NZX Governance Explorer

How Burger Fuel Group Limited makes money

Where BFG’s revenue went in FY2021: operating costs, depreciation, interest and tax, and what was left as net profit. Built from the income statement in the filed annual report, and drawn only when the figures reconcile with each other. BFG company profile

How Burger Fuel Group Limited makes money — FY2021

Revenue $18.6m · EBITDA $3.1m (16.6% of revenue) · Net profit $713k (3.8% of revenue) · Financial year ending March (from the issuer record)

Burger Fuel Group Limited (BFG) FY2021: where revenue of $18.6m wentRevenue → EBITDA: $3.1mRevenue → Operating costs (net of other income): $15.5mEBITDA → EBIT: $1.8mEBITDA → Depreciation & amortisation: $1.3mEBIT → Net profit: $713kEBIT → Interest: $1.1mOther items (net gain) → Interest: $883kOther items (net gain) → Income tax: $623kRevenue: $18.6mRevenue$18.6mEBITDA: $3.1mEBITDA$3.1mOperating costs (net of other income): $15.5m (derived)Operating costs (net ofother income)$15.5m · derivedEBIT: $1.8mEBIT$1.8mDepreciation & amortisation: $1.3mDepreciation &amortisation$1.3mOther items (net gain): $1.5m (balancing item)Other items (net gain)$1.5m · balancingNet profit: $713kNet profit$713kInterest: $1.9mInterest$1.9mIncome tax: $623kIncome tax$623k

Band widths are proportional to NZD amounts. Dashed outlines mark derived figures; the hatched node is a balancing item (net profit less every line above it).

Burger Fuel Group Limited FY2021 figures used in the chart
FY2021AmountStatusNote
Revenue$18.6mReported
Operating costs (net of other income)−$15.5mDerived *Reported operating expenses $16.3m do not reconcile; not used.
EBITDA$3.1mReported
Depreciation & amortisation−$1.3mReported
EBIT$1.8mReported
Interest (net finance costs)−$1.9mReported
Income tax−$623kReported
Other items (net gain)+$1.5mBalancing item *Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised.
Net profit$713kReported
  • * operating costs: $15.5m = Revenue − EBITDA
Checks run on these figures (6)
  • Passed: Revenue is within the scale of a column stored in thousands.
  • Passed: Revenue in the income statement ($18.6m) vs the summary table ($18.6m): agree within 2%.
  • Passed: EBITDA − D&A = $1.8m vs reported EBIT $1.8m: reconciles.
  • Not met: Reported operating expenses ($16.3m) leave $2.3m, not EBITDA of $3.1m (gap -$0.8m); costs derived as revenue minus operating profit instead. No split is shown.
  • Passed: Balancing item $1.5m is 8.1% of revenue (limit 25%).
  • Not met: No operating segments recorded for this year.

Figures extracted automatically from the annual report; check against the report. NZD thousands as stored, shown in millions. Source: annual_report_pdf · method: claude_haiku_pdf · extracted 7 March 2026.

EBITDA bridge, FY2020 → FY2021

What moved EBITDA between the two years: the change in revenue, less the change in operating costs (revenue less EBITDA, net of other income; not a reported line). The costs are one net figure; no split by type is held, so none is shown.

BFG EBITDA bridge FY2020 to FY2021FY2020 EBITDA: $2.4m$2.4mFY2020 EBITDARevenue change: −$1.7m−$1.7mRevenue changeCost change (derived): +$2.5m+$2.5mCost change (derived)FY2021 EBITDA: $3.1m$3.1mFY2021 EBITDA
BFG EBITDA bridge FY2020 to FY2021: figures
StepFY2020FY2021Effect on EBITDAStatus
FY2020 EBITDA$2.4m$2.4mAs charted
Revenue$20.3m$18.6m−$1.7mReported
Operating costs (net, derived)$18.0m$15.5m+$2.5mDerived: revenue − EBITDA
FY2021 EBITDA$3.1m$3.1mAs charted

$2.4m −$1.7m +$2.5m = $3.1m, which equals FY2021 EBITDA of $3.1m. EBITDA is the figure stored from each statement; companies that headline an adjusted measure (EBITDAF, underlying EBITDA) can report a different number.

What changed from FY2020 to FY2021

MeasureFY2020FY2021ChangeChange %
Revenue$20.3m$18.6m−$1.7m−8.5%
EBITDA$2.4m$3.1m+$724k+30.5%
Net profit$505k$713k+$208k+41.2%
EBITDA margin11.7%16.6%+5.0 pts—
Net margin2.5%3.8%+1.3 pts—

Both years passed the same checks. Margins are shares of revenue; their change is in percentage points. n/m = not meaningful (prior-year figure at or below zero). Each year holds the figures from its own annual report; restated comparatives are not applied.

Margins over time

EBITDA, EBIT and net profit as a share of revenue for each year whose figures passed the checks (6 of 9 years from FY2018). The shaded line is the median of 13 other listed Consumer Discretionary operating companies, using each one’s same financial year where it passed the checks; the number of companies in each median is in the table. Gaps are years that were not charted.

EBITDA margin
BFG ebitda margin by financial year, with peer median0%10%20%FY18FY20FY22FY24FY26FY2018: not charted — operating lossFY2019: not charted — unexplained residualFY2020: BFG 11.7%; peer median 18.6% (7)FY2021: BFG 16.6%; peer median 11.9% (9)FY2022: not charted — revenue figures disagreeFY2023: BFG 7.6%; peer median 14.1% (5)FY2024: BFG 13.8%; peer median 12.8% (5)FY2025: BFG 13.9%; peer median 13.1% (7)FY2026: BFG 18.4%; peer median 16.5% (5)
EBIT margin
BFG ebit margin by financial year, with peer median0%10%20%FY18FY20FY22FY24FY26FY2018: not charted — operating lossFY2019: not charted — unexplained residualFY2020: BFG 5.2%; peer median 8.5% (7)FY2021: BFG 9.6%; peer median 8.9% (10)FY2022: not charted — revenue figures disagreeFY2023: BFG 4.0%; peer median 12.9% (7)FY2024: BFG 7.8%; peer median 9.0% (7)FY2025: BFG 7.3%; peer median 7.2% (7)FY2026: BFG 11.2%; peer median 11.9% (6)
Net margin
BFG net margin by financial year, with peer median0%10%20%FY18FY20FY22FY24FY26FY2018: not charted — operating lossFY2019: not charted — unexplained residualFY2020: BFG 2.5%; peer median 5.5% (7)FY2021: BFG 3.8%; peer median 6.3% (10)FY2022: not charted — revenue figures disagreeFY2023: BFG 3.7%; peer median 8.4% (7)FY2024: BFG 5.1%; peer median 4.3% (7)FY2025: BFG 4.3%; peer median 1.9% (7)FY2026: BFG 7.7%; peer median 6.4% (6)

BFG   peer median   below the axis: year not charted (reason in the table). All panels share one scale.

BFG margins by year with peer medians
YearEBITDA margin: BFG · peer median (n)EBIT margin: BFG · peer median (n)Net margin: BFG · peer median (n)Note
FY2018—11.6% (8)—9.1% (8)—5.0% (8)Not charted: operating loss
FY2019—16.6% (5)—14.0% (8)—6.9% (8)Not charted: unexplained residual
FY202011.7%18.6% (7)5.2%8.5% (7)2.5%5.5% (7)
FY202116.6%11.9% (9)9.6%8.9% (10)3.8%6.3% (10)
FY2022—11.3% (7)—10.5% (10)—4.9% (10)Not charted: revenue figures disagree
FY20237.6%14.1% (5)4.0%12.9% (7)3.7%8.4% (7)
FY202413.8%12.8% (5)7.8%9.0% (7)5.1%4.3% (7)
FY202513.9%13.1% (7)7.3%7.2% (7)4.3%1.9% (7)
FY202618.4%16.5% (5)11.2%11.9% (6)7.7%6.4% (6)

Peer medians use only peer-years that passed the same checks; a median of fewer than two companies is not shown. Years are grouped by financial-year label, and year-end months differ between companies.

Not yet available: where the cash goes (operating cash flow to capex, dividends and debt) and underlying versus reported earnings. The figures they need are not yet validated.

Years not charted

These years are on file but their figures did not pass the checks, so no chart is drawn for them.

  • FY2022: Two stored revenue figures for this year disagree ($19.3m vs $8.1m), so at least one is wrong and we cannot tell which.
  • FY2019: After placing every reported line, $11.1m (53% of revenue) is left unexplained between EBIT and net profit. A residual that large usually means a line was mis-extracted, so the chart is not drawn.
  • FY2018: EBIT is -$0.1m. This layout does not draw an operating loss.

All companies with a chart

Data sourced from NZX company annual reports (income statements). 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.

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