REG - Jersey Electricity - Preliminary Announcement of Annual Results
15/12/2021 15:55
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RNS Number : 7892V Jersey Electricity PLC 15 December 2021
JERSEY ELECTRICITY plc
Preliminary Announcement of Annual Results
Year Ended 30 September 2021
At a meeting of the Board of Directors held on 15 December 2021, the final
accounts for the year ended 30 September 2021 were approved, details of which
follow.
The financial information set out in the announcement does not constitute the
statutory accounts for the year ended 30 September 2021, or 2020, but is
derived from those accounts. Statutory accounts for 2020 have been delivered
to the Jersey Registrar of Companies, and those for 2021 will be delivered in
early 2022. The auditor reported on the accounts for both years and their
reports were unmodified.
A final dividend of 10.20p on the Ordinary and 'A' Ordinary shares in respect
of the year ended 30 September 2021 was recommended (2020: 9.70p). Together
with the interim dividend of 7.20p (2020: 6.80p) the proposed total dividend
declared for the year was 17.40p on each share (2020: 16.50p).
The final dividend will be paid on 24 March 2022 to those shareholders
registered on 18 February 2022. A dividend on the 5% cumulative participating
preference shares of 1.5% (2020: 1.5%) payable on 1 July 2022 was also
recommended.
The Annual General Meeting will be held on 3 March 2022 at 12.30 pm at the
Powerhouse, Queen's Road, St Helier, Jersey.
M.P.
Magee
L. Floris
Finance
Director Company
Secretary
Direct telephone number: 01534 505201
Direct telephone number: 01534 505253
Email: mmagee@jec.co.uk (mailto:mmagee@jec.co.uk)
Email:
lfloris@jec.co.uk
15 December 2021
The Powerhouse
PO Box 45
Queens Road
St Helier
Jersey JE4 8NY
JERSEY ELECTRICITY plc
Preliminary Announcement of Annual Results
Year ended 30 September 2021
The Chair, Phil Austin, comments:
The COVID-19 pandemic has again brought continued challenges for our Island
community and Jersey Electricity. Though we avoided another total lockdown,
public health restrictions imposed by the Government of Jersey as part of its
COVID-19 Winter Strategy continued to disrupt life and business. As cases
escalated from the start of October 2020, working from home was re-introduced,
and non-essential retail and social venues were closed. The Company and its
employees again responded well and indeed, benefited from lessons learned
earlier in 2020 when the pandemic first took hold. We maintained rigorous
standards to keep our people and the Community safe, while ensuring the
continuity of electricity supplies for homes, businesses, Government, and
other essential services. New technologies, rapidly deployed among the
workforce in the first lockdown, are now mainstream and ensured a seamless
switch to home working, where practicable, and continuity of all our other
business functions. The result is that we maintained high levels of
flexibility, productivity and performance throughout.
PERFORMANCE
Revenue for the year to 30 September 2021 at £118.6m was 6% higher than in
the previous financial year. Profit before tax for the year was a strong
£19.1m against £14.8m in 2020. However, if the non-cash upside from
revaluation of investment properties is excluded in both years, along with the
non-cash cost of £1.8m for the ex-gratia award for pensions in service in
2021, the underlying year-on-year profit before tax is £14.8m in 2021 against
£14.3m in 2020, an increase of 3%. The Board has therefore recommended a
final dividend for the year of 10.20p, a 5% increase on the previous year,
payable on 24 March 2022. We also continue to achieve high levels of
non-financial performance, including our annual Customer Minutes Lost figure
which was unchanged at a low level of 5 minutes, and our independently
assessed Customer Service Score increased to 78 in 2021 from 77 last year.
FRENCH FISHING DISPUTE
During the year, we have also seen an escalation of political issues between
the EU and the UK on fishing rights between France and Jersey, raising
questions about energy sovereignty and the security of supply of imported
electricity between Europe and the Channel Islands. We have taken such matters
very seriously and have liaised closely with senior civil servants and
politicians in Jersey and the UK. Whilst we view these matters as being
political, we have taken the opportunity to review and enhance our contingency
plans including establishing arrangements to bring additional generating
capacity into Jersey, should that be necessary. We have firm contractual
relationships with parties in France, from whom we have been importing power
over the last 37 years, and they have confirmed that such commitments to
supply electricity are robust. Furthermore, whilst we remain compliant with
our published security of supply standard, we are currently reviewing it in
the light of the Island's carbon neutral ambitions and its dependency on
electricity.
ELECTRICITY MARKETS
We have seen unprecedented volatility in energy markets during 2021, which has
resulted in many UK suppliers going out of business, and the Ofgem regulated
cap on UK electricity prices rising by around 20% since April 2021. This is
expected to materially rise again when formally reviewed in early 2022. Energy
prices in the UK, including gas, have risen by an even higher quantum. We are
not immune to these conditions, but our hedging policies have greatly
sheltered Jersey customers from the material rises being experienced
elsewhere, with the period 2022-2024 being largely hedged for the price we
will pay for electricity and to a lesser extent, the foreign exchange
requirements we need to settle such liabilities. We announced in October 2021
that a 4% tariff rise would be implemented from 1 January 2022, and although
this is unfortunate, it is far lower than increases elsewhere. Even after
this rise we will continue to benchmark very favourably against other
jurisdictions, with the UK price cap currently being 46% higher than Jersey
Electricity's standard domestic tariff.
CLIMATE CHANGE
The Intergovernmental Panel on Climate Change (IPCC) 2021 report calls for
immediate, rapid, and large-scale reductions in greenhouse gas emissions. In
Jersey, the appetite for action was apparent from the recommendations of the
Citizens' Assembly on Climate Change to which we gave our full support. The
contribution of Jersey Electricity to decarbonising electricity was noted in
this Citizen's Assembly as well as the opportunity for Jersey to do much
more. We now look to the Government of Jersey to set policies to achieve the
Island's carbon neutrality ambitions to which we are fully committed. We
continue to assess the investment needed and have already started to deliver
new infrastructure to meet the forecast increase in demand that carbon
neutrality would bring. We see this as a huge opportunity for growth and
believe the grid is largely in place to achieve this quickly and cost
effectively.
CORPORATE GOVERNANCE
Last year, in line with the UK Corporate Governance Code 2018, I identified a
number of key areas of focus for the Board in the year ahead. I am pleased to
report that we have made good progress in all these areas:
· Workforce diversity
· Culture and engagement
· Stakeholder engagement
· Business efficiency and innovation
· Risk and risk management
· Review of business model
The Board's key areas of focus for 2022 are:
· Progressing stakeholder engagement
· Extending workforce diversity
· Developing culture and engagement
· Exploring energy sourcing strategies to facilitate Jersey's net-zero
carbon emissions
As indicated in my 2020 Report, Aaron Le Cornu was retiring in
March 2021 at our AGM. I would like to thank him for his contribution to the
success of Jersey Electricity from 2011 until he retired during this
year. Non-Executive Director Peter Simon, who joined the Board in 2019 and
sat on our Audit and Risk and Remuneration Committees, stepped down on 31
August 2021. I would like to thank Peter for his insights and expertise and
for a significant contribution over the last two years. The recruitment
process to find his successor is underway.
IN CONCLUSION
I'd like to conclude by thanking the entire workforce for their outstanding
commitment and dedication, which has delivered an excellent business
performance in very difficult circumstances. Their expertise and resilience
have shone through, and they should be very proud of their achievements. I
would also like to thank the Board for their hard work and commitment
throughout the year, and our shareholders for their continued support. The
coming years will have their challenges, but there will also be opportunities,
and I am very confident that the Company is well placed to take advantage of
them.
Financial Highlights 2021 2020
Revenue £118.6m £111.7m
Profit before tax £19.1m £14.8m
Earnings per share 52.73p 37.94p
Dividend paid per share 16.90p 16.05p
Final proposed dividend per share 10.20p 9.70p
Net cash £13.1m £5.5m
Group revenue for the year to 30 September 2021 at £118.6m was 6% higher than
in the previous financial year. Energy revenues at £89.8m were 5% higher than
the £85.1m achieved in 2020. Higher unit sales of electricity were linked to
a recovery from the COVID-19 crisis in the retail and hospitality sectors, and
an uplift from increased home working, combined with colder than normal
weather and a 2.5% tariff rise from October 2020. Revenue in the Powerhouse
retail business increased 11% from £17.8m in 2020 to £19.8m. Revenue in the
Property business at £2.3m was marginally higher than last year. Revenue from
JEBS, our building services business, decreased from £3.8m in 2020 to £3.4m.
Revenue in our other businesses at £3.3m, was above the £2.7m delivered in
2020.
Cost of sales at £74.2m was £4.5m higher than last year with the increased
revenue level in our Energy and Powerhouse Retail businesses.
Operating expenses at £30.0m were £3.6m higher than last year. Of this
increase, £1.8m related to the non-cash ex-gratia award for pensions in
service, in our defined benefits pension scheme, discussed later in this
narrative. The remainder of the rise is largely due to the increased
investment in systems and people, associated with the de-carbonisation vision
for the Island.
Profit before tax for the year to 30 September 2020 was £19.1m against
£14.8m in 2020. However, if the non-cash upside from revaluation of
investment properties is excluded in both years, along with the non-cash cost
of £1.8m for the ex-gratia award for pensions in service in 2021, the
underlying year-on-year profit before tax is £14.8m in 2021 against £14.3m
in 2020, an increase of 3%.
Profit in our Energy business, at £10.7m, was below the £12.3m achieved in
2020, largely due to the non-cash £1.8m ex-gratia award for pensions in
service in 2021. Our target return on assets employed continues to be in the
6%-7% range over the medium-term and was 5.9% in 2021 against 6.8% in 2020.
Unit sales volumes increased by 3% from 619m to 639m kilowatt hours, due to
colder than normal weather, combined with a material proportion of customers
continuing to work from home, due to COVID-19. Units billed in the 2021
financial year increased by around 8% in the residential sector, but fell
around 2% for commercial premises, compared with 2020. In the financial year
we imported 95.2% of our requirements from France (2020: 94.7%) and generated
0.4% of our electricity on-Island from our solar and diesel plant (2020:
0.2%). The remaining 4.4% (2020: 5.1%) of our electricity was purchased from
the local Energy from Waste plant. The planned 2.5% tariff rise from 1 April
2020, which was postponed, to aid our customers due to the COVID-19 pandemic,
took place on 1 October 2020.
The £1.4m profit in our Property division, excluding the impact of investment
property revaluation, was £0.1m higher than last year. Our investment
property portfolio moved up in value by £6.1m to £27.8m, based on advice
from our external consultants, who review the position annually. This increase
was pronounced due primarily to a restructuring of the lease arrangement for
our largest tenant, whereby the existing break clause was moved to a later
date, post commercial discussions, which materially moved the valuation
upwards. The value of residential properties also rose by £1.2m due to
continued buoyant market conditions in Jersey.
Our Powerhouse retail business saw profits rise by 30% from £1.2m to £1.5m
during a period when COVID-19 continued to influence the behaviours, and
spending patterns, of local consumers, for example, due to less travel taking
place out of the Island over the last year.
JEBS, our building services unit, maintained profitability at £0.2m, being at
the same level as 2020.
Our other business units (Jersey Energy, Jendev, Jersey Deep Freeze and fibre
optic lease rentals) produced profits of £0.6m being £0.2m lower than last
year mainly due to accelerated depreciation in Jendev.
The net interest cost in 2021 was £1.4m being at the same level as in 2020.
The taxation charge at £2.8m was lower than the previous year, despite
increased profit, as the profit increase was largely non-taxable, being due to
non-cash items.
Group basic and diluted earnings per share, at 52.73p, compared to 37.94p in
2020 due to increased profitability.
Dividends paid in the year, net of tax, rose by 5%, from 16.05p in 2020 to
16.90p in 2021. The proposed final dividend for this year is 10.20p, a 5% rise
on the previous year. Dividend cover, at 3.1 times, was higher than the
comparable 2.4 times in 2020 due mainly to the large non-cash increase in the
revaluation of investment properties in 2021.
Net cash flows from operating activities at £22.4m was £4.5m lower than in
2020. Investing activities, at £9.3m was £1.8m lower than £11.1m last year.
Dividends paid were £5.3m compared to £5.0m in 2020. The resultant position
was that net cash at the year-end was £13.1m, being £30.0m of borrowings
offset by £43.1m of cash and cash equivalents, which was £7.6m more than
last year.
Our defined benefits pension scheme showed a surplus at 30 September 2021,
under IAS 19 "Employee Benefits" of £15.0m, net of deferred tax, compared
with a surplus of £5.9m at 30 September 2020. Assets rose 3% from £156.6m to
£161.1m in the same period. Liabilities decreased 5% from £149.3m to
£142.3m since the last year-end. This was largely due to the discount rate
assumption, which heavily influences the calculation of liabilities, rising
from 1.6% in 2020 to 2.1% in 2021, reflecting sentiments in prevailing
financial markets. Unlike most UK schemes, the Jersey Electricity Pension
Scheme is not funded to pay mandatory annual rises on retirement. The Pension
Scheme Trustees asked the Company to consider the granting of a 3% rise to
pensions in service in light of the level of the surplus as the last increase
was in 2019. This was agreed by the Board and the capital cost of this award
was £1.8m and the cash will be paid by the Scheme, rather than the Company,
but generated a £1.8m charge against our Income Statement in the current
financial year. This is reflected in the year-end surplus figure of £15.0m.
Prior year adjustment
During 2020 we migrated to a new Smart Pay As You Go metering solution for
around 4,000 of our electricity customers who choose this payment method as a
budgeting tool. The legacy system, which had been installed in the 1990's, was
scrapped and the remaining credit balances and debts that existed on each
meter transferred across to the new system. Following a review of the
remaining £0.9m balance in our receivables ledger we ascertained that there
had been a systematic over-statement of income from this payment method over
the period since 1998, when a new ERP financial system was adopted. Although
the sums were relatively immaterial on an annual basis, the full scale of the
issue only became apparent when the new smart metering system was installed.
It is not possible to accurately allocate adjustments to all the individual
years between 1998-2019. This £0.9m has been written off and treated as a
prior year adjustment against reserves and comfort provided, that this is not
a recurring issue with the new system.
Consolidated Income Statement 2021 2020
For the year ended 30 September 2021 £000 £000
Revenue 118,608 111,747
Cost of sales (74,159) (69,695)
Gross Profit 44,449 42,052
Revaluation of investment properties 6,055 515
Operating expenses (29,991) (26,360)
Group operating profit 20,513 16,207
Finance income 112 139
Finance costs (1,540) (1,516)
Profit from operations before taxation 19,085 14,830
Taxation (2,794) (3,090)
Profit from operations after taxation 16,291 11,740
Attributable to:
Owners of the Company 16,155 11,624
Non-controlling interests 136 116
16,291 11,740
Earnings per share
- basic and diluted 52.73p 37.94p
Consolidated Statement of Comprehensive Income 2021 2020
£000 £000
Profit for the year 16,291 11,740
Items that will not be reclassified subsequently to profit or loss:
Actuarial gain/(loss) on defined benefit scheme 14,803 (1,663)
Income tax relating to items not reclassified (2,961) 333
11,842 (1,330)
Items that may be reclassified subsequently to profit or loss:
Fair value (loss)/gain on cash flow hedges (3,116) 1,290
Income tax relating to items that may be reclassified 623 (258)
(2,493) 1,032
Total comprehensive income for the year 25,640 11,442
Attributable to:
Owners of the Company 25,504 11,326
Non-controlling interests 136 116
25,640 11,442
Consolidated Balance Sheet as at 30 September 2021
2021 2020 2019
£ 000 £ 000 £ 000
Restated Restated
NON-CURRENT ASSETS
Intangible assets 933 479 683
Property,plant and equipment 216,550 217,936 217,046
Right of use assets 3,113 2,899 -
Investment properties 27,810 21,755 21,240
Trade and other receivables 308 300 383
Retirement benefit asset 18,761 7,315 10,417
Derivative financial instruments 108 277 208
Other investments 5 5 5
Total non-current assets 267,588 250,966 249,982
CURRENT ASSETS
Inventories 6,909 6,028 6,018
Trade and other receivables 18,000 15,745 17,095
Derivative financial instruments - 960 197
Cash and cash equivalents 43,136 35,520 24,915
Total current assets 68,045 58,253 48,225
Total assets 335,633 309,219 298,207
LIABILITIES
Trade and other payables 18,373 18,193 17,320
Current tax liabilites 3,020 2,742 2,714
Lease liabilities 72 65 -
Derivative financial instruments 1,256 143 298
Total current liabilities 22,721 21,143 20,332
NET CURRENT ASSETS 45,324 37,110 27,893
NON-CURRENT LIABILITIES
Trade and other payables 24,006 22,714 21,757
Lease liabilities 3,035 2,879 303
Derivative financial instruments 874 - -
Financial liabilities - preference shares 235 235 235
Borrowings 30,000 30,000 30,000
Deferred tax liabilities 29,321 27,209 26,936
Total non-current liabilities 87,471 83,037 79,231
Total liabilities 110,192 104,180 99,563
Net assets 225,441 205,039 198,644
EQUITY
Share capital 1,532 1,532 1,532
Revaluation reserve 5,270 5,270 5,270
ESOP reserve (79) (120) (45)
Other reserves (1,618) 875 (157)
Retained earnings 220,178 197,359 191,982
Equity attributable to owners of the company 225,283 204,916 198,582
Non-controlling interests 158 123 62
Total equity 225,441 205,039 198,644
Consolidated Statement of Changes in Equity for the year ended 30 September
2021
Share Revaluation ESOP *Other Retained Total
capital reserve reserve reserves earnings
£ 000 £ 000 £ 000 £ 000 £ 000 £ 000
At 1 October 2020 restated 1,532 5,270 (120) 875 197,359 204,916
Total recognised income and expense for the year - - - - 16,155 16,155
Amortisation of employee share option 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 - - - - (5,178) (5,178)
At 30 September 2021 1,532 5,270 (79) (1,618) 220,178 225,283
At 1 October 2019 as previously stated 1,532 5,270 (45) (157) 192,882 199,482
Impact of prior year adjustment - - - - (900) (900)
At 1 October 2019 restated 1,532 5,270 (45) (157) 191,982 198,582
Total recognised income and expense for the year - - - - 11,624 11,624
Funding of employee share option scheme - - (78) - - (78)
Amortisation of employee share option scheme - - 3 - - 3
Movement on hedges (net of tax) - - - 1,032 - 1,032
Actuarial loss on defined benefit scheme (net of tax) - - - - (1,330) (1,330)
Equity dividends - - - - (4,917) (4,917)
Restated at 30 September 2020 1,532 5,270 (120) 875 197,359 204,916
2021 2020
Consolidated Statement of Cash Flows
for the year ended 30 September 2021 £000 £000
CASH FLOWS FROM OPERATING ACTIVITIES
Operating profit 20,513 16,207
Depreciation and amortisation charges 10,924 11,424
Share based reward charges 41 3
Gain on revaluation of investment property (6,055) (515)
Pension operating charge less contributions paid 3,357 1,439
Profit on sale of property, plant and equipment (6) (24)
Operating cash flows before movement in working capital 28,774 28,534
Working capital adjustments:
Increase in inventories (881) (10)
(Increase)/decrease in trade and other receivables (2,263) 1,433
Increase in trade and other payables 904 1,071
Net movement in working capital (2,240) 2,494
Interest paid (1,395) (1,376)
Preference dividends paid (9) (9)
Income taxes paid (2,742) (2,714)
Net cash flows from operating activities 22,388 26,929
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (8,513) (10,922)
Investment in intangible assets (805) (337)
Deposit interest received 112 139
Net proceeds from disposal of fixed assets 6 24
Net cash flows used in investing activities (9,200) (11,096)
CASH FLOWS FROM FINANCING ACTIVITIES
Equity dividends paid (5,178) (4,917)
Dividends paid to non-controlling interest (101) (55)
Purchase of shares by Employee Benefit Trust - (78)
Repayment of lease liabilities (297) (189)
Net cash flows used in financing activities (5,576) (5,239)
Net increase in cash and cash equivalents 7,612 10,594
Cash and cash equivalents at beginning of year 35,520 24,915
Effect of foreign exchange rates 4 11
Cash and cash equivalents at end of year 43,136 35,520
Notes to the accounts
Year ended 30 September 2021
1. Basis of Preparation
The consolidated financial statements of Jersey Electricity plc, for the year
ended 30 September 2021, 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). This is
consistent with the accounting policies in the 30 September 2020 annual report
and accounts and the 31 March 2021 interim report.
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 2022 in advance of the next Annual General Meeting.
The Group has considerable financial resources together with many customers
both corporate and individual. Therefore, the Directors believe that the Group
is well placed to manage its business risks successfully, including any
further impacts of COVID-19. 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:
2021 2021 2021 2020 2020 2020
External Internal Total External Internal Total
£000 £000 £000 £000 £000 £000
Revenue
Energy 89,780 100 89,880 85,140 122 85,262
Building Services 3,399 645 4,044 3,767 1,027 4,794
Retail 19,808 68 19,876 17,825 60 17,885
Property 2,304 645 2,949 2,266 645 2,911
Other* 3,317 945 4,262 2,749 891 3,640
118,608 2,403 121,011 111,747 2,745 114,492
Intergroup elimination (2,403) (2,745)
Revenue 118,608 111,747
Operating profit
Energy 10,693 12,257
Building Services 217 216
Retail 1,533 1,176
Property 1,393 1,270
Other* 622 773
14,458 15,692
Revaluation of investment properties 6,055 515
Operating profit 20,513 16,207
*Other segment includes Jersey Energy, Jendev (divisions) and Jersey Deep
Freeze Limited, the Group's sole subsidiary.
The revaluation of investment properties is shown separately from Property
operating profit as this income is reflected solely by a movement in reserves.
2. Prior year adjustment
During 2020 we migrated to a new Smart Pay As You Go metering solution for
around 4,000 of our electricity customers who choose this payment method as a
budgeting tool. The legacy system, which had been installed in the 1990's, was
scrapped and the remaining credit balances and debts that existed on each
meter transferred across to the new system.
Following a review of the remaining £0.9m balance in our receivable's ledger
we ascertained that there had been a systematic over statement of income from
this payment method over the period since 1998, when a new ERP financial
system was adopted. The primary drivers being a combination of both the
accumulation of £5 free credit provided as a customer service benefit to all
new charge keys and a timing delay arising on each occasion tariffs have
risen. The sums were relatively immaterial on an annual basis.
The Smart Pay As You Go metering solution benefits from more accurate data,
including the elimination of time lag where tariffs move and any upfront
credit provided to customers is now reclaimed over subsequent top-ups. At
30(th) September 2021 a deferred income balance of £0.5m is included and has
been assessed as being reasonable.
In accordance with IAS 8, it has proven impractical to accurately allocate
adjustments to all the individual years between 1998-2019. Therefore, £0.9m
has been written off and treated as a prior year adjustment against reserves
and trade receivables as seen in both the Consolidated Balance Sheet and the
Consolidated Statement of Changes in Equity.
Each of the affected financial statement line items for the prior periods have
been restated as follows:
30 Sept Decrease 30 Sept 1 Oct Decrease 1 Oct
2020 2020 2019 2019
£ 000 £ 000 £ 000 £ 000 £ 000 £ 000
Restated Restated
Trade and other receivables - current assets 16,645 (900) 15,745 17,995 (900) 17,095
Retained earnings 198,259 (900) 197,359 192,882 (900) 191,982
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