VIEWED QUARTER-3 1997/1998

SINGER THAILAND PUBLIC COMPANY LIMITED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) FOR THE NINE MONTHS ENDED 31 MARCH Consolidated Company 1998 1997 1998 1997 Baht Baht Baht Baht Share capital - ordinary shares Beginning balance 270,000,000 270,000,000 270,000,000 270,000,000 Addition during the period - - - - Ending balance 270,000,000 270,000,000 270,000,000 270,000,000 Additional paid-in capital Share premium Beginning balance 225,000,000 225,000,000 225,000,000 225,000,000 Addition during the period - - - - Ending balance 225,000,000 225,000,000 225,000,000 225,000,000 Surplus on revaluation of land Beginning balance 235,866,403 235,866,403 128,788,768 128,788,768 Deduction during the period (920,000) - (920,000) - Ending balance 234,946,403 235,866,403 127,868,768 128,788,768 Retained earnings Appropriated - legal reserve Beginning balance 27,000,000 27,000,000 27,000,000 27,000,000 Addition during the period - - - - Ending balance 27,000,000 27,000,000 27,000,000 27,000,000 Unappropriated retained earnings Beginning balance 1,650,118,799 1,541,696,211 1,598,960,890 1,499,899,677 Less: Dividends (162,000,000) (261,900,000) (162,000,000) (261,900,000) Add: Net income (loss) for the period (219,059,947) 402,949,054 (202,215,327) 390,611,435 Ending balance 1,269,058,852 1,682,745,265 1,234,745,563 1,628,611,112 TOTAL SHAREHOLDERS' EQUITY 2,026,005,255 2,440,611,668 1,884,614,331 2,279,399,880 SINGER THAILAND PUBLIC COMPANY LIMITED STATEMENTS OF RETAINED EARNINGS (UNAUDITED) FOR THE THREE MONTHS ENDED 31 MARCH Consolidated Company 1998 1997 1998 1997 Baht Baht Baht Baht Unappropriated retained earnings Beginning balance 1,171,280,225 1,528,961,388 1,135,363,517 1,479,504,767 Net income for the period 97,778,627 153,783,877 99,382,046 149,106,345 Unappropriated retained earnings 1,269,058,852 1,682,745,265 1,234,745,563 1,628,611,112 Appropriated retained earnings Legal reserve, beginning balance 27,000,000 27,000,000 27,000,000 27,000,000 Additional reserve for the period - - - - Appropriated retained earnings 27,000,000 27,000,000 27,000,000 27,000,000 Retained earnings 1,296,058,852 1,709,745,265 1,261,745,563 1,655,611,112 SINGER THAILAND PUBLIC COMPANY LIMITED STATEMENTS OF RETAINED EARNINGS (UNAUDITED) FOR THE NINE MONTHS ENDED 31 MARCH Consolidated Company 1998 1997 1998 1997 Baht Baht Baht Baht Unappropriated retained earnings Beginning balance 1,650,118,799 1,541,696,211 1,598,960,890 1,499,899,677 Net income (loss) for the period (219,059,947) 402,949,054 (202,215,327) 390,611,435 Dividends (162,000,000) (261,900,000) (162,000,000) (261,900,000) Unappropriated retained earnings 1,269,058,852 1,682,745,265 1,234,745,563 1,628,611,112 Appropriated retained earnings Legal reserve, beginning balance 27,000,000 27,000,000 27,000,000 27,000,000 Additional reserve for the period - - - - Appropriated retained earnings 27,000,000 27,000,000 27,000,000 27,000,000 Retained earnings 1,296,058,852 1,709,745,265 1,261,745,563 1,655,611,112 SINGER THAILAND PUBLIC COMPANY LIMITED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED 31 MARCH Consolidated Company 1998 1997 1998 1997 Baht Baht Baht Baht CASH FLOWS FROM OPERATING ACTIVITIES: Income before extraordinary item 44,767,707 153,783,877 46,109,496 149,106,345 Adjusted by: Depreciation 10,843,657 10,705,664 10,528,694 10,053,691 Amortisation of prepaid rent 5,755,008 6,922,480 5,755,008 6,922,480 Allowance for doubtful accounts 26,570,000 8,240,000 26,570,000 8,240,000 (Decrease) in allowance for inventory obsolescence (4,200,000) (500,000) (4,200,000) (500,000) Provision for diminution in value of other investment 1,000,000 - 1,000,000 - Gain on disposal of fixed assets (255,665) - (1,038,800) - Decrease (increase) in inventories 117,313,096 (236,512,415) 120,848,076 (227,002,291) Decrease (increase) in debtors and other current assets 312,867,900 (118,217,122) 303,337,123 (121,343,107) Increase in creditors and other current liabilities 99,579,015 449,440,715 104,862,803 427,464,895 (Decrease) increase in bank overdrafts and short-term loans (671,695,169) 126,666,381 (671,587,580) 146,342,966 (Decrease) in accrued income tax (42,270) (52,743,328) - (51,593,853) Net cash inflow (outflow) from operating activities (57,496,721) 347,786,252 (57,815,180) 347,691,126 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sales of fixed assets 1,920,300 - 1,920,300 - Purchases of fixed assets (7,110,148) (9,011,049) (6,818,417) (8,943,934) (Increase) in prepaid rent (2,044,000) (5,212,000) (2,044,000) (5,212,000) Decrease (increase) in receivable from and loans to employees 729,485 (749,244) 701,850 (413,150) Net cash (outflow) from investing activities (6,504,363) (14,972,293) (6,240,267) (14,569,084) SINGER THAILAND PUBLIC COMPANY LIMITED STATEMENTS OF CASH FLOWS (UNAUDITED) (Cont'd) FOR THE THREE MONTHS ENDED 31 MARCH Consolidated Company 1998 1997 1998 1997 Baht Baht Baht Baht CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of long-term loans (20,000,000) (240,000,000) (20,000,000) (240,000,000) Proceeds from long-term loans - 200,000,000 - 200,000,000 (Decrease) in employees security deposits and provident funds (26,357,469) (1,669,637) (26,346,216) (1,868,692) Redemption of debenture - (300,000,000) - (300,000,000) Net cash (outflow) from financing activities (46,357,469) (341,669,637) (46,346,216) (341,868,692) Decrease in cash and cash equivalents (110,358,553) (8,855,678) (110,401,663) (8,746,650) Cash and cash equivalents at beginning of the period 143,867,090 209,303,582 142,293,504 207,617,633 Cash and cash equivalents at end of the period 33,508,537 200,447,904 31,891,841 198,870,983 ADDITIONAL CASH FLOWS INFORMATION Interest paid during the period 102,350,123 113,218,397 98,508,451 110,513,836 Income tax paid during the period 811,277 112,244,010 91,277 108,947,010 SINGER THAILAND PUBLIC COMPANY LIMITED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS ENDED 31 MARCH Consolidated Company 1998 1997 1998 1997 Baht Baht Baht Baht CASH FLOWS FROM OPERATING ACTIVITIES: Income before extraordinary item (148,076,200) 402,949,054 (137,660,373) 390,611,435 Adjusted by: Depreciation 33,095,879 31,976,137 31,316,960 29,897,328 Amortisation of prepaid rent 19,799,371 19,847,604 19,799,371 19,847,604 Allowance for doubtful accounts 54,400,000 14,884,000 54,400,000 14,884,000 Increase (decrease) in allowance for inventory obsolescence 839,242 (2,709,662) 4,800,000 1,200,000 Provision for diminution in value of other investment 1,000,000 - 1,000,000 - Gain on disposal of fixed assets (936,260) - (1,719,395) - Decrease (Increase) in inventories 417,120,726 (63,740,261) 431,762,136 (54,233,827) Decrease (increase) in debtors and other current assets 1,073,584,920 (186,586,045) 982,224,460 (192,195,353) (Decrease) increase in creditors and other current liabilities (239,882,337) 90,681,089 (211,947,020) 25,181,921 (Decrease) in bank overdrafts and short-term loans (720,246,312) (138,539,782) (689,815,723) (67,646,009) (Decrease) in accrued income tax (95,271,531) (100,577,649) (94,263,432) (99,717,027) Cash flows from operating activities before extraordinary item 395,427,498 68,184,485 389,896,984 67,830,072 Realised loss from the change in exchange rate system (18,021,297) - (11,592,504) - Net cash inflow (outflow) from operating activities 377,406,201 68,184,485 378,304,480 67,830,072 SINGER THAILAND PUBLIC COMPANY LIMITED STATEMENTS OF CASH FLOWS (UNAUDITED) (Cont'd) FOR THE NINE MONTHS ENDED 31 MARCH Consolidated Company 1998 1997 1998 1997 Baht Baht Baht Baht CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sales of fixed assets 2,724,982 - 2,724,982 - Purchases of fixed assets (28,113,847) (56,372,124) (27,567,425) (56,139,786) (Increase) in prepaid rent (11,445,708) (22,289,040) (11,445,708) (22,289,040) Decrease (increase) in receivable from and loans to employees 411,698 (1,806,706) 266,417 (507,550) (Increase) in investment in subsidiaries - - (1,248,000) - Net cash in flow (outflow) from investing activities (36,422,875) (80,467,870) (37,269,734) (78,936,376) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of long-term loans (340,000,000) (404,000,000) (340,000,000) (404,000,000) Proceeds from long-term loans 180,225,000 1,062,600,000 180,225,000 1,062,600,000 Increase (decrease) in employees security deposits and provident funds (40,072,428) 41,096,945 (40,066,973) 40,066,509 Redemption of debenture - (300,000,000) - (300,000,000) Dividends paid (151,272,084) (267,460,066) (151,272,084) (267,460,066) Net cash inflow (outflow) from financing activities (351,119,512) 132,236,879 (351,114,057) 131,206,443 Increase (decrease) in cash and cash equivalents (10,136,186) 119,953,494 (10,079,311) 120,100,139 Cash and cash equivalents at beginning of the period 43,644,723 80,494,410 41,971,152 78,770,844 Cash and cash equivalents at end of the period 33,508,537 200,447,904 31,891,841 198,870,983 ADDITIONAL CASH FLOWS INFORMATION Interest paid during the period 329,905,283 327,908,606 320,854,933 319,710,884 Income tax paid during the period 97,811,940 273,279,372 94,495,155 266,046,892 (More)