Lee Hedges PlcCSELK: SHAW.N0000

Quarterly Financial Statements as at 31st December, 2024

· Issued by Lee Hedges Plc

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 3 R D Q U A R T E R E N D E D D E C E M B E R 3 1 , 2 0 2 4

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.

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Group

Quarter ended

09 months ended

31-12-2024 31-12-2023

Variance 31-12-2024

31-12-2023 Variance

Rs '000

Rs '000

%

Rs '000

Rs '000

%

Continuing Operations

Revenue

50,023

48,845

2

151,984

144,561

5

Cost of Sales

(1,488)

(791)

88

(3,056)

(2,362)

29

Gross Profit

48,535

48,054

1

148,928

142,199

5

Other Income

90

200

(55)

425

575

(26)

Administrative Expenses

(33,810)

(52,617)

(36)

(89,200)

(142,704)

(37)

Other Expenses

-

-

-

(5,442)

-

-

Results from operating activities

14,815

(4,363)

(440)

54,711

70

78,059

Net Finance Income

42,479

85,630

(50)

143,436

331,476

(57)

Profit / (Loss) before Taxation

57,294

81,267

(29)

198,147

331,546

(40)

Income Tax Release / (Expense)

(25,587)

(17,175)

49

(56,751)

(72,766)

(22)

Profit / (Loss) for the year

31,707

64,092

(51)

141,396

258,780

(45)

Other Comprehensive Income

Changes in the fair value of equity investments at fair value

2,123

(1,352)

(257)

2,123

3,351

(37)

through other comprehensive income

Total Comprehensive income for the year

33,830

62,740

143,519

262,131

Profit attributable to ;

Equity holders of the company

31,707

64,092

(51)

141,396

258,780

(45)

Non controlling Interest

-

-

-

-

Profit / (Loss) for the year

31,707

64,092

141,396

258,780

Total Comprehensive income attributable to ;

Equity holders of the company

33,830

62,740

(46)

143,519

262,131

(45)

Non controlling Interest

-

-

-

-

Total Comprehensive income for the year

33,830

62,740

143,519

262,131

Earnings / (loss) per Share (Rs.)

1.24

2.50

5.52

10.11

Company

Quarter ended

09 months ended

31-12-2024

31-12-2023 Variance

31-12-2024

31-12-2023 Variance

Rs '000

Rs '000

%

Rs '000

Rs '000

%

727

651

12

2,080

1,946

7

-

-

-

-

-

-

727

651

12

2,080

1,946

7

90

200

(55)

46,586

30,757

51

(33,047)

(34,194)

(3)

(89,696)

(98,502)

(9)

-

-

-

(5,442)

-

-

(32,230)

(33,343)

3

(46,472)

(65,799)

(29)

16,305

55,069

(70)

65,139

219,604

(70)

(15,925)

21,726

(173)

18,667

153,805

(88)

(17,730)

(17,175)

3

(33,377)

(72,766)

(54)

(33,655)

4,551

(840)

(14,710)

81,039

(118)

2,123

(1,352)

(257)

2,123

3,351

(37)

(31,532)

3,199

(12,587)

84,390

(33,655)

4,551

(840)

(14,710)

81,039

(118)

-

-

-

-

(33,655)

4,551

(14,710)

81,039

(31,532)

3,199

(1,086)

(12,587)

84,390

(115)

-

-

-

-

-

-

(31,532)

3,199

(12,587)

84,390

(1.31)

0.18

(0.57)

3.17

LEE HEDGES PLC

(formally known as Shaw Wallace & Hedges PLC)

STATEMENT OF FINANCIAL POSITION

Group

Company

Audited

Audited

As at,

31-12-2024

31-03-2024

31-12-2024

31-03-2024

Rs '000

Rs '000

Rs '000

Rs '000

ASSETS

Non Current Assets

Property, Plant & Equipment

574,520

281,025

574,515

280,993

Right-of-use assets

-

-

2,268

12,477

Investment Property

4,297,479

4,297,479

1,879,480

1,879,480

Investments - Subsidiary

-

-

1,775,420

1,775,420

4,871,999

4,578,504

4,231,683

3,948,370

Current Assets

Trade and Other Receivables

422,084

95,814

385,950

69,833

Amounts due from Subsidiary

-

-

-

-

Short Term Investments

1,024,408

2,100,298

658,500

1,260,791

Investment in Equity Securities

-

6,083

-

6,083

Cash & Cash Equivalents

910,980

321,901

131,629

138,515

2,357,472

2,524,096

1,176,079

1,475,222

Total Assets

7,229,471

7,102,600

5,407,762

5,423,592

EQUITY AND LIABILITIES

Equity

Stated Capital

51,205

51,205

51,205

51,205

Capital Reserves

553,231

553,231

553,231

553,231

Revenue Reserves

5,281,372

5,184,311

3,997,862

4,056,907

Financial Assets FVOCI Reserve

-

(8,053)

-

(8,053)

Total Equity attributable to Equity holder of the Parent

5,885,808

5,780,695

4,602,298

4,653,290

Non controlling Interest

-

-

-

-

Total Equity

5,885,808

5,780,695

4,602,298

4,653,290

Non Current Liabilities

Lease Liability

-

-

-

-

Retiring Benefit Obligations

16,386

16,386

16,386

16,386

Security Deposit

42,190

43,753

-

-

Deferred Tax Liabilities

697,109

697,109

356,402

356,402

755,685

757,248

372,788

372,788

Current Liabilities

Other Payables

415,921

426,256

275,101

286,082

Lease Liability - Current

-

-

-

8,599

Income Tax Payable

18,840

48,227

4,358

12,659

Bank Overdraft

153,217

90,174

153,217

90,174

587,978

564,657

432,676

397,514

Total Equity and Liabilities

7,229,471

7,102,600

5,407,762

5,423,592

Net Asset Value per Share (Rs.)

229.89

225.78

179.76

181.75

CERTIFICATION:

It is certified that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.

(Mrs) S. Jayawardena

Senior Executive Officer (Legal & Admin)

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.

13th February 2025

W.M.P. Walisundara

S. Vamadevan

Director

Director

LEE HEDGES PLC

(formally known as Shaw Wallace & Hedges PLC)

STATEMENT OF CHANGES IN EQUITY

Group

Stated

Capital

Rs. '000

Balance as at 1st April 2023

51,205

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

-

Deferred Tax on other Comprehensive Income

-

Total comprehensive income for the year

-

Dividend Distibution

-

Balance as at 31st December 2023

51,205

Balance as at 1st April 2024

51,205

Total comprehensive income for the year

Profit / (Loss) for the period

-

Net 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 31st December 2024

51,205

Capital

Reserves

Rs. '000

553,231

-

-

-

-

-

-

553,231

553,231

-

-

-

-

-

553,231

General

Reserves

Rs. '000

81,786

-

-

-

-

-

-

81,786

81,786

-

-

-

-

-

81,786

Financial

Retained

Assets

FVOCI

Earning

Reserve

Rs. '000

Rs. '000

(11,517)

4,864,289

  • 258,780
  1. 386

3,351

-

-

-

2,965

259,166

  • (25,603)
    (8,552) 5,097,852

(8,053) 5,102,525

  • 141,396
    5,930(5,930)

2,123-

8,053 135,466

  • (38,405)
  • 5,199,586

Total

Rs. '000

5,538,994

258,780

-

3,351

-

262,131

(25,603)

5,775,522

5,780,694

141,396

-

2,123

143,519

(38,405)

5,885,808

Non-

Controlling

Total Equity

Interest

Rs. '000

Rs. '000

-

5,538,994

-

258,780

-

-

-

3,351

-

-

262,131

-

(25,603)

-

5,775,522

-

5,780,694

-

141,396

-

-

-

2,123

-

143,519

-

(38,405)

-

5,885,808

Company

Stated

Capital

Rs. '000

Balance as at 1st April 2023

51,205

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

-

Deferred Tax on other Comprehensive Income

-

Total comprehensive income for the year

-

Dividend Distibution

-

Balance as at 31st December 2023

51,205

Balance as at 1st April 2024

51,205

Total comprehensive income for the year

Profit / (Loss) for the period

-

Net 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 31st December 2024

51,205

Capital

Reserves

Rs. '000

553,231

-

-

-

-

-

-

553,231

553,231

-

-

-

-

-

553,231

General

Reserves

Rs. '000

81,786

-

-

-

-

-

-

81,786

81,786

-

-

-

-

-

81,786

Financial

Retained

Assets

FVOCI

Earning

Reserve

Rs. '000

Rs. '000

(11,517)

4,079,440

  • 81,039
  1. 386

3,351

-

-

-

2,965

81,425

  • (25,603)
    (8,552) 4,135,262

(8,053) 3,975,121

  • (14,710)
    5,930(5,930)

2,123-

8,053 (20,640)

  • (38,405)
  • 3,916,076

Total

Rs. '000

4,754,145

81,039

-

3,351

-

84,390

(25,603)

4,812,932

4,653,290

(14,710)

-

2,123

(12,587)

(38,405)

4,602,298

LEE HEDGES PLC

(formally known as Shaw Wallace & Hedges PLC)

STATEMENT OF CASH FLOWS

For the

Cash Flows from Operating Activities

Profit / (Loss) before Taxation

Adjustments for :

Finance Cost Interest Income Dividend Income

Depreciation on Property, Plant & Equipment

Gain on Disposal / Exchange of Property, plant & Equipment Amortisation of ROU

Provision for/(reversal of) impairment on amounts due from subsidiaries

Operating Profit / (Loss) before Working Capital Changes (Increase)/Decrease in Trade and Other Receivables (Increase)/Decrease in Related Company Balance Increase/(Decrease) in Payables

Cash Generated from / (Used in) Operations

Interest Paid

Interest Income

Retirement benefit obligations paid

Income Tax Paid

Net Cash Flows from Operating Activities

Cash Flows from Investing Activities Acquisition of Property, Plant & Equipment Proceed From Sale of Property, Plant & Equipment

Proceeds from disposal of Equity Securities / (Investment in Shares) Dividend Received

Net (Increase)/Decrease in Short Term Investments

Net Cash Flows from Investing Activities

Cash Flows from Financing Activities

Dividend paid

Repayment of Long-term Lease Liabilities

Net Cash Flows from Financing Activities

Net Increase / (Decrease) in Cash and Cash Equivalents

Cash and Cash Equivalents at beginning of the period

Cash and Cash Equivalents at end of the period (Note A) Note

A. Analysis of Cash and Cash Equivalents Bank and Cash Balances

Bank Overdrafts

Group

09 Months

09 Months

Ended

Ended

31-12-2024

31-12-2023

Rs '000

Rs '000

198,147

331,546

5,6686,841

(149,104) (338,317)

  1. (575)
    16,440 23,666

5,207

-

-

-

-

-

76,168

23,161

(326,270)

(102,399)

-

-

(11,898)

850

(262,000)

(78,388)

(5,668)

(6,841)

43,715

239,864

  • (259)
    (86,139) (81,506)

(310,092) 72,870

(344,465)

(14,816)

29,322

-

8,206

7,159

190575

1,181,280 1,585,728

874,533 1,578,646

(38,405)

(25,603)

-

-

(38,405)

(25,603)

526,036

1,625,912

231,727

(41,330)

757,763

1,584,582

910,980

1,653,597

(153,217)

(69,015)

757,763

1,584,582

Company

09 Months

09 Months

Ended

Ended

31-12-2024

31-12-2023

Rs '000

Rs '000

18,667

153,805

6,052

8,595

(71,191)

(228,199)

(46,351)

(30,757)

16,413

22,872

5,207

-

10,206

10,206

348388

(60,649) (63,090)

(316,117) (130,588)

  1. (388)
    (10,981)(47)

(388,095) (194,113)

(6,052)

(8,595)

26,053

170,992

  • (259)
    (41,679) (81,506)

(409,773) (113,481)

(344,465) (14,816)

29,322-

8,2067,159

46,351 30,757

647,434 1,014,536

386,848 1,037,636

(38,405) (25,603)

(8,599) (7,242)

(47,004) (32,845)

(69,929) 891,310

48,341 (62,246)

(21,588) 829,064

131,629 898,079

(153,217) (69,015)

(21,588) 829,064

LEE HEDGES PLC

(formally known as Shaw Wallace & Hedges PLC)

NOTES TO THE INTERIM FINANCIAL STATEMENTS

  1. Corporate information
    Lee Hedges PLC (the Company) is a public limited liability Company listed on the Colombo Stock Exchange, incorporated and domiciled in Sri Lanka. The Company and its subsidiary have the registered office at No. 353, Kollupitiya Road, Colombo 03. The ordinary shares of the Company are being traded in the Colombo Stock Exchange.
    Lee Hedges Investments Ltd is fully owned subsidiary of Lee Hedges PLC.
  2. Market Price of Share
    Information pertaining to the shares traded during the Quarter ended 31st December 2024, extracted from the website of the Colombo Stock Exchange, is set out below:

31-Dec-2024

31-Dec-2023

Period

2024-4

2023-4

Date High

30-Dec-24

5-Oct-23

High Rs.

97.00

84.90

Date Low

25-Oct-24

9-Nov-23

Low Rs.

69.00

71.00

Close Rs.

92.20

72.00

Trade Vol.

538

181

Share Vol.

326,553

656,491

Turn Over Rs.

27,444,896.00

47,476,436.70

Last traded Date

31-Dec-24

29-Dec-23

Days Traded

55

34

3 Shareholders' Information

31-Dec-2024

31-Dec-2023

Rs.

Rs.

Earnings per Ordinary Share (Rs.)

5.52

10.11

Net Assets per Share (Rs.)

229.89

225.58

Debt/Equity Ratio (%)

-

-

Current Ratio (Times)

4.01

9.65

LEE HEDGES PLC

(formally known as Shaw Wallace & Hedges PLC)

NOTES TO THE INTERIM FINANCIAL STATEMENTS

4 Directors' Shareholding

31-Dec-2024

31-Dec-2023

Mr. S. Vamadhevan

-

-

Mr. S M N L Senanayake

-

-

Dr. D.S.L.P Wijesinghe

-

-

Mr. S. S Vamathevan

-

-

Mr.R. R. Spencer

-

-

Mr.W.M.P. Walisundara

-

-

Dr. V.V. Vamathevan

-

N/A

Total Number of Shareholders

1,013

1,006

Total Number of shares of the company

25,602,730

25,602,730

Number of Public Shareholders

1,011

1,004

% of Public Shareholders

28.52%

28.52%

The float adjusted market capitalisation as at 31st December 2024 -Rs.673,179,675.60

Public shareholding percentage as at 31st December 2024 is 28.52% and the Company is in compliance with option 5 of section 7.13.1 (a) of the Listing Rules of Colombo Stock Exchange.

  1. Basis of Preparation
    The interim financial statements have been prepared in accordance with Sri Lanka Accounting Standard-LKAS 34 Interim Financial Reporting. These interim condensed financial statements should be read in conjunction with the annual financial statements for the year ended 31st March 2024. The financial statements provide information as required in terms of Rule 7.4 of the Colombo Stock Exchange.
    The financial statements are provisional and subject to audit.
    The interim financial statements have been prepared on a historical cost basis except for financial instruments & Land & building.
    The interim financial statements are presented in Sri Lankan rupees and all values are rounded to the nearest thousand except when otherwise indicated.
  2. Basis of Consolidation
    The interim condensed consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at 31st December 2024
  3. Functional and Presentation Currency
    These condensed consolidated interim financial statements are presented in LKR, which is the company's functional currency. All financial information presented in LKR has been rounded to the nearest thousand.
  4. Changes in accounting policies
    The accounting policies applied by the Group in these condensed consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements as at and the year ended 31st March 2024

LEE HEDGES PLC

(formally known as Shaw Wallace & Hedges PLC)

NOTES TO THE INTERIM FINANCIAL STATEMENTS

9 Significant accounting policies

  1. Investment in Subsidiary
    The Group has measured an investment in a subsidiary, at deemed cost (previous SLAS carrying amount) in its separate SLFRS financial statements.
  2. Financial instruments
    The Sri Lanka Accounting Standard - SLFRS 9 on "Financial Instruments", which replaces the existing guidance on LKAS 39 on "Financial Instruments: Recognition and Measurement" has become effective for annual reporting periods beginning on or after January 01, 2018. SLFRS 9 replaces the "Incurred Loss Model" in LKAS 39 with forward looking "Expected Loss Model ("ECL") which requires considerable judgement over how changes in economic factors affect ECL, which in turn is to be determined on a probability weighted basis. SLFRS 9 also contains a new classification and measurement approach for financial assets that reflects the business model in which assets are managed based on their cash flow characteristics
    Based on the "Statement of Alternative Treatment (SoAT) on the Figures in the Interim Financial Statements" issued by The Institute of Chartered Accountants of Sri Lanka entities are granted with the option to prepare Interim Financial

Statements continuing the application of LKAS 39 with disclosures on impact to the Income Statement and Statement of Profit or Loss and Other Comprehensive Income for the period if SLFRS 9 has been applied.

Accordingly, as permitted by the above SoAT, the Company has prepared the Interim Financial Statements for the quarter ended December 31,2024 basedonLKAS39.

9.2.1.1. Other financial liabilities

Financial liabilities are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortised cost using the effective interest method.

Other financial liabilities comprise bank borrowings, trade and other payables.

9.2.1.2 Loans and receivables

Loans and receivables comprise financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised at fair value plus any directly attributable transaction costs. Subsequent to initial recognition loans and receivables are measured at amortised cost using the effective interest method, less any impairment losses.

Loans and receivables comprise of cash and cash equivalents, inter company receivables and trade and other receivables.

10 Other information

  1. Comparative Information
    Where necessary comparative figures have been reclassified to conform with the current year's presentation.
  2. Events Occurring after the Reporting date
    There were no other material events that occurred after the Balance Sheet date that require adjustments to or disclosure in the Financial Statements.
  1. Property, Plant & Equipment
    Property, Plant & Equipment included Rs.536 million of capital work in progress for the proposed corporate office building at 353 Galle Road, Colombo 03.
  2. The number of shares included in the stated capital as at 31st December 2024 is 25,602,730.
  3. Contingent Liabilities
    There has been no any significant change in the nature of the contingent liabilities and contingent assets as disclosed in the quarterly financial statements as at 31st December 2024

LEE HEDGES PLC

(formally known as Shaw Wallace & Hedges PLC)

Twenty Major Shareholders as at 31st December 2024

Name of Shareholder

No. of share

%

1

Lee Hedges & Company Limited

13,057,600

51.00%

2

Pioneer Homes (Private) Limited

5,243,832

20.48%

3

Hatton National Bank PLC/Dawi Investment Trust (Pvt) Ltd

749,700

2.93%

4

Mr. R. Magdon Ismail

730,000

2.85%

5

Mr. D.G. Wijemanna

570,000

2.23%

6

Mr. S.R.S. De Saram

520,275

2.03%

7

Mr. R.P. Weerasooriya

480,009

1.87%

8

Mr. L.G. Byatt (Deceased)

227,810

0.89%

9

Guardian Equity Limited

202,050

0.79%

10

Mr. R.C.J. Goonewardene

159,900

0.62%

11

Guardian Insurance Brokers (Pvt) Ltd

137,762

0.54%

12

Mrs. T.T.A. De Silva Weerasooria

101,881

0.40%

13

Sandwave Limited

83,868

0.33%

14

Sampath Bank PLC/Senthilverl Holdings (Pvt) Ltd

81,099

0.32%

15

Mr. R J Grewar (Deceased)

79,985

0.31%

16

Mr. R L Vincent

75,935

0.30%

17

Mrs. P Mansell

75,935

0.30%

18

Mr. P Bois

75,935

0.30%

19

Bank of Bermuda Ltd.

75,935

0.30%

20

Mr. K.S.N. Hirdaramani

73,985

0.29%

Directors as at 31st December 2024

Mr. S. Vamadhevan

Mr. S M N L Senanayake

Dr. D.S.L.P Wijesinghe

Mr. S. S Vamathevan

Mr.R.R. Spencer

Mr.W.M.P. Walisundara

Dr. V.V Vamathevan

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