Overseas Edu RQ1

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Financials

Overseas Education Limited Annual Report 2025

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12 tables

Consolidated Statement of Comprehensive Income

29 metrics

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Consolidated Statement of Comprehensive Income from Overseas Education Limited Annual Report 2025
Metric / unit 2025Group2024Group Source
Revenue
Tuition feesS$ 80,780,80684,867,114 PDF p. 75
Registration feesS$ 1,216,2421,224,780 PDF p. 75
School shop revenueS$ 536,555559,403 PDF p. 75
Enrichment programme revenueS$ 890,7071,123,787 PDF p. 75
Interest incomeS$ 450,659715,123 PDF p. 75
Other incomeS$ 19,47933,545 PDF p. 75
Total revenueS$ 83,894,44888,523,752 PDF p. 75
Operating expenses
Personnel expensesS$ 52,683,98050,549,684 PDF p. 75
School shop costsS$ 363,502376,934 PDF p. 75
Enrichment programme costsS$ 774,643775,226 PDF p. 75
UtilitiesS$ 1,263,7501,350,802 PDF p. 75
Upkeep and maintenanceS$ 2,172,8801,837,923 PDF p. 75
Finance costsS$ 3,276,9944,209,631 PDF p. 75
Other operating expensesS$ 8,655,6197,946,629 PDF p. 75
Operating expenses before depreciation and amortisationS$ 69,191,36867,046,829 PDF p. 75
Profit
Profit before depreciation and amortisationS$ 14,703,08021,476,923 PDF p. 75
Depreciation expensesS$ 11,757,66912,096,544 PDF p. 75
Amortisation of intangible assetsS$ 383,190392,112 PDF p. 75
SubtotalS$ 12,140,85912,488,656 PDF p. 75
Profit after depreciation and amortisationS$ 2,562,2218,988,267 PDF p. 75
Fair value loss on derivativesS$ (1,129,362)(575,249) PDF p. 75
Profit before taxationS$ 1,432,8598,413,018 PDF p. 75
Tax
Income tax expense – current taxS$ (1,801,663)(2,692,848) PDF p. 75
Income tax expense – deferred taxS$ 574,732548,546 PDF p. 75
SubtotalS$ (1,226,931)(2,144,302) PDF p. 75
Net profit
Net profit for the year attributable to owners of the CompanyS$ 205,9286,268,716 PDF p. 75
Other comprehensive income
Foreign currency translationS$ (49)30 PDF p. 75
Total comprehensive income
Total comprehensive income for the year attributable to owners of the CompanyS$ 205,8796,268,746 PDF p. 75
Earnings per share
– Basic and dilutedcents per share 0.051.5 PDF p. 75
Definitions & sources

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

Balance sheet — assets

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Balance sheet — assets from Overseas Education Limited Annual Report 2025
Metric / unit 2025Group2024Group2025Company2024Company Source
Assets; Non-current assets; Property, plant and equipment
– Leasehold landS$ 21,641,66722,878,333–– PDF p. 76
– School buildings, plant and equipmentS$ 178,162,809184,677,13084,105125,930 PDF p. 76
Assets; Non-current assets
Right-of-use assetsS$ 6,511,8084,565,20773,35220,403 PDF p. 76
Intangible assetsS$ 1,829,8171,782,944–– PDF p. 76
Investment in subsidiariesS$ ––101,219,141101,219,141 PDF p. 76
DerivativesS$ –748,549–– PDF p. 76
DepositsS$ 349,190348,990–– PDF p. 76
Staff housing depositsS$ 366,600210,100–– PDF p. 76
Other long term assetS$ 333,500333,500–– PDF p. 76
Assets; Non-current assets subtotal
SubtotalS$ 209,195,391215,544,753101,376,598101,365,474 PDF p. 76
Assets; Current assets
InventoriesS$ 436,150500,528–– PDF p. 76
DerivativesS$ –85,644–– PDF p. 76
Trade receivablesS$ 1,019,776981,068–– PDF p. 76
Other receivables and depositsS$ 250,009573,52119,20423,795 PDF p. 76
PrepaymentsS$ 2,005,0761,739,96649,15947,662 PDF p. 76
Amount due from subsidiaryS$ ––3,000,0004,000,000 PDF p. 76
Cash and cash equivalentsS$ 48,278,36853,648,8905,525,9245,258,024 PDF p. 76
Assets; Current assets subtotal
SubtotalS$ 51,989,37957,529,6178,594,2879,329,481 PDF p. 76
Assets
TOTAL ASSETSS$ 261,184,770273,074,370109,970,885110,694,955 PDF p. 76
Definitions & sources

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

Balance sheet — equity and liabilities

22 metrics

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Balance sheet — equity and liabilities from Overseas Education Limited Annual Report 2025
Metric / unit 2025Group2024Group2025Company2024Company Source
Current liabilities
Trade payablesS$ 648,635581,072–– PDF p. 77
Other payables and liabilitiesS$ 867,018751,322110,616124,418 PDF p. 77
Fees received in advanceS$ 30,442,80132,046,610–– PDF p. 77
Lease liabilitiesS$ 4,515,8123,710,11651,95621,304 PDF p. 77
DerivativesS$ 30,303––– PDF p. 77
BorrowingsS$ 6,507,0756,906,453–– PDF p. 77
Goods and Services Tax payableS$ 3,249,0703,446,42773,21472,926 PDF p. 77
Central Provident Fund payableS$ 561,302513,6642,7032,385 PDF p. 77
Income tax payableS$ 1,877,6632,765,390240,532261,558 PDF p. 77
Current liabilities subtotal
SubtotalS$ 48,699,67950,721,054479,021482,591 PDF p. 77
Equity and liabilities
NET CURRENT ASSETSS$ 3,289,7006,808,5638,115,2668,846,890 PDF p. 77
Non-current liabilities
Fees received in advanceS$ 590,289504,842–– PDF p. 77
DerivativesS$ 264,866––– PDF p. 77
BorrowingsS$ 71,285,06377,327,313–– PDF p. 77
Lease liabilitiesS$ 2,123,412946,48422,335– PDF p. 77
Deferred tax liabilitiesS$ 4,833,5445,408,276–– PDF p. 77
Non-current liabilities subtotal
SubtotalS$ 79,097,17484,186,91522,335– PDF p. 77
Equity and liabilities
NET ASSETSS$ 133,387,917138,166,401109,469,529110,212,364 PDF p. 77
Equity attributable to owners of the Company
Share capitalS$ 99,253,22699,253,22699,253,22699,253,226 PDF p. 77
Revenue reserveS$ 60,304,20565,082,64010,216,30310,959,138 PDF p. 77
Other reservesS$ (26,169,514)(26,169,465)–– PDF p. 77
Equity and liabilities
TOTAL EQUITYS$ 133,387,917138,166,401109,469,529110,212,364 PDF p. 77
Definitions & sources

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

Consolidated Statement of Cash Flows

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Consolidated Statement of Cash Flows from Overseas Education Limited Annual Report 2025
Metric / unit 2025Group2024Group Source
Operating activities
Profit before taxationS$ 1,432,8598,413,018 PDF p. 80
Operating activities adjustments
Depreciation expensesS$ 13,705,39314,066,617 PDF p. 80
Amortisation expensesS$ 383,190392,112 PDF p. 80
Gain on disposal of property, plant and equipmentS$ (3,587)(9,411) PDF p. 80
Write-off of plant and equipment and intangible assetsS$ –55,807 PDF p. 80
Interest incomeS$ (450,659)(715,123) PDF p. 80
Finance costsS$ 3,276,9944,209,631 PDF p. 80
Fair value loss on derivativesS$ 1,129,362575,249 PDF p. 80
Operating activities
Operating profit before working capital changesS$ 19,473,55226,987,900 PDF p. 80
Operating activities working capital changes
Decrease/(increase) in inventoriesS$ 64,378(53,329) PDF p. 80
Increase in trade receivablesS$ (38,708)(65,437) PDF p. 80
Increase in other receivables, deposits and prepaymentsS$ (62,953)(276,285) PDF p. 80
Increase in non-current depositsS$ (156,700)(25,205) PDF p. 80
Decrease in trade payables, other payables and liabilities, and fees received in advanceS$ (1,547,716)(3,720,272) PDF p. 80
Operating activities
Cash generated from operationsS$ 17,731,85322,847,372 PDF p. 80
Interest receivedS$ 450,659715,123 PDF p. 80
Income tax paidS$ (2,689,390)(3,043,699) PDF p. 80
Net cash generated from operating activitiesS$ 15,493,12220,518,796 PDF p. 80
Investing activities
Additions of intangible assetsS$ (430,063)(378,510) PDF p. 80
Acquisition of property, plant and equipmentS$ (648,898)(1,279,828) PDF p. 80
Proceeds from disposal of property, plant and equipmentS$ 41,18924,747 PDF p. 80
Net cash used in investing activitiesS$ (1,037,772)(1,633,591) PDF p. 80
Financing activities
Payment of principal portion of lease liabilitiesS$ (5,307,852)(5,138,572) PDF p. 80
Lease interest paidS$ (244,176)(293,494) PDF p. 80
Bank loan interest paidS$ (3,129,481)(3,923,868) PDF p. 80
Bank loan repaymentS$ (6,160,000)(6,160,000) PDF p. 80
Dividends paidS$ (4,984,363)(5,399,726) PDF p. 80
Net cash used in financing activitiesS$ (19,825,872)(20,915,660) PDF p. 80
Cash reconciliation
Net decrease in cash and cash equivalentsS$ (5,370,522)(2,030,455) PDF p. 80
Cash and cash equivalents at beginning of the yearS$ 53,648,89055,679,345 PDF p. 80
Cash and cash equivalents at end of the yearS$ 48,278,36853,648,890 PDF p. 80
Definitions & sources

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

Group statement of changes in equity — FY2025

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Group statement of changes in equity — FY2025 from Overseas Education Limited Annual Report 2025
Metric / unit 2025GroupShare capital2025GroupRevenue reserve2025GroupOther reserves — total2025GroupForeign currency translation reserve2025GroupMerger reserve2025GroupTotal equity Source
Group equity movements FY2025
Balance at 1 January 2025S$ 99,253,22665,082,640(26,169,465)1,101(26,170,566)138,166,401 PDF p. 78
Net profit after taxS$ –205,928–––205,928 PDF p. 78
Other comprehensive loss for the yearS$ ––(49)(49)–(49) PDF p. 78
Total comprehensive income for the yearS$ –205,928(49)(49)–205,879 PDF p. 78
DividendsS$ –(4,984,363)–––(4,984,363) PDF p. 78
Contributions by and distributions to ownersS$ –(4,984,363)–––(4,984,363) PDF p. 78
Balance at 31 December 2025S$ 99,253,22660,304,205(26,169,514)1,052(26,170,566)133,387,917 PDF p. 78
Definitions & sources

Group statement of changes in equity — FY2024

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Group statement of changes in equity — FY2024 from Overseas Education Limited Annual Report 2025
Metric / unit 2024GroupShare capital2024GroupRevenue reserve2024GroupOther reserves — total2024GroupForeign currency translation reserve2024GroupMerger reserve2024GroupTotal equity Source
Group equity movements FY2024
Balance at 1 January 2024S$ 99,253,22664,213,650(26,169,495)1,071(26,170,566)137,297,381 PDF p. 78
Net profit after taxS$ –6,268,716–––6,268,716 PDF p. 78
Other comprehensive income for the yearS$ ––3030–30 PDF p. 78
Total comprehensive income for the yearS$ –6,268,7163030–6,268,746 PDF p. 78
DividendsS$ –(5,399,726)–––(5,399,726) PDF p. 78
Contributions by and distributions to ownersS$ –(5,399,726)–––(5,399,726) PDF p. 78
Balance at 31 December 2024S$ 99,253,22665,082,640(26,169,465)1,101(26,170,566)138,166,401 PDF p. 78
Definitions & sources

Company statement of changes in equity — FY2025

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Company statement of changes in equity — FY2025 from Overseas Education Limited Annual Report 2025
Metric / unit 2025CompanyShare capital2025CompanyRevenue reserve2025CompanyTotal equity Source
Company equity movements FY2025
Balance at 1 January 2025S$ 99,253,22610,959,138110,212,364 PDF p. 79
Net profit after taxS$ –4,241,5284,241,528 PDF p. 79
Total comprehensive income for the yearS$ –4,241,5284,241,528 PDF p. 79
DividendsS$ –(4,984,363)(4,984,363) PDF p. 79
Contributions by and distributions to ownersS$ –(4,984,363)(4,984,363) PDF p. 79
Balance at 31 December 2025S$ 99,253,22610,216,303109,469,529 PDF p. 79
Definitions & sources

Company statement of changes in equity — FY2024

6 metrics

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Company statement of changes in equity — FY2024 from Overseas Education Limited Annual Report 2025
Metric / unit 2024CompanyShare capital2024CompanyRevenue reserve2024CompanyTotal equity Source
Company equity movements FY2024
Balance at 1 January 2024S$ 99,253,22611,004,876110,258,102 PDF p. 79
Net profit after taxS$ –5,353,9885,353,988 PDF p. 79
Total comprehensive income for the yearS$ –5,353,9885,353,988 PDF p. 79
DividendsS$ –(5,399,726)(5,399,726) PDF p. 79
Contributions by and distributions to ownersS$ –(5,399,726)(5,399,726) PDF p. 79
Balance at 31 December 2024S$ 99,253,22610,959,138110,212,364 PDF p. 79
Definitions & sources

Five-year financial summary — FY2021–FY2025

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Five-year financial summary — FY2021–FY2025 from Overseas Education Limited Annual Report 2025
Metric / unit 2021Group2022Group2023Group2024Group2025Group Source
Five-year financial summary
Average student enrolment numberstudents 2,1562,2502,4022,4112,297 PDF p. 20
Total revenueS$ thousand 74,56476,36387,82588,52483,894 PDF p. 20
Profit before taxationS$ thousand 7,9636,8659,3408,4131,433 PDF p. 20
Net profit for the yearS$ thousand 6,3335,2786,7266,269206 PDF p. 20
Earnings per ordinary sharecents per share 1.51.31.61.50.05 PDF p. 20
Total assetsS$ thousand 282,152285,105284,818273,074261,184 PDF p. 20
Total liabilitiesS$ thousand 146,890149,965147,521134,908127,797 PDF p. 20
Revenue reserveS$ thousand 62,17862,05764,21465,08360,304 PDF p. 20
Total equityS$ thousand 135,262135,140137,297138,166133,388 PDF p. 20
Net asset value per ordinary sharecents per share 32.632.533.133.332.1 PDF p. 20
Net cash generated from operating activitiesS$ thousand 17,51531,00026,79720,52015,493 PDF p. 20
Net cash used in investing activitiesS$ thousand (1,076)(822)(2,012)(1,634)(1,038) PDF p. 20
Net cash used in financing activitiesS$ thousand (22,195)(18,249)(19,459)(20,916)(19,826) PDF p. 20
Cash and cash equivalents at the end of the yearS$ thousand 38,42450,35355,67953,64948,278 PDF p. 20
Definitions & sources

Basic and diluted EPS — Note 8

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Basic and diluted EPS — Note 8 from Overseas Education Limited Annual Report 2025
Metric / unit 2025Group2024Group Source
Basic and diluted EPS — Note 8
Net profit attributable to ownersS$ 205,9286,268,716 PDF p. 92
Weighted average ordinary shares used for basic and diluted EPSshares 415,363,548415,363,548 PDF p. 92
Basic and diluted earnings per sharecents per share 0.051.5 PDF p. 92
Definitions & sources

Cash and cash equivalents — Note 17

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Cash and cash equivalents — Note 17 from Overseas Education Limited Annual Report 2025
Metric / unit 2025Group2024Group2025Company2024Company Source
Cash and cash equivalents — Note 17
Cash at bankS$ 8,121,39418,938,938494,794458,024 PDF p. 98
Fixed depositsS$ 40,490,47435,043,4525,031,1304,800,000 PDF p. 98
Less: Other long term assetS$ (333,500)(333,500)–– PDF p. 98
Cash and cash equivalentsS$ 48,278,36853,648,8905,525,9245,258,024 PDF p. 98
Definitions & sources

Final dividends paid and proposed — Note 25

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Final dividends paid and proposed — Note 25 from Overseas Education Limited Annual Report 2025
Metric / unit 2025Group2024Group Source
Final dividends paid and proposed — Note 25
Final dividend for prior financial year, declared and paidS$ 4,984,3635,399,726 PDF p. 104
Proposed final dividend, subject to approval and not recognised as a liabilityS$ 2,907,5454,984,363 PDF p. 104
Definitions & sources

Debt

Borrowings

Liquidity risk – contractual undiscounted maturity, Group 2025 (financial liabilities)

Liquidity risk – contractual undiscounted maturity, Group 2025 (financial liabilities) — Group
Item / unit 20251 year or less, S$20251 to 5 years, S$2025More than 5 years, S$2025Total, S$ Source
Financial liabilities
Lease liabilities(a)S$ 5,097,5102,144,573–7,242,083 PDF p. 107
Bank loan – Interest payable(b)S$ 2,137,8324,583,278–6,721,110 PDF p. 107
BorrowingsS$ 6,042,25071,285,063–77,327,313 PDF p. 107
Notes

(a) relates to contractual obligation of lease commitments

(b) relates to contractual obligation of bank interest payable up to April 2029

Liquidity risk – contractual undiscounted maturity, Group 2024 (financial liabilities)

Liquidity risk – contractual undiscounted maturity, Group 2024 (financial liabilities) — Group
Item / unit 20241 year or less, S$20241 to 5 years, S$2024More than 5 years, S$2024Total, S$ Source
Financial liabilities
Lease liabilities(a)S$ 4,051,527959,495–5,011,022 PDF p. 108
Bank loan – Interest payable(b)S$ 3,983,61411,578,116–15,561,730 PDF p. 108
BorrowingsS$ 6,042,25077,327,313–83,369,563 PDF p. 108
Notes

(a) relates to contractual obligation of lease commitments

(b) relates to contractual obligation of bank interest payable up to April 2029

Borrowing notes 2 tables

Borrowings – Current liabilities

Borrowings – Current liabilities — Group
Item / unit 2025S$2024S$ Source
Current liabilities – Borrowings
– Bank loanS$ 6,160,0006,160,000 PDF p. 99
– Interest payableS$ 464,825864,203 PDF p. 99
Less: Facility feeS$ (117,750)(117,750) PDF p. 99
Total current borrowingsS$ 6,507,0756,906,453 PDF p. 99
Notes

Row for subtotal has no printed label; label descriptive. Bank loan is unsecured (see Note 20 text).

Borrowings – Non-current liabilities and total

Borrowings – Non-current liabilities and total — Group
Item / unit 2025S$2024S$ Source
Non-current liabilities – Borrowings
– Bank loanS$ 71,550,00077,710,000 PDF p. 100
Less: Facility feeS$ (264,937)(382,687) PDF p. 100
Non-current borrowings (subtotal, unlabelled)S$ 71,285,06377,327,313 PDF p. 100
Total
Total borrowingsS$ 77,792,13884,233,766 PDF p. 100
Finance costs
Loan interest expenseS$ 2,914,3023,813,565 PDF p. 100
Notes

10-year bank term loan of S$117,750,000 (maturing on 15 April 2029), unsecured, quarterly instalments of S$1,540,000 with final payment at maturity. Interest at average rates ranging from 3.1% to 4.9% (2024: 5.4% to 5.6%) per annum. Covenants: minimum net worth not less than outstanding loan; debt service coverage ratio not less than 1.50:1; adjusted DSCR not less than 1.25:1. Denomination S$.

Payout

Dividends & distributions

Dividend policy

ItemValuePeriod / scopeSource
Dividend policy The Company’s policy is to pay dividends of at least 50.0% of its net profit after tax to shareholders for each financial year. The dividend policy may be subject to modification in the sole and absolute discretion of the Board. Company PDF p. 53

Dividends declared and proposed

ItemValuePeriod / scopeSource
Final exempt (one-tier) dividend for 2025 S$0.007 FY2025 proposed, subject to AGM approval; per ordinary share; exempt (one-tier) PDF p. 104
Final exempt (one-tier) dividend for 2024 S$0.012 FY2024 final, declared and paid during FY2025; per share; exempt (one-tier) PDF p. 104
Dividends on ordinary shares, proposed final 2025 2,907,545 S$ FY2025 proposed final dividend total PDF p. 104
Books closure / record date 12 May 2026 FY2025 proposed final dividend PDF p. 122
Payment of the Dividend 22 May 2026 FY2025 proposed final dividend PDF p. 122

Extracted from Overseas Education Limited Annual Report 2025 and checked against the cited pages; see the original report for full context.

Auditor’s report

Audit & risk signals

Audit opinion

ItemValuePeriod / scopeSource
Auditor Ernst & Young LLP Group PDF p. 74
Engagement partner Adrian Koh Group PDF p. 74
Opinion are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (SFRS(I)) so as to give a true and fair view Group and Company PDF p. 71

Key audit matters

ItemValuePeriod / scopeSource
Ability to renew the land lease Ability to renew the land lease Group PDF p. 72
Ability to renew the land lease The school buildings represent a significant proportion of the Group’s assets. Group PDF p. 72

Extracted from Overseas Education Limited Annual Report 2025 and checked against the cited pages; see the original report for full context.

How to read these figures

Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.

Comparative figures follow Overseas Education Limited Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.

Primary statements use Singapore dollars (S$); five-year summary amounts use S$ thousands except per-share amounts and student numbers.

Other reserves total includes foreign-currency translation and merger reserves; these component columns are not added a second time to total equity.

The five-year summary prints FY2025 assets of S$261,184 thousand; the primary balance sheet reports S$261,184,770, which rounds to S$261,185 thousand. FY2024 operating cash flow is printed as S$20,520 thousand in the summary versus S$20,518,796 in the primary statement. Original figures are retained (PDF pp. 20, 76 and 80).

S$333,500 pledged for a road-widening bank guarantee is classified as a long-term asset and excluded from cash equivalents (PDF p. 98).

FY2025 paid dividend is the FY2024 final dividend of S$0.012 per share. Proposed FY2025 final dividend is S$0.007 per share, subject to approval and not recognised as a liability (PDF p. 104).

These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.