Overseas Education : Annual Reports And Related Documents

CORPORATE INFORMATION

COMPANY SECRETARY

Siau Kuei Lian

BOARD OF DIRECTORS

Tan Teng Muan

Non-Executive Chairman and Independent Director

Wong Lok Hiong Irene

CEO, Executive Director and Chief Executive of OFSL

Ho Hie Wu David

Chief Financial Officer and Executive Director

Ho Yew Mun

Lead Independent Director

Leow Wee Kia Clement

Independent Director

Walker, David Peter

Independent Director

NOMINATING COMMITTEE

Leow Wee Kia Clement

(Chairman)

Ho Yew Mun Tan Teng Muan Walker, David Peter

REMUNERATION COMMITTEE

Leow Wee Kia Clement

(Chairman)

Ho Yew Mun Tan Teng Muan Walker, David Peter

AUDIT COMMITTEE

Ho Yew Mun

(Chairman)

Leow Wee Kia Clement Tan Teng Muan Walker, David Peter

REGISTERED OFFICE

81 Pasir Ris Heights, Singapore 519292

Telephone no. : (65) 6738 0211 Facsimile no. : (65) 6735 9734

COMPANY REGISTRATION NUMBER

201131905D

SHARE REGISTRAR AND SHARE TRANSFER OFFICE

M & C Services Private Limited

112 Robinson Road #05-01 Singapore 068902

AUDITORS

Ernst & Young LLP

One Raffles Quay Level 18 North Tower Singapore 048583

Partner-in-charge:

Ho Shyan Yan

(with effect from financial year ended 31 December 2018)

CONTENTS

• 01 CORPORATE INFORMATION

• 03 CHAIRMAN'S MESSAGE

  TO SHAREHOLDERS

• 04 WHO WE ARE

• 06 COMMEMORATING OUR

  30TH ANNIVERSARY

• 10 BOARD OF DIRECTORS

• 12 EXECUTIVE OFFICERS

• 14 ABOUT OFS

• 22 FINANCIAL HIGHLIGHTS

• 24 OPERATIONS &

  FINANCIAL REVIEW

• 26 SUSTAINABILITY REPORT

• 40 CORPORATE

  GOVERNANCE REPORT

• 67 FINANCIAL STATEMENTS

• 124 SHAREHOLDINGS

  STATISTICS

• 126 NOTICE OF ANNUAL

  GENERAL MEETING

  PROXY FORM

DEAR SHAREHOLDERS

On behalf of the Board of Directors of Overseas Education Limited (OEL), I am pleased to present the annual report for the Financial Year ended 31 December 2021 (FY 2021) .

First and foremost, allow me to express our immense gratitude to our past Chairman Mr David Alan Perry for his excellent stewardship of this school since its inception and to its successful listing in 2013. David's philosophy of putting the child first at the centre of education and ensuring a child's sense of happiness and joy has formed the strong bedrock of our school's curriculum. David has retired from the Board in January 2022 which would give him more time with his family and grandchildren. No words can express our appreciation or describe our debt to David for his role and contributions to our school.

I first knew the two founders - David and Irene, professionally during the inception of OFS. Through the decades, I have come to understand and truly imbibe the essence of David's educational philosophy. Students' happiness will continue to be at the core of our institution. Education is not about the students' academics per se but about developing their resilience, imparting values which will see them through life and instilling in them the power of critical thinking to overcome (often unprecedented) situations.

The last two years of challenges faced by the students, their families and the staff have underscored the importance of being nimble in this changing world. I am proud to say our students and teaching community have indeed risen to the challenges and have demonstrated the maturity and strong resilience to ride through this pandemic together. To the many parents who stood by us, thank you for your stoic support. OFS is as much a community as it is a family. Bonds and ties developed here will continue to support and enrich one another.

In FY 2021, the prolonged COVID-19 pandemic continued to negatively impact our student numbers both in terms of new enrolments and in the retention of existing foreign students. OEL recorded a lower net profit after taxation of S$6.3 million for FY 2021 compared to the last financial year. A detailed commentary of our OEL results is provided in the Operations & Financial Review section of this annual report.

To our investors, the school as an established institution has weathered the pandemic well. We are past the worst in this crisis. Through this crisis, we are encouraged that our investors have stood by us. We deeply value this sustained and continued trust you have in us. We will continue to build, renew and strengthen this trust through strong,sound governance. The lessons and experience garnered in this crisis will position us well going forward.

We are pleased to propose a final dividend of S$0.013 per share this year for approval by shareholders at the forthcoming Annual General Meeting. We will continue to ensure that our dividend policy remains sustainable whilst maintaining an equitable balance between return to shareholders and prudent capital management to support our school operations.

With the strong support of our Board of Directors, I am honoured to be appointed the new Chairman and I shall endeavour to move in the direction of broadening and deepening David's lasting legacy. Together we shall push the envelope of our thinking to make OEL a relevant and leading foreign system school in Singapore.

Tan Teng Muan Chairman

Overseas Education Limited

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