| 2018 | 2017 | |
|---|---|---|
| ASSETS | ||
| Current Assets | ||
| Cash and cash equivalents | 48,535,679 | 142,462,009 |
| Accounts receivable, net | 431,593,594 | 140,380,423 |
| Due from related parties | 10,155,497 | 4,859,901 |
| Inventories | 2,070,136 | 4,325,079 |
| Other current assets | 67,010,281 | 60,451,395 |
| Total Current Assets | 559,365,187 | 352,478,807 |
| Non-Current Assets | ||
| Available-for-sale financial assets | 2,789,899,778 | 3,271,617,791 |
| Held-to-maturity investments | 170,003,595 | 3,850,000 |
| Property and equipment, net | 4,129,803,836 | 4,028,440,742 |
| Restricted cash | 350,000,000 | 600,000,000 |
| Retirement benefit asset | 15,912,222 | 16,573,959 |
| Other non-current assets | 10,087,298 | 22,935,591 |
| Total Non-Current Assets | 7,465,706,729 | 7,943,418,083 |
| TOTAL ASSETS | 8,025,071,916 | 8,295,896,890 |
| 2018 | 2017 | |
|---|---|---|
| LIABILITIES AND NET ASSETS | ||
| Current Liabilities | ||
| Accounts and other payables | 305,481,657 | 282,707,687 |
| Unearned tuition and other fees | 430,232,034 | 327,769,419 |
| Current portion of liability for purchased land | 56,716,308 | 54,302,976 |
| Current portion of lease liability | 446,821 | 436,468 |
| Due to related parties | 29,494 | 4,652,728 |
| Deposits | 205,235,347 | 258,295,177 |
| Total Current Liabilities | 998,141,661 | 928,164,455 |
| Non-Current Liabilities | ||
| Liability for purchased land, net of current portion | 108,620,517 | 162,908,928 |
| Lease liability, net of current portion | 34,265,413 | 33,907,906 |
| Total Non-Current Liabilities | 142,885,930 | 196,816,834 |
| TOTAL LIABILITIES | 1,141,027,591 | 1,124,981,289 |
| Net Assets | ||
| Unrestricted | (655,884,288) | (311,915,657) |
| Temporarily Unrestricted | 3,314,783,044 | 3,221,429,809 |
| Permanently Restricted | 4,129,803,836 | 4,028,440,742 |
| Other comprehensive income | ||
| Changes in fair value of available-for-sale financial assets | (48,793,065) | 88,731,335 |
| Remeasurement of retirement benefit | 144,134,798 | 144,229,372 |
| Total Net Assets | 6,884,044,325 | 7,170,915,601 |
| TOTAL LIABILITIES AND NET ASSETS | 8,025,071,916 | 8,295,896,890 |
| 2018 | 2017 | |
|---|---|---|
| Cash flows from operating activities | ||
| Excess (deficiency) of revenue, gains and other supports over expenses | (200,669,104) | 75,920,533 |
| Adjustments for: | ||
| Depreciation | 272,188,180 | 254,783,437 |
| Retirement Benefit Expense | 28,429,226 | 23,283,324 |
| Interest Expense | 20,526,224 | 14,801,415 |
| Provision for doubtful accounts | 2,299,566 | 4,008,407 |
| Loss on retirement of property and equipment | 7,526 | 107,844 |
| Unrealized foreign exchange gains, net | (5,294,534) | (17,165,915) |
| Investment income | (182,558,508) | (127,549,589) |
| Excess of revenue, gains and other supports over expenses before working capital changes | (65,071,424) | 228,189,456 |
| Changes in working capital: | ||
| Accounts receivables, net | (295,020,571) | (25,632,841) |
| Due from related parties | (5,295,596) | 3,372,430 |
| Inventories | 2,254,943 | 46,825 |
| Other current assets | (6,558,886) | (8,690,068) |
| Accounts and other payables | 32,773,970 | (15,236,913) |
| Unearned tuition and other fees | 102,462,615 | (98,178,146) |
| Due to related parties | (4,623,234) | 1,139,376 |
| Deposits | (1,643,028) | 14,847,443 |
| Cash generated from (absorbed by) operations | (240,721,211) | 99,857,562 |
| Interest income from cash deposits | 5,654,182 | 6,562,694 |
| Contributions to plan asset | (27,862,063) | (24,605,862) |
| Net cash provided by (used in) operating activities | (262,929,092) | 81,814,394 |
| 2018 | 2017 | |
|---|---|---|
| Cash flows from investing activities | ||
| Additions to property and equipment | (383,558,800) | (498,560,045) |
| Payment on purchased of land | (64,000,000) | (64,000,000) |
| Release of restricted cash | 250,000,000 | |
| Investment income | 178,412,160 | 124,217,442 |
| (Increase) Decrease in: | ||
| Available-for-sale financial assets | 349,474,055 | 216,376,168 |
| Held-to-maturity investments | (166,153,595) | |
| Other non-current assets | 12,848,293 | 228,033 |
| Net cash provided by (used in) investing activities | 177,022,113 | (221,738,402) |
| Cash flows from financing activities | ||
| Payment on lease liability | (1,500,000) | (1,500,000) |
| Interest paid | (6,533,443) | (4,001,059) |
| Net cash used in financing activities | (8,033,443) | (5,501,059) |
| Net decrease in cash and cash equivalents | (93,940,422) | (145,425,067) |
| Cash and cash equivalents at September 1 | 142,462,009 | 287,871,019 |
| Effects of exchange rate changes on cash and cash equivalents | 14,092 | 16,057 |
| Cash and cash equivalents at August 31 | 48,535,679 | 142,462,009 |
| 2018 | 2017 | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Temporarily Restricted | Total | Unrestricted | Temporarily Restricted | Total | ||
| Revenue, gains and other supports | |||||||
| Tuition fees | 1,269,528,456 | 2,637,086 | 1,272,165,542 | 1,554,981,526 | 1,554,981,526 | ||
| Miscellaneous student assessments | 97,497,206 | 192,914,619 | 290,411,825 | 144,259,895 | 224,008,419 | 368,268,314 | |
| Investment income | 182,558,508 | 182,558,508 | 127,549,589 | 127,549,589 | |||
| Other college revenue | 99,492,489 | 42,157,302 | 141,649,791 | 115,494,243 | 20,836,895 | 136,331,138 | |
| Hotel revenue | 45,473,704 | 590,753 | 46,064,457 | 39,263,206 | 39,263,206 | ||
| Foreign currency exchange gain | 38,824,144 | 38,824,144 | 49,063,425 | 49,063,425 | |||
| Development fee | 37,338,532 | 37,338,532 | 45,356,916 | 45,356,916 | |||
| Donations | 703,450 | 804,574 | 1,508,024 | 398,350 | 26,405,139 | 26,803,489 | |
| Income from ancillary operations | 3,802,531 | 3,705,456 | 7,507,987 | 2,302,140 | 3,284,641 | 5,586,781 | |
| Other income | 513,333 | 6,560,479 | 7,073,812 | 6,329,054 | 3,742,280 | 10,071,334 | |
| 1,555,835,313 | 469,267,309 | 2,025,102,622 | 1,912,091,839 | 451,183,879 | 2,363,275,718 | ||
| Expenses | |||||||
| College expenses | (2,104,010,980) | (121,760,746) | (2,225,771,726) | (2,206,227,477) | (81,127,708) | (2,287.355,185) | |
| Excess (deficiency) of revenue, gains and other supports over expenses | (548,175,667) | 347,506,563 | (200,669,104) | (294,135,638) | 370,056,171 | 75,920,533 | |
| Other comprehensive loss | |||||||
| Item that may be reclassified to profit of loss | |||||||
| Fair value losses on available-for-sale financial assets | (137,524,400) | (137,524,400) | (108,762,788) | (108,762,788) | |||
| Item that may not be reclassified to profit of loss | |||||||
| Remeasurement losses on retirement benefit | (94,574) | (94,574) | (1,062,833) | (1,062,833) | |||
| Results of Activities | (548,175,667) | 209,887,589 | (338,288,078) | (294,135,638) | 260,230,550 | (33,905,088) |
| Unrestricted | Temporarily Restricted | Permanently Restricted | Other comprehensive income | Remeasurement of retirement benefit | Total | |
|---|---|---|---|---|---|---|
| (Note 16) | (Note 16) | (Note 16) | (Note 6) | (Note 17) | ||
| Balances at August 31, 2016 | (167,307,232) | 3,630,825,537 | 3,398,516,056 | 197,494,123 | 145,292,205 | 7,204,820,689 |
| Results of activities | (294,135,638) | 260,230,550 | (33,905,088) | |||
| Reclassifications/transfers: | ||||||
| Acquisitions of property and equipment | (105,364,068) | (779,091,049) | 884,455,117 | |||
| Donation of property and equipment | (360,850) | 360,850 | ||||
| Depreciation or property and equipment | 254,783,437 | (254,783,437) | ||||
| Retirement of property and equipment | 107,844 | (107,844) | ||||
| Unrealized loss on available-for-sale financial assets | 108,762,788 | (108,762,788) | ||||
| Remeasurement loss on retirement benefit | 1,062,833 | (1,062,833) | ||||
| Balances at August 31, 2017 | (311,915,657) | 3,221,429,809 | 4,028,440,742 | 88,731,335 | 144,229,372 | 7,170,915,601 |
| Results of activities | (548,175,667) | 209,887,589 | (338,288,085) | |||
| Reclassifications/transfers: | ||||||
| Acquisitions of property and equipment | (57,780,981) | (325,074,369) | 82,855,350 | |||
| Donation of property and equipment | (703,450) | 703,450 | ||||
| Depreciation or property and equipment | 272,188,180 | (272,188,180) | ||||
| Retirement of property and equipment | 7,526 | (7,526) | ||||
| Unrealized loss on available-for-sale financial assets | 137,524,400 | (137,524,400) | ||||
| Remeasurement loss on retirement benefit | 94,574 | (94,574) | ||||
| Others | (9,504,239) | 70,921,041 | (10,000,000) | 51,416,802 | ||
| Balances at August 31, 2018 | (655,884,288) | 3,314,783,044 | 4,129,803,836 | (48,793,065) | 144,134,798 | 6,884,044,325 |