Jersey Electricity PLC Interim Management Statement (6562M)
18 July 2014 - 4:00PM
UK Regulatory
TIDMJEL
RNS Number : 6562M
Jersey Electricity PLC
18 July 2014
Jersey Electricity plc
Interim Management Statement
Jersey Electricity plc is today publishing an Interim Management
Statement as required by the UK Listing Authority's Disclosure and
Transparency rules, relating to the period from 1 April 2014 to the
date of issue of this announcement.
In the quarter to 30 June 2014 unit sales in our Energy business
were 9% lower than the same period last year due to temperatures
being higher than both last year and the long-term average. Unit
sales for the month of July to date are 3% behind the level
experienced in 2013.
In the nine month period to 30 June 2014, unit sales in our
Energy business were 8% lower than in 2013 due to a combination of
temperatures being consistently above the seasonal norm to date and
the corresponding period last year being particularly cold.
Year-on-year tariff increases have helped mitigate the lower unit
sales with energy revenues being 4% lower than in 2013.
Our power purchase requirements and the associated foreign
exchange exposure are materially hedged for the next three years.
We continue to maintain our strategy to deliver stability over the
medium term in the cost of importing and generating power, as this
is our largest operating cost.
The combined trading performance of our other business units was
behind the corresponding period in the last financial year due
mainly to the continued challenging trading conditions for our
retail business.
As indicated in our Half Year Interim Report, the project to lay
the next submarine cable (Normandie 3) between Jersey and France is
progressing well. Over the last quarter the subsea cable has been
laid and the land cabling works in both France and Jersey are
making good progress. The project is presently on budget and ahead
of schedule, and we hope to be able to bring forward the expected
in-service date from 2015 to the last quarter of 2014. Following
the completion of Normandie 3, Jersey will benefit from two diverse
connections in operation between the Island and France.
Net debt at the end of June 2014 was GBP23m against a figure of
GBP20m at our half year and GBP5m at the last financial year end,
driven primarily by Normandie 3 capital expenditure. In early June,
longer-term financing arrangements were put in place to replace the
existing 2 year revolving credit facility. Jersey Electricity plc
obtained a combined GBP30m comprising 20 and 25 year financing via
a private placement with Pricoa Capital Group (an affiliate of
Prudential Financial, Inc.) supplemented by a GBP40m, 5 year
revolving credit facility from The Royal Bank of Scotland
International Limited.
Our balance sheet remains in a healthy condition, and there have
been no significant changes in the overall financial position of
Jersey Electricity plc since we issued our Interim Report for the
six month period ended 31 March 2014 other than those highlighted
above.
The principal risks and uncertainties identified in our last
Annual Report have not materially altered in the interim
period.
18 July 2014
For further information, please contact:
Chris Ambler, Chief Executive Tel: 01534 505320
Martin Magee, Finance Director Tel: 01534 505201
This information is provided by RNS
The company news service from the London Stock Exchange
END
IMSBUGDRXGBBGSR
Jersey Electricity (LSE:JEL)
Historical Stock Chart
From Apr 2024 to May 2024
Jersey Electricity (LSE:JEL)
Historical Stock Chart
From May 2023 to May 2024