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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 | 480.00 | 0.00 | 07:31:04 |
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 : 2766Z
Jersey Electricity PLC
14 December 2017
JERSEY ELECTRICITY plc Preliminary Announcement of Annual Results
Year Ended 30 September 2017
At a meeting of the Board of Directors held on 13 December 2017, the final accounts for the Group for the year to 30 September 2017 were approved, details of which follow.
The financial information set out in the announcement does not constitute the Group's statutory accounts for the year ended 30 September 2017 or 2016, but is derived from those accounts. Statutory accounts for 2016 have been delivered to the Jersey Registrar of Companies and those for 2017 will be delivered in early 2018. The auditor has reported on the accounts for both years and their reports were unmodified.
A final dividend of 8.4p on the Ordinary and 'A' Ordinary shares in respect of the year ended 30 September 2017 was recommended (2016: 8.0p). Together with the interim dividend of 5.8p (2016: 5.5p) the proposed total dividend declared for the year was 14.2p on each share (2016: 13.5p).
The final dividend will be paid on 29 March 2018 to those shareholders registered in the books of the Company on 23 February 2018. A dividend on the 5% cumulative participating preference shares of 1.5% (2016: 1.5%) payable on 2 July 2018 was also recommended.
The Annual General Meeting of the Company will be held on 1 March 2018.
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 2017
The Powerhouse
PO Box 45
Queens Road
St Helier
Jersey JE4 8NY
JERSEY ELECTRICITY plc
Preliminary Announcement of Annual Results
Year ended 30 September 2017
The Chairman, Geoffrey Grime, comments:
"I am delighted to report another excellent performance from Jersey Electricity for 2016/17. Group revenue for the year to 30 September 2017 was GBP102m and profit before tax and exceptional items at GBP13.5m, was 2.5% higher than the GBP13.1m achieved in 2016. This was supported by strong underlying performance in the Energy business as well as across our non-Energy businesses, especially our retail business, Powerhouse.je, which has had another particularly strong year. Overall, this has led to the Group's best ever financial performance, an outcome that is good for all stakeholders, for our ongoing investment programme and for a sustainable electricity service. I am therefore pleased to report a proposed final dividend for this year of 8.40p, a 5% rise on the previous year, payable on 29 March 2018.
Our first almost full year operating with three undersea supply cables to France has not only resulted in improved financial performance, but has also driven exceptional supply reliability, attractive pricing for customers and a virtually fully decarbonised electricity system. Our tariffs remain very competitive compared with other jurisdictions, including other islands and even the EU and UK which benefit from significant economies of scale. In addition, with the last tariff rise of 1.5% on 1 April 2014, Jersey Electricity is approaching four years without an increase - a notable achievement given the very significant rises over that period elsewhere.
As the sole supplier of over a third of Jersey's energy requirements, the Company has a huge responsibility to our customers and it is one all colleagues take very seriously. I am therefore pleased that our customer satisfaction ratings have improved further across the four key service areas leading to an increase in an overall rating which is independently assessed as 'excellent' when compared with other service providers."
Financial Highlights 2017 2016 Revenue GBP102.3m GBP103.4m Profit before tax pre-exceptional items GBP13.5m GBP13.1m Earnings per share pre-exceptional items 34.6p 33.3p Dividend paid per share 13.8p 13.1p Final proposed dividend per share 8.4p 8.0p Net debt GBP21.9m GBP29.0m ------------------------------------ ----------- ----------
Group revenue for the year to 30 September 2017 at GBP102.3m was 1% lower than in the previous financial year. Unit sales volumes of electricity were marginally behind last year with Energy revenues at GBP80.5m against GBP81.2m in 2016. Turnover in Powerhouse.je, our retail business, increased by 9% from GBP11.9m to GBP13.0m. Revenue in the Property business rose by GBP0.1m to GBP2.2m due to higher rental income. Revenue from JEBS, our contracting and building services business, fell GBP1.1m from levels experienced in 2016 to GBP4.0m. Turnover in our other businesses fell GBP0.3m to GBP2.6m.
Overall cost of sales decreased by GBP2.1m to GBP63.2m mainly due to a reduction in import costs in our Energy business. Operating expenses, at GBP24.4m, rose by GBP0.9m from their 2016 level with an increase in depreciation charges, post our continued investment in infrastructure, and IAS19 pension costs being the main drivers.
Profit before tax, pre-exceptional items, for the year to 30 September 2017, at GBP13.5m, increased by 2.5% from GBP13.1m in 2016. Profit before tax post-exceptional items, fell from GBP14.8m last year to GBP13.5m in 2017 as we had an exceptional credit of GBP1.7m in 2016 associated with the release of a rent accrual that had been accumulated over many years for our La Collette Power Station site post the settlement of a long-running rent review which was settled by an arbiter in our favour.
Our Energy business unit sales saw volumes falling 0.6% from 625m to 621m kilowatt hours. Profits in our Energy business moved up marginally against last year to GBP11.7m. A lower cost of sales resulted in a higher margin but this was offset by increased depreciation and pension costs.
In the financial year we imported 93% of our requirements from France (2016: 92%) and generated 1% of our electricity on-island at La Collette Power Station (2016: 3%). Additional staff training on plant was the main reason for the higher level of generation in 2016 compared to this year. The remaining 6% of our electricity came from the local Energy from Waste plant being marginally above that seen in 2016. Customer tariffs have remained at the same level over the last three years and there were no changes during 2017 and our prices continue to remain competitive with other jurisdictions (EU and other islands). The UK saw material increases in retail electricity prices for their customers during 2017 with an average rise of 14% across the 'Big 6' but 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 GBP1.6m, were at the same level as last year with a higher rental level offset by increased maintenance costs. Our investment property portfolio was marginally revalued upwards this year to GBP20.2m by the external consultants who review the position annually. Our retailing business, Powerhouse.je, saw continued strong growth with profits moving GBP0.3m upwards to GBP0.7m in 2017. JEBS, our contracting and business services unit produced a profit of GBP0.1m on a par with that achieved in 2016 in a challenging industry with high competition for staff. Our other business units - Jersey Energy, Jendev and Jersey Deep Freeze were GBP0.2m behind last year as Jersey Deep Freeze had an exceptional year in 2016 which was not repeated in 2017.
Interest paid in 2017 was GBP1.3m against GBP1.1m in 2016 with a lower level of average debt, and a higher level of capitalisation of interest in 2016 associated with the new N1 subsea cable, being the primary reasons for the rise. The taxation charge at GBP2.8m was GBP0.3m lower than 2016 due mainly to the exceptional credit last year being a taxable item.
Group earnings per share, pre-exceptional items, rose to 34.6p compared to 33.3p in 2016 due mainly to the increase in profits. Earnings per share, before adjusting for exceptional items, stood at 37.7p in 2016 whilst there were no exceptional items to adjust for in 2017.
Dividends paid in the year, net of tax, rose by 5%, from 13.1p in 2016 to 13.8p in 2017. The proposed final dividend for this year is 8.4p, a 5% rise on the previous year. Dividend cover, pre-exceptional items, at 2.5 times was at a similar level to 2016. If exceptional items are included, dividend cover fell from 2.9 times last year to 2.5 times in this financial year.
Net cash inflow from operating activities at GBP26.5m was GBP1.3m higher than in 2016 with an increase in profit, prior to IAS 19 pension accounting, being the primary driver. Capital expenditure, at GBP15.1m fell from GBP32.4m last year as most of the cash on the N1 project was spent in 2016 in advance of the cable being commissioned during this financial year. Net debt, at the year-end was GBP21.9m being GBP7.1m lower than last year.
Our defined benefits pension scheme, which had an IAS 19 deficit of GBP9.2m, net of deferred tax, at the 2016 year end decreased to a GBP3.4m deficit as at 30 September 2017. Scheme liabilities fell 4% due to an increase in the discount rate applied, reflecting sentiments in financial markets, and assets rose 1%, since the last year end.
Consolidated Income Statement 2017 2016 For the year ended 30 September GBP000 GBP000 2017 Revenue 102,320 103,361 Cost of sales (63,186) (65,249) ------------------------- ------------------------- Gross Profit 39,134 38,112 Revaluation of investment properties 40 (350) Operating expenses (24,379) (23,498) ------------------------- ------------------------- Group operating profit before exceptional items 14,795 14,264 Exceptional item - La Collette rent accrual reversal - 1,676 Group operating profit 14,795 15,940 Finance income 3 22 Finance costs (1,340) (1,154) Profit from operations before taxation 13,458 14,808 Taxation (2,834) (3,166) ------------------------- ------------------------- Profit from operations after taxation 10,624 11,642 ========================= ========================= Attributable to: Owners of the Company 10,599 11,547 Non-controlling interests 25 95 ------------------------- ------------------------- 10,624 11,642 ========================= ========================= Earnings per share - basic and diluted 34.59p 37.69p Consolidated Statement of Comprehensive 2017 2016 Income GBP GBP 000 000 Profit for the year 10,624 11,642 Items that will not be reclassified subsequently to profit or loss: Actuarial gain / (loss) on defined benefit scheme 8,859 (2,829) Income tax relating to items not reclassified (1,772) 566 -------- -------- 7,087 (2,263) Items that may be reclassified subsequently to profit or loss: Fair value (loss) / gain on cash flow hedges (1,673) 13,865 Income tax relating to items that may be reclassified 335 (2,773) -------- -------- (1,388) 11,092 Total comprehensive income for the year 16,393 20,471 Attributable to: Owners of the Company 16,348 20,376 Non-controlling interests 25 95 -------- -------- 16,373 20,471 Consolidated Balance Sheet 2017 2016 For the year ended 30 September GBP 2017 GBP 000 000 NON-CURRENT ASSETS Intangible assets 1,110 162 Property, plant and equipment 211,921 209,168 Investment properties 20,150 20,110 Secured loans 592 683 Derivative financial instruments 2,790 5,957 Other investments 5 5 -------------------- -------- Total non-current assets 236,568 236,085 ------------------------------------- -------------------- -------- CURRENT ASSETS ------------------------------------ -------------------- -------- Inventories 6,825 5,962 Trade and other receivables 15,782 16,583 Derivative financial instruments 4,454 2,788 Cash and cash equivalents 8,076 1,925 Total current assets 35,137 27,258 -------------------- -------- Total assets 271,705 263,343 ------------------------------------- -------------------- -------- LIABILITIES ------------------------------------ -------------------- -------- Trade and other payables 15,885 16,084 Bank overdraft - 943 Current tax liability 1,034 420 Total current liabilities 16,919 17,447 -------------------- -------- NET CURRENT ASSETS 18,218 9,811 ------------------------------------- NON-CURRENT LIABILITIES ------------------------------------ -------------------- -------- Trade and other payables 20,177 19,600 Retirement benefit deficit 4,219 11,471 Derivative financial instruments 172 - Financial liabilities - preference shares 235 235 Long-term borrowings 30,000 30,000 Deferred tax liabilities 23,719 20,482 Total non-current liabilities 78,522 81,788 -------------------- -------- Total liabilities 95,441 99,235 -------------------- -------- Net assets 176,264 164,108 ------------------------------------- -------------------- -------- EQUITY ------------------------------------ -------------------- -------- Share capital 1,532 1,532 Revaluation reserve 5,270 5,270 ESOP reserve (84) (155) Other reserves 5,658 6,878 Retained earnings 163,862 150,523 -------------------- -------- Equity attributable to owners of the Company 176,238 164,048 Non-controlling interests 26 60 -------------------- -------- Total equity 176,264 164,108 ------------------------------------- -------------------- -------- Consolidated Statement of Changes in Equity for the year ended 30 Share Revaluation ESOP Other Retained September 2017 capital reserve reserve reserves earnings Total GBP GBP GBP GBP GBP 000 GBP 000 000 000 000 000 At 1 October 2016 1,532 5,270 (155) 6,878 150,523 164,048 Total recognised income and expense for the year - - - - 10,599 10,599 Funding of employee share option scheme - - (2) - - (2) Amortisation of employee share option scheme - - 73 - - 73 Unrealised gain on hedges (net of tax) - - - (1,388) - (1,388) Actuarial loss on defined benefit scheme (net of tax) - - - - 7,087 7,087 Adjustment to reserves - - - 118 (118) - Equity dividends - - - - (4,229) (4,229) At 30 September
2017 1,532 5,270 (84) 5,658 163,862 176,238 =================== ==================== ============== ============== ============= ======== Share Revaluation ESOP Other Retained capital reserve reserve reserves earnings Total 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 loss 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 =================== ==================== ============== ============== ============= ======== Consolidated Statement of Cash Flows 2017 2016 for the year ended 30 September 2017 GBP 000 GBP 000 CASH FLOWS FROM OPERATING ACTIVITIES Operating profit before exceptional items 14,795 14,264 Depreciation and amortisation charges 10,695 10,295 Share based reward charges 73 56 (Gain) / loss on revaluation of investment property (40) 350 Pension operating charge less contributions paid 1,607 1,351 Profit on sale of fixed assets (4) (6) --------- --------- Operating cash flows before movement in working capital 27,126 26,310 Working capital adjustments: (Increase) / decrease in inventories (863) 277 Decrease / (increase) in trade and other receivables 892 (1,758) Increase in trade and other payables 1,230 2,303 --------- --------- Net movement in working capital 1,259 822 Interest paid (1,322) (1,148) Capitalised interest paid (172) (374) Preference dividends paid (9) (9) Income taxes paid (421) (396) --------- --------- Net cash flows from operating activities 26,461 25,205 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment (14,252) (32,391) Investment in intangible assets (836) (4) Proceeds from part disposal of subsidiary - 10 Net proceeds from disposal of fixed assets 4 9 --------- --------- Net cash flows used in investing activities (15,084) (32,376) CASH FLOWS FROM FINANCING ACTIVITIES Equity dividends paid (4,229) (4,019) Dividends paid to non-controlling interest (59) (48) Deposit interest received 3 22 Payment for foreign exchange option - (250) Proceeds of borrowings 18,000 5,500 Repayment of borrowings (18,943) (5,500) --------- --------- Net cash flows used in financing activities (5,228) (4,295) Net increase / (decrease) in cash and cash equivalents 6,149 (11,466) Cash and cash equivalents at beginning of year 1,925 12,503 Effect of foreign exchange rates 2 (55) Overdraft - 943 --------- --------- Cash and cash equivalents at end of year 8,076 1,925
Notes to the accounts
Year ended 30 September 2017
1. Basis of Preparation
The consolidated financial statements of Jersey Electricity plc, for the year ended 30 September 2017, 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 2018.
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 business segments as follows: 2017 2017 2017 2016 2016 2016 External Internal Total External Internal Total GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 Revenue Energy 80,480 143 80,623 81,215 144 81,359 Building Services 3,982 915 4,897 5,120 786 5,906 Retail 13,045 37 13,082 11,933 45 11,978 Property 2,187 599 2,786 2,143 599 2,742 Other 2,626 1,324 3,950 2,950 876 3,826 --------- --------- -------- --------- --------- -------- 102,320 3,018 105,338 103,361 2,450 105,811 Intergroup elimination (3,018) (2,450) -------- -------- Revenue 102,320 103,361 -------- -------- Operating profit Energy 11,723 11,650 Building Services 131 134 Retail 731 452 Property 1,645 1,683 Other 525 695 -------- -------- 14,755 14,614 Revaluation of investment properties 40 (350) Exceptional item - La Collette rent accrual reversal - 1,676 Operating profit 14,795 15,940 -------- --------
This information is provided by RNS
The company news service from the London Stock Exchange
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(END) Dow Jones Newswires
December 14, 2017 02:00 ET (07:00 GMT)
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