Burger Fuel Group Ltd Half Year Results – 30 September 2023

2

Burger Fuel Group Limited
Consolidated Interim Financial Statements
For the Period Ended 30 September 2023



Contents Page


Chairman and Chief Executive’s Review 3-5

Consolidated Condensed Statement of Comprehensive Income 6

Consolidated Condensed Statement of Financial Position 7-8

Consolidated Condensed Statement of Changes in Equity 9

Consolidated Condensed Statement of Cash Flows 10

Notes to the Consolidated Interim Financial Statements 11-14

Company Directory 15

3

Burger Fuel Group Limited
Chairman and Chief Executive’s Review
For the period ended 30 September 2023

Burger Fuel Group Ltd Half Year Results for the 6 months ended 30 September 2023

OVERVIEW

The Directors of Burger Fuel Group Limited (BFG) present the unaudited results for the 6 months to 30 September 2023.

Net Profit after tax for the period was $581,136 compared to $552,316 for the same period last year. This represents an increase of
5.2%.

Group Operating Revenue (excluding IFRS 16 and the Government support income) increased by 16.8% on the same period last
year to $12.6M.

The Group has no debt and as at 30 September 2023 had cash reserves of $8.9M.

BFG RESULTS (UNAUDITED) FOR THE PERIOD 1 APRIL TO 30 SEPTEMBER 2023

30 September 2023 30 September 2022

Operating Revenue * 12,553,784 10,748,756
Interest Income – IFRS 16 non-occupied leases 503,048 569,845
COVID-19 Government wage subsidy 19,736 17,139
Total Income 13,076,568 11,335,740

Operating Expenses ** (10,957,977) (9,382,323)
Depreciation Expense – IFRS 16 occupied leases
(551,425) (401,674)
Interest Expense - IFRS 16 non-occupied leases
(503,048) (569,845)
Interest Expense - IFRS 16 occupied leases
(221,882) (235,263)
Total Expenses
(12,234,332) (10,589,105)




Net Profit (Loss) Before Tax 842,236 746,635
Net Profit (Loss) After Tax *** 581,136 552,316


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


GROUP PERFORMANCE

Total system sales (all regions all brands) were $57.7M for the period, representing an increase of 11.1% over the same period last
year. The increase is mainly due to the opening of the franchised BurgerFuel Dunedin and BurgerFuel Rolleston (Christchurch)
stores and the introduction of delivery services in March 2023. Delivery has been rolled out by region over the last 6 months and
as at 30 September there were 43 out of 61 Burgerfuel stores offering delivery.

Total store numbers globally across all three brands were 73 as at 30 September 2023, with the closing of 4 stores in Saudi and the
Company owned Winner Winner store in May 2023. This was offset by the opening of BurgerFuel Dunedin, BurgerFuel
Rolleston and a Company Owned Shake Out store in Auckland CBD Commercial Bay precinct. The new brands, Winner Winner
and Shake Out accounted for 7.6% of total systems sales.

BurgerFuel International sales accounted for 5.24% of total BurgerFuel sales.

4
OPERATING RESULTS

BurgerFuel New Zealand

Total BurgerFuel sales for the period were up 12.2% on the previous year.

This was driven by the opening of BurgerFuel Rolleston (Christchurch), and BurgerFuel Dunedin stores in October 2022 and
April 2023 respectively, and with the introduction of delivery across a significant portion of the BurgerFuel System. We have
been cautious to enter delivery as we do see potential issues with this model. However, to date we have seen good sales growth
with participating stores, and generally, we have been satisfied with the quality of the product being delivered, but we will
continue to monitor this closely.

Supply chain and labour costs are still a major issue in NZ, and this is impacting the franchise system’s profitability.

The Group launched its own online ordering platform for BurgerFuel in August 2023 and its integrated loyalty app in November
2023. To date there has been a great uptake across these two platforms. These bespoke, tailored platforms will allow us to further
engage with our customers and better identify their purchasing habits and needs.

BurgerFuel Middle East (MENA)

Development of BurgerFuel in the UAE is proceeding under the DA (Development Agent) agreement.

The Group incurred some costs in FY24 in relation to developing the new look store design and other aspects of BurgerFuel brand
development being undertaken in the MENA region.

The BurgerFuel store in the Dubai World Trade Centre has undergone a full refit, which reflects an updated store design. It is
intended that this new look store which will be further developed, will attract potential new franchisees within the region and
allow further franchising by the DA. The new look will also assist us in providing an updated image here in our New Zealand
stores, many of which are coming up for refits.

There are still third-party delivery only dark kitchens in the UAE, however these remain under review as these facilities are
overwhelmed with other brands, and it is difficult to maintain a quality standard that is synonymous with the BurgerFuel brand in
New Zealand.

There have been store closures in Saudi Arabia. We now have 4 stores under licence in the Kingdom compared to 8 at the same
time last year. Together with our Licensees in Saudi Arabia we will be evaluating their future involvement with BurgerFuel to
determine their ongoing commitment to store development within that country.

The future success and development of MENA is dependent on the new DA structure recently installed in the region. As
previously advised, whilst BFG’s percentage share of royalties will be lower than in previous years, our operational involvement
and costs will also be on a reduced basis.


Winner Winner & Shake Out New Zealand

Sales are down for the Winner Winner brand compared to the same 6-month period last year, due to the closure of the company
owned Winner Winner store in Takapuna, Auckland and the increased competition from a new food precinct opening up in
Wellington, which has impacted sales of the franchised Winner Winner Wellington store.

As previously advised in May 2023 we decided to close our company owned Winner Winner store in Takapuna. This site opened
during Covid and suffered as a result. It never really performed well, and its closure has reduced the ongoing losses in that
location. We learnt from this restaurant and as a result we are reworking our Winner Winner offer, to reduce complexity and
ultimately make the brand more scalable.

The Winner Winner store numbers are now 3 nationwide.

Sales are up for the Shake Out brand due to the opening of our company owned Shake Out store in the Commercial Bay precinct
in the Auckland CBD on 31 October 2022. This is our 4
th
Shake Out store and this busy location will assist in the brand’s
exposure. This store is performing reasonably well but is dependent on the foot traffic generated within the Commercial Bay food
court on a weekly basis.

The Group remains committed to investment in these new brands and will continue to do so going forward.

5


CHANGES TO BOARD COMPOSITION

In September we announced the retirement of Alan Dunn who has been an Independent Director of BFG and the introduction of
Alan Gourdie as his replacement as Independent Director. Alan Gourdie was appointed on 1 October and Alan Dunn has now
resigned.



RETURN OF CAPITAL

As previously advised on the 27 October 2023 the Burger Fuel Group Limited (BFG) proposes to return approximately NZ$4.077
million to shareholders via a Court and shareholder sanctioned pro‐rata share cancellation which would return approximately
NZ$0.27 per share to shareholders for each share cancelled. 30% of BFG shares will be cancelled on a pro-rated basis.

BFG's balance sheet currently includes excess cash that the board of directors of BFG (Board) believes is over and above the cash
needed for BFG's working capital requirements for the foreseeable future.

Since 2014 BFG has had surplus capital following the issue of 4,357,298 shares in BFG (New Shares) to Franchise Brands LLC
(FBL) a company affiliated to the Subway® Corporation of USA on 28 February 2014 at $1.35 per share raising $5,882,352 of
new capital to help fund BFG's plans to expand into the United States under a collaboration agreement with FBL. Following the
death of the founder of Subway® in September 2015 the expansion plans stalled, and the collaboration agreement was terminated.

As part of the termination arrangements, BFG agreed to buy all of FBL's shares in BFG (including the New Shares) at $0.37 per
share in tranches during 2018 and 2019 resulting in a net capital surplus on the balance sheet after these transactions of
$3,675,910. At this time, BFG looked at possible utilisations of its unrestricted capital but did not consider that there were any
transactions (including any material acquisitions or investments) that would be suitable for BFG to undertake.

In March 2020, the Covid-19 pandemic began in New Zealand. At the early stages of the pandemic the Board considered that all
cash should remain in BFG until the pandemic was clearly over and BFG's business had returned to a foreseeable, regular trading
pattern.

BFG has been through an extensive exercise to determine the best use of its excess cash. The Board does not believe that any
suitable opportunities exist at present or are likely in the short to medium term for the full amount of the cash currently held
within BFG thus has proposed to return NZ$4.077 million to shareholders.

A Special Shareholders meeting will be held on the 14th December 2023 to decide whether the proposal will proceed.

GROUP OUTLOOK

We do see challenging times ahead with increasing supply chain costs, rising labour costs and globally there are many issues the
world is facing that affect us, here in New Zealand. These times more than ever mean that a key focus for us is to protect our
customer’s experience, as well as our franchisee margins.

While operating costs are increasing, we are seeing some areas of sales growth, once again demonstrating the strength of the
BurgerFuel brand.

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

Best regards


Peter Brook

Josef Roberts
Chairman Group CEO

6
Burger Fuel Group Limited
Consolidated Condensed Statement of Comprehensive Income
For the period ended 30 September 2023




Unaudited Unaudited Audited

30 Sep
2023

30 Sep
2022
31 Mar
2023


6 months 6 months
Full Year












Revenue
12,437,193 10,727,543
22,799,659
COVID-19 Government wage subsidy
19,736 17,139
35,606
Operating Expenses
(10,624,918) (9,106,071)
(19,453,197)
Profit before interest, taxation, depreciation and
amortisation
1,832,011 1,638,611 3,382,068



Depreciation on Property, Plant and Equipment
(247,890) (207,674)
(648,444)
Depreciation on Right of Use Assets
(551,425) (401,674)
(828,911)
Amortisation
(85,169) (68,522)
(265,676)

(884,484) (677,870)
(1,743,031)


Profit before Interest and Taxation

947,527 960,741 1,639,037



Interest Income
116,591 21,213
91,600
Interest Income leases non-occupied
503,048 569,845
1,089,474
Interest Expense
- (56)
(325)
Interest Expense leases occupied
(221,882) (235,263)
(471,326)
Interest Expense leases non-occupied
(503,048) (569,845)
(1,089,474)

(105,291) (214,106)
(380,051)

Profit before Taxation
842,236 746,635 1,258,986



Income Tax Expense
(261,100) (194,319)
(358,568)



Net Profit attributable to shareholders
581,136 552,316
900,418


Other comprehensive income:

Items that may be reclassified subsequently to profit or
loss:
Movement in Foreign Currency Translation Reserve
(1,473) (25,706)
1,708



Total comprehensive income
579,663 526,610
902,126


Basic Net Earnings per Share (cents)
1.15 1.10
1.79

Diluted Earnings per Share (cents)
1.15 1.10 1.79

7
Burger Fuel Group Limited
Consolidated Condensed Statement of Financial Position
As at 30 September 2023


Unaudited Unaudited Audited


30 Sep
2023

30 Sep
2022
31 Mar
2023
6 months 6 months Full Year


$

$
$
Shareholders’ Equity

Contributed equity
11,913,499 11,913,499
11,913,499
(Accumulated losses) / retained earnings
790,388 (138,850)
209,252
Foreign currency translation reserve
(285,241) (311,182)
(283,768)

12,418,646 11,463,467
11,838,983
Current assets

Cash and cash equivalents
8,918,239 7,360,933
8,202,024
Trade and other receivables
2,036,109 1,815,577
2,133,744
Lease Receivable non-occupied
1,499,490 1,484,007
1,482,830
Inventories
526,406 710,720
578,993
Loans
9,361 7,034
16,189

12,989,605 11,378,271
12,413,780
Non-current assets

Property, plant and equipment
2,533,565 2,667,969
2,441,342
Right of use asset - leases
6,305,566 7,436,330
6,687,547
Lease receivable non-occupied
14,782,276 16,213,071
15,602,844
Deferred tax asset
598,813 553,455
618,420
Loans
22,915 51,296
29,311
Intangible assets
2,192,355 1,838,764
2,056,255

26,435,490 28,760,885
27,435,719




Total assets
39,425,095 40,139,156
39,849,499


Current liabilities

Trade and other payables
1,889,533 1,223,472
1,853,546
Contract Liability
104,939 317,202
195,072
Lease Liability
781,275 631,054
731,509
Lease Liability non-occupied
1,499,490 1,484,007
1,482,830
Income tax payable
131,225 94,911
267,063
Provisions
511,821 384,097
345,692

4,918,283 4,134,743
4,875,712
Non-current liabilities

Contract Liability
605,545 635,888
610,240
Lease Liability
6,655,353 7,650,287
6,878,478
Lease Liability non-occupied
14,782,276 16,213,071
15,602,844
Provisions
44,992 41,700
43,242

22,088,166 24,540,946
23,134,804



Total liabilities
27,006,449 28,675,689
28,010,516

Net assets
12,418,646 11,463,467 11,838,983

8
Burger Fuel Group Limited
Consolidated Condensed Statement of Financial Position (continued)
As at 30 September 2023


Unaudited Unaudited Audited


30 Sep
2023

30 Sep
2022
31 Mar
2023


Net tangible assets per share ($ per share)
0.19 0.18
0.18



For and on behalf of the Board on 24
th
November 2023

Peter Brook Josef Roberts
Director Director

9
Burger Fuel Group Limited
Consolidated Condensed Statement of Changes in Equity
For the period ended 30 September 2023



September 2023
Contributed
Equity
Foreign currency
translation reserve
Accumulated
Losses Total equity

$ $ $ $
Balance as at 1 April 2023
11,913,499 (283,768) 209,252 11,838,983
Movement in foreign currency translation
reserve recognised in other comprehensive
income

- (1,473) - (1,473)
Net Profit for the period ended
30 September 2023

- - 581,136 581,136
Total comprehensive income

- (1,473) 581,136 579,663



Balance as at 30 September 2023

11,913,499 (285,241) 790,388 12,418,646


September 2022
Contributed
Equity
Foreign currency
translation reserve
Accumulated
Losses Total equity
$ $ $ $
Balance as at 1 April 2022
11,913,499 (285,476) (691,166) 10,936,857
Movement in foreign currency translation
reserve recognised in other comprehensive
income

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

- - 552,316 552,316
Total comprehensive income

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



Balance as at 30 September 2022

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




March 2023
Contributed Equity
Foreign Currency
Translation Reserve
Accumulated
Losses
Total
Equity
$ $
$
$
Balance as at 1 April 2022
11,913,499 (285,476) (691,166) 10,936,857
Movement in foreign currency translation reserve
recognised in other comprehensive income

- 1,708 - 1,708
Net Profit for the year ended 31 March 2023
- - 900,418 900,418
Total comprehensive income
- 1,708 900,418 902,126


Balance as at 31 March 2023
11,913,499 (283,768) 209,252 11,838,983

10
Burger Fuel Group Limited
Consolidated Condensed Statement of Cash Flows
For the period ended 30 September 2023


Unaudited Unaudited Audited


30 Sep
2023

30 Sep
2022
31 Mar
2023



6 months 6 months
12 months
$ $ $
Cash flows from operating activities
Receipts from customers
12,500,692 10,785,897 22,567,953
COVID-19 Government wage subsidy
19,736 17,139 35,606
Interest received
116,591 21,213 91,600
Goods and services tax
83,582 39,220 54,443
Payments to suppliers & employees
(10,527,840) (9,183,296) (18,948,977)
Interest paid
- (56) (325)
Interest on leases
(221,882) (235,112) (471,326)
Taxes (paid/refund)
(377,328) (191,770) (248,832)
Net cash flow provided from / (applied to) operating
activities 1,593,551 1,253,235 3,080,142


Cash flows from investing activities
Repayments of loans 13,224 16,000 28,830
Sale of property, plant and equipment 50,671 76,332 187,050
Acquisition of intangible assets
(221,270) (1,722) (427,050)
Acquisition of property, plant & equipment
(377,259) (482,725) (815,465)
Sale of subsidiary company
- 24,253 -
Net cash flow applied to investing activities
(534,634) (367,862) (1,026,635)






Cash flows from financing activities

Lease Liability Principal Component
(342,804) (336,759) (662,486)
Net cash flows applied to financing activities
(342,804) (336,759) (662,486)

Net movement in cash and cash equivalents
716,113 548,614 1,391,021
Exchange gain / (loss) on cash and cash equivalents
102 13,957 12,641
Opening cash and cash equivalents
8,202,024 6,798,362 6,798,362
Closing cash and cash equivalents
8,918,239 7,360,933 8,202,024

11
Burger Fuel Group Limited
Notes to the Interim Consolidated Financial Statements
For the period ended 30 September 2023

1) REPORTING ENTITIES AND STATUTORY BASE

Burger Fuel Group Limited is a company registered under the Companies Act 1993 and is listed with the New Zealand Stock
Exchange (NZX). The company is a Financial Markets Conduct (FMC) reporting entity for the purposes of the Financial
Markets Conduct Act 2013 and its financial statements comply with that Act. These Interim Consolidated Financial
Statements also comply with NZ IAS 34 and have been prepared on a going concern basis.

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

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

2) STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

2.1) STATEMENT OF COMPLIANCE

The condensed consolidated interim financial statements should be read in conjunction with the annual financial statements
for the year ended 31 March 2023, which have been prepared in accordance with NZ IFRS.

2.2) REPORTING ENTITY

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

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

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

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

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

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

Shake Out Commercial Bay Limited BF Lease Company No 32 Limited

Shake Out Container Limited BF Lease Company No 33 Limited

BFG Delivery Kitchen Limited
(Formally BF Lease Company No 43 Limited)

12

Burger Fuel Group Limited
Notes to the Interim Consolidated Financial Statements
For the period ended 30 September 2023

3) ACCOUNTING POLICIES
The accounting policies and methods of computation applied are consistent with those of the annual financial statements for
the year ended 31 March 2023, as described in the annual financial statements.

4) SEGMENT INFORMATION

Operating Segments
The Group operates in two geographical segments – New Zealand & International (Australia and the Middle East).
All the segments operations are made up of franchising fees, royalties and sales to franchisees. The segments are in the
business of Franchise Systems - Gourmet Burger Restaurants. New Zealand’s segment result is also due to the amortisation of
intangible assets.



September 2023
New Zealand
International Total

$ $ $
Revenue
6 months
6 months
6 months
Sales 5,424,875 - 5,424,875
Royalties 3,330,391 - 3,330,391
Franchising fees 168,458 12,496 180,954
Training fees
-
-
-
Property Management fees 62,000 - 62,000
Advertising fees 2,431,556 - 2,431,556
Foreign exchange gain
-
1,575
1,575
Sundry income
1,005,842
-
1,005,842
Rent Relief on Non-Occupied Leases
-
-
-
Interest received
116,523
68
116,591
Interest received - leases
503,048
-
503,048
COVID-19 Government wage subsidy
19,736
-
19,736
Total Revenue 13,062,429 14,139 13,076,568



Interest Expense -
-
-
Interest Expense leases occupied 221,882
-
221,882
Interest Expense leases non-occupied 503,048
-
503,048
Depreciation 247,890
-
247,890
Depreciation leases 551,425
-
551,425
Amortisation 85,169
-
85,169


Segment Result before Tax 1,058,860
(216,624) 842,236
Income Tax Expense
261,100
- 261,100

Segment Assets
39,141,681
283,414 39,425,095
Segment Liabilities
27,016,072
(9,623) 27,006,449

Acquisition of Property, Plant & Equipment & Intangible Assets

Other 598,528 - 598,528

13




Operating Segments (Continued)

September 2022
New Zealand
International Total

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

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


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

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

Acquisition of Property, Plant & Equipment & Intangible Assets

Other 484,447 - 484,447

14




Operating Segments (Continued)


31 March 2023 New Zealand International Consolidated

$ $ $
Revenue

Sales
9,802,833
-
9,802,833
Royalties
5,868,406
-
5,868,406
Franchising fees
422,010
24,991
447,001
Training fees
37,500
-
37,500
Property management fees
59,000
-
59,000
Advertising fees
4,308,488
-
4,308,488
Foreign exchange gain
19,764
(5,481)
14,283
Sundry income
2,053,328
112,320
2,165,648
Rent Relief on Non-Occupied Leases
96,500
-
96,500
Interest received
91,593
7
91,600
Interest Leases
1,089,474
-
1,089,474
Covid Government wage subsidy
35,606
-
35,606
Total Revenue 23,884,502 131,837 24,016,339



Interest Expense
325
-
325
Interest Expense Leases Occupied
471,326
-
471,326
Interest Expense Leases non occupied
1,089,474
-
1,089,474
Depreciation
648,444
-
648,444
Depreciation Leases
828,911
-
828,911
Amortisation & impairment
265,676
-
265,676

Segment Result before Income Tax
1,637,057
(378,071) 1,258,986
Income Tax Expense
358,568
- 358,568

Segment Assets
39,660,424
189,075 39,849,499
Segment Liabilities
27,986,575
23,941 28,010,516

Acquisition of Property, Plant & Equipment & Intangible Assets


Other 1,242,515 - 1,242,515

15

Burger Fuel Group Limited
Company Directory
As at 30 September 2023

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

Company Number Bridgepoint Group Accounting Pty Ltd
1947191 Suite 301, 8 West Street,
North Sydney
Date of Incorporation NSW 2060
14-Jun-07 Australia

Directors Auditors
Peter Brook - Chairman (Independent) Baker Tilly Staples Rodway
Alan Dunn (Independent) Level 9, Tower Centre
Josef Roberts (Executive) 45 Queen Street
Tyrone Foley (Non-Independent) Auckland 1010
Alan Gourdie (Independent) - Appointed 1 October 2023
Bankers
Board Executives ASB Bank Limited
Mark Piet (Chief Financial Officer / Company Secretary) CBA Bank Limited (Australia)


Business Headquarters
66 Surrey Crescent
Grey Lynn
Auckland 1021



Solicitors

Dentons Kensington Swan, 18 Viaduct Harbour Avenue, Auckland 1011.
Buddle Findlay, HSBC Tower, 188 Quay Street, PO Box 1433, Auckland 1140.

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

Corporate Counsel Limited Solicitors, P.O Box 37-322, Parnell, Auckland 1151.


Directors and Officers diversity


30 Sept 2023 30 Sept 2022

Male Female Male Female
Directors 4 - 4 -
Executive/ Leadership Team 5 1 5 1
Total Head Office Staff 23 17 19 13

16

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Results for announcement to the market
Name of issuer Burger Fuel Group Limited
Reporting Period 6 months to 30 September 2023
Previous Reporting Period 6 months to 30 September 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$13,077 15.4%
Total Revenue $13,077 15.4%
Net profit/(loss) from continuing
operations
$581 5.2%
Total net profit/(loss) $581 5.2%
Interim Dividend
Amount per Quoted Equity Security Not Applicable
Imputed amount per Quoted Equity
Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$0.19 $0.18
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
The increase in system sales is mainly due to the opening of the franchised
BurgerFuel Dunedin and Burgerfuel Rolleston, Christchurch stores and the
introduction of delivery services in March 2023.
Authority for this announcement
Name of person authorised to make
this announcement
Mark Piet
Contact person for this
announcement
Mark Piet
Contact phone number 021 453 333
Contact email address Mark.Piet@Burgerfuel.com
Date of release through MAP 24/11/2023

Unaudited financial statements accompany this announcement