SINGER N.V.
                    CONSOLIDATED STATEMENTS OF OPERATIONS
                FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002
       (in thousands of US dollars, except share and per share amounts)


                                                   December 31,   December 31,
                                                       2003           2002

    Revenues                                        $382,793       $337,652
    Cost of revenues                                 242,811        207,577
      Gross profit                                   139,982        130,075

    Selling and administrative expenses              106,585         93,594
      Operating income                                33,397         36,481

    Other income (expense):
      Interest expense                               (19,234)       (20,606)
      Equity in earnings from operating affiliates     5,800          4,164
      Other, net                                       9,005          3,684
        Total other income (expense)                  (4,429)       (12,758)

    Income from continuing operations
     before provision for income taxes and
     minority interest                                28,968         23,723

    Provision for income taxes                         5,263          3,347

    Minority interest share in income                  3,362          1,317
      Income from continuing operations               20,343         19,059

    Discontinued Operations
      Loss from operations of Greece,
       net of tax benefit                                 --           (374)
      Loss from operations of Mexico Retail,
       net of tax benefit                            (19,638)        (1,280)
      Net income                                         705         17,405

    Dividends on preferred shares                        780          1,100
      Net (loss) income available to common shares      $(75)       $16,305


    Basic and diluted (loss) earnings
      per common share                                $(0.01)         $2.01

    Basic weighted average common
      shares outstanding                           7,933,576      8,110,869

    Supplementary information:
      Earnings before interest, taxes,
       depreciation and amortization (EBITDA)        $31,458        $47,925


                                 SINGER N.V.
                    CONSOLIDATED STATEMENTS OF OPERATIONS
            FOR THE THREE MONTHS ENDED DECEMBER 31, 2003 AND 2002
                         (in thousands of US dollars)


                                                  December 31,   December 31,
                                                      2003           2002

    Revenues                                        $134,759        $96,089
    Cost of revenues                                  86,544         58,414
      Gross profit                                    48,215         37,675

    Selling and administrative expenses               35,199         25,504
      Operating income                                13,016         12,171

    Other income (expense):
      Interest expense                                (4,732)        (5,491)
      Equity in earnings from operating affiliates     1,262          1,679
      Other, net                                      13,892            367
        Total other income (expense)                  10,422         (3,445)

    Income from continuing operations
      before provision for income taxes and
      minority interest                               23,438          8,726

    Provision for income taxes                         1,882            (63)

    Minority interest share in income                  1,692            435
      Income from continuing operations               19,864          8,354

    Discontinued Operations
      Loss from operations of Greece,
        net of tax benefit                                --             --
      Loss from operations of Mexico Retail,
        net of tax benefit                               590           (107)
      Net income                                      20,454          8,247

    Dividends on preferred shares                         --            275
      Net income available to common shares          $20,454         $7,972

    Basic and diluted earnings per common share        $2.60          $0.99

    Basic weighted average common
      shares outstanding                           7,870,826      8,077,994

    Supplementary information:
      Earnings before interest, taxes,
       depreciation and amortization (EBITDA)        $28,583        $15,261