CONTENTS PAGE NO.

Vision and Mission statement 2

Company profile 2
Notice of Annual General Meeting 3–5
Chairperson’s Review Report 6
Directors’ Report – English 7 – 11
Directors’ Report – Urdu 12 – 15
Financial Highlights 16 – 17
Code of Conduct 18 – 19
Statement of Compliance with Code of Corporate Governance 20 – 21
Review Report 22
Auditors’ Report 23 – 27
Financial Statements 28 – 59
Pattern of Shareholding 60-61
Gender Pay Gap Statement 62
Proxy Form 63
 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 Zubair

Company Secretary Mr. Zahid Rasheed Alvi

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# 9221-32621233

Legal Advisor Bukhari Law Associates

Head Office 105/A, Quaid-e-Azam Industrial Estate, Kot Lakhpat, Lahore
Email bunnys@brain.net.pk
Website www.bunnys.com.pk
 NOTICE OF ANNUAL GENERAL MEETING

Notice is hereby given that the Annual General Meeting (“AGM”) of the shareholders of Bunny’s Limited
(the “Company”) will be held on Monday, 28 October 2024 at 09:00 AM at 105/A, Quaid-e-Azam, Industrial
Estate, Kot Lakhpat, Lahore and via video-link to transact the following ordinary business:
1. To receive, consider and adopt the Chairperson’s Review Report, the Report of Directors and
Auditors together with Audited Annual Financial Statements for the year ended 30 June 2024;
2. To appoint Company’s auditors and to fix their remuneration. The members are hereby notified
that the Audit Committee and the Board of directors have recommended the name of retiring
auditors M/s Aslam Malik & Co., Chartered Accountants for re-appointment as auditors of the
Company.

BY ORDER OF THE BOARD

Registered office
105/A, Quaid-e-Azam Industrial Estate, Kot Lakhpat, Lahore Zahid Rasheed Alvi
05 October, 2024 Company Secretary
Notes:
1. The Company has also arranged for attendance of the shareholders at the AGM via video link. To
attend the meeting through video link, member and their proxies are requested to register
themselves by providing the following information along with valid copy of Computerized National
Identity Card (both sides)/ passport, attested copy of board resolution / power of attorney (in case
of corporate shareholders) through email at bunnys@brain.net.pk by 26th of October, 2024:
Name of Member CNIC No. CDC Account Cell number Email address
No. / Folio No.

2. The member who are registered after the necessary verification shall be provided a video link by
the Company on the same email address that they email with the Company. The login facility will
remain open from start of the meeting till its proceedings are concluded.
3. The Share Transfer Books of the Company will remain closed from October 21, 2024 to October 28,
2024 (both days inclusive). Physical transfers received at M/s F.D. Registrar Services (SMC-Pvt) Ltd.,
the Company’s Share Registrar and Transfer Agent’s Office at Office # 1705, 17th Floor, Saima Trade
Tower-A, I.I. Chundrigar Road, Karachi at the close of business hours on October 20, 2024, will be
treated in time for the purposes of entitlement of shareholders to attend, speak and vote at the
AGM.
4. A member entitled to attend and vote at this meeting may appoint any other member as his/her
proxy to attend and vote instead of him/her and a proxy so appointed shall have such rights, as
respects attending, speaking and voting at the AGM as are available to the members. A Proxy must
be a member of the Company.
5. The instrument appointing a proxy and the power of attorney or other authority under which it is
signed or a notarial attested copy of the power of attorney must be deposited at the Registered
Office of the Company at least 48 hours before the time of the meeting. Proxy Forms, in English
and Urdu languages, have been dispatched to the members along with the notice of AGM and are
also available at the website of the Company www.bunnys.com.pk
6. Members who have deposited their shares into Central Depository Company of Pakistan Limited
(“CDC”) will further have to follow the under mentioned guidelines as laid down by the Securities
and Exchange Commission of Pakistan.

A. For Attending the Meeting

a. In case of Individuals, the account holder and/or sub-account holder and their registration
details are uploaded as per the CDC Regulations, shall send valid copy of CNIC or, original
Passport as per above instructions.
b. In case of corporate entity, the Board’s resolution/power of attorney with specimen
signature of the nominee shall be provide as per above instructions.
B. For Appointing Proxies
a. In case of individuals, the account holder and/or sub-account holder and their registration
details are uploaded as per the CDC Regulations, shall submit the proxy form as per above
requirements.
b. The proxy form shall be witnessed by two persons, whose names, addresses and CNIC
numbers shall be mentioned on the form.
c. Attested copies of the CNIC or the passport of beneficial owners and the proxy shall be
furnished with the proxy form.
d. In case of corporate entity, the Board’s resolution/power of attorney with specimen
signature shall be furnished as per above instructions.

7. CNIC/IBAN for E-Dividend Payment

The provisions of Section 242 of the Companies Act, 2017, read alongside the Companies
(Distribution of Dividend) Regulations, 2017, require the listed companies that any dividend
payable in cash shall only be paid through electronic mode directly into the bank account
designated by the entitled shareholders. Accordingly, the shareholders holding physical shares
are requested to provide the Company’s Share Registrar at the address given herein above,
electronic dividend mandate on E-Dividend Form which is available on website of the Company.
In the case of shares held in CDC, the same information should be provided to the CDS
participants for updating and forwarding to the Company. In case of non-submission, all future
dividend payments may be withheld.

8. Zakat Declarations:
The members of the Company are required to submit Declaration for Zakat exemption in terms
of Zakat and Ushr Ordinance, 1980.

9. Unclaimed Dividend and Bonus Shares

Shareholders, who by any reason, could not claim their dividend or bonus shares or did not
collect their physical shares, if any, are advised to contact our Share Registrar to collect/enquire
about their unclaimed dividend or pending shares, if any.

10. Placement of Financial Statements

The Company has placed a copy of the Annual Report containing the Notice of AGM, Annual
Financial Statements for the year ended 30 June 2024 along with Auditors and Directors Reports
thereon and Chairman’s Review on the website of the Company: www.bunnys.com.pk

11. Deposit of Physical Shares into CDC Account

As per Section 72 of the Companies Act, 2017, every existing company shall replace its physical
shares with book-entry form in a manner as may be specified and from the date notified by the
Securities and Exchange Commission of Pakistan, within a period not exceeding four years from
the commencement of the Companies Act, 2017 i.e. May 31, 2017. The shareholder holding
shares in physical form are requested to please convert their shares in the book entry form. For
this purpose, the shareholders may open CDC sub-account with any of the brokers or investor's
account directly with the CDC to place their physical shares into scrip-less form. This will
facilitate them in many ways including safe custody and sale of shares, anytime they want as the
trading of physical shares is not permitted as per existing Regulations of the Pakistan Stock
Exchange limited. It also reduces the risks and costs associated with storing share certificate(s)
and replacing lost or stolen certificate(s) as well as fraudulent transfer of shares. For the
procedure of conversion of physical shares into book-entry form, you may approach our Share
Registrar at the contact information given above.
Chairperson’s message
I feel honor to present annual report of your Company for the year ended June 30, 2024. During the year
under review your Company, despite facing tough business conditions, high inflation, increased taxation
and political instability, has achieved a revenue growth of 23.26% as compared to previous year.

In this ever-evolving and volatile situation of the country, both politically and economically, your
management is vigilant and is closely monitoring the business impacts in these challenging times. The
management of your Company is fully equipped and prepared to take on any proactive approach to
remain competitive within the industry.

The Board reflects mix of varied backgrounds and rich experience in the field of business, banking and
finance. The Board provides strategic directions to the management and available for guidance. The Board
ensures that a competent team is in place to achieve the strategic goals and ensures compliance of all
regulatory requirements by the management. As required under the Code of Corporate Governance, the
Board evaluates its own performance through a mechanism developed by it.

The Board is ably assisted by its committees. The Audit Committee reviews the financial statements and
ensures that these fairly represent financial position and performance of the Company. It also ensures
effectiveness of internal controls. The HR Committee overviews HR policy framework and recommends
selection and compensation of the senior management team. An important role of the Committee is
succession planning.

During the year, the Company has made investments in upgradation and modernization of plant and
equipment that will ensure sustainability.

I pray to Almighty that the Company continues to maintain its momentum of growth in future.

In the end I would like to acknowledge the enormous contribution and commitment of each member of
the leadership team and the employees of the company.

_________________________
Mrs. Saadia Omar
Chairperson

October 05, 2024

 BUNNY’S LIMITED
DIRECTORS REPORT TO THE SHAREHOLDERS
FOR THE YEAR ENDED JUNE 30, 2024
Dear Shareholders,
In the name of ALLAH, the most gracious and most merciful.
The Directors of the Company take pleasure in presenting their report on annual performance of the
Company, together with the annual audited financial statements, Statement of Compliance and the
Auditors’ Reports for the year ended June 30, 2024.
The financial results of the Company for the year under review are as follow: -
OPERATING RESULTS
2024 (Rs.) 2024 (%) 2023 (Rs.) 2023 (%) (Decrease) /
Increase (%)
Revenue – net 7,009,267,774 100.00 5,686,622,639 100.00
Gross profit 1,423,871,032 20.31 1,359,731,299 23.91 (3.60)
Operating expenses 1,173,906,519 16.75 951,988,724 16.74 0.01
Operating profit 249,964,513 3.57 407,742,575 7.17 (3.60)
Financial charges 271,850,142 3.88 208,252,412 3.66 0.22
Other (operating 16,770,978 0.24 (1,301,033) (0.02) 0.26
expenses) / income
(Loss) / Profit before (5,114,651) (0.07) 198,189,130 3.49 (3.56)
taxation
Taxation 103,014,616 1.47 66,684,847 1.17 0.30
(Loss) / Profit after (108,129,267) (1.54) 131,504,283 2.31 (3.85)
taxation
(Loss) / Earnings per (1.62) 1.97 (3.29)
share

BUISINESS REVIEW

Despite facing tough economic and business conditions and high competition in the market, revenue
of your company has experienced a growth of 23.26% as compared to the previous year. On the
other hand, continuous hyperinflationary trends from the past two to three years, this year has also
seen a consistent rise in input costs, especially utility prices. Further to that, interest rates have also
seen as unprecedented rise, which has increased the finance cost of the company by 30% as
compared to the last year. All these factors have dented the overall profitability of the company.

Company has formidable business relationships with its vendors and bankers and trying hard to meet
business needs with a proactive approach.
The management of the company remains vigilant, closely monitoring the ever-evolving economic
landscape, its associated challenges, and their impact on the business environment. Despite these
formidable challenges and uncertainties, your company is steadfastly committed to enhancing its
operational efficiency and processes, thus ensuring its competitive edge within the industry.

FUTURE OUTLOOK
Forecasting the financial performance of our Company, especially in a volatile environment like
Pakistan with political and economic unrest, is a complex task. Management believes that the
Company's performance may continue to be influenced by the political and economic stability of
Pakistan. Any improvements in these areas could have a positive impact, while continued instability
may pose challenges resulting into declining margins. Fortunately, larger part of the Company’s
output constitutes essentials like bread, buns etc. for which demand tends to be relatively inelastic
despite of escalating prices. However, it is evident that the general populace is grappling with the
increasingly difficult task of balancing their income with the escalating costs of daily necessities. This
challenge continues to grow with each passing day.

The economic and political volatility has severely shaken investor confidence, impacting both debt
and equity markets. The persistent uncertainty stemming from these factors could potentially hinder
the Company's ability to secure capital for expansion or, in a worst-case scenario, for meeting
escalating working capital needs.

Some of the positive developments are seen in recent times such as general inflation is on the
declining trend, interest rates are slowly coming down. Further flour prices have also been decreased
and are expected to remain stable in the near future. On the hand management is also working on
alternate and renewable energy resources like installation of solar panels and usage of biogas.

The management is aware of and keeping a keen eye on upcoming challenges and addressing it with
a combination of proactive financial and risk management, austerity, adaptability, and a keen
understanding of market dynamics. By staying agile and making informed decisions, the company can
better position itself to weather economic and political uncertainties and, when possible, capitalize
on opportunities for growth.

DIVIDEND PAYMENT
The Board has decided to skip any dividend payout in this year for the reasons elaborated in the
foregoing paragraphs.

STATUTORY PAYMENTS
There is no outstanding statutory payment due on account of taxes, duties, levies and charges except
of normal and routine nature.
BUNNY’S LIMITED
Bunny's Limited stands as a stalwart within the Pakistani bakery industry, having been established in
the year 1984. With a seasoned and accomplished team comprising both its Board of Directors and
Management, the company has consistently upheld a reputation for excellence.
One pivotal factor contributing to Bunny's enduring appeal among industry leaders is its unwavering
commitment to maintain exceptionally high-quality standards. Notably, Bunny's Limited holds the
distinction of being Pakistan's inaugural baking establishment to achieve ISO certification, proudly
standing as a member of the esteemed American Institute of Baking. Furthermore, it has earned the
prestigious HACCP (Hazard Analysis and Critical Control Point) certification for its snack foods
division, reinforcing its dedication to safety and quality. To add another feather to its cap, Bunny's
Limited has also obtained ISO 22000-2005 certification, further substantiating the company's
unyielding commitment to deliver products of unrivaled quality and excellence.

The extensive list of certifications held by Bunny's Limited is a testament to its dedication to superior
quality and adherence to rigorous industry standards. These certifications include:
1. AIB International
2. TUV Austria – Food Safety System Certification 22000
3. Punjab Food Authority
4. Management Association of Pakistan
5. Pakistan Standards and Quality Control Authority
Bunny's Limited continues to set the benchmark for excellence within the bakery industry, delivering
products that not only meet but exceed the expectations of its discerning customers.

BOARD OF DIRECTORS
Total Number of Directors:
Male: 02
Female: 05
Composition of Directors:
Independent: 02
Non-Executive: 04
Executive: 01
Name Category
Mr. Muhammad Rafi Uz Zaman Awan Independent Director
Mrs. Shahzi Khan Independent Director
Mrs. Saadia Omar Non-Executive Director - Chairperson
Mrs. Mahnan Omar Non-Executive Director
Miss Mahnoor Chaudhry Non-Executive Director
Miss Maya Omar Non-Executive Director
Mr. Omer Shafiq Chaudhry Chief Executive

REMUNERATION POLICY OF THE DIRECTORS

The policy on the remuneration of Non-Executive Directors and Independent Director for attending
the Board and Committee meetings of the Company is determined by the Board from time to time.

CREDIT RATINGS
The long-term entity rating of the Company is A- and short-term entity rating have been maintained
at A-2 by VIS Credit Rating Company Limited (VIS). These ratings denote a very low expectation of
credit risk emanating from a very strong capacity for timely payment of financial commitments.

OUR PEOPLE AND TRAINING

The Company believes that our employees are most valuable asset who mobilize all resources of the
Company. We prefer to hire young and motivated professional people who give new ideas. The
Company remains committed to investing in human capital and encourages employees to attend
training session/ seminars / workshops / development courses to keep themselves fully aware with
up to date knowledge and skills for creating and sustaining a culture of high performance.

TRANSACTIONS WITH RELATED PARTIES

All related party transactions have been disclosed in the notes 36 and 37 to the financial statements
of the company.

AUDITORS
The present auditor’s M/s Aslam Malik & Co., Chartered Accountants retire and being eligible offers
themselves for re-appointment. The Board has received recommendations from its Audit Committee
for re-appointment of M/s Aslam Malik & Co., Chartered Accountants as Auditors of the Company.

COMMITTEES OF THE BOARD

1. The Board has formed committees comprising members given below:
I. Audit Committee:
i. Mr. Muhammad Rafi Uz Zaman Awan – Chairman
ii. Miss Mahnan Omar
iii. Mrs. Saadia Omar

II. HR and Remuneration Committee:

i. Mr. Muhammad Rafi Uz Zaman Awan – Chairman
ii. Miss Mahnan Omar
iii. Miss Maya Omar

The terms of reference of the aforesaid committees have been formed, documented and advised to
the committee for compliance.

CORPORATE AND FINANCIAL REPORTING FRAMEWORK

The Directors of the Company are pleased to confirm that the Company has made compliance of the
provisions of the Listed Companies (Code of Corporate Governance) Regulations 2019, issued by the
Securities and Exchange Commission of Pakistan and there is no material departure from the best
practices as detailed in the listing regulations. Our statements on corporate and financial reporting
are as follows:
1. The financial statements prepared by the Management of the Company presents fairly its
state of affairs, the results of its operations, cash flow and changes in equity;
2. Proper books of accounts of the Company have been maintained;
3. Appropriate accounting policies have been consistently applied in preparation of financial
statements and accounting estimates are based on reasonable and prudent judgment;
4. International Financial Reporting Standards, as applicable in Pakistan and the requirements of
Companies Act, 2017 have been followed in preparation of the financial statements; and any
departure thereof has been adequately disclosed and explained;
5. The system of internal control is sound in design and has been effectively implemented and
monitored;
6. There are no significant doubts upon the Company’s ability to continue as a going concern;
7. There has been no material departure from the best practices of corporate governance, as
detailed in the listing regulations;
8. No trade in the shares of the Company was carried out by the Directors, CEO, CFO, Company
Secretary, Executives and their spouses and minor children except that mentioned in “Pattern
of Shareholding”.
SYSTEM OF INTERNAL FINANCIAL CONTROL
The system of internal control is sound in design and has been effectively implemented. The system
is continuously monitored by Internal Audit and through other such monitoring procedures. The
process of monitoring internal controls will continue as an ongoing process with the objective to
further strengthen the controls and bring improvements in the system. The Audit Committee
regularly reviews the Internal Audit Report and the system of internal controls.
CORPORATE SOCIAL RESPONSIBILITY
Your Company understands its corporate responsibility towards society and fulfills its obligation by
providing financial support to under privileged members of the society and its deserving employees
as well as doing philanthropy work. The Company is also contributing considerable amounts to the
National Exchequer, applying solutions for energy conservation and environment protection,
providing the highest quality products to its valued customers.
Your Company regularly donates amounts to hospitals, trusts and to various institutions constituted
for dealing with natural calamities as part of its philanthropic activities. Your Company also provide
its products at subsidized rate to hospitals like Ghulab Devi Hospital. Your Company is providing
healthy, safe, and learning work environment to its employees and sends them on training courses,
seminars, workshops and conferences both within country and abroad. It lends regular support to
the special persons by offering them jobs in various departments of the organization. It also offers
apprenticeship to fresh graduates, postgraduates and engineers, on a regular basis, to elevate their
professional and technical skills.
During the year, your Company has contributed a huge amount to the National Exchequer by way of
payment of various duties, levies and taxes.
PATTERN OF SHAREHOLDING
Pattern of shareholding is attached at the end of the financial statements.
ADDITIONAL INFORMATION
There have been no material changes since June 30, 2024 to the date of this report and the Company
has not entered into any commitment during this period, which would have an adverse impact on
the financial position of the company.

CHAIRPERSON’S REVIEW
The Directors of your Company fully endorse the Chairperson’s Review report on the performance of
the Company for the year ended June 30, 2024.
ACKNOWLEDGEMENT
The Directors are grateful to the Company’s shareholders, financial institutions and customers for
their continued cooperation, support and patronage which has enabled the Company to continue its
efforts for constant improvement. The Directors acknowledge the dedicated service, loyalty and hard
work of all the employees of the Company and hope this spirit of devotion will continue.

Lahore: October 05, 2024 CHIEF EXECUTIVE CHAIRPERSON

 

 

  

 2024 30
  
    
           2024 30 

     
 
     2023   2023   2024    2024
 
100.00 5,686,622,639 100.00 7,009,267,774  
(3.60) 23.91 1,359,731,299 20.31 1,423,871,032 
0.01 16.74 951,988,724 16.75 1,173,906,519 
(3.60) 7.17 407,742,575 3.57 249,964,513 
0.22 3.66 208,252,412 3.88 271,850,142  
0.26 (0.02) (1,301,033) 0.24 16,770,978     
(3.56) 3.49 198,189,130 (0.07) (5,114,651) 
0.30 1.17 66,684,847 1.47 103,014,616 
(3.85) 2.31 131,504,283 (1.54) (108,129,267) 
(3.29) 1.97 (1.62) 
   
   23.26%             


   
             
     30% 
         
           
             


        
        


         

 
            
     
      
                 
       


 
           
      
   
          
          
   
      

 
  
  

        

   
          
 

 

      1984      
 
 

   
   
 

 
                  
 

    
    
        
     
    
 
     
 
   HACCP 
        2005 22000   
 


 

        
 
  
 
  
 

 AIB 1
22000     TUV 2

     3
     4
      5
     
          

  
  
02 
05 
 
02    
04   
01   

 

 
       
    
   
    
    
   
     
    
   
           

 
  
 
     
 A-2     VIS VIS A-   
 
     

    

 
 
   
                     
             
       


  
 37 36    
     
 


                


        

  
  
     1
  I
     i
 ii
 iii
  II
     i
 ii
  iii

     
 


    




 2019         
       
     
               

          

  •1

    •2

              •3

 2017           •4

          •5

 
   •6

           •7

 "              •8

  "
   
                  
     
           

    
              
    
             
     
     
 
            
         
       
   
        
   
 
          
 

 
     
  
          2024 30
 
      2024 30 

 
          
   
         
   

   
 2024  05
FINANCIAL HIGHLIGHTS
For the year ended June 30,
2024 2023 2022 2021 2020
PROFITABILITY ANALYSIS

Gross profit to sales % 20.31 23.19 22.17 26.40 27.46

Loss / Profit before tax to sales % -0.07 3.49 3.70 7.20 6.43
Loss / Profit after tax to sales % -1.54 2.31 3.11 4.98 4.58
Return on capital employed % 11.07 15.54 10.60 12.93 12.55
Return on equity % -0.28 10.14 9.00 14.51 11.21
Earnings per share Rupees -1.62 1.97 2.08 2.66 2.49

FINANCIAL ANALYSIS

Current ratio times 0.80 0.94 1.02 1.18 1.40

Debt to equity ratio times 0.62 0.62 0.63 0.62 0.43
Interest coverage ratio times 1.02 1.95 2.49 4.06 2.92
Breakup value per share rupees 27.34 29.27 27.49 26.53 31.17
Inventory turnover ratio times 12.54 7.33 7.11 7.24 7.40
Debtors turnover ratio times 12.17 11.76 10.85 10.43 10.34
Fixed assets turnover ratio times 1.69 1.40 1.20 1.04 1.04

Profitability Analysis
30

25

20

15

10

0
2024 2023 2022 2021 2020
-5

Gross profit to sales Loss / Profit before tax to sales Loss / Profit after tax to sales
Return on capital employed Return on equity Earnings per share
 Financial Analysis
4.50

4.00

3.50

3.00

2.50

2.00

1.50

1.00

0.50

0.00
2024 2023 2022 2021 2020

Current ratio Debt to equity ratio Interest coverage ratio

Breakup Vlaue per share

32.00

31.00

30.00

29.00

28.00

27.00

26.00

25.00

24.00
2024 2023 2022 2021 2020

Breakup value per share

Turnover Ratios
14.00

12.00

10.00

8.00

6.00

4.00

2.00

0.00
2024 2023 2022 2021 2020

Inventory turnover ratio Debtors turnover ratio Fixed assets turnover ratio
CODE OF CONDUCT
Bunny’s Limited (the Company) is engaged in the manufacturing of wide range of bread, cakes and snack
products with the objective to achieve sustainable growth, profitability and highest standards of safety,
occupational health and environmental care. This ensures human resource development, enhancing value
addition, implementing conservation measures and growth by up-gradation and addition of newer
generation technologies.
The Company requires all its Board Members and Employees to act within the authority conferred upon
them and in the best interests of the Company and observe all the Company’s policies and procedures as
well as relevant laws and regulations, as are applicable in individual capacity or otherwise, including but
not limited to the corporate values, business principles and the acceptable and unacceptable behavior
(hereinafter called the Company’s Code of Conduct) embodied in this document.
The Company believes that the credibility, goodwill and repute earned over the years can be maintained
through continued conviction in our corporate values of honesty, justice, integrity and respect for people.
The Company strongly promotes trust, openness, teamwork and professionalism in its entire business
activities.
 The business principles are derived from the above stated corporate values and are applied to all
facets of business through well-established procedures. These procedures define behavior
expected from each employee in the discharge of his/her responsibility.
 Bunny’s Limited recognizes following obligations, which need to be discharged with best efforts,
commitment and efficiency:
 Safeguarding of shareholders’ interest and a suitable return on equity.
 Service customers by providing products, which offer value in terms of price, quality and
safety.
 Respect human rights, provide congenial working environment, offer competitive terms
of employment, develop human resource and be an equal opportunity employer.
 Seek mutually beneficial business relationship with contractors, suppliers and investment
partners.
 The Company believes that profit is essential for business survival. It is a measure of efficiency
and the value that the customer places on products produced by the Company.
 The Company requires honesty and fairness in all aspect of its business and in its relationships
with all those with whom it does business. The direct or indirect offer, payment, soliciting and
accepting of bribe in any form is undesirable.
 The Company is fully committed to reliability and accuracy of financial statements and
transparency of transactions in accordance with established procedures and practices.
 The Company does not support any political party or contributes funds to groups having political
interests. The Company will however, promote its legitimate business interests through trade
associations.
 The Company, consistent with its commitments to sustainable developments, has a systematic
approach to the management of health, safety and environment.
 The Company is committed to observe laws of Pakistan and is fully aware of its social
responsibility. It would assist the community in activities such as education, sports, environment
preservation, training programs, skills development and employment within the parameters of its
commercial objectives.
 The Company supports free market system. It seeks to compete fairly and ethically within the
framework of applicable competition laws in the country. The Company will not stop others from
competing freely with it.
 In view of the critical importance of its business and impact on national economy, the Company
provides all relevant information about its activities to legitimate interested parties, subject to
any overriding constraints of confidentiality and cost.
 The Company requires all its board members and employees to essentially avoid conflict of
interest between private financial and/or other activities and their professional role in the
conduct of Company business.
 No board member or employee shall in any manner disclose to any person or cause disclosure of
any information or documents, official or otherwise, relating to the Company, except those
published, and unless he/she is authorized by the management.
 All papers, books, drawings, sketches, photographs, documents and similar papers containing
analysis, formulas, notes or information relating to the Company’s business affairs or operations
shall always be treated as the Company property, whether prepared by the employee or
otherwise and no employee shall be permitted to carry any of these outside business premises
unless specifically authorized to do so by the management.
 The Company’s property, funds, facilities and services must be used only for authorized purposes.
 The board members or employees of the Company specifically those coming in direct contact with
the vendors doing or seeking to do business with the Company shall not receive favors or incur
obligations. In case any contractor/supplier to have business relations with the Company happen
to be a relative of an official who is entrusted the responsibility of opening/evaluation/award of
supply/contract job or with execution or certification of material/services, he/she shall
immediately bring the fact to the notice of Managing Director who may entrust the responsibility
to another.
 Each employee shall devote his/her full time and energy exclusively to the business and interests
of the Company. In particular, no employee (including those on leave) unless otherwise permitted
by the Company, shall directly or indirectly engage in any other profession or business or enter
the services of or be employed in any capacity for any purpose whatsoever and for any part of
his/her time by any other person, government department, firm or company and/or shall not
have any private financial dealings with any other persons of firms having business relations with
the company for sale or purchase of any materials or equipment or supply of labor or for any
other purpose. Every employee shall hold himself in readiness to perform any duties required of
him by his/her superiors to the best of his/her ability.
 No board member or employee of the Company shall, directly or indirectly, deal in the shares of
the Company in any manner during the closed period, as determined and informed by the
Company.
 No board member or employee of the Company shall practice insider trading.

Without prejudice to any penal action defined in any statute, as applicable, against any kind of
non-compliances/violations, non-compliance with the Company’s Code of Conduct may expose
the person involved to disciplinary action as per Company’s rules and/or as determined by the
management or the Board of Directors of the Company, as the case may be, on case to case basis.
 Statement of Compliance with the Listed Companies
(Code of Corporate Governance) Regulations, 2019

Name of Company Bunny’s Limited

Year ending June 30, 2024
Bunny’s Limited (the “Company”) has complied with the requirement of the Regulations in the following
manner:
1. The total number of Directors are 07 as per the following:
a. Male 02
b. Female 05
2. The composition of the Board is as follows:
a. Independent Directors 02
b. Non-Executive Directors 04
c. Executive Directors 01

Name Category
Mr. Muhammad Rafi Uz Zaman Awan Independent Director
Mrs. Shahzi Khan Independent Director
Mrs. Saadia Omar Non-Executive Director - Chairperson
Miss. Mahnan Omar Non-Executive Director
Miss Mahnoor Chaudhry Non-Executive Director
Miss Maya Omar Non-Executive Director
Mr. Omar Shafiq Chaudhry Chief Executive

Best practices of corporate governance entail having an optimal number and mix of board members
with adequate skills and experience. The current Board of Directors of the Company adequately meets
this requirement. Further, existing independent directors play an effective part within the Board and
make valuable contribution. Therefore, the fraction (2.3) has not been rounded up.

3. The Directors have confirmed that none of them is serving as a Director on more than seven listed
companies, including this Company.
4. The Company has prepared a “Code of Conduct” and has ensured that appropriate steps have been
taken to disseminate it throughout the Company along with its supporting policies and procedures.
5. The Board has developed a vision / mission statement, overall corporate strategy and significant
policies of the Company. A complete record of particulars of significant policies along with the dates on
which they were approved, updated or amended has been maintained.
6. All the powers of the Board have been duly exercised and decisions on relevant matters have been
taken by the Board/shareholders as empowered by the relevant provisions of the Act and these
Regulations.
7. The meetings of the Board were presided over by the Chairman and, in her absence, by a Director
elected by the Board for this purpose. The Board complied with requirements of the Act and the
Regulations with respect to frequency, recording and circulating minutes of the meeting of Board.
8. The Board of Directors has a formal policy and transparent procedures for remuneration of Directors in
accordance with the Act and these Regulations.
9. The Directors were appraised of their duties and responsibilities from time to time. All of the Directors
will duly comply with the requirement of Code of Corporate Governance with respect of Directors’
Training Program and the Company is planning to arrange this program for the Directors.

10. The Board has approved appointment of CFO, Company Secretary and Head of Internal Audit, including
their remuneration and terms and conditions of appointment and complied with relevant requirements
of the Regulations.
11. CFO and CEO duly endorsed the financial statements before approval of the Board.
12. The Board has formed committees comprising members given below:
I. Audit Committee:
i. Mr. Muhammad Rafi Uz Zaman Awan – Chairman
ii. Miss. Mahnan Omar
iii. Mrs. Saadia Omer
II. HR and Remuneration Committee:
i. Mr. Muhammad Rafi Uz Zaman Awan – Chairman
ii. Miss. Mahnan Omar
iii. Miss Maya Omar
13. The terms of reference of the aforesaid committees have been formed, documented and advised to the
committee for compliance.
14. The frequency of meetings (quarterly/half yearly/ yearly) of the committee were as per following:
a) Audit Committee 4
b) HR and Remuneration Committee 6
15. The Board has set up an effective internal audit function, which is considered suitably qualified and
experienced for the purpose and are conversant with the policies and procedures of the Company.
16. The statutory auditors of the company have confirmed that they have been given a satisfactory rating
under the Quality Control Review program of the Institute of Chartered Accountants of Pakistan and
registered with Audit Oversight Board of Pakistan, that they and all their partners are in compliance
with International Federation of Accountants (IFAC) guidelines on code of ethics as adopted by the
Institute of Chartered Accountants of Pakistan and that they and the partners of the firm involved in
the audit are not a close relative (spouse, parent, dependent and non-dependent children) of the Chief
Executive Officer, Chief Financial Officer, Head of Internal Audit, Company Secretary or Director of the
Company;
17. The statutory auditors or the persons associated with them have not been appointed to provide other
services except in accordance with the Act, these regulations or any other requirement and the auditors
have confirmed that they have observed IFAC guidelines in this regard.
18. We confirm that all requirements of regulation 3, 6, 7, 8, 27, 32, and 36 of the Regulations have been
complied with.

For BUNNY’S LIMITED

Director
Lahore: October 05, 2024
INDEPENDENT AUDITOR’S REVIEW REPORT
To the members of Bunny’s Limited
Review report on the Statement of Compliance contained in Listed Companies (Code of Corporate Governance)
Regulations, 2019
We have reviewed the enclosed Statement of Compliance with the Listed Companies (Code of Corporate Governance)
Regulations, 2019 (the Regulations) prepared by the Board of Directors of Bunny’s Limited for the year ended June
30, 2024 in accordance with the requirements of regulation 36 of the Regulations.
The responsibility for compliance with the Regulations is that of the Board of Directors of the Company. Our
responsibility is to review whether the Statement of Compliance reflects the status of the Company's compliance with
the provisions of the Regulations and report if it does not and to highlight any non-compliance with the requirements
of the Regulations. A review is limited primarily to inquiries of the Company's personnel and review of various
documents prepared by the Company to comply with the Regulations.
As part of our audit of the financial statements we are required to obtain an understanding of the accounting and
internal control systems sufficient to plan the audit and develop an effective audit approach. We are not required to
consider whether the Board of Directors' statement on internal control covers all risks and controls or to form an
opinion on the effectiveness of such internal controls, the Company's corporate governance procedures and risks.
The Regulations require the Company to place before the Audit Committee, and upon recommendation of the Audit
Committee, place before the Board of Directors for their review and approval, its related party transactions. We are
only required and have ensured compliance of this requirement to the extent of the approval of the related party
transactions by the Board of Directors upon recommendation of the Audit Committee.
Based on our review, nothing has come to our attention which causes us to believe that the Statement of Compliance
does not appropriately reflect the Company's compliance, in all material respects, with the requirements contained in
the Regulations as applicable to the Company for the year ended June 30, 2024.
Further, we highlight below instance of non-compliance with the requirement of the Regulations as reflected in the
paragraph reference where it is stated in the statement of Compliance.

Paragraph Reference Description

9 The Company has not arranged the directors training program or obtained the exemption from
directors training program from the commission as required under clause 19 of the Regulations.

The engagement partner on the review resulting in this independent auditors' review report is Muhammad Kamran
Aslam.
INDEPENDENT AUDITOR’S REPORT

To the members of Bunny’s Limited

Report on the Audit of the Financial Statements

Opinion
We have audited the annexed financial statements of BUNNY’S LIMITED (the
Company), which comprise the statement of financial position as at June 30, 2024, and
the statement of profit or loss and the statement of comprehensive income, the
statement of changes in equity, the statement of cash flows for the year then ended,
and notes to the financial statements, including a summary of material accounting
policies and other explanatory information, and we state that we have obtained all the
information and explanations which, to the best of our knowledge and belief, were
necessary for the purposes of the audit.

In our opinion and to the best of our information and according to the explanations
given to us, the statement of financial position, statement of profit or loss and other
comprehensive income, the statement of changes in equity and the statement of cash
flows together with the notes forming part thereof conform with the accounting and
reporting standards as applicable in Pakistan and give the information required by the
Companies Act, 2017 (XIX of 2017), in the manner so required and respectively give a
true and fair view of the state of the Company's affairs as at June 30, 2024 and of the
loss and other comprehensive loss, the changes in equity and its cash flows for the year
then ended.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs)
as applicable in Pakistan. Our responsibilities under those standards are further
described in the Auditor’s Responsibilities for the Audit of the Financial Statements
section of our report. We are independent of the Company in accordance with the
International Ethics Standards Board for Accountants’ Code of Ethics for Professional
Accountants as adopted by the Institute of Chartered Accountants of Pakistan (the
Code) and we have fulfilled our other ethical responsibilities in accordance with the
Code. We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements of the current period. These matters
were addressed in the context of our audit of the financial statements as a whole, and
in forming our opinion thereon, and we do not provide a separate opinion on these
matters.

Following are the key audit matters:

S. No. Key Audit Matters How the matter was addressed in Our
Audit

1 Revenue:
Refer notes 22 to the financial Our audit procedures, amongst others,
statements and the accounting included the following:
policy in note 3.12 to the financial
 Obtained an understanding of the
statements regarding the sale of
goods. processes relating to the recording of
revenue and testing the design,
The Company is engaged in the implementation and operating
manufacturing and sale of bakery effectiveness of relevant key internal
and other food products. controls over recording of revenue;

 Assessed the appropriateness of the

The Company recognized net
Company’s accounting policies for
revenue of Rs.7.009 billion from sale
of goods to customers during the recording of revenue and compliance of
year ended June 30, 2024. the policy with International Financial
Reporting Standard 15 (IFRS 15);
We identified recognition of  Compared a sample of revenue
revenue against the sale of goods as
transactions recorded during the year
a key audit matter because revenue
with the sales orders, sales invoices,
is one of the key performance
delivery orders and other relevant
indicators of the Company and gives
rise to an inherent risk of underlying documents;
misstatement to meet expectations  Compared a sample of revenue
or targets. transactions recorded before and after
reporting period and near the year end
with relevant underlying documentation
to assess whether revenue has been
recorded in the appropriate accounting
period;

 Scanned for any manual journal entries

relating to sales recorded during and near
 the year end which were considered to be
material or met other specific risk-based
criteria for inspecting underlying
documentation; and
 Assessed the adequacy of disclosures in
the unconsolidated financial statements
to be in accordance with the applicable
accounting and reporting standards.

Information Other Than the Financial Statements and Auditor’s Report Thereon

Management is responsible for the other information. The other information comprises the
information included in the annual report, but does not include the financial statements and our
auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the audit, or otherwise appears to
be materially misstated. If, based on the work we have performed, we conclude that there is a
material misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.

Responsibilities of Management and Board of Directors for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial
statements in accordance with the accounting and reporting standards as applicable in
Pakistan and the requirements of Companies Act, 2017 (XIX of 2017) and for such
internal control as management determines is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or
error.

In preparing the financial statements, management is responsible for assessing the

Company’s ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

Board of directors are responsible for overseeing the Company’s financial reporting
process.
Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but
is not a guarantee that an audit conducted in accordance with ISAs as applicable in Pakistan will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial
statements.

As part of an audit in accordance with ISAs as applicable in Pakistan, we exercise professional

judgment and maintain professional skepticism throughout the audit. We also:

 Identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

 Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Company’s internal control.

 Evaluate the appropriateness of accounting policies used and the reasonableness of

accounting estimates and related disclosures made by management.

 Conclude on the appropriateness of management’s use of the going concern basis of

accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Company’s
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause the Company to cease to continue
as a going concern.

 Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.

We communicate with the board of directors regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.

We also provide the board of directors with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships
and other matters that may reasonably be thought to bear on our independence, and where
applicable, related safeguards.

From the matters communicated with the board of directors, we determine those matters that
were of most significance in the audit of the financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

Based on our audit, we further report that in our opinion:

a) proper books of account have been kept by the Company as required by the Companies
Act, 2017 (XIX of 2017);

b) the statement of financial position, the statement of profit or loss, the statement of
comprehensive income, the statement of changes in equity and the statement of cash flows
together with the notes thereon have been drawn up in conformity with the Companies Act,
2017 (XIX of 2017) and are in agreement with the books of account and returns;

c) investments made, expenditure incurred and guarantees extended during the year were for
the purpose of the Company's business; and

d) No zakat was deductible at source under the Zakat and Ushr Ordinance, 1980 (XVIII of 1980).

The engagement partner on the audit resulting in this independent auditors' report is
Muhammad Kamran Aslam.
BUNNY'S LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT JUNE 30, 2024
2024 2023
Note
-------------- Rupees --------------
ASSETS
Non-current assets
Property, plant and equipment 4 2,523,264,975 2,406,415,112
Right of use assets 213,420,229 275,381,279
Intangible assets 5 33,624 42,030
Long term security deposits 22,593,859 13,486,538
2,759,312,687 2,695,324,959
Current assets
Stores, spares and loose tools 11,907,343 11,964,190
Stock-in-trade 6 445,329,325 590,163,027
Trade debts - unsecured 7 576,084,844 483,540,377
Advances, deposits and prepayments 8 348,613,937 273,226,612
Cash and bank balances 9 895,660 6,416,211
1,382,831,109 1,365,310,417

Total assets 4,142,143,796 4,060,635,376

EQUITY AND LIABILITIES

Capital and reserves
Authorized share capital
100,000,000 (2023: 100,000,000) Ordinary shares of Rs.10/- each 1,000,000,000 1,000,000,000

Issued, subscribed and paid up share capital 10 668,052,700 668,052,700

Share Premium 11 49,713,670 49,713,670
Un-appropriated profits 1,108,425,884 1,237,737,512
1,826,192,254 1,955,503,882
Non-current liabilities
Long term finances - secured 12 240,735,666 318,162,752
Deferred grant 13 25,603,153 30,325,311
Lease Liabilities 14 11,064,270 32,820,436
Long term advances - unsecured 15 9,798,423 9,611,323
Deferred liabilities 16 296,412,353 268,511,718
583,613,865 659,431,540
Current liabilities
Trade and other payables 17 553,214,936 450,096,453
Contract liability 35,365,257 23,380,423
Unclaimed dividend 765,699 765,699
Accrued mark-up on secured loans 18 133,892,818 47,026,723
Short term borrowings 19 721,478,297 632,162,339
Current portion of long term finances and leases - secured 160,303,330 204,154,859
Provision for taxation/levy - net 20 127,317,340 88,113,459
1,732,337,677 1,445,699,954

Contingencies and commitments 21

Total equity and liabilities 4,142,143,796 4,060,635,376

The annexed notes from 1 to 44 form an integral part of these financial statements.

Chief Executive Director Chief Financial Officer

BUNNY'S LIMITED
STATEMENT OF PROFIT OR LOSS
FOR THE YEAR ENDED JUNE 30, 2024

Restated
2024 2023
Note
-------------- Rupees --------------

Revenue - net 22 7,009,267,774 5,686,622,639

Cost of sales 23 (5,585,396,742) (4,326,891,340)
Gross profit 1,423,871,032 1,359,731,299
Operating expenses
Administrative and general 24 364,225,450 247,874,756
Selling and distribution 25 809,681,069 704,113,968
(1,173,906,519) (951,988,724)

Operating profit 249,964,513 407,742,575

Other operating expenses 26 - (10,330,253)

Other income 27 16,770,978 9,029,220
Finance cost 28 (271,850,142) (208,252,412)
(255,079,164) (209,553,445)

(Loss) / Profit before Levy and Taxation (5,114,651) 198,189,130

Levy 29 (87,615,847) (70,422,692)

(Loss) / Profit before Taxation (92,730,498) 127,766,438

Taxation 30 (15,398,769) 3,737,845

(Loss) / Profit after tax (108,129,267) 131,504,283

Earning per share - basic & dilutive 31 -1.62 1.97

The annexed notes from 1 to 44 form an integral part of these financial statements.

Chief Executive Director Chief Financial Officer

BUNNY'S LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED JUNE 30, 2024

2024 2023
-------------- Rupees --------------

(Loss) / Profit after tax (108,129,267) 131,504,283

Other comprehensive income / (loss)

Items that may not be subsequently reclassified to profit or loss
Remeasurement of post employee benefit obligation (29,834,311) (13,676,667)
Impact of deferred tax 8,651,950 3,966,233
(21,182,361) (9,710,434)

Total comprehensive (loss) / income for the year (129,311,628) 121,793,849

The annexed notes from 1 to 44 form an integral part of these financial statements.

Chief Executive Director Chief Financial Officer

BUNNY'S LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED JUNE 30, 2024

Capital Reserves Revenue Reserve

Share Capital Total Equity
Particulars Note Share premium Un-appropriated
reserve profit
----------------------- Rupees -----------------------

As at June 30, 2022 668,052,700 49,713,670 1,115,943,663 1,833,710,033

Total comprehensive
income for the year
Profit for the year - - 131,504,283 131,504,283
Other comprehensive loss - - (9,710,434) (9,710,434)
- - 121,793,849 121,793,849

As at June 30, 2023 668,052,700 49,713,670 1,237,737,512 1,955,503,882

Total comprehensive
loss for the year
Loss for the year - - (108,129,267) (108,129,267)
Other comprehensive loss - - (21,182,361) (21,182,361)
- - (129,311,628) (129,311,628)

As at June 30, 2024 668,052,700 49,713,670 1,108,425,884 1,826,192,254

The annexed notes from 1 to 44 form an integral part of these financial statements.

Chief Executive Director Chief Financial Officer

BUNNY'S LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED JUNE 30, 2024

2024 2023
Note
-------------- Rupees --------------

CASH FLOW FROM OPERATING ACTIVITIES

Cash generated from operations 32 500,328,097 385,364,074

Finance cost paid (184,984,047) (183,873,197)

Income tax / levy paid 20 (48,411,966) (36,062,256)
Staff gratuity paid 16.2 (31,147,750) (19,774,741)
Payment of Workers' profit participation fund 17.2 (9,974,508) (8,239,959)
Payment of Workers' welfare fund (45,524) (2,387,978)
Net (decrease) / increase in long term advances 187,100 (19,100)
Net increase in security deposits (9,107,321) (4,421,000)
(283,484,018) (254,778,231)
Net cash generated from operating activities 216,844,079 130,585,842

CASH FLOW FROM INVESTING ACTIVITIES

Acquisition of Property, Plant and Equipment 4.1 (187,804,312) (227,844,058)
Proceeds from disposal of Property, Plant and Equipment 19,145,568 1,005,700
Net cash used in investing activities (168,658,744) (226,838,358)

CASH FLOW FROM FINANCING ACTIVITIES

Proceeds less repayment of long term loans 41 (83,551,054) (138,753,693)
Proceeds less repayment of lease liabilities 41 (59,470,790) (6,699,622)

Net cash (used) / generated from financing activities (143,021,844) (145,453,315)

Net decrease in cash and cash equivalents (94,836,509) (241,705,831)

Cash and cash equivalents at the beginning of the year (625,746,128) (384,040,297)
Cash and cash equivalents at end of the year (720,582,637) (625,746,128)

Cash and cash equivalents comprise of the following items:

Cash and bank balances 9 895,660 6,416,211
Running finances from banks 19 (721,478,297) (632,162,339)
(720,582,637) (625,746,128)

The annexed notes from 1 to 44 form an integral part of these financial statements.

Chief Executive Director Chief Financial Officer

BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024

1 STATUS AND NATURE OF BUSINESS

1.1 Bunny's Limited ("the Legal Acquiree" or "the Economic Acquirer" or "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 Basis of measurement
These financial statements have been prepared under the historical cost convention except that the Company’s liability under defined
benefit plan (gratuity) is determined on the present value of defined benefit obligations as determined by an independent actuary.

2.2 Statement of compliance

These financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan. The
accounting and reporting standards applicable in Pakistan comprise:
International Financial Reporting Standard (IFRS) issued by the International Accounting Standards Board (IASB) as notified under the
Companies Act, 2017; and
Provisions of and directives issued under the Companies Act, 2017.
Where provisions of and directives issued under the Companies Act, 2017 differ from the IFRS, the provisions of and directives issued
under the Companies Act, 2017 have been followed.

2.3 Initial application of a standard, amendment or an interpretation to an existing standard.

2.3.1 Amendments to published accounting and reporting standards which are effective for the year ended June 30, 2024
There were certain amendments that became applicable for the Company during the year but are not considered to be relevant or did
not have any significant effect on the Company's operations and have, therefore, not been disclosed in these financial statements except
that during the year certain amendments to IAS 1 Presentation of Financial Statements have become applicable to the Company which
require entities to disclose their material accounting policy information rather than their significant accounting policies. These
amendments have been incorporated in these financial statements with the primary impact that the material accounting policy
information has been disclosed rather than the significant accounting policies.

During the year the Institute of Chartered Accountants of Pakistan (ICAP) have withdrawn the Technical Release 27 "IAS 12, Income
Taxes (Revised 2012)" and issued guidance – “IAS 12 Application Guidance on Accounting for Minimum Taxes and Final Taxes”. The said
guidance requires taxes paid as minimum tax under section 113 to be shown separately as a levy instead of showing it in current tax.

Accordingly, the impact has been incorporated in these financial statements retrospectively in accordance with the requirement of
International Accounting Standard (IAS 8) – ‘Accounting Policies, Change in Accounting Estimates and Errors’.

Effect on statement of Had there been no change in Impact of change in After incorporating effects of
profit or loss accounting policy accounting policy change in accounting policy
-------------------------------------------------------Rupees-------------------------------------------------------

For the year ended June 30, 2024

Minimum tax under

section 113 classified as
levy - 87,615,847 87,615,847

Loss before Taxation 5,114,651 87,615,847 92,730,498

Taxation 103,014,616 (87,615,847) 15,398,769
Loss after Taxation 108,129,267 - 108,129,267
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024

For the year ended June 30, 2023

Minimum tax under

section 113 classified as
levy - 70,422,692 70,422,692

Profit before Taxation 57,343,746 70,422,692 127,766,438

Taxation 66,684,847 (70,422,692) (3,737,845)
Profit after Taxation 131,504,283 - 131,504,283

The related changes to the statement of cash flows with respect to the amount of profit before taxation have been made as well. There
is no impact on profit after tax and earnings per share, basic and diluted.

2.3.2 Standard, amendments to published accounting and reporting standards and interpretations that are not yet effective and have not
been early adopted by the Company
There are certain new standards and certain amendments to the accounting and reporting standards that will become mandatory for the
Company's annual accounting periods beginning on or after July 1, 2024. However, these will not have any significant impact on the
financial reporting of the Company and, therefore, have not been disclosed in these financial statements.

2.4 Functional and presentation currency

These financial statements are presented in Pakistan Rupees which is Company’s functional currency.
2.5 Use of estimates and judgments
The preparation of financial statements in conformity with the 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 historic experience and other factors, including
expectation of future events that are believed to be reasonable under the circumstances. In the process of applying the Company’s
accounting policies, the management has made the following estimates and judgments which are significant to the financial statements:

Note
- assumptions and estimates used in determining the recoverable amount, residual values and useful lives of
4.1
operating fixed assets
- assumptions and estimates used in determining lease term and incremental borrowing rate of right-of-use
3.11
assets and corresponding lease liabilities.
Note
- assumptions and estimates used in determining the useful lives and residual values of intangible assets. 5.1
- assumptions and estimates used in determining the provision for slow moving and obsolete stores, spares and
loose tools.
- assumptions and estimates used in calculating the provision for impairment for trade debts. 7
- assumptions and estimates used in determination of deferred tax. 16.1
- assumptions and estimates used for valuation of present value of defined benefit obligation. 16.2
- assumptions and estimates used in disclosure and assessment of provision for contingencies and commitments. 21

- assumptions and estimates used in writing down items of inventories to their net realizable value 6

- assumptions and estimates used in impairment loss of Goodwill

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.
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024

3 SUMMARY OF MATERIAL ACCOUNTING POLICIES

3.1 Property, plant and equipment and depreciation
These are stated at cost less accumulated depreciation and any identified accumulated impairment loss (if any) thereon except freehold
land and capital work in progress which are stated at cost. Currently, depreciation is charged to income applying reducing balance
method at the rates given in Note 4 to write off the cost of operating fixed assets. Depreciation on additions is charged from the date
when the assets is available for use and on deletions up to the date when the assets is deleted.

The carrying values of property, plant and equipment are reviewed at each reporting date for indications that an asset may be impaired
and carrying values may not be recovered. If any such indication exists and where the carrying value exceeds the estimated recoverable
amount, the asset or cash generating unit is written down to its recoverable amount. The recoverable amount of property, plant and
equipment is the greater of fair value less cost to sell and value in use.

Maintenance and repairs are charged to statement of profit or loss as and when incurred. Major renewals and improvements are
capitalized and the assets so replaced, if any, are written off. Gains and losses on disposal of assets, if any are included in the profit and
loss amount currently.
An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its use
or disposal. Gains and losses on disposals are determined by comparing proceeds with carrying amount of the relevant assets. These are
included in profit or loss.
3.2 Intangible assets
Intangible assets are stated at cost less accumulated amortization (for finite useful life of intangible asset) and any identified
accumulated impairment losses.

Intangible assets with infinite useful life are amortized over the estimated useful life using the reducing balance method at the rate
stated in the relevant note to the financial statements. Amortization on additions to intangible assets is charged from the date when an
asset is put to use till the asset is derecognized upon disposal or when no future economic benefits are expected from its use or disposal.

3.3 Capital work in progress

All expenditure connected with specific assets incurred during installation and construction period are carried under capital work in
progress. These are transferred to specific assets at cost less any identified accumulated impairment losses as and when assets are
available for use.

3.4 Stores, spares and loose tools

Stores, spares and loose tools except items-in-transit, are valued at lower of moving average cost or net realizable value less allowances
for obsolete and slow moving items. Items-in-transit are valued at invoice price plus other charges incurred thereon.

3.5 Stock-in-trade
These are valued at lower of cost and net realizable value. Cost is determined according to the following basis:
Raw material - in hand FIFO basis
- in transit At cost accumulated to statement of financial
position date
Work-in-process Weighted average basis
Finished goods Weighted average basis
Cost in relation to work-in-process and finished goods represents annual average cost which consist of prime cost and appropriate
manufacturing overheads.
Net realizable value signifies the estimated selling price in the ordinary course of business less estimated cost necessary, if required to be
incurred in order to make such sale.
3.6 Trade and other payables
Trade and other payables are recognized initially at fair value net of directly attributable cost, if any.
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024

3.7 Borrowings and borrowing costs

Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowing costs are recognized as an expense in the
period in which these are incurred except to the extent of borrowing costs that are directly attributable to the acquisition, construction
or production of a qualifying asset. Such borrowing costs, if any, are capitalized as part of the cost of that asset.

3.8 Provisions
Provision is recognized when the Company has a legal and constructive obligation as a result of past event and it is probable that outflow
of resources embodying economic benefits will be required to settle the obligation and reliable estimate can be made of the amount of
obligation. Provision is reviewed at each date of statement of financial position and adjusted to reflect current best estimate.

3.9 Dividend to ordinary shareholders

Dividend to ordinary shareholders is recognized as a deduction form accumulated profit in the statement of changes in equity and as a
liability in the Company's financial statements in the year in which the dividends are approved by the Board of Directors or the
Company's shareholders as the case may be.
3.10 Staff retirement benefits
The Company operates approved un-funded gratuity scheme for its workers who have completed the minimum qualifying period of
service as defined under the respective scheme. Provision is made annually to cover obligations under the scheme on the basis of
actuarial valuation and is charged to statement of profit or loss.
The Company's net obligation in respect of defined benefit plan is calculated by estimating the amount of future benefit that employees
have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets.

Calculation of defined benefit obligation is performed annually by a qualified actuary using the projected unit credit method. When the
calculation results in a potential asset for the Company, the recognized asset is limited to the present value of economic benefits
available in the form of any future refunds from the plan or reductions in future contribution to the plan. To calculate the present value
of economic benefits, consideration is given to any applicable minimum funding requirements.

Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding
interest) and the effect of the asset ceiling (if, any excluding interest), are recognized immediately in OCI. The Company determines the
net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the
defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability (asset), taking into account any
changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest
expense and other expenses related to defined benefit plan is recognized in statement of profit or loss.

When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the
gain or loss on curtailment is recognized immediately in statement of profit or loss. The Company recognizes gains and losses on the
settlement of a defined benefit plan when the settlement occurs.
3.11 Leases
a) Right of Use Assets
The right-of-use asset is measured at cost, as the amount equal to initially measured lease liability adjusted for lease prepayments made
at or before the commencement date, initial direct cost incurred less any lease incentives received.

The right-of-use asset is subsequently depreciated on reducing balance method from the date of recognition to the earlier of the end of
useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of the right-of-use assets are determined on
the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by the impairment losses, if
any, and adjusted for certain remeasurement of the lease liability.
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024

b) Lease Liability
The lease liability was measured upon initial recognition at the present value of the future lease payments over the lease term,
discounted with the specific incremental borrowing rate.

Subsequently lease liabilities are measured at amortized cost using the effective interest rate method. It is remeasured when there is a
change in future lease payments arising from a change in the rate, if there is a change in the Company’s estimate of the amount
expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a
purchase, extension or termination option.

3.12 Revenue recognition

The Company recognizes revenue when it transfers control over goods to its customers, being when the products are delivered to the
customer and there is no unfulfilled obligation that could effect the customer’s acceptance of the product. Revenue is recognized at an
amount that reflects the consideration, to which the Company expects to be entitled in exchange for transferring of goods to its
customers net of discount and sales related indirect taxes. The sales related indirect taxes are regarded as collected on behalf of
statutory authorities. The Company generates revenue by supplying products to the customers, including export product.
i) Revenue from sales is recognized on delivery of products to the customers.
ii) Dividend income is recognized when the right to receive dividend is established.
iii) Income on bank deposits and short term investments are recognized using the effective yield method.

3.12.1 Contract assets

Contract assets arise when the Company performs its performance obligations by transferring goods to a customer before the customer
pays its consideration or before payment is due.

3.12.2 Contract liabilities

Contract liability is the obligation of the Company to transfer goods to a customer for which the Company has received consideration. If a
customer pays consideration before the Company transfers goods, a contract liability is recognized when the payment is made. Contract
liabilities are recognized as revenue when the Company performs its performance obligations under the contract.

3.13 Cash and cash equivalents

Cash and cash equivalents comprise running finances, cash balances and call deposits with maturities of three months or less from the
acquisition date that are subject to an insignificant risk of changes in their fair value, and are used by the Company in the management of
its short-term commitments.
3.14 Foreign currency transactions
Foreign currency transactions are recorded at the official exchange rate applicable at the transaction date. Monetary assets and liabilities
are translated into rupees using official exchange rates applicable at the statement of financial position date. All gains and losses on
settlement and transaction at year-end are recognized in the income statement.
3.15 Financial instruments

3.15.1 Recognition and initial measurement

All financial assets or financial liabilities are initially recognized when the Company becomes a party to the contractual provisions of the
instrument.

A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair
value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A receivable without a
significant financing component is initially measured at the transaction price.
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024

3.15.2 Classification and subsequent measurement

Financial assets

On initial recognition, a financial asset is classified as measured at amortized cost, fair value through other comprehensive income
(FVOCI) and fair value through profit or loss (FVTPL).

Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing
financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the
change in the business model.

Amortized cost

A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:

- it is held within a business model whose objective is to hold assets to collect contractual cash

- its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding.

These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by
impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss
on derecognition is recognized in profit or loss.

Financial assets measured at amortized cost comprise of long term security deposit, cash and bank balances, trade debts, deposits and
other receivables.

Debt Instrument - FVOCI

A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:

- it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and

- its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding.

These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange
gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition,
gains and losses accumulated in OCI are reclassified to profit or loss. There are no any asset that is measured at FVOCI in the Company.

Equity Instrument - FVOCI

On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent
changes in the investment’s fair value in OCI. This election is made on an investment-by-investment basis.

These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly
represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to
profit or loss. The Company has no equity instruments that are measured at FVOCI.

Fair value through profit or loss (FVTPL)

All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL.

On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured
at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise
arise.
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024

These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in
profit or loss. The Company has no financial asset or financial liability measured at fair value through profit or loss (FVTPL) at year end.

Financial assets – Business model assessment:

For the purposes of the assessment, ‘principal’ is defined as the fair value of the financial asset on initial recognition. ‘Interest’ is defined
as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular
period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin.

In assessing whether the contractual cash flows are solely payments of principal and interest, the Company considers the contractual
terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or
amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Company considers:

- contingent events that would change the amount or timing of cash flows;
- terms that may adjust the contractual coupon rate, including variable-rate features;
- prepayment and extension features; and
- terms that limit the Company’s claim to cash flows from specified assets (e.g. non-recoursefeatures).

Financial liabilities
Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as
held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value
and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently
measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized
in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss.

Financial liabilities comprise long term finance, lease liabilities, trade and payable, accrued mark-up on borrowing, current portion of long
term finances and lease and short term borrowing

3.15.3 Derecognition
Financial assets
The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers
the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the
financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of
ownership and it does not retain control of the financial asset.
The Company might enter into transactions whereby it transfers assets recognized in its statement of financial position, but retains
either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not
derecognized.
Financial liabilities

The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The Company also
derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in
which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the
difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities
assumed) is recognized in profit or loss.

3.15.4 Trade Debts, deposits and other receivables

These are classified at amortized cost and are initially recognized when they are originated and measured at fair value of consideration
receivable. These assets are written off when there is no reasonable expectation of recovery. Actual credit loss experience over past
years is used to base the calculation of expected credit loss.
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024

3.15.5 Offsetting

Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only
when, the Company currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or
to realize the asset and settle the liability simultaneously.

3.15.6 Impairment

Financial assets

The Company recognizes loss allowances for ECLs on:

- financial assets measured at amortized cost;
- debt investments measured at FVOCI; and
- contract assets.
The Company measures loss allowances at an amount equal to lifetime ECLs, except other financial assets at amortized cost excluding
trade debts for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased
significantly since initial recognition., which are measured at 12-month ECLs.

12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or
a shorter period if the expected life of the instrument is less than 12 months).

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating
ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This
includes both quantitative and qualitative information and analysis, based on the Company’s historical experience and informed credit
assessment and including forward-looking information. The Company monitors changes in credit risk by tracking published external
credit ratings.

The Company assumes that the credit risk on a financial asset has increased significantly if it is more than past due for a reasonable
period of time. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12-
month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a
shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is
the maximum contractual period over which the Company is exposed to credit risk.

Loss allowances for financial assets measured at amortized cost are deducted from the Gross carrying amount of the assets.

The Gross carrying amount of a financial asset is written off when the Company has no reasonable expectations of recovering of a
financial asset in its entirety or a portion thereof. The Company individually makes an assessment with respect to the timing and amount
of write-off based on whether there is a reasonable expectation of recovery. The Company expects no significant recovery from the
amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with
the Company’s procedures for recovery of amounts due.
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024

Non-financial assets
The carrying amount of the Company’s non-financial assets, other than inventories and deferred tax assets are reviewed at each
reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable
amount is estimated. The recoverable amount of an asset or cash generating unit is the greater of its value in use and its fair value less
cost to sell. In assessing value in use, the estimated future cash flows are discounted to their present values using a pre-tax discount rate
that reflects current market assessments of the time value of money and the risks specific to the asset or cash generating unit.

An impairment loss is recognized if the carrying amount of the assets or its cash generating unit exceeds its estimated recoverable
amount. Impairment losses are recognized in profit or loss. Impairment losses recognized in respect of cash generating units are
allocated to reduce the carrying amounts of the assets in a unit on a pro rata basis. Impairment losses recognized in prior periods are
assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if
there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to that extent
that the asset’s carrying amount after the reversal does not exceed the carrying amount that would have been determined, net of
depreciation and amortization, if no impairment loss had been recognized.

3.16 Taxation
Current
Provision of current tax is based on taxable income for the year determined in accordance with the prevailing law for taxation of income.
The charge for current tax is calculated using prevailing tax rates or tax rates expected to apply to the profit for the year, if, enacted. The
charge for current tax also includes adjustments, where considered necessary, to provision for tax made in previous years arising from
assessments framed during the year for such years.
Deferred
Deferred tax is accounted for using the statement of financial position liability method in respect of all taxable temporary differences
arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax
bases used in the computation of taxable profit. Deferred tax liabilities are recognized for all taxable temporary differences and deferred
tax assets are recognized to the extent that it is probable that taxable profits will be available against which the deductible temporary
differences, unused tax losses and tax credits can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to
the extent that it is no longer probable that the related tax benefit will be realized.

Deferred tax is calculated at the rates that are expected to apply to the period when the differences reverse, based on tax rates that
have been enacted. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and
assets, and they relate to income tax levied by the same tax authority on the same taxable entity, or on different tax entities, but they
intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously.

3.17 Goodwill and its impairment

Goodwill on merger of companies is included in ‘intangible assets’. Goodwill is tested for impairment as part of the overall balance.
Separately recognized goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment
losses on goodwill are not reversed. The carrying values of goodwill and intangible assets are contingent on future cash flows and there
is risk if these cash flows do not meet the company's expectations that the assets will be impaired. The impairment reviews performed
by the company contained a number of significant judgments and estimates including revenue growth, the success of new product
launches, patent expiry dates, profit margins, cash conversion, terminal values and discount rate. Changes in these assumptions might
lead to a change in the carrying value of intangible assets and goodwill.

3.18 Related party transactions

All transactions involving related parties arising in the normal course of business are conducted at arm's length at normal commercial
rates on the same terms and conditions as third party transactions using valuation modes, as admissible, except in extremely rare
circumstances where, subject to the approval of the board of directors, it is in the interest of the Company to do so.
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024

3.19 Government Grants

Government grants are transfers of resources to an entity by a government entity in return for compliance with certain past or future
conditions related to the entity's operating activities - e.g. a government subsidy. The definition of "government" refers to governments,
government agencies and similar bodies, whether local, national or international.

The Company recognizes government grants when there is reasonable assurance that grants will be received and the Company will be
able to comply with conditions associated with grants.
Government grants are recognized at fair value, as deferred income, when there is reasonable assurance that the grants will be received
and the Company will be able to comply with the conditions associated with the grants.

Grants that compensate the Company for expenses incurred, are recognized on a systematic basis in the income for the year in which the
related expenses are recognized. Grants that compensate for the cost of an asset are recognized in income on a systematic basis over
the expected useful life of the related asset.

A loan is initially recognized and subsequently measured in accordance with IFRS 9. IFRS 9 requires loans at below-market rates to be
initially measured at their fair value - e.g. the present value of the expected future cash flows discounted at a market-related interest
rate. The benefit that is the government grant is measured as the difference between the fair value of the loan on initial recognition and
the amount received, which is accounted for according to the nature of the grant.

3.20 Share Capital

Ordinary shares are classified as share capital. Incremental costs directly attributable to the issue of new shares are shown in equity as a
deduction, net of tax.

3.21 Earnings per share (“EPS”)

Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average
number of ordinary shares outstanding during the year.

Diluted EPS is calculated by adjusting basic EPS by the weighted average number of ordinary shares that would be issued on conversion
of all dilutive potential ordinary shares into ordinary shares and post-tax effect of changes in profit and loss attributable to ordinary
shareholders of the Company that would result from conversion of all dilutive potential ordinary shares into ordinary shares.

3.22 Operating segment

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The
chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has
been identified as the Board of Directors of the Company that makes strategic decisions.
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
4 PROPERTY, PLANT AND EQUIPMENT
2024 2023
Note
-------------- Rupees --------------
Operating fixed assets 4.1 2,267,643,094 2,223,599,300
Capital work in progress 4.3 255,621,880 182,815,812
Right of use assets 213,420,229 275,381,279
2,736,685,204 2,681,796,391
4.1 Operating fixed assets (Amounts in Rupees)
Owned Assets Right-of-use Assets / Lease assets
Electric
Land - Building on Plant and Office Furniture Motor Plant and Total Assets
installation and Total Owned Motor vehicles
freehold freehold land machinery equipment and fixtures vehicles machinery
appliances
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 3,155,539,224 254,609,078 84,026,800 3,494,175,102
Additions during the year - 3,161,582 67,074,975 1,116,500 2,476,307 - 41,168,880 114,998,244 - - 114,998,244
Disposals during the year - - - - - - (26,010,234) (26,010,234) - - (26,010,234)
Transfers during the year 50,000,000 12,874,500 62,874,500 (50,000,000) (12,874,500) -
Balance as at June 30, 2024 530,000,000 655,261,985 1,841,969,682 28,505,124 26,141,006 12,242,900 213,281,037 3,307,401,734 204,609,078 71,152,300 3,583,163,112
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 2,612,775,402 200,000,000 74,868,300 2,887,643,702
Additions during the year - 3,033,350 589,182,977 4,392,067 1,207,006 501,000 11,209,500 609,525,900 - - 609,525,900
Transfer during the year - - - - - - - - - - -
Disposals during the year - - - - - - (2,994,500) (2,994,500) - - (2,994,500)
Transfer during the year - - (54,609,078) - - - (9,158,500) (63,767,578) 54,609,078 9,158,500 -
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 3,155,539,224 254,609,078 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 6,830,700 108,700,703 931,939,924 29,542,721 33,711,879 995,194,524
Charge for the year - 19,543,338 63,482,843 1,639,245 1,649,751 541,220 19,633,686 106,490,083 9,526,439 9,789,294 125,805,816
Depreciation on Disposals - - - - - - (18,900,551) (18,900,551) - - (18,900,551)
Transfer during the year - - 12,266,414 - - - 7,962,770 20,229,184 (12,266,414) (7,962,770) -
Balance as at June 30, 2024 - 283,453,233 598,097,740 12,792,249.00 20,646,891 7,371,920 117,396,607 1,039,758,640 26,802,746 35,538,403 1,102,099,789
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
Depreciation on disposals - - - - - - (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 6,830,700 108,700,703 931,939,924 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 June 30, 2024 530,000,000 371,808,752 1,243,871,942 15,712,875 5,494,115 4,870,980 95,884,430 2,267,643,094 177,806,332 35,613,897 2,481,063,323
Net book value as at June 30, 2023 530,000,000 388,190,508 1,202,546,224 16,235,620 4,667,559 5,412,201 76,547,189 2,223,599,300 225,066,357 50,314,921 2,498,980,578
 2024 2023
-------------- Rupees --------------
4.2 Depreciation charged for the year has been allocated as under:
Cost of sales 94,191,865 89,207,907
Administrative and general expenses 31,613,951 32,481,145
125,805,816 121,689,052

4.3 Capital work in progress

Opening balance 182,815,812 564,497,654
Additions during the year 72,806,068 128,785,396
Transfers (Plant and machinery) - (510,467,238)
Closing balance 4.4 255,621,880 182,815,812

4.4 This Capital Work in Progress relates to building

4.5 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.)
85,86,87,88 &105 Quaid-e-Azam Industrial Estate, Kot Lakhpat, LahoreProduction unit 21.4 50,510

4.6 The detail of operating assets disposed off during the year are as follows:

2024

Accumulated Written Down Gain / (Loss)

Particulars Cost Sale Proceed Buyer Name Mode of Disposal Relation
Depreciation Value on Disposal

Motor vehicles 2,908,000 1,753,209 1,154,791 2,342,041 1,187,250 Rao Saleem Company Policy Employee
Motor vehicles 3,708,000 2,690,911 1,017,089 3,500,000 2,482,911 Hafiz Sajjad Motors Negotiation Dealer
Motor vehicles 3,053,000 2,332,630 720,370 2,800,000 2,079,630 Awais Company Policy Employee
Motor vehicles 5,307,387 4,097,334 1,210,053 4,400,000 3,189,947 Mian MuhammAsif Negotiation Walk in Customer
Motor vehicles 5,466,347 4,228,979 1,237,368 4,400,000 3,162,632 Mian MuhammAsif Negotiation Walk in Customer
Motor vehicles 2,406,000 1,468,621 937,379 962,400 25,021 Ijaz Company Policy Employee
22,848,734 16,571,684 6,277,050 18,404,441 12,127,391
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
2024 2023
Note
-------------- Rupees --------------
5 INTANGIBLE ASSETS
ERP Software 5.1 33,624 42,030
33,624 42,030
5.1 ERP SOFTWARE

Cost 375,000 375,000

Accumulated amortization (341,376) (332,970)
33,624 42,030
Amortization rate 20% 20%
6 STOCK-IN-TRADE
Raw materials 261,582,441 348,588,621
Packing materials 139,893,250 186,567,205
Work-in-process 8,257,423 9,538,146
Finished goods 35,596,211 45,469,055
445,329,325 590,163,027

7 TRADE DEBTS - UNSECURED

Trade Debts 605,727,225 483,540,377
Bad debts (29,642,381) -
Considered good 576,084,844 483,540,377

8 ADVANCES, DEPOSITS AND PREPAYMENTS

Advances to staff against salary-Unsecured 64,699,554 54,639,049
Advances to suppliers 279,618,696 214,256,442
Bank guarantee margin 966,597 966,597
Prepaid expenses 3,329,090 3,364,524
348,613,937 273,226,612

9 CASH AND BANK BALANCES

Cash in hand 429,680 51,674
Cash at bank (current accounts) 1,903,486 10,333,191
Book overdraft (1,437,506) (3,968,654)
895,660 6,416,211
10 ISSUED, SUBSCRIBED AND PAID UP SHARE CAPITAL
2024 2023 2024 2023
Number of shares -------------- Rupees --------------

2,159,586 2,159,586 Ordinary shares of Rs.10/- each fully paid in cash. 21,595,860 21,595,860

49,229,083 49,229,083 Ordinary shares of Rs. 10/- each issued to the shareholders of 492,290,830 492,290,830
economic acquirer as per the approved scheme of arrangement
otherwise than cash.
15,416,601 15,416,601 Fully Paid Bonus shares issued during the year 154,166,010 154,166,010
66,805,270 66,805,270 668,052,700 668,052,700

10.1 The ordinary share holders are entitled to receive all distributions including dividends and other entitlements in the form of bonus and right shares, as
and when declared by the Company. All shares carry one vote per share without restriction.

11 SHARE PREMIUM
Share premium 11.1 49,713,670 49,713,670
49,713,670 49,713,670
11.1 Share Premium Reserve can be utilized by the Company only for the purposes specified in Section 81 of the Companies Act, 2017.
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024

2024 2023
-------------- Rupees --------------
Note
12 LONG TERM FINANCES - SECURED
Samba Bank Limited - Term Finance 12.1 77,885,980 111,255,036
PAIR Investment Company Limited - Term Finance - I 12.2 19,444,457 29,055,565
PAIR Investment Company Limited - Term Finance - II 12.3 126,000,000 132,000,000
Pak Libya Holding Company (Private) Limited - SBP TERF 12.4 142,606,981 168,879,311
First Habib Modaraba- Diminishing Musharika 12.5 27,649,591 40,670,309
393,587,009 481,860,221
Less: Current portion shown under current liabilities (117,790,937) (123,914,905)
Less: Deferred grant (35,060,406) (39,782,564)
240,735,666 318,162,752

12.1 The company has obtained this term finance facility from Samba Bank Limited for the import of plant and machinery through import Letter of Credit.
The tenor of this term finance is 5 years with 1 year grace period. This facility carries markup @ 3 month KIBOR + 2.25% payable on quarterly basis. The
principal is repayable in 16 quarterly installments with last installment payable on January, 2027. The facility is secured against first pari passu charge
on present and future fixed assets of the company and personal guarantees of sponsoring directors and chief executive of the company.

12.2 This long-term facility has been restructured with a markup rate of 6-month KIBOR plus 2.25%, and an outstanding principal amount of Rs. 19.44
million. The principal payment has a 16 month grace period, while the markup is payable on a monthly basis during this period. The revised facility
maturity date is November 2026.This facility is secured against first pari passu charges on present and future fixed assets of the company.

12.3 This long-term facility has been restructured with a markup rate of 3-month KIBOR plus 2.25%, and an outstanding principal amount of Rs. 132 million.
The principal will be repaid in monthly installments, with the final installment payable in April 2029. The markup payment has a 25-month grace period
starting from June 2025. The revised facility maturity date is November 2029. The facility is secured by a pari passu charge over the company's present
and future fixed assets, as well as personal guarantees from the directors and chief executive of the company.

12.4 This facility of long term loan has been obtained for the purchase of fully automated bun and burger line under State Bank Temporary Economic
Refinance Facility (TERF). This carries markup at the rate of 5% per annum. Total tenor of the loan is 10 years including two years grace period. The
principal and markup is repayable in quarterly installments with last installment payable in July, 2030. The loan is secured against fixed assets of the
company.
Government grant amounting to Rs. 39,782,564 has been recorded during the year ended 30 June 2023 and Rs. 4,735,095 million has been amortized
during the year ended June 30, 2024 (2023: Rs. 4,722,158).
2024 2023
Loan amount 142,606,981 168,879,311
Effect of deferred grant (7,245,970) (7,245,970)
Net amount payable 135,361,011 161,633,341

12.5 That was sale and leaseback arrangement from First Habib Modaraba. The Sale and Leaseback does not meet the criteria of sale under IFRS-15, and
hence this arrangement was classified as Financing Arrangement under IFRS 9. This facility carries markup @ 6 month KIBOR + 2%.

2024 2023
Note
-------------- Rupees --------------
13 Deferred grant
As at 01 July 35,060,406 -
Received during the year - 39,782,564
Amortization (4,735,095) (4,722,158)
30,325,311 35,060,406
Current portion (4,722,158) (4,735,095)
As at 30 June 25,603,153 30,325,311
14 LEASE LIABILITIES
The amount of future minimum lease payments along with their present value and the period during which they fall due are as under:
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
2024 2023
Note
-------------- Rupees --------------
Analyzed as:
Non current 11,064,270 32,820,436
Current 37,790,235 75,504,859
48,854,505 108,325,295
14.1 Maturity analysis
Year 1 37,790,235 75,504,859
Year 2 7,938,722 28,448,907
Year 3 2,863,158 3,573,176
Year 4 - 798,353
48,592,115 108,325,295
14.2 The company does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored within the company’s treasury
function.
14.3 The Company entered into lease agreements with financial institutions to acquire vehicles. The liabilities under the lease agreements are payable in
equal monthly installments and are subject to finance charges at the rates ranging from 3 months KIBOR + 2% to 5% (June 30, 2023 : 6 months KIBOR +
2.5% to 3.95%). The lease liabilities are secured against security deposits, post dated cheques, personal guarantee of all the directors of the Company
and also secured against financed vehicles.

2024 2023
-------------- Rupees --------------
14.4 Amounts recognized in profit and loss
Depreciation expense on right-of-use assets 19,315,733 20,154,590
Unwinding of lease liabilities 19,719,016 22,693,370
39,034,749 42,847,960
14.5 The total cash outflow for leases amount to Rs. 56.033 million from the date of inception till April, 2027.
15 LONG TERM ADVANCES - UNSECURED
From contractors against recovery of sales proceeds 9,798,423 9,611,323
9,798,423 9,611,323
16 DEFERRED LIABILITIES
Deferred taxation 16.1 203,353,092 196,606,273
Staff retirement benefits - gratuity 16.2 93,059,261 71,905,445
296,412,353 268,511,718

2024 2023
Note
16.1 Deferred taxation -------------- Rupees --------------
Opening deferred tax liability 196,606,273 204,970,442

Deferred tax charged / (reversal) to profit or loss

Accelerated tax depreciation 9,588,794 43,293,033
Liabilities against assets subject to finance lease (722,175) 17,103,253
Sales and lease back 3,776,009 5,555,699
Intangible assets (2,438) (3,047)
Unused tax losses / credits 241,237 (70,422,692)
Employees' retirement benefits 2,517,343 75,817
Deferred tax reversal to other comprehensive income
Employees' retirement benefits (8,651,950) (3,966,233)

6,746,819 (8,364,169)
16.1.1 203,353,092 196,606,273
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
16.1.1 Deferred taxation liability

taxable temporary differences:

- accelerated tax depreciation 282,283,141 272,694,347
- liabilities against assets subject to finance lease 47,724,060 48,446,235
- intangible assets 9,751 12,189
330,016,952 321,152,771
deductible temporary differences:
- unused tax losses / credits 91,658,293 91,899,530
- Sales and Lease Back 8,018,381 11,794,390
- employees' retirement benefits 26,987,186 20,852,579
126,663,860 124,546,499
203,353,092 196,606,273
16.2 STAFF RETIREMENT BENEFITS - GRATUITY
The latest actuarial valuation of gratuity was carried out as at June 30, 2024 under the projected unit credit method as per the requirements of
approved accounting standards - International Accounting Standard 19, the details of which are as follows:

2024 2023
Note
-------------- Rupees --------------

Present value of Defined Benefits Obligations as at 30 June 93,059,261 71,905,445

The movement in defined benefit obligation is as follows:
As at 01 July 71,905,445 58,490,218

Current service cost 13,313,375 13,073,424

Interest cost 9,153,880 6,439,877
Amount recognized in profit and loss 22,467,255 19,513,301
Benefits paid (31,147,750) (19,774,741)
Actuarial losses 29,834,311 13,676,667
As at 30 June 93,059,261 71,905,445
Amount charged to profit and loss
Current service cost 13,313,375 13,073,424
Interest cost 9,153,880 6,439,877
22,467,255 19,513,301
Amount charged to Other Comprehensive Income
Actuarial losses 29,834,311 13,676,667

Reconciliation of Defined Benefits Liability

As at 01 July 71,905,445 58,490,218
Amount charged to profit and loss 22,467,255 19,513,301
Amount charged to Other Comprehensive Income 29,834,311 13,676,667
Benefits paid (31,147,750) (19,774,741)
93,059,261 71,905,445

2024 2023
Note
-------------- Rupees --------------
16.2.1 Principal actuarial assumptions used in the actuarial valuations
Financial assumptions
Discount rate used for year end obligation 14.75% 16.25%
Expected rate of increase in salary 11.75% 13.25%
Demographic Assumptions
Mortality rate SLIC (2001-05) SLIC (2001-05)
16.2.2 Sensitivity analysis for actuarial assumptions
The calculation of defined benefit obligation is sensitive to the following assumptions. The below information summarized how the defined benefit
obligation at the end of the reporting period would have been increased/(decreased) as a result of change in respective assumptions by 100 basis
points.
Increase in Decrease in
assumptions assumptions

Discount rate 89,429,219 96,838,792

Increase in future salaries 96,836,651 89,428,121
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
2024 2023
Note
-------------- Rupees --------------
16.2.3 Allocation of expense to profit and loss account has been made as follows:
Cost of sales 4,788,872 4,325,130
Administrative and general 11,104,480 9,642,607
Selling and distribution 6,573,903 5,545,564
22,467,255 19,513,301
17 TRADE AND OTHER PAYABLES
Trade Creditors - unsecured 390,939,405 262,248,402
Accrued expenses 17.1 162,275,531 111,538,259
Bills payable - secured - 66,289,760
Workers' welfare fund - 45,524
Workers' profit participation fund 17.2 - 9,974,508
553,214,936 450,096,453
17.1 This includes salary payable to director amounting to Rs. 2.5 million (2023: 1.5 million)
17.2 Workers' (profit) participation fund
As at 01 July 9,974,508 8,239,959
Allocation for the period - 9,974,508
9,974,508 18,214,467
Less: Payment made during the period (9,974,508) (8,239,959)
As at 30 June - 9,974,508
18 ACCRUED MARK-UP ON SECURED LOANS
Long term finances 47,481,096 19,154,995
Short term borrowings 86,411,723 27,871,728
133,892,818 47,026,723
19 SHORT TERM BORROWINGS
Running finance 19.1 671,648,297 521,822,339
Finance Against Trust Receipt (FATR) 19.2 49,830,000 110,340,000
721,478,297 632,162,339
19.1 Running Finance facilities has been obtained form different banks to meet the working capital requirements which carries markup at the rate of 3
month KIBOR + 2.5% (2023: 3 month KIBOR plus 2.25%) and is secured against first pari passu charges on present and future current assets of the
company amounting.
19.2 This facility is available as sub limit of letters of credit from First Women Bank Limited amounting to Rs. 50 million (2023: Rs. 49.83), carry markup at
the rate of 3 month KIBOR plus 2.25% per annum. The amount utilized as at 30 June 2024 is Rs. 49.83 million (2023: Rs. 49.83) from First Women Bank
Limited respectively.
20 PROVISION FOR TAXATION/LEVY - NET 2024 2023
-------------- Rupees --------------
Opening Balance 88,113,459 53,092,932
Provision for the year 87,615,847 71,082,783
Paid during the year (48,411,966) (36,062,256)
Closing Balance 127,317,340 88,113,459

21 CONTINGENCIES AND COMMITMENTS

21.1 Letter of guarantee amounting to Rs 2.552 million (2023: Rs.2.552 million) has been issued in favor of Sui Northern Gas Pipeline Limited. There are no
other known contingencies as at year end.
21.2 There are no major commitments outstanding as at year end.
2024 2023
-------------- Rupees --------------
22 REVENUE - NET
Gross Revenue 7,698,333,115 6,212,215,629
Trade Discounts (485,612,783) (376,512,120)
Sales tax (203,452,558) (149,080,870)
7,009,267,774 5,686,622,639
22.1 Revenue has been recognized at a point in time for local sales made during the year.

22.2 During the year the Company has recognized revenue, amounting to Rs. 23.380 million out of contract liability as at 01 July 2023.
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
2024 2023
Note
-------------- Rupees --------------
23 COST OF SALES
Raw materials consumed
Opening Inventory 348,588,621 333,851,649
Purchases 3,771,057,968 3,088,300,802
Closing Inventory (261,582,441) (348,588,621)
3,858,064,148 3,073,563,830
Packing material consumed
Opening inventory 186,567,205 125,965,965
Purchases 520,143,651 464,337,730
Closing Inventory (139,893,250) (186,567,205)
566,817,606 403,736,490
Wages and salaries 23.1 471,137,637 406,047,307
Fuel and power 433,640,005 309,868,291
Repair and maintenance 48,278,226 54,460,763
Other indirect expenses 22,229,812 9,771,126
Insurance 5,431,581 5,411,799
Depreciation 4.2 94,191,865 89,207,907
1,074,909,126 874,767,194

Manufacturing cost 5,499,790,881 4,352,067,514

Work-in-process
Opening balance 9,538,146 6,556,901
Closing balance (8,257,423) (9,538,146)
1,280,723 (2,981,245)
Finished goods
Opening balance 45,469,055 22,792,075
Purchases 74,452,294 482,051
Closing balance (35,596,211) (45,469,055)
84,325,138 (22,194,929)
Cost of sales 5,585,396,742 4,326,891,340
23.1 These include staff retirement benefits amounting to Rs. 4,788,872 (2023: Rs. 4,325,130).
2024 2023
Note
-------------- Rupees --------------
24 ADMINISTRATIVE AND GENERAL
Directors' remuneration 33,704,038 25,052,509
Salaries and benefits 24.1 125,748,137 86,325,229
Printing and stationery 10,482,032 8,929,951
Traveling and conveyance 16,413,097 8,873,662
Telephone, postage and telegram 5,373,248 5,725,974
Fee and subscription 8,642,957 11,637,011
Vehicle running, maintenance and insurance 64,535,182 41,091,188
Rent, rates and taxes 897,326 362,204
Insurance 5,515,459 4,378,360
Entertainment 15,365,138 13,488,521
Repair and maintenance 1,243,950 895,160
Charity and donation 24.2 2,181,708 994,599
Legal and professional 37,700 9,600
Auditors' remuneration 24.3 1,650,000 1,650,000
Newspaper and periodicals 8,929 15,475
Depreciation 4.2 31,613,951 32,481,145
Amortization of intangible assets 8,406 10,508
Bad debts 29,642,381 -
Miscellaneous expenses 11,161,811 5,953,661
364,225,450 247,874,756
24.1 These include staff retirement benefits amounting to Rs. 11,104,480 (2023: Rs. 9,642,607)
24.2 None of the directors or their spouses had any interest in the donee. No donation exceeding Rs. 1,000,000 has been paid to a single institute during the
year.
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
2024 2023
Note
-------------- Rupees --------------
24.3 Auditors' remuneration
Audit fee 1,150,000 1,150,000
Half year review 350,000 350,000
Others 150,000 150,000
1,650,000 1,650,000
25 SELLING AND DISTRIBUTION
Salaries and benefits 25.1 81,957,265 64,054,495
Commission and other sales incentives 258,873,865 224,561,579
Vehicle running and maintenance 429,120,617 385,760,696
Advertisement 7,300,400 8,981,714
Sales promotion expenses 32,428,922 20,755,485
809,681,069 704,113,968
25.1 These include staff retirement benefits amounting to Rs. 6,573,903 (2023: Rs. 5,545,564)
26 OTHER OPERATING EXPENSES
Workers' welfare fund - 45,524
Workers' profit participation fund 17.2 - 9,974,508
Loss on sale of fixed assets - 310,221
- 10,330,253
27 OTHER INCOME
Gain on sale of fixed assets - net 12,035,883 -
Amortization of deferred grant 13 4,735,095 9,029,220
16,770,978 9,029,220
28 FINANCE COST
Mark up on:
-Long term finances 78,531,259 88,452,093
-Short term finances 169,278,589 91,249,643
Unwinding of lease liabilities 19,719,016 22,693,370
Bank charges and others 4,321,278 5,857,306
271,850,142 208,252,412
Restated
2024 2023
Note
-------------- Rupees --------------
29 LEVY
Minimum tax differential 29.1 87,615,847 70,422,692

29.1 This represents portion of minimum tax under section 113 of the Income Tax Ordinance, 2001, representing levy in terms of requirements of IFRIC
21/IAS 37.

30 TAXATION
Current tax expense - 660,091
Deferred tax (reversal) / expense 15,398,769 (4,397,936)
15,398,769 (3,737,845)
30.1 Reconciliation of current tax charged as per tax laws for the year, with current tax recognised in
the statement of profit or loss, is as follows:
Current tax liability for the year as per applicable tax laws 87,615,847 71,082,783
Portion of current tax liability as per tax laws, representing income tax under IAS 12 - (660,091)
Portion of current tax computed as per tax laws, representing levy in terms of requirements of (87,615,847) (70,422,692)
IFRIC 21/IAS 37
Difference - -
30.2 The Company is not presenting the tax charge reconciliation because the Company has incurred tax loss during the year and the company has
recognised levy for the year which represents minimum tax at the rate of 1.25% of turnover (2023: 1.25% of turnover) under section 113 of the Income
Tax Ordinance, 2001 (the Ordinance).
31 EARNING PER SHARE - BASIC & DILUTIVE

Net profit after taxation Rupees (108,129,267) 131,504,283

Weighted average number of shares outstanding during the 66,805,270 66,805,270
Numbers
year
Earning per share - basic & dilutive Rupees -1.62 1.97
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
Note 2024 2023
-------------- Rupees --------------
32 CASH GENERATED FROM OPERATIONS
Profit before taxation (92,730,498) 127,766,438
Adjustments for:
Depreciation 125,805,816 121,689,052
Levy 87,615,847 70,422,692
Finance cost 271,850,142 208,252,412
Provision for workers' profit participation fund - 9,974,508
Provision for workers' welfare fund - 45,524
Provision for gratuity 22,467,255 19,513,301
Amortization of deferred grant (4,735,095) (9,029,220)
Amortization of intangible assets 8,406 10,508
Bad debts 29,642,381 -
Gain on disposal of fixed assets (12,035,883) -
Loss on disposal of fixed assets - 310,221
520,618,870 421,188,997
Operating profit before working capital changes 427,888,372 548,955,435
Changes in working capital
(Increase)/ decrease in current assets:
Stores, spares and loose tools 56,847 2,387,963
Stock-in-trade 144,833,702 (100,996,437)
Trade debts - unsecured (122,186,848) (71,643,729)
Advances, deposits and prepayments (75,387,325) (47,998,611)
Decrease in current liabilities
Trade and other payables 113,138,515 50,438,990
Contract liability 11,984,834 4,220,463
72,439,725 (163,591,361)
Cash generated from operations 500,328,097 385,364,074

33 FINANCIAL RISK MANAGEMENT

The Company has exposure to the following risks arising from financial instruments:
- credit risk
- liquidity risk
- market risk

Risk management framework

The Company's Board of Directors ("the Board") has overall responsibility for establishment and oversight of the Company's risk management
framework. The Board is responsible for developing and monitoring the Company’s risk management policies.

The Company’s risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and
controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market
conditions and the Company's activities. The Company, through its training and management standards and procedures, aims to develop a disciplined
and constructive control environment in which all employees understand their roles and obligations. The Board of Directors reviews and agrees upon
the policies for managing each of these risks.

The Company's audit committee oversees how management monitors compliance with the Company’s risk management policies and procedures and
reviews the adequacy of the risk management framework in relation to the risks faced by the Company. Audit committee is assisted in its oversight role
by internal audit department. Internal audit department undertakes both regular and ad hoc reviews of risk management controls and procedures, the
results of which are reported to the audit committee.

33.1 Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. To
manage credit risk the Company maintains procedures covering the application for credit approvals, granting and renewal of counterparty limits and
monitoring of exposures against these limits. As part of these processes the financial viability of all counterparties is regularly monitored and assessed.
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
33.1.1 Exposure to credit risk

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk as at the end of the reporting
period was as follows:
2024 2023
Note
-------------- Rupees --------------
At Amortized Cost
Advances and long term security deposit 87,293,413 68,125,587
Trade debts 576,084,844 483,540,377
Other receivable 65,666,151 55,605,646
Bank balances 1,903,486 10,333,191
730,947,894 617,604,801
33.1.2 Concentration of credit risk
The Company identifies concentrations of credit risk by reference to type of counter party. Maximum exposure to credit risk by type of counterparty is
as follows:

Customers 576,084,844 483,540,377

Banking companies 1,903,486 10,333,191
Others 152,959,564 123,731,233
730,947,894 617,604,801
33.1.3 Credit quality and impairment

Credit quality of financial assets is assessed by reference to external credit ratings, where available, or to historical information about counterparty
default rates. All counterparties, with the exception of customers, have external credit ratings determined by various credit rating agencies. Credit
quality of customers is assessed by reference to historical defaults rates and present ages.

33.1.3(a) Counterparties with external credit ratings

These include banking companies and financial institutions, which are counterparties are bank balances. These counterparties have reasonably high
credit ratings as determined by various credit rating agencies. Due to long standing business relationships with these counterparties and considering
their strong financial standing, management does not expect non-performance by these counterparties on their obligations to the Company. Following
are the credit ratings of counterparties with external credit ratings:

Rating 2024 2023

Bank Short term Long term Rating agency Rupees Rupees

Allied Bank Limited A1+ AAA PACRA 27,402 14,742

Bank Islamic Limited A1 AA- PACRA 46,129 46,129
Bank Al-Habib A1+ AAA PACRA 1,781,007 4,221,056
Metropolitan Bank Limited A1+ AA+ PACRA 5,000 5,000
Meezan Bank Limited A1- AAA VIS - 32,075
Faysal Bank Limited A1+ AA PACRA 26,481 -
The Bank of Khyber A1 A+ PACRA 17,467 14,189
PAIR Investment Bank Limited A1+ AA PACRA - 6,000,000
1,903,486 10,333,191

Bank guarantee margin

Bank Al-Habib A1+ AAA PACRA 966,597 966,597

33.1.3(b) Counterparties without external credit ratings

These include customers which are counter parties to trade debts. The Company is exposed to credit risk in respect of trade debts. The analysis of ages
of trade debts of the Company as at the reporting date is as follows:

2024 2023
Note
-------------- Rupees --------------
Past due 1 - 30 Days 245,822,838 193,666,146
Past due 31 - 60 Days 311,390,606 245,322,278
Past due 61 - 120 Days 18,871,400 14,867,420
Past due above 121 Days - 29,684,533
576,084,844 483,540,377
Management believes that no impairment allowance is necessary in respect of trade debts past due as some receivables have been recovered
subsequent to the year end and for other receivables there are reasonable grounds to believe that the amounts will be recovered in short course of
time.
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
33.2 Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by
delivering cash or another financial asset, or that such obligations will have to be settled in a manner unfavorable to the Company. Prudent liquidity risk
management implies maintaining sufficient cash and marketable securities and availability of adequate funds through committed credit facilities. The
Company finances its operations through equity, borrowings and working capital with a view to maintaining an appropriate mix between various
sources of finance to minimize risk. The management aims to maintain flexibility in funding by keeping regular committed credit lines.

33.2.1 Exposure to liquidity risk

33.2.1 (a) Contractual maturities of financial liabilities, including estimated interest payments
The following are the remaining contractual maturities at the reporting date. The amounts are grossed and undiscounted, and include estimated
interest payments and exclude the impact of netting agreements.
2024
Carrying Contractual One year One to Three to More than five
amount cash flows or less three years five years years
----------------------------------------------------------------- Rupees -----------------------------------------------------------------
Non-derivative financial liabilities
Long term finance 12 393,587,009 579,980,637 158,709,603 281,029,757 111,272,513 28,428,767
Lease liability 14 48,854,505 56,295,530 43,457,695 12,575,445 - -
Short term borrowing 19 721,478,297 721,478,297 721,478,297 - - -
Accrued mark-up 18 133,892,818 133,892,818 133,892,818 - - -
Trade and other payable 17 553,214,936 553,214,936 553,214,936 - - -
Unclaimed dividend 765,699 765,699 765,699 - - -
1,851,793,264 2,045,627,917 1,611,519,048 293,605,202 111,272,513 28,428,767

2023
Carrying Contractual One year One to Three to More than five
amount cash flows or less three years five years years
----------------------------------------------------------------- Rupees -----------------------------------------------------------------
Non-derivative financial liabilities
Long term finance 12 481,860,221 668,018,292 200,238,260 387,318,581 70,297,926 10,163,525
Lease liability 14 108,325,295 132,225,946 92,163,834 40,062,112 - -
Short term borrowing 19 632,162,339 632,162,339 632,162,339 - - -
Accrued mark-up 18 47,026,723 47,026,723 47,026,723 - - -
Trade and other payable 17 440,076,421 440,076,421 440,076,421 - - -
Unclaimed dividend 765,699 765,699 765,699 - - -
1,710,216,698 1,920,275,420 1,412,433,276 427,380,693 70,297,926 10,163,525
33.3 Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Company's income
or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within
acceptable parameters, while optimizing return.
33.3.1 Currency risk
The Company is exposed to currency risk to the extent that there is a mismatch between the currencies in which advances, sales and purchases and
bank balances are denominated and the respective functional currency of the Company. The functional currency of the Company is Pak Rupee. The
Company is not exposed to currency risk.
33.3.2 Interest rate risk
Interest rate risk is the risk that fair values or future cash flows of a financial instrument will fluctuate because of changes in interest rates. Sensitivity to
interest rate risk arises from mismatch of financial assets and financial liabilities that mature or re-price in a given period.

33.3.2 (a) Mark-up bearing financial instruments

The effective interest / mark-up rates for interest / mark-up bearing financial instruments are mentioned in relevant notes to the financial statements.
The Company's interest / mark-up bearing financial instruments as at the reporting date are as follows:
Financial liability
2024 2023
-------------- Rupees --------------
Fixed rate instruments 142,606,981 168,879,311
Variable rate instruments 1,021,312,830 1,053,468,544
1,163,919,811 1,222,347,855
BUNNY'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2024
33.3.2 (b) Cash flow sensitivity analysis for variable rate instruments
A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased / (decreased) equity and profit by
amounts shown below. The analysis assumes that all other variables, in particular foreign exchange rates, remain constant.
Effect on profit before taxation
2024 2023
-------------- Rupees --------------
Increase of 100 basis points (10,213,128) (10,534,685)
Decrease of 100 basis points 10,213,128 10,534,685
33.3.2 (c) Interest rate risk management
The Company manages these mismatches through risk management strategies where significant changes in gap position can be adjusted. The
Company's borrowings are based on variable rate pricing that is mostly dependent on Karachi Inter Bank Offer Rate ("KIBOR") as indicated in respective
notes.
33.3.3 Price risk
Price risk represents the risk that the fair value or future cash flows of financial instrument will fluctuate because of changes in market prices, other
than those arising from interest rate risk or currency risk, whether those changes are caused by factors specific to the individual financial instrument or
its issuer, or factors affecting all similar financial instruments trading in market. The Company is not exposed to any price risk.

34 Capital management
The Board’s policy is to maintain an efficient capital base so as to maintain investor, creditor and market confidence and to sustain the future
development of its business. The Board of Directors monitors the return on capital employed, which the Company defines as operating income divided
by total capital employed. The Board of Directors also monitors the level of dividends to ordinary shareholders.

The Company’s objectives when managing capital are:

- to safeguard the entity’s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other
stakeholders; and
- to provide an adequate return to shareholders.
The Company manages the capital structure in the context of economic conditions and the risk characteristics of the underlying assets. In order to
maintain or adjust the capital structure, the Company may, for example, adjust the amount of dividends paid to shareholders, issue new shares, or sell
assets to reduce debt.

There were no changes in the Company’s approach to capital management during the year. The Company is not subject to externally imposed capital
requirements.
2024 2023
-------------- Rupees --------------
Restated
Debt 1,133,581,563 1,187,300,386
Total Equity 1,826,192,254 1,955,503,882
Total Capital 2,959,773,817 3,142,804,268
Gearing Ratio 38.30% 37.78%
There were no changes in the Company’s approach to capital management during the year.
35 Fair value of financial instruments

35.1 Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Underlying the definition of fair value is the presumption that the Company is a going concern without any intention or requirement to curtail materially the scale of its operations or to undertake a
transaction on adverse terms.
The fair value of financial assets and liabilities traded in active markets i.e. listed equity shares are based on the quoted market prices at the close of trading on the period end date. The quoted market prices
used for financial assets held by the Company is current bid price.

A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency and
those prices represent actual and regularly occurring market transactions on an arm's length basis.

IFRS 13, 'Fair Value Measurements' requires the Company to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair
value hierarchy has the following levels:

- Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date (level 1).

- Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (level 2).
- Unobservable inputs for the asset or liability (level 3).

The following table shows the carrying amounts and fair values of financial instruments and non-financial instruments including their levels in the fair value hierarchy:

Carrying Amount Fair Value

Fair value
through other Fair value Financial Assets
comprehensive through profit at amortized Other financial
income and loss cost liabilities Total Level 1 Level 2 Level 3
On-Balance sheet financial instruments Note - - - - - - - - - - - - - - - - - - Rupees - - - - - - - - - - - - - - - - - - - - -------------- Rupees --------------

30 June 2024
Financial assets measured at fair value - - - - - - - -
- - - - - - - -

Financial assets at amortized cost

Advances and long term security deposit - - 87,293,413 - 87,293,413 - - -
Trade debts - - 576,084,844 - 576,084,844 - - -
Other receivable - - 65,666,151 - 65,666,151 - - -
Cash and bank balances - - 895,660 - 895,660 - - -
35.2 - - 729,940,068 - 729,940,068 - - -

Financial liabilities measured at fair value - - - - - - - -

- - - - - - - -

Financial liabilities measured at amortized cost

Long term finance - - - 393,587,009 393,587,009 - - -
Lease liability - - - 48,854,505 48,854,505 - - -
Short term borrowing - - - 721,478,297 721,478,297 - - -
Accrued mark-up - - - 133,892,818 133,892,818 - - -
Trade and other payable - - - 553,214,936 553,214,936 - - -
Unclaimed dividend - - - 765,699 765,699 - - -
35.2 - - - 1,851,793,264 1,851,793,264 - - -
 Carrying Amount Fair Value
Fair value
through other Fair value Financial Assets
comprehensive through profit at amortized Other financial
income and loss cost liabilities Total Level 1 Level 2 Level 3
Note - - - - - - - - - - - - - - - - - - Rupees - - - - - - - - - - - - - - - - - - - - -------------- Rupees --------------
On-Balance sheet financial instruments

30 June 2023

Financial assets measured at fair value - - - - - - - -

- - - - - - - -

Financial assets not measured at fair value

Long term security deposit - - 68,125,587 - 68,125,587 - - -

Trade debts - - 483,540,377 - 483,540,377 - - -
Other receivable - - 55,605,646 - 55,605,646 - - -
Cash and bank balances - - 6,416,211 - 6,416,211 - - -
35.2 - - 613,687,821 - 613,687,821 - - -

Financial liabilities measured at fair value - - - - - - -

- - - - - - - -

Financial liabilities not measured at fair value

Long term finance - - - 481,860,221 481,860,221 - - -

Lease liability - - - 108,325,295 108,325,295 - - -
Short term borrowing - - - 632,162,339 632,162,339 - - -
Accrued mark-up - - - 47,026,723 47,026,723 - - -
Trade and other payable - - - 440,076,421 440,076,421 - - -
Unclaimed dividend - - - 765,699 765,699 - - -
35.2 - - - 1,710,216,698 1,710,216,698 - - -

35.2 Fair value versus carrying amounts

The Company has not disclosed the fair values of these financial assets and liabilities as these are for short term or repriced over short term. Therefore, their carrying amounts are reasonable approximation of
fair value.
 .
36 REMUNERATION OF DIRECTORS, CHIEF EXECUTIVE AND EXECUTIVES

2024
Executive Non-Executive
Chief Executive Executives
Director Director
Managerial remuneration 30,213,028 - - 81,571,144

No. of persons 1 1 6 32

2023

Executive Non-Executive
Chief Executive Executives
Director Director

Managerial remuneration 22,728,228 - - 70,425,660

No. of persons 1 1 6 24

36.1 The chief executive and executive director are provided with Company maintained cars in accordance with their terms of
employment.

36.2 No meeting fee has been paid to any director of the Company during the year (June 30, 2023: Nil).

37 TRANSACTION WITH RELATED PARTIES

The related parties comprise associated undertakings, other related companies and key management personnel. The
Company in the normal course of business carried out transactions with related parties. Detail of transactions with key
management personnel are disclosed in Note 35. Balances of related parties if any are shown in the relevant notes. There are
no other significant related party transactions.

2024 2023
Number of Employees
38 NUMBER OF EMPLOYEES
Average number of employees during the year 856 724
Total number of employees at year end 926 758

This includes 214 permanent employees.

39 OPERATING SEGMENT

The Company's chief decision maker reviews the Company's performance on single segment accordingly the financial
information has been prepared on basis of single reportable segment.

39.1 Revenue from sale of bakery and snacks items represent 90% and 10% of total revenue of the Company respectively.

39.2 All of the Company sales are local.

39.3 All assets of the Company as at 30 June 2024 are located in Pakistan.

40 PRODUCTION CAPACITY
2024 2024 2023 2023
Maximum Actual Maximum Actual
Capacity Production Capacity Production

All units in Metric Tons

- Bakery Division 13,500 12,725 13,500 12,550
- Snacks Division 1,800 920 1,800 915

40.1 Actual production in snacks division is lesser due to lower demand.

 41 RECONCILIATION OF MOVEMENTS OF LIABILITIES TO CASH FLOWS ARISING FROM FINANCING ACTIVITIES

2024
Long term Leases Dividend Payable Total
finances

As at 01 July 481,860,221 108,325,295 765,699 590,951,215

Changes from financing activities

Repayment during the year (83,551,054) (59,733,180) - (143,284,234)
Disbursement of long term finances - - - -
Addition of new leases - - -
(83,551,054) (59,733,180) - (143,284,233)
Effect of deferred grant (4,722,158) - - (4,722,158)
As at 30 June 393,587,009 48,592,115 765,699 442,944,823

2023
Long term Leases Dividend Payable Total
finances

As at 01 July 628,649,187 115,024,917 765,699 744,439,803

Changes from financing activities

Repayment during the year (138,753,693) (50,766,155) - (189,519,848)
Disbursement of long term finances - - - -
Addition of new leases - 44,066,533 - 44,066,533
(138,753,693) (6,699,622) - (145,453,315)
Effect of deferred grant (8,035,273) - - (8,035,273)
As at 30 June 481,860,221 108,325,295 765,699 590,951,215

42 EVENTS AFTER THE REPORTING PERIOD

There are no significant events after the reporting period which may require adjustment of and/or disclosure in these
financial statements.

43 DATE OF AUTHORIZATION FOR ISSUE

These financial statements have been authorized for issue by the board of directors of the Company on October, 05, 2024

44 GENERAL
The figures have been rounded off to the nearest rupee.

Chief Executive Director Chief Financial Officer

 BUNNY'S LIMITED.
Pattern Of Share Holding - Form "34"
Share Holders Statistics As At June 30, 2024
Number of Total
Shareholdings
Shareholders Shares Held

1710 Shareholding From 1 To 100 47,247

547 Shareholding From 101 To 500 113,660
125 Shareholding From 501 To 1000 110,691
252 Shareholding From 1001 To 5000 714,007
86 Shareholding From 5001 To 10000 667,905
30 Shareholding From 10001 To 15000 389,174
28 Shareholding From 15001 To 20000 509,517
16 Shareholding From 20001 To 25000 377,972
9 Shareholding From 25001 To 30000 254,000
6 Shareholding From 30001 To 35000 193,619
5 Shareholding From 35001 To 40000 197,850
9 Shareholding From 40001 To 45000 380,914
4 Shareholding From 45001 To 50000 189,027
4 Shareholding From 50001 To 55000 214,305
1 Shareholding From 55001 To 60000 58,000
4 Shareholding From 60001 To 65000 254,368
2 Shareholding From 65001 To 70000 138,722
2 Shareholding From 70001 To 75000 150,000
1 Shareholding From 75001 To 80000 79,500
1 Shareholding From 85001 To 90000 88,500
1 Shareholding From 90001 To 95000 91,100
2 Shareholding From 95001 To 100000 195,500
1 Shareholding From 100001 To 105000 100,437
1 Shareholding From 110001 To 115000 111,500
2 Shareholding From 120001 To 125000 246,716
1 Shareholding From 135001 To 140000 136,563
1 Shareholding From 150001 To 155000 150,120
1 Shareholding From 175001 To 180000 175,592
1 Shareholding From 195001 To 200000 200,000
1 Shareholding From 310001 To 315000 312,000
1 Shareholding From 350001 To 355000 352,000
1 Shareholding From 385001 To 390000 386,729
1 Shareholding From 395001 To 400000 399,987
1 Shareholding From 440001 To 445000 444,145
1 Shareholding From 545001 To 550000 549,500
1 Shareholding From 580001 To 585000 581,380
1 Shareholding From 675001 To 680000 676,500
1 Shareholding From 685001 To 690000 690,000
2 Shareholding From 690001 To 695000 1,380,668
 1 Shareholding From 750001 To 755000 752,500
2 Shareholding From 995001 To 1000000 2,000,000
1 Shareholding From 1190001 To 1195000 1,192,860
1 Shareholding From 1415001 To 1420000 1,418,045
1 Shareholding From 1515001 To 1520000 1,520,000
1 Shareholding From 1525001 To 1530000 1,529,000
1 Shareholding From 2720001 To 2725000 2,724,000
1 Shareholding From 3195001 To 3200000 3,199,891
1 Shareholding From 4690001 To 4695000 4,691,000
1 Shareholding From 5230001 To 5235000 5,233,422
1 Shareholding From 6445001 To 6450000 6,446,499
1 Shareholding From 6460001 To 6465000 6,463,014
1 Shareholding From 7330001 To 7335000 7,333,081
1 Shareholding From 9990001 To 9995000 9,992,543
2879 66,805,270

Categories Shareholders as on June 30, 2024

S. No. Categories Shareholders Shares Held Total

1 Directors and their spouse(s) and minor children 34,449,561 51.57

Mr. Omer Shafiq Chaudhry 22,688,979

Mrs. Saadia Omar 1,217,860
Miss Mahnoor Chaudhry 7,333,081
Miss Mahnan Omar 3,199,891
Miss Maya Omar 3,250
Mr. Muhammad Rafi Uz Zaman Awan 3,250
Mrs. Shahzi Khan 3,250

2 Associate Companies, Undertakings and related parties - -

3 NIT and ICP 150,120 0.22

4 Banks and Development Finance Institutions 6,446,584 9.65

5 Joint Stock Companies 4,531,677 6.78

6 Insurance Companies 61,500 0.09

7 Modarabas and Mutual Fund 3,198,442 4.79

8 Others 2,048,085 3.07

9 General Public 15,919,301 23.83

Total 66,805,270 100.00

Shareholders Holding 10% or More In The Company
Number of Shares %

Omer Shafiq Chaudhry 22,688,979 33.96

 BUNNY’S LIMITED
Gender Pay Gap Statement under Circular 10 of 2024

Following is gender pay gap calculated for the year ended June 30, 2024:

 Mean gender pay gap: 12.95

 Median gender pay gap: 08.08

Note: The mean and median gender pay gaps can indeed be influenced by factors like working
hours of the employees and their length of service, otherwise pay packages are the same for both
male and female employees. No gender pay gap exist in our company as far as their pay,
allowances and other benefits or perks are concerned.

Omar Shafiq Chaudhry

CEO
October 05, 2024
 Proxy Form
I/We ________________________________________________________ of _______________ a
member/members of Bunny’s Limited and holder of =_______________= shares as per Registered Folio
# _______________ do hereby appoint ___________________________ of _____________________
who is also member of the Company vide Registered Folio
# ________________ as my/our Proxy to attend, speak and vote for me/us and on my/our behalf at the
Annual General Meeting of the Company to be held on 28 October, 2024 at 09:00 a.m. at _________,
Lahore and at any adjournment thereof.
As witness my hand this ___________ day of __________________2024.

Witness’s Signature
Name: ________________
Address: ______________
______________________ Affix Revenue
CNIC # _______________ Stamp of Rs. 5/-

Witness’s Signature
Name: _______________
Address: _____________
_____________________
CNIC # ______________ Member’s Signature

Date:
Place: Lahore CNIC #
Note:
1. The Form of Proxy should be deposited at the Registered Office of the Company not later than 48
hours before the time for holding the meeting.