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Bojun Education Company Limited 博駿教育有限公司 (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 1758)

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Bojun Education Company Limited 博駿教育有限公司 (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 1758) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Bojun Education Company Limited 博駿教育有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 1758) Annual Results Announcement For The Year Ended 31 August 2019 HIGHLIGHTS For the year ended 31 August 2019 2018 Change Change RMB’000 RMB’000 RMB’000 Percentage Revenue 338,019 231,259 +106,760 +46.16% Gross profit 89,755 61,814 +27,941 +45.20% Profit for the year 28,941 15,308 +13,633 +89.06% Adjusted net profit* 28,998 26,294 +2,704 +10.28% * The adjusted net profit is presented because our management believes such information will be helpful for investors in assessing the level of net profit of the Company by eliminating the effects of certain one-off or non-recurring items. For the details of reconciliation to the most directly comparable financial measure calculated and presented in accordance with HKFRS, which is profit for the year please refer to the section headed “Financial review – Adjusted net profit” in this announcement. Beginning from the following school year Change 2018/2019 2017/2018 Change Percentage Total student enrollment 10,173 7,211 +2,962 41.08% As at 31 August 2019 2018 Change Change RMB’000 RMB’000 RMB’000 Percentage Contract liabilities (Deferred revenue) 350,837 280,481 +70,356 +25.08% – 1 – ANNUAL RESULTS FOR THE YEAR ENDED 31 AUGUST 2019 The board (the “Board”) of directors (the “Directors”) of Bojun Education Company Limited (the “Company”, together with its subsidiaries and consolidated affiliated entities, the “Group”) is pleased to announce the consolidated annual results of the Group for the year ended 31 August 2019. CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 AUGUST 2019 Year ended 31 August 2019 2018 NOTES RMB’000 RMB’000 Revenue from provision of education services 4 338,019 231,259 Costs of services (248,264) (169,445) Gross profit 89,755 61,814 Other income (expenses) 5 7,329 3,701 Other gains (losses) 8,473 105 Listing expenses – (17,620) Administrative expenses (53,634) (29,879) Finance costs 6 (6,549) (997) Profit before tax 45,374 17,124 Income tax expenses 7 (16,433) (1,816) Profit for the year 8 28,941 15,308 Other comprehensive income that will not be reclassified subsequently to profit or loss – Remeasurement of defined benefit obligations 57 455 Total comprehensive income for the year 28,998 15,763 Profit for the year attributable to – owners of the Company 26,540 16,678 – non-controlling interests 2,401 (1,370) 28,941 15,308 Profit and total comprehensive income for the year attributable to – owners of the Company 26,597 17,133 – non-controlling interests 2,401 (1,370) 28,998 15,763 EARNINGS PER SHARE – Basic (RMB) 0.03 0.03 – Diluted (RMB) N/A 0.03 – 2 – CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2019 As at 31 August 2019 2018 NOTES RMB’000 RMB’000 Non-current assets Property, plant and equipment 1,106,119 671,226 Prepaid lease payments 178,042 106,400 Deferred tax assets 16,354 10,538 Deposits 24,958 24,958 Prepayments for purchase of property, plant and equipment 45,426 35,536 1,370,899 848,658 Current assets Prepaid lease payments 3,922 2,638 Other receivables, deposits and prepayments 9 96,555 21,056 Amounts due from related companies 343 371 Bank balances and cash 336,647 607,062 Total current assets 437,467 631,127 Total assets 1,808,366 1,479,785 Current liabilities Other payables and accruals 10 377,190 267,716 Contract liabilities 350,837 – Deferred revenue – 280,481 Borrowings 11 140,000 60,000 Income tax payable 31,409 13,581 Total current liabilities 899,076 621,778 Net current (liabilities) assets (461,609) 9,349 Total assets less current liabilities 909,290 858,007 – 3 – As at 31 August 2019 2018 NOTES RMB’000 RMB’000 Non-current liabilities Defined benefit obligations 4,302 3,482 Deferred income 12 65,418 42,152 69,720 45,634 Net assets 839,570 812,373 Capital and reserves Share capital 7,138 7,152 Reserves 830,801 805,991 Equity attributable to owners of the Company 837,939 813,143 Non-controlling interests 1,631 (770) 839,570 812,373 – 4 – NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. GENERAL INFORMATION The Company was incorporated and registered as an exempted company with limited liability in the Cayman Islands under the Companies Law Chapter 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands on 14 June 2016. On 31 July 2018, the Company’s shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). The Company is an investment holding company. The subsidiaries of the Group, are mainly engaged in the provision of full spectrum private fundamental education, including preschool, primary, middle and high schools in the PRC. The functional currency of the Company is RMB, which is also the presentation currency of the consolidated financial statements. 2. BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS As of 31 August 2019, the Group recorded net current liabilities of approximately RMB461,609,000. In view of these circumstances, the directors of the Company have given consideration of the future liquidity and performance of the Group and its available sources of finance in assessing whether the Group will have sufficient financial resources to continue as a going concern. The consolidated financial statements have been prepared on a going concern basis because the directors of the Company are satisfied that the Group will have sufficient financial resources to meet its financial obligations as they fall due in the next twelve months by taking into account the Group’s cash flow projection including the extended payment terms as granted by certain suppliers after 31 August 2019, and the Group’s future capital expenditure in respect of its non-cancellable capital commitments. 3. APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) The Group has applied the following new and amendments to HKFRSs and new interpretation issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) for the first time in the current year: HKFRS 9 Financial Instruments HKFRS 15 Revenue from Contracts with Customers and the related Amendments HK(IFRIC) – Int 22 Foreign Currency Transactions and Advance Consideration Amendments to HKFRS 2 Classification and Measurement of Share-based Payment Transactions Amendments to HKFRS 4 Applying HKFRS 9 Financial Instruments with HKFRS 4 Insurance Contracts Amendments to HKAS 28 As part of the Annual Improvements to HKFRSs 2014-2016 Cycle Amendments to HKAS 40 Transfers of Investment Property Except as described below, the application of the new and amendments to HKFRSs and new interpretation in the current year has had no material impact on the Group’s financial performance and positions for the current and prior years and/or on the disclosures set out in these consolidated financial statements. The additions and amendments to the HKFRSs and the interpretation of which have been applied in accordance with the relevant transition provisions in the respective standards and amendments which results in changes in accounting policies, amounts reported and disclosures as described below. The application of these additions and amendments to the HKFRSs and the interpretation of which in the current period has no significant financial effect on the financial position or performance of the Group set out in these consolidated financial statements except for those described below. 3.1 Impacts and changes in accounting policies of application on HKFRS 15 Revenue from Contracts with Customers The Group has applied HKFRS 15 for the first time in the current period. HKFRS 15 superseded HKAS 18 Revenue, HKAS 11 Construction Contracts and the related interpretations. – 5 – The Group has applied HKFRS 15 retrospectively with the cumulative effect of initially applying this standard recognised at the date of initial application, i.e. 1 September 2018. Any difference at the date of initial application is recognised in the opening accumulated profits (or other components of equity, as appropriate) and comparative information has not been restated. Furthermore, in accordance with the transition provisions in HKFRS 15, the Group has elected to apply the standard retrospectively only to contracts that are not completed at 1 September 2018. Accordingly, certain comparative information may not be comparable as comparative information was prepared under HKAS 18 Revenue and HKAS 8 Revenue. 3.1.1 Key changes in accounting policies resulting from application of HKFRS 15 Revenue is recognised to depict the transfer of promised services to customers in an amount that reflects the consideration to which the Group expects to be entitled to in exchange for those services. Specifically, the Group uses a 5-step approach to revenue recognition: • Step 1: Identify the contract(s) with a customer • Step 2: Identify the performance obligation(s) in the contract(s) • Step 3: Determine the transaction price • Step 4: Allocate the transaction price to the performance obligation(s) in the contract • Step 5: Recognise revenue when (or as) the Group satisfies a performance obligation The Group recognises revenue when (or as) a performance obligation is satisfied, i.e. when “control” of the goods or services underlying the particular performance obligation is transferred to the customer.
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