CIBT Education : Condensed Consolidated Interim Financial Statements

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)

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)

The accompanying notes are an integral part of these condensed consolidated interim financial statements

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