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Burger Fuel Worldwide Limited Annual Report 2009 Burger Fuel Worldwide Limited Financial Statements for the Year Ended 31 March 2009

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Burger Fuel Worldwide Limited Annual Report 2009 Burger Fuel Worldwide Limited Financial Statements for the Year Ended 31 March 2009 BURGER FUEL WORLDWIDE LIMITED ANNUAL REPORT 2009 BURGER FUEL WORLDWIDE LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2009 CONTENTS PAGE Annual Report of the Directors . 3 Shareholder Information . 9 Corporate Governance . 27 Auditor’s Report . 31 Income Statement . 34 Balance Sheet . 35 Statements of Changes in Equity . 36 Cash Flow Statement . 38 Notes to the Financial Statements . 40 Company Directory . 74 BURGER FUEL WORLDWIDE LIMITED BURGER FUEL WORLDWIDE LIMITED CHAIRMAN’S AND CHAIRMAN’S AND CHIEF EXECUTIVE’S REVIEW CHIEF EXECUTIVE’S REVIEW (CONTINUED) We are pleased to present the second annual report “System Sales” and this is what BFW is constantly working INTERNATIONAL Total unaudited System Sales Australasia are up 15.5% for Burger Fuel Worldwide Limited (“BFW”) for the year to grow. to $25,927,266 (excl GST). ended 31 March 2009. During the year to 31 March 2009 the group signed NEW ZEALAND – area development agreements in UAE, Saudi Arabia Burger Fuel Worldwide revenue for the 12 months As advised on 11 June 2009 the Group has reported ended 31 March 2009 is up $3,376,454 or 75% v 9.5 BURGERFUEL SYSTEM SALES ARE UP 13.2% and Bahrain. Due to the considerable slow down in an audited loss of $710,282 for the year ended 31 Dubai, no stores were opened during this year, however months to 31 March 2008. March 2009. Total BurgerFuel system sales (unaudited) from 1 April the UAE partners are now actively seeking sites in key Burger Fuel Worldwide loss for the 12 months ended 2008 to 31 March 2009 are up 13.2% to $23,785,621. Of this, $669,000 represents the previously reported loss ORFDWLRQVDQG%):HQYLVDJHVDQQRXQFLQJDÀUVWVWRUH 31 March 2009 is down $1,438,785 or 67% v 9.5 months BFW’s royalty earnings correlate directly to growth in for the six month period 1 April – 30 September 2008. location in Dubai shortly. to 31 March 2008. BurgerFuel system sales. The balance of $41,282 represents the loss for the past ,Q6DXGL$UDELDWKHÀUVWVWRUHORFDWLRQKDVEHHQ Area Development agreements for 3 new countries six month period from 1 October 2008 – 31 March 2009. In the year to 31 March 2009, the group opened 3 new selected in Al Kohbar and construction is due to signed. franchise stores in NZ bringing store numbers in NZ to 26. Losses are attributed to the continued development of commence shortly. The stores were Johnsonville, Taupo and Windsor Park. Store development in NZ continues. the New Zealand and Australian operations as well as The board’s current policy on expansion into new investment into other international markets, such as the The Directors will continue to concentrate on the markets is only by way of Area Development or Master Consolidation in Australia with growth of 47% but no United Arab Emirates (UAE), Saudi Arabia and Bahrain development of new stores in NZ and elsewhere. License agreements, whereby the licensee is responsible new stores opened. where BFW has signed Area Development agreements However, the continuation of a weak economy and for all capital costs associated with BurgerFuel store BFW will continue with its strategy as outlined in its for the rollout of new stores in those regions. uncertain conditions will adversely affect expansion construction and operations. prospectus. in general. Other country opportunities are currently being assessed SUMMARY OF BFW RESULTS FOR THE YEAR Directors expect continued measured progress given The board’s policy is only to open stores that meet and progress in this regard will be reported to the ENDED 31 MARCH 2009 global and local economic climate. the criteria for successful trading. This includes: prime market if and when licensing agreements for other locations, economically sustainable rents and high countries are unconditionally signed. The board is committed to continued but measured $(000’s) quality franchisees. investment to ensure brand growth in NZ and BFW OUTLOOK LQWHUQDWLRQDOO\LQRUGHUWRDFKLHYHIXWXUHSURÀWDELOLW\ 7KHFRQWLQXHGGLIÀFXOWHFRQRPLFFRQGLWLRQVLQERWK As a consequence and based on the requirements for NZ and elsewhere around the world will mean slower The board of directors have advised that the BFW company reinvestment, no dividends will be paid while Total Revenue 8,020 development and a continued focus on containing the strategy remains consistent with the previous year. The this strategy is pursued. Group’s administrative costs. We continue to provide group is focused on three main areas: Total Expenses (8,730) strong support to our franchisees both in marketing and The Group thanks its shareholders for their continued 1) Continued growth of the total system sales in NZ, by Loss (710) WKHJHQHUDWLRQRIRSHUDWLQJHIÀFLHQFLHV,QWKLVUHJDUG support and also all employees, franchisees and way of increased store sales as well as an increased WKHFRPSDQ\FRQWLQXHVWRGHYHORSDQGUHÀQHLWVPHQX partners for the effort and hard work that is being number of stores. However, the board is mindful of the and we are pleased to announce the introduction of contributed to develop BurgerFuel both in NZ and THE BURGERFUEL BUSINESS current economic climate. permanent combos in all BurgerFuel New Zealand and overseas. All efforts will continue to grow BurgerFuel The core business of BFW remains consistent in that it Australian stores. 2) Continuing to build up trading in both Australian in order to become the leading franchisor of gourmet LVWKHRZQHURIVLJQLÀFDQWLQWHOOHFWXDOSURSHUW\LQWKH VWRUHVWRHQVXUHIXWXUHSURÀWDEOHH[SDQVLRQFDQ burgers worldwide. In summary, the NZ system sales remain strong and form of trade marks and specially developed operating ultimately occur in Australia. systems. It is the master franchisor / licensor and licenses despite economic conditions further growth in the its intellectual property to various franchisees / licensees year to 2010 is anticipated. 3) Negotiating Area Development or Master Franchise in New Zealand and other countries such as Australia DJUHHPHQWVLQRWKHULGHQWLÀHGFRXQWULHVWRHDUQUR\DOWLHV and to date the Middle East countries of UAE, Saudi AUSTRALIA (REPORTED IN NZ$) – and other revenue by licensing the BurgerFuel system. BURGERFUEL SYSTEM SALES ARE UP 47% Arabia and Bahrain. Given the global and local economic situation, a key BFW’s earnings are generated from up-front store and BurgerFuel Australia (unaudited) system sales for the focus has been on reducing costs to ensure that the Peter Brook territory payments as well as on-going royalties from year 1 April 2008 to 31 March 2009 were up 47% to group can preserve cash and mitigate losses while Chairman stores, based on their turnover. In addition, earnings $2,141,645. VWULYLQJWRUHDFKSURÀWDELOLW\ZLWKLQWKH*URXS,QWKHODVW are generated from company owned stores (two stores six months to 31 March 2009 the Group was close to No new stores were opened in Australia during the in NZ and one in Sydney) and from the exclusive supply breaking even. Costs will continue to be managed in year. The weak Australian economy together with rising of its proprietary goods which are manufactured by its accordance with board policy, however further losses employment costs has meant that a cautious approach Satellite Kitchen divisions. are expected in the 6 months to 30 September 2009, to the opening of further stores within Australia has due to the requirement to support international markets been necessary. The group has increased turnover and It is therefore important to recognise that future and also continue to expand NZ. earnings correlate directly to new stores opened, as continued to reduce costs and associated losses. The well as the ongoing turnover and growth of both Directors feel it is prudent to continue to build the brand SUMMARY existing and new stores. in Australia within existing stores, before opening any new stores. Full year audited loss is ($710,282). This is made up of Royalty payments are calculated in accordance with ($669,000) from 1 April 2008 – 30 September 2008 and store turnovers and paid directly to BFW by the franchisees the balance of ($41,282) from 1 October 2008 – 31 Chris Mason / licensees on a regular basis. The total consolidated March 2009. CEO turnover of all stores is known as 3 BURGER FUEL WORLDWIDE LIMITED ANNUAL REPORT 2009 4 SYSTEM STORE GROWTH - AUSTRALASIA TOTAL SYSTEM SALES - AUSTRALASIA System store numbers are based on franchised and company owned stores 7RWDO6\VWHP6DOHVUHSUHVHQWWRWDOWLOOVDOHVÀJXUHVDFURVVWKHFRXQWHUIRUDOO open as at 31 March of the correspnding year. BurgerFuel Mission Bay opened in IUDQFKLVHGDQGFRPSDQ\RZQHGVWRUHV7KHVHÀJXUHVDUHEDVHGRQVWRUHVDOHV July 2009. At the time of publication the BurgerFuel store network consisted of 27 UHSRUWHGE\)UDQFKLVHHVWR%XUJHU)XHO/LPLWHGIRUWKHFRUUHVSRQGLQJÀQDQFLDO stores in New Zealand and 2 stores in Australia. years, and have not been independently reviewed or audited by Staples 5RGZD\$OOÀJXUHVDUHWDNHQIURPWLOOVDOHVDQGDUHXSWRDQGLQFOXGLQJWKH ODVWGD\RIWKHFDOHQGDUPRQWK7KHVHÀJXUHVDUHH[FOXVLYHRI*67 TOTAL SYSTEM SALES ARE UP 15.5% FROM $22.5M TO $25.9M 28 25 STORES STORES NZ$25.9M 19 NZ$22.5M STORES NZ$16.6M 2007 2008 2009 2007 2008 2009 BURGER FUEL WORLDWIDE LIMITED ANNUAL REPORT 2009 MARKETING ENGINEERING THE ULTIMATE BURGER …AND ULTIMATE OTHER STUFF TOO BurgerFuel has invested heavily into menu and product development over the past year leading up to 31 March 2009 – essentially gearing itself up for expansion into international markets and exposure to new customer segments. Several products and ranges have been launched and integrated successfully into the menu contributing to sales growth and our ability
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