Full unaudited results to 31 March 2024

30 May 2024

Cooks Coffee
(“Cooks Coffee”, the “Company” or the “Group”)

Preliminary results for the year ended 31 March 2024

An ethical café group with great cafes owned and run by local people.

Cooks Coffee (NZX:CCC; AQUIS:COOK), the international coffee focused cafe chain and
parent company of the Esquires, The Organic Coffee Co brand, which is dual listed on the
Aquis Market in London and the NZX in New Zealand, announces the Company’s
Preliminary Report for the financial year ended 31 March 2024 (“FY24”). Figures reported
below are for continuing business and the prior period has been restated to provide the
appropriate comparative data.

Highlights

- Total franchisee store sales in UK & Ireland up 18% at NZ$58.2m (FY23:
NZ$49.5m).
- UK store sales up 21% at NZ$38.3m (FY23: NZ$31.6m), double the industry
average of 9%.
- Ireland store sales up 11% at NZ$19.9m, (FY23: NZ$17.9m) compared to the
industry growth of 1%.
- 75 Group sites in the UK and Ireland as at 31 March 2024, up from 64 as at 1
April 2023.
- Net store numbers growth in UK of 18% and 15% in Ireland versus industry
growth of 4% in UK and 1% in Ireland.
- Group revenue, which is highly correlated to store sales, up 19% at NZ$4.7m,
NZ$3.9m.
- EBITDA of NZ$0.4m before impairment of receivables.
- The focus on suburbs and market towns has sheltered Esquires branded stores
from the permanent changes in consumer behaviours post Covid, such as the
working from home lifestyle change.
- The strategic direction plus the focus on organic coffee products and an
enhanced food offering with local sourcing where possible, delivered by local
owners of the franchised stores – ‘The local chain’ has proved successful for the
brand.
- Growth in UK has been driven through strong performances by the Regional
Developers in the Southeast, London, East England & East Midlands. The

appointment of two new Regional Developers during FY24 for the North of
England and the Southwest and South Wales will accelerate the growth in those
regions.
- Appointment of Aiden Keegan as Group CEO. Aiden brings more than 20 years’
experience with the company in both core markets of UK & Ireland to the role.
- Esquires Coffee Houses Ireland were awarded the Irish Enterprise Award for
2024 as the ‘Best Modern Organic Coffee Shop Enterprise’.
- Esquires Coffee at Caerphilly were awarded the ‘Best Sustainable Café Chain’ in
Gwent at the Welsh Enterprise Awards in 2023.
- Target store numbers for UK & Ireland by FY34 is 305.
Commenting, Cooks Coffee Executive Chairman Keith Jackson said: “We are delighted to
report strong sales growth across our existing estate of coffee stores as we continue our
expansion programme of new store openings. We have an exciting growth pathway
clearly defined and have Aiden Keegan appointed to drive the future development of the
business. Aiden is uniquely qualified for the role having spent 14 years as Operations
Manager of the Irish business and the last almost six years as CEO of Esquires Coffee UK.”

Operational Business Performance

United Kingdom
Esquires Coffee UK store numbers increased to 60 at 31 March 2024, from 51 as at 31
March 2023, with 13 new Esquires stores opened and 4 closed.
Store sales grew 21% with like for like sales up 6%. The strong pipeline of new outlets that
were open for the full years FY23 and FY24 contributed 21.6% of total sales in FY24.
Sales in FY24 were particularly affected by the refurbishment programme at Horsham,
where the store was closed for 13 weeks, but the sales on re-opening have exceeded
expectations by more than doubling pre-refurbishment sales levels.
As at the end of May 2024 there are 64 stores operating, with new stores opened in
Colliers Wood and Pinner in London, Newport in Wales, and Sudbury in Suffolk, during
April and May 2024.
Two new Regional Developers were appointed in the UK in FY24 with one covering the
Southwest of England and South Wales, and the other covering the North of England,
including the North of Wales.
The Regional Developer model that has been operating in the Southeast of England since
2018 and in London, East England and the East Midlands since 2021, has proved very

successful and is now being rolled out to the remainder of the UK. Developers for
Scotland and Northern Ireland are currently being sought.
Ireland
Store sales increased by 11%, totalling NZ$19.9m (FY23 NZ$17.9m). Like for like store
sales were up 6.8% versus FY23.
Outlet numbers at the end of the year were 15, a growth of 15%, with an encouraging
pipeline of new stores in development for the balance of 2024 and beyond. Store
numbers in Ireland have been restated from prior years to reflect actual locations even if
the site itself has multiple points of sales.
Sales in FY24 were affected by the impact of the fire in the Longford store that meant the
store operated from temporary premises for most of the year. The franchisee and staff
did a superb job, and sales were maintained at approximately 45% of normal levels. In
addition, the Airside store at Swords in Dublin was closed for 17 weeks for a
refurbishment programme. Management estimate that absent these factors and the 53-
week year that the Irish normalised sales would have been more than 20% up on FY23.
As at the end of May 2024 there are 16 stores operating with a new store opened in
Galway in April 2024.
Global
Cooks operating revenue in the global segment was in line with the previous financial
year as the international franchised markets continue to recover. New outlets were
added in Pakistan and Portugal, with the Middle East markets stable.

Balance Sheet
Total equity in the Company reduced to NZ$(4.0)m reflecting primarily the non-cash
impairment of goodwill and intangible assets relating to the Triple Two business.

Triple Two

In September 2023, the Triple Two subsidiary was placed into voluntary liquidation.

Triple Two had numerous sites that were non-viable in a post Covid market environment
as they were more central business district focused relative to the suburban and smaller
town focus of Esquires stores. Information became available showing that commitments
were made that potentially could have been significant liabilities for the Company. This
information showed that in addition to sites that were no longer viable that the ongoing
revenue streams were well below expected levels.

The Triple Two investment was fully written off in the September FY24 half year accounts.
This non-cash write-down has resulted in the company reporting NZ$3.99m of negative
equity in the full year accounts.

The Board believes that there is no further impact of the Triple Two liquidation going
forward.

People

The Company announced the appointment of Aiden Keegan as Group CEO in March 2024.
Aiden has had 20 years’ experience with the Esquires brand, spending 14 years in the
operations team in Ireland and since 2018 has been at the helm of the Company’s largest
subsidiary, Esquires Coffee UK.

After almost 25 years with the Company that he founded our Irish Managing Director,
Tony McVerry has advised of his intention to retire at the end of June 2024. He will be
replaced by Brendan Duigenan. Brendan has been a lifetime member of the coffee
industry and has held senior roles in both AMT and Starbucks in Ireland.

As part of the planned relocation of the Board to the UK, Mike Hutcheson will retire from
the Board in June 2024. Mike is a unique marketing talent who has given excellent service
and advice to the Company over the last 10 years. This move along with Aiden’s elevation
shows the strong focus that the Company is adopting on the core markets of UK and
Ireland.

The Board would like to acknowledge the dedicated performances of all the parties
involved in the Group’s activities delivering excellent service to our customers every day.
In the core markets of UK & Ireland an estimated 200,000 customers are now served each
week by our great team led by Regional Developers and franchisees along with their staff
and ably supported by the company’s team.

Outlook

The FY25 financial year has begun strongly with four new stores opened in the UK and
one in Ireland in April & May. UK store sales after 8 weeks of FY25 were up 27.3% on FY24
whilst in Ireland sales were 7% up on FY24.

Summary

The Board is encouraged by the strong growth which continues to exceed reported
industry growth in both core markets and would like to acknowledge the dedicated

performances of all the parties involved in the Group’s activities delivering excellent
service to our customers every day. In the core markets of UK & Ireland an estimated
200,000 customers are now served each week by our great team led by Regional
Developers and franchisees along with their staff and ably supported by the company’s
team.

Target stores for the end of March 2025 are 98 with 80 in the UK and 18 in Ireland, a
growth of 31% over the 75 operational at the end of March 2024. The Company is
expecting to continue to grow at this rate of stores being added per annum to have more
than 300 stores operational in UK and Ireland by FY34.
The Group’s Esquires brand has a strong pipeline of opportunities as it continues its
commitment to building an ethical café group with great cafes owned and run by local
people. We look forward to making further progress and to an improved financial
performance in the current financial year with the experienced Aiden Keegan at the helm.



Keith Jackson
Executive Chairman

[The FY24 financial statements are appended to this announcement]

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Results announcement
(for Equity Security issuer)
Updated as at June 2023


Results for announcement to the market
Name of issuer Cooks Coffee Company Limited
Reporting Period 12 months to 31 March 2024
Previous Reporting Period 12 months to 31 March 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$4,667 19.0%
Total Revenue $4,933 8.63%
Net profit/(loss) from
continuing operations
$(356) (180.9%)
Total net profit/(loss) $(6,359) 83.6%
Interim/Final Dividend
Amount per Quoted Equity
Security
It is not proposed to pay a dividend
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
$(0.1159) $(0.1343)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer accompanying commentary
Authority for this announcement
Name of person authorised
to make this announcement
Keith Jackson
Contact person for this
announcement
Keith Jackson
Contact phone number 021 702 509
Contact email address Keith.jackson@cookscoffeecompany.com
Date of release through MAP 30/5/24

Unaudited financial statements accompany this Results announcement form.

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30 May 2024
Cooks Coffee Company Limited
This document covers Cooks Coffee Company Limited's unaudited financial results for the year
ended 31 March 2024
A:Cooks Coffee Company Limited
Preliminary announcement for the year ended 31 March 2024
in accordance with Listing Rule 3.5.1 are recorded below.
This report has been prepared in a manner which complies with generally accepted accounting practice and gives a true and
fair view of the matters to which the report relates, and is based on unaudited financial statements.
The Listed Issuer has a formally constituted Audit & Risk Committee of the Board of Directors.
Unaudited
Unaudited -
restated
Audited -
Previously
Reported
B:Consolidated Statement of Financial PerformanceMar-24Up / DownMar-23Mar-23
$NZ '000%$NZ '000$NZ '000
Revenue4,66719.0%3,9216,613
Cost of sales(123)(0.3%)(123)(977)
Gross profit4,54419.7%3,7985,636
Operating expenses and staff costs(4,474)34.8%(3,320)(5,070)
Impairment loss on receivables
(133)
(6.4%)(142)
(448)
Other income266(57.1%)620632
Operating profit/(loss) before depreciation and amortisation203
(78.8%)
956750
Depreciation expense (24)319.6%(6)(469)
Operating profit/(loss)179(81.2%)951281
Interest Income 1,34719.5%1,1271,172
Amortisation of intangible assets00(381)
Impairment of Goodwill-0
(2,497)
Finance costs(1,882)7.5%(1,750)(1,908)
Revaluation of contingent consideration payable-
--
0
Profit/(Loss) before income tax(356)(208.7%)327(3,333)
Income tax benefit/(expense)-(100.0%)113
113
Net Profit/(Loss) for the year from continuing operations(356)
(180.8%)
440(3,220)
Net Profit/(Loss) for the year from discontinued operations(6,003)
53.8%
(3,903)(96)
Net Profit/(Loss) for the year(6,359)83.6%(3,463)(3,316)
Earnings Per Share (Cents per share):(10.87)(6.24)(5.97)
Preliminary unaudited full year report on consolidated results (including the results for the previous corresponding year)
The accounting policies used in the preparation of these financial statements are consistent with those used in the interim statements for the
six months ended 30 September 2023, and in the audited financial statements for the year ended 31 March 2023.

Unaudited
Unaudited -
restated
Audited -
Previously
Reported
C:Consolidated Statement of Financial PositionMar-24Up / DownMar-23Mar-23
$NZ '000%$NZ '000$NZ '000
Assets
Cash and cash equivalents1,174445445
Trade and other receivables1,7181,3231,323
Other current assets3301,534795
Assets classified as held-for-sale9
1616
Property, plant and equipment 92142142
Right-of-use assets-
1,6041,604
Lease receivables23,05519,58219,582
Other non-current assets1371515
Total tangible assets26,5157.5%24,66123,922
Goodwill03,0723,072
Intangible assets2,8316,8816,881
Total assets29,346(15.2%)34,61433,875
Liabilities
Trade and other payables7,2097,4526,061
Lease liabilities23,05521,31421,314
Borrowings - Loans3,0353,4913,491
Other liabilities48560560
Deferred tax liabilities-
1,0361,036
Total liabilities33,3471.5%33,85332,462
Net assets/(liabilities)(4,001)625.8%7611,413
Equity
Share capital58,84558,34558,345
Accumulated losses(64,914)(60,956)(60,304)
Foreign currency translation reserve2,068971971
Share based equity reserve02,4012,401
Total equity attributable to equity holders of the Company(4,001)626.0%7611,413
CentsCentsCents
Net tangible assets per share(11.39)(13.43)(12.36)
Unaudited
Unaudited -
restated
Audited -
Previously
Reported
D:Statement of Changes in EquityMar-24Up / DownMar-23Mar-23
$NZ '000%$NZ '000$NZ '000
Profit/(Loss) for the period(6,359)(631.5%)(3,463)(3,316)
Net increase in issued share capital5001,4481,448
Foreign currency translation reserve1,097883883
Movements in equity for the period(4,762)320.7%(1,132)(985)
Equity at start of the period7611,8942,398
Share based payment reserve
---
Equity at end of the period(4,001)(625.3%)7611,413
Unaudited
Unaudited -
restated
Audited -
Previously
Reported
E:Consolidated Statement of Cash FlowsMar-24Up / DownMar-23Mar-23
$NZ '000%$NZ '000$NZ '000
Profit/(Loss) for the period(6,359)(83.6%)(3,463)(3,316)
Add/(Less):
Depreciation expense24469469
Impairment loss on receivables133
448448
Net foreign exchange (losses)/gains29
110110
Revaluation of contingent consideration payable
---
Impairment of goodwill
-
2,4972,497
Amortisation of intangible assets
-381381
Net movements in working capital1,591(926)(1,073)
Loss on disposal of subsidiaries5,262
--
Net cash flow from operating activities680(240.5%)(484)(484)
Net cash flow from investing activities 5108.9%(56)(56)
Net cash flow from financing activities 44(125.7%)(171)(171)
Net (decrease)/increase in cash held729(202.5%)(711)(711)
Opening bank balance4451,1561,156
Effect of exchange rate changes on foreign currency balances
---
Closing bank balance1,174445445
Made up as follows:
Cash and cash equivalents1,174163.8%445445
F:Material Acquisition of SubsidiariesN/A

G:Material Disposal of Subsidiaries'000s
(a) Name of subsidiary entity
(b) Percentage of ownership held100.00%
(c) Contribution to consolidated profit for the period
-$36
(d) Date from which such contribution has been calculated31/03/2023
(e) Contribution to consolidated profit/(loss) for the
previous corresponding period
$10
(f) Date from which such contribution has been calculated31/03/2022
(g) Date of disposal29/09/2023
(a) Name of subsidiary entity
(b) Percentage of ownership held100.00%
(c) Contribution to consolidated profit for the period
-$568
(d) Date from which such contribution has been calculated31/03/2023
(e) Contribution to consolidated profit/(loss) for the
previous corresponding period
-$324
(f) Date from which such contribution has been calculated31/03/2022
(g) Date of disposal29/09/2023
(a) Name of subsidiary entity
(b) Percentage of ownership held100.00%
(c) Contribution to consolidated profit for the period
-$122
(d) Date from which such contribution has been calculated31/03/2023
(e) Contribution to consolidated profit/(loss) for the
previous corresponding period
-$215
(f) Date from which such contribution has been calculated31/03/2022
(g) Date of disposal29/09/2023
(a) Name of subsidiary entity
(b) Percentage of ownership held100.00%
(c) Contribution to consolidated profit for the period
$0
(d) Date from which such contribution has been calculated31/03/2023
(e) Contribution to consolidated profit/(loss) for the
previous corresponding period
$31
(f) Date from which such contribution has been calculated31/03/2022
(g) Date of disposal29/09/2023
(a) Name of subsidiary entity
(b) Percentage of ownership held100.00%
(c) Contribution to consolidated profit for the period
$402
(d) Date from which such contribution has been calculated31/03/2023
(e) Contribution to consolidated profit/(loss) for the
previous corresponding period
$318
(f) Date from which such contribution has been calculated31/03/2022
(g) Date of disposal29/09/2023
H:Material Investment in AssociateN/A
I:Issued and Quoted Securities at End of Current Period
Category of Securities IssuedNumberQuoted
ORDINARY SHARES:
Total number of shares on issue60,002,448 58,795,448
Shares issued during the current period 2,706,263 2,706,263
Shares cancelled during the current period3,388,837 3,388,837
Shares bought back during the current period41,326 41,326
On 31 March 2024, Cooks Coffee Company Limited has 58,795,448 quoted shares and
1,207,000 non-voting shares on issue.
Triple Two Coffee London Ltd
Triple Two Coffee Property Ltd
Triple Two Coffee Holdings Ltd
TT Contractors Ltd
Triple Two Coffee Franchise Ltd

J:Comments by Directors
(a)Material factors affecting the revenues and expenses of the group for the current full year or half year
Refer to Commentary.
(b)Significant trends or events since the end of the current full year or half year
Refer to Commentary.
(c) Changes in accounting policies since last Annual Report and/or last Half Yearly to be disclosed:
Nil
(d) Critical Accounting Policies - Management believes the following to be critical accounting policies. That is they are both important
to the portrayal of the Issuer's financial condition and results, as they require management to make judgments and estimates
about matters that they are inherently uncertain
• Treatment of Leases
• Revenue from Contracts with Customers
• Discontinued Operations
• Impairment of Assets
• Amortisation of Intangibles and Goodwill
• Contingent Consideration
NZ IFRS 16 "Leases"
a) As a lessee
b) As a lessor
NZ IFRS 15 "Revenue from Contracts with Customers"
Discontinued Operations
30 May 2024
(signed by) Authorised Officer of Listed Issuer(date)
The Group has applied judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal or
termination options. The assessment of whether the Group is reasonably certain to exercise such options impact the lease term, which
significantly affects the amount of lease liabilities and right-of-use assets recognised.
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially
measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses and adjusted for certain
remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,
discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing
rate. Generally, the Group uses its incremental borrowing rate as the discount rate.
When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease.
To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks and
rewards incidental to ownership of the underlying asset, or the right-of-use asset in the case of a sublease. If this is the case, then the
lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as
whether the lease is for the major part of the economic life of the asset.
Where the lease is classified as an operating lease, the Group recognises the lease payments from the operating lease as income on
a straight-line basis.
Under NZ IFRS 15 Revenue from Contracts with Customers, revenue is recognised either at a point in time or over time, or when (or
as) the Group satisfies performance obligations by transferring the promised goods or services to its customers.
The Group recognises royalty revenue derived from its Franchises and MFAs at a point in time, based on sales by Franchisees that
are reported back to Company on a monthly basis for sales that occurred in that month.
Royalty income from Franchise or Master Franchise Agreements (MFAs)
Franchise fees
The Group recognises the Territory Fee over a period of time that the franchise agreement is in place, which is generally 10 years.
This is the period of time over which the performance obligation is satisfied. Payment is received upon signing the franchise contract.
Other Revenue
Other revenue includes services to independent franchisees or third parties received by the Group.
The UK Sunderland store was sold in March 2024 and is classified under discontinued operations. Following the effective disposal on
29th September 2023 of the Triple Two businesses when they were taken over by court appointed administrators in the UK, the Triple
Two business has also been reclassified as a discontinuing operation and the FY2023 results restated accordingly.
The Group recognises revenue derived from its Country & Regional franchise operations on a straight-line basis over a period of time
that the franchise agreement is in place, which is generally 10 years. This is the period of time over which the performance obligation is
satisfied. Payment is received upfront upon signing the franchise contract.
The transaction price includes a variable price consideration for the possible transfer of franchise rights. This is unknown until and if
the transaction is completed. Given the high uncertainty of this transfer, the transaction price for franchise contracts is not adjusted for
these transferred franchise rights. Revenue from the sale of individual café franchises is recognised over time.
The Group recognises Franchise Fees derived from the franchise agreement entered by Triple Two Coffee at the point in time when
Revenue from Contracts with Suppliers
The Group recognises revenue derived from supplier contracts relating to coffee supply purchases over the period of the contract.
Regional Developer Agreements
The Group recognises revenue derived from regional development sales over the life of the contract, which is generally 10 years.