TIDMJEL
RNS Number : 7892V
Jersey Electricity PLC
15 December 2021
JERSEY ELECTRICITY plc
Preliminary Announcement of Annual Results
Year Ended 30 September 2021
At a meeting of the Board of Directors held on 15 December 2021,
the final accounts for the year ended 30 September 2021 were
approved, details of which follow.
The financial information set out in the announcement does not
constitute the statutory accounts for the year ended 30 September
2021, or 2020, but is derived from those accounts. Statutory
accounts for 2020 have been delivered to the Jersey Registrar of
Companies, and those for 2021 will be delivered in early 2022. The
auditor reported on the accounts for both years and their reports
were unmodified.
A final dividend of 10.20p on the Ordinary and 'A' Ordinary
shares in respect of the year ended 30 September 2021 was
recommended (2020: 9.70p) . Together with the interim dividend of
7.20p (2020: 6.80p) the proposed total dividend declared for the
year was 17.40p on each share (2020: 16.50p).
The final dividend will be paid on 24 March 2022 to those
shareholders registered on 18 February 2022. A dividend on the 5%
cumulative participating preference shares of 1.5% (2020: 1.5%)
payable on 1 July 2022 was also recommended.
The Annual General Meeting will be held on 3 March 2022 at 12.30
pm at the Powerhouse, Queen's Road, St Helier, Jersey.
M.P. Magee L. Floris
Finance Director Company Secretary
Direct telephone number: 01534 505201 Direct telephone number:
01534 505253
Email: mmagee@jec.co.uk Email: lfloris@jec.co.uk
15 December 2021
The Powerhouse
PO Box 45
Queens Road
St Helier
Jersey JE4 8NY
JERSEY ELECTRICITY plc
Preliminary Announcement of Annual Results
Year ended 30 September 2021
The Chair, Phil Austin, comments:
The COVID-19 pandemic has again brought continued challenges for
our Island community and Jersey Electricity. Though we avoided
another total lockdown, public health restrictions imposed by the
Government of Jersey as part of its COVID-19 Winter Strategy
continued to disrupt life and business. As cases escalated from the
start of October 2020, working from home was re-introduced, and
non-essential retail and social venues were closed. The Company and
its employees again responded well and indeed, benefited from
lessons learned earlier in 2020 when the pandemic first took hold.
We maintained rigorous standards to keep our people and the
Community safe, while ensuring the continuity of electricity
supplies for homes, businesses, Government, and other essential
services. New technologies, rapidly deployed among the workforce in
the first lockdown, are now mainstream and ensured a seamless
switch to home working, where practicable, and continuity of all
our other business functions. The result is that we maintained high
levels of flexibility, productivity and performance throughout.
PERFORMANCE
Revenue for the year to 30 September 2021 at GBP118.6m was 6%
higher than in the previous financial year. Profit before tax for
the year was a strong GBP19.1m against GBP14.8m in 2020. However,
if the non-cash upside from revaluation of investment properties is
excluded in both years, along with the non-cash cost of GBP1.8m for
the ex-gratia award for pensions in service in 2021, the underlying
year-on-year profit before tax is GBP14.8m in 2021 against GBP14.3m
in 2020, an increase of 3%. The Board has therefore recommended a
final dividend for the year of 10.20p, a 5% increase on the
previous year, payable on 24 March 2022. We also continue to
achieve high levels of non-financial performance, including our
annual Customer Minutes Lost figure which was unchanged at a low
level of 5 minutes, and our independently assessed Customer Service
Score increased to 78 in 2021 from 77 last year.
FRENCH FISHING DISPUTE
During the year, we have also seen an escalation of political
issues between the EU and the UK on fishing rights between France
and Jersey, raising questions about energy sovereignty and the
security of supply of imported electricity between Europe and the
Channel Islands. We have taken such matters very seriously and have
liaised closely with senior civil servants and politicians in
Jersey and the UK. Whilst we view these matters as being political,
we have taken the opportunity to review and enhance our contingency
plans including establishing arrangements to bring additional
generating capacity into Jersey, should that be necessary. We have
firm contractual relationships with parties in France, from whom we
have been importing power over the last 37 years, and they have
confirmed that such commitments to supply electricity are robust.
Furthermore, whilst we remain compliant with our published security
of supply standard, we are currently reviewing it in the light of
the Island's carbon neutral ambitions and its dependency on
electricity.
ELECTRICITY MARKETS
We have seen unprecedented volatility in energy markets during
2021, which has resulted in many UK suppliers going out of
business, and the Ofgem regulated cap on UK electricity prices
rising by around 20% since April 2021. This is expected to
materially rise again when formally reviewed in early 2022. Energy
prices in the UK, including gas, have risen by an even higher
quantum. We are not immune to these conditions, but our hedging
policies have greatly sheltered Jersey customers from the material
rises being experienced elsewhere, with the period 2022-2024 being
largely hedged for the price we will pay for electricity and to a
lesser extent, the foreign exchange requirements we need to settle
such liabilities. We announced in October 2021 that a 4% tariff
rise would be implemented from 1 January 2022, and although this is
unfortunate, it is far lower than increases elsewhere. Even after
this rise we will continue to benchmark very favourably against
other jurisdictions, with the UK price cap currently being 46%
higher than Jersey Electricity's standard domestic tariff.
CLIMATE CHANGE
The Intergovernmental Panel on Climate Change (IPCC) 2021 report
calls for immediate, rapid, and large-scale reductions in
greenhouse gas emissions. In Jersey, the appetite for action was
apparent from the recommendations of the Citizens' Assembly on
Climate Change to which we gave our full support. The contribution
of Jersey Electricity to decarbonising electricity was noted in
this Citizen's Assembly as well as the opportunity for Jersey to do
much more. We now look to the Government of Jersey to set policies
to achieve the Island's carbon neutrality ambitions to which we are
fully committed. We continue to assess the investment needed and
have already started to deliver new infrastructure to meet the
forecast increase in demand that carbon neutrality would bring. We
see this as a huge opportunity for growth and believe the grid is
largely in place to achieve this quickly and cost effectively.
CORPORATE GOVERNANCE
Last year, in line with the UK Corporate Governance Code 2018, I
identified a number of key areas of focus for the Board in the year
ahead. I am pleased to report that we have made good progress in
all these areas:
-- Workforce diversity
-- Culture and engagement
-- Stakeholder engagement
-- Business efficiency and innovation
-- Risk and risk management
-- Review of business model
The Board's key areas of focus for 2022 are:
-- Progressing stakeholder engagement
-- Extending workforce diversity
-- Developing culture and engagement
-- Exploring energy sourcing strategies to facilitate Jersey's net-zero carbon emissions
As indicated in my 2020 Report, Aaron Le Cornu was retiring in
March 2021 at our AGM. I would like to thank him for his
contribution to the success of Jersey Electricity from 2011 until
he retired during this year. Non-Executive Director Peter Simon,
who joined the Board in 2019 and sat on our Audit and Risk and
Remuneration Committees, stepped down on 31 August 2021. I would
like to thank Peter for his insights and expertise and for a
significant contribution over the last two years. The recruitment
process to find his successor is underway.
IN CONCLUSION
I'd like to conclude by thanking the entire workforce for their
outstanding commitment and dedication, which has delivered an
excellent business performance in very difficult circumstances.
Their expertise and resilience have shone through, and they should
be very proud of their achievements. I would also like to thank the
Board for their hard work and commitment throughout the year, and
our shareholders for their continued support. The coming years will
have their challenges, but there will also be opportunities, and I
am very confident that the Company is well placed to take advantage
of them.
Financial Highlights 2021 2020
Revenue GBP118.6m GBP111.7m
Profit before tax GBP19.1m GBP14.8m
Earnings per share 52.73p 37.94p
Dividend paid per share 16.90p 16.05p
Final proposed dividend per share 10.20p 9.70p
Net cash GBP13.1m GBP5.5m
----------------------------------- ------------ ----------
Group revenue for the year to 30 September 2021 at GBP118.6m was
6% higher than in the previous financial year. Energy revenues at
GBP89.8m were 5% higher than the GBP85.1m achieved in 2020. Higher
unit sales of electricity were linked to a recovery from the
COVID-19 crisis in the retail and hospitality sectors, and an
uplift from increased home working, combined with colder than
normal weather and a 2.5% tariff rise from October 2020. Revenue in
the Powerhouse retail business increased 11% from GBP17.8m in 2020
to GBP19.8m. Revenue in the Property business at GBP2.3m was
marginally higher than last year. Revenue from JEBS, our building
services business, decreased from GBP3.8m in 2020 to GBP3.4m.
Revenue in our other businesses at GBP3.3m, was above the GBP2.7m
delivered in 2020.
Cost of sales at GBP74.2m was GBP4.5m higher than last year with
the increased revenue level in our Energy and Powerhouse Retail
businesses.
Operating expenses at GBP30.0m were GBP3.6m higher than last
year. Of this increase, GBP1.8m related to the non-cash ex-gratia
award for pensions in service, in our defined benefits pension
scheme, discussed later in this narrative. The remainder of the
rise is largely due to the increased investment in systems and
people, associated with the de-carbonisation vision for the
Island.
Profit before tax for the year to 30 September 2020 was GBP19.1m
against GBP14.8m in 2020. However, if the non-cash upside from
revaluation of investment properties is excluded in both years,
along with the non-cash cost of GBP1.8m for the ex-gratia award for
pensions in service in 2021, the underlying year-on-year profit
before tax is GBP14.8m in 2021 against GBP14.3m in 2020, an
increase of 3%.
Profit in our Energy business, at GBP10.7m, was below the
GBP12.3m achieved in 2020, largely due to the non-cash GBP1.8m
ex-gratia award for pensions in service in 2021. Our target return
on assets employed continues to be in the 6%-7% range over the
medium-term and was 5.9% in 2021 against 6.8% in 2020. Unit sales
volumes increased by 3% from 619m to 639m kilowatt hours, due to
colder than normal weather, combined with a material proportion of
customers continuing to work from home, due to COVID-19. Units
billed in the 2021 financial year increased by around 8% in the
residential sector, but fell around 2% for commercial premises,
compared with 2020. In the financial year we imported 95.2% of our
requirements from France (2020: 94.7%) and generated 0.4% of our
electricity on-Island from our solar and diesel plant (2020: 0.2%).
The remaining 4.4% (2020: 5.1%) of our electricity was purchased
from the local Energy from Waste plant. The planned 2.5% tariff
rise from 1 April 2020, which was postponed, to aid our customers
due to the COVID-19 pandemic, took place on 1 October 2020.
The GBP1.4m profit in our Property division, excluding the
impact of investment property revaluation, was GBP0.1m higher than
last year. Our investment property portfolio moved up in value by
GBP6.1m to GBP27.8m, based on advice from our external consultants,
who review the position annually. This increase was pronounced due
primarily to a restructuring of the lease arrangement for our
largest tenant, whereby the existing break clause was moved to a
later date, post commercial discussions, which materially moved the
valuation upwards. The value of residential properties also rose by
GBP1.2m due to continued buoyant market conditions in Jersey.
Our Powerhouse retail business saw profits rise by 30% from
GBP1.2m to GBP1.5m during a period when COVID-19 continued to
influence the behaviours, and spending patterns, of local
consumers, for example, due to less travel taking place out of the
Island over the last year.
JEBS, our building services unit, maintained profitability at
GBP0.2m, being at the same level as 2020.
Our other business units (Jersey Energy, Jendev, Jersey Deep
Freeze and fibre optic lease rentals) produced profits of GBP0.6m
being GBP0.2m lower than last year mainly due to accelerated
depreciation in Jendev.
The net interest cost in 2021 was GBP1.4m being at the same
level as in 2020. The taxation charge at GBP2.8m was lower than the
previous year, despite increased profit, as the profit increase was
largely non-taxable, being due to non-cash items.
Group basic and diluted earnings per share , at 52.73p, compared
to 37.94p in 2020 due to increased profitability.
Dividends paid in the year, net of tax, rose by 5%, from 16.05p
in 2020 to 16.90p in 2021. The proposed final dividend for this
year is 10.20p, a 5% rise on the previous year. Dividend cover, at
3.1 times, was higher than the comparable 2.4 times in 2020 due
mainly to the large non-cash increase in the revaluation of
investment properties in 2021.
Net cash flows from operating activities at GBP22.4m was GBP4.5m
lower than in 2020. Investing activities , at GBP9.3m was GBP1.8m
lower than GBP11.1m last year. Dividends paid were GBP5.3m compared
to GBP5.0m in 2020. The resultant position was that net cash at the
year-end was GBP13.1m, being GBP30.0m of borrowings offset by
GBP43.1m of cash and cash equivalents, which was GBP7.6m more than
last year.
Our defined benefits pension scheme showed a s urplus at 30
September 2021, under IAS 19 "Employee Benefits" of GBP15.0m, net
of deferred tax, compared with a surplus of GBP5.9m at 30 September
2020. Assets rose 3% from GBP156.6m to GBP161.1m in the same
period. Liabilities decreased 5% from GBP149.3m to GBP142.3m since
the last year-end. This was largely due to the discount rate
assumption, which heavily influences the calculation of
liabilities, rising from 1.6% in 2020 to 2.1% in 2021, reflecting
sentiments in prevailing financial markets. Unlike most UK schemes,
the Jersey Electricity Pension Scheme is not funded to pay
mandatory annual rises on retirement. The Pension Scheme Trustees
asked the Company to consider the granting of a 3% rise to pensions
in service in light of the level of the surplus as the last
increase was in 2019. This was agreed by the Board and the capital
cost of this award was GBP1.8m and the cash will be paid by the
Scheme, rather than the Company, but generated a GBP1.8m charge
against our Income Statement in the current financial year. This is
reflected in the year-end surplus figure of GBP15.0m.
Prior year adjustment
During 2020 we migrated to a new Smart Pay As You Go metering
solution for around 4,000 of our electricity customers who choose
this payment method as a budgeting tool. The legacy system, which
had been installed in the 1990's, was scrapped and the remaining
credit balances and debts that existed on each meter transferred
across to the new system. Following a review of the remaining
GBP0.9m balance in our receivables ledger we ascertained that there
had been a systematic over-statement of income from this payment
method over the period since 1998, when a new ERP financial system
was adopted. Although the sums were relatively immaterial on an
annual basis, the full scale of the issue only became apparent when
the new smart metering system was installed. It is not possible to
accurately allocate adjustments to all the individual years between
1998-2019. This GBP0.9m has been written off and treated as a prior
year adjustment against reserves and comfort provided, that this is
not a recurring issue with the new system.
Consolidated Income Statement 2021 2020
For the year ended 30 September 2021 GBP000 GBP000
Revenue 118,608 111,747
Cost of sales (74,159) (69,695)
--------- ---------
Gross Profit 44,449 42,052
Revaluation of investment properties 6,055 515
Operating expenses (29,991) (26,360)
--------- ---------
Group operating profit 20,513 16,207
Finance income 112 139
Finance costs (1,540) (1,516)
Profit from operations before taxation 19,085 14,830
Taxation (2,794) (3,090)
--------- ---------
Profit from operations after taxation 16,291 11,740
========= =========
Attributable to:
Owners of the Company 16,155 11,624
Non-controlling interests 136 116
--------- ---------
16,291 11,740
========= =========
Earnings per share
- basic and diluted 52.73p 37.94p
Consolidated Statement of Comprehensive 2021 2020
Income
GBP000 GBP000
Profit for the year 16,291 11,740
Items that will not be reclassified subsequently
to profit or loss:
Actuarial gain/(loss) on defined benefit
scheme 14,803 (1,663)
Income tax relating to items not reclassified (2,961) 333
-------- --------
11,842 (1,330)
Items that may be reclassified subsequently
to profit or loss:
Fair value (loss)/gain on cash flow hedges (3,116) 1,290
Income tax relating to items that may be
reclassified 623 (258)
-------- --------
(2,493) 1,032
Total comprehensive income for the year 25,640 11,442
Attributable to:
Owners of the Company 25,504 11,326
Non-controlling interests 136 116
-------- --------
25,640 11,442
Consolidated Balance Sheet as at 30 September 2021
2021 2020 2019
GBP 000 GBP 000 GBP 000
Restated Restated
NON-CURRENT ASSETS
Intangible assets 933 479 683
Property,plant and equipment 216,550 217,936 217,046
Right of use assets 3,113 2,899 -
Investment properties 27,810 21,755 21,240
Trade and other receivables 308 300 383
Retirement benefit asset 18,761 7,315 10,417
Derivative financial instruments 108 277 208
Other investments 5 5 5
----------------- ------------------ ---------------------
Total non-current assets 267,588 250,966 249,982
------------------------------------- ----------------- ------------------ ---------------------
CURRENT ASSETS
------------------------------------ ----------------- ------------------ ---------------------
Inventories 6,909 6,028 6,018
Trade and other receivables 18,000 15,745 17,095
Derivative financial instruments - 960 197
Cash and cash equivalents 43,136 35,520 24,915
Total current assets 68,045 58,253 48,225
----------------- ------------------ ---------------------
Total assets 335,633 309,219 298,207
------------------------------------- ----------------- ------------------ ---------------------
LIABILITIES
------------------------------------ ----------------- ------------------ ---------------------
Trade and other payables 18,373 18,193 17,320
Current tax liabilites 3,020 2,742 2,714
Lease liabilities 72 65 -
Derivative financial instruments 1,256 143 298
Total current liabilities 22,721 21,143 20,332
----------------- ------------------ ---------------------
NET CURRENT ASSETS 45,324 37,110 27,893
-------------------------------------
NON-CURRENT LIABILITIES
------------------------------------ ----------------- ------------------ ---------------------
Trade and other payables 24,006 22,714 21,757
Lease liabilities 3,035 2,879 303
Derivative financial instruments 874 - -
Financial liabilities - preference
shares 235 235 235
Borrowings 30,000 30,000 30,000
Deferred tax liabilities 29,321 27,209 26,936
Total non-current liabilities 87,471 83,037 79,231
----------------- ------------------ ---------------------
Total liabilities 110,192 104,180 99,563
----------------- ------------------ ---------------------
Net assets 225,441 205,039 198,644
------------------------------------- ----------------- ------------------ ---------------------
EQUITY
------------------------------------ ----------------- ------------------ ---------------------
Share capital 1,532 1,532 1,532
Revaluation reserve 5,270 5,270 5,270
ESOP reserve (79) (120) (45)
Other reserves (1,618) 875 (157)
Retained earnings 220,178 197,359 191,982
Equity attributable to owners
of the company 225,283 204,916 198,582
Non-controlling interests 158 123 62
----------------- ------------------ ---------------------
Total equity 225,441 205,039 198,644
------------------------------------- ----------------- ------------------ ---------------------
Consolidated Statement of Changes in Equity for the year ended
30 September 2021
Share Revaluation ESOP *Other Retained Total
capital reserve reserve reserves earnings
GBP
000 GBP 000 GBP 000 GBP 000 GBP 000 GBP 000
At 1 October 2020 restated 1,532 5,270 (120) 875 197,359 204,916
Total recognised income
and expense for the year - - - - 16,155 16,155
Amortisation of employee
share option scheme - - 41 - - 41
Movement on hedges (net
of tax) - - - (2,493) - (2,493)
Actuarial gain on defined
benefit scheme (net of
tax) - - - - 11,842 11,842
Equity dividends - - - - (5,178) (5,178)
At 30 September 2021 1,532 5,270 (79) (1,618) 220,178 225,283
======== ================== =========== ========== ============= ========
At 1 October 2019 as previously
stated 1,532 5,270 (45) (157) 192,882 199,482
Impact of prior year adjustment - - - - (900) (900)
At 1 October 2019 restated 1,532 5,270 (45) (157) 191,982 198,582
Total recognised income
and expense for the year - - - - 11,624 11,624
Funding of employee share
option scheme - - (78) - - (78)
Amortisation of employee
share option scheme - - 3 - - 3
Movement on hedges (net
of tax) - - - 1,032 - 1,032
Actuarial loss on defined
benefit scheme (net of
tax) - - - - (1,330) (1,330)
Equity dividends - - - - (4,917) (4,917)
Restated at 30 September
2020 1,532 5,270 (120) 875 197,359 204,916
======== ================== =========== ========== ============= ========
Consolidated Statement of Cash Flows 2021 2020
for the year ended 30 September 2021 GBP000 GBP000
CASH FLOWS FROM OPERATING ACTIVITIES
Operating profit 20,513 16,207
Depreciation and amortisation charges 10,924 11,424
Share based reward charges 41 3
Gain on revaluation of investment property (6,055) (515)
Pension operating charge less contributions
paid 3,357 1,439
Profit on sale of property, plant and
equipment (6) (24)
-------- ---------
Operating cash flows before movement in
working capital 28,774 28,534
Working capital adjustments:
Increase in inventories (881) (10)
(Increase)/decrease in trade and other
receivables (2,263) 1,433
Increase in trade and other payables 904 1,071
-------- ---------
Net movement in working capital (2,240) 2,494
Interest paid (1,395) (1,376)
Preference dividends paid (9) (9)
Income taxes paid (2,742) (2,714)
-------- ---------
Net cash flows from operating activities 22,388 26,929
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (8,513) (10,922)
Investment in intangible assets (805) (337)
Deposit interest received 112 139
Net proceeds from disposal of fixed assets 6 24
-------- ---------
Net cash flows used in investing activities (9,200) (11,096)
CASH FLOWS FROM FINANCING ACTIVITIES
Equity dividends paid (5,178) (4,917)
Dividends paid to non-controlling interest (101) (55)
Purchase of shares by Employee Benefit
Trust - (78)
Repayment of lease liabilities (297) (189)
-------- ---------
Net cash flows used in financing activities (5,576) (5,239)
Net increase in cash and cash equivalents 7,612 10,594
Cash and cash equivalents at beginning
of year 35,520 24,915
Effect of foreign exchange rates 4 11
Cash and cash equivalents at end of year 43,136 35,520
Notes to the accounts
Year ended 30 September 2021
1. Basis of Preparation
The consolidated financial statements of Jersey Electricity plc,
for the year ended 30 September 2021, have been prepared in
accordance with International Financial Reporting Standards (IFRS)
as adopted by the European Union (EU), including International
Accounting Standards and Interpretations issued by the
International Financial Reporting Interpretations Committee
(IFRIC). This is consistent with the accounting policies in the 30
September 2020 annual report and accounts and the 31 March 2021
interim report.
While the financial information included in this preliminary
announcement has been prepared in accordance with the appropriate
recognition and measurement criteria, this announcement does not
itself contain sufficient information to comply with IFRS. The
Group expects to publish full financial statements that comply with
IFRS in early 2022 in advance of the next Annual General
Meeting.
The Group has considerable financial resources together with
many customers both corporate and individual. Therefore, the
Directors believe that the Group is well placed to manage its
business risks successfully, including any further impacts of
COVID-19. The Directors have a reasonable expectation that the
Group has adequate resources to continue in operational existence
for the foreseeable future. For this reason, they continue to adopt
the going-concern basis in preparing the financial statements.
Segmental information
Revenue and profit information are analysed between the business segments
as follows:
2021 2021 2021 2020 2020 2020
External Internal Total External Internal Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Revenue
Energy 89,780 100 89,880 85,140 122 85,262
Building Services 3,399 645 4,044 3,767 1,027 4,794
Retail 19,808 68 19,876 17,825 60 17,885
Property 2,304 645 2,949 2,266 645 2,911
Other* 3,317 945 4,262 2,749 891 3,640
--------- --------- -------- --------- --------- --------
118,608 2,403 121,011 111,747 2,745 114,492
Intergroup elimination (2,403) (2,745)
-------- --------
Revenue 118,608 111,747
-------- --------
Operating profit
Energy 10,693 12,257
Building Services 217 216
Retail 1,533 1,176
Property 1,393 1,270
Other* 622 773
-------- --------
14,458 15,692
Revaluation of investment properties 6,055 515
Operating profit 20,513 16,207
-------- --------
*Other segment includes Jersey Energy, Jendev (divisions) and
Jersey Deep Freeze Limited, the Group's sole subsidiary.
The revaluation of investment properties is shown separately
from Property operating profit as this income is reflected solely
by a movement in reserves.
2. Prior year adjustment
During 2020 we migrated to a new Smart Pay As You Go metering
solution for around 4,000 of our electricity customers who choose
this payment method as a budgeting tool. The legacy system, which
had been installed in the 1990's, was scrapped and the remaining
credit balances and debts that existed on each meter transferred
across to the new system.
Following a review of the remaining GBP0.9m balance in our
receivable's ledger we ascertained that there had been a systematic
over statement of income from this payment method over the period
since 1998, when a new ERP financial system was adopted. The
primary drivers being a combination of both the accumulation of
GBP5 free credit provided as a customer service benefit to all new
charge keys and a timing delay arising on each occasion tariffs
have risen. The sums were relatively immaterial on an annual
basis.
The Smart Pay As You Go metering solution benefits from more
accurate data, including the elimination of time lag where tariffs
move and any upfront credit provided to customers is now reclaimed
over subsequent top-ups. At 30(th) September 2021 a deferred income
balance of GBP0.5m is included and has been assessed as being
reasonable.
In accordance with IAS 8, it has proven impractical to
accurately allocate adjustments to all the individual years between
1998-2019. Therefore, GBP0.9m has been written off and treated as a
prior year adjustment against reserves and trade receivables as
seen in both the Consolidated Balance Sheet and the Consolidated
Statement of Changes in Equity.
Each of the affected financial statement line items for the
prior periods have been restated as follows:
30 Sept 30 Sept 1 Oct 1 Oct
2020 Decrease 2020 2019 Decrease 2019
GBP 000 GBP 000 GBP 000 GBP 000 GBP 000 GBP 000
Restated Restated
Trade and other receivables - current assets 16,645 (900) 15,745 17,995 (900) 17,095
Retained earnings 198,259 (900) 197,359 192,882 (900) 191,982
----------------------------------------------- -------- --------- --------- -------- --------- ---------
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