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Jersey Electricity (JEL)

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Tuesday 16 December, 2003

Jersey Electricity

Final Results

Jersey Electricity Company Limited
16 December 2003

                         The Jersey Electricity Company

                   Preliminary Announcement of Annual Results

                          Year Ended 30 September 2003

At a meeting of the Board of Directors held on 15 December 2003, the preliminary
announcement of the annual results for the Group for the year to 30 September
2003 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 years ended 30 September 2002 or 2003. The
financial information for the year ended 30 September 2002 is derived from the
statutory accounts for that year which have been delivered to the Jersey
Registrar of Companies. The auditors reported on those accounts and their report
was unqualified.  The statutory accounts for the year ended 30 September 2003
will be finalised on the basis of the financial information presented by the
Directors in this preliminary announcement and will be delivered to the Jersey
Registrar of Companies following the Company's Annual General Meeting.

A final gross dividend of 50.0p (40.0p net of tax) on the Ordinary and 'A'
Ordinary shares in respect of the year ended 30 September 2003 was recommended
which, together with the interim gross dividend of 41.0p (32.8p net of tax),
makes a total gross dividend for the year of 91.0p (72.8p net of tax) on each £1

The dividend will be paid on 31 March 2004 to those shareholders registered in
the books of the Company on 5 March 2004. A dividend on the 5% cumulative
participating preference shares of 1.5% (2002 1.5%) payable on 1 July 2004 was
also recommended.

The Annual General Meeting of the Company will be held on 8 March 2004.

P.J. Routier

Company Secretary

Direct telephone number : 01534 505253

Direct fax number : 01534 505515

Email : [email protected]

16 December 2003

The Powerhouse,

PO Box 45,

Queens Road,

St Helier,

Jersey JE4 8NY


                   Preliminary announcement of annual results

                          Year ended 30 September 2003

The Chairman, Derek Maltwood, comments :

'I am pleased to report on another year of increasing profits, falling
electricity prices in real terms, excellent environmental performance and
continued high reliability from our electricity supply system. Pre-tax
profits,before exceptional costs, rose by 37% to £6.1m due principally to
improved terms for power purchases from the competitive European electricity
market and a 3% growth in our electricity sales. This growth reflects our
continuing success in securing the major share of the new energy market offered
by Jersey's booming property development programme, in which three out of every
four premises built so far this decade are all-electric. Our focus remains on
sustaining electricity's environmental and price stability and advantages over
other fuels,whilst preserving the high reliability of electricity supplies on
which Jersey's finance industry, in particular, depends.'

Key Financial Information                  2003               2002                   % rise/(reduction)
Turnover                                   £59.3m             £60.4m                 (2%)
Profit before tax *                        £6.1m              £4.5m                  37%
Earnings per share *                       £2.66              £2.14                  24%
Net dividend per ordinary share            72.8p              66.0p                  10%

Group turnover for the year to 30 September 2003 at £59.3m was 2% lower than the
year ended 30 September 2002. The Energy business contributed £42.2m of the
Group turnover, which was £1.2m above last year due to a 3% increase in units
sold compared to 2002. Tariffs were frozen at the same level as the previous
year and will be frozen again during the 2004 financial year. Turnover in the
Property business rose in the year by £0.2m to £2m but fell in Contracting by
£1.4m due to the decision announced at the half-year to withdraw from the larger
projects arena. Turnover in the Retail and Other Businesses segments fell

Profit on ordinary activities before tax and exceptional costs for the year to
30 September 2003 rose by 37% to £6.1m. Profits in the Electricity business rose
by £2.3m to £6.5m with increased unit sales and the benefits of our new European
electricity supply agreement offset by higher pension costs. The Electrical
Retailing business maintained profits at a similar level to 2002 despite a year
on year decrease of 2.5% in like for like sales.  The  Contracting business
produced a loss of £0.5m, most of which was incurred in the first half of 2003,
due to pressures on margins in this very competitive industry which was the
catalyst for our decision to exit substantially from the business. The Property
division continued to grow profits to £1.0m being 13% higher than last year due
to higher occupancy rates. Other businesses, including joint ventures and
associates, produced a loss of £1.0m slightly above the level in 2002.

Interest payable was £0.2m lower due to an average lower level of net debt
during the year. The net debt figure at the year end rose to £4.5m, up from
£1.5m at the previous year end due to the injection of £7m into the JEC pension
scheme in July 2003 as disclosed at the half-year. The taxation charge for the
year was £1.8m, net of the exceptional tax credit of £0.2m in relation to
restructuring costs.

Group earnings per share, excluding the impact of exceptional costs, rose 24% to
£2.66 compared to £2.14 in 2002. Earnings per share, including the impact of
exceptional charges, were £2.20 compared to £0.49 in the previous year.

Dividends for the year rose by 10% from a gross level of 82.5p (66.0p net of
tax) in 2002 to a recommended 91.0p (72.8p net of tax) for 2003 consistent with
the aim to deliver a sustained increase in real terms each year. Dividend cover,
excluding exceptional costs, increased from 3.2 to 3.7 times.

* Before exceptional items

An exceptional item of £0.9m (before tax) has been recognised in the year to 30
September 2003 relating to the costs of manpower reductions within our
Contracting business as announced when our half-year results were issued.
Exceptional items totalling £2.9m (before tax) were recognised for restructuring
costs and impairment of investments in 2002.


                      Consolidated Profit and Loss Account

                     for the year ended 30 September 2003

                                                                      Notes            2003               2002
                                                                                      £ 000              £ 000
Group and share of joint venture                                                     59,809             60,812
Less: Share of joint venture turnover                                                 (556)              (461)

Group turnover                                                            2          59,253             60,351

Cost of sales                                                                      (34,532)           (37,510)

Gross profit                                                                         24,721             22,841

Net operating expenses                                                             (17,266)           (16,999)

Exceptional item - restructuring costs                                   3a           (886)            (1,790)
Exceptional item - impairment of investments                             3b               -            (1,098)

Group operating profit                                                                6,569             2,954

Share of operating loss in joint venture                                              (655)              (661)

Share of associate's operating loss                                                   (684)              (503)

Profit on ordinary activities before interest and                         2           5,230             1,790

Net interest  and similar charges                                                      (21)              (217)

Profit on ordinary activities before taxation                                         5,209              1,573
Tax on profit on ordinary activities                                                (1,771)              (782)

Profit on ordinary activities after taxation                                          3,438               791

Minority Interest                                                                      (66)               (41)
Profit on ordinary activities after taxation and                                      3,372               750
minority interest

Dividends paid and proposed                                                         (1,124)            (1,020)

Retained profit/(loss) for the group and share in                                     2,248              (270)
joint venture

Earnings per ordinary share (basic and diluted)                                      £2.20              £0.49

Earnings per ordinary share (basic and diluted)                                      £2.66              £2.14
excluding exceptional items

                         THE JERSEY ELECTRICITY COMPANY

          Consolidated Statement of Total Recognised Gains and Losses

                      for the year ended 30 September 2003

                                                                                  2003             2002
                                                                                 £ 000            £ 000

Profit on ordinary activities after taxation and minority                        3,372              750

Unrealised surplus on revaluation of plant                                          12               91

Unrealised surplus on revaluation of investment properties                          25              425

Deferred tax credit on items previously recognised in the                        1,960                -
Statement of Total Recognised Gains and Losses

Total recognised gains since last annual report                                  5,369            1,266

            Consolidated Note of Historical Cost Profits and Losses

                      for the year ended 30 September 2003

                                                                                           2003              2002
                                                                                          £ 000             £ 000

Profit on ordinary activities before taxation (after minority interest)                   5,143             1,532

Difference between the historical cost depreciation charge
and the actual depreciation charge for the year calculated
on the revalued amount                                                                    1,711             1,241

Historical cost profit on ordinary activities before taxation                             6,854             2,773
(after minority interest)

Historical cost profit for the year retained after taxation,
minority interest and dividends                                                           3,959               971

                         THE JERSEY ELECTRICITY COMPANY

                                 Balance Sheets

                               30 September 2003

                                                                 Group             Group        Company     Company
                                                                  2003              2002           2003        2002
                                                                 £ 000             £ 000          £ 000       £ 000
Intangible fixed assets                                            141               182              -           -
Tangible fixed assets                                          120,186           119,905        120,185     119,901
                    subsidiary                                       -                 -            477         477
                    other investments                                5                 5          3,944       2,963
                    joint venture                                    -                 -          2,251       1,389

Share of associate's net assets                                    873               566              -           -
Joint venture share of gross assets                    561               557
Joint venture share of gross liabilities             (328)              (73)
Net share of joint venture assets                                  233               484              -           -

                                                               121,438           121,142        126,857     124,730

Stocks and work in progress                                      2,961             2,708          2,885       2,646
Debtors due within one year                                      9,404             7,982          9,198       8,227
Debtors due after more than one year                             7,191               596          7,191         720
Cash at bank and in hand                                            77               210             17          75

                                                                19,633            11,496         19,291      11,668
Amounts falling due within one year                             15,990            11,078         15,932      11,011

NET CURRENT ASSETS                                               3,643               418          3,359         657

Total assets less current liabilities                          125,081           121,560        130,216     125,387

Amounts falling due after more than one                          1,344               961          1,296         925

Pensions and similar obligations                                   538               484            538         484
Deferred taxation                                               10,699            11,884         10,699      11,884

                                                                12,581            13,329         12,533      13,293

                                                               112,500           108,231        117,683     112,094

Called up share capital:
Equity                                                           1,532             1,532          1,532       1,532
Non-Equity                                                         235               235            235         235
Reserves - Equity                                              110,647           106,402        115,916     110,327

SHAREHOLDERS' FUNDS                                            112,414           108,169        117,683     112,094
Equity - Minority Interest                                          86                62              -           -
                                                               112,500           108,231        117,683     112,094


                        Consolidated Cash Flow Statement

                      for the year ended 30 September 2003

                                                                                          2003              2002
                                                                                         £ 000             £ 000

Group operating profit                                                                   6,569             2,954
Depreciation and amortisation charges                                                    8,276             7,676
(Increase)/decrease in stocks & work in progress                                         (253)               249
(Increase)/decrease in debtors                                                         (1,036)             2,204
Special contribution to pension scheme                                                 (7,000)                 -
Increase in creditors                                                                      892             1,707
Impairment of investment                                                                     -             1,098

NET CASH INFLOW FROM OPERATING ACTIVITIES                                                7,448            15,888

Returns on investments and servicing of finance                                           (21)             (217)
Taxation                                                                                 (231)             (284)
Capital and investment expenditure                                                     (9,047)           (5,481)
Dividends paid                                                                         (1,173)             (952)

(DECREASE)/INCREASE IN CASH                                                            (3,024)             8,954


(Decrease)/increase in cash                                                            (3,024)             8,954
Net debt - start of year                                                               (1,486)          (10,440)

Net debt - end of year                                                                 (4,510)           (1,486)

Cash at bank and in hand                                                                    77               210
Overdraft                                                                              (4,587)           (1,696)

Net debt                                                                               (4,510)           (1,486)


                             Notes to the accounts

                          Year ended 30 September 2003

 1. Basis of Preparation

The accounts have been prepared on the basis of the accounting policies set in
the Group 2002 Annual Report and Accounts.

 2. Turnover and profit

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

                                                               Turnover                   Profit/(loss)
                                                            2003      2002             2003            2002
Principal activities:                                       £000      £000             £000            £000
Energy                                                    42,244    40,954            6,536           4,238
Contracting                                                6,191     7,557            (539)              78
Retail appliance sales                                     5,773     6,467              141             176
Property                                                   1,964     1,845            1,008             891
Other                                                      3,081     3,528          (1,030)           (705)
                                                          59,253    60,351            6,116           4,678

Exceptional item - restructuring costs                                                (886)         (1,790)
Exceptional item - impairment of investments                                              -         (1,098)
Profit on ordinary activities before interest and                                     5,230           1,790

The information currently available to report the net assets of each business
class is limited as each business operates as a division of the Group and
therefore in certain instances there is no reasonable basis to allocate the
Group net assets to each business class. On a geographical basis, the Group's
material operations are conducted within the Channel Islands area.

 3. Exceptional Items

 a. Restructuring costs

The 2003 exceptional item of £886,000 relates to the costs of manpower
reductions within our Contracting business. The tax benefit arising from this
exceptional item is £177,000 giving a net cost for the current year of £709,000.

In 2002 the exceptional item of £1,790,000 relates to the costs of manpower
reductions of La Collette power station in Jersey. The tax benefit arising from
this exceptional item was £358,000 giving a net cost for the prior year of

 b. Impairment of investments

The exceptional charge of £1,098,000 in 2002 relates to the write-off of the
Group investment in GoPro Landsteinar Ehf. following an impairment review.

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

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