Burger Fuel Group Limited FY24 Annual Report Provided
ANNUAL REPORT 2024
BURGERFUEL
GROUP LIMITED
3
Annual Report of the Directors
Total System Sales
Revenue and Trading History
Independent Auditor’s Report
Consolidated Statement of Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements
Shareholder Information
Corporate Governance
Directory
04
08
09
12
19
20
22
23
24
63
66
68
TABLE OF CONTENTS
BURGERFUEL //BURGERFUEL //
BFG ANNUAL REPORT 2024BFG ANNUAL REPORT 2024
45
Burger Fuel Group Limited Full Year Results for the
12 months ended 31st March 2024
Overview FY
The Directors of Burger Fuel Group Limited (BFG)
present the results for the 12 months to 31 March 2024.
Net Profi t after tax for the period was $1,327,077
representing a 47.4% increase on the previous year.
The FY24 profi t result is the Company’s strongest since
listing on the NZX in 2007. It refl ects the growth and
investment strategies that the Board has implemented
following the considerable disruption to the business
from the Covid years FY20 to FY22 and into FY23.
BFG (unaudited) Total System Sales (all three brands,
all regions) increased by 10.22% to $117.1M on the
same period last year. The Group achieved solid store
sales in FY24 bolstered by the opening of BurgerFuel
Dunedin in April 2023 and with the introduction of
delivery through BurgerFuel outlets. We also recorded
a complete year of sales for BurgerFuel Rolleston which
opened in October 2022.
Total income for the Group increased by 13.58% to
$27.3M.
BFG RESULTS FOR THE PERIOD 1 APRIL 2023 TO 31
March 2024
March
March
Operating Revenue*
Interest Income
IFRS non-occupied leases
COVID- Government wage
subsidy-
Total Income
Operating Expenses **( )( )
Depreciation Expense –
IFRS occupied leases( )( )
Interest Expense -
IFRS non-occupied leases()()
Interest Expense -
IFRS occupied leases( )()
Total Expenses( )( )
Net Profi t (Loss) Before Tax
Net Profi t (Loss) After Tax***
* Revenue includes: Operating revenue and interest income.
** 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.
As at 31 March 2024 there were 61 BurgerFuel
restaurants operating in NZ (1 more than last year) and
4 operating in the Middle East (3 less than last year)
excluding some third party “dark” kitchens operating in
the UAE. In April 2024 the BurgerFuel Hereford Street
store closed in Christchurch.
As at 31 March 2024 there were 4 Shake Out and 2
Winner Winner restaurants operating in NZ. The Group
closed their underperforming company owned Winner
Winner Takapuna store in May 2023 and the franchise
agreement for the Winner Winner store in Pukekohe
was terminated in March 2024.
Return of Capital
The record profi t achieved in FY24 was a good result,
however it would have been considerably more (circa
70% increase on FY23) had BFG not been required to
incur costs to respond to the opposition that was fi led
in relation to the proposed return of capital (by pro-
rata share cancellation) to all shareholders.
The return of capital by way of a scheme of
arrangement was approved by 92% of votes of
shareholders cast at a special shareholders meeting
held on 14 December 2023. However, following the
shareholder meeting, a notice of opposition against
the proposed scheme was fi led by a single shareholder.
This was the only opposition and it resulted in a
considerable amount of cost, delay, and disruption to
the proposed capital return process and the business.
On 8 May 2024 a full day hearing was held at the
High Court in Auckland to hear and determine BFG’s
application seeking Court approval of the proposed
return of capital. On 27 May 2024 Justice Andrew
issued his decision approving the proposed return of
capital by way of a scheme of arrangement.
The Company spent at least $205,500 in FY24 on
legal costs which can be attributed to the notice of
opposition response. It should also be noted that the
costs incurred by BFG to address and respond to the
opposition are ongoing in the current FY25 fi nancial
year. Approximately a further $200,000 is expected
to be incurred in relation to legal and professional
adviser costs for this matter. These material costs have
considerably diminished BFG’s profi t in both FY24 and
expected profi t in FY25.
Information on the proposed scheme of arrangement,
shareholder vote, notice of opposition and approval
of the scheme by the High Court may be found on the
NZX or at https://www.burgerfuel.com/nz/investor-
relations#shareholder-information.
CHAIRMAN AND CHIEF EXECUTIVES’ REVIEWCHAIRMAN AND CHIEF EXECUTIVES’ REVIEW
THE YEAR’S RESULTS
AND GROUP OUTLOOK
New Zealand
The BurgerFuel brand reached a signifi cant milestone
in FY24 and achieved over $100 million (unaudited) in
NZ system sales. Total systemwide sales across New
Zealand (68 restaurants, all 3 brands) increased by
14.32% on the previous year.
We opened BurgerFuel Dunedin in April 2023.
This store has been well received. At this stage the
proposed BurgerFuel Whanganui store is scheduled to
open later in 2024.
Delivery services for BurgerFuel have been rolled out
across the NZ system (except the Te Awamutu store)
predominantly through UberEats (and Delivereasy for
some of the regional towns). In FY24 the sales uptake
was pleasing, however we are seeing some customer
habits shifting from collecting their orders themselves,
to now using a delivery service.
We had been reluctant to implement a delivery service
for this reason of potential channel cannibalisation
and due to concerns around delivery quality (time it
takes to deliver our product). BurgerFuel burgers do
not travel as well as pizza or other food o ers that
are more adaptable to transportation and to being
re-heated at home. The additional delivery cost to
customers is also signifi cant. We expect that eventually
delivery will not add much in the way of incremental
sales to the total system. However, at this stage we
will continue to o er this convenience option for those
customers who desire and are prepared to pay for it.
Shake Out total store sales increased by 13.5% in FY24
mainly due to our new company owned Shake Out
store in the Commercial Bay precinct, Auckland CBD.
This store opened in November 2022 thus FY24 isn’t
benchmarking against a complete year. During the year
we trialled a delivery only “dark” kitchen in Glendene,
Auckland. While operationally it was a success, sales
volumes were not enough to make this viable in the
short term. It has however allowed us to develop
the brand further and trial other channel options.
For example, Shake Out is now available on a virtual
basis (delivery only) in Wellington. We are currently
monitoring the results of this trial.
Winner Winner total sales decreased by (28%) mainly
due to the closure of our Takapuna company owned
store in May 2023. Whilst Winner Winner is a great
brand & product, this site never really performed.
A ected by Covid and other factors, we decided to
shut the store and minimise losses.
In March 2024, the Winner Winner Pukekohe store
also ceased operation and the franchise agreement
was terminated. This site opened strongly just before
Covid, however, it never really recovered from that.
Winner Winner is more of a dine-in restaurant concept
compared to BurgerFuel and Shake Out, and Covid hit
it hard. We now have two stores under franchise, one
in Wellington’s Courtenay Place and one in Hamilton
East, which is the original Winner Winner. There is no
signifi cant royalty income from these sites.
For the FY24 the two new brands represented 6.8% of
total sales for the Group (7.15% of total NZ sales).
We love both the new brands Winner Winner and
Shake Out. We elected to develop these because of
the limited growth potential of BurgerFuel in New
Zealand, which as we noted last year at the AGM,
is a brand reaching maturity. The establishment of
new brands takes considerable time and fi nancial
investment and accordingly this investment did
impact our FY24 bottom line. In the current economic
environment where costs remain high and consumers
are not spending as much, we have elected to park the
development of Winner Winner and focus on Shake
Out, thereby reducing total investment costs and risk.
We will continue our investment in Shake Out in FY25.
A big issue facing all retail occupants in New Zealand
is the unrealistic rental increases being imposed by
landlords who seek an ever-increasing expectation of
rising rents. It has reached a point where a growing
number of landlord expectations for retail rents are
out of touch with reality and are simply unsustainable.
More and more empty tenancies are appearing in many
of the main streets of New Zealand and shopping mall
footfall and spend are also down. The retailers’ tills are
simply not ringing to the point that makes it attractive
to enter the growing number of food precincts that
are springing up all over the country. This proliferation
of food courts together with the overabundance
of standalone food outlets, will no doubt provide
challenges for both tenants and landlords in the
coming year.
The Middle East
In April 2022 we appointed a new Master Licensee for
the entire region. This is e ectively a Development
Agent (DA) Agreement structure. Our approach for
rejuvenation in the Middle East is considerably di erent
to the model that BFG built there in earlier years.
The past structure of the Middle East meant that our
master franchisee could not maintain a sustainable,
fi nancially viable model. Corporate models (where one
company owns and operates all stores in the region)
can be vulnerable and often do not provide the returns
needed for them to keep investing. Poor site selection
and increased competition also appeared to be a key
factor in the demise of BurgerFuel Middle East.
Following an in depth review of the region we decided
to salvage what we could of both BurgerFuel UAE and
Saudi Arabia and continue with the brand under a new
operating model that proposes to build a more secure
franchise system by allowing less full scale corporate
owned and operated stores and more cluster
FOR THE YEAR ENDED 31 MARCH 2024FOR THE YEAR ENDED 31 MARCH 2024
/ ANNUAL REPORT OF THE DIRECTORS/ ANNUAL REPORT OF THE DIRECTORS
BFG ANNUAL REPORT 2024BFG ANNUAL REPORT 2024
67
(groups of 3) or if possible, individually owned and
operated franchised stores, that build commitment and
strength.
Our “franchisee fi rst” approach to the development of
the New Zealand system which has resulted in a strong
and viable franchise model needs to be duplicated
in the Middle East. Development will be slow, but we
will also have less exposure to a master licence holder
potentially electing to shut down numerous stores
in one tranche, as occurred in the UAE. With a DA
Agreement we receive less royalties, but this structure
requires less investment. Our investment and support
in this region is elective. We can elect not to invest at
all.
In August 2023 the Dubai World Trade Centre store
had a complete refi t with a new BurgerFuel interior
design. This new look, which is made up of various
design elements, has been developed so that it can be
incorporated progressively into any BurgerFuel store.
It’s a stage one concept that will be further developed
and eventually rolled out in the New Zealand system
over time.
BFG earnings from the Middle East have been non-
existent in the past 2 years following Covid but we
will now start receiving modest royalties from the
MENA region from April 2024. We are hopeful that our
Development Agent will commence growing the brand
in this region in the later part of FY25, but this remains
to be seen.
The Middle East system sales were down 35% in FY24.
This is due to Saudi Arabia closing 3 underperforming
stores. There are now 3 BurgerFuel stores operating in
Saudi Arabia and 1 store in Dubai although Dubai also
has some third party, dark kitchen delivery outlets.
Information Technology (IT)
Development
Technology is a growing part of almost every business and
certainly this can be said about our industry. Throughout
FY24 the Group rolled out its own online ordering platform
with an integrated loyalty app. This release went relatively
smoothly and customer interaction with the loyalty app is
going well. We have had a large uptake on the app and we
can now engage with our customers directly, updating them
on new specials, promotions and targeted loyalty perks.
Loyalty is managed via our BF MPB (BurgerFuel miles per
burger) rewards system.
The BFG IT platform is a result of the ongoing investment
we have made and intend to keep making into proprietary IT
systems. The stage one introduction of our own IT system has
allowed us to reduce the use of services from some third-
party providers, as their rates began to rise at levels which
were concerning. As a franchisor it is always our goal to
provide as many of the required services as possible directly
to our franchisees, thereby reducing the need for SaaS
(Software as a service) and other outside providers. This
allows us better control over franchisee expenses and data.
We are pleased to advise that in November 2023 we were
able to commence the monetising of our stage one IT
investment by way of a monthly, sales percentage-based
charge to the system, that allows BFG to earn revenue from
this IT platform but ensures that our franchisees receive value
for this service. This revenue assisted with our profi t in the
second half of FY24.
As part of our long-term investment strategy, we intend
to continue investment into technology. We are currently
investigating di erent approaches to IT investment which
will include bolstering our current stage one BF app to a
stage two level. We are also considering investment into
other areas of technology that our business requires or could
benefi t from as we become more reliant on advances in
technology
Governance - Directors
The Board are pleased to announce the appointment of
two new independent directors Alan Gourdie (appointed 01
October 2023) and Tristram van der Meijden (appointed 11
April 2024). Details of these directors can be found on our
website or on the NZX.
The FY24 year saw the retirement of Alan Dunn as an
independent director and Chair Peter Brook has advised of
his intention to retire later in the year. The Company will
make an announcement regarding this and any other changes
to the Board in due course.
Summary & Outlook
Despite the challenges posed throughout FY24 we believe
the Group achieved a strong result. We note that we are
experiencing rising costs of compliance in many areas of
the business. These costs are not just those required to
meet NZX listing requirements but increased legal and other
advisers’ costs as well as increased management time to
ensure compliance is met. Disappointingly, BFG will have
spent approximately $400,000 in various external costs
(a bit less than one third of annual net profi t after tax) and
many weeks of management’s time to address and respond
to the single notice of opposition, against the proposed
return of approximately $4M of tax-free capital to its
shareholders.
The economy remains tough, and we are cautious about
any form of crystal balling as to what we can expect in this
current fi nancial year. Hospitality is extremely challenging.
On a store-by-store basis, in some locations, viable operating
numbers are becoming harder to hit. By this we mean not
only achieving same store sales growth but also achieving
sustainable metrics around the ever-increasing operating
costs which have grown considerably in the past 18 months
with rent, labour, utilities, and cost of goods all rising
substantially.
It is not possible to increase our retail prices to cover all
rising costs as we believe we will lose customers by doing
this, particularly given the cost-of-living crisis all New
Zealanders are currently experiencing. There is a necessary
balance that must always be achieved between retail pricing
and franchisee/BFG margin. Costs need to be carefully
apportioned taking a long-term view and protecting our
customer base whilst also continuing to build value. If we feel
it is necessary to absorb current or future rising costs, this
will a ect BFG profi ts in FY25.
The other signifi cant issue we are facing is the escalating
costs to build new restaurants. Since 2019 store construction
costs have nearly doubled. In the last 18 months alone build
CHAIRMAN AND CHIEF EXECUTIVES’ REVIEWCHAIRMAN AND CHIEF EXECUTIVES’ REVIEW
costs are up around 30%. The more expensive a store is to
build, the less franchisees we can attract and the longer
the return on investment takes for them to achieve. The
BurgerFuel Whanganui store will potentially be the only new
BurgerFuel store opening in FY25.
Across the Group we remain confi dent that we will achieve
a reasonable level of sales in FY25, however judging by the
current state of the economy and sales to date this year, we
think this will be fl at at best. This is simply the reality of the
economy that is now biting hard and a ecting a signifi cant
proportion of the population with a lack of disposable spend
and interest rates looking set to remain at current levels
for some time yet. We cannot predict how many of our
customers will reduce their frequency or reduce their spend,
or both, but we are seeing signs of both occurring in this
fi nancial year.
We reiterate our primary, key growth strategies which are
that we will remain investing in BurgerFuel, Shake Out and
technology systems. This year will see more investment
into all these areas. It is too early to determine where the
economy will go in the next 6 months, but the sense is that
as can be seen over most of the retail sector, it is likely that
we will experience slower sales and ongoing compressed
margins. If this continues, profi ts will be a ected more than
in FY24. That said, the Company intends to remain in profi t in
the current fi nancial year.
We would like to thank all shareholders, sta , franchisees,
suppliers and of course our valued customers for their
continued support.
Best regards,
FOR THE YEAR ENDED 31 MARCH 2024FOR THE YEAR ENDED 31 MARCH 2024
Josef Roberts
Group CEO
Peter Brook
Chairman
/ ANNUAL REPORT OF THE DIRECTORS/ ANNUAL REPORT OF THE DIRECTORS
BFG ANNUAL REPORT 2024BFG ANNUAL REPORT 2024
89
Total System Sales represent total till
sales fi gures across the counter for all
franchise and company owned stores.
These fi gures are based on store sales
reported by franchisees to Burger
Fuel Limited for the corresponding
fi nancial years, and have not been
independently reviewed or audited
by Baker Tilly Staples Rodway. All
fi gures are taken from till sales and
are up to and including the last day of
the calendar month. These fi gures are
exclusive of GST.
These fi gures include all three brands
BurgerFuel, Shakeout, and Winner
Winner.
Financial years are from 1st April to 31st March. Total system sales represent total till sales fi gures across the counter
for all franchise and company owned stores.
Total (Unaudited) System Sales
BURGER FUEL GROUP LIMITED FY24 TOTAL
SYSTEM SALES
2012
2012
NZ$33.0M
NZ$8.35M
2013
2013
NZ$38.1M
NZ$9.6M
2014
2014
NZ$49.3M
NZ$12M
2015
2015
NZ$66.2M
NZ$14.4M
2016
2016
NZ$82.8M
NZ$18.6M
2011
2011
NZ$29.9M
NZ$8.72M
2010
2010
NZ$25.9M
NZ$7.48M
NZ$(710,282)
NZ$(1,143,655)
NZ$(552,983)
NZ$33,513
NZ$708,360
NZ$1,098,294
NZ$400,656
NZ$532,170
NZ$888,946
NZ$1,236,341
NZ$505,478
NZ$712,985
NZ$575,869
NZ$900,418
NZ$1,327,077
NZ$(463,062)
2009
2009
2017
2017
NZ$96.5M
NZ$20.3M
2018
2018
NZ$100.3M
NZ$22.3M
2019
2019
NZ$105.6M
NZ$24.7M
2020
2020
2021
2021
2022
2022
2023
2023
2024
2024
NZ$103.6M
NZ$21M
NZ$101.3M
NZ$21.8M
NZ$88.7M
NZ$20.9M
NZ$94.2M
NZ$20.9M
NZ$106.2M
NZ$24M
NZ$117M
NZ$27.2M
$117,092,203
BURGER FUEL GROUP LIMITED FY24
REVENUE AND TRADING HISTORY
REVENUE
PROFIT AFTER TAX
/ FY24 REVENUE AND TRADING HISTORY/ FY24 TOTAL SYSTEM SALES
11
2024 THE BURG RFUEL GROUP BOARD
Alan GOURDIE
Independent Dire tor & Chair
of Audit Commi tee
Alan has had an interna ional
areer as CEO and Global
Marke ing Dire tor for high-profile
na ional and global organi a ions
wi hin he telecommuni a ions and
FMCG indu trie .
His areer include role wi h
he Heineken organi a ion
and a number of New Zealand
busine se , including he CEO for
Telecom (Spark) Re ail.
Burger TIG
Burger Driver
S ig
Peter BROOK
Chairman Member & BFG
Audit Commi tee
Peter has 20 years eperience in
he inve tment banking indu try,
re iring in 2000 to pursue his
own busine s and consul ancy
a ivi ie .
Mark PIET
Chief Financial Oficer
Mark is he CFO & Company
Secre ary of BurgerFuel and has
been wi h he company since 2008.
Mark is a chatered accoun ant & a
member of Chatered Accoun ant
Au talia and New Zealand.
Prior to joining BurgerFuel, Mark
worked for Deut che Bank & The
Economi t in London.
Tyrone FOLEY
Non-Independent Dire tor
Tyrone was he BFG Group COO
from 2011 to 2021.
He be ame a non-independent
dire tor in O tober 2021.
Tyrone’s previous management
role have been wi h McDonald’s
and BP. He is currently he CEO of
Libelle Group.
Josef ROBERTS
Group CEO
Josef is he Group CEO and
is re ponsible for he oveall
dire ion and management of he
busine s.
Former CEO and founder of
Red Bull Au talasia.
INDEPENDENT AUDITOR’S REPORT
TO THE SHAREHOLDERS OF BURGER FUEL GROUP LIMITED
Report on the Audit of the Consolidated Financial Statements
Opinion
We have audited the consolidated fi nancial statements of Burger Fuel Group Limited Company and its
subsidiaries (‘the Group’) on pages 19 to 62, which comprise the consolidated statement of fi nancial position
as at 31 March 2024, and the consolidated statement of comprehensive income, consolidated statement
of changes in equity and consolidated statement of cash fl ows for the year then ended, and notes to the
consolidated fi nancial statements, including material accounting policy information.
In our opinion, the accompanying consolidated fi nancial statements present fairly, in all material respects, the
consolidated fi nancial position of the Group as at 31 March 2024, and its consolidated fi nancial performance
and its consolidated cash fl ows for the year then ended in accordance with New Zealand Equivalents to
International Financial Reporting Standards (‘NZ IFRS’) and International Financial Reporting Standards
(‘IFRS’).
Our report is made solely to the Shareholders of the Group. Our audit work has been undertaken so that
we might state to the Shareholders of the Group those matters we are required to state to them in an
auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Shareholders of the Group as a body, for our audit work, for our report
or for the opinions we have formed.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (‘ISAs (NZ)’).
Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the
Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in
accordance with Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners
(including International Independence Standards) (New Zealand) issued by the New Zealand Auditing and
Assurance Standards Board and the International Ethics Standards Board for Accountants’ International Code
of Ethics for Professional Accountants (including International Independence Standards) (‘IESBA Code’), and
we have fulfi lled our other ethical responsibilities in accordance with these requirements and the IESBA Code.
We believe that the audit evidence we have obtained is su cient and appropriate to provide a basis for our
opinion.
Other than in our capacity as auditor, our fi rm carries out other assignments for Burger Fuel Group Limited
and its subsidiaries in the area of taxation compliance services. The provision of these other services has not
impaired our independence.
T
: +64 9 309 0463
E
: auckland@bakertillysr.nz
W
: www.bakertillysr.nz
Level 9, 45 Queen Street,
Auckland 1010
PO Box 3899, Auckland 1140
New Zealand
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most signifi cance in our audit
of the consolidated fi nancial statements of the current year. These matters were addressed in the context of our
audit of the consolidated fi nancial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.
Key Audit Matter
How our audit addressed the key audit matter
Leases
As disclosed in Note 18 of the Group’s consolidated
fi nancial statements, the Group has lease liabilities
of $22.5m (2023: $24.7m), right-of-use assets
of $5.9m (2023: $6.7m) and lease receivables of
$15.7m (2023: $17.1m).
Lease liabilities, right-of-use assets and lease
receivables were signifi cant to our audit due
to the size of the assets and liabilities and the
subjectivity, complexity and uncertainty inherent
in the application of NZ IFRS 16 Leases and the
assumptions required by Management for the
calculations of the lease balances.
These calculations require estimates regarding
the lease term and the discount rate. As well,
Management has exercised their judgement
in determining the recoverability of the lease
receivables for the sublease arrangements.
Our audit procedures, among others, included:
• Understanding and evaluating the Group’s
internal controls relevant to the accounting
estimates used to determine the expected term
of the Group’s leases and applicable incremental
borrowing rates.
• Evaluating Management’s process relating to
the identifi cation, recording, recognition and
measurement of leases within the scope of NZ
IFRS 16 Leases.
• Evaluating Management’s judgements made in
applying allowable practical expedients against
the requirements of NZ IFRS 16.
• Assessing the completeness of identifi ed lease
contracts by checking that all leased facilities
were included in the calculation.
• For new leases:
• Agreeing key inputs in the lease calculation
to the underlying lease agreements;
• Recalculating the lease liability, right-of-use
asset and lease receivable based on the key
inputs and compared our recalculations to
the balances recorded by the Group; and
• Checking the appropriateness of the
classifi cation of the lease liability and lease
receivable between current and non-current
based on the remaining term of the lease.
• For a sample of existing leases, evaluating
Management’s calculations for the subsequent
measurement of the leases, including lease
modifi cations and rent revisions.
Key Audit Matter
How our audit addressed the key audit matter
• Evaluating Management’s estimates regarding
terms of the leases and Management’s
consideration of options to extend or terminate
the leases.
• Evaluating Management’s assessment of the
incremental borrowing rates applied to individual
leases or portfolios of leases.
• Evaluating the inputs and any underlying
assumptions with a view to identifying
Management bias.
• Evaluating Management’s assessment of any
indicators of impairment for the right of use
assets in accordance with NZ IAS 36 Impairment
of Assets.
• Evaluating the recoverability of the lease
receivable based on Management’s assessment
of impairment using the expected credit loss
model in accordance with NZ IFRS 9 Financial
Instruments.
• Evaluating the disclosures (including the
accounting policies and accounting estimates)
related to leases which are included in the
Group’s consolidated fi nancial statements.
Key Audit Matter
How our audit addressed the key audit matter
Impairment assessment of Goodwill
As disclosed in Note 13 of the Group’s
consolidated fi nancial statements, the Group has
goodwill of $1.3m (2023: $1.3m), allocated across
two (2023: two) cash-generating units (‘CGUs’).
Goodwill was signifi cant to our audit due to
the size of the assets and the subjectivity,
complexity, and uncertainty inherent in the
measurement of the recoverable amount of
these CGUs for the purpose of the required
annual impairment test. The measurement
of a CGU’s recoverable amount includes the
assessment and calculation of its ‘value in-use’
or its fair value less costs to sell.
The annual impairment test involves complex
and subjective estimates and judgements by
Management on the future performance of the
CGUs, discount rates applied to the future cash
fl ow forecasts and future market and economic
conditions.
Our audit procedures, among others, included:
• Evaluating Management’s determination of the Group’s
CGUs based on our understanding of the nature of
the Group’s business and the economic environment
in which the segments operate. We also analysed the
internal reporting of the Group to assess how the CGUs
are monitored and reported.
• Challenging Management’s assumptions and estimates
used to determine the recoverable value of its goodwill,
including those relating to forecasted revenue, cost,
capital expenditure and discount rates, by adjusting for
future events and corroborating the key market related
assumptions to external data.
• Procedures included:
• Evaluating the logic of the value-in-use
calculations supporting Management’s annual
impairment test and testing the accuracy of these
calculations;
• Evaluating Management’s process regarding the
preparation and review of forecasts;
• Comparing forecasts to Board approved forecasts;
• Evaluating the historical accuracy of the Group’s
forecasting to actual historical performance;
• Challenging and evaluating the forecast growth
assumptions;
• Evaluating the inputs to the calculation of the
discount rates applied;
• Engaging our own internal valuation experts
to evaluate the reasonability of Management’s
discount rate;
• Evaluating the forecasts, inputs and underlying
assumptions with a view to identifying
Management bias;
• Evaluating Management’s sensitivity analysis for
reasonably possible changes in key assumptions;
and
• Performing our own sensitivity analyses for
reasonably possible changes in key assumptions,
the two main assumptions being: the discount rate
and forecast growth assumptions.
• Evaluating the related disclosures (including the
accounting policies and accounting estimates) about
goodwill, and the risks attached to them which
are included in the Group’s consolidated fi nancial
statements.
Other Information
The Directors are responsible for the other information. The other information comprises the information included
in the Group’s annual report for the year ended 31 March 2024 (but does not include the consolidated fi nancial
statements and our auditor’s report thereon).
Our opinion on the consolidated fi nancial statements does not cover the other information and we do not express
any form of audit opinion or assurance conclusion thereon.
In connection with our audit of the consolidated fi nancial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
consolidated fi nancial statements, or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Consolidated Financial Statements
The Directors are responsible on behalf of the Group for the preparation and fair presentation of the consolidated
fi nancial statements in accordance with NZ IFRS and IFRS, and for such internal control as the Directors
determine is necessary to enable the preparation of the consolidated fi nancial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the consolidated fi nancial statements, the Directors are responsible on behalf of the Group for
assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group
or to cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated fi nancial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs (NZ) will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to infl uence the economic decisions of users taken on the basis of these consolidated
fi nancial statements.
As part of an audit in accordance with ISAs (NZ), we exercise professional judgement and maintain professional
scepticism throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the consolidated fi nancial statements, whether due
to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is su cient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
•
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the e ectiveness of
the Group’s internal control.
•
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
•
Conclude on the appropriateness of the use of the going concern basis of accounting by the Directors and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions
that may cast signifi cant doubt on the Group’s ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related
disclosures in the consolidated fi nancial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the Group to cease to continue as a going concern.
•
Evaluate the overall presentation, structure and content of the consolidated fi nancial statements, including
the disclosures, and whether the consolidated fi nancial statements represent fairly the underlying
transactions and events in a manner that achieves fair presentation.
•
Obtain su cient appropriate audit evidence regarding the fi nancial information of the entities or business
activities within the Group to express an opinion on the consolidated fi nancial statements. We are
responsible for the direction, supervision and performance of the group audit. We remain solely responsible
for our audit opinion.
We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit
and signifi cant audit fi ndings, including any signifi cant defi ciencies in internal control that we identify during our
audit.
We also provide the Directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably
be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Directors, we determine those matters that were of most signifi cance
in the audit of the consolidated fi nancial statements of the current year and are therefore the key audit matters.
We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated
in our report because the adverse consequences of doing so would reasonably be expected to outweigh the
public interest benefi ts of such communication.
Matters Relating to the Electronic Presentation of the Audited Consolidated Financial Statements
This audit report relates to the consolidated fi nancial statements of Burger Fuel Group Limited and its
subsidiaries for the year ended 31 March 2024 included on Burger Fuel Group Limited’s website. The Directors
of Burger Fuel Group Limited are responsible for the maintenance and integrity of Burger Fuel Group Limited’s
website. We have not been engaged to report on the integrity of Burger Fuel Group Limited’s website. We
accept no responsibility for any changes that may have occurred to the consolidated fi nancial statements since
they were initially presented on the website.
The audit report refers only to the consolidated fi nancial statements named above. It does not provide an
opinion on any other information which may have been hyper linked to or from these consolidated fi nancial
statements. If readers of this report are concerned with the inherent risks arising from electronic data
communication they should refer to the published hard copy of the audited consolidated fi nancial statements
and related audit report dated 27 June 2024 to confi rm the information included in the audited consolidated
fi nancial statements presented on this website.
Legislation in New Zealand governing the preparation and dissemination of consolidated fi nancial statements
may di er from legislation in other jurisdictions.
The engagement partner on the audit resulting in this independent auditor’s report is D I Searle.
BAKER TILLY STAPLES RODWAY AUCKLAND
Auckland, New Zealand
27 June 2024
BAKER TILLY STAPLES RODWAY AUCKLAND
19
BFG ANNUAL REPORT 2024
WINNER WINNERWINNER WINNER
20242023
Note$$
Revenue425,949,98022,799,659
COVID Government wage subsidy-35,606
Operating Expenses5(22,356,343)(19,453,197)
Profi t before Interest, Taxation, Depreciation
and Amortisation3,593,6373,382,068
Depreciation on Property, Plant and Equipment10(361,020)(648,444)
Depreciation on Right of Use Assets18(982,435)(828,911)
Amortisation and impairment13(229,793)(265,676)
(1,573,248)(1,743,031)
Profi t before Interest and Taxation 2,020,3891,639,037
Interest Income297,75491,600
Interest Income leases non-occupied181,030,5661,089,474
Interest Expense-(325)
Interest Expense leases occupied18(432,457)(471,326)
Interest Expense leases non-occupied18(1,030,566)(1,089,474)
(134,703)(380,051)
Profi t before Taxation1,885,6861,258,986
Income Tax Expense6(558,609)(358,568)
Net Profi t attributable to shareholders1,327,077900,418
Other comprehensive income:
Items that may be reclassifi ed subsequently to profi t
or loss:
Movement in Foreign Currency Translation Reserve19(5,425)1,708
Total comprehensive income1,321,652902,126
Basic Earnings per Share (cents)242.641.79
Diluted Earnings per Share (cents)242.641.79
The attached notes form part of these fi nancial statements
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
/ CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
BFG ANNUAL REPORT 2024BFG ANNUAL REPORT 2024
2021
AS AT 31 MARCH 2024AS AT 31 MARCH 2024
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
20242023
Shareholders’ equityNote$$
Contributed equity1711,913,49911,913,499
Retained earnings1,536,329209,252
Foreign currency translation reserve19(289,193)(283,768)
13,160,635 11,838,983
Current assets
Cash and cash equivalents169,571,1608,202,024
Trade and other receivables82,156,7322,133,744
Prepaid expenses28215,548-
Lease Receivable: non-occupied181,499,9011,482,830
Contract Asset35,374-
Inventories9657,211578,993
Loans1218,44016,189
14,154,36612,413,780
Non-current assets
Property, plant and equipment102,242,4822,441,342
Right of use asset - leases185,864,1686,687,547
Contract Asset384,100-
Lease receivable non-occupied1814,214,41315,602,844
Deferred tax asset6566,380618,420
Loans12-29,311
Intangible assets132,048,3422,056,255
25,319,88527,435,719
Total Assets39,474,25139,849,499
Current liabilities
Trade and other payables141,888,6051,853,546
Contract Liability14250,958195,072
Lease Liability18691,690731,509
Lease Liability: non-occupied181,499,9011,482,830
Income tax payable320,095267,063
Provisions15472,386345,692
5,123,6354,875,712
The attached notes form part of these fi nancial statements
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
20242023
Non-current liabilitiesNote
Contract Liability14807,740610,240
Lease Liability186,121,0866,878,478
Lease Liability non-occupied1814,214,41315,602,844
Provisions1546,74243,242
21,189,98123,134,804
Total liabilities26,313,61628,010,516
Net assets13,160,63511,838,983
Net tangible assets per share
($ per share - non-GAAP measure) 270.210.18
For and on behalf of the Board who approved these fi nancial statements for issue on 27 June 2024.
DirectorDirector
The attached notes form part of these fi nancial statements
DirectorDirector
Josef Roberts
Group CEO
Peter Brook
Chairman
/ CONSOLIDATED STATEMENT OF FINANCIAL POSITION/ CONSOLIDATED STATEMENT OF FINANCIAL POSITION
BFG ANNUAL REPORT 2024BFG ANNUAL REPORT 2024
2223
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
2024
Contributed
Equity
Foreign
Currency
Translation
Reserve
Retained
earnings/
(accumulated
losses)Total Equity
Note$$$$
Balance as at 1 April 202311,913,499(283,768)209,25211,838,983
Movement in foreign currency
translation reserve recognised in other
comprehensive income-(5,425)-(5,425)
Net Profi t for the year ended
31 March 2024--1,327,0771,327,077
Total comprehensive income-(5,425)1,327,0771,321,652
Balance as at 31 March 202411,913,499(289,193)1,536,32913,160,635
2023
Contributed
Equity
Foreign
Currency
Translation
Reserve
Retained
earnings/
(accumulated
losses)Total Equity
Note$$$$
Balance as at 1 April 202211,913,499(285,476)(691,166)10,936,857
Movement in foreign currency
translation reserve recognised in other
comprehensive income-1,708-1,708
Net Profi t for the year ended
31 March 2023--900,418900,418
Total comprehensive income-1,708900,418902,126
Balance as at 31 March 202311,913,499(283,768)209,25211,838,983
The attached notes form part of these fi nancial statementsThe attached notes form part of these fi nancial statements
20242023
Cash fl ows from operating activities Note$$
Receipts from customers25,903,53022,567,953
Government support-35,606
Interest received260,25191,600
Goods and services tax(54,920)54,443
Payments to suppliers & employees(22,300,320)(18,948,977)
Interest Paid-(325)
Interest on leases(432,457)(471,326)
Taxes Paid(453,536)(248,832)
Net cash fl ows provided from operating activities252,922,5483,080,142
Cash fl ows from investing activities
Repayments of loans27,06028,830
Sale of property, plant and equipment 128,147187,050
Acquisition of intangible assets13(221,880)(427,050)
Acquisition of property, plant & equipment10(536,584)(815,465)
Net cash fl ows applied to investing activities(603,257)(1,026,635)
FOR THE YEAR ENDED 31 MARCH 2024
CONSOLIDATED STATEMENT OF
CASH FLOWS
Cash fl ows from fi nancing activities
Lease Liability Principal Component(955,937)(662,486)
Net cash fl ows applied to fi nancing activities(955,937)(662,486)
Net movement in cash and cash equivalents1,363,3541,391,021
Exchange gains / (loss) on cash and cash
equivalents5,78212,641
Opening cash and cash equivalents8,202,0246,798,362
Closing cash and cash equivalents169,571,1608,202,024
/ CONSOLIDATED STATEMENT OF CHANGES IN EQUITY/ CONSOLIDATED STATEMENT OF CASH FLOWS
BFG ANNUAL REPORT 2024BFG ANNUAL REPORT 2024
2425
1) Reporting entities and statutory base
Burger Fuel Group Limited (“BFG”) 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 fi nancial statements comply with that Act.
The fi nancial statements presented are those of Burger
Fuel Group Limited (the ‘Group’). A list of its wholly owned
subsidiaries is listed in note 11 of the fi nancial statements.
The Group operates as a franchisor of gourmet burger
and chicken restaurants and is a for-profi t oriented entity,
incorporated and domiciled in New Zealand.
2) Basis of preparation
Statement of Compliance
The fi nancial statements have been prepared in
accordance with New Zealand Generally Accepted
Accounting Practice (“NZ GAAP”) and the requirements
of the Companies Act 1993, the Financial Reporting Act
2013 and the Financial Markets Conduct Act 2013. They
comply with the New Zealand equivalents to International
Financial Reporting Standards (“NZ IFRS”), and other
applicable Financial Reporting Standards as appropriate
for, for-profi t oriented entities. For the purposes of
complying with NZ GAAP, the Group is a Tier 1 for-profi t
entity as defi ned in the XRB’s Accounting Standards
Framework. These fi nancial statements also comply with
International Financial Reporting Standards (“IFRS”).
These fi nancial statements are presented in New Zealand
dollars ($), which is the Group’s functional currency and
they have been rounded to the nearest dollar.
Where necessary, comparative information has been
reclassifi ed and repositioned for consistency with current
year disclosures.
The fi nancial statements were approved by the Board of
Directors on the date set out on page 21 of the Annual
Report.
Basis of Measurement
These fi nancial statements have been prepared under the
historical cost convention and on a going concern basis.
Use of Estimates and Judgements
The preparation of fi nancial statements in conformity with
NZ IFRS requires management to make estimates and
assumptions that a ect the reported amounts of assets
and liabilities at the date of the fi nancial statements and
the reported amounts of revenues and expenses during
the year. Actual results could di er from those estimates.
The principal areas of judgments in preparing these
fi nancial statements are set out below:
IFRS16 – Expected Lease Term
The Group has estimated the lease terms for the occupied
and non-occupied leases will run to their fi nal expiry,
taking into account all optional exercise periods. This is
based on the fact that the Group and franchisee spends
a signifi cant amount on the store fi tout, thus it is in their
best interest to extend the lease term for as long as
possible while the asset is generating revenue. The Winner
Winner Limited company owned store and the Shake Out
Delivery Kitchen leases were terminated in March 2024.
The leases are generally aligned with the 10-year franchise
agreements.
Recoverability of lease receivables
The Group holds the head leases on 49 franchised Burger
Fuel stores in New Zealand (Non-occupied leases). These
have been sublet to the franchisees on the same terms
and conditions and the franchisee is a guarantor of the
lease. The liability of the lease passes to the franchisee
and a number of these leases have default liability clauses
included, which limits lease payments from 3 to 24
months. There are judgements involved in determining
the recoverability of the lease receivable, based on the
possible nonpayment of rent from the franchisee, who is
the sublessee in this relationship.
Accounting for Income Tax
Preparation of the annual fi nancial statements requires
management to make estimates as to, amongst other
things, the amount of tax that will ultimately be payable,
the availability of losses to be carried forward and the
amount of foreign tax credits it will receive in each of the
jurisdictions it operates in.
Deferred tax assets are recognised for deductible
temporary di erences and unused tax losses (where
applicable) only to the extent that it is probable that
future taxable amounts will be available to utilise those
temporary di erences and losses. Actual results may
di er from these estimates as a result of reassessment by
management or taxation authorities.
Refer to note 6 for additional information on accounting
for income tax.
Impairment of Goodwill
The Group reviews goodwill for impairment on an annual
basis. This requires an estimation of the value in use of the
cash-generating units to which the Goodwill is allocated.
Estimating the value in use amount requires management
to make an estimate of the expected future cash fl ows
from the cash-generating unit in the forecasted period of
5 years and also to determine a suitable discount rate in
order to calculate the present value of those cash fl ows.
The Group’s longer-term forecasts are subject to a higher
level of uncertainty as it mostly depends on consumer
spending, market conditions and level of competition.
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
For additional information on the impairment test,
reference is made to note 13.1 - Intangible Assets.
3) Material accounting policies
The following is a summary of specifi c accounting policies
adopted by the Group in the preparation of the fi nancial
statements that materially a ect the measurement
of fi nancial performance, cash fl ows and the fi nancial
position.
a) Adoption of new & revised standards
and interpretations
The Group adopted the amendments to NZ IAS 1
Presentation of Financial Statements, IFRS Practice
Statement 2, and NZ IAS 8 Accounting Policies, Changes
in Accounting Estimates and Errors at the start of the
current accounting period on 1 April 2023. The NZ
IAS 1 amendment required the Group to disclose its
‘material’ accounting policies rather than its ‘signifi cant’
accounting policies in its fi nancial statements. The NZ IAS
8 amendment did not a ect the fi nancial or disclosure
aspects of the Group’s fi nancial statements. No other new
standards, amendments, or interpretations to existing
standards e ective from 1 April 2023 materially impacted
the Group’s fi nancial statements or required retrospective
adjustments.
b) Revenue Recognition
Revenue arises mainly from the sale of food and beverage
products from our fast-casual stores that the Group owns
directly and from franchise and royalty arrangements that
it has in place with franchise holders both in New Zealand
and o shore.
The Group recognises contract liabilities for consideration
received in respect of unsatisfi ed performance obligations
and reports these amounts as other contract liabilities in
the statement of fi nancial position.
Sale of goods
The Group is in the business of providing fast-casual food
solutions to its customers and franchisees. Revenue from
contracts with customers is recognised when control of
the goods is transferred to the customer or franchisee
at an amount that refl ects the consideration to which
the Group expects to be entitled in exchange for those
goods or services. The Group has concluded that it is the
principal in its revenue arrangements, because it controls
the goods or services before transferring them to the
customer.
Management has determined the performance obligation
to deliver the food & proprietary products is completed
when control of goods passes to customer. Revenue is
recognised at this time.
Franchise fees
The Group recognises revenue derived from its franchise
operations in New Zealand and the Middle East 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,
the use of the intellectual property, is satisfi ed. Payment is
received annually over the term of the agreement.
The transaction price includes a variable price
consideration for the possible transfer of franchise rights.
This is unknown until a transfer transaction is completed.
Given the high uncertainty of this transfer, the transaction
price for a franchise contract is not adjusted for these
transferred franchise rights until the Group is notifi ed of
the sale.
Royalties from Franchises and Master Licencing
Arrangements (MLAs)
The Group recognises revenue derived from its Franchises,
MLAs and Development Agent agreements over time,
based on sales that are reported back to the Group on
a monthly basis for sales that occurred in that month.
Payment is received on a monthly basis.
The performance obligation, to provide access to the
brand intellectual property, is satisfi ed over time. Royalty
revenue is recognised as the underlying sales take place.
Training fees
The Group recognises revenue from training over time
as each 12-week training course is provided to the new
operators of franchises. Payment is received upfront when
the new operator signs a franchise agreement.
Advertising revenue
The Group recognises advertising revenue derived from
its Franchises and MLAs over time, based on sales that are
reported back to the Group on a monthly basis for sales
that occurred in that month. Payment is received on a
monthly basis.
The performance obligation, to provide access to the
brand intellectual property and advertising services, is
satisfi ed over time. Advertising revenue is recognised as
the underlying sales take place, in accordance with sales-
based royalties. The Group provides marketing services
to increase sales and brand exposure over the life of the
agreement.
Property management fees
The Group recognises revenue from property management
services on a straight-line basis over 12 months. This
refl ects the period of time over which the Group provides
property management services to each franchise.
Other revenue
Other revenue includes incentives, bonuses and rebates
received by the Group from its suppliers in relation to
volume of goods and services that have been purchased
by franchise holders. Rebate revenue is recognised when
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
BFG ANNUAL REPORT 2024BFG ANNUAL REPORT 2024
2627
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
3) Material accounting policies (Continued)
the sale of the underlying asset is completed. Other
revenues are recognised when reliable estimates of the
amounts due to the Group are deemed to be highly
probable.
Online ordering (software) revenue
The Group recognises revenue derived from its Franchises
over time, based on online sales that are reported back to
the Group on a monthly basis for sales that occurred in
that month. Payment is received on a monthly basis.The
performance obligation, to provide access to the Groups
online ordering platform, is satisfi ed over time.
Royalty revenue is recognised as the underlying sales take
place.
Signifi cant fi nancing components
Using the practical expedient in NZ IFRS 15, the Group
does not adjust the promised amount of consideration
for the e ects of a signifi cant fi nancing component if it
expects, at contract inception, the period between the
transfer of the promised good or service to the customer
and when the customer pays for that good or service will
be one year or less.
c) Accounts Receivable
Trade receivables
The Group makes use of a simplifi ed approach in
accounting for trade receivables. In calculating, the Group
uses its historical experience, external indicators and
forward-looking information to calculate the expected
credit losses.
The Group assesses the impairment of all its trade
receivables on a specifi c as well as a collective basis in
order to determine the allowance for credit losses.
Management has assessed the information available and
concluded that no provision for expected credit losses was
identifi ed.
d) Inventories
Inventories are stated at the lower of cost and net
realisable value after due consideration for excess and
obsolete items. Cost is based on the fi rst in, fi rst out
principle and includes expenditure incurred in acquiring
the inventories and bringing them to their existing
condition and location. Net realisable value is the
estimated selling price in the ordinary course of business,
less estimated selling expenses.
e) Financial Instruments
Loans Receivable and Lease Receivable
at amortised cost
Management have assessed each counterparty as having
a low risk of default and a strong capacity to meet their
contractual cash fl ow obligations in the near term.
f) Share Capital
Ordinary Shares
Incremental costs directly attributable to the issue of
ordinary shares and share options are recognised as a
deduction from equity.
g) Property, Plant and Equipment
Recognition and Measurement
Items of property, plant and equipment are measured at
cost less accumulated depreciation and impairment losses.
Cost includes expenditures that are directly attributable to
the acquisition of the asset. The cost of self-constructed
assets includes the cost of materials and direct labour,
any other costs directly attributable to bringing the asset
to a working condition for its intended use, and the costs
of dismantling and removing the items and restoring the
site on which they are located. Purchased software that
is integral to the functionality of the related equipment is
capitalised as part of that equipment.
When parts of an item of property, plant and equipment
have di erent useful lives, they are accounted for as
separate items (major components) of property, plant and
equipment.
Subsequent Costs
The cost of replacing part of an item of property, plant
and equipment is recognised in the carrying amount of
the item if it is probable that the future economic benefi ts
embodied within the part will fl ow to the Group and its
cost can be measured reliably. The costs of the day-
to-day servicing of property, plant and equipment are
recognised in profi t and loss as incurred.
Depreciation rates
Property, plant and equipment are stated at cost less
accumulated depreciation. The following depreciation
rates have been used:
Motor Vehicles 24% - 40% diminishing value
Leasehold Improvements 9% - 40% diminishing value
Computer Hardware 16% - 75% diminishing value
Furniture & Fittings 8% - 67% diminishing value
Kitchen Equipment 8% - 67% diminishing value
O ce Equipment 8% - 67% diminishing value
Where an asset is disposed of, the gain or loss recognised
in the Statement of Comprehensive Income is calculated
as the di erence between the sale price and the carrying
amount of the asset.
FOR THE YEAR ENDED 31 MARCH 2024
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
h) Leased Assets
As a lessee
The Group has elected to apply the practical expedient in
accordance with IFRS 16, allowing for the combination of
lease and non-lease components.
As a lessor
When the Group is an intermediate lessor (based on sub-
leasing) it accounts for its interests in the head lease and
the sub-lease separately. It assesses the lease classifi cation
of a sub-lease with reference to the right-of-use asset
arising from the head lease, not with reference to the
underlying asset. If a lease transfers substantially all of the
risks and rewards incidental to the right-of-use asset, it is
treated as a fi nance lease. These are classifi ed as non-
occupied leases in the fi nancial statements.
The initial measurement of the present value of the lease
liability is o set with a lease receivable, representing its
right to receive lease payments from a sublessee.
Variable lease payments, such as percentage rent based
on turnover, not included in the measurement of lease
liabilities are recognised as an expense when incurred.
Leases of 12-months or less and leases of
low value assets
Lease payments made in relation to leases of 12-months
or less and leases of low value assets (for which a right of
use asset and a lease liability has not been recognised) are
recognised as an expense on a straight-line basis over the
term of the lease.
i) Intangible Assets
The Group’s intangible assets have fi nite useful lives with
the exception of Goodwill and are stated at cost less
accumulated amortisation. This class of intangible asset
which includes brand assets, software and patents are
amortised in the Statement of Comprehensive Income on
a straight-line basis over the period during which benefi ts
are expected to be derived, which is up to 10 years for
trademarks. Where there has been an impairment in the
value, the balance has been written o in the Statement
of Comprehensive Income. Subsequent expenditure is
capitalised only when it increases the future economic
benefi ts embodied in the intangible asset to which
it relates. All other expenditure is recognised in the
Statement of Comprehensive Income when incurred.
As part of a previous business combination, an acquirer
may acquire a right that it had previously granted to the
acquiree to use one or more of the acquirer’s recognised
or unrecognised assets. An example of such rights
include a right to use the acquirer’s trade name under a
franchise agreement. A reacquired right is an identifi able
intangible asset that the acquirer recognises separately
from goodwill. Reacquired rights are initially valued at
the present value of the expected future cash fl ows, and
subsequently amortised on a straight-line basis over its
useful life, being the remaining contractual period without
considering contractual extension possibilities, but not
exceeding 10 years.
The cost of self-constructed intangible assets includes the
cost of direct labour, any other costs directly attributable
to bringing the asset to a working condition for its
intended use. Purchased software that is integral to the
functionality of the related equipment is capitalised as
part of that equipment. These self-constructed intangible
assets have a useful life of 3 years.
j) Earnings and Net Tangible Assets Per Share
The Group also presents Net Tangible Assets Per Share
(a non-GAAP measure) for its ordinary shares, and it is
calculated by dividing the net tangible assets of the Group
by the number of shares outstanding at the end of the
year.
This is a non-GAAP measure, but the disclosure is required
under the NZX listing rules.
k) Segment Reporting
Operating segments have been identifi ed based on the
information provided to the chief operating decision
maker; being the Board of Directors.
The Group operates in two operating segments – these
consist of the following geographical locations, New
Zealand, and international markets.
l) Goodwill
Refer to Note 13.1 for a description of impairment testing
procedures.
m) Impairment Testing of Goodwill, Other Intangible
Assets and Non-fi nancial Assets
For impairment assessment purposes, assets are
grouped at the lowest levels for which there are largely
independent cash infl ows (cash-generating units). As a
result, some assets are tested individually for impairment
and some are tested at cash-generating unit level.
Goodwill is allocated to those cash-generating units that
are expected to benefi t from synergies of the related
business combination and represent the lowest level within
the Group at which management monitors goodwill.
Cash-generating units to which goodwill has been
allocated (determined by the Group’s management as
equivalent to its operating segments) are tested for
impairment at least annually. All other individual assets or
cash-generating units are tested for impairment whenever
events or changes in circumstances indicate that the
carrying amount may not be recoverable.
An impairment loss is recognised for the amount by which
the asset’s or cash-generating unit’s carrying amount
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
BFG ANNUAL REPORT 2024BFG ANNUAL REPORT 2024
2829
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
3) Material accounting policies (Continued)
exceeds its recoverable amount, which is the higher of fair
value less costs to sell and value-in-use. To determine the
value-in-use, management estimates expected future cash
fl ows from each cash-generating unit and determines a
suitable interest rate in order to calculate the present value
of those cash fl ows.
The data used for impairment testing procedures are
directly linked to the Group’s latest approved budget,
adjusted as necessary to exclude the e ects of future
reorganisations and asset enhancements. Discount factors
are determined individually for each cash-generating unit
and refl ect management’s assessment of respective risk
profi les, such as market and asset-specifi c risks factors.
The carrying amounts of the Group’s non-fi nancial
assets, other than inventories and deferred tax assets are
reviewed at each reporting date to determine whether
there is any indication of impairment. If any such
indication exists then the asset’s recoverable amount is
estimated.
An impairment loss is recognised if the carrying amount
of an asset exceeds its recoverable amount. Impairment
losses are recognised in the Statement of Comprehensive
Income.
Impairment losses for cash-generating units reduce
fi rst the carrying amount of any Goodwill allocated to
that cash-generating unit. Any remaining impairment
loss is charged pro rata to the other assets in the cash-
generating unit. With the exception of Goodwill, all
assets are subsequently reassessed for indications that
an impairment loss previously recognised may no longer
exist. An impairment charge is reversed if the cash-
generating unit’s recoverable amount exceeds its carrying
amount. Refer to note 13 for more details around the
impairment testing.
FOR THE YEAR ENDED 31 MARCH 2024
WINNER WINNERWINNER WINNER
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
BFG ANNUAL REPORT 2024BFG ANNUAL REPORT 2024
3031
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
4) Revenue
20242023
$$
Sale of Goods11,151,6209,802,833
Franchising Fees253,708447,001
Training Fees-37,500
Royalties6,781,4995,868,406
Advertising Fees4,863,2274,308,488
Property Management Fees62,00059,000
Other Revenue2,594,2692,165,639
Gain on Sale of Fixed Assets (refer Note 10)21,7919
Foreign Exchange Gains11,20814,283
Online Ordering Income210,658-
Rent Relief on Non-Occupied Leases-96,500
25,949,98022,799,659
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
5) Expenses
20242023
$$
Operating expenses include:
Cost of Sales4,427,5064,213,821
Rental and Operating Lease Costs-2,122
Loss on Disposal of Property, Plant and Equipment.
(refer Note 10)268,0687,232
Loss on Disposal of intangible assets-10,683
Directors’ Fees (refer Note 23)178,667163,250
Wages and Salaries6,073,4044,963,369
Contributions to a defi ned contribution plan134,631113,024
Key management personnel costs: (refer Note 23)
- Salary and other short-term benefi ts1,957,2031,857,479
- Contributions to a defi ned contribution plan35,60432,612
Auditors’ remuneration – Audit Services –
Baker Tilly Staples Rodway:
- Audit of Financial Statements100,590105,354
- Tax compliance services28,82525,335
Other Operating Expenses2,589,5803,948,804
Legal Expenses – Return of Capital Opposition205,509-
Rent Relief on Non-Occupied Leases-96,500
Write-o of obsolete stock (refer Note 9)103,20648,167
Advertising Expenditure6,253,5503,765,445
Impairment of Goodwill-100,000
22,356,34319,453,197
The above key management personnel costs include remuneration of the Group Chief Executive and the members of
the executive team.
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
BFG ANNUAL REPORT 2024BFG ANNUAL REPORT 2024
3233
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
6) Income tax
20242023
$$
Taxation expense is represented by:
Current Tax506,655400,245
Deferred Tax51,954(41,677)
558,609358,568
Profi t / (Loss) before income tax expense1,885,6861,258,986
Timing di erences & non-deductible expenses:
50% entertainment41,01233,729
Non-deductible expenditure255,95017,513
Depreciation & Amortisation(151,307)183,247
IFRS 15 Deferred revenue(165,923)(255,751)
IFRS 16 Leases26,168166,423
Accruals(14,587)40,573
Prepayments-10,116
Make good provision3,5002,042
Holiday pay not paid out within 63 days108,504(8,828)
Impairment Loss-100,000
Other 12,17117,181
115,488306,245
Taxable Profi t / (Loss)2,001,1741,565,231
(Non-taxable) / Non-Deductible Middle East Income-16,746
Tax Losses utilised(193,153)(152,659)
Net Taxable Profi t1,808,0211,429,318
Taxation at the company’s e ective tax rate506,246400,209
Deferred tax movement P&L52,040(41,677)
(Over) / Under Provision of Prior Period32336
Total income tax expense per statement of comprehensive income558,609358,568
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
6) Income tax (Continued)
20242023
Reconciliation of deferred tax asset:$$
Deferred tax on temporary di erences
Opening balance618,420576,743
Prior period adjustment(87)-
Provision for employee benefi ts30,381(2,472)
Provisions for make good980572
Depreciation & amortisation(42,366)51,309
Accruals(4,084)11,360
Deferred revenue(44,192)(68,524)
Impact of Leases7,32846,599
Prepayments-2,833
566,380618,420
Opening Balance618,420576,743
Charged to profi t or loss(51,954)41,677
Prior period adjustment(88)-
Other2-
Closing Balance566,380618,420
The Group has $1,299,429 of unrecognised losses to be carried forward (2023: $1,643,637). The potential benefi t
of these losses is $389,828 (2023: $493,091 which has not been recognised in the fi nancial statements. The losses
carried forward relate to the Australian operations and are therefore in Australian dollars.
The Group has recognised a deferred tax asset of $566,380 (2023: $618,420) with respect to other temporary
di erences. This has been recognised as it is probable that future taxable profi t will be available to allow the asset to
be utilised.
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
BFG ANNUAL REPORT 2024BFG ANNUAL REPORT 2024
3435
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
20242023
$$
Opening balance3,041,0162,329,343
Add
Tax payable153,714685,335
Resident withholding tax74,31326,468
228,027711,803
Deduct
Income tax refund received(513)(130)
Closing balance3,268,5303,041,016
8) Trade and other receivables
20242023
$$
Trade receivables2,039,5312,003,386
Allowance for impaired assets--
2,039,5312,003,386
Prepayments102,292126,251
Sundry receivables14,9094,107
2,156,7322,133,744
Receivables denominated in currencies other than the presentation currency are Australian Dollars and they comprise
2.8% of the trade receivables (2023: 3.1%) The total receivables impaired for the 2024 fi nancial year are Nil (2023: Nil).
7) Imputation credits
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
20242023
$$
Ingredients182,110160,344
Finished Goods475,101418,649
Total Inventory657,211578,993
Finished goods includes signage, kitchen equipment, computer equipment & proprietary products (BurgerFuel sauces
& dry goods). During the year ended 31 March 2024, $103,206 of obsolete uniforms, signs and kitchen equipment were
written o . (2023: $48,167).
9) Inventories
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
BFG ANNUAL REPORT 2024BFG ANNUAL REPORT 2024
3637
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
10) Property, plant & equipment
2024
Motor
vehicles
O ce
equipment
Furniture &
fi ttings
Computer
Hardware
Kitchen
Equipment
Leasehold
Improve-
mentsTotal
$$$$$$$
Cost
Balance 1 April 2023267,17977,7911,232,6461,384,2491,425,1272,508,0516,895,043
Additions58,342660108,584114,307201,46153,230536,584
Disposals (77,651)-(95,497)(170,981)(240,094)(197,518)(781,741)
Cost at 31 March
2024247, 8 7078,4511,245,7331,327,5751,386,4942,363,7636,649,886
Depreciation and
impairment losses
Balance 1 April 2023234,68962,465928,3021,095,720710,7571,421,7684,453,701
Disposals(76,421)-(40,813)(158,003)(90,591)(41,489)(407,318)
Depreciation for
the year24,8502,51846,263173,253138,378(24,242)361,020
Foreign exchange
impact-------
Balance 31 March
2024183,11864,983933,7521,110,970758,5441,356,0374,407,404
10) Property, plant & equipment
2023
Motor
vehicles
O ce
equipment
Furniture &
fi ttings
Computer
Hardware
Kitchen
Equipment
Leasehold
Improve-
mentsTotal
$$$$$$$
Cost
Balance 1 April 2022338,97978,1791,191,7551,282,6171,211,2182,267,1016,369,849
Additions33,42490944,432263,570232,180240,950815,465
Disposals(105,224)(1,297)(3,541)(161,938)(18,271)-(290,271)
Cost at 31 March
2023267,17977,7911,232,6461,384,2491,425,1272,508,0516,895,043
Depreciation and
impairment losses
Balance 1 April 2022262,64160,802827,599997,265600,1391,156,1593,904,605
Disposals(38,663)(1,011)(1,358)(47,087)(7,878)-(95,997)
Depreciation for
the year13,9292,674102,061145,675118,496265,609648,444
Foreign exchange
impact(3,218)--(133)--(3,351)
Balance 31 March
2023234,68962,465928,3021,095,720710,7571,421,7684,453,701
Net Book Value
Balance 1 April 202332,49015,326304,344288,529714,3701,086,2832,441,342
Depreciation for the
year(24,850)(2,518)(46,263)(173,253)(138,378)24,242(361,020)
Additions58,342660108,584114,307201,46153,230536,584
Disposals(1,230)-(54,684)(12,978)(149,503)(156,029)(374,424)
Foreign exchange
impact-------
Net Book Value at 31
March 202464,75213,468311,981216,605627,9501,007,7262,242,482
The gain on sale recorded in the Statement of Comprehensive Income was $21,791 (2023: $9), relating to the sale of
Motor vehicles and kitchen equipment. The loss on sale recorded relates to the closure of Winner Winner Takapuna
company owned store and the Shake Out delivery kitchen leasehold improvements $268,068 (2023: $7,232)
Net Book Value
Balance 1 April 202276,33817,377364,156285,352611,0791,110,9422,465,244
Depreciation for the
year(13,929)(2,674)(102,061)(145,675)(118,496)(265,609)(648,444)
Additions33,42490944,432263,570232,180240,950815,465
Disposals(66,561)(286)(2,183)(114,851)(10,393)-(194,274)
Foreign exchange
impact3,218--133--3,351
Net Book Value at 31
March 202332,49015,326304,344288,529714,3701,086,2832,441,342
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
BFG ANNUAL REPORT 2024BFG ANNUAL REPORT 2024
3839
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Subsidiary CompaniesCountry of
Incorporation
Interest Held
2024
Interest Held
2023
BF Lease Company LimitedNew Zealand100%100%
BF Lease Company No 1 Limited - removedNew Zealand-100%
BF Lease Company No 2 Limited - removedNew Zealand-100%
BF Lease Company No 3 LimitedNew Zealand100%100%
BF Lease Company No 4 LimitedNew Zealand100%100%
BF Lease Company No 5 LimitedNew Zealand100%100%
BF Lease Company No 6 LimitedNew Zealand100%100%
BF Lease Company No 7 LimitedNew Zealand100%100%
BF Lease Company No 8 LimitedNew Zealand100%100%
BF Lease Company No 9 LimitedNew Zealand100%100%
BF Lease Company No 10 LimitedNew Zealand100%100%
BF Lease Company No 11 LimitedNew Zealand100%100%
BF Lease Company No 12 LimitedNew Zealand100%100%
BF Lease Company No 13 LimitedNew Zealand100%100%
BF Lease Company No 14 LimitedNew Zealand100%100%
BF Lease Company No 15 Limited - removedNew Zealand-100%
BF Lease Company No 16 Limited - removedNew Zealand-100%
BF Lease Company No 17 LimitedNew Zealand100%100%
BF Lease Company No 18 LimitedNew Zealand100%100%
BF Lease Company No 19 LimitedNew Zealand100%100%
BF Lease Company No 20 LimitedNew Zealand100%100%
BF Lease Company No 21 LimitedNew Zealand100%100%
BF Lease Company No 22 Limited - removedNew Zealand-100%
BF Lease Company No 23 LimitedNew Zealand100%100%
BF Lease Company No 24 LimitedNew Zealand100%100%
BF Lease Company No 25 LimitedNew Zealand100%100%
BF Lease Company No 26 LimitedNew Zealand100%100%
BF Lease Company No 27 LimitedNew Zealand100%100%
BF Lease Company No 28 LimitedNew Zealand100%100%
BF Lease Company No 29 LimitedNew Zealand100%100%
BF Lease Company No 30 LimitedNew Zealand100%100%
BF Lease Company No 31 Limited - removedNew Zealand-100%
BF Lease Company No 32 LimitedNew Zealand100%100%
BF Lease Company No 33 Limited - removedNew Zealand-100%
11) Investment in subsidiaries
The Parent Company’s investment in the subsidiaries comprises shares at cost.
All subsidiaries have a 31 March balance date.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Subsidiary CompaniesCountry of
Incorporation
Interest Held
2024
Interest Held
2023
BF Lease Company No 34 LimitedNew Zealand100%100%
BF Lease Company No 35 LimitedNew Zealand100%100%
BF Lease Company No 36 LimitedNew Zealand100%100%
BF Lease Company No 37 LimitedNew Zealand100%100%
BF Lease Company No 38 LimitedNew Zealand100%100%
BF Lease Company No 39 LimitedNew Zealand100%100%
BF Lease Company No 40 LimitedNew Zealand100%100%
BF Lease Company No 41 LimitedNew Zealand100%100%
BF Lease Company No 42 LimitedNew Zealand100%100%
BF Lease Company No 44 LimitedNew Zealand100%100%
BF Lease Company No 45 Limited - removedNew Zealand-100%
BF Lease Company No 46 Limited - removedNew Zealand-100%
BF Lease Company No 47 Limited - removedNew Zealand-100%
BF Lease Company No 48 Limited - removedNew Zealand-100%
Burger Fuel Group Lease Limited
(formally BF Lease Company No 49 Limited)New Zealand100%100%
Burger Fuel Worldwide Limited
(formally BF Lease Company No 50 Limited)New Zealand100%100%
Burger Fuel (Dubai) NZ LimitedNew Zealand100%100%
Burger Fuel International LimitedNew Zealand100%100%
Burger Fuel (Australia) Pty LimitedNew Zealand100%100%
Burger Fuel (Australia) No2 Pty LimitedNew Zealand100%100%
Burger Fuel International Management LimitedNew Zealand100%100%
Burger Fuel LimitedNew Zealand100%100%
BurgerFuel Henderson LimitedNew Zealand100%100%
Burger Fuel Takapuna LimitedNew Zealand100%100%
Winner Winner LimitedNew Zealand100%100%
Shake Out LimitedNew Zealand100%100%
Concept Brands LimitedNew Zealand100%100%
Shake Out Commercial Bay LimitedNew Zealand100%100%
Shake Out Container LimitedNew Zealand100%100%
Burger Fuel Pty Limited Australia100%100%
Burger Fuel Australia Pty LimitedAustralia100%100%
BFG Delivery Kitchen Limited (formally BF
Lease Company No 43 Limited)New Zealand100%100%
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
BFG ANNUAL REPORT 2024BFG ANNUAL REPORT 2024
4041
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The principal activities of the subsidiaries are:
Burger Fuel Limited – Franchise systems – gourmet burger restaurants.
Burger Fuel International Limited – Holds patents, trademarks and licences and holds the international
Master Franchise Agreements.
Burger Fuel International Management Limited – Owns the BurgerFuel Australia operation and holds the international
Master Franchise Agreements.
Burger Fuel (Australia) Pty Limited – Non trading.
Burger Fuel (Australia) No2 Pty Limited – Non trading.
Burger Fuel Australia Pty Limited – Non trading.
Burger Fuel Pty Limited – Administration.
Burger Fuel (Dubai) NZ Limited – was the holding company of the subsidiary in Dubai (Burger Fuel (ME) DMCC).
BurgerFuel Henderson Limited – New Zealand based company trading as restaurant.
Burger Fuel Takapuna Limited – New Zealand based company trading as restaurant.
Winner Winner Limited – New Zealand based company trading as restaurant.
Shake Out Limited – New Zealand based company trading as restaurant.
Concept Brands Limited - Franchise systems – Shake Out and Winner Winner brands.
Shake Out Commercial Bay Limited – New Zealand based company trading as restaurant.
Shake Out Container Limited – New Zealand based company trading as mobile restaurant.
BFG Delivery Kitchen Limited – Shake Out delivery Only kitchen.
All other companies are head lease holders for store premises in New Zealand.
11) Investment in subsidiaries (Continued)
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
20242023
$$
Loans to Third Parties
Advance to Franchisee18,44045,500
Total Loans18,44045,500
Advances to Franchisee
The advance to a franchisee is to assist with developing the new Shake Out brand. The loan is interest bearing at 5.7%
(2023: 5.7%).
These advances have been assessed by management and there is no impairment or expected credit losses.
12) Loans
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
BFG ANNUAL REPORT 2024BFG ANNUAL REPORT 2024
4243
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2024
Brand
AssetsGoodwill
Reacquired
Rights
Computer
SoftwarePatent
Trade
MarksTotal
$$$$$$$
Cost
Balance 1 April 2023221,3331,639,279250,760414,98517,896760,5163,304,769
Disposals -------
Acquisitions---205,92961015,341221,880
Balance at
31 March 2024221,3331,639,279250,760620,91418,506775,8573,526,649
Amortisation
Balance 1 April 2023121,120315,000167,17232,96713,541598,7141,248,514
Disposals -------
Impairment *-------
Current year
amortisation19,142-27,862136,3641,42545,000229,793
Balance 31 March 2024140,262315,000195,034169,33114,966643,7141,478,307
Net Book Value
Balance 1 April 2023100,2131,324,27983,588382,0184,355161,8022,056,255
Disposals -------
Impairment *-------
Additions---205,92961015,341221,880
Amortisation(19,142)-(27,862)(136,364)(1,425)(45,000)(229,793)
Net Book Value at 31
March 202481,0711,324,27955,726451,5833,540132,1432,048,342
2023
Brand
AssetsGoodwill
Reacquired
Rights
Computer
SoftwarePatent
Trade
MarksTotal
$$$$$$$
Cost
Balance 1 April 2022221,3331,639,279250,760-17,896777,4882,906,756
Disposals/adjustment-----(29,037)(29,037)
Acquisitions---414,985-12,065427,050
Balance at
31 March 2023221,3331,639,279250,760414,98517,896760,5163,304,769
Amortisation
Balance 1 April 2022101,979215,000139,310-12,083532,8211,001,193
Disposals/adjustment-----(18,355)(18,355)
Impairment *-100,000----100,000
Current year
amortisation19,141-27,86232,9671,45884,248165,676
Balance 31 March 2023121,120315,000167,17232,96713,541598,7141,248,514
Net Book Value
Balance 1 April 2022119,3541,424,279111,450-5,813244,6671,905,563
Disposals/adjustment-----(10,682)(10,682)
Impairment *-(100,000)----(100,000)
Additions---414,985-12,065427,050
Amortisation(19,141)-(27,862)(32,967)(1,458)(84,248)(165,676)
Net Book Value at 31
March 2023100,2131,324,27983,588382,0184,355161,8022,056,255
13) Intangible assets
* Impairment of goodwill on the Takapuna Burger Fuel store 2024: Nil (2023: $100,000)The reacquired rights will be amortised over the life of the franchise agreement at the time of purchase being 9.5 years.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
13) Intangible assets (Continued)
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
BFG ANNUAL REPORT 2024BFG ANNUAL REPORT 2024
4445
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
13.1) Impairment testing
Impairment
The goodwill of the two cash generating units (CGU’s) (BurgerFuel Takapuna and BurgerFuel Henderson stores) have
been tested for impairment. Based on the impairment testing results, no impairment loss on Goodwill is recorded in
the 2024 fi nancial year (2023: $100,000 for Burger Fuel Takapuna). Estimation uncertainty relates to assumptions
about current value or operating results and the determination of a suitable discount rate. For the purpose of annual
impairment testing, goodwill is allocated to the following cash-generating units, which are the units expected to
benefi t from the synergies of the business combinations in which the Goodwill arises.
FOR THE YEAR ENDED 31 MARCH 2024
20242023
$$
New Zealand Retail – Henderson Store586,427586,427
Impairment of Henderson Goodwill--
New Zealand Retail – Takapuna Store737,852837,852
Impairment of Takapuna Goodwill-(100,000)
Goodwill allocation at 31 March1,324,2791,324,279
The recoverable amounts of the cash-generating units were determined based on the higher of the value-in-use and
fair value less cost of disposal calculations, covering a detailed forecast period of 5 years of expected cash fl ows for
the units’ remaining useful lives using the growth rates determined by management.
Management assessed the impact of reduced economic activity and lower revenues due to slower economic growth
on the valuation of the Group’s fi nancial and non-fi nancial assets (i.e. impairment assessment of cash generating
units).
The Group has prepared revised cash fl ow forecasts for the purposes of the Group’s annual impairment testing of
goodwill and brand. This assessment has confi rmed the carrying value of goodwill and brand assets as at 31 March
2024.
The present value of the expected cash fl ows of each segment is determined by applying a suitable discount rate.
Growth RatesDiscount Rates
2024202320242023
New Zealand Retail – Henderson Store2.0%2.0%16.8%17.0%
New Zealand Retail – Takapuna Store2.0%2.0%16.7%16.9%
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
. Growth rates
The growth rates refl ect the long-term average growth rates for the product line and industry of the segments (all
publicly available). The Group is expecting the FY25 revenue growth rates combined across the two CGU’s to be 7.6%
based on the introduction of delivery services. (FY24 26.4%)
. Discount rates
The discount rates refl ect appropriate adjustments relating to market risk and specifi c risk factors of each unit and
these are pre-tax discount rates.
. Cash flow assumptions
The forecasts assume that New Zealand will have no further restrictions placed on the business operations during the
forecast period.
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
BFG ANNUAL REPORT 2024BFG ANNUAL REPORT 2024
4647
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
20242023
$$
Trade payables1,638,1921,421,654
Payroll liabilities-104,979
GST payable195,355250,275
Accrued expenses55,05876,638
1,888,6051,853,546
Contract LiabilityFranchise Fees MLA Total
Balance 01 April 2023617,641187,671805,312
Franchise fees booked to Balance Sheet in FY24499,311-499,311
Revenue recognised – Franchise fees(220,933)(24,992)(245,925)
Balance 31 March 2024896,019162,6791,058,698
Balance 01 April 2022852,400212,6631,065,063
Franchise fee refund(8,000)-(8,000)
Revenue recognised – Franchise fees(226,759)(24,992)(251,751)
Balance 31 March 2023617,641187,671805,312
The contract liability represents the remaining balance of franchise and MLA fees spread over the life of the
agreement which is typically 10 & 20 years in length, respectively. The franchises of 7 New Zealand stores expired and
were renewed or were terminated and re issued due to a sale and purchase of the franchise in FY24.
NZ Franchise fees are now received annually over franchise term, rather than as an upfront franchise fee.
14) Trade and other payables and contract liabilities
FOR THE YEAR ENDED 31 MARCH 2024
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
20242023
$$
Store Closure Provision (non current)
Opening balance43,24241,200
Provisions made during the year3,5002,042
46,74243,242
Holiday Pay Provision (current)
Opening balance345,696350,337
Provisions made during the year805,086589,067
Provisions used during the year(678,396)(593,712)
472,386345,692
Total Provisions519,128388,934
Store Closure Provision
This is the make good provision that is set aside to cover the costs of returning premises that are occupied by
BurgerFuel back to their original condition, after taking into account the normal wear and tear of these premises.
Holiday Pay Provision
This is the allocation of the 8% annual leave entitlement that each full-time and part-time employee is entitled to as
part of their employment, which is accrued throughout the year.
16) Cash and cash equivalents
20242023
$$
Cash at bank4,329,7522,643,348
Cash on deposit5,241,4085,558,676
9,571,1608,202,024
At balance date there is $58,012 (2023: $114,923) in restricted cash for bonds issued to the NZX and a lease guarantee
bond. Refer note 21 for further information.
15) Provisions
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
BFG ANNUAL REPORT 2024BFG ANNUAL REPORT 2024
4849
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
Number of SharesShare Capital
2024202320242023
$$
Opening ordinary shares on issue 50,336,86350,336,86311,913,49911,913,499
Share buyback and cancellation----
Authorised & issued ordinary shares on
issue at 31 March50,336,86350,336,86311,913,49911,913,499
Burger Fuel Group Limited was listed on the New Zealand Alternative Stock Exchange (NZAX) on 27 July 2007. The
Group migrated to the main board (NZX) on the 1st July 2019. The Company has 50,336,863 (2023: 50,336,863)
authorised and fully paid ordinary shares on issue. All shares have equal voting rights and share equally in dividends
and any surplus on winding up. The shares have no par value.
No Dividends were paid in the 2024 fi nancial year (2023: NIL).
17) Contributed equity
FOR THE YEAR ENDED 31 MARCH 2024
* Remeasurements of ROU assets include vehicle and property leases and lease changes.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
In addition to the head o ce company owned stores & warehouse leases (Occupied leases), the Group at 31 March
2024 holds the head leases on 49 franchised Burger Fuel stores in New Zealand (Non-occupied leases). These have
been sublet to the franchisees on the same terms and conditions as the head leases. These are considered fi nance
leases and the net investment in the lease is recorded as a receivable. Expected credit losses have been reviewed and
no impairments noted.
2024
Non-OccupiedVehicle LeasesOccupiedTotal
Right of Use Assets
Opening balance-212,8266,474,7216,687,547
Remeasurements of ROU assets*-2,506156,550159,056
Depreciation-(97,343)(885,092)(982,435)
Right of use Asset as at 31 March 2024-117,9895,746,1795,864,168
2023
Non-OccupiedVehicle LeasesOccupiedTotal
Right of Use Assets
Opening balance-230,8137,496,3217,727,1 3 4
Remeasurements of ROU assets*-76,289(286,965)(210,676)
Depreciation-(94,276)(734,635)(828,911)
Right of use Asset as at 31 March 2023-212,8266,474,7216,687,547
18) Right of use assets, lease receivable and lease liabilities
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
BFG ANNUAL REPORT 2024BFG ANNUAL REPORT 2024
5051
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
18) Right of use assets, lease receivable and lease liabilities (Continued)
** Remeasurements of existing lease receivables are lease changes and non-occupied leases exited.
The group exited 1 non-occupied head leases in FY24.
2024Non-OccupiedVehicle LeasesOccupiedTotal
Lease Liability
Opening balance(17,085,674)(222,424)(7,387,563)(24,695,661)
Remeasurements of existing lease liabilities(61,884)(2,173)57,74 6(6,311)
Interest(1,030,566)(9,526)(422,931)(1,463,023)
Rent payments2,463,810109,6541,064,4413,637,905
Rent Relief Covid ----
Lease Liability as at 31 March 2024(15,714,314)(124,469)(6,688,307)(22,527,090)
2023Non-OccupiedVehicle LeasesOccupiedTotal
Lease Liability
Opening balance(19,711,126)(239,005)(8,244,143)(28,194,274)
Remeasurements of existing lease liabilities1,168,949(76,198)289,6461,382,397
Interest(1,089,474)(13,009)(458,317)(1,560,800)
Rent payments2,449,477105,7881,025,2513,580,516
Rent Relief Covid 96,500--96,500
Lease Liability as at 31 March 2023(17,085,674)(222,424)(7,387,563)(24,695,661)
2024Non-OccupiedVehicle LeasesOccupiedTotal
Lease Receivable
Opening Balance17,085,674--17,085,674
Remeasurements of existing lease receivables**61,884--61,884
Interest income1,030,566--1,030,566
Rent payments(2,463,810)--(2,463,810)
Rent Relief Covid ----
Lease Receivable as at 31 March 202415,714,314--15,714,314
2023Non-OccupiedVehicle LeasesOccupiedTotal
Lease Receivable
Opening Balance19,711,126--19,711,126
Remeasurements of existing lease receivables**(1,168,949)--(1,168,949)
Interest income1,089,474--1,089,474
Rent payments(2,449,477)--(2,449,477)
Rent Relief Covid (96,500)--(96,500)
Lease Receivable as at 31 March 202317,085,674--17,085,674
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
18) Right of use assets, lease receivable and lease liabilities (Continued)
The cash impact of the occupied leases (rent), short term low value asset, and Motor vehicle lease payments in
2024 is $1,174,095 (2023: $1,131,039). This increase is mainly due to our new company owned Shake Out store in the
Commercial Bay precinct in Auckland CBD, the exit of the Winner Winner Takapuna lease & rent increases on existing
sites.
The group has 4 stores that have variable lease payments based on sales turnover that are not included in the
measurement for lease liability above, as the base rent was not exceeded or was capped. This was Nil in 2024 (2023:
Nil).
Contractual Lease Commitments
The lease liability under IFRS 16 takes the lease term to its expiry as it is Management’s intention to use the asset’s to
date of fi nal expiry.
The actual legal commitment as per the legal obligations of the lease is $5,091,246 (2023: $6,339,290). This reduction
in lease obligation is due to renewal terms in the lease agreement and limited liability clauses.
The Group holds the head lease over 50 of 69 sites in NZ. The lease on the franchised sites are then licensed to its
franchisees under the same terms and conditions. At balance date, the current annual rent expense of leases under
this arrangement including occupied leases, was $3,446,908 (2023: $3,543,994).
Non-OccupiedVehicle LeasesOccupiedTotal
Limited Liability No Discount FY24
Less than one year2,131,56885,721708,6422,925,931
Between one and fi ve years1,491,34638,748635,2212,165,315
More than fi ve years----
31 March 20243,622,914124,4691,343,8635,091,246
Non-OccupiedVehicle LeasesOccupiedTotal
Limited Liability No Discount FY23
Less than one year2,225,888100,553799,3843,125,825
Between one and fi ve years2,143,262121,871888,7993,153,932
More than fi ve years4,643-54,89059,533
31 March 20234,373,793222,4241,743,0736,339,290
Non-OccupiedVehicle LeasesOccupiedTotal
Maturity analysis – undiscounted
Less than one year2,437,19091,721974,9903,503,901
Between one and fi ve years8,288,38540,4393,862,03512,190,859
More than fi ve years10,826,018-3,794,97214,620,990
Lease Liability as at 31 March 202421,551,593132,1608,631,99730,315,750
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
BFG ANNUAL REPORT 2024BFG ANNUAL REPORT 2024
5253
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Nature and Purpose of Reserves:
Foreign Currency Translation Reserve
Translation di erences arising on the translation of the results of subsidiaries with functional currencies other than
New Zealand dollars are recognised directly in the Foreign Currency Translation Reserve. The cumulative amounts are
released to profi t or loss upon disposal of these subsidiaries.
20) Financial instruments and risk management
Financial risk management
Management provides services to the business, co-ordinates access to domestic and international fi nancial markets,
monitors and manages the fi nancial risks relating to the operations of the Group through internal risk reports which
analyse exposures by degree and magnitude of risks. These risks include market risk (including currency risk), credit
risk, liquidity risk and cash fl ow interest rate risk.
The Management reports quarterly to the Group’s audit committee, who monitors risk and policies implemented to
mitigate risk exposures.
Market risk
The Group’s activities expose it primarily to the fi nancial risks of changes in foreign currency exchange rates and
interest rates. Market risk exposures are analysed by sensitivity analysis. There has not been signifi cant change to
BurgerFuel’s exposure to market risks or the manner in which it manages and measures the risk.
Foreign currency risk management
The Group’s foreign exchange risk is limited to its Australian Dollar bank accounts and the trading of its Australian
subsidiaries. It maintains amounts in these foreign bank accounts and transfers funds when foreign exchange rates are
favourable.
Foreign currency sensitivity analysis
The following table details the Group’s sensitivity to a 10% increase and decrease in the NZ dollar against the
Australian dollar. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management
personnel and represents management’s assessment of the reasonably possible change in foreign exchange rates.
The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their
translation at year end for a 10% change in foreign currency rates.
The sensitivity analysis includes external loans as well as loans to foreign operations within the Group. A positive
number below indicates an increase in profi t.
19) Foreign currency translation reserve
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
GROUP
10% Strengthening10% Weakening
2024202320242023
$000$000$000$000
Profi t / (Loss) before tax55(6)(6)
Equity44(4)(4)
Interest rate sensitivity analysis
The sensitivity analysis below has been determined based on the exposure to interest rates at the balance date. For
fl oating rate liabilities, the analysis is prepared assuming the amount of liability outstanding at the balance date was
outstanding for the whole year. A 100-basis point increase or decrease is used when reporting interest rate risk
internally to key management personnel and represents management’s assessment of the reasonably possible change
in interest rates.
If the interest rates on cash and cash equivalents had been 100 basis points higher and all other variables were held
constant, the Group’s operating result for the year ended 31 March 2024 would have been $95,712 higher (2023:
$82,020 higher).
Interest rate risk
The Group has cash fl ow interest rate risk from fi nancial instruments that attract interest. Interest rate risk is the risk
that the value of the Group’s assets and liabilities will fl uctuate due to changes in market interest rates. The Group is
exposed to interest rate risk primarily through its cash balances and advances.
The Group manages its interest rate risk by maintaining minimal variable rate cash balances. Excess cash resources
are placed into fi xed rate term deposits where appropriate.
20) Financial instruments and risk management (Continued)
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
BFG ANNUAL REPORT 2024BFG ANNUAL REPORT 2024
5455
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
20) Financial instruments and risk management (Continued)
Interest rate risk profi le
2024Weighted
average
e ective
interest rate
%
Greater
than 1 year
Less than 1
year
Non -
interest
bearingTotal
$$$$
Financial Assets
Cash and cash equivalent1.13%-9,571,160 -9,571,160
Advance to Franchisee5.70%-18,440-18,440
Trade and other receivables---2,269,9872,269,987
Lease Receivable - non occupied9.14%14,214,4131,499,901-15,714,314
14,214,41311,089,5012,269,98727,573,901
Financial Liabilities870,000
Trade payables---1,888,6051,888,605
Lease Liability – Occupied5.90%6,082,337605,970-6,688,307
Lease Liability – Vehicles4.95%38,74885,721-124,469
Lease Liability – Non-occupied9.14%14,214,4131,499,901-15,714,314
20,335,4982,191,5921,888,60524,415,695
2023Weighted
average
e ective
interest rate
%
Greater
than 1 year
Less than 1
year
Non -
interest
bearingTotal
$$$$
Financial Assets
Cash and cash equivalent1.14%-8,202,024-8,202,024
Advance to Franchisee5.70%23,46622,034-45,500
Trade and other receivables---2,007,4932,007,493
Lease Receivable - non occupied6.30%15,602,8441,482,830-17,085,674
15,626,3109,706,8882,007,49327,340,691
Financial Liabilities870,000
Trade payables---1,853,5461,853,546
Lease Liability – Occupied5.90%6,756,607630,956-7,387,563
Lease Liability – Vehicles4.95%121,871100,553-222,424
Lease Liability – Non-occupied6.30%15,602,8441,482,830-17,085,674
22,481,3222,214,3391,853,54626,549,207
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
20) Financial instruments and risk management (Continued)
Credit risk
Credit risk is the risk that the counter party to a transaction with the Group will fail to discharge its obligations,
causing the Group to incur a fi nancial loss. The Group has adopted a policy of only dealing with creditworthy
counterparties, as a means of mitigating the risk of fi nancial loss from defaults. The credit ratings of its counterparties
are continuously monitored by management and the aggregate value of transactions concluded is spread amongst
approved counterparties.
Financial instruments that potentially subject the Group to concentrations of credit risk consist principally of cash,
trade debtors, loans and advances.
The carrying amount of fi nancial assets recorded in the fi nancial statements, which is net of impairment losses,
represents the Group’s maximum exposure to credit risk without taking account of the value of any collateral
obtained. The maximum credit risk exposures are:
Group
20242023
$$
Cash and bank balances9,571,1608,202,024
Loans, advances and receivables2,288,4272,052,993
Lease Receivable3,622,9144,373,793
Maximum exposures are net of any recognised provisions, and at balance date no loans or advances are considered to
be impaired (2023: $Nil). No trade receivables are impaired in FY23 with no further amounts past due (2023: Nil).
Cash
The Group’s major concentration of credit risk relates to cash deposits with ASB Limited in New Zealand and CBA
Bank Limited in Australia.
Receivables
The Group has a credit policy, which is used to manage its exposure to credit risk. As part of this policy, limits on
exposures have been set, lending is subject to defi ned criteria and loans are monitored on a regular basis. The trade
receivable are payable on the 10th of the following month and loans are subject to a loan agreement which stipulates
monthly repayments or payable on demand. No security is held.
Capital management
The Group’s capital includes share capital, reserves and retained earnings as shown in the Statements of Financial
Position. The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going
concern in order to provide returns for shareholders, and to maintain an optimal capital structure to reduce the cost
of capital. In order to maintain or adjust the required capital structure the Group may issue new shares, sell assets to
reduce debt and/or adjust amounts paid to investors.
The Group is not subject to any externally imposed capital requirements.
Liquidity risk
Liquidity risk is the risk that the Group will encounter di culty in raising funds at short notice to meet commitments
associated with fi nancial instruments. The Group maintains su cient funds to meet the commitments based on
historical and forecasted cash fl ow requirements. The exposure is being reviewed on an ongoing basis from daily
procedures to monthly reporting.
Ultimate responsibility for liquidity risk management rests with the board of directors, which has built an appropriate
liquidity risk management framework for the management of short, medium and long-term funding and liquidity
management requirements. Liquidity risk is managed by maintaining adequate reserves and banking facilities, by
continuously monitoring forecast and actual cash fl ows and matching the maturity profi les of fi nancial assets and
liabilities. All payables are due within 6 months of balance date (2023: 6 months).
The Group expects to meet its obligations from operating cash fl ows and proceeds of maturing fi nancial assets.
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
BFG ANNUAL REPORT 2024BFG ANNUAL REPORT 2024
5657
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Capital Commitments
At 31 March 2024, the Group has no contractual commitments (2023: Nil).
Indemnity / Guarantees
BurgerFuel has deposits in place to cover certain commitments the banks have provided:
22) Contingencies
The Group has no contingencies at balance date (2023: Nil).
20242023
Total future minimum
payments
Total future minimum
payments
$$
NZX Bond20,00020,000
Lease guarantee bond38,01294,923
58,012114,923
21) Commitments
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Transactions with Related Parties
During the year the following related party transactions took place:
GroupRelationship
Nature
of transaction
2024
$
2023
$
SIAM Ventures LimitedKMPConsultancy Expenses Paid770,399770,399
Peter BrookDirectorDirector Fees77,00077,000
Trumpeter Consulting
LimitedDirectorDirector Fees36,66755,000
Tyrone FoleyDirectorDirector Fees35,00031,250
Alan GourdieDirectorDirector Fees30,000-
Neo Corporate
Trustees Limited KMPHead O ce Rental534,968522,389
Trumpeter Consulting
LimitedDirectorConsultancy Expenses Paid--
Tyrone FoleyDirectorConsultancy Expenses Paid-57,594
The BurgerFuel Group Chief Executive O cer is the sole director of SIAM Ventures Limited and a director of Neo
Corporate Trustees Limited. The Chief Executive O cer receives consultancy fees relating to his remuneration which
is paid to SIAM Ventures Limited. The above remuneration excludes reimbursement of costs incurred on behalf of the
group.
The head o ce rental is for the BurgerFuel Head Quarters located at 66 Surrey Crescent, Grey Lynn, Auckland.
The annual rental is paid to Neo Corporate Trustees Limited on behalf of the Neo Trust as the building owners.
The head o ce rental and leases are periodically reviewed and assessed by an independent registered valuer and
approved by the Board.
20242023
$$
Salaries and other short-term employee benefi ts1,957,2031,857,479
KiwiSaver Employer Contribution35,60432,612
1,992,8071,890,091
Key Management Compensation
Key management personnel (KMP) compensation costs include remuneration of the Group Chief Executive, Directors
and the members of the executive team. The compensation paid or payable to key management for employee services is
shown above.
23) Related party transactions
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
BFG ANNUAL REPORT 2024BFG ANNUAL REPORT 2024
5859
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
25) Reconciliation of net surplus after taxation to net cash flows provided from operating activities
24) Earnings per share
The basic earnings per share are calculated by dividing the profi t attributed to owners of the Group by the weighted
average number of ordinary shares in issue during the year.
20242023
$$
Surplus / (Defi cit) attributable to the owners of the Group
1,327,077
900,418
Weighted average number of ordinary shares on issue50,336,86350,336,863
Basic earnings / (loss) per share (cents)2.641.79
Diluted earnings /(loss) per share (cents)2.641.79
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding
to assume conversion of all dilutive potential ordinary shares. There is no di erence between the basic and diluted
number of shares on issue
20242023
$$
Net profi t after tax1,327,077 900,418
Add: Non-cash items
Amortisation229,793165,676
Depreciation361,020648,444
Depreciation on ROU asset982,435828,911
Deferred tax asset52,040(41,677)
Loss on disposal of property, plant and equipment268,0687,232
Loss on disposal of intangibles-10,683
Unrealised exchange loss / (gain)(11,208)(14,283)
Impairment of Goodwill-100,000
Contract Asset and Liability Franchise Fees(3,163)-
1,878,9851,704,986
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
20242023
Add: Items classifi ed as investing or fi nancing activities
Gain on sale of assets(21,791)(9)
Add: Working capital movements
(Increase) / decrease in trade and other receivables(238,536)(201,794)
(Increase) / decrease in inventories(78,218)183,390
(Decrease) / increase in taxation payable 53,032151,414
Increase/ (decrease) in accounts payable and accruals,
provisions and contract liability1,999341,737
(261,723)474,747
Net cash fl ows provided from operating activities2,922,5483,080,142
25) Reconciliation of net surplus after taxation to net cash flows provided
from operating activities (Continued)
26) Segment reporting
Operating Segments
The Group operates in two operating segments; these operating segments have been divided into the following
geographical regions, New Zealand and International markets. All the segment’s operations are made up of
franchising fees, royalties and sales to franchisees. The segments are in the business of Franchise Systems - Gourmet
Burger Restaurants.
The amounts provided to the Board with respect to total liabilities are measured in a manner consistent with that of
the fi nancial statements. These liabilities are allocated based on the operations of the segment.
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
BFG ANNUAL REPORT 2024BFG ANNUAL REPORT 2024
6061
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2024
New ZealandInternationalConsolidated
$$$
Revenue
Sales11,151,620- 11,151,620
Royalties6,781,499-6,781,499
Franchising fees228,71724,991253,708
Training fees---
Property management fees62,000 - 62,000
Advertising fees4,863,227 - 4,863,227
Foreign exchange gain-11,20811,208
Sundry income2,616,060-2,616,060
Online Ordering210,658-210,658
Interest received297,625129297,754
Interest Leases1,030,566-1,030,566
Total Revenue27,241,97236,32827,278,300
Interest Expense---
Interest Expense Leases Occupied432,457-432,457
Interest Expense Leases non occupied1,030,566-1,030,566
Depreciation361,020-361,020
Depreciation Leases982,435-982,435
Amortisation & impairment229,793-229,793
Segment Result before Income Tax2,170,588(284,902)1,885,686
Income Tax Expense558,609-558,609
Segment Assets39,075,015399,23639,474,251
Segment Liabilities26,289,47824,13826,313,616
2023
New ZealandInternationalConsolidated
$$$
Revenue
Sales9,802,833- 9,802,833
Royalties5,868,406-5,868,406
Franchising fees422,01024,991447,001
Training fees37,500-37,500
Property management fees59,000 - 59,000
Advertising fees4,308,488 - 4,308,488
Foreign exchange gain19,764(5,481)14,283
Sundry income2,053,328112,3202,165,648
Rent Relief on Non-Occupied Leases96,500-96,500
Interest received91,5937 91,600
Interest Leases1,089,474-1,089,474
Covid Government wage subsidy35,606-35,606
Total Revenue23,884,502131,83724,016,339
Interest Expense325-325
Interest Expense Leases Occupied471,326-471,326
Interest Expense Leases non occupied1,089,474-1,089,474
Depreciation648,444-648,444
Depreciation Leases828,911-828,911
Amortisation & impairment265,676- 265,676
Segment Result before Income Tax1,637,057(378,071)1,258,986
Income Tax Expense358,568- 358,568
Segment Assets39,660,424189,075 39,849,499
Segment Liabilities27,986,57523,94128,010,516
Acquisition of Property, Plant & Equipment & Intangible Assets.
Other758,464- 758,464
Acquisition of Property, Plant & Equipment & Intangible Assets.
Other1,242,515-1,242,515
26) Segment reporting (Continued)
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
26) Segment reporting (Continued)
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
BFG ANNUAL REPORT 2024BFG ANNUAL REPORT 2024
6263
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
27) Net tangible asset per share (Non-GAAP Measure)
The net tangible asset per share is calculated by dividing the net tangible assets of the Group by the total number of
ordinary shares in issue during the year. This is a non-GAAP measure, but the disclosure is required under the NZX
listing rules.
28) Subsequent Events
The return of capital by way of a scheme of arrangement was approved by 92% of votes of shareholders cast at a
special shareholders meeting held on 14 December 2023. On 8 May 2024 a full day hearing was held at the High Court
at Auckland to hear and determine BFG’s application seeking Court approval of the proposed return of capital. On
27 May 2024 Justice Andrew issued his decision approving the proposed return of capital by way of a scheme of
arrangement.
$215,547 of direct costs relating to the process of the scheme will be deducted from equity in the Consolidated
Statement of Financial Position when the $4,077,286 distribution is made in June 2024. 15,101,076 shares were
cancelled on 5 June 2024, leaving 35,235,787 shares on issue (31 March 2024 50,336,863).
No other subsequent events.
20242023
$$
Assets17,895,76916,076,278
Current lease receivable non-occupied – IFRS161,499,9011,456,504
Right of use assets – Leases5,746,1796,474,721
Right of use assets – vehicles117,989212,826
Non-current lease receivable non-occupied – IFRS1614,214,41315,629,170
Total Assets39,474,25139,849,499
Liabilities(3,786,526)(3,314,855)
Lease Liabilities (6,688,307)(7,387,563)
Lease Liabilities – vehicles(124,469)(222,424)
Lease Liabilities – non-occupied(15,714,314)(17,085,674)
Total Liabilities(26,313,616)(28,010,516)
Net Assets13,160,63511,838,983
Less Intangible Assets and deferred tax asset(2,614,722)(2,674,675)
Net Tangible Assets10,545,9139,164,308
Total ordinary shares on issue50,336,86350,336,863
Net Tangible Assets per share
($ per Share)0.210.18
Statement of Directors and O cers Interests
Directors and O cers held the following equity securities in the Company:
Benefi cially held
at 31/03/24
Non-benefi cially
held at 31/03/24
Benefi cially held
at 31/03/23
Non-benefi cially
held at 31/03/23
Peter Brook336,596-336,596-
Josef Roberts33,376,335-33,376,335-
Alan Dunn (Retired)324,656-324,656-
Tyrone Foley 14,874-14,874-
Alan Gourdie 369,296-369,296-
Mark Piet (O cer)21,667-21,667-
There were no share transactions with the Directors and O cers during the year. Directors are not required to own
BFG shares, but all directors are shareholders.
Remuneration of Directors
2024
12 Months
2023
12 Months
$$
Peter Brook77,00077,000
Josef Roberts*770,399770,399
Alan Dunn36,66755,000
Tyrone Foley35,00031,250
Alan Gourdie30,000-
* Josef Roberts’ remuneration is independently assessed by one of New Zealand’s leading CEO salary and
remuneration specialists and following their recommendations, set by the Board.
Remuneration of Employees (Excluding Executive Directors)2024
12 Months
Number of Employees
2023
12 Months
Number of Employees
$100,000-$110,00012
$110,001-$120,00031
$120,001-$130,00023
$130,001-$140,00021
$140,001-$150,00034
$170,001-$180,000-1
$180,001-$190,0001-
$190,001-$200,000-1
$200,001-$210,0001-
$220,001-$230,000-2
$230,001-$240,0001-
$260,001-$270,0001-
$270,001-$280,000-1
$290,001-$300,0001-
SHAREHOLDER INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024
/ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS/ SHAREHOLDER INFORMATION
BFG ANNUAL REPORT 2024BFG ANNUAL REPORT 2024
6465
Substantial Product Holders
The following information is given pursuant to section 293 of the Financial Markets Conduct Act 2013. As at 31 March
2024, details of the Substantial Product Holders in the company and their relevant interests in the company’s shares
are as follows:
Substantial Product HolderNumber of Voting
Securities
%
JCR Capital Limited and 730 Trustee Company Limited as
co-trustees of the JCR Investment Trust *30,939,39361.50%
E & P Foundation Trustee Limited2,572,1385.10%
Christopher Simon Mason and Christopher John Mills as trustees
for the Mason Family Trust
2,516,8445.00%
*Mason Roberts Holdings Limited is the legal holder (as bare trustee) of these shares.
Mason Roberts Holdings Limited is also the legal holder (as bare trustee) of shares benefi cially owned by CMJR Trustee
Ltd and GL JCR CMJR Guardian Ltd as co-trustees of the CMJR Trust.
The total number of shares legally held by Mason Roberts Holdings Limited (as bare trustee) as at 31 March 2024 was
33,376,335 (66.3%).
The total number of voting securities of the Company on issue at 31 March 2024 was 50,336,863 fully paid ordinary
shares.
SHAREHOLDER INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024
Twenty Largest Security Holders as at 31 March 2024
ShareholderNumber of Shares%
MASON ROBERTS HOLDINGS LIMITED33,376,33566.31%
E & P FOUNDATION TRUSTEE LIMITED2,572,1385.11%
MASON TRUSTEE LIMITED & CHRISTOPHER SIMON MASON & CHRISTOPHER
RONALD JOHN MILLS2,516,8445.00%
FORSYTH BARR CUSTODIANS LIMITED1,266,6602.52%
NEW ZEALAND DEPOSITORY NOMINEE LIMITED1,028,3272.04%
CUSTODIAL SERVICES LIMITED497,6540.99%
ASB NOMINEES LIMITED475,0000.94%
LAPHROAIG TRUSTEE COMPANY (NZ) LIMITED370,9630.74%
JBWERE (NZ) NOMINEES LIMITED369,2960.73%
PETER CLYNTON BROOK336,5960.67%
TRUMPETER TRUSTEES (2007) LIMITED324,6560.64%
ALASTAIR ROSS ARMSTRONG259,2500.52%
BRIAN KELLY LIMITED250,0000.50%
PLATEAU GROUP LIMITED198,5010.39%
STERLING NOMINEES LIMITED150,2920.30%
JI ZOU143,2630.28%
JOSEPH DANIEL BOTHA122,0570.24%
BRAD WILLIAM MCFARLANE107,7550.21%
ROBERT WALLACE MONTGOMERY DOWLER & ROSEMARY ELIZABETH
DOWLER100,0000.20%
FORSYTH BARR CUSTODIANS LIMITED78,1580.16%
44,543,74588.50%
SHAREHOLDER INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024
Domicile of Security Holdings
LocationHoldersUnitsUnits %
New Zealand 2,174 50,014,721 94.11%
Australia 88 187,934 3.81%
United Arab Emirates 3 48,017 0.13%
U.S.A. 14 29,433 0.61%
United Kingdom 13 26,750 0.56%
Canada 5 7,058 0.22%
Hong Kong 1 5,000 0.04%
Singapore 1 3,500 0.04%
Austria 1 2,000 0.04%
China 1 2,000 0.04%
Czech Republic 1 2,000 0.04%
France 1 2,000 0.04%
Ireland 1 1,600 0.04%
Norway 1 1,000 0.04%
Reunion 1 1,000 0.04%
South Africa 1 1,000 0.04%
Taiwan 1 1,000 0.04%
Hungary 1 550 0.04%
Switzerland 1 300 0.04%
Total 2,31050,336,863100.0%
Spread of Security Holders
RangeHoldersUnitsUnits %
1 - 49919656,6390.1%
500 - 999154100,1360.2%
1,000 - 1,9991,2391,359,4422.7%
2,000 - 4,9994531,143,6112.3%
5,000 - 9,999132759,7441.5%
10,000 - 49,9991102,008,1374.0%
50,000 - 99,9997443,5670.9%
100,000 - 499,999143,705,2837.4%
500,000 - 999,999000.0%
1,000,000 Over540,760,30481.0%
Total2,31050,336,863100.0%
/ SHAREHOLDER INFORMATION/ SHAREHOLDER INFORMATION
BFG ANNUAL REPORT 2024BFG ANNUAL REPORT 2024
6667
The Board of Directors is responsible for the corporate
governance of the Group. “Corporate Governance”
involves the direction and control of the business
by the Directors and the accountability of Directors
to shareholders and other stakeholders for the
performance of the Group and compliance with
applicable laws and standards.
The group has followed the recommendations in the
NZX Corporate Governance Code during the relevant
fi nancial year, full details can be found on our website;
https://www.burgerfuel.com/nz/investor-
relations#company-documents
Role of the Board
The Board is elected by the Shareholders of the
Company. A Director must not hold o ce (without re-
election) past the third annual meeting following the
Directors appointment or 3 years, whichever is longer.
The Directors to retire are those who wish to retire, or
those who have been longest in o ce since last being
elected, subject to voting.
The Board of Directors is responsible for the overall
direction of Burger Fuel Group Limited’s business and
a airs on behalf of all shareholders. The Board’s key role
is to ensure that corporate management is continuously
and e ectively striving for above-average performance,
taking account of risk.
The Board:
• Establishes the objectives of Burger Fuel Group
Limited;
• Approves major strategies for achieving these
objectives;
• Oversees risk management and compliance;
• Sets in place the policy framework within which
BurgerFuel operates; and
• Monitors management performance against this
background.
The Board has delegated the day-to-day leadership and
management of the Group to the Group Chief Executive
O cer, Chief Operating O cer and the Chief Financial
O cer.
The Board monitors fi nancial results and compares them
to annual plans and forecasts / budgets on a regular
basis, and on a quarterly basis reviews the Group’s
performance against its strategic planning objectives.
Board size and Composition
The size and composition of the Board is determined
by the Company’s constitution. As at 31 March 2024,
there were four Directors and a Chief Financial O cer /
Company Secretary. The Chairman of the Board and the
Chairman of the Audit Committee are non-executive and
independent of the role of the Chief Executive O cer and
Chief Financial O cer.
Directors and Officers diversity
NZX listed issuers are required to report quantitative data
on the gender breakdown of Directors and O cers at the
fi nancial year end. The policy behind the rule is to provide
information to allow investors to maintain an informed
view of diversity as a factor relevant to an Issuer’s
expected performance.
20242023
MaleFemaleMaleFemale
Directors4-4-
Executive /
Leadership Team5151
Total Head O ce
Sta 22202117
Audit Committee
(i) Risk Management
The Audit Committee is required to establish a
framework of internal control mechanisms to ensure
proper management of the Group’s a airs and that key
business and fi nancial risks are identifi ed and controls
and procedures are in place to e ectively manage
those risks. The Audit Committee is accountable to the
Board for the recommendation of the external auditors,
directing and monitoring the audit function and
reviewing the adequacy and quality of the annual audit
process.
(ii) Additional Assurance
The Committee provides the Board with additional
assurance regarding the accuracy of fi nancial
information for inclusion in the Group’s annual report,
including the fi nancial statements. The Committee is
also responsible for ensuring that Burger Fuel Group
Limited has an e ective internal control framework.
These controls include the safeguarding of assets,
maintaining proper accounting records, complying with
legislation, including resource management and health
and safety issues, ensuring the reliability of fi nancial
information and assessing and overviewing business risk.
The Committee also deals with governmental and New
Zealand Stock Exchange requirements.
(iii) Share Trading Policy
The Company has adopted a formal Securities Trading
Policy (“Policy”) to address insider trading requirements.
The Policy is modelled on the Listed Companies
Association Securities Trading Policy and Guidelines and
is administered by the Audit Committee and restricts
share trading in a number of ways.
(iv) Insurance and Indemnifi cation
Burger Fuel Group Limited provides indemnity insurance
cover to directors, o cers and employees of the Group
except where there is conduct involving a wilful breach
of duty, improper use of inside information or criminality.
CORPORATE GOVERNANCE
FOR THE YEAR ENDED 31 MARCH 2024
Constitution
A full copy of the Company’s constitution is available on the Company’s website (www.burgerfuel.com).
Board Remuneration
Directors are entitled to Directors’ fees, reasonable travelling, accommodation and other expenses incurred in the
course of performing duties or exercising powers as Directors. Aggregate fees payable to the Board will not exceed
$180,000 per annum, excluding the Group Chief Executive and Chief Financial O cer/Company Secretary.
Peter Brook, the Chairman, receives an annual fee of $77,000, Alan Dunn (retired) the independent, non-executive
Director received an annual fee of $55,000, Tyrone Foley Non-Independent Director $35,000 and Alan Gourdie
independent director $60,000 pa ($30,000 for a part year in FY24). The Company Secretary attends to all company
secretarial and corporate governance matters.
There are currently no, short or long term incentives, share options, or retirement benefi ts for the directors & CEO.
Confl ict of Interest
The Board has guidelines dealing with the disclosure of interests by Directors and the participation and voting at
Board meetings where any such interests are discussed. The Group maintains an interests register in which particulars
of certain transactions and matters involving Directors must be recorded.
There have been no political donations by the company.
Directors & O cers Board & Audit Committee Attendance Record
Directors
Board
Meetings
Audit
Committee
Meetings
Special
Meetings
Peter Brook (Board Chair & Independent Director)632
Josef Roberts (CEO Executive Director)632
Alan Dunn (Audit Committee Chair & Independent Director)212
Tyrone Foley (Non independent Director) *632
Alan Gourdie (Audit Committee Chair & Independent Director)321
O cer
Mark Piet (Chief Financial O cer / Company Secretary) *632
*Tyrone Foley and Mark Piet are not part of the Audit Committee they are observers and are not involved in any of
the decision making.
The composition of the Audit committee is Alan Gourdie, Peter Brook and Josef Roberts.
Peter Brook, Alan Dunn and Alan Gourdie are considered by the Board to be independent directors, as defi ned under
the NZX Listing Rules, as at 31 March 2024. This determination has been made on the basis that neither Peter Brook,
Alan Dunn or Alan Gourdie are employees of the Group, nor do they have any ‘Disqualifying Relationship’ as that term
is defi ned in the Listing Rules.
Alan Dunn retired as a Director on 24 November 2023 and Alan Gourdie was appointed as a director on 1 October
2023. Alan Gourdie became the Chair of the Audit Committee.
CORPORATE GOVERNANCE
FOR THE YEAR ENDED 31 MARCH 2024
/ CORPORATE GOVERNANCE/ CORPORATE GOVERNANCE
69
BFG ANNUAL REPORT 2024
68
NZ Companies O ce
Registered O ce
Burger Fuel Group Limited
66 Surrey Crescent
Grey Lynn
Auckland 1021
Company Number
1947191
Date of Incorporation
14-Jun-07
Directors
Peter Brook - Chairman (Independent)
Alan Dunn (Independent) – retired 24/11/2023
Alan Gourdie (Independent) – appointed 01/10/2023
Josef Roberts (Executive)
Tyrone Foley (Non-Independent)
Board Executives
Mark Piet
(Chief Financial O cer / Company Secretary)
Business Headquarters
66 Surrey Crescent
Grey Lynn
Auckland 1021
Bankers
ASB Bank Limited
CBA Bank Limited (Australia)
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
Accountant
KPMG
18 Viaduct Harbour Avenue,
Auckland 1140
Bridgepoint Group Accounting Pty Ltd
Suite 301, 8 West Street,North Sydney
NSW 2060
Australia
Auditors
Baker Tilly Staples Rodway Auckland
Level 9, Tower Centre
45 Queen Street
Auckland 1010
COMPANY DIRECTORY
FOR THE YEAR ENDED 31 MARCH 2024
SHAKE OUTSHAKE OUT
CORPORATE GOVERNANCE
FOR THE YEAR ENDED 31 MARCH 2024
Sustainability
Burger Fuel Group is committed to developing long term value creation. As part of this commitment, Burger Fuel
Group’s Board is focused on building a sustainable future for its business, people, customers and communities by
doing what is right.
We recognise the importance of playing our part in the transition to a decarbonised and circular economy and have
been continuing to chip away at initiatives to help us understand and reduce our impact with the support of our
sustainability consultants at Go Well Consulting
The Group has assessed its carbon footprint and is looking at ways to reduce this where it can. The Group is also
continually reviewing the supply chain to source mostly local products, have 100% compostable packaging and also
have composting in stores to divert waste from landfi ll.
Our focus over the past year has largely been around circular waste management in our stores.
We are trialling compost collections in our company owned stores in Ponsonby and Takapuna, with the intention of
rolling this out across all stores in the coming year (where possible).
We have also trialled using local rescued bread, carrots, venison and cherries on our limited-edition menu items to
challenge perception around food waste in NZ.
The nature of our business makes it di cult to be carbon neutral (without buying o setting carbon credits), but we
are we are constantly assessing this, as new equipment and processes come to market.
/ COMPANY DIRECTORY
WWW.BURGERFUELGROUP.COM
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
Other issuers discussed similar conditions around this time
Matched by meaning across NZX announcement text, not keywords — based on our semantic index of announcement bodies.
- AFC — AFC Group Holdings Limited: AFC Group Holdings Limited 2024 Annual Report2024-06-25
“AFC Group Holdings Limited Annual Report 20 |21AFC Group Holdings Limited Annual Report 20 |21 ANNUAL REPORT 2024 AFC GROUP HOLDINGS LIMITED ANNUAL REPORT 2024 FOR THE YEAR ENDED 31 MARCH 2024 AFC GROUP HOLDINGS LIMITED ANNUAL REPORT CONTENTS FOR THE YEAR ENDED 31 MAR…”
- MFB — My Food Bag Group Limited: MFB resumes paying dividends; H2 earnings up year on year2024-05-22
“Letter from the Chair and CEO 2 Results at a Glance 6 Business Update 8 Environmental, Social and Governance 14 Culture and Capability 22 Board of Directors 24 Management Team 26 Financial Statements 29 Independent Auditor’s Report 52 Non-GAAP Financial Information 56…”
- 2CC — 2 Cheap Cars Group Limited: 2 Cheap Cars Group - Annual Report 20242024-06-26
“DRIVING BETTER DEALS EVERY DAY 2322 Annual Report for the year ended 31 March 2024. EXPLANATION The financial summary section should be read in conjunction with the consolidated financial statements and the related notes contained within this report. This commentary may i…”