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Jersey Electricity (JEL)

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Friday 18 December, 2009

Jersey Electricity

Final Results

RNS Number : 3248E
Jersey Electricity Company Limited
18 December 2009
 

                

  

The Jersey Electricity Company        

 Preliminary Announcement of Annual Results

Year Ended 30 September 2009




At a meeting of the Board of Directors held on 17 December 2009, the final accounts for the Group for the year to 30 September 2009 were approved, details of which are attached. 

The financial information set out in the announcement does not constitute the Company's statutory accounts for the year ended 30 September 2009 or 2008, but is derived from those accounts. Statutory accounts for 2008 have been delivered to the Jersey Registrar of Companies and those for 2009 will be delivered in early 2010. The auditors have reported on those accounts and their reports were unqualified.  

A final gross dividend of £1.475 (£1.18 net of tax) on the Ordinary and 'A' Ordinary shares in respect of the year ended 30 September 2009 was recommended which, together with the interim gross dividend of £0.9625 (£0.77 net of tax), makes a total proposed gross dividend declared for the year of £2.4375 (£1.95 net of tax) on each £1 share. 


The final dividend will be paid on 31 March 2010 to those shareholders registered in the books of the Company on 26 February 2010. A dividend on the 5% cumulative participating preference shares of 1.5% (2008 1.5%) payable on July 2010 was also recommended.


The Annual General Meeting of the Company will be held on 4 March 2010.




M.P. Magee                                                                                                    P.J. Routier

Finance Director                                                                                             Company Secretary


Direct telephone number : 01534 505321                                                          Direct telephone number : 01534 505253

Direct fax number : 01534 505466                                                                    Direct fax number : 01534 505515

Email : mmagee@jec.co.uk                                                                                Email : proutier@jec.co.uk




18 December 2009




The Powerhouse,

PO Box 45,

Queens Road,

St Helier,

Jersey JE4 8NY 










THE JERSEY ELECTRICITY COMPANY LIMITED        

Preliminary Announcement of Annual Results

Year ended 30 September 2009                              


The Chairman, Geoffrey Grime, comments :


"Jersey Electricity produced a sound performance in 2009. Group profit for the year was £9.3m and although 10% down on last year, this reduction was largely due to non-controllable factors such as property gains and revaluations last year, not repeated this year. Return on fixed assets in the energy business was 6.6%, consistent with the level needed to support our investment programme going forward and consistent with allowed regulatory returns elsewhereWe are delighted to be able to announce a tariff reduction of 5.1% effective 1 January 2010. Although power prices eased significantly during the credit crunch, a further weakening of sterling has prevented us from offering a greater price reduction to customers. We are pleased to report that throughout this period our tariffs have remained competitive with, and in many cases cheaper than, other jurisdictions for most customers."

 


Financial Summary


2009



2008

(restated)



% rise/(fall)





Turnover

£93.6m

£82.2m

 14%

Profit before tax

£9.3m

£10.3m

(10)%

Profit in Energy business 

£6.7m

£6.3m

 6%

Earnings per share

£4.70

£6.58

(29)%

Dividend paid per ordinary share 

£1.89

£1.48

28%

Dividend cover

2.5 times

4.4 times

(43)%


Group turnover for the year to 30 September 2009 at £93.6m was 14% higher than in the year ended 30 September 2008. The Energy business contributed £73.1m of this turnover being £11.0m above last year due mainly to the impact of our 24% tariff rise in January 2009 but also from 1% rise in unit sales of electricity. 


Profit before tax for the year to 30 September 2009 fell by 10% to £9.3with lower interest received due to falling interest rates and profit upside from property gains/revaluation not repeated in 2009. Profits in our Energy business moved up from £6.3m last year to £6.7m in 2009. A substantial increase in our import costs due to rising prices in the European wholesale electricity marketplace was covered by a tariff rise of 24% from January 2009. Unanticipated lower oil prices during 2009 added to profitability as we imported less electricity (92% against 96% in the previous year) and replaced such requirements with local generation. Unit sales of electricity were marginally ahead of levels during 2008. Profits in our Property division, excluding upside from property revaluation/disposals, rose to £1.3m due to higher rental yieldsOur investment property portfolio was revalued downwards by £0.1m in 2009 against corresponding gains recognised in the income statement from the revaluation/sale of properties of £0.7m in 2008. 


Our Retailing business saw profits decrease from £0.5m to £0.3mA fall of £0.3m in profits in the traditional retailing areas of white/brown goods driven largely by a weak marketplace was offset by a stronger performance by our newer toy/hobbies and e-retailing internet businesses. The Building Services business produced a £0.2m profit being down £0.1m on 2008 due to pressure on margins in a very competitive marketplace. Our other business units - Jersey Energy, Jendev and Jersey Deep Freeze all had a profitable yearForeshore, our data centre joint venture, saw an increased annual turnover which rose 15% from £4.1m to £4.7m but profitability was lower due to investment in the expansion of existing facilities.  


Interest received on deposits in 2009 was £0.5m against £1.1m due primarily to lower interest rates associated with the UK base rate falling substantially during this period.  The taxation charge for the year, at £2.0m, was substantially higher than in 2008. As indicated last year as a result of transitional rules introduced in Jersey as a prelude to changes in the corporate tax regime the effective tax rate for 2007 and 2008 was lower but reverted to 20% again from 2009 onwards. 


Group earnings per share fell 29% to £4.70 compared to £6.58 in 2008 due to lower profits and a higher tax charge.


Dividends paid, net of tax, rose by 28% from £1.48 in 2008 to £1.89 in 2009. The proposed final dividend for this year is £1.18, being a 5% rise on the previous year. Dividend cover fell from 4.4 times in 2008 to 2.5 times this year due primarily to a lower level of profits and a higher level of dividend associated with the alteration in dividend policy announced last year.  


Net cash inflow from operating activities at £15.6m was £0.7m higher than 2008. Capital expenditure, at £12.1m remained at a similar level to last year witthe spend to finish the £14m Western Primary capital project to reinforce the electricity network in the west of Jersey and initial spending on the third interconnector to France being the primary drivers. Cash at bank, including short-term investments, at the year end was £16.8m being £0.7m higher than last year. 


Revenue in our Energy Division is recognised on the basis of energy supplied during the period and includes an assessment of electricity used by customers between the date of the last meter reading and the balance sheet date. The methodology employed to calculate the total number and value of the unbilled units at each period end has been regularly refined as there is a degree of estimation in the process. During the most recent review in early 2009 an error in the methodology became apparent and the necessary adjustment is reflected in the figures for this financial year. The 2008 comparatives were restated resulting in an increase in revenues and profit before tax of £0.3m. The opening reserves in the comparatives were adjusted by £1.5m, net of tax, to reflect the same prior year error in the periods 2002 to 2007 inclusive.     


Our defined benefits pension scheme, which showed a £5.4m surplus, net of deferred tax, at the 2008 year end showed a deficit of £3.0m, on the same basis, as at 30 September 2009. Although the asset value of the scheme rose during the year the level of liabilities increased by a larger quantum due primarily to reduced discount rates driven by volatility in financial markets.



























Consolidated Income Statement 






for the year ended 30 September 2009









2009


2008



£000

£000




 


(restated) 

Revenue



93,594


82,222




 


 

Cost of sales



(66,903)


(55,968)




 


 

Gross profit



26,691


26,254




 


 

Revaluation of investment properties



(106)


294

Profit from sale of property



-


405

Operating expenses



(17,818)


(17,806)




 


 

Group operating profit before joint venture



8,767


9,147

Share of (loss)/profit of joint venture



(59)


46




 


 

Group operating profit



8,708


9,193

Interest receivable



577


1,086

Finance costs



(11)


(11)




 


 

Profit from operations before taxation



9,274


10,268

Taxation



(2,032)


(146)




 


 

Profit from operations after taxation



7,242


10,122

Minority interest



(38)


(48)




 


 

Profit for the year attributable to the equity holders of the parent company



 


 


7,204

10,074




 


 




  £ 


  £ 

Earnings per share



 


 

- basic and diluted



4.70


6.58




 


 


Statements of Recognised Income and Expense 






for the year ended 30 September 2009











Group


Company



2009


2008


2009


2008

£000

£000


£000

£000



 


(restated)


 


(restated)

Profit for the year


7,204


10,074


7,225


10,072

Actuarial loss on defined benefit scheme 

(net of tax)


(9,163) 


(4,874) 


(9,163)


(4,874)

Fair value (loss)/gain on cash flow hedges (net of tax)


(830)


1,737


(830)


1,737













 


 


 


 

Total recognised income and expense for the year attributable to the equity holders of the parent




(2,789)


6,937


(2,768


6,935 

Note 1 provides details of the restatement of the prior year comparative figures.


Balance Sheets at 30 September 2009



Group

Company





2009 


2008

 

2009 

2008 





£ 000


£ 000

 

£ 000

£ 000


NON-CURRENT ASSETS



 


(restated)

 

 

 (restated)


Intangible assets



60 


86 

 

60 

86 


Property, plant and equipment



120,581 


115,990 

 

120,581 

115,988 


Investment property



12,529 


12,635 

 

12,529 

12,635 


Other investments



1,804 


2,037 

 

3,395 

3,395 


Long-term loans




 

600

750


Retirement benefit surplus



-


6,702


-

6,702


Total non-current assets

 

134,974

 

137,450


137,165

139,556


CURRENT ASSETS

 

 

 

 

 

 

 

 


Inventories



6,069


6,102

 

6,001

6,041


Trade and other receivables



   14,871 


   12,145 

 

14,665

11,927


Derivative financial instruments



1,599


2,763


1,599

2,763


Short-term investments - cash deposits



   8,200 


  11,025 

 

   8,200 

  11,025 


Cash and cash equivalents



   8,636 


  5,217 

 

8,569

5,180


Total current assets


  39,375 


37,252

   

  39,034 

36,936


Total assets

 

 

  174,349 

 

  174,702 

 

176,199

176,492


LIABILITIES

 

 

 

 

 

 

 

 


Trade and other payables



  13,858 


  11,477 

 

  13,808 

  11,436 


Derivative financial instruments



-


127


-

127


Current tax payable



   1,698


   1,346

 

   1,698 

   1,346 












Total current liabilities

 

   

15,556


12,950


15,507

12,909












NET CURRENT ASSETS



23,819


24,302


23,527

24,027


NON-CURRENT LIABILITIES

 

 

 

 

 

 


Trade and other payables



  14,67


  13,959 

 

  14,676 

  13,904 


Retirement benefit deficit



   3,708 


  - 

 

   3,708

  -


Financial liabilities - preference shares



235 


235 

 

235 

235 


Deferred tax liabilities



  10,827 


  12,535 

 

  10,827 

  12,535 


Total non-current liabilities


29,446


  26,729


29,446

26,674


Total liabilities


  45,002 


  39,679

   

44,953

39,583


Net assets

 

 

  129,347 

 

  135,023 

 

  131,246

  136,909 


EQUITY

 

 

 

 

 

 

 

 


Share capital



  1,532 


  1,532 

 

  1,532 

  1,532 


Other reserves



1,687


2,556

 

1,687

2,556


Retained earnings



  126,113 


  130,928 

 

  128,027 

  132,821 


Shareholders' funds



  129,332 


  135,016 

 

  131,246 

  136,909 


Minority interest 



   15 


  7 

 

  -  

  -  


Total equity

 

 

  129,347 

 

  135,023 

 

  131,246 

  136,909 

Note 1 provides details of the restatement of the prior year comparative figures.




Cash Flow Statement

for the year ended 30 September 2009



Group

Company



2009 

2008 

2009 

2008 



 

 

 

 



£ 000

£ 000

£ 000

£ 000

Cash flows from operating activities


 

(restated) 

 

(restated) 







Operating profit


8,767 

9,147 

8,692 

9,146 

Depreciation and amortisation charges


7,828 

6,950 

7,826 

6,949 

Revaluation of investment property


106

(294)

16

(294)

Pension operating charge less contribution paid


(1,039)

(1,110)

(1,039)

(1,110)

Loss/(profit) on sale of fixed assets


24 

(406) 

24

(406)

Operating cash flows before movement in working capital


 15,686

 14,287

15,609

14,285







Decrease/(increase) in inventories


33

(1,471)

40

(1,485)

(Increase)/decrease in trade and other receivables


(2,841)

1,076

(2,849)

1,112

Increase in trade and other payables


2,950 

954 

2,951 

933 

Interest received


690 

1,010 

688 

1,008 

Preference dividends paid


(9)

(9)

(9)

(9)

Income taxes paid


(933)

(896)

(896)

(876)



 

 

 

 

Net cash flows from operating activities


15,576 

14,951 

15,534 

14,968 

 


 

 

 

 

Cash flows from investing activities


 

 

 

 

Purchase of property, plant and equipment


(12,066)

(13,270)

(12,066)

(13,270)

Investment in intangible assets


(29)

(49)

(29)

(49)

Net proceeds from disposal of property


16

413

16

413

Repayment of long-term loan


150

109

150

109

Short-term investments


2,825

(7,270)

2,825

(7,270)







Net cash flows used in investing activities


(9,104)

(20,067)

(9,104)

(20,067)



 

 

 

 

Cash flows from financing activities


 

 

 

 

Equity dividends paid

 

(2,907)

(2,426)

(2,895)

(2,267)













Net cash flows used in financing activities


(2,907)

(2,426)

(2,895)

(2,267)



 

 

 

 

Net increase in cash and cash equivalents


3,565 

(7,542) 

3,535 

(7,366) 

Cash and cash equivalents at beginning of year


5,071 

12,613 

5,034 

12,400 



 

 

 

 

Net cash and cash equivalents at end of year


8,636 

5,071 

8,569 

5,034 

Overdraft


-

146

-

146

Cash and cash equivalents at end of year


8,636 

5,217 

8,569 

5,180 



 

 

 

 

Note 1 provides details of the restatement of the prior year comparative figures.














Notes to the accounts


Year ended 30 September 2009

 

1.   Basis of Preparation

The consolidated financial statements of The Jersey Electricity Company Limited, for the year ended 30 September 2009 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the European Union (EU), including International Accounting Standards (IAS) and Interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC).  

While the financial information included in this preliminary announcement has been prepared in accordance with the recognition and measurement criteria, this announcement does not itself contain sufficient information to comply with IFRS.  The Company expects to publish full financial statements that comply with IFRS in early 2010. 

There has been a restatement of the prior year comparative revenue, reserves and creditors as a result of a prior period error. This is discussed in more detail in the narrative covering this statement.

The Company has considerable financial resources and as a consequence, the directors believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook. The directors have a reasonable expectation that the Company 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.


2 Segmental information







Revenue and profit information are analysed between the businesses as follows:









2009

2009

2009


2008

2008

2008


External

Internal

Total


External

Internal

Total


£000

£000

£000


£000

£000

£000

Revenue

 

 

)9 


 

 

(restated))9 


Energy

  73,123 

  267 

  73,390 


  62,063 

  271 

  62,334 


Building Services

  3,569 

  184 

  3,753 


  3,402 

  172 

  3,574 


Retail 

  12,954 

  60 

  13,014 


  13,135 

  51 

  13,186 


Property

  1,840 

  691 

  2,531 


  1,659 

  678 

  2,337 


Other

  2,108 

  57 

  2,682 


  1,963 

  723 

  2,686 


  93,594 

  1,776 

  95,370


  82,222 

  1,895 

  84,117 


Inter-Group elimination

 

 


(1,776)


 

 


(1,895)


Revenue

 

 

  93,594 


 

 

  82,222 


 

 

 


 

 

 

Operating profit

 

 

 


 

 

 


Energy

 

 

  6,679 


 

 

   6,277 


Building Services

 

 

  176 


 

 

  274 


Retail 

 

 

  292 


 

 

  450 


Property

 

 

  1,263 


 

 

  953 


Other

 

 


404


 

 


540

Operating profit before property revaluation/sale

 

 

8,814 


 

 

8,494 


Revaluation of investment properties

 

 

(106) 


 

 

294 

Profit from sale of property



-




405









Group operating profit

 

 

8,708


 

 

9,193

    3.  Dividends paid and proposed






2009



2008

Ordinary and 'A' Ordinary Shares

£000

£000

Final dividend proposed of 118p net of tax per share (2008 - 112p per share)

1,808

1,716

Interim dividend paid of 77p net of tax per share paid (200873p per share)

1,179

1,118


2,987

2,834













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