Informatics Education : Full Year Financial Statement

INFORMATICS EDUCATION LTD AND ITS SUBSIDIARIES

COMPANY REGISTRATION NUMBER: 198303419G

CONDENSED FINANCIAL STATEMENTS

FOR FINANCIAL YEAR ENDED 30 JUNE 2021

Informatics Education Ltd and its subsidiaries

Condensed consolidated income statement for financial year ended 30 June 2021 (In Singapore Dollars)

		1 July 2020 to	1 April 2019 to
	Note	30 June 2021	30 June 2020	Change
		$'000	$'000	%
Revenue	5.2	7,225	10,863	-33%
Other operating income	6	204	189	8%
Staff costs		(4,630)	(5,899)	-22%
Depreciation of property, plant and equipment	11	(324)	(443)	-27%
Allowance for expected credit loss on receivables		(175)	(29)	N/M
Other operating expenses		(3,781)	(5,226)	-28%
Loss before taxation	6	(1,481)	(545)	N/M
Taxation	7	(15)	(7)	N/M
Loss for the financial year/period		(1,496)	(552)	N/M
Loss attributable to:
Equity holders of the Company		(1,496)	(552)	N/M
Loss per share attributable to equity holders of the Company (cents)
Basic		(0.84)	(0.38)	N/M
Diluted		(0.84)	(0.38)	N/M

Condensed consolidated statement of comprehensive income for financial year ended 30 June 2021 (In Singapore Dollars)

	1 July 2020 to	1 April 2019 to
	30 June 2021	30 June 2020	Change
	$'000	$'000	%
Loss for the financial year/period	(1,496)	(552)	N/M
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss
Foreign currency translation	(153)	(70)	N/M
Other comprehensive income for the financial year/period	(153)	(70)	N/M
Total comprehensive income for the financial year/period	(1,649)	(622)	N/M
Total comprehensive income attributable to:
Equity holders of the Company	(1,649)	(622)	N/M
	(1,649)	(622)	N/M

N/M: Not meaningful

Page 2 of 21

Informatics Education Ltd and its subsidiaries

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

		Group		Company
		30 June	30 June		30 June	30 June
	Note	2021	2020	Change	2021	2020	Change
		$'000	$'000	%	$'000	$'000	%
Non-current assets
Property, plant and equipment	11	70	500	-86%	-	-	N/M
Intangible assets	12	285	129	N/M	-	-	N/M
Investment in subsidiaries		-	-	N/M	557	-	N/M
		355	629		557	-
Current assets
Prepayments		268	228	18%	6	42	-86%
Trade and other receivables		1,010	1,450	-30%	914	141	N/M
Cash and bank balances		2,039	3,692	-45%	1,055	1,212	-13%
		3,317	5,370		1,975	1,395
Total assets		3,672	5,999		2,532	1,395
Current liabilities
Deferred income and fees		1,783	2,339	-24%	120	201	-40%
Trade and other payables		2,165	1,494	45%	4,399	3,029	45%
Interest-bearing borrowings	13	1,019	1,000	2%	1,000	1,000	N/M
Lease liabilities		210	759	-72%	-	-	N/M
Provision for reinstatement cost		26	109	-76%	-	-	N/M
		5,203	5,701		5,519	4,230
Net current liabilities		(1,886)	(331)		(3,544)	(2,835)
Non-current liabilities
Interest-bearing borrowings	13	74	86	-14%	-	-	N/M
Lease liabilities		-	168	-100%	-	-	N/M
		74	254		-	-
Total net (liabilities)/assets		(1,605)	44		(2,987)	(2,835)
Equity attributable to equity
holders of the Company
Share capital	14	34,667	34,667	N/M	34,667	34,667	N/M
Reserves		(36,272)	(34,623)	5%	(37,654)	(37,502)	0%
Total equity		(1,605)	44		(2,987)	(2,835)

N/M: Not meaningful

Page 3 of 21

Informatics Education Ltd and its subsidiaries

Condensed consolidated cash flow statement for financial year ended 30 June 2021 (In Singapore Dollars)

		1 July 2020 to	1 April 2019 to
	Note	30 June 2021	30 June 2020
		$'000	$'000
Cash flow from operating activities
Loss before taxation		(1,481)	(545)
Adjustments for:
Depreciation of property, plant and equipment	11	324	443
Amortisation of intangible assets		32	15
Net gain on disposal of property, plant and equipment		(4)	-
Intangible assets written-off		-	7
Impairment of property, plant and equipment	11	155	-
Allowance for expected credit loss on receivables		175	29
Write-off of bad debts		13	20
Interest expense on lease liabilities		12	41
Finance costs		13	45
Interest income		(8)	(23)
Government grants and subsidies		(53)	(158)
Unrealised exchange gain		(198)	(46)
Operating loss before working capital changes		(1,020)	(172)
Decrease/(increase) in prepayments, trade and other receivables		158	(61)
Decrease in deferred income and fees		(556)	(901)
Increase/(decrease) in trade and other payables		592	(256)
Cash used in operations		(826)	(1,390)
Interest received		11	18
Interest paid		(13)	(12)
Tax paid		(13)	(7)
Net cash flows used in operating activities		(841)	(1,391)
Cash flows from investing activities
Purchase of property, plant and equipment	11	(9)	(14)
Expenditure on intangible assets	12	(174)	(133)
Proceeds from disposal of property, plant and equipment		4	-
Net cash flows used in investing activities		(179)	(147)
Cash flows from financing activities
(Repayment)/amount due to an indirect controlling shareholder		-	(418)
(Repayment)/amount due to a director		-	(500)
Repayment of lease liabilities (net of government grants and
subsidies)		(669)	(1,039)
Proceeds from issuance of shares		-	5,256
Expenses for rights issue paid		-	(497)
Interest paid for amount due to an indirect controlling shareholder
and amount due to a director (non-trade)		-	(44)
Proceeds from interest-bearing borrowings		-	1,086
Fixed deposit pledged as security for borrowings		-	(1,000)
Net cash flows generated from financing activities		(669)	2,844

Page 4 of 21

Informatics Education Ltd and its subsidiaries

Condensed consolidated cash flow statement for financial year ended 30 June 2021 (In Singapore Dollars)

	1 July 2020 to	1 April 2019 to
	30 June 2021	30 June 2020
	$'000	$'000
Net (decrease)/increase in cash and cash equivalents	(1,689)	1,306
Cash and cash equivalents at beginning of the financial year/period	2,692	1,396
Effects of exchange rate changes on opening cash and cash
equivalents	36	(10)
Cash and cash equivalents at end of the financial year/period	1,039	2,692
Note:
Cash and bank balances as at end of financial year/period are as follow:
Cash at bank and on hand	1,031	1,683
Short term deposits	1,008	2,009
	2,039	3,692

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

Cash at bank and on hand	1,031	1,683
Short term deposits	1,008	2,009
(-) Fixed deposit pledged as security for borrowings	(1,000)	(1,000)
	1,039	2,692

Page 5 of 21