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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Jersey Electricity Plc | LSE:JEL | London | Ordinary Share | JE00B43SP147 | 'A'ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 450.00 | 440.00 | 460.00 | 450.00 | 450.00 | 450.00 | 0.00 | 07:47:57 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Electric Services | 125.08M | 11.28M | 0.3681 | 12.22 | 137.88M |
From Apr 2019 to Apr 2024
TIDMJEL
RNS Number : 8288R
Jersey Electricity PLC
14 December 2016
JERSEY ELECTRICITY plc Preliminary Announcement of Annual Results
Year Ended 30 September 2016
At a meeting of the Board of Directors held on 13 December 2016, the final accounts for the Group for the year to 30 September 2016 were approved, details of which are attached.
The financial information set out in the announcement does not constitute the Group's statutory accounts for the year ended 30 September 2016 or 2015, but is derived from those accounts. Statutory accounts for 2015 have been delivered to the Jersey Registrar of Companies and those for 2016 will be delivered in early 2017. The auditor has reported on those accounts and their reports were unmodified.
A final dividend of 8.00p on the Ordinary and 'A' Ordinary shares in respect of the year ended 30 September 2016 was recommended (2015: 7.60p). Together with the interim dividend of 5.50p the proposed total dividend declared for the year was 13.50p on each share (2015: 12.85p).
The final dividend will be paid on 30 March 2017 to those shareholders registered in the books of the Company on 24 February 2017. A dividend on the 5% cumulative participating preference shares of 1.5% (2015: 1.5%) payable on 3 July 2017 was also recommended.
The Annual General Meeting of the Company will be held on 2 March 2017.
M.P. Magee P.J. Routier
Finance Director Company Secretary
Direct telephone number : 01534 505321 Direct telephone number :01534 505253
Email : mmagee@jec.co.uk Email : proutier@jec.co.uk
13 December 2016
The Powerhouse
PO Box 45
Queens Road
St Helier
Jersey JE4 8NY
JERSEY ELECTRICITY plc
Preliminary Announcement of Annual Results
Year ended 30 September 2016
The Chairman, Geoffrey Grime, comments:
"I am pleased to report that Jersey Electricity has delivered another excellent year's performance in 2015/16. The Company has continued to make great progress in implementing its infrastructure strategy, at the centre of which was the successful delivery of another 100MW interconnector, Normandie 1 (N1), installed between Jersey and France, and delivered ahead of schedule and materially below budget. A shared investment with our partners Guernsey Electricity, N1 is the replacement for EDF1, Jersey Electricity's first interconnector, which came to the end of its life in 2012. This new cable link gives Jersey and Guernsey the benefit of three submarine cables between Jersey and France, across two diverse routes. The primary project was completed in just four years at a cost of around GBP30m representing another notable achievement.
The Company's success this year is not limited to delivering capital projects. In addition we also produced our best ever Group financial performance supported by strong improvements in its non-Energy businesses. In the Energy business, Jersey Electricity has built on the good progress made last year, maintaining profitability at a level needed to support ongoing investment and commensurate with a rate of return that we see in regulated entities elsewhere. Importantly, despite the recent period of sustained investment, we have been able to maintain prices at current levels for nearly three years and remain competitively priced relative to other islands and even larger EU countries. Furthermore, we have announced that electricity prices will not increase until 1 January 2018 at the earliest. Our supply reliability, health and safety and environmental performance, including the carbon intensity of supplied electricity, remain strong relative to peers which is a significant achievement given the particular challenges of operating in an island context.
As sole supplier of over 40% of the Island's energy requirements we have a huge responsibility to our customers and it is gratifying that we maintained our overall customer service rating at a level assessed as being "excellent" when compared with similar service providers in the market.
Finally there have been reports in recent weeks of potential supply security issues in France because of unexpected inspection shutdowns in a number of nuclear generation plants. We have received a high degree of comfort from EDF that the supplies to the Channel Islands will not be impacted by what is viewed as a short-term issue."
Financial Summary 2016 2015 ------------------------------------ ---------- ---------- Electricity Sales in kilowatt hours 625m 627m Revenue GBP103.4m GBP100.5m Profit before tax pre-exceptional GBP 13.1m GBP 12.4m items Earnings per share pre-exceptional items 33.31p 32.94p Dividends paid per ordinary share 13.10p 12.45p Final proposed dividend per share 8.00p 7.60p Net debt GBP 29.0m GBP 17.5m
Group revenue for the year to 30 September 2016 at GBP103.4m was 3% higher than in the previous financial year. Unit sales volumes of electricity were marginally behind last year with Energy revenues at GBP81.2m against GBP80.7m in 2015, slightly higher due to some non-recurring installation work in the year. Turnover in Powerhouse.je, our retail business, increased by 8% from GBP11.1m to GBP11.9m. Revenue in the Property business rose by GBP0.1m to GBP2.1m due to a higher level of rental income. Revenue from JEBS, our contracting and building services business, rose GBP1.0m from levels experienced in 2015 to GBP5.1m. Turnover in our Other Businesses rose GBP0.5m to GBP3.0m.
Overall cost of sales rose by GBP0.6m to GBP65.2m due mainly to additional costs in the non-Energy business units associated with the aforementioned rise in revenue, partially offset by a fall in the Energy business. Operating expenses, at GBP23.5m, rose by GBP1.6m from their 2015 level with an increase in IAS19 pension costs of GBP0.4m and a GBP0.7m ex-gratia award for current pensioners being the main items.
Profit before tax, pre-exceptional items, for the year to 30 September 2016, at GBP13.1m, increased by 6% from GBP12.4m in 2015. The rise was primarily generated from improved performance in our non-Energy business units. Profit before tax post-exceptional items, rose from GBP13.2m last year to
GBP14.8m in 2016. The exceptional credit of GBP1.7m in 2016 was in respect of the release of a rent accrual that had been accumulated over many years for our La Collette Power Station site.
As highlighted previously in our Related Party Transactions note to the accounts the lease had been subject to a rent review dispute which was settled by an arbiter (and confirmed by subsequent legal judgement) in our favour and retained at a peppercorn rent, rather than at a higher level suggested by our landlord.
Our Energy business unit sales saw volumes falling marginally from 627m to 625m kilowatt hours after another relatively mild winter period with both the last two winters seeing temperatures above the long-term average. Profits in our Energy business rose from GBP11.5m to GBP11.6m. A lower cost of sales resulted in a higher margin but this was offset by higher pension costs. The main factor that contributed to the increase in such costs was a GBP0.7m charge of a non-recurring nature associated with the granting of an ex-gratia rise in pensions in service. In the financial year we imported 92% of our requirements from France (2015: 94%) and generated 3% of our electricity on-island at La Collette Power Station (2015: 1%). Additional generation for training was the main reason for the lower levels of importation in 2016 compared to the previous year. The remaining 5% of our electricity came from the local Energy from Waste plant being at the same level as in 2015. Continuing with the trend since 2014 there were no tariff changes during 2016 and our prices continue to remain competitive with other jurisdictions. Our last tariff movement was an average 1.5% increase in April 2014.
Profits in our Property division, excluding the impact of investment property revaluation, at GBP1.7m, rose by GBP0.1m from last year with a higher rental level and lower maintenance cost being the main drivers. Our investment property portfolio was revalued downwards this year by GBP0.3m to GBP20.1m by the external consultants who review the position annually. The main reason for this 2% devaluation is that a break clause, exercisable in 2023, for one of the leases, impacts such calculations between now and that date. Our retail business, Powerhouse.je, had a strong year post the restructuring and re-branding of the business with a loss of GBP0.1m in 2014 moving to a profit of GBP0.3m in 2015 and to GBP0.5m in 2016. JEBS, our contracting and business services unit produced a profit of GBP0.1m compared with a near breakeven position in 2015 in a challenging industry with high competition for staff. Our other business units - Jersey Energy, Jendev and Jersey Deep Freeze all had profitable years ahead of internal targets.
The interest charge in 2016 was GBP1.1m against GBP1.5m in 2015 with a capitalisation of interest associated with the new N1 subsea cable being the primary reason for the reduction. The taxation charge at GBP3.2m was GBP0.8m higher than 2015 due to a higher level of profitability.
Group earnings per share, pre-exceptional items, rose 1% to 33.31p compared to 32.94p in 2015 due mainly to an increase in profits. Earnings per share, before adjusting for exceptional items, increased from 35.00p in 2015 to 37.69p in 2016.
Dividends paid in the year, net of tax, rose by 5%, from 12.45p in 2015 to 13.10p in 2016. The proposed final dividend for this year is 8.00p, a 5% rise on the previous year. Dividend cover, pre-exceptional items, at 2.5 times fell marginally from 2.6 times in 2015. If exceptional items are included, dividend cover rose from 2.8 times last year to 2.9 times in this financial year.
Net cash inflow from operating activities at GBP25.2m was GBP1.9m higher than in 2015 with an increase in profit, prior to IAS 19 pension accounting, being the primary driver. Capital expenditure, at GBP32.4m rose from GBP16.8m last year as the N1 project spend dominated this year and resulted in net debt at the year-end of GBP29.0m being GBP11.5m higher than last year.
Our defined benefits pension scheme, which had an IAS 19 deficit of GBP5.8m, net of deferred tax, at the 2015 year end increased to a GBP9.2m deficit as at 30 September 2016. Scheme assets rose 20% since the last year end, but liabilities increased 22% due to a reduction in the discount rate applied, reflecting sentiments in financial markets after the UK decision in June 2016 to prepare to leave the EU. The formal triennial valuation was performed by our external actuary as at 31 December 2015 and this exercise showed a surplus of GBP6.9m at that point in time.
Hot Features
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Consolidated Income Statement 2016 2015
For the year ended 30 September GBP000's GBP000's
2016
Revenue 103,361 100,479
Cost of sales (65,249) (64,604)
Gross Profit 38,112 35,875
Revaluation of investment properties (350) (45)
Operating expenses (23,498) (21,931)
------------------------- -------------------------
Group operating profit before
exceptional items 14,264 13,899
Exceptional item - La Collette 1,676 -
rent accrual reversal
- RTE outage compensation - 479
- impact of reversal of EDF1
related provision - 310
------------------------- -------------------------
Group operating profit 15,940 14,688
Finance income 22 36
Finance costs (1,154) (1,555)
Profit from operations before
taxation 14,808 13,169
Taxation (3,166) (2,397)
------------------------- -------------------------
Profit from operations after taxation 11,642 10,772
========================= =========================
Attributable to:
Owners of the Company 11,547 10,725
Non-controlling interests 95 47
------------------------- -------------------------
11,642 10,772
========================= =========================
Earnings per share
- basic and diluted 37.69p 35.00p
2016 2015
Consolidated Statement of Comprehensive GBP
Income GBP 000 000
Profit for the year 11,642 10,772
Items that will not be reclassified
subsequently to profit or loss:
Actuarial loss on defined benefit
scheme (2,829) (5,706)
Income tax relating to items not
reclassified 566 1,141
------------------------- -------------------------
(2,263) (4,565)
Items that may be reclassified
subsequently to profit or loss:
Fair value gain/(loss) on cash
flow hedges 13,865 (874)
Income tax relating to items that
may be reclassified (2,773) 175
------------------------- -------------------------
11,092 (699)
Total comprehensive income for
the year 20,471 5,508
Attributable to:
Owners of the Company 20,376 5,461
Non-controlling interests 95 47
------------------------- -------------------------
20,471 5,508
Balance Sheet 2016 2015
For the year ended 30 September GBP
2016 GBP 000 000
NON-CURRENT ASSETS
Intangible assets 162 227
Property, plant and equipment 209,168 187,845
Investment properties 20,110 20,460
Secured loan accounts 683 731
Derivative financial instruments 5,957 414
Other investments 5 5
-------------------- --------
Total non-current assets 236,085 209,682
------------------------------------- -------------------- --------
CURRENT ASSETS
------------------------------------ -------------------- --------
Inventories 5,962 6,239
Trade and other receivables 16,583 14,777
Derivative financial instruments 2,788 780
Cash and cash equivalents 1,925 12,503
Total current assets 27,258 34,299
-------------------- --------
Total assets 263,343 243,981
------------------------------------- -------------------- --------
LIABILITIES
------------------------------------ -------------------- --------
Trade and other payables 16,084 17,597
Bank overdraft 943 -
Current tax liability 420 404
Derivative financial instruments - 3,892
Total current liabilities 17,447 21,893
-------------------- --------
NET CURRENT ASSETS 9,811 12,406
-------------------------------------
NON-CURRENT LIABILITIES
------------------------------------ -------------------- --------
Trade and other payables 19,600 18,884
Retirement benefit deficit 11,471 7,291
Derivative financial instruments - 2,422
Financial liabilities - preference
shares 235 235
Long-term borrowings 30,000 30,000
Deferred tax liabilities 20,482 15,529
Total non-current liabilities 81,788 74,361
-------------------- --------
Total liabilities 99,235 96,254
-------------------- --------
Net assets 164,108 147,727
------------------------------------- -------------------- --------
EQUITY
------------------------------------ -------------------- --------
Share capital 1,532 1,532
Revaluation reserve 5,270 5,270
ESOP reserve (155) (97)
Other reserves 6,878 (4,214)
Retained earnings 150,523 145,223
-------------------- --------
Equity attributable to owners
of the Company 164,048 147,714
Non-controlling interests 60 13
-------------------- --------
Total equity 164,108 147,727
------------------------------------- -------------------- --------
Consolidated
Statement
of changes in
Equity Share Revaluation ESOP Other Retained Total
for the year
ended 30
September 2016 capital reserve reserve reserves earnings
GBP GBP GBP GBP GBP
000 GBP 000 000 000 000 000
At 1 October 2015 1,532 5,270 (97) (4,214) 145,223 147,714
Total recognised
income
and expense for
the year - - - 11,547 11,547
Funding of
employee share
option scheme - - (114) - - (114)
Amortisation of
employee
share option
scheme - - 56 - - 56
Unrealised gain
on hedges
(net of tax) - - - 11,092 - 11,092
Actuarial loss on
defined
benefit scheme
(net of
tax) - - - - (2,263) (2,263)
Adjustment
arising from
change in
non-controlling
interest 31 31
Equity dividends - - - - (4,015) (4,015)
At 30 September
2016 1,532 5,270 (155) 6,878 150,523 164,048
=================== ==================== ============== ============== ============= ========
Share Revaluation ESOP Other Retained Total
capital reserve reserve reserves earnings
GBP GBP GBP GBP GBP
000 GBP 000 000 000 000 000
At 1 October 2014 1,532 5,270 (36) (3,515) 142,878 146,129
Total recognised
income
and expense for
the year - - - 10,725 10,725
Funding of
employee share
option scheme - - (112) - - (112)
Amortisation of
employee
share option
scheme - - 51 - - 51
Unrealised loss
on hedges
(net of tax) - - - (699) (699)
Actuarial loss on
defined
benefit scheme
(net of
tax) - - - - (4,565) (4,565)
Equity dividends - - - - (3,815) (3,815)
------------------- -------------------- -------------- -------------- ------------- --------
At 30 September
2015 1,532 5,270 (97) (4,214) 145,223 147,714
=================== ==================== ============== ============== ============= ========
Statements of Cash Flow 2016 2015
for the year ended 30 September
2016 GBP 000 GBP 000
CASH FLOWS FROM OPERATING ACTIVITIES
Operating profit before exceptional
items 14,264 13,899
Depreciation and amortisation
charges 10,295 9,926
Loss on revaluation of investment
property 350 45
Pension operating charge less
contributions paid 1,351 213
(Loss)/profit on sale of fixed
assets (6) 7
---------- -------------
Operating cash flows before
movement in working capital 26,254 24,090
Decrease in inventories 277 1,095
(Increase)/decrease in trade
and other receivables (1,758) 1,884
Increase/(decrease) in trade
and other payables 2,359 (2,640)
Interest paid (1,148) (1,548)
Capitalised interest paid (374) (4)
Preference dividends paid (9) (9)
Cash amounts relating to exceptional
item - 479
Income taxes paid (396) -
---------- -------------
Net cash flows from operating
activities 25,205 23,347
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property,plant and
equipment (32,391) (16,629)
Investment in intangible assets (4) (207)
Proceeds from part disposal
of subsidiary 10 -
Net proceeds from disposal of
fixed assets 9 3
---------- -------------
Net cash flows used in investing
activities (32,376) (16,833)
CASH FLOWS FROM FINANCING ACTIVITIES
Equity dividends paid (4,067) (3,859)
Deposit interest received 22 36
Payment for foreign exchange
option (250) -
Repayment of borrowings 5,500 -
Proceeds of borrowings (5,500) -
---------- -------------
Net cash flows used in financing
activities (4,295) (3,823)
Net (decrease)/increase in cash
and cash equivalents (11,466) 2,691
Cash and cash equivalents at
beginning of year 12,503 9,776
Effect of foreign exchange rates (55) 36
Overdraft 943 -
---------- -------------
Cash and cash equivalents at
end of year 1,925 12,503
Notes to the accounts
Year ended 30 September 2016
1. Basis of Preparation
The consolidated financial statements of Jersey Electricity plc, for the year ended 30 September 2016, have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU), including International Accounting Standards and Interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC).
While the financial information included in this preliminary announcement has been prepared in accordance with the appropriate recognition and measurement criteria, this announcement does not itself contain sufficient information to comply with IFRS. The Group expects to publish full financial statements that comply with IFRS in early 2017.
The Group has considerable financial resources together with a large number of customers both corporate and individual. As a consequence, the directors believe that the Group is well placed to manage its business risks successfully. The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going-concern basis in preparing the financial statements.
Segmental information
Revenue and profit information
are analysed between the
businesses as follows:
2016 2016 2016 2015 2015 2015
External Internal Total External Internal Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Revenue
Energy 81,215 144 81,359 80,698 129 80,827
Building Services 5,120 786 5,906 4,148 808 4,956
Retail 11,933 45 11,978 11,087 40 11,127
Property 2,143 599 2,742 2,084 599 2,683
Other 2,950 876 3,826 2,462 777 3,239
--------- --------- -------- --------- ---------- ---------
103,361 2,450 105,811 100,479 2,353 102,832
Intergroup elimination (2,450) (2,353)
-------- ---------
Revenue 103,361 100,479
-------- ---------
Operating profit
Energy 11,650 11,514
Building Services 134 (58)
Retail 452 334
Property 1,683 1,562
Other 695 592
-------- ---------
14,614 13,944
Revaluation of investment
properties (350) (45)
Exceptional item - La Collette
rent accrual reversal 1,676 -
- RTE outage
compensation - 479
- impact of reversal of
EDF1 provision - 310
Group operating profit 15,940 14,688
-------- ---------
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR TIBLTMBTBMPF
(END) Dow Jones Newswires
December 14, 2016 04:52 ET (09:52 GMT)
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