CIBT EDUCATION GROUP INC.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FEBRUARY 28, 2022
EXPRESSED IN THOUSANDS OF CANADIAN DOLLARS UNLESS OTHERWISE NOTED
UNAUDITED
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS
In accordance with National Instrument 51-102, the Company discloses that its external auditors have not reviewed the accompanying condensed consolidated interim financial statements, notes to the condensed consolidated interim financial statements and the related Management's Discussion and Analysis.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
EXPRESSED IN THOUSANDS OF CANADIAN DOLLARS
(Unaudited)
CURRENT
Cash and cash equivalents Restricted cash
Trade and other receivables Development assets Income taxes receivable Prepayments
ASSETS
Inventory
TOTAL CURRENT ASSETS
Investment properties (Note 5) Property and equipment Right-of-use assets Development assets Intangible assets and goodwill Deferred income tax assets Other
TOTAL ASSETS
LIABILITIESCURRENT
Trade and other payables Income taxes payable Deferred revenue
Current portion of borrowings (Note 7) Current lease liabilities
TOTAL CURRENT LIABILITIESFebruary 28, 2022
August 31, 2021
$
8,196 $ 18,338
1,071 739
27,216 21,173
26,000 25,931
150 3,653 843
- 2,909 852
67,129 69,942
334,331 322,606
58,089 58,390
12,427 11,920
41,378 41,390
12,925 12,716
1,219 1,020
1,234 1,055
$
528,732
$
519,039
$
18,357 $ 18,866
189 176
28,140 25,001
169,700 156,894
4,023 3,894
220,409 204,831
Borrowings (Note 7)
Lease liabilities
Deferred income tax liabilities
TOTAL LIABILITIES
SHARE CAPITAL RESERVES (Note 8(c)) DEFICIT
EQUITY
ACCUMULATED OTHER COMPREHENSIVE INCOME
Shareholders' Equity
Non-controlling interests (Note 9)
TOTAL EQUITY
65,890 87,356
12,034 12,283
11,167 10,986
309,500
315,456
46,135 46,573
6,488 6,770
(9,307)
336
(2,841)
295
43,652
50,797
175,580
152,786
219,232
203,583
TOTAL LIABILITIES AND EQUITY
EVENTS AFTER THE REPORTING PERIOD (Note 14)
Approved on behalf of the Board:
"Toby Chu"
Toby Chu, Chief Executive Officer & Director
$
528,732
$
"Troy Rice"
Troy Rice, Director
The accompanying notes are an integral part of these condensed consolidated interim financial statements
519,039
(Unaudited)
Three Months Ended | Six Months Ended |
February 28, | February 28, |
2022 2021 | 2022 2021 |
REVENUES
Educational Rental Development fees Design and advertising Commissions and referral fees
DIRECT COSTS
Educational Rental
Design and advertising Commissions and referral fees
OTHER EXPENSES
General and administrative (Note 10)
Amortization of property, equipment and intangible assets Share-based payment expense
$
12,302 $
3,755
302
129
230
10,654 $
24,819 $ 21,188
2,434
7,646 4,025
392
588 2,371
269
257 482
192
482 277
16,718
13,941
33,792
28,343
5,406
1,535
53
60
4,583
11,176 9,166
1,212
2,926 2,135
156
94 237
75
138 123
7,054
6,026
14,334
11,661
7,224 983 17 8,224
6,696 1,239 38 7,973
14,498 13,370
1,935 2,547
35 75
16,468
15,992
OPERATING INCOME (LOSS)
1,440
(58)
2,990
690
Finance costs (Note 11)
Gain (loss) on fair value changes in investment properties Other income (expense), net (Note 12)
Income (loss) before income taxes
(2,878)
(522) 1,020
(3,197) 8,400 2,279 7,424
(6,161) (5,975)
(986) 9,077
4,269 4,972
(940)
112
8,764
Income tax recovery (expense)
158
(914)
(40)
(1,155)
NET INCOME (LOSS)ATTRIBUTABLE TO:
CIBT Education Group Inc. shareholders Non-controlling interests
$
(782)
$
6,510
$
(288) $
(494)
6,599
(89)
$
(782)
$
6,510
Net income (loss) per share attributable to equity holders of CIBT Education Group Inc.
$
72
$
7,609
$
(47) 119
$
7,650
(41)
$
72
$
7,609
Basic Diluted
$ $
(0.00) (0.00)
$ $
0.09 0.02
$ $
0.00 $ 0.11
0.00 $ 0.03
Weighted average number of common shares outstanding Basic
68,871,940 68,871,940
71,761,951 72,606,532
69,191,928 72,189,020
Diluted
69,191,928 73,129,274 0.05
The accompanying notes are an integral part of these condensed consolidated interim financial statements
(Unaudited)
Three Months Ended
February 28, 2022
Six Months Ended
2021
February 28, 2022
2021
NET INCOME (LOSS)
OTHER COMPREHENSIVE INCOME (LOSS):
Items that are reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations
ATTRIBUTABLE TO:
CIBT Education Group Inc. shareholders Non-controlling interests
$
(782)
1
$
6,510
(4)
$
72 $
40
$
(781)
$
6,506
$
112
$
(287) $
(494)
6,594
(88)
$
(6) 118
$
(781)
$
6,506
$
112
The accompanying notes are an integral part of these condensed consolidated interim financial statements
7,609
68
$
7,677
$
7,719
(42)
$
7,677
CIBT EDUCATION GROUP INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY
EXPRESSED IN THOUSANDS OF CANADIAN DOLLARS EXCEPT SHARE DATA
(Unaudited)
Note | |||
August 31, 2021 | 69,978,240 | $ 46,573 | |
Net income (loss) for the period | - | - | |
Unrealized translation adjustments | - | - | |
Total comprehensive income (loss) | - | - | |
Share-based payments | - | - | |
Payments to non-controlling interests | 9 | - | - |
Non-controlling interests' contributions | 9 | - | - |
Changes to ownership changes, net of tax | 9 | - | - |
Purchase of treasury shares | 8(a) | - | - |
Treasury share cancellations | 8(a) | (646,500) | (438) |
February 28, 2022 | 69,331,740 | 46,135 | |
August 31, 2020 | 74,543,540 | $ 49,534 | $ 6,108 |
Net income (loss) for the period | - | - | - |
Unrealized translation adjustments | - | - | - |
Total comprehensive income (loss) | - | - | - |
Share-based payments | - | - | 75 |
Payments to non-controlling interests | - | - | - |
Non-controlling interests' contributions | - | - | - |
Changes in ownership interests, net of tax | - | - | (8) |
Purchase of treasury shares | - | - | (1,163) |
Treasury share cancellations | (2,122,200) | (1,179) | 1,179 |
Shares issued - stock option exercises | 5,000 | 3 | (1) |
Equity component of convertible debt, net | - | - | (209) |
February 28, 2021 | 72,426,340 | $ 48,358 | $ 5,981 |
Share Capital |
Number of |
Common Dollar |
Shares Amount |
Reserves
Total | Non- | |||||
Shareholders' | Controlling | |||||
AOCI | Deficit | Equity | Interests | Total Equity | ||
$ | 6,770 | $ 295 | $ (2,841) | $ 50,797 | $ 152,786 | $ 203,583 |
- | - | (47) | (47) | 119 | 72 | |
- | 41 | - | 41 | (1) | 40 | |
- | 41 | (47) | (6) | 118 | 112 | |
35 | - | - | 35 | - | 35 | |
- | - | - | - | (452) | (452) | |
- | - | - | - | 2,282 | 2,282 | |
- | - | (6,419) | (6,419) | 20,846 | 14,427 | |
(755) | - | - | (755) | - | (755) | |
438 | - | - | - | - | - | |
6,488 | 336 | (9,307) | 43,652 | 175,580 | 219,232 | |
$ 243 | $ (4,616) | $ 51,269 | $ 129,310 | $ 180,579 | ||
- | 7,650 | 7,650 | (41) | 7,609 | ||
69 | - | 69 | (1) | 68 | ||
69 | 7,650 | 7,719 | (42) | 7,677 | ||
- | - | 75 | - | 75 | ||
- | - | - | (1,254) | (1,254) | ||
- | - | - | 1,497 | 1,497 | ||
- | - | (8) | 15,761 | 15,753 | ||
- | - | (1,163) | - | (1,163) | ||
- | - | - | - | - | ||
- | - | 2 | - | 2 | ||
- | - | (209) | 773 | 564 | ||
$ 312 | $ 3,034 | $ 57,685 | $ 146,045 | $ 203,730 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
4
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CIBT Education Group Inc. published this content on 14 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 April 2022 23:09:01 UTC.