U \\ \\ YCLiue the Moruent

VIsIOru AruD fu{IS5IM:U ST,4Tfr&4EftIT

vtt-tQly

M.ike rlLr.riily iooil inr hetft*r liie.

ryLrslqN

Prucjr'rcliltnr:valiotri'vithoptirtt::lcu;:lity,tajlcLnlr ri1-jlrri,uir'i o.-r-eatevillue,ifisp"rirf ,,lcrnerjlsanrJcleliv*r-i.'ell1r'::, -'-t " "t''

Bcard of llircctors

Audit Corrtr-nittec

Clriei Fiiranrirl Of ,lirrr

Conrpany Secrctary

A,.r d itors

Bankers

Share trlegistrar

LegalAduisor

Hcad Olflcr

E nrail

Wrbsite

coMIAnJ- It_,rOrILE

lvtr" YLtnLts Shafiq Chaucittrylrrlr. H*roorr Shaiiq Cluiu.JliryMr. 0mtr Shafirl Clrauclhr,,,lvl i-t5 i\''1 ; ;1psc r Cha uC h ryi'u,l rs. 5aad ia (Jr"rra r

l,lr. ll;rii Uz Zanrarr Aw;rni1,4r. Syed h4r,rhanrrnad Adn;in R;r;r;r l!,,:i.1vritlr. Reh,:n lrlobirr

Ir4r. Ilafi Uz ?laman A,_v:rr

lvlr. Yunr_rs 5ir;firl llr.rucihry\tl r,r. Iarriiiu f ln'lcr

i.lr l'"1 ;,ltt,' t,rr,r,I Sl,a f ,i11",,

Il r". h4 uhan'r,l;rJ Il i:r I t-

AsJant lrr'laJik & Co. Ch.:rte mi.i rfif lr.lirni.a":ts

Allrcd lla nk l-irrr lled5arnba Sanit LinrifediianI Al i.labi]r LinrrlerYM*nta r: Barrk i"inriteii

Chclli'rnarr

Ihi*f [xecutiveDir-Bcti: rDirf rt*r$ir e ctryr

Dir*qI*rnlreclsrlJirectsr

Ci'raii.man

N,fi*mtser

ft']e rrr i:* r

B;l r"lkrslarni Pa kistan l,irl iled

fr. [. R*grstra r krvirrr {5 lvXC_irvt. } l-ir r,itrril li ; ',;61 5;ittr", Tr,.t,-, ,.-r ,;t.r + l.r. *,rr1,1gy.jo;11.Road, Kai:rj /.;[)uri?t:ij 9*?.lL-35478t92 {i), ll:'r;t i1)i1;1-:17_}711tilS,6, Fax# g)i1-,,,,,.:.:;:t.';l,rrteti & Q;,. .

1 Dy) I A, Q u a icl -e-A;;,i m I i-r-d ustri;r I [;I*te, }'nt Lt I<h pa,f, Lah srr:

tt-tililr l,ttilt],l t: |:q t:11 :]:!

'.rJ \'.i !4.,. U U I I I ),/ !. C0 t'.r. p i,

INGRBDI.'ENT

*t$t[{T*as'Rrp*RY

irT th* fiaffi1* of /rllah th* lM*:st ivterrifr"il *nelthe Most Sene'"r*irnt.

Th* Direcl*rs nf y*ur C*r":rpany *re 1:leas*ri t* tlrese*i * brief review a{th* fln*r:ci;ri resltits andolleratilll\ .lf the [ontparty for thc 3"1 cg u:irter' .'ri{i t.{1 3-ltn March ,2AIg. Jhi:r i*riiensecl ilrterimf!nancial iriformatiorr is presented in accprdance 'rulth lh* requirements cf Ctrnpanies Act, 2*17

"

Thc finenciai results durirrg the 3'd quartcr &r* a, f*licv,,::

5aies * netG rr:ss p r*fitff .",rrri l. ,, -.--{irvPtrdilrr< lJtuirt

Prcfit .:fter iaxIarnings pe r share {R:.}

Rs. (Millicn)

h./tr. l4LUl.\i t

76.46,1 n1

The Corlp,rly recorried net sales o{ Pl(R 626.:14 nriiii*n ccmpared to Fl'"lt 5$il.76 nril}ir:n in thesanre p*ri*d last ye;;r rsgistering 6% increase fr*i* s;:me p*riod last y*ar" "llie pr*fit after tax fortlre 3''r r;rr;irtcr is Pi{R 4"3.)3 miNlion conrp;lrrri to PKfi 3fi.72 million in tl:e sarne period last yearregistering 12.2&'lo increas* fnom the saru:* perrcci l;:t year.

Iarninils per share f*r'l]re perinci is F1s. 0.80 dj r..r,)]ri,-,,,,"er1to Rs.0.71f*r sirrrilar peri*r1 r:f th* lastyea r.

The Llo.uit'"';ishe:1"o place on record its gr;rtituCe fm th* c*-cperation ext*r':ded i:y 6overnr.r'ientrrf flaklst;rt ancl strategic partners irrclurling its rr:slory:ers, financial instltutl*ns, sr:pp1i*rs,vendcrs and sharehclderE.

Fnr ar':d *r": behalf cf the llnar"d of Direclor"s

D i recto r

Lahore

April 29, 2019

BUNNYSQUALITY OUR MAJOR INGREDIENT

BUNNY'S LIi'"{ITII-]

CONDENSED IilTEliii:.: :, I'ATEi\,{ENT OF FINANCIAT PCSiTIOI! (UNAUDITED)AS AT MAiICH 3;, ir::.:

March 31, 2019 iLrne 30, 20L8-.Rupecl

ASSETS

Non-current assets

Operating fixed assets

Capital worl< in progress

Property, plant and equipmentlntangible assets

Long term inve:jtmcntLong term security deposits

Current assets

Stores, spares anci loose toolsStock-i n-tra d e

Trade debts - unsecured

Advances, deposits and prepayments

Cash and bank balances

Total assets

EQUITY AND LIABILITIES

Capital and reservesAuthorized shart- capital

54,000,000 Ordinary shares of Rs.j-0/- each .

lssued, subscribed and paid up share capitalCapital reserves

General reserves

Non-current liabilitiesLong term financcs - secured

Liabilities against assets subject to flnance lease - securedLong term advances - unsecuredDeferred liabilitit:s

Current liabilitiesTrade and other payables

Unclaimed divrrjL''rrd

Accrued mark up cn secured loans

Short term borrowings

Current portion of iong term finances and Ieases - securedProvision for taxation - net

Contingencies and cornmitments

Total equity and liabilities

The annexed notes form an integral part of these financial statements.

4.!4.2

4

5

1,707,582,882

50,724,560

L,759,307,44276,781,407

1,815,000

6,860,138

7,943,763,987

1,636,069,940

89,405,305

1,725,475,245

16,800,641.i,815,000

6,602,!381,810,693,030

2,492,402,674 2,369,2L0,L39

8

9

540,000,000

513,886,690

461,850,397

507,801",440

L,483,538,527

286,778,498

30,557,639

13,566,757

530,468,963

540,000,000

513,U86,6-q0

461,85C,397

441,07r,51r'1,4L6,748,658

1"14,995,996

38,301,764'r3,4L7 ,980

188,656,140

41.5,371,880

10

t1

12

13

201,652,596

1_,060,16L

12,230,000

151,309,520

104,810,498

7

478,395,284

?_84,894,234

r0,729,965162,201 ,54L?,2,595,279

662,:;t\2.

s37,089,601

14

2,492,402,674

7,/,h*.,

12,783,898

240,649,271

202,1"86,899

114,412,998

1

648,638,697

'\5 ,? 13 ,221_

2,4I,]5I,TBO21r,276,255

il s,192,803

s,0 2 3,6s 1

5s8,517,109

Director

BUNNY.S LIMITED

coNDENSED tNTERIM STATEMENT OF pROFIT OR tCIS5 TUNAUDITED)fOR THE 3RD QUARTER ENDED MARCH 31, 2019

Note

3rci quarter ended Nine nronths endedMarch 31, 2019 March 3L, 2018 lVlarch 31, Z0l_9 t\4arch 3 j-, 2018

Rupees

Sales - net

Cost of sales

Gross profit

Operating expenses

Administrative and general

Selling and distribution

626,1_42,194

(424,L36,10s)

s90,761,325

(414,265,380)

1",839,756,520 t,152,100,Ls?

(1,289,832,3L9) ('i,226,108,312)

2O2,AA5,4Bg L76,495,945 549,924,201 5 7_5,991,840

48,1"1"6,L66

77,426,614

{ 125,54 2,780i

42,795,423

(1"1"4,392,043)

117,356,756

235,382,122_

{352,738,878)

127,892,266

207,620,606

{33 s, s 12,873 )

Operating profit

Workers rveliar,.

Workers' (prof it)

Finance cosi

fundparticipation fund

( 1,087,981)

(2,e20,370)

( 18,055,302

{22,rJ63,553}

(

(

(L7,222,LLgl

(2,363,s7 t)(7 ,179,81 4)

(41, s87,Ss0(5 L,731,29{ }

\298,720)(7,393,993)

t4?,599,r06

( s0,29 1,819)

76,462,7A9 62,113,902 197,185,3 23 3.94,4t8,567

Profit before taxation

Taxation

Profit for the period

Earning per share - basic & diluted

4L,226]-A2 36,742,209 L18,178,538

54,399,056

(13,172,9s4)

44,89t,794

(8,149,576)

145,454,029

(27,275,49L)

1_40,187 ,t48

(23,939,17 4)

0.7L15 2.30

116,247,374

0,80

l-he annexed notes lcr in an integral part of these financial slatenrents.

?/,tu.Director

BUNNY'5 LiVlIIEi,)

coNDENSED tNl ilfiii.l :;TATEMENT OF CASH FLOWS (UI{AUDITED)FOR THE 3RD QUAj.l-IIir Ei\jDED I\,/lAf(CFi 3'r. ZA1.g

Note March 3L,2A'1.9 i!1arch 31,2018

CASH FLOW FROM OPERATING ACTIVITIESCash generated from operations

Financial charges paid

Income tax paid

Staff gratuity paid

Workers' (profit) participation fund paid

Net increase in Iong lerm advancesNet increase in security deposits

Net cash generated from operating activities

CASH FLOW FROM INVESTING ACTIVITIES

Sale proceeds from disposal of fixed assets

Fixed capital expenditu re

Net cash used in operating activities

CASH FLOW FROM FINANCING ACTIVITIES

Proceeds less repayment of long term loansProceeds Iess repaymerrt of lease liabilitiesNet decrease in short term financesDividend paid during the period

Net cash generated trom / (used in) operating activities

Net lncrease /(decrease)in cash and cash equivalents

Cash and cash equivalents at the beginning of the period

Cash and cash equivalents at end of the period

The annexed notes form an integral part ofthese financial statements.

(96,398,066) ___91{32,130r

Ru pees

L77,388,879 73,21q,696

( 36,828,46s )

(:i0,86s,211)

(e,688,283 )

(s7,381,990)

104,952,969

(96,398,066)

15,832,706

1,000,000

(8s,122,230)

L36,643,615(10,390,019)

( 10,898,02 1)

(s0,328,s08)

( 53,144,002 )

36,659,1.64

88,500,000

65,427,A67 72,0L5,1.62

? 7l( (?QJ, t LJ )W)t)

(2,283,966\

t7 78,605,62L 1,44L,672

73,581,910

5,023,651

7(u-,

(40,087,81s )

(16,327,A30)

(7,6L8,70s)(8,293,137)

148,777

258,000)(72,43s,s10)

Cirief i:inanciaI OfficerDirecto r

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COi..JDENSED INTERII,/'I i.;OTES TO THE FINANCIAI, INFO[1l.IAI"ION

FUii I HE 3RD QUARI'TIi i:i!DED MARCIl 31, 2019

STATUS AND NI\I i.J11[ OF BUSINESS

Bunny's Limitcii itlrir (-onrpany) rvas incorporaled in Pal(istan as a private limited Company on October 22, L98a under the repealed

Companies A.t 1!i1:l (now Companies OrCinance, 1984) and was later on converted into a Public Company. The Conrpany is principally

e ngaged in nranular,'Luring of bakery and other iood products. The registered office and manufacturing facility of the Cornpany is situated at

105/A Quaid e Azarr lndustrial Estate, l(ot Lakhpat, Lahore.

BASIS OF PftEITAR,qTION

2.'l This condensed iricrinr irnanr.ial inforrnation are unaudited and have been prepared in accordance rvith lhe accountin!l and reportingstanclards ,rs ::prpriir.ab e in Pai<rstan for int.erir-n {inancial reporting. The accounting and reporting standards as applir:al'l e in Pal<istan 1'or

intcrinr financ;r r.portrrg con'tprise ol:- lnternntioll:rl Accountinp, Standard 34, 'lnterinr Financial Reporting', issued by lnternational Accounting Standards Board

(IASB) as i.r,;ii.-:rl uncler the Companies Act,2-017; and

- Provisiorrs r..)t rrd directives issLred uncler the Companies Act,201"7.

Where the proii:,r.rirs of and directives issucd ur-rder the Companies Acl,2O11 differ with the requirements ol'lAS i)4, lhe provisions of and

directives issuecl rriier the Cornpanies Acl, ?-0:i7 have been followed.

requirr:s tir-. use ol :t-.rtaln critical accounting estimates. lt also requires management to exercise its judgment in the process of applying the

Company's ..rc.oi-irlin!,, polic-ies. Istimates and juCgnrents are continually evaluated and are based on historica] expcrience ald other factors,

includrrrg expcci,-riii-.n of future eve nts l.hal are believed to be reasonable under the circumstances. Actual results rnay differ from these

estinrates.

Cornpany s accrt,,niing pol cies and the key sources of estirnation and uncertainty are the same as lhose that ;:pgrly to the {inancial

statements lor lirr: y'ear t nded June 30,20,1"8.

ACCOL] I"JTI NG P{-] I"1 Ci ES

l-he accountrrrg pc ii.ies and the nrethods of computation adopted in the preparation of this condensed interinr finanr:ial inforntat.ion are

consisLent with tl'rosi. applicd in the preparat.ion ol'the annual financial statements for the year ended June 30, 20.1 B.

There are certirin itinendrnents to published inlernational Financial Reporting Standards and interpretatiorrs that are rrandatory for- the

financirl Tepor-tir.1; ;rr.1 operatic.r-rs and arc, tlrerel'ore, not clisclosed in this condensed interim financial information.

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BUNNY'S LiIV!ITED

CONDENSFD INTERiI',.r i.i{)TES To THE FIIIANCIAt IT.JFoRMATICN ({.JNAUDITED)FOR THE QUARTER ENDED MARCH 31, 2019

Audited

Note March 31", 2019 June 30. 2018R u pt'es

INTANGIBLE ASSETS

Goodwill on acquisitionERP Software

STOCK-IN-TRADE

Raw materials

Packing materials

Work-in-process

Finished goods

CASH AND BANK BALANCES

Cash in hand

Cash at banl< (current accounts)

ISSUED, SUESCRIBED AND PAID UP SHARE CAPITAL

March 31,2019 June 30,2018Number of shares

2,r59,586

49,229,083

2,1 59,586

49,229,083

Future minirnr"trn lease paymentLess: Unamortized financial chargesPresent value of minirnum lease payments

Less: Current portion shown under current liabilities

Payable within one year

Payable after one year

76,672,382109,02 5

t 6,67 2,382728,265

76,7U,4A7 7 6,800,647

161,812,s 36

54,96),111L

1,951 ,rt2a21,8s6,9A4

163,562,535

5.5,119,025

2,746,87 0

24,927,750240,649 ,271 241 ,151 ,180

16,9:J.5,.J Il4

61,61O,)_.i1

3,336,17 6

1,686 ,87 4

7 8,60s,6?.i .5,02 3,651

March 31, 201"9 .lune 30,2018

Ordinary shares of Rs.10/- each fully paidin cash.

Ordinary shares of Rs. 10/- each issued tothe shareholclers ol'economic acquirer as

pr:r 1.he approved scheme of arrangement

Ru pct:s

21,595,E60

492,290,83O

2 1,595,860

492,290,830

5 1,388,6 69 51,-J88,669 513,886,690 ri 13,88 6,69 0

CAPIT,AL- Ri:5[iiVES

Capitai lta;: : Lf itance reservethis rcprestriris 1he cxcess of fair valr-re oi land, owned by the economic acquirer, over its cost. The rescrve will be available lorappropriatir.rir arrrong sllareholders onlir ort r:verrtual disposal of land and hence has been classified as caDil.al reser-\,..Siia rc Pre rrri u r r-r ir,esctve

Mtrclassilr Ii'trihanr & co chartered Accountants computed valuation of Rs.33.02 for each ordinary share oi econornic .rcquirer with apar vaiue oi ris 10 per sharr:. Management of econornic acquirer decided for a swap ratio of 1:1 for the purposes ol the mcrger. ThisrelLrltt:il i'r lt, : ilr:r sl-larr: prerriurn of Rs. 23.02 that is deemed to have been received from economic acqurrer:.

L1/\LliLiI:[:, ,]..ri::.ITJST AS5El-s :;UBJECT I'o FINAr,.}CE LEASE - sEcURED

lhe amou[rL oi luture rnirlirntrm lease paymcnls along with their present value and the period during which they iall due are as urrder:

63,9 28,04€j

(7,93.5,180 )

7 6,r00,131.

19,117,246)5 5,9 9 2,8 56

(?_s,43s,27t \

6 6,:i 82, B8 5

(2 B,0ll1,121)30,s5 7,639 3 8,30 1,764

25,435,227

3 0,5 5 7,6 39

28,)il,I21_38,3A1,7 6t+

55,992,866 6 6,3 8 2,88 5

BUNNY'S LIMITED

CONDENSED INTERiM hIOTES TO THE FINANCIAL INFORMATION {UNAUDITED)FOR THE QUARTER ENDED MARCH 31", 201.9

l-0'L '1 ire Cotrrpa:rri itillered inlo iease agreL,rnents with financial institutions to acquire vehicles. The liabilities under 1.lre Jease agreementsranging frorn 6 months l(BOR + 2.Syu to

'annurn). The Iease iiabilltics arc secured'the Company and also secured against

are payablc itr i-tlual rlronthly installnrcnts anci are subject to finance charges at the rates3.g5g,i and ',:.),:,,,,

i:er.rnnum (Junr: 30, 2017 ., 6 morrths I(BOR + 2s% lo 3.g5% and 22% peragainst st:r-riir-,,, cieposits, post datcd clrr:ques, personal guarantee of all the directors ofiinanced vi:lticlcs.

March 3l-, 20i-qAudited

June 30, 201-81-1 DEFERRED LIABILITIES

Deferred taxationStaff retirement benefits - gratuity

11.1 Deferred taxat;on

Opening deferred tax liabilityDeferred tax reversed to profit or loss

Closing deferred tax liability

L1..2 STAFF RETIREMENT BENEFITS - GRATUITY

Present value of defined benefit obligation at beginningCurrent service cost

Benefits paldpresent value ol defined benefit obligation at beginning

1,2 TRADE AND OTHER PAYABLES

Trade Creditors - unsecured

Accrued expenses

Workers' welf are lundWorkers' (prof it) participation fundAdvances from debtors, unsecured

\2.1, Workers' (profit) participation fundOpening balance

Allocation for the period

Less; Payment made during the period

13 SHORT TERM tsORROWINGS

Allied Bank Limited - secured

Bankislarni Pakistan Limited

Samba Bank Limited

Book overdraft

Note

1,1_.1,

L1,.2

12.1

Rupees

1"69,07t\,448

30,481 ,s21.

taqt tsg gt,x

23,856,226199,5 6 5,9 69 18 8,6i5 6,140

164,199,914

4 ,218,534

1.7 r,769 ,37 0

(6,469,4s5)

169 ,At E,4 4ta 164,199,914

23,856,276

14,250,000

(7,518,70s)

1E,1:i 6, B3 B

1U,9 00,9 34

(73,20r,546)

:-::--441!14-30,1t87,521

139,920,A45

40,561 ,5532,363,57 r1 ,119,87 4

1L,A21,55:)

1 89,289,453

68,1,64,425

2,143,82rQ -)Of 1lfotL)))1)/

12,2A3,399201,652,596 280,894,234

8,293,131

7 ,779,8'/ 4

9,6 I 8,2 B3

8,293,13716,013 ,011(8,293,137)

i/,981,424( e,68 8,283 )

I ,179,87 4 8,293,1.31

59,96 2,5ii 6

31,000,000

s5,99 6,9 71

4,34 9,88:i

13,tt52,666

86,000,000

2,154,8151-51,309,s20 'r62,207,54r

BUNNY'S tiMiI-EDcoNDENSED lNTERll'il Nor[s ro rHE FINANCTAL TNFoRMAT|oN iuNAUD|TED]FOR THE QUARTER ENDED IVIARCH 31.,2A3.9

CONTINGENCIES AND COMMITMENTS

L4'1' Letter of Suarantee amounting to Rs 2.552 mitlion (2017: Rs.2.552 million) has been issuedLimited. Thr:re are no other known contingencies as at balance sheet date.

1'4.2 There are no major commitments outstanding as at balance sheet date.].5 EARNING PER SHARE - BASIC & DILUTED

Net profit after taxation Rupees

Weighted average number of shares outstanding during thequarter Numbe'rs

in favor ol Sui Nor.ihern Gas l)ii-:eiine

118,1 78,5 3 I

51,3 88,6 6!l

1,16 ,241 , -3t 4

5I ,:l88,669

Earning per share

CASH GENERATED FROM OPERATIONS

Profit before taxation and workers,welfare fundAdjustments for:

De p recia t io n

Financiai charges

Provision for workers' (profit) participation fundProvision f or worl<ers'welfare fundProvision ior staff retirement benefitsArnortization of intangible assets

Operating profit before working capital changesEffect on cash f lo,,vs due to working capital changes

(lncrease)/ decrease in current assets:

Stores, sparcs and loose toolsStoc l<- lt t-t ,'a d e

Trade riebt.s - iinsecuredAdvanr_es, deposlts and prepayments(Decrease)/ increase in trade and other payables

Cash generated from operations

CASH AND CAsH EqUIVALENTS

Cash and lank balances

Rupees 2.30

.53,065,8 69

4 1,587, B5 Ll

7 ,779,87 4

?-,363,511

14,250,a0a

4,81A

119,05r,91 4

:March 31, 2019 Vlarch 31, 2018

ll u pccs

145,454 ,02c) 1.40,187,148

2.26

48,449 ,A514?_,599,1r06

t,39I,9r3? 98,t 2C)

?4,05098,164,926

16

264,506,002 238,9s2,A7 4

171 ,388,879 7 3,214 ,6961.7

78,6As,62.i s,023,65L78,605,621. 5,023,65 1

::::--=:::::::-+

2,4t39,32:l

1,10L,909

9,089,3s6(29,220,1e:;)

(7 0 ,571 ,:.,1.t))

(87,111,123)

5,499,544

I ,71i1 ,23E19,561,1.62

(15,ss4 ,426)(122,390,896)

(16s,137,378)

BUNNY'S LIMITED

CONDENSED INTEii]iV] I.JOTES To THE FINANCIAL INFoRMATIoN {UNAUDITED}FOR THE QUARTEIJ ENDED MARCH 31, 2019

18 FINANCIAL itISI( MANAGEMENT

18.1 Financiai risl< lar.tors

The Conrpirrry's ar:tivities expose it

There havc r)een no changes in

information does not include all

statem e n ls.

to a variel.y oI financia] risk including capital risk, credit risk, liquidity risl< ancl market risk.

1.lrc: risli nlaiaBerrlenl polir:ies dr-rring the period, consequently llris colcjerrsCd irrterir-n financial',he financial risl< management information and disclosures requireri in tl)e annual financial

19

20

)1

18.2 FaiT v:luir oi iin;rlcial assets and liabilities

Vil i.li:'S.

TliAi,jSAC r ir I ", !1,i II H ASSOCIATED U NDERTAKINGS

The te att:.1 '-':rii es comprise associated urtderl.al<ir-tgs, other related companies and key management persr,rnne l. The Cor,pany in the

DA'i[ Oi],, .- liriii{IZATION FO]] l-SSUi:

l-llrs .irr rrr',r:,,'!-l iirr;rrlci;i1 inlorrrat.ior was authorized for issue by the board of dircct6rs ol the Cornpany on

12 g APR 2OIgGENERAL

The figures lrave been

Corresponding figures better presentation

c-/,4Di rector

rounried ofl to 1.llc nearcst rupee.

have been re-classified / re-arranged for the purpose of comparison

Chief Financial Cfficcr