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Jersey Electricity (JEL)

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Friday 17 December, 2010

Jersey Electricity

Prelim Announcement 2010

RNS Number : 1292Y
Jersey Electricity Company Ld
17 December 2010
 

                                               

 

          Jersey Electricity plc             

 Preliminary Announcement of Annual Results

Year Ended 30 September 2010

 

 

 

At a meeting of the Board of Directors held on 16 December 2010, the final accounts for the Group for the year to 30 September 2010 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 2010 or 2009, but is derived from those accounts. Statutory accounts for 2009 have been delivered to the Jersey Registrar of Companies and those for 2010 will be delivered in early 2011. The auditors have reported on those accounts and their reports were unqualified. 

A final dividend of £1.24 on the Ordinary and 'A' Ordinary shares in respect of the year ended 30 September 2010 was recommended, which together with the interim dividend of £0.81, makes a total proposed dividend declared for the year of £2.05 on each £1 share. In addition a special dividend of £0.65 was declared to distribute a £1m windfall receipt received from an Associate Company.

 

The final dividend and special dividend will be paid on 31 March 2011 to those shareholders registered in the books of the Company on 25 February 2011. A dividend on the 5% cumulative participating preference shares of 1.5% (2009:1.5%) payable on 1 July 2011 was also recommended.

 

The Annual General Meeting of the Company will be held on 3 March 2011.

 

 

 

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

 

 

 

17 December 2010     

 

 

 

The Powerhouse,

PO Box 45,

Queens Road,

St Helier,

Jersey JE4 8NY

 

 

 

 

 

 

JERSEY ELECTRICITY plc                       

Preliminary Announcement of Annual Results

Year ended 30 September 2010                                                                               

 

The Chairman, Geoffrey Grime, comments :

 

"Despite a 5% decrease in electricity tariffs to our customers from January 2010 Jersey Electricity produced a sound financial performance in 2010 largely buoyed by our non-Energy business units which were positively impacted by the revaluation of our investment properties portfolio and a "windfall" receipt from asset sales by our associate. Return on fixed assets in the Energy business was at a level needed to support our infrastructure investment going forward and is consistent with returns made by regulated utilities. Volatility in our imported power prices still remains but we are pleased to announce that following our 5% reduction in 2010 we intend to freeze electricity prices until 2012. We are pleased to report that throughout this period the tariffs for most of our customers have remained competitive with, and in many cases cheaper than, other jurisdictions."

                       

 

Financial Summary

 

2010

 

 

2009

 

 

% rise





Turnover

£98.9m

£93.6m

 6%

Profit before tax

£14.6m

£9.3m

57%

Profit in Energy business

£7.7m

£6.7m

16%

Earnings per share

£8.04

£4.70

71%

Dividend paid per ordinary share

£1.99

£1.89

  5%

 

Group turnover for the year to 30 September 2010 at £98.9m was 6% higher than in the year ended 30 September 2009. Unit sales volumes in our Energy business were marginally higher than last year, and combined with the timing of tariff changes, increased revenues by 2% to £74.5m.

 

Profit before tax for the year to 30 September 2010 rose to £14.6m but £2.4m was attributable to the revaluation of our investment property portfolio and £1m from the distribution of proceeds by our associate Newtel from the sale of assets. 

 

Profits in our Energy business moved up from £6.7m last year to £7.7m in 2010. Tariffs to our customers were reduced by 5% in January 2010, being made possible by our hedged position on both power and foreign exchange, and will remain frozen until at least 2012 unless severe unexpected operational problems are experienced. We again imported most of our power requirements (93% against 92% in the previous year) but generated on-Island, at a higher level than the long-term average, when oil prices made this advantageous. We also entered into an optimization agreement with EDF which allowed us to use our generation facilities in Jersey when market opportunities arose.

 

Profits in our Property division, excluding upside from property revaluations, rose £0.6m to £1.9m  due to an increase in rental flows and the settlement of a rent review with one of our tenants back-dated to June 2008. Our investment property portfolio was revalued upwards by £2.4m in 2010 largely due to the aforementioned rent review with our largest tenant.

 

Despite the current trading conditions our Retailing business saw profits rise from £0.3m to £0.5m with turnover up 11% to £14.4m. The Building Services business produced a £0.2m profit, being on a par with last year, even though pressure on margins prevailed in a very competitive marketplace. In addition, our other business units - Jersey Energy, Jendev and Jersey Deep Freeze, all had a profitable year. We also received £1m from our associate Newtel for fibre optic lease rentals and the part repayment of a loan written off in 2004 when the investment value was reduced to zero. These additional revenues are largely non-recurring and were associated with the distribution of funds raised by Newtel from the sale of its data centre assets in Guernsey. Foreshore, our data centre joint venture, saw an increased annual turnover which rose by over 20% from £4.1m to £5.0m and profitability was improved by £0.1m. 

 

Interest received on deposits in 2010 was £0.3m against £0.6m last year due primarily to lower interest rates associated with the UK base rate remaining at 0.5% during the full financial year period. The taxation charge for the year rose £0.2m to £2.2m due to higher taxable profits. 

 

Group earnings per share rose 71% to £8.04 compared to £4.70 in 2009 as profit was higher but also a sizeable element of the increase was due to non-recurring revenues and a revaluation of the investment property portfolio (which is not taxable as it is a non-realised capital adjustment).

 

Dividends paid, net of tax, rose by 5% from £1.89 in 2009 to £1.99 in 2010. The proposed final dividend for this year is £1.24, being a 5% rise on the previous year. In addition a special dividend of 65p, net of tax, is also proposed to distribute the windfall receipt of £1m from Newtel. Dividend cover rose from 2.5 times in 2009 to 4 times this year due primarily to a higher level of profits but this does not reflect the impact of the proposed special dividend as that will be distributed in the next financial year. If the dividend cover figure excluded the unrealised property revaluation profit and the Newtel receipt then the underlying cover figure for 2010 would have remained at the same level as in 2009 of 2.5 times.  

 

Net cash inflow from operating activities at £17.4m was £1.8m higher than 2009. Capital expenditure, at £8.7m fell from £12.1m last year largely as a result of the completion in 2009 of the £14m Western Primary capital project, to reinforce the electricity network in the west of Jersey.The South Hill Primary capital project started during this financial year and is anticipated to be completed in 2011 at a total cost of around £10m.Cash, including short-term investments, at the year end was £22.7m being £5.8m higher than last year.

 

Our defined benefits pension scheme, which showed a £3.0m deficit, net of deferred tax, at the 2009 year end showed a £1.4m surplus as at 30 September 2010.

 

 

 

 

Consolidated Income Statement






 

for the year ended 30 September 2010






 




2010


2009

 



£000

£000

 

Revenue



98,889


93,594

 







 

Cost of sales



(68,845)


(66,903)

 







 

Gross profit



30,044


26,691

 







 

Revaluation of investment properties



2,391


(106)

 

Operating expenses



(18,226)


(17,818)

 







 

Group operating profit before joint venture



14,209


8,767

 

Share of profit/(loss) of joint venture



26


(59)

 







 

Group operating profit



14,235


8,708

 

Interest receivable



338


577

 

Finance costs



(13)


(11)

 







 

Profit from operations before taxation



14,560


9,274

 

Taxation



(2,185)


(2,032)

 







 

Profit from operations after taxation



12,375


7,242

 

Minority interest



(60)


(38)

 

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






 


12,315

7,204

 

Attributable to:






 

Owners of the company



12,375


7,242

 

Minority interest



 (60)


 (38)

 




  12,315


        7,204

 







 




     £


     £

 

Earnings per share






 

- basic and diluted



8.04


4.70

 

 

Statements of Comprehensive Income 






for the year ended 30 September 2010











Group


Company



2010


2009


2010


2009

£000

£000


£000

£000

Profit for the  year


12,315


7,204


12,267


7,225

Other comprehensive income









Actuarial gain/(loss) on defined benefit scheme


5,158


(11,455)


5,158


(11,455)

Fair value loss on cash flow hedges


(1,212)


(996)


(1,212)


(996)

Impairment of investment


-


-


(280)


-

Tax related components relating to other comprehensive income


(860)


2,458


(860)


2,458

Total comprehensive income  for the year

 


15,401


(2,789)


15,073


(2,768)

Attributable to:









Owners of the company


15,461


(2,751)


15,073


(2,768)

Minority interest


 (60)


(38)


-


-

 

 

 


15,401


(2,789)


15,073


(2,768)

 


Balance Sheets at 30 September 2010


Group

Company

 





2010


2009


2010

2009

 





£ 000


£ 000


£ 000

£ 000

 


NON-CURRENT ASSETS









 


Intangible assets



29


60


29

60

 


Property, plant and equipment



120,944


120,581


120,944

120,581

 


Investment property



14,928


12,529


14,928

12,529

 


Other investments



1,677


1,804


3,115

3,395

 


Long-term loans



-


-


450

600

 


Retirement benefit surplus



1,795


-


1,795

-

 


Total non-current assets


139,373


134,974


141,261

137,165



CURRENT ASSETS









 


Inventories



7,573


6,069


7,507

6,001

 


Trade and other receivables



            15,958


            14,871


15,763

14,665

 


Derivative financial instruments



387


1,599


387

1,599

 


Short-term investments - cash deposits



              17,920


              8,200


             17,920

             8,200

 


Cash and cash equivalents



            4,756


            8,636


4,612

8,569

 


Total current assets


            46,594


39,375

           

           46,189

39,034

 


Total assets



          185,967


          174,349


187,450

176,199

 


LIABILITIES









 


Trade and other payables



              14,116


              13,857


             14,040

             13,808

 


Current tax payable



              2,066


              1,699


             2,066

             1,699

 











 


Total current liabilities


            

16,182


15,556


16,106

15,507

 











 


NET CURRENT ASSETS



30,412


23,819


30,083

23,527

 


NON-CURRENT LIABILITIES







 


Trade and other payables



            15,907


            14,676


           15,907

           14,676

 


Retirement benefit deficit



                -


                3,708


                -

                3,708

 


Financial liabilities - preference shares



235


235


235

235

 


Deferred tax liabilities



            11,932


            10,827


           11,932

           10,827

 


Total non-current liabilities


28,074


        29,446


28,074

29,446

 


Total liabilities


            44,256


        45,002

            

44,180

44,953

 


Net assets



          141,711


          129,347


         143,270

         131,246

 


EQUITY









 


Share capital



              1,532


              1,532


             1,532

             1,532

 


Other reserves



756


1,726


756

1,726

 


Retained earnings



          139,396


          126,074


         140,982

         127,988

 


Equity attributable to owners of the company



          141,684


          129,332


         143,270

         131,246

 


Minority interest



                   27


                   15


                  -  

                  -  

 


Total equity



          141,711


          129,347


         143,270

         131,246

 

 

 

 

 

Cash Flow Statement

for the year ended 30 September 2010



Group

Company



2010

2009

2010

2009









£ 000

£ 000

£ 000

£ 000

Cash flows from operating  activities












Operating profit


14,209

8,767

14,127

8,692

Depreciation and amortisation charges


7,997

7,828

7,997

7,826

Revaluation of investment property


(2,391)

106

(2,391)

106

Pension contributions paid less expense in Income Statement


(348)

(1,039)

(348)

(1,039)

Loss on sale of fixed assets


-

24

-

24

Operating cash flows before movement in working capital


 19,467

15,686

 19,385

15,609







(Increase)/decrease in inventories


(1,502)

33

(1,506)

40

Increase in trade and other receivables


(1,065)

(2,841)

(1,076)

(2,849)

Increase in trade and other payables


1,809

2,950

1,776

2,951

Interest received


312

690

312

688

Preference dividends paid


(9)

(9)

(9)

(9)

Income taxes paid


(1,572)

(933)

(1,572)

(896)







Net cash flows from operating activities


17,440

15,576

17,310

15,534







Cash flows from investing activities






Purchase of property, plant and equipment


(8,669)

(12,066)

(8,669)

(12,066)

Investment in intangible assets


-

(29)

-

(29)

Net proceeds from disposal of  property


21

16

21

16

Repayment of long-term loan by joint venture


150

150

150

150

Movement in short-term investments


(9,720)

2,825

(9,720)

2,825







Net cash flows used in investing activities


(18,218)

(9,104)

(18,218)

(9,104)







Cash flows from financing  activities






Equity dividends paid


(3,102)

(2,907)

(3,049)

(2,895)







Net cash flows used in financing activities


(3,102)

(2,907)

(3,049)

(2,895)







Net (decrease)/increase in cash and cash equivalents


(3,880)

3,565

(3,957)

3,535

Cash and cash equivalents at 1 October


8,636

5,071

8,569

5,034







Net cash and cash equivalents at 30 September


4,756

8,636

4,612

8,569













 

 

 

 

Consolidated  Statement of Changes in Equity

for the year ended 30 September 2010




Share capital

Other  reserves

Retained earnings

Total reserves







Group:


£ 000

£ 000

£ 000

£ 000







At 1 October 2009


1,532

1,726

126,074

129,332

Profit for the year


-

-

12,315

12,315

Unrealised loss on hedges (net of tax)


-

(970)

-

(970)

Actuarial gain on defined benefit scheme (net of tax)


-

-

4,056

4,056

Equity dividends


-

-

(3,049)

(3,049)

At 30 September 2010


1,532

756

139,396

141,684













At 1 October 2008


1,532

2,556

130,928

135,016

Profit for the year


-

-

7,204

7,204

Unrealised loss on hedges (net of tax)


-

(830)

-

(830)

Actuarial loss on defined benefit scheme (net of tax)


-

-

(9,163)

(9,163)

Equity dividends


-

-

(2,895)

(2,895)

At 30 September 2009


1,532

1,726

126,074

129,332



















Company:












At 1 October 2009


1,532

1,726

127,988

131,246

Profit for the year


-

-

12,267

12,267

Unrealised loss on hedges (net of tax)


-

(970)

-

(970)

Actuarial gain on defined benefit scheme (net of tax)


-

-

4,056

4,056

Impairment of investment


-

-

(280)

(280)

Equity dividends


-

-

(3,049)

(3,049)

At 30 September 2010


1,532

756

140,982

143,270













At 1 October 2008


1,532

2,556

132,821

136,909

Profit for the year


-

-

7,204

7,225

Unrealised loss on hedges (net of tax)


-

(830)

-

(830)

Actuarial loss on defined benefit scheme (net of tax)


-

-

(9,163)

(9,163)

Equity dividends


-

-

(2,895)

(2,895)

At 30 September 2009


1,532

1,726

127,988

131,246







 

 

 

Notes to the accounts

 

Year ended 30 September 2010

 

1.   Basis of Preparation

The consolidated financial statements of Jersey Electricity plc, for the year ended 30 September 2010 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 appropriate 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 2011. 

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:









2010

2010

2010


2009

2009

2009


External

Internal

Total


External

Internal

Total


£000

£000

£000


£000

£000

£000

Revenue



)9 





 

Energy

     74,475

           281

     74,756


     73,123

           267

     73,390

 

Building Services

       4,283

           237

       4,520


       3,569

           184

       3,753

 

Retail

       14,410

              50

       14,460


       12,954

              60

       13,014

 

Property

       2,619

           696

       3,315


       1,840

           691

       2,531

 

Other

       3,102

           655

       3,757


       2,108

           574

       2,682


     98,889

        1,919

     100,808


     93,594

        1,776

     95,370

 

Inter-Segment elimination



 

(1,919)




 

(1,776)

 

Revenue



     98,889




     93,594









Operating profit








 

Energy



       7,742




       6,679

 

Building Services



           240




           176

 

Retail



           465




           292

 

Property



           1,858




           1,263

 

Other



 

1,539




 

404

Operating profit before property revaluation



11,844




8,814

 

Revaluation of investment properties



2,391




(106)









Group operating profit



14,235




8,708

 


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