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Efficient Allocation of Academic Duties
OFS employs the best of teaching ability from around the world, currently 370 Academic staff from over 30 countries. OFS
teaching staff are organised into four schools, each with a Principal and academic support team. All Academic leaders
were previously successful OFS teachers, and these academic teams can focus on their students and their teaching roles.
Great teachers develop successful students. Successful students are what make a great school.
Administration Duties
OFS business and logistic administration is provided by a team of 140 managers and support staff, mostly Singaporean,
with the overriding brief to support the teachers’ work.
These rather unique school policies lead to a more focussed teaching faculty, with better results for OFS students, and
more ef cient administration.
DIVIDENDS
The Board remains committed to the annual dividend policy outlined in our prospectus, being at least 50% of the NPAT
attributable to shareholders. Dividends help to align the interests of investors, employee shareholders, and controlling
shareholders. No bonuses or share options based on nancial performance are available for executives or employees, as
the primary objective of the organisation is educational excellence for our students, before pro t.
For the nancial year ended 31 December 2013, the Board recommends a tax-exempt one-tier dividend of 2.75 cents per
ordinary share, being 50.5% of NPAT. If approved by shareholders at the AGM, payment will be on 19 May 2014, based
on registered shareholdings as at 5.00 p.m. on 8 May 2014.
FUTURE PLANS
As we move into the new nancial year, we note that Government continues to promote foreign investment as a key
policy for domestic growth in Singapore. We therefore expect continuing relocation to Singapore of overseas executives,
professionals, diplomats and their families, adding to the demand for high quality education in foreign system schools.
A New Campus
Construction in Pasir Ris is now well under way, currently on schedule and expected to be completed by April 2015 ready
for the start of school in August. The new school will include two eleven-level teaching blocks, a large function hall, four
performing arts centres, sports elds, covered courts and 50-metre swimming pool. On-site parking for nearly 500 cars
and 120 buses is designed for smooth traf c ow. 4,800 students is our Government-approved initial capacity.
Capital Expenditure
Once in the history of a school, it builds a new campus. The Capital Expenditure policy at that time can determine its
long-term future, and whether the new facility will further educational goals or create nancial stress, requiring ever higher
school fees. OFS has been debt free since its 1991 inception, and we intend to maintain conservative nancial policies
in future. The OEL group had $60 million from pro ts before listing, raised $68 million net at the IPO, and is now close to
nalising the remaining funding required.
APPRECIATION
To our investors, management and staff, to our students, their parents and the companies and embassies which employ
them in Singapore:
Thank you for your con dence in the OEL / OFS organisation, and we look forward to building ever stronger relationships
in the years ahead.
These are exciting times for the OFS school community.
David A Perry
Executive Chairman and Chief Executive Of cer
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Overseas Education Limited AR 2013
INVESTING IN EDUCATION