Revenue and Enrollment - Total revenue decreased due to lower enrollment rates, with ELICOS sector facing a 71% drop in enrollment during the current period[16] - International students accounted for approximately 69% of total international student enrollment, an increase of about 7% compared to the previous reporting period[19] - The total EFTSL for higher education services decreased by 27.0% compared to the same period last fiscal year[36] - The number of undergraduate course EFTSL was 147.6, down from 208.2 in the previous year[37] - The number of postgraduate course EFTSL was 323.6, down from 435.8 in the previous year[37] - The number of non-award course EFTSL was 59.8, down from 83.2 in the previous year[37] - Revenue for the six months ended December 31, 2021, was AUD 9,407,000, a decrease of 30% compared to AUD 13,406,000 for the same period in 2020[128] - The revenue from customer contracts, specifically tuition fees, was AUD 8,717,000, down from AUD 12,699,000, reflecting a decline of 31.3% year-over-year[158] Financial Performance - The company reported a loss of approximately AUD 0.7 million for the six months ended December 31, 2021, compared to a profit of AUD 0.9 million for the same period in 2020[63] - Gross profit fell by about 45.3% from AUD 6.3 million to AUD 3.5 million, with the gross profit margin decreasing from approximately 47.3% to 36.9% due to the pandemic's impact[55] - The company reported a loss before tax of AUD 947,000, compared to a profit of AUD 1,204,000 in the previous year[128] - The group incurred a pre-tax loss of AUD 5,958,000 for the six months ended December 31, 2021, compared to a loss of AUD 7,076,000 for the same period in 2020[164] - The company experienced a loss of AUD 702 thousand in retained earnings for the six months ended December 31, 2021, compared to a profit of AUD 933 thousand for the same period in 2020[133] Cost Management and Operational Efficiency - Administrative expenses decreased by 20.1% from approximately AUD 5.0 million to AUD 4.0 million, mainly due to reduced office operations and employee-related costs[59] - The company continues to monitor operational costs while developing its online learning platform until international students fully return[48] - The company has identified best-selling courses and discontinued less popular ones to reduce operational and compliance costs[16] - The integration of the student management system with TCSI aims to streamline administrative processes and improve operational efficiency[32] Online Learning and Innovation - The company has transitioned all learning and teaching to online formats since March 2020, enhancing public health protection on campuses[19] - The company is developing industry-focused innovative short courses funded by Commonwealth supported places (CSPs) to mitigate the impact of COVID-19[20] - The digital learning plan was updated to version 3.0, aiming to enhance online education delivery and student engagement[27] - TOP implemented Proctorio online proctoring platform to maintain academic integrity during online assessments[31] - The company has engaged a high-end educational design firm to transform traditional learning content into digital, interactive, and engaging formats[20] Strategic Partnerships and Market Expansion - The management team is focusing on expanding partnerships with other international educational institutions and introducing targeted new research areas related to future economies[16] - The management is reviewing international and local markets to explore relevant business opportunities, with international tuition expected to continue to account for a significant portion of revenue[16] - The company plans to focus on expanding both international and domestic markets to achieve student enrollment growth[44] - The company aims to strengthen its relationships with relevant industries to create valuable workplace learning and employment opportunities for students[47] Government Support and Regulatory Environment - The Australian government has implemented measures to support the education sector, including extending temporary graduate visas for master's graduates from two years to three years[16] - The group expects no significant impact from the new accounting standards on its financial position and performance[150] Shareholder Information and Corporate Governance - The total number of issued shares as of December 31, 2021, is 2,433,332,000 shares[83] - Major shareholders collectively control 857,158,000 shares, representing approximately 35.22% of the total shares[90] - The company has adopted performance rights plans, stock option plans, and share incentive plans to motivate eligible participants for future contributions[98] - The board has committed to good corporate governance standards to enhance shareholder value and transparency[122] - The group did not declare any interim dividends for the six months ended December 31, 2021, consistent with the previous year[168] Cash Flow and Financial Position - As of December 31, 2021, the company had cash on hand of AUD 30.2 million, an increase from AUD 29.6 million as of June 30, 2021[65] - The company reported a net cash flow from operating activities of AUD 2,014 thousand for the six months ended December 31, 2021, down from AUD 3,983 thousand for the same period in 2020[135] - Cash and cash equivalents increased to AUD 30,155,000 from AUD 29,575,000, indicating improved liquidity[130] - The company has cash reserves that enable it to pursue acquisition opportunities as they arise[49] - The group had no bank borrowings as of December 31, 2021, indicating a stable financial position[150] Employee and Staffing Information - The company employed 101 staff members as of December 31, 2021, down from 119 in the same period the previous year[72] - The company has implemented three share-based payment plans to reward eligible participants contributing to its successful operations[195] - The employee stock options are valid for 10 years, expiring on July 17, 2028[106]

Financial Performance - The company reported a revenue decline of approximately 7.8% due to the impact of the COVID-19 pandemic, with a significant drop in student numbers and course fee income[8]. - Revenue for the year ended June 30, 2021, was approximately AUD 24.8 million, a decrease of about 18.4% from approximately AUD 30.4 million for the year ended June 30, 2020[68]. - Course fee income decreased by 17.2% to AUD 23.4 million from AUD 28.3 million in the previous year[68]. - Annual net profit decreased by approximately 95.9% from about AUD 4.5 million to AUD 0.2 million due to the aforementioned factors and the impact of COVID-19[78]. - Adjusted net profit decreased by approximately AUD 1.7 million or about 29.1% from AUD 5.9 million to AUD 4.2 million for the year ended June 30, 2021[81]. - Gross profit fell by 28.6% from AUD 15.4 million to AUD 11.0 million, with the gross margin decreasing from approximately 50.7% to about 44.4% due to the impact of COVID-19 on revenue[71]. - Total EFTSL for higher education services decreased by approximately 7.5% compared to the previous fiscal year as of June 30, 2021[53]. Cash Position and Investments - As of June 30, 2021, the company maintained a strong cash position of approximately AUD 30 million with no debt, supporting its market competitiveness during the pandemic[8]. - As of June 30, 2021, the company had cash on hand of approximately AUD 29.6 million, down from AUD 34.4 million in the previous year, with a debt-to-equity ratio of 0%[83]. - Capital expenditures for the year ended June 30, 2021, were approximately AUD 4.3 million, primarily for property, plant, and equipment[82]. - No significant investments, acquisitions, or disposals were authorized by the board during the year ended June 30, 2021[84]. Strategic Initiatives - The company is implementing a two-phase strategy to navigate the challenges posed by the pandemic, with a focus on both short-term survival and long-term strategic goals[15]. - The company has emphasized innovation as a key strategy since 2019, which has improved its financial and operational resilience during the pandemic[11]. - The company is focusing on local market expansion and creating job opportunities for local students as part of its cost-saving measures in response to the pandemic[15]. - The group has actively sought to diversify its international student base, with significant growth in students from Vietnam, Brazil, and Mongolia[35]. - The group is exploring opportunities to attract domestic students and is conducting market research to analyze current trends[35]. Educational Offerings and Quality - The company is committed to providing high-quality education and practical skills needed in emerging markets, positioning itself as a leading innovative education institution[2]. - The group has established a digital innovation master's program recognized by the Australian Institute of Chartered Accountants, focusing on big data, artificial intelligence, and fintech[27]. - The institution continues to provide high-quality education through fully online courses, ensuring students receive the necessary support during challenging times[50]. - The institution is focused on developing courses that meet future demands of students, employers, and the community, enhancing overall learning and teaching experiences[50]. - New short courses in high-demand areas, such as Graduate Certificate in Data Analytics and Graduate Certificate in Digital Financial Technologies, were launched to attract domestic students and professionals[46]. Government Support and Grants - The company successfully secured 684 short course places from the Australian government, which will help diversify its income structure and mitigate risks associated with prolonged border closures[11]. - The company received a grant of AUD 150,000, representing 99.6% of the maximum funding available, to support the development of online courses at Scots English College Pty Ltd[10]. Cost Management - The group has implemented ongoing cost management measures, including a freeze on executive salaries until international students return[34]. - Cost management measures will be implemented across the group to enhance financial capacity during challenging times[64]. - The group aims to develop and offer more practical courses within the SAA scope while pursuing regulatory approvals for courses outside this scope[64]. Shareholder Information - As of June 30, 2021, Dr. Zhu Minsheng held 977,478,000 shares, representing 40.22% of the company[142]. - Mr. Li Guiping held 857,158,000 shares, representing 35.27% of the company[142]. - Major shareholders include Ms. Huang Xing Shi with 977,478,000 shares (40.22%) and Mr. Yang Qing Quan with 857,158,000 shares (35.27%)[152]. - The company did not recommend a final dividend for the year ended June 30, 2021, compared to a dividend of HKD 0.3 per share in 2020[125]. Future Outlook - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[94]. - The company plans to increase investment in innovative courses to enhance employment opportunities for students[64]. - The company is investing $50 million in research and development for new technologies aimed at enhancing user experience[95]. - Market expansion efforts include entering three new international markets, expected to contribute an additional $30 million in revenue[96].

Financial Performance - Total revenue for the six months ended December 31, 2020, was AUD 727.2 million, a slight decrease of 1.4% compared to AUD 737.6 million in the same period of 2019[21]. - The Bachelor of International Business program generated AUD 116.8 million in revenue, down 34.1% from AUD 177.3 million in the previous year[21]. - The Master of Professional Accounting and Business program reported revenue of AUD 185.1 million, an increase of 2.1% from AUD 181.1 million in 2019[21]. - Revenue decreased by approximately 7.8% from about AUD 14.5 million for the six months ended December 31, 2019, to about AUD 13.4 million for the six months ended December 31, 2020, primarily due to the impact of COVID-19 on tuition fee income[35]. - Tuition fee income accounted for over 94.7% of total revenue, while other service fees represented about 5.3%[35]. - Gross profit fell by approximately 17.3% from AUD 7.7 million for the six months ended December 31, 2019, to AUD 6.3 million for the six months ended December 31, 2020, with the gross margin decreasing from about 52.8% to approximately 47.3%[39]. - Net profit after tax decreased by approximately 51.8% from about AUD 2.0 million to approximately AUD 0.9 million for the reporting period[45]. - The company reported a net profit of AUD 10,805 thousand for the six months ended December 31, 2020, compared to AUD 8,491 thousand for the same period in 2019, representing a growth of 27.4%[115]. - The company reported a profit attributable to owners of AUD 912,000 for the six months ended December 31, 2020, compared to AUD 1,944,000 for the same period in 2019, reflecting a decrease of approximately 53%[148]. Cash Flow and Financial Position - TOP reported a cash inflow of approximately AUD 30 million as of December 31, 2020, maintaining a strong balance sheet with zero bank debt, providing significant business flexibility during the pandemic[11]. - As of December 31, 2020, the company had cash on hand of AUD 29.8 million, with no bank borrowings[47]. - The company experienced a decrease in cash and cash equivalents, ending the period with AUD 29,830 thousand, down from AUD 37,789 thousand at the end of 2019[119]. - The total equity as of December 31, 2020, was AUD 49,757 thousand, a decrease from AUD 51,798 thousand as of December 31, 2019[115]. - The company declared dividends of AUD 1,300 thousand for the six months ended December 31, 2020, compared to AUD 1,902 thousand in the same period of 2019, reflecting a reduction of 31.7%[119]. Operational Efficiency and Cost Management - The company has implemented ongoing cost management measures, including rationalizing campus and office property portfolios, which contributed to operational efficiency[11]. - Administrative expenses rose by 21.0% from about AUD 4.1 million to approximately AUD 5.0 million, driven by increased depreciation and employee costs[41]. - Advertising and marketing expenses increased by approximately 29.8% from about AUD 0.9 million to approximately AUD 1.2 million, primarily due to higher recruitment and marketing expenditures[42]. Strategic Initiatives and Partnerships - The strategic partnership with PwC Australia, established in 2016, continues to support various initiatives, including career development programs and digital education solutions[10]. - New courses were approved, including MBA programs in Digital Business Applications, Data Analytics, FinTech Management, and Professional Accounting, enhancing the curriculum offerings[14]. - The company signed a memorandum of understanding with the UK Chartered Institute of Management Accountants to integrate their curriculum with Australian accounting practices, enhancing student qualifications[19]. - The company is actively seeking mergers and acquisitions opportunities to diversify its business and expand in the domestic market[34]. Student Enrollment and Capacity - The total EFTSL (Equivalent Full-Time Student Load) for Top Education Institute slightly decreased by 1.4% compared to the same period last fiscal year, as of December 31, 2020[20]. - The company received approval to increase student capacity at its Hobart campus from 150 to 340 students, enhancing growth potential[107]. Digital Education and Online Learning - The company has successfully transitioned to online teaching methods during the pandemic, ensuring that student learning experiences were not compromised[16]. - The company is committed to developing digital education resources for both on-campus and remote learning, reflecting trends in the digital economy[32]. - The company aims to enhance its online teaching capabilities and attract domestic students through the full-fee paying higher education loan program[34]. - The company will continue to evaluate online learning technologies and potential collaborations with institutions in other countries to support internationalization strategies[34]. Shareholder and Equity Information - The company’s major shareholders hold approximately 40.05% and 35.11% of the shares, respectively[68]. - As of December 31, 2020, the total number of issued shares was 2,436,150,000[80]. - The company has adopted performance rights plans, stock option plans, and share incentive plans to motivate eligible participants[88]. - The company granted a total of 25,781,938 stock options under the stock option plan, with the exercise price set at HKD 0.560 per share[95]. - The company has not purchased any shares under the share award plan as of December 31, 2020[102]. Challenges and Future Outlook - The company anticipates facing significant challenges due to the ongoing pandemic but remains focused on innovative educational approaches[32]. - The company plans to increase tuition fees by a maximum of 15% annually, with a total increase not exceeding 30% over three years, based on market conditions[27].

TOP ED UCATION G ROUP LT D 澳洲成峰高教集團有限公 司 2020 INTERIM REPORT 中期報告 INTERIM REPORT 2020 Top Education Group Ltd (Registered in New South Wales, Australia with limited liability) (Stock Code: 1752) (於澳洲新南威爾士州註冊成立的有限公司) (股份代號：1752) 二零二零年 中期報告 目 錄 公司資料 管理層討論與分析 其他資料 中期簡明綜合損益及其他全面收益表 13 23 24 25 26 27 48 中期簡明綜合財務狀況表 中期簡明權益變動表 中期簡明綜合現金流量表 簡明綜合財務報表附註 詞彙 2 3 gis E 公司資料 董事會 執行董事： 祝敏申博士（主席及首席執行官） （徐榕寧女士為其替任董事） 曹蘇萌女士 非執行董事： Thomas Richard Seymour先生（張愷先生為其替任董事） 李桂平先生 戴羿先生 獨立非執行董事： Brian James Stoddart教授 Steven Schwartz教 ...

Financial Performance - Total revenue increased by 13.8% from approximately AUD 24.9 million for the year ended June 30, 2018, to approximately AUD 28.4 million for the year ended June 30, 2019[21]. - Net profit reached AUD 4.1 million, a significant increase of 166.5% compared to AUD 1.6 million for the year ended June 30, 2018[21]. - The company's revenue for the year ended June 30, 2019, reached AUD 26.0 million, an increase of 9.2% compared to the previous year[68]. - Tuition fees accounted for over 94.9% of the total revenue, while overseas service fees represented approximately 5.1%[69]. - Other income surged by 112.4% to approximately AUD 2.4 million, primarily driven by an increase in foreign exchange gains and interest income[72]. - Gross profit increased by 2.7% to AUD 13.2 million, with a slight decrease in gross margin from 53.8% to 50.6% due to rising employee costs and amortization[71]. - Administrative expenses significantly decreased from approximately AUD 10.5 million to AUD 7.8 million, mainly due to reduced listing expenses[74]. - The total EFTSL (Equivalent Full-Time Student Load) increased by 9.3% for the fiscal year ending June 30, 2019[52]. - Enrollment from non-China international students has increased by over 63% compared to the fiscal year ending June 30, 2018[47]. Campus and Student Enrollment - The new campus in South Eveleigh was completed as planned, and the company has leased an entire floor of the building[23]. - The capacity for enrolling overseas students has increased by over 30%, from 1,500 to 2,000 students, following the approval of the new campus by the Higher Education Quality and Standards Agency[24]. - As of June 30, 2019, the company had 1,258 students enrolled in 32 courses, including both accredited and non-accredited programs[33]. - The company has successfully completed its planned enrollment rates for its 3+1 bridging program at Guangxi University of Finance and Economics[37]. - The Career Edge program has shown that 72% of students who participated in internships secured full-time employment within three months of completing the program[46]. Strategic Development and Partnerships - The company has established a wholly-owned subsidiary focused on future development and investment activities as part of its growth strategy[24]. - TOP is transitioning from TOP 2.0 to TOP 3.0, emphasizing the establishment of a comprehensive "smart education" system[26]. - The company is actively seeking investment opportunities in China, the world's largest education market, following the Chinese government's encouragement of foreign investment in the education sector[27]. - The company has established over eight cooperative education projects with universities in China, expanding from three projects in 2018[37]. - The company has a partnership with PwC Australia, which has been in place since 2016, to assist in expanding academic and non-academic programs[34]. - The company aims to maintain close relationships with industry partners in the "new economy" and "new business models" for course innovation and future educational outcomes[36]. - The company has established a wide international cooperation platform with leading experts and institutions for research projects[36]. Course Development and Innovation - The company is developing new courses that combine traditional management and business programs with digital technology applications, including artificial intelligence and data analytics[26]. - TOP has developed and certified new courses including Graduate Certificates in Business and Financial Planning, and a Master's in Financial Planning, expanding its offerings for both domestic and international students[43]. - New courses in development include Master's programs in Information Technology and Doctoral programs in Management and Business, pending approval from the relevant authorities[43]. - The company has integrated a business data analytics course into its undergraduate and postgraduate programs to enhance students' understanding of advanced technology applications[36]. Governance and Management - The company was founded in October 2001 and has been led by Dr. Zhu Minsheng as CEO since 2009[84]. - The company has a strong focus on strategic planning and business development, with a dedicated team for marketing and talent recruitment led by COO Ms. Cao[86]. - The board includes experienced non-executive directors such as Mr. Li Guiping, who has over 30 years of management experience in logistics services[89]. - The company has a diverse board with members holding advanced degrees and extensive professional backgrounds in finance and management[90][91]. - The independent non-executive director, Professor Wang Weiping, has been with the company since April 2018, contributing to the audit and nomination committees[93]. - The management team includes members with advanced degrees in finance and business, enhancing the company's strategic decision-making capabilities[105][108]. Shareholder Information and Equity - The company reported a final dividend of HKD 0.4 per ordinary share for the year ended June 30, 2019, compared to no dividend in 2018[123]. - As of June 30, 2019, the company's distributable reserves amounted to AUD 11.1 million[129]. - The company has a three-year service contract with each executive director, which can only be terminated with a three-month written notice[134]. - The company has a performance rights plan that allows for the issuance of shares upon meeting certain conditions[144]. - The largest shareholder group collectively controls 855,468,000 shares, indicating a strong alignment among major stakeholders[149]. - The company has a diverse shareholder base, with significant holdings from various entities, including 351,180,000 shares (13.73%) held by Xinjiang Guoli[148]. - The company emphasizes that any restructuring events will not affect the effectiveness of the pre-IPO performance rights plan[176]. Risk Management and Compliance - The company’s business heavily relies on brand recognition and reputation, which if not maintained, could adversely affect financial performance and growth prospects[119]. - The company’s revenue is significantly dependent on tuition fees and the ability to maintain and increase these fees[120]. - The company’s enrollment numbers are subject to regulatory limits and the dynamics of the Australian international education market[120]. - The company has implemented TOP academic policies and procedures to ensure compliance with educational standards and regulations[104]. - The company has a strong focus on risk management and operational efficiency within its academic programs[104].

Educational Programs and Partnerships - Top Education Group Ltd reported a successful continuation of its 3+1 articulation program in China, which has been renewed for five years, achieving a successful enrollment rate through the national college entrance examination[13]. - The company signed a new cooperation framework agreement with Jiaxing University in Zhejiang Province on August 22, 2018, initiating a direct articulation course from bachelor's to master's programs[17]. - During the reporting period, Top Education Group continued to operate its existing articulation programs in China, visiting over 20 universities to expand international cooperation[13]. - The management team is focused on developing joint articulation programs in China, targeting both public and private educational institutions across various regions[13]. - The company is actively pursuing new strategies for market expansion and collaboration with educational institutions in China to enhance its educational offerings[13]. - TOP has developed new courses in management and business fields, including a Master's in Financial Planning and a Graduate Diploma in FinTech Management, to meet student demand[18]. - The company plans to establish six student experience centers in China, allocating 26.7% of the net proceeds, which amounts to HKD 45.8 million[82]. Financial Performance - Revenue increased by approximately 4% from AUD 11.8 million for the six months ended December 31, 2017, to AUD 12.3 million for the six months ended December 31, 2018, primarily due to an increase in average tuition fees[49]. - Cost of sales rose by approximately 7.8% from AUD 5.5 million to AUD 5.9 million, mainly due to increased employee costs and agent commissions[50]. - Gross profit remained stable at approximately AUD 6.31 million, with a gross margin decrease from about 53.3% to 51.5%[54]. - Other income surged by approximately 476% from AUD 0.16 million to AUD 0.94 million, driven by increased foreign exchange gains and interest income[55]. - Administrative expenses decreased by about 18% from AUD 4.7 million to AUD 3.9 million, primarily due to the absence of listing expenses for the period[55]. - Advertising and marketing expenses increased by approximately 50% from AUD 0.5 million to AUD 0.8 million, reflecting greater investment in advertising and student recruitment[56]. - Net profit for the period increased by approximately 117% from AUD 0.8 million to AUD 1.8 million[57]. - Revenue for the six months ended December 31, 2018, was AUD 12,268,000, representing a 3.8% increase from AUD 11,825,000 in the same period of 2017[158]. - Gross profit for the same period was AUD 6,314,000, slightly up from AUD 6,302,000, indicating a stable gross margin[158]. - The company reported a pre-tax profit of AUD 2,613,000, which is a significant increase of 111% compared to AUD 1,234,000 in the previous year[158]. - Total comprehensive income for the period was AUD 1,816,000, more than double the AUD 836,000 reported in the prior year[158]. - Basic earnings per share increased to AUD 0.070 from AUD 0.047, reflecting a growth of 48.9%[158]. - Cash flow from operating activities was AUD 3,235,000, demonstrating strong operational efficiency[173]. Strategic Growth and Expansion - The company plans to expand student capacity from 920 to 1,500, with further expansion opportunities in major Australian cities without significant capital investment[48]. - The construction of the new Australian Technology campus is on track to be completed by the end of April 2019, which will increase student capacity by over 30%[20]. - TOP's growth strategy is primarily driven by strong organic growth, supplemented by appropriate acquisition activities[38]. - The company anticipates launching new courses under its self-accreditation authority by the end of the fiscal year ending June 30, 2019[39]. - TOP has established a potential acquisition target list based on strategic goals and is cautiously selecting targets based on educational quality and regulatory compliance[24]. - The company is actively seeking appropriate acquisition opportunities to enhance its international education business[48]. Shareholder Information and Corporate Governance - As of December 31, 2018, the company's directors and senior management held a total of 1,200,000,000 shares, representing approximately 46.02% of the total issued shares[91]. - As of December 31, 2018, the controlling shareholders collectively controlled 854,338,000 shares, representing approximately 33.18% of the total share capital[111]. - The total number of issued shares as of December 31, 2018, was 2,574,878,000[110]. - The controlling shareholder group members are considered to be acting in concert as per the agreement established on October 13, 2017[111]. - The company has adopted a share incentive plan to motivate eligible participants for future contributions and reward past contributions[123]. - The share incentive plan allows for a maximum of 1.5% of the total issued shares, equating to 38,828,220 shares, to be granted[130]. - The company has complied with the corporate governance code as of December 31, 2018, except for one specific provision[147]. Assets and Liabilities - Total assets as of December 31, 2018, amounted to AUD 52,833,000, up from AUD 51,153,000 as of June 30, 2018[162]. - The company’s net assets increased to AUD 52,573,000 from AUD 50,936,000, indicating a healthy growth in equity[162]. - As of December 31, 2018, the company had cash on hand of approximately AUD 47.3 million, with no bank borrowings[61]. - As of December 31, 2018, the company had no significant contingent liabilities[67]. - The company employed 129 staff members as of December 31, 2018, an increase from 108 staff members as of December 31, 2017[68]. Compliance and Reporting - The financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS) and the Hong Kong Stock Exchange listing rules[176]. - The company adopted new accounting standards effective July 1, 2018, but these did not have a significant financial impact on the financial statements[187]. - The company’s revenue recognition follows the five-step model established by IFRS 15, which did not significantly affect the recognition of service revenue[192]. - The company has not early adopted any other standards, interpretations, or amendments that have been issued but are not yet effective[193]. - The CEO and the board assess the company's performance primarily based on student numbers and earned fees[199].