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A n n u a l R e p o r t 2 0 0 6
learning redefi ned In form
atics H old
ing s Ltd
A nnual Rep
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learning redefi ned
Highlights of the Year 03
Chairman's Statement 06
Operations Review 08
Board of Directors 12
Key Management 16
Corporate Functions 23
Global Business 30
Global Operations 38
Corporate Governance 45
Five-Year Financial Highlights & Group Financial Highlights 53
Quality accredited education. Anytime. Everywhere.
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LEARNING REDEFINED Annual Repor t 2006 P. 1
OUR VISION To be a Global Leader in Providing Quality Lifelong Learning Services.
OUR MISSION By Achieving Operational, Service and Academic Excellence, We want to Exceed Customers' Expectations.
TOTAL CUSTOMER SATISFACTION We focus to understand our Customers and strive to deliver with speed and delight them by exceeding their expectations.
PEOPLE We value our People and are committed to training and developing them and instilling self confidence in whatever they do to realise their fullest potential.
SPEED We manifest Speed in every one of our actions, making it our competitive advantage.
STRETCHED GOALS We set Stretched Goals to exploit every market opportunity to maximise the shareholders' return.
INNOVATIVE CULTURE We execute with simplicity and strive for Continuous Improvement to achieve excellence in everything we do.
PROFESSIONALISM We uphold the highest standards of Ethics and Integrity.
COMMUNITY SERVICE We strive to be good corporate citizen in every community that we serve.
PROFIT We endeavour to provide the desirable Return to our shareholders and Rewards to other stakeholders.
GROWTH We are committed to long-term sustainable Growth and in so doing ensure lasting and rewarding careers for our people.
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A review of our achievements and
major initiatives in the year 2005
and 2006 that will sustain and
enhance Informatics’ leadership in
the education sector in the years
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- Informatics sponsored Cerebration, a Masters level business competition organized by the National University of Singapore (NUS) Business School. The winning team selected Informatics case as their case study and developed a feasible business plan for promoting Informatics’ Capstone Flexi-Learning programmes in overseas markets.
- Informatics appointed two senior executives, Mr Val Philip Ortega and Ms Cecilia Tong Chiu Fai, as Executive Directors to its Board. Mr Ortega was also appointed the Acting Chief Executive Offi cer of the Group.
- Informatics appointed distinguished academic, Professor Chew Soon Beng, as an Independent Director, and Vice President of Informatics Group Malaysia, Mr Wong Wee Woon, as an Executive Director on the Board of Informatics.
- Informatics selected by Oman government for their scholars, who are being transferred from Nanyang and Singapore Polytechnics, to complete their studies in Advanced Diploma in Info-Comm Technology.
- Panamanian Education Minister, the Honorable H.E. Miguel A. Canizalez visited Informatics’ new campus. The Minister’s visit was organized by International Enterprise Singapore (IE Singapore) to show the Minister the strength of Singapore’s Private Education Organisations (PEOs), with Informatics being the premier PEO here.
- Informatics’ rights issue 1.68 times subscribed. The rights issue raised net proceeds of some S$18.9 million, before the exercise of the warrants and after deducting estimated issue expenses of about S$0.7 million.
HIGHLIGHTS OF THE YEAR
LEARNING REDEFINED Annual Repor t 2006
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- Shareholders approved Informatics’ Rights Issue at an Extraordinary General Meeting.
- A group of Informatics’ staff were awarded the national Excellent Service Award (EXSA) 2005 by SPRING Singapore in recognition of their outstanding services. This is the second consecutive year Informatics’ staff had won this accolade and the company is the only Private Education Organisation with this honour.
- Informatics’ new campus at Science Centre Road offi cially opened by Guest-of-Honour Professor Tommy Koh, Ambassador-At-Large, Ministry of Foreign Aff airs and also Chairman of the Institute of Policy Studies. The new campus has an area of 600,000 square feet and can accommodate up to 15,000 students.
- Informatics received in-principle approval from the Singapore Exchange Securities Trading Limited (SGX-ST) for the listing and quotation of the Group’s Rights Shares, Warrants and New Shares on the Offi cial List of the SGX-ST.
- Informatics signed a Memorandum of Understanding with the world’s leading language training provider, the Linguaphone Group. The Informatics-Linguaphone strategic alliance aims at realising the clear synergies between computer training and English language teaching.
- Informatics signed a Memorandum of Understanding on educational cooperation with South Korea’s Chang Shin College, under which the two parties will exchange students, faculty members, academic materials and other information. Both parties will undertake joint research activities and exchanges of an academic nature that are agreed upon by both parties.
- Informatics signed a Memorandum of Understanding with the International Brand Federation (IBF), a Brand Research Center under China’s Peking University, as a commitment to explore and exchange intellectual ideas and collaboration in projects that would bring mutual benefi ts. The IBF will be assisting Informatics in the development of courses on brand development and research.
- Informatics jointly organised with EC-Council and Singapore Computer Society the Hacker Halted 2005 Conference in Singapore, a high-powered vendor-neutral cyber security conference attended by overseas delegates from various professional backgrounds, including Chief Information Offi cers, Chief Technology Offi cers, other IT professionals, senior managers, and banking, legal and auditing professionals.
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- Informatics won the Golden Brand Award, in recognition of the company’s success in building a strong brand name. The Golden Brand Award for the Education sector is a competition run by the organisers of the International Brand Summit 2005, an event held in conjunction with the mega event, Global Entrepolis@Singapore, jointly presented by the Singapore Economic Development Board (EDB) and the Singapore Business Federation.
- Informatics became the fi rst Private Education Organisation (PEO) in Singapore to provide training for 115 government scholars from Nigeria’s Jigawa State. The students will be trained in Information Communication and Technology (ICT) and will obtain Diploma in Information Technology, as part of a 3-year programme leading to a degree.
- Informatics provided a smooth transition for AIT Academy students to Informatics, when AIT Academy closed down, so that these students can continue to be assured of the standard of the qualifi cation that they had expected when they fi rst enrolled for their courses in Singapore.
- Wholly owned subsidiaries of the Informatics Group – Informatics Computer School, Thames Business School and Thames Language School – qualifi ed for CaseTrust in Education, a scheme run by the Consumer Association of Singapore to certify companies that have the necessary foundation for good quality student welfare practices and standards.
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GREAT STRIDES ON THE ROAD TO RECOVERY
FY2006 marks a year when Informatics successfully grappled with the challenge of stemming the tide of red ink in its operations and achieving a signifi cant measure of stability. The great strides we made in the housecleaning of our operations enabled us to slash our FY2006 net loss by 68% to $22.8 million dollars. With that, we now have a better grip on the business, enabling us to be well poised for growth.
The resolute restructuring, rationalisation and consolidation had led to greater effi ciency in our operations, saving us $11.4 million or 27% on staff cost