NSOLIDATED FINANCIAL STATEMENTS QUARTER 2

TOTAL EXPENSES 2,039,996,679 2,404,231,866 2,016,932,290 2,379,876,525 Income from operations before income tax 46,217,538 25,391,382 51,836,523 23,116,395 Income tax 1,611,712 2,528,643 - - Income after income tax 44,605,826 22,862,739 51,836,523 23,116,395 Share of (loss) profit from subsidiaries - - (7,230,697) 2,410,708 Income before extraordinary item 44,605,826 22,862,739 44,605,826 25,527,103 Extraordinary item: 15 Gain from the change in exchange rate system - 47,708,284 - 45,043,920 NET INCOME FOR THE PERIOD 44,605,826 70,571,023 44,605,826 70,571,023 EARNINGS PER SHARE Income before extraordinary item 1.65 0.85 1.65 0.95 Extraordinary item - 1.77 - 1.67 Net income for the period 1.65 2.62 1.65 2.62 SINGER THAILAND PUBLIC COMPANY LIMITED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) FOR THE THREE-MONTH PERIOD ENDED 30 JUNE 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 241,546,403 234,946,403 241,546,403 234,946,403 Deduction during the period (620,000) - (620,000) - Ending balance 240,926,403 234,946,403 240,926,403 234,946,403 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 1,213,965,468 1,269,058,852 1,213,965,468 1,269,058,852 Add: Net income (loss) for the period 22,494,624 (27,207,604) 22,494,624 (27,207,604) Ending balance 1,236,460,092 1,241,851,248 1,236,460,092 1,241,851,248 TOTAL SHAREHOLDERS' EQUITY 1,999,386,495 1,998,797,651 1,999,386,495 1,998,797,651 SINGER THAILAND PUBLIC COMPANY LIMITED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 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 (620,000) (920,000) (620,000) (920,000) Ending balance 240,926,403 234,946,403 240,926,403 234,946,403 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 44,605,826 70,571,023 44,605,826 70,571,023 Ending balance 1,236,460,092 1,241,851,248 1,236,460,092 1,241,851,248 TOTAL SHAREHOLDERS' EQUITY 1,999,386,495 1,998,797,651 1,999,386,495 1,998,797,651 SINGER THAILAND PUBLIC COMPANY LIMITED STATEMENTS OF RETAINED EARNINGS (UNAUDITED) FOR THE THREE-MONTH PERIOD ENDED 30 JUNE Consolidated Company 1999 1998 1999 1998 Baht Baht Baht Baht Unappropriated retained earnings Beginning balance 1,213,965,468 1,269,058,852 1,213,965,468 1,269,058,852 Net income (loss) for the period 22,494,624 (27,207,604) 22,494,624 (27,207,604) Total unappropriated retained earnings 1,236,460,092 1,241,851,248 1,236,460,092 1,241,851,248 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 1,263,460,092 1,268,851,248 1,263,460,092 1,268,851,248 SINGER THAILAND PUBLIC COMPANY LIMITED STATEMENTS OF RETAINED EARNINGS (UNAUDITED) FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 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 44,605,826 70,571,023 44,605,826 70,571,023 Total unappropriated retained earnings 1,236,460,092 1,241,851,248 1,236,460,092 1,241,851,248 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 1,263,460,092 1,268,851,248 1,263,460,092 1,268,851,248 SINGER THAILAND PUBLIC COMPANY LIMITED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE-MONTH PERIOD ENDED 30 JUNE Consolidated Company 1999 1998 1999 1998 Baht Baht Baht Baht CASH FLOWS FROM OPERATING ACTIVITIES: Income (loss) before extraordinary item 22,494,624 (21,904,968) 22,494,624 (18,978,974) Adjusted by: (Gain) on exchange rate (3,720,273) - (3,720,273) - Depreciation 11,125,630 11,293,139 10,389,500 10,548,922 Amortisation of prepaid rent 5,323,453 5,597,422 5,323,453 5,597,422 Increase (decrease) in allowance for doubtful accounts 9,567,000 53,183,676 9,000,000 53,062,476 (Decrease) in allowance for inventory obsolescence (1,406,340) (4,523,301) (650,000) (1,900,000) (Decrease) in dividends payable (Note 12) (7,434,563) - (7,434,563) - (Gain) loss on disposal of fixed assets (377,833) 637 (377,833) 67,462 Share of loss (profit) from subsidiaries - - 3,558,472 (4,014,128) Decrease in inventories 141,998,747 214,551,982 137,131,753 200,845,431 (Increase) decrease in debtors and other current assets (33,543,070) 230,309,714 (32,488,044) 238,857,738 (Decrease) in creditors and other current liabilities (82,247,980) (256,262,079) (79,250,323) (258,423,643) Increase in accrued income tax 23,446 1,338,588 - - Cash flows from operating activities before extraordinary item 61,802,841 233,584,810 63,976,766 225,662,706 Realised gain from the change in exchange rate system - 23,156,004 - 20,230,010 Net cash inflow from operating activities 61,802,841 256,740,814 63,976,766 245,892,716 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sales of fixed assets 1,023,150 609,091 1,023,150 609,091 Purchases of fixed assets (7,009,015) (9,215,058) (7,009,015) (9,220,793) Decrease (increase) in loans to subsidiaries - - 2,500,000 (4,955,000) (Increase) in prepaid rent (1,944,800) (2,659,202) (1,944,800) (2,659,202) Decrease in receivable from and loans to employees 1,490,879 475,411 1,560,323 830,150 (Increase) in long term investment - (1,139,914) - - Net cash (outflow) from investing activities (6,439,786) (11,929,672) (3,870,342) (15,395,754) (More)