Overseas Education Limited and Subsidiary Companies
Unaudited Condensed Interim Financial Statements
For the six months and full year ended 31 December 2021
Table of Contents | Pages | |
A. Condensed interim consolidated statement of comprehensive income | 1 | |
B. Condensed interim balance sheets | 2 | |
C. | Condensed interim statements of changes in equity | 3 |
D. | Condensed interim consolidated statement of cash flows | 6 |
E. Notes to the condensed interim consolidated financial statements | 7 | |
F. | Other Information required by Listing Rule Appendix 7.2 | 24 |
Overseas Education Limited and Subsidiary Companies
- Condensed interim consolidated statement of comprehensive income For the six-month and full year ended 31 December 2021
6 months | 6 months | 12 months | 12 months | ||||
ended 31 | ended 31 | ended 31 | ended 31 | ||||
December | December | December | December | ||||
Note | 2021 | 2020 | Change | 2021 | 2020 | Change | |
Revenue | S$'000 | S$'000 | % | S$'000 | S$'000 | % | |
Tuition fees | 35,115 | 36,396 | (3.5) | 72,526 | 76,984 | (5.8) | |
Registration fees | 501 | 525 | (4.6) | 1,013 | 1,086 | (6.7) | |
School shop revenue | 317 | 369 | (14.1) | 437 | 467 | (6.4) | |
Enrichment programme revenue | 186 | 298 | (37.6) | 538 | 298 | 80.5 | |
Interest income | 9 | 11 | (18.2) | 24 | 119 | (79.8) | |
Other income | 17 | 85 | (80.0) | 26 | 101 | (74.3) | |
Total revenue | |||||||
5 | 36,145 | 37,684 | (4.1) | 74,564 | 79,055 | (5.7) | |
Operating Expenses | , | ||||||
Personnel expenses | 22,515 | 20,830 | 8.1 | 43,599 | 42,492 | 2.6 | |
School shop costs | 220 | 255 | (13.7) | 287 | 313 | (8.3) | |
Enrichment programme costs | 187 | 189 | (1.1) | 425 | 189 | 124.9 | |
Utilities | 843 | 396 | 112.9 | 1,258 | 692 | 81.8 | |
Upkeep and maintenance | 996 | 750 | 32.8 | 1,750 | 1,507 | 16.1 | |
Finance costs | 6 | 1,117 | 1,217 | (8.2) | 2,226 | 3,146 | (29.2) |
Other operating expenses | 738 | 1,493 | (50.6) | 3,170 | 3,906 | (18.8) | |
Operating expenses before | |||||||
depreciation and amortisation | 26,616 | 25,130 | 5.9 | 52,715 | 52,245 | 0.9 | |
Profit before depreciation and | |||||||
amortisation | 9,529 | 12,554 | (24.1) | 21,849 | 26,810 | (18.5) | |
Depreciation expenses | 6,757 | 6,746 | 0.2 | 13,504 | 13,447 | 0.4 | |
Amortisation of intangible assets | 188 | 211 | (10.9) | 382 | 426 | (10.3) | |
6,945 | 6,957 | (0.2) | 13,886 | 13,873 | 0.1 | ||
Profit before taxation | 6 | 2,584 | 5,597 | (53.8) | 7,963 | 12,937 | (38.4) |
Income tax expense - current tax | 7 | (871) | (914) | (4.7) | (2,339) | (2,676) | (12.6) |
- deferred tax | 7, 16 | 276 | 45 | 513.3 | 709 | 35 | 1,925.7 |
(595) | (869) | (31.5) | (1,630) | (2,641) | (38.3) | ||
Net profit for the period/year attributable to owners of the Company
Other comprehensive income for the period/year,
net of tax
Item that may be reclassified subsequently to profit or loss
Foreign currency translation
Total comprehensive income for the period/year attributable to owners of the Company
Earnings per share (cents) | |
- Basic and diluted | 8 |
1,989 | 4,728 | (57.9) | 6,333 | 10,296 | (38.5) |
+ | + | + | (+) | ||
1,989 | 4,728 | (57.9) | 6,333 | 10,296 | (38.5) |
0.5 | 1.1 | 1.5 | 2.5 | ||
n.m. | - Not meaningful |
+/(+) | - Amount lower than S$1,000 |
- 1 -
Overseas Education Limited and Subsidiary Companies
- Condensed interim balance sheets As at 31 December 2021
Group | Company | ||||
Note | 31 December | 31 December | 31 December 31 December | ||
2021 | 2020 | 2021 | 2020 | ||
S$'000 | S$'000 | S$'000 | S$'000 | ||
ASSETS | |||||
Non-current assets | |||||
Property, plant and equipment | |||||
- Leasehold land | 9 | 26,588 | 27,825 | - | - |
- School buildings, plant and equipment | 9 | 205,415 | 213,130 | 81 | 107 |
Right-of-use assets | 4,752 | 3,589 | 62 | 17 | |
Intangible assets | 10 | 1,743 | 1,731 | - | - |
Investment in subsidiaries | - | - | 101,219 | 101,219 | |
Deposits | 98 | 98 | - | - | |
Staff housing deposits | 342 | 179 | - | - | |
Other long term asset | 334 | 334 | - | - | |
239,272 | 246,886 | 101,362 | 101,343 | ||
Current assets | |||||
Inventories | 438 | 413 | - | - | |
Trade receivables | 11 | 742 | 820 | - | - |
Other receivables and deposits | 2,254 | 677 | 13 | 17 | |
Prepayments | 1,022 | 971 | 15 | 12 | |
Amount due from subsidiary | 12 | - | - | 4,000 | 9,000 |
Cash and cash equivalents | 13 | 38,424 | 44,179 | 3,693 | 3,220 |
42,880 | 47,060 | 7,721 | 12,249 | ||
TOTAL ASSETS | 282,152 | 293,946 | 109,083 | 113,592 | |
EQUITY AND LIABILITIES | |||||
Current liabilities | |||||
Trade payables | 223 | 370 | - | - | |
Other payables and liabilities | 1,306 | 2,946 | 95 | 131 | |
Fees received in advance | 14 | 26,192 | 26,378 | - | - |
Lease liabilities | 3,305 | 2,842 | 43 | 17 | |
Borrowings - Bank loan | 15 | 6,136 | 6,132 | - | - |
Goods and Services Tax payable | 2,310 | 2,394 | 61 | 59 | |
Central Provident Fund payable | 396 | 387 | 2 | 3 | |
Income tax payable | 2,359 | 3,364 | 202 | 243 | |
42,227 | 44,813 | 403 | 453 | ||
NET CURRENT ASSETS | 653 | 2,247 | 7,318 | 11,796 | |
Non-current liabilities | |||||
Fees received in advance | 14 | 519 | 469 | - | - |
Borrowings - Bank loan | 15 | 95,454 | 101,496 | - | - |
Lease liabilities | 1,484 | 771 | 19 | - | |
Deferred tax liabilities | 16 | 7,206 | 7,915 | - | - |
104,663 | 110,651 | 19 | - | ||
NET ASSETS | 135,262 | 138,482 | 108,661 | 113,139 | |
Equity attributable to owners of the | |||||
Company | |||||
Share capital | 17 | 99,253 | 99,253 | 99,253 | 99,253 |
Revenue reserve | 62,179 | 65,399 | 9,408 | 13,886 | |
Other reserves | 18 | (26,170) | (26,170) | - | - |
TOTAL EQUITY | 135,262 | 138,482 | 108,661 | 113,139 | |
- 2 -
Overseas Education Limited and Subsidiary Companies
- Condensed interim statements of changes in equity For the financial year ended 31 December 2021
Attributable to owners of the Company | |||||||
Other | Foreign | ||||||
currency | |||||||
Share | Revenue | reserves, | translation | Merger | Total | ||
capital | total | reserve | reserve | ||||
Note | (Note 17) | reserve | (Note 18) | (Note 18) | (Note 18) | equity | |
S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | ||
Group | |||||||
2021 | |||||||
Balance at 1 January 2021 | 99,253 | 65,399 | (26,170) | 1 | (26,171) | 138,482 | |
Net profit after tax | - | 6,333 | - | - | - | 6,333 | |
Other comprehensive income for the year | - | - | + | + | - | + | |
Total comprehensive income for the year | - | 6,333 | + | + | - | 6,333 | |
Dividends | 19 | - | (9,553) | - | - | - | (9,553) |
Contributions by and distributions to owners | - | (9,553) | - | - | - | (9,553) | |
Balance at 31 December 2021 | 99,253 | 62,179 | (26,170) | 1 | (26,171) | 135,262 | |
+/(+) - Amount lower than S$1,000
- 3 -
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Overseas Education Ltd. published this content on 21 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 February 2022 09:40:07 UTC.