Financial Statements and Related Announcement: : First Quarter Results

Group

UNAUDITED CONSOLIDATED

Note

First Quarter

First Quarter

Change

ended

ended

%

STATEMENT OF COMPREHENSIVE

(Page 17-

30 Sept 2021

30 Sept 2020

INCOME

18)

$'000

$'000

Revenue

F 2.1

23,256

21,061

10

Other operating income

F 2.2

695

6,112

(89)

Personnel expenses

(10,073)

(9,854)

2

Other operating expenses

F 2.3

(7,857)

(5,667)

39

Finance costs

F 2.4

(6,086)

(3,576)

70

Depreciation and amortisation expenses

F 2.5

(4,791)

(4,028)

19

Share of results of joint ventures

66

(206)

NM

Share of results of associates

92

(297)

NM

Operating (loss)/profit before income tax

(4,698)

3,545

NM

Foreign exchange gain

279

593

(86)

Foreign exchange loss

(3,020)

(5,757)

(51)

Loss before income tax

(7,439)

(1,619)

NM

Income tax expense

F 2.6

(1,961)

(8)

NM

Deferred tax (expense)/credit

F 2.6

(756)

99

NM

Loss after tax

(10,156)

(1,528)

NM

Other comprehensive income

Items that may be reclassified

subsequently to profit or loss:

Currency exchange differences arising

F 2.7

on translating foreign operations

2,694

19,184

(86)

Total comprehensive (loss)/income

(7,462)

17,656

NM

Attributable to:

Equity holders of the Company

(9,569)

(1,615)

NM

Non-controlling interests

(587)

87

NM

Net loss

(10,156)

(1,528)

NM

Attributable to:

Equity holders of the Company

(7,156)

16,046

NM

Non-controlling interests

(306)

1,610

NM

Total comprehensive (loss)/income

(7,462)

17,656

NM

Earnings per share for (loss)/profit for

the period/year attributable to the

owners of the Company during the

period:

Basic (cents)

(0.69)

(0.12)

Diluted (cents)

(0.69)

(0.12)

Group

Company

Note

(Page

30 Sept

30 Jun

30 Sept

30 Jun

UNAUDITED STATEMENTS OF

19 -

2021

2021

2021

2021

FINANCIAL POSITION

21)

$'000

$'000

$'000

$'000

Non-current assets

Property, plant and equipment

F 2.8

600,934

598,286

8

9

Right-of-use assets

4,230

4,541

-

-

Investment properties

434,479

433,873

-

-

Investment in subsidiaries

-

-

442,867

442,737

Investment in joint ventures

3,778

3,712

-

-

Investment in associates

6,137

6,079

-

-

Intangible assets

111,340

111,155

97

97

Deferred tax assets

1,318

1,381

-

-

Other receivables

4,076

4,068

43,699

35,987

Restricted bank balances

2,043

2,043

-

-

1,168,335

1,165,138

486,671

478,830

Current assets

Inventories

77

81

-

-

Trade and other receivables

F 2.9

92,942

106,879

226,706

216,531

Cash and bank balances

92,103

84,929

12,603

493

185,122

191,889

239,309

217,024

Non-current assets held for sale

F 2.10

25,364

25,303

-

-

210,486

217,192

239,309

217,024

Less:

Current liabilities

Trade and other payables

F 2.11

92,693

86,945

332,754

277,988

Course fees received in advance *

F 2.12

44,629

13,756

-

-

Education facilities rental service

F 2.13

fees received in advance

2,244

1,129

-

-

Income tax payable

12,000

10,486

51

51

Borrowings

F 2.14

266,714

299,197

13,602

35,738

Lease liabilities

2,294

2,112

-

-

420,574

413,625

346,407

313,777

Net current liabilities

F 2.15

(210,088)

(196,433)

(107,098)

(96,753)

Less:

Non-current liabilities

Trade and other payables

F 2.16

10,040

16,133

-

-

Borrowings

F 2.14

94,970

92,175

21,245

21,185

Lease liabilities

2,038

2,529

-

-

Deferred tax liabilities

F 2.17

75,144

74,351

-

-

182,192

185,188

21,245

21,185

Net assets

776,055

783,517

358,328

360,892

Capital and reserves

Share capital

554,337

554,337

554,337

554,337

Treasury shares

(39,683)

(39,683)

(39,683)

(39,683)

Accumulated profits/(losses) and

other reserves

149,570

156,726

(156,326)

(153,762)

Equity attributable to equity holders

664,224

671,380

358,328

360,892

of the Company

Non-controlling interests

111,831

112,137

-

-

Total equity

776,055

783,517

358,328

360,892

Attributable to equity holders of the Company

Share-

based

Non-

Share

Treasury

payment

Accumulated

controlling

Total Equity

GROUP

Capital

Shares

reserve

profits and

Total

Interests

other

reserves

$'000

$'000

$'000

$'000

$'000

$'000

$'000

FY2021

Balance at 1 Jul 2021

554,337

(39,683)

2,642

154,084

671,380

112,137

783,517

Total comprehensive loss

-

-

-

(7,156)

(7,156)

(306)

(7,462)

Share-based payment

-

-

-

-

-

-

-

Acquisition of subsidiary with non-

controlling interest

-

-

-

-

-

-

-

Balance at 30 Sept 2021

554,337

(39,683)

2,642

146,928

664,224

111,831

776,055

FY2020

Balance at 1 Jul 2020

554,337

(39,683)

2,632

100,525

617,811

63,771

681,582

Total comprehensive income

-

-

-

16,046

16,046

1,610

17,656

Share-based payment

-

-

10

-

10

-

10

Acquisition of subsidiary with non-

controlling interest

-

-

-

-

-

43,628

43,628

Balance at 30 Sept 2020

554,337

(39,683)

2,642

116,571

633,867

109,009

742,876

Share-based

Share

Treasury

Payment

Accumulated

COMPANY

Capital

Shares

Reserve

Losses

Total

$'000

$'000

$'000

$'000

$'000

FY2021

Balance at 1 Jul 2021

554,337

(39,683)

2,632

(156,404)

360,892

Total comprehensive loss

-

-

-

(2,564)

(2,564)

Share-based payment

-

-

-

-

-

Balance at 30 Sept 2021

554,337

(39,683)

2,642

(158,968)

358,328

FY2020

Balance at 1 Jul 2020

554,337

(39,683)

2,632

(129,547)

387,739

Total comprehensive loss

-

-

-

(5,313)

(5,313)

Share-based payment

-

-

10

-

10

Balance at 30 Sept 2020

554,337

(39,683)

2,642

(134,860)

382,436

First Quarter

First Quarter

UNAUDITED

Note

ended

ended

CONSOLIDATED STATEMENT OF CASH FLOWS

(Page

30 Sept 2021

30 Sept 2020

22)

$'000

$'000

Operating activities

Loss before income tax

(7,439)

(1,619)

Adjustments for:

Amortisation of intangible assets

70

83

Loss allowance / (reversal of loss allowance) on trade

receivables

3

(3)

Bad trade receivables written off

223

18

Depreciation for property, plant and equipment

4,391

3,416

Amortisation for right-of-use assets

330

529

Finance costs

6,086

3,576

Interest income

(129)

(828)

Net bargain purchase on acquisition of subsidiary

-

(3,257)

Unrealised foreign exchange loss

2,903

4,405

Write back of accrued capital expenditure

-

(1,724)

Share-based payment

-

10

Share of results of joint ventures

(66)

206

Share of results of associates

(92)

297

Operating cash flows before working capital changes

6,280

5,109

Working capital changes:

Trade and other receivables

(9,579)

(7,268)

Inventories

4

(5)

Course fees received in advance

31,078

25,716

Education facilities rental service received in advance

1,115

7,460

Trade and other payables

4,405

(273)

Cash generated from operations

33,303

30,739

Interest paid

(7,464)

(3,273)

Interest received

129

153

Income and withholding taxes paid

(156)

(287)

Net cash from operating activities

F 2.18

25,812

27,332

Investing activities

Additions for development cost and computer software

(9)

-

Additions of investment properties

(488)

(819)

Advance payment for construction projects

-

(7,066)

Payments for property, plant and equipment

F 2.20

(7,182)

(894)

Proceeds from disposal of non-current assets held for

sale

-

26,203

Proceeds from disposal of subsidiary

F 2.19

20,940

-

Net cash generated from investing activities

13,261

12,266

First Quarter

First Quarter

ended

ended

UNAUDITED

Note

30 Sept 2021

30 Sept 2020

CONSOLIDATED STATEMENT OF CASH FLOWS

$'000

$'000

Cash flows from financing activities

Decrease in restricted bank balances

-

1,721

Decrease/(Increase) in fixed deposit pledged

F 2.19

24,683

(833)

Repayment of loan to a director - net

F 2.20

(2,606)

(1,192)

Drawdown of bank borrowings

-

2,293

Repayment of bank borrowings

F 2.20

(29,186)

(9,931)

Repayment of principal portion of lease liabilities

(330)

(518)

Repayment of interest portion of lease liabilities

(45)

(72)

Net cash used in financing activities

(7,484)

(8,532)

Net change in cash and cash equivalents

31,589

31,066

Cash and cash equivalents at beginning of financial period

29,527

8,197

Effect of exchange rate changes on cash and cash

56

763

equivalents

Cash and cash equivalents at end of financial period -

F 2.21

61,172

40,026

Note A

Note A:

Note

First Quarter

First Quarter

ended

ended

30 Sept 2021

30 Sept 2020

Cash and cash equivalents

$'000

$'000

Current

Fixed deposits with banks

30,931

27,756

Cash and bank balances

61,172

40,026

Non-current

Restricted bank balances

2,043

2,081

Cash and bank balances in the statement of financial

94,146

69,863

position

Less: pledged deposits and restricted bank balances

(32,974)

(29,837)

Cash and cash equivalents in the statement of cash

flow

F 2.21

61,172

40,026