Restaurant Brands Half Year Financial Results 2024

Restaurant Brands New Zealand Limited
Results announcement to the Market



Results for announcement to the market
Name of issuer Restaurant Brands New Zealand Limited
Reporting Period Six months ended 30 June 2024
Previous Reporting Period Six months ended 30 June 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$724,945 7.7%
Total Revenue $724,945 7.7%
Net profit/(loss) from
continuing operations
$12,583 476.4%
Total net profit/(loss) $12,583 476.4%
Interim/Final Dividend
Amount per Quoted Equity
Security
n/a
Imputed amount per Quoted
Equity Security
n/a
Record Date n/a
Dividend Payment Date n/a
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.40 $0.03
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer announcement for Restaurant Brands released to the
market on 29 August 2024
Authority for this announcement
Name of person

authorised
to make this announcement
Julio Valdés
Contact person for this
announcement
Julio Valdés
Contact phone number +64 9 525 8700
Contact email address julio.valdes@rbd.co.nz
Date of release through MAP

29/08/2024

This report is based on accounts which have not been audited. The report is provided with the
accounts which accompany this announcement.

---

INTERIM REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2024
REST
A
URANTBRANDS.CO.NZ

INTERIM REPORT 2024
Table of
Contents
Page
Key Results3
Group Operating Results4
Pro forma income statement9
Group store EBITDA10
Non-GAAP financial measures11
Interim Financial Statements12
Notes to and forming part of the consolidated interim financial statements19
Independent auditor’s review report25
Corporate directory & Financial calendar27
ABOUT RESTAURANT BRANDS
Restaurant Brands New Zealand Limited (RBNZ) and its subsidiaries (together the
Group), also referred to as Restaurant Brands (RBD), operates the KFC, Pizza Hut,
Taco Bell and Carl’s Jr. brands in New Zealand, the KFC and Taco Bell brands in
Australia, the KFC and Taco Bell brands in California, and the Taco Bell and Pizza Hut
brands in Hawaii, Saipan and Guam. These brands – four of the world’s most famous –
are distinguished for their product, look, style, ambience and service and for the total
experience they deliver to their customers around the world.
2Restaurant Brands

KEY RESULTS
$687.2M
Group store sales / 1H 2024
Up $47.0 million or 7.3% on 1H 2023.

$12.6M
Group Net Profit After Tax (NPAT) / 1H 2024
Up $10.4 million on 1H 2023. Total earnings per share rises
to 10.1cps

$94.6M
Group store EBITDA
1
/ 1H 2024
Up $ 16.3 million on 1H 2023, driven by strong sales
and improved performance of the New Zealand and
Hawaii divisions.
506 STORES
378 owned + 128 franchised / 1H 2024
A net increase of 13 stores from 493 stores in 1H 2023.

1
EBITDA is earnings before interest, tax, depreciation and amortisation. The store EBITDA amounts referred to throughout this report are before General
and Administration (G&A) expenses, NZ IFRS 16 and Other Items. EBITDA is a non-GAAP financial measure and is not in accordance with NZ IFRS.
Interim Report 30 June 20243

GROUP OPERATING RESULTS
$NZm1H 20241H 2023Change ($)Change (%)
Group store sales687.2640.2+47.0+7.3
Group NPAT12.62.2+10.4+472.7
Group store EBITDA94.678.3+16.3+20.8
Group store EBITDA as a % of sales13.812.2
Store numbers (owned and franchised)506493
Restaurant Brands has delivered record total Group store sales of $687.2 million for the six months ended 30 June 2024
(1H 2024).
Group NPAT of $12.6
1
million represents a significant improvement on the same period last year (1H 2023) and
is underpinned by the ongoing implementation of strategic initiatives including cost control measures, operational
efficiencies, and strategic pricing programmes. These initiatives are carefully balanced with the continued delivery of value
for money for customers - in both price and experience – to protect brand health, maintain customer loyalty, and staying
competitive. They have also helped offset rising labour costs and consumer pressures.
As a result, Group store EBITDA saw a significant improvement, reaching $94.6 million, an increase of $16.3 million or 20.8%
on 1H 2023.
Our strategy is delivering gradual margin recovery for the Group. New Zealand and Hawaii are particularly noteworthy,
showing significant improvements in performance, with solid growth in 1H 2024. Although recovery in Australia and
California has been slower, the strong results in New Zealand and Hawaii are positioning the Group on the right track to
reach Group store EBITDA margin levels obtained in FY2022, established as the baseline for future growth.
In Australia and California, market conditions - including the 29% increase in the recently imposed minimum wage in
California - continue to place significant pressure on consumer spending and labour costs. We are closely monitoring these
markets and implementing strategies to mitigate the adverse impact of the current trading conditions.
In addition to focusing on margin and profit recovery, we have made considerable progress in advancing our growth
strategy, even under market conditions that continue to be challenging. Across all markets we are launching innovative new
products, transforming our menus, investing in digital channels, increasing digital sales, and delivering enhanced marketing
programmes. We continue to grow distinctive, modern brands that deliver a winning experience to our customers, the
Restaurant Brands team, and our franchisee network. Furthermore, investments in technology are delivering significant cost
efficiencies to support margins while improving customer access and staff experience across all divisions.
We opened four new stores – including new-formats - in 1H 2024 (13 net new stores from 1H 2023), maintained our ongoing
store refurbishment programme, and continued to optimise the store portfolio to focus on key growth areas. As at 30 June
2024, Restaurant Brands’ store numbers totalled 506 (378 owned and 128 franchised), including 150 owned stores in New
Zealand, 85 stores in Australia, 70 in Hawaii, and 73 in California. Of the 130 Pizza Hut stores in New Zealand, 124 are owned
by independent franchisees.
NEW ZEALAND OPERATIONS
1H 20241H 2023Change ($)Change (%)
Store sales ($m)309.6272.3+37.3+13.7
Store EBITDA ($m)49.232.2+17.0+52.8
EBITDA as a % of sales15.911.8
Store numbers150143
New Zealand store sales recorded solid growth to $309.6 million, up $37.3 million or 13.7% on 1H 2023. The development of
new KFC, Taco Bell and Carl's Jr. stores contributed to the increase in total sales.
1
Included in Group NPAT is a non-cash net impairment charge of $3.3 million relating to property, plant and equipment and intangible assets
($2.5 million after-tax).
4Restaurant Brands

GROUP OPERATING RESULTS
Same store sales increased 10.0%, primarily driven by a solid transaction growth as a result of product innovation, enhanced
marketing, and strategic pricing programmes. Additionally, labour shortage easing enabled the stores to resume full
trading hours.
KFC delivered double digit growth in same store sales and, most importantly, steady solid transactions. Taco Bell has been
doing well in New Zealand, where customers are adopting the Mexican-inspired food offered by the brand, which delivered
double digit growth in both same store sales and transactions for 1H 2024. Carl’s Jr. also delivered positive same store
sales in 1H 2024, and continued to create new consumption occasions by offering innovative store formats in the region, an
initiative that we are expanding to other brands as well.
Store EBITDA was $49.2 million, a $17.0 million or 52.8% increase on 1H 2023, primarily driven by the strong store sales
performance, margin improvement initiatives and the stabilisation of input costs. Store EBITDA margin was 15.9%, which
also represented a significant increase compared with the same period last year. Our goal is to surpass FY 2022 margins in
the near term. We are working hard to face the prevailing challenges in market conditions that continue to place pressure on
consumer spending.
The robust Pizza Hut network in New Zealand continues to grow, totalling 130 stores as at 30 June 2024. Six new stores
were opened in 1H 2024, owned and operated by independent franchisees under the Group Master Franchise Agreement. A
strong pipeline of new store development is in place for the second half of 2024.
Total RBD-owned store numbers in New Zealand increased by seven from 1H 2023, with four new store openings in 2H 2023
(one KFC, one Taco Bell and two Carl's Jr.) and three in 1H 2024 (two Taco Bell and one KFC), bringing the total to 150 stores.
AUSTRALIA OPERATIONS
1H 20241H 2023Change ($)Change (%)
Store sales ($Am)139.6140.3-0.7-0.5
Store EBITDA ($Am)15.415.5-0.1-0.6
EBITDA as a % of sales11.011.1
Store numbers8585
Store sales in Australia were $A139.6 million, down $A0.7 million or 0.5% on 1H 2023.
Australia is facing an adverse economic environment, resulting in challenging operating conditions for the Quick Service
Restaurant (QSR) sector as elevated cost of living pressures and interest rates continue to impact consumer demand,
particularly across shopping centre and mall-based stores. Additionally, labour and utility costs remain high. On a positive
note, digital sales through owned and third-party aggregator channels are contributing to the sales volume. Ongoing
investments in these channels, alongside investments in restaurant design, are strengthening brand health and improving
operational efficiencies.
Although same store sales were down 3.8% on 1H 2023, it is noteworthy that last year’s growth rates were strong, making for
a high comparison base.
Store EBITDA was $A15.4 million, a decrease of $A0.1 million or 0.6% on 1H 2023. The Group continues to implement cost
control initiatives to support recovery and preserve margins while ensuring our brands are well positioned to deliver growth
once market conditions improve.
In $NZ terms, the Australian division contributed store sales of $NZ150.9 million (down 0.6%), and store EBITDA of
$NZ16.6 million, a decrease of 1.0% on 1H 2023.
RBD operates 85 stores in Australia. During 1H 2024 we opened one new KFC store as we re-branded a Taco Bell store,
which was closed during 2H 2023.
Interim Report 30 June 2024
5

GROUP OPERATING RESULTS
HAWAII OPERATIONS
1H 20241H 2023Change ($)Change (%)
Store sales ($USm)84.379.3+5.0+6.3
Store EBITDA ($USm)14.912.6+2.3+18.3
EBITDA as a % of sales17.715.9
Store numbers7073
Store sales in Hawaii (including Guam and Saipan) were $US84.3 million, an increase of $US5.0 million or 6.3% on 1H 2023.
These results were primarily driven by the solid performance of the Taco Bell brand, which continued to thrive in this market,
and steady Pizza Hut sales which delivered moderate growth.
Same store sales increased 4.7% on 1H 2023, as a result of a strong marketing and promotions programme that continues
to drive sales growth, alongside the successful implementation of pricing strategies. Although some areas are still
experiencing staffing shortages, an increase in staffing has allowed certain key stores to extend trading hours to serve
the late-night customer market.
Store EBITDA was $US14.9 million, an increase of $US2.3 million or 18.3% on the prior year. This was primarily driven
by the effect of margin recovery initiatives and the easing of inflationary pressures in the region. Nevertheless, current
economic conditions continue to place pressure on consumers, with year-on-year inflation and high energy prices limiting
disposable income.
In $NZ terms, the Hawaiian operations contributed $NZ138.5 million in store sales, up 9.0% on 1H 2023, and $NZ24.5 million
in store EBITDA, an increase of 21.1%.
RBD operates 70 stores in Hawaii. Resulting from the August 2023 wildfires, one Pizza Hut and one Taco Bell store were
temporarily closed. Another Taco Bell store was permanently closed in 2H 2023.
CALIFORNIA OPERATIONS
1H 20241H 2023Change ($)Change (%)
Store sales ($USm)53.655.5-1.9-3.4
Store EBITDA ($USm)2.65.6-3.0-53.6
EBITDA as a % of sales4.910.1
Store numbers7376
Store sales in California were $US53.6 million, down $US1.9 million, or 3.4% on the same period last year, as elevated cost of
living pressures continue to impact consumer spending.
Same store sales decreased by 5.8%, primarily due to consumer preferences shifting to value-oriented menus and
promotional items as economic conditions continue to impact discretionary spending. However, this was partially offset by
new menu propositions and strategic pricing programmes aimed at improving the number of transactions and ticket values.
Store EBITDA decreased by $US3.0 million or 53.6%, largely due to the 29% increase in the minimum wage which came into
effect on 1 April 2024. Although other input costs remained stable, the Group continues to implement strategies to mitigate
the impacts of increased labour costs.
To this end, we continue to focus on initiatives to offer new products and reinforce customer base, and on improving
operational efficiencies that will help maintain brand health and support growth once market conditions begin to recover.
While these initiatives have shown improved performance towards the end of the first half of FY24, we anticipate that it will
take 12-18 months to see better trading conditions in the market.
6
Restaurant Brands

GROUP OPERATING RESULTS
In $NZ terms, the Californian operations contributed $NZ88.1 million in store sales, down 0.9% on 1H 2023, and
$NZ4.3 million in store EBITDA, a decrease of 52.4%.
RBD operates 73 stores in California, down three from 76 stores in 1H 2023 as part of the ongoing optimisation of the
portfolio to focus on key growth areas.
CORPORATE & OTHER
Group General and Administration (G&A) expenses were $33.1 million, an increase of $0.3 million on 1H 2023. G&A as a
percentage of total revenue was 4.6%, down on 1H 2023 at 4.9%, supported by initiatives aimed at reducing non-essential
G&A expenses across the Group.
Depreciation charges of $24.5 million for 1H 2024 were $1.5 million higher than 1H 2023. The increase is due to the
continued new store builds and store refurbishments, although these are being executed at a slower rate than the prior year.
Depreciation of right of use assets is also up $0.6 million, to $21.7 million, with new leases increasing the associated right of
use asset depreciation.
Financing costs of $28.6 million were up $1.3 million on 1H 2023, primarily driven by increased interest rates charged on
the Group loans. Interest on bank loans was $10.4 million, compared with $9.7 million in 1H 2023. Lease interest contributed
$0.5 million to the increase due to both new leases and existing leases being extended.
Tax expense was $3.8 million, up $3.0 million on the back of higher earnings for the period. The effective tax rate is 23.3%, a
decrease from 27.4% on 1H 2023 largely due to additional tax deductions.
OTHER EXPENSES
Other expenses for 1H 2024 included $3.3 million related to the recognition of an impairment expense for five restaurants in
California, three in Australia, and two in New Zealand.
BALANCE SHEET AND CASH FLOW
Total assets of the Group were $1,442.0 million, up $16.2 million on 31 December 2023, primarily due to new store builds and
refurbishments which increased the value of both property, plant, and equipment as well as right of use assets. Bank debt
at the end of 1H 2024 was $274.4 million compared to $289.4 million as of 31 December 2023, due to a combination of net
repayments of $23 million offset by $8 million of exchange rate effects.
As of 30 June 2024, the Group had bank debt facilities totalling $385.9 million ($111.5 million undrawn as of 30 June 2024).
Cash and cash equivalents decreased by $9.6 million since 31 December 2023 with the higher earnings offset by investment
in the store development programme and the repayment of bank loans.
The Group remains comfortably within all banking covenants with a Net Debt to EBITDA ratio of 1.9 : 1 (2.4 : 1 in 1H 2023).
Net operating cash inflows were $60.8 million, up $11.2 million on 1H 2023. This increase is mainly driven by higher sales and
is partially offset by increased payments to suppliers generating a net cash inflow. Higher interest payments on bank debt
and income tax amounted to $1.4 million.
Net investing cash outflows were $32.3 million, $1.1 million lower than the $33.4 million in 1H 2023.
OUTLOOK
Despite the ongoing challenges in the markets, the Board and Management team remain confident in the progress being
made against the Group’s recovery and growth strategy.
The margin recovery initiatives implemented in 2H 2023 will continue to deliver steady improvements over the next
18 months.
Interim Report 30 June 2024
7

GROUP OPERATING RESULTS
Our customers are responding positively to the innovations being delivered across our menus, service models, and store
network. This is driving continued record sales volume, which plays a critical role in the Group’s strategy to deliver
sustainable long-term value for stakeholders.
There are indications that the inflationary headwinds of the last two years are lessening in some regions. Additionally, the
easing of monetary policy is expected by year-end across most global markets. Although these economic shifts will begin to
flow into the wider operating environment, in the near-term costs related to labour, fuel, electricity, and interest rates remain
elevated, as are cost-of-living pressures for consumers.
We continually monitor the impact on all divisions closely, focusing particularly on the minimum wage increases in Hawaii
and California and the challenging trading conditions in Australia.
Looking forward, the focus will remain firmly on improving margins and profits, while positioning the Group for its next
phase of growth through network expansion, technology advancement and delivering winning, digital-first, disruptive QSR
brands. We aspire to reach $2 billion in Group store sales and are well on our way to achieving this.
We thank our shareholders, our customers, and the Restaurant Brands team for their ongoing and valued support.
8
Restaurant Brands

PRO FORMA INCOME STATEMENT
for the six months ended 30 June 2024
$NZ000's
30 June 2024
unauditedvs Prior %
30 June 2023
unaudited
Sales
New Zealand309,64513.7272,317
Australia150,918(0.6)151,894
Hawaii138,5289.0127,076
California88,064(0.9)88,864
Total sales687,1557.3640,151
Other revenue37,79014.533,002
Total operating revenue724,9457.7673,153
Cost of goods sold
1
(602,685)(5.5)(571,273)
Gross profit122,26020.0101,880
Distribution expenses
2
(4,766)(3.5)(4,606)
Marketing expenses
3
(36,260)(11.8)(32,431)
General and administration expenses
4
(33,063)(0.9)(32,759)
Other income118n/a-
Other expenses (Impairment charges)(3,305)(80.6)(1,830)
Operating profit44,98448.730,254
Financing expenses(28,587)(4.9)(27,245)
Net profit before taxation16,397444.93,009
Taxation expense(3,814)(361.6)(826)
Total profit after taxation (NPAT)12,583476.42,183
1Cost of goods sold are direct costs of operating stores: food, paper, freight, labour and store overheads.
2Distribution expenses are costs of distributing product from store.
3Marketing expenses are order centre, advertising and local store marketing expenses.
4General and administration expenses (G&A) are non-store related overheads.
Interim Report 30 June 20249

GROUP STORE EBITDA
for the six months ended 30 June 2024
Store EBITDA before G&A, NZ IFRS 16 and other items
30 June 2024
unaudited% salesvs Prior %
30 June 2023
unaudited% sales
$NZ000's
New Zealand49,17015.952.832,18711.8
Australia16,63311.0(1.0)16,80211.1
Hawaii24,54617.721.120,26515.9
California4,2894.9(52.4)9,00210.1
Total store EBITDA before G&A, NZ IFRS 16 and other items94,63813.820.978,25612.2
Ratios
Net tangible assets per security (net tangible assets divided by
number of shares) in cents
40.02.5
10Restaurant Brands

NON-GAAP FINANCIAL MEASURES
for the six months ended 30 June 2024
The Group results are prepared in accordance with New Zealand Generally Accepted Accounting Practice (“NZ GAAP”)
and comply with International Financial Reporting Standards Accounting Standards ("IFRS Accounting Standards") and
New Zealand International Financial Reporting Standards (“NZ IFRS”). These financial statements include a non-NZ GAAP
financial measure that is not prepared in accordance with NZ IFRS. The non-NZ GAAP financial measure used in this
presentation is as follows:
Store EBITDA before General and Administration (G&A) expenses, NZ IFRS 16 and other items. The Group calculates
Earnings Before Interest, Tax, Depreciation and Amortisation (“EBITDA”) before G&A, NZ IFRS 16 and other items by taking
net profit before taxation and adding back (or deducting) financing expenses, other items, depreciation, amortisation, NZ
IFRS 16 and G&A. The Group also refers to this measure as Store EBITDA before G&A and other items. This measure
provides the results of the Group’s core operating business and excludes those costs not directly attributable to stores.
The term Store refers to the Group’s 10 operating divisions comprising the four New Zealand brands (KFC, Pizza Hut, Taco
Bell and Carl’s Jr.), the two Australia brands (KFC and Taco Bell), the two Hawaii brands (Taco Bell and Pizza Hut) and the two
California brands (KFC and Taco Bell). The term G&A represents non-store related overheads.
The Group believes that this non-NZ GAAP measure provides useful information to readers to assist in the understanding of
the financial performance and position of the Group, but it should not be viewed in isolation, nor considered as a substitute
for measures reported in accordance with IFRS and NZ IFRS. This non-NZ GAAP measure as reported by the Group may not
be comparable to similarly titled amounts reported by other companies.
The following is a reconciliation between this non-GAAP measure and net profit after taxation:
$NZ000's
30 June 2024
unaudited
30 June 2023
unaudited
Store EBITDA before G&A, NZ IFRS 16 and other items94,63878,256
Depreciation(24,494)(23,013)
Net loss on sale of property, plant and equipment (included in depreciation)(363)(687)
Lease depreciation(21,723)(21,063)
Lease costs33,81831,770
Amortisation (included in cost of sales)(4,855)(4,861)
G&A expenses - area managers, general managers and support centre(28,850)(28,638)
Gain on lease termination-320
Other income118-
Other expenses (Impairment charges)(3,305)(1,830)
Operating profit44,98430,254
Financing expenses(28,587)(27,245)
Net profit before taxation16,3973,009
Taxation expense(3,814)(826)
Net profit after taxation12,5832,183
Interim Report 30 June 202411

Interim Financial
Statements
ContentsPage
Consolidated statement of comprehensive income13
Consolidated statement of changes in equity14
Consolidated statement of financial position16
Consolidated statement of cash flows17
Notes to and forming part of the consolidated interim financial statements19
Independent auditor’s review report25
Corporate directory & Financial calendar27
12Restaurant Brands

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 June 2024
$NZ000'sNote
30 June 2024
unaudited
30 June 2023
unaudited
Store sales revenue687,155640,151
Other revenue37,79033,002
Total operating revenue724,945673,153
Cost of goods sold(602,685)(571,273)
Gross profit122,260101,880
Distribution expenses(4,766)(4,606)
Marketing expenses(36,260)(32,431)
General and administration expenses(33,063)(32,759)
Other income3118-
Other expenses (Impairment charges)3(3,305)(1,830)
Operating profit44,98430,254
Financing expenses(28,587)(27,245)
Profit before taxation16,3973,009
Taxation expense(3,814)(826)
Profit after taxation attributable to shareholders12,5832,183
Other comprehensive income:
Exchange differences on translating foreign operations6,9706,469
Other comprehensive income net of tax6,9706,469
Total comprehensive income attributable to shareholders19,5538,652
Basic and diluted earnings per share (cents)410.091.75
For and on behalf of the Board:

José Parés
Chairman
29 August 2024
Emilio Fullaondo
Director
29 August 2024
Interim Report 30 June 202413

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2024
$NZ000'sShare capital
Foreign currency
translation reserveRetained earningsTotal
For the period ended 31 December 2023
Balance at the beginning of the period154,5658,935129,684293,184
Comprehensive income
Profit after taxation attributable to shareholders--2,1832,183
Other comprehensive income
Movement in foreign currency translation reserve-6,469-6,469
Total other comprehensive income-6,469-6,469
Total comprehensive income-6,4692,1838,652
Transactions with owners
Net dividends distributed--(19,961)(19,961)
Total transactions with owners--(19,961)(19,961)
Unaudited balance as at 30 June 2023154,56515,404111,906281,875
Comprehensive income
Profit after taxation attributable to shareholders--14,08014,080
Other comprehensive income
Movement in foreign currency translation reserve-(5,514)-(5,514)
Total other comprehensive income-(5,514)-(5,514)
Total comprehensive income-(5,514)14,0808,566
Audited balance as at 31 December 2023154,5659,890125,986290,441
14Restaurant Brands

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
for the six months ended 30 June 2024
$NZ000'sShare capital
Foreign currency
translation reserveRetained earningsTotal
For the six months ended 30 June 2024
Balance at the beginning of the period154,5659,890125,986290,441
Comprehensive income
Profit after taxation attributable to shareholders--12,58312,583
Other comprehensive income
Movement in foreign currency translation reserve-6,970-6,970
Total other comprehensive income-6,970-6,970
Total comprehensive income-6,97012,58319,553
Unaudited balance as at 30 June 2024154,56516,860138,569309,994
Interim Report 30 June 202415

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 June 2024
$NZ000'sNote
30 June 2024
unaudited
31 December 2023
audited
Non-current assets
Property, plant and equipment5350,734341,773
Land held for development811,13112,431
Right of use assets6592,795587,649
Sub-lease receivable837878
Intangible assets354,491349,216
Deferred tax asset61,97654,187
Total non-current assets1,371,9641,346,134
Current assets
Inventories18,12119,761
Trade and other receivables24,00823,739
Income tax receivable2,7464,600
Cash and cash equivalents21,97831,584
Held for sale assets93,220-
Total current assets70,07379,684
Total assets1,442,0371,425,818
Equity attributable to shareholders
Share capital154,565154,565
Reserves16,8609,890
Retained earnings138,569125,986
Total equity attributable to shareholders309,994290,441
Non-current liabilities
Provisions5,5535,354
Deferred income313477
Loans273,999288,962
Lease liabilities685,383674,304
Total non-current liabilities965,248969,097
Current liabilities
Income tax payable2,198-
Trade and other payables127,811131,339
Provisions1,8401,689
Lease liabilities33,15431,984
Deferred income1,7921,268
Total current liabilities166,795166,280
Total liabilities1,132,0431,135,377
Total equity and liabilities1,442,0371,425,818
16Restaurant Brands

CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months ended 30 June 2024
$NZ000's
30 June 2024
unaudited
30 June 2023
unaudited
Cash flows from operating activities
Cash was provided by / (applied to):
Receipts from customers725,728672,406
Payments to suppliers and employees(629,927)(589,619)
Interest paid(10,127)(9,612)
Interest paid on leases(18,030)(17,580)
Payment of income tax(6,814)(5,931)
Net cash from operating activities60,83049,664
Cash flows from investing activities
Cash was provided by / (applied to):
Payment for intangible assets(452)(1,132)
Purchase of property, plant and equipment(31,992)(33,348)
Proceeds from disposal of property, plant and equipment1171,097
Net cash used in investing activities(32,327)(33,383)
Cash flows from financing activities
Cash was provided by / (applied to):
Proceeds from loans104,436143,740
Repayment of loans(127,413)(139,512)
Dividends paid to shareholders-(19,961)
Payments for lease principal(15,790)(14,190)
Net cash used in financing activities(38,767)(29,923)
Net (decrease) in cash and cash equivalents(10,264)(13,642)
Cash and cash equivalents at beginning of the period31,58429,869
Foreign exchange movements658901
Cash and cash equivalents at the end of the period21,97817,128
Cash and cash equivalents comprise:
Cash on hand708691
Cash at bank21,27016,437
21,97817,128
Interim Report 30 June 202417

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
for the six months ended 30 June 2024
Reconciliation of profit after taxation with net cash from operating activities:
$NZ000'sNote
30 June 2024
unaudited
30 June 2023
unaudited
Total profit after taxation attributable to shareholders12,5832,183
Add items classified as investing activities:
Loss on disposal of property, plant and equipment245687
245687
Add / (less) non-cash items:
Depreciation46,21744,077
Lease termination-(320)
Increase in provisions21060
Amortisation of intangible assets4,8554,861
Impairment of property, plant and equipment32,6681,830
Impairment of intangible assets3637-
Net (increase) in deferred tax asset(7,253)(3,454)
47,33447,054
Add / (less) movement in working capital:
Decrease in inventories1,7466,301
Decrease / (increase) in trade and other receivables226(3,981)
(Decrease) in trade creditors and other payables(5,556)(929)
Decrease/(increase) in net income tax receivable4,252(1,651)
668(260)
Net cash from operating activities60,83049,664
Reconciliation of movement in term loans
Opening balance288,962280,281
Net cash flow movement(22,977)4,228
Decrease in prepaid facility costs6261
Foreign exchange movement7,9527,215
Closing balance273,999291,785
18Restaurant Brands

Notes to and forming part
of the consolidated interim
financial statements
for the six months ended 30 June 2024
NotePage
1. General information20
2. Segmental reporting20
3. Profit before taxation22
4. Earnings per share23
5. Property, plant and equipment23
6. Right of use assets23
7. Related party transactions23
8. Land held for development23
9. Held for sale assets23
10. Capital commitments24
11. Contingent liabilities24
12. Subsequent events24
Interim Report 30 June 202419

NOTES TO AND FORMING PART OF THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
for the six months ended 30 June 2024
1. GENERAL INFORMATION
The reporting entity is the consolidated group (the “Group”) comprising the parent entity Restaurant Brands New Zealand
Limited (the “Company”) and its subsidiaries. Restaurant Brands New Zealand Limited is a limited liability company
incorporated and domiciled in New Zealand. The principal activity of the Group is the operation of quick service and
takeaway restaurant concepts in New Zealand, Australia, USA, Saipan and Guam.
The Company is listed on the New Zealand Stock Exchange (“NZX”) and the Australian Securities Exchange (“ASX”). The
Group is designated as a for-profit entity for financial reporting purposes.
Statutory base
The Company is registered under the Companies Act 1993 and is an FMC reporting entity under Part 7 of the Financial
Markets conduct Act 2013.
Reporting framework
These interim financial statements for the six months ended 30 June 2024 have been prepared in accordance with NZ
IAS 34 New Zealand Interim Financial Reporting, and IAS 34 Interim Financial Reporting and should be read in conjunction
with the financial statements published in the Annual Report year ended 31 December 2023 which have been prepared in
accordance with International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards) and New
Zealand Equivalents to International Financial Reporting Standards (NZ IFRS). The accounting policies have been applied
on a basis consistent with those used and described in the audited consolidated financial statements for the year ended
31 December 2023.
The unaudited interim financial statements have been prepared in accordance with New Zealand Generally Accepted
Accounting Practice (“NZ GAAP”).
New standards and amendments
There are no NZ IFRS, NZ IFRIC interpretations or other applicable IFRS Accounting Standards that are effective for
the first time for the financial year beginning on or after 1 January 2024 that had a material impact on these interim
financial statements.
2.
 SEGMENTAL REPORTING
The Group is organised into five operating segments, depicting the four geographically distinct operating divisions: New
Zealand, Australia, Hawaii and California, and the corporate support function located in New Zealand. Operating segments
are reported in a manner consistent with the internal reporting provided to the chief operating decision makers. The chief
operating decision makers, responsible for allocating resources and assessing performance of the operating segments,
have been identified as the Chief Executive Officer (CEO) and Chief Financial Officer (CFO). The chief operating decision
makers consider the performance of the business from a geographic perspective, while the performance of the corporate
support function is assessed separately.
The Group evaluates performance and allocates resources to its operating segments on the basis of segment assets,
segment revenues, Store EBITDA before general and administration expenses, NZ IFRS 16 and operating profit before other
items. Operating profit refers to earnings before interest and taxation. Revenue is from external customers.
The Group believes that this non-GAAP measure provide useful information to readers to assist in the understanding
of the financial performance and position of the Group but that they should not be viewed in isolation, nor considered
as a substitute for measures reported in accordance with New Zealand Equivalents to International Financial Reporting
Standards Accounting Standards (NZ IFRS). The non-GAAP measures presented do not have a standardised meaning
prescribed by GAAP and therefore may not be comparable to similar financial information presented by other entities.
Segment assets include items directly attributable to the segment. Segment capital expenditure is the total cost incurred
during the period to acquire property, plant and equipment and intangible assets other than goodwill. The Group has not
20
Restaurant Brands

NOTES TO AND FORMING PART OF THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
for the six months ended 30 June 2024
disclosed segment liabilities as the chief operating decision makers evaluate performance and allocate resources purely on
the basis of aggregated Group liabilities.
30 June 2024
$NZ000'sNew ZealandAustraliaHawaiiCalifornia
Corporate
support function
Consolidated half
year unaudited
Business segment
Store sales revenue309,645150,918138,52888,064-687,155
Other revenue36,756-1,0286-37,790
Total operating revenue346,401150,918139,55688,070-724,945
Store EBITDA before G&A
expenses, NZ IFRS 16 and
other items
49,17016,63324,5464,289-94,638
G&A expenses(8,789)(7,164)(6,235)(5,795)(867)(28,850)
40,3819,46918,311(1,506)(867)65,788
Other income---118-118
Impairment charges(306)(1,466)-(1,533)-(3,305)
Depreciation(11,238)(6,901)(4,380)(2,330)(8)(24,857)
Amortisation(525)(588)(764)(2,901)(77)(4,855)
Adjustments for NZ IFRS 165,3423,3911,5261,836-12,095
Operating profit33,6543,90514,693(6,316)(952)44,984
Current assets36,20012,91511,8799,079-70,073
Non-current assets
excluding deferred tax
357,417368,264294,867289,440-1,309,988
Total assets excluding
deferred tax
393,617381,179306,746298,519-1,380,061
Interim Report 30 June 202421

NOTES TO AND FORMING PART OF THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
for the six months ended 30 June 2024
30 June 2023
$NZ000'sNew ZealandAustraliaHawaiiCalifornia
Corporate
support function
Consolidated half
year unaudited
Business segment
Store sales revenue272,317151,894127,07688,864-640,151
Other revenue32,589306-107-33,002
Total operating revenue304,906152,200127,07688,971-673,153
Store EBITDA before G&A
expenses, NZ IFRS 16 and
other items
35,12015,81219,2968,028-78,256
G&A expenses(10,204)(6,483)(4,775)(4,547)(2,629)(28,638)
24,9169,32914,5213,481(2,629)49,618
Impairment charges-(1,830)---(1,830)
Depreciation(10,153)(6,609)(4,717)(2,212)(10)(23,701)
Amortisation(550)(656)(635)(2,943)(77)(4,861)
Adjustments for NZ IFRS 164,9213,1661,3431,598-11,028
Operating profit19,1343,40010,512(76)(2,716)30,254
Current assets29,13214,32713,7838,292-65,534
Non-current assets
excluding deferred tax
333,298378,651296,699314,768-1,323,416
Total assets excluding
deferred tax
362,430392,978310,482323,060-1,388,950
3. PROFIT BEFORE TAXATION
$NZ000's
30 June 2024
unaudited
30 June 2023
unaudited
The profit before taxation is calculated after charging / (crediting) the following items:
Royalties paid40,53037,862
Lease expenses4,7995,384
Other income(118)-
Other expenses3,3051,830
Lease expenses
This relates to short term and variable lease costs included in the consolidated statement of comprehensive income not
included in NZ IFRS 16 costs.
Other income
$NZ000's
30 June 2024
unaudited
30 June 2023
unaudited
Income from settlement on assets118-
Total other income118-
Other income relates to proceeds received in 2024 from a legal settlement on California store assets previously impaired.
22
Restaurant Brands

NOTES TO AND FORMING PART OF THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
for the six months ended 30 June 2024
Other expenses
$NZ000's
30 June 2024
unaudited
30 June 2023
unaudited
Net impairment of property, plant and equipment and intangible assets3,3051,830
Total other expenses3,3051,830
Net impairment of property, plant and equipment and intangible assets
The Group continued to face inflationary pressures in the California and Australia divisions in addition to reduced household
spending impacting sales and margins. A detailed review of property, plant and equipment, intangible assets, and right of
use assets of stores at period end resulted in a number of stores with impairment indicators. Based on further analysis a net
impairment charge of $3.3 million was recognised for June 2024 (June 2023: $1.8 million). This includes $1.5 million for five
KFC stores in Californa, $1.5 million for two Taco Bell stores and one KFC store in Australia, and $0.3 million for one KFC and
one Carl’s Jr store in New Zealand.
4.
 EARNINGS PER SHARE
30 June 2024
unaudited
30 June 2023
unaudited
Basic and diluted earnings per share
Profit after taxation attributable to the shareholders ($NZ000's)12,5832,183
Weighted average number of shares on issue (000's)124,759124,759
Basic and diluted earnings per share (cents)10.091.75
Shares on issue
As at 30 June 2024, the total number of ordinary shares on issue was 124,758,523 (June 2023: 124,758,523).
5.
 PROPERTY, PLANT AND EQUIPMENT
Additions and disposals
During the six months ended 30 June 2024, the Group acquired assets with a total cost of $30.5 million
(December 2023: $78.9 million) and disposed of assets with a total cost of $0.4 million (December 2023: $4.8 million).
6.
 RIGHT OF USE ASSETS
Additions and modifications
During the six months ended 30 June 2024, the Group had lease additions and modifications of $14.4 million (December
2023: $20.6 million).
7.
 RELATED PARTY TRANSACTIONS
Transactions with key management or entities related to them
Apart from directors’ fees and key management remuneration, there were no other related party transactions with key
management or any Directors or entities associated with them (June 2023: $0.6 million).
8.
 LAND HELD FOR DEVELOPMENT
As at 30 June 2024 there was $11.1 million relating to land that has been purchased for use in developing new stores in the
future (December 2023: $12.4 million).
9.
 HELD FOR SALE ASSETS
As at 30 June 2024 there was $3.2 million relating to land and building assets that are being actively marketed for sale in
accordance with the Group's sale and leaseback programme (December 2023: nil).
Interim Report 30 June 2024
23

NOTES TO AND FORMING PART OF THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
for the six months ended 30 June 2024
10. CAPITAL COMMITMENTS
As at 30 June 2024 the Group has capital commitments totalling $12.3 million (December 2023: $28.0 million) which are not
provided for in these interim financial statements.
11. CONTINGENT LIABILITIES
In December 2023, Gordon Legal and Shine Lawyers have filed two class actions in the Federal Court of Australia on
behalf of certain KFC employees naming the franchisor, QSR Pty Limited (the Group’s Australian operating subsidiary) and
eighty-eight other franchisees as respondents. The two class actions were subsequently combined into a single proceeding.  
As at balance date, there was no impact to the consolidated financial statements, however the Group will continue to assess
the claim and will update the market in the event that the claim is expected to have a material impact on the Group.
12. SUBSEQUENT EVENTS
There were no subsequent events that would have a material effect on these consolidated interim financial statements.
24
Restaurant Brands

INDEPENDENT AUDITOR’S REVIEW REPORT
To the shareholders of Restaurant Brands New Zealand Limited
REPORT ON THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Our conclusion
We have reviewed the consolidated interim financial statements of Restaurant Brands New Zealand Limited (the Company)
and its subsidiaries (the Group) on pages 13 to 24, which comprise the consolidated statement of financial position as at
30 June 2024, and the consolidated statement of comprehensive income, the consolidated statement of changes in equity
and the consolidated statement of cash flows for the six month period ended on that date, and notes, comprising material
accounting policy information and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated
interim financial statements of the Group do not present fairly, in all material respects, the financial position of the Group
as at 30 June 2024, and its financial performance and cash flows for the six month period then ended, in accordance with
International Accounting Standard 34 Interim Financial Reporting (IAS 34) and New Zealand Equivalent to International
Accounting Standard 34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements 2410 (Revised) Review of
Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our responsibilities are
further described in the Auditor’s responsibilities for the review of the consolidated interim financial statements section of
our report.
We are independent of the Group in accordance with the relevant ethical requirements in New Zealand relating to the audit
of the annual financial statements, and we have fulfilled our other ethical responsibilities in accordance with these ethical
requirements. In addition to our role as auditor, our firm carries out other services for the Group in the areas of limited
assurance engagements over franchisee advertising spend and greenhouse gas emissions and a whistleblower service. In
addition, certain partners and employees of our firm may deal with the Group on normal terms within the ordinary course of
trading activities of the Group. The provision of these other services and relationships has not impaired our independence.
Responsibilities of the Director for the consolidated interim financial statements
The Directors of the Company are responsible on behalf of the Company for the preparation and fair presentation of
these consolidated interim financial statements in accordance with IAS 34 and NZ IAS 34 and for such internal control as
the Directors determine is necessary to enable the preparation and fair presentation of the consolidated interim financial
statements that are free from material misstatement, whether due to fraud or error.
Interim Report 30 June 2024
25

INDEPENDENT AUDITOR’S REVIEW REPORT (CONTINUED)
To the shareholders of Restaurant Brands New Zealand Limited
Auditor’s responsibilities for the review of the consolidated interim financial statements
Our responsibility is to express a conclusion on the consolidated interim financial statements based on our review. NZ
SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the
consolidated interim financial statements, taken as a whole, are not prepared in all material respects, in accordance with IAS
34 and NZ IAS 34.
A review of consolidated interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance
engagement. We perform procedures, primarily consisting of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures. The procedures performed in
a review are substantially less than those performed in an audit conducted in accordance with International Standards
on Auditing and International Standards on Auditing (New Zealand) and consequently does not enable us to obtain
assurance that we might identify in an audit. Accordingly, we do not express an audit opinion on these consolidated interim
financial statements.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our review work has been undertaken so that we might
state those matters which we are required to state to them in our review 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, as a body, for our
review procedures, for this report, or for the conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review report is Karen Shires.
For and on behalf of:
Chartered Accountants
29 August 2024
Auckland
26Restaurant Brands

CORPORATE DIRECTORY
Directors
José Parés Gutiérrez (Chairman)
Emilio Fullaondo Botella
Carlos Fernández González
Luis Miguel Álvarez Pérez
Stephen Ward
Huei Min (Lyn) Lim
Malena Pato-Castel
Registered office
Level 3
Building 7
Central Park
666 Great South Road
Penrose Auckland 1051
New Zealand
Share registrar
New Zealand
Computershare Investor Services Limited
Level 2
159 Hurstmere Road
Takapuna
Private Bag 92 119
Auckland 1142
New Zealand
T: 64 9 488 8700
E: enquiry@computershare.co.nz
Australia
Computershare Investor Services Limited
Yarra Falls
452 Johnston Street
Abbotsford, VIC 3067
GPO Box 3329
Melbourne, VIC 3001
Australia T: 1 800 501 366 (within Australia)
T: 61 3 9415 4083
F: 61 3 9473 2500
E: enquiry@computershare.co.nz
Auditors
PricewaterhouseCoopers
Solicitors
Bell Gully
Harmos Horton Lusk
Meredith Connell
Bankers
Westpac Banking Corporation
J.P. Morgan
Rabobank
Bank of China
Contact details
Postal Address:
P O Box 22 749
Otahuhu
Auckland 1640
New Zealand
Telephone: 64 9 525 8700
Fax: 64 9 525 8711
Email: investor@rbd.co.nz
FINANCIAL CALENDAR
Financial year end
31 December 2024
Annual profit announcement
February 2025
Interim Report 30 June 2024
27