GLOBAL EDUCATION COMMUNITIES CORP. CIBT EDUCATION GROUP INC.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
MAY 31, 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.
CIBT EDUCATION GROUP INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
EXPRESSED IN THOUSANDS OF CANADIAN DOLLARS
(Unaudited)
May 31, 2022 | August 31, 2021 | |||
ASSETS | ||||
CURRENT | ||||
Cash and cash equivalents | $ | 11,424 | $ | 18,338 |
Restricted cash | 1,259 | 739 | ||
Trade and other receivables | 21,874 | 21,173 | ||
Development assets (Note 6) | 26,000 | 25,931 | ||
Income taxes receivable | 24 | - | ||
Prepayments | 3,632 | 2,909 | ||
Inventory | 936 | 852 | ||
TOTAL CURRENT ASSETS | 65,149 | 69,942 | ||
Investment properties (Note 5) | 340,248 | 322,606 | ||
Property and equipment | 57,980 | 58,390 | ||
Right-of-use assets | 12,667 | 11,920 | ||
Development assets (Note 6) | 41,382 | 41,390 | ||
Intangible assets and goodwill | 13,158 | 12,716 | ||
Deferred income tax assets | 1,277 | 1,020 | ||
Other | 956 | 1,055 | ||
TOTAL ASSETS | $ | 532,817 | $ | 519,039 |
LIABILITIES | ||||
CURRENT | ||||
Trade and other payables | $ | 19,041 | $ | 18,866 |
Income taxes payable | 399 | 176 | ||
Deferred revenue | 26,804 | 25,001 | ||
Current portion of borrowings (Note 8) | 184,780 | 156,894 | ||
Current lease liabilities | 4,241 | 3,894 | ||
TOTAL CURRENT LIABILITIES | 235,265 | 204,831 | ||
Borrowings (Note 8) | 56,115 | 87,356 | ||
Lease liabilities | 11,783 | 12,283 | ||
Deferred income tax liabilities | 11,116 | 10,986 | ||
TOTAL LIABILITIES | 314,279 | 315,456 | ||
EQUITY | ||||
SHARE CAPITAL | 45,565 | 46,573 | ||
RESERVES (Note 9(c)) | 6,886 | 6,770 | ||
DEFICIT | (9,023) | (2,841) | ||
ACCUMULATED OTHER COMPREHENSIVE INCOME | 250 | 295 | ||
Shareholders' Equity | 43,678 | 50,797 | ||
Non-controlling interests (Note 10) | 174,860 | 152,786 | ||
TOTAL EQUITY | 218,538 | 203,583 | ||
TOTAL LIABILITIES AND EQUITY | $ | 532,817 | $ | 519,039 |
EVENTS AFTER THE REPORTING PERIOD (Note 15) | |||
Approved on behalf of the Board: | |||
"Toby Chu" | "Troy Rice" | ||
Toby Chu, Chief Executive Officer & Director | Troy Rice, Director |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
1
CIBT EDUCATION GROUP INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME AND LOSS EXPRESSED IN THOUSANDS OF CANADIAN DOLLARS EXCEPT SHARE AND PER SHARE DATA (Unaudited)
Three Months Ended May 31, | Nine Months Ended May 31, | ||||||||
2022 | 2021 | 2022 | 2021 | ||||||
REVENUES | |||||||||
Educational | $ | 13,878 | $ | 12,858 | $ | 38,697 | $ | 34,046 | |
Rental | 4,611 | 2,653 | 12,257 | 6,678 | |||||
Development fees | - | 667 | 588 | 3,038 | |||||
Design and advertising | 142 | 140 | 399 | 622 | |||||
Commissions and referral fees | 248 | 139 | 730 | 416 | |||||
18,879 | 16,457 | 52,671 | 44,800 | ||||||
DIRECT COSTS | |||||||||
Educational | 6,549 | 5,492 | 17,725 | 14,658 | |||||
Rental | 1,414 | 1,242 | 4,340 | 3,377 | |||||
Design and advertising | 22 | 37 | 116 | 274 | |||||
Commissions and referral fees | 124 | 83 | 262 | 206 | |||||
8,109 | 6,854 | 22,443 | 18,515 | ||||||
OTHER EXPENSES | |||||||||
General and administrative (Note 11) | 7,296 | 7,493 | 21,794 | 20,863 | |||||
Amortization of property, equipment and intangible assets | 959 | 1,268 | 2,894 | 3,815 | |||||
Share-based payment expense | 82 | 16 | 117 | 91 | |||||
8,337 | 8,777 | 24,805 | 24,769 | ||||||
OPERATING INCOME (LOSS) | 2,433 | 826 | 5,423 | 1,516 | |||||
Finance costs (Note 12) | (2,830) | (4,165) | (8,991) | (10,140) | |||||
Gain (loss) on fair value changes in investment properties | (507) | (298) | (1,493) | 8,779 | |||||
Other income (expense), net (Note 13) | 1,015 | 1,978 | 5,284 | 6,950 | |||||
Income (loss) before income taxes | 111 | (1,659) | 223 | 7,105 | |||||
Income tax (expense) recovery | (55) | 339 | (95) | (816) | |||||
NET INCOME (LOSS) | $ | 56 | $ | (1,320) | $ | 128 | $ | 6,289 | |
ATTRIBUTABLE TO: | |||||||||
CIBT Education Group Inc. shareholders | $ | 284 | $ | (895) | $ | 237 | $ | 6,755 | |
Non-controlling interests | (228) | (425) | (109) | (466) | |||||
$ | 56 | $ | (1,320) | $ | 128 | $ | 6,289 |
Net income (loss) per share attributable to equity holders of CIBT Education Group Inc.
Basic | $ | 0.00 | $ | (0.01) | $ | 0.00 | $ | 0.09 |
Diluted | $ | 0.00 | $ | (0.01) | $ | 0.00 | $ | 0.02 |
Weighted average number of common shares outstanding | ||||||||
Basic | 68,396,000 | 70,796,528 | 68,923,703 | 71,719,755 | ||||
Diluted | 68,684,383 | 70,796,528 | 69,241,964 | 72,694,836 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
2
CIBT EDUCATION GROUP INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME AND LOSS EXPRESSED IN THOUSANDS OF CANADIAN DOLLARS EXCEPT SHARE AND PER SHARE DATA (Unaudited)
Three Months Ended May 31, | Nine Months Ended May 31, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
NET INCOME (LOSS) | $ | 56 | $ | (1,320) | $ | 128 | $ | 6,289 |
OTHER COMPREHENSIVE INCOME (LOSS): | ||||||||
Items that are reclassified subsequently to profit or loss: | ||||||||
Exchange differences on translating foreign operations | (84) | (70) | (44) | (2) | ||||
$ | (28) | $ | (1,390) | $ | 84 | $ | 6,287 | |
ATTRIBUTABLE TO: | ||||||||
CIBT Education Group Inc. shareholders | $ | 198 | $ | (966) | $ | 192 | $ | 6,753 |
Non-controlling interests | (226) | (424) | (108) | (466) | ||||
$ | (28) | $ | (1,390) | $ | 84 | $ | 6,287 | |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
3
CIBT EDUCATION GROUP INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY EXPRESSED IN THOUSANDS OF CANADIAN DOLLARS EXCEPT SHARE DATA (Unaudited)
Share Capital | ||||||||||||||||
Number of | Total | Non- | ||||||||||||||
Note | Common | Dollar | Shareholders' | Controlling | ||||||||||||
Shares | Amount | Reserves | AOCI | Deficit | Equity | Interests | Total Equity | |||||||||
August 31, 2021 | 69,978,240 | $ 46,573 | $ | 6,770 | $ | 295 | $ | (2,841) | $ | 50,797 | $ | 152,786 | $ 203,583 | |||
Net income (loss) for the period | - | - | - | - | 237 | 237 | (109) | 128 | ||||||||
Unrealized translation adjustments | - | - | - | (45) | - | (45) | 1 | (44) | ||||||||
Total comprehensive income (loss) | - | - | - | (45) | 237 | 192 | (108) | 84 | ||||||||
Share-based payments | - | - | 117 | - | - | 117 | - | 117 | ||||||||
Payments to non-controlling interests | 10 | - | - | - | - | - | - | (946) | (946) | |||||||
Non-controlling interests' contributions | 10 | - | - | - | - | - | - | 2,282 | 2,282 | |||||||
Changes to ownership changes, net of tax | 10 | - | - | - | - | (6,419) | (6,419) | 20,846 | 14,427 | |||||||
Purchase of treasury shares | 9(a) | - | - | (1,009) | - | - | (1,009) | - | (1,009) | |||||||
Treasury share cancellations | 9(a) | (1,517,500) | (1,008) | 1,008 | - | - | - | - | - | |||||||
May 31, 2022 | 68,460,740 | $ 45,565 | $ | 6,886 | $ | 250 | $ | (9,023) | $ | 43,678 | $ | 174,860 | $ 218,538 | |||
August 31, 2020 | 74,543,540 | $ 49,534 | $ | 6,108 | $ | 243 | $ | (4,616) | $ | 51,269 | $ | 129,310 | $ 180,579 | |||
Net income (loss) for the period | - | - | - | - | 6,755 | 6,755 | (466) | 6,289 | ||||||||
Unrealized translation adjustments | - | - | - | (2) | - | (2) | - | (2) | ||||||||
Total comprehensive income (loss) | - | - | - | (2) | 6,755 | 6,753 | (466) | 6,287 | ||||||||
Share-based payments | - | - | 91 | - | - | 91 | - | 91 | ||||||||
Payments to non-controlling interests | - | - | - | - | - | - | (1,479) | (1,479) | ||||||||
Non-controlling interests' contributions | - | - | - | - | - | - | 4,885 | 4,885 | ||||||||
Changes in ownership interests, net of tax | - | - | (8) | - | - | (8) | 15,761 | 15,753 | ||||||||
Purchase of treasury shares | - | - | (1,995) | - | - | (1,995) | - | (1,995) | ||||||||
Treasury share cancellations | (2,122,200) | (1,179) | 1,179 | - | - | - | - | - | ||||||||
Shares issued - stock option exercises | 5,000 | 3 | (1) | - | - | 2 | - | 2 | ||||||||
Equity component of convertible debt, net | - | - | (209) | - | - | (209) | 773 | 564 | ||||||||
May 31, 2021 | 72,426,340 | $ 48,358 | $ | 5,165 | $ | 241 | $ | 2,139 | $ | 55,903 | $ | 148,784 | $ 204,687 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
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CIBT Education Group Inc. published this content on 18 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 July 2022 17:43:03 UTC.
