Washington Post 2014 Annual Report Download - page 28

Kaplan Singapore’s Financial business provides preparatory courses for professional qualifications in accountancy and
finance, such as the Association of Chartered Certified Accountants (ACCA) and the Chartered Financial Analyst (CFA).
Kaplan Singapore’s Professional business, which is an authorized Workforce Development Agency Continuing Education
Training (CET) Centre, provides professionals with various skills training to help them to rejoin the workforce, shift to new
careers or catch up with changes that occur in the workplace.
In Australia, Kaplan delivers a broad range of financial services programs, as well as higher education and professional
development courses. In 2014, this business provided courses to approximately 20,000 students through classroom
programs and to more than 27,000 students through online or distance-learning programs.
Kaplan Australia’s English-language and pathways business is part of KIC, which operates across seven locations in
Australia and one location in New Zealand, teaching more than 7,000 students per year. Also included in this division
are Murdoch Institute of Technology and Bradford College, which continue to offer pathways education for students
wishing to enter Murdoch University in Perth and the University of Adelaide, respectively.
The Vocational Education business of Kaplan Australia includes Kaplan Professional (KP) and Franklyn Scholar. KP offers
financial services education programs and continuing professional development courses primarily to a business-to-business
market, including major financial institutions. In 2014, a segment of the Kaplan Australia higher education business,
Kaplan Online Higher Education (KOHE) was operationally restructured into KP. This has resulted in KP offering a fuller
range of specialized courses and programs of study in financial services to our students, ranging from vocational
education to higher education (up to and including master’s level degrees), and ongoing professional development
qualifications. Approximately 27,000 students are taught through KP each year. Franklyn Scholar offers a wide range of
custom-developed programs to corporate clients at the vocational education level. More than 11,000 students are taught
through Franklyn Scholar each year.
The other segment of the higher education business of Kaplan Australia is comprised of Kaplan Business School (KBS),
which offers diploma, bachelor’s and master’s degree programs in business, management, hospitality and tourism and
accounting. KBS operates in four states in Australia and online, teaching approximately 1,400 students each year.
In Hong Kong, Kaplan operates three business units: Kaplan Financial, Kaplan Language Training and Kaplan Higher
Education, serving more than 8,000 students annually.
Kaplan Hong Kong’s Financial division delivered preparatory courses to more than 5,000 graduates and business
executives wishing to take professional qualifications in accountancy (ACCA, HKICPA, CIMA, CTA) and financial markets
designations (CFA, LE, CIAI, FRM).
Hong Kong’s Language Training division offers both full-time and part-time programs to more than 2,000 students
studying degrees from bachelors and masters through to doctorate level.
In 2013, enrollment in Kaplan Business and Accountancy Schools’ Higher Diploma program were suspended due to
declining market opportunity in this segment; however Kaplan launched a proprietary pre-college diploma program in
2014.
In August 2014, Kaplan entered into agreement in China to sell both its ACCA training programs business and four
schools that deliver university preparation programs. Final local transfer mechanics were completed in January 2015.
Kaplan continues to retain franchise arrangements with third parties in China to deliver programs.
In June 2014, Kaplan Holdings Limited (Hong Kong) signed a joint venture agreement with CITIC Press Corporation.
Under the terms of the agreement, the parties have now incorporated a joint venture company, Kaplan CITIC Education
Co. Limited, which is 49% owned by Kaplan Holdings Limited. The joint venture company will undertake training
consultancy and related businesses in China.
Each of Kaplan’s international businesses is subject to unique and often complex regulatory environments in the countries in
which they operate. The degree of consistency in the application and interpretation of such regulations can vary significantly
in certain jurisdictions, which can make compliance challenging. No assurance can be given that Kaplan will be able to
comply with foreign regulations, and failure to do so could materially and adversely affect Kaplan’s operating results.
Cable Operations
Through its subsidiary Cable One, Inc. (Cable ONE), the Company owns and operates cable systems that provide
video, Internet and voice service to subscribers in 19 midwestern, western and southern states. At the end of 2014,
Cable ONE provided cable service to approximately 451,217 video subscribers, representing about 31% of the
1,470,336 homes passed by the systems, had approximately 488,454 subscriptions to high-speed data (HSD) service
12 GRAHAM HOLDINGS COMPANY