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Jersey Electricity (JEL)

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Thursday 15 May, 2008

Jersey Electricity

Interim Results - Replacement

RNS Number : 5943U
Jersey Electricity Company Limited
15 May 2008
 





This announcement by the Jersey Electricity Company Limited replaces the announcement regarding the Interim Management Report released at 07.00 this morning. The record date stated was incorrect and has been amended to 20 June 2008.

All other details contained in the announcement below remain unchanged.




The Jersey Electricity Company

 Interim Management Report

for the six months ended 31 March 2008


 

At a meeting of the Board of Directors held on 14 May 2008, the Board approved the Interim Management Report for the Group for the six months ended 31 March 2008 and declared an interim dividend of 91.25p gross (73p net of tax) compared to 61.25p gross (49p net) in 2007 on the Ordinary and 'A' Ordinary shares. The dividend will be paid on 30 June 2008 to those shareholders registered in the books of the Company on 20 June 2008.


The Interim Management Report is attached and will be available to the public on the Company's website www.jec.co.uk.

 

The Interim Management Report for 2008 has not been audited or reviewed by our external auditors nor have the results for the equivalent period in 2007. The results for the year ended 30 September 2007 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 : proutier@jec.co.uk

 

14 May 2008

 

 

 

The Powerhouse,

PO Box 45,

Queens Road,

St Helier,

Jersey JE4 8NY 






Jersey Electricity Company Limited

Unaudited Interim Management Report

for the six months to 31 March 2008


Financial Summary

6 months

2008

6 months

2007

% increase


Electricity Sales -kWh (000)

359,772

335,986

  7%

Turnover

£45.4m

£40.0m

  13%

Profit before tax

£6.8m

£4.9m

  40%

Profit in Energy business 

£4.4m

£3.0m

  44%

Earnings per share

£4.02

£2.84

  41%

Net dividend proposed per ordinary share

  73p

  49p

  49%


Group profit before tax in the first half of 2008 was £6.8m being 40% higher than in the same period last year due to strong growth across all our businesses and a higher level of electricity unit sales in the last six months, following a very mild first half last year. This performance restores profitability to the levels prevailing prior to 2006 when we voluntarily pledged a two-year electricity price freeze and importantly, will support planned major investment, on which the continuing reliability of our electricity network depends. Earnings per share rose by 41% in line with the above profit increase.  


Having hedged our position in the forward power and currency markets, we were able to honour our pledge last year that prices to customers would remain unchanged until 2009. European wholesale electricity prices have risen by around 30% since the start of this financial year and in addition the value of Sterling against the Euro, in which our power purchases are denominated, has deteriorated by 15% in the same period. Regrettably, we anticipate a need for tariff increases in 2009, which will mean that the majority of our customers will pay power prices similar to those in the UK, where rises of 11% have already taken place in the first quarter of 2008, but our tariff levels will still be lower on average than those in mainland Europe.

 

Electricity sales in the first half of 2008 were 7% higher than in 2007 following the mild winter experienced throughout Europe last year and this was the primary reason for Energy profits rising to £4.4m from £3.0m last year. Imported electricity met 94% of our requirements during the half year, which was slightly lower than usual as a result of periodic production from our own plant to prove its capability to fully meet the Island's electricity requirements in the event of a loss of power imports from the Continent. 


Our Retailing business continued last year's trend of strong growth, with year-on-year turnover rising 14% and profits moving up from £0.4m to £0.5m. Profits from our Property portfolio rose from £0.8m to £0.9m which included the sale of a residential property used previously to house employees, for a capital gain of £0.4m. The Building Services business produced profits of £0.2m being at a similar level to last year. Our consultancy businesses Jersey Energy and Jendev produced profits on a par with the comparative period last year. Our data centre joint venture, Foreshore Limited, moved into profit for the first time with turnover up 30% against the same six months last year.  


Cash, including short-term investments, fell £1.3m to £15.1m during the last six months, with operating cash produced from trading activity offset by £5.6m of electricity infrastructure investment and payment of the £1.2m final 2007 dividend. 




Your Board proposes to pay an interim net dividend of 73p (2007: 49p) on the Ordinary and 'A' Ordinary Shares payable on 30 June 2008 in addition to the final dividend for 2007 of 75p (2006: 68p) paid on 31 March 2008. The increase in the level of proposed dividend followed a review by the Board on the level of dividend cover maintained by other listed and Jersey utilities balanced by the required levels of capital expenditure in the short to medium term. Following a re-basing of the dividend level at the interim and final stages in 2008 your Board will aim to deliver sustained real growth thereafter.  


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 Management Report 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 Management Report 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).


G.J. GRIME - Chairman    M.J.LISTON - Chief Executive        14 May 2008


    









INVESTOR TIMETABLE FOR 2008

 

20 June
Record date for interim ordinary dividend
30 June
Interim ordinary dividend for year ending 30 September 2008
1 July
Payment date for preference share dividends
End July
Interim Management Statement – nine months to 30 June 2008
18 December
Preliminary announcement of full year results
 
 






Condensed Group Income Statement (Unaudited)





Six months ended

31 March


Year ended

30 September




Note


2008

£000


2007

£000


2007

£000









Revenue

2


45,423


40,048


75,871









Cost of sales



(30,832)


(27,268)


(52,117)









Gross profit



14,591


12,780


23,754









Revaluation of investment properties



-


-


900

Profit on sale of property



407


309


309

Operating expenses



(8,750)


(8,504)


(16,951)










Operating profit before joint venture




6,248



4,585



8,012

Share of profit/(loss) of joint venture



14


(116)


(135)









Operating profit

2


6,262


4,469


7,877









Interest receivable



554


413


868

Finance costs



(4)


(5)


(11)

















Profit from operations before taxation



6,812


4,877


8,734









Taxation

3


(639)


(519)


(1,074)









Profit from operations after taxation



6,173


4,358


7,660









Minority interest



(18)


(2)


(90)









Profit for the period attributable to the 

equity holders of the parent company




6,155



4,356



7,570

















EARNINGS PER SHARE








    -    basic and diluted



£4.02


£2.84


£4.94









DIVIDENDS PER SHARE








    -    paid 

4


£0.75


£0.68


£1.17

    -    proposed

4


£0.73


£0.49


£0.75



Condensed Group Statement of Recognised Income and Expense (Unaudited)


 
Six months ended
31 March
 
 
Year ended
30 September
 
 
2008
 
 
2007
 
  
2007
 
£000
 
£000
 
£000
Profit for the financial period
6,155
 
4,356
 
7,570
Actuarial gain on defined benefit scheme (net of tax)
2,283
 
-
 
5,431
Fair value gain on cash flow hedges (net of tax)
3,401
 
361
 
1,469
Revaluation of freehold land and buildings
-
 
-
 
448
 
 
 
 
 
 
Total recognised income and expense for the period attributable to the equity holders of the parent
 
11,839
 
 
4,717
 
 
14,918
 
 
 
 
 
 

 


Condensed Group Balance Sheet (Unaudited)





As at 31 March



As at 30 September



Note



2008

£000



2007

£000



2007

£000

NON-CURRENT ASSETS








Intangible assets



60


117


82

Property, plant and equipment



112,016


107,783


109,790

Investment property



12,340


10,990


12,340

Other investments 



2,102


2,031


2,099

Retirement benefit surplus



15,506


4,389


11,684

















Total non-current assets



142,024


125,310


135,995









CURRENT ASSETS








Inventories



4,695


4,228


4,631

Trade and other receivables



13,972


12,837


11,258

Derivative financial instruments



4,715


-


464

Short-term investments - cash deposits



4,930


-


3,755

Cash and cash equivalents



10,160


14,026


12,613

















Total current assets



38,472


31,091


32,721









Total assets



180,496


156,401


168,716









LIABILITIES








Trade and other payables



10,093


8,803


11,348

Derivative financial instruments



-


737


-

Current tax payable



887


1,173


944

















Total current liabilities



10,980


10,713


12,292









NON-CURRENT LIABILITIES








Trade and other payables



13,422


12,905


13,123

Tax liabilities



1,093


1,305


487

Financial liabilities - preference shares



235


 235


235

Deferred tax liabilities



15,221


11,833


13,670

















Total non-current liabilities



29,971


26,278


27,515









Total liabilities



40,951


36,991



39,807









Net assets



139,545


119,410


128,909









EQUITY








Share capital



1,532


1,532


1,532

Other reserves



4,220


(737)


819

Retained earnings



133,772


118,588


126,483

















Shareholders' funds

7


139,524


119,383


128,834









Minority interest



21


27


75









Total equity



139,545


119,410


128,909








Condensed Group Cash Flow Statement (Unaudited)




Six months ended

31 March


Year ended

30 September



Note


2008

£000



2007

£000



2007

£000

CASH FLOWS FROM OPERATING ACTIVITIES














Operating profit before joint venture


6,248


4,585


8,012








Depreciation and amortisation charges


3,458


3,544


7,568

Revaluation of investment property


-


-


(900)

Pension operating charge less contributions paid


(900)


(391)


(1,110)

Profit on sale of fixed assets


(407)


(309)


(312)















Operating cash flows before movement in working capital


8,399


7,429


13,258








Increase in inventories 


(64)


(23)


(435)

Increase in trade and other receivables 


(2,762)


(3,813)


(1,979)

(Decrease)/increase in trade and other payables


(1,045)


(577)


1,139

Interest received


601


420


844

Preference dividends paid


(5)


(4)


(9)

Income taxes paid


-


-


(1,159)















Net cash flows from operating activities


5,124


3,423


11,659








CASH FLOWS FROM INVESTING ACTIVITIES














Purchase of property, plant and equipment

5

(5,593)


(3,506)


(8,529)

Investment in intangible assets


(22)


(7)


(17)

Proceeds from disposal of property


410


318


318

Investment in joint venture


-


(263)


(350)

Short-term investments


(1,175)


3,765


10















Net cash flows from investing activities


(6,380)


307


(8,568)








CASH FLOWS FROM FINANCING ACTIVITIES














Equity dividends paid

4

(1,197)


(1,050)


(1,824)















Net cash flows used in financing activities


(1,197)


(1,050)


(1,824)








Net increase/(decrease) in cash and cash equivalents


(2,453)


2,680


1,267

Cash and cash equivalents at beginning of period


12,613


11,346


11,346








Cash and cash equivalents at end of period


10,160


14,026


12,613










Notes to the Condensed Interim Accounts


1.     Accounting policies


Basis of preparation

The interim accounts for the six months ended 31 March 2008 have been prepared on the basis of the accounting policies set out in the 30 September 2007 annual report and accounts using accounting policies consistent with International Financial Reporting Standards (IFRS) and in accordance with IAS 34 'Interim Financial Reporting'.


2.    Turnover and profit


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

 

 
31 March 2008
31 March 2007
30 September 2007
 
External
Internal
Total
External
Internal
Total
External
Internal
Total
Revenue
£000
£000
£000
£000
£000
£000
£000
£000
£000
 
 
 
 
 
 
 
 
 
 
Energy
34,590
132
34,722
30,510
130
30,640
56,957
246
57,203
Building services
1,785
82
1,867
1,731
98
1,829
3,204
199
3,403
Retail
7,257
25
7,282
6,359
18
6,377
11,934
53
11,987
Property
826
340
1,166
745
340
1,085
1,597
683
2,280
Other
965
359
1,324
703
453
1,156
2,179
865
3,044
 
 
 
 
 
 
 
 
 
 
 
45,423
938
46,361
40,048
1,039
41,087
75,871
2,046
77,917
Inter Group elimination
 
 
(938)
 
 
(1,039)
 
 
(2,046)
 
 
 
45,423
 
 
40,048
 
 
75,871
 
 
 
 
 
 
 
 
 
 
Group operating profit
 
 
 
 
 
 
 
 
 
Energy
 
 
4,385
 
 
3,036
 
 
4,493
Building services
 
 
219
 
 
203
 
 
305
Retail
 
 
485
 
 
412
 
 
479
Property
 
 
485
 
 
441
 
 
954
Other
 
 
281
 
 
68
 
 
437
 
 
 
5,855
 
 
4,160
 
 
6,668
Revaluation of investment  properties
 
 
 
-
 
 
 
-
 
 
 
900
Sale of property
 
 
407
 
 
309
 
 
309
 
 
 
6,262
 
 
4,469
 
 
7,877
Other gains and losses
 
 
 
 
 
 
 
 
 
Interest receivable
 
 
554
 
 
413
 
 
868
Finance costs
 
 
(4)
 
 
(5)
 
 
(11)
Profit from operations before taxation
 
 
 
6,812
 
 
 
4,877
 
 
 
8,734
Taxation
 
 
(639)
 
 
(519)
 
 
(1,074)
Profit from operations
after taxation
 
 
 
6,173
 
 
 
4,358
 
 
 
7,660
Minority interest
 
 
(18)
 
 
(2)
 
 
(90)
Profit for the period
 
 
6,155
 
 
4,356
 
 
7,570



Materially, all the Group's operations are conducted within the Channel Islands. All transfers between divisions are at an arm's length basis.


The only material movement between 2008 and 2007 half year segmental data is the increase in revenue in the Energy business. This 13% rise was a result of a 7% increase in unit sales of electricity combined with the year on year impact of a tariff rise on 1 January 2007.





Notes to the Condensed Interim Accounts (Unaudited)



3.    Income tax




  Six months ended

  31 March


Year ended 30 September


2008

£000


2007

£000


2007

£000







Current income tax

(511)


(420)


(587)

Deferred income tax

(128)


(99)


(487)

Total income tax

(639)


(519)


(1,074)



                


On 30 January 2007 the draft 'zero-ten' legislation was approved by the States of Jersey. 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. 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.  



4.    Dividends



 Six months ended

  31 March


Year ended

30 September


2008

£000


2007

£000


2007

£000







Distributions to equity holders and by subsidiaries in the period

1,197


1,050


1,824


The distribution to equity holders in the period consisted of £1,149,000 (75p net of tax per share) in respect of the final dividend for 2007. In addition £8,400 was paid by subsidiaries to minority interests.


The Directors have declared an interim dividend of 73p per share, net of tax (2007 - 49p) for the six months ended 31 March 2008 to shareholders on the register at the close of business on 15 August 2008. This dividend was approved by the Board on 14 May 2008 and has not been included as a liability at 31 March 2008.



5.    Property, plant and equipment


During the period, the Group spent approximately £3,550,000 on a continuing project to reinforce the electricity infrastructure in the west of Jersey. In addition £1,498,000 was spent on distribution reinforcement and new customer developments.










Notes to the Condensed Interim Accounts 


6.    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, and also to consider whether there have been any other events that would significantly affect the pension liabilities.



7.    Reconciliation of movements in equity



Share

Other

Retained



capital

reserves

earnings

Total

  

£000

£000

£000

£000

  At 1 October 2007

1,532

819

126,483

128,834

  Total recognised income and expense for the period

-

-

6,155

6,155

  Other recognised gains

-

3,401

2,283

5,684

  Equity dividends  

-

-

(1,149)

(1,149)

  As at 31 March 2008

1,532

4,220

133,772

139,524






  At 1 October 2006

1,532

(1,098)

115,274

115,708

  Total recognised income and expense for the period

-

-

7,570

7,570

  Other recognised gains

-

1,469

5,431

6,900

  Revaluation of freehold land and buildings

-

448

-

448

  Equity dividends  

-

-

(1,792)

(1,792)

  As at 30 September 2007

1,532

819

126,483

128,834






  At 1 October 2006

1,532

(1,098)

115,274

115,708

  Total recognised income and expense for the period

-

-

4,356

4,356

  Other recognised gains

-

361

-

361

  Equity dividends  

-

-

(1,042)

(1,042)

  As at 31 March 2007

1,532

(737)

118,588

119,383







The other reserves comprise of the foreign currency reserve of £3,772,000 and a revaluation reserve of £448,000. The increase from 30 September 2007 is due to the rise in the fair value of our forward currency hedges because of the recent weakening of Sterling against the Euro.


8.    Related party transactions


  • The Company currently leases the La Collette Power Station site from its largest shareholder, the States of Jersey, for a peppercorn rent of £1,000 per annum. This lease was subject to a rent review as at June 2006 which is being negotiated but it is anticipated that the rental will move onto commercial rates.

  • The Company made electricity sales to the value of £2.7m (2007: £2.5m) and other sales of £0.3m (2007: £0.3m) to the States of Jersey for the six months ended 31 March 2008. At the half-year end the States of Jersey had a debtors balance of £83,000 (2007: £238,000).


At the half-year end Foreshore Limited had a debtors balance of £859,000 (2007: £896,000).


During the six months to 31 March 2008 the Company made electricity sales of £190,000 (2007: £148,000) and other sales of £232,000 (2007: £276,000) to Foreshore Limited.


All the above transactions were conducted at arm's length.

    

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