Interim Report

Restaurant Brands New Zealand Limited
Interim Report December 2021
For the six months ended 30 June 2021
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01
Interim Report December 2021
About Restaurant Brands:
Restaurant Brands New Zealand Limited 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 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.
2021.
WHAT A YEAR!
Contents
02
22
16
Consolidated
statement of
comprehensive
income
Corporate

directory
Group operating

results
Key

highlights
Consolidated

statement of
changes in
equity
Consolidated

statement of
financial position
Financial

calendar
Consolidated

income statement
Notes to and forming
part of the financial
statements
Consolidated
statement of
cash flows
Non-GAAP

financial measures
Independent

review report
04
34
17
12
36
19
14
36
20

0302
Interim Report December 2021Restaurant Brands New Zealand Limited
Total Group sales for the six
months to 30 June 2021 (1H
2021) were $540.6 million, up
$157.2 million on the previous
half year (1H 2020). This is the
result of the inclusion of the
California business in 2021
and the adverse impact of
COVID-19 in 2020.
Net Profit after Tax for
1H 2021 was $34.5 million
(27.66 cents per share), up
$23.3 million on 1H 2020.
The current result includes
recognition of $11.4 million
of loan forgiveness under
the US Paycheck Protection
Program (PPP).
Brand EBITDA before G&A
was up $26.5 million to $89.9
million, of which $12.7 million
came from the inclusion of
a maiden profit from the
new California division. The
comparison was enhanced by
the effect of COVID-19 store
closures in New Zealand in
the 1H 2020 result*.
S
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* Including government grant of $22.1 million in 1H 2020.
KEY HIGHLIGHTS
$34.5M
NET PROFIT AFTER TA X
1H 2021
$89.9M
EBITDA
1H 2021
$540.6M
TOTAL GROUP SALES
1H 2021

05
Interim Report December 2021
04
Restaurant Brands New Zealand Limited
Group operating results
1H 2021
$NZm
1H 2020
$NZm
Change
$NZm
Change (%)
Total Group sales
540.6
383.4+15 7. 2+41. 0
Group NPAT (reported)
34.5
11. 2+23.3+208.0
Directors are pleased to report that Restaurant Brands New Zealand Limited (RBD) has earned a Group
Net Profit after Tax (NPAT) of $34.5 million for the six months ended 30 June 2021 (1H 2021). This is up
$23.3 million on the last half-year’s reported result. Although the company continues to face challenges
from COVID-19 the operating results have remained strong across all divisions.
The result includes $77.3 million in sales and $12.7 million of brand EBITDA from the newly acquired
California division. This, combined with the adverse effect of COVID-19 on the 1H 2020 results,
compromises the opportunity for direct comparisons between the two half years’ reported results.
Comparisons at a reported profit level are further distorted by the recognition of $11.4 million ($US8.1
million) in relation to the PPP loan drawn down last year at the beginning of the COVID-19 pandemic,
that was forgiven during the period.
After adjusting for the PPP loan, the underlying NPAT would be $23.1 million, up $11.9 million.
This increase is due to rolling over the adverse effect of COVID-19 on the 1H 2020 results, the addition
of the new Californian business and the strong trading results in the current year.
Total store sales hit a new high of $540.6 million, up $157.2 million or 41.0% on 1H 2020, thanks to
the inclusion of $77.3 million in sales from the California business (acquired in September 2020).
Very strong same store sales growth from the other divisions also contributed.
Combined brand EBITDA at $89.9 million was up $26.5 million (41.7 %) on 1H 2020*, with the increase
arising from strong sales growth in the current year, a $12.7 million contribution from the California
division and the COVID-19 impact on the prior year’s results.
Restaurant Brands’ store numbers now total 350, up 60 on the 1H 2020 – again largely due to the
inclusion of 69 stores in California. This is partly offset, however, by the sale of New Zealand Pizza Hut
stores to independent franchisees. There are now 132 RBD-owned stores in New Zealand, 73 in Hawaii,
69 in California and 76 stores in Australia.
New Zealand operations
New Zealand store sales were $239.3 million, up $64.7 million or 37.0% on 1H 2020. Particularly strong
sales in KFC and Carl’s Jr. made an impact here, as well as rolling the five week COVID-19 lockdown in
1H 2020 (an estimated $40.0 million in lost sales). Same store sales were up a healthy 12.5%.
EBITDA was $43.1 million, a $9.5 million or 28.3% increase on 1H 2020 as a result of the strong store
sales performance and rolling the five week store closure in the June 2020 result*. EBITDA margin at
18.0% was slightly softer on prior year with some cost pressures and the mix of less profitable Taco Bell
brand sales as this business continues to build.
New Zealand
Actual
26 weeks
30 June 2021
$NZm
Actual
26 weeks
30 June 2020
$NZm
Change
$NZmChange (%)
Store sales
239.3
174.6+64.7+37.0
Store EBITDA
4 3 .1
33.6*+9.5+28.3
EBITDA as a % of sales
18.0
19.2
Store numbers
132
150
*Including government grant of $22.1 million in 1H 2020.
The result has been led by another strong performance from KFC combined with Carl’s Jr. where sales
continue to grow through both the delivery and store channels. At this stage, Taco Bell contributes only
a small proportion of the New Zealand business sales with the five stores opened to date continuing to
track in line with expectations.
Operating profit for the NZ division (excluding the effect of NZ IFRS 16) was $28.7 million (up 68.5%).
The Pizza Hut sub-franchising process continued with seven stores sold to independent franchise
operators and two new stores opened by independent franchisees over the first half year taking the
total number of stores in the wider Pizza Hut network to 105. The effect of these franchisee store sales
on total RBD-owned store numbers was offset by one new KFC store opening in Takanini, Auckland,
and the fifth Taco Bell store (first in the South Island) opening in the Eastgate Shopping Centre,
Christchurch. Both are trading ahead of expectations.
The KFC Takanini store that opened in April 2021 incorporates a range of innovations that improve
sustainability, including use of solar panels and energy efficient water heating. Customer experience is
also enhanced through new features such as a dual lane drive-thru and a separate click & collect area.
An additional four Taco Bell stores and two KFC stores are expected to open before the end of the year.
KFC is proud to be celebrating its 50th anniversary in New Zealand with the first store having opened
in Royal Oak, Auckland in 1971.
* Including government grant of $22.1 million in 1H 2020.

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Interim Report December 2021
06
Restaurant Brands New Zealand Limited
Australia operations
In $NZ terms the Australian business contributed total sales of $NZ123.0 million (up 24.1%), a store
EBITDA of $NZ16.3 million (up 37.9%) and operating profit (excluding the effect of NZ IFRS 16) of
$NZ5.6 million (up 106.3%).
In $A terms total sales in Australia were $A114.8 million, up $A20.4 million (or 21.6%) on last year,
primarily due to the acquisition of five additional KFC stores in February 2021, the effect of additional
store openings, and solid same store sales growth (up 5.2 % for the half year).
Australia
Actual
26 weeks
30 June 2021
$Am
Actual
26 weeks
30 June 2020
$Am
Change
$AmChange (%)
Sales
114 . 8
94.4+20.4+21.6
Store EBITDA
15. 2
11. 3+4.0+35.3
EBITDA as a % of sales
13.3
11. 9
Store numbers
76
65
Australian operations continue to face challenges with COVID-19 lockdowns. These restrictions
have adversely impacted dine-in sales across the network and many of the mall and in-line city store
sales are operating below pre-COVID-19 levels. During the initial COVID-19 lockdown restrictions the
Australian business successfully expanded home delivery services and generated further growth in
KFC mobile ordering. Both initiatives continue to drive strong sales growth through these channels.
With continued investment in existing stores in the portfolio and a particular emphasis on driving
workplace safety, operational excellence and digital innovation that enhances customer experience
the business has succeeded in mitigating some of the impact of the current COVID-19 restrictions.
Store EBITDA margins of $A15.2 million (13.3% of sales) were up $A4.0 million or 35.3% on last year.
Although store EBITDA is up on last year this is primarily due to the increase in sales from store
acquisitions and new store openings. There remain underlying cost challenges from COVID-19 as well
as initial set up costs of operating Taco Bell as we look to scale the business.
Store numbers continue to grow through both new builds and acquisitions. Five KFC stores were
acquired in North Sydney early in the half year and one new Taco Bell opened in Green Square Sydney.
This store produced record opening day transactions this year for the entire Asia Pacific region.
Four more new Taco Bells are scheduled to open by the end of the year. Two Taco Bell and three
KFC stores also opened in 2H 2020.
Hawaii operations
Total sales in Hawaii for the period were $US72.7 million with store level EBITDA of $US11.6 million
(15.8% of sales).
In $NZ terms the Hawaiian operations contributed $NZ101.0 million in revenues, $NZ16.0 million in
EBITDA and an operating profit (excluding the effect of NZ IFRS 16) of $NZ19.3 million for the period.
This result includes $11.4 million ($US8.1 million) in relation to the PPP loan drawn down at the onset
of the COVID-19 pandemic last year, that was forgiven in June 2021.
Hawaii
Actual
26 weeks
30 June 2021
$USm
Actual
26 weeks
30 June 2020
$USm
Change
$USmChange (%)
Sales
72.7
68.7+3.9+5.7
Store EBITDA
11. 6
10.2+1. 4 +14 . 0
EBITDA as a % of sales
15.8
14. 8
Store numbers
73
75
Reported sales are up $US3.9 million with same store sales up 9.9%. Both Taco Bell and Pizza Hut
have shown growth on 1H 2020.
Pizza Hut’s resurgence in sales and profitability experienced last year has continued into 2021. As
Hawaii struggles through the ongoing pandemic, customer loyalty to a reliable and long-established
brand that offers product value has helped to maintain sales momentum. This has been reinforced by
enhanced delivery and customer ordering capability with Pizza Hut’s web orders now accounting for
more than 60% of total orders taken.
While Pizza Hut’s sales flourished in 2020, Taco Bell’s sales were stagnant under Hawaii’s initial “stay at
home” restrictions instituted in early 2020. Sales have subsequently resurged in 2021 with the recovery
in tourism arising from Hawaii opening up its economy. Increased deliveries, largely through third party
aggregators and digital sales through Taco Bell’s mobile ordering platform also played a large role
in sales growth in 2021. Prior to the pandemic, Taco Bell had no presence in the delivery market and
nominal digital sales.
Overall store numbers in Hawaii are down by two from 1H 2020 following the closure of three stores
late last year as part of the strategy to close some legacy dine-in restaurants. During the past six
months one new Pizza Hut store has opened in Pahoa.

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Interim Report December 2021
08
Restaurant Brands New Zealand Limited
California operations
Total sales in California for the period were $US55.2 million with store level EBITDA of $US9.1 million
(16.5% of sales).
In $NZ terms the Californian operations contributed $NZ77.3 million in revenues, $NZ12.7 million in
EBITDA and an operating profit (excluding the effect of NZ IFRS 16) of $NZ4.0 million for the period.
These results were above expectations at the time of completion of the California acquisition in
September 2020.
California
Actual
26 weeks
30 June 2021
$USm
Actual
26 weeks
30 June 2020
$USm
Change
$USmChange (%)
Sales
55.2
n/an/an/a
Store EBITDA
9 .1
n/an/a n/a
EBITDA as a % of sales
16.5
n/a
Store numbers
69
n/a
The second quarter saw record sales levels in California thanks to the launch of the new KFC Chicken
Sandwich, coupled with the third round of Federal stimulus and a relaxation in COVID-19 pandemic
restrictions. During June, California relaxed many of the pandemic trading restrictions allowing dining
rooms to reopen.
Store numbers have remained constant at the acquisition level of 69 stores. One additional KFC store
was acquired from an existing franchisee just after balance date.
Corporate and other
General and administration (G&A) costs were $24.3 million, an increase of $1.6 million on 1H 2020,
largely as a result of inclusion of the California division costs. G&A as a % of total revenue was 4.3%
which is much closer to the traditional run rate of 4.0% of revenues. This is a reduction from 5.7% in the
prior year due to the increase in revenue and the impact of COVID-19 on the 1H 2020 results.
Depreciation charges of $18.8 million for the half year were $3.1 million higher than the prior year. The
increase is from the California division charges ($2.1 million) and the continued high level of new store
builds and store refurbishments. Depreciation of leased assets is also up $4.9 million to $18.7 million
with new leases increasing the right of use asset depreciation.
Financing costs of $17.6 million were up $3.5 million on prior year primarily due to an increase in lease
interest of $3.4 million resulting from both new leases and existing leases being extended. Bank
interest costs were $3.4 million, $0.2 million lower than prior year with increased debt levels off-set by
lower interest rates.
Tax expense was $9.4 million, up $5.4 million due to the higher earnings. The effective tax rate is
21.5%, down from 26.3% last year due to the lower relative level of assessable income in the Hawaii
division with the PPP loan forgiveness.
Other expenses
Other expenses for the half year totalled $1.9 million, an increase of $0.2 million on prior year. This
year’s costs included acquisition costs (Australia and California) of $0.7 million and initial one-off costs
associated with a new company-wide ERP system ($1.2 million) being introduced. A further $2-3 million
is expected to be spent on this project over the balance of this financial year. The entire project is
expected to cost in excess of $7 million and will be largely expensed.
PPP loan
In March 2020 during the onset of the COVID-19 pandemic the Hawaiian operations received $US8.1
million as a Government loan under the Paycheck Protection Program (a US Government assistance
package offered to US businesses affected by the pandemic). In June 2021, the US government
approved converting the PPP loan to a government grant. This resulted in $11.4 million in Other Income
being recognised in the Consolidated Statement of Comprehensive Income.
NZ IFRS 16
The impact of NZ IFRS 16 on the Group accounts for the half year is a reduction of $4.5 million on after
tax operating earnings (1H 2020 impact: $2.8 million).
The Consolidated Statement of Financial Position has right of use assets of $537.8 million, up $26.0
million since December 2020 due to the inclusion of the five newly acquired stores in Australia, various
other new stores being opened and lease renewals. Lease liabilities of $623.8 million are also up by
$33.4 million reflecting the increase in future lease commitments.
Statements of Cash Flow and Financial Position
Bank debt at the end of the half year was down to $222.3 million compared to $235.6 million at the
previous year end. As at 30 June 2021, the Group had bank debt facilities totalling $NZ357.0 million
available. Cash and cash equivalents decreased by $8.5 million during the period resulting in net debt
reducing by $4.8 million to $195.1 million over the half year.
Operating cash flows were $62.4 million, up $24.5 million on 1H 2020 which is a direct reflection of the
strong improvement in trading results vs the prior half year and the added benefit from the California
acquisition. Operating cash flows in 1H 2020 also included $22.1 million from the New Zealand wage
subsidy.
Net investing cash outflows at $53.2 million, versus $23.9 million in 1H 2020, include the acquisition of
stores in Australia for $25.3 million. The underlying spend on new stores as well as refurbishing stores
throughout the network is also up by $5.6 million.

10
Restaurant Brands New Zealand Limited
11
Interim Report December 2021
COVID-19
The company continues to face challenges in relation to the ongoing COVID-19 pandemic including
increased operating costs, continued trading restrictions in some markets and ongoing lockdowns in
Australia and on 18 August New Zealand. However, there have been opportunities with increased focus
on takeout and delivery channels which have helped produce strong results for this half year. Directors
acknowledge the continuing efforts of all staff in helping to deliver such a strong result in what remains
challenging circumstances.
Outlook
Despite the impact of COVID-19, store numbers are expected to continue to grow in the second half.
New store roll outs for both the KFC and Taco Bell brands will continue in New Zealand and Australia.
The Hawaiian market will see another new Taco Bell completed together with continuing scrape and
rebuild refurbishments delivering significant sales growth. A new store development programme is
under way in California, with up to three new KFC stores targeted for opening before year end.
The overall business continues to deliver solid results across all geographic markets and this strong
performance has carried over into the second half of the year. However, whilst current trading remains
strong across all divisions, the prevailing uncertainties with COVID-19, particularly in the Australian and
most recently the New Zealand markets make it difficult to provide firm profit guidance.
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Interim Report December 2021
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Restaurant Brands New Zealand Limited

$NZ000’s
30 June 2021
unaudited
vs Prior
%
30 June 2020
unaudited
% sales% sales
Concept EBITDA before G&A
including Government grants
New Zealand
43,050
18.028.333,56219.2
Australia
16,322
13. 337.911, 8 3 211. 9
Hawaii
15,950
15. 8(2.0)16,27214. 8
California
12,746
16.5n/a– n/a
Total concept EBITDA before G&A88,06816.342.861,66616 .1
Ratios
Net tangible assets per security (net tangible
assets divided by number of shares) in cents(11. 8 )20.5
Cost of goods sold are direct costs of operating stores: food, paper, freight, labour and store overheads.
Distribution expenses are costs of distributing product from store.
Marketing expenses are order centre, advertising and local store marketing expenses.
General and administration expenses (G&A) are non-store related overheads.
Store sales and concept EBITDA may not aggregate to the total due to rounding.

$NZ000’s
30 June 2021
unaudited
vs Prior
%
30 June 2020
unaudited
Sales
New Zealand
239,274
37.0174,603
Australia
123,02 7
24 .199,137
Hawaii
101,024
(7.9)109,697
California
7 7,316
n/a–
Total sales
5 4 0,6 41
41.0383,437
Other revenue
23,012
90.912,054
Total operating revenue
563,653
42.5395,491
Cost of goods sold
(454,800)
(33.8)(340,033)
Gross margin
108,853
96.355,458
Distribution expenses
(4,191)
(45.2)(2,887)
Marketing expenses
(29,297)
(39.7 )(20,969)
General and administration expenses
(24, 312)
(9 .1)(22,689)
Government grants
–
n/a22,071
Loan forgiveness
11, 4 0 7
n/a –
Other items
(913)
44.5(1,646)
Operating profit
61,547
109.829,338
Financing expenses
(17,601)
(24.6)(14,128)
Net profit before taxation
43,946
188.915,210
Taxation expense
(9,440)
(136 .0)(4,000)
Total profit after taxation (NPAT)
34,506
207.811,210
Consolidated Income Statement (continued)
for the six months ended 30 June 2021
Consolidated Income Statement
for the six months ended 30 June 2021

15
Interim Report December 2021
14
Restaurant Brands New Zealand Limited
Non-GAAP financial measures
for the six months ended 30 June 2021
Non-GAAP financial measures (continued)
for the six months ended 30 June 2021
The Group results are prepared in accordance with New Zealand Generally Accepted Accounting
Practice (“NZ GAAP”) and comply with New Zealand International Financial Reporting Standards
(“NZ IFRS”). These financial statements include non-NZ GAAP financial measures that are not prepared
in accordance with NZ IFRS. The non-NZ GAAP financial measures used in this presentation are as
follows:
1. EBITDA including Government grants, G&A and other items. The Group calculates Earnings
Before Interest, Tax, Depreciation and Amortisation (“EBITDA”) before G&A (general and
administration expenses) and other items by taking net profit before taxation and adding back (or
deducting) financing expenses, other items, depreciation, amortisation 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. This is believed to be a useful measure to assist in the understanding of the financial
performance of the Group.
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 (Taco Bell and KFC). The term G&A
represents non-store related overheads.
2. Total NPAT excluding the impact of NZ IFRS 16. Total Net Profit After Taxation (“NPAT”) excluding
the impact of NZ IFRS 16 is calculated by taking profit after taxation attributable to shareholders and
adding back (or deducting) lease items whilst also allowing for any tax impact of those items. This
measure reflects the performance of the business, excluding costs associated with the adoption of NZ
IFRS 16 and is considered a useful measure to assist with understanding the financial performance of
the Group.
The Group believes that these non-NZ GAAP measures 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 NZ IFRS.
Non-NZ GAAP measures as reported by the Group may not be comparable to similarly titled amounts
reported by other companies.
The following is a reconciliation between these non-NZ GAAP measures and net profit after taxation:
$NZ000’s Note*
30 June 2021
unaudited

30 June 2020
unaudited
EBITDA including Government grants,
before G&A and other items
189,94462,462
Depreciation(17,618)(14,973)
Net loss on sale of property, plant and equipment
(included in depreciation)(1,16 0 )(661)
Lease depreciation(18,695)(13, 832)
Lease costs26,265 20,716
Amortisation (included in cost of sales)(4,460)(1,916)
General and administration costs –
area managers, general managers and support centre(23,223)(20, 812)
Loan forgiveness11, 4 0 7–
Other items(913)(1,646)
Operating profit61,54729,338
Financing expenses(17,601)(14,128)
Net profit before taxation 43,94615,210
Taxation expense (9,440)(4,000)
Net profit after taxation34,50611, 210
Add back NZ IFRS 16 impact6 ,18 43,952
Income tax on NZ IFRS 16 impact(1,724)(1,161)
Total NPAT excluding the impact of NZ IFRS 16
238,96614,0 01
* Refers to the list of non-NZ GAAP measures as listed above.

17
Interim Report December 2021
16
Restaurant Brands New Zealand Limited

$NZ000’s
Note
30 June 2021
unaudited
30 June 2020
unaudited
31 December 2020
audited
Store sales revenue5 4 0,6 41383,437892,359
Other revenue23,01212,05432,369
Total operating revenue563,653395,491924,728
Cost of goods sold(454,800)(340,033)(766,054)
Gross profit108,85355,458158 ,6 74
Distribution expenses(4 ,191)(2,887)( 7,138)
Marketing expenses(29,297)(20,969)(48,344)
General and administration expenses(24,312)(22,689)(45,595)
Government grants–22,07122,013
Loan forgiveness
3 ,1011, 4 0 7––
Other income
3945–405
Other expenses
3(1,858)(1,646)(5,231)
Operating profit61,54729,33874,784
Finance expenses(17,601)(14,128)(30,220)
Profit before taxation43,94615,21044,564
Taxation expense(9,440)(4,000)(13,920)
Profit after taxation attributable
to shareholders34,50611, 21030,644
Other comprehensive income:
Exchange differences on translating foreign operations4,9446,615( 7,874)
Derivative hedging reserve898(1,355)(596)
Income tax relating to components of other
comprehensive income(186)15210
Other comprehensive income net of tax5,6565 ,412(8,460)
Total comprehensive income attributable
to shareholders4 0 ,16216,62222,18 4
Basic and diluted earnings per share (cents)
427.66 8.99 24.56
For and on behalf of the Board:
José Parés Emilio Fullaondo
Chairman Director
24 August 2021
Consolidated statement of comprehensive income
for the six months ended 30 June 2021
Consolidated statement of changes in equity
for the six months ended 30 June 2021

$NZ000’s
Share
capital
Foreign
currency
translation
reserve
Derivative
hedging
reserve
Retained
earningsTotal
For the period ended 31 December 2020
Balance at the beginning of the period154,565 (164)(1,736)54,971 207,636
Comprehensive income
Profit after taxation attributable to shareholders– – – 11, 21011, 210
Other comprehensive income
Movement in foreign currency translation reserve– 6,615– – 6,615
Movement in derivative hedging reserve– – (1,203)– (1,203)
Total other comprehensive income– 6,615 (1,203)– 5,412
Total comprehensive income– 6,615(1,203)11,21016,622
Unaudited balance as at 30 June 2020154,565 6,451 (2,939)66,181 224,258
Comprehensive income
Profit after taxation attributable to shareholders–––19,43419,434
Other comprehensive income
Movement in foreign currency translation reserve– (14,4 89)– – (14,4 89)
Movement in derivative hedging reserve– – 617 – 617
Total other comprehensive income– (14,489)617– (13,872)
Total comprehensive income– (14,489)61719,4345,562
Audited balance as at 31 December 2020154,565 (8,038)(2,322)85,615 229,820

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Interim Report December 2021
18
Restaurant Brands New Zealand Limited
Consolidated statement of changes in equity (continued)
for the six months ended 30 June 2021
Consolidated statement of financial position
as at 30 June 2021

$NZ000’s
Share
capital
Foreign
currency
translation
reserve
Derivative
hedging
reserve
Retained
earningsTotal
For the six month period ended 30 June 2021
Comprehensive income
Profit after taxation attributable to shareholders–––34,50634,506
Other comprehensive income
Movement in foreign currency translation reserve– 4,944– – 4,944
Movement in derivative hedging reserve– – 712– 712
Total other comprehensive income– 4,944712– 5,656
Total comprehensive income– 4,94471234,5064 0 ,162
Unaudited balance as at 30 June 2021154,565 (3,094)(1,610)120,121269,982

$NZ000’s
Note
As at
30 June 2021
unaudited
As at
30 June 2020
unaudited
As at
31 December 2020
audited
Non-current assets
Property, plant and equipment
5
242,931
185,7 72228,709
Right of use assets
6
537, 838
360,535511, 8 2 3
Sub-lease receivable1,062
9911,14 4
Intangible assets345,785
255,828320,958
Deferred tax asset37,746
41,6 823 9 , 911
Total non-current assets1,16 5 , 362
844,8081,102,545
Current assets
Inventories16 , 811
12, 23016,607
Trade and other receivables9,933
8 , 81411, 3 9 4
Income tax receivable6,422
9635,271
Cash and cash equivalents27,155
58,22035,666
Held for sale – assets
8
–
3,883551
Held for sale – assets for stores developed for sale
9
1,096
4,0542,833
Total current assets61, 417
88 ,16 472,322
Total assets1,226,779
932,9721,174,867
Equity attributable to shareholders
Share capital154,565
154,565
154,565
Reserves(4,704)
3 , 512(10,360)
Retained earnings120,121
66 ,18185,615
Total equity attributable to shareholders269,982
224,258229,820
Non-current liabilities
Provisions
4,086
3,8373 , 7 11
Deferred income212
290250
Loans
10
222,252
174,026227,581
Lease liabilities598,797
414, 86 8566,526
Derivative financial instruments1,839
3,5982,698
Total non-current liabilities8 27,18 6
596,619800,766
Current liabilities
Loans
10
–
3,6128,058
Income tax payable3,854
2,0086,681
Trade and other payables97,025
80,200101,589
Provisions
1, 416
1,5401,608
Lease liabilities24,982
20,50123,826
Deferred income1,6 41
77538
Held for sale – liabilities
8
–
1,942230
Held for sale – liabilities for stores developed for sale
9
693
2,2151,7 51
Total current liabilities12 9 , 611
112 , 0 9 514 4, 281
Total liabilities956,797
7 08 ,714945,047
Total equity and liabilities1,226,779
932,9721,174,867

21
Interim Report December 2021
20
Restaurant Brands New Zealand Limited
Consolidated statement of cash flows
for the six months ended 30 June 2021

$NZ000’s
Note
30 June 2021
unaudited
30 June 2020
unaudited
31 December 2020
audited
Cash flows from operating activities
Cash was provided by/(applied to):
Receipts from customers564,221395,644924,910
Receipts from Government grants
3– 22,07222,013
Payments to suppliers and employees(471,847)(356,455)(787,575)
Interest paid(3, 414)(3,024)(6,525)
Interest paid on leases(14 , 241)(10,837 )(23,752)
Payment of income tax(12,353)(9,487)(17,909)
Net cash from operating activities62,36637,913111,16 2
Cash flows from investing activities
Cash was (applied to)/provided by:
Acquisition of business
13(25,277)– (122,0 02)
Payment for intangible assets(1,613)(964)(1,265)
Purchase of property, plant and equipment(28,966)(23,399)(58,589)
Proceeds from disposal of property,
plant and equipment2,649914 , 4 51
Landlord contributions received– 362125
Net cash used in investing activities(53,207)(23,910)(177,280)
Cash flows from financing activities
Cash was provided by/(applied to):
Proceeds from loans178,0813 74,17 9710,217
Repayment of loans(185,720)(354,534)(615,443)
Payments for lease principal(12,024)(9,880)(21,16 7 )
Net cash (used in)/from financing activities(19,663)9,76573,607
Net (decrease)/increase in cash and
cash equivalents(10,504)23,7687,489
Cash and cash equivalents at beginning of the period35,66634,96534,965
Opening cash balances acquired on acquisition 1,264–
147
Foreign exchange movements729( 513)(6,935)
Cash and cash equivalents at the end
of the period27,15558,22035,666
Cash and cash equivalents comprise:
Cash on hand632480612
Cash at bank26,52357,74035,054
27,15558,22035,666
Consolidated statement of cash flows (continued)
for the six months ended 30 June 2021
Reconciliation of profit after taxation with net cash from operating activities

$NZ000’s
Note
30 June 2021
unaudited
30 June 2020
unaudited
31 December 2020
audited
Total profit after taxation attributable
to shareholders34,50611, 21030,644
Add items classified as investing activities:
Loss on disposal of property, plant and
equipment3714681,958
3714681,958
Add/(less) non-cash items:
Depreciation36,31328,80564,855
Loan forgiveness
3(11, 4 0 7 )– –
Lease termination(61) – (210)
(Decrease)/increase in provisions(240)(96)124
Amortisation of intangible assets4,4611,9165 , 516
Net decrease/(increase) in deferred tax asset1,062(4,597 )(4,444)
3 0 ,12826,02865 , 8 41
Add/(less) movement in working capital:
(Increase)/decrease in inventories(101)249(3,633)
Decrease/(increase) in trade and other
receivables3,303737( 74)
(Decrease)/increase in trade creditors
and other payables(2,055)8915,9 71
(Decrease)/increase in income tax payable(3,786)(868)455
(2,639)20712,719
Net cash from operating activities62,36637,913111,16 2
Reconciliation of movement in term loans
Opening balance235,639154, 326154, 326
Net cash flow movement( 7,639)19,64594,775
Decrease/(increase) in prepaid facility costs122(948)(759)
Loan forgiveness(11, 4 0 7 )––
Foreign exchange movement5,5374,615(12,7 03)
Closing balance222,25217 7,638235,639

23
Interim Report December 2021
22
Restaurant Brands New Zealand Limited
Notes to and forming part of the consolidated financial statements
for the six months ended 30 June 2021
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 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”) and is an FMC reporting entity and subject to the Financial Markets Conduct
Act 2013 legislative provisions. 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 financial statements for the six months ended 30 June 2021 have been prepared in accordance
with NZ IAS 34, Interim Financial Reporting and should be read in conjunction with the financial
statements published in the Annual Report year ended 31 December 2020. 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 2020.
The unaudited interim financial statements have been prepared in accordance with New Zealand
Generally Accepted Accounting Practice (“NZ GAAP”).
The Group has a negative working capital balance as the nature of the business results in most sales
being conducted on a cash basis. At 30 June 2021 the Group has bank facilities totalling $357.0 million
and has the ability to fully pay debts as they fall due. At balance date the amount undrawn was
$134.1 million.
Restatement of prior period balances
To ensure consistency and comparability with the current period and the last annual financial
statements, comparative figures have been reclassified where appropriate. These changes are
detailed below:
• The consolidated statement of financial position at 30 June 2020 included $3.2 million in relation
to make good provisions within lease liabilities in error; this balance should have been included
within provisions. This error has been corrected by restating both non-current lease liabilities and
provisions as at 30 June 2020 by $3.2 million.
• The consolidated statement of financial position at 30 June 2020 included $US8.1 million ($NZ12.7
million) relating to the Hawaii Paycheck Protection Program (PPP) loan within deferred income in
error; this balance should have been included in the loans balance. This error has been corrected by
restating current deferred income and loans as at 30 June 2020 by $US8.1 million (Current loans:
$NZ3.6 million, Non-current loans $NZ9.1 million). The consolidated statement of cash flows for the
six months ended 30 June 2020 included the PPP loan within receipts from Government grants
under operating activities in error; this cash flow should have been presented as proceeds from loans
within financing activities. This has been corrected by restating cash flows in relation to receipts
from Government grants and proceeds from loans by $US8.1 million ($NZ13.3 million) for the six
months ended 30 June 2020. The reconciliation of profit after taxation with net cash from operating
activities included $NZ13.3 million in the increase in trade creditors and other payables, as part of
the movement in working capital. The $NZ13.3 million has been removed from the trade creditors
and other payable balance within the working capital movement calculation. The reconciliation of
movement in term loans within the consolidated statement of cash flows for the six months ended
30 June 2020 has also been corrected by restating the net cash flow movement to include the PPP
loan for $US8.1 million ($NZ13.3 million) and restating the foreign exchange movement to include the
impact of translation of the loan of $NZ0.6 million.
• The consolidated statement of financial position at 31 December 2020 excluded a lease
modification of $3.3 million in error from both lease liabilities and right of use assets. This has
been corrected by increasing both non-current lease liabilities and right of use assets by
$3.3 million at 31 December 2020.
• The consolidated statement of cash flows for the six months ended 30 June 2020 included $1.0
million of cash in transit as cash on hand in error; this should have been disclosed as cash at bank.
This has been corrected by restating the cash on hand and cash at bank balances by $1.0 million at
30 June 2020.
• The consolidated statement of financial position at 31 December 2020 and 30 June 2020 included
prepaid facility fees of $0.8 million and $0.9 million respectively within trade and other receivables
in error; this should have been included in the non-current loans balance. This has been corrected
by restating trade and other receivables and non-current loans in the prior periods by $0.8 million in
31 December 2020 and $0.9 million in 30 June 2020. The reconciliation of movement in term loans
within the consolidated statement of cash flows have also been corrected by this amount, including a
new disclosure for decrease / (increase) in prepaid facility costs in the prior periods.
New standards and amendments
There are various standards, amendments and interpretations which were assessed as having an
immaterial impact on the Group. There are no NZ IFRS, NZ IFRIC interpretations or other applicable
IFRS that are effective for the first time for the financial year beginning on or after 1 January 2021 that
had a material impact on the financial statements.
Notes to and forming part of the consolidated financial statements (continued)
for the six months ended 30 June 2021

25
Interim Report December 2021
24
Restaurant Brands New Zealand Limited
Change in accounting policies
Software as a service
The Group previously capitalised costs incurred in configuring or customising certain suppliers’
application software in certain cloud computing arrangements as intangible assets, as the Group
considered that it would benefit from those costs to implement the cloud-based software over the
expected terms of the cloud computing arrangements. Following the IFRS Interpretations Committee
(IFRIC) agenda discussion on Configuration or Customisation Costs in a Cloud Computing Arrangement
in March 2021 (ratified by International Accounting Standards Board (IASB) in April 2021), the Group has
reconsidered its accounting treatment and adopted the guidance set out in the IFRIC agenda decision,
which is to recognise those costs as intangible assets only if the activities create an intangible asset
that the Group controls and the intangible asset meets the recognition criteria. Costs that do not result
in an intangible asset are expensed as incurred, unless they are paid to the suppliers of the cloud-based
software to significantly customise the cloud-based software for the Group, in which case the costs
paid upfront are recorded as prepayments for services and amortised over the expected terms of the
cloud computing arrangements.
As a result of this change in accounting policy, the Group has determined that certain costs relating
to the implementation of cloud-based software would need to be expensed when they were incurred,
as the amounts were paid to third parties who were not subcontracted by the supplier of the cloud-
based software and did not create separate intangible assets controlled by the Group, or significantly
customise the cloud-based software for the Group.
The change in policy has been applied retrospectively and comparative information has been adjusted.
The impact on the consolidated financial statements is as follows:
• Cost of goods sold in the consolidated statement of comprehensive income for the year ended
31 December 2020 has increased by $0.4 million (for the six months ended 30 June 2020: $0.3 million).
• Taxation expense in the consolidated statement of comprehensive income for the year ended 31
December 2020 has decreased by $0.1 million (for the six months ended 30 June 2020: $0.1 million).
The deferred tax asset in the consolidated statement of financial position at 31 December 2020 has
increased by $0.1 million (30 June 2020: $0.1 million).
• Intangible assets in the consolidated statement of financial position at 31 December 2020 have
reduced by $0.9 million (30 June 2020: $0.8 million).
• Retained earnings in the consolidated statement of financial position at 31 December 2020 has
reduced by $0.5 million (30 June 2020: $0.5 million).
• Payments to suppliers and employees in the consolidated statement of cash flows for the year ended
31 December 2020 has increased by $0.7 million (for the six months ended 30 June 2020: $0.4 million).
Payment for intangibles in the consolidated statement of cash flows for the year ended
31 December 2020 has reduced by $0.7 million (for the six months ended June 2020: $0.4 million).
• Earnings per share for the year ended 31 December 2020 has reduced from 24.80 cents per share
to 24.56 cents per share (for the six months ended 30 June 2020: 9.15 cents per share to 8.99 cents
per share).
Other expenses
The Group has reviewed the expenses included in other expenses in the consolidated statement of
comprehensive income and determined that amortisation of franchise rights, relocation and refurbishment
costs, store closure costs, utilisation of depreciation provision, and make good on acquisition would be
more appropriately included within cost of goods sold.
The change in policy has been applied retrospectively and comparative information has been adjusted.
The impact on the consolidated financial statements is as follows:
• Other expenses in the consolidated statement of comprehensive income for the year ended
31 December 2020 has reduced by $4.2 million (for the six months ended 30 June 2020: $0.9 million).
• Cost of goods sold in the consolidated statement of comprehensive income for the year ended
31 December 2020 has increased by $4.2 million (for the six months ended 30 June 2020: $0.9 million).
2. Segmental reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the
chief operating decision makers. The Group is split into four geographically distinct operating divisions;
New Zealand, Australia, Hawaii and California. The chief operating decision makers, responsible for
allocating resources and assessing performance of the operating segments, have been identified as the
Group Chief Executive Officer (Group CEO) and Group Chief Financial Officer (Group CFO). The chief
operating decision makers consider the performance of the business from a geographic perspective,
being New Zealand, Australia, Hawaii (including Guam and Saipan) and California while the performance
of the corporate support function is assessed separately.
The Group is therefore organised into four operating segments, depicting the four geographic regions
the Group operates in and the corporate support function located in New Zealand. All segments operate
quick service and takeaway restaurant concepts. All operating revenue is from external customers.
The Group evaluates performance and allocates resources to its operating segments on the basis of
segment assets, segment revenues, EBITDA before general and administration expenses and operating
profit before NZ IFRS 16. EBITDA refers to earnings before interest, taxation, depreciation
and amortisation. Operating profit refers to earnings before interest and taxation.
The Group believes that these non-GAAP measures 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 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.
Notes to and forming part of the consolidated financial statements (continued)
for the six months ended 30 June 2021
Notes to and forming part of the consolidated financial statements (continued)
for the six months ended 30 June 2021

27
Interim Report December 2021
26
Restaurant Brands New Zealand Limited
30 June 2021
$NZ000’s
New Zealand AustraliaHawaiiCalifornia
Corporate
support
function
Consolidated
half year
unaudited
Business segments
Store sales revenue239,274123,02 7101,0247 7,316– 54 0 ,6 41
Other revenue23,012– – –– 23,012
Total operating revenue262,286123,027101,02477, 316– 563,653
EBITDA before general and
administration expenses,
NZ IFRS 16 and other items44,92616,32215,95012 ,746– 89,944
General and administration expenses( 7,024)(4,995)(3,915)(3,585)(2,760)(22,279)
37,90211, 3 2 712,0359,161(2,760)67,665
Loan forgiveness––11, 4 0 7––11, 4 0 7
Other expenses(10)(358)–(686)(804)(1,858)
Depreciation(8,309)(4,922)(3,484)(2,055)(8)(18,7 78)
Amortisation(900)(489)(620)(2,450)– (4,459)
Operating profit before NZ IFRS 1628,6835,55819,3383,970(3,572)53,977
Adjustments for NZ IFRS 163,9772,039819735– 7,570
Operating profit32,6607, 5972 0 ,1574,705(3,572)61,547
Current assets28,58211, 6 3 912,7 7 98 ,417– 61,417
Non-current assets323 ,17 7110 ,19 883,750109,337– 626,462
Non-current lease assets
(excluding deferred tax)178,49914 4,61759,691156,093– 538,900
Total assets530,258266,454156,220273,847–1,226,779
Notes to and forming part of the consolidated financial statements (continued)
for the six months ended 30 June 2021
Notes to and forming part of the consolidated financial statements (continued)
for the six months ended 30 June 2021
30 June 2020
$NZ000’s
New Zealand AustraliaHawaii
Corporate
support
function
Consolidated
half year
unaudited
Business segments
Store sales revenue174,60399,137109,697– 383,437
Other revenue11, 9 31– 123– 12,054
Total operating revenue186,5349 9,137109,820–395,491
EBITDA before general and
administration expenses,
NZ IFRS 16 and other items13, 28111, 8 3 216,272– 41, 385
Government grants22,071–––22,071
General and administrative expenses(8,866)(4,280)(4,741)(3,919)(21,806)
26,4867, 55211, 5 31(3,919)41,650
Other expenses(635)(171)–(8 41)(1,647 )
Depreciation( 7, 811)(4,465)(3,353)(5)(15,634)
Amortisation(968)(222)(726)– (1,916)
Operating profit before NZ IFRS 1617,0722,6947, 452(4,765)22,453
Adjustments for NZ IFRS 16 4,19 71,756932– 6,885
Operating profit 21,2694,4508,384(4,765)29,338
Current assets48,29011, 5 3 328 , 341
–

88 ,16 4
Non-current assets261,994119,166102,122
–

483,282
Non-current lease assets (excluding
deferred tax)
178,281115 , 6 2167,624–361,526
Total assets488,565246,320198,087– 932,972

29
Interim Report December 2021
28
Restaurant Brands New Zealand Limited
Notes to and forming part of the consolidated financial statements (continued)
for the six months ended 30 June 2021
2.1 Reconciliation between operating profit and net profit after
taxation excluding NZ IFRS 16

$NZ000’s

30 June 2021
unaudited
30 June 2020
unaudited
31 December 2020
audited
Operating profit 61,547
29,33874,784
Financing expenses(17,601)
(14,128)(30,220)
Net profit before taxation43,946
15,21044,564
Taxation expense
(9,440)
(4,000)(13,920)
Net profit after taxation34,506
11, 21030,644
Add back net financial impact of NZ IFRS 16
6 ,18 4
3,9529,741
Less taxation expense of NZ IFRS 16
(1,724)
(1,161)(2,737 )
Net profit after taxation excluding NZ IFRS 16 38,966
14,0 0137,648
3. Profit before taxation

$NZ000’s

30 June 2021
unaudited
30 June 2020
unaudited
31 December 2020
audited
Profit before taxation
The profit before taxation is calculated after
charging/(crediting) the following items:
Royalties paid31,68322,95652,796
Lease expense4,4602,0074,877
New Zealand Government wage subsidy– (22,071)(22,013)
Loan forgiveness11, 4 0 7– –
Rent relief– (1,146)(1,309)
Net gain on sale of stores945– 405
Other expenses(1,858)(1,646)(5,231)
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.
New Zealand Government wage subsidy
In April 2020 the Group received $22.1 million as a wage subsidy for its New Zealand division. This
money was applied against wages and salaries between March and June 2020. This amount is shown
as a separate line item in the consolidated statement of comprehensive income due to its material
nature. The amount received was also included in the consolidated statement of cash flows as part
of receipts from Government grants.
Loan forgiveness
In June 2021 the Hawaii PPP loan (note 10) was forgiven by the US Small Business Association.
This amount is shown as a separate line item in the consolidated statement of comprehensive income
due to its material nature. The loan forgiveness has been shown as a non-cash item in the cash flow
reconciliation of profit after taxation with net cash from operating activities.
As part of the June 2020 financial statements this was classified as deferred income however it has
been reclassified to loans in the comparatives in these financial statements.
Rent relief
During 2020 the Group received rent relief of $1.3 million (June 2020: $1.1 million). This has been
included as a negative variable rent within the consolidated statement of comprehensive income.
Contracts with abatement clauses total $0.5 million (June 2020: $0.5 million) whilst those without
abatement clauses total $0.8 million (June 2020: $0.6 million).
Net gain on sales of stores
During 2021 the Group sold five Pizza Hut stores to independent franchisees resulting in a net gain of
$0.9 million (2020: $0.4 million).
Other expenses

$NZ000’s

30 June 2021
unaudited
30 June 2020
unaudited
31 December 2020
audited
Non-recurring:
Acquisition costs
(650)
(813)(4,332)
ERP implementation
(1,208)
– –
Leave remediation
–
(19)(49)
Calendar realignment costs
–
(50)(50)
Impairment of assets
–
(593) (542)
Yum! GST charge
–
– (87)
Yum! Royalty claim
–
(171)(171)
Total other expenses(1,858)
(1,646)(5,231)
Notes to and forming part of the consolidated financial statements (continued)
for the six months ended 30 June 2021

31
Interim Report December 2021
30
Restaurant Brands New Zealand Limited
4. Earnings per share

30 June 2021
unaudited
30 June 2020
unaudited
31 December 2020
audited
Basic and diluted earnings per share
Profit after taxation attributable to the
shareholders ($NZ000's)34,50611, 21030,644
Weighted average number of shares on issue (000's)124,759124,7 59124,7 59
Basic and diluted earnings per share (cents)27.668.9924.56
Shares on issue
As at 30 June 2021, the total number of ordinary shares on issue was 124,758,523 (June 2020:
124,7 58 , 523) .
5. Property, plant and equipment
Additions and disposals
During the six months ended 30 June 2021, the Group acquired assets with a total cost of $28.3 million
(June 2020: $23.5 million) and disposed of assets with a total cost of $3.4 million (June 2020: $5.7
million) primarily being to the sale of various Pizza Hut stores.
6. Right of use assets
Additions and modifications
During the six months ended 30 June 2021, the Group had lease additions and modifications of
$37.4 million (June 2020: $15.6 million). There has been a $1.7 million reduction to the right of use
assets (June 2020: nil) due to the sale of Pizza Hut stores to independent franchisees.
7. Related party transactions
Transactions with key management or entities related to them
During the period the Group received internal audit services from Finaccess Servicios Corporativos
SA DE CV a subsidiary of Grupo Finaccess S.A.P.I de C.V the ultimate parent company of the
Group. Acquired services totalling $50,000 have been included in the consolidated statement of
comprehensive income of which $20,000 remains owing at balance date. These transactions were
at arm’s length and performed on normal commercial terms.
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.
Notes to and forming part of the consolidated financial statements (continued)
for the six months ended 30 June 2021
Notes to and forming part of the consolidated financial statements (continued)
for the six months ended 30 June 2021
8. Assets classified as held for sale
There was $1.7 million at June 2020 relating to right of use assets and $1.9 million relating to lease
liabilities associated with the stores held for sale. This relates to existing New Zealand Pizza Hut stores
that were being actively marketed and were immediately available for sale. It was expected that these
stores would be sold within the next 12 months.
9. New stores developed for sale
This relates to new Pizza Hut stores developed for sale in New Zealand which are being actively
marketed for sale and are expected to be sold within 12 months. Included as part of the balance is
$0.7 million (June 2020: $2.2 million) of lease liabilities and $0.7 million (June 2020: $2.1 million) of
right of use assets associated with these stores.
10. Loans
Included within the Group’s loans at 30 June 2020 was $12.7 million ($US8.1 million) relating to
a Paycheck Protection Program (PPP) loan received by the Hawaii division as part of the USA
Government response to COVID-19. In June 2021 the Group received notification from the Small
Business Association in the USA that the full balance of the loan had been forgiven. Due to its material
nature the loan forgiveness has been disclosed as a separate line in the consolidated statement of
comprehensive income.
11. Capital commitments
The Group has capital commitments totalling $19.2 million (June 2020: $4.5 million) which are not
provided for in these financial statements.
12. Contingent liabilities
There are no contingent liabilities that the directors consider will have a significant impact on the
financial position of the Group (June 2020: nil).
13. Business combinations
On 23 February 2021 the Group acquired five KFC stores in New South Wales, Australia for $17.3 million
through the purchase of 100% of the shares in TPH Group Pty Ltd.
The acquisition provided increased presence within the current trading territory. The goodwill on
acquisition represents synergies from combining operations with the current store network as well
as additional trading strength within the current trading territory. The goodwill is not deductible for
tax purposes.

33
Interim Report December 2021
32
Restaurant Brands New Zealand Limited
Notes to and forming part of the consolidated financial statements (continued)
for the six months ended 30 June 2021
Notes to and forming part of the consolidated financial statements (continued)
for the six months ended 30 June 2021
TPH contributed $6.4 million in sales revenue and $0.5 million in profit after taxation attributable to
shareholders in the period ended 30 June 2021. Had TPH’s results been consolidated for the full half
year period ended 30 June 2021, TPH would have contributed $9.2 million in sales revenue and profit
after taxation attributable to shareholders of $0.7 million.
The loan of $8.0 million was repaid to the previous owner as part of the settlement. Therefore in the
consolidated statement of cash flows cash applied to the acquisition of business is $25.3 million,
including both the net consideration and the settlement of the loan to the previous owner.

$NZ000’s

Net consideration17,283
Net consideration is made up as follows:
Cash paid17,283
Total net consideration17,283
Property, plant and equipment4,073
Lease right of use assets11,953
Intangibles – acquired franchise rights4,645
Intangibles – franchise fees248
Cash1,264
Trade and other receivables167
Income tax receivable91
Inventory63
Lease liabilities(11,953)
Loan(7,994)
Deferred tax liability(1,298)
Provisions(134)
Trade and other payables(418)
Total identified assets and liabilities707
Goodwill16,576
The valuation of both the tangible and intangible assets are areas where estimates and judgements
have a significant risk of causing a material adjustment to the fair value of the recognised amounts
of identifiable assets acquired and liabilities assumed. The Group engaged third parties to value the
tangible assets, and franchise agreements.
The valuation of franchise agreements was based on discounted cash flow methodology. Cash flows
have been prepared both with and without the existing franchise agreements factored into the model
to assess the value attributable to the existing franchise agreements.
The valuation of property, plant and equipment was completed using a cost approach. The cost
approach considers the cost to replace existing assets less the amount of depreciation on the asset.
A market approach was also used for some assets where an active secondary market was identified.
The valuation of property, plant and equipment has been determined on a provisional basis due to the
acquisition being completed close to the half year reporting period and pending a final review of the fair
value of certain items of property, plant and equipment. The fair value of these assets will be finalised
within 12 months from acquisition date.
14. Fair value measurements of financial instruments
Exposure to credit, interest rate and foreign currency risks arises in the normal course of the Group’s
business. Derivative financial instruments may be used to hedge exposure to fluctuations in foreign
currency exchange rates and interest rates. There have been no changes in the risk management
policies or nature of the derivative financial instruments since year end. Consistent with the prior year,
the derivatives have been determined to be within level 2 (for the purposes of NZ IFRS 13 Fair Value
Measurement) of the fair value hierarchy as all significant inputs required to ascertain the fair values are
observable. There were also no changes in valuation techniques during the period.
15. Deed of Cross Guarantee
Pursuant to the Australian Securities and Investment Commission (ASIC) Class Order 98/1418,
the wholly owned subsidiary, QSR Pty Limited (QSR), is relieved from the Corporations Act 2001
requirement for the preparation, audit and lodgement of financial reports.
It is a condition of that class order that Restaurant Brands New Zealand Limited (RBNZ) and QSR enter
into a Deed of Cross Guarantee (Deed). On 9 February 2017 a Deed was executed between RBNZ,
QSR, Restaurant Brands Australia Pty Limited and Restaurant Brands Australia Holdings Pty Limited
under which each company guarantees the debts of the others.
16. COVID-19 and goodwill impairment
The Group has reviewed all assets for indicators of impairment, including goodwill, however due to the
strong trading performance across all cash generating units there are no indicators of impairment noted.
17. Subsequent events
On 18 August 2021, following an outbreak of COVID-19 within New Zealand, the New Zealand
Government initiated an alert level 4 lockdown. Under alert level 4, the Group’s operations in
New Zealand were deemed a non-essential service and as a result all stores were closed.
The current store closures will have an adverse impact on the Group’s financial results and there
remains some uncertainty surrounding the length of the alert level 4 lockdown. Experience from the
previous move from alert level 4 to alert level 3 showed that the New Zealand stores recovered quickly
and stores with take-away or drive through options experienced increased volumes under level 3.
Should the level 4 lockdown continue for an extended period the Group will continue to evaluate its
position and assess its options to minimise the financial impact.
There are no other subsequent events that would have a material effect on these financial statements.

35
Interim Report December 2021
34
Restaurant Brands New Zealand Limited
Report on the consolidated financial statements
Our conclusion
We have reviewed the consolidated financial statements of Restaurant Brands New Zealand Limited
(the Company) and its subsidiaries (the Group), which comprise the consolidated statement of financial
position as at 30 June 2021, and the consolidated statement of comprehensive income, the consolidated
statement of changes in equity and the consolidated statement of cash flows for the period ended on that
date, and significant accounting policies and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that these accompanying
consolidated financial statements of the Group do not present fairly, in all material respects, the financial
position of the Group as at 30 June 2021, 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 responsibility is further described in the Auditor’s responsibility for the review of
the 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. Other than in our capacity as auditor and
providers of specified procedures on landlord certificates and review of Yum! Advertising Co-operative
report, we have no relationship with, or interests in, the Group.
Directors’ responsibility for the financial statements
The Directors of the Group are responsible on behalf of the Group for the preparation and fair
presentation of these consolidated financial statements 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) and for such internal control as the
Directors determine is necessary to enable the preparation and fair presentation of consolidated
financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s responsibility for the review of the financial statements
Our responsibility is to express a conclusion on the consolidated 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 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 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 (New Zealand) and International
Standards on Auditing 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 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 to the Company’s Shareholders 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
Philippa (Pip) Cameron.
For and on behalf of:
Chartered Accountants
24 August 2021 Auckland
Independent auditor’s review report
To the shareholders of Restaurant Brands New Zealand Limited

37
Interim Report December 2021
36
Restaurant Brands New Zealand Limited
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 2021
Annual profit announcement
February 2022
Corporate directory

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