Lee Hedges : Quarterly Financial Report as at 30-06-2022

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 O R 1 S T Q U A R

F I N A N C I A L T E R E N D E D

S T A T E M E N T S J U N E 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 June 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
	30-06-202230-06-2021	Variance	30-06-2022	30-06-2021 Variance	30-06-202230-06-2021	Variance	30-06-2022	30-06-2021 Variance
	Rs '000	Rs '000	%		Rs '000	Rs '000	%		Rs '000	Rs '000	%		Rs '000	Rs '000	%
Continuing Operations
Revenue	41,289	43,551	(5)	41,289	43,551	(5)	804	726	11	804	726	11
Cost of Sales	(601)	(591)	2		(601)	(591)	2		-	-	-		-	-	-
Gross Profit	40,688	42,960	(5)	40,688	42,960	(5)	804	726	11	804	726	11
Other Income	2,308	841	174	2,308	841	174	2,308	841	174	2,308	841	174
Administrative Expenses	(22,093)	(16,663)	33	(22,093)	(16,663)	33	(22,019)	(17,743)	24	(22,019)	(17,743)	24
Other Expenses	-	(2,195)	(100)	-	(2,195)	(100)	-	(2,195)	(100)	-	(2,195)	(100)
Results from operating activities	20,903	24,943			20,903	24,943			(18,907)	(18,371)			(18,907)	(18,371)
Net Finance Income	63,131	22,213	184	63,131	22,213	184	46,344	15,734	195	46,344	15,734	195
Profit / (Loss) before Taxation	84,034	47,156	78	84,034	47,156	78	27,437	(2,637)	(1,140)	27,437	(2,637)	(1,140)
Income Tax Release / (Expense)	(2,297)	(4,159)	(45)	(2,297)	(4,159)	(45)	(2,297)	(4,159)	(45)	(2,297)	(4,159)	(45)
Profit / (Loss) for the year
81,737	42,997	90	81,737	42,997	90	25,140	(6,796)	470	25,140	(6,796)	470
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	(1,174)	12,560	(109)	(1,174)	12,560	(109)	(1,174)	12,560	(109)	(1,174)	12,560	(109)
through other comprehensive income
Deferred Tax on other Comprehensive Income	-	-			-	-			-	-			-	-
Total Comprehensive income for the year	80,563	55,557		80,563	55,557		23,966	5,764		23,966	5,764
Profit attributable to ;
Equity holders of the company	81,737	42,997	90	81,737	42,997	90	25,140	(6,796)	470	25,140	(6,796)	470
Non controlling Interest	-	-			-	-			-	-	-		-	-	-
Profit / (Loss) for the year	81,737	42,997		81,737	42,997		25,140	(6,796)		25,140	(6,796)
Total Comprehensive income attributable to ;
Equity holders of the company	80,563	55,557	45	80,563	55,557	45	23,966	5,764	316	23,966	5,764	316
Non controlling Interest	-	-			-	-			-	-	-		-	-	-
Total Comprehensive income for the year	80,563	55,557			80,563	55,557			23,966	5,764			23,966	5,764
Earnings / (loss) per Share (Rs.)	3.19	1.68		3.19	1.68		0.98	(0.27)		0.98	(0.27)

LEE HEDGES PLC

(formally known as Shaw Wallace & Hedges PLC)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
			Consolidated						Company
					Unudited						Unudited
As at,	30-06-2022	30-06-2021	31-03-2022	30-06-2022	30-06-2021	31-03-2022
	Rs '000		Rs '000		Rs '000		Rs '000		Rs '000		Rs '000
ASSETS
Non Current Assets
Property, Plant & Equipment	101,155	163,132	83,053	98,819	158,809	80,222
Right-of-use assets	-	-	-	36,289	49,898	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
	3,684,468	3,582,017	3,666,366	3,550,803	3,527,012	3,535,610
Current Assets
Trade and Other Receivables	50,664	33,096	45,605	5,857	8,644	13,316
Short Term Investments	1,945,103	960,831	1,198,056	1,405,721	566,110	747,650
Investment in Equity Securities	9,320	60,710	10,494	9,320	60,710	10,494
Amounts due from Subsidiary	-	-	-	-	-	-
Income Tax over payment	-	-	-	-	-	-
Cash & Cash Equivalents	23,551		687,546		668,500		202		670,487		626,749
	2,028,638		1,742,183		1,922,655		1,421,100		1,305,951		1,398,209
Total Assets	5,713,106	5,324,200	5,589,021	4,971,903	4,832,963	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	4,621,841	4,281,175	4,540,104	4,159,361	4,019,981	4,134,221
Financial Assets FVOCI Reserve	(14,348)		(6,235)		(13,174)		(14,348)		(6,235)		(13,174)
Total Equity attributable to Equity holder of the Parent	5,211,929	4,908,156	5,131,366	4,749,449	4,646,962	4,725,483
Non controlling Interest	-		-		-		-		-		-
Total Equity	5,211,929	4,908,156	5,131,366	4,749,449	4,646,962	4,725,483
Non Current Liabilities
Lease Liability	-	-	-	25,124	39,722	24,446
Retiring Benefit Obligations	11,183	8,768	11,183	11,183	8,768	11,183
Security Deposit	37,626	37,505	37,626	-	-	-
Deferred Tax Liabilities	219,235		198,716		219,236		92,717		97,533		92,717
	268,044	244,989	268,045	129,024	146,023	128,346
Current Liabilities
Other Payables	172,853	161,606	141,994	18,552	17,445	18,170
Income Tax Payable	99	8,195	649	99	8,195	649
Amounts due to Subsidiary	-	-	-	-	-	-
Lease Liability - Current	-	-	-	14,598	13,084	14,204
Bank Overdraft	60,181		1,254		46,967		60,181		1,254		46,967
	233,133		171,055		189,610		93,430		39,978		79,990
Total Equity and Liabilities	5,713,106	5,324,200	5,589,021	4,971,903	4,832,963		4,933,819
Net Asset Value per Share (Rs.)	203.57		191.70		200.42		185.51		181.50		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.

12-Aug-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-		Total
				Assets
						Total		Controlling
	Capital		Reserves		Reserves		FVOCI		Earning				Equity
								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	-	-	-	-	42,997	42,997	-	42,997
Gain on revaluation of Land & Building	-	-	-			-	-	-	-
Actuarial gain / (loss) on retirement benefit obligation	-	-	-	-	-	-	-	-
Net gain on disposal of equity investments at fair value
through Other Comprehensive Income	-	-	-	(376)	376	-	-	-
Net change in equity investments at fair value through
other comprehensive income	-	-	-	12,560	-	12,560	-	12,560
Deferred Tax on other Comprehensive Income	-	-	-	-	-	-			-
Total comprehensive income for the year	-	-	-	12,184	43,373	55,557	-	55,557
Dividend Distibution	-	-	-	-	-	-	-	-
Amount transferred due to change in holding	-	-	-			-	-	-	-
Balance as at 30th June 2021	51,205		582,011		81,786		(6,235)		4,199,389		4,908,156		-		4,908,156
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	-	-	-	-	81,737	81,737	-	81,737
Actuarial gain / (loss) on retirement benefit obligation						-	-	-	-	-
Net gain on disposal of equity investments at fair value	-	-	-	-	-	-	-	-
through Other Comprehensive Income
Net change in equity investments at fair value through	-	-	-	(1,174)	-	(1,174)	-	(1,174)
other comprehensive income
Gain on revaluation of Land & Building	-	-	-	-	-	-	-	-
Net gain on disposal of Property,Plant & Equipments		-					-	-			-
Deferred Tax on other Comprehensive Income	-	-	-			-	-	-	-
Total comprehensive income for the year	-	-	-	(1,174)	81,737	80,563	-	80,563
Dividend Distibution	-	-	-	-	-	-	-	-
Amount transferred due to changes in holdings	-	-	-	-	-	-	-	-
Balance as at 30th June 2022	51,205		553,231		81,786		(14,348)		4,540,055		5,211,929		-		5,211,929

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	-	-	-	-	(6,796)	(6,796)
Gain on revaluation of Land & Building	-	-	-			-	-
Actuarial gain / (loss) on retirement benefit obligation	-	-	-	-	-	-
Net gain on disposal of equity investments at fair value
through Other Comprehensive Income						(376)	376	-
Net change in equity investments at fair value through
other comprehensive income	-	-	-	12,560	-	12,560
Deferred Tax on other Comprehensive Income	-	-	-	-	-	-
Total comprehensive income for the year	-	-	-	12,184	(6,420)	5,764
Dividend Distibution	-	-	-	-	-	-
Balance as at 30th June 2021	51,205		582,011		81,786		(6,234)		3,938,195		4,646,962
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	-	-	-	-	25,140	25,140
Actuarial gain / (loss) on retirement benefit obligation	-	-	-	-	-	-
Net gain on disposal of equity investments at fair value	-	-	-	-	-	-
through Other Comprehensive Income
Net change in equity investments at fair value through	-	-	-	(1,174)	-	(1,174)
other comprehensive income
Gain on revaluation of Land & Building	-	-	-	-	-	-
Net gain on disposal of Property,Plant & Equipments	-	-	-	-	-	-
Deferred Tax on other Comprehensive Income	-	-	-	-	-	-
Total comprehensive income for the year	-	-	-	(1,174)	25,140	23,966
Dividend Distibution	-	-	-	-	-	-
Balance as at 30th June 2022	51,205		553,231		81,786		(14,348)		4,077,575		4,749,449