Overseas Education : Financial Statements And Related Announcement - Full Yearly Results

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

1. 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

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Overseas Education Limited and Subsidiary Companies

1. 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

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Overseas Education Limited and Subsidiary Companies

1. 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 -