Lee Hedges : Quarterly Financial Report as at 31-03-2022

L E E H E D G E S P L C

( f o r m a l l y k n o w n a s S h a w W a l l a c e & H e d g e s P L C )

Company Reg. No. PQ 152

Q U A R T E R L Y F I N A N C I A L S T A T E M E N T S F O R 4 T H Q U A R T E R E N D E D M A R C H 3 1 , 2 0 2 2

Registered Office

353, Kollupitiya Road, P.O. Box 84, Colombo 3.

LEE HEDGES PLC

(formally known as Shaw Wallace & Hedges PLC) Company Reg. No. PQ 152

353, Kollupitiya Road, P.O. Box 84, Colombo 3.

Dear Shareholder,

We have pleasure in presenting hereunder relevant details of the unaudited results of the performance of your Company and the Group for the Quarter ended 31st March 2022, together with the corresponding figures for the previous year.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
			Consolidated						Company
	Quarter ended				Year ended			Quarter ended				Year ended
						Audited								Audited
	31-03-202231-03-2021	Variance	31-03-2022	31-03-2021 Variance	31-03-202231-03-2021	Variance	31-03-2022	31-03-2021 Variance
	Rs '000	Rs '000	%		Rs '000	Rs '000	%		Rs '000	Rs '000	%		Rs '000	Rs '000	%
Continuing Operations
Revenue	37,825	40,243	(6)	157,192	169,987	(8)	657	1,221	(46)	1,844	4,022	(54)
Cost of Sales	(595)	(1,145)	(48)		(2,380)	(4,387)	(46)		-	-	-		-	-	-
Gross Profit	37,230	39,098	(5)	154,812	165,600	(7)	657	1,221	(46)	1,844	4,022	(54)
Other Income	162,942	9,903	1,545	171,555	9,903	1,632	95,904	9,903	868	134,699	40,085	236
Administrative Expenses	(26,012)	(23,641)	10	(81,374)	(79,236)	3	(24,193)	(23,593)	3	(83,826)	(81,100)	3
Other Expenses	(47)	(1,898)	(98)	(18,349)	(9,472)	94	(47)	(1,898)	(98)	(18,349)	(9,472)	94
Results from operating activities	174,113	23,462			226,645	86,795			72,321	(14,367)			34,369	(46,465)
Net Finance Income	23,934	22,799	5	93,981	120,813	(22)	16,741	15,918	5	65,631	91,656	(28)
Profit / (Loss) before Taxation	198,047	46,261	328	320,626	207,608	54	89,062	1,551	5,642	100,000	45,191	121
Income Tax Release / (Expense)	(4,376)	(4,459)	(2)	(13,165)	(26,153)	(50)	(4,376)	(4,459)	(2)	(13,165)	(13,460)	(2)
Profit / (Loss) for the year
193,671	41,802	363	307,461	181,455	69	84,686	(2,908)	(3,012)	86,835	31,731	174
Other Comprehensive Income
Actuarial Gain/(Loss) on Retirement Benefit Obligation	(827)	(86)		(827)	(87)		(827)	(86)		(827)	(87)
Revaluation Gain/(Loss) on Property, Plant & Equipment	-	-		-	-		-	-		-	-
Changes in the fair value of equity investments at fair value	(1,734)	(18,419)		10,826	(18,419)		(1,734)	(18,419)		10,826	(18,419)
through other comprehensive income
Deferred Tax on other Comprehensive Income	-	-			-	778			-	-			-	778
Total Comprehensive income for the year	191,110	23,297		317,460	163,727		82,125	(21,413)		96,834	14,003
Profit attributable to ;
Equity holders of the company	193,671	41,802	363	307,461	181,455	69	84,686	(2,908)	(3,012)	86,835	31,731	174
Non controlling Interest	-	-			-	-			-	-	-		-	-	-
Profit / (Loss) for the year	193,671	41,802		307,461	181,455		84,686	(2,908)		86,835	31,731
Total Comprehensive income attributable to ;
Equity holders of the company	191,110	23,297	720	317,460	163,727	94	82,125	(21,413)	(484)	96,834	14,003	592
Non controlling Interest	-	-			-	-			-	-	-		-	-	-
Total Comprehensive income for the year	191,110	23,297			317,460	163,727			82,125	(21,413)			96,834	14,003
Earnings / (loss) per Share (Rs.)	7.56	1.63		12.01	7.09		3.31	(0.11)		3.39	1.24

LEE HEDGES PLC

(formally known as Shaw Wallace & Hedges PLC)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
	Consolidated		Company
			Audited				Audited
As at,	31-03-2022		31-03-2021	31-03-2022		31-03-2021
	Rs '000	Rs '000		Rs '000	Rs '000
ASSETS
Non Current Assets
Property, Plant & Equipment	83,053		169,445	80,222		164,627
Right-of-use assets	-		-	39,691		53,301
Investment Property	3,583,313		3,418,885	1,640,275		1,542,885
Investments - Subsidiary	-		-		1,775,420		1,775,420
	3,666,366		3,588,330	3,535,608		3,536,233
Current Assets
Trade and Other Receivables	46,355		34,968	13,315		10,650
Short Term Investments	1,198,059		861,524	747,653		687,759
Investment in Equity Securities	10,494		56,021	10,494		56,021
Amounts due from Subsidiary	-		-	-		-
Income Tax over payment	-		-	-		-
Cash & Cash Equivalents	668,500		819,185		626,749		647,063
	1,923,408		1,771,698		1,398,211		1,401,493
Total Assets	5,589,774		5,360,028	4,933,819		4,937,726
EQUITY AND LIABILITIES
Equity
Stated Capital	51,205		51,205	51,205		51,205
Capital Reserves	548,246		582,011	548,246		582,011
Revenue Reserves	4,558,179		4,237,802	4,126,152		4,026,401
Financial Assets FVOCI Reserve	(13,174)		(18,419)		(13,174)		(18,419)
Total Equity attributable to Equity holder of the Parent	5,144,456		4,852,599	4,712,429		4,641,198
Non controlling Interest	-		-		-		-
Total Equity	5,144,456		4,852,599	4,712,429		4,641,198
Non Current Liabilities
Lease Liability	-		-	24,446		38,650
Retiring Benefit Obligations	11,612		8,768	11,612		8,768
Security Deposit	37,626		37,505	-		-
Deferred Tax Liabilities	198,716		198,717		97,533		97,534
	247,954		244,990	133,591		144,952
Current Liabilities
Other Payables	141,796		141,067	18,027		18,430
Income Tax Payable	8,601		4,408	8,601		4,408
Amounts due to Subsidiary	-		-	-		-
Lease Liability - Current	-		-	14,204		12,730
Bank Overdraft	46,967		116,964		46,967		116,008
	197,364		262,439		87,799		151,576
Total Equity and Liabilities	5,589,774		5,360,028	4,933,819		4,937,726
Net Asset Value per Share (Rs.)	200.93		189.53	184.06		181.28
CERTIFICATION:
The Board of Directors is responsible for preparation and presentation of these Financial Statements.
	Signed on behalf of the board of Directors of Lee Hedges PLC.
30-May-22	S . Balaratnam			S. Vamadevan
	Director			Director

LEE HEDGES PLC

(formally known as Shaw Wallace & Hedges PLC)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Consolidated

	Stated		Capital		General		Financial		Retained				Non-
				Assets
						Total		Controlling		Total Equity
	Capital		Reserves		Reserves		FVOCI		Earning
								Interest
							Reserve
	Rs. '000		Rs. '000		Rs. '000		Rs. '000		Rs. '000		Rs. '000		Rs. '000		Rs. '000
Balance as at 1st April 2020	51,205	581,247	81,786	-	4,000,237	4,714,475	-	4,714,475
Total comprehensive income for the year
Profit / (Loss) for the period	-	-	-	-	181,455	181,455	-	181,455
Gain on revaluation of Land & Building	-	-	-			-	-	-	-
Actuarial gain / (loss) on retirement benefit obligation	-	-	-	-	(87)	(87)	-	(87)
Net change in equity investments at fair value through
other comprehensive income	-	-	-	(18,419)	-	(18,419)	-	(18,419)
Deferred Tax on other Comprehensive Income	-	764	-	-	14	778			778
Total comprehensive income for the year	-	764	-	(18,419)	181,382	163,727	-	163,727
Dividend Distibution	-	-	-	-	(25,603)	(25,603)	-	(25,603)
Amount transferred due to change in holding	-	-	-			-	-	-	-
Balance as at 31st March 2021	51,205		582,011		81,786		(18,419)		4,156,016		4,852,599		-		4,852,599
Balance as at 1st April 2021	51,205	582,011	81,786	(18,419)	4,156,016	4,852,599	-	4,852,599
Total comprehensive income for the year
Profit / (Loss) for the period	-	-	-	-	307,461	307,461	-	307,461
Actuarial gain / (loss) on retirement benefit obligation						-	(827)	(827)	-	(827)
Net gain on disposal of equity investments at fair value	-	-	-	(5,581)	5,581	-	-	-
through Other Comprehensive Income
Net change in equity investments at fair value through	-	-	-	10,826	-			-
other comprehensive income	10,826	10,826
Gain on revaluation of Land & Building	-	-	-	-	-	-	-	-
Net gain on disposal of Property,Plant & Equipments		(33,765)					33,765	-			-
Deferred Tax on other Comprehensive Income	-	-	-			-	-	-	-
Total comprehensive income for the year	-	(33,765)	-	5,245	345,980	317,460	-	317,460
Dividend Distibution	-	-	-	-	(25,603)	(25,603)	-	(25,603)
Amount transferred due to changes in holdings	-	-	-	-	-	-	-	-
Balance as at 31st March 2022	51,205	548,246	81,786	(13,174)	4,476,393	5,144,456	-	5,144,456

Company

		Stated		Capital		General		Financial		Retained
					Assets			Total
		Capital		Reserves		Reserves		FVOCI		Earning
								Reserve
		Rs. '000		Rs. '000		Rs. '000		Rs. '000		Rs. '000		Rs. '000
Balance as at 1st April 2020		51,205	581,247	81,786	-	3,938,560	4,652,798
Total comprehensive income for the year
Profit / (Loss) for the period		-	-	-	-	31,731	31,731
Gain on revaluation of Land & Building		-	-	-			-	-
Actuarial gain / (loss) on retirement benefit obligation	-	-	-	-	(87)	(87)
Net change in equity investments at fair value	through
other comprehensive income		-	-	-	(18,419)	-	(18,419)
Deferred Tax on other Comprehensive Income	-	764	-	-	14	778
Total comprehensive income for the year		-	764	-	(18,419)	31,658	14,003
Dividend Distibution		-	-	-	-	(25,603)	(25,603)
Balance as at 31st March 2021		51,205		582,011		81,786		(18,419)		3,944,616		4,641,198
Balance as at 1st April 2021		51,205	582,011	81,786	(18,419)	3,944,615	4,641,198
Total comprehensive income for the year
Profit / (Loss) for the period		-	-	-	-	86,835	86,835
Actuarial gain / (loss) on retirement benefit obligation	-	-	-	-	(827)	(827)
Net gain on disposal of equity investments at fair value	-	-	-	(5,581)	5,581	-
through Other Comprehensive Income
Net change in equity investments at fair value	through	-	-	-	10,826	-	10,826
other comprehensive income
Gain on revaluation of Land & Building		-	-	-	-	-	-
Net gain on disposal of Property,Plant & Equipments	-	(33,765)	-	-	33,765	-
Deferred Tax on other Comprehensive Income	-	-	-	-	-	-
Total comprehensive income for the year		-	(33,765)	-	5,245	125,354	96,834
Dividend Distibution		-	-	-	-	(25,603)	(25,603)
Balance as at 31st March 2022		51,205	548,246	81,786	(13,174)	4,044,366	4,712,429