REG - Jersey Electricity - Half-year Report - replacement
20/05/2022 14:15
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RNS Number : 3108M Jersey Electricity PLC 20 May 2022
Jersey Electricity plc
Interim Management Report
for the six months ended 31 March 2022
This report has been replaced at 14:00UTC 20 May 2022 in order to change the
record date for the interim ordinary dividend from 3 June 2022 to 6 June 2022
due to the original date being a public holiday in the United Kingdom and
Jersey.
The Board approved at a meeting on 18 May 2022 the Interim Management Report
for the six months ended 31 March 2022 and declared an interim dividend of
7.60p compared to 7.20p for 2021. The dividend will be paid on 21 June 2022 to
those shareholders registered in the records of the Company at the close of
business on 6 June 2022.
The Interim Management Report is attached and will be available to the public
on the Company's website www.jec.co.uk/investors/figures-reports
(https://www.jec.co.uk/investors/figures-reports.aspx) .
The Interim Management Report for 2022 has not been audited, or reviewed, by
our external auditors, nor have the results for the equivalent period in 2021.
The results for the year ended 30 September 2021 were extracted from the
statutory accounts. The auditor has reported on those accounts and their
report was unmodified.
M.P.
Magee
L. Floris
Finance
Director
Company Secretary
Direct telephone number: 01534
505201
Direct telephone number: 01534 505253
Email:
mmagee@jec.co.uk
Email: lfloris@jec.co.uk
18 May 2022
The Powerhouse,
PO Box 45,
Queens Road,
St Helier,
Jersey JE4 8NY
Directors' Statement
Financial Summary
6 months 6 months
2022 2021
Electricity Sales in kWh 359.4m 374.9m
Revenue £65.0m £67.1m
Profit before tax £7.0m £10.5m
Earnings per share 17.78p 27.00p
Final dividend paid per ordinary share 10.20p 9.70p
Proposed interim dividend per ordinary share 7.60p 7.20p
COVID-19 - impact on trading performance
The pandemic continued throughout the period since the end of our last
financial year but has not materially impacted our overall trading performance
even though COVID-19 cases have remained relatively high. It has however
influenced comparisons with the same trading period in the last financial
year. In our Energy business we saw lower unit sales, and although the
year-on-year fall is due largely to milder weather, there is an element
attributable to a decrease in domestic consumption associated with less
home-working, than in the same period last year. Our Retail business has also
seen revenue fall from record levels as the trading position has normalised
with customers starting to travel more widely resulting in spending power
returning to pre-COVID levels.
Energy - security of supply and price volatility
In our 2021 Annual Report we highlighted the escalation of political issues
between the EU and the UK on fishing rights between Jersey and France. This
tension appears to have largely dissipated for the moment, but we maintain a
watching brief as it has potential to re-surface in the future. We saw
unprecedented volatility in energy markets in the second half of 2021 and this
has further intensified throughout 2022 with the Russian invasion of Ukraine
exacerbating uncertainty and prolonging high prices. We continue to monitor
developments on both security of supply and volatility in energy markets. We
have strong relationships with our French partners, EDF (as supplier) and RTE
(as network operator) that span more than 35 years and the Company benefits
from legal and contractual arrangements which cover imported electricity
supplies to the end of 2027.
Hedging of electricity and foreign exchange, and customer tariffs
We continue to focus on delivering secure, low-carbon electricity supplies and
our goal is to maintain relative stability in customer tariffs, despite
volatility in both European wholesale electricity and foreign exchange
markets. This is however extremely challenging in the current climate. Our
electricity purchases are materially, but not fully, hedged for the period
2022-24. We also have around one third of our expected 2025-27 requirements
hedged at largely fixed prices. As these are contractually denominated in the
Euro, we also enter into forward foreign currency contracts, on a three-year
rolling basis, to reduce the volatility on our cost base, and to aid tariff
planning. In January 2022 we implemented a 4% rise in customer tariffs.
Given the continued upward pressure on wholesale prices flowing into costs, we
have recently announced a 5% tariff increase from 1 July 2022 and an intention
to implement a further 5% rise from 1 January 2023. Even with these rises, the
prices payable by our customers continue to benchmark well against other
jurisdictions. From 1 April 2022, the "default maximum tariff" applied by
Ofgem (the UK electricity regulator) to cap domestic prices payable in the UK
is set at a level that is nearly double the current average standard domestic
tariff in Jersey, and this UK default maximum tariff is expected to materially
rise again from 1 October 2022. Other UK Islands are also implementing
material rises in customer tariffs with the Isle of Man having instigated a
15% increase on 1 April 2022 and a further 15% rise from 1 July 2022. Guernsey
Electricity has also announced that they will increase electricity tariffs by
9% from the beginning of July 2022, subject to regulatory approval.
Overall trading performance in the 6 months to 31 March
Group revenue, at £65.0m, was 3% lower for the first half of 2022 compared
with £67.1m for the same period last year mainly due to a fall in both Energy
and Retail revenue. Profit before tax at £7.0m was £3.5m lower than 2021
primarily due to a material fall in profit in our Energy business. Cost of
sales at £42.9m was £1.1m higher than last year with the rise in wholesale
energy costs being the main factor. Operating expenses at £14.4m were £0.3m
higher than last year due mainly to general inflationary pressures. The
taxation charge in the period of £1.5m was £0.7m lower than last year due to
decreased profits. Earnings per share, at 17.78p, were below 27.00p in 2021
due to lower profits. Net cash on the balance sheet, which comprises
borrowings less cash and cash equivalents, at 31 March 2022, was £13.1m
compared with £5.9m at this time last year (and £13.1m of net cash at our
last year end on 30 September 2021).
Energy performance
Unit sales of electricity fell 4% from 375m to 359m kWh, compared with the
same period last year. We experienced milder weather in the first half of this
financial year, with the temperature in all months being above the long-term
average and five months being warmer than the corresponding period in the
previous year. There was also lower domestic consumption associated with less
home-working linked to the pandemic compared with last year. Revenue in our
Energy business at £50.8m was £1.2m lower than in 2021 with the year-on-year
decrease in unit sales more than offsetting the 4% tariff rise in January
2022. Operating profit at £5.9m was £3.2m lower than the corresponding
period last year due to the decreased revenue and higher costs, including
increased wholesale import prices, recruitment of new employees, and other
inflationary pressures. We imported 98% of our on-island requirement from
France and 2% from the Energy from Waste plant, owned by the Government of
Jersey. Only 0.2% (less than 1m units) of electricity was generated in Jersey
using our traditional oil-fired plant (which is run during testing regimes)
and we also saw a rising trend in our solar generation albeit still at a low
level compared with overall requirements. These importation and generation
levels were materially consistent with the same period last year albeit the
imports from the Energy from Waste plant were around half the normal level as
maintenance work was being performed for an extended time in this period.
Non-Energy performance
Year-on-year revenue in our Powerhouse retail business, fell by 11% to £9.5m
(2021: £10.7m) and profits fell by £0.4m to £0.7m as the business returned
to more normalised levels of trading post last year's strong trading
performance which was associated with factors including a substantial
proportion of customers having more disposable income due to COVID-19 travel
restrictions. Profit from our Property portfolio at £0.7m was £0.1m lower
than last year, due to additional maintenance costs. JEBS, our building
services unit, saw external revenue rise £0.2m to £1.8m and profitability
rise to £0.1m from breakeven level last year. Our remaining business units
produced profits of £0.3m at the same level as 2021.
Liquidity and cashflow
No net cash was generated in the period (2021: £0.4m) post the continued
investment in infrastructure of £6.0m (2021: £4.8m). The net cash figure of
£5.9m at 31 March 2021 moved to a net cash figure of £13.1m at 31 March 2022
(being at the same level as 30 September 2021). Net cash consists of £30.0m
of long-term debt offset by cash and cash equivalents of £43.1m.
Pension scheme
The defined benefit pension scheme surplus (without deduction of deferred tax)
on our balance sheet at 31 March 2022 stood at £22.0m, compared with a
surplus of £18.8m at 30 September 2021 (and a surplus of £17.1m at 31 March
2021). Since the last financial year end, scheme liabilities have materially
decreased by approximately £13m (to £129m). This fall was primarily due to
an increase to the discount rate assumptions from 2.1% at the last financial
year end to 2.8% at 31 March 2022 associated with a rise in UK AA corporate
bond yields in the interim. Assets in the Scheme fell by around £10m (to
£151m). The defined benefit scheme has been closed to new members since 2013
and the next triennial valuation of the scheme, as at 31 December 2021, is
currently being performed by Aon and the results will be reported in our 2022
Annual Report.
Dividend
Your Board proposes to pay an interim net dividend for 2022 of 7.60p (2021:
7.20p). As stated in previous years, we continue to aim to deliver sustained
real growth each year over the medium-term. The final dividend for 2021 of
10.20p, paid in late March in respect of the last financial year, was an
increase of 5% on the previous year.
Risk and outlook
The principal risks and uncertainties identified in our last Annual Report,
issued in January 2022, have not materially altered in the interim period. We,
however, highlighted earlier in this report, the current unprecedented
volatility in energy markets. This continues to be closely monitored by the
Board as this adds unpredictability into the price we will pay for any
unhedged elements of our future electricity costs. Your Board is satisfied
that Jersey Electricity plc has sufficient resources to continue in operation
for the foreseeable future, a period of not less than 12 months from the date
of approval of this report. Accordingly, we continue to adopt the going
concern basis in preparing the condensed financial statements.
Responsibility statement
We confirm to the best of our knowledge:
(a) the condensed set of financial statements has been prepared in
accordance with IAS 34 'Interim Financial Reporting';
(b) the Interim Directors Statement includes a fair review of the
information required by the Disclosure and Transparency Rule DTR 4.2.7R
(indication of important events during the first six months and description of
principal risks and uncertainties for the remaining six months of the year);
and
(c) the Interim Directors Statement includes a fair review of the
information required by the Disclosure and Transparency Rule DTR 4.2.8R
(disclosure of related party transactions and changes therein); and
this half yearly interim report looks at certain forward looking statements
with respect to the operations, performance and financial condition of the
Group. By their nature, these statements involve uncertainty since future
events and circumstances can cause results and developments to differ
materially from those anticipated. The forward-looking statements reflect
knowledge and information available at the date of preparation of this half
yearly financial report and the Company undertakes no obligation to update
these forward-looking statements. Nothing in this half yearly financial report
should be construed as a profit forecast.
C.J. AMBLER - Chief Executive M.P. MAGEE - Finance Director
18 May 2022
Investor timetable 2022
6 June Record date for interim
ordinary dividend
21 June Interim ordinary dividend for
year ending
30 September 2022
1 July Payment date for
preference share dividends
20 December Announcement of full year results
Condensed Consolidated Income Statement (Unaudited)
Six months Six months Year
ended ended ended
31 March 31 March 30 September
Note 2022 2021 2021
£000 £000 £000
Revenue
Cost of sales 2 64,995 67,098 118,608
Gross profit (42,859) (41,743) (74,159)
22,136 25,355 44,449
Profit on revaluation of investment properties - - 6,055
Operating expenses (14,412) (14,108) (29,991)
Group operating profit 2 7,724 11,247 20,513
Finance income 10 26 112
Finance costs (764) (779) (1,540)
Profit from operations before taxation 6,970 10,494 19,085
Taxation 3 (1,464) (2,162) (2,794)
Profit from operations after taxation Attributable to: 5,506 8,332 16,291
Owners of the Company 5,488 8,274 16,155
Non-controlling interests 58 58 136
Profit for the period/year attributable to the equity holders of the parent 5,506 8,332 16,291
Company
Earnings per share
- basic and diluted 17.78p 27.00p 52.73p
Condensed Consolidated Statement of Comprehensive Income (Unaudited)
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2022 2021 2021
£000 £000 £000
Profit for the period/year 5,506 8,332 16,291
Items that will not be reclassified subsequently to profit or loss:
Actuarial gain on defined benefit scheme 3,805 10,499 14,803
Income tax relating to items not reclassified (761) (2,100) (2,961)
3,044 8,399 11,842
Items that may be reclassified subsequently to profit or loss:
Fair value loss on cash flow hedges (118) (4,194) (3,116)
Income tax relating to items that may be reclassified 24 839 623
(94) (3,355) (2,493)
Total comprehensive income for the period/year 8,456 13,376 25,640
Attributable to:
Owners of the Company 8,398 13,318 25,504
Non-controlling interests 58 58 136
8,456 13,376 25,640
Condensed Consolidated Balance Sheet (Unaudited)
As at As at As at
31 March 31 March 30 September
Note 2022 2021 2021
£000 £000 £000
Non-current assets
Intangible assets 790 622 933
Property, plant and equipment 216,138 216,787 216,550
Right of use assets 3,301 2,849 3,113
Investment properties 27,810 21,755 27,810
Trade and other receivables 303 300 308
Retirement benefit surplus 21,991 17,064 18,761
Derivative financial instruments 6 79 - 108
Other investments 5 5 5
Total non-current assets 270,417 259,382 267,588
Current assets
Inventories 6,907 5,561 6,909
Trade and other receivables 23,375 25,461 18,000
Cash and cash equivalents 43,110 35,882 43,136
Total current assets 73,392 66,904 68,045
Total assets 343,809 326,286 335,633
Current liabilities
Trade and other payables 19,558 18,100 18,373
Lease liabilities 73 66 72
Derivative financial instruments 6 677 818 1,256
Current tax liabilities 2,613 3,604 3,020
Total current liabilities 22,921 22,588 22,721
Net current assets 50,471 44,316 45,324
Non-current liabilities
Trade and other payables 24,762 23,701 24,006
Lease liabilities 3,247 2,847 3,035
Retirement benefit deficit 575 - -
Derivative financial instruments 6 1,542 2,282 874
Financial liabilities - preference shares 235 235 235
Borrowings 30,000 30,000 30,000
Deferred tax liabilities 30,353 28,313 29,321
Total non-current liabilities 90,139 87,378 87,471
Total liabilities 113,060 109,966 110,192
Net assets 230,749 216,320 225,441
Equity
Share capital 1,532 1,532 1,532
Revaluation reserve 5,270 5,270 5,270
ESOP reserve (58) (99) (79)
Other reserves (1,712) (2,480) (1,618)
Retained earnings 225,545 211,960 220,178
Equity attributable to the owners of the Company 230,577 216,183 225,283
Minority interest 172 137 158
Total equity 230,749 216,320 225,441
Condensed Consolidated Statement of Changes in Equity (Unaudited)
Share Revaluation ESOP *Other Retained Total Reserve
Capital Reserve Reserve Reserves Earnings
£000 £000 £000 £000 £000 £000
At 1 October 2021 1,532 5,270 (79) (1,618) 220,178 225,283
Total recognised income and expense for the period - - - - 5,448 5,448
Amortisation of employee share scheme - - 21 - - 21
Movement on hedges (net of tax) - - - (94) - (94)
Actuarial gain on defined benefit scheme (net of tax) - - - - 3,044 3,044
Equity dividends paid - - - - (3,125) (3,125)
As at 31 March 2022 1,532 5,270 (58) (1,712) 225,545 230,577
At 1 October 2020 - restated 1,532 5,270 (120) 875 197,359 204,916
Total recognised income and expense for the period - - - - 8,274 8,274
Funding of employee share option scheme - - 21 - - 21
Movement on hedges (net of tax) - - - (3,355) - (3,355)
Actuarial gain on defined benefit scheme (net of tax) - - - - 8,399 8,399
Equity dividends paid - - - - (2,972) (2,972)
As at 31 March 2021 - restated 1,532 5,270 (99) (2,480) 211,060 215,283
At 1 October 2020 - restated 1,532 5,270 (120) 875 197,359 204,916
Total recognised income and expense for the period - - - - 16,155 16,155
Amortisation of employee share scheme - - 41 - - 41
Movement on hedges (net of tax) - - - (2,493) - (2,493)
Actuarial gain on defined benefit scheme (net of tax) - - - - 11,842 11,842
Equity dividends paid - - - - (5,178) (5,178)
At 30 September 2021 1,532 5,270 (79) (1,618) 220,178 225,283
*'Other reserves' represents the foreign currency hedging reserve.
Condensed Consolidated Cash Flow Statement (Unaudited)
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2022 2021 2021
£000 £000 £000
Cash flows from operating activities
Operating profit before exceptional items 7,724 11,247 20,513
Adjustments to add back/(deduct) non-cash items and items disclosed elsewhere
on the CFS:
Depreciation and amortisation charges 5,525 5,363 10,924
Share-based reward charges 21 21 41
(Gain)/loss on revaluation of investment property - - (6,055)
Pension operating charge less contributions paid 462 838 3,357
(Profit)/loss on sale of property, plant and equipment (1) (4) (6)
Operating cash flows before movement in working capital 13,731 17,465 28,774
Working capital adjustments:
Decrease/(increase) in inventories 2 467 (881)
Increase in receivables (5,370) (8,816) (2,263)
Increase in payables 3,127 1,267 904
Net movement in working capital (2,241) (7,082) (2,240)
Interest paid (692) (709) (1,395)
Preference dividends paid (4) (4) (9)
Income taxes paid (1,510) (1,371) (2,742)
Net cash flows from operating activities 9,284 8,299 22,388
Cash flows from investing activities
Purchase of property, plant and equipment (6,041) (4,563) (8,513)
Investment in intangible assets - (232) (805)
Deposit interest received 10 26 112
Net proceeds from disposal of fixed assets 1 4 6
Net cash flows used in investing activities (6,030) (4,765) (9,200)
Cash flows from financing activities
Equity dividends paid (3,125) (2,972) (5,178)
Dividends paid to non-controlling interest (45) (45) (101)
Repayment of lease liabilities (103) (98) (297)
Net cash flows used in financing activities (3,273) (3,115) (5,576)
Net (decrease)/increase in cash and cash equivalents (19) 419 7,612
Cash and cash equivalents at the beginning of the year 43,136 35,520 35,520
Effect of foreign exchange rate changes (7) (57) 4
Cash and cash equivalents at the end of the period 43,110 35,882 43,136
Of the £43.1m cash and cash equivalents at 31 March 2022, £35.0m (30
September 2021: £35.0m) is on fixed term deposits with an average of 45 days
remaining (30 September 2021: 79 days).
1 Accounting policies
Basis of preparation
The interim accounts for the six months ended 31 March 2022 have
been prepared on the basis of the accounting policies set out in the 30
September 2021 annual report and accounts using accounting policies consistent
with International Financial Reporting Standards (IFRS) as adopted by the EU
and in accordance with IAS 34 'Interim Financial Reporting'. There have been
no changes to accounting standards during the current financial period that
has impacted the disclosures in these financial statements and the full year
financial statements that will be prepared for 30 September 2022.
Jersey Electricity plc 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.
Prior year adjustment
As disclosed in the 30 September 2021 annual report and in
accordance with IAS 8, £0.9m was written off and treated as a prior year
adjustment against the 2019 financial year. Accordingly, the opening balances
of retained earnings disclosed in the Consolidated Statement of Changes in
Equity align with the revised opening balances shown in the 2021 annual
report.
2 Revenue and profit
The contributions of the various activities of the Group to
turnover and profit are listed below:
Six months ended Six months ended Year ended
31 March 2022 31 March 2021 30 September 2021
External Internal Total External Internal Total External Internal Total
£000 £000 £000 £000 £000 £000 £000 £000 £000
Revenue
Energy 50,782 49 50,831 51,969 51 52,020 89,780 100 89,880
Retail 9,504 21 9,525 10,725 40 10,765 3,399 645 4,044
Building Services 1,795 252 2,047 1,610 299 1,909 19,808 68 19,876
Property 1,159 320 1,479 1,133 322 1,455 2,304 645 2,949
Other* 1,755 387 2,142 1,661 425 2,086 3,317 945 4,262
64,995 1,029 66,024 67,098 1,137 68,235 118,608 2,403 121,011
Inter-segment elimination (1,029) (1,137) (2,403)
64,995 67,098 118,608
Operating profit
Energy 5,943 9,154 10,693
Retail 661 1,012 217
Building Services 103 3 1,533
Property 717 783 1,393
Other* 300 295 622
Operating profit before property revaluation/sale 7,724 11,247 14,458
Gain on revaluation of investment properties - - 6,055
Operating profit 7,724 11,247 20,513
*Other segment includes Jersey Energy, Jendev (both divisions) and Jersey Deep
Freeze Limited, the Group's sole subsidiary.
Materially, all the Groups operations are conducted within the Channel
Islands. All transfers between divisions are on an arms- length basis.
Revenues disclosed by the business segments above are recognised both on a
point in time and over time basis. The treatment of revenue recognition in
accordance with IFRS 15 is detailed in the 30 September 2021 annual report.
3 Taxation
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2022 2021 2021
£000 £000 £000
Current income tax 1,431 2,233 3,020
Deferred income tax 33 (71) (226)
Total income tax 1,464 2,162 2,794
For the period ended 31 March 2022 and subsequent periods, the Company is
taxable at the rate applicable to utility companies in Jersey of 20%. (2021:
20%).
4 Dividends paid and proposed
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2022 2021 2021
Dividends per share
Paid 10.20p 9.70p 16.90p
Proposed 7.60p 7.20p 10.20p
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2022 2021 2021
£000 £000 £000
Distribution to equity holders and by subsidiaries in the period 3,125 2,972 5,178
The distribution to equity holders in respect of the final dividend for 2021
of £3,125,066 (10.20p net of tax per share) was paid on 24 March 2022.
The Directors have declared an interim dividend of 7.60p per share, net of tax
(2021: 7.20p) for the six months ended 31 March 2022 to shareholders on the
register at the close of business on 6 June 2022. This dividend was approved
by the Board on 18 May 2022 and has not been included as a liability at 31
March 2022.
5 Pensions
In consultation with the independent actuaries to the scheme, the
valuation of the pension scheme assets and liabilities has been updated to
reflect current market discount rates, current market values of investments
and actual investment returns applicable under IAS 19 'Employee Benefits', and
also consideration has been given as to whether there have been any other
events that would significantly affect the pension liabilities.
6 Financial Instruments
The Group held the following derivative contracts, classified as
level 2 financial instruments at 31 March 2022.
Six months Six months Year
ended ended ended
31 March 31 March 30 September
2022 2021 2021
Fair value of currency hedges £000 £000 £000
Derivative assets
Less than one year - - -
Greater than one year 79 - 108
Derivative liabilities
Less than one year (677) (818) (1,256)
Greater than one year (1,542) (2,282) (874)
Total net assets/liabilities (2,140) (3,100) (2,022)
All financial instruments for which fair value is recognised or disclosed are
categorised within the fair value hierarchy. This hierarchy is based on the
underlying assumptions used to determine the fair value measurement as a whole
and is categorised as follows:
Level 1 financial instruments are those with values that are immediately
comparable to quoted (unadjusted) market prices in active markets for
identical assets or liabilities.
Level 2 financial instruments are those with values that are determined using
valuation techniques for which the basic assumptions used to calculate fair
value are directly or indirectly observable (such as readily available market
prices).
Level 3 financial instruments are shown at values that are determined by
assumptions that are not based on observable market data (unobservable
inputs).
The derivative contracts for foreign currency shown above are classified as
level 2 financial instruments and are valued based on using a discounted cash
flow valuation technique. Future cash flows are estimated based on forward
exchange rates (from observable forward exchange rates at the end of the
reporting period) and contract forward rates, discounted at a rate that
reflects the credit risk of various counterparties.
7 Related Party Transactions
The Government of Jersey (the "Government") treats the Company as
a strategic investment. Whilst it holds the majority voting rights in the
Company, the Government does not view the Company as being under its control
and as such, it is not consolidated within the Government accounts. The
Government is understood by the Directors to have significant influence but
not control of the Company. The Company has elected to take advantage of the
disclosure exemptions available in IAS 24, paragraphs 25 and 26. All
transactions are undertaken on an arms-length basis in the course of ordinary
business.
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