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Jersey Electricity (JEL)

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Thursday 15 December, 2011

Jersey Electricity

Final Results

RNS Number : 9987T
Jersey Electricity PLC
15 December 2011
 



                                               

 

    Jersey Electricity plc                            

 Preliminary Announcement of Annual Results

Year Ended 30 September 2011

 

 

 

At a meeting of the Board of Directors held on 14 December 2011, the final accounts for the Group for the year to 30 September 2011 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 2011 or 2010, but is derived from those accounts. Statutory accounts for 2010 have been delivered to the Jersey Registrar of Companies and those for 2011 will be delivered in early 2012. The auditors have reported on those accounts and their reports were unqualified. 

A final dividend of 6.50p on the Ordinary and 'A' Ordinary shares in respect of the year ended 30 September 2011 was recommended compared to 6.20p for 2010 (re-stated following the 20 for 1 share split of the Ordinary and 'A' Ordinary shares approved at the 2011 AGM). Together with the interim dividend of 4.25p the proposed total dividend declared for the year was 10.75p on each share.

 

The final dividend will be paid on 30 March 2012 to those shareholders registered in the books of the Company on 24 February 2012. A dividend on the 5% cumulative participating preference shares of 1.5% (2010:1.5%) payable on 2 July 2012 was also recommended.

 

The Annual General Meeting of the Company will be held on 6 March 2012.

 

 

 

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 : [email protected]                                                       Email : [email protected]

 

 

 

15 December 2011     

 

 

 

The Powerhouse,

PO Box 45,

Queens Road,

St Helier,

Jersey JE4 8NY

 

 

 

 

 

 

 

 

 

JERSEY ELECTRICITY plc                       

Preliminary Announcement of Annual Results

Year ended 30 September 2011                                                                                                       

 

The Chairman, Geoffrey Grime, comments :

 

"Jersey Electricity produced a solid performance in 2011 with our turnover breaking through the £100m barrier for the first time. Profits fell to £11.1m but this was due to our 2010 figures including a material upside from the revaluation of our investment property portfolio and a windfall receipt from asset sales by our ex-associate Newtel. The return on fixed assets in the Energy business remained at a level needed to support our investment programme going forward. We successfully commissioned the £9m South Hill Switching Station in a year when our overall capital expenditure rose by over 70% to £15m. Volatility in our imported power prices still remains but following our 5% reduction in customer tariffs in 2010 and a freeze in prices during 2011 we intend to retain prices at existing levels until at least April 2012. This is in the context of UK electricity prices having risen by an average of 17% in the last year and we are pleased to report that our tariffs have remained competitive with, and in many cases cheaper than, other jurisdictions for most customers. Finally we agreed a new €1bn, 10 year agreement with EDF during this year and are already hedging power for 2013 and beyond using this new framework".

                       

 

Financial Summary

 

2011

 

 

2010

 

 

% change





Turnover

£100.49m

£98.89m

 2%

Profit before tax

£11.07m

£14.56m

(24)%

Profit in Energy business

£  7.68m

£7.74m

  (1)%

Earnings per share

28.05p

40.20p*

(30)%

Dividend paid per ordinary share

10.45p

9.95p*

  5%

Special dividend paid per ordinary share

    3.25p*

-

-

*Earnings and dividends per share have been re-stated to reflect the 20 for 1 share split approved at the 2011 AGM

 

Group turnover for the year to 30 September 2011 at £100.5m was 2% higher than in the year ended 30 September 2010. Unit sales volumes in our Energy business were 1% higher than last year but revenues in our Energy business remained at the same level as 2010, at £74.5m, as a result of the 5% decrease in prices to our customers from January 2010.

 

Profit before tax for the year to 30 September 2011 fell to £11.1m from £14.6m but the underlying position remained relatively constant as the movement from the 2010 figures included £2.5m attributable to the revaluation of our investment property portfolio and £0.8m from the distribution of proceeds by our ex-associate Newtel from the sale of assets. 

 

Profits in our Energy business, at £7.7m, remained on a par with last year. Tariffs to our customers were reduced by 5% in January 2010 and remained frozen throughout this full financial year. We have publicly indicated that tariffs will remain at current levels until at least April 2012 and have hedged around 90% and 60% of both power and foreign exchange for 2012 and 2013 respectively. We again imported most of our power requirements from France (96% against 93% in the previous year).

 

Profits in our Property division, excluding movement from property revaluations, fell to £1.7m from £1.9m last year primarily as a result of a back-dated rent review settlement that crystallised in the last financial year. Our investment property portfolio was revalued downwards marginally by £0.1m to £14.9m this year due mainly to movements in stamp duty in Jersey being reflected in the external assessment.   

 

 

Despite the tough trading conditions currently prevailing in markets theRetailing business saw profits remain at £0.5m with turnover up 14% to £16.5m. The Building Services business produced a £0.2m profit, being on a par with last year, even though pressure on margins continued to exist 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 £0.2m in proceeds from the sale of our remaining shares/loans in our ex-associate Newtel. Foreshore, our data centre joint venture, had a turnover of £4.9m being £0.1m less than in 2010 with profitability moving from a small profit last year to a £0.1m loss in 2011. 

 

Interest received on deposits in 2011 was £0.3m being at the same level as in the previous year. The taxation charge at £2.4m was higher than in 2010 because although profits last year were above those in 2011 much of the year-on-year difference was due to non-taxable items such as upside from revaluation of investment properties.  

 

Group earnings per share fell to 28.05p compared to 40.20p in 2010 (re-stated to reflect the 20 for 1 share split approved at the 2011 AGM) due mainly to the lower profits as a sizeable element of the profit in the previous year was due to non-recurring 'windfall' revenues and a material upside from the revaluation of investment property.

 

Dividends paid in the year, net of tax, rose by 5% from 9.95p in 2010, to 10.45p. In addition, a special dividend of 3.25p per share, which was proposed last year, was paid in the year. Dividends declared last year have been re-stated due to the aforementioned share split. The proposed final dividend for this year is 6.50p, being a 5% rise on the previous year. Dividend cover fell from 4.0 times in 2010 to 2.1 times due primarily to the lower level of profit.

 

Net cash inflow from operating activities at £20.8m was £3.6m higher than 2010. Capital expenditure, at £15.0m rose from £8.7m last year with the completion of the £9.3m South Hill switching station capital project, including associated cabling works, to reinforce the electricity network in Jersey being the primary driver. Cash at bank, including short-term investments, at the year end was £24.5m being £1.9m higher than last year.

 

Our defined benefits pension scheme, which showed a £1.4m surplus, net of deferred tax, at the 2010 year end showed a £3.5m deficit as at 30 September 2011. This movement was due mainly to a decrease in scheme assets associated with volatility in financial markets.

 

  

 

 

Consolidated Income Statement






 

for the year ended 30 September 2011






 




2011


2010

 



£000

£000

 

Revenue



100,494


98,889

 







 

Cost of sales



(69,989)


(69,071)

 







 

Gross profit



30,505


29,818

 







 

Revaluation of investment properties



(115)


2,391

 

Operating expenses



(19,553)


(18,000)

 







 

Group operating profit before joint venture



10,837


14,209

 

Share of (loss)/profit of joint venture



(86)


26

 







 

Group operating profit



10,751


14,235

 

Interest receivable



327


338

 

Finance costs



(11)


(13)

 







 

Profit from operations before taxation



11,067


14,560

 

Taxation



(2,423)


(2,185)

 







 

Profit from operations after taxation



8,644


12,375

 







 

Attributable to:






 

Owners of the Company



8,593


12,315

 

Non-controlling interests



51


 60

 




  8,644


       12,375

 







 




     


   

 

Earnings per share






 

- basic and diluted



28.05p


40.20p

 

 

 

 

Statement of Comprehensive Income 



for the year ended 30 September 2011












2011


2010


£000

£000


Profit for the  year


8,644


12,375


Other comprehensive income






Actuarial (loss)/gain on defined benefit scheme


(6,640)


5,158


Fair value loss on cash flow hedges


100


(1,212)


Tax related components relating to other comprehensive income


1,308


(860)


Total comprehensive income  for the year

 


3,412


15,461


Attributable to:






Owners of the Company


3,361


15,401


Non-controlling interests


51


60


 

 

 


3,412


15,461


 

 




Group

Company

 




2011


2010


2011

2010

 




£ 000


£ 000


£ 000

£ 000

 










 


Intangible assets



60


29


60

29

 


Property, plant and equipment



128,330


120,944


128,327

120,944

 


Investment properties



14,813


14,928


14,813

14,928

 


Other investments



1,557


1,677


2,291

3,115

 


Long-term loans



-


-


400

450

 


Retirement benefit surplus



-


1,795


-

1,795

 


Total non-current assets


144,760


139,373


145,891

141,261

 










 


Inventories



6,451


7,573


6,384

7,507

 




            15,361


            15,958


15,162

15,763

 


Derivative financial instruments



486


387


486

387

 




              17,745


              17,920


             17,745

             17,920

 




            6,787


            4,756


6,701

4,612

 


Total current assets


            46,830


46,594

           

           46,478

46,189

          

 


Total assets



          191,590


          185,967


192,369

187,450

 










 




              15,878


              14,116


             15,811

             14,040

 


Current tax payable



              1,820


              2,066


             1,820

             2,066

 










 



            

17,698


16,182


17,631

16,106

 










 




29,132


30,412


28,847

30,083

 


NON-CURRENT LIABILITIES












            17,152


            15,907


           17,152

           15,907

 


Retirement benefit deficit



4,420


-


4,420

-

 


Financial liabilities - preference shares



235


235


235

235

 




            11,226


            11,932


           11,226

           11,932

 


Total non-current liabilities


33,033


        28,074


33,033

28,074

 


Total liabilities


            50,731


        44,256

            

50,664

44,180

 

 


Net assets



          140,859


          141,711


         141,705

         143,270

 










 




              1,532


              1,532


             1,532

             1,532

 


Other reserves



836


756


836

756

 




          138,477


          139,396


         139,337

         140,982

 




          140,845


          141,684


         141,705

         143,270

 




                   14


                   27


                  -  

                  -  

 


Total equity



          140,859


          141,711


         141,705

         143,270

 

 

 

 

 

 

Cash Flow Statement

for the year ended 30 September 2011



Group

Company



2011

2010

2011

2010









£ 000

£ 000

£ 000

£ 000

Cash flows from operating  activities












Operating profit


10,837

14,209

10,799

14,127

Adjustment for disposal of shares in associate


(59)

-

(59)

-

Adjustment for repayment of long-term loan by associate


(136)

(280)

(136)

(280)

Depreciation and amortisation charges


8,212

7,997

8,212

7,997

Loss/(gain) on revaluation of investment properties


115

(2,391)

115

(2,391)

Pension contributions paid less expense in Income Statement


(438)

(348)

(438)

(348)

Profit on sale of fixed assets


6

-

6

-

Operating cash flows before movement in working capital


 18,537

 19,187

 18,499

 19,105







Decrease/(increase) in inventories


1,122

(1,502)

1,123

(1,506)

(Increase)/decrease in trade and other receivables


617

(1,065)

632

(1,076)

Increase in trade and other payables


2,326

1,809

2,334

1,776

Interest received


309

312

309

312

Preference dividends paid


(9)

(9)

(9)

(9)

Income taxes paid


(2,067)

(1,572)

(2,067)

(1,572)







Net cash flows generated from operating activities


20,835

17,160

20,821

17,030







Cash flows from investing activities






Purchase of property, plant and equipment


(14,940)

(8,669)

(14,940)

(8,669)

Investment in intangible assets


(31)

-

(31)

-

Net proceeds from disposal of  fixed assets


17

21

17

21

Repayment of long-term loans by joint venture and associate


186

430

186

430

Disposal of shares in associate


59

-

59

-

Movement in short-term investments


175

(9,720)

175

(9,720)







Net cash flows used in investing activities


(14,534)

(17,938)

(14,534)

(17,938)







Cash flows from financing  activities






Equity dividends paid


(4,270)

(3,102)

(4,198)

(3,049)







Net cash flows used in financing activities


(4,270)

(3,102)

(4,198)

(3,049)







Net inrease/(decrease) in cash and cash equivalents


2,031

(3,880)

2,089

(3,957)

Cash and cash equivalents at 1 October


4,756

8,636

4,612

8,569







Net cash and cash equivalents at 30 September


6,787

4,756

6,701

4,612

 

 

 

 

Consolidated  Statement of Changes in Equity

for the year ended 30 September 2011




Share capital

Other  reserves

Retained earnings

Total reserves







Group:


£ 000

£ 000

£ 000

£ 000







At 1 October 2010


1,532

756

139,396

141,684

Total recognised income and expense for the year


-

-

8,593

8,593

Unrealised gain on hedges (net of tax)


-

80

-

80

Actuarial loss on defined benefit scheme (net of tax)


-

-

(5,314)

(5,314)

Equity dividends


-

-

(4,198)

(4,198)

At 30 September 2011


1,532

836

138,477

140,845







 

 






At 1 October 2009


1,532

1,726

126,074

129,332

Total recognised income and expense 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



















Company:












At 1 October 2010


1,532

756

140,982

143,270

Total recognised income and expense for the year


-

-

7,867

7,867

Unrealised gain on hedges (net of tax)


-

80

-

80

Actuarial loss on defined benefit scheme (net of tax)


-

-

(5,314)

(5,314)

Equity dividends


-

-

(4,198)

(4,198)

At 30 September 2011


1,532

836

139,337

141,705







 

 






At 1 October 2009


1,532

1,726

127,988

131,246

Total recognised income and expense for the year


-

-

11,987

11,987

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

140,982

143,270

 

 

 

 

 

 

 

 

Notes to the accounts

 

Year ended 30 September 2011

 

1.   Basis of Preparation

The consolidated financial statements of Jersey Electricity plc, for the year ended 30 September 2011 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by 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 2012.

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:









2011

2011

2011


2010

2010

2010


External

Internal

Total


External

Internal

Total


£000

£000

£000


£000

£000

£000

Revenue



)9 





 

Energy

     74,486

           326

     74,812


     74,475

           281

     74,756

 

Building Services

       4,716

           232

       4,948


       4,283

           237

       4,520

 

Retail

       16,499

              67

       16,566


       14,410

              50

       14,460

 

Property

       2,216

           688

       2,904


       2,619

           696

       3,315

 

Other

       2,577

           654

       3,231


       3,102

           655

       3,757


     100,494

        1,967

     102,461


     98,889

        1,919

     100,808

 

Inter-Segment elimination



 

(1,967)




 

(1,919)

 

Revenue



     100,494




     98,889









Operating profit








 

Energy



       7,678




       7,742

 

Building Services



           220




           240

 

Retail



           476




           465

 

Property



           1,652




           1,858

 

Other



 

840




 

1,539

Operating profit before property revaluation



10,866




11,844

 

(Loss)/gain on revaluation of investment properties



(115)




2,391









Group operating profit



10,751




14,235

 


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