Restaurant Brands (RBD) changed its balance date from February to 31 December during the year. Hence the financial results for the reporting period to December 2019 (FY Dec 19) are for 44 weeks compared with 52 weeks in the prior year (FY Feb 19). The company also saw the first full period impact of the adoption of leasing standard NZ IFRS 16 on the financial results, resulting in a reported Net Profit After Tax of $30.1 million, down $5.6 million on the 52 week result of $35.7 million last year.
When excluding the negative impact of NZ IFRS 16 leases, the shorter accounting period and (for the previous year) the impact of some significant one-off costs, the normalised NPAT is $45.7 million, up 8.3% on the prior year equivalent. This was primarily driven through the aggressive capital investment programme and continued positive trading momentum across the key brands.
Taco Bell was successfully launched in New Zealand and New South Wales Australia with three stores opened during the last quarter of the year. The introduction of Taco Bell in New Zealand and New South Wales had a minimal impact on this year’s results. However, more than ten stores are forecast to open during the next financial year with significant growth expected in sales as the brand builds towards an initial target of sixty stores by 2024.