FY22 carried over COVID related write downs and effects, with NPAT down 38.2% or $19.8MM on the prior year.
After successfully riding out the COVID-19 challenges during the 2020 and 2021 years, Restaurant Brands faced an even bigger challenge in 2022, that of sudden significant inflation pressures across all operating divisions.
Food inflation has been particularly high, being well above the overall consumer price index (CPI) inflation rates in each of the company’s markets. Price increases have been taken to mitigate some of the impact of rising costs where possible.The result was once again adversely affected by COVID-19, particularly in the first quarter of the year with disruptions across all the company’s operations primarily due to staffing issues caused by isolation requirements. Staffing shortages continue to be a challenge with high levels of vacancies across all divisions.
In the FY21 year the company saw its federal PPP loan in Hawaii forgiven, resulting in an additional $11.4 million in net income. This was a one-off gain which, when normalised, reduces the FY21 result to $40.5 million.
The resulting FY22 reported NPAT of $32.1 million is down 38.2% or $19.8 million on the prior year. Normalised for the gain on the PPP loan forgiveness the result is down $8.4 million or 20.7%.
Continue to read the full report here
Other supporting documents:
- RBD Financial Accounts and Auditors’ Report 28 February 2023
Restaurant Brands Full Year Results Announcement
FY22 carried over COVID related write downs and effects, with NPAT down 38.2% or $19.8MM on the prior year.
27 February 2023 at 7:38:00 am