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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Just Energy Group Inc | TSXV:JE | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.205 | 0.19 | 0.24 | 0 | 01:00:00 |
“Although our third quarter financial results were impacted by ongoing competitive headwinds and a rising commodity price environment, the Company delivered sequentially higher net positive Mass Markets RCE additions over the prior quarter, continuing to validate our strategic investment in digital marketing and face-to-face retail channels, and further strengthened by our higher customer renewal rates,” said Scott Gahn, Just Energy’s President and Chief Executive Officer.
“Our operational performance during the third quarter demonstrates our continued commitment to our customers, employees, partners, and our pursuit of growth in key markets”, added Mr. Gahn, continuing, “we are also continuing to work closely with our valued stakeholders towards a successful restructuring plan.”
Third Quarter FY 2022 Performance
1See “Non-IFRS financial measures” in the MD&A.
Fiscal Third Quarter Financial Highlights: | |||
For the three months ended December 31 | |||
$ in thousands, except customer data | Fiscal 2022 | Fiscal 2021 | Change |
Sales | $650,691 | $627,016 | 4% |
Base Gross Margin1 | $106,938 | $131,608 | -19% |
Base EBITDA1 | $22,320 | $55,785 | -60% |
Unlevered Free Cash Flow (Year to date) | ($13,779) | $27,813 | -150% |
Cash and cash equivalents | $175,392 | $66,635 | 163% |
RCE Mass Markets ending count | 1,173,000 | 1,187,000 | -1% |
RCE Mass Markets net adds for the quarter | 24,000 | (19,000) | NMF2 |
RCE Commercial ending count | 1,588,000 | 1,776,000 | -11% |
1 See “Non-IFRS financial measures” in the MD&A2 Not a meaningful figure
Fiscal Third Quarter Expense Detail: | |||
For the three months ended December 31 | |||
($ thousands) | Fiscal 2022 | Fiscal 2021 | Change |
Administrative expenses1 | $32,473 | $30,408 | 7% |
Selling commission expenses | $27,196 | $30,485 | -11% |
Selling non-commission and marketing expense | $16,374 | $11,784 | 39% |
Bad debt expense | $8,866 | $3,358 | 164% |
1 Includes $1.6 million of Strategic Review costs for the third quarter of fiscal 2021.
Mass Markets Segment Performance
Operating Highlights: | |||
For the three months ended December 31 | |||
Fiscal 2022 | Fiscal 2021 | Change | |
Mass Markets gross margin on added/renewed | $274/RCE | $306/RCE | -10% |
Embedded Gross Margin1 ($ millions) | $1,058.3 | $1,023.0 | 3% |
Total gross Mass Markets (RCE) additions | 91,000 | 45,000 | 102% |
Attrition (trailing 12 months) | 18% | 17% | 6% |
Renewals (trailing 12 months) | 77% | 73% | 5% |
1See “Non-IFRS financial measures” in the MD&A
Mass Markets RCE Summary:
10/1/2021 | Additions | Attrition | Failed torenew | 12/31/2021 | Change | |
Gas | 238,000 | 10,000 | (8,000) | (5,000) | 235,000 | -1% |
Electricity | 911,000 | 81,000 | (39,000) | (15,000) | 938,000 | 3% |
Total Mass Markets RCEs | 1,149,000 | 91,000 | (47,000) | (20,000) | 1,173,000 | 2% |
Commercial Segment Performance
Operating Highlights: | |||
For the three months ended December 31 | |||
Fiscal 2022 | Fiscal 2021 | Change | |
Commercial gross margin on added/renewed | $90/RCE | $91/RCE | -1% |
Embedded Gross Margin1 ($ millions) | $325.8 | $360.0 | -10% |
Total gross Commercial (RCE) additions | 43,000 | 38,000 | 13% |
Attrition (trailing 12 months) | 8% | 14% | -43% |
Renewals (trailing 12 months) | 47% | 51% | -8% |
1See “Non-IFRS financial measures” in the MD&A
Commercial RCE Summary:
10/1/2021 | Additions | Attrition | Failed torenew | 12/31/2021 | Change | |
Gas | 408,000 | 10,000 | (39,000) | (7,000) | 372,000 | -9% |
Electricity | 1,253,000 | 33,000 | (24,000) | (46,000) | 1,216,000 | -3% |
Total Commercial RCEs | 1,661,000 | 43,000 | (63,000) | (53,000) | 1,588,000 | -4% |
About Just Energy Group Inc.
Just Energy is a retail energy provider specializing in electricity and natural gas commodities and bringing energy efficient solutions, carbon offsets and renewable energy options to customers. Currently operating in the United States and Canada, Just Energy serves residential and commercial customers. Just Energy is the parent company of Amigo Energy, Filter Group Inc., Hudson Energy, Interactive Energy Group, Tara Energy, and Terrapass. Visit https://investors.justenergy.com to learn more.
FORWARD-LOOKING STATEMENTSThis press release may contain forward-looking statements, including with respect to the amount of cost recovery proceeds Just Energy expects to receive from ERCOT under HB 4492. These statements are based on current expectations that involve several risks and uncertainties which could cause actual results to differ from those anticipated. These risks may include, but are not limited to, risks with respect to the recovery of and timing for the Company to receive any proceeds from ERCOT; the ability of the Company to continue as a going concern; the outcome of proceedings under the CCAA proceedings and similar legislation in the United States; the outcome of any potential litigation with respect to the Weather Event, the outcome of any invoice dispute with ERCOT; the Company’s discussions with key stakeholders regarding the CCAA proceedings and the outcome thereof; the impact of the evolving COVID-19 pandemic on the Company’s business, operations and sales; reliance on suppliers; uncertainties relating to the ultimate spread, severity and duration of COVID-19 and related adverse effects on the economies and financial markets of countries in which the Company operates; the ability of the Company to successfully implement its business continuity plans with respect to the COVID-19 pandemic; the Company’s ability to access sufficient capital to provide liquidity to manage its cash flow requirements; general economic, business and market conditions; the ability of management to execute its business plan; levels of customer natural gas and electricity consumption; extreme weather conditions; rates of customer additions and renewals; customer credit risk; rates of customer attrition; fluctuations in natural gas and electricity prices; interest and exchange rates; actions taken by governmental authorities including energy marketing regulation; increases in taxes and changes in government regulations and incentive programs; changes in regulatory regimes; results of litigation and decisions by regulatory authorities; competition; and dependence on certain suppliers. Additional information on these and other factors that could affect Just Energy’s operations or financial results are included in Just Energy’s annual information form and other reports on file with Canadian securities regulatory authorities which can be accessed through the SEDAR website at www.sedar.com and on the U.S. Securities and Exchange Commission’s website at www.sec.gov or through Just Energy’s website at www.investors.justenergy.com.
NON-IFRS MEASURESThe financial measures such as “EBITDA”, “Base EBITDA”, “Base Gross Margin”, “Free Cash Flow”, “Unlevered Free Cash Flow” and “Embedded Gross Margin” do not have a standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and may not be comparable to similar measures presented by other companies. This financial measure should not be considered as an alternative to, or more meaningful than, net income (loss), cash flow from operating activities and other measures of financial performance as determined in accordance with IFRS, but the Company believes that these measures are useful in providing relative operational profitability of the Company’s business. Please refer to “Key Terms” in the Just Energy Q3 Fiscal 2022’s Management’s Discussion and Analysis for the Company’s definition of “EBITDA” and other non-IFRS measures.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Michael CarterChief Financial OfficerJust Energymcarter@justenergy.com
or
InvestorsMichael CummingsAlpha IRPhone: (617) 982-0475 JE@alpha-ir.com
MonitorFTI Consulting Inc.Phone: 416-649-8127 or 1-844-669-6340justenergy@fticonsulting.com
MediaBoyd ErmanLongview CommunicationsPhone: 416-523-5885berman@longviewcomms.ca
Source: Just Energy Group Inc.
Supplemental Tables:
Financial and operating highlights
For the three months ended December 31.(thousands of dollars, except where indicated and per share amounts)
% increase | |||||||||||
Fiscal 2022 | (decrease) | Fiscal 2021 | |||||||||
Sales | $ | 650,691 | 4 | % | $ | 627,016 | |||||
Base Gross Margin1 | 106,938 | (19 | ) | % | 131,608 | ||||||
Administrative expenses2 | 32,473 | 7 | % | 30,408 | |||||||
Selling commission expenses | 27,196 | (11 | ) | % | 30,485 | ||||||
Selling non-commission and marketing expense | 16,374 | 39 | % | 11,784 | |||||||
Bad debt expense | 8,866 | 164 | % | 3,358 | |||||||
Reorganization Costs | 40,984 | NMF | 3 | – | |||||||
Finance costs | 14,271 | (19 | ) | % | 17,677 | ||||||
Loss from continuing operations | (139,231 | ) | NMF | 3 | (52,327 | ) | |||||
Base EBITDA1 | 22,320 | (60 | ) | % | 55,785 | ||||||
RCE Mass Markets count | 1,173,000 | (1 | ) | % | 1,187,000 | ||||||
RCE Mass Markets net adds | 24,000 | NMF | 3 | (19,000 | ) | ||||||
RCE Commercial count | 1,588,000 | (11 | ) | % | 1,776,000 |
1 See “Non–IFRS financial measures” in the MD&A.2 Includes $1.6 million of Strategic Review costs for the third quarter of fiscal 2021.3 Not a meaningful figure.
Balance sheet
(thousands of dollars) | As at | As at | |||||
December 31, | March 31, | ||||||
2021 | 2021 | ||||||
Assets: | |||||||
Cash and cash equivalents | $ | 175,392 | $ | 215,989 | |||
Trade and other receivables, net | 549,065 | 340,201 | |||||
Total fair value of derivative financial assets | 306,730 | 35,626 | |||||
Other current assets | 183,704 | 163,405 | |||||
Total assets | 1,542,453 | 1,091,806 | |||||
Liabilities: | |||||||
Trade and other payables | $ | 993,621 | $ | 921,595 | |||
Total fair value of derivative financial liabilities | 36,114 | 75,146 | |||||
Total debt | 623,596 | 655,740 | |||||
Total liabilities | 1,669,214 | 1,686,628 |
SUMMARY OF CASH FLOWS
For the nine months ended December 31.
(thousands of dollars)
Fiscal 2022 | Fiscal 2021 | |||||||
Operating activities from continuing operations | $ | (39,256 | ) | $ | (11,030 | ) | ||
Investing activities from continuing operations | 42,821 | (3,353 | ) | |||||
Financing activities from continuing operations | (45,330 | ) | 61,820 | |||||
Effect of foreign currency translation | 1,168 | (6,895 | ) | |||||
Increase (decrease) in cash | (40,597 | ) | 40,542 | |||||
Cash and cash equivalents – beginning of period | 215,989 | 26,093 | ||||||
Cash and cash equivalents – end of period | $ | 175,392 | $ | 66,635 |
1 Year Just Energy Chart |
1 Month Just Energy Chart |
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