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Jersey Electricity (JEL)

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Thursday 13 December, 2007

Jersey Electricity

Annual Report and Accounts

Jersey Electricity Company Limited
13 December 2007

                        The Jersey Electricity Company
                   Preliminary Announcement of Annual Results
                          Year Ended 30 September 2007

At a meeting of the Board of Directors held on 12 December 2007, the final
accounts for the Group for the year to 30 September 2007 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 2007 or 2006, but
is derived from those accounts. Statutory accounts for 2006 have been delivered
to the Jersey Registrar of Companies and those for 2007 will be delivered in
early 2008. The auditors have reported on those accounts and their reports were

A final gross dividend of 93.75p (75p net of tax) on the Ordinary and 'A'
Ordinary shares in respect of the period ended 30 September 2007 was recommended
which, together with the interim gross dividend of 61.25p (49p net of tax),
makes a total proposed gross dividend declared for the year of £1.55 (£1.24 net
of tax) on each £1 share.

The final dividend will be paid on 31 March 2008 to those shareholders
registered in the books of the Company on 29 February 2008. A dividend on the 5%
cumulative participating preference shares of 1.5% (2006 1.5%) payable on 1 July
2008 was also recommended.

The Annual General Meeting of the Company will be held on 5 March 2008.

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]

13 December 2007

The Powerhouse,
PO Box 45,
Queens Road,
St Helier,
Jersey JE4 8NY

Preliminary Announcement of Annual Results
Year ended 30 September 2007

The Chairman, Derek Maltwood, comments :

'Group profits rose by 19% in the year due mainly to a fine performance by our
non-core business units aided by upside from a revaluation of our property
interests. These businesses account for around one third of Group profits.
Profits in our Energy business rose by 5% but were still a third lower than
those achieved in 2005 due to our decision to constrain the pass through to our
customers of substantial increases in the cost of the energy we import from
France. Customer tariffs, rose by 19% from January 2007, as a result of
deferring the pass through of cost rises experienced across Europe since 2006
and to facilitate required investment in the electricity infrastructure that is
vital to Jersey. Projects initiated in 2007 include the £13m reinforcement of
the network in the west of Jersey. Our aim is to ensure that no further direct
tariff rises will be experienced by our customers in 2008 as we have hedged both
our power purchasing requirements and euro exposure to deliver this objective.
However markets are still volatile and the forecasting of future wholesale power
prices in Europe remains a significant challenge to Jersey Electricity.'

Financial Summary                                       2007                 2006             % rise/(fall)

Turnover                                               £75.9m               £65.6m                 16%
Profit before tax                                      £8.7m                £7.3m                  19%
Profit in Energy business                              £4.5m                £4.3m                  5%
Earnings per share                                     £4.94                £3.88                  27%
Dividend paid per ordinary share (net of tax)*         £1.17                £1.06                  10%

*excluding the special dividend of £4.44 (net of tax) paid in March 2006

Group turnover for the year to 30 September 2007 at £75.9m was 16% higher than
in the year ended 30 September 2006. The Energy business contributed £57.0m of
the Group turnover which was £6.6m above last year due to a 19% rise in tariffs
from January 2007 offset by a 3% reduction in units sold because of the mild
winter in 2006/07.

Group profit before tax in 2007 of £8.7m was 19% higher than the corresponding
£7.3m last year. This compares to a level of £10.5m in 2005 before the decision
was made to absorb an element of the substantial rise in the price of imported
power which impacted the level of Energy profits in both 2006 and 2007.

Profits in our Energy business moved up from £4.3m last year to £4.5m in 2007,
but were 33% lower than in 2005. As stated last year profitability is expected
to rise in 2008 to previous levels experienced prior to our decision to absorb
an element of the substantial rise in our electricity importation costs. Power
importation fell from an average level of 95% over the previous 5 years to 89%
in the last financial year as a short term fall in oil prices in the early part
of 2007 made it financially advantageous to generate power rather than import
electricity. This helped off set the downside from lower sales during the mild
winter of 2006/07.

Profits in our Property division, excluding upside from property revaluations/
disposals, rose substantially from £0.4m to £1.0m due mainly to higher rental
flows. Gains recognised in the income statement from the revaluation/sale of
properties were on a par with last year at £1.2m.

Our Retailing business had a strong year with turnover rising 20% on a like for
like basis and 36% including new ventures. Profits rose from £0.4m to £0.5m with
higher flat screen television and computer sales offset by early trading losses
from Imagination, our hobby, crafts and toy store, within our Powerhouse site
and our e-retailing internet start-up operation (

The Building Services business produced a £0.3m profit, up from £0.2m in 2006
despite a very competitive marketplace.

Our other business units - Jersey Energy, Jendev and Jersey Deep Freeze all had
successful years with growth in both revenues and profit. Our share of losses at
our data centre joint venture, Foreshore Limited, fell substantially from £0.3m
to £0.1m and the business is now profitable on an increased annual turnover
which rose nearly 60% from £2.2m to £3.5m in the last financial year.

Interest received in 2007 was £0.9m being at the same level as last year with a
lower average level of cash being negated by higher interest rates achieved.

The taxation charge for the year, at £1.1m, was lower than the 2006 charge of
£1.4m despite the rise in profits. As indicated in our Interim Report this is 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 is lower than
2006 due to the migration from a prior year to current year basis of tax
assessment but will revert to 20% again, being the ongoing rate applicable to
Jersey utilities, from 2009 onwards.

Our earnings per share rose by 27% to £4.94 compared to £3.88 in 2006 as a
result of increased profits and tax changes as described above.

Cash at bank, including short-term investments, rose £1.3m to £16.4m during the
year although it had been anticipated that this would fall due to an increased
level of capital expenditure which has moved into 2007/08 due to planning
delays. Operating cash flow was marginally lower than 2006 at £11.7m in 2007
with higher profit offset by the requirement for additional working capital.
Investment expenditure increased from £5.7m in 2006 to £8.9m in 2007 with the
initiation of spend on the two year £13m capital project to reinforce the
electricity network in the west of Jersey being the primary driver.

Dividends paid in the year rose by 10% from £1.06 net of tax in 2006 to £1.17
for 2007, excluding the special dividend of £4.44 per share paid in March 2006.
Dividend cover, excluding the special dividend, rose from 3.7 times last year to
4.2 times in 2007.

Consolidated Income Statement
for the year ended 30 September 2007
                                                                 2007                    2006
                                                                 £000                    £000

Revenue                                                        75,871                  65,617

Cost of sales                                                (52,117)                (42,873)

Gross profit                                                   23,754                  22,744

Revaluation of investment properties                              900                   1,219
Sale of property                                                  309                       -
Operating expenses                                           (16,951)                (17,107)

Group operating profit before joint venture                     8,012                   6,856
Share of loss of joint venture                                  (135)                   (343)

Group operating profit                                          7,877                   6,513
Interest receivable                                               868                     818
Finance costs                                                    (11)                     (9)

Profit from operations before taxation                          8,734                   7,322
Taxation                                                      (1,074)                 (1,351)

Profit from operations after taxation                           7,660                   5,971
Minority interest                                                (90)                    (29)

Profit for the year attributable to the equity
holders of the parent company                                   7,570                   5,942

                                                                  £                        £
Earnings per share
- basic and diluted                                              4.94                    3.88

Statements of Recognised Income and Expense
for the year ended 30 September 2007
                                                                  Group                                 Company
                                                            2007             2006                  2007           2006
                                                            £000             £000                  £000           £000

Profit for the  year                                       7,570            5,942                 7,601          6,303
Actuarial gain on defined benefit scheme                   5,431            2,910                 5,431          2,910
(net of tax)
Fair value gain/(loss) on cash flow hedges                 1,469            (570)                 1,469          (570)
(net of tax)
Revaluation of freehold land and buildings                   448                -                   448              -

Total recognised income and expense for the               14,918            8,282                14,949          8,643
year attributable to the equity holders of
the parent

Balance Sheets at                                                   Group                             Company
30 September 2007                                           2007             2006                 2007           2006
                                                           £ 000            £ 000                £ 000          £ 000
Intangible assets                                             82              131                   82            131
Property, plant and equipment                            109,790          108,289              109,788        108,287
Investment property                                       12,340           10,990               12,340         10,990
Other investments                                          2,099            1,884                4,255          3,905
Retirement benefit surplus                                11,684            3,789               11,684          3,789
Total non-current assets                                 135,995          125,083              138,149        127,102


Inventories                                                4,631            4,196                4,556          4,109 
Trade and other receivables                               11,258            9,257                11,075         9,096   
Derivative financial instruments                             464                -                   464             -
Short-term investments - cash deposits                     3,755            3,765                 3,755         3,765
Cash and cash equivalents                                 12,613           11,346                12,400        11,266   
Total current assets                                      32,721           28,564                32,250        28,236   

Total assets                                             168,716          153,647               170,399       155,338   
Trade and other payables                                  11,348            9,590                11,301         9,549
Derivative financial instruments                               -            1,098                     -         1,098
Current tax payable                                          944            1,190                   887         1,170

Total current liabilities                                 12,292           11,878                12,188        11,817

Trade and other payables                                  13,123           13,245                13,123        13,245
Tax liabilities                                              487              813                   454           735
Financial liabilities - preference shares                    235              235                   235           235
Deferred tax liabilities                                  13,670           11,734                13,670        11,734

Total non-current liabilities                             27,515           26,027                27,482        25,949

Total liabilities                                         39,807           37,905                39,670        37,766

Net assets
                                                         128,909          115,742               130,729       117,572
Share capital                                              1,532            1,532                 1,532         1,532
Other reserves                                               819          (1,098)                   819       (1,098)
Retained earnings                                        126,483          115,274               128,378       117,138
Shareholders' funds                                      128,834          115,708               130,729       117,572
Minority interest                                             75               34                     -             -

Total equity                                             128,909          115,742               130,729       117,572

Cash Flow Statement
for the year ended 30 September 2007
                                                                            Group                  Company
                                                                     2007         2006         2007        2006
                                                                    £ 000        £ 000        £ 000       £ 000
Cash flows from operating  activities

Operating profit                                                    8,012        6,856        7,810       6,819
Depreciation and amortisation charges                               7,568        6,948        7,568       6,947
Revaluation of investment property                                  (900)      (1,219)        (900)     (1,219)
Pension operating charge less contribution paid                   (1,110)        (877)      (1,110)       (877)
Profit on sale of fixed assets                                      (312)            -        (312)           -
Operating cash flows before movement in working capital            13,258       11,708       13,056      11,670

Increase in inventories                                             (435)        (269)        (447)       (275)
Increase in trade and other receivables                           (1,979)      (2,515)      (1,957)     (2,470)
Increase in trade and other payables                                1,139        3,387        1,150       3,310
Interest received                                                     844          756          837         756
Preference dividends paid                                             (9)          (9)          (9)         (9)
Income taxes paid                                                 (1,159)      (1,233)      (1,136)     (1,191)

Net cash flows from operating activities                           11,659       11,825       11,494      11,791

Cash flows from investing activities
Purchase of property, plant and equipment                         (8,529)      (4,995)      (8,529)     (4,992)
Investment in intangible assets                                      (17)         (76)         (17)        (76)
Proceeds from disposal of  property                                   318        6,550          318       6,550
Investment in joint venture                                         (350)        (613)        (350)       (613)
Short-term investments                                                 10      (3,765)           10     (3,765)

Net cash flows used in investing activities                       (8,568)      (2,899)      (8,568)     (2,896)

Cash flows from financing  activities
Equity dividends paid                                             (1,824)      (8,450)      (1,792)     (8,426)

Net cash flows used in financing activities                       (1,824)      (8,450)      (1,792)     (8,426)

Net increase in cash and cash equivalents                           1,267          476        1,134         468
Cash and cash equivalents at beginning of period                   11,346       10,870       11,266      10,798

Cash and cash equivalents at end of period                         12,613       11,346       12,400      11,266

Notes to the accounts

Year ended 30 September 2007

1.   Basis of Preparation

The consolidated financial statements of The Jersey Electricity Company Limited,
for the year ended 30 September 2007 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 Group expects to publish full financial statements that comply with IFRS
in early 2008.

2    Segmental information

Revenue and profit information are analysed between
the businesses as follows:
                                                          2007      2007    2007          2006      2006     2006
                                                      External  Internal   Total      External  Internal    Total
                                                          £000      £000    £000          £000      £000     £000
                                                        56,957       246  57,203        50,391       216   50,607
                                                         3,204       199   3,403         3,111       188    3,299
Building Services                                                                                           
                                                        11,934        53  11,987         8,772        46    8,818
                                                         1,597       683   2,280         1,556       286    1,842
                                                         2,179       865   3,044         1,787       701    2,488
                                                        75,871     2,046  77,917        65,617     1,437   67,054

Inter-Group elimination                                                  (2,046)                          (1,437)

                                                                          75,871                           65,617

Operating profit
Energy                                                                     4,493                            4,277
Building Services                                                            305                              241
Retail                                                                       479                              383
Property                                                                     954                              442

Other                                                                        437                             (49)

                                                                           6,668                           5,294

Revaluation of investment properties                                         900                            1,219
Sale of property                                                             309                                -

                                                                           7,877                            6,513

3.    Dividends paid and proposed

                                                                                                2007        2006
Ordinary and 'A' Ordinary  Shares                                                               £000        £000
Final dividend proposed of 75p net of tax per share (2006 - 68 per share)                      1,149       1,042
Interim dividend paid of 49p net of tax per share paid (2006- 44p per share)                     750         674
Special dividend of  nil per share paid (2006 - £4.44 per share)                                   -       6,802
                                                                                               1,899       8,518

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

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