Financial Statements And Related Announcement: : Half Yearly Results

Overseas Education Limited and Subsidiary Companies

Unaudited Condensed Interim Financial Statements For the six months ended 30 June 2025

Table of Contents Page

1. Condensed interim consolidated statement of comprehensive income 1

2. Condensed interim balance sheets 2

3. Condensed interim statements of changes in equity 3

4. Condensed interim consolidated statement of cash flows 6

5. Notes to the condensed interim consolidated financial statements 7

6. Other Information required by Listing Rule Appendix 7.2 20

Overseas Education Limited and Subsidiary Companies

1. Condensed interim consolidated statement of comprehensive income For the six-month financial period ended 30 June 2025

   		6 months ended	6 months ended	Increase/
   		30 June 2025	30 June 2024	(decrease)
   	Note	S$'000	S$'000	%
   Revenue
   Tuition fees		41,588	43,778	(5.0)
   Registration fees		554	613	(9.6)
   School shop revenue		151	159	(5.0)
   Enrichment programme revenue		560	579	(3.3)
   Interest income		287	405	(29.1)
   Other income		10	12	(16.7)
   Total revenue	5	43,150	45,546	(5.3)
   Operating Expenses
   Personnel expenses		(25,679)	(24,803)	3.5
   School shop costs		(96)	(84)	14.3
   Enrichment programme costs		(390)	(394)	(1.0)
   Utilities		(636)	(695)	(8.5)
   Upkeep and maintenance		(1,094)	(821)	33.3
   Finance costs	6	(1,762)	(2,164)	(18.6)
   Other operating expenses		(3,998)	(3,791)	5.5
   Operating expenses before depreciation and
   amortisation		(33,655)	(32,752)	2.8
   Profit before depreciation and amortisation		9,495	12,794	(25.8)
   Depreciation expenses		(6,104) (6,001)		1.7
   Amortisation of intangible assets		(188) (199)		(5.5)
   		(6,292)	(6,200)	1.5
   Profit after depreciation and amortisation		3,203	6,594	(51.4)
   Fair value (loss)/gain on derivatives	6	(1,065)	289	n.m.
   Profit before taxation	6	2,138	6,883	(68.9)
   Income tax expense - current tax	7	(1,323) (1,882)		(29.7)
   - deferred tax	7, 16	365 253		44.3
   		(958)	(1,629)	(41.2)

   Net profit for the period attributable to owners of the Company 1,180 5,254 (77.5) Other comprehensive income for the period, net of tax

   Item that may be reclassified subsequently to

   profit or loss Foreign currency translation			*	*
   Total comprehensive income for the period attributable to owners of the Company			1,180	5,254	(77.5)
   Earnings per share (cents) - Basic and diluted	8		0.3	1.3
   n.m. - Not meaningful * - Amount lower than S$1,000
   	- 1	-

   Overseas Education Limited and Subsidiary Companies

2. Condensed interim balance sheets As at 30 June 2025

   Group Company

   	30 June	31 December	30 June	31 December
   Note	2025	2024	2025	2024
   	S$'000	S$'000	S$'000	S$'000
   ASSETS
   Non-current assets Property, plant and equipment
   - Leasehold land 9	22,260	22,878	-	-
   - School buildings, plant and equipment 9	181,022	184,677	105	126
   Right-of-use assets	3,196	4,565	99	20
   Intangible assets	1,862	1,783	-	-
   Investment in subsidiaries	-	-	101,219	101,219
   Derivatives 10	-	749	-	-
   Deposits	349	349	-	-
   Staff housing deposits	299	210	-	-
   Other long-term asset 13	334	334	-	-
   	209,322	215,545	101,423	101,365
   Current assets
   Inventories	494	501	-	-
   Derivatives 10	-	85	-	-
   Trade receivables 11	2,618	981	-	-
   Other receivables and deposits	363	573	37	24
   Prepayments	1,267	1,740	49	48
   Amount due from subsidiary 12	-	-	-	4,000
   Cash and cash equivalents 13	32,621	53,649	4,817	5,258
   	37,363	57,529	4,903	9,330
   TOTAL ASSETS	246,685	273,074	106,326	110,695
   EQUITY AND LIABILITIES
   Current liabilities
   Trade payables	611	581	-	-
   Other payables and liabilities	804	751	81	124
   Fees received in advance 14	14,263	32,047	-	-
   Derivatives 10	24	-	-	-
   Lease liabilities	2,373	3,710	51	22
   Borrowings - Bank loan 15	6,698	6,906	-	-
   Goods and Services Tax payable	3,380	3,447	62	73
   Central Provident Fund payable	447	514	3	2
   Income tax payable	2,705	2,765	250	262
   	31,305	50,721	447	483
   NET CURRENT ASSETS	6,058	6,808	4,456	8,847
   Non-current liabilities Fees received in advance 14	591	505	-	-
   Derivatives 10	207	-	-	-
   Lease liabilities	871	947	49	-
   Borrowings - Bank loan 15	74,306	77,327	-	-
   Deferred tax liabilities 16	5,043	5,408	-	-
   	81,018	84,187	49	-
   NET ASSETS	134,362	138,166	105,830	110,212
   Equity attributable to owners of the Company
   Share capital 17	99,253	99,253	99,253	99,253
   Revenue reserve	61,279	65,083	6,577	10,959
   Other reserves 18	(26,170)	(26,170)	-	-
   TOTAL EQUITY	134,362	138,166	105,830	110,212

   - 2 -

   Overseas Education Limited and Subsidiary Companies

3. Condensed interim statements of changes in equity For the six-month financial period ended 30 June 2025

Group 2025

Balance at 1 January 2025

Net profit after tax

Other comprehensive income for the period Total comprehensive income for the period

Note

Dividends 19

Contributions by and distributions to owners Balance at 30 June 2025

* - Amount lower than S$1,000

- 3 -