(ADD1)CONSOLIDATED FINANCIAL STATEMENTS Q1

SINSinger Thailand Public Company Limited Balance Sheets As at 31 March 2001 and 31 December 2000 Consolidated Company 31-Mar 31-Dec 31-Mar 31-Dec 2001 2000 2001 2000 Unaudited Audited Unaudited Audited Notes Baht Baht Baht Baht ASSETS Current Assets Cash on hand and at banks 38,903,925 124,387,426 33,157,542 114,586,988 Short-term investments 4 80,000,000 80,101,366 80,000,000 80,101,366 Trade and installment accounts Receivable, net 5 2,444,162,956 2,482,523,772 2,441,477,136 2,480,746,360 Loans and amounts due from Related companies 11 1,907,162 3,081 105,221,495 105,100,845 Inventories 777,000,274 716,120,994 740,855,347 673,103,176 Other current assets 18,256,205 20,081,496 14,175,541 12,002,093 Total Current Assets 3,360,230,522 3,423,218,135 3,414,887,061 3,465,640,828 Non-Current Assets Receivable from and loans to Employees 1,297,050 1,284,125 259,739 267,239 Investments in subsidiaries 11 - - 136,668,399 133,440,163 Long-term investments 1,100,000 1,100,000 100,000 100,000 Property, plant and equipment, net 7 684,025,639 689,354,002 535,572,020 540,217,506 Prepaid rent 68,533,574 71,705,111 68,533,574 71,705,111 Total Non-Current Assets 754,956,263 763,443,238 741,133,732 745,730,019 Total Assets 4,115,186,785 4,186,661,373 4,156,020,793 4,211,370,847 Director Director The notes to the interim consolidated and company financial statements on pages 8 to 19 are an integral part of these interim financial statements. 2 Singer Thailand Public Company Limited Balance Sheets As at 31 March 2001 and 31 December 2000 Consolidated Company 31-Mar 31-Dec 31-Mar 31-Dec 2001 2000 2001 2000 Unaudited Audited Unaudited Audited Notes Baht Baht Baht Baht LIABILITIES AND SHAREHOLDERS EQUITY Current Liabilities Bank overdrafts and short-term loans from financial institutions 26,420,835 149,910,803 22,758,715 141,607,434 Trade accounts payable - other companies 192,351,906 113,801,068 181,088,961 102,184,220 - related companies 11 5,074,574 2,037,405 52,084,494 37,653,869 Current portion of long-term borrowings 8 594,993,000 589,260,000 594,993,000 589,260,000 Amounts due to related company 11 56,526,301 46,884,522 56,004,562 46,305,606 Dividends payable 17,064,123 17,064,123 17,064,123 17,064,123 Accrued income tax 2,310,124 1,422,411 - - Accrued liabilities 199,057,423 191,893,522 197,253,480 189,535,186 Other current liabilities 26,106,955 24,520,187 25,883,488 24,370,748 Total Current Liabilities 1,119,905,241 1,136,794,041 1,147,130,823 1,147,981,186 Non-Current Liabilities Liabilities arising from investments in subsidiaries 11 - - 15,447,201 15,260,450 Long-term borrowings 8 492,950,000 606,284,000 492,950,000 606,284,000 Provision for retirement cost 56,652,513 55,163,863 55,400,000 54,000,000 Employee security deposits 128,286,900 128,674,700 127,700,638 128,100,442 Provident funds 171,250,208 174,919,342 171,250,208 174,919,342 Total Non-Current Liabilities 849,139,621 965,041,905 862,748,047 978,564,234 Total Liabilities 1,969,044,862 2,101,835,946 2,009,878,870 2,126,545,420 Shareholders Equity Share capital Registered, issued and fully paid-up 27,000,000 ordinary shares of Baht 10 each 270,000,000 270,000,000 270,000,000 270,000,000 Premium on share capital 225,000,000 225,000,000 225,000,000 225,000,000 Land revaluation reserve 239,567,403 240,047,403 239,567,403 240,047,403 Retained earnings: Appropriated - legal reserve 27,000,000 27,000,000 27,000,000 27,000,000 Unappropriated 1,384,574,520 1,322,778,024 1,384,574,520 1,322,778,024 Total Shareholders Equity 2,146,141,923 2,084,825,427 2,146,141,923 2,084,825,427 Total Liabilities and Shareholders Equity 4,115,186,785 4,186,661,373 4,156,020,793 4,211,370,847 The notes to the interim consolidated and company financial statements on pages 8 to 19 are an integral part of these interim financial statements. 3 Singer Thailand Public Company Limited Statements of Income (Unaudited) For the three-month periods ended 31 March 2001 and 2000 Consolidated Company 2001 2000 2001 2000 Note Baht Baht Baht Baht Revenues Sales 853,892,019 869,239,454 850,830,651 864,212,781 Interest from installment sales 133,164,524 137,220,527 133,164,524 137,220,527 Other income 540,918 3,988,790 334,072 1,848,196 Total Revenues 987,597,461 1,010,448,771 984,329,247 1,003,281,504 Expenses Cost of sales 505,396,942 533,172,345 507,585,916 535,657,963 Selling and administrative expenses 390,543,309 384,442,356 390,357,178 375,771,640 Directors remuneration 137,500 100,000 137,500 100,000 Interest and other financial costs 29,092,633 55,241,099 27,500,326 52,682,077 Total Expenses 925,170,384 972,955,800 925,580,920 964,211,680 Operating profit (loss) 62,427,077 37,492,971 58,748,327 39,069,824 Share of profit (loss) of subsidiaries - - 3,048,169 -1,909,594 Profit (loss) before income tax 62,427,077 37,492,971 61,796,496 37,160,230 Income tax 630,581 332,741 - - Net profit (loss) for the period 61,796,496 37,160,230 61,796,496 37,160,230 Basic earnings per share 3 Net profit for the period 2.29 1.38 2.29 1.38 The notes to the interim consolidated and company financial statements on pages 8 to 19 are an integral part of these interim financial statements. 4 Singer Thailand Public Company Limited Statements of Changes in Shareholders Equity (Unaudited) For the three-month periods ended 31 March 2001 and 2000 Consolidated Company 2001 2000 2001 2000 Baht Baht Baht Baht Share Capital Beginning balance 270,000,000 270,000,000 270,000,000 270,000,000 Ending balance 270,000,000 270,000,000 270,000,000 270,000,000 Premium on Share Capital Beginning balance 225,000,000 225,000,000 225,000,000 225,000,000 Ending balance 225,000,000 225,000,000 225,000,000 225,000,000 Land Revaluation Reserve Beginning balance 240,047,403 240,926,403 240,047,403 240,926,403 Decrease during the period -480,000 - -480,000 - Ending balance 239,567,403 240,926,403 239,567,403 240,926,403 Retained Earnings Appropriated retained earnings Legal reserve Beginning balance 27,000,000 27,000,000 27,000,000 27,000,000 Ending balance 27,000,000 27,000,000 27,000,000 27,000,000 Unappropriated retained earnings Beginning balance 1,322,778,024 1,216,358,792 1,322,778,024 1,216,358,792 Net profit for the period 61,796,496 37,160,230 61,796,496 37,160,230 Ending balance 1,384,574,520 1,253,519,022 1,384,574,520 1,253,519,022 Total Shareholders Equity 2,146,141,923 2,016,445,425 2,146,141,923 2,016,445,425 The notes to the interim consolidated and company financial statements on pages 8 to 19 are an integral part of these interim financial statements. 5 Singer Thailand Public Company Limited Statements of Retained Earnings (Unaudited) For the three-month periods ended 31 March 2001 and 2000 Consolidated Company 2001 2000 2001 2000 Baht Baht Baht Baht Unappropriated Retained Earnings: Beginning balance 1,322,778,024 1,216,358,792 1,322,778,024 1,216,358,792 Add: Net profit for the period 61,796,496 37,160,230 61,796,496 37,160,230 Unappropriated Retained Earnings at End of the Period 1,384,574,520 1,253,519,022 1,384,574,520 1,253,519,022 Appropriated Retained Earnings: Legal reserve 27,000,000 27,000,000 27,000,000 27,000,000 Appropriated Retained Earnings at End of the Period 27,000,000 27,000,000 27,000,000 27,000,000 Total Retained Earnings at End of the Period 1,411,574,520 1,280,519,022 1,411,574,520 1,280,519,022 The notes to the interim consolidated and company financial statements on pages 8 to 19 are an integral part of these interim financial statements. 6 Singer Thailand Public Company Limited Statements of Cash Flows (Unaudited) For the three-month periods ended 31 March 2001 and 2000 Consolidated Company 2001 2000 2001 2000 Notes Baht Baht Baht Baht Cash flows from operating activities 9 157,521,409 -86,223,932 156,825,794 -90,660,250 Cash flows from investing activities Payments for purchases of property, plant and equipment -8,286,785 -4,112,199 -8,286,785 -4,076,999 Payments for short-term investment in available-for-sale debt securities -40,000,000 - -40,000,000 - Loans to subsidiaries - - - -1,500,000 Payment of rent in advance -761,000 -3,242,000 -761,000 -3,242,000 Proceeds from disposals of property, plant and equipment 1,102,336 - 1,102,336 - Cash receipts from subsidiaries for settlement of loans - - 100,000 2,500,000 (Increase) decrease in receivable from and loans to employees -12,925 266,307 7,500 214,250 Net cash receipts (payments) from investing activities -47,958,374 -7,087,892 -47,837,949 -6,104,749 Cash flows from financing activities Increase (decrease) in bank overdrafts and short-term loans from financial institutions -123,489,968 -72,753,977 -118,848,719 -67,085,732 Proceeds from long-term borrowings - 900,000,000 - 900,000,000 Payments of long-term borrowings -107,601,000 -365,951,020 -107,601,000 -365,951,020 Increase (decrease) in employee security deposits and provident funds -4,056,934 -333,535 -4,068,938 -467,618 Net cash receipts (payments) from financing activities -235,147,902 460,961,468 -230,518,657 466,495,630 Net increase (decrease) in cash and cash equivalents -125,584,867 367,649,644 -121,530,812 369,730,631 Cash and cash equivalents at beginning of the period 204,488,792 175,489,413 194,688,354 170,200,041 Cash and cash equivalents at end of the period 10 78,903,925 543,139,057 73,157,542 539,930,672 Supplementary information for cash flows: Interest paid 23,576,327 28,780,650 21,299,957 26,226,428 Income tax paid 66,165 838,504 65,786 87,402 The notes to the interim consolidated and company financial statements on pages 8 to 19 are an integral part of these interim financial statements. 7