Burger Fuel Group Ltd Half Year Results - 30 September 2024

Results for announcement to the market
Name of issuer Burger Fuel Group Limited
Reporting Period 6 months to 30 September 2024
Previous Reporting Period 6 months to 30 September 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$12,846 (1.76%)
Total Revenue $12,846 (1.76%)
Net profit/(loss) from continuing
operations
$439 (24.5%)
Total net profit/(loss) $439 (24.5%)
Interim Dividend
Amount per Quoted Equity Security Not Applicable
Imputed amount per Quoted Equity
Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$0.15 $0.19
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
Please refer 30 September 2024 results announcement.
Authority for this announcement
Name of person authorised to make
this announcement
Mark Piet
Contact person for this
announcement
Mark Piet
Contact phone number 021 453 333
Contact email address Mark.Piet@Burgerfuel.com
Date of release through MAP 29/11/2024

Unaudited financial statements accompany this announcement

---

2
Burger Fuel Group Limited
Consolidated Interim Financial Statements
For the Period Ended 30 September 2024



Contents Page


Chairman and Chief Executive’s Review 3-5

Consolida ted Condensed Sta tement of Comprehensive Income 6

Consolida ted Condensed Sta tement of Fina ncia l Position 7-8

Consolida ted Condensed Sta tement of Cha nges in Equity 9

Consolida ted Condensed Sta tement of Ca sh Flows 10

Notes to the Consolida ted Interim Fina ncia l Sta tements 11-14

Compa ny Directory 15

3

Burger Fuel Group Limited
Chairman and Chief Executive’s Review
For the period ended 30 September 2024

Burger Fuel Group Ltd Half Year Results for the 6 months ended 30 September 2024

OVERVIEW

The Directors of Burger Fuel Group Limited (BFG) present the una udited results for the 6 months to 30 September 2024.

Net Profit a fter ta x for the period wa s $438,733 compa red to $581,136 for the sa me period la st yea r. This represents a decrea se of
(24.5%). Profit wa s reduced by $221,688 due to the requirement to defend a single sha reholder opposition to the proposed return
of ca pita l a s outlined below.

Group Opera ting Revenue (excluding IFRS 16 interest income) decrea sed by (1.58%) on the sa me period la st yea r to $12.4M.

The Group ha s no debt a nd a s a t 30 September 2024 ha d ca sh reserves of $4.4M.

RETURN OF CAPITAL – Result and Costs to BFG

The return of ca pita l by wa y of a scheme of a rra ngement wa s a pproved by 92% of the sha reholders' votes a t a specia l sha reholders
meeting held on 14 December 2023. However, a single sha reholder filed a notice of opposition a ga inst the proposed scheme
following the sha reholder meeting a nd costs to litiga te this cla im ha ve continued into FY25, eroding our 30 Sept 2024 profits by a
further $222K. Without this opposition, our ha lf-yea r result would ha ve been circa $660,421, a n increa se of 13.6% over FY24.
This would ha ve been our best ha lf-yea r result to da te.

The High Court in Auckla nd a pproved the ca pita l return, a nd $4.077 million wa s distributed to sha reholders in June 2024. This
reduced ca sh reserves a ccordingly, a nd the number of sha res on issue from 50,336,863 to 35,235,787. $252,698 of direct costs to
complete the return of ca pita l were included in the equity section of the Sta tement of Fina ncia l Position.

BFG RESULTS (UNAUDITED) FOR THE PERIOD 1 APRIL TO 30 SEPTEMBER 2024

30 September 2024 30 September 2023

Opera ting Revenue * 12,374,643 12,573,520
Interest Income – IFRS 16 non-occupied lea ses 471,386 503,048
Total Income 12,846,029 13,076,568

Opera ting Expenses ** (11,081,933) (10,957,977)
Deprecia tion Expense – IFRS 16 occupied lea ses
(423,740) (551,425)
Interest Expense - IFRS 16 non-occupied lea ses
(471,386) (503,048)
Interest Expense - IFRS 16 occupied lea ses
(197,002) (221,882)
Total Expenses
(12,174,061) (12,234,332)




Net Profit (Loss) Before Ta x 671,968 842,236
Net Profit (Loss) After Ta x *** 438,733 581,136


* Revenue includes: Operating revenue and interest income but excludes interest income on non-occupied leases.
** Expenses include: Operating expenses, depreciation, amortisation and interest expense.
*** The New Zealand entities had taxable income and were unable to utilise the foreign tax losses. The overseas entities had minimal tax.

4
GROUP PERFORMANCE

Tota l system sa les (a ll regions, a ll bra nds) were $54.8M for the period, representing a decrea se of (5.04%) over the sa me period
la st yea r. The decrea se in sa les is pa rtly due to softening economic conditions a nd the closure of 3 fra nchised stores being
BurgerFuel Hereford Street in Christchurch, Winner Winner Pukekohe a nd a store in Sa udi Ara bia . This ha s however been pa rtly
offset with the opening of the fra nchised BurgerFuel Wha nga nui store in July 2024 which is performing well. FY25 is a lso
benchma rking a ga inst high sa les growth in FY24 (11.12%) when we sta rted rolling out delivery a cross the BurgerFuel system.

Tota l store numbers globa lly a cross a ll three bra nds were 70 a s a t 30 September 2024. The new bra nds, Winner Winner a nd Sha ke
Out a ccounted for 5.7% of tota l systems sa les a nd BurgerFuel Interna tiona l sa les a ccounted for 4.18% of tota l BurgerFuel sa les.

OPERATING RESULTS

BurgerFuel New Zealand – 61 Stores

Tota l New Zea la nd BurgerFuel sa les for the period were down (2.02%) on the previous yea r.

This yea r-on-yea r compa rison wa s impa cted by the closure of BurgerFuel Hereford Street in April 2024. This store wa s impa cted
by COVID-19, a new food hub opening a round the corner, a nd substa ntia l roa dworks with the roa d in front of the store being
closed for months. The store never recovered from this, a nd the fra nchisee decided to close.

BurgerFuel Wha nga nui opened in July 2024. This store ha s been well received a nd is performing well.

La st fina ncia l yea r we posted our best sa les yea r with over $100M in sa les for the New Zea la nd BurgerFuel system, this wa s
pa rtly due to the introduction of delivery services in New Zea la nd. We a re now benchma rking a ga inst higher sa les for the sa me
period la st yea r.

La st yea r the Group la unched its own online ordering pla tform, a nd integra ted loya lty a pp for BurgerFuel. To da te there ha s been
a strong upta ke a cross these two pla tforms a nd the online ordering pla tform genera ted revenue of $253K for the 6 months to 30
September 2024.

Sta ge one of this development ha s a llowed us to reduce the use of services from some third-pa rty providers, a s their ra tes bega n to
rise a t levels tha t were concerning. We a re now entering the second sta ge of the platform’s development, a nd we a re investing
significa ntly in this a rea of the business. We see potentia l a nd sca la bility with this a rea of stra tegic investment in technology.

Supply cha in costs a nd la bour costs a re still a ma jor issue in NZ, but the possibility of continued reducing interest ra tes a nd
infla tion ra tes, should provide some relief to our customers a nd fra nchisees a nd a lso to our business over the next 12-24 months.

BurgerFuel Middle East (MENA) – 3 stores

Development of BurgerFuel in the UAE is proceeding under the DA (Development Agent) a greement.
We a re now genera ting a sma ll a mount of roya lty revenue from these regions a nd a re investiga ting further opportunities both
within a nd potentia lly outside of the MENA region. Sa les from this region represent 4.18% of tota l BurgerFuel sa les.

The Sa udi region closed their Na khla store in Riya dh in September 2024, lea ving two stores in this region.
Duba i still ha s the one refurbished store in the World Tra de Centre, four “Dark” delivery kitchens a nd one food truck for events
a nd promotiona l purposes.

The future success a nd development of the MENA a nd Interna tional ma rkets will ta ke time a nd is dependent on the success of the
DA structure.

As previously advised, whilst BFG’s percentage share of royalties will be lower than in previous years, our operational
involvement a nd costs will a lso be on a reduced ba sis a nd opera ting in this region is not nega tively impa cting the Group results
ba sed on these sa les levels. Our view is tha t some interna tiona l presence could still be helpful for future development.

Winner Winner (2 stores) & Shake Out New Zealand (4 stores)

Sa les a re down (42.0%) for the Winner Winner bra nd compa red to the sa me 6-month period la st yea r, due to the closure of the
compa ny owned Winner Winner store in Ta ka puna , Auckla nd a nd the fra nchised Winner Winner store in Pukekohe.

In Ma rch 2024, the Winner Winner Pukekohe store cea sed opera tion, a nd the fra nchise a greement wa s termina ted. This site
opened strongly just before COVID-19, however, it never rea lly recovered from the pa ndemic disruptions. Winner Winner is more
of a dine-in resta ura nt concept compa red to BurgerFuel a nd Sha ke Out.

5
We now ha ve two Winner Winner stores under fra nchise, one in Ha milton a nd one in Wellington’s Courtenay Place. The
Wellington store ha s been hea vily impa cted by the issues with the Wellington CBD a nd the la ck of people in the city. There is no
significa nt roya lty income from these two sites.

Sa les a re down (17.3%) for the Sha ke Out bra nd. Our Auckla nd loca tions have been impa cted by reduced foot tra ffic pa rticula rly
in the Auckla nd CBD. The Sha ke Out Ha milton store (like the Ha milton Winner Winner store) ha s been impa cted by a la rge
a mount of other food competition in the region.

In September 2024 we rolled out some Sha ke Out virtua l kitchens, opera ting from va rious BurgerFuel stores a cross Auckla nd.
This ena bles most of Auckla nd to try Sha ke Out through delivery cha nnels only. This will crea te bra nd a wa reness, a nd we ca n
now a ctiva te va rious ma rketing ca mpa igns to drive sa les a nd get bra nd exposure. If successful, this will indica te where we ca n
potentia lly build bricks a nd morta r stores in the future for Sha ke Out. These virtua l kitchens require minima l ca pita l expenditure
to set up a nd provide the fra nchisee with a n a dditiona l revenue strea m. We ha ve been using this virtua l model in Wellington for
some months now a nd it is working well.

At this sta ge the Group rema ins committed to investment in the Sha ke Out bra nd and will continue to do so going forwa rd.

CHANGES TO BOARD COMPOSITION

On 11 April 2024 we a nnounced the a ppointment of Tristra m va n der Meijden as an Independent Director a nd Cha ir of the Audit
Committee. Both Tristra m a nd Ala n Gourdie, the Group Cha ir, were ra tified a t the BFG AGM held in August 2024.
Tyrone Foley wa s a lso deemed a n Independent Director in August 2024, accordingly the boa rd now conta ins three Independent
Directors.


GROUP OUTLOOK

Reta il in food a nd hospita lity in genera l rema ins cha llenging. We expect the next 12 months to be a round the sa me a s the pa st 6
months. We rema in in an environment of higher opera ting costs (especia lly utility costs), increa sed job insta bility a nd
unemployment. We a re a lso seeing wha t we consider to be unsusta ina ble discount offers by some of our competition which no
doubt a ffects short to medium term sa les. There does a ppea r to be some light a t the end of the tunnel with the potentia l for reduced
infla tion a nd interest costs a lthough economic growth outlook rema ins subdued. These times, more tha n ever, mea n tha t a key
focus for us is to protect our customers’ experience, a s well a s our fra nchisee ma rgins, wherever possible. Despite the economy,
work continues on both bra nd a nd store development, a nd we a nticipa te upgra des in both a rea s sta rting to enter the ma rket by
mid-2025.

We would like to tha nk a ll sha reholders, sta ff, fra nchisees, suppliers a nd of course our va lued customers for their support.

Best rega rds


Ala n Gourdie

Josef Roberts
Cha irma n Group CEO

6

Burger Fuel Group Limited
Consolidated Condensed Statement of Comprehensive Income
For the period ended 30 September 2024




Unaudited Unaudited Audited

30 Sep
2024

30 Sep
2023
31 Mar
2024


6 months 6 months
Full Year












Revenue
12,278,125 12,456,929
25,949,980
Operating Expenses
(10,732,771) (10,624,918)
(22,356,343)
Profit before interest, taxation, depreciation and
amortisation
1,545,354 1,832,011 3,593,637



Depreciation on Property, Plant and Equipment
(204,551) (247,890)
(361,020)
Depreciation on Right of Use Assets
(423,740) (551,425)
(982,435)
Amortisation
(144,545) (85,169)
(229,793)

(772,836) (884,484)
(1,573,248)


Profit before Interest and Taxation

772,518 947,527 2,020,389



Interest Income
96,518 116,591
297,754
Interest Income leases non-occupied
471,386 503,048
1,030,566
Interest Expense
(66) -
-
Interest Expense leases occupied
(197,002) (221,882)
(432,457)
Interest Expense leases non-occupied
(471,386) (503,048)
(1,030,566)

(100,550) (105,291)
(134,703)

Profit before Taxation
671,968 842,236 1,885,686



Income Tax Expense
(233,235) (261,100)
(558,609)



Net Profit attributable to shareholders
438,733 581,136
1,327,077


Other comprehensive income:

Items that may be reclassified subsequently to profit or
loss:
Movement in Foreign Currency Translation Reserve
(29) (1,473)
(5,425)



Total comprehensive income
438,704 579,663
1,321,652


Basic Net Earnings per Share (cents)
1.06 1.15
2.64

Diluted Earnings per Share (cents)
1.06 1.15 2.64

7
Burger Fuel Group Limited
Consolidated Condensed Statement of Financial Position
As at 30 September 2024

Unaudited Unaudited Audited


30 Sep
2024

30 Sep
2023
31 Mar
2024
6 months 6 months Full Year
Shareholders’ Equity
Contributed equity 7,836,208 11,913,499 11,913,499
Retained earnings
1,975,062 790,388
1,536,329
Capital Return Costs
(252,698) -
-
Foreign currency translation reserve (289,222) (285,241) (289,193)
9,269,350 12,418,646 13,160,635
Current assets

Cash and cash equivalents
4,444,758 8,918,239
9,571,160
Trade and other receivables
2,080,196 2,036,109
2,156,732
Prepaid expenses
- -
215,548
Income Tax receivable
74,947 -
-
Lease Receivable non-occupied
1,466,186 1,499,490
1,499,901
Contract Asset
35,374 -
35,374
Inventories
680,365 526,406
657,211
Loans
11,344 9,361
18,440
8,793,170 12,989,605 14,154,366
Non-current assets
Property, plant and equipment 2,139,369 2,533,565 2,242,482
Right of use asset - leases
5,711,443 6,305,566
5,864,168
Contract Asset
384,100 -
384,100
Lease receivable non-occupied 12,779,776 14,782,276 14,214,413
Deferred tax asset
551,354 598,813
566,380
Loans
98,083 22,915
-
Intangible assets 2,523,922 2,192,355 2,048,342

24,188,047 26,435,490
25,319,885
Total assets 32,981,217 39,425,095 39,474,251


Current liabilities

Trade and other payables
1,191,844 1,889,533
1,888,605
Contract Liability 204,320 104,939 250,958
Lease Liability 738,950 781,275 691,690
Lease Liability non-occupied
1,466,186 1,499,490
1,499,901
Income tax payable
- 131,225
320,095
Provisions 501,813 511,821 472,386
4,103,113 4,918,283 5,123,635
Non-current liabilities
Contract Liability
807,739 605,545
807,740
Lease Liability
5,972,997 6,655,353
6,121,086
Lease Liability non-occupied 12,779,776 14,782,276 14,214,413
Provisions 48,242 44,992 46,742

19,608,754 22,088,166
21,189,981
Total liabilities
23,711,867 27,006,449
26,313,616

Net assets 9,269,350 12,418,646 13,160,635

8
Burger Fuel Group Limited
Consolidated Condensed Statement of Financial Position (continued)
As at 30 September 2024


Unaudited Unaudited Audited


30 Sep
2024

30 Sep
2023
31 Ma r
2024

Net ta ngible a ssets per sha re
($ per sha re – non-GAAP mea sure)

0.15 0.19 0.21




For a nd on beha lf of the Boa rd on 29 November 2024



Ala n Gourdie

Josef Roberts
Cha irma n Group CEO

9
Burger Fuel Group Limited
Consolidated Condensed Statement of Changes in Equity
For the period ended 30 September 2024


September 2024
Contributed
Equity
Foreign
currency
translation
reserve
Return of
Capital Cost
Reta ined
ea rnings
Total equity

$ $ $ $ $
Balance as at 1 April 2024 11,913,499 (289,193) - 1,536,329 13,160,635
Return of Capital (4,077,291) - (252,698) - (4,329,989)
Movement in foreign currency translation reserve
recognised in other comprehensive income
- (29) - - (29)
Net Profit for the period ended 30 September
2024
- - - 438,733 438,733
Total comprehensive income - (29) (252,698) 438,733 438,704


Balance as at 30 September 2024 7,836,208 (289,222) (252,698) 1,975,062 9,269,350


September 2023 Contributed Equity
Foreign
currency
translation
reserve

Retained
earnings
Total equity

$ $

$ $
Balance as at 1 April 2023 11,913,499 (283,768)

209,252 11,838,983
Movement in foreign currency translation reserve
recognised in other comprehensive income
- (1,473)

- (1,473)
Net Profit for the period ended 30 September
2023
- - 581,136 581,136
Total comprehensive income - (1,473)

581,136 579,663


Balance as at 30 September 2023 11,913,499 (285,241) 790,388 12,418,646

March 2024 Contributed Equity
Foreign
Currency
Translation
Reserve

Retained
earnings
Total Equity

$ $ $ $
Balance as at 1 April 2023 11,913,499 (283,768)

209,252 11,838,983
Movement in foreign currency translation reserve
recognised in other comprehensive income
- (5,425)

- (5,425)
Net Profit for the year ended 31 March 2024 - - 1,327,077 1,327,077
Total comprehensive income - (5,425)

1,327,077 1,321,652


Balance as at 31 March 2024 11,913,499 (289,193) 1,536,329 13,160,635

10
Burger Fuel Group Limited
Consolidated Condensed Statement of Cash Flows
For the period ended 30 September 2024

Unaudited Unaudited Audited


30 Sep
2024

30 Sep
2023
31 Mar
2024



6 months 6 months
12 months
$ $ $
Cash flows from operating activities
Receipts from customers
12,300,998 12,520,428 25,903,530
Interest received
96,518 116,591 260,251
Goods and services tax
42,984 83,582 (54,920)
Payments to suppliers & employees
(11,297,710) (10,527,840) (22,300,320)
Interest paid
(66) - -
Interest on leases
(197,002) (221,882) (432,457)
Taxes (paid/refund)
(613,250) (377,328) (453,536)
Net cash flow provided from / (applied to) operating
activities 332,472 1,593,551 2,922,548


Cash flows from investing activities
Loans (90,987) 13,224 27,060
Sale of property, plant and equipment 61,521 50,671 128,147
Acquisition of intangible assets
(620,125) (221,270) (221,880)
Acquisition of property, plant & equipment
(106,596) (377,259) (536,584)
Net cash flow applied to investing activities
(756,187) (534,634) (603,257)


Cash flows from financing activities

Return Of Capital
(4,329,989) - -
Lease Liability Principal Component
(371,845) (342,804) (955,937)
Net cash flows applied to financing activities
(4,701,834) (342,804) (955,937)

Net movement in cash and cash equivalents
(5,125,549) 716,113 1,363,354
Exchange gain / (loss) on cash and cash equivalents
(853) 102 5,782
Opening cash and cash equivalents
9,571,160 8,202,024 8,202,024
Closing cash and cash equivalents
4,444,758 8,918,239 9,571,160

11
Burger Fuel Group Limited
Notes to the Interim Consolidated Financial Statements
For the period ended 30 September 2024

1) REPORTING ENTITIES AND STATUTORY BASE

Burger Fuel Group Limited is a compa ny registered under the Compa nies Act 1993 a nd is listed with the New Zea la nd Stock
Excha nge (NZX). The compa ny is a Fina ncia l Ma rkets Conduct (FMC) reporting entity for the purposes of the Fina ncia l
Ma rkets Conduct Act 2013 a nd its fina ncia l sta tements comply with tha t Act. These Interim Consolida ted Fina ncia l
Sta tements a lso comply with NZ IAS 34 a nd ha ve been prepa red on a going concern ba sis.

The fina ncia l sta tements presented a re those of Burger Fuel Group Limited (the ‘Group’). A list of its wholly owned
subsidia ries is listed in note 2 of the fina ncia l sta tements.

BurgerFuel opera tes a s a fra nchisor of gourmet burger resta ura nts a nd is a for-profit oriented entity, incorpora ted a nd
domiciled in New Zea la nd.

2) STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

2.1) STATEMENT OF COMPLIANCE

The condensed consolida ted interim fina ncia l sta tements should be rea d in conjunction with the a nnua l fina ncia l sta tements
for the yea r ended 31 Ma rch 2024, which ha ve been prepa red in a ccorda nce with NZ IFRS.

2.2) REPORTING ENTITY

The consolida ted fina ncia l sta tements for the Group a re for the economic entity comprising Burger Fuel Group Limited a nd
its subsidia ries.

Burger Fuel Group Lea se Limited BF Lea se Compa ny No 6 Limited BF Lea se Compa ny No 32 Limited
Burger Fuel Worldwide Limited BF Lea se Compa ny No 7 Limited BF Lea se Compa ny No 34 Limited
Burger Fuel (Duba i) NZ Limited BF Lea se Compa ny No 8 Limited BF Lea se Compa ny No 35 Limited
Burger Fuel Interna tiona l Limited BF Lea se Compa ny No 9 Limited BF Lea se Compa ny No 36 Limited
Burger Fuel (Austra lia ) Pty Limited BF Lea se Compa ny No 10 Limited BF Lea se Compa ny No 37 Limited
Burger Fuel (Austra lia ) No2 Pty Limited BF Lea se Compa ny No 11 Limited BF Lea se Compa ny No 38 Limited
Burger Fuel Interna tiona l Ma na gement
Limited
BF Lea se Compa ny No 12 Limited BF Lea se Compa ny No 39 Limited
Burger Fuel Limited BF Lea se Compa ny No 13 Limited BF Lea se Compa ny No 40 Limited
BurgerFuel Henderson Limited BF Lea se Compa ny No 14 Limited BF Lea se Compa ny No 41 Limited
Burger Fuel Ta ka puna Limited BF Lea se Compa ny No 17 Limited BF Lea se Compa ny No 42 Limited
Winner Winner Limited BF Lea se Compa ny No 18 Limited BF Lea se Compa ny No 44 Limited
Sha ke Out Limited BF Lea se Compa ny No 19 Limited

Concept Bra nds Limited BF Lea se Compa ny No 20 Limited

Sha ke Out Commercia l Ba y Limited BF Lea se Compa ny No 21 Limited

Sha ke Out Conta iner Limited BF Lea se Compa ny No 23 Limited

Burger Fuel Pty Limited BF Lea se Compa ny No 24 Limited

Burger Fuel Austra lia Pty Limited BF Lea se Compa ny No 25 Limited

BFG Delivery Kitchen Limited BF Lea se Compa ny No 26 Limited

BF Lea se Compa ny Limited BF Lea se Compa ny No 27 Limited

BF Lea se Compa ny No 3 Limited BF Lea se Compa ny No 28 Limited

BF Lea se Compa ny No 4 Limited BF Lea se Compa ny No 29 Limited

BF Lea se Compa ny No 5 Limited BF Lea se Compa ny No 30 Limited

12
Burger Fuel Group Limited
Notes to the Interim Consolidated Financial Statements
For the period ended 30 September 2024

3) ACCOUNTING POLICIES
The a ccounting policies a nd methods of computa tion a pplied a re consistent with those of the a nnua l fina ncia l sta tements for
the yea r ended 31 Ma rch 2024, a s described in the a nnua l fina ncia l sta tements.

4) SEGMENT INFORMATION

Operating Segments
The Group opera tes in two geogra phica l segments – New Zea la nd & Interna tiona l.
All the segment opera tions a re ma de up of fra nchising fees, roya lties a nd sa les to fra nchisees. The segments a re in the
business of Fra nchise Systems - Gourmet Burger Restaurants. New Zealand’s segment result is also due to the amortisation of
inta ngible a ssets.



September 2024
New Zealand
International Total

$ $ $
Revenue
6 months
6 months
6 months
Sales 5,333,092 - 5,333,092
Royalties 3,122,756 64,837 3,187,593
Franchising fees 190,137 12,496 202,633
Training fees 15,000 - 15,000
Property Management fees 60,000 - 60,000
Advertising fees 2,131,357 - 2,131,357
Foreign exchange gain - (824) (824)
Sundry income 1,095,753 - 1,095,753
Online Ordering Income 253,521 - 253,521
Rent Relief on Non-Occupied Leases - - -
Interest received 96,500 18 96,518
Interest received - leases 471,386 - 471,386
Total Revenue 12,769,502 76,527 12,846,029



Interest Expense -
66
66
Interest Expense leases occupied 197,002
-
197,002
Interest Expense leases non-occupied 471,386
-
471,386
Depreciation 204,551
-
204,551
Depreciation leases 423,740
-
423,740
Amortisation 144,545
-
144,545


Segment Result before Tax 697,816
(25,848)
671,968
Income Tax Expense
233,235
-
233,235

Segment Assets
32,485,524 495,693 32,981,217
Segment Liabilities
23,691,168 20,699 23,711,867

Acquisition of Property, Plant & Equipment & Intangible Assets

Other 726,720

- 726,720

13
Operating Segments (Continued)

September 2023
New Zealand
International Total

$ $ $
Revenue
6 months
6 months
6 months
Sales 5,424,875 - 5,424,875
Royalties 3,330,391 - 3,330,391
Franchising fees 168,458 12,496 180,954
Training fees
-
-
-
Property Management fees 62,000 - 62,000
Advertising fees 2,431,556 - 2,431,556
Foreign exchange gain
-
1,575
1,575
Sundry income
1,025,578
-
1,025,578
Rent Relief on Non-Occupied Leases
-
-
-
Interest received
116,523
68
116,591
Interest received - leases
503,048
-
503,048
Total Revenue 13,062,429 14,139 13,076,568


Interest Expense -
-
-
Interest Expense leases occupied 221,882
-
221,882
Interest Expense leases non-occupied 503,048
-
503,048
Depreciation 247,890
-
247,890
Depreciation leases 551,425
-
551,425
Amortisation 85,169
-
85,169


Segment Result before Tax 1,058,860
(216,624) 842,236
Income Tax Expense
261,100
- 261,100

Segment Assets
39,141,681
283,414 39,425,095
Segment Liabilities
27,016,072
(9,623) 27,006,449

Acquisition of Property, Plant & Equipment & Intangible Assets

Other 598,528 - 598,528

14
Operating Segments (Continued)


31 March 2024 New Zealand International Consolidated

$ $ $
Revenue

Sales 11,151,620 - 11,151,620
Royalties 6,781,499 - 6,781,499
Franchising fees 228,717 24,991 253,708
Training fees - - -
Property management fees 62,000 - 62,000
Advertising fees 4,863,227 - 4,863,227
Foreign exchange gain - 11,208 11,208
Sundry income 2,616,060 - 2,616,060
Online Ordering 210,658 - 210,658
Interest received 297,625 129 297,754
Interest Leases 1,030,566 - 1,030,566
Total Revenue 27,241,972 36,328 27,278,300



Interest Expense - - -
Interest Expense Leases Occupied 432,457 - 432,457
Interest Expense Leases non occupied 1,030,566 - 1,030,566
Depreciation 361,020 - 361,020
Depreciation Leases 982,435 - 982,435
Amortisation & impairment 229,793 - 229,793

Segment Result before Income Tax 2,170,588 (284,902) 1,885,686
Income Tax Expense 558,609 - 558,609

Segment Assets 39,075,015 399,236 39,474,251
Segment Liabilities 26,289,478 24,138 26,313,616

Acquisition of Property, Plant & Equipment & Intangible Assets


Other 758,464 - 758,464

15
Burger Fuel Group Limited
Company Directory
As at 30 September 2024

NZ Companies Office - Registered Office Accountants
Burger Fuel Group Limited KPMG
66 Surrey Crescent 18 Via duct Ha rbour Avenue,
Grey Lynn Auckla nd 1140
Auckla nd 1021

Company Number Bridgepoint Group Accounting Pty Ltd
1947191 Suite 301, 8 West Street,
North Sydney
Date of Incorporation NSW 2060
14-Jun-07 Austra lia

Directors Auditors
Ala n Gourdie - Cha irma n (Independent) Ba ker Tilly Sta ples Rodwa y Auckla nd
Tristra m va n der Meijden (Independent) Level 9, Tower Centre
Josef Roberts (Executive) 45 Queen Street
Tyrone Foley (Independent) Auckla nd 1010

Board Executives Bankers
Ma rk Piet (Chief Fina ncia l Officer / Compa ny Secreta ry) ASB Ba nk Limited
CBA Ba nk Limited (Austra lia )


Business Headquarters
66 Surrey Crescent
Grey Lynn
Auckla nd 1021



Solicitors

Dentons Kensington Swa n, 18 Via duct Ha rbour Avenue, Auckla nd 1011.
Buddle Findla y, HSBC Tower, 188 Qua y Street, PO Box 1433, Auckla nd 1140.

Wynn Willia ms PO Box 2401, Shortla nd Street, Auckla nd 1140.

Corpora te Counsel Limited Solicitors, P.O Box 37-322, Pa rnell, Auckla nd 1151.


Directors and Officers diversity


30 Sept 2024 30 Sept 2023

Ma le Fema le Ma le Fema le
Directors 4 - 4 -
Executive/ Lea dership Tea m 5 1 5 1
Tota l Hea d Office Sta ff 22 20 23 17