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Restaurant Brands New Zealand Limited (NZX: RBD) Full Year Results Announcement

Thursday 25th February 2021

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Key Points

• These trading results for the December 2020 period are for 52 weeks (full year) vs 44 weeks (10 months) for the December 2019 period previously reported.

• Total sales for the year were $892.4 million, up against the previous 44 week period, with full year positive same store sales growth across all three operating divisions. On an equivalent 12 month basis total sales were up by 7.0% or $58.6 million.

• Reported net profit after tax of $30.9 million for the year was up $0.8 million on the 44 week reporting period last year, despite being adversely impacted by COVID-19.

• Combined store EBITDA (pre NZ IFRS 16) for the period was $147.3 million, up 27.0% on the previous 44 week period. On an equivalent 12 month basis, EBITDA was up over 7.5% or $10.3 million.

• The company acquired 69 KFC and Taco Bell stores in California on 2 September 2020, generating an additional $51.9 million in sales and $8.5 million in EBITDA in the last four months of the financial year.

• The Taco Bell brand launched in New Zealand and Australia (New South Wales) in late 2019 and has continued to grow with eight stores now successfully operating in New Zealand and Australia.

Combined store EBITDA (pre-NZ IFRS 16 and Other Items) of $147.3 million was up $31.4 million or +27.0% on the prior period. On an annualised basis the results were up 7.5%, due to strong performance in Hawaii and the acquisition of the California operations. EBITDA margins (as a % of sales) improved from 16.4% to 16.5% due to the strength of the Pizza Hut Hawaii performance. Restaurant Brands’ store numbers at the end of the financial year totalled 348, comprising 137 in New Zealand, 72 in Hawaii, 70 stores in Australia and 69 stores in California.

Outlook

The focus for Taco Bell in New Zealand and Australia remains on investing to build brand presence with more than ten stores expected to open by December 2021. The significance of the brand’s sales will continue to grow as additional stores are opened. However overall the financial impact of the brand on the Group will remain slight for the coming year. The inclusion of 58 KFC and 11 joint KFC/Taco Bell stores in California will have a positive impact on earnings profile in the 2021 year.

Current trading for the new year remains strong across all divisions; however with the current uncertainties that remain with COVID-19 it is difficult to provide firm guidance.

Please see the links below for details:

RBD Statutory Accounts and Auditors' Report

Directors' Report to Shareholder

Appendix 1

Investor Presentation

Source: Restaurant Brands New Zealand Limited



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