Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email in the first instance.

 Information  X 
Enter a valid email address

Jersey Electricity (JEL)

  Print      Mail a friend

Thursday 17 May, 2007

Jersey Electricity

Interim Results

Jersey Electricity Company Limited
17 May 2007

                         The Jersey Electricity Company
                   Preliminary Announcement of Interim Results
                     for the six months ended 31 March 2007

At a meeting of the Board of Directors held on 16 May 2007, the Board approved
the Interim Accounts for the Group for the six months ended 31 March 2007 and
declared an interim dividend of 61.25p gross (49p net of tax) compared to 55p
gross (44p net) in 2006 on the Ordinary and 'A' Ordinary shares. The dividend
will be paid on 31 August 2007 to those shareholders registered in the books of
the Company on 17 August 2007.

The Interim Accounts are attached and will be sent to all shareholders in due
course, following which, copies will be made available to the public at the
Company's registered office, Queens Road, St Helier, Jersey, JE4 8NY.

The Interim Accounts for 2007 have not been audited nor have the results for the
equivalent period in 2006. The results for the year ended 30 September 2006 have
been extracted from the statutory accounts for that period which had an
unqualified audit opinion.

P.J. Routier
Company Secretary

Direct telephone number : 01534 505253
Direct fax number : 01534 505515
Email :

17 May 2007

The Powerhouse,
PO Box 45,
Queens Road,
St Helier,
Jersey JE4 8NY

                                Jersey Electricity Company Limited

                                     Unaudited interim results
                                for the six months to 31 March 2007

Financial Summary                                     6 months             6 months            % increase/
                                                        2007                 2006              (decrease)
Electricity Sales -kWh (000)                          335,986              355,949                 (6)%
Turnover                                               £40.0m               £35.8m                  12%
Profit before tax                                       £4.9m                £5.1m                 (5)%
Profit in Energy business                               £3.0m                £3.9m                (23)%
Earnings per share                                      £2.84                £2.55                  11%
Net dividend proposed per ordinary share                  49p                  44p                  11%

Group profit before tax in the first half of 2007 was £4.9m being 5% lower than
in the same period last year, despite a 12% increase in turnover. This was
principally due to a lower level of electricity sales and our decision to
absorb, rather than pass on to customers, some of the increased cost of power
imported from Europe. Our earnings per share rose by 11% due to a reduction in
the effective tax rate for the 2007 and 2008 financial years. Note 3 to the
Interim Accounts explains the rationale for this tax change. Power prices to our
customers were increased by an average just above 19% from 1 January 2007.
Having hedged our position in the forward power markets, we were able to pledge
that prices would remain unchanged for at least two years.

Our aim remains to restore during the 2008 financial year, the profitability
upon which planned investment in the continuing reliability of our electricity
network depends.

Unit sales in the first half of 2007 were 6% lower than in 2006 due to milder
weather experienced throughout Europe, offset by continuing strong growth from
our dominant share of the new energy market presented by Jersey's ongoing
property development boom.  Imported electricity met 82% of our requirements
during the half year, which was lower than normal because we took advantage of
lower oil prices in the global marketplace to generate locally during peak
periods when import costs are at their highest.

Our Retailing business continued last year's trend of strong growth, with
year-on-year turnover rising 40% and profits moving up from £0.3m to £0.4m.
Profits from our Property portfolio rose from £0.4m to £0.7m due mainly to the
sale of a residential property used previously to house employees, for a capital
gain of £0.3m. The Building Services business produced an increase in turnover
of 12% with profits up slightly at £0.2m.  Losses at our data centre joint
venture, Foreshore Limited, reduced to £0.1m with turnover up 40% against last
year. Our consultancy businesses Jersey Energy and Jendev produced profits
slightly up at £0.1m.

Cash at bank, including short-term investments, fell £1.1m to £14.0m during the
last six months, with operating cash produced from trading activity offset by
£3.5m of capital investment expenditure and the £1.1m final 2006 dividend.

Your Board proposes to pay an interim net dividend of 49p (2006: 44p) on the
Ordinary and 'A' Ordinary Shares payable on 31 August 2007 in addition to the
final dividend for 2006 of 68p (2005: 62p) paid on 30 March 2007.

D.R. MALTWOOD - Chairman     M.J.LISTON - Chief Executive           17 May 2007


17 May                    Announcement of interim results
30 June                   Payment date for preference share dividends
17 August                 Record date for interim ordinary dividend
31 August                 Interim ordinary dividend for year ending 30 September 2007
13 December               Preliminary announcement of full year results

Group Income Statement (Unaudited)

                                                                           Six months ended         Year ended
                                                                                31 March          30 September
                                                                          2007           2006                2006
                                                      Note                £000           £000                £000

Revenue                                                2                40,048         35,759              65,617

Cost of sales                                                         (27,268)       (22,812)            (42,873)

Gross profit                                                            12,780         12,947              22,744

Revaluation of investment properties                                         -              -               1,219
Operating expenses                                                     (8,195)        (8,095)            (17,107)

Group operating profit before joint venture                              4,585          4,852               6,856
Share of loss of joint venture                                           (116)          (169)               (343)

Group operating profit                                 2                 4,469          4,683               6,513

Interest receivable                                                        413            452                 818
Finance costs                                                              (5)            (4)                 (9)

Profit from operations before taxation                                   4,877          5,131               7,322

Taxation                                               3                 (519)        (1,219)             (1,351)

Profit from operations after taxation                                    4,358          3,912               5,971

Minority interest                                                          (2)            (5)                (29)

Profit for the period attributable to the equity
holders of the parent company                                            4,356          3,907               5,942

   -     basic and diluted                                               £2.84          £2.55               £3.88

   -     paid final/interim                            4                 £0.68          £0.62               £1.06
   -     paid special                                  4                     -          £4.44               £4.44
   -     proposed                                      4                 £0.49          £0.44               £0.68

Group Statement of Recognised Income and Expense (Unaudited)

                                                                        Six months ended  Year ended
                                                                                          30 September
                                                                         31 March

                                                                       2007          2006           2006
                                                                       £000          £000           £000
Profit for the financial period                                       4,356         3,907          5,942
Actuarial gain on defined benefit scheme (net of tax)                     -             -          2,910
Fair value gain/(loss) on cash flow hedges                              361           546          (570)

Total recognised income and expense for the period attributable
to the equity holders of the parent
                                                                      4,717         4,453          8,282

Group Balance Sheet (Unaudited)

                                                                          As at 31 March               As at  30

                                                    Note              2007            2006                  2006
                                                                      £000            £000                  £000
Intangible assets                                                      117              92                   131
Property, plant and equipment                                      107,783         108,521               108,289
Investment property                                                 10,990           9,753                10,990
Other investments                                                    2,031             935                 1,884

Total non-current assets                                           120,921         119,301               121,294

Inventories                                                          4,228           3,505                 4,196
Trade and other receivables                                         17,226          11,747                13,046
Derivative financial instruments                                         -              18                     -
Short-term  investments - cash deposits                                  -           1,500                 3,765
Cash and cash equivalents                                           14,026          11,641                11,346

Total current assets                                                35,480          28,411                32,353

Total assets                                                       156,401         147,712               153,647

Trade and other payables                                             8,803           7,792                 9,590
Derivative financial instruments                                       737               -                 1,098
Current tax payable                                                  1,173           1,195                 1,190

Total current liabilities                                           10,713           8,987                11,878

Trade and other payables                                            12,905          13,680                13,245
Tax liabilities                                                      1,305           1,219                   813
Financial liabilities - preference shares                              235             235                   235
Retirement benefit obligations                                           -             299                     -
Deferred tax liabilities                                            11,833          10,705                11,734

Total non-current liabilities                                       26,278          26,138                26,027

Total liabilities                                                   36,991          35,125                37,905

Net assets                                                         119,410         112,587               115,742

Share capital                                                        1,532           1,532                 1,532
Other reserves                                                       (737)              18               (1,098)
Retained earnings                                                  118,588         111,003               115,274

Shareholders' funds                                  5             119,383         112,553               115,708

Minority interest                                                       27              34                    34

Total equity                                                       119,410         112,587               115,742

Group Cash Flow Statement (Unaudited)

                                                                         Six months ended         Year ended
                                                                             31 March            30 September
                                                           Note         2007           2006                2006
                                                                        £000           £000                £000

Group operating profit before joint venture                            4,585          4,852               6,856

Depreciation and amortisation charges                                  3,544          3,505               6,948
Revaluation of investment property                                         -              -             (1,219)
Pension operating charge less contributions paid                       (391)          (324)               (877)
 Profit on sale of fixed assets                                        (309)              -                   -

Operating cash flows  before movement in working capital               7,429          8,033              11,708

(Increase)/decrease in inventories                                      (32)            423               (269)
(Increase) in trade and other receivables                            (3,813)        (3,767)             (2,515)
(Decrease)/increase in trade and other payables                        (577)          1,017               3,387
 Interest received                                                       420            423                 756
 Preference dividends paid                                               (4)            (4)                 (9)
 Income taxes paid                                                         -              -             (1,233)

Net cash flows from operating activities                               3,423          6,125              11,825


Purchase of property, plant and equipment                            (3,506)        (2,290)             (4,995)
Investment in intangible assets                                          (7)              -                (76)
Proceeds from disposal of  property                                      318          6,550               6,550
Investment in joint venture                                            (263)          (350)               (613)
Short-term investments                                                 3,765        (1,500)             (3,765)

Net cash flows from investing activities                                 307          2,410             (2,899)


Equity dividends paid                                       4        (1,050)        (7,764)             (8,450)

Net cash flows used in financing activities                          (1,050)        (7,764)             (8,450)

Net increase in cash and cash equivalents                              2,680            771                 476
Cash and cash equivalents at beginning of period                      11,346         10,870              10,870

Cash and cash equivalents at end of period                            14,026         11,641              11,346

Notes to the Interim Accounts

1.      Accounting policies

Basis of preparation

The interim accounts for the six months ended 31 March 2007 have been prepared
on the basis of the accounting policies set out in the 30 September 2006 annual
report and accounts.

2.      Turnover and profit

The contributions of the various activities of the Group to turnover and profit
are listed below:

                               31 March 2007                 31 March 2006                30 September 2006
                        External  Internal     Total  External  Internal     Total    External Internal      Total
Revenue                     £000      £000      £000      £000      £000      £000        £000     £000       £000

Energy                    30,510       130    30,640    28,006        93    28,099      50,391      216     50,607
Building services          1,731        98     1,829     1,544        65     1,609       3,111      188      3,299
Retail                     6,359        18     6,377     4,528        15     4,543       8,772       46      8,818
Property                     745       340     1,085       789       154       943       1,556      286      1,842
Other                        703       453     1,156       892       297     1,189       1,787      701      2,488

                          40,048     1,039    41,087    35,759       624    36,383      65,617    1,437     67,054
Inter-group                                  (1,039)                         (624)                         (1,437)
                                              40,048                        35,759                          65,617

Group operating profit

Energy                                         3,036                         3,919                           4,277
Building services                                203                           139                             241
Retail                                           412                           328                             383
Property                                         750                           350                             442
Other                                             68                          (53)                            (49)
                                               4,469                         4,683                           5,294
Revaluation of
investment properties
                                                   -                             -                           1,219
                                               4,469                         4,683                           6,513

Materially, all the Group's operations are conducted within the Channel Islands.

All transfers between divisions are at arms-length basis.

3.      Income tax
                                                                                Six months ended       Year ended
                                                                                      31 March       30 September

                                                                             2007           2006             2006
                                                                             £000           £000             £000

Current income tax                                                          (420)        (1,022)            (849)
Deferred income tax                                                          (99)          (197)            (502)

Total income tax                                                            (519)        (1,219)          (1,351)

On 30 January 2007 the draft 'zero-ten' legislation was approved by the States
of Jersey and has now gone to the Privy Council in the UK for approval. The vast
majority of the legislation will come into effect from 1 January 2009 but
transitional rules apply to any company currently taxed on a prior year basis,
so that they become taxed on a current year basis. Due to Transitional rules
this results in Jersey tax paying companies being taxed in the 2008 year of
assessment at 20% on the average of the profits which they generate in the
financial year ended in 2007 and 2008. The effective tax rate for those two
years is therefore around half that experienced up to 2006 due to the migration
from a prior to current year basis but will revert to 20% for Island utilities
from 2009 onwards.

Notes to the Interim Accounts (Unaudited)

4.      Dividends

                                                                              Six months ended        Year ended
                                                                                   31 March         30 September
                                                                                 2007      2006             2006
                                                                                 £000      £000             £000

Distributions to equity holders and by subsidiaries in the period               1,050     7,764            8,450

The distribution to equity holders in the period consisted of £1,041,760 (68p
net of tax per share) in respect of the final dividend for 2006. In addition
£8,400 was paid by subsidiaries to minority interests.

The Directors have declared an interim dividend of 49p per share, net of tax
(2006 - 44p) for the six months ended 31 March 2007 to shareholders on the
register at the close of business on 17 August 2007.  This dividend was approved
by the Board on 16 May 2007 and has not been included as a liability at 31 March

In March 2006 a special dividend of £4.44 per share, net of tax, was made to
distribute the proceeds from the sale of an investment property.

5.      Reconciliation of movements in equity

                                                                      Share     Other   Retained
                                                                    capital  reserves   earnings            Total
                                                                       £000      £000       £000             £000
  At 1 October 2006                                                   1,532   (1,098)    115,274          115,708
  Total recognised income and expense for the year                        -         -      4,356            4,356
  Other recognised gains/(losses)                                         -       361          -              361
   Equity dividends                                                       -         -    (1,042)          (1,042)
  As at 31 March 2007                                                 1,532     (737)    118,588          119,383

  At 1 October 2005                                                   1,532     (528)    114,848          115,852
  Total recognised income and expense for the year                        -         -      5,942            5,942
  Other recognised gains/(losses)                                         -     (570)      2,910            2,340
   Equity dividends                                                       -         -    (8,426)          (8,426)
  As at 30 September 2006                                             1,532   (1,098)    115,274          115,708

  At 1 October 2005                                                   1,532     (528)    114,848          115,852
  Total recognised income and expense for the year                        -         -      3,907            3,907
  Other recognised gains/(losses)                                         -       546          -              546
   Equity dividends                                                       -         -    (7,752)          (7,752)
  As at 31 March 2006                                                 1,532        18    111,003          112,553

                      This information is provided by RNS
            The company news service from the London Stock Exchange