Bunny : Transmission of Quarterly Report for the Period Ended

VISION AND MISSION STATEMENT

VISION

Make quality food for better life.

MISSION

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

COMPANY PROFILE

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

DIRECTORS' REPORT

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

On behalf of the Board of Directors of Bunny's Limited, we are pleased to present the Directors' Review Report for the 1st quarter ended September 30, 2022.

Overview

We are pleased to report that during the quarter under review, revenue of your company has been increased by 26.44% in comparison to the 1st quarter of last year. This condensed interim financial information is presented in accordance with the requirements of Companies Act, 2017. The financial results during the quarter under review are as follows:

		Rs. (Million)
	QUARTER ENDED
	September 30, 2022	September 30, 2021
Sales - net	1,342.75	1,061.93
Gross profit	301.67	246.44
Operating profit	85.29	83.94
Profit after tax	41.53	39.33
Earnings per share (Rs.)	0.62	0.59

Consistent from the prior year, all input costs remain unstable due to Russia-Ukraine war and floods in Pakistan. Management is striving hard to match output prices with input and so far, margins have been intact. Like always, management has adopted a proactive approach and is making its operations and process more effective to remain competitive in the market.

Expansion and Modernization Projects

To ensure its role as one of the industry leader, your Company is in a continuous process to update its plant and equipment with latest technology. This ensures sustainability of Company's operations in the most efficient and cost effective manner.

Fully automated new bun and burger line has been installed and commercial production has been started.

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.

Contingencies and Commitments

There has been no major changes in commitments affecting financial position of the Company's affairs between the balance sheet date and the date of this report.

Acknowledgments

We thank our various stakeholders including the shareholders, bankers and others in the faith entrusted in the Company that helped significant growth over last year. We look forward to this unwavering support and confidence from these stakeholders to help the Company grow further and expand its product portfolio.

We would also like to thank the Pakistan Stock Exchange Limited, the Securities & Exchange Commission of Pakistan and the Central Depository Company of Pakistan Limited for their continued support and cooperation towards the Company. We hope that this support would continue in the future.

We also acknowledge the efforts of our dedicated and talented human resource for the hard work they put in to help realize the outstanding operational growth. We expect continued efforts from our employees to attain higher goals going forward.

The Board also wishes to place on record its gratitude for the co-operation extended by Government of Pakistan and strategic partners including its customers and suppliers.

For and on behalf of the Board of Directors

Director

Lahore

October 28, 2022

BUNNY'S LIMITED

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UNAUDITED)

AS AT SEPTEMBER 30, 2022

				Audited
	Note	September 30, 2022		June 30, 2022
	-------------- Rupees --------------
ASSETS				Audited
Non-current assets
Property, plant and equipment	4	2,572,577,602	2,576,957,305
Intangible assets	5	70,223,201	70,225,828
Long term security deposits		9,065,538		9,065,538
		2,651,866,341	2,656,248,671
Current assets
Stores, spares and loose tools		13,662,029		14,352,153
Stock-in-trade	6	547,409,427		489,166,590
Trade debts - unsecured		430,844,861		411,896,648
Advances, deposits and prepayments		242,723,985		225,228,001
Cash and bank balances	7	7,294,604		1,445,986
		1,241,934,906	1,142,089,378
Total assets		3,893,801,247	3,798,338,049
EQUITY AND LIABILITIES
Capital and reserves
Authorized share capital		1,000,000,000	1,000,000,000
100,000,000 Ordinary shares of Rs.10/- each .
Issued, subscribed and paid up share capital	8	668,052,700	668,052,700
Capital reserves	9	49,713,670	49,713,670
Un-appropriated profits		1,227,648,838		1,186,116,953
		1,945,415,208	1,903,883,323
Non-current liabilities
Long term finances - secured	10	431,761,820		439,123,726
Lease liabilities	11	73,997,455		59,294,227
Long term advances - unsecured		9,559,923		9,630,423
Deferred liabilities	12	286,449,538		263,460,660
		801,768,738	771,509,036
Current liabilities
Trade and other payables	13	400,761,756		400,265,369
Contract liability		19,213,242		19,159,960
Unclaimed dividend		765,699		765,699
Accrued mark-up on secured loans		24,973,058		29,893,478
Short term borrowings	14	441,936,283		385,486,283
Current portion of long term finances and leases - secured		216,010,490		234,281,970
Provision for taxation - net		42,956,774		53,092,932
		1,146,617,301	1,122,945,690
Contingencies and commitments	15
Total equity and liabilities		3,893,801,247	3,798,338,049

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

Chief Executive

Director

Chief Financial Officer

BUNNY'S LIMITED

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UNAUDITED) FOR THE QUARTER ENDED SEPTEMBER 30, 2022

	Note	September 30, 2022		September 30, 2021
		-------------- Rupees --------------
Revenue - net		1,342,752,803	1,061,932,209
Cost of sales		(1,041,079,888)	(815,496,011)
Gross profit		301,672,915	246,436,198
Operating expenses
Administrative and general		58,452,185		52,164,457
Selling and distribution		157,930,235		110,331,269
		(216,382,420)	(162,495,726)
Operating profit		85,290,495	83,940,472
Other operating expenses		(3,562,224)		(3,778,278)
Other income		2,153,531		5,680,902
Finance cost		(29,216,823)		(23,545,713)
		(30,625,516)	(21,643,089)
Profit before taxation		54,664,980	62,297,384
Taxation		(13,133,095)	(22,966,623)
Profit after taxation		41,531,885	39,330,761
		-	-
Other Comprehensive Income for the period
Total Comprehensive Income for the period
	41,531,885	39,330,761
Earning per share - basic & diluted	16	0.62	0.59

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

Chief Executive

Director

Chief Financial Officer