Informatics Education : 1Q Financial Statement

INFORMATICS EDUCATION LTD AND ITS SUBSIDIARIES

COMPANY REGISTRATION NUMBER: 198303419G

UNAUDITED CONDENSED FINANCIAL STATEMENTS

FOR FIRST QUARTER ENDED 30 SEPTEMBER 2021

Pursuant to Rule 705(2C) of the SGX-ST Listing Rules (Mainboard), the Singapore Exchange Regulation requires the

Company to continue to announce its quarterly financial statements with effect from 7 February 2020.

Informatics Education Ltd and its subsidiaries

Condensed consolidated income statement for quarter ended 30 September 2021 (In Singapore Dollars)

		Q1 ended	Q1 ended
	Note	30.09.2021	30.09.2020	Change
		$'000	$'000	%
Revenue	5.2	1,881	2,295	-18%
Other operating income	6	4	67	-94%
Staff costs		(934)	(1,102)	-15%
Depreciation of property, plant and equipment	10	(40)	(86)	-53%
Allowance for expected credit loss on receivables		(40)	(14)	N/M
Other operating expenses		(858)	(1,126)	-24%
Profit before taxation	6	13	34	-62%
Taxation		-	-	N/M
Profit for the financial period		13	34	-62%
Profit attributable to:
Equity holders of the Company		13	34	-62%
Profit per share attributable to equity holders of the Company (cents)
Basic		0.01	0.02	-50%
Diluted		0.01	0.02	-50%

Condensed consolidated statement of comprehensive income for quarter ended 30 September 2021 (In Singapore Dollars)

	Q1 ended	Q1 ended
	30.09.2021	30.09.2020	Change
	$'000	$'000	%
Profit for the financial period	13	34	-62%
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss
Foreign currency translation	25	(26)	N/M
Other comprehensive income for the financial period	25	(26)	N/M
Total comprehensive income for the financial period	38	8	N/M
Total comprehensive income attributable to:
Equity holders of the Company	38	8	N/M
	38	8	N/M

N/M: Not meaningful

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Informatics Education Ltd and its subsidiaries

Condensed statements of financial position as at 30 September 2021 (In Singapore Dollars)

		Group		Company
	Note	30.09.2021	30.06.2021	Change	30.09.2021	30.06.2021	Change
		$'000	$'000	%	$'000	$'000	%
Non-current assets
Property, plant and equipment	10	39	70	-44%	-	-	N/M
Intangible assets	11	269	285	-6%	-	-	N/M
Investment in subsidiaries		-	-	N/M	557	557	N/M
Trade and other receivables		-	-	N/M	841	859	-2%
		308	355		1,398	1,416
Current assets
Prepayments		256	250	2%	30	6	N/M
Trade and other receivables		1,281	1,003	28%	387	138	N/M
Cash and bank balances		1,858	2,039	-9%	1,046	1,055	-1%
		3,395	3,292		1,463	1,199
Total assets		3,703	3,647		2,861	2,615
Current liabilities
Deferred income and fees		1,684	1,808	-7%	200	120	67%
Trade and other payables		2,384	2,161	10%	3,733	3,693	1%
Interest-bearing borrowings	12	1,019	1,019	N/M	1,000	1,000	N/M
Lease liabilities		134	210	-36%	-	-	N/M
Provision for reinstatement cost		27	26	4%	-	-	N/M
		5,248	5,224		4,933	4,813
Net current liabilities		(1,853)	(1,932)		(3,470)	(3,614)
Non-current liabilities
Trade and other payables		-	-	N/M	749	749	N/M
Interest-bearing borrowings	12	68	74	-8%	-	-	N/M
		68	74		749	749
Total net liabilities		(1,613)	(1,651)		(2,821)	(2,947)
Equity attributable to equity
holders of the Company
Share capital	13	34,667	34,667	N/M	34,667	34,667	N/M
Reserves		(36,280)	(36,318)	N/M	(37,488)	(37,614)	N/M
Total equity		(1,613)	(1,651)		(2,821)	(2,947)

N/M: Not meaningful

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Informatics Education Ltd and its subsidiaries

Condensed consolidated cash flow statement for quarter ended 30 September 2021

(In Singapore Dollars)

		Q1 ended	Q1 ended
	Note	30.09.2021	30.09.2020
		$'000	$'000
Cash flow from operating activities
Profit before taxation		13	34
Adjustments for:
Depreciation of property, plant and equipment	10	40	86
Amortisation of intangible assets		11	4
Net gain on disposal of property, plant and equipment		(3)	-
Allowance for expected credit loss on receivables		40	14
Interest expense on lease liabilities		1	4
Finance costs		3	4
Interest income		(1)	(1)
Government grants and subsidies		-	(53)
Unrealised exchange loss/(gain)		25	(35)
Operating profit before working capital changes		129	57
Increase in prepayments, trade and other receivables		(323)	(2)
Decrease in deferred income and fees		(124)	(262)
Increase in trade and other payables		224	272
Cash (used in)/generated from operations		(94)	65
Interest received		-	1
Interest paid		(3)	(4)
Net cash flows (used in)/generated from operating activities		(97)	62
Cash flows from investing activities
Purchase of property, plant and equipment	10	(9)	(7)
Expenditure on intangible assets	11	-	(46)
Proceeds from disposal of property, plant and equipment		3	-
Net cash flows used in investing activities		(6)	(53)
Cash flows from financing activities
Repayment of lease liabilities (net of government grants and subsidies)		(77)	(131)
Repayment of interest-bearing borrowings		(5)	-
Net cash flows used in financing activities		(82)	(131)
Net decrease in cash and cash equivalents		(185)	(122)
Cash and cash equivalents at beginning of the financial period		1,031	2,692
Effects of exchange rate changes on opening cash and cash equivalents		4	10
Cash and cash equivalents at end of the financial period		850	2,580
Note:
Cash and bank balances as at end of financial period are as follow:
Cash at bank and on hand		850	1,571
Short term deposits		1,008	2,009
		1,858	3,580

For the purpose of the condensed consolidated cash flow statement, cash and cash equivalents comprised:

Cash at bank and on hand	850	1,571
Short term deposits	1,008	2,009
(-) Fixed deposit pledged as security for borrowings	(1,008)	(1,000)
	850	2,580

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Informatics Education Ltd and its subsidiaries

Condensed statements of changes in equity for quarter ended 30 September 2021

(In Singapore Dollars)

Attributable to equity holders of the

Company

	Share	Translation	Accumulated	Total reserves	Total
	capital	reserve	losses		equity
Group	$'000	$'000	$'000	$'000	$'000
At 1 July 2021	34,667	(3)	(36,315)	(36,318)	(1,651)
Profit for the financial period	-	-	13	13	13
Other comprehensive income for the
financial period	-	25	-	25	25
Total comprehensive income for the
financial period	-	25	13	38	38
At 30 September 2021	34,667	22	(36,302)	(36,280)	(1,613)
At 1 July 2020	34,667	153	(34,776)	(34,623)	44
Profit for the financial period	-	-	34	34	34
Other comprehensive income for the
financial period	-	(26)	-	(26)	(26)
Total comprehensive income for the
financial period	-	(26)	34	8	8
At 30 September 2020	34,667	127	(34,742)	(34,615)	52

	Share	Accumulated	Total
	capital	losses	equity
Company	$'000	$'000	$'000
At 1 July 2021	34,667	(37,614)	(2,947)
Profit for the financial period, representing total comprehensive	-	126	126
income for the financial period
At 30 September 2021	34,667	(37,488)	(2,821)
At 1 July 2020	34,667	(37,502)	(2,835)
Loss for the financial period, representing total comprehensive	-	(144)	(144)
income for the financial period
At 30 September 2020	34,667	(37,646)	(2,979)

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