Transmission of Quarterly Financial Statements for the Period Ended 30.06.2025

CHASHMA SUGAR MILLS LIMITED

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION

FOR THE NINE MONTHS PERIOD ENDED JUNE 30, 2025

(UN-AUDITED)

Board of Directors

CHASHMA SUGAR MILLS LIMITED COMPANY INFORMATION

Begum Laila Sarfaraz Chief Executive

Mr. Abbas Sarfaraz Khan Chairman

Ms. Zarmine Sarfaraz Director

Mr. Iskander M. Khan Director

Mr. Rizwan Ullah Khan Director

Ms. Samia Liaquat Ali Khan Independent Director

Mr. Feisal Kemal Khan Independent Director

Company Secretary

Mr. Mujahid Bashir

Chief Financial Officer

Mr. Saqib Khan

Head of Internal Audit

Mr. Zaheer Mir

Auditors

M/s. Shinewing Hameed Chaudhri & Co.

Chartered Accountants

Tax Consultants

M/s. Shinewing Hameed Chaudhri & Co.

Chartered Accountants

Legal Advisors

Mr. Tariq Mahmood Khokar

Barrister-at-law, Advocate

Shares Registrar

M/s. Hameed Majeed Associates (Pvt.) Limited

H.M. House, 7- Bank Square, Lahore

Phone No.: 042-37235081 Fax No: 042-37235083

Bankers

Bank Al- Habib Limited Habib Bank Limited

The Bank of Khyber National Bank of Pakistan

MCB Bank Limited Soneri Bank Limited

The Bank of Punjab Askeri Bank Limited

Bank Al- Falah Limited United Bank Limited

Dubai Islamic Bank Limited Meezan Bank Limited

Al-Baraka Bank (Pakistan) Limited Allied Bank Limited

Habib Metropolitan Bank Limited Samba Bank Limited

CHASHMA SUGAR MILLS LIMITED

DIRECTORS' REVIEW REPORT

The Board of Directors is pleased to present the un-audited condensed interim financial information of the Company for the nine months' period ended on June 30, 2025. This condensed financial information is presented to the shareholders of the Company in compliance with the International Accounting Standard No. 34 "Interim Financial Reporting", the Code of Corporate Governance, under Section 237 of the Companies Act, 2017 and Listed Companies (Code of Corporate Governance) Regulations, 2019.

Operational Highlights 2024-2025 2023-2024

Unlike previous years, the Provincial Governments did not regulate the sugarcane prices for this season.

FINANCIAL PERFORMANCE

During the nine months ended 30 June 2025, the Company reported a net loss of Rs. 1.482 billion, compared to Rs. 1.485 billion in the same period last year. While the Company achieved a gross profit of Rs. 1.404 billion, profitability remained under pressure due to persistent government inefficiencies, including delayed export, pricing restrictions, and untimely regulatory interventions.

Over decades, it's the norm of the sugar industry: during the crushing season, sugar prices typically remain low due to the payments to the farmers coupled with abundant supply, this is followed by a gradual increase in prices after the season ends, continuing until the onset of the next crushing cycle. This natural price adjustment mechanism allows the industry to balance inventory levels and maintain financial viability. However, in recent years, the government- under political pressure-has attempted to interfere with the natural sugar price cycle by applying non-market-based pricing restrictions and harassment to the supply chain. These

interventions have disrupted the market's self-regulating dynamics and placed the industry in a financially unsustainable position, undermining its capacity to absorb rising input costs and maintain stable operations.

Additionally, a substantial volume of unsold finished goods remained tied up due to continued government interventions and disruption of the normal sugar price trend.

SUGAR PRICES

The Pakistan Sugar Mills Association (PSMA) has consistently urged the government deregulate the sugar sector and allow market-based pricing.

FUTURE OUTLOOK

• The European Commission suspended Pakistan's GSP+ status for ethanol imports effective June 20, 2025.While this development may impact the Company's ethanol sales and margins for next six months.

• The Board of Directors has approved the scheme of amalgamation with the Company's wholly-owned subsidiary, Ultimate Whole Foods (Private) Limited. The merger process has formally commenced, and the application has been submitted to the SECP. This strategic move is expected to streamline operations, improve administrative efficiency, and strengthen the Group's financial and operational position in the long term.

ACCOUNTING POLICIES

The accounting policies adopted in the preparation of this quarterly condensed interim financial information are the same as applied in the preparation of the preceding annual financial statements of the Company.

ACKNOWLEDGEMENT

The Directors appreciate the spirit of good work done by the Company's staff at all levels and valuable staff of our Bankers.

ON BEHALF OF THE BOARD

Mardan:

July 28, 2025 CHIEF EXECUTIVE OFFICER/DIRECTOR DIRECTOR

ڈٹيمل زلم رگوش ہمشچ ٹروپر هزئاج ﯽﮐزرٹکيرئاڈ

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2025 ,ᣍﻻوج28

CHASHMA SUGAR MILLS LIMITED

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT JUNE 30, 2025

Equity and Liabilities

Share Capital and Reserves

Note

Un-Audited Audited

June 30, September 30,

2025 2024

- - - - Rupees in '000 - - - -

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

Chief Executive / Director Director Chief Financial Officer

CHASHMA SUGAR MILLS LIMITED

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2025

Assets

Non-Current Assets

Note

Un-Audited Audited

June 30, September 30,

2025 2024

- - - Rupees in '000 - - -

C

T

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

Chief Executive / Director Director Chief Financial Officer

CHASHMA SUGAR MILLS LIMITED

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED) FOR THE QUARTER AND NINE MONTHS PERIOD ENDED JUNE 30, 2025

Quarter ended Nine months period ended

Note

June 30,

2025

June 30,

2024

- Rupees in

June 30,

2025

'000 - - - - - - - -

June 30,

2024

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

Loss per share

- basic and diluted (8.35) (53.32) (51.65) (51.76) The annexed notes form an integral part of these condensed interim financial statements.

Chief Executive / Director Director Chief Financial Officer

CHASHMA SUGAR MILLS LIMITED

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED) FOR THE QUARTER AND NINE MONTHS PERIOD ENDED JUNE 30, 2025

Quarter ended Nine months period ended

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

Chief Executive / Director Director Chief Financial Officer

CHASHMA SUGAR MILLS LIMITED

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) FOR THE NINE MONTHS PERIOD ENDED JUNE 30, 2025

of Property plant and equipment

- - - - - - - - - - - - - - Rupees in '000 - - - - - - - - - - - - - -

)

)

)

Chief Executive / Director Director Chief Financial Officer

CHASHMA SUGAR MILLS LIMITED

CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED) FOR THE NINE MONTHS PERIOD ENDED JUNE 30, 2025

Nine months period ended June 30, June 30,

2025 2024

• - Rupees in '000 - -

  Cash flow from operating activities Loss for the period before taxation	Note	(2,603,990)	(1,689,037)
  Adjustments for non-cash charges and other items:
  Depreciation on property, plant & equipment		1,306,685	1,206,842
  Gain on disposal of operating fixed assets		(16,307)	(14,483)
  Profit on deposit accounts		(1,238)	(3,193)
  Mark-up earned on term depository receipts		(444,442)	(65,506)
  Mark-up income on loan to a related party		(197,215)	(54,002)
  Finance cost		2,663,468	3,250,148
  Provision for staff retirement benefits - gratuity		6,439	6,208
  Final taxes - levy		193,672	55,404
  Profit before working capital changes		907,072	2,692,381
  (Increase) / decrease in current assets:
  Stores and spares		85,385	147,391
  Stock-in-trade		(8,461,391)	(8,520,646)
  Trade debts		(802,609)	291,523
  Loans and advances		(1,124,990)	(676,464)
  Trade deposits and other receivables		(579,023)	(22,401)
  		(10,882,628)	(8,780,597)
  Increase / (decrease) in current liabilities:
  Trade and other payables		1,937,745	(576,684)
  Cash used in operating activities		(8,037,811)	(6,664,899)
  Income taxes and levies paid		(387,106)	(438,117)
  Staff retirement benefits (gratuity) - paid		(5,442)	(2,062)
  Net cash used in operating activities		(8,430,359)	(7,105,078)
  Cash flow from investing activities

  (38,532)	(177,466)
  3,699,081	41,164
  (196,000)	(525,000)
  1,238	3,193
  444,442	65,506
  197,215	54,002

  Additions to property, plant and equipment Sale proceeds of operating fixed assets Increase in long term investment

  Profit on bank deposit received

  Mark-up earned on term depository receipts Mark-up income on loan to a related party

  Net cash generated from / (used in) investing activities 4,107,444 (538,601)

  Cash flow from financing activities

  (2,677,742)	(796,713)
  (1,653,719)	3,783,584
  (10,625)	(15,618)
  (133,494)	(109,424)
  (2,281,966)	(2,302,828)
  454,000	-
  (175)	(142,353)

  Long term finances - net Short term finances - net Loan repaid to related party Lease liabilities - net Finance cost paid Encashment of TDR Dividend paid

  Net cash (used in) / generated from financing activities		(6,303,721)	416,648
  Net decrease in cash and cash equivalent		(10,626,636)	(7,227,031)
  Cash and cash equivalents - at beginning of the period		(2,127,991)	(2,610,917)
  Cash and cash equivalents - at end of the period		(12,754,627)	(9,837,949)
  Cash and cash equivalents comprised of:
  Cash and bank balances	22	1,268,903	360,498
  Short term running finance - secured	12	(14,023,530)	(10,198,447)
  		(12,754,627)	(9,837,949)

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

  
  
  
  
  
  

  Chief Executive / Director Director Chief Financial Officer

  
  
  

  CHASHMA SUGAR MILLS LIMITED

  NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED) FOR THE NINE MONTHS PERIOD ENDED JUNE 30, 2025

  1. LEGAL STATUS AND NATURE OF BUSINESS

     Chashma Sugar Mills Limited (the Company) was incorporated in Pakistan on May 5, 1988 as a public limited company, under the repealed Companies Ordinance, 1984 (repealed upon enactment of the Companies Act, 2017 on May 30, 2017) and commenced its commercial production from October 01, 1992. The Company has its shares quoted on the Pakistan Stock Exchange Limited. The Company is principally engaged in manufacturing, production, processing, compounding, preparation and sale of sugar, other allied compounds, intermediates and allied products. The Company is a subsidiary of The Premier Sugar Mills and Distillery Company Limited. The head office of the Company is situated at King's Arcade, 20-A, Markaz F-7, Islamabad and its manufacturing facilities are located at Dera Ismail Khan, Khyber Pakhtunkhwa.

  2. BASIS OF PREPARATION

     1. Statement of compliance

        1. These condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards applicable in Pakistan for interim financial reporting comprise of:

           • International Accounting Standards (IAS) 34, 'Interim Financial Reporting' issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017;

           • Islamic Financial Accounting Standards (IFAS) issued by the Institute of Chartered Accountants of Pakistan 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 with the requirements of IAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.

        2. These condensed interim financial statements does not include all the information and disclosures as required in an annual audited financial statements, and these should be read in conjunction with the Company's annual audited financial statements for the year ended September 30, 2024. These condensed interim financial statements are being submitted to the shareholders as required by the section 237 of the Companies Act, 2017.

     2. New standards, amendments to approved accounting standards and interpretations that are effective during the period

        Certain standards, amendments and interpretations to IFRSs are effective for accounting periods beginning on October 01, 2024 but are considered not to be relevant or to have any significant effect on the Company's operations (although they may affect the accounting for future transactions and events) and are, therefore, not detailed in these condensed financial statements.

     3. Standards, amendments to approved accounting standards and interpretations that are not yet effective and have not been early adopted by the Company

        There are certain standards, amendments to the accounting standards and interpretations that are effective for accounting periods beginning on and after October 01, 2025 but are considered not to be relevant or to have any significant effect on the Company's operations and are, therefore, not detailed in these condensed interim financial statements.

  3. MATERIAL ACCOUNTING POLICY INFORMATION

     
     
     

     All the accounting policies and the methods of computation adopted in the preparation of these condensed interim financial statements are consistent with those applied in the preparation of annual financial statements for the year ended September 30, 2024.

     
     
     

  4. ACCOUNTING ESTIMATES AND JUDGEMENTS

     The preparation of condensed interim financial statements require management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

     Judgments and estimates made by the management in the preparation of these condensed interim financial statements are the same as those that were applied to the financial statements as at and for the year ended September 30, 2024.

  5. SEASONALITY OF OPERATIONS

     The Company is inter-alia engaged in manufacturing of sugar for which the season begins in November / December and ends in March. Therefore, majority of expenses are incurred and production activities are undertaken in the first half of the Company's financial year thus increasing volume of inventories, trade payables and borrowings at the end of first half. Operating results of the company are expected to fluctuate in the last six months of the year in comparison with the first six months of the year.

  6. AUTHORISED CAPITAL

     During the period, the Company increased its authorised share capital from Rs. 500 million divided into 50,000,000 ordinary shares of Rs. 10 each, to Rs. 5,000 million divided into 500,000,000 ordinary share of Rs. 10 each, pursuant to the approval of the shareholders at extraordinary general meeting held on 03 April 2025. Necessary legal formalities have been complied with accordingly.

  7. ISSUED, SUBSCRIBED AND PAID-UP CAPITAL

     As at period end, the issued, subscribed and paid-up capital of the Company includes following share capital holdings by the related parties;

     Holding company

     Note

     Un-Audited Audited

     June 30, September

     2025 30, 2024

     (Number of shares)

     Azlak Enterprises (Private) Limited		1,497,359		1,497,359
     Phipson & Co. Pakistan (Private) Limited		307,500		307,500
     Syntronics Limited		3,590,475		3,590,475
     		19,146,334		19,146,334
     LONG TERM FINANCES - SECURED - - Rupees in '000 - -
     Bank Al-Habib Limited		637,117		727,707
     Soneri Bank Limited		1,000,000		110,713
     Al-Baraka Bank (Pakistan) Limited		223,832		334,646
     United Bank Limited		-		3,365,625
     Total	8.1	1,860,949		4,538,691
     Accrued mark-up		71,704		211,749
     		1,932,653		4,750,440
     Less: amount payable within next 12 months
     Principal		(325,685)		(548,898)
     Accrued mark-up		(71,704)		(211,749)
     Amount due after 12 months		1,535,264		3,989,793

     The Premier Sugar Mills & Distillery Company Limited 13,751,000 13,751,000 Associated companies

     
     
     
  8. 
     
     

     1. These represent term and demand finances obtained by the Company from the aforesaid banks and are repayable in 5-7 years with varied grace periods. The rate of mark-up ranges from KIBOR + 1% per annum to KIBOR + 2.65% per annum and SBP rate + 4%. These are secured against first / joint pari passu hypothecation charge over all present and future movable fixed assets of the Company along with first / joint pari passu charge by way of equitable on all present and future immovable fixed assets of the Company. There is no material change in the terms and conditions of the long term loans as disclosed in note 19 to the annual audited financial statements of the Company as at September 30, 2024.

  9. LOANS FROM RELATED PARTIES - SECURED Un-Audited Audited

     June 30,

     2025

     September 30, 2024

     	Associated companies	Note	- - Rupees in '000	- -
     	Premier Board Mills Limited	9.1	37,472	37,472
     	Arpak International Investments Limited	9.2	25,000	25,000
     	Azlak Enterprises (Private) Limited	9.3	74,375	85,000
     	Accrued mark-up		64,899	72,607
     			201,746	220,079
     	Less: amount payable within next 12 months Principal	(21,250)			(21,250)
     	Accrued mark-up	(64,899)			(72,607)
     	Amount due after 12 months	115,597			126,222
     9.1	This long term finance facility has been renewed	on November 22, 2024.			The principal is

     repayable in 4 semi annual installments commencing from November 2028. The rate of mark-up is one month KIBOR + 1.25%, provided the mark up to be charged by the associated company is not less than the borrowing cost of the associated company. This loan is secured against promissory note issued by the Company.

     1. The long term finance facility has been renewed on November 22, 2024. The principal is

        repayable in 4 semi annual installments commencing from November 2028. The rate of mark-up is one month KIBOR + 1.25%, provided the mark up to be charged by the associated company is not less than the borrowing cost of the associated company. This loan is secured against promissory note issued by the Company.

     2. The long term finance facility had been renewed on January 3, 2022. The principal is

     repayable in 8 semi annual installments commenced from December 2024. The rate of mark up is one month KIBOR + 1.25%, provided the mark up to be charged by the associated company is not less than the borrowing cost of the associated company. This loan is secured against promissory note issued by the Company.

  10. LEASE LIABILITIES Un-Audited Audited

      June 30,

      2025

      September 30, 2024

      
      
      

      - - Rupees in '000 - -

      Balance at beginning of the period / year	227,956		225,593
      Additions during the period / year	127,225		100,762
      Unwinding of interest on lease liabilities	32,454		50,293
      Payments made during the period / year	(133,494)		(154,773)
      Remeasurement of lease liabilities	-		6,081
      Balance at end of the period / year	254,141		227,956
      Less: current portion of long term lease liabilities	(75,385)		(84,945)
      	178,756		143,011

      
      
      

  11. TRADE AND OTHER PAYABLES Un-Audited

      June 30,

      2025

      Audited September 30,

      2024

      Note - - Rupees in '000 - -

      Creditors 463,495 331,480

      Due to related parties 11.1 399,079 150,147

      Accrued expenses 114,125 130,561

      Retention money 16,433 16,072

      Security deposits 1,299 1,299

      Advance payments from customers - contract liabilities 1,681,101 179,205 Sales tax payable 238,275 344,116

      Income tax deducted at source 341,454 194,989

      Payable for workers' welfare fund 30,258 30,258

      Payable to employees 119,606 84,812

      Payable to provident fund 8,854 9,574

      Others 6,891 10,612

      3,420,870 1,483,125

      1. This represents amounts due to the following related parties and are interest free and payable on demand:

         Associated Companies

         Syntronics Limited 11,993 11,993

         Syntron Limited 31,798 -

         Azlak Enterprises (Private) Limited 59,298 38,154

         Directors 295,990 100,000

         399,079 150,147

  12. SHORT TERM FINANCES - SECURED

      Cash / running finance 14,023,530 2,572,774

      Export re finance 3,795,345 5,449,064

      12.1 17,818,875 8,021,838

      Accrued mark-up 820,245 303,170

      18,639,120 8,325,008

      1. These represent cash finance and export re-finance facilities and are repayable in six months to one year period. The rate of mark-up ranges from KIBOR + 1% per annum to KIBOR + 2% per annum and SBP rate + 1.25% and are secured against pledge of sugar stock with margin ranging from 10% to 25%, lien on export contracts / LCs and import documents.

  13. CURRENT PORTION OF NON Un-Audited Audited

      CURRENT LIABILITIES June 30, September 30,

      2025 2024

      
      
      

      Note - - Rupees in '000 - -

      Long term finances	8	397,389		760,647
      Loans from related parties	9	86,149		93,857
      Lease liabilities	10	75,385		84,945
      		558,923		939,449

      
      
      

  14. CONTINGENCIES AND COMMITMENTS

      1. CONTINGENCIES

         There has been no significant change in the status of contingencies as disclosed in note 26 to the audited financial statements of the Company for the year ended September 30, 2024.

      2. COMMITMENTS Un-Audited Audited

         March 31, September 30,

         2025 2024

         - - Rupees in '000 - -

         The Company has following commitments in respect of:

         • foreign letter of credit for purchase of plant and machinery - 140,663

         • capital expenditure other than for letters of credit - 14,386

      3. CORPORATE GUARANTEES

         The Company has issued corporate guarantees in favour of lenders of PSM (holding company) and UWFPL (subsidiary company) aggregating to Rs.10,022 million (September 30, 2024: Rs. 6,922 million).

  15. PROPERTY, PLANT AND EQUIPMENT Un-Audited

June 30,

2025

Audited September 30,

2024

Note - - Rupees in '000 - -

15.1.2 During the period, The Company sold its commercial plot A-4 situated at Blue Area, Sector F 9/G-9, Islamabad with total area of 1,333.33 square yards having book value of Rs. 3,671 million at the present market value of Rs. 3,850 million.

Note

Un-Audited Audited

June 30, September 30,

2025 2024

- - Rupees in '000 - -

17.1 During the year ended September 30, 2024, the management recorded an impairment of Rs. 215.607 million considering the requirements of agreement of WFL with Punjab Foods Department. The Company has assessed the recoverable amount of the investment in WFL based on higher of Value In Use (VIU) and fair value less costs to sell as at September 30, 2024. The VIU is determined on the projected cashflows based on a future business plan approved by the Board of Directors of WFL for a period of six years from 2024 to 2029. VIU has been assessed on discounted cash flow based valuation methodology using weighted average cost of capital of 20.59% and terminal growth rate of 2%.

1. STOCK-IN-TRADE Un-Audited Audited

   June 30,

   2025

   September 30,

   2024

   Note - - Rupees in '000 - -

   	Finished goods
   	- Sugar		8,628,538		1,787,519
   	- Molasses	18.1	3,331,738		1,117,556
   	- Ethanol		316,590		954,434
   	- Bagasse	18.1	146,361		107,203
   			12,423,227		3,966,712
   Work-in-process			26,644		21,768
   18.2			12,449,871		3,988,480

   1. Molasses and bagasse are used both for internal consumption as well as for sales to external parties.

   2. Certain short term and long term borrowings of the Company are secured by way of collateral charge on stock-in-trade.

21. TRADE DEPOSITS AND Un-Audited Audited

OTHER RECEIVABLES June 30, September 30,

2025 2024

Note - - Rupees in '000 - -

cashflow are as follows: 2025 2024

- - Rupees in '000 - -