Interim Financial Statements and Dividend Announcement

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Multi-Chem Limited Registration No. 198500318Z Interim Financial Statements and Dividend Announcement For the financial period from 1 January 2013 to 31 March 2013 STATEMENTS OF FINANCIAL POSITION REVIEW Presented below is a review of material changes in the key statements of financial position items for the financial period ended 31 March 2013. Cash and cash equivalents at the Group level decreased by $4.1m from $44.3m to $40.2m. The decrease was mainly due to payment to trade and other payables. At the Company level, cash and cash equivalents decreased from $8.0m to $863,000. The decrease was mainly due to loan to a subsidiary. Trade and other receivables of the Group decreased by $1.6m from $50.4m to $48.8m, due to lower revenue attained in 1Q2013. The increase at the Company level by $11.0m from $15.9m to $26.9m was mainly due to loan to a subsidiary and dividend receivables from subsidiaries. Inventories at the Group level decreased by $8.5m from $29.6m to $21.1m mainly due to better management of stocks and lesser stocks purchased due to lower sales attained in 1Q2013. Investment in an associated company decreased by $48,000 from $617,000 to $569,000 mainly due to the share of loss of $48,000 in 1Q2013. There is no change at the Company level as the investment is accounted for at cost, as opposed to the equity method at Group level. Property, plant and equipment increased by $178,000 from $28.9m to $29.1m at the Group level mainly due to purchase of new plant and equipment net of depreciation charge and disposal of plant and equipment. The increase at the Company level is mainly due to purchase of new plant and equipment. Trade and other payables decreased by $12.8m from $46.9m to $34.1m at the Group level due mainly to lesser purchases place to vendor because of lower sales. The increase at the Company level by $629,000 from $1.6m to $2.2m was mainly due to year 2013 share of profits not paid yet. Borrowings increased at Group level mainly due to draw down of short term loans from the banks. The decrease at Company level is mainly due to repayment of term loans to the banks. Multi-Chem Limited, Page 14 of 22
Multi-Chem Limited Registration No. 198500318Z Interim Financial Statements and Dividend Announcement For the financial period from 1 January 2013 to 31 March 2013 CASH FLOW ANALYSIS Net cash of $5.4m was used in operating activities in 1Q2013, as opposed to net cash of $1.7m generated in 1Q2012. This was mainly because of payment to trade and other payables. Net cash of $536,000 was generated from investing activities in 1Q2013, a decrease of $537,000 from the net cash of $1.1m generated in 1Q2012. The changes were mainly due to proceeds from disposals of plant and equipment of $862,000 in 1Q2013 net of purchase of plant and equipment of $451,000 as compared to proceeds from disposals of plant and equipment of $1.5m net of purchase of plant and equipment of $298,000 in 1Q2012. Net cash of $6.7m was generated from financing activities in 1Q2013 which was mainly due to a decrease in fixed deposit pledged of S$6.5m, proceeds from bank borrowings of $16.9m net of repayment of bank borrowings of $16.5m. The net cash of $7.6m used in 1Q2012 was due to repayment of bank borrowings and bills payable of $12.6m and an increase in fixed deposit pledged of $5.5m, net of proceeds from bank borrowings of $10.6m in 1Q2012. Cash and cash equivalents stood at $40.0m as at end of 31 March 2013, up from $37.5m as at end of 31 March 2012. Multi-Chem Limited, Page 15 of 22
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Interim Financial Statements and Dividend Announcement

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