17 May 1999
CONSOLIDATED FINANCIAL STATEMENTS FIRST QUARTER
AUDITOR'S REPORT ON REVIEW OF THE INTERIM FINANCIAL STATEMENTS
To the Shareholders of Singer Thailand Public Company Limited
I have performed a review of the accompanying consolidated and company balance sheets of Singer
Thailand Public Company Limited as at 31 March 1999 and 1998, and the related consolidated and
company statements of income, changes in shareholders' equity, retained earnings and cash flows for the
three-month periods then ended. These interim financial statements are the responsibility of the
Company's management. My responsibility is to issue a report on these interim financial statements based
on my review.
I conducted my review in accordance with standards established by the Institute of Certified Accountants
and Auditors of Thailand. A review of interim financial statements consists principally of obtaining an
understanding of the system for the preparation of the financial statements, making an analytical review of
pertinent financial data, and making inquiries of officials of the company who have responsibility for
financial and accounting matters. This review is substantially less in scope than an examination in
accordance with generally accepted auditing standards, the objective of which is the expression of an
opinion regarding the financial statements taken as a whole. Accordingly, I express no opinion on the
financial statements which I have reviewed.
Based on my review, I am not aware of any material modifications that should be made to the
aforementioned interim consolidated and company financial statements for them to be in conformity with
generally accepted accounting principles.
I draw attention to the note 1 to the interim consolidated and company financial statements regarding
economic crisis and effects on the company's operations. The company's operations have been affected,
and are expected to continue to be affected for the foreseeable future, by the current economic crisis. The
ultimate outcome of this crisis cannot be determined at present.
SUCHART LUENGSURASWAT
Certified Public Accountant
(Thailand) No. 2807
PricewaterhouseCoopers ABAS Limited
Bangkok
30 April 1999
The accompanying financial statements are not intended to present the financial position, results of
operations, and cash flows in accordance with accounting principles and practices generally accepted in
countries and jurisdictions other than Thailand.
SINGER THAILAND PUBLIC COMPANY LIMITED
BALANCE SHEETS AS AT 31 MARCH (UNAUDITED)
ASSETS
Consolidated Company
1999 1998 1999 1998
Notes Baht Baht Baht Baht
CURRENT ASSETS
Cash in hand, at banks
and in transit 145,751,039 17,508,537 144,121,597 16,891,841
Short-term investments 4 - 16,000,000 - 15,000,000
Trade and installment
accounts receivable (net) 3 2,933,666,314 4,187,090,396 2,922,966,109 4,174,016,124
Inventories 1,001,870,217 1,317,353,260 956,058,472 1,249,343,031
Amounts due from
- subsidiaries 5 - - 956,968 13,020,600
- related companies 6 1,925,541 873,678 1,925,541 873,678
Loans to subsidiaries 7 - - 106,000,000 106,392,000
Other current assets 37,456,165 61,344,623 30,849,638 53,039,583
TOTAL CURRENT ASSETS 4,120,669,276 5,600,170,494 4,162,878,325 5,628,576,857
RECEIVABLE FROM AND
LOANS TO EMPLOYEES 4,066,887 6,349,612 2,829,118 5,372,133
LONG-TERM INVESTMENTS 8 1,939,914 970,000 130,574,835 148,776,315
PROPERTY, PLANT AND
EQUIPMENT (net) 721,810,042 730,688,433 567,502,785 573,781,326
PREPAID RENT 87,912,113 103,609,438 87,912,113 103,609,438
TOTAL ASSETS 4,936,398,232 6,441,787,977 4,951,697,176 6,460,116,069
The notes on pages 10 to 19 form an integral part of the interim financial statements.
SINGER THAILAND PUBLIC COMPANY LIMITED
BALANCE SHEETS AS AT 31 MARCH (UNAUDITED)
LIABILITIES AND SHAREHOLDERS' EQUITY
Consolidated Company
1999 1998 1999 1998
Notes Baht Baht Baht Baht
CURRENT LIABILITIES
Bank overdrafts and
short-term loans 74,291,673 863,343,128 75,111,866 855,606,284
Current portion of
long-term loans 145,971,667 40,000,000 145,971,667 40,000,000
Accounts payable
- other companies 270,458,781 366,828,218 256,702,294 352,699,584
- related companies 9 5,828,807 39,986,943 5,828,807 39,986,943
- subsidiaries 10 - - 35,751,634 48,236,037
Amount due to
related company 11 1,595,991 114,132,518 938,361 113,751,603
Dividends payable 13 18,164,639 35,445,645 18,164,639 35,445,645
Accrued income tax 1,391,917 1,267,131 - -
Accrued liabilities 205,292,387 411,816,426 203,426,008 406,393,455
Other current liabilities 12 29,943,717 41,681,475 29,649,576 40,812,264
TOTAL CURRENT LIABILITIES 752,939,579 1,914,501,484 771,544,852 1,932,931,815
UNSECURED DEBENTURES 500,000,000 500,000,000 500,000,000 500,000,000
LONG-TERM LOANS 1,317,123,333 1,572,203,500 1,317,123,333 1,572,203,500
PROVISION FOR
RETIREMENT COST 54,914,200 50,340,000 53,400,000 50,340,000
EMPLOYEES SECURITY
DEPOSITS 148,716,604 185,288,219 148,220,076 185,185,980
PROVIDENT FUNDS 185,192,645 193,449,519 183,897,044 193,449,519
TOTAL LIABILITIES 2,958,886,361 4,415,782,722 2,974,185,305 4,434,110,814
The notes on pages 10 to 19 form an integral part of the interim financial statements.
SINGER THAILAND PUBLIC COMPANY LIMITED
BALANCE SHEETS AS AT 31 MARCH (UNAUDITED)
LIABILITIES AND SHAREHOLDERS' EQUITY (CONT'D)
Consolidated Company
1999 1998 1999 1998
Baht Baht Baht Baht
SHAREHOLDERS' EQUITY
Share capital
Registered, issued and fully paid
27,000,000 ordinary shares
of Bht 10 each 270,000,000 270,000,000 270,000,000 270,000,000
Share premium 225,000,000 225,000,000 225,000,000 225,000,000
Surplus on revaluation of land 241,546,403 234,946,403 241,546,403 234,946,403
Retained earnings:
Appropriated - Legal reserve 27,000,000 27,000,000 27,000,000 27,000,000
Unappropriated 1,213,965,468 1,269,058,852 1,213,965,468 1,269,058,852
TOTAL SHAREHOLDERS'
EQUITY 1,977,511,871 2,026,005,255 1,977,511,871 2,026,005,255
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 4,936,398,232 6,441,787,977 4,951,697,176 6,460,116,069
The notes on pages 10 to 19 form an integral part of the interim financial statements.
SINGER THAILAND PUBLIC COMPANY LIMITED
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE-MONTH PERIOD ENDED 31 MARCH
Consolidated Company
1999 1998 1999 1998
Notes Baht Baht Baht Baht
REVENUES
Sales 803,928,104 1,016,909,290 795,609,781 1,004,352,434
Interest from installment sales 142,750,771 225,674,230 142,750,771 225,674,230
Other income 13 19,044,289 8,186,051 17,150,158 7,859,360
TOTAL REVENUES 965,723,164 1,250,769,571 955,510,710 1,237,886,024
EXPENSES
Cost of sales 510,842,835 615,056,167 507,692,676 610,627,973
Selling and administrative
expenses 361,104,231 474,377,890 354,288,685 469,527,518
Directors' remuneration 100,000 100,000 100,000 100,000
Interest and other
financial costs 71,029,759 115,550,709 67,645,922 111,521,037
TOTAL EXPENSES 943,076,825 1,205,084,766 929,727,283 1,191,776,528
Income from operations
before income tax 22,646,339 45,684,805 25,783,427 46,109,496
Income tax 535,137 917,098 - -
Income after income tax 22,111,202 44,767,707 25,783,427 46,109,496
Share of (loss) from subsidiaries - - (3,672,225) (1,603,419)
INCOME BEFORE
EXTRAORDINARY ITEM 22,111,202 44,767,707 22,111,202 44,506,077
Extraordinary item: 16
Gain from the change in
exchange rate system - 53,010,920 - 53,272,550
NET INCOME FOR
THE PERIOD 22,111,202 97,778,627 22,111,202 97,778,627
EARNINGS PER SHARE
Income before
extraordinary item 0.82 1.66 0.82 1.66
Extraordinary item - 1.96 - 1.96
Net income for the period 0.82 3.62 0.82 3.62
The notes on pages 10 to 19 form an integral part of the interim financial statements.
SINGER THAILAND PUBLIC COMPANY LIMITED
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED)
FOR THE THREE MONTH PERIOD ENDED 31 MARCH
Consolidated Company
1999 1998 1999 1998
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 241,546,403 235,866,403 241,546,403 235,866,403
Deduction during the period - (920,000) - (920,000)
Ending balance 241,546,403 234,946,403 241,546,403 234,946,403
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 1,191,854,266 1,171,280,225 1,191,854,266 1,171,280,225
Add: Net income for the period 22,111,202 97,778,627 22,111,202 97,778,627
Ending balance 1,213,965,468 1,269,058,852 1,213,965,468 1,269,058,852
TOTAL SHAREHOLDERS' EQUITY 1,977,511,871 2,026,005,255 1,977,511,871 2,026,005,255
The notes on pages 10 to 19 form an integral part of the interim financial statements.
SINGER THAILAND PUBLIC COMPANY LIMITED
STATEMENTS OF RETAINED EARNINGS (UNAUDITED)
FOR THE THREE MONTH PERIOD ENDED 31 MARCH
Consolidated Company
1999 1998 1999 1998
Baht Baht Baht Baht
Unappropriated retained earnings
Beginning balance 1,191,854,266 1,171,280,225 1,191,854,266 1,171,280,225
Net income for the period 22,111,202 97,778,627 22,111,202 97,778,627
Total unappropriated retained earnings 1,213,965,468 1,269,058,852 1,213,965,468 1,269,058,852
Appropriated retained earnings
Legal reserve, beginning balance 27,000,000 27,000,000 27,000,000 27,000,000
Additional reserve for the period - - - -
Total appropriated retained earnings 27,000,000 27,000,000 27,000,000 27,000,000
Total retained earnings 1,240,965,468 1,296,058,852 1,240,965,468 1,296,058,852
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