Bunny : Transmission of Quarterly Report for the Period Ended

VISION AND MISSION STATEMENT

VISION

Make quality food for better life.

MISSION

Product innovation with optimal quality, taste and nutrition. To create value, inspire moments and deliver wellness.

COMPANY PROFILE

Board of Directors	Mrs. Saadia Omar	Chairperson
	Mr. Omar Shafiq Chaudhry	Chief Executive
	Miss Mahnoor Chaudhry	Director
	Miss Mahnan Omar	Director
	Miss Maya Omar	Director
	Mrs. Shahzi Khan	Director
	Mr. Rafi Uz Zaman Awan	Director
Audit Committee	Mr. Rafi Uz Zaman Awan	Chairman
	Miss Mahnoor Chaudhry	Member
	Mrs. Saadia Omer	Member
Chief Financial Officer	Mr. Muhammad Shafique
Company Secretary	Mr. Muhammad Zubair
Auditors	Aslam Malik & Co. Chartered Accountants
Bankers	Samba Bank Limited
	Bank Al Habib Limited
	Meezan Bank Limited
	PAIR Investment Bank Limited
	First Women Bank Limited
	Pak Libya Investment Company (Pvt.) Limited
	The Bank of Khyber
Share Registrar	F.D. Registrar Services (SMC-Pvt.) Limited
	17th Floor, Saima Trade Tower-A, I.I. Chundrigar Road, Karachi-74000
	Ph# 9921-35478192-93, Dir# 9221-32271905-6, Fax# [phone]
Legal Advisor	Moazzam Ali Shah Associates
Head Office	105/A, Quaid-e-Azam Industrial Estate, Kot Lakhpat, Lahore
Email	[e-mail]
Website	www.bunnys.com.pk

DIRECTORS' REPORT

In the name of Allah, the Most Merciful and the Most Benevolent.

Dear Shareholders,

The Directors of the Company are pleased to present the Directors' Review Report along with the financial information for the 3rd quarter period ended March 31, 2024.

Overview:
		Rs. (Million)
	QUARTER ENDED
	March 31, 2024	March 31, 2023
Sales - net	1,792.03	1,511.25
Gross profit	230.36	317.85
Operating (loss) / profit	(71.33)	96.30
(Loss) / Profit after tax	(126.07)	17.86
(Loss) / Earnings per share (Rs.)	(1.89)	0.27

This condensed interim financial information adheres to the requirements of the Companies Act, 2017.

We are pleased to report a growth of 18.58% in your company's revenue compared to the same quarter of the previous year. Persistent escalation in input costs over the past two and half years, the company suffered operating loss during the quarter under review.

The management team is diligently working to align output prices with input costs, maintaining profitability. Consistent with our proactive approach, we continue to optimize operations and processes to enhance competitiveness in the market.

Expansion and Modernization Projects:

To solidify its position as an industry leader, your company is consistently updating its plant and equipment with cutting-edge technology. This ensures the sustainability of the company's operations in the most efficient and cost-effective manner.

Contingencies and Commitments:

There have been no major changes in commitments affecting the financial position of the company between the balance sheet date and the date of this report.

Acknowledgments:

We extend our heartfelt gratitude to our various stakeholders, including shareholders, bankers, and others, for their unwavering faith in the company, which has contributed significantly to its growth over the past year. We look forward to their continued support and confidence to help the company grow further and expand its product portfolio.

Our thanks also go to the Pakistan Stock Exchange Limited, the Securities & Exchange Commission of Pakistan, and the Central Depository Company of Pakistan Limited for their continuous support and cooperation. We hope for this support to continue in the future.

We recognize and appreciate the efforts of our dedicated and talented human resources for their hard work, contributing to the outstanding operational growth. We expect continued efforts from our employees to achieve higher goals in the future.

The Board expresses its gratitude for the cooperation extended by the Government of Pakistan and strategic partners, including customers and suppliers.

For and on behalf of the Board of Directors,

Director

Lahore

April 30, 2024

BUNNY'S LIMITED

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UNAUDITED)

AS AT MARCH 31, 2024

				Audited
	Note	March 31, 2024		June 30, 2023
	-------------- Rupees --------------
ASSETS				Restated
Non-current assets
Property, plant and equipment	4	2,691,693,197	2,681,796,391
Intangible assets	5	35,726	42,030
Long term security deposits		20,528,488		13,486,538
		2,712,257,411	2,695,324,959
Current assets

Stores, spares and loose tools
Stock-in-trade	6
Trade debts - unsecured
Advances, deposits and prepayments
Cash and bank balances	7

Total assets

EQUITY AND LIABILITIES

Capital and reserves

Authorized share capital

100,000,000 Ordinary shares of Rs.10/- each .

7,439,620

514,473,600

549,350,775

295,102,405

2,506,374

1,368,872,774

4,081,130,185

1,000,000,000

11,964,190

590,163,027

483,540,377

273,226,612

6,416,211

1,365,310,417

4,060,635,376

1,000,000,000

Issued, subscribed and paid up share capital	8
Capital reserves	9
Un-appropriated profits
Non-current liabilities
Long term finances - secured	10
Deferred grant
Lease liabilities	11
Long term advances - unsecured
Deferred liabilities	12
Current liabilities
Trade and other payables	13
Contract liability
Unclaimed dividend
Accrued mark-up on secured loans
Short term borrowings	14
Current portion of long term finances and leases - secured
Provision for taxation - net
Contingencies and commitments	15

Total equity and liabilities

668,052,700

49,713,670

1,131,409,968

1,849,176,338

292,837,828

26,783,691

15,474,657

9,748,523

219,032,982

563,877,683

555,974,415

21,769,425

765,699

91,661,474

712,740,880

165,993,598

119,170,674

1,668,076,164

4,081,130,185

668,052,700

49,713,670

1,237,737,512

1,955,503,882

318,162,752

30,325,311

32,820,436

9,611,323

268,511,718

659,431,540

450,096,453

23,380,423

765,699

47,026,723

632,162,339

204,154,859

88,113,459

1,445,699,954

4,060,635,376

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

Chief Executive

Director

Chief Financial Officer

BUNNY'S LIMITED

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UNAUDITED)

FOR THE QUARTER ENDED MARCH 31, 2024

Quarter ended

Nine months ended

Note

March 31, 2024

March 31, 2023 March 31, 2024

-------------- Rupees --------------

March 31, 2023

Revenue - net

Cost of sales

Gross profit

Operating expenses

Administrative and general Selling and distribution

Operating (loss) / profit

Other operating expenses Other income

Finance cost

1,792,025,500

(1,561,665,946)

230,359,554

94,677,638

207,011,116

(301,688,754)

(71,329,200)

6,643,885

1,180,540

(61,548,491)

(53,724,066)

1,511,249,075

(1,193,396,957)

317,852,118

58,494,291

163,053,379

(221,547,670)

96,304,448

(6,471,354)

-

(54,218,694)

(60,690,048)

5,250,819,727

(4,299,877,367)

950,942,360

252,586,975

582,059,615

(834,646,590)

116,295,770

4,370,923

7,405,140

(207,645,729)

(195,869,666)

4,213,184,608

(3,247,582,826)

965,601,782

170,415,504

496,570,274

(666,985,778)

298,616,004

(17,729,048)

-

(145,228,599)

(162,957,647)

(Loss) / Profit before taxation

Taxation

(Loss) / Profit after taxation

Other Comprehensive Income for the period

Total Comprehensive (Loss) / Income for the period

(125,053,266)

(1,013,230)

(126,066,495)

-

(126,066,495)

35,614,400 (79,573,895)

(17,755,697) (26,753,649)

17,858,703 (106,327,544)

--

17,858,703 (106,327,544)

135,658,357

(38,669,105)

96,989,253

-

96,989,253

(Loss) / Earning per share - basic & diluted	16	-1.89	0.27	-1.59	1.45

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

Chief Executive

Director

Chief Financial Officer

BUNNY'S LIMITED

CONDENSED INTERIM STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE QUARTER ENDED MARCH 31, 2024

Note

CASH FLOW FROM OPERATING ACTIVITIES

March 31, 2024			March 31, 2023
--------------	Rupees --------------

Cash generated from operations	17
Financial charges paid
Income tax paid
Staff gratuity paid
Workers' (profit) participation fund paid
Net increase in long term advances
Net increase in security deposits
Net cash generated from operating activities

335,430,060

(163,010,978)

(26,671,049)

(25,597,139)

(9,974,508)

137,200

(7,041,950)

(232,158,424)

103,271,636

229,166,612

(133,286,327)

(5,302,392)

(15,218,028)

(8,239,959)

(27,500)

(1,675,000)

(163,749,206)

65,417,405

CASH FLOW FROM INVESTING ACTIVITIES
Sale proceeds from disposal of fixed assets		4,377,816	1,005,700
Fixed capital expenditure		(106,583,708)	(109,068,405)
Net cash used in investing activities		(102,205,892)	(108,062,705)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds less repayment of long term loans		(40,465,994)	(133,812,829)
Proceeds less repayment of lease liabilities		(45,088,128)	(3,681,353)
Net increase in short term finances		80,578,541	179,372,648
Net cash generated / (paid for) from financing activities		(4,975,581)		41,878,466
Net (decrease) / increase in cash and cash equivalents		(3,909,837)	(766,834)
Cash and cash equivalents at the beginning of the period		6,416,211	1,445,986
Cash and cash equivalents at end of the period	18	2,506,374	679,152

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

Chief Executive

Director

Chief Financial Officer

BUNNY'S LIMITED

CONDENCED INTERIM STATEMENT OF CHANGES IN EQUITY (UNAUDITED) FOR THE QUARTER ENDED MARCH 31, 2024

Particulars

Note

Share Capital

Capital Reserves

Share premium

reserve

Revenue Reserve

Un-appropriated

profit

Total Equity

----------------------- Rupees -----------------------

Balance as at July 01, 2023 (Audited)	668,052,700	49,713,670	1,237,737,512	1,955,503,882
Profit for the period	-	-	(106,327,544)	(106,327,544)
Balance as at March 31, 2024	668,052,700		49,713,670		1,131,409,968		1,849,176,338
Balance as at July 01, 2022 (Audited) - Restated	668,052,700	49,713,670	1,115,943,663	1,833,710,033
Profit for the period	-	-	96,989,253	96,989,253
Balance as at March 31, 2023	668,052,700	49,713,670	1,212,932,915	1,930,699,285
The annexed notes form an integral part of these financial statements.

________________
Chief Executive	Director	Chief Financial Officer

BUNNY'S LIMITED

CONDENSED INTERIM NOTES TO THE FINANCIAL INFORMATION

FOR THE QUARTER ENDED MARCH 31, 2024

1. STATUS AND NATURE OF BUSINESS
   Bunny's Limited (the Company) was incorporated in Pakistan as a private limited Company on October 22, 1980 under the repealed Companies Act 1913 (now Companies Act, 2017) and was later on converted into a Public Listed Company. The Company is principally engaged in manufacturing of bakery and other food products. The registered office and manufacturing facility of the Company is situated at 105/A Quaid-e-Azam Industrial Estate, Kot Lakhpat, Lahore.
2. BASIS OF PREPARATION

2.1 This condensed interim financial information are unaudited and have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:

• International Accounting Standard 34, 'Interim Financial Reporting', issued by International Accounting Standards Board
  (IASB) as notified under the Companies Act, 2017; and
• Provisions of and directives issued under the Companies Act, 2017.

Where the provisions of and directives issued under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.

2.2 The preparation of this condensed interim financial information in conformity with the approved accounting and reporting standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

During preparation of this condensed interim financial information, the significant judgments made by the management in applying the Company's accounting policies and the key sources of estimation and uncertainty are the same as those that apply to the financial statements for the year ended June 30, 2023.

3 ACCOUNTING POLICIES

1. The accounting policies and the methods of computation adopted in the preparation of this condensed interim financial information are consistent with those applied in the preparation of the annual financial statements for the year ended June 30, 2023.
2. There are certain amendments to published International Financial Reporting Standards and interpretations that are mandatory for the financial year beginning on or after July 1, 2023. These are considered not to be relevant or to have any significant effect on the Company's financial reporting and operations and are, therefore, not disclosed in this condensed interim financial information.
3. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual profit or loss.

BUNNY'S LIMITED

CONDENSED INTERIM NOTES TO THE FINANCIAL INFORMATION (UNAUDITED)

FOR THE QUARTER ENDED MARCH 31, 2024

4 PROPERTY, PLANT AND EQUIPMENT				Audited
Note	March 31, 2024			June 30, 2023
-------------- Rupees
	--------------

Operating fixed assets			4.1	2,457,800,119	2,498,980,578
Capital work in progress			4.2	233,893,078	182,815,812
				2,691,693,197	2,681,796,391
4.1 Operating fixed assets
				Owned Assets
	Land - freehold	Building on freehold	Plant and	Electric installation and	Office equipment	Furniture and	Motor vehicles	Total Owned
	land	machinery	appliances	fixtures
Cost
Balance as at July 01, 2023	530,000,000	652,100,403	1,724,894,707	27,388,624	23,664,699	12,242,900	185,247,891	3,155,539,224
Additions during the period	-	3,161,582	27,921,593	163,000	1,181,187	-	23,079,080	55,506,442
Transfer during the period	-	-	-	-	-	-	9,966,500	9,966,500
Disposal during the period	-	-	-	-	-	-	(12,183,500)	(12,183,500)
Balance as at December 31, 2023	530,000,000	655,261,985	1,752,816,300	27,551,624	24,845,886	12,242,900	206,109,971	3,208,828,666
Balance as at July 01, 2022	530,000,000	649,067,053	1,190,320,808	22,996,557	22,457,693	11,741,900	186,191,391	2,612,775,402
Additions during the year	-	3,033,350	589,182,977	4,392,067	1,207,006	501,000	11,209,500	609,525,900
Disposals during the year	-	-	-	-	-	-	(2,994,500)	(2,994,500)
Transfer during the year			(54,609,078)				(9,158,500)	(63,767,578)
Balance as at June 30, 2023	530,000,000	652,100,403	1,724,894,707	27,388,624	23,664,699	12,242,900	185,247,891	3,155,539,224

		(Amounts in Rupees)
Leased Assets
Plant and	Motor vehicles	Total Assets
machinery
254,609,078	84,026,800	3,494,175,102
-	-	55,506,442

• (9,966,500)
• -(12,183,500)
  254,609,078 74,060,300 3,537,498,044

200,000,000	74,868,300	2,887,643,702
-	-	609,525,900
-	-	(2,994,500)
54,609,078	9,158,500		-
254,609,078	84,026,800		3,494,175,102

Depreciation
Balance as at July 01, 2023	-			263,909,895	522,348,483	11,153,004			18,997,140	6,830,700	108,700,703	931,939,925	29,542,721	33,711,879	995,194,524
Charge for the period	-			14,636,184	45,444,503	1,225,821			1,227,379	405,915	13,818,655	76,758,457	8,439,988	7,547,238	92,745,684
Transfer during the period	-			-	-	-			-	-	6,119,620	6,119,620	-	(6,119,620)	-
Disposals during the period	-			-		-		-			-		-		(8,242,283)		(8,242,283)		-	-		(8,242,283)
Balance as at December 31, 2023	-			278,546,078		567,792,987		12,378,826			20,224,519		7,236,615		120,396,695		1,006,575,719		37,982,709	35,139,497		1,079,697,925
Balance as at July 01, 2022	-			243,625,343	465,964,224	9,740,964			17,283,919	6,258,553	80,546,913	823,419,916	18,415,664	33,348,471	875,184,051
Charge for the year	-			20,284,552	56,384,259	1,412,040			1,713,221	572,147	21,168,244	101,534,462	11,127,057	9,027,533	121,689,052
Disposals during the year	-			-	-	-			-	-	(1,678,579)	(1,678,579)	-	-	(1,678,579)
Transfer during the year															8,664,125		8,664,125			(8,664,125)		-
Balance as at June 30, 2023	-			263,909,895		522,348,483		11,153,004			18,997,140		6,830,700		108,700,703		931,939,925		29,542,721	33,711,879		995,194,524
Rate of depreciation				5%		5%		10%			30%		10%		20%				5%	20%
Net book value as at December 31, 2023	530,000,000			376,715,907		1,185,023,313		15,172,798			4,621,367		5,006,285		85,713,276		2,202,252,947		216,626,369	38,920,803		2,457,800,119
Net book value as at June 30, 2023 (Audited)	530,000,000			388,190,509		1,202,546,224		16,235,620			4,667,559		5,412,200		76,547,188		2,223,599,300		225,066,357	50,314,921		2,498,980,578
									March 31, 2024	June 30, 2023
									-------------- Rupees	--------------
4.2 Depreciation charged for the period has been allocated as under:
	Cost of sales							69,746,497			89,207,908
	Administrative and general expenses							22,999,187			32,481,144
	Selling and distribution								-			-
								92,745,684			121,689,052
4.3	Capital work in progress
	Opening balance							182,815,812			564,497,654
	Additions during the year							51,077,266			128,785,396
	Transfers (Plant and machinery)								-			(510,467,238)
	Closing balance							233,893,078			182,815,812

4.4 Particulars of immovable property (i.e. land and building) in the name of Company are as follows:

Location / Address	Usage of immovable property	Total Area(In Kanal)	Appro. Covered Area
			(In sq. ft.)
85,86,87 &105 Quaid-e-Azam Industrial Estate, Kot Lakhpat, Lahore	Production unit	21.4	50,510

BUNNY'S LIMITED

CONDENSED INTERIM NOTES TO THE FINANCIAL INFORMATION (UNAUDITED)

FOR THE QUARTER ENDED March 31, 2024

				Audited
Note	March 31, 2024			June 30, 2023
	Rupees
	--------------

1. INTANGIBLE ASSETS Goodwill on acquisition ERP Software
2. STOCK-IN-TRADERaw materials Packing materials Work-in-processFinished goods
3. CASH AND BANK BALANCES Cash in hand

Cash at bank Book overdraft

1. ISSUED, SUBSCRIBED AND PAID UP SHARE CAPITAL Audited

March 31, 2024		June 30, 2023
Number of shares
2,159,586	2,159,586	Ordinary shares of Rs.10/- each fully paid
			in cash.
49,229,083	49,229,083	Ordinary shares of Rs. 10/- each issued to
			the shareholders of economic acquirer as
			per the approved scheme of arrangement
			other wise than cash
15,416,601		15,416,601	Fully Paid Bonus shares
66,805,270	66,805,270

10 LONG TERM FINANCES - SECURED

			Restated
-			-
35,726			42,030
35,726			42,030
290,568,740			348,588,621
173,260,533			186,567,205
9,486,722			9,538,146
41,157,605			45,469,055
514,473,600			590,163,027
3,134,203			51,674
333,459			10,333,191
(961,288)			(3,968,654)
2,506,374			6,416,211
			Audited
March 31, 2024			June 30, 2023
-------------- Rupees	--------------
21,595,860			21,595,860
492,290,830			492,290,830

154,166,010			154,166,010
668,052,700			668,052,700
			Audited
March 31, 2024			June 30, 2023
-------------- Rupees	--------------

	Samba Bank Limited
	PAIR Investment Company Limited - Term Finance - I
	Accrued markup
	PAIR Investment Company Limited - Term Finance - II
	Accrued markup
	Pak Libya Holding Company (Private) Limited - SBP TERF
	First Habib Modaraba- Diminishing Musharika
	Less: current portion shown under current liabilities
	Less: Deferred grant
11	LEASE LIABILITIES
	Analyzed as:
	Non current
	Current
12	DEFERRED LIABILITIES

87,492,791

19,444,458

1,949,521

21,393,979

129,000,000

24,579,243

153,579,243

147,994,524

30,933,690

441,394,227

(113,495,993)

(35,060,406)

292,837,828

15,474,657

47,762,510

63,237,167

111,255,036

29,055,565

-

29,055,565

132,000,000

-

132,000,000

168,879,311

40,670,309

481,860,221

(123,914,905)

(39,782,564)

318,162,752

32,820,436

75,504,859

108,325,295

Deferred taxation	12.1	157,724,676	196,606,273
Staff retirement benefits - gratuity	12.2	61,308,306		71,905,445
		219,032,982	268,511,718