Just Energy Reports First Quarter Results
- Ahead of 5% Published Growth Target - 227,000 Gross and 44,000 Net Customer Additions. Customer Base Up 9% from a Year Prior - Gross Margin Up 14% Per Share - Administrative Costs Down 5% Per Share - Adjusted EBITDA Up 23% Per Share
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 08/11/11 -- Just Energy Group Inc. (TSX: JE) -
Highlights for the three months ended June 30, 2011 included:
Just Energy First Quarter Fiscal 2012 Results
Just Energy Group Inc. announced its results for the three months ended June 30, 2011.
Just Energy is a TSX listed corporation and it reports in the attached Management's Discussion and Analysis, a detailed review of its operating results as measured by gross margin, Adjusted EBITDA and Base EBITDA. Just Energy also reports the profit for the period but Management believes that the inclusion of non-cash mark to market on future supply positions makes this measure less valuable in measuring performance as this future supply has been sold at fixed prices.
The first quarter of fiscal 2012 displayed positive impacts in several areas from Just Energy's diversification efforts over the last two years. First, the Hudson acquisition allowed expansion of Just Energy's presence in the commercial gas and electricity markets. This commercial expansion has allowed the Company to match and exceed its past customer growth. Higher customer additions have allowed Just Energy to offset a difficult price environment and resultant weak renewals, maintaining its gross margin and EBITDA.
A second diversification was the move into green commodity supply through the JustGreen and, now, JustClean programs. Over the past 12-months, green takeup was 32% for new residential customers, who purchased an average of 91% green supply. Our overall green book is now 9% of the Company's natural gas needs (up from 3% a year ago) and 10% for electricity (up from 6%). The Green products are popular with residential customers strengthening long-term margins, building a stronger customer relationship and allowing employees to be proud of their contribution to a cleaner environment.
National Home Services water heater rental and sales operation has been a success with installations growing 50% from 88,000 units to 131,600 year over year. Margin from this business was up 120% year over year.
The Momentis network marketing channel is now seeing encouraging results. Network marketing does not overlap traditional sales channels and tends to generate sales to customers who would not otherwise buy from a door-to-door salesperson.
These expansions were seen both in continued marketing success in the first quarter and operating results which currently exceed published growth targets for the year. Management has set targets of 5% per share growth for both gross margin and Adjusted EBITDA for fiscal 2012.
In the first quarter, gross margin was $94.3 million up 14% per share year over year. Administrative costs have been kept under tight control and are beginning to show the impact of the decreased cost to serve commercial customers declining 5% per share to $28.3 million despite a 9% growth in customer base. Higher margins and lower operating costs resulted in growth in Adjusted EBITDA to $37.4 million, up 23% per share.
Other aspects of operations such as bad debt were also well under control. Losses were 2.8% on the 40% of our sales where we bear this risk, unchanged from a year earlier. Attrition rates were in line with management's expectations and down significantly from the first quarter of fiscal 2011. U.S. natural gas attrition (the market most affected by the housing crisis) was down to 21% from 28% over the past year.
Renewal rates were soft, averaging under 70%. The current stable low commodity price environment is the worst for Just Energy's core products however the Company has focused on renewals by giving the customer a range of options including Blend and Extend pricing and our new JustClean products.
The Terra Grain ethanol plant has seen better pricing and improved operating results with positive margin for the quarter.
The 227,000 customers added were a continuation of the positive results we have seen since the Hudson acquisition. As can be seen in the chart below, both gross and net additions continue far above historical levels and the reason is commercial additions.
To view the Quarterly Customer Additions, please visit the following link: .
Commercial additions made up 148,000 of the 227,000 quarterly additions. These customers have lower annual margins but their aggregation cost and annual customer service costs are commensurately lower as well. Overall, as can be seen below, the Just Energy customer base is up 9% year over year. This is entirely growth through marketing with no acquired customers in the total.
Company management is maintaining the current guidance of 5% per share growth for the year for both gross margin and Adjusted EBITDA. While operating results are far ahead of that level to date, the first quarter seasonally is the lowest quarter for sales and gross margin. The comparable quarter in fiscal 2011 reflected the impact of a record warm winter with resultant weak operating results. Further, the adverse impact of the decline of the U.S. dollar versus the Canadian dollar during and subsequent to the quarter provide grounds for caution in any forecast. Management intends to update on targets as the year progresses.
Dividends were $0.31 per share, equal to unit distributions paid in the prior comparable quarter. Payout ratio on Adjusted EBITDA was 116% down from 142% a year ago in what is seasonally the weakest quarter of the year. Management's expectation is that the payout ratio will be below 100% for fiscal 2012 and allow us to comfortably pay out interest, income tax and dividends.
Executive Chair Rebecca MacDonald stated, "I am very pleased with the double digit growth seen in our operating results for the first quarter. Just Energy has been and remains a growth company. While there are always uncertainties at the end of the first quarter, we are off to a solid start in meeting our expectations."
CEO Ken Hartwick added, "We have had a two year plan to diversify our business while remaining within the deregulated energy sector. The success of the plan can be seen in this quarter where our commercial expansion has bolstered our Energy Marketing segment. Our success with National Home Services and our Green Products have also given us new sources of revenue moving forward."
"At the same time, management has focused on controlling costs both in the administration of our business and through bad debt where we are exposed. Controlling costs has helped us deliver results even during a period which, for Just Energy, is one of slower growth."
"We plan to continue to review other opportunities for diversification and intend to maintain Just Energy as a unique income/growth vehicle moving forward. I want to thank our team for their efforts this quarter."
About Just Energy Group Inc.
Just Energy's business primarily involves the sale of natural gas and/or electricity to residential and commercial customers under long-term fixed-price, price-protected or variable-priced contracts and green energy products. By fixing the price of natural gas or electricity under its fixed-price or price-protected program contracts for a period of up to five years, Just Energy's customers offset their exposure to changes in the price of these essential commodities. Variable rate products allow customers to maintain competitive rates while retaining the ability to lock into a fixed price at their discretion. Just Energy, which commenced business in 1997, derives its margin or gross profit from the difference between the price at which it is able to sell the commodities to its customers and the related price at which it purchases the associated volumes from its suppliers. Just Energy also offers "green" products through its JustGreen and JustClean programs. The electricity JustGreen product offers the customer the option of having all or a portion of his or her electricity sourced from renewable green sources such as wind, run of the river hydro or biomass. The gas JustGreen product offers carbon offset credits which will allow the customer to reduce or eliminate the carbon footprint of their home or business.
JustClean products allow customers in certain jurisdictions to offset their carbon footprint without purchasing commodity from Just Energy. JustClean can be offered in all states and provinces and is not dependent on energy deregulation. Management believes that the JustGreen and JustClean products will not only add to profits, but also increase sales receptivity and improve renewal rates.
In addition, through National Home Services, Just Energy sells and rents high efficiency and tankless water heaters, air conditioners and furnaces to Ontario residents. Through its subsidiary Terra Grain Fuels, Just Energy produces and sells wheat-based ethanol. Just Energy has also launched, Hudson Solar, a solar project development platform in New Jersey.
Forward-Looking Statements
Just Energy's press releases may contain forward-looking statements including statements pertaining to customer revenues and margins, customer additions and renewals, customer attrition, customer consumption levels, administrative expenses, Base EBITDA, adjusted EBITDA and treatment under governmental regulatory regimes. These statements are based on current expectations that involve a number of risks and uncertainties which could cause actual results to differ from those anticipated. These risks include, but are not limited to, levels of customer natural gas and electricity consumption, rates of customer additions and renewals, rates of customer attrition, fluctuations in natural gas and electricity prices, changes in regulatory regimes and decisions by regulatory authorities, competition and dependence on certain suppliers. Additional information on these and other factors that could affect Just Energy's operations, financial results or dividends are included in Just Energy's annual information form and other reports on file with Canadian securities regulatory authorities which can be accessed through the SEDAR website at or through Just Energy's website at .
Overview
The following discussion and analysis is a review of the financial condition and results of operations of Just Energy Group Inc. ("JEGI" or "Just Energy" or the "Company") (formerly Just Energy Income Fund (the "Fund")) for the three months ended June 30, 2011, and has been prepared with all information available up to and including August 10, 2011. This analysis should be read in conjunction with the unaudited consolidated financial statements for the three months ended June 30, 2011. The financial information contained herein has been prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board. Just Energy's date of transition to IFRS was April 1, 2010. All dollar amounts are expressed in Canadian dollars. Quarterly reports, the annual report and supplementary information can be found on Just Energy's corporate website at . Additional information can be found on SEDAR at .
Effective January 1, 2011, Just Energy completed the conversion from the Fund to Just Energy (the "Conversion"). As part of the Conversion, Just Energy Exchange Corp. ("JEEC") was amalgamated with JEGI and, like the unitholders of the Fund, the holders of JEEC's Exchangeable Shares received common shares of JEGI on a one for one basis. JEGI also assumed all of the obligations under the $90m convertible debentures and $330m convertible debentures.
Just Energy is a corporation established under the laws of Canada and holds securities and distributes the income of its directly or indirectly owned operating subsidiaries and affiliates: Just Energy Ontario L.P., Just Energy Manitoba L.P., Just Energy Quebec L.P., Just Energy (B.C.) Limited Partnership, Just Energy Alberta L.P., Alberta Energy Savings L.P. ("AESLP"), Just Energy Illinois Corp., Just Energy New York Corp., Just Energy Indiana Corp., Just Energy Texas L.P., Just Energy Massachusetts Corp., Just Energy Michigan Corp., Just Energy Pennsylvania Corp., Universal Energy Corporation, Commerce Energy Inc. ("Commerce" or "CEI"), National Energy Corp. (which operates under the trade name of National Home Services ("NHS")), Hudson Energy Services, LLC and Hudson Energy Canada Corp. (collectively "Hudson" or "HES"), Momentis Canada Corp. and Momentis U.S. Corp. (collectively, "Momentis"), Terra Grain Fuels, Inc. ("TGF"), and Hudson Energy Solar Corp.
Just Energy's business primarily involves the sale of natural gas and/or electricity to residential and commercial customers under long-term fixed-price, price-protected or variable-priced contracts and green energy products. By fixing the price of natural gas or electricity under its fixed-price or price-protected program contracts for a period of up to five years, Just Energy's customers offset their exposure to changes in the price of these essential commodities. Variable rate products allow customers to maintain competitive rates while retaining the ability to lock into a fixed price at their discretion. Just Energy, which commenced business in 1997, derives its margin or gross profit from the difference between the price at which it is able to sell the commodities to its customers and the fixed term price at which it purchases the associated volumes from its suppliers.
Just Energy also offers "green" products through its JustGreen and JustClean programs. The electricity JustGreen product offers the customer the option of having all or a portion of his or her electricity sourced from renewable green sources such as wind, run of the river hydro or biomass. The gas JustGreen product offers carbon offset credits, which will allow the customer to reduce or eliminate the carbon footprint of their home or business. JustClean products allow customers in certain jurisdictions to offset their carbon footprint without purchasing commodity from Just Energy. JustClean can be offered in all states and provinces and is not dependent on energy deregulation. Management believes that the JustGreen and JustCLean products will not only add to profits, but also increase sales receptivity and improve renewal rates.
In addition, through National Home Services, Just Energy sells and rents high efficiency and tankless water heaters, air conditioners and furnaces to Ontario residents. Through its subsidiary Terra Grain Fuels, Just Energy produces and sells wheat-based ethanol. Just Energy has also launched Hudson Solar, a solar project development platform in New Jersey.
Forward-looking information
This MD&A contains certain forward-looking information pertaining to customer additions and renewals, customer consumption levels, EBITDA, Base EBITDA, Adjusted EBITDA and treatment under governmental regulatory regimes. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated. These risks include, but are not limited to, levels of customer natural gas and electricity consumption, extreme weather conditions, rates of customer additions and renewals, customer attrition, fluctuations in natural gas and electricity prices, changes in regulatory regimes, decisions by regulatory authorities and competition, and dependence on certain suppliers. Additional information on these and other factors that could affect Just Energy's operations, financial results or distribution levels are included in the Annual Information Form and other reports on file with Canadian security regulatory authorities, which can be accessed on our corporate website at or through the SEDAR website at .
Key terms
"Attrition" means customers whose contracts were terminated early or cancelled by Just Energy due to delinquent accounts.
"Failed to renew" means customers who did not renew expiring contracts at the end of their term.
"Gross margin per RCE" represents the gross margin realized on Just Energy's customer base, including both low margin customers acquired through various acquisitions and gains/losses from the sale of excess commodity supply.
"$90m convertible debentures" represents the $90 million in convertible debentures issued by Universal Energy Group Ltd. ("Universal") in October 2007. JEEC assumed the obligations of the debentures as part of the UEG acquisition on July 1, 2009. Just Energy assumed the obligations of the debentures as part of the Conversion. See "Long-term debt and financing" on page 21 for further details.
"$330m convertible debentures" represents the $330 million in convertible debentures issued by the Fund to finance the purchase of Hudson, effective May 1, 2010. Just Energy assumed the obligations of the debentures as part of the Conversion. See "Long-term debt and financing" on page 21 for further details.
"LDC" means a local distribution company; the natural gas or electricity distributor for a regulatory or governmentally defined geographic area.
"RCE" means residential customer equivalent or the "customer", which is a unit of measurement equivalent to a customer using, as regards natural gas, 2,815 m3 (or 106 GJs or 1,000 Therms or 1,025 CCFs) of natural gas on an annual basis and, as regards electricity, 10 MWh (or 10,000 kWh) of electricity on an annual basis, which represents the approximate amount of gas and electricity, respectively, used by a typical household in Ontario.
"Large commercial customer" means customers representing more than 15 RCEs.
Non-GAAP financial measures
Just Energy's financial statements are prepared in compliance with IFRS. All non-GAAP financial measures do not have standardized meanings prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers.
Just Energy converted from an income trust to a corporation on January 1, 2011. Under the corporate structure, management believes that Adjusted EBITDA is the best basis for analyzing the financial results of Just Energy.
EBITDA
"EBITDA" represents earnings before finance costs, taxes, depreciation and amortization. This is a non-GAAP measure which reflects the pre-tax profitability of the business.
Base EBITDA
"Base EBITDA" represents EBITDA adjusted to exclude the impact of mark to market gains (losses) arising from IFRS requirements for derivative financial instruments on future supply positions. This measure reflects operating profitability as mark to market gains (losses) are associated with supply already sold at future fixed prices.
Just Energy ensures that customer margins are protected by entering into fixed-price supply contracts. Under IFRS, the customer margins are not marked to market but there is a requirement to mark to market the future supply contracts. This creates unrealized gains (losses) depending upon current supply pricing volatility. Management believes that these short-term mark to market non-cash gains (losses) do not impact the long-term financial performance of Just Energy and have therefore excluded it from the Base EBITDA calculation.
Adjusted EBITDA
"Adjusted EBITDA" represents Base EBITDA adjusted to deduct selling and marketing costs sufficient to maintain existing levels of gross margin and maintenance capital expenditures necessary to sustain existing operations. This adjustment results in the exclusion of the marketing that Just Energy carried out and the capital expenditures that it had made to add to its future productive capacity. Management believes this is a useful measure of operating performance for investors.
Embedded gross margin
"Embedded gross margin" is a rolling five-year measure of management's estimate of future contracted gross margin. It is the difference between existing customer contract prices and the cost of supply for the remainder of term, with appropriate assumptions for customer attrition and renewals. It is assumed that expiring contracts will be renewed at target margin and renewal rates.
International financial reporting standards
Just Energy has adopted IFRS as the basis for reporting its financial results commencing with the interim financial statements for the three months ended June 30, 2011 and using April 1, 2010 as the transition date. The comparative figures for fiscal 2011 have been restated in accordance with the Company's IFRS accounting policies. The adoption of IFRS did not change Just Energy's business activities or actual cash flow; however, it has resulted in adjustments to its financial statements.
In order to allow the users of the financial statements to better understand the impact of the change to IFRS, the Company's Canadian GAAP consolidated balance sheets at April 1, 2010, June 30, 2010 and March 31, 2011, the Company's consolidated statements of earnings (loss) and comprehensive income (loss) for the three months ended June 30, 2010 and year ended March 31, 2011 have been reconciled to IFRS, with the resulting differences explained. These reconciliations are provided in note 24 of the interim financial statements.
The following summarizes the significant financial effects on Just Energy's consolidated financial statements resulting from the conversion to IFRS and summarizes the significant accounting policies adopted in preparing the IFRS consolidated financial statements:
IFRS 1: First-time adoption IFRS
The interim unaudited consolidated financial statements and notes for the three months ended June 30, 2011 contain the accounting policies adopted under IFRS as well as reconciliations of the impact on the consolidated financial statements on transition. IFRS 1 provides guidance for the initial adoption of IFRS and allows first-time adopters certain exemptions from the general requirements contained in IFRS. The following are the exemptions that are relevant to Just Energy and have been applied in preparation of its first financial statements under IFRS.
Business Combinations
IFRS 1 states that a first-time adopter may elect not to apply IFRS 3, Business Combinations, retrospectively to business combinations that occurred before the date of transition to IFRS. Just Energy has elected to apply IFRS to business acquisitions prospectively, from the date of transition.
Borrowing Costs
Just Energy has elected not to capitalize any borrowing costs on a retrospective basis for qualifying assets acquired prior to April 1, 2010, the date of transition to IFRS as it was determined to be not material.
Share-based payments
IFRS 1 states that a first-time adopter may elect not to apply IFRS 2, Share-based payments, retrospectively to equity instruments that were granted on or before November 7, 2002, or which are vested before the Company's date of transition to IFRS.
Cumulative translation differences
IFRS 1 allows cumulative translation differences for all foreign operations to be deemed zero at the date of transition to IFRS, with future gains or losses on subsequent disposal of any foreign operations to exclude translation differences arising from periods prior to the date of transition to IFRS. Just Energy has elected not to apply this exemption.
IFRS 2: Share-based payments
Just Energy amended its accounting policy related to the recognition and measurement of share based compensation to conform with IFRS. Under IFRS, when stock option awards vest gradually, each tranche is to be considered as a separate award with its own vesting period and grant date value. Just Energy assessed the impact of the recognition and measurement criteria under IFRS.
IAS 12: Income taxes
For the comparative nine month period ended December 31, 2010 when Just Energy operated under an income trust structure, deferred income taxes were originally measured at 27%. As a result of adopting IFRS, deferred income taxes were re-measured at the tax rate of approximately 46.4% applicable to undistributed profits. The deferred taxes were subsequently re-measured at the applicable corporate rates on January 1, 2011, the date Just Energy converted to a corporation.
As a result of additional financial liabilities existing under IFRS, as discussed below, there was an increase to Just Energy's future tax assets as at April 1, 2010. Upon conversion to a corporation on January 1, 2011, this future tax asset has reversed as a result of the financial liability being settled in shares.
IAS 32: Financial Instruments: Presentation
As at Just Energy's transition date, there were JEEC exchangeable shares, Class A preference shares of Just Energy Corp. ("JEC") and unit-based awards outstanding that did not meet the definition of an equity instrument in accordance with IAS 32, and therefore, were classified as financial liabilities. These financial liabilities were recorded at redemption value at the transition date and subsequently adjusted to reflect the redemption value at each reporting date with the resulting change recorded as a change in fair value of derivative instruments. All distributions and dividends attributed to these financial liabilities were recorded as finance costs. As a result of the Conversion, the JEEC exchangeable shares and Class A preference shares of JEC were exchanged on a one-for-one basis into common shares of JEGI.
IAS 37: Provisions, contingent liabilities and contingent assets
Provisions are measured at the discounted present value using a pre-tax discount rate that reflects the current market assessments of the time value of money and the risks specific to the liability.
IAS 39: Financial instruments: Recognition and measurement
Just Energy enters into fixed-term contracts with customers to provide electricity and gas at fixed prices. These customer contracts expose the Company to changes in market prices of electricity and gas consumption. To reduce the exposure to movements in commodity prices arising from the acquisition of electricity and gas at floating rates, the Company routinely enters into derivative contracts. Under Canadian GAAP, all supply contracts are re-measured at fair value at each reporting date. The requirements for normal purchase and normal sale exemption (own-use exemption) are similar under Canadian GAAP and IFRS; however, several small differences exist. There is no specific guidance either in Canadian GAAP or IFRS with respect to eligibility of the own-use exemption of energy supply contracts entered into by energy retailers. The Company nevertheless concluded that the own-use exemption does not apply and the amounts will continue to be marked to market.
IAS 39 also requires that transaction costs incurred upon initial acquisition of a financial instrument be deferred and amortized into profit and loss over the life of the instrument. Initial application of IAS 39 resulted in an opening balance sheet adjustment to reduce long-term debt on the date of transition. This adjustment was offset through opening retained earnings.
Acquisition of Hudson Energy Services, LLC
In May 2010, Just Energy completed the acquisition of all of the equity interests of Hudson Parent Holdings, LLC, and all of the common shares of Hudson Energy Corp., thereby indirectly acquiring Hudson, with an effective date of May 1, 2010.
The acquisition of Hudson was accounted for using the purchase method of accounting. The Company allocated the purchase price to the identified assets and liabilities acquired based on their fair values at the time of acquisition as follows:
All contracts and intangible assets, excluding brand, are amortized over the average remaining life at the time of acquisition. The gas and electricity contracts and customer relationships are amortized over 30 months and 35 months, respectively. Other intangible assets, excluding brand, are amortized over periods of three to five years. The brand value is considered to be indefinite and, therefore, not subject to amortization. The purchase price allocation is considered final and, as a result, no further adjustments will be made.
Operations
Natural gas
Just Energy offers natural gas customers a variety of products ranging from month-to-month variable-price offerings to five-year fixed-price contracts. For fixed-price contracts, Just Energy purchases gas supply through physical or financial transactions with market counterparts in advance of marketing, based on forecast customer aggregation for residential and small commercial customers. For larger commercial customers, gas supply is generally purchased concurrently with the execution of a contract.
The LDC provides historical customer usage which, when normalized to average weather, enables Just Energy to purchase the expected normal customer load. Furthermore, Just Energy mitigates exposure to weather variations through active management of the gas portfolio, which involves, but is not limited to, the purchase of options including weather derivatives. Just Energy's ability to mitigate weather effects is limited by the severity of weather from normal. To the extent that balancing requirements are outside the forecast purchase, Just Energy bears the financial responsibility for fluctuations in customer usage. Volume variances may result in either excess or short supply. In the case of under consumption by the customer, excess supply is sold in the spot market resulting in either a gain or loss compared to the weighted average cost of supply. Further, customer margin is lowered proportionately to the decrease in consumption. In the case of greater than expected gas consumption, Just Energy must purchase the short supply in the spot market resulting in either a gain or loss compared to the weighted average cost of supply. Consequently, customer margin increases proportionately to the increase in consumption. To the extent that supply balancing is not fully covered through active management or the options employed, Just Energy's customer gross margin may be reduced or increased depending upon market conditions at the time of balancing. Under some commercial contract terms, this balancing may be passed onto the customer.
Ontario, Quebec, British Columbia and Michigan
In Ontario, Quebec, British Columbia and Michigan, the volumes delivered for a customer typically remain constant throughout the year. Just Energy does not recognize sales until the customer actually consumes the gas. During the winter months, gas is consumed at a rate that is greater than delivery and, in the summer months, deliveries to LDCs exceed customer consumption. Just Energy receives cash from the LDCs as the gas is delivered, which is even throughout the year.
Manitoba, Alberta and Saskatchewan
In Manitoba, Alberta and Saskatchewan, the volume of gas delivered is based on the estimated consumption for each month. Therefore, the amount of gas delivered in winter months is higher than in the spring and summer months. Consequently, cash received from customers and LDCs will be higher in the winter months.
New York, Illinois, Indiana, Ohio, California and Pennsylvania
In New York, Illinois, Indiana, Ohio, California and Pennsylvania, the volume of gas delivered is based on the estimated consumption and storage requirements for each month. Therefore, the amount of gas delivered in winter months is higher than in the spring and summer months. Consequently, cash flow received from these states is greatest during the third and fourth (winter) quarters, as cash is normally received from the LDCs in the same period as customer consumption.
Electricity
In Ontario, Alberta, New York, Texas, Illinois, Pennsylvania, New Jersey, Maryland, Michigan, California and Massachusetts, Just Energy offers a variety of solutions to its electricity customers, including fixed-price and variable-price products on both short-term and longer-term electricity contracts. Some of these products provide customers with price-protection programs for the majority of their electricity requirements. The customers experience either a small balancing charge or credit (pass-through) on each bill due to fluctuations in prices applicable to their volume requirements not covered by a fixed price. Just Energy uses historical usage data for all enrolled customers to predict future customer consumption and to help with long-term supply procurement decisions.
Just Energy purchases power supply through physical or financial transactions with market counterparties in advance of marketing for residential and small commercial customers based on forecast customer aggregation. Power supply is generally purchased concurrently with the execution of a contract for larger commercial customers. The LDC provides historical customer usage which, when normalized to average weather, enables Just Energy to purchase to expected normal customer load. Furthermore, Just Energy mitigates exposure to weather variations through active management of the power portfolio. The expected cost of this strategy is incorporated into the price to the customer. Our ability to mitigate weather effects is limited by the severity of weather from normal. To the extent that balancing requirements are outside the forecast purchase, Just Energy bears the financial responsibility for excess or short supply caused by fluctuations in customer usage. In the case of under consumption by the customer, excess supply is sold in the spot market resulting in either a gain or loss in relation to the original cost of supply. Further, customer margin is lowered proportionately to the decrease in consumption. In the case of greater than expected power consumption, Just Energy must purchase the short supply in the spot market resulting in either a gain or loss in relation to the fixed cost of supply. Customer margin generally increases proportionately to the increase in consumption. To the extent that supply balancing is not fully covered through customer pass-throughs or active management or the options employed, Just Energy's customer gross margin may be impacted depending upon market conditions at the time of balancing.
JustGreen
Customers have the ability to choose an appropriate JustGreen program to supplement their electricity and natural gas contracts, providing an effective method to offset their carbon footprint associated with the respective commodity consumption.
JustGreen programs for electricity customers involve the purchase of power from green generators (such as wind, solar, run of the river hydro or biomass) via power purchase agreements and renewable energy certificates. JustGreen programs for gas customers involve the purchase of carbon offsets from carbon capture and reduction projects.
JustClean
In addition to its traditional commodity marketing business, Just Energy allows customers to effectively manage their carbon footprint without buying energy commodity products by signing a JustClean contract. The JustClean products are essentially carbon offsets from carbon capture and reduction projects as well as green power renewable energy certificates from green generators. This product can be offered in all states and provinces and is not dependent on energy deregulation.
Blend and Extend program
As part of Just Energy's retention efforts, electricity and natural gas customers may be contacted for early renewal of their contracts under a Blend and Extend offer. These customers are offered a lower rate, compared to their current contracted rate, but the term of their contract is extended up to five more years. Consequently, Just Energy may experience a reduction in margins in the short term but will gain additional future margins.
Consumer (Residential) Energy division
The sale of gas and electricity to customers of 15 RCEs and less is undertaken by the Consumer Energy division. The marketing of energy products of this division is primarily done door-to-door through 750 independent contractors, the Momentis network marketing operation and Internet-based and telephone marketing efforts. The total number of independent contractors declined during the quarter as a result of Just Energy's decision to close or restructure sales offices that were not performing well. Since quarter end, a number of new offices were opened and management anticipates that the number of independent contractors will increase and, by the end of Q2, return to levels similar to the beginning of the fiscal year. Approximately 58% of Just Energy's customer base resides within the Consumer Energy division, which is currently focused on longer-term price-protected offerings of commodity products, JustGreen and JustClean. To the extent that certain markets are better served by shorter-term or enhanced variable rate products, the Consumer Energy independent contractors also offer these products.
Commercial Energy division
Customers with annual consumption over 15 RCEs are served by the Commercial Energy division. These sales are made through three main channels: door-to-door commercial independent contractors; inside commercial sales representatives; and sales through the broker channel using the commercial platform acquired with the Hudson purchase. Commercial customers make up about 42% of Just Energy's customer base. Products offered to commercial customers can range from standard fixed price offerings to "one off" offerings, which are tailored to meet the customer's specific needs. These products can be either fixed or floating rate or a blend of the two, and normally have terms of less than five years. Margin per RCE for this division is lower than residential margins but customer aggregation costs and ongoing customer care costs are lower as well on a per RCE basis. Commercial customers tend to have combined attrition and failed-to-renew rates which are lower than those of residential customers.
Home Services division
NHS began operations in April 2008 and provides Ontario residential customers with a long-term water heater, furnace and air conditioning rental, offering high efficiency conventional and power vented tanks and tankless water heaters and high efficiency furnaces and air conditioners. NHS markets through approximately 235 independent contractors in Ontario. See page 15 for additional information.
Ethanol division
Just Energy owns and operates TGF, a 150-million-litre capacity wheat-based ethanol plant located in Belle Plaine, Saskatchewan. The plant produces wheat-based ethanol and high protein distillers' dried grain ("DDG"). On January 4, 2011, Just Energy acquired the 33.3% interest in TGF that was previously owned by EllisDon Design Build Inc. ("EllisDon") pursuant to a put option exercised by EllisDon. See page 16 for additional information on TGF.
Base EBITDA differs from EBITDA in that the impact of the mark to market gains (losses) from the financial instruments is removed as management believes that these short-term mark to market non-cash gains (losses) do not impact the long-term financial performance. For Adjusted EBITDA, selling and marketing expenses used for increasing gross margin are also removed along with maintenance capital expenditures being deducted. With the conversion from an income trust to a corporation effective January 1, 2011, management believes that Adjusted EBITDA is the best measure of operating performance.
Adjusted EBITDA amounted to $37.4 million ($0.27 per share) in the first quarter of fiscal 2012, an increase of 23% per share/unit from $29.7 million ($0.22 per unit) in the prior comparable quarter. This increase is attributable to the 17% increase in gross margin, primarily attributable to the 9% increase in customer base year over year. The increase in gross margin was higher than the increase in customer base due to lower losses on sale of excess gas than that experienced in the prior comparative quarter and higher margin contribution from NHS and TGF.
Administrative expenses decreased by 2% to $28.3 million, despite the inclusion of a full quarter of expenses related to Hudson, as a result of synergies achieved since the Universal and Hudson acquisitions and lower per RCE costs to serve the growing commercial customer base. Selling and marketing expenses for the three months ended June 30, 2011 were $34.6 million, an increase from $29.8 million reported in the prior comparative quarter due to higher residual payments paid in the current quarter to Hudson commercial brokers. Bad debt expense increased by 18% to $6.8 million for the three months ended June 30, 2011 as a result of the 17% increase in revenues in markets where Just Energy bears the credit risk.
Dividends and distributions paid for the three months ended June 30, 2011 were $43.6 million, an increase of 4% from the prior comparative quarter as a result of the dividends paid to JEEC shareholders being only 66.67% of that which was paid to JEGI shareholders. The payout ratio on Base EBITDA was 146% for the three months ended June 30, 2011, versus 193% in the prior comparative quarter. For the three months ended June 30, 2011, the payout ratio on Adjusted EBITDA was 116%, versus 142% in the prior comparative quarter.
For further information on the changes in the gross margin, please refer to "Gas and electricity marketing" on page 11 and "Administrative expenses", "Selling and marketing expenses", "Bad debt expense" and "Finance costs", which are further clarified on pages 17 and 18.
Future embedded gross margin
Management's estimate of the future embedded gross margin is as follows:
Management's estimate of the future contracted gross margin amounted to $1,443.1 million at as June 30, 2011, effectively unchanged during the quarter. The future embedded gross margin for Canada decreased by 2% from $632.6 million at March 31, 2011 to $622.1 million at June 30, 2011. The embedded margins in Canada declined over the three months due to a challenging price environment for renewals and new customer additions. This decline was offset by the 2% growth in U.S future embedded gross margin from $835.6 million to $851.3 million. The decline in the U.S. dollar versus the Canadian dollar in the quarter resulted in a further $4.3 million decline in total future embedded gross margin. The growth in embedded margins is less than Just Energy's growth in customer base because commercial customers, which make up a growing percentage of new additions, have lower margins and shorter contract terms than residential customers. This is offset by lower customer aggregation cost and lower annual customer servicing cost.
Total future embedded gross margin decreased by 4% from $1,501.1 million in the past year. Canadian future embedded gross margin decreased by 18% due to the challenging price environment while the U.S future embedded gross margin increased by 22% due to strong customer additions.
Just Energy's results reflect seasonality, as consumption is greatest during the third and fourth quarters (winter quarters). While year over year quarterly comparisons are relevant, sequential quarters will vary materially. The main impact of this will be higher Base and Adjusted EBITDA and lower payout ratios in the third and fourth quarters, and lower Base and Adjusted EBITDA and higher payout ratios in the first and second quarters.
Analysis of the first quarter
The 3% increase in sales compared to the prior comparable quarter is attributable primarily to the increase in sales for NHS and TGF as the increase in flowing gas and electricity customers was offset by lower product price points on new business. Gross margin increased by 17% quarter over quarter due to a 9% increase in customer base, higher consumption per customer and lower losses on sale of excess gas than that experienced in the prior comparative quarter. Improved sales and gross margin from NHS (TGF was also a significant contributor to the growth quarter over quarter).
Net income for the three months ended June 30, 2011 was $51.1 million, representing earnings per share of $0.37 and $0.35 on a basic and diluted basis, respectively. For the prior comparative quarter, net income was $270.8 million, representing $2.19 and $1.78 on a basic and diluted per unit basis, respectively. The change in fair value of derivative instruments was a gain of $79.7 million for the current quarter, in comparison with a gain of $335.5 million in the first quarter of the prior fiscal year. The fair value of derivative instruments represents the mark to market of future commodity supply acquired to cover future customer demand. The supply has been sold to customers at future fixed prices, minimizing any realizable impact of mark to market gains and losses.
Adjusted EBITDA increased by 26% to $37.4 million for the three months ended June 30, 2011. This increase is attributable to the 17% increase in gross margin and lower administrative costs, offset by the increase in selling and marketing and bad debt expenses. Base EBITDA (after all selling and marketing costs) increased by 37% per share to $29.9 million for the three months ended June 30, 2011 up from $21.8 million in the prior comparable quarter.
Dividends/distributions paid were $43.6 million, a 4% increase from $42.1 million paid in the prior comparative quarter. The increase is due to the increase in outstanding shares as the annual dividend/distribution rate was unchanged at $1.24 per year. In the prior year, JEEC exchangeable shares were paid dividends equal to 66.67% of the Fund's distributions. These shares have now been exchanged for JEGI common shares and receive the $1.24 annual dividends. Payout ratio on Adjusted EBITDA was 116% for the three months ended June 30, 2011, compared with 142% in the prior comparable quarter.
Sales for the three months ended June 30, 2011 were $587.8 million, in line with the prior comparative quarter. Gross margins were $85.1 million for the quarter, up 6% from $80.2 million earned during the three months ended June 30, 2010. Sales growth was flat due to lower price points on recently signed contracts. The 6% margin increase was less than the 9% year over year increase in customers due to the increase in the number of commercial and variable rate customers in the past year, which are replacing higher-margin customers lost through attrition and failure to renew.
Canada
Sales were $243.3 million for the three months ended June 30, 2011, down 16% from $290.3 million in the prior comparable quarter. Gross margins were $35.3 million in the first quarter, a decrease of 7% from $38.1 million in the prior comparable period.
Gas
Canadian gas sales were $123.3 million, a decrease of 5% from $129.7 million in the three months ended June 30, 2010. The Canadian gas customer base declined by 11% year over year. Temperatures were 5% colder during the current quarter in comparison with the prior comparable quarter and resulted in higher consumption and margin per customer. Gross margin totalled $16.8 million, up 39% from the prior comparative quarter despite the customer decline. Customer consumption was far higher due to relatively colder weather. The prior comparable quarter results also had significant losses on the sale of excess gas at low spot prices from the warm winter experienced in fiscal 2010.
After allowance for balancing and inclusive of acquisitions, realized average gross margin per customer ("GM/RCE") for the rolling 12-months ended June 30, 2011, amounted to $165/RCE compared to $180/RCE for the prior comparable quarter. GM/RCE has been restated for the prior comparable quarter to remove the seasonal adjustment from gross margin and is now calculated on a rolling 12-month basis. The GM/RCE value includes an appropriate allowance for the bad debt expense in Alberta.
Electricity
Electricity sales were $120.0 million for the three months ended June 30, 2011, a decrease of 25% from the prior comparable quarter due to a 7% decline in RCEs as well as recent product offerings being at lower prices in order to remain competitive in the current market. Gross margin decreased by 29% quarter over quarter to $18.5 million versus $26.0 million in the prior three-month period. The decrease was also a result of expiring higher margin customers are replaced with new lower margin customers due to competitive pressures from low utility prices in Ontario.
Realized average gross margin per customer in Canada after all balancing and including acquisitions for the rolling 12-months ended June 30, 2011, amounted to $121/RCE, a decrease from $148/RCE in the prior comparative period due to the cumulative effect of new lower margin contracts necessary to compete against the very low utility price in the Ontario market. JustGreen sales had a positive impact on margins per customer but this was more than offset by pricing required to compete against the regulated utility floating rate in Ontario. In addition, commercial customers added during the three months generate lower margins than the previous predominantly residential customer base. The GM/RCE value includes an appropriate allowance for the bad debt expense in Alberta.
United States
Sales for the first quarter of fiscal 2012 were $344.5 million, an increase of 16% from $298.0 million in the three months ended June 30, 2010. Gross margin was $49.8 million, up 18% from $42.1 million in the prior comparable period.
Gas
For the three months ended June 30, 2011, gas sales and gross margin in the U.S. totalled $79.2 million and $8.3 million, respectively, versus $73.0 million and $5.3 million, respectively, in the prior comparable quarter. The sales increase of 8% was due to increased consumption quarter over quarter.
Gross margin increased by 18% quarter over quarter despite the number of long-term customers remaining relatively flat year over year. In the prior comparable quarter, the U.S gas markets experienced a sharp decline in consumption due the record warm winter of 2009/2010 and high third party losses on the sale of the excess gas.
Average realized gross margin after all balancing costs for the rolling 12-months ended June 30, 2011, was $140/RCE, a decrease from 191/RCE. This is due to the inclusion of lower margin commercial customers offsetting the lower losss on sale of excess gas. GM/RCE has been restated for the prior comparable quarter to remove the seasonal adjustment from gross margin and is now calculated on a rolling 12-month basis. The GM/RCE value includes an appropriate allowance for bad debt expense in Illinois and California.
Electricity
U.S. electricity sales and gross margin for the three months ended June 30, 2011 were $265.3 million and $41.5 million, respectively, versus $224.9 million and $36.8 million, in the first quarter of fiscal 2011. Sales increased 18% due to a 40% increase in long-term customers year over year, attributable to the strong marketing growth. Sales increased by more than gross margin due to the lower margins on largely commercial customers added. Gross margins were up 13% over the prior comparable period.
Average gross margin per customer for electricity during the current quarter decreased to $138/RCE, compared to $205/RCE in the prior comparable quarter, as a result of lower margins per RCE for commercial customers added. The GM/RCE value for Texas, Pennsylvania, Massachusetts and California includes an appropriate allowance for the bad debt expense.
Gross customer additions for the quarter were 227,000, down 13% from the 261,000 customers added through marketing in the prior comparable quarter. Net additions were 44,000 for the quarter, resulting in a 1% growth in the customer base for the first quarter.
Consumer customer additions amounted to 79,000, a 9% decrease from the 87,000 customer additions in the prior comparable quarter. Consumer customer additions were lower than expected in the quarter. The number of independent contractors decreased throughout the quarter due to the closure of sales offices that were underperforming. Management is optimistic that Consumer customer additions will increase in future quarters as new sales offices have opened and the number of independent contractors is expected to increase accordingly. In addition, further sales channel diversification is underway through network, telephone and Internet-based marketing efforts.
Commercial additions were 148,000 for the quarter, a 15% decrease from the additions recorded in the first quarter of fiscal 2011. Commercial additions, which consists of customers representing 15 RCEs or higher, will fluctuate quarterly depending on the size of customers signed. During the first quarter of the prior fiscal year, commercial additions were at a record high partially due to a single large 70,000 RCE customer being signed, whereas no customer of comparable size was signed during the current quarter. Over the past 12-month period, commercial customer additions have averaged 136,000 RCEs per quarter.
Total gas customers excluding acquired customers decreased by 2% during the last three months, reflecting a difficult price environment with a large disparity between utility spot prices and the five-year prices. The extended period of low, stable gas prices has reduced the customer appetite for the stability of higher priced long-term fixed contracts. This continues to impact new customer additions and renewals. To respond, profitable new variable rate contracts are being sold while spot market prices remain stable.
Total electricity customers were up 3% during the quarter, with a strong 8% growth in the U.S. markets and a 4% decrease in customers in the Canadian markets. The Canadian electricity market, particularly in Ontario, continues to face competitive challenges due to low utility pricing.
JustGreen and JustClean
Sales of the JustGreen products remain strong despite premium pricing in a low-price environment. The JustGreen program allows customers to choose to purchase units of green energy in the form of renewable energy or carbon offsets, in an effort to reduce greenhouse gas emissions. When a customer purchases a unit of green energy, it creates a contractual obligation for Just Energy to purchase a supply of green energy at least equal to the demand created by the customer's purchase. A review was conducted by Grant Thornton LLP of Just Energy's Renewable Energy and Carbon Offsets Sales and Purchases report for the period from January 1, 2010, through December 31, 2010, validating the match of Just Energy's renewable energy and carbon offset purchases against customer contracts. Just Energy is a participant in over 25 carbon offset and renewable energy projects across North America and is actively pursuing new projects to meet our growing demand for green energy alternatives. Just Energy purchases carbon offsets and renewable energy credits for the current and future use of our customers. Our purchases help developers finance their projects.
The Company currently sells JustGreen gas in the eligible markets of Ontario, Quebec, British Columbia, Alberta, Michigan, New York, Ohio, Illinois and Pennsylvania. JustGreen electricity is sold in Ontario, Alberta, New York, Texas and Pennsylvania. Of all consumer customers who contracted with Just Energy in the past year, 32% took JustGreen for some or all of their energy needs. On average, these customers elected to purchase 91% of their consumption as green supply. Overall, JustGreen supply now makes up 9% of the overall gas portfolio, up from 3% a year ago. JustGreen supply makes up 10% of the electricity portfolio, up from 6% as at June 30, 2010.
In addition, JustClean products are being offered in Ontario and Florida. JustClean products are essentially carbon offsets from carbon capture and reduction projects as well as green power renewable energy certificates from green generators. The JustClean product can be offered in all states and provinces and is not dependent on energy deregulation.
The past year saw an improvement in attrition rates across all markets with the exception of a slight increase in U.S. electricity attrition rates from 14% to 15%. The primary contributing factor is that most customers signed in the past three years are on prices consistent with current market prices. The attrition from these customers and eventual renewal of the customer will benefit from this pricing. In addition, improved economic conditions and diligent credit reviews have resulted in lower attrition rates in Canada and U.S gas markets.
Natural gas
The annual natural gas attrition in Canada was 10% for the trailing 12-months, slightly lower than the attrition rate reported in the prior comparable quarter. In the U.S., annual gas attrition was 21%, a decrease from 28% experienced a year prior due to new product offerings and greater economic stability within the U.S customer base.
Electricity
The annual electricity attrition rate in Canada was 10%, slightly lower than the 13% reported in the prior comparable quarter. Electricity attrition in the U.S. was 15% for the trailing 12-months, in line with management's ongoing expectations.
The Just Energy renewal process is a multifaceted program that aims to maximize the number of customers who choose to renew their contract prior to the end of their existing contract term. Efforts begin up to 15 months in advance, allowing a customer to renew for an additional four or five years. Management's targeted renewal rates are to be in the range of 70% overall, assuming commodity price volatility remains low. The combined renewal rate for all gas and electricity markets was 66% for the trailing 12-month period.
Natural gas
The current trailing annual renewal rate for all Canadian gas customers was 67%, an increase from the prior comparable quarter's trailing 12-month renewal rate of 62%. In the Ontario gas market, customers who do not positively elect to renew or terminate their contract receive a one-year fixed price for the ensuing year. Of the total Canadian gas customer renewals during quarter, 30% were renewed for a one-year term. The Canadian gas market continues to be challenged in renewals largely due to the current high spread between the Just Energy five-year price and the utility spot price. The long period of stable low gas prices has reduced customer interest in renewing at higher fixed prices. Management will continue to focus on increasing renewals, and should a return to rising market pricing occur, this would likely result in an improvement in Canadian gas renewal rates, closer to target levels. Also, Just Energy has introduced some enhanced variable-price offerings and products like JustGreen and JustClean to improve renewal rates.
In the U.S. markets, Just Energy had primarily Illinois and New York gas customers up for renewal. Gas renewals for the U.S. were 72%.
Electricity
The electricity renewal rate for Canadian customers was 62% for the trailing 12 months. There continues to be solid demand for JustGreen products, supporting renewals in Canadian electricity but, due to the disparity between the spot and five-year prices and low volatility in the spot prices, customers have been reluctant to again lock into fixed-priced products. Just Energy has introduced some enhanced variable-price electricity offerings and JustClean to improve renewal rates.
During the three months ended June 30, 2011, Just Energy had Texas, Illinois and New York electricity customers up for renewal. The electricity renewal rate was 67%, with strong renewals in Texas being offset by Illinois and New York. In each of these markets, our green product is being developed for renewing customers, which should strengthen the profitability and the proclivity to renew.
Gas and electricity contract renewals
This table shows the percentage of customers up for renewal in each of the following years:
Just Energy continuously monitors its customer renewal rates and continues to modify its offering to existing customers in order to maximize the number of customers who renew their contracts. To the extent there is continued customer take-up on blend and extend offers, some renewals scheduled for 2012 and 2013 will move to 2015 and beyond.
Gross margin earned through new marketing efforts
Annual gross margin per customer for new and renewed customers
The table below depicts the annual margins on contracts of residential and commercial customers signed during the quarter. This table reflects all margin earned on new additions and renewals including both the brown commodity and JustGreen. Customers added through marketing or renewed were lower than the margins of customers lost through attrition or failure to renew due to the competitive price environment. However, JustGreen is being aggressively marketed for renewals, with the expectation that rates similar to those for new customers can be achieved. Sales of the JustGreen products remained very strong, with approximately 32% of all residential customers added in the past 12-months taking some or all green energy supply. Customers that have purchased the JustGreen product elected, on average, to take 91% of their consumption in green supply. For large commercial customers, the average gross margin for new customers added was $84/RCE. The aggregation cost of these customers is commensurately lower per RCE than a residential customer.
Home Services division (NHS)
NHS provides Ontario residential customers with long-term water heater rental programs that offer conventional tanks, power vented tanks and tankless water heaters in a variety of sizes as well as high efficiency furnaces and air conditioners. NHS had continued strong customer growth and with installations for the quarter amounting to 13,000 water heaters, air conditioners and furnaces, a 25% increase from 10,400 units installed in the prior comparable quarter. As of June 30, 2011, the cumulative installed customer base was 131,600 units, an increase of 50% from one year prior. Management is confident that NHS will continue to contribute to the long-term profitability of Just Energy. NHS currently markets through approximately 235 independent contractors.
As NHS is a high growth, relatively capital-intensive business, Just Energy's management believes that, in order to maintain stability of dividends, separate non-recourse financing of this capital is appropriate. NHS entered into a long-term financing agreement with Home Trust Company ("HTC") for the funding of the water heaters, furnaces and air conditioners in the Enbridge Gas (January 2010) and Union Gas (July 2010) distribution territories. Under the HTC agreements, NHS receives funds equal to the amount of the five-, seven- or ten-year cash flow (at its option) of the water heater, furnace and air conditioner contracts discounted at the contracted rate, which is currently 7.99%. HTC is then paid an amount which is equal to the customer rental payments on the water heaters for the next five, seven or ten years as applicable. The funding received from HTC up to June 30, 2011, was $113.1 million.
Management's strategy for NHS is to self-fund the business through its growth phase, building value within the customer base. This way, NHS will not require significant cash from Just Energy's core operations nor will Just Energy rely on NHS's cash flow to fund dividends. The result should be a valuable asset, which will generate strong cash returns following repayment of the HTC financing.
Results of operations
For the three months ended June 30, 2011, NHS had sales of $7.8 million for the quarter, up 76% from $4.4 million reported for the first quarter of fiscal 2011. Gross margin amounted to $6.2 million for the three months ended June 30, 2011, up 120% from $2
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