BExcellent : FURTHER CHANGE IN USE OF PROCEEDS

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BExcellent Group Holdings Limited ၚߵිණྠછٰϞࠢʮ̡

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1775)

ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 JANUARY 2022

FINANCIAL HIGHLIGHTS

Summary of the results of the Group for the six months ended 31 January 2022 comparing to that of the same period ended 31 January 2021 is as follows:

• h The Group's revenue decreased by 10.6% from HK$93.3 million to approximately HK$83.3 million.

• h Total number of session enrollments of private supplementary secondary school education services decreased by approximately 1.7% from 118,000 to 116,000.

• h The revenue per average classroom capacity of private supplementary secondary school education services increased by approximately 10.5% from HK$22,900 to HK$25,300.

• h Loss attributable to owners of the Company for the six months ended 31 January 2022 was HK$7.5 million. (For the six months ended 31 January 2021, loss attributable to owners of the Company was HK$5.1 million).

• h Bank balances and cash were recorded as HK$71.6 million as at 31 January 2022.

• h The Board does not recommend the payment of interim dividend for the six months ended 31 January 2022 (For the six months ended 31 January 2021: nil).

INTERIM RESULTS

The board (the "Board") of directors (the "Directors") of BExcellent Group Holdings Limited (the "Company") is pleased to announce the unaudited condensed consolidated results of the Company and its subsidiaries (collectively the "Group") for the six months ended 31 January 2022 together with the comparative unaudited figures for the comparable period in 2021, which have been reviewed by the Company's Audit Committee. Unless specified otherwise, (i) capitalised terms used herein shall have the same meanings as used in the immediately preceding annual report of the Company; and (ii) where appropriate, numerical figures or percentages presented herein shall be approximate figures and percentages (as the case may be).

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 31 January 2022

2022	2021
HK$'000	HK$'000
Note	(Unaudited)	(Unaudited)
Revenue	3	83,342	93,260
Other income	4	2,126	16,121
Other (losses)/gains	4	(261)	97
Staff costs	5	(33,038)	(44,606)
Tutor service fees	(15,480)	(23,576)
Short-term lease and low-value lease payments	(6,151)	(2,738)
Advertising and promotion expenses	(1,917)	(3,287)
Printing and other operating expenses	(21,071)	(23,035)
Depreciation and amortisation	(13,646)	(18,907)
Change in fair value of investment property	445	56
Operating loss	(5,651)	(6,615)
Finance costs	6	(539)	(838)
Share of profit/(loss) of an associate	56	(126)
Loss on deemed disposal of an associate	-	(78)
Loss before taxation	7	(6,134)	(7,657)
Taxation	8	(1,987)	2,074
Loss for the period	(8,121)	(5,583)
Other comprehensive loss
Item that will not be reclassified to profit or loss
Change in the fair value of equity investment at fair value
through other comprehensive income	(29)	(214)
Other comprehensive loss for the period	(29)	(214)
Total comprehensive loss for the period	(8,150)	(5,797)
Loss attributable to
- Owners of the Company	(7,543)	(5,117)
- Non-controlling interests	(578)	(466)
(8,121)	(5,583)
Total comprehensive loss for the period attributable to
- Owners of the Company	(7,572)	(5,331)
- Non-controlling interests	(578)	(466)
(8,150)	(5,797)
Basic and diluted loss per share for loss attributable to the owners
of the Company (expressed in HK cents per share)	9	(1.51)	(1.02)

The above condensed consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 January 2022

31 January	31 July
2022	2021
HK$'000	HK$'000
Note	(Unaudited)	(Audited)
Assets
Non-current assets
Property, plant and equipment	13,394	16,759
Right-of-use assets	34,540	29,444
Investment property	19,845	19,400
Intangible assets	4,415	4,659
Financial assets at fair value through other
comprehensive income	256	285
Deferred income tax assets	4,821	6,668
Interest in an associate	456	-
Deposits and prepayments	1,388	2,463
79,115	79,678
Current assets
Accounts receivables	11	4,990	3,398
Deposits, prepayments and other receivables	12	16,904	18,033
Income tax recoverable	116	1,064
Cash and cash equivalents	71,610	81,148
93,620	103,643
Total assets	172,735	183,321
Equity
Share capital	15	120,956	120,956
Other reserves	8,829	16,676
Accumulated losses	(10,115)	(10,737)
Equity attributable to owners of the Company	119,670	126,895
Non-controlling interests	(1,479)	(901)
Total equity	118,191	125,994
Liabilities
Current liabilities
Other payables	13	9,774	16,371
Contract liabilities	14,856	15,352
Current income tax payable	459	345
Borrowings	7,331	7,585
Lease liabilities	8,445	11,264
40,865	50,917

31 January 2022

Note

HK$'000 (Unaudited)

31 July 2021 HK$'000 (Audited)Non-current liabilities Other non-current liabilities Deferred income tax liabilities Lease liabilities

14

289 579 47 10 13,343 5,821 13,679 6,410

Total liabilities 54,544 57,327

Total equity and liabilities

172,735 183,321

The above condensed consolidated statement of financial position should be read in conjunction with the accompanying notes.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

• 1 GENERAL INFORMATION

  BExcellent Group Holdings Limited (the "Company") was incorporated in the Cayman Islands as an exempted company with limited liability under the Companies Law, Cap 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands and listed (the "Listing") on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") on 13 July 2018. The address of the Company's registered office is Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands.

  The Company is an investment holding company. The Company and its subsidiaries (together "the Group") are principally engaged in the provision of private supplementary secondary school education services, the operation of private secondary day schools and the provision of ancillary education services and products in Hong Kong. The ultimate holding company is Beacon Enterprise Limited, a company incorporated in the British Virgin Islands with limited liability.

  These condensed consolidated financial statements are presented in thousands of Hong Kong dollars ("HK$'000"), unless otherwise stated.

• 2 BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

  • 2.1 Basis of presentation

    The condensed consolidated financial statements have been prepared in accordance with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on the Stock Exchange ("Listing Rules") and Hong Kong Accounting Standard ("HKAS") 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA").

  • 2.2 Principal Accounting Policies

    The accounting policies and methods of computation used in the preparation of the unaudited condensed consolidated interim financial information are consistent with those used in the Group's annual financial statements for the year ended 31 July 2021, except for the following revised Hong Kong Financial Reporting Standards ("HKFRSs") issued by the HKICPA that have been adopted by the Group for the first time for the current period's unaudited interim financial information:

Amendments to HKFRS 9, HKAS 39,

Interest Rate Benchmark Reform -

HKFRS 7, HKFRS 4 and HKFRS 16

Phase 2

The adoption of the above revised HKFRSs has had no significant financial effect on these interim financial statements.