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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% | 460.00 | 450.00 | 470.00 | 460.00 | 460.00 | 460.00 | 2,851 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Electric Services | 125.08M | 11.28M | 0.3681 | 12.50 | 140.94M |
TIDMJEL
RNS Number : 1155A
Jersey Electricity PLC
18 December 2014
JERSEY ELECTRICITY plc
Preliminary Announcement of Annual Results
Year Ended 30 September 2014
At a meeting of the Board of Directors held on 17 December 2014, the final accounts for the Group for the year to 30 September 2014 were approved, details of which are attached.
The financial information set out in the announcement does not constitute the Company's statutory accounts for the year ended 30 September 2014 or 2013, but is derived from those accounts. Statutory accounts for 2013 have been delivered to the Jersey Registrar of Companies and those for 2014 will be delivered in early 2015. The auditor has reported on those accounts and their reports were unmodified.
A final dividend of 7.20p on the Ordinary and 'A' Ordinary shares in respect of the year ended 30 September 2014 was recommended (2013: 6.80p). Together with the interim dividend of 5.00p the proposed total dividend declared for the year was 12.20p on each share.
The final dividend will be paid on 27 March 2015 to those shareholders registered in the books of the Company on 20 February 2015. A dividend on the 5% cumulative participating preference shares of 1.5% (2013: 1.5%) payable on 1 July 2015 was also recommended.
The Annual General Meeting of the Company will be held on 5 March 2015.
John Stares, who has served as a non-executive director for the last five years will be retiring at our next Annual General Meeting on 5 March 2015.
M.P. Magee P.J. Routier
Finance Director Company Secretary
Direct telephone number : 01534 505321 Direct telephone number : 01534 505253
Direct fax number : 01534 505466 Direct fax number : 01534 505515
Email : mmagee@jec.co.uk Email : proutier@jec.co.uk
17 December 2014
The Powerhouse
PO Box 45
Queens Road
St Helier
Jersey JE4 8NY
JERSEY ELECTRICITY plc
Preliminary Announcement of Annual Results
Year ended 30 September 2014
The Chairman, Geoffrey Grime, comments :
"2014 was the Company's 90th anniversary and there could be no better way to mark this celebration than with the landmark achievement of the successful installation of our third interconnector to France, Normandie 3 (N3) - under budget and ahead of its 2015 schedule. The N3 project, co-invested under our joint venture with Guernsey Electricity, our partners in the Channel Islands Electricity Grid, has been 10 years in the making and more than doubles our importation capacity which had been severely restricted since June 2012 when our oldest interconnector, EDF1, failed and was removed from service. I said that last year we delivered a foundation for recovery. This year we have built further on this with an expected upward movement in Energy profit, which reached the level of GBP8.0m on an operating basis, restoring it to pre-2012 levels. Importantly, this profitability reflects the return necessary to support continued investment."
Financial Summary 2014 2013 % change (restated) ----------------------------- --------- ------------- ---------- Revenue GBP98.4m GBP102.3m (4)% Profit before tax GBP 6.5m GBP 5.4m 21% Earnings per share 16.10p 13.27p 21% Dividends paid per ordinary share 11.80p 11.25p 5%
The 2013 profit figure was restated downwards by GBP1.2m to reflect the adoption of a new accounting policy to comply with changes to the revised International Accounting Standard 19, "Employee Benefits", in respect of pension costs as highlighted in our 2013 Annual Report. The original charge of GBP1.2m in 2013 was restated as GBP2.4m.
Group revenue for the year to 30 September 2014 at GBP98.4m was 4% lower than in the previous financial year. Unit sales volumes of electricity were 6% lower than last year due to mild weather with revenues falling 3% to GBP79.5m as tariff rises reduced the impact of the units shortfall. Turnover in our Retail business decreased by 6% from GBP12.1m to GBP11.4m. The floor space utilised by the business was reduced as a substantial proportion was let to an external tenant from May 2014. Revenue in the Property business, including internal sales, fell from GBP2.9m to GBP2.6m mainly linked to changes in tenancy arrangements during the year including our disposal of Foreshore. Revenue in Building Services, including internal sales, rose 3% from levels experienced in 2013 to GBP4.2m. Turnover in our Other Businesses, including internal sales, remained at GBP3.2m.
Profit before tax for the year to 30 September 2014 rose 21% to GBP6.5m from GBP5.4m reflecting a recovery in our Energy business. As anticipated at the half year we incurred exceptional costs of around GBP0.6m and GBP1.2m in restructuring our Retail business and exiting our investment in Foreshore Ltd respectively. In addition, a GBP1.8m provision was made for our share of a preventative repair to the interconnector between Guernsey and Jersey which is scheduled to take place in January 2015. The cable, which was repaired in 2012, has been showing similar issues to those experienced two years ago and Guernsey Electricity is also currently seeking permissions to lay a replacement cable as soon as possible. Profit before tax pre-exceptional items, and post the restatement of the 2013 pension costs, rose from GBP5.9m last year to GBP10.0m in 2014.
Our Energy business unit sales saw volumes down 6%, falling from 663m to 621m kWh, due to a combination of the temperatures being above the seasonal norm last winter and the corresponding period in the 2013 financial year being particularly cold. Each of the six winter months in this financial year experienced higher temperatures than its corresponding month in 2012/13 and were at, or above, the long-term average level. Despite lower unit sales in our Energy business, profits recovered substantially to GBP8.0m, a level commensurate with the recognized rate of return required to advance sustainable investment in infrastructure assets.
Two main factors contributed to this increase in performance - lower generation and the impact of tariff rises. As reported previously, until the new interconnector to France was commissioned,
which occurred at the end of this financial year, we have been capacity constrained on importation and reliant on a heavier mix of more expensive on-island oil-fired generation, particularly in winter, when volumes are higher.
In the financial year we generated 15% of our electricity on-island (compared to 21% last year) and imported 80% of our requirements from France (up from 75% in 2013). The remaining 5% of our electricity came from the local Energy from Waste plant against 4% in the same period in 2013. The Energy revenue, and profitability, was also aided by an average 1.5% increase in customer tariffs from 1 April 2014 and the full year impact of the tariff increase in January 2013. In spite of these price rises, our tariffs continue to remain competitive with other jurisdictions.
Profits in our Property division, excluding the impact of investment property revaluation, fell from GBP1.6m to GBP1.4m with movements in tenancy arrangements being the main driver. It has been a positive year with 11k square feet of space previously used by our internal Retail business now being let to a UK retailer with a good covenant (SportsDirect.com). In addition, with the sale of our shareholding in Foreshore, we now have the local telecom operator, Sure (Jersey) Ltd, as tenants with a larger footprint than previously let. Our investment property portfolio was revalued upwards by GBP0.1m to GBP20.5m this year. Our Retailing business had a challenging year with turnover falling from GBP12.1m to GBP11.4m albeit the space utilised has reduced. A profit of GBP0.2m last year moved to a loss of GBP0.1m. As reported at the half year an exceptional cost of GBP0.6m was incurred in restructuring the Retail operation as the business has been facing increasing pressure on margins from UK on-line sales into Jersey. The Building Services business produced a marginal loss, being GBP0.1m behind last year due to competitive pressures on margin. Our other business units - Jersey Energy, Jendev and Jersey Deep Freeze all had a profitable year. Our shareholding in Foreshore, a data centre joint venture in which we have been involved since 2000, was sold in July and, as reported at the half year, an exceptional cost of GBP1.2m was associated with this exit.
Interest paid in 2014 was negligible as most of this cost was capitalised up to the date of commissioning of our new interconnector. The taxation charge at GBP1.5m was higher than in 2013 due to higher profits. Group earnings per share increased 21% to 16.10p (24.26p pre-exceptional costs) compared to restated 13.27p in 2013 due mainly to an increase in profitability.
Dividends paid in the year, net of tax, rose by 5%, from 11.25p in 2013 to 11.80p in 2014. The proposed final dividend for this year is 7.20p, a 6% rise on the previous year. Dividend cover rose from 1.2 times in 2013 to 1.4 times (and to 2.1 times if exceptional costs are excluded) due to a higher level of profits.
Net cash inflow from operating activities, at GBP20.1m, was GBP9.2m higher than in 2013 with increased profitability, and a working capital benefit from a lower level of oil stocks, being the main reasons. Capital expenditure, at GBP33.06m rose from GBP26.9m last year with Normandie 3 project spend at GBP24.0m, being the most material. Proceeds of GBP1.8m were received from the sale of assets associated with our Foreshore disposal. Net debt, at the year-end was GBP20.2m being GBP15.0m higher than last year.
Our defined benefits pension scheme, which had a GBP0.8m deficit, net of deferred tax, at the 2013 year end marginally increased to a GBP1.1m deficit as at 30 September 2014. Although the year-on-year movement was relatively small there were material swings in both assets and liabilities which largely offset each other. Scheme assets rose 11% since the last year end but liabilities increased 12% due to a reduction in the discount rate applied reflecting sentiments in financial markets.
Consolidated Income Statement for the year ended 30 September 2014 2014 2013 GBP000 GBP000 (restated) Revenue 98,443 102,338 Cost of sales (68,468) (75,922) Gross profit 29,975 26,416 Revaluation of investment properties 145 155 Operating expenses (20,079) (20,663) ----------- --------------------- Group operating profit before exceptional items 10,041 5,908 Exceptional item - disposal of investment (1,178) (600) - provision (1,800) - for subsea cable repair - restructuring (570) - costs in Retail business Group operating profit 6,493 5,308 Interest (payable)/receivable (26) 53 Finance costs (11) (11) ----------- --------------------- Profit from operations before taxation 6,456 5,350 Taxation (1,478) (1,243) ----------- --------------------- Profit from operations after taxation 4,978 4,107 =========== ===================== Attributable to: Owners of the Company 4,932 4,067 Non-controlling interests 46 40 ----------- --------------------- 4,978 4,107 =========== ===================== Earnings per share - basic and diluted 16.10p 13.27p Consolidated Statement of Comprehensive Income for the year ended 30 September 2014 2014 2013 GBP000 GBP000 (restated) Profit for the year 4,978 4,107 Items that will not be reclassified subsequently to profit or loss Actuarial (loss)/gain on defined benefit scheme (392) 5,498 Reclassification of investment properties - 4,822 Income tax relating to items not reclassified 78 (1,249) ----------- --------------------- (314) 9,071 Items that will be reclassified subsequently to profit or loss Fair value (loss)/gain on cash flow hedges (4,567) 3,809 Income tax relating to items that may be reclassified 913 (842) ----------- --------------------- (3,654) 2,967 Total comprehensive income for the year 1,010 16,145 Attributable to: Owners of the Company 964 16,105 Non-controlling interests 46 40 ----------- --------------------- 1,010 16,145 =========== ===================== Balance Sheets at 30 September 2014 Group Company 2014 2013 2014 2013 GBP GBP 000 000 GBP 000 GBP 000 NON-CURRENT ASSETS (restated) (restated) Intangible assets 20 26 20 26 Property, plant and equipment 184,846 155,191 184,841 155,177 Investment properties 20,505 20,360 20,505 20,360 Other investments 5 5 482 482 Total non-current assets 205,376 175,582 205,848 176,045 ------------------------------------------------ ------------------------- --------------------- ------------------- ------------------- CURRENT ASSETS Inventories 7,334 9,434 7,268 9,365 Trade and other receivables 16,750 16,498 16,576 16,360 Derivative financial instruments - 1,273 - 1,273 Cash and cash equivalents 9,776 4,798 9,659 4,621 Total current assets 33,860 32,003 33,503 31,619 ------------------------- --------------------- ------------------- ------------------- Total assets 239,236 207,585 239,351 207,664 ------------------------------------------------- ------------------------- --------------------- ------------------- ------------------- LIABILITIES Trade and other payables 24,113 14,332 24,049 14,272 Derivative financial instruments 4,246 952 4,246 952 Total current liabilities 28,359 15,284 28,295 15,224 NET CURRENT ASSETS 5,501 16,719 5,208 16,395 ------------------------- --------------------- ------------------- ------------------- NON-CURRENT LIABILITIES Trade and other payables 18,279 17,851 18,279 17,851 Retirement benefit deficit 1,372 1,018 1,372 1,018 Financial liabilities - preference shares 235 235 235 235 Borrowings 30,000 10,000 30,000 10,000 Deferred tax liabilities 14,852 14,365 14,852 14,365 Total non-current liabilities 64,738 43,469 64,738 43,469 ------------------------- --------------------- ------------------- ------------------- Total liabilities 93,097 58,753 93,033 58,693 ------------------------- --------------------- ------------------- ------------------- Net assets 146,139 148,832 146,318 148,971 ------------------------------------------------- ------------------------- --------------------- ------------------- ------------------- EQUITY Share capital 1,532 1,532 1,532 1,532 Revaluation reserve 5,270 5,270 5,270 5,270 ESOP reserves (36) (58) (36) (58) Other reserves (3,515) 139 (3,515) 139 Retained earnings 142,878 141,925 143,067 142,088 ------------------------- --------------------- ------------------- ------------------- Equity attributable to owners of the company 146,129 148,808 146,318 148,971 Non-controlling interests 10 24 - - ------------------------- --------------------- ------------------- ------------------- Total equity 146,139 148,832 146,318 148,971 ------------------------------------------------- ------------------------- --------------------- ------------------- ------------------- Cash Flow Statements for the year ended 30 September 2014 Group Company 2014 2013 2014 2013 GBP GBP GBP 000 GBP 000 000 000 Cash flows from operating activities (restated) (restated) Operating profit 10,041 5,908 9,989 5,901 Depreciation and amortisation charges 8,259 8,166 8,256 8,163 Gain on revaluation of investment properties (145) (155) (145) (155) Pension contributions paid less expense in Income Statement (38) 448 (38) 448 Adjustment for foreign exchange hedges 63 (513) 63 (513) Loss on sale of fixed assets (11) (21) (11) (21) --------- ----------- --------- ----------- Operating cash flows before movement in working capital 18,169 13,833 18,114 13,823 Decrease/(increase) in inventories 2,100 (2,189) 2,097 (2,199) (Increase)/decrease in trade and other receivables (252) 1,472 (216) 1,377 Increase/(decrease) in trade and other payables 513 (1,545) 507 (1,559) Interest (paid)/received (28) 97 (28) 97 Preference dividends paid (9) (9) (9) (9) Cash amounts relating to exceptional item (353) - (353) - Income taxes paid - (762) - (762) Net cash flows generated from operating activities 20,140 10,897 20,112 10,768 --------- ----------- --------- ----------- Cash flows from investing activities Purchase of property, plant and equipment (33,048) (26,910) (33,048) (26,898) Investment in intangible assets (6) (8) (6) (8) Net proceeds from disposal of investment 1,579 - 1,579 - Net proceeds from disposal of fixed assets 16 14 16 14 Short-term investments - 9,020 - 9,020 Net cash flows used in investing activities (31,459) (17,884) (31,459) (17,872) --------- ----------- --------- ----------- Cash flows from financing activities Equity dividends paid (3,703) (3,526) (3,615) (3,446) Repayment of borrowings (10,000) - (10,000) - Proceeds from borrowings 30,000 10,000 30,000 10,000 Net cash flows generated from financing activities 16,297 6,474 16,385 6,554 --------- ----------- --------- ----------- Net increase/(decrease) in cash and cash equivalents 4,978 (513) 5,038 (550) Cash and cash equivalents at beginning of period 4,798 5,311 4,621 5,171 --------- ----------- --------- ----------- Net cash and cash equivalents at end of period 9,776 4,798 9,659 4,621 --------- ----------- --------- ----------- Consolidated Statement of Changes in Equity for the year ended 30 September 2014 Revaluation ESOP Other Retained Share capital reserve reserve reserves earnings Total GBP GBP GBP GBP Group: GBP 000 GBP 000 000 000 000 000 At 1 October 2013 1,532 5,270 (58) 139 141,925 148,808 Profit from operations after taxation - - - - 4,932 4,932 Amortisation of employee share scheme - - 22 - (22) - Unrealised loss on hedges (net of tax) - - - (3,654) - (3,654) Actuarial loss on defined benefit scheme (net of tax) - - - - (314) (314) Equity dividends - - - - (3,643) (3,643) -------------- ------------ --------- ---------- ----------- ----------- At 30 September 2014 1,532 5,270 (36) (3,515) 142,878 146,129 (restated) (restated) At 1 October 2012 1,532 - (100) (2,381) 137,097 136,148 Reclassification of reserves - 448 - (448) - - Profit from operations after taxation - - - - 5,022 5,022 Retrospective application of IAS 19R (955) (955) Amortisation of employee share scheme - - 42 - (42) - Unrealised gain on hedges (net of tax) - - - 2,968 - 2,968 Actuarial gain on defined benefit scheme (net of tax) - - - - 4,249 4,249 Reclassification of investment properties - 4,822 - - - 4,822 Equity dividends - - - - (3,446) (3,446) -------------- ------------ --------- ---------- ----------- ----------- At 30 September 2013 1,532 5,270 (58) 139 141,925 148,808 Revaluation ESOP Other Retained Share capital reserve reserve reserves earnings Total Company: At 1 October 2013 1,532 5,270 (58) 139 142,088 148,971 Profit from operations after taxation - - - - 4,930 4,930 Amortisation of employee share scheme - - 22 - (22) - Unrealised gain on hedges (net of tax) - - - (3,654) - (3,654) Actuarial gain on defined benefit scheme (net of tax) - - - - (314) (314) Equity dividends - - - - (3,615) (3,615) -------------- ------------ --------- ---------- ----------- ----------- At 30 September 2014 1,532 5,270 (36) (3,515) 143,067 146,318 -------------- ------------ --------- ---------- ----------- ----------- (restated) (restated) At 1 October 2012 1,532 - (100) (2,381) 137,227 136,278 Reclassification of reserves - 448 - (448) - - Profit from operations after taxation - - - - 5,055 5,055 Retrospective application of IAS 19R (955) (955) Amortisation of employee share scheme - - 42 - (42) - Unrealised gain on hedges (net of tax) - - - 2,968 - 2,968 Actuarial gain on defined benefit scheme (net of tax) - - - 4,249 4,249 Reclassification of investment properties - 4,822 - - - 4,822 Equity dividends - - - - (3,446) (3,446) -------------- ------------ --------- ---------- ----------- ----------- At 30 September 2013 1,532 5,270 (58) 139 142,088 148,971 -------------- ------------ --------- ---------- ----------- -----------
Notes to the accounts
Year ended 30 September 2014
1. Basis of Preparation
The consolidated financial statements of Jersey Electricity plc, for the year ended 30 September 2014 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 2015.
The Group has considerable financial resources and as a consequence, the directors believe that the Group is well placed to manage its business risks successfully despite the current uncertain economic outlook. The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
2 Segmental information Revenue and profit information are analysed between the businesses as follows: 2014 2014 2014 2013 2013 2013 External Internal Total External Internal Total GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 Revenue Energy 79,459 141 79,600 81,962 166 82,128 Building Services 3,294 907 4,201 3,606 476 4,082 Retail 11,414 33 11,447 12,145 39 12,184 Property 1,957 616 2,573 2,191 687 2,878 Other 2,319 878 3,197 2,434 751 3,185 ------------- ---------------- ---------------- ------------- ---------------- ---------------- 98,443 2,575 101,018 102,338 2,119 104,457 Intergroup elimination (2,575) (2,119) ---------------- ---------------- Revenue 98,443 102,338 ---------------- ---------------- Operating profit Energy 7,952 3,229 Building Services (44) 104 Retail (86) 188 Property 1,415 1,609 Other 659 623 ---------------- ---------------- Operating profit before property revaluation 9,896 5,753 Revaluation of investment properties 145 155 Exceptional items - disposal of investment (1,178) (600) - provision for subsea cable repair (1,800) - - restructuring costs in Retail business (570) - Group operating profit 6,493 5,308 ---------------- ----------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR FFLESWFLSEIE
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