DIMO’s commitment to Integrated Reporting best practices underpins continuous recognition in financial reporting excellence
Corporate reporting has been moving from monetary reporting to value reporting during the past few years. DIMO was one of the first companies to recognise the value of value- based reporting and compile its first integrated report over a decade ago. With its pioneering work and affiliation with the International Integrated Reporting Council based in the UK, DIMO has been compiling award winning integrated reports for many years.
DIMO emphasized that adopting best practices of integrated reporting is the cornerstone of its Annual Reports being recognised and celebrated every year with multiple awards. This has helped the company to become a leader in elevating the integrated reporting standards in Sri Lanka.
The latest victory in this sphere was achieved when DIMO bagged the ‘Overall Winner – Gold Award’ at the recently held CMA Excellence in Integrated Reporting Awards 2022. The company also won four other awards which included ‘Best Integrated Report – Diversified Holdings Sector’, ‘Five Excellent Integrated Reports’, a Special Award for ‘Integrated Thinking’ and another Special Award for ‘Best Concise Integrated Report’ for its 2021/2022 Annual Report.
DIMO’s 2021/2022 Annual Report highlights many bold and positive sentiments despite the economic downturn in the country, capturing the opportunities available to drive the DIMO Group into the future, under the theme “Sri Lanka is full of opportunity”.
Sharing his thoughts about the company’s winning mantra, Director/CFO of DIMO, Mr. Suresh Gooneratne stated, “DIMO’s commitment to complying with Integrated Reporting principles, while bringing innovation into financial reporting, has helped us to consistently deliver unique integrated reports in a transparent and responsible manner for the benefit of our stakeholders. Over the years, such efforts have been recognized time and time again by numerous awards for our Annual Reports. We have been able to fuel the dreams and aspirations of all stakeholders by demonstrating our commitment to being a benchmark as a responsible corporate entity.”
An integrated annual report indicates that a company is able to focus on all its monetised and non-monetised aspects in the same mindset. This helps companies to communicate their value creation ability in the short, medium and long term. DIMO has appropriately articulated this concept in its award-winning 2021/2022 Annual Report and has featured Sri Lanka’s first independently assured statement of ESG performance, which evaluates environmental, social and governance aspects relating to the activities of the organization.
DIMO is also focused on communicating the value of the organization as a whole, quality of its capitals and how these aspects work together to create value. Stakeholders are the providers of inputs for the value creation process and DIMO’s Annual Report successfully projects how these stakeholder engagement processes take place, highlighting their expectations for the company.
Conciseness is another feature that facilitates integrated reporting and DIMO has excelled in the field of financial reporting by providing all organizational material aspects in a clear and simple manner while eliminating unnecessary information. This has enabled the company’s Annual Report to become a concise, transparent and relevant document.
Achieving excellence in integrated reporting was made possible with the presentation of a clear strategic perspective of the company to accelerate the move towards sustainable business models while driving its Sustainability Agenda that positions DIMO as a responsible corporate citizen in Sri Lanka.
DIMO wins multiple awards at the CMA Excellence in Integrated Reporting Awards 2022, including the ‘Overall Winner – Gold Award’.
Diesel & Motor Engineering PLC (DIMO) is involved in a number of related fields and represents many prestigious principals – Mercedes-Benz, Siemens, Jeep, KSB, TATA Motors, MTU, Komatsu, Michelin, Zeiss, MRF, Bomag, Claas, TK Elevator, Mahindra Tractors and Stanley to name a few. From a company known for vehicles, DIMO today has diversified into many areas. Medical Engineering, Building Management Systems and Services, Power Generation and Distribution, Material Handling, Storage and Warehouse solutions, Power Tools, Agricultural Equipment, Total Lighting Solutions, Power systems and Generators, Refrigeration, Ship Repairing and Driver Training Courses are some of the areas into which DIMO has entered during the past few decades. DIMO has also diversified into fertilizer and agriculture input market. DIMO successfully entered into overseas markets in the Maldives and Myanmar, by expanding their Marine and General Engineering services through partnerships in the Maldives and their automobiles and automobile servicing segments into Myanmar. DIMO is currently working to consolidate on current overseas operations with new markets in East Africa.