CIBT Reports Financial Results for Second Quarter of Fiscal 2021

April 14, 2021

Vancouver, B.C., April 14th, 2021 – CIBT Education Group Inc. (TSX: MBA, OTCQX International: MBAIF) (“CIBT” or the “Company“) is pleased to report that it has filed on SEDAR its consolidated financial statements and related management’s discussion and analysis for its second quarter of fiscal 2021 ended February 28, 2021 (collectively, the “Q2 Filing“). The following is selected financial information for the six months ended February 28, 2021 (“Q2 2021“) and comparative results (“Q2 2020”). Please refer to the Q2 Filing in its entirety, which is available under CIBT’s profile at

All figures are in thousands of Canadian dollars except share and per share data unless otherwise noted.

The following reconciles the net income to EBITDA and Adjusted EBITDA (non-IFRS):

(1) For the three months ended February 29, 2020, previously reported EBITDA and Adjusted EBITDA were $6,385 and ($479), respectively. For the six months ended February 29, 2020, previously reported EBITDA and Adjusted EBITDA were $9,305 and $2,842, respectively. Previous presentation of interest expense did not include accretion of deferred finance fees. Previous presentations of depreciation and amortization did not include amortization of agency fee intangibles. Please refer to the note at the end of this news release concerning non-IFRS financial measures.

The following presents Book Value per Share (“BVPS”). Please refer to the note at the end of this news release concerning non-IFRS financial measures.

“During the first six months of fiscal 2021, we continued to improve and streamline our businesses to overcome the challenges caused by the COVID-19 pandemic and the temporary travel ban,” commented Toby Chu, Chairman, President and CEO of CIBT. “By focusing on our domestic business and the international students already living in-country, we are pleased to see that net income before inter-segment transactions from Sprott Shaw College increased 8% from $1.98 million to $2.13 million compared to the previous six-month period. In addition, our development fee revenues increased by 329%, from $0.553 million to $2.371 million. Most importantly, our consolidated net income between Q2 2020 and Q2 2021 increased by 72% from $4.426 million to $7.609 million, while EBITDA increased by 56%, from $10.442 million to $16.245 million. We are also pleased to report a gain on fair value changes in investment properties, which increased by 49% from a gain of $6.081 million in Q2 2020 to a gain of $9.077 million in Q2 2021. Our total asset value increased by 13% to $510.066 million at February 28, 2021 while our book value per share grew from $0.69 at August 31, 2020 to $0.80 at February 28, 2021, an increase of 16%.”

Toby added, “We see a steady recovery of the education sector following the British Columbia government’s announcement to re-open all colleges and universities in September 2021 (see  On the real estate front, Metro Vancouver’s real estate sector saw record-breaking uptrends since September 2020 to March 2021. Sales volume increased by 126.1% when compared to the period between March 2020 and March 2021. The Home Price Index composite benchmark price increased by 9.4% for which apartment sales were up 128.8%, with a 3.7% price increase as compared to the same period of last year.”

Refer to data from the Real Estate Board of Greater Vancouver:

“With the current restrictions imposed due to the COVID-19 pandemic, management is focused on executing its objectives and advancing enhanced strategies to ensure CIBT adapts to the new ‘normal’,” continued Toby. “Moving forward, we will continue to identify and evaluate under-valued opportunities with a view to expanding our educational services and real estate portfolio.”

About CIBT Education Group:

CIBT Education Group Inc. is one of the largest education and student housing investment companies in Canada, focused on the domestic and the global education market since 1994. CIBT owns business and language colleges, student-centric rental apartments, recruitment centres and corporate offices at 46 locations in Canada and abroad. Its education subsidiaries include Sprott Shaw College (established in 1903), Sprott Shaw Language College, Vancouver International College Career Campus and CIBT School of Business.  CIBT offers over 150 educational programs in healthcare, business management, e-commerce, hotel management, and language training through these schools. In 2020, CIBT serviced over 11,000 students through its various subsidiaries.

CIBT owns Global Education City Holdings Inc. (“Global Holdings“), an investment holding and real estate company focused on education-related real-estate such as student-centric rental apartments, hotel and education super-centres. Under the GEC® brand, Global Holdings provides accommodation service to 72 schools in Metro Vancouver, serving 1,500 students from 77 countries. The total portfolio and development budget under the GEC® brand exceed $1.5 billion.

CIBT also owns Global Education Alliance (“GEA“) and Irix Design Group (“Irix Design“). GEA recruits international students for many elite kindergartens, primary and secondary schools, colleges and universities in North America. Irix Design is a leading design and advertising company based in Vancouver, Canada. Visit us online and watch our corporate video at

Toby Chu

Chairman, President & CEO

CIBT Education Group Inc.

Investor Relations Contact: 1-604-871-9909 extension 318 or | Email:


Some statements in this news release contain forward-looking information (the “forward-looking statements“) about CIBT Education Group Inc. and its plans. Forward-looking statements are statements that are not historical facts. Forward-looking statements in this news release include, without limitation, statements as to: (i) there will be a steady recovery of the education sector based on the expectation that in-person classes will resume in September; and (ii) that CIBT will continue to identify under-valued opportunities with a view to expanding its educational services and real estate portfolio. The forward-looking statements are subject to various risks, uncertainties and other factors (collectively, the “Risks”) that could cause CIBT’s actual results or achievements to differ materially from those expressed in or implied by forward-looking statements. The Risks include, without limitation: (a) the possibility that the BC government reverses its decision to permit in-person classes to resume in September; (b) that CIBT will be able to identify and exploit opportunities to expand its educational services and real estate portfolio on acceptable terms. Forward-looking statements are based on the beliefs, opinions and expectations of CIBT’s management at the time they are made, and CIBT does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances should change, except as may be required by law.


The Company has included non-IFRS performance measures throughout this press release, including (a) Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA“); (b) Adjusted EBITDA which is EBITDA adjusted for the gain (loss) on change in fair value of the Company’s investment properties and the gain (loss) on change in fair value of derivative instruments; and (c) Book Value per Share which is calculated as equity attributable to CIBT Education Group Inc. shareholders divided by total common shares outstanding at the end of the reporting period. These non-IFRS financial measurements do not have any standardized meaning as prescribed by International Financial Reporting Standards (“IFRS“) and are therefore unlikely to be comparable to similar measures presented by other issuers. Accordingly, these performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management uses EBITDA metrics to measure the profit trends of the business units and segments in the consolidated group since it eliminates the effects of financing decisions. Certain investors, analysts and others utilize these non-IFRS financial metrics in assessing the Company’s financial performance. These non-IFRS financial measurements have not been presented as an alternative to net income or any other financial measure of performance prescribed by IFRS. Reconciliation of non-IFRS measures has been provided throughout the Company’s MD&A, as applicable, filed under the Company’s profile on www.SEDAR.COM.

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