wellbeing
MALEFEMALENOT SPECIFIED
29%
33%
71%
67%
GROUP
BOARD
KEY MANAGEMENT
43%
43%
57%
56%1%
HAWAII
SENIOR LEADERSHIP
ALL EMPLOYEES
60%
52%
40%
48%
CALIFORNIA
SENIOR LEADERSHIP
ALL EMPLOYEES
40%
53%
60%
47 %
AUSTRALIA
SENIOR LEADERSHIP
ALL EMPLOYEES
25%
75%
1%
NEW ZEALAND
SENIOR LEADERSHIP
ALL EMPLOYEES
52%47 %
Sustainability report – Environmental, Social and Governance

RESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022
Sustainability report – Environmental, Social and Governance
SUSTAINABILITY REPORT – ENVIRONMENTAL, SOCIAL AND GOVERNANCE
First job
For some of our new team members,
a job at Restaurant Brands is their
first. This year we have captured data
to better understand the percentage
of employees that make up this group
and our initial findings confirm the
importance of specific programmes
to get these employees off to the best
possible start.
Career progression
We want our people to be their best selves.
To achieve this, it is important that we under-
stand an employee’s career aspirations and
provide the direction, support, and training to
help them realise their potential.
To do this we:
•
Ask employees to tell us their career aspi-
rations and where geographically they’d
like to work when completing their online
employee profiles.
• Link into the above information during
succession activities and performance
reviews, giving managers insight into an
employee’s aspirations and allowing them
to actively discuss how they can progress
towards them.
•
Publish clear, easy-to-understand role
career pathways, so all employees can see
the various store career pathways available
to them.
This approach also has benefits for Res-
taurant Brands. By identifying employees
who want a career with us, we can focus on
developing the potential of these individuals
and grow our own talent pool – an asset in a
tight labour market.
To measure Restaurant Brands’ success in
supporting our people to be the best they can
be, we look at the percentage of employees
that make a ‘job step’, or are promoted, within
the year.
% OF EMPLOYEES FOR WHOM THEIR JOB
AT RESTAURANT BRANDS IS THEIR FIRST
* of the new employees who answered the question
NEW ZEALAND
AUSTRALIA
HAWAII
CALIFORNIA
34.2%
12.9%
43%*
NA
(not measured this year)
JOB STEP MOVES
(as a % of total headcount)
NEW ZEALAND
AUSTRALIA
HAWAII
CALIFORNIA
12.8%
8.4%
1 1.4%
9.0%
2022
2022
2022
20222021 – 8.8%
2021 – 10.2%
2021 – 7.4%
2021 – 13.3%
comes for themselves and others on a long-
term basis. All Restaurant General Managers
and Above Restaurant Leaders complete the
Leading with Heart leadership and personal
development training and we look forward to
seeing the benefits of this in the future.
STAFF TURNOVER
(as a % of average total staff)
(6 % involuntary)
(1 % involuntary)
(11 % involuntary)
(4 % involuntary)
(2% involuntary)
(2% involuntary)
(5% involuntary)
NEW ZEALAND
AUSTRALIA
HAWAII
CALIFORNIA
2022 : 89%
2022 : 68%
2022 : 77%
2022 : 72%
2021 : 75%
2021 : 49%
2021 : 79%
2021 : 86%
Involuntary turnover is any instance where Restaurant
Brands has decided to terminate an employee. This includes
restaurant closure and employment abandonment.
The Quick Service Restaurant (QSR) industry
is known for its high staff turnover rate.* This
can be attributed to a variety of reasons,
including the fact that many employees are
either students, new to the workforce, or
simply seeking temporary employment. As a
result, high turnover is a systemic feature of
our business.
Staff satisfaction
and wellbeing
Restaurant Brands is committed to fostering
an inclusive, rewarding, and safe environment
in which our people can thrive.
To measure employee satisfaction and our
performance consistently across the Group,
we have recently launched a company-wide
Restaurant Brands Engagement Survey. The
findings of this are presented below.
STAFF ENGAGEMENT
PARTICIPATION RATE
PARTICIPATION RATE
PARTICIPATION RATE
PARTICIPATION RATE
ENGAGEMENT SCORE
ENGAGEMENT SCORE
ENGAGEMENT SCORE
ENGAGEMENT SCORE
77%
79%
85%
88%
26%
10%
5 4%
5 4%
NEW ZEALAND
AUSTRALIA
HAWAII
CALIFORNIA
To grow active participation and encourage
all employees to ‘have their say’, we will be
launching a campaign in July 2023 that will
encompass our restaurants and internal social
channels. Our aim is to create a collaborative
work environment where all team members
feel empowered to share their thoughts, ideas,
and opinions. We look forward to engaging
with everyone in the company and creating a
culture of open communication and feedback.
Going forward, the survey will be complet-
ed in September and the results will feed into
our people planning and specific action plans
for the following year.
In addition to the Engagement Survey,
we have also launched New Starter and Exit
Surveys. These will be rolled out through all
divisions in 2023 and will provide valuable
insights into what we are doing well, and
what we can improve, to cultivate a positive
working environment for all.
In other new developments, a programme
called Heartstyles is now company wide. Its
underlying philosophy is to give individuals
and teams the ability to create positive out
-
Lost time injuries (LTIs)
(per million hours worked)
2019202020212022
NEW ZEALAND
6.35.210.49.1
AUSTRALIA
10.011.917. 19.2
HAWAII
6.22.54.13.6
CALIFORNIA
n/a5.29.1 9.7
The safety of our employees is of utmost
importance and a measure of this is the time
lost to injuries.
Of note this year, Australia has seen a
40% reduction in LTIs as the team continued
to build an operations-led safety culture pro-
moting safety lead metrics.
Hawaii also had a decrease which can be at-
tributed, in part, to a new program for Driver
Safety Trainers which has seen accidents
reduced by 25% as compared to the same
period last year.
Across the business, we will continue to
have a strong focus on injury prevention to
improve our performance and mitigate the
number of injuries.
Workforce relations
and monitoring
New Zealand operates under both collective
and individual employment agreements
which provide for fixed shifts for employees.
All restaurant employees are required to
record their hours of work and are paid ac-
cordingly. We are also compliant in paying to
the collective and individual rates of pay.
The Australian division operates under
the KFC National Enterprise Agreement 2020
and Taco Bell Team Members Enterprise
Agreement 2020. Employees in restaurants
are required to record their hours of work and
are paid accordingly to the hours worked. Pay
records are audited annually to ensure com-
pliance with the Enterprise Agreements.
Enterprise agreements are not a feature
of the Hawaiian and Californian QSR markets,
but nevertheless, our policies and processes
are designed to comply with local labour laws.
Restaurant Brands has a zero-tolerance policy for forced or
underage labour in effect across our business and wider supply
chain. There were no known breaches of this policy in the last
year, and we will continue to be vigilant in the monitoring of this.
ZERØ TOLERANCE FOR FORCED OR UNDERAGE LABOUR
Committed
to fostering
an inclusive,
rewarding,
and safe
environment
in which our
people can
thrive.
*Over 70% for the U.S. Accommodation and Food Services
industry (monthly turnover rate of between 5.4% and 6.2%
in 2022, published by the U.S. Bureau of Labour Statistics).
(1% involuntary)

RESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022
Sustainability report – Environmental, Social and Governance
SUSTAINABILITY REPORT – ENVIRONMENTAL, SOCIAL AND GOVERNANCE
Charitable donations
Restaurant Brands established the Restau-
rant Brands Charitable Fund in 2019. The Fund
is committed to supporting youth-orientated
New Zealand charities that focus their activ-
ities on improving access to education. As a
large employer of young people, this cause is
close to our hearts.
In February 2023, $100,000 was contrib-
uted to the fund for the FY22 period. Of the to-
tal contributions made to date, $225,000 has
been donated to the communities we serve.
This year’s beneficiaries of the fund are Ma-
naiakalani Education Fund and First Foundation.
Local sponsorships and partnerships
Each year, across our divisions, we assist key community organisations, offering
financial, marketing and promotional support. This year is no exception!
Supporting our communities
$35,000
TO THE
MANAIAKALANI
EDUCATION TRUST
$30,000
TO THE
FIRST FOUNDATION
The Manaiakalani Education Trust provides support to New Zealand school children, families,
and whanau in challenged, stressed, and isolated communities, with a particular focus on Decile
1 and 2 school areas. Their goal is to provide access to local, global, and digital citizenship to
those who may not have the resources to do so.
Despite the challenges posed by COVID, the Manaiakalani Programme continued to make
strides in lifting the learning engagement and achievement of students across New Zealand.
Their seamless transition between physical and online learning helped maintain the connection
between home and school, and resulted in a 20% increase in participation in 2022.
Through our partnership with the First Foundation, Restaurant Brands is supporting talented
young Kiwis who face financial and other barriers to attending university. Our funding of five
scholars attending universities in Auckland and Waikato covers four years of study and includes
financial assistance and an offer of paid work experience. This programme gives each student
access to the support and professional networks they need to succeed in their studies and
careers, dramatically improving their opportunities in life.
The Restaurant Brands Charitable Fund is
managed by a panel responsible for review-
ing the allocation of funds on an ongoing
basis to ensure that they remain relevant
and valuable to our communities. It includes
Restaurant Brands’ executive management
and Board members.
*The total of this year’s fundraising was disappointingly impacted by the spread of the COVID Omicron variant in the
community hampering fundraising initiatives planned for January–March 2022.
RESTAURANT BRANDS
CHARITABLE FUND
NEW ZEALAND
We are excited to announce the launch
of the KFC Foundation for Good this year,
formalising our commitment to give back
to the communities we serve, as well as our
3000-strong team across the country. Our
mission is to champion causes that equip
young Kiwi adults with the skills and support
they need to enhance their wellbeing, so they
can be free to be themselves.
KFC’s partnership with Surf Life Saving
New Zealand (SLSNZ ) is now part of the KFC
Foundation for Good. This partnership is an
essential part of our commitment to deliver-
ing a meaningful and positive impact on the
lives of New Zealanders.
Over the past 10 years we have raised a
total of $1.58m for SLSNZ and our donations
have been instrumental in educating, training,
and supporting the 4,500 Surf Lifeguards who
patrol 92 beaches across New Zealand every
summer. 9,584 people have qualified as Surf
Lifeguards since the partnership began Oc-
tober 2012. As a result of their tireless efforts
and dedication, they have delivered over two
million hours of patrolling and saved 9,709
lives over our decade-long collaboration.
In 2020, Pizza Hut became an official part-
ner of St John, New Zealand’s leading provider
of event health services, and we are delighted
to report that this year we raised $97,105 for
this worthy organisation.
The funds raised are used to purchase es-
sential equipment and supplies, including
uniforms, medical kits and golf carts that
allow paramedics to quickly respond to emer-
gencies during high-profile sports events and
small community fairs alike. We are proud to
support St John in its efforts to keep New
Zealanders safe and healthy, and we look
forward to continuing our partnership in the
years to come.
AUSTRALIA
With over 90% of our team members being
under the age of 25, supporting Aussie
youth is something we’re deeply passionate
about. Together with us on this journey, we
have three charity partners: The Black Dog
Institute, ReachOut Australia and Whitelion.
In 2022 we proudly launched cashless and
round-up donations nationally, which saw an
over 30% increase in donations.
CALIFORNIA
Each year, with every case of Secret Recipe
Fries sold, our California restaurants donate
to the KFC Foundation. This allows us to par-
ticipate in the Kentucky Fried Wishes grant
programme and to make a tangible impact in
our communities.
In 2022, two of our stores were successful
in nominating local non-profit organisations
to be the recipient of one of 50 grants na-
tionwide. Future Leaders of America, which
provides leadership training, educational
$A62,866
KFC Youth
Foundation
$US33,543
experiences, and personal development
for youth, and My Friends House LA, which
supports the needs of the homeless and other
marginalised populations in and around the
Downtown Los Angeles Area known as Skid
Row, were both deserving recipients.
In addition to supporting our communi-
ties, the KFC Foundation is also committed
to investing in the education of our California
restaurant team members. We’re proud to
partner with Western Governors University to
WATCH THE ADVERT
Scan the QR code or visit
https://youtu.be/sNS87BpNSYo
$62,517*
Surf Lifesaving
New Zealand – KFC
$102,000
KFC For Good
Foundation
$ 9 7,1 0 5
St John
– Pizza Hut
$9,390
Community donations
– All brands
offer tuition fee-free online university courses
toward more than 60 different degrees. This
initiative will help our team members achieve
their educational goals, further their careers,
and achieve their dreams.
KFC Foundation/Kentuck y Fried Wishes/
Reach Grant

RESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022
Sustainability report – Environmental, Social and Governance
SUSTAINABILITY REPORT – ENVIRONMENTAL, SOCIAL AND GOVERNANCE
HAWAII
The Taco Bell Foundation, our largest dona-
tion recipient, is focused on youth empower-
ment by helping young people explore their
career passion with scholarships, experience
and community support. Funds are raised via
national Taco Bell fundraisers like ‘Round Up’
where customers can donate a small amount
by rounding up their check to the nearest
dollar. These small donations add up quickly
and fund valuable scholarships to many
future leaders.
This year, we were delighted that two em-
ployees from Taco Bell Hawaii were awarded
$US10,000 Live Más Scholarships to advance
their education. These scholarships are de-
signed to support creative and innovative stu-
dents aged 16-26 with a passion for creating
a better future and making a positive impact
on their community.
$US20,000
Red Cross
$US45,733
Taco Bell
Foundation
$US10,500
Taco Bell
Owners Giving
$US3,855
Other
Food recovery
Restaurant Brands is proud to work with food
recovery partners in New Zealand, Australia
and California, reducing the negative impacts
of food waste on our environment and nour-
ishing those in need.
NEW ZEALAND
This year we were pleased to secure local
supply of our Potato & Gravy tubs and to
report that of all protein sourced, only three
ingredients are imported. They are pepper-
oni, string cheese for our Stuffed Crust®, and
beef patties.
AUSTRALIA
In the past year, KFC has donated 3.37 tonnes of cooked chicken to
partner, OZHarvest. This has been converted to 6,734 meals, feeding
almost three times as many people as in the 2021.
2022 : 3.4 TONNES2021 : 1.1
CALIFORNIA
Our California restaurants donate surplus food in partnership with
Food Donation Connection through the KFC Harvest Program, KFC’s
prepared food donation programme.
During 2022, each of our restaurants appointed a ‘store champion’
to lead the initiative ensuring surplus food donations are collated and
regularly donated to non-profit organisations that help Americans
facing food insecurity. This has led to an 18.6% increase from the
previous year.
2022 : 46.5 TONNES2021 : 39.2
NEW ZEALAND
‘Feed more, waste less’ is the motto of our New Zealand food recovery
partner KiwiHarvest and we are proud to play our part in this mission.
The decrease in tonnage reflects less COVID related lockdown dona-
tions and a more consistent supply chain.
2022 : 16.3 TONNES2021 : 26.9
HAWAII
We are yet to partner with a food rescue organisation in Hawaii and will
be exploring this in the coming year.
FOOD DISTRIBUTED IN 2022
AUSTRALIA
Outside of New Zealand procurement is
managed by our franchisor Yum! and we
are dependent on their supply chain for
each brand, but we are able to share the
following insights:
CALIFORNIA AND HAWAII
In the US, the supply chain is managed by
Restaurant Supply Chain Solutions; a Yum!
Brands co-operative. Whilst they do not
track domestic vs international spend, they
only look to international supply if there isn’t
a domestic supply option.
For packaging, a small amount of paper
bags is sourced internationally along with res-
in, gloves, straws, and cutlery. That equates
to < 15% of our total packaging spend coming
from international sources.
Local procurement
In New Zealand, we manage procurement and the supply chain for all brands and restaurants
and it is our policy to purchase locally where possible, to both support the community and
reduce our impact on the planet.
PROTEIN SOURCED
IN AUSTRALIA
% of the total weight
2022 : 100%
2021 : N/A
LOCAL BASED SUPPLIER
PARTNERSHIPS
% of the total spend
2022 : 91% 2021 : 92%
2022 : 35% 2021 : N/A
PACKAGING MANUFACTURED
IN AUSTRALIA
% of the total weight
PACKAGING MANUFACTURED
IN NEW ZEALAND
% of the total weight
2022 : 5% 2021 : N/A
PROTEIN SOURCED
IN NEW ZEALAND
% of the total weight
2022 : 93% 2021 : N/A
LOCAL BASED SUPPLIER
PARTNERSHIPS
% of the total spend
2022 : 81% 2021 : 76%

RESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022SUSTAINABILITY REPORT – ENVIRONMENTAL, SOCIAL AND GOVERNANCE
Environmental
consciousness
Sustainability report – Environmental, Social and Governance
Packaging and
resource management
Landfill waste reduction
One of the key areas of focus for Restaurant
Brands is reducing the amount of all waste
going to the landfill. From packaging used to
serve and transport our food to our custom-
ers, to supplier packaging, food waste, con-
struction waste and e-waste. All contribute to
our greenhouse gas emissions, and all have a
role to play in reducing our carbon footprint
and our impact on the environment.
Over the past year, we have continued with
our quest to better understand the levels of
waste being sent to landfill not only by us, but
by our customers too, and the complexities of
this remain. It is our aim to share some data
across all areas of waste in our next report,
and for our management of waste to play a
part in the emissions reduction plan we’ve
been working on.
In Australia, KFC continues to partner with
industry, waste service providers, and pack-
aging suppliers to innovate on solutions that
will take a full life cycle approach, including
options for end-of-life upcycling initiatives.
In California, it is mandatory to have
separate waste recycling containers in each
restaurant. Currently, this waste is then
measured in cubic feet but we are working
on a way to extrapolate this into tonnage
to allow us to measure greenhouse gas
emissions. We are also considering
options for reducing the quantity sent
to landfill.
In Hawaii, waste is in part mitigat-
ed by H-Power which incinerates sol-
id waste from around O‘ahu and turns
it into electricity, thus preventing
items such as pizza boxes and food
packaging from occupying landfills.
CONSTRUCTION WASTE
REDUCTION
Restaurant Brands New Zealand has part-
nered with Waste Management to handle
waste from new builds and refurbishments
in the past year and, in Australia, they are
working with their build partners to explore
and manage ways to minimise this waste.
In Hawaii and California, Yum! is responsi-
ble for the management of construction waste.
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RESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022
Sustainability report – Environmental, Social and Governance
SUSTAINABILITY REPORT – ENVIRONMENTAL, SOCIAL AND GOVERNANCE
Emissions
Reduction Plan
Over the past 12 months, we have:
1. Conducted a series of workshops with
key internal team members and major
franchisor Yum! to enable us to define
Restaurant Brands’ carbon footprint scope
and commit to a 2022 base year for bench-
marking, and
2. Developed the tools, and worked with
suppliers, to collect the necessary data to
report our carbon footprint each year.

Throughout these initial stages, it was evident
that each division has some data collection
challenges. These have, and may continue to,
influence our final agreed scope.
The next steps are as follows:
1.
Complete calculation of the 2022 Base
Year footprint,
2.
Obtain third-party verification to assure
compliance with the ISO standards,
3.
Improve data collection systems for 2023
and get underway with data collection, and
4. Set reduction targets and develop an Emis-
sions Reduction Plan.

Climate action
Climate
Adaptation Plan
In our next Annual Report, we will share with
you details of our Climate Adaptation Plan,
which will be undergoing revision in 2023
in preparation to meet the newly launched
Aotearoa NZ Climate Standard requirements.
Recent weather events in New Zealand
are a stark reminder that our climate is
changing, and we need to be prepared. The
impacts from the physical, transitional and
financial risks associated with climate change
are significant and will only increase with time.
As an enduring business, we need to mitigate
the risks, and benefit from the opportunities
that lie ahead through sound strategy and
good governance. This will be a big focus for
us in 2023.
Whilst we are not able to share
our 2022 carbon emissions
at this time, we are pleased
with the progress we have
made and grateful to internal
teams and external partners
for their ongoing support of our
commitment.
Back-of-house waste
reduction and diversion
CARDBOARD
All back-of-house cardboard waste is recy-
cled In New Zealand, Australia and California.
Hawaii has achieved an estimated 50% level
of recycling, limited by the access or space to
store cardboard in some restaurants.
COOKING OIL RECYCLING
We continue to recycle 100% of expired oil in
all our divisions. This recycled oil then goes
into the production of bio-diesel – a renewa-
ble, clean-burning diesel with lower emissions.
Sustainable packaging
All customer-facing packaging will be used
and either get recycled or end up as waste.
The challenge is that we can’t know the fate of
the packaging once it leaves our restaurants.
Over the past year, as the best measure of
packaging waste, we have been working with
our suppliers to capture its weight and we will
include this in our 2023 report.
In New Zealand, we have updated the
packaging for our Potato & Gravy to a poly-
propylene material that can be recycled, and
we continue to work with suppliers to develop
a sustainable fit-for-purpose chicken bucket.
Our Australian division is working to re-
move unnecessary plastics from Go Bucket
lids and shifting to alternative options and
increased recyclable plastics for menu items
such as frozen drinks and Potato & Gravy.
To deliver on our commitment to reducing Restaurant Brands’ carbon
footprint, and in preparation for New Zealand’s mandatory reporting
requirements from 2023 onwards, Climate Action has been a major
focus for the business in the past year.
YUM! HAS COMMITTED TO DIVERT 50%
OF BACK-OF-HOUSE OPERATIONAL WASTE,
MEASURED BY WEIGHT, GENERATED IN U.S.
RESTAURANTS BY 2025.
OUR GOAL:
TO PHASE OUT
PLASTIC BAGS,
STRAWS AND
LIDS BY 2025.
PLASTIC REDUCTION
% PHASED OUT PLASTIC BAGS,
STRAWS AND LIDS IN 2022
NEW ZEALAND
100%
AUSTRALIA
100%
HAWAII
87%
CALIFORNIA
N/A
New Zealand and Australia are delighted to
achieve our target ahead of time.
Hawaii continues to work towards the tar-
get and will also achieve this ahead of time and
in compliance with the States’ plastics ban.
California follows the Yum! Brands Sus-
tainable Packaging Policy with its own plastic
related 2025 goals.

RESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022
Sustainability report – Environmental, Social and Governance
SUSTAINABILITY REPORT – ENVIRONMENTAL, SOCIAL AND GOVERNANCE
Here we look at the progress we have made
on our existing key performance indicators
and the additional areas of Natural Gas usage
and refrigerant gas loss.
Energy usage
MWH OF ELECTRICITY USED
20212022
NEW ZEALAND
3 7, 8 8 93 9,7 2 9
AUSTRALIA
21,67623,610
HAWAII
12,03113,004
CALIFORNIA
15,02215,650
MWH OF ELECTRICITY USED
PER $MILLION SALES
(local currency $)
20212022
NEW ZEALAND
8275
AUSTRALIA
9491
HAWAII
8283
CALIFORNIA
136138
Restaurant Brands achieved a reduction in
electricity consumption per $ million of sales
in both New Zealand and Australia, with a
respective decrease of 9% and 3%.
Following the restatement of FY21 fig-
ures based on the updated consumption
inputs, Hawaii and California’s performance
remained relatively unchanged.
MWH NATURAL GAS USED
2022
NEW ZEALAND
3,354
AUSTRALIA
Nil
HAWAII
7, 9 5 3
CALIFORNIA
11,321
MWH NATURAL GAS USED
PER $MILLION SALES
(local currency $)
2022
NEW ZEALAND
6
AUSTRALIA
Nil
HAWAII
51
CALIFORNIA
100
Natural gas is only used in New Zealand,
Hawaii and California operations. In these
locations, it is used predominantly for cook-
ing, with some use as a heating fuel. Given
natural gas has a higher carbon footprint
than electricity in New Zealand, opportuni-
ties to switch from gas to electricity across
the restaurant network will likely be a focus
of the decarbonisation strategy.
Refrigerant gas loss
TOTAL REFRIGERANT GAS LOST (KGS)
2022
NEW ZEALAND
120
AUSTRALIA
215
HAWAII
N/A
CALIFORNIA
N/A
As a handler of fresh and frozen produce, we
rely heavily on refrigeration. All stores have
large freezers and cold stores which require
the use of refrigerant gases to maintain
temperature. Failing systems and even small
leaks can result in the release of kilograms of
these gases into the atmosphere. As green-
house gases that have high “global warming
potentials” in some cases, losses will contrib-
ute significantly to our carbon footprint.
Our future Emissions Reduction Plan will
focus on having well-maintained modern
refrigeration systems that utilise refriger
-
ant gases with low or zero global warming
potential. We will talk about this more in
future reports as the plan is developed and
implemented.
LED lighting
We continue to transition to LED lighting
across the business and are making good
progress against our target of having 100%
LED lights by the end of 2023.
% OF RESTAURANTS WITH LED LIGHTING
20212022
NEW ZEALAND
47 %90%
AUSTRALIA
45%60%
HAWAII
47 %52%
CALIFORNIA
33%44%
Excluding the planned 2023 refurbishments,
all restaurants in New Zealand have been up-
graded to LED and we are on track to reach
the target.
In Australia, LED lighting is being deployed
at each refurbishment and currently, all dining
room, and over half of back-of-house, lighting
is converted. External signage lighting will
follow as part of refurbishments.
Hawaii is confident they are on track to
reach the target.
Our Californian restaurants comply with
the State’s energy efficiency standards
for lighting which requires the use of LEDs.
However most of the kitchen areas still use
fluorescent tubes and parking lot lights are
yet to be converted. An accurate measure of
lighting use will be made in 2023 as we con-
tinue to work towards a full transition through
back-of-house conversions and new builds.
Solar energy innovation
Across Restaurant Brands, 13 restaurants
are currently piloting the use of solar energy:
three in New Zealand and ten in Australia.
The data collected in New Zealand to date
has been encouraging and we are working on
a plan to roll out this initiative across at least
two more stores in 2023. Our target is to re-
place up to 20% of the electricity consumed
in these restaurants with self-generated
solar power.
Across the ten Australian sites, the aver-
age electricity yield was 10.6% of the restau-
rants’ consumption and a total of 69.9Mwh
was generated.
In California we commenced discussions
with providers around parking lot solar panels
and further research is underway. The new
Paramount restaurant, opening in 2023, will
be the first with rooftop solar. We are also
exploring further solar panel and EV charging
station installations at selected restaurants.
Our target:
100% LED lights
by the end
of 2023
Sustainable restaurants
In New Zealand, consideration has been
given to “Green” certification for every new
build, but more work is required to set up a
framework and we aim to get this underway
this year. We are also exploring the opportu-
nity of using our recyclable plastic to produce
store furniture and interior decorations we
are looking to upgrade power consumption
readers in pilot stores, to assess the saving
opportunities.
In a QSR restaurant-first, KFC Australia
has introduced carbon-negative upcycled in-
ternal walls and ceiling tiles in one restaurant.
These will become standard products for new
and refurbished restaurants going forward.
California is excited to be opening its first
LEED Certified Restaurant (New Build) in Par-
amount in early 2023. LEED certification is a
globally recognised symbol of sustainability
achievement and leadership, and its frame-
work informs all building types including
new construction, interiors, operations and
maintenance, and core and shell.
The division is also trialling on-demand
electricity management to assist restaurants
to reduce peak period consumption, usually
supplemented by thermal generation.

RESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022
Sustainability Report
SUSTAINABILITY REPORT – ENVIRONMENTAL, SOCIAL AND GOVERNANCE
Food safety and product quality
The safety and quality of our food is fundamental to our business. All restaurants are inspected
by the relevant local food safety bodies and have a Food Control Plan in place to ensure food
sold is safe and suitable.
In addition to local inspections, all Yum! restaurants; KFC, Pizza Hut, Taco Bell, are subject to
brand audits. Brand audits include a food safety component along with brand standards (includ-
ing health and safety) and restaurants are audited by a 3rd party, approved by Yum! globally.
Our aim is to exceed an 85% rating on the Yum! Standard, significantly above the food safety
standards prescribed by local food safety regulations.
Here’s how we performed:
202020212022
NEW ZEALAND*
98%98%97%
AUSTRALIA
85%92%81%
HAWAII
93%95%78%
CALIFORNIA
Not available93%95%
*AsureQuality audit on behalf of Ministry for Primary Industries.
Note: there were no food safety audits carried out in California between 2 September and 31 December 2020 (the first four
months of our ownership).
Hawaii and Australia have identified the areas of improvement and are currently working on
additional staff training options to maintain the required store safety and food quality levels
and lift the score up back to above the 90% mark in 2023.
Food safety training
All staff must complete our food safety training programme before they commence working in
a restaurant. This is part of the restaurant staff induction programme as well as a requirement
for all other staff before they spend time in a restaurant.
100%
OF RESTAURANT STAFF COMPLETE
FOOD SAFETY TRAINING
Supply chain food safety
In Australia, Hawaii and California, Yum!
manages the supply chain and they uphold
an industry-leading food safety programme
including processes for auditing suppliers
and mitigating risk across their global
supply chain.
Food safety audit outcomes are reported
as a performance Tier, ranging from Tier 1
(top Tier) to Tier 4. The 85% Yum! Standard
represents the % of supplier audits achieving
Tier 1 & Tier 2.
In New Zealand, in addition to all achiev-
ing the local standards, 74% of our suppliers
achieved Tier 1 and 2 of the Yum! standard this
year, an increase from 68% in 2021.
Nutritional profile
Nutritional information, including the amount
of fats, sodium and sugar in our core menu
items, is listed on our brand websites with
the exception of Taco Bell in Australia. This
is something we aim to address in the
coming year.
New Zealand also has nutritional informa-
tion for all its short-term promotional menu
items available by request and in Australia,
Hawaii and California, kilojoules are available
on restaurant menus.
Beyond compliance
Leading in
food quality
Sustainability report – Environmental, Social and Governance

RESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022
Sustainability report – Environmental, Social and Governance
SUSTAINABILITY REPORT – ENVIRONMENTAL, SOCIAL AND GOVERNANCE
Supplier code of
conduct, policy and
audit programmes
In New Zealand, all suppliers are carefully se-
lected, undergo due diligence and are audited
on an annual basis to ensure they meet our
ethical standards. Our standards are based
on the combination of the Yum! Supplier Code
of Conduct and other best practice guidelines.
Australia, Hawaii and California are part
of the Yum! supply chain and all their sup-
pliers must adhere to their Supplier Code of
Conduct which sets basic requirements of all
suppliers whether they provide food or bever-
ages, packaging or equipment. All suppliers
are audited on a regular basis.
Future focus
Restaurant Brands recognise that sus-
tainability is not only important for the fu-
ture of our planet, but also for the success
of our business. With the guidance of the
Executive Sustainability Committee and
the addition of our Group ESG Manager,
we are well-positioned to drive advance-
ments and ensure success across the
pillars of our business.
The upcoming mandatory climate
standards will have a significant impact
on what and how we report, but we are
prepared for the challenge. We have the
team and plans in place to deliver, and
whilst there is still much to be done, we
are confident that by working together,
we can make a positive impact on our
environment and communities.
Nutritional improvements
Restaurant Brands is committed to providing
food that our customers can love and trust,
that tastes good and is good.
In New Zealand, where we have the great-
est control over our menu and supply chain,
we actively drive reductions in sodium, sugar
and saturated fats through a programme of
continuous improvement.
Here’s how we did:
SODIUM
10%
KFC CHICKEN
SNACK PATTIES
10%
CARL’S JR. BIG
CHICKEN FILLET
1 1%
PIZZA HUT
HAM TOPPING
SUGAR
10%
KFC ARBY BURGER
BUNS AND BREAD ROLLS
35%
FA NTA
POST-MIX
S AT U R AT E D FAT
5%
PIZZA HUT
HAM TOPPING
Both KFC and Taco Bell Australia also strive
to improve the nutrition of their menu. KFC
has reduced the sodium in core chicken
menu options by 20% and fillets and strips
are now MSG free. Taco Bell has also stripped
MSG from all food ingredients, including the
chicken and beef seasoning, and reduced the
sodium in tortillas.
Hormone and steroid
free chicken
All our chicken is hormone and steroid free.
Our suppliers must comply with this policy,
to ensure our customers enjoy the highest
quality product.
Responsible antibiotic
use in chicken
In New Zealand, our chicken is antibiotic free.
In other divisions, animal health may neces-
sitate the use of antibiotics to maintain or
restore health. In these instances, antibiotics
are used only for this purpose and at levels
that are not significant in human medicines.
Animal welfare
All New Zealand manufacturing sites that
produce meat and meat products supplied
to Restaurant Brands must meet the require-
ments of the Animal Welfare Act and are
audited by both SPCA and Asure Quality.
Our two largest, long-standing chicken
suppliers are Tegel and Ingham’s. Both
companies are committed to following all the
right animal welfare codes and guidelines and
ensuring the humane treatment of their birds.
Further information on their standards can be
found on the KFC New Zealand website.
The other divisions – Australia, Hawaii and
California – rely on Yum!’s supply chain con-
trols as outlined in their Global Animal Welfare
Policy which can be found on the yum.com
website. Their commitment to animal health
and well-being remains steadfast and guided
by holistic, science-based Sustainable Ani-
mal Protein Principles.
Restaurant
Brands is
committed
to providing
food that our
customers can
love and trust,
that tastes good
and is good.
In New Zealand,
our chicken is
antibiotic free
Ethical sourcing
Forest stewardship
The supply of beef, soy, palm oil and paper
is a focus for major franchisor Yum! as they
seek to address climate change by reducing
deforestation. As active members of the New
York Declaration on Forests, Tropical Forest
Alliance, and UK Roundtable on Sustain-
able Soya, they are monitoring legislation
worldwide and participating in discussions
about how governments and businesses can
protect forests. We look forward to seeing
an increase in disclosure and progress in
the future.
Across the Group, palm oil has either
been removed or is sourced from responsi-
bly managed sources, with third-party certi-
fication from the Roundtable on Sustainable
Palm Oil (RSPO).

RESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022OPERATIONS REPORT
Operations report
The New Zealand division’s total
store sales were up $68.1 million
to $529.2 million, an increase
of 14.8%. KFC continued to
be the prime driver of total
sales growth, with a further
contribution from Taco Bell.
The increase in revenue was
driven by new store numbers
(a net six stores opening
over the year), together with
continued positive same store
sales growth. The growth
comparison was assisted by
the rolling over of store closures
under the extended lockdown
during 2021, the impact of
which has been estimated as
approximately $26 million.
Same store sales were +2.4% for the year,
rolling over the +9.1% growth achieved last
year, a pleasing result in sometimes difficult
trading conditions.
KFC remains the key contributor to the
New Zealand operations. The brand once
again delivered a strong result with both sales
and profit performance up on last year’s re-
ported numbers and some weeks producing
record sales levels. Price increases to meet
inflationary challenges, together with some
successful new product roll outs (Hot & Crispy
Boneless Chicken) drove same store sales
growth and assisted in margin recovery.
Carl’s Jr. also saw strong revenue growth with
same store sales significantly up on last year.
The brand continued to benefit from the use
of third-party delivery providers. Carl’s Jr. will
see some network growth with plans to begin
opening new stores in the FY23 year.
The Pizza Hut brand also continued to
grow, with nine new independently franchised
stores opening over the year, bringing the
entire network up to 114 Pizza Huts, of which
108 are owned by independent franchisees.
A further four KFC stores are also owned by
independent franchisees.
Taco Bell now has 13 stores open in New
Zealand. This is despite the adverse impact
of COVID lockdowns and effect of inflation
on building costs. The brand continues to
gain momentum with store sales more than
doubling from FY21.
With immediate COVID pressures now
behind us, the new challenges facing the
business were substantial cost increases in
both ingredients and wages. These inflation-
ary stresses, together with staff shortages
from COVID disruption and a singularly low
unemployment rate placed considerable
pressure on margins.
The business responded well with im-
proved efficiencies and targeted price in-
creases recovering some of these costs, with
the balance expected to be made up over the
coming months.
Consequently, whilst store EBITDA for
the New Zealand business was $89.5 million,
(up $6.2 million) flowing through from the
increased sales, it was adversely impacted
by cost inflation. The EBITDA margin for New
Zealand was 16.9%, which is down on last
year ’s 18.1%.
Total company owned stores increased
by six to 143. This includes four new KFC
stores (including the purchase of the KFC at
the Auckland International Airport) and three
new Taco Bell stores, off-set by the closure of
one Carl’s Jr. store.
The New Zealand business has also seen
significant store reinvestment with 18 stores
remodelled over the year and another 25
store refurbishments planned during FY23.
Whilst the pace of increased costs has
slowed somewhat as we begin the new finan-
cial year, these will continue to put pressure
on EBITDA margins in FY23. Store efficiencies
and price increases will however assist a re-
turn to full margin recovery over the coming
year. A limited number of new store builds is
expected in the coming year (three Taco Bell
and two KFC stores).
New Zealand
143 STORES
4,041
S TA FF
(+112 FRANCHISED)
Pleasing results in difficult
trading conditions
The business responded well
with improved efficiencies
and targeted price increases
recovering some of these costs,
with the balance expected to be
made up over the coming months.
TOTAL EBITDA ($NZ m)
Feb
19
76.4
Dec
19
6 7. 9
20
76.3
21
83.3
22
89.5
TOTAL SALES ($NZ m)
Feb
19
419.8
Dec
19
3 6 7. 5
20
410.4
21
461.1
22
529.2

RESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022OPERATIONS REPORT
Operations report
A strong sales recovery in the
Australian business helped
mitigate the negative effects
of inflation. Same store sales
rebounded strongly at 7.4%,
reflecting the solid turnaround
of the CBD and mall stores in
the network. Both these groups
of stores were hit hard by the
COVID closures but are now
outperforming the rest of the
business in terms of recovering
from that downturn. In AUD
terms, total sales were up
$A29.0 million (12.6%) on
prior year to $A259.0 million.
In NZD terms sales were $NZ283.4 million
(up 16.1% or $NZ39.3 million).
Growth in store numbers assisted in
building sales with four new Taco Bell stores
and one KFC store opening during the year.
Despite the difficult trading conditions, the
Australian business continued its store refur-
bishment programme, together with making
further investment in digital experience
in-store (kiosks in store and digital drive thru
menu boards).
Delivery sales received a boost with the
introduction of Uber Eats as a delivery partner.
Despite the strong sales performance,
margins fell with the impact of increased
ingredient and labour costs. Store EBITDA
was $NZ31.2 million ($A28.6 million), down
$A1.2 million due to continued cost pressures,
supply chain disruptions and labour short-
ages resulting in stores operating reduced
hours particularly in the first quarter of 2022.
As a % of sales, store EBITDA was 11.0%, which
is down from 13.0% last year. Once again this
was a direct effect of ingredient inflation
through the company’s supply chain, together
with labour cost escalation.
A focus on enhanced trading performance
from the Taco Bell business will be a priority
for the FY23 year, together with returning
margins to pre-COVID levels through con-
tinued pricing adjustments and cost control.
Store refurbishments in the KFC business will
continue, together with one anticipated new
KFC store opening, plus three more Taco Bells.
Australia
Leading recovery with
returning margins
4 ,7 1 9 S TA F F
TOTAL EBITDA ($NZ m)
Feb
19
29.1
Dec
19
25.2
20
28.6
21
31.6
22
31.2
TOTAL SALES ($NZ m)
Feb
19
191.5
Dec
19
169.1
20
214.9
21
24 4.1
22
283.4
83
STORES
Delivery sales
received a
boost with the
introduction of
Uber Eats as a
delivery partner.

RESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022OPERATIONS REPORT
Operations report
The Hawaiian business, despite
experiencing continuing staff
shortages and the major food
cost escalation seen in other
divisions, had a good year. Its
USD sales were up 6.9% to
$US156.4 million. Same store
sales were up 2.9% (rolling
over +9.1% in FY21).
The Taco Bell operations went from strength
to strength with a sound promotional pro-
gramme and some innovative new product
releases (including the Mexican Pizza). Pizza
Hut also enjoyed some success with strong
product offers such as Pizza Melts. The intro-
duction of a third party delivery service (Door
Dash) helped maintain delivery volumes, de-
spite continued driver shortages. With both
same store sales and unit growth, Taco Bell
Hawaii exceeded $US100 million in annual
sales for the first time in its history.
In NZD terms, total store sales were up $41.0
million to $247.5 million (19.8%), primarily
due to the strengthening of the USD/NZD
exchange rate.
Total store numbers increased by two to
75 with two new Taco Bell stores at Ho’okele
on Maui and Kilauea on the Big Island. Both
stores are performing significantly above
expectations. Store refurbishments also
continue to generate excellent returns.
Profitability also remained strong, with
store EBITDA of $US26.8 million ($NZ42.3
million), up 9.8% on prior year. As a % of
sales, EBITDA was 17.1%, up from 16.4%. The
increase is driven largely by the success of
Taco Bell which has improved both in sales
volume and EBITDA margin over last year.
This performance is expected to continue
with margins being maintained into the new
year. Two relocations and two rebuilds are
also expected to be completed over FY23
(planning consents permitting).
Hawaii
100 million reasons
to celebrate
75 STORES
Total store numbers increased
by two to 75 with two new Taco
Bell stores at Ho’okele on Maui
and Kilauea on the Big Island.
Both stores are performing
significantly above expectations.
1,687
S TA FF
TOTAL EBITDA ($NZ m)
Feb
19
2 3 .7
Dec
19
22.9
20
32.6
21
33.9
22
42.3
TOTAL SALES ($NZ m)
Feb
19
1 8 2 .7
Dec
19
168.9
20
215.1
21
206.5
22
2 47. 5

RESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022OPERATIONS REPORT
Operations report
The recent economic
disruptions were particularly
hard on our California business
in the FY22 year. Inflation levels
served to both limit customer
demand and add considerable
premiums to food cost. Cost
escalation for this business was
rapid and significant with some
key ingredients experiencing
(temporary) price hikes of more
than 30%. Several initiatives
were undertaken to mitigate
the impact, including improved
store efficiencies and selling
price increases. Unfortunately,
the pace of selling price
increases lagged the cost
escalation, with resultant short
term margin deterioration.
With the price increases and an additional
five stores being added to the network, sales
in USD terms increased by $US3.0 million to
$US113.2 million. However, on a same store
sales basis they were down 2.9%. The prior
year comparisons were aggravated by the
fact that the business was rolling over the
strong sales growth last year driven by two
stimulus payments, from the US Federal Gov-
ernment, in January and March 2021.
In NZD terms the strengthening of the
USD over the year saw total sales up to $179.0
million, an increase of 14.4%.
One KFC store was acquired during the
year from an independent franchisee. Four
new stores opened in San Bernadino, Perris,
Barstow and Ridgecrest. They are all built
to the American Showman Next Generation
new store design format. The California store
network now comprises 75 stores.
Despite the current trading
difficulties in the California
market, all four new stores are
trading well above expectations.
Store EBITDA was $NZ17.1 million, $6.7 million
down on last year, reflecting the impact of
significant cost increases incurred. As a
percentage of sales this was 9.6%, which was
down from 15.2% last year. The drop in EBITDA
as a percentage of sales reflects supply chain
issues as well as increased cost pressures
which are expected to continue into 2023.
As with 2022, the challenges of 2023 re-
main, dealing with the effects of inflation and
continuing shortages in the labour market.
Solid further growth will come from bringing
on new stores with our full development
programme, introducing some innovations
in store design.
California
1,542
S TA FF
New initiatives, innovations
and improved store efficiencies
Solid further growth will come from
bringing on new stores with our full
development programme, introducing
innovations in store design.
75
STORES
TOTAL EBITDA ($NZ m)
20
8.5
21
23.8
22
17. 1
TOTAL SALES ($NZ m)
20
51.9
21
156.5
22
17 9.0

RESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022LEADERSHIP FOR THE TIMES
Restaurant Brands’ Board of Directors
Ability & experience
José Parés
Chairman and Non-Executive Director
TERM OF OFFICE
Appointed Director 1 April 2019 and
appointed Chairman 10 July 2019.
Last re-elected 2022 Annual Meeting.
BOARD COMMITTEES
Member of the Audit and Risk Committee.
José is the Chief Executive Officer of Finac-
cess Capital. He is also the Chairman of the
Board and an Executive Chairman of AmRest
Holdings SE. During his professional career
he has been director of the Board of Crown
Imports, Chicago, Il, the Vice Chairman of the
Board of MMI, Toronto, Canada, director of the
Board of DIFA, Mexico and former member of
the Beer Chamber of Mexico.
Previously, José worked for 19 years at
Grupo Modelo (Mexico), in various positions,
including as the Vice President of Marketing
and Sales International where he oversaw
growth of Grupo Modelo’s annual revenues
from USD 1 billion to USD 3 billion.
José graduated from Universidad Pan-
americana, Mexico (Business and Finance)
and completed his MBA at ITAM, Mexico as
well as the Business D-1 Program at IPADE,
Mexico and Executive Programme at Whar
-
ton, San Francisco.
Emilio
Fullaondo
Independent Non-Executive Director
TERM OF OFFICE
Appointed Director 1 April 2019.
Last re-elected 2022 Annual Meeting.
BOARD COMMITTEES
Chairman of the Audit and Risk Committee,
Member of the Remuneration and
Nominations Committee and the Health
and Safety Committee.
Emilio is a senior executive with over 23
years of experience in the beer industry.
Emilio worked in a number of finance roles
for Grupo Modelo, including four years
as Chief Financial Officer. Following the
acquisition of Grupo Modelo by AB InBev in
2013, Emilio oversaw significant cultural and
organisational changes at AB InBev (Mexico)
as Vice President, Human Resources (to 2017)
and Vice President, Projects until his resigna-
tion in January 2019.
Emilio is currently a director and Chairman
of the Audit and Control Committee of Am-
Rest Holdings SE.
Emilio graduated from ITAM, Mexico
(Public Accountant) and completed his MBA
at the same institution as well as the Executive
Management (AD) Program at IPADE, Mexico.
Carlos
Fernández
Non-Executive Director
TERM OF OFFICE
Appointed Director 10 July 2019.
Last re-elected 2022 Annual Meeting.
Over the last 30 years, Carlos Fernandez has
held positions in various business sectors.
He was the CEO (1997-2013) and Chairman
of the Board of Directors (2005-2013) of
Grupo Modelo. From the time he was named
CEO, up to 2013, this group consolidated its
position as the leading brewing company in
Mexico, the seventh biggest worldwide and
the world’s biggest beer exporter.
He has also served on the boards of na-
tional and international companies, includ-
ing Banco Santander, SA (Spain), Anheuser
Bucsh (US), Emerson Electric Co. (US), Seeger
Industrial (Spain), Grupo Televisa (Mexico),
Crown Imports Ltd. (US), Inbursa (Mexico) and
Mexican Stock Exchange (Bolsa Mexicana de
Valores). He has served on the advisory board
of Grupo Modelo and has also been a member
of the international advisory board at Banco
Santander, S.A. and a director of Grupo Finan-
ciero Santander Mexico S.A.B de C.V.
Carlos is currently Chairman of the Board
of Directors of Grupo Finaccess S.A.P.I. de
C.V. – a company of which he was founder
and which controls 75% of Restaurant
Brands ordinary shares and is also active in
Mexico, Europe, Asia and the US. He is also a
Proprietary Director of AmRest Holdings SE,
and a non-executive director of Inmobiliaria
Colonial, S.A.
Carlos is an industrial engineer and has also
studied on senior management programmes
at the IPADE Business School (Instituto Pan-
americano de Alta Direccion de Empresa).
Luis Miguel
Álvarez
Non-Executive Director
TERM OF OFFICE
Appointed Director 10 July 2019.
Last re-elected 2022 Annual Meeting
BOARD COMMITTEES
Member of the Remuneration and
Nominations Committee.
Luis Miguel is a Board Member, Audit Com-
mittee Member and Investment Committee
Member of Finaccess, S.A.P.I. de C.V. (since
2013). He is also the Founder & CEO of Compi-
talia, S.A. de C.V., a family investment compa-
ny business which primarily invests directly
in target companies through equity holdings
and real estate investments, primarily in sec-
tors such as: consumer goods, restaurants,
real estate projects and financial funds.
For over 25 years Luis Miguel occupied dif-
ferent positions within several Grupo Modelo
entities (including the Vertical Companies
director of Grupo Modelo, S.A.B. de C.V., Pres-
ident & General Manager of Gmodelo Agricul-
ture, LLC., Idaho Falls, Idaho, Vice President
& General Manager of Gmodelo Agriculture,
Inc.). During his time at Grupo Modelo, Luis
Miguel held various board positions within the
Group, including: Alternate Board Member
and Executive Committee Member of Grupo
Modelo, S.A.B. de C.V., Board Member and
Executive Committee Member of InteGrow
Malt, LLC., as well as Board Member of Im
-
pulsora Agricola, S.A. and International CO2
Extraction LLC.
Luis Miguel is currently a Proprietary director
of AmRest Holdings SE and a member of the
Appointments & Remuneration Committee.
He also serves as a board member of other
private and not for profit organisations.
He is an industrial engineer with studies
on senior management programmes at the
IPADE Business School (Instituto Panameri
-
cano de Alta Dirección de Empresa).
Huei Min
(Lyn) Lim
MNZM
Independent Non-Executive Director
TERM OF OFFICE
Appointed Director 10 July 2019.
Last re-elected 2022 Annual Meeting.
BOARD COMMITTEES
Chairman of the Health and Safety
Committee, Member of the Audit and Risk
Committee and the Remuneration and
Nominations Committee.
Lyn Lim has diverse board and committee
Chair experience. She is experienced in
investment structures, risk management,
HR, HSW, AML, dispute management
and resolution.
She is on the Boards of General Capital
Limited and Auckland Regional Amenities
Funding Board. She is also a trustee of the
Asia New Zealand Foundation.
Lyn has served on the Boards of SP Corpo-
ration Pte.Ltd (Singapore), AUT, New Zealand
Shareholders’ Association, Public Trust (and
chaired the Human Resources and Remu-
neration Committee), the New Zealand China
Trade Association, the Hong Kong and New
Zealand Business Association, New Zealand
Chinese Youth Trust (Chair), Foundation North
(the biggest and leading philanthropic entity
in New Zealand – Chair) and Middlemore
Foundation (Chair). She was a member of ANZ
Private Bank External Advisory Board and has
served as a council member of the Auckland
District Law Society Inc.
Lyn holds an LLB (Hons) from the Uni-
versity of Canterbury and has 30 years of
legal practice specialising in commercial,
corporate and governance issues and dis
-
pute resolution.
In 2017, Lyn was appointed as a Member
of the New Zealand Order of Merit for her
services to New Zealand-Asia relations and
governance. Lyn is a Chartered Member of
the New Zealand Institute of Directors, a
member of the New Zealand Law Society
and a member and Vice Chair of the Women
in Business Committee of the Inter-Pacific
Bar Association.
Stephen Ward
Independent Non-Executive Director
TERM OF OFFICE
Appointed Director 10 July 2019.
Last re-elected 2022 Annual Meeting.
BOARD COMMITTEES
Chairman of the Remuneration and
Nominations Committee, Member of the
Audit and Risk Committee and the Health
and Safety Committee.
Stephen Ward is a professional director with
diverse corporate governance experience
in New Zealand and Australia together with
extensive expertise as a corporate and com-
mercial lawyer in New Zealand.
Stephen is the non-executive Chair of Se-
cureFuture Wiri Limited. He is also a non-ex-
ecutive director of Huntington Commercial
Finance New Zealand Limited and Renais
-
sance Holdings (NZ) Limited. Stephen is the
Independent Chair of the Advisory Council for
the Financial Dispute Resolution Service and
a consultant of Simpson Grierson. He holds
voluntary positions on the Boards of Welling-
ton Free Ambulance, and The Life Flight Trust.
Stephen holds an LLB from the University
of Canterbury, is a member of the New Zea-
land Law Society and is a Chartered Member
of the New Zealand Institute of Directors.
Maria Elena
(Malena)
Pato-Castel
Independent Non-Executive Director
TERM OF OFFICE
Appointed Director 1 April 2021.
Last re-elected 2021 Annual Meeting.
Malena has over 33 year of experience in the
Fast Moving Consumer Goods and Retail
Hospitality industries in the US and Europe,
including senior regional roles at Unilever and
Yum! Brands. Prior to her retirement from the
company in 2020, Malena spent nine years in
various roles at AmRest Holdings SE (six of
which as a member of the AmRest Exec Com-
mittee). Her appointments included President
for AmRest Spain and, most recently Chief
Proprietary Brands Officer with responsibili-
ties extending across markets in Spain, China,
France, Portugal and Germany.
Malena served on the board of various
Yum! Brands subsidiaries that operated
Pizza Hut and KFC stores in Spain and has
extensive experience as an owner/operator
of KFC branded restaurants in Europe as a
co-founder and managing director of a res
-
taurant operating company that grew from 14
to more than 130 restaurants prior to being
acquired by AmRest.
Malena is fluent in English, French and
Spanish and holds a Business Administra-
tion and Management (ADE) degree from the
ICADE School of Business and Economics.
PAGE 52RESTAURANT BRANDS’ BOARD OF DIRECTORSRESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022

RESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022NON-GAAP FINANCIAL MEASURES

$NZ000’s
31 Dec 2022
52 weeks
vs Prior
%
31 Dec 2021
52 weeks
Sales
Total New Zealand sales529,15814.8461,120
Total Australia sales283,39716.1244,104
Total Hawaii sales2 47, 4 5 919.8206,506
Total California sales17 9,0 3 514.4156,516
Total sales1,239,04816.01,068,246
Other revenue5 9, 17 028.146,195
Total operating revenue1,298,21816.51,114,441
Cost of goods sold(1,077,075)(18.1)(912,359)
Gross margin221,1439.4202,082
Distribution expenses (8,244)3.6(8,555)
Marketing expenses(61,849)(10.8)(55,8 41)
General and administration expenses(61,445)(23.0)(49,974)
Government grants–n/a7, 1 6 5
Loan forgiveness–n/a11,419
Other items(2,900)31.3(4,219)
Operating profit 8 6 ,7 0 5(15.1)102,077
Financing expenses(44,528)( 2 2 .7 )(36,284)
Net profit before taxation42 , 17 7(35.9)65,793
Taxation expense (10,094)2 7. 4(13,912)
Total profit after taxation (NPAT)32,083(38.2)51,881
Concept EBITDA before G&A including
Government grants
% sales% sales
Total New Zealand89,54516.97. 583,31918.1
Total Australia31,20511.0(1.3)31,61413.0
Total Hawaii42,32217. 12 4 .733,93216.4
Total California17, 1 479.6(28.1)23,84915.2
Total concept EBITDA before G&A180,21914.54.317 2 ,7 1 416.2
Ratios
Net tangible assets per security (net tangible
assets divided by number of shares) in cents11.98.4
Cost of goods sold are direct costs of operating stores: food, paper, freight, labour and store overheads. Distribution expenses are
costs of distributing product from store. Marketing expenses are order centre, advertising and local store marketing expenses.
General and administration expenses (G&A) are non-store related overheads. Sales and concept EBITDA for each of the concepts
may not aggregate to the total due to rounding.
Consolidated income statement
FOR THE YEAR ENDED 31 DECEMBER 2022
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:
– 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 Group’s 10 operating divisions comprising the 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.
– Total NPAT excluding the impact of NZ IFRS 16. Total Net Profit After Taxation (“NPAT”) excluding the impact of NZ IFRS16 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.
The following is a reconciliation between these non-NZ GAAP measures and net profit after taxation:
$NZ000’s Note* 31 Dec 202231 Dec 2021
EBITDA including Government grants, before G&A and other items1180,01617 2 ,7 1 4
Depreciation(43,935)(36,94 4)
Net loss on sale of property, plant and equipment (included in depreciation)(952)(3,619)
Lease depreciation(41,282)(38,129)
Lease costs60,47353,993
Amortisation (included in cost of sales)(10,119)(9,231)
General and administration costs - area managers, general managers and support centre(54,596)(43,907)
Loan forgiveness-11,419
Other expenses(2,900)(4,219)
Operating profit8 6 ,7 0 5102,077
Financing expenses(44,528)(36,284)
Net profit before taxation 42 , 17 765,793
Taxation expense(10,094)(13,912)
Net profit after taxation32,08351,881
Add back IFRS 16 impact14,20813,586
Taxation expense on IFRS 16 impact(3,934)(3,986)
Total NPAT excluding the impact of NZ IFRS 16
242,35761,482
* Refers to the list of non-NZ GAAP measures as listed above.
Non-GAAP financial measures
FOR THE YEAR ENDED 31 DECEMBER 2022

PAGE 56PAGE 57FINANCIAL STATEMENTSRESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022
FINANCIAL
STATEMENTS
DECEMBER 2022CONTENTS
Restaurant Brands New Zealand Limited is pleased to present its financial statements.
The results are for the year ended 31 December 2022 as compared to the year ended
31 December 2021.
Note disclosures are grouped into five sections which the Directors consider most relevant
when evaluating the financial performance of the Group.
SectionNote Reference
Performance1–3
Funding and equity4–7
Working capital8–12
Long term assets13–15
Other notes16–26
Significant accounting policies which are relevant to an understanding of the financial
statements and which summarise the measurement basis used are provided throughout the
notes and are denoted by the highlighted text surrounding them.
Directors’ statement58
Consolidated statement
of comprehensive income
59
Consolidated statement
of changes in equity
60
Consolidated statement
of financial position
61
Consolidated statement
of cash flows
62
Notes to and forming part
of the financial statements
64

FINANCIAL STATEMENTSRESTAURANT BRANDS – THE ANNUAL REPORT 31 DECEMBER 2022
Financial Statements December 2022
Consolidated statement of comprehensive income
FOR THE YEAR ENDED 31 DECEMBER 2022
Directors’ statement
FOR THE YEAR ENDED 31 DECEMBER 2022
$NZ000’s Note 31 Dec 202231 Dec 2021
Store sales revenue1,21,239,0481,068,246
Other revenue
1,25 9, 17 046,195
Total operating revenue1,298,2181,114,441
Cost of goods sold(1,077,075)(912,359)
Gross profit221,143202,082
Distribution expenses(8,244)(8,555)
Marketing expenses(61,849)(55,8 41)
General and administration expenses(61,445)(49,974)
Government grants
2-7, 1 6 5
Loan forgiveness
2-11,419
Other income
22,465945
Other expenses
2(5,365)(5,164)
Operating profit8 6 ,7 0 5102,077
Financing expenses
4(44,528)(36,284)
Profit before taxation42 , 17 765,793
Taxation expense
16(10,094)(13,912)
Profit after taxation attributable to shareholders32,08351,881
Other comprehensive income:
Exchange differences on translating foreign operations10,5156,558
Derivative hedging reserve9541,820
Income tax relating to components of other comprehensive income(182)(370)
Other comprehensive income for the period, net of tax11,2878,008
Total comprehensive income for the period attributable to shareholders43,37059,889
Basic and diluted earnings per share (cents)
32 5.7 241.58
The accompanying accounting policies and notes form an integral part of the financial statements.
Emilio Fullaondo
Director
28 February 2023
The Directors of Restaurant Brands New Zealand Limited (Restaurant Brands)
are pleased to present the financial statements for Restaurant Brands and its
subsidiaries (together the Group) for the year ended 31 December 2022 contained
on pages 59 to 92.
Financial statements for each financial period fairly present the financial position
of the Group and its financial performance and cash flows for that period and have
been prepared using appropriate accounting policies, consistently applied and
supported by reasonable judgments and estimates and all relevant consolidated
financial reporting and accounting standards have been followed.
Proper accounting records have been kept that enable, with reasonable accuracy,
the determination of the financial position of the Group and facilitate compliance of
the financial statements with the Financial Markets Conduct Act 2013.
Adequate steps have been taken to safeguard the assets of the Group to prevent
and detect fraud and other irregularities.
The Directors hereby approve and authorise for issue the financial statements for
the year ended 31 December 2022.
For and on behalf of the Board:
José Parés
Chairman
28 February 2023