Restaurant Brands New Zealand Limited Annual Report
RESTAURANT BRANDS NEW ZEALAND LIMITED 2012 ANNUAL REPORT TO VIEW PLEASE USE 3D GLASSES PROVIDED
Contents
Editorial Year in review Financial highlights Chairman’s report Chief Executive’s report The illusion of simplicity Carl's Jr KFC operations Pizza Hut operations Starbucks Coffee operations Board of Directors Consolidated income statement 02 03 05 07 12 14 16 18 20 22 24 Statutory reports Financial statements Auditors' report Shareholder information Statutory information Statement of corporate governance Corporate directory Financial calendar 26 62 63 65 68 71 72
Restaurant Brands New Zealand Limited is a corporate franchisee that operates the New Zealand outlets of KFC, Pizza Hut and Starbucks Coffee and has recently acquired the rights to Carl’s Jr. These brands – some of the world’s most famous – are distinguished for their product, look, style and ambience, service and for the total experience they deliver to their customers in New Zealand and around the world.
1
Year in review
• Group Net Profit after Tax (excluding non-trading items) was $18.4 million (18.8 cents per share), down 27% on prior year. • Total Group Revenue of $308.9 million was down $16 million (4.9%) mainly from the impact of the Christchurch earthquake ($5.9 million) and sell down of Pizza Hut stores ($5.9 million). • KFC sales reached a new high of $236.3 million with store transformations continuing to produce positive sales and profit growth. • The Pizza Hut sell-down programme is gaining momentum with 13 stores now sold to independent franchisees. • Despite reduced operating cash flows, correspondingly lower capital expenditure kept debt levels close to prior year at $13.6 million. • A final fully-imputed dividend of 9.5 cents per share, making a full year dividend of 16.0 cents for the year, will be paid on 29 June. • Carl’s Jr rights were acquired for New Zealand as the company’s fourth brand.
Financial highlights
Historical summary
All figures in $NZM unless stated
Contents
Editorial Year in review Financial highlights Chairman’s report Chief Executive’s report The illusion of simplicity Carl's Jr KFC operations Pizza Hut operations Starbucks Coffee operations Board of Directors Consolidated income statement 02 03 05 07 12 14 16 18 20 22 24 Statutory reports Financial statements Auditors' report Shareholder information Statutory information Statement of corporate governance Corporate directory Financial calendar 26 62 63 65 68 71 72
Restaurant Brands New Zealand Limited is a corporate franchisee that operates the New Zealand outlets of KFC, Pizza Hut and Starbucks Coffee and has recently acquired the rights to Carl’s Jr. These brands – some of the world’s most famous – are distinguished for their product, look, style and ambience, service and for the total experience they deliver to their customers in New Zealand and around the world.
1
Year in review
• Group Net Profit after Tax (excluding non-trading items) was $18.4 million (18.8 cents per share), down 27% on prior year. • Total Group Revenue of $308.9 million was down $16 million (4.9%) mainly from the impact of the Christchurch earthquake ($5.9 million) and sell down of Pizza Hut stores ($5.9 million). • KFC sales reached a new high of $236.3 million with store transformations continuing to produce positive sales and profit growth. • The Pizza Hut sell-down programme is gaining momentum with 13 stores now sold to independent franchisees. • Despite reduced operating cash flows, correspondingly lower capital expenditure kept debt levels close to prior year at $13.6 million. • A final fully-imputed dividend of 9.5 cents per share, making a full year dividend of 16.0 cents for the year, will be paid on 29 June. • Carl’s Jr rights were acquired for New Zealand as the company’s fourth brand.
Financial highlights
Historical summary
All figures in $NZM unless stated