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 2 N D Q U A R T E R E N D E D S E P T E M B E R 3 0 , 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 30th September 2022, together with the corresponding figures for the previous year.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||||
Consolidated | Company | ||||||||||||||
Quarter ended | Period ended | Quarter ended | Period ended | ||||||||||||
30-09-202230-09-2021 | Variance | 30-09-2022 | 30-09-2021 Variance | 30-09-202230-09-2021 | Variance | 30-09-2022 | 30-09-2021 Variance | ||||||||
Rs '000 | Rs '000 | % | Rs '000 | Rs '000 | % | Rs '000 | Rs '000 | % | Rs '000 | Rs '000 | % | ||||
Continuing Operations | |||||||||||||||
Revenue | 41,732 | 38,325 | 8.89 | 83,021 | 81,876 | 1.40 | 441 | 293 | 50.51 | 1,245 | 1,019 | 22.18 | |||
Cost of Sales | (608) | (598) | 1.67 | (1,208) | (1,188) | 1.68 | - | - | - | - | - | - | |||
Gross Profit | 41,124 | 37,727 | 9.00 | 81,813 | 80,688 | 1.39 | 441 | 293 | 50.51 | 1,245 | 1,019 | 22.18 | |||
Other Income | 3,540 | 7,292 | (51.45) | 5,848 | 8,173 | (28.45) | 33,722 | 37,474 | (10.01) | 36,030 | 38,355 | (6.06) | |||
Administrative Expenses | (40,551) | (17,416) | 132.84 | (62,648) | (34,041) | 84.04 | (26,438) | (18,900) | 39.88 | (48,461) | (36,605) | 32.39 | |||
Other Expenses | - | (1,281) | (100.00) | - | (3,551) | (100.00) | - | (1,281) | (100.00) | - | (3,551) | (100.00) | |||
Results from operating activities | 4,113 | 26,322 | 25,013 | 51,269 | 7,725 | 17,586 | (11,186) | (782) | |||||||
Net Finance Income | 104,358 | 23,654 | 341.18 | 167,488 | 45,867 | 265.16 | 71,455 | 16,302 | 338.32 | 117,798 | 32,036 | 267.71 | |||
Profit / (Loss) before Taxation | 108,471 | 49,976 | 117.05 | 192,501 | 97,136 | 98.18 | 79,180 | 33,888 | 133.65 | 106,612 | 31,254 | 241.11 | |||
Income Tax Release / (Expense) | (2,297) | (3,115) | (26.26) | (4,594) | (7,275) | (36.85) | (2,297) | (3,115) | (26.26) | (4,594) | (7,275) | (36.85) | |||
Profit / (Loss) for the year | |||||||||||||||
106,174 | 46,861 | 126.57 | 187,907 | 89,861 | 109.11 | 76,883 | 30,773 | (149.84) | 102,018 | 23,979 | (325.45) | ||||
Other Comprehensive Income | |||||||||||||||
Actuarial Gain/(Loss) on Retirement Benefit Obligation | - | - | - | - | - | - | - | - | |||||||
Revaluation Gain/(Loss) on Property, Plant & Equipment | - | - | - | - | - | - | - | - | |||||||
Changes in the fair value of equity investments at fair value | 3,220 | 5,096 | (36.81) | 4,394 | 17,656 | (75.11) | 3,220 | 5,096 | (36.81) | 4,394 | 17,656 | (75.11) | |||
through other comprehensive income | |||||||||||||||
Deferred Tax on other Comprehensive Income | - | - | - | - | - | - | - | - | |||||||
Total Comprehensive income for the year | 109,394 | 51,957 | 192,301 | 107,517 | 80,103 | 35,869 | 106,412 | 41,635 | |||||||
Profit attributable to ; | |||||||||||||||
Equity holders of the company | 106,174 | 46,861 | 126.57 | 187,907 | 89,861 | 109.11 | 76,883 | 30,773 | (149.84) | 102,018 | 23,979 | (325.45) | |||
Non controlling Interest | - | - | - | - | - | - | - | - | - | - | |||||
Profit / (Loss) for the year | 106,174 | 46,861 | 187,907 | 89,861 | 76,883 | 30,773 | 102,018 | 23,979 | |||||||
Total Comprehensive income attributable to ; | |||||||||||||||
Equity holders of the company | 109,394 | 51,957 | 110.55 | 192,301 | 107,517 | 78.86 | 80,103 | 35,869 | 123.32 | 106,412 | 41,635 | 155.58 | |||
Non controlling Interest | - | - | - | - | - | - | - | - | - | - | |||||
Total Comprehensive income for the year | 109,394 | 51,957 | 192,301 | 107,517 | 80,103 | 35,869 | 106,412 | 41,635 | |||||||
Earnings / (loss) per Share (Rs.) | 4.15 | 1.83 | 7.34 | 3.51 | 3.00 | 1.20 | 3.98 | 0.94 |
LEE HEDGES PLC
(formally known as Shaw Wallace & Hedges PLC) | |||||||||||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||||||||||
Consolidated | Company | ||||||||||
Audited | Audited | ||||||||||
As at, | 30-09-2022 | 30-09-2021 | 31-03-2022 | 30-09-2022 | 30-09-2021 | 31-03-2022 | |||||
Rs '000 | Rs '000 | Rs '000 | Rs '000 | Rs '000 | Rs '000 | ||||||
ASSETS | |||||||||||
Non Current Assets | |||||||||||
Property, Plant & Equipment | 124,493 | 164,733 | 83,053 | 122,658 | 160,911 | 80,222 | |||||
Right-of-use assets | - | - | - | 32,887 | 46,496 | 39,693 | |||||
Investment Property | 3,583,313 | 3,418,885 | 3,583,313 | 1,640,275 | 1,542,885 | 1,640,275 | |||||
Investments - Subsidiary | - | - | - | 1,775,420 | 1,775,420 | 1,775,420 | |||||
3,707,806 | 3,583,618 | 3,666,366 | 3,571,240 | 3,525,712 | 3,535,610 | ||||||
Current Assets | |||||||||||
Trade and Other Receivables | 25,800 | 28,503 | 45,605 | 6,150 | 37,016 | 13,316 | |||||
Short Term Investments | 1,231,076 | 1,621,482 | 1,198,056 | 626,173 | 1,273,735 | 747,650 | |||||
Investment in Equity Securities | 13,155 | 23,297 | 10,494 | 13,155 | 23,297 | 10,494 | |||||
Amounts due from Subsidiary | - | - | - | - | - | - | |||||
Income Tax over payment | - | - | - | - | - | - | |||||
Cash & Cash Equivalents | 802,809 | 107,988 | 668,500 | 782,037 | 10,213 | 626,749 | |||||
2,072,840 | 1,781,270 | 1,922,655 | 1,427,515 | 1,344,261 | 1,398,209 | ||||||
Total Assets | 5,780,646 | 5,364,888 | 5,589,021 | 4,998,755 | 4,869,973 | 4,933,819 | |||||
EQUITY AND LIABILITIES | |||||||||||
Equity | |||||||||||
Stated Capital | 51,205 | 51,205 | 51,205 | 51,205 | 51,205 | 51,205 | |||||
Capital Reserves | 553,231 | 582,011 | 553,231 | 553,231 | 582,011 | 553,231 | |||||
Revenue Reserves | 4,701,382 | 4,307,265 | 4,540,104 | 4,209,610 | 4,029,982 | 4,134,221 | |||||
Financial Assets FVOCI Reserve | (7,754) | (5,968) | (13,174) | (7,754) | (5,968) | (13,174) | |||||
Total Equity attributable to Equity holder of the Parent | 5,298,064 | 4,934,513 | 5,131,366 | 4,806,292 | 4,657,230 | 4,725,483 | |||||
Non controlling Interest | - | - | - | - | - | - | |||||
Total Equity | 5,298,064 | 4,934,513 | 5,131,366 | 4,806,292 | 4,657,230 | 4,725,483 | |||||
Non Current Liabilities | |||||||||||
Lease Liability | - | - | - | 16,739 | 31,742 | 24,446 | |||||
Retiring Benefit Obligations | 11,183 | 8,768 | 11,183 | 11,183 | 8,768 | 11,183 | |||||
Security Deposit | 40,251 | 37,505 | 37,626 | - | - | - | |||||
Deferred Tax Liabilities | 219,235 | 198,716 | 219,236 | 92,717 | 97,533 | 92,717 | |||||
270,669 | 244,989 | 268,045 | 120,639 | 138,043 | 128,346 | ||||||
Current Liabilities | |||||||||||
Other Payables | 176,333 | 173,897 | 141,994 | 44,030 | 49,764 | 18,170 | |||||
Income Tax Payable | 99 | 8,405 | 649 | 99 | 8,405 | 649 | |||||
Amounts due to Subsidiary | - | - | - | - | - | - | |||||
Lease Liability - Current | - | - | - | 15,003 | 13,447 | 14,204 | |||||
Bank Overdraft | 35,481 | 3,084 | 46,967 | 12,692 | 3,084 | 46,967 | |||||
211,913 | 185,386 | 189,610 | 71,824 | 74,700 | 79,990 | ||||||
Total Equity and Liabilities | 5,780,646 | 5,364,888 | 5,589,021 | 4,998,755 | 4,869,973 | 4,933,819 | |||||
Net Asset Value per Share (Rs.) | 206.93 | 192.73 | 200.42 | 187.73 | 181.90 | 184.57 |
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.
14th November 2022 | (Sgd) Prasanna Walisundara | (Sgd) 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 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 | - | - | - | - | 89,861 | 89,861 | - | 89,861 | |||||||
Net gain on disposal of equity investments at fair value | |||||||||||||||
through Other Comprehensive Income | - | - | - | (5,205) | 5,205 | - | - | - | |||||||
Net change in equity investments at fair value through | |||||||||||||||
other comprehensive income | - | - | - | 17,656 | - | 17,656 | - | 17,656 | |||||||
Deferred Tax on other Comprehensive Income | - | - | - | - | - | - | - | ||||||||
Total comprehensive income for the year | - | - | - | 12,451 | 95,066 | 107,517 | - | 107,517 | |||||||
Dividend Distibution | - | - | - | - | (25,603) | (25,603) | - | (25,603) | |||||||
Balance as at 30th September 2021 | 51,205 | 582,011 | 81,786 | (5,968) | 4,225,479 | 4,934,513 | - | 4,934,513 | |||||||
Balance as at 1st April 2022 | 51,205 | 553,231 | 81,786 | (13,174) | 4,458,318 | 5,131,366 | - | 5,131,366 |
Total comprehensive income for the year
Profit / (Loss) for the period
Net gain on disposal of equity investments at fair value through Other Comprehensive Income
Net change in equity investments at fair value through other comprehensive income
Total comprehensive income for the year
Dividend Distibution
Balance as at 30th September 2022
- | - | - | - | 187,907 | 187,907 | - | 187,907 | |||||||
- | - | - | 1,026 | (1,026) | - | - | - | |||||||
- | - | - | 4,394 | - | 4,394 | - | 4,394 | |||||||
- | - | - | 5,420 | 186,881 | 192,301 | - | 192,301 | |||||||
- | - | - | - | (25,603) | (25,603) | - | (25,603) | |||||||
51,205 | 553,231 | 81,786 | (7,754) | 4,619,596 | 5,298,064 | - | 5,298,064 |
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 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 | - | - | - | - | 23,979 | 23,979 | ||||||
Net gain on disposal of equity investments at fair value | ||||||||||||
through Other Comprehensive Income | (5,205) | 5,205 | - | |||||||||
Net change in equity investments at fair value | through | |||||||||||
other comprehensive income | - | - | - | 17,656 | - | 17,656 | ||||||
Total comprehensive income for the year | - | - | - | 12,451 | 29,184 | 41,635 | ||||||
Dividend Distibution | - | - | - | - | (25,603) | (25,603) | ||||||
Balance as at 30th September 2021 | 51,205 | 582,011 | 81,786 | (5,967) | 3,948,196 | 4,657,230 | ||||||
Balance as at 1st April 2022 | 51,205 | 553,231 | 81,786 | (13,174) | 4,052,435 | 4,725,483 | ||||||
Total comprehensive income for the year |
Profit / (Loss) for the period
Net gain or loss on disposal of equity investments at fair value through Other Comprehensive Income
Net change in equity investments at fair value through other comprehensive income
Total comprehensive income for the year Dividend Distibution
Balance as at 30th September 2022
- | - | - | - | 102,018 | 102,018 | |||||
- | - | - | 1,026 | (1,026) | - | |||||
- | - | - | 4,394 | - | 4,394 | |||||
- | - | - | 5,420 | 100,992 | 106,412 | |||||
- | - | - | - | (25,603) | (25,603) | |||||
51,205 | 553,231 | 81,786 | (7,754) | 4,127,824 | 4,806,292 |
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