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

Transcription

1 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, Registered Office 353, Kollupitiya Road, P.O. Box 84, Colombo 3.

2 Company Reg. No. PQ , 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 2017, 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 Variance Variance Variance Variance Rs '000 Rs '000 % Rs '000 Rs '000 % Rs '000 Rs '000 % Rs '000 Rs '000 % Continuing Operations Revenue 1,786 1, ,060 6, ,786 1, ,060 6, Cost of Sales Gross Profit 1,786 1, ,060 6, ,786 1, ,060 6, Other Income 364, , , , , , , , Administrative Expenses (14,364) (13,127) 9 (48,961) (47,916) 2 (14,185) (12,615) 12 (47,410) (46,252) 3 Other Expenses (3,795) - - (18,371) (2,100) - (3,795) - - (18,371) - - Results from operating activities 347, , , , ,148 89, , ,458 Finance Cost (3,777) (962) (8,457) (2,012) (2,697) (962) (7,377) (1,770) Profit / (Loss) before Taxation 343, ,544 (163) 453, , ,451 88,356 (187) 387, ,688 (162) Income Tax Release / (Expense) (19,018) (7,621) 150 (68,067) (34,408) 98 (19,018) (7,621) 150 (68,067) (34,408) 98 Profit / (Loss) for the year 324, ,923 (164) 385, , ,433 80,735 (190) 319, ,280 (182) Other Comprehensive Income Actuarial Gain/(Loss) on Retirement Benefit Obligation 201 (82) 201 (139) 201 (82) 201 (139) Revaluation Gain/(Loss) on Property, Plant & Equipment 23,710 29,839 23,710 7,882 23,710 29,839 23,710 7,882 Deferred Tax on other Comprehensive Income (1,398) (1,398) Total Comprehensive income for the year 348, , , , , , , ,625 Profit attributable to ; Equity holders of the company 272,850 99, , , Non controlling Interest 52,063 23,226 51,493 9, Profit / (Loss) for the year 324, , , , , , , ,280 Total Comprehensive income attributable to ; Equity holders of the company 296, , , , Non controlling Interest 52,063 23,226 51,493 9, Total Comprehensive income for the year 348, , , , , , , ,625 Earnings / (loss) per Share (Rs.)

3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION Consolidated Company Audited Audited As at, Rs '000 Rs '000 Rs '000 Rs '000 ASSETS Non Current Assets Property, Plant & Equipment 223, , , ,017 Investment Property 2,261,944 1,590, , ,880 Investments - Subsidiary ,485,838 1,771,118 1,069, ,387 Current Assets Trade and Other Receivables 22,426 65, Short Term Investments 1,343,953 1,613,752 1,343,953 1,613,752 Amounts due from Subsidiary - - 1,250, ,216 Cash & Cash Equivalents 457, , , ,602 1,823,499 2,217,727 3,051,888 2,881,323 Total Assets 4,309,337 3,988,845 4,121,682 3,704,710 EQUITY AND LIABILITIES Equity Stated Capital 51,205 51,205 51,205 51,205 Capital Reserves 537, , , ,970 Revenue Reserves 3,297,265 2,969,275 3,369,865 3,056,407 Total Equity attributable to Equity holder of the Parent 3,886,150 3,534,450 3,958,750 3,621,582 Non controlling Interest 60,110 8, Total Equity 3,946,260 3,543,067 3,958,750 3,621,582 Non Current Liabilities Retiring Benefit Obligations 3,225 2,779 3,225 2,779 Deferred Tax Liabilities 6,115 6,115 6,115 6,115 9,340 8,894 9,340 8,894 Current Liabilities Other Payables 211, ,069 15,740 15,044 Income Tax Payable 43,298 1,581 43,298 1,581 Bank Overdraft 99, ,234 94,554 57, , , ,592 74,234 Total Equity and Liabilities 4,309,337 3,988,845 4,121,682 3,704,710 Net Asset Value per Share (Rs.) 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. 18 th May 2017 (Sgd)S. Balaratnam (Sgd)S.R. Vamadevan Director Director

4 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Consolidated Stated Capital Genaral Retained Non-Controlling Total Total Equity Capital Reserves Reserves Earning Interest Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Balance as at 1st April , ,088 81,786 2,791,254 3,430,333 (755) 3,429,578 Total comprehensive income for the year Profit / (Loss) for the period , ,573 9, ,945 Gain on revaluation of Land & Building - 7, ,882-7,882 Actuarial gain on retirement benefit obligation (139) (139) - (139) Deferred Tax on other Comprehensive Income (1,398) (1,398) (1,398) Total comprehensive income for the year - 7, , ,918 9, ,290 Dividend Distibution (12,801) (12,801) - (12,801) Balance as at 31st March , ,970 81,786 2,887,489 3,534,450 8,617 3,543,067 Balance as at 1st April , ,970 81,786 2,887,489 3,534,450 8,617 3,543,067 Total comprehensive income for the year Profit / (Loss) for the period , ,934 51, ,427 Actuarial loss on retirement benefit obligation Gain on revaluation of Land & Building 23,710-23,710-23,710 Total comprehensive income for the year - 23, , ,845 51, ,338 Dividend Distibution (6,145) (6,145) - (6,145) Balance as at 31st March , ,680 81,786 3,215,479 3,886,150 60,110 3,946,260 Company Stated Capital Genaral Retained Total Capital Reserves Reserves Earning Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Balance as at 1st April , ,088 81,786 2,875,679 3,514,758 Total comprehensive income for the year Profit / (Loss) for the period , ,280 Gain on revaluation of Land & Building - 7, ,882 Actuarial loss on retirement benefit obligation (139) (139) Deferred Tax on other Comprehensive Income (1,398) (1,398) Total comprehensive income for the year - 7, , ,625 Dividend Distibution (12,801) (12,801) Balance as at 31st March , ,970 81,786 2,974,621 3,621,582 Balance as at 1st April , ,970 81,786 2,974,621 3,621,582 Total comprehensive income for the year Profit / (Loss) for the period , ,402 Actuarial loss on retirement benefit obligation Gain on revaluation of Land & Building 23,710-23,710 Total comprehensive income for the year - 23, , ,313 Dividend Distibution (6,145) (6,145) Balance as at 31st March , ,680 81,786 3,288,079 3,958,750

5 CONSOLIDATED STATEMENT OF CASH FLOW Consolidated Company For the 3 Months 3 Months Year 3 Months 3 Months Year Year Year Rs '000 Rs '000 Rs '000 Rs '000 Rs '000 Rs '000 Rs '000 Rs '000 Cash Flows from Operating Activities Profit / (Loss) before Taxation 343, , , , ,451 88, , ,688 Adjustments for : Finance Cost 3, ,457 2,012 2, ,377 1,770 Interest Income (56,062) (38,388) (208,174) (153,083) (67,923) (41,872) (243,118) (162,696) Depreciation on Property, Plant & Equipment 5,260 3,341 20,243 12,493 5,260 3,341 20,243 12,493 Provision for Retirement Benefit Obligation Gain on Disposal / Exchange of Property, plant & Equipment (889) (1,298) (6,919) (6,615) (889) (1,298) (6,919) (6,615) Gain on Revaluation of Investment Property (307,130) (103,193) (307,130) (40,232) (203,530) (57,009) (203,530) (19,948) Provision for/(reversal of) impairment on amounts due from subsidiaries , , Operating Profit / (Loss) before Working Capital Changes (10,465) (7,202) (39,381) (30,206) (9,119) (6,260) (36,663) (26,012) (Increase)/Decrease in Trade and Other Receivables 16,772 10,105 43,359 (19,047) 249 (349) (13) 15,343 (Increase)/Decrease in Short Term Investments 688, , ,937 23, , , ,937 23,053 (Increase)/Decrease in Related Company Balance (271,137) (194) (487,618) (175,107) Increase/(Decrease) in Payables 51,553 5,347 22,330 82,638 (482) (537) 696 3,179 Cash Generated from / (Used in) Operations 746, , ,245 56, , ,431 (137,661) (159,544) Interest Paid (3,777) (962) (8,457) (2,012) (2,697) (962) (7,377) (1,770) Interest Income 4,647 9,385 92,036 85,882 4,647 9,385 92,036 85,882 Retirement benefit obligations paid (30) (30) Income Tax Paid (4,459) (8,259) (26,351) (39,090) (4,459) (8,259) (26,351) (39,090) Net Cash Flows from Operating Activities 742, , , , , ,595 (79,353) (114,552) Cash Flows from Investing Activities Acquisition of Property, Plant & Equipment (3,787) (68,601) (44,641) (38,610) (3,787) (6,878) (44,641) (38,610) Acquisition of Investments Property (161,565) - (364,713) (404,321) Proceed From Sale of Property, Plant & Equipment - 2,928 12,150 3,250-2,928 12,150 3,250 Net Cash Flows from Investing Activities (165,352) (65,673) (397,204) (439,681) (3,787) (3,950) (32,491) (35,360) Cash Flows from Financing Activities Dividend paid - - (6,145) (12,801) - - (6,145) (12,801) Net Cash Flows from Financing Activities - - (6,145) (12,801) - - (6,145) (12,801) Net Increase / (Decrease) in Cash and Cash Equivalents 577, ,517 66,123 (351,294) 401, ,646 (117,990) (162,712) Cash and Cash Equivalents at beginning of the period (219,222) (189,560) 291, ,251 (39,595) (47,653) 479, ,706 Cash and Cash Equivalents at end of the period (Note A) 358, , , , , , , ,993 Note A. Analysis of Cash and Cash Equivalents Bank and Cash Balances 457, , , , , , , ,602 Bank Overdrafts (99,040) (246,234) (99,040) (246,234) (94,554) (57,609) (94,554) (57,609) 358, , , , , , , ,993

6 INFORMATION BY SEGMENT & NOTES TO THE 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 has been consolidated as subsidiaries based on the power to govern the financial and operating policies of those entities. 2 Market Price of Share Information pertaining to the shares traded during the Quarter ended 31st March, 2017, extracted from the website of the Colombo Stock Exchange, is set out below: 31-Mar Mar-2016 Period Date High 25-Jan-17 3-Feb-16 High Rs Date Low 14-Mar Feb-16 Low Rs Close Rs Trade Vol Share Vol. 22,835 37,939 Turn Over Rs. 2,029, ,855, Last traded Date 31-Mar Mar-16 Days Traded Shareholders' Information 31-Mar Mar-2016 Rs. Rs. Earnings per Ordinary Share (Rs.) Net Assets per Share (Rs.) Debt/Equity Ratio (%) - - Current Ratio (Times) 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 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.

7 INFORMATION BY SEGMENT & NOTES TO THE FINANCIAL STATEMENTS 5 Basis of Consolidation The interim condensed consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at 31st March 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. 7 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 Significant accounting policies 8.1 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. 8.2 Financial instruments As required by Sri Lanka Accounting Standards LKAS 39 Financial Instruments ; Recognition and Measurements, trade receivables, cash and cash equivalents, investments in quoted public companies, trade payables, bank borrowings and intercompany loans are recognized as financial instruments 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 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. 9 Other information 9.1 Comparative Information Where necessary comparative figures have been reclassified to conform with the current year's presentation. 9.2 Events Occurring after the Reporting date The company has acqured 51,000 shares of Lee Hedges Investments Ltd on 07th April 2017.therefore the company is having 100% ownership of Lee Hedges Investments Ltd. There were no other material events that occurred after the Balance Sheet date that require adjustments to or disclosure in the Financial Statements. 10 The number of shares included in the stated capital as at 31st March 2017 is 25,602, 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 March 2017.

8 Twenty Major Shareholders as at 31st March 2017 Name of Shareholder No. of share % 1 Lee Hedges & Company Limited 13,057, % 2 Pioneer Homes (Private) Limited 1,821, % 3 Freudenberg Shipping Agencies Ltd. 1,125, % 4 Dr. S.H.A. Gulamhussein 1,072, % 5 Elgrin Investments Limited 1,063, % 6 Mr. Reza Magdon Ismail 726, % 7 Commercial Bank of Ceylon PLC/Mr. Shabbir Abbas Gulamhusein 375, % 8 The Ceylon Desiccated Coconuts & Oil Co. (Private) Limited 355, % 9 Mr. H.W.M. Woodward 355, % 10 Bansei Securities Capital (Pvt) Ltd./Dawi Investments Trust (Pvt) Ltd. 307, % 11 Alliance Finance Company PLC 272, % 12 Rosewood (Pvt) Ltd.-Account No.1 231, % 13 Mr. L.G. Byatt (Deceased) 227, % 14 Mr. J.R. de Silva 193, % 15 HSBC International Nominees Ltd./SSBT Deustche Bank (Singapore) A/c , % 16 Waldock Mackenzie Ltd./The Ceylon Investors (Pvt) Ltd. 118, % 17 Waldock Mackenzie Ltd./Mr. P.S.R. Casie Chitty 87, % 18 Mr. H.A. Peiris 81, % 19 Mr. R.J. Grewar (Deceased) 79, % 20 Mr.C.Chanmugam 77, % Public Holding as at 31st March 2017 was 41.88% consisting of 972 public shareholders. No Directors held any shares of the Company as at 31st March Directors as at 31st March Mr. S. Vamadhevan Mr. L. L. Samarasinghe Mr. S. Balaratnam