Diesel & Motor Engineering PlcCSELK: DIMO.N0000

Interim financial statements for the 6 months period ended 30th sep 2024

Nov 14, 2024 at 9:58 AM UTC · Issued by Diesel & Motor Engineering PLC

DIESEL & MOTOR ENGINEERING PLC

INTERIM FINANCIAL STATEMENTS - FOR THE 06 MONTHS PERIOD ENDED 30TH SEPTEMBER 2024

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Group						Group
Audited			Unaudited	Unaudited				Unaudited		Unaudited
Year ended			6 months ended 6 months ended		Variance		3 months ended		3 months ended	Variance
31-03-2024			30-09-2024	30-09-2023	%	30-09-2024	30-09-2023	%
Rs.'000			Rs.'000	Rs.'000				Rs.'000		Rs.'000
43,644,295		Revenue	21,518,668	19,652,459	9	11,507,098	10,294,794	12
(31,790,151)	Cost of sales	(16,194,026)	(14,066,533)	15	(8,514,682)	(7,555,091)	13

11,854,144		Gross profit	5,324,642	5,585,926	(5)	2,992,416	2,739,703	9
575,243		Other operating income	285,556	437,614	(35)	139,920	314,452	(56)
(884,002)	Selling and distribution expenses	(639,336)	(471,473)	36	(346,123)	(253,096)	37
(105,241)	Impairment (loss)/reversal on trade receivables	(37,134)	(93,230)	(60)	64,442	(23,407)	(375)
(8,354,442)	Administrative expenses	(4,257,665)	(4,249,817)	0	(2,239,600)	(2,335,237)	(4)

3,085,702		Operating profit	676,063	1,209,020	(44)	611,055	442,415	38
58,173		Finance income	50,150	151,490	(67)	23,467	157,932	(85)
(2,992,174)	Finance costs	(1,292,895)	(1,646,055)	(21)	(558,316)	(807,564)	(31)

(2,934,001)	Net finance costs	(1,242,745)	(1,494,565)	(17)	(534,849)	(649,632)	(18)

31,410		Share of results of equity-accounted investees, net of tax	29,334	(5,752)	(610)	20,382	12,800	59

183,111		Profit/(loss) before tax	(537,348)	(291,297)	84	96,588	(194,417)	(150)
(90,506)	Income tax reversal/(expense)	166,543	37,081	349	(2,906)	22,663	(113)

92,605	Profit/(loss) for the period	(370,805)	(254,216)	46	93,682	(171,754)	(155)
		Other comprehensive income

		Items that will not be reclassified to profit or loss in
		subsequent periods
(83,285)	Remeasurement loss on defined benefit obligation	-	-	-	-	-	-
24,986		Deferred tax reversal on actuarial gain	-	-	-	-	-	-
2,208,774		Revaluation of freehold land	-	-	-	-	-	-
(665,654)	Deferred tax charge on land revaluation	-	-	-	-	-	-
2,687		Net change in fair value of equity investments at FVOCI	3	1,837	(100)	(4)	-	(100)

1,487,508			3	1,837			(4)	-
		Items that are or may be reclassified to profit or loss

		in subsequent periods

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

(53,543)

1,433,965	Total other comprehensive income for the period, net
of tax

1,526,570	Total comprehensive income for the period

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

92,605
	Total comprehensive income / (loss) attributable to:
1,477,282	Equity holders of the parent
49,288	Non-controlling interest

1,526,570

4.65 Basic and diluted earnings per share (Rs.) Figures in brackets indicate deductions

21,814	(70,743)	131	(9,852)	(41,204)	(76)

21,814	(70,743)		(9,852)	(41,204)

21,817	(68,906)	132	(9,856)	(41,204)	(76)

(348,988)	(323,122)	8	83,826		(212,958)	(139)
(355,093)	(253,764)		101,081	(181,553)
(15,712)	(452)		(7,399)	9,798

(370,805)	(254,216)		93,682		(171,754)
(337,229)	(322,679)		90,708	(222,263)
(11,759)	(443)		(6,882)	9,304

(348,988)	(323,122)		83,826		(212,958)
(38.47)	(27.49)		10.95	(19.67)

Diesel & Motor Engineering PLC

Interim Financial Statements - For the 6 months period ended 30th September 2024

Page 1 of 10

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Company

Audited Year ended 31-03-2024 Rs.'000

32,557,940	Revenue
(23,364,689)	Cost of sales

9,193,251	Gross profit
771,686	Other operating income
(804,412)	Selling and distribution expenses
(50,790)	Impairment (loss)/reversal on trade receivables
(6,773,205)	Administrative expenses

2,336,530	Operating profit
669,087	Finance income
(2,519,671)	Finance costs

(1,850,584)	Net finance costs

31,410	Share of results of equity-accounted investees, net of tax

517,356	Profit/(loss) before tax
(159,332)	Income tax reversal/(expense)

358,024	Profit/(loss) for the period
	Other comprehensive income

	Items that will not be reclassified to profit or loss in
	subsequent periods
(63,026)	Remeasurement loss on defined benefit obligation
18,908	Deferred tax reversal on actuarial gain
2,179,200	Revaluation of freehold land
(653,760)	Deferred tax charge on land revaluation
2,687	Net change in fair value of equity investments at FVOCI

1,484,009

	Items that are or may be reclassified to profit or loss
	in subsequent periods
(21,040)	Foreign currency translation differences of foreign
operations

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

1,820,993	Total comprehensive income for the period

38.78 Basic and diluted earnings per share (Rs.) Figures in brackets indicate deductions

Company

Unaudited	Unaudited				Unaudited		Unaudited
6 months ended	6 months ended		Variance	3 months ended		3 months ended	Variance
30-09-2024	30-09-2023	%		30-09-2024	30-09-2023	%
Rs.'000	Rs.'000				Rs.'000		Rs.'000
16,823,287	14,738,230	14		8,729,552	7,942,320	10
(12,567,740)	(10,232,918)	23		(6,337,542)	(5,706,770)	11
4,255,547	4,505,312	(6)		2,392,010		2,235,550	7
559,064	432,380	29		273,720	224,593	22
(552,752)	(429,821)	29		(312,577)	(255,276)	22
10,004	(50,967)	(120)		73,995	(8,688)	(952)
(3,413,474)	(3,377,948)	1		(1,773,535)	(1,870,058)	(5)
858,389	1,078,956	(20)		653,613		326,121	100
136,783	380,188	(64)		54,379	233,543	(77)
(991,986)	(1,351,106)	(27)		(460,334)	(655,871)	(30)
(855,203)	(970,918)	(12)		(405,955)		(422,328)	(4)
29,334	(5,752)	(610)		20,382		12,800	59

32,520	102,286	(68)		268,040	(83,407)	(421)
658	(33,021)	(102)		(63,053)	23,707	(366)
33,178	69,265	(52)		204,987		(59,700)	(443)
-	-	-		-		-	-
-	-	-		-	-	-
-	-	-		-	-	-
-	-	-		-	-	-
3	1,837	(100)		(4)	-	(100)
3	1,837				(4)		-
23,340	3,991	(485)		(5,246)		23,236	(123)

23,340	3,991				(5,246)	23,236
23,343	5,828	(301)		(5,250)		23,236	(123)

56,521	75,093	(25)		199,737		(36,464)	(648)
3.59	7.50				22.21	(6.47)

Diesel & Motor Engineering PLC

Interim Financial Statements - For the 6 months period ended 30th September 2024

Page 2 of 10

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		30-09-2024		30-09-2023	30-09-2024		30-09-2023
Rs.'000	Rs.'000		Rs.'000	Rs.'000	Rs.'000	Rs.'000
		ASSETS
17,492,521	16,270,067	Property, plant and equipment	18,063,219		15,074,271	16,235,724		13,877,089
558,976	381,666	Right-of-use assets	537,672		601,665	333,158		414,283
1,616,535	700,147	Intangible assets and goodwill	2,105,169		1,559,955	788,876		643,432
-	1,656,292	Investments in subsidiaries	-		-	1,956,292		1,669,224
148,877	148,877	Investments in equity accounted investees	178,084		103,186	178,084		103,186
136	136	Equity securities	139		134	139		134
12,225	-	Other financial assets	9,182		15,452	-		-
791,155	-	Deferred tax assets	1,073,197		697,592	-		-

20,620,425	19,157,185	Total non-current assets	21,966,662		18,052,255	19,492,273		16,707,348

9,717,071	7,209,835	Inventories	11,141,946		10,988,781	7,418,551		7,497,294
11,630,934	6,963,984	Trade and other receivables	13,229,782		8,013,007	9,010,025		5,174,302
3,029,589	1,614,169	Other current assets	4,380,333		3,767,731	2,441,756		2,019,889
116,705	16,632	Income tax receivable	110,879		114,827	16,433		18,905
32,696	4,023,211	Amounts due from related parties	33,209		47,413	2,767,749		3,265,645
4,306	-	Other financial assets	3,925		4,628	-		-
3,841,272	2,152,229	Cash and cash equivalents	2,953,557		3,164,798	1,381,421		2,159,477

28,372,573	21,980,060	Total current assets	31,853,631		26,101,185	23,035,935		20,135,512

48,992,998	41,137,245	TOTAL ASSETS	53,820,293		44,153,440		42,528,208		36,842,860

EQUITY AND LIABILITIES

EQUITY

620,578	620,578	Stated capital
7,102,059	7,107,697	Other components of equity
8,679,535	7,699,680	Revenue reserves
		Equity attributable to equity holders of
16,402,172	15,427,955
the parent

620,578	620,578	620,578	620,578
7,119,923	5,545,642	7,131,040	5,607,323
8,281,775	8,397,686	7,686,701	7,454,156

16,022,276	14,563,906	15,438,319	13,682,057

446,463	-	Non-controlling interests	531,214	366,752	-	-

16,848,635	15,427,955	TOTAL EQUITY	16,553,490	14,930,658	15,438,319	13,682,057

2,114,973	1,899,630	Interest bearing borrowings	2,017,916	1,125,650	1,595,723	863,625
517,967	373,096	Lease liabilities	524,268	307,153	339,398	140,508
1,241,371	1,085,397	Employee benefits	1,288,135	1,063,479	1,121,383	932,627
2,860,303	2,860,303	Deferred tax liabilities	2,911,484	2,168,825	2,852,105	2,099,139
868,681	95,090	Contract liabilities	433,506	187,166	202,113	3,358

7,603,295	6,313,516	Total non-current liabilities	7,175,309	4,852,273	6,110,722	4,039,257

1,155,556	589,211	Trade payables	793,395	1,145,614	536,904	887,020
1,840,166	1,322,926	Other current liabilities	2,236,460	3,260,364	1,622,429	1,842,203
750,758	642,253	Current portion of long-term interest bearing	777,690	589,326	635,731	466,699
borrowings

158,872	93,047	Lease liabilities	136,369	402,344	80,057	350,291
854,855	691,577	Contract liabilities	1,888,584	1,052,718	1,198,497	428,600
67,636	-	Income tax payable	46,965	35,767	7,540	-
19,529,060	16,008,047	Short-term interest-bearing borrowings	24,113,377	17,733,009	16,776,322	15,086,026
184,165	48,713	Amounts due to related parties	98,654	151,367	121,687	60,707

24,541,068	19,395,774	Total current liabilities	30,091,494	24,370,509	20,979,167	19,121,546

32,144,363	25,709,290	Total liabilities	37,266,803	29,222,782	27,089,889	23,160,803

48,992,998	41,137,245	TOTAL EQUITY AND LIABILITIES	53,820,293	44,153,440	42,528,208	36,842,860

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
14th November 2024

Diesel & Motor Engineering PLC

Interim Financial Statements - For the 6 months period ended 30th September 2024

Page 3 of 10

Statement of Changes in Equity

Group

		Other Components of Equity		Revenue Reserves
				Foreign				Non-
							Controlling
For the six months ended 30th September	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
Loss for the year	-	-	-	-	-	(253,764)	(452)	(254,216)
Other comprehensive income, net of tax	-	-	1,837	(70,743)	-	-	9	(68,897)
	-	-	1,837	(70,743)	-	(253,764)	(443)	(323,113)
Dividends to equity holders
- 2022/23 Final dividend	-	-	-	-	-	(92,315)	(10,132)	(102,447)

As at 30th September 2023	620,578	5,618,699	(233)	(72,824)	5,392,290	3,005,396	366,752	14,930,658
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	-	-		-	-	(355,093)	(15,712)	(370,805)
Other comprehensive income, net of tax	-	-	3	17,861	-	-	3,953	21,817

	-	-	3	17,861	-	(355,093)	(11,759)	(348,988)
Dividends to equity holders
- 2023/24 Final dividend	-	-	-	-	-	(46,157)	-	(46,157)
Transactions due to change in group holdings
Shares issued by subsidiaries to non-controlling interest	-	-	-	-	-	-	100,000	100,000
Changes in group holdings							3,490	(3,490)	-
Total contributions and distributions	-	-	-	-	-	(42,667)	96,510	53,843
As at 30th September 2024	620,578	7,157,700	(265)	(37,512)	5,392,290	2,889,485	531,214	16,553,490

Company

		Other Components of Equity		Revenue Reserves

				Foreign
For the six months ended 30th September	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	-	-	-	-	-	69,265	69,265
Other comprehensive income, net of tax	-	-	1,837	3,991	-	-	5,828
	-	-	1,837	3,991	-	69,265	75,093
Dividends to equity holders
- 2022/23 Final dividend	-	-	-	-	-	(92,315)	(92,315)
As at 30th September 2023	620,578	5,609,333	(1,150)	(860)	4,929,464	2,524,692	13,682,057
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	-	-	-	-	-	33,178	33,178
Other comprehensive income, net of tax	-	-	3	23,340	-	-	23,343

	-	-	3	23,340	-	33,178	56,521
Dividends to equity holders
- 2023/24 Final dividend	-	-	-	-	-	(46,157)	(46,157)

As at 30th September 2024	620,578	7,134,773	(1,182)	(2,551)	4,929,464	2,757,237	15,438,319

Figures in brackets indicate deductions.

Diesel & Motor Engineering PLC

Interim Financial Statements - For the 6 months period ended 30th September 2024

Page 4 of 10

Statement of Cash Flows

	Group		Company
	Unaudited			Unaudited	Unaudited			Unaudited
	6 months ended			6 months ended	6 months ended			6 months ended

	30-09-2024			30-09-2023			30-09-2024			30-09-2023
	Rs.'000			Rs.'000	Rs.'000			Rs.'000


Cash Flows from Operating Activities
Profit/(loss) before tax	(537,348)	(291,297)			32,520		102,286

Adjustments for;
Depreciation on property, plant and equipment	238,479	227,851			183,475		165,967
Amortisation of intangible assets	37,121	3,674			37,028		2,396

Depreciation and derecognition of right-of-use assets	75,308	75,648			46,983		52,570
Exchange rates impact on term loan revaluation	5,304	1,763			7,305		3,555
Gains on sale of property, plant and equipment	(29,518)	(2,323)			(28,225)		(218)
Interest expenses	1,292,895	1,640,063			991,986		1,350,632
Finance income	(50,150)	(43,194)			(136,783)		(279,537)
Dividend income	-	-			-		(38,578)
Share of (gain)/loss of equity-accounted investees, net of tax	(29,334)	5,752			(29,334)		5,752
Impairment reversal /(loss) on trade receivables	37,134	93,230			(10,004)		50,967
(Reversal) /Provision on inventories	(26,327)	70,434			(103,096)		(110,054)
Provision for employee benefits obligation excluding actuarial gain	116,599		129,675			101,530		113,155
	1,130,163	1,911,276			1,093,385		1,418,893
Changes in working capital
Increase in inventories	(1,398,548)	(1,080,749)			(105,620)		(1,283,853)

Increase in trade and other receivables	(1,635,982)	(1,294,576)			(2,036,037)		(918,348)

Increase in other current assets	(1,394,230)			(1,280,554)			(827,347)		(1,091,671)
(Increase)/decrease in amounts due from related parties	(513)	5,793			1,195,462		(442,405)
Decrease in trade payables	(368,195)	(361,319)			(37,255)		(57,525)
Increase in other current liabilities	216,294	307,865			299,503		59,224
Increase/(decrease) in contract liabilities	593,123	(372,628)			597,672		(50,803)
Decrease in amounts due to related parties	(85,511)		(294,493)			(107,026)		(26,402)
Cash from / (used in) operating activities	(2,943,399)	(2,459,385)			72,737		(2,392,890)
Interest paid	(1,235,416)	(1,348,984)			(953,239)		(1,336,182)
Employee benefits paid	(69,834)	(56,557)			(65,544)		(50,431)
Income tax paid	(84,429)		(112,910)			-		-
Net cash used in operating activities	(4,333,078)	(3,977,836)			(946,046)		(3,779,503)
Cash Flows from Investing Activities
Net proceeds from sale of property, plant and equipment	66,150	6,600			62,902		-
Dividends received	-	-			-		38,578
Interest received	43,689	43,194			120,443		279,537
Investment in subsidiaries and equity accounted investees	-	-			(60,000)		-
Acquisition and construction of property, plant and equipment and capital	(846,720)	(835,818)			(183,151)		(464,259)
work-in-progress

Acquisition of intangible assets and capital work-in-progress	(185,755)		(136,694)			(125,756)		(136,523)
Net cash used in investing activities	(922,636)	(922,718)			(185,562)		(282,667)
Cash Flows from Financing Activities
Proceeds from long-term borrowings	300,000	87,523			-		-
Repayment of long-term borrowings	(368,331)	(341,829)			(302,560)		(282,147)
Net movement of short-term borrowings	4,559,232	5,644,105			838,444		5,106,957
Repayment of lease liabilities	(102,970)	(88,060)			(69,087)		(72,677)

Dividend paid to equity holders of the parent	(44,910)	(102,447)			(44,910)		(90,364)
Net cash from financing activities	4,343,021	5,199,292			421,887		4,661,769
Net (decrease)/increase in cash and cash equivalents	(912,693)	298,738			(709,721)		599,599
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	25,862	(77,995)			24,322		(2,458)
Cash and cash equivalents as at 30th September (Note-A)	2,496,809		2,788,896			1,334,157		1,961,924
Note - A
Analysis of Cash and Cash Equivalents as at 30th September
Cash and bank balances	2,953,557	3,164,798			1,381,421		2,159,477
Bank overdrafts	(456,748)	(375,902)			(47,264)		(197,553)
Cash and cash equivalents	2,496,809		2,788,896			1,334,157		1,961,924

Figures in brackets indicate deductions.

Diesel & Motor Engineering PLC

Interim Financial Statements - For the 6 months period ended 30th September 2024

Page 5 of 10

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 September 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 September 2024, on guarantees given by the Company in respect of bid bonds, performance bonds and advance payments amounted to Rs.5,443.3 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. 357.6 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. These reclassifications were made to provide a more accurate reflection of the nature of each expense and asset category. The reclassifications have no impact on the reported profit/(loss) and net assets of the comparative period.

4.4 Changes in accounting estimates

The Group revised its inventory provisioning rates effective from 30th September 2024 to align with current market trends. This change in estimate is applied prospectively, and its impact on the financial performance for the current period is reflected in these financial statements.

4.5 Investment in subsidiaries

During the period ended 30 September 2024, DIMO Lifeline (Pvt) Ltd issued shares amounting to Rs. 400 million. Diesel & Motor Engineering PLC holds a 75% ownership stake in DIMO Lifeline (Pvt) Ltd, representing shares valued at Rs. 300 million.

There has been no change in the Group structure compared to the disclosures in the audited financial statements for the year ended 31 March 2024.

4.6 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.1,259.7 million, 2023/24 - Rs. 1,607.7 million).

4.7 Construction and engineering related businesses

Business segments & units related to construction and engineering 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 September 2024.

Diesel & Motor Engineering PLC

Interim Financial Statements - For the 6 months period ended 30th September 2024

Page 6 of 10

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, sale of value-added organic food (fruits, vegetables) products for local market , 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 market 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

The Group has introduced an "Other" category in the segment report for the period ended 30 September 2024. This category includes segment performances that do not meet the quantitative thresholds for separate disclosure. This reclassification ensures a clearer representation of segment performance and aligns with the Group's internal reporting structure.

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

For the period ended 30th September
2024	2023	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	Rs.'000		Rs.'000
Business Segment Turnover and Results
Total segment revenue	1,997,405	1,794,526	3,877,740		3,349,242	4,198,541		3,524,268	967,420	1,862,088	7,480,914	6,423,430	2,174,220	2,048,742	1,263,329	1,155,557	174,578		61,108	22,134,148		20,218,961
Inter-segment revenue	(232,184)	(56,824)	(257,065)		(300,837)	(18,133)		(108,727)	(28,926)	(16,165)	(35,483)	(58,502)	(43,688)	(25,446)	-	-	-		-	(615,480)		(566,502)
Total external revenue	1,765,221	1,737,702	3,620,675		3,048,405	4,180,408		3,415,541	938,494	1,845,923	7,445,431	6,364,928	2,130,532	2,023,296	1,263,329	1,155,557	174,578		61,108	21,518,668		19,652,459
Segment results	255,815	79,801	1,074,996		659,683	631,668		473,853	43,800	225,253	315,689	890,294	58,578	271,091	143,385	379,348	(166,433)		(112,079)	2,357,498		2,867,245
Unallocated other income	-	-	-		-	-		-	-	-	-	-	-	-	-	-	-		-	285,556		437,614
Unallocated expenses	-	-	-		-	-		-	-	-	-	-	-	-	-	-	-		-	(1,966,991)		(2,095,839)
Unallocated Finance income	-	-	-		-	-		-	-	-	-	-	-	-	-	-	-		-	50,150		151,490
Unallocated Finance expenses	-	-	-		-	-		-	-	-	-	-	-	-	-	-	-		-	(1,292,895)		(1,646,055)
Share of results of equity-accounted investees	-	-	37,254		(1,610)	-		-	-	-	-	-	(7,920)	(4,142)	-	-	-		-	29,334		(5,752)
Income tax expense	-	-	-		-	-		-	-	-	-	-	-	-	-	-	-		-	166,543		37,081
Loss for the period	-	-	-		-	-		-	-	-	-	-	-	-	-	-	-		-	(370,805)		(254,216)

Business Segment Assets and Liabilities
Segment assets	969,068	615,571	3,938,579		1,989,651	5,079,450		4,214,915	3,028,429	2,830,935	11,553,201	9,878,080	3,975,051	3,688,317	3,022,137	1,828,809	647,786		355,016	32,213,702		25,401,294
Unallocated assets	-	-	-		-	-		-	-	-	-	-	-	-	-	-	-		-	21,606,591		18,752,146
Total assets	-	-	-		-	-		-	-	-	-	-	-	-	-	-	-		-	53,820,293		44,153,440
Segment liabilities	1,025,448	386,786	1,324,868		228,267	2,659,036		549,434	801,153	180,136	6,885,962	3,318,030	1,625,842	1,248,089	1,737,169	971,310	359,260		355,016	16,418,738		7,237,067
Unallocated liabilities	-	-	-		-	-		-	-	-	-	-	-	-	-	-	-		-	20,848,065		21,985,715
Equity	-	-	-		-	-		-	-	-	-	-	-	-	-	-	-		-	16,553,490		14,930,658
Total equity and liabilities	-	-	-		-	-		-	-	-	-	-	-	-	-	-	-		-	53,820,293		44,153,440
Other Information
Capital expenditure	4,981	647	37,182		10,875	11,383		4,979	1,044	1,199.50	119,227	47,394	168,875	1,258	59,887	860	6,695		-	409,272		67,213

Capital expenditure - new business initiatives	-	-	-		-	-		-	-	-	-	-	239,717	-	-	-	-		-	239,717		-


Unallocated capital expenditure	-	-	-		-	-		-	-	-	-	-	-	-	-	-	-		-	197,731		768,605
Depreciation and amortisation	6,317	8,540	36,417		41,307	6,561		15,964	9,192	18,095	60,307	34,229	14,857	14,191	877	4,057	9,527		2,423	144,054		138,806
Unallocated depreciation and amortisation	-	-	-		-	-		-	-	-	-	-	-	-	-	-	-		-	131,546		92,719

Diesel & Motor Engineering PLC

Interim Financial Statements - For the 6 months period ended 30th September 2024

Page 7 of 10

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-Sep-24		30-Sep-23
	Rs.		Rs.
Highest price per share	670.00	July 1, 2024	625.00	August 14, 2023
Lowest price per share	514.00	August 30, 2024	475.00	July 4, 2023
Last Traded price per share	594.25	September 30, 2024	582.25	September 27, 2023

Market Capitalisation

	As at	As at
	30-Sep-24	30-Sep-23
Market Capitalisation (Rs.'000)	5,485,815	5,375,037

Ratios	Group	Company

	30-Sep-24	30-Sep-23	30-Sep-24	30-Sep-23
E.P.S. Rs*	(38.47)	(27.49)	3.59	7.50
Net asset value per share*	1,735.61	1,577.63	1,672.35	1,482.11
Quick asset ratio	0.69	0.62	0.74	0.66
Interest cover (times)	0.58	0.81	1.03	1.08

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

Diesel & Motor Engineering PLC

Interim Financial Statements - For the 6 months period ended 30th September 2024

Page 8 of 10

Statement of share holding of Directors (Including Spouses)
		30th September 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 September 2024.

Public holding %
As at 30th September 2024
Public Holding %	59.60%
Number of Public shareholders	2,231
Float Adjusted Market Capitalization (Rs.)	3,269,656,193

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 September 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%

Bank of Ceylon No. 01 Account sold a total of 61,054 shares on 27th September 2024. Mr. G.B.D. Thilakaratne purchased the entire quantity disposed of by Bank of Ceylon. On the same date, Mr. G.B.D. Thilakaratne increased his shareholding to 65,000 by acquiring additional shares from minority shareholders. The CDS records were updated on 1st October 2024.

Diesel & Motor Engineering PLC

Interim Financial Statements - For the 6 months period ended 30th September 2024

Page 9 of 10

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