Here is some more preamble from the FY2003 notice of meeting.
"At previous meetings, Mr Bulling has expressed his concerns with the Company's obligationsto pay a franchise renewal fee on the expiry of the franchise agreements negotiated for each store. The board remains strongly of the view that the brands that Restaurant Brands operates create value in themselves,and that the company should renew its franchise agreements as they expire in order to preserve its rights to the brands. The board believes the company will continue to operate successfully notwithstanding its franchise costs, which, in addition to the franchise renewal fees include monthly royalty payments, brand advertising, maintenance of premises to minimum standards, premise refurbishment to 'brand standard', brand audit and franchisor operational programs. The board has, at Mr Bullings prompting, considered but rejected the alternative course of terminating the company's franchise arrangements and establishing new brands of its own, or of winding up the business."
The highlighting which was mine,shows that not all of those franchise fees disappear down a black hole which is YUM!
SNOOPY