CIBT Stories Monetary Outcomes for Fiscal 12 months Ended August 31, 2021

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VANCOUVER, BC / ACCESSWIRE / November 29, 2021 / CIBT Schooling Group Inc. (“CIBT” or the “Firm“) (TSX:MBA)(OTCQX:MBAIF) studies that it has filed on SEDAR its annual audited consolidated monetary statements (the “Annual Monetary Statements“) and associated Administration’s Dialogue & Evaluation (the “MD&A“) (collectively, the “2021 Monetary Report“) for the fiscal 12 months ended August 31st, 2021 (“Fiscal 2021“). This information launch must be learn along side the 2021 Monetary Report in its entirety. To evaluation the 2021 Monetary Report, please go to CIBT’s profile at www.sedar.com.

The next desk presents chosen monetary knowledge from the 2021 Monetary Report with comparisons. All figures are in 1000’s of Canadian {dollars}, besides share and per share knowledge, until in any other case famous.

The next reconciles web revenue (loss) to EBITDA and adjusted EBITDA (non IFRS):

1. Non-IFRS monetary measure. See part “Non-GAAP Monetary Efficiency Measures” for reconciliation in MD&A. See the “Non-IFRS Monetary Measurements” cautionary observe on the finish of this information launch.
2. Curiosity revenue not related to operations.

“CIBT administration is happy to report that gross income was considerably preserved in Fiscal 2021, regardless of a full 12 months of COVID-19 restrictions, during which we generated complete income of $60.87 million,” commented Toby Chu, Chairman, President and Chief Govt Officer of CIBT. “For all of Fiscal 2021, we had been working underneath strict provincial and federal lockdown measures. Nonetheless, we had been in a position to fulfill our mandates of controlling our bills, preserving our income and money stream, advancing key actual property growth tasks, offering constant and high quality companies to our college students, and being progressive in looking for under-valued actual property alternatives.”

Toby added, “In Fiscal 2021, we allotted funds to the rezoning and growth of assorted properties, transformed a few of our schooling platforms from a conventional in-class mannequin to on-line lessons, added new instructional applications, and accomplished one property acquisition. Our company finance actions included our actual property restricted partnerships elevating over $8.Four million in fairness and finishing $171 million in mortgage financing, re-financings and development loans. Because of this, we’re proud to have achieved these milestones regardless of the financial challenges brought on by the continuing pandemic.”

The notable highlights in Fiscal 2021 are as follows:

• Non-cash changes totalled $0.41 million related to the goodwill impacted by the worldwide enrolment of our faculties
• Web revenue for the group elevated by 209% to $5.18 million
• Web revenue attributable to CIBT shareholders elevated by 283% to $4.7 million
• The revenue per share (primary) elevated by 250% to $0.07 per share
• EBITDA elevated by 135% to $21.41 million
• Whole asset worth grew 15% to $519.04 million in comparison with the identical interval of final 12 months
• Guide worth per share elevated by 6% to $0.73 per share

The next milestones had been achieved throughout Fiscal 2021:

• Elevated the range of the GEC® rental tenant base to incorporate each college students and dealing professionals. For an in depth replace of our actual property portfolio, please discuss with the September ninth, 2021, information launch. (*1)
• Offered constant and high quality service to CIBT college students learning on-campus and on-line all through the pandemic interval, leading to strong progress for the home schooling enterprise at Sprott Shaw Faculty. Please discuss with the October 25th, 2021 information launch (*2) for updates on our schooling enterprise.
• Raised $8.Four million by CIBT’s subsidiary restricted partnerships.
• Accomplished $171 million in mortgage financing, re-financing, and development loans and capitalized on low-interest charges the place relevant.
• Accomplished the acquisition of GEC® Marine Gateway for $48.5 million on October 27th, 2020, and elevated its density and revenue by making use of GEC® designs and recruitment platforms. The occupancy charge of this property has elevated to almost 99.5%. The appraised worth elevated from $48.5 million to $59 million as of August 31st, 2021.
• Obtained rezoning approvals for GEC Schooling Mega Center®, and GEC® Oakridge. Their growth and constructing allow approvals are nonetheless pending. Because of the increased density rezoning approval which can derive the next rental revenue, the appraised worth for these two properties elevated considerably.
• The appraised worth of GEC Schooling Mega Center®, bought in 2018 for $22.6 million, reached $57.Zero million.
• The appraised worth of GEC® Oakridge, bought in February 2020 for $30.Three million, reached $49.9 million.
• Continued to buy-back and cancel its issued shares, with 11.5769 million shares bought by regular course issuer bids (“NCIBs”) from January 2015 to November 15, 2021, lowering inventory dilution and growing earnings per share. Throughout Fiscal 2021, the Firm bought 3,325,600 widespread shares and cancelled 4,570,300 leaving 207,000 widespread shares in treasury. At November 26, 2021, an extra 542,000 widespread shares had been repurchased and an extra 646,500 treasury shares cancelled. The Firm is eligible to repurchase a complete of 1,590,000 widespread shares underneath the present NCIB.

Materials occasions occurring after August 31, 2021 embrace:

• A GEC® subsidiary signed an inventory settlement to listing thirty strata-titled GEC® branded condominiums totalling roughly $19.5 million in sale proceeds with administration contracts at the moment in place to proceed after the sale.
• Occupancy charges for the Firm’s lodge and rental residences at close to full capability since September 2021.

The next market information in Vancouver and Canada spotlight optimistic developments regarding the schooling and actual property sectors:

• Canada was ranked consecutively for 2 years because the #1 greatest nation on the earth for research overseas by educations.com’s Nation Rankings 2021 *Three and was ranked because the #Four greatest nation for schooling out of 73 on the earth by U.S. Information’ rating.*4
• A June 2021 RBC Economics report indicated that worldwide college students began to return to Canada within the first quarter of calendar 2021. New research permits issued elevated 21,000 (44%) year-over-year, and new post-graduate work visas elevated by 24,000 (160%).*5
• This rising scholar inhabitants contributes greater than $21.6 billion yearly to the Canadian economic system and helps over 170,000 Canadian jobs. Canada’s worldwide scholar inhabitants has nearly tripled over the previous decade. In line with the Canadian federal authorities publication “Worldwide Schooling Technique 2019-2024″*6, the federal government has budgeted $149.7 million to be allotted over 5 years to rising and sustaining Canada’s worldwide schooling sector adopted by $Eight million per 12 months of ongoing funding to make sure that Canada will stay among the many world’s high locations for studying.
• Canada re-opened its borders to worldwide college students from most nations attending eligible faculties. Because of this, worldwide scholar enrollments in CIBT’s schooling subsidiaries have resumed.
• The B.C. Actual Property Affiliation predicted that the dearth of provide coupled with excessive demand will improve the common B.C. composite house worth by 16.6% this 12 months and an extra 2.9% in 2022(*7).
• In line with a Globe and Mail information article, “The rental housing market is heating up once more”(*8).
• In line with a Enterprise in Vancouver information article, the “Housing Scarcity rattles Vancouver market”(*9)

(*1) https://cibt.web/weblog/2021/09/09/cibt-provides-update-on-its-portfolio-of-academic-assets-and-real-estate-investments/
(*2) https://cibt.web/weblog/2021/10/25/cibt-provides-business-updates-on-its-education-segment/
(*3) https://www.worldwide.gc.ca/gac-amc/publications/analysis/2019/evaluation-education.aspx?lang=eng
(*4) https://www.usnews.com/information/best-countries/best-countries-for-education
(*5) http://www.rbc.com/economics/daily-economic-update/CA_Population_JUN2021.pdf
(*6) https://www.worldwide.gc.ca/schooling/belongings/pdfs/ies-sei/Constructing-on-Success-Worldwide-Schooling-Strategry-2019-2014.pdf
(*7) https://biv.com/article/2021/08/forecast-bc-home-prices-soar-supply-falls
(*8) https://www.theglobeandmail.com/enterprise/article-the-rental-housing-market-is-heating-up-again-a-worrying-sign-for/
(*9) https://biv.com/article/2021/10/housing-shortage-rattles-vancouver-market

“Our sturdy enterprise mannequin, complemented by beneficial market developments, is making a strong basis for the Firm’s schooling and student-centric rental companies,” said Toby Chu. “We’re grateful for receiving great help from the funding neighborhood, and we’re grateful to our employees for his or her contributions and efforts in taking over the challenges that occurred in Fiscal 2021. We’re optimistic that we are going to see a gradual and gradual restoration in fiscal 2022.”

About CIBT Schooling Group:

CIBT is one in all Canada’s largest schooling companies and educational actual property firms. With a world presence since 1994, CIBT employs over 660 employees at 45 enterprise places and operates a world community of two,500 recruitment brokers. In 2020, the group supplied schooling, scholar recruitments and lodging companies to almost 10,000 college students. Its actual property portfolio, together with working belongings and growth finances, exceeds $1.5 billion.

CIBT’s schooling subsidiaries embrace Sprott Shaw Faculty (established in 1903), Sprott Shaw Language Faculty, Vancouver Worldwide Faculty Profession Campus, CIBT Faculty of Enterprise and International Schooling Alliance. These subsidiaries provide over 150 accredited instructional applications in healthcare, enterprise, e-commerce, cyber-security, lodge administration, language coaching and recruitment companies at 29 places in Canada and overseas.

CIBT’s actual property subsidiary, International Schooling Metropolis Holdings Inc. (“International Holdings”), develops and manages educational belongings akin to student-centric rental residences, company housing, lodge and schooling super-centres. Since 2015, International Holdings has supplied B2B lodging service to 90 faculties in Metro Vancouver and B2C direct registration of 6,000 college students from 71 nations. The GEC® branded portfolio includes 10 tasks, 15 buildings spanning almost 1.5 million sq. toes, together with operational, under-construction and growth properties.

CIBT additionally owns Irix Design Group Inc. (“Irix Design”). Irix Design is a number one design and promoting firm that companies over 100 company shoppers, together with CIBT. Go to us on-line at www.cibt.web.

For extra info contact:

Toby Chu
Chairman, President & CEO
CIBT Schooling Group Inc.

Investor Relations Contact: 1-604-871-9909 extension 319 or | E mail: information@cibt.web

FORWARD-LOOKING STATEMENTS

Some statements on this information launch include forward-looking info (the “forward-looking statements“) about CIBT Schooling Group Inc. and its plans. Ahead-looking statements are statements that aren’t historic info. Ahead-looking statements on this information launch embrace, with out limitation, the assertion that the Firm expects to see a gradual and gradual restoration in fiscal 2022. The forward-looking statements are topic to numerous dangers, uncertainties and different elements (collectively, the “Dangers“) that might trigger CIBT’s precise outcomes or achievements to vary materially from these expressed in or implied by forward-looking statements. The Dangers embrace, with out limitation, that the pandemic continues and delays the anticipated restoration. Ahead-looking statements are primarily based on the beliefs, opinions and expectations of CIBT’s administration on the time they’re made, and CIBT doesn’t assume any obligation to replace its forward-looking statements if these beliefs, opinions or expectations, or different circumstances ought to change, besides as could also be required by regulation.

NON-IFRS FINANCIAL MEASUREMENTS

The Firm has included non-IFRS efficiency measures all through this press launch, together with (a) Earnings Earlier than Curiosity, Taxes, Depreciation and Amortization (“EBITDA“); (b) Adjusted EBITDA which is EBITDA adjusted for the acquire (loss) on change in truthful worth of the Firm’s funding properties and the acquire (loss) on change in truthful worth of spinoff devices; (c) Guide Worth per Share which is calculated as fairness attributable to CIBT Schooling Group Inc. shareholders divided by complete widespread shares excellent on the finish of the reporting interval; and (d) Gross Margin which is the distinction between income and direct prices of gross sales, divided by income, expressed as a proportion. These non-IFRS monetary measurements do not need any standardized which means as prescribed by Worldwide Monetary Reporting Requirements (“IFRS“) and are subsequently unlikely to be corresponding to related measures introduced by different issuers. Accordingly, these efficiency measures are meant to supply extra info and shouldn’t be thought-about in isolation or as an alternative choice to measures of efficiency ready in accordance with IFRS. Administration makes use of EBITDA metrics to measure the revenue developments of the enterprise items and segments within the consolidated group because it eliminates the results of financing selections. Sure buyers, analysts and others make the most of these non-IFRS monetary metrics in assessing the Firm’s monetary efficiency. These non-IFRS monetary measurements haven’t been introduced as an alternative choice to web Earnings or every other monetary measure of efficiency prescribed by IFRS. Reconciliation of non-IFRS measures has been supplied all through the Firm’s MD&A, as relevant, filed underneath the Firm’s profile on www.SEDAR.COM.

SOURCE: CIBT Schooling Group Inc.

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