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    10 views56 pages

    Gillete Limited Annual Accounts June 30, 2017

    Uploaded by

    Hamza Naeem
    annual accounts

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
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    ™ =< \j Fe SUNEZOi7 ESTAR ACCOUNTS az CONTENTS Corporate information. wees 02 Directors: Report. a) Compliance with the Code of Corporate Governance 14 Review Report to the Members. 16 ‘Auditors! Report 7 Balance Sheet ..-...- 18 Profit and Loss Account .- 19 Statement of Comprehensive income... 20 Cash Flow Statement .- 2 Statement of Changes in Equity. 2 Notes to the Financial Statements ._ 23 Notice of Annual General Meeting, 50 Proxy Form 82 — > #«f SY a = Gillette Pakistan Limited CORPORATE INFORMATION BOARD OF DIRECTORS CHAIRMAN MEMBERS, AUDIT COMMITTEE CHAIRMAN MEMBERS HEAD OF INTERNAL AUDIT & ‘SECRETARY TO THE AUDIT COMMITTEE HUMAN RESOURCE & REMUNERATION COMMITTEE CHAIRMAN MEMBERS CHIEF EXECUTIVE CFO & COMPANY SECRETARY AUDITORS LEGAL ADVISORS BANKERS. ‘SHARE REGISTRAR REGISTERED OFFICE ONAN ACCOUNTS SUNE 2017 Omer Iabal Awan als Atmed Fara GGhazeta Nadeem Aalian Mark Jara Faredoun Aan Samar Hayat ‘Syed Jawaid lab ‘Syed Jawaid Kaba (Omer igbal Awan ‘Adrian hark Jara ‘Adnan Mudassar Ghazata Nadeem (Omer Iabal Avan ‘aan Hark Jana nal ahmed Faris Met Aly Mali Dota Yousu Al, Chartered Accountants Surridge 8 Beecheno Citbank NA, Habib Bank Limtes ‘Standard Chartered Banke FAMCO Associates (Pt) Management Consultants, GF. Nexto Hotel Faran,bursey, Block 6, PECHS. Shahra-e-Faisal, Karachi Tak + (92 21) 4980101-2 11th Flor, The Harbour Front. Colmen Cy, HC. Block, Abdul Sattar Edi Avenuo, (ton, Karachi - 75800 Pakistan, Tel + (92 21) 9520 5008 Fax + (92 21) 3529 6150, ‘Web: we giletiopakstan.com a = Gillette Pakistan Limited ANNUAL see Nir ory DIRECTORS’ REPORT ‘neha tne Board Drctrs (he Boar) of Gist Pakistan Liod (he Company), wo ar plas prtent he auc nancial statements ofthe Company fr he year ned June 3, 2017 slong wih ne autor tpt aren Business overview: “Te last cal yar hasbeen sneha chalnging year wth sales down 4% ve. lst oor and sigan erase nsuply prices leading tos sion veal earings olor ak uing the year, the Company fused on dsttuton, ard closed atthe highest ever ctibuon level ai to coverage ‘again. The second al ol th year ciaed on spaiic nirventons toting te business back 10 growth by () balanced forte approach) trger tad plans and coined oc on Seposities vs. ysiem Dade, In acco, we a0 contnued {o claro consumers bate valve pre packs across ou petala. ering fonar, the managomont’s satay i to become mare consumer cent 1 bul he momentum on businges behind bance porto and stongo” wade plane. These inlerendons erated is fo deve second ha more ston) a eared ‘ec wl onal uo ham he buns aroun, and chev proflabe growth nthe en yea, Francia eat: Folowing ae te tancia route of he Company forthe yer endedune 90,2017 ‘PROFIT AND LOSS ACCOUNT FORTHE YEAR ENDED JUNE 20,2017 tune 30, June 30, ‘207 2016 Aupees in 000, 1902.54 (Coto goods 2018 areas) ‘Gros profit aT GP Rate 2% ‘Selig, martting and stibson expenses e027) @a1378) Aémiisraive expenses 2a 728678) (ner operating expenses (29.028) (191058) ‘anc charpe | a7, @n One inome 11582 28aua Loss Profit boars tax wary 75a PRT Ratio 45% 30% como tx expense (110065) (105847) Rupees es oa) 059) ‘we rn i=, ACCOUNTS a one “The above antl ests show a eduction in gross margin by 5% this primary driven by signilcartinroas in spy prices ‘tom ou spi. The company nplrenied prod pce changes to lt hie neue, however, comple np was nt {rst he consumer during te Yao ensure Ou products are compebive andra win ping sategy. Ts Impact ‘of porenaea pris ales resid in 2 negative nl rea valve astotemen of prosot In stvanory a8 at dune 30,2017 ‘amounting tes 11.891 millon 28 per note 4.20 he nan statements “Te inproun he pray of compary, he manage ha haan in arson wh the supine eres ‘ring over carta preduts whic pect ha overal even of he Company. Based on ne ongoing dlscusson the Boards pease o report subsequent fo yearend ine sul has agreed to he a price reauaton in sapply pce when wal signleanty improve fhe protiabiy he ttre “There hasbeen a 4% nrase in sollng, marketing and derbuton expenses rom previous year. A prion due toconived {osu on asing and makeing acvilas lo erable grelor Gb and vesch wii the Glos consumer Wars! ond ‘arenousing cote ware don in ine wt elo orto yoo, “Tne decreas in Admiisalv and Sang expenses i ue toa decrase pension ndexaton om’ 7S% to 4.75% ameunng {2.3315 rilln The Tuees and Boar rein concrance with 4.75%, over and above cunt Patan iain ale (let toate 21050 183) Cher aperaing expenses includes foreign exchange lus on foreign cctency aii amounting As. 3.5 millon (st yoar Fe 26 millon gar). Other operating expences alo nsudoe Re: 12 millon wan of raundable cam lodged win Custom ‘Autores fr everport of products fom po years andi. 6 illono sick writen of behind Braun obsolete nero de “Thar was areducton in inlret income due to mauring ol em deposits and edtion in cash postion du to payment pit surpler “Te cunt nveriry atthe lane shest date holds certain SKUs costing fs. 80:9 millon whic are beng card at nt realaable value andthe impact ofthis to prof and loss acount is ahr of Fs, 1.98 millon Dividend “The Board vind he francs reat the Company along wth he nancial poston fo the yearend has deciedo no pay dicen ot year. "Thce wace so changes inthe Board of Drectors or ener enacutes for cal year 1/17. No casual canes occured on he Bosra Code of Conduct: “The Boar has sopled a Code of Conduct doting heen acoepabe and unaceplble behav. The Boar has kan saps {o dssoninate le Code trouptou the company along wih supporting poles and procedures and ti Cage has bron puto the companys websta avaiable x wom.gatepaxtan.con a wel code of Corporate Governance: Incopfance wih the Code of Corporate Governance, he Board rey sales a olows ‘+The tent! staements, prepared by he management athe Company, presen ays sso tas, the resus of ts operations cash fows and changes in egy. + Propartoos of account fhe Comey have been maintaines + Appropate accountng oles have been consistent apptedin the proparaon ofthe fnanil tateents and ezeuning ‘stimans ae bases on reasonable and pron udpron — ENN + Intemational Francial Reporting Stands, af applcabe in Pakistan, have been flowed in prepaaon ct Fnac ‘+The Board is uinetty responsi or he Compan syst of Itarnal Canto and is elaciveness. Such a system is #« EWS = ACCOUNTS dri 8. Evuation ofthe Boars was undarikan baodon the feedback acted rom sx recor oso seven. In Sapamber 2016, ‘nedrecor emia the recor Cation cours wheraas he remaining drei sh 2equre the cafesion wih ‘hepresebed tmng as required under COS. 10, Nomew appinimanis of Chi! Financial Oticer, Company Sortary and Hoa oral Aut have been made curing the {oat Hower he Soar, hae approved tn annual feminerton sn terme ac cananset empayman 11, The rectors ceport ort yor hasbeen prepared in compliance wih the requirements of he COG andy describes the ‘salon ators requred tobe ascosed '12,TheInacll stalomenis ote Company were dy endorsed by CEO and CFO betes appro ofthe Bosra. 13, The rector, CEO and exccuties donot ld any ntarest inthe shares of tha Carpary che than tat close inthe atom of serene, 11.The Sompany as comple wih a he corporate and nan epetng eguements ofthe CCS. 15, The Board has formed an Aut Commies. I comprisas of vee mombors which areal man-exscuve decors andthe Charman ofthe commie issn ndapanden reser, 16, Themeatings ofthe at erates were hold at est once every qari prio approval intr anal est he CConpany apd as requ by he CCG. The tems of elorence af he comes have bean lod end eased othe ‘onmiies or comptance 17, The Board as formod an HF and Remuneration Commas. compriss o! 3 members of wham al ate an execulve Gres cdi he Calman, 18, The Boarshas ouspurced he reral al function 1 ls ent &Young ord Rods Sit yr, Carer Accountants, we are considered suey ques and experenced fa the purbaas ana are conversant win Ba ple 8 pccad ‘tte Company. 10, The stato auditors of the Company have confemed hat thy have boon gv a sais rating under the quali atl rvow progam ol he ICAP al fey o ary th pare othe em, fa epoutes te minor ehisren donot hold ‘Shugo the Gompary and that ho frm and allt partners ar In complance wi Itratonal Federation of Aasountanis {80} udoines on code fetes a5 adopted by th CAP 20, Th statuary autos or he pertons associated with th have not been appa’ fo pie other saves exept a Asencance in he ietng rgultone andthe sudtor have conmed hat hey have bwerved PAC guiness hi rege 21, The ose period’, prr to the announcement friar resus, and business decor, wich may mately let ‘hema price of company’s sculls was determines and meted a oso, employes and soc exchange. 22, Matwialpricesenstiv ntormation has been dssennaled among all mare paricpents tance tcugh stock exchange 23, The Company has compted wah the requirement alatng to maintenance of eter of persons having acces to nis ‘oration by designates enor mansgemse oer na aly manner and mane Pope acoeneudng bese or tion or exci of ramos o persons tam te sadist 24, Wecontm ht al ter mater pniples enshrined inthe COS have been compiled wh nal est except foc he {acta he mntas fhe mostngs of Aut Commitee were ol lcustd totes o he Decors who were at mere ‘lhe Auct Commies and sao the Carman o ne Aust Commitee Genet commana s prope ote roceeangs Kala Ahmed Fats ‘ye Jawai iba (Chet ecutive Otoar ‘rece September 26,2017 DeloteYousut At Deloitte. Serene ts KGHSU Shawano Faisal REVIEW REPORT TO THE MEMBERS ON THE ‘ison. STATEMENT OF COMPLIANCE WITH THE To +89(0)21- ese cane CODE OF CORPORATE GOVERNANCE Fee alg oasa tot4 We: ita. ‘We have revlon he arcoen Siatement of Complance wih he best practes contained in tha Cade of Crporata Governance (the Coos) prepared by tne Board Dvecors of Gilet Palsan med Compan tore you ends una 90,2017 tocar “wh be requroranis canine Regulelon No. 5.19 the Using Regulstone ol fe Paketan Stock Exchange Lined, where the Companys ie, “The responsi fx compliance wi the Cog sa of the Board of Decors cf the Company. Ou responsi iso rv, 0 tho exert wher such complarce can be cjecival) verted, wheher the Slalemers ot Camplance feels he stats of he ‘Company's conetance wi te prosions of he Cade and fepartI tdoos ot an to ight any noweomesanc wih the requrementso he Code A ran ists primary fo nqures ofthe Company's personnel snd review of varus cecum |repated bythe Company te comp win he Code, Aa part ol ur sc ot aril statements oar request cbisn an understanding o th accountng anneal contol sytem ‘Sutin plane aul and develop a elective aust approach Vl are nol roqatd Io consider wheter a ora of Oreo! Slee nal coral cover al ke an conse oo orm a apron onthe aflcvenees of sich nema Soe, he ‘Company’ ompeate govrnanceprocedree and ek “The Code eauies tie Company to place before the Aust Commitee, and upon reconmendaon of he Aust Garmito, place ‘toe the Board of Drectrs fr Bur rovew ard approval of te rad party rancaclona singushing betweon Warsoclors ‘arr ut on tens equvalet io thse thal preva nas ong vansacions and WaracSons which tot egcued a art Tong pice and -ecorang proper usticatonfr using sue altornat ping methriem, ear oly required ant have aired compliance of requirement ote exten of poral ol lala pry transactions by te Bordo Dectrs upon reommensationo ‘te Aust Comme, We have ret cai ot any procedures determine wrth te role party warsacions wre undertaken at ars lng pice oot Based on our review neting Mas come o ox alton which causes uf boo that he Statement of Compa Sepropritaty recta Companys compliance nal mataral repo, win he bes actos contained inthe Cad, 10 the Company br te year nde June 30,2017 Furter, wa highah below instances of non-compliance withthe requrement of he Code as ralleted inthe noe reference where those ar stated te Saleen of Compliance Note Deseription 4 ‘The mista af ho mootngs of Aud Commies were no created ots of he Delors whe wero not members fe Aust Commie and ls tha Chatman ote Act Common ‘Scot communal a enopsis othe proceedings othe Board ef Deco. Gove pounys 4 Chartered Accountants ‘Date: September 29,2017, ember of Pac: Karsh Delo Fouene Tonmateu Limited Deloitte. Seemetanne Tee 4920) 21-s4s4 6.067 AUDITORS’ REPORT 10 THE MEMBERS. a ee oeeeees tana ‘ios: dlti.com We nave aude the annerodtalanco shoe of Gllto Patan Lad (te Company) asa June 30, 2017 and ne reli pott and oss account salomentofcomprehensve Income, cash low salen! and salament of changes nea together wih th ‘als forming pa threat a he yen the ended ar we sae at we have cand al he norton and axsanatons ih, {othe est of er knowlege ard ble, were necessary lr he purposes four ue. ‘she esponsilty of te Conpany's management estabish and marian aeysiem onal contol and prepare an present the above sau slalomenis in cavermty wi th approved accourng slandetisané a equvamant I the Compas Orseancs, 1064 Our respansnity i to eens on opiuonon these salementsbatod on Ou a. Wo conte our ust in acwance wth he aug standards as applicable in Paiste. These sancads require tha we plan pelo te suf bin reasonae asouance about whether tho bore said satomants ae ret any mata islet. An aud nudes examining, on aoe bas, endanca cupprsng the angunis and clout nthe sboe ish ‘Siemens. nau alo fcuies asesstig the accouing pos and sigan osrates made by managemar, a wal a, ‘vaatng the ovralpresoiion ofthe above sai nem We bales that our aust provides reasons baler Ou ‘pen and fer cue vertcaton, we repr tha: 8) incursion, proper books of acount have bean kept by the Company a tequkeby the Companies Orinance, 198: 1) in ouropinion: 1) the batance shet and prt and ose account loge with he nls theigon have Been drawn up in coroity wh the [Companies Ororance, 10, and are mn agreement win fhe books of soccut and ate turer in osorsance wih aesanang polis content appl 1) the expendi incued ing the yar was forthe purpose ofthe Company's business and te busines conducted, instants made anche expanse incured curing he year wer In accordance with he iets ote Company: ©) nouropiion an th best tou ntrmaton and acorns oe explanation given ous, he talance she prot ard lass ‘seb salameet of comaremene ma, cash ow eaten and tama changes meaty ogee win thence {erming prt thro! conlom wih approved accounting fancards ss appizabien Pakistan, and vate normatonreaured bythe Comparies Ornate, 1086, Inte manner oo requted and reapecively ge ace and fat ew ft st ot ho [Companys aftars as at se 90, 2017 and of ho oes, comprehansve income, Rs cash fowe and changes neq Wt yar thn ene ane 4) our epinion no Zaks vas deductible | souco under the Zakal and Ushr Oninance, 1880 (XVI of 1880) Lenaacfruns r ‘Mere of ‘Delle Youshe Tohmatou Lined aN En ACCOUNTS tind = Gillette Pakistan Limited Balance Sheet ‘eat June 90, 2017 woe ASSETS Nomcurrent assets Longe deposts| 3 Current nse Stockin rade 4 32288 E767 ‘ade debts 5 2520 12018 Loans, avanees and peepaymen's 2985 354] “ade deposits esa 11388) Interest reevable on term deposits 173 “sr (her resevables 8 02,703 13,119 Other franc cots 7 ‘4596 16538 ‘Sales taxrokindable 38403 27.928 Taxation net ‘9588 45,206, Cashandbank balances 8 13.064 19320) aaai27 11065,496 Total assets 1431333 7,066,052 equry ‘Share capital and reserves ‘Authorized '20,000,000 ordinary shaves of is 10 each Issued, subeerbed and pal-up capa 8 192000 192,000 Unappropiated prot 29,946 524,585 ‘Total equity 52648 «716.585 ABLES Non-curenttabilties Deferred Fabilty- rahity scheme ar 8,166 6.080 Current iabities “ade and afer payables " 800721 943,967 ‘Total equity and lisbities ass, inne Contingencies and commitments 2 ‘Te annexed notes 1 10 30 frm an egal par ofthese facial statements. YAUD ANED FARID MEHR ALY MALI SYED JAWAIDIOBAL Chet Ecave Ofer Chet rence! Oter Dror GUNNS ACCOUNTS caer = Gillette Pakistan Limited Profit and Loss Account For the year ended June 90,2017 Note June 30 June 90 2017 2016 — (rupees n'00)— Saleen 13 1gagTs aoe Cost ot ood sols 14 (ys0son) (4472889) ross prot aE aT ‘Selng, marking and distribution expenses 6 (aozzray | [ 2ar.s76y] Administrative expenses 7 (22,234) (72,678) he operating epenses 18 (03028) (19.088) ‘Bank charges a7 | (en (235) (189 Omer income 8 vise2 2a (Loss) / profit tore tax a oe scame taxenpence 19 (19945) (009.817) Loss ater tax Ear ee —— Rupees — Loss por shore-basl and luted 2» (1008) (159) “The ener notes 11 30am an legal part of hese facial sates ee earoa msmom f Chettnoaube tear (aa Panna Over key = Gillette Pakistan Limited ENS ACCOUNTS ee Statement of Comprehensive Income For the year ended June 30, 2017 Loss forthe year (ther comprehensive income forthe year ‘Noms that may be reclassified subsequently to ‘profit and loss account ‘toms that wil net be reclassified to profit and loss account RRemeasurement of pst rtrement benot bigations “Total toms that wl ot be reteset prof andloss account ‘Total comprehensive income for the year tune 20 June 20 2047 2016 —upees in 000) — (199,462) (2925) iz | [ "3808 (um 009 ee ——asser ‘Tne annexed notes 0 30 form an naga part ofthese fnancial statements. ALO AHMED FARID Chet Benin Otos al = Gillette Pakistan Limited Cash Flow Statement For the year ended June 30, 2017 ‘CASH FLOWS FROM OPERATING ACTIVITIES Cash tows rom operations Income axes paid Define benef pais Nt cash usedin rom operating actos ‘CASH FLOWS FROM INVESTING ACTIVITIES Intorestinome ecehves Nat cash generates rom imvestng aces ‘CASH FLOWS FROM FINANCING ACTIVITES Dividend paid "Neteashusedin rancngacthios ‘Not decrease n cash and cash equivalents ‘Cash ond cash equivalents atthe begining ofthe year ‘Cash and cash equivalents atthe ond ofthe year Note EAST mes) cuz) woman ——_—(ose) as) 5278 Tan a (tae ‘aa ate tase =] [man ar) em oasis costs 2 e600" ms “The annul aes 1.30 orm an intagral part of these anciatatrments KHALID AHMED FARIO MEHR ALWY MALIK (Chie Exon Otee: (hetFnanaal Oe sye0 sao asa. 0_ iy ae = Gillette Pakistan Limited ! Statement of Changes In Equity Forthe year ended June 30,2017 Issued ube scribed and Total paid-up capital Balance as at uly 1, 2015 192,000 38090 Loss forthe year -_ [sea One comprehensive income : 3.08 3009 “etal comprehensive income forthe year ended June 30,2076 + 5514) ssi) “Tantcations with owners: Fal vided forthe year ended June 0, 2015 (Fs-5per share) = (98,000) (28,000) Balance as at June 30,2016 192000 524,505 718385 Loss for the year =| [7 eas482) 193.463) — Je | "ce “oll comprehensive income othe ‘your ended June 50, 2017 = (19439) (994599) stance as at June 80,2017 a a ‘The annexed noes 1 o 30 form an nega part of hese financial siatorenis KHALID ANED Aru: MEHR ALWY MALIK SYED JAWAD 10541, Chet Excite Oteer (i Front ae Director Notes to the Financial Statements For the year ended June 30, 2017 1 1a 12 ‘STATUS AND NATURE OF BUSINESS Goto Pakistan Linted (the Company) was inoorpeated on December 9, 1905 a8 a public ited ‘company under the Companies Onsnarce, 1084 and isa susicary of The Series Acquistion B., Neerands (which sa wroly owned subsidiary of The PAG Company, USA). The rgitred ote of the Company is stuated at 11th Foor, Harbour Fron, Den Cty, HC, lod, Abdul Sater Ea ‘Avenue, Con, Karech-75600 andthe Company sted on Pakistan Stock Exchange (ormaty Kerachi and Lahore Sioc Exchanges). The principal aches othe Company Incase marking and sling of blades and razors, personal care products and beauty cae applances. “Tho financial statements are preseried In Pak Rupees, whith i the Companys funcional and presentation currency. SIGNFICANT ACCOUNTING POLICIES Statement of compliance ‘These fancial statements have beon prepared in accordance wth approved accountng stare 35 appicabe n Pakistan. Approved accountng sande compris of such Iniematonal Financial Reporting Slandars issue by the Itemstinal Aecounng Standards Boards are nlifed under the Companies Orinance, 184, provisions land drectns suo urderfne Companies Orinance, 1904, Incase requirements ter the provision ordectves othe Companies Ordnance, 184 shal preva. During the year, the Companies Act 2017 was enacted on May 30,207 snd cama into force at once. Subsequent, the Secuites and Exchange Ganission of Pakistan has nottod tough Cecult No. 17 oly 20, 2017 that companies whose fnarcl year cose on or belore June 90,2017 shall ‘repare ther nancial stalemenis in accotance withthe provisions ofthe repealed Companies, (rdinance, 1984. Therelore, these financial siatoments have been prepared under the Companies Orinence, 1968, ‘Accounting convention ‘The fnancalsatorens have been prepared under the historical cost comenton excep fr the recogiton of certain sa retremantBarlis at presert valve as refered on rote 2.12 to these Sane statement, = Gillette Pakistan Limited C ercetsi qe Notes to the Financial Statements Forthe year ended une 30,2017 23 2a4 ‘New accounting standards / amendments and IFRS Interpretations that are effective forthe year ended dune 30,2017 “The foloning standards, amendments and interpretations are_eflocve fer the year ended June 0, 2017 These standards, nterprotaions andthe amencments are ether ot rvant to He Company’ ‘operations o are not expected to have significant impact onthe Companys nancial states other than cera adstonel dacoeures ‘Standards /amendments/ interpretations Effective Date {accounting periods begining on or after) ‘Amendmonis o IFRS 10'Consctaied FrarcialSisiomonts| IFRS 12°Disdoou of ineresis in Ober Entes and IAS 25 “iveatmenisin Assontes ad Jin Vertes Investment Enis: Appin the consolidation excopion January 01,2015 “Amendments o IFRS 11 ont Arangements- Accounting for acqusilons of rieess ont oporaions anuary 01,2018 “Amendments o IAS 1 Presentation of Financial Statements = Discoatre naive January 01,2016 ‘Amendments o IAS 16 Property Plant and Equipment and 1AS 28 itangble Assets Clarfcaton of accepabe mathods ‘ol depreciaion and emorizaton| anuary 01,2016 “Amendments o IAS 18 Property Pant and Equipment ‘and IAS 41 "Agriculture - Measurement o bearer plants anvary 01,2016, Amendments o IAS 27 ‘Separate Francia Statens = Eauty mothe in soparato nancial tatoments avary 01,2018 Cortain anual improvements have aso been made to a numberof FSS. ‘Standards Intrprtations and arnendments tothe published approved accounting standards not yeteffectve: ‘The foloning standards, amendments and interpretations are ony efetive for accounting pesods, begiring on or afer the date montoned against each of hem These standards, itrpretaions arc the amervments ae ether not relevant to the Compan/s operations or are not expected to have ‘gnleant impact on he Companys financial statements oar than ceria adstona ecosure, 0_ke—iy 5 Gillette Pakistan Limited Notes to the Financial Statements For the year ended June 30, 2017 Standards amendment interpretations ‘Amendments o IFRS 2‘Share-based Payment» Clarification ‘onthe cassfeaton and measurement of shre-based payment ransactons Amendments o IFRS 10'Consaldted Financial Statements and AS 28 rvesmenis in Associates anc Jot Ventures = Sale or contraxon of asc between an vest an te ssocio ren venture “Amendments o1AS 7 ‘Statment of Cash Flows = ‘Amendments a¢areulof the lore faabve “Amendments 0 IAS 12 Income Taea-Racogton of ‘elerred tax asses for urveatsed 830s “Amondments 0 IAS 40 investment Property’ Calton ‘on tansfrs ef preperty oor fem ivesment property IFRIC 22 Foreign Curency Tansacons and Advance Consideration Provides gudance on varsactons where ‘onsieration against non-monetary prepaid asset ‘delered income is denominated in oegn ourency IFRIC 22 Uncertainty oer Income Tax Teatments: Clarfes te accountng veatmentinelaton to determination table profit ax los), tax bases, unused tx losses, unused ‘x credts and axa, when theres unoeanty over income ‘ax veatmnts under IAS 12 Yncome Taxes CWNAS Eoy te SUNE2017 Efiective Date (accounting priods begining on or ater) arwary 01,2018 fective om accounting aod bogining ono afr ‘adsie tobe determined Eatbr applications parmited, anuary 01,2017 anwary 01,2017 January 01,2018 Ear ‘pplication spermites anuary 01,2018 Eater aplicaon is permited arvary 01,2019 Certain annual inproverens have also been made toa number of IFRSS. Cor than the alorsaid standard, intrpetasons and amendments, te Inteational Accounting Standarés Board (VASB) hes also issued the folowing standards which have not been acopod locally bythe Securites and Exchange Commission of Pakistan IFRS 1 Fst Tne Adoption of rtrationa Financ Reporting Standards IFRS 9— Panda netunents IFRS 14 Regulatory Deferal Accounts + IFRS 15 Revorue rom Contacts wih Customers IFRS 16 Leases IFRS 17 — Insurance Contacts Hwy = Gillette Pakistan Limited Notes to the Financial Statements Fox the year ended kine 20, 2017, 24 26 Innpairment Financial assets ‘The Company assesses at each balance sheet dale whether there is any chectve evidence that a financial asset ora ru of financial asstsis imped. Aancial asset ora group of franca assots 16 doomed tobe impaired and ony if, heres objacive evidence of impatment asa result of one ‘oc more events that has occured after the rl recognition of the asst (an cured toss een’) and thal oss event has an impact on te estimated future cash Hows of te fnandal asst ore OUP OF feancial assts that can be relay estraod. Evidenco of impalent may include ications that the debiors ora group of debtors is experiencing significant thancial dificult, delaut or delaquoncy in everest or pincpal payments, the probably tal they wil enter barkupioy or oer nancial 'Rorgartatn and where observable dalaindcale hat heres ameasurate cecrease hte estmalad future cashflows, suchas changes in anaars or econeme conditions thal comelate wih defauls. Ipaiment losses are recogrize in proft and loss account and reflctod in an allowance account against ans and recevabls or helo-nalunty investment socutis Iteston impaled assets Cantnuss to be recogrised touch unnincing of discount. an evel occuring subsequent to the recogion of impairment causes reversal of fe iparment loss, the reversal n impairment loss is ‘mae trough prot and ess account Non financial assets ‘The Company assesses at each balance sheet date whether heels ny Indcato ha ponraneal aseols cor than stoclcintrade may be impaie. I such incaton ex, he eamyng amounts of such asels ae eviewedo assess whether they are recorded in excess of or recoverable amount. Where carying values exceed the respecte recoverable amcunt, assets a@ writen Gown to their recoverable amounts and he esuting imparment loss is recogrized in prof and loss account. The ‘ecoverabe amount is he higher of an asses fl value less costo sal andvale in use. \nereimpaiment oss subsequently reverses, the carying amount ofthe ests increased tothe reed recoverable amount and reversal ol impaent los is recogrized immediate in profit and loss seccurt, but however the caring amount f Increased to the exon Pat the revised caving amount does nt exceed the caryng amcunt hat would have boon detorined had ne impairment Ions ber reagniced reeset Yeas Operating lease ‘Leases in whic signiicant porion of he sks and rewards of onnersip is tanad bythe lessor are ‘assfed as operating lease Reals payable under operating leases ara charged fo prof and oss ‘2count on staghie bass over he lrm of he elven lee refer note 122.1). Investments Recognition ‘Al purchases and sles o invests are recogrized using rade date acceurtng Trade datas the

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