Diesel & Motor Engineering PlcCSELK: DIMO.N0000

Interim financial statements - for the 3 months period ended 30th june 2024

Aug 15, 2024 at 10:12 AM UTC · Issued by Diesel & Motor Engineering PLC

DIESEL & MOTOR ENGINEERING PLC

INTERIM FINANCIAL STATEMENTS - FOR THE 3 MONTHS PERIOD ENDED 30TH JUNE 2024

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Group	Company		Group					Company
Audited	Audited		Unaudited	Unaudited				Unaudited	Unaudited
Year ended	Year ended		3 months to	3 months to		Variance		3 months to	3 months to	Variance
31-03-2024	31-03-2024		30-06-2024	30-06-2023	%	30-06-2024	30-06-2023	%
Rs.'000	Rs.'000		Rs.'000	Rs.'000				Rs.'000	Rs.'000
43,644,295	32,557,940	Revenue	10,011,570	9,357,665	7	8,093,735	6,795,910	19
(31,790,151)	(23,364,689)	Cost of sales	(7,679,344)	(6,501,248)	18	(6,230,198)	(4,517,500)	38

11,854,144	9,193,251	Gross profit	2,332,226	2,856,417	(18)	1,863,537	2,278,410	(18)
575,243	771,686	Other operating income	145,636	123,162	18	285,344	207,787	37
(884,002)	(804,412)	Selling and distribution expenses	(293,213)	(169,124)	73	(240,175)	(126,080)	90
(105,241)	(50,790)	Impairment loss on trade receivables	(101,576)	(69,823)	45	(63,991)	(42,279)	51
(8,354,442)	(6,773,205)	Administrative expenses	(2,018,065)	(1,974,025)	2	(1,639,939)	(1,565,003)	5

3,085,702	2,336,530	Operating profit	65,008	766,607	(92)	204,776	752,835	(73)
58,173	669,087	Finance income	26,683	21,821	22	82,404	153,616	(46)
(2,992,174)	(2,519,671)	Finance costs	(734,579)	(866,753)	(15)	(531,652)	(702,206)	(24)

(2,934,001)	(1,850,584)	Net finance costs	(707,896)	(844,932)	(16)	(449,248)	(548,590)	(18)

31,410	31,410	Share of results of equity-accounted investees, net of tax	8,952	(18,552)	(148)	8,952	(18,552)	(148)

183,111	517,356	Profit/(loss) before tax	(633,936)	(96,877)	554	(235,520)	185,693	(227)
(90,506)	(159,332)	Income tax (expense)/reversal	169,449	14,418	1,075	63,711	(56,728)	(212)

92,605	358,024	Profit/(loss) for the period	(464,487)	(82,459)	463	(171,809)	128,965	(233)
		Other comprehensive income

		Items that will not be reclassified to profit or loss in
		subsequent periods
(83,285)	(63,026)	Remeasurement loss on defined benefit obligation	-	-	-	-	-	-
24,986	18,908	Deferred tax reversal on actuarial gain	-	-	-	-	-	-
2,208,774	2,179,200	Revaluation of freehold land	-	-	-	-	-	-
(665,654)	(653,760)	Deferred tax charge on land revaluation	-	-	-	-	-	-
2,687	2,687	Net change in fair value of equity investments at FVOCI	7	1,837	(100)	7	1,837	(100)

1,487,508	1,484,009		7	1,837			7	1,837
		Items that are or may be reclassified to profit or loss in

		subsequent periods

(53,543)	(21,040)	Foreign currency translation differences of foreign operations

(53,543)	(21,040)
		Total other comprehensive income for the period, net of
1,433,965	1,462,969
tax

1,526,570	1,820,993	Total comprehensive income for the period

		Profit /(loss) attributable to:
42,962	358,024	Equity holders of the parent
49,643	-	Non-controlling interest

92,605	358,024

Total comprehensive income / (loss) attributable to:

31,666	(29,539)	207	28,586	(19,245)	(249)

31,666	(29,539)		28,586	(19,245)

31,673	(27,702)	214	28,593	(17,408)	(264)

(432,814)	(110,161)	293	(143,216)		111,557	(228)
(456,174)	(72,210)		(171,809)	128,965
(8,313)	(10,249)		-	-

(464,487)	(82,459)		(171,809)		128,965

1,477,282	1,820,993	Equity holders of the parent	(427,937)	(100,415)	(143,216)	111,557
49,288	-	Non-controlling interest	(4,877)	(9,746)	-	-

1,526,570	1,820,993		(432,814)	(110,161)		(143,216)	111,557
4.65	38.78	Basic and diluted earnings per share (Rs.)	(49.42)	(7.82)	(18.61)	13.97
		Figures in brackets indicate deductions

Diesel & Motor Engineering PLC

Interim Financial Statements - For the 3 months period ended 30th June 2024

Page 1 of 9

STATEMENT OF FINANCIAL POSITION

Group	Company		Group	Company
Audited	Audited		Unaudited	Unaudited	Unaudited		Unaudited
as at	as at		as at	as at	as at		as at
31-03-2024	31-03-2024		30-06-2024	30-06-2023		30-06-2024		30-06-2023
Rs.'000	Rs.'000		Rs.'000	Rs.'000	Rs.'000		Rs.'000
		ASSETS
17,492,521	16,270,067	Property, plant and equipment	17,741,955	14,380,988		16,300,901		13,514,179
558,976	381,666	Right-of-use assets	562,092	635,807		357,240		439,966
1,616,535	700,147	Intangible assets and goodwill	1,663,360	1,523,160		747,024		606,601
-	1,656,292	Investments in subsidiaries	-	-		1,656,292		1,669,224
148,877	148,877	Investments in equity accounted investees	158,982	89,243		158,982		89,243
136	136	Equity securities	143	238		143		238
12,225	-	Other financial assets	10,568	16,421		-		-
791,155	-	Deferred tax assets	977,967	662,147		-		-
20,620,425	19,157,185	Total non-current assets	21,115,067	17,308,004		19,220,582		16,319,451
9,717,071	7,209,835	Inventories	9,294,337	10,397,264		6,088,616		6,748,271
11,630,934	6,963,984	Trade and other receivables	13,177,595	7,541,859		9,128,194		4,334,853
3,029,589	1,614,169	Other current assets	3,413,538	3,010,487		2,044,845		1,936,485
116,705	16,632	Income tax receivable	109,818	112,283		16,433		17,125
32,696	4,023,211	Amounts due from related parties	65,187	49,251		2,536,488		2,607,460
4,306	-	Other financial assets	4,081	4,576		-		-
3,841,272	2,152,229	Cash and cash equivalents	4,416,820	3,215,633		2,401,576		2,009,447
28,372,573	21,980,060	Total current assets	30,481,376	24,331,353		22,216,152		17,653,641
48,992,998	41,137,245	TOTAL ASSETS	51,596,443	41,639,357		41,436,734		33,973,092
		EQUITY AND LIABILITIES
		EQUITY
620,578	620,578	Stated capital	620,578	620,578		620,578		620,578
7,102,059	7,107,697	Other components of equity	7,130,296	5,586,846		7,136,290		5,584,087
8,679,535	7,699,680	Revenue reserves	8,177,204	8,579,240		7,481,714		7,513,856
16,402,172	15,427,955	Equity attributable to equity holders of the parent	15,928,078	14,786,664		15,238,582		13,718,521
446,463	-	Non-controlling interests	441,586	367,581		-		-
16,848,635	15,427,955	TOTAL EQUITY	16,369,664	15,154,245		15,238,582		13,718,521
2,114,973	1,899,630	Interest bearing borrowings	1,950,779	1,229,490		1,746,320		975,820
517,967	373,096	Lease liabilities	531,901	300,390		355,327		145,789
1,241,371	1,085,397	Employee benefits	1,243,981	1,028,077		1,083,233		902,431
2,860,303	2,860,303	Deferred tax liabilities	2,847,328	2,191,991		2,789,053		2,122,846
868,681	95,090	Contract liabilities	260,551	75,705		29,437		12,345
7,603,295	6,313,516	Total non-current liabilities	6,834,540	4,825,653		6,003,370		4,159,231
1,155,556	589,211	Trade payables	2,003,004	2,120,576		1,555,331		1,486,235
1,840,166	1,322,926	Other current liabilities	2,295,306	3,086,867		1,736,836		1,793,797
750,758	642,253	Current portion of long-term interest bearing borrowings	741,211	750,785		649,220		488,306
158,872	93,047	Lease liabilities	151,961	426,891		87,844		364,651
854,855	691,577	Contract liabilities	1,650,417	1,329,049		1,032,370		454,626
67,636	-	Income tax payable	42,036	60,168		7,540		-
19,529,060	16,008,047	Short-terminterest-bearing borrowings	21,409,302	13,562,799		15,088,270		11,435,447
184,165	48,713	Amounts due to related parties	99,002	322,324		37,371		72,278
24,541,068	19,395,774	Total current liabilities	28,392,239	21,659,459		20,194,782		16,095,340
32,144,363	25,709,290	Total liabilities	35,226,779	26,485,112		26,198,152		20,254,571
48,992,998	41,137,245	TOTAL EQUITY AND LIABILITIES	51,596,443	41,639,357		41,436,734		33,973,092

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

(Sgd.) M.H.B.U.S.B. Mahagedara

General Manager - Group Finance

The Board of Directors is responsible for these Financial Statements.

Signed for and on behalf of the Board.

(Sgd.) A. R. Pandithage	(Sgd.) A.G. Pandithage	(Sgd.) B.C.S.A.P. Gooneratne
Chairman	Group Managing Director/Chief Executive Officer	Director/Chief Financial Officer
15th August 2024
	Diesel & Motor Engineering PLC
	Interim Financial Statements - For the 3 months period ended 30th June 2024
	Page 2 of 9

Statement of Changes in Equity

Group

		Other Components of Equity		Revenue Reserves
				Foreign				Non-
							Controlling
For the three months ended 30th June	Stated	Revaluation	Fair value	Currency		General	Retained	Total
	Interests
Capital	Reserve	Reserve	Translation		Reserve	Earnings

				Reserve
	Rs.'000	Rs.'000	Rs.'000	Rs.'000		Rs.'000	Rs.'000	Rs.'000	Rs.'000
As at 01st April 2023	620,578	5,618,699	(2,070)	(2,081)	5,392,290	3,351,475	377,327	15,353,631
Total comprehensive income
Profit for the year	-	-	-	-	-	(72,210)	(10,249)	(82,459)
Other comprehensive income, net of tax	-	-	1,837	(29,539)	-	-	503	(27,199)
	-	-	1,837	(29,539)	-	(72,210)	(9,746)	(109,658)
Dividends to equity holders
- 2022/23 Final dividend	-	-	-	-	-	(92,315)	-	(92,315)

As at 30th June 2023	620,578	5,618,699	(233)	(31,620)	5,392,290	3,186,950	367,581	15,154,245
As at 01st April 2024	620,578	7,157,700	(268)	(55,373)	5,392,290	3,287,245	446,463	16,848,635
Total comprehensive income
Profit for the period	-	-		-	-	(456,174)	(8,313)	(464,487)
Other comprehensive income, net of tax	-	-	7	28,230	-	-	3,436	31,673

	-	-	7	28,230	-	(456,174)	(4,877)	(432,814)
Dividends to equity holders
- 2023/24 Final dividend	-	-	-	-	-	(46,157)	-	(46,157)

As at 30th June 2024	620,578	7,157,700	(261)	(27,143)	5,392,290	2,784,914	441,586	16,369,664
Company

		Other Components of Equity		Revenue Reserves

				Foreign
For the three months ended 30th June	Stated	Revaluation	Fair Value	Currency		General	Retained	Total
Capital	Reserve	Reserve	Translation		Reserve	Earnings

				Reserve
	Rs.'000	Rs.'000	Rs.'000	Rs.'000		Rs.'000	Rs.'000	Rs.'000
As at 01st April 2023	620,578	5,609,333	(2,987)	(4,851)	4,929,464	2,547,742	13,699,279
Total comprehensive income
Profit for the period	-	-	-	-	-	128,965	128,965
Other comprehensive income, net of tax	-	-	1,837	(19,245)	-	-	(17,408)
	-	-	1,837	(19,245)	-	128,965	111,557
Dividends to equity holders
- 2022/23 Final dividend	-	-	-	-	-	(92,315)	(92,315)
As at 30th June 2023	620,578	5,609,333	(1,150)	(24,096)	4,929,464	2,584,392	13,718,521
As at 01st April 2024	620,578	7,134,773	(1,185)	(25,891)	4,929,464	2,770,216	15,427,955
Total comprehensive income
Profit for the period	-	-	-	-	-	(171,809)	(171,809)
Other comprehensive income, net of tax	-	-	7	28,586	-	-	28,593

	-	-	7	28,586	-	(171,809)	(143,216)
Dividends to equity holders
- 2023/24 Final dividend	-	-	-	-	-	(46,157)	(46,157)

As at 30th June 2024	620,578	7,134,773	(1,178)	2,695	4,929,464	2,552,250	15,238,582

Figures in brackets indicate deductions.

Diesel & Motor Engineering PLC

Interim Financial Statements - For the 3 months period ended 30th June 2024

Page 3 of 9

Statement of Cash Flows

	Group		Company
	Unaudited		Unaudited	Unaudited		Unaudited
	3 months to		3 months to	3 months to		3 months to

	30-06-2024		30-06-2023		30-06-2024			30-06-2023
	Rs.'000	Rs.'000	Rs.'000		Rs.'000
Cash Flows from Operating Activities


Profit/(loss) before tax	(633,936)		(96,877)		(235,520)		185,693
Adjustments for;
Depreciation on property, plant and equipment	114,633		144,814		87,267		82,388
Amortisation of intangible assets	18,548		1,845		18,496		1,802

Depreciation and derecognition of right-of-use assets	37,987		37,217		24,582		26,809

Exchange rates impact on term loan revaluation	(3,898)		(7,352)		(8,870)		7,853
Gains on sale of property, plant and equipment	(26,131)		(109)		(26,056)		(109)
Interest expenses	734,579		842,449		531,652		695,494
Finance income	(26,683)		(21,821)		(82,404)		(153,616)
Share of (gain)/loss of equity-accounted investees, net of tax	(8,952)		12,690		(8,952)		12,690
Impairment loss on trade receivables	101,576		69,823		63,991		42,279
Provision/(reversal) on inventories	39,706		12,293		7,611		(25,494)
Provision for employee benefits obligation excluding actuarial gain	57,303		64,840		50,773		56,579
	404,732		1,059,812		422,570		932,368
Changes in working capital
Decrease/(increase) in inventories	409,766		(431,091)		1,140,346		(619,390)
Increase in trade and other receivables	(1,648,236)		(389,684)		(2,228,202)		(281,911)
Increase in other current assets	(383,949)		(1,056,768)		(430,477)		(794,786)
(Increase)/decrease in amounts due from related parties	(32,491)		3,955		1,486,723		215,783
Increase in trade payables	801,291		613,643		919,962		541,690
Increase in other current liabilities	455,140		134,367		413,910		12,769
Increase/(decrease) in contract liabilities	186,768		(199,025)		274,971		(14,151)
Decrease in amounts due to related parties	(85,163)		(123,536)		(11,342)		(14,831)
Cash from / (used in) operating activities	107,858		(388,327)		1,988,461		(22,459)
Interest paid	(735,530)		(890,882)		(544,457)		(846,849)
Employee benefits paid	(54,692)		(27,124)		(52,937)		(24,051)
Income tax paid	(50,000)		(50,015)		-		-
Net cash used in operating activities	(732,364)		(1,356,348)		1,391,067		(893,359)
Cash Flows from Investing Activities
Net proceeds from sale of property, plant and equipment	26,175		2,325		26,056		2,325
Interest received	26,683		21,821		82,404		153,616
Investments in other financial assets	2,831		119,877		-		-
Net proceed from sale of equity securities	-		4,298		-		2,463
Acquisition and construction of property, plant and equipment and capital	(396,184)		(103,334)		(144,508)		(64,651)
work-in-progress

Acquisition of intangible assets and capital work-in-progress	(65,373)		(57,097)		(65,372)		(57,095)
Net cash used in investing activities	(405,868)		(12,110)		(101,420)		36,658
Cash Flows from Financing Activities
Proceeds from long-term borrowings	-		267,012		-		-
Repayment of long-term borrowings	(169,844)		(256,939)		(137,474)		(145,654)
Net movement of short-term borrowings	2,053,584		2,110,902		(821,713)		1,787,091
Repayment of lease liabilities	(50,059)		(59,990)		(34,514)		(38,855)

Dividend paid to equity holders of the parent	-		(92,314)		-		(92,314)
Net cash from financing activities	1,833,681		1,968,671		(993,701)		1,510,268
Net increase in cash and cash equivalents	695,449		600,213		295,946		653,567
Cash and cash equivalents as at 01st April	3,383,640		2,568,153		2,019,556		1,364,783
Effect of exchange rate changes on cash and cash equivalents	33,816		(24,520)		26,949		(19,245)
Cash and cash equivalents as at 30th June (Note-A)	4,112,905		3,143,846		2,342,451		1,999,105
Note - A
Analysis of Cash and Cash Equivalents as at 30th June
Cash and bank balances	4,416,820		3,215,633		2,401,576		2,009,447
Bank overdrafts	(303,915)		(71,787)		(59,125)		(10,342)
Cash and cash equivalents	4,112,905		3,143,846		2,342,451		1,999,105

Figures in brackets indicate deductions.

Diesel & Motor Engineering PLC

Interim Financial Statements - For the 3 months period ended 30th June 2024

Page 4 of 9

NOTES TO THE INTERIM FINANCIAL STATEMENTS

1. Corporate information

Diesel & Motor Engineering PLC (the Company) is a public limited liability Company, incorporated and domiciled in Sri Lanka. The registered office and principal place of business of the Company is located at No. 65, Jethawana Road, Colombo 14. The ordinary shares of the Company are listed at the Colombo Stock Exchange.

2. Basis of preparation

The interim condensed 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 group annual consolidated financial statements for the 3 months ended 30th June 2024.

These financial statements provide the information as required in terms of Rule 7.4 of the Colombo Stock Exchange.

3. Operating segment information

The operating business segments are organised and managed separately according to the nature of the products and services provided. The primary segment reporting format is determined based on products and services offered as the Group's risk and returns are affected predominantly by differences in the products and services offered.

4. Other information

4.1 Contingent liabilities

The Contingent liabilities as at 30th June 2024, on guarantees given by the Company in respect of bid bonds, performance bonds and advance payments amounted to Rs.5,034.7 million (Rs.5,491.4 million as at 31st March 2024).

4.2 Capital expenditure commitments

Capital expenditure committed, for which no provision has been made in the interim condensed financial statements, amounted to approximately Rs. 762.3 million (Rs. 1,039.4 million as at 31st March 2024).

4.3 Comparative information

Where necessary comparative figures have been reclassified to conform with the current period's presentation.

4.4 Investment and acquisition of subsidiaries

There has not been a change in the composition of the Group during the period ended 30th June 2024.

4.5 Finance cost

4.5.1 Net foreign exchange loss

The finance cost of the Group and the Company comprises a net foreign exchange loss amounting to Rs. 12 million (2023/24 - Rs. 28.2 million) and a net exchange gain of Rs. 9 million (2023/24 exchange loss - Rs. 6.9 million), respectively. The decrease in net foreign exchange loss was due to favourable and stabilized fluctuations in exchange rates, compared to same quarter in previous year.

4.5.2 Net interest cost

The interest cost of the Group decreased due to the decrease in interest rates compared to the same period in last financial period (2024/25 - Rs.715.9 million, 2023/24 - Rs. 807.4 million).

4.6 Dividend

The first and final dividend of Rs. 5/- per share, amounting to a total of Rs. 46.1 million for the financial year ended 31st March 2024, was declared on 20th June 2024 and paid on 19th July 2024.

4.7 Construction related businesses

Business segments & units related to construction industry were adversely affected due to the downturn in the country's construction sector, thus affecting the performance of subsidiaries.

4.8 Events occurring after the reporting period

There were no material events that occurred after the reporting date that require adjustments or disclosure to the Financial Statements for the period ended 30th June 2024.

Diesel & Motor Engineering PLC

Interim Financial Statements - For the 3 months period ended 30th June 2024

Page 5 of 9

NOTES TO THE FINANCIAL STATEMENTS

OPERATING SEGMENT INFORMATION

The Group comprises of the following main business segments.

Segment

Vehicle Sales

Automotive Engineering Solutions

Retail

Infrastructure Engineering

Agriculture

Power Engineering & Building Services

Healthcare

Product & Services

Sale of brand new vehicles, special purpose vehicles and pre-owned vehicles

Premium vehicles aftersales, mainstream vehicles aftersales, marine and general engineering, assembly of vehicles and pumps, recreation of vehicles (camper trailer) and education in engineering and automotive solutions

Sale of automotive parts, tyres, auto-care solutions, lighting products, power tools, home appliances, gardening and construction solutions

Sales and services of construction machinery, storage & material handling solutions, car parking solutions , projects in water & fluid management

Import, processing, distribution of fertilizer, seeds, agrochemical & plant nutrients, agri machinery, value-added organic food (fruits, vegetables, virgin coconut oil) products for export and local markets, trading of coconut based products, R&D techno parks, agri advisory services, agriculture pipes, advance agri technologies including micro-irrigation & greenhouse projects, processing & sales of coconut shell charcoal for local & export markets and operates customer experience centre.

Engineering and related solutions in power & energy, generation of solar power, building technologies , elevator and escalator solutions

Medical equipments, consumables, pharmaceuticals, cardiology devices and contrast mediums

	Vehicle Sales	Automotive Engineering	Retail		Infrastructure Engineering	Agriculture	Power Engineering & Building	Healthcare	Total
	Solutions		Services

For the period ended 30th June
2024	2023	2024	2023	2024		2023	2024	2023	2024	2023	2024		2023	2024	2023	2024		2023
	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000		Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000		Rs.'000	Rs.'000	Rs.'000	Rs.'000		Rs.'000
Business Segment Turnover and Results
Total segment revenue	452,650	787,392	1,679,843	1,612,980	1,864,250		1,587,229	407,000	1,060,757	4,457,591	3,051,620	787,635		711,509	488,470	793,254	10,137,439		9,604,741
Inter-segment revenue	(2)	(420)	(82,114)	(133,135)	(9,557)		(57,242)	(11,914)	(7,335)	(14,113)	(31,498)	(8,169)		(17,312)	-	(134)	(125,869)		(247,076)
Total external revenue	452,648	786,972	1,597,729	1,479,845	1,854,693		1,529,987	395,086	1,053,422	4,443,478	3,020,122	779,466		694,197	488,470	793,120	10,011,570		9,357,665
Segment results	16,399	6,844	450,689	352,105	274,666		208,516	6,943	147,035	(37,451)	468,383	(47,432)		32,589	6,652	206,784	670,466		1,422,256
Unallocated other income	-	-	-	-	-		-	-	-	-	-	-		-	-	-	145,636		123,162
Unallocated expenses	-	-	-	-	-		-	-	-	-	-	-		-	-	-	(751,094)		(778,811)
Unallocated Finance income	-	-	-	-	-		-	-	-	-	-	-		-	-	-	26,683		21,821
Unallocated Finance expenses	-	-	-	-	-		-	-	-	-	-	-		-	-	-	(734,579)		(866,753)
Share of results of equity-accounted investees	-	-	17,628	(6,429)	-		-	-	-	-	-	(8,676)		(12,123)	-	-	8,952		(18,552)

Income tax expense	-	-	-	-	-		-	-	-	-	-	-		-	-	-	169,449		14,418
Loss for the period	-	-	-	-	-		-	-	-	-	-	-		-	-	-	(464,487)		(82,459)
Business Segment Assets and Liabilities

Segment assets	687,278	498,795	3,170,210	1,581,741	5,077,252		2,505,776	2,107,338	3,547,062	12,436,852	6,203,489	2,975,677		4,748,636	2,290,708	1,166,198	28,745,315		20,251,697

Unallocated assets	-	-	-	-	-		-	-	-	-	-	-		-	-	-	22,851,128		21,387,660
Total assets	-	-	-	-	-		-	-	-	-	-	-		-	-	-	51,596,443		41,639,357
Segment liabilities	403,655	265,190	411,709	620,412	1,777,579		587,069	795,620	622,224	7,408,770	3,548,184	2,056,242		992,573	1,742,245	1,181,778	14,595,820		7,817,430

Unallocated liabilities	-	-	-	-	-		-	-	-	-	-	-		-	-	-	20,630,959		18,667,682
Equity	-	-	-	-	-		-	-	-	-	-	-		-	-	-	16,369,664		15,154,245
Total equity and liabilities	-	-	-	-	-		-	-	-	-	-	-		-	-	-	51,596,443		41,639,357
Other Information
Capital expenditure	5,134	647	28,475	3,912	526		789	-	-	26,665	52,577	17,750		1,623	-	8,645	78,550		68,194
Capital expenditure - new business initiatives	-	-	-	-	-		-	-	-	-	-	239,717		-	-	-	239,717		-

Unallocated capital expenditure	-	-	-	-	-		-	-	-	-	-	-		-	-	-	77,917		35,140
Depreciation and amortisation	3,034	3,294	16,245	20,874	6,536		8,041	4,633	4,631	13,998	5,738	5,751		6,568	6,339	2,305	56,535		51,451
Unallocated depreciation and amortisation	-	-	-	-	-		-	-	-	-	-	-		-	-	-	76,647		95,208

Diesel & Motor Engineering PLC

Interim Financial Statements - For the 3 months period ended 30th June 2024

Page 6 of 9

INVESTOR INFORMATION

Market Value of Shares

The market value of an ordinary share of Diesel & Motor Engineering PLC is as follows:

	Quarter to		Quarter to
	30-Jun-24		30-Jun-23
	Rs.		Rs.
Highest price per share	700.00	May 10, 2024	548.00	June 15, 2023
Lowest price per share	513.00	April 2, 2024	425.00	May 24, 2023
Last Traded price per share	655.25	June 28, 2024	490.00	June 28, 2023

Market Capitalisation

	As at	As at
	30-Jun-24	30-Jun-23
Market Capitalisation (Rs.'000)	6,048,936	4,523,432

Ratios	Group	Company

	30-Jun-24	30-Jun-23	30-Jun-24	30-Jun-23
E.P.S. Rs*	(49.42)	(7.82)	(18.61)	13.97
Net asset value per share*	1,725.41	1,601.76	1,650.72	1,486.06
Quick asset ratio	0.75	0.64	0.80	0.68
Interest cover (times)	0.14	0.88	0.56	1.27

Earnings & net assets per share are based on 9,231,494 shares in issue as at 30th June 2024.
The stated capital consists of 9,231,494 Ordinary shares.

Diesel & Motor Engineering PLC

Interim Financial Statements - For the 3 months period ended 30th June 2024

Page 7 of 9

Statement of share holding of Directors (Including Spouses)
		30th June 2024
Name	Shares	%
Mr.A.R.Pandithage	2,006,924	21.74%
Mr.A.G.Pandithage	593,695	6.43%
Mr.A.M.Pandithage	233,138	2.53%
Mr.C.R.Pandithage	228,144	2.47%
	3,061,901	33.17%

Mr. A. D. B. Talwatte, Dr. H. Cabral, Mr. B. C. S. A. P Gooneratne, Mr. H. M. A. Jayasinghe, Mr. P. K. W. Mahendra, Mr. S. R. W. M. C. Ranawana, Ms. D. N. K Kurukulasuriya and Mr. J. M. De Silva who are Directors of the Company did not hold any shares of the Company as at 30th June 2024.

Public holding %
As at 30th June 2024
Public Holding %	59.60%
Number of Public shareholders	2,189
Float Adjusted Market Capitalization (Rs.)	3,605,287,708

The Company complies with Option 03 of Listing Rules 2.1.2 A (i) (c), which stipulates that for a Float Adjusted Market Capitalization not exceeding Rs. 5 Billion and not equal to or less than Rs. 2.5 Billion, a minimum of 7.5% public holding is required.

Top twenty major shareholders
		30th June 2024
Name	Shares	%
Employee's Provident Fund	1,835,870	19.89%
Mr.A.R.Pandithage	1,030,882	11.17%
Mrs.J.C.Pandithage	976,042	10.57%
A & G Investments (Pvt) Ltd	667,395	7.23%
Mr.S.C.Algama	590,497	6.40%
Mr.A.G.Pandithage	546,846	5.92%
Mr.C.R.Pandithage	228,144	2.47%
Mr.A.N.Algama	222,288	2.41%
Almar Trading Co (Pvt) Ltd	198,900	2.15%
Mr.A.M.Pandithage	189,611	2.05%
Mr.T.G.H.Peries	189,407	2.05%
Mr.D.Jayanntha	166,400	1.80%
Miss.T.R.N.C.Peries	153,929	1.67%
Mr.N.U.Algama	123,598	1.34%
Seylan Bank PLC / Karagoda Loku Gamage Udayananda	85,200	0.92%
Mr.M.L.Algama	69,976	0.76%
Ms.L.S.Algama	69,975	0.76%
Bank Of Ceylon No. 1 Account	61,054	0.66%
Rubber Investment Trust Ltd A/C NO 01	52,761	0.57%
Mrs.I.S.Salgado	47,840	0.52%
Sub Total	7,506,615	81.32%
Others	1,724,879	18.68%
Total Issued Shares	9,231,494	100.00%

Diesel & Motor Engineering PLC

Interim Financial Statements - For the 3 months period ended 30th June 2024

Page 8 of 9

CORPORATE INFORMATION

Name of the Company

Diesel & Motor Engineering PLC

Legal Form

A Quoted Public Company with Limited Liability, incorporated in Sri Lanka in 1945.

Company Registration Number

PQ 146

Board of Directors

A. R. Pandithage - Dip. in Eng (Chairman)

A. G. Pandithage - FCMA ( Managing Director,Group Chief Executive Officer) A. M. Pandithage - Fellow of CILT (UK)

B. C. S. A. P. Gooneratne - FCA (ICASL), FCMA ,MBA (USJ) Dr. H. Cabral - PC, PhD ( University of Canberra)

P. K. W. Mahendra - B.Eng (University of Greenwich-UK)

S. R. W. M. C. Ranawana - MBA (Warnborough University-UK) A. D. B. Talwatte - FCMA (UK), FCA (ICASL), MBA (USJ)

J. M. De Silva - FBCS, FCIIT, FCITP.

D. N. K. Kurukulasuriya - Attorney at Law, EMBA (UWL).

C. R. Pandithage - BBCom (Monash University-Aus), MBA (RMIT University - Aus). H. M. A. Jayesinghe - FCA (ICASL), FCMA, CPFA

Company Secretary

B. C. S. A. P. Gooneratne - FCA (ICASL), FCMA ,MBA (USJ)

Registrars

Jacey and Company

No.9/5, Thambiah Avenue,

Off Independence Avenue,

Colombo 07, Sri Lanka

Audit Committee

A. D. B. Talwatte (Chairman)

A. M. Pandithage

Dr. H. Cabral

J. M. De Silva

H. M. A. Jayesinghe

Remuneration Committee

Dr. H. Cabral (Chairman)

A. M. Pandithage

A. D. B. Talwatte

J. M. De Silva

H. M. A. Jayesinghe

Nomination & Governance Committee

Dr. H. Cabral (Chairman)

A. M. Pandithage

A. D. B. Talwatte

J. M. De Silva

H. M. A. Jayesinghe

Group Management Committee

A. R. Pandithage (Chairman)

A. G. Pandithage

S. C. Algama

B. C. S. A. P. Gooneratne

P. K. W. Mahendra

S.R.W.M.C.Ranawana

D.N.K.Kurukulasuriya

C. R. Pandithage

R. K. J. Gunasekera

R.D.M.P. Wickramasinghe

H.M.P.D.B. Dematawa

G.P.M.S. Karunaratne

M. H. B. U. S. B. Mahagedara

M. D. H. Peiris

Bankers

Bank of Ceylon

Commercial Bank of Ceylon PLC

DFCC Bank PLC

Hatton National Bank PLC

Hong Kong & Shanghai Banking Corporation Ltd

Nations Trust Bank PLC

People's Bank

Sampath Bank PLC

Seylan Bank PLC

Standard Chartered Bank

Union Bank of Colombo PLC

Auditors

KPMG

Chartered Accountants,

P.O. Box 186,

No.32A, Sir Mohamed Macan Markar Mawatha,

Colombo 03, Sri Lanka

Lawyers

Julius & Creasy

Attorneys-at-law & Notaries Public,

Julius & Creasy Building,

No. 371, R.A. de Mel Mawatha,

Colombo 3 , Sri Lanka

Registered Office

P.O. Box 339, No. 65, Jetawana Road, Colombo 14, Sri Lanka

Telephone : +94-11- 2449797, +94-11- 2338883

Facsimile : +94-11-2449080

Website : www.dimolanka.com

E-mail : dimo@dimolanka.com

Related Party Transactions Review Committee

J. M. De Silva (Chairman)

A. M. Pandithage

Dr. H. Cabral

A. D. B. Talwatte

H. M. A. Jayesinghe

Diesel & Motor Engineering PLC

Interim Financial Statements - For the 3 months period ended 30th June 2024

Page 9 of 9

Earlier from Diesel & Motor Engineering

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