Just Energy Reports Second Quarter Results
Operating Results Ahead of Guidance for Second Consecutive Quarter Margin up 9% and Adjusted EBITDA up 24% per Share Year to Date 238,000 Customers Added-Customer Base up 8% Year over Year
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 11/08/11 -- Just Energy Group Inc. (TSX: JE) -
Highlights for the three months ended September 30, 2011 included:
Highlights for the six months ended September 30, 2011 included:
Just Energy Fiscal 2012 Second Quarter Results
Just Energy announced its results for the three months and six months ended September 30, 2011.
Just Energy is a TSX listed corporation and it reports in its 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.
Second Quarter Operating Performance
The second quarter of fiscal 2012 shows the continued positive effects of Just Energy's diversification efforts over the last two years. Success at the Commercial division allowed the Company to add 238,000 residential customer equivalents ("RCEs"), up from 227,000 in the first quarter and caused our total RCE base to exceed 3.4 million, up 8% from a year earlier.
The acquisition of Hudson has successfully expanded Just Energy's presence in the commercial gas and electricity markets. This commercial expansion has allowed the Company to exceed its past record level of customer additions (140,000 RCE additions) for six consecutive quarters. Higher customer additions and corporate diversification have offset a difficult price environment and resultant weak renewals, maintaining gross margin and EBITDA at targeted levels.
A second diversification is the move into green commodity supply through the JustGreen and JustClean programs. Over the past 12-months, green takeup was 34% of new residential customers, who purchased an average of 90% as green supply. Our overall Green book is now 9% of residential natural gas needs (up from 3% a year ago) and 12% for electricity, up 1% from a year ago. In addition, the Hudson Solar division has made commitments of approximately $35 million to date. These projects generate very attractive returns on investment. Overall, Just Energy's commitment to Green strengthens long-term margins, builds a stronger customer relationship and allows Just Energy customers and employees to be proud of their contribution to a cleaner environment.
The National Home Services water heater and HVAC rental and sales operation has also been a successful diversification with installations growing 42% from 101,000 units to 143,800. Margin from this business was up 73% year over year.
Following quarter end, Just Energy acquired Fulcrum, a Texas marketer who specializes in affinity sales, a channel Just Energy had not previously pursued. This acquisition not only is a strategic fit but Fulcrum's existing base of customers makes the transaction immediately accretive to shareholders. The Momentis network marketing channel is now starting to see the monthly results hoped for. 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.
The expansions of JustGreen, JustClean and National Home Services were seen both in continued marketing success in the second quarter and operating results which so far exceed growth targets for the year. Management has set targets of 5% per share growth for both Gross margin and Adjusted EBITDA for the year.
In the second quarter, our $102.6 million gross margin was up 4% per share year over year. Year to date, gross margin is up 9% per share, well ahead of target. Administrative costs were up 8% per share to $28.8 million as a result of a one-tem reduction in accrued litigation expenses in the prior comparative period. Administrative costs were in line with those of the first quarter of fiscal 2012 and the fourth quarter of fiscal 2011. Higher margins combined with lower marketing and bad debt expenses resulted in a growth in Adjusted EBITDA to $47.9 million, up 25% per share. This is the second consecutive quarter with Adjusted EBITDA growth over 20%. Year to date, Adjusted EBITDA is up 24% per share, again well ahead of the 5% target.
Operational measures such as bad debt remained well under control. Losses were 2.5% on the 48% of our sales where we bear this risk, down from 2.6% a year ago. Our attrition rates were in line with management's expectations and down significantly from those in fiscal 2011. Canadian attrition was 10%, down from 12% a year ago. U.S. natural gas attrition (our market most affected by the housing and employment crisis) was 21%, down from the 27% rate reported a year ago. U.S. electricity attrition was 14%, lower than the 15% reported a year ago. Renewal rates remained soft averaging 64% versus a target of 70%. The current stable low commodity price environment is the worst for our core products however we have focused on renewals by giving the customer a range of options including Blend and Extend pricing, our new JustClean products and, most recently, innovative variable price offerings.
The 238,000 RCEs added in the second quarter was the sixth consecutive quarter with more than 200,000 additions. These are the only six quarters in which Just Energy has exceeded this level in its 11 year history as a publically traded entity.
New commercial RCEs made up 154,000 of the 238,000 quarterly additions. In the first quarter 148,000 of the 227,000 RCEs added were commercial. 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 customer base is up 8% year over year. This is entirely growth through marketing with no acquired customers in the total.
During the quarter, rumours in the capital markets and, in management's belief, their adverse effect on our share price mandated that Just Energy issue a press release on October 3, 2011 reaffirming its guidance that the 5% targets for gross margin and Adjusted EBITDA growth are expected to be achieved in Fiscal 2012. As can be seen from these results, Just Energy remains ahead of the pace necessary to realize these goals after six months. The release also stated that, based on these operating results and those expected for the remainder of the year, Just Energy will be able to comfortably maintain its current $1.24 annual dividend for the foreseeable future. A second consecutive quarter of significantly lower payout ratio supports that conclusion.
Dividends for the quarter were $0.31 per share, equal to unit distributions paid in the prior comparable quarter. Payout ratio on Adjusted EBITDA was 91%, down from 113% a year ago. Management's expectation is that the annual payout ratio on our ordinary dividends will be below 100% for fiscal 2012.
As regards to the second quarter, CEO Ken Hartwick noted: "Our operating results show the benefits of diversifications we have undertaken over the past years. The past three years have seen very low stable gas and electricity prices. This makes it more difficult to convince consumers that the stability of a fixed price justifies a premium. Despite this price environment, we continue to grow our customer base quarter after quarter. This has been done through new and innovative product offerings and new businesses such as National Home Services. The result is the record levels of gross margin and EBITDA seen quarter after quarter."
"The acquisition of Fulcrum completed just after quarter end is another example of a strategic move into a new marketing channel, in this case affinity sales. Past expansions such as Hudson and National Home Services have added substantial value to Just Energy. Like these acquisitions, Fulcrum's existing customer base makes the acquisition accretive day one."
Chair Rebecca MacDonald added: "Our second quarter results show a continuation of the consistent track record of Just Energy since its inception. We target growth every year and every year we grow. We target a high dividend and every month, we pay that dividend. We have never missed, cut or delayed a dividend or distribution in the history of the Company. We have no intention of starting now."
"Our growth year to date is ahead of the 5% per share targeted for gross margin and Adjusted EBITDA. Our payout ratio in each of the first two quarters was below that of the prior year, a year in which we comfortably paid $1.24 to our shareholders. With our track record, current results and opportunities for continued growth, there is no justification for our shares yielding over 10%. I plan to work tirelessly to convince investors that Just Energy is substantially undervalued."
Just Energy
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. 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 matched 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 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. Management believes that the green 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 .
MANAGEMENT'S DISCUSSION AND ANALYSIS ("MD&A") - November 7, 2011
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 and six months ended September 30, 2011, and has been prepared with all information available up to and including November 7, 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. This analysis should be read in conjunction with the unaudited consolidated financial statements for the three and six months ended September 30, 2011 as well as the interim financial statements and MD&A for the three months ended June 30, 2011 as these documents include additional disclosure related to the transition to IFRS. 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 Corporation (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"), Hudson Energy Solar Corp ("Hudson Solar") and Just Energy Limited ("JEL").
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 customers the option of having all or a portion of their 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 allows customers 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 improves 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 recently launched, Hudson Solar, a solar project development platform in New Jersey.
On October 3, 2011, Just Energy completed the acquisition of Fulcrum Retail Holdings LLC ("Fulcrum") with an effective date of October 1, 2011. Fulcrum is a retail electricity provider operating in Texas and focuses on residential and small to mid-size commercial customers. Fulcrum markets primarily online and through targeted affinity marketing channels under the brands, Tara Energy, Amigo Energy and Smart Prepaid Electric. Although the acquisition was completed subsequent to September 30, 2011, the financing for the acquisition was completed on September 22, 2011. Just Energy used the proceeds from the issuance of $100 million of convertible unsecured subordinated debentures, which bear interest at a rate of 5.75% per annum payable in arrears on March 31 and September 30 each year commencing March 31, 2012, to fund the Fulcrum acquisition and for other general corporate purposes.
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 June 20, 2011 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 of convertible debentures issued by Universal Energy Group Ltd. ("Universal") in October 2007. JEEC assumed the obligations of the debentures as part of the Universal 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 22 for further details.
"$100m convertible debentures" represents the $100 million of convertible debentures issued by the Company to finance the purchase of Fulcrum Retail Holdings LLC, effective October 1, 2011. See "Long-term debt and financing" on page 22 for further details.
"$330m convertible debentures" represents the $330 million of convertible debentures issued by Just Energy Income 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 22 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 its 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 of fiscal 2012 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 interim financial statements and MD&A for the three months ended June 30, 2011 includes additional disclosure relating to the transition to IFRS and therefore, should be read in conjunction with the MD&A and financial statements for the three and six months ended September 30, 2011.
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 normally lower with such a 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 can increase with this 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 normally lower as a result of 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 carbon offsets purchased from carbon capture and reduction projects as well as green power renewable energy certificates purchased 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 860 independent contractors, the Momentis network marketing operation and Internet-based and telephone marketing efforts. The total number of independent contractors increased during the quarter as a result of the expansion of sales efforts in existing offices. Approximately 56% of Just Energy's customer base resides within the Consumer Energy division, which is currently focused on longer-term price-protected and variable 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 44% 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 260 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.
Network Marketing division
Just Energy owns and operates Momentis, a network marketing company operating within Canada and the U.S. Independent representatives educate consumers about the benefits of energy deregulation and sell them products offered by Just Energy as well as a number of other products. Independent representatives are rewarded through commissions earned based on new customers added. For the three months ended September 30, 2011, there were 6,200 independent representatives added, bringing the total number to 11,100.
Solar division
Hudson Solar, a solar project development platform in New Jersey, brings renewable energy directly to the consumer, enabling them to reduce their environmental impact and energy costs. Hudson Solar installs solar systems on residential or commercial sites, maintaining ownership of the system and providing maintenance and monitoring of the system for a period of up to 20 years. Hudson Solar sells the energy generated by the solar panels back to the customer. This division will contribute to operating metrics through commodity sales, renewable energy credit offset sales and tax incentives. To date, the division has made commitments of approximately $35 million with the status of the associated projects ranging from contracted to completed.
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 $47.9 million ($0.34 per share) in the second quarter of fiscal 2012, an increase of 25% per share/unit from $37.5 million ($0.27 per unit) in the prior comparable quarter. This increase is attributable to the increase in gross margin as well as higher other income quarter over quarter. Gross margin increased 6% overall with higher margin contribution from NHS and TGF as gross margin attributable to gas and electricity marketing stayed constant quarter over quarter.
Administrative expenses increased by 11% from $26.0 million to $28.8 million quarter over quarter but were in line with the amount recorded in the previous two quarters. The increase over the prior comparable quarter was due to a one-time expense reduction in the prior comparative period as well as the additional $0.7 million spent on the expansion of Momentis, our network marketing sales channel, and Hudson Solar. Selling and marketing expenses for the three months ended September 30, 2011 were $35.3 million, a 4% decrease from $37.0 million reported in the prior comparative quarter. The sales and marketing expenses representing the costs associated with maintaining gross margin, which are deducted in Adjusted EBITDA, were $21.3 million for the three months ended September 30, 2011, a decrease of 15% from $25.1 million in the prior comparable quarter. Bad debt expense was $6.5 million for the three months ended September 30, 2011, a 4% decrease from $6.7 million recorded for the prior comparable quarter. In addition, other income/expense increased from $0.4 million to $2.8 million as a result of the hedging gain on the investment of the proceeds from the issuance of the $100m convertible debentures.
Dividends and distributions paid for the three months ended September 30, 2011 were $43.7 million, an increase of 3% 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 and a higher number of shares versus units outstanding. The payout ratio on Base EBITDA was 113% for the three months ended September 30, 2011, versus 134% in the prior comparative quarter. For the three months ended September 30, 2011, the payout ratio on Adjusted EBITDA was 91%, versus 113% in the prior comparative quarter.
For the six months ended September 30, 2011, Adjusted EBITDA amounted to $85.3 million ($0.61 per share), an increase of 27% (24% per share/unit) from $67.2 million ($0.49 per unit) in the prior comparable period. For the current six-month-period, gross margin increased by 11% (9% per share/unit). Dividends and distributions for the six months ended September 30, 2011 were $87.3 million ($0.62 per share), an increase of 3% from the prior comparative period. The payout ratio on Base EBITDA was 127% for the six months ended September 30, 2011, versus 158% in the prior comparative quarter. For the six months ended September 30, 2011, the payout ratio on Adjusted EBITDA was 102%, versus 125% in the prior comparative quarter.
For further information on the changes in the gross margin, please refer to "Gas and electricity marketing" on page 10 and "Administrative expenses", "Selling and marketing expenses", "Bad debt expense" and "Finance costs", which are further clarified on pages 17 through 19.
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 $1,512.4 million at as September 30, 2011, an increase of 5% during the quarter. The future embedded gross margin for Canada decreased by 3% from $622.1 million at June 30, 2011 to $603.9 million at September 30, 2011. The embedded margins in Canada declined over the three months due to a challenging price environment for renewals and new customer additions resulting in a net customer loss of 4% during the quarter. This decline was offset by the 2% growth in U.S. future embedded gross margin from $851.3 million to $866.7 million. 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. However, the commercial customer base also results in lower customer aggregation costs and lower annual customer servicing costs, which are not captured in embedded margin. The embedded margin calculation includes the future margin associated with the energy marketing divisions only. Any future embedded margin associated with NHS, TGF or Hudson Solar is excluded from the embedded margin outlined above.
The U.S. dollar strengthened against the Canadian dollar during the quarter, resulting in an increase of $72.5 million in total future embedded gross margin.
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 second quarter
Sales decreased by 9% quarter over quarter to $600.0 million from $657.9 million. Sales from gas and electricity marketing decreased by 11% quarter over quarter primarily as a result of lower commodity prices. This decrease was slightly offset by higher sales for NHS and TGF. Gross margin increased by 6% quarter over quarter due t o an increase in margin contribution from NHS and TGF. Gross margin from gas and electricity marketing did not materially change in comparison with the second quarter of fiscal 2011 as the margin was impacted by the increase in the number of commercial and variable rate customers quarter over quarter.
Net loss for the three months ended September 30, 2011 was $3.5 million, representing a loss per share of $0.03, on a basic and diluted basis. For the prior comparative quarter, net loss was $133.7 million, representing a loss of $1.07, both on a basic and diluted per unit basis. The change in fair value of derivative instruments resulted in a gain of $24.9 million for the current quarter, in comparison with a loss of $204.1 million in the second 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 28% to $47.9 million for the three months ended September 30, 2011. This increase is attributable to the increase in gross margin and other income and lower sales and marketing costs. Base EBITDA (after all selling and marketing costs) increased by 23% (20% per share/unit) to $38.6 million for the three months ended September 30, 2011, up from $31.4 million in the prior comparable quarter.
Dividends/distributions paid were $43.7 million, a 3% increase from $42.3 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 91% for the three months ended September 30, 2011, compared with 113% in the prior comparable quarter.
Sales for the three months ended September 30, 2011 were $553.4 million, a decrease of 11% from $621.2 million in the prior comparable quarter. The sales decline was the result of a gradual reduction in average price within the customer base as new customers signed and customer renewals are at much lower prices than that of customers expiring or lost through attrition. Gross margins were $88.1 million for the quarter, in line with the $88.2 million earned during the three months ended September 30, 2010. The margin was flat quarter over quarter despite an 8% increase in customers reflecting 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.
For the six months ended September 30, 2011, sales were $1,141.2 million, a decrease of 6% from $1,209.5 million reported in the prior comparable period. Gross margin was $173.2 million for the six months ended September 30, 2011, an increase of 3% from $168.4 million earned in the first half of fiscal 2010.
Canada
Sales were $180.1 million for the three months ended September 30, 2011, down 26% from $243.2 million in the prior comparable quarter. Gross margins were $26.8 million in the second quarter, a decrease of 13% from $30.7 million in the prior comparable period. For the six months ended September 30, 2011, sales and gross margin were $423.4 million and $62.2 million, respectively, representing decreases of 21% in sales and 10% in gross margin over the comparative period of fiscal 2011. The number of long-term customers in Canada has decreased by 10% during the past year.
Gas
Canadian gas sales were $54.4 million, a decrease of 30% from $77.6 million in the three months ended September 30, 2010. This decrease is a result of the Canadian gas customer base falling by 13% year over year as well as the decline in commodity prices reflected in recent contract offerings. Gross margin totalled $7.4 million, up 151% from the prior comparative quarter despite the customer decline. The prior comparable quarter included significant losses on the sale of excess gas at low spot prices from the warm winter experienced in fiscal 2010.
For the six months ended September 30, 2011, sales amounted to $177.7 million, a decrease of 14% from $207.3 million recorded in the prior comparable period due to the declining customer base. Gross margin increased by 61% from $15.1 million to $24.2 million as a result of the losses on the sale of excess gas experienced in the prior comparative period.
After allowance for balancing and inclusive of acquisitions, realized average gross margin per customer ("GM/RCE") for the rolling 12-months ended September 30, 2011, amounted to $176/RCE compared to $177/RCE for the prior comparable quarter. The GM/RCE value includes an appropriate allowance for the bad debt expense in Alberta.
Electricity
Electricity sales in Canada were $125.7 million for the three months ended September 30, 2011, a decrease of 24% from the prior comparable quarter due to an 8% decline in RCEs as well as recent product offerings being at lower prices in order to remain competitive with very low current utility prices. Gross margin decreased by 29% quarter over quarter to $19.5 million versus $27.8 million in the prior three-month period. The decrease was a result of expiring higher margin customers being replaced with new lower margin customers. The customers aggregated by the Consumer Energy division continued to underperform due to competitive pressures from low utility prices in Ontario.
For the six months ended September 30, 2011, sales amounted to $245.7 million, a decrease of 25% from $326.2 million recorded in the prior comparable period due to the declining customer base. Gross margin decreased by 29% to $37.9 million for the six months ended September 30, 2011 over the prior comparable period.
Realized average gross margin per customer in Canada after all balancing and including acquisitions for the rolling 12-months ended September 30, 2011, amounted to $114/RCE, a decrease from $143/RCE in the prior comparative period primarily due to the cumulative effect of new lower margin contracts sold 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. Management believes that this lower margin level will remain for the foreseeable future. The GM/RCE value includes an appropriate allowance for the bad debt expense in Alberta.
United States
Sales for the second quarter of fiscal 2012 were $373.4 million, a decrease of 1% from $378.0 million in the three months ended September 30, 2010. Gross margin was $61.2 million, up 7% from $57.4 million in the prior comparable period. For the six months ended September 30, 2011, sales increased by 6% to $717.8 million over the prior comparable period. Gross margin for the six months ended September 30, 2011 was $111.0 million, an increase of 12% from $99.5 million recorded in the prior comparable period.
Gas
For the three months ended September 30, 2011, gas sales and gross margin in the U.S. totalled $37.4 million and $2.2 million, respectively, versus $55.9 million and $(0.5) million, respectively, in the prior comparable quarter. Total gas customers remained relatively unchanged year over year. The sales decrease of 33% was the result of a gradual reduction in average price within the customer base as renewals and new customers signed are at much lower prices than that of customers expiring or lost through attrition.
Despite the 33% decline in sales, gross margin increased year over year even though 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 fiscal 2010 and high third party losses on the sale of the excess gas. The current year reflects closer to normal weather and consumption.
For the six months ended September 30, 2011, sales amounted to $116.6 million, a decrease of 10% from $129.0 million recorded in the prior comparable period due to the change in products offered to remain competitive. Gross margin more than doubled from $4.8 million to $10.4 million for the six months ended September 30, 2011 primarily as a result of closer to normal weather and consumption versus the high losses on sale of excess gas experienced in the prior comparable period.
Average realized gross margin after all balancing costs for the rolling 12 months ended September 30, 2011, was $145/RCE, a decrease from $161/RCE. This is due to the inclusion of lower margin commercial customers offsetting the lower losses on sale of excess gas. 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 September 30, 2011 were $336.0 million and $59.0 million, respectively, versus $322.1 million and $57.9 million, in the second quarter of fiscal 2011. Sales increased 4% due to a 34% increase in long-term customers year over year, attributable to the strong marketing growth by the Commercial Energy division. Sales increased less than the increase in customers due to an increase in commercial customers and lower commodity pricing. Gross margin increased by 2% due to increase in customers being offset by the lower margins on largely commercial customers added.
For the six months ended September 30, 2011, sales amounted to $601.3 million, an increase of 10% from $547.0 million recorded in the prior comparable period. Gross margin increased from $94.7 million to $100.6 million for the six months ended September 30, 2011. Customers were up sharply but with the underperformance of the Consumer Energy division, the mix of additional commercial customers limited both sales and margin growth.
Average gross margin per customer for electricity during the current quarter decreased to $131/RCE, compared to $172/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 238,000, down 6% from the 254,000 customers added through marketing in the second quarter of fiscal 2011 but up 5% from the 227,000 customers added in the first quarter. Net additions were 45,000 for the quarter, resulting in a 1% growth in the customer base for the second quarter.
Consumer customer additions amounted to 84,000, a 31% decrease from the 121,000 customer additions in the prior comparable quarter, however, an increase of 6% from 79,000 customer additions in the first quarter of fiscal 2012. The quarter over quarter decrease in customer additions is a result of the decrease in the number of independent contractors from 1,100 a year ago to 860 as a result of the challenging price environment. Management continues to diversify its sales platform beyond door-to-door sales to include network, telephone and Internet-based marketing channels and responded to the current price environment with a change in product offerings to include a variable-based product.
Commercial additions were 154,000 for the quarter, a 16% increase from the 133,000 additions recorded in the second quarter of fiscal 2011 and a 4% increase from 148,000 additions in the first quarter of fiscal 2012. The broker sales channel continues to expand across Just Energy's existing markets. Commercial additions, which consists of customers representing 15 RCEs or higher, will fluctuate quarterly depending on the size of customers signed.
Total gas customers decreased by 3% 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. As a result, Just Energy has moved to a variety of consumer products that meet the consumer's need for stability and protection against volatility. 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 4% during the quarter, with a 7% growth in the U.S. markets and a 2% 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 will have a similar review conducted following calendar 2011. Just Energy has contracts with 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, 34% took JustGreen for some or all of their energy needs. On average, these customers elected to purchase 90% of their consumption as green supply. In the previous comparative period, 44% of the consumer customers who contracted with Just Energy chose to include JustGreen for an average of 88% of their consumption. Overall, JustGreen supply now makes up 9% of the overall gas portfolio, up from 3% a year ago. JustGreen supply makes up 12% of the electricity portfolio, up from 11% a year ago.
In addition, JustClean products are being offered in Ontario, Quebec and Florida. JustClean products are 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. We are actively investing to expand this product offering throughout the U.S. and Canada to new markets, both regulated and deregulated.
The past year saw an improvement in attrition rates across all markets. 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 as well. We expect this trend in improving attrition rates to continue.
Natural gas
The annual natural gas attrition in Canada was 10% for the trailing 12-months, lower than the 12% attrition rate reported in the prior comparable quarter. In the U.S., annual gas attrition was 21%, a decrease from 27% 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%, lower than the 12% reported in the prior comparable quarter. Electricity attrition in the U.S. was 14% 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 64% for the trailing 12-month period.
Natural gas
The current trailing annual renewal rate for all Canadian gas customers was 63%, unchanged from one year prior. 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 for fiscal 2012, 33% 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 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. 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 78%.
Electricity
The electricity renewal rate for Canadian customers was 56% 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 September 30, 2011, Just Energy had Texas, Illinois and New York electricity customers up for renewal. The electricity renewal rate was 68%, with strong renewals in Texas being offset by weaker renewals in Illinois and New York. In each of these markets, our green products are being developed for renewing customers, which should strengthen the profitability and the renewal rates.
Gas and electricity contract renewals
This table shows the percentage of commodity customers up for renewal in each of the following years:
All variable and month-to-month customers are included in the current period, 2012.
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 strong, with approximately 34% 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 90% of their consumption in green supply. For large commercial customers, the average gross margin for new customers added was $85/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 12,200 water heaters, air conditioners and furnaces, compared to 13,000 units installed in the prior comparable quarter. The installations for the current quarter consisted of 10,400 water heaters and 1,800 HVAC units, opposed to 12,300 water heaters and 700 HVAC units installed in the prior comparative quarter. Although there were fewer installations in the current quarter, the overall contribution to future EBITDA is greater as the average rental revenue for HVAC products is more than double that of a water heater. As of September 30, 2011, the cumulative installed customer base was 143,800 units, an increase of 42% 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
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