Document And Entity Information
Document And Entity Information | 12 Months Ended |
Mar. 31, 2018shares | |
Document Information [Line Items] | |
Entity Registrant Name | Just Energy Group Inc. |
Entity Central Index Key | 1,538,789 |
Trading Symbol | je |
Current Fiscal Year End Date | --03-31 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Entity Common Stock, Shares Outstanding (in shares) | 148,394,152 |
Document Type | 6-K |
Document Period End Date | Mar. 31, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 48,861 | $ 57,376 |
Short-term investments | 26,255 | |
Restricted cash | 3,515 | 3,620 |
Trade and other receivables | 395,730 | 369,491 |
Unbilled revenues | 301,577 | 218,413 |
Gas in storage | 11,812 | 12,350 |
Prepaid expenses, deposits and other current assets | 109,697 | 114,555 |
Fair value of derivative financial assets | 218,769 | 11,656 |
Corporate tax recoverable | 5,617 | 2,986 |
1,095,578 | 816,702 | |
Non-current assets | ||
Investments | 36,314 | 15,561 |
Property, plant and equipment | 18,893 | 21,682 |
Intangible assets | 401,926 | 357,987 |
Other non-current assets | 19,987 | |
Fair value of derivative financial assets | 64,662 | 3,010 |
Deferred tax asset | 9,449 | 23,013 |
551,231 | 421,253 | |
TOTAL ASSETS | 1,646,809 | 1,237,955 |
Current liabilities | ||
Trade and other payables | 616,434 | 499,169 |
Deferred revenue | 41,684 | 17,546 |
Income taxes payable | 7,304 | 13,913 |
Fair value of derivative financial liabilities | 86,288 | 168,793 |
Provisions | 4,714 | 8,215 |
Current portion of long-term debt | 121,451 | |
877,875 | 707,636 | |
Non-current liabilities | ||
422,053 | 498,088 | |
Deferred lease inducements | 773 | 1,088 |
Fair value of derivative financial liabilities | 51,871 | 178,724 |
Other non-current liabilities | 56,576 | |
Deferred tax liability | 6,918 | 1,745 |
538,191 | 679,645 | |
TOTAL LIABILITIES | 1,416,066 | 1,387,281 |
SHAREHOLDERS' EQUITY (DEFICIENCY) | ||
Shareholders’ capital | 1,215,826 | 1,198,439 |
Equity component of convertible debentures | 13,029 | 13,508 |
Contributed surplus (deficit) | (22,693) | 58,266 |
Deficit | (1,066,931) | (1,489,900) |
Accumulated other comprehensive income | 91,934 | 70,361 |
Non-controlling interest | (422) | |
TOTAL SHAREHOLDERS' EQUITY (DEFICIENCY) | 230,743 | (149,326) |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,646,809 | $ 1,237,955 |
Consolidated Statements of Inco
Consolidated Statements of Income - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
OPERATIONS | ||
Sales | $ 3,626,570 | $ 3,757,054 |
Cost of sales | 2,985,643 | 3,061,083 |
GROSS MARGIN | 640,927 | 695,971 |
EXPENSES | ||
Administrative | 194,699 | 168,433 |
Selling and marketing | 233,040 | 226,308 |
Other operating expenses | 95,498 | 84,637 |
523,237 | 479,378 | |
Operating profit before the following | 117,690 | 216,593 |
Finance costs | (55,972) | (78,077) |
Change in fair value of derivative instruments and other | 474,356 | 374,791 |
Other income | 3,174 | 807 |
Profit before income taxes | 539,248 | 514,114 |
Provision for income taxes | 20,674 | 43,231 |
PROFIT FOR THE YEAR | 518,574 | 470,883 |
Attributable to: | ||
Shareholders of Just Energy | 509,276 | 446,412 |
Non-controlling interest | 9,298 | 24,471 |
PROFIT FOR THE YEAR | $ 518,574 | $ 470,883 |
Earnings per share available to shareholders | ||
Basic (in CAD per share) | $ 3.41 | $ 3.02 |
Diluted (in CAD per share) | $ 2.62 | $ 2.42 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | ||
PROFIT FOR THE YEAR | $ 518,574 | $ 470,883 |
Other comprehensive income to be reclassified to profit or loss in subsequent years: | ||
Unrealized gain on translation of foreign operations | 3,710 | 575 |
Unrealized gain on revaluation of investments - net of tax | 17,863 | |
21,573 | 575 | |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR, NET OF TAX | 540,147 | 471,458 |
Total comprehensive income attributable to: | ||
Shareholders of Just Energy | 530,849 | 446,987 |
Non-controlling interest | 9,298 | 24,471 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR, NET OF TAX | $ 540,147 | $ 471,458 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Shareholders' Equity (Deficiency) - CAD ($) $ in Thousands | Retained earnings attributable to accumulated losses [member] | Retained earnings, portion attributable to dividends [member] | Retained earnings [member] | Accumulated other comprehensive income [member] | Issued capital [member]Ordinary shares [member] | Issued capital [member]Preference shares [member] | Issued capital [member] | Reserve of equity component of convertible instruments [member] | Share premium [member] | Non-controlling interests [member] | Ordinary shares [member] | Preference shares [member] | Total |
Balance at Mar. 31, 2016 | $ (186,841) | $ (1,672,720) | $ 69,786 | $ 1,069,434 | $ 25,795 | $ 43,459 | $ 1,069,434 | ||||||
Statement Line Items [Line Items] | |||||||||||||
PROFIT FOR THE YEAR | 446,412 | 24,471 | $ 470,883 | ||||||||||
Balance at Mar. 31, 2017 | 259,571 | (1,749,471) | $ (1,489,900) | 70,361 | 1,070,076 | 128,363 | $ 1,198,439 | 13,508 | 58,266 | 1,070,076 | 128,363 | (149,326) | |
Statement Line Items [Line Items] | |||||||||||||
Dividends declared and paid | (76,751) | ||||||||||||
Other comprehensive income | 575 | ||||||||||||
Share-based units exercised | 7,191 | (7,191) | 7,191 | ||||||||||
Acquisition of subsidiary | |||||||||||||
Repurchase and cancellation of shares | (6,549) | (6,549) | |||||||||||
Shares issued | 132,973 | 132,973 | |||||||||||
Shares issuance costs | (4,610) | (4,610) | |||||||||||
Add:Issuance of convertible debentures | 5,899 | ||||||||||||
Less: Redemption of convertible debentures | (18,186) | 18,328 | 12,776 | ||||||||||
Add: Share-based compensation expense | 6,076 | ||||||||||||
Non-cash deferred share grant distributions | 40 | ||||||||||||
Less: Purchase of non-controlling interest | |||||||||||||
Share-based compensation adjustment | (2,446) | ||||||||||||
Distributions to non-controlling shareholders | (24,471) | ||||||||||||
Foreign exchange impact on non-controlling interest | |||||||||||||
PROFIT FOR THE YEAR | 509,276 | 9,298 | 518,574 | ||||||||||
Balance at Mar. 31, 2018 | $ 768,847 | (1,835,778) | $ (1,066,931) | 91,934 | 1,079,055 | 136,771 | $ 1,215,826 | 13,029 | (22,693) | (422) | 1,079,055 | 136,771 | 230,743 |
Statement Line Items [Line Items] | |||||||||||||
Dividends declared and paid | $ (86,307) | ||||||||||||
Other comprehensive income | $ 21,573 | ||||||||||||
Share-based units exercised | 11,954 | (11,954) | 11,954 | ||||||||||
Acquisition of subsidiary | 8,966 | 8,966 | |||||||||||
Repurchase and cancellation of shares | $ (11,941) | $ (11,941) | |||||||||||
Shares issued | 9,260 | 9,260 | |||||||||||
Shares issuance costs | $ (852) | $ (852) | |||||||||||
Add:Issuance of convertible debentures | 7,130 | ||||||||||||
Less: Redemption of convertible debentures | $ (7,609) | 7,126 | $ 22,407 | ||||||||||
Add: Share-based compensation expense | 18,353 | ||||||||||||
Non-cash deferred share grant distributions | 45 | ||||||||||||
Less: Purchase of non-controlling interest | (89,010) | ||||||||||||
Share-based compensation adjustment | $ (5,519) | ||||||||||||
Distributions to non-controlling shareholders | (9,603) | ||||||||||||
Foreign exchange impact on non-controlling interest | $ (117) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
OPERATING | ||
Profit before income taxes | $ (539,248) | $ (514,114) |
Items not affecting cash | ||
Amortization of intangible assets | 16,699 | 15,941 |
Depreciation of property, plant and equipment | 4,115 | 6,579 |
Amortization included in cost of sales | 3,116 | 2,974 |
Share-based compensation | 18,353 | 6,076 |
Financing charges, non-cash portion | 14,547 | 23,198 |
Other | (369) | (363) |
Change in fair value of investments | 1,289 | |
Change in fair value of derivative instruments and other | (474,356) | (374,791) |
Adjustment required to reflect net cash receipts from gas sales | (2,876) | (681) |
Net change in non-cash working capital balances | (36,425) | (22,756) |
Income taxes paid | (21,319) | (19,840) |
Cash inflow from operating activities | 62,022 | 150,451 |
INVESTING | ||
Purchase of property, plant and equipment | (4,838) | (8,315) |
Purchase of intangible assets | (30,938) | (18,074) |
Acquisition of businesses | (10,832) | (3,994) |
Short-term investments | 25,532 | (26,255) |
Investments in businesses | (5,394) | |
Decrease in restricted cash | 3,875 | |
Cash outflow from investing activities | (21,076) | (58,157) |
FINANCING | ||
Dividends paid | (86,261) | (76,710) |
Repayment of long-term debt | (100,000) | (401,261) |
Issuance of long-term debt | 100,000 | 160,000 |
Debt issuance costs | (4,115) | (7,592) |
Credit facilities withdrawal | 53,857 | 68,258 |
Issuance of preferred shares | 9,260 | 132,973 |
Preferred shares issuance costs | (2,114) | (5,422) |
Shares repurchase | (11,941) | (6,549) |
Distributions to non-controlling interest | (9,603) | (24,471) |
Cash outflow from financing activities | (50,917) | (160,774) |
Effect of foreign currency translation on cash balances | 1,456 | (1,740) |
Net cash outflow | (8,515) | (70,220) |
Cash and cash equivalents, beginning of year | 57,376 | 127,596 |
Cash and cash equivalents, end of year | 48,861 | 57,376 |
Supplemental cash flow information: | ||
Interest paid | $ 38,551 | $ 53,343 |
Note 1 - Organization
Note 1 - Organization | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of general information about financial statements [text block] | 1. ORGANIZATION Just Energy Group Inc. (“JEGI”, “Just Energy” or the “Company”) is a corporation established under the laws of Canada to hold securities and to distribute the income of its directly or indirectly owned operating subsidiaries and affiliates. The registered office of Just Energy is First Canadian Place, 100 May 16, 2018. |
Note 2 - Operations
Note 2 - Operations | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Nature of operations [text block] | 2. OPERATIONS Just Energy is a leading retail energy provider specializing in electricity and natural gas commodities, energy efficiency solutions and renewable energy options. With offices located across the United States (“U.S.”), Canada, the United Kingdom (“U.K.”), Germany, Ireland and Japan, Just Energy serves residential and commercial customers, providing homes and businesses with a broad range of energy solutions that deliver comfort, convenience and control. Just Energy is the parent company of Amigo Energy, Green Star Energy, Hudson Energy, Interactive Energy Group, EdgePower Inc., Just Energy Advanced Solutions, Tara Energy, terrapass and EdgePower Inc. 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 In addition, Just Energy markets smart thermostats, offering the thermostats as a standalone unit or bundled with certain commodity products. The smart thermostats are manufactured and distributed by ecobee Inc. (“ecobee”), a company in which Just Energy holds a 8.5% Just Energy markets its product offerings through a number of sales channels including door-to-door marketing, broker, retail and affinity relationships, and online marketing. Prior to August 1, 2017, 50% July 31, 2017. 18 |
Note 3 - Financial Statement Pr
Note 3 - Financial Statement Preparation | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of basis of preparation of financial statements [text block] | 3. FINANCIAL STATEMENT PREPARATION (a) Statement of compliance with IFRS The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The policies applied in these consolidated financial statements were based on IFRS issued and outstanding as at March 31, 2018. The consolidated financial statements are presented in Canadian dollars, the functional currency of Just Energy, and all values are rounded to the nearest thousand, except where indicated. The Company’s consolidated financial statements are prepared on the historical cost basis of accounting, except as disclosed in the accounting policies set out below. (b) Principles of consolidation The consolidated financial statements include the accounts of Just Energy and its directly or indirectly owned subsidiaries as at March 31, 2018. |
Note 4 - Significant Accounting
Note 4 - Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of significant accounting policies [text block] | 4. SIGNIFICANT ACCOUNTING POLICIES Cash and cash equivalents and restricted cash All highly liquid temporary cash investments with an original maturity of three Restricted cash includes cash and cash equivalents, where the availability of funds is restricted by debt arrangements or held in escrow as part of prior acquisition agreements. Short-term investments Short-term investments include investments in equities and fixed income producing securities and are held for trading. Accrued gas receivable/accrued gas payable or gas delivered in excess of consumption/deferred revenue Accrued gas receivable is stated at fair value and results when customers consume more gas than has been delivered by Just Energy to local distribution companies (“LDCs”). Accrued gas payable represents the obligation to the LDCs with respect to gas consumed by customers in excess of that delivered to the LDCs. Gas delivered to LDCs in excess of consumption by customers is stated at the lower of cost and net realizable value. Collections from customers in advance of their consumption of gas result in deferred revenue. Assuming normal weather and consumption patterns, during the winter months, customers will have consumed more than what was delivered, resulting in the recognition of unbilled revenues/accrued gas payable; however, in the summer months, customers will have consumed less than what was delivered, resulting in the recognition of gas delivered in excess of consumption/deferred revenue. These adjustments are applicable solely to the Ontario, Manitoba, Quebec, Saskatchewan and Michigan gas markets. Gas in storage Gas in storage represents the gas delivered to the LDCs in Illinois, Indiana, New York, Ohio, Georgia, Maryland, California and Alberta. The balance will fluctuate as gas is injected into or withdrawn from storage. Gas in storage is valued at the lower of cost and net realizable value, with cost being determined on a weighted average basis. Net realizable value is the estimated selling price in the ordinary course of business. Property, plant and equipment Property, plant and equipment are stated at cost, net of any accumulated depreciation and impairment losses. Cost includes the purchase price and, where relevant, any costs directly attributable to bringing the asset to the location and condition necessary and/or the present value of all dismantling and removal costs. Where major components of property, plant and equipment have different useful lives, the components are recognized and depreciated separately. Just Energy recognizes, in the carrying amount, the cost of replacing part of an item when the cost is incurred and if it is probable that the future economic benefits embodied with the item can be reliably measured. When significant parts of property, plant and equipment are required to be replaced at intervals, Just Energy recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in the consolidated statements of income as a general and administrative expense when incurred. Depreciation is provided over the estimated useful lives of the assets as follows: Asset category Depreciation method Rate/useful life Furniture and fixtures Declining balance 20% Office equipment Declining balance 20% Computer equipment Declining balance 30% Leasehold improvements Straight-line Term of lease Thermostats (in years) Straight-line 5 An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no The useful lives and methods of depreciation are reviewed at each financial year-end and adjusted prospectively, if appropriate. Business combinations All identifiable assets acquired and liabilities assumed are measured at the acquisition date at fair value. The Company records all identifiable intangible assets including identifiable assets that had not one may not may Goodwill Goodwill is initially measured at cost, which is the excess of the cost of the business combination over Just Energy’s share in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities. Any negative difference is recognized directly in the consolidated statements of income. After initial recognition, goodwill is measured at cost, less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of Just Energy’s operating segments that are expected to benefit from the synergies of the combination, irrespective of whether other assets and liabilities of the acquiree are assigned to those segments. Intangible assets Intangible assets acquired outside of a business combination are measured at cost on initial recognition. Intangible assets acquired in a business combination are recorded at fair value on the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and/or accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite useful lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may Intangible assets consist of gas customer contracts, electricity customer contracts, sales network, brand and goodwill, acquired through business combinations and asset purchases, as well as software, commodity billing and settlement systems and information technology system development. Internally generated intangible assets are capitalized when the product or process is technically and commercially feasible, the future economic benefit is measurable, Just Energy can demonstrate how the asset will generate future economic benefits and Just Energy has sufficient resources to complete development. The cost of an internally generated intangible asset comprises all directly attributable costs necessary to create, produce and prepare the asset to be capable of operating in the manner intended by management. The brand and goodwill are considered to have indefinite useful lives and are not Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset, and are recognized in the consolidated statements of income when the asset is derecognized. Intangible asset category Amortization method Rate/useful life Customer contracts Straight-line Term of contract Contract relationships Straight-line Term of contract Commodity billing and settlement system (in years) Straight-line 5 Sales network and affinity relationships (in years) Straight-line 5 - 8 Information technology system development (in years) Straight-line 3 - 5 Software (in years) Straight-line 1 Technology (in years) Straight-line 15 Impairment of non-financial assets Just Energy assesses whether there is an indication that an asset may not An impairment loss is recognized in the consolidated statements of income if an asset's carrying amount or that of the CGU to which it is allocated is higher than its recoverable amount. Impairment losses of CGUs are first In the consolidated statements of income, an impairment loss is recognized in the expense category associated with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognized impairment losses may no may not no Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may Leases The determination of whether an arrangement is or contains a lease is based on the substance of the arrangement at the inception date and whether fulfillment of the arrangement is dependent on the use of a specific asset or assets, or the arrangement conveys a right to use the asset. Just Energy as a lessee Operating lease payments are recognized as an expense in the consolidated statements of income on a straight-line basis over the lease term. Just Energy as a lessor Leases where Just Energy does not Financial instruments Financial assets and liabilities Just Energy classifies its financial assets as either (i) financial assets at fair value through profit or loss, (ii) loans and receivables, (iii) other financial assets, or iv) available for sale, and its financial liabilities as either (i) financial liabilities at fair value through profit or loss or (ii) other financial liabilities. Appropriate classification of financial assets and liabilities is determined at the time of initial recognition or when reclassified in the consolidated statements of financial position. Financial instruments are recognized on the trade date, which is the date on which Just Energy commits to purchase or sell the asset. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held-for-trading and financial assets designated upon initial recognition as at fair value through profit or loss. Financial assets are classified as fair value through profit or loss if they are acquired for the purpose of selling or repurchasing in the near term. This category includes derivative financial instruments entered into that are not 39, Financial Instruments: Recognition and Measurement (“IAS 39” not An analysis of fair values of financial instruments and further details as to how they are measured are provided in Note 15. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not Financial assets classified as available for sale Available for sale financial assets are held at fair value with gains and losses included in other comprehensive income. Just Energy uses this classification for assets that are not not Derecognition A financial asset is derecognized when the rights to receive cash flows from the asset have expired or when Just Energy has transferred its rights to receive cash flows from the asset. Impairment of financial assets Just Energy assesses whether there is objective evidence that a financial asset is impaired at each reporting date. A financial asset is deemed to be impaired if, and only if, there is objective evidence of impairment as a result of one For financial assets carried at amortized cost, Just Energy first not no not If there is objective evidence that an impairment loss has occurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows. The present value of the estimated future cash flows is discounted at the financial asset’s original effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognized in profit or loss. Interest income continues to be accrued on the reduced carrying amount and is accrued using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The interest income is recorded as part of other income in the consolidated statements of income. Loans and receivables, together with the associated allowance, are written off when there is no Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held-for-trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held-for-trading if they are acquired for the purpose of selling in the near term. This category includes derivative financial instruments entered into by Just Energy that are not 39. not Gains or losses on liabilities held-for-trading are recognized in the consolidated statements of income. Other financial liabilities Other financial liabilities are measured at amortized cost using the effective interest rate method. Financial liabilities include long-term debt issued and are initially measured at fair value. Fair value, is the consideration received, net of transaction costs incurred, trade and other payables and bank indebtedness. Transaction costs related to the long-term debt instruments are included in the value of the instruments and amortized using the effective interest rate method. The effective interest expense is included in finance costs in the consolidated statements of income. Derecognition A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the consolidated statements of income. Derivative instruments Just Energy enters into fixed-term contracts with customers to provide electricity and gas at fixed prices. These customer contracts expose Just Energy to changes in consumption as well as changes in the market prices of gas and electricity. To reduce its exposure to movements in commodity prices, Just Energy enters into contracts with suppliers that expose the Company to changes in prices for the purchase and sale of power and natural gas. These contracts are treated as derivatives as they do not 32. Just Energy analyzes all its contracts, of both a financial and non-financial nature, to identify the existence of any “embedded” derivatives. Embedded derivatives are accounted for separately from the underlying contract at the inception date when their economic characteristics are not not All derivatives are recognized at fair value on the date on which the derivative is entered into and are remeasured to fair value at each reporting date. Derivatives are carried in the consolidated statements of financial position as other financial assets when the fair value is positive and as other financial liabilities when the fair value is negative. Just Energy does not Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount reported in the consolidated statements of financial position if, and only if, there is currently an enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. Fair value of financial instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to quoted market prices, without any deduction for transaction costs. For financial instruments not may 15. Revenue recognition Revenue is recognized when significant risks and rewards of ownership are transferred to the customer. In the case of gas and electricity, transfer of risks and rewards is upon consumption of the commodity. Just Energy recognizes revenue from thermostat leases, based on rental rates over the term commencing from the installation date. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates and sales taxes. The Company assumes credit risk for all customers in Alberta, Illinois, Texas, Michigan, California, Georgia, Delaware, Ohio, the U.K. and for certain large-volume customers in British Columbia. In these markets, the Company ensures that credit review processes are in place prior to the commodity flowing to the customer. Foreign currency translation Functional and presentation currency Items included in the consolidated financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). For U.S. based subsidiaries, this is U.S. dollars (“USD”), for subsidiaries based in the U.K. it is British pounds (“GBP”), and for subsidiaries based in Germany and Ireland it is Euros (“EUR”). The consolidated financial statements are presented in Canadian dollars, which is the parent Company’s presentation and functional currency. Transactions Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of income. Translation of foreign operations The results and consolidated financial position of all the group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • assets and liabilities for each consolidated statement of financial position presented are translated at the closing rate at the date of that consolidated statement of financial position; and • income and expenses for each consolidated statement of income are translated at the exchange rates prevailing at the dates of the transactions. On consolidation, exchange differences arising from the translation of the net investment in foreign operations, are recorded in other comprehensive income (“OCI”). When a foreign operation is partially disposed of or sold, exchange differences that were recorded in accumulated other comprehensive income are recognized in the consolidated statements of income as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Earnings per share amounts The computation of earnings per share is based on the weighted average number of shares outstanding during the year. Diluted earnings per share are computed in a similar way to basic earnings per share except that the weighted average number of shares outstanding is increased to include additional shares assuming the exercise of stock options, restricted share grants (“RSGs”), performance bonus incentive grants (“PBGs”), deferred share grants (“DSGs”) and convertible debentures, if dilutive. Share-based compensation plans Equity-based compensation liability Share-based compensation are equity-settled transactions. The cost of share-based compensation is measured by reference to the fair value at the date on which it was granted. Awards are valued at the grant date and are not When options, RSGs, PBGs and DSGs are exercised or exchanged, the amounts previously credited to contributed surplus are reversed and credited to shareholders' capital. Employee future benefits In Canada, Just Energy offers a long-term wealth accumulation plan (the "Plan") for all permanent full-time and permanent part-time employees (working more than 26 two 2% 2% one one For U.S. employees, Just Energy has established a long-term savings plan (the "Plan") for all permanent full-time and part-time employees (working more than 30 two 401 3% one one 401 4% one one 401 5% 3% 2% 401 Participation in the plans in Canada or the U.S. is voluntary. For the 401 two six Obligations for contributions to the Plan are recognized as an expense in the consolidated statements of income when the employee makes a contribution. Income taxes Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from, or paid to, the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where Just Energy operates and generates taxable income. Current income tax relating to items recognized directly in other comprehensive income or equity is recognized in other comprehensive income or equity and not Just Energy follows the liability method of accounting for deferred income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated tax consequences attributable to the temporary differences between the carrying value of the assets and liabilities in the consolidated financial statements and their respective tax bases. Deferred tax liabilities are recognized for all taxable temporary differences except: • where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not • in respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled by the parent and it is probable that the temporary differences will not Deferred tax assets are recognized for all deductible temporary differences, the carryforward of unused tax credits and any unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carryforward of unused tax credits and unused tax losses, can be utilized except: • where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not • in respect of deductible temporary differences associated with investments in subsidiaries, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax relating to items recognized in cumulative translation adjustment or equity is recognized in cumulative translation adjustment or equity and not Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Provisions Provisions are recognized when Just Energy has a present obligation, legal or constructive, as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where Just Energy expects some or all of a provision to be reimbursed, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the consolidated statements of income, net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost in the consolidated statements of income. Selling and marketing expenses Commissions and various other costs related to obtaining and renewing customer contracts are charged to income in the period incurred except as disclosed below: Commissions related to obtaining and renewing Commercial customer contracts are paid in one In addition, commissions related to leasing thermostats are capitalized as part of the cost of the equipment. Green provision and certificates Just Energy is a retailer of green energy and records a provision to its regulators as green energy sales are recognized. A corresponding cost is included in cost of sales. Just Energy measures its provision based on the extent of green certificates that it holds or has committed to purchase and has recorded this obligation net of its green certificates. Any provision balance in excess of the green certificates held or that Just Energy has committed to purchase is measured at fair value. Green certificates are purchased by Just Energy to settle its obligation with the regulators. Non-current assets held-for-sale and discontinued operations Just Energy classifies non-current assets and disposal groups as held-for-sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held-for-sale are measured at the lower of their carrying amount and fair value less costs to sell. The criteria for the held-for-sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one not |
Note 5 - Significant Accounting
Note 5 - Significant Accounting Judgments, Estimates and Assumptions | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of accounting judgements and estimates [text block] | 5. SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS The preparation of the consolidated financial statements requires the use of estimates and assumptions to be made in applying the accounting policies that affect the reported amounts of assets, liabilities, income, expenses and the disclosure of contingent liabilities. The estimates and related assumptions are based on previous experience and other factors considered reasonable under the circumstances, the results of which form the basis for making the assumptions about carrying values of assets and liabilities that are not The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised. Judgments made by management in the application of IFRS that have a significant impact on the consolidated financial statements relate to the following: Business combinations In accounting for business combinations, judgment is required in estimating the acquisition date fair values of the identifiable assets acquired (including intangible assets) and liabilities assumed (including contingent liabilities). The necessary measurements are based on information available on the acquisition date and expectations and assumptions that have been deemed reasonable by management. During the measurement period (which is within one may 4 Impairment of non-financial assets Just Energy’s impairment test is based on fair value less cost to sell calculations that use EBITDA multiple model. The EBITDA is derived from actual figures and the EBITDA-multiple is sourced from external sources of information. Deferred taxes Significant management judgment is required to determine the amount of deferred tax assets and liabilities that can be recognized, based upon the likely timing and the level of future taxable income realized, including the usage of tax-planning strategies. Useful life of key property, plant and equipment and intangible assets The amortization method and useful lives reflect the pattern in which management expects the assets’ future economic benefits to be consumed by Just Energy. Provisions for litigation Significant management judgment is required to determine the amount of provisions to record a liability relating to litigation. Provisions are recognized when Just Energy has a present obligation, legal or constructive, as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost in the consolidated statements of income. Refer to Note 20 Trade receivables Just Energy reviews its individually significant receivables at each reporting date to assess whether an impairment loss should be recorded in the consolidated statements of income. In particular, judgment by management is required in the estimation of the amount and timing of future cash flows when determining the allowance for doubtful accounts. In estimating these cash flows, Just Energy makes judgments about the borrower’s financial situation and the fair value of collateral. These estimates are based on assumptions about a number of factors and actual results may Fair value of financial instruments Where the fair values of financial assets and financial liabilities recorded in the consolidated statements of financial position cannot be derived from active markets, they are determined using valuation techniques including discounted cash flow models or transacted/quoted prices of identical assets that are not not 15 Subsidiaries Subsidiaries that are not July 31, 2017 50% not July 31, 2017. 18 2018. Just Energy also owns 95% 51% 5% 49% not |
Note 6 - Accounting Standards I
Note 6 - Accounting Standards Issued But Not Yet Effective | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of changes in accounting policies, accounting estimates and errors [text block] | 6. ACCOUNTING STANDARDS ISSUED BUT NOT The standards and interpretations that are issued, but not IFRS 9, Financial Instruments 9” July 24, 2014, 39. 9 39. 9 9, 39 9 no 9 January 1, 2018. As part of the implementation of IFRS 9, April 1, 2018, no The transition team has assessed the impact of IFRS 9 9 April 1, 2018, 9. $11.0 $14.0 June 30, 2018 IFRS 15, Revenue from Contracts with Customers 15” January 1, 2018, 15 18, Revenue 15 five not 15 15 2019 April 1, 2018 Management has appointed an IFRS 15 15. 15 March 31, 2018 $18.0 $22.0 15 not 15, not Q1 2019 Amendments to IFRS 2, Share-based Payment 2” 2 three 2 2 January 1, 2018. 2 2. IFRS 16, Leases 16” January 2016. 17’s not 12 16 17, Leases January 1, 2019, 15 not |
Note 7 - Short-term Investments
Note 7 - Short-term Investments | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of financial instruments held for trading [text block] | 7. SHORT-TERM INVESTMENTS As at As at March 31, 2018 March 31, 2017 Fixed income $ - $ 23,872 Equities - 2,383 $ - $ 26,255 |
Note 8 - Restricted Cash
Note 8 - Restricted Cash | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of restricted cash and cash equivalents [text block] | 8. RESTRICTED CASH As part of the disposal of the Commercial Solar division on November 5, 2014, March 31, 2018, $3,515 2017 $3,620 |
Note 9 - Trade and Other Receiv
Note 9 - Trade and Other Receivables | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other receivables [text block] | 9. TRADE AND OTHER RECEIVABLES As at As at March 31, 2018 March 31, 2017 Trade account receivables, net $ 332,083 $ 288,255 Accrued gas receivable 15,893 16,352 Other 47,754 64,884 $ 395,730 $ 369,491 |
Note 10 - Prepaid Expenses, Dep
Note 10 - Prepaid Expenses, Deposits, and Other Current Assets | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of prepayments and other assets [text block] | 10. PREPAID EXPENSES, DEPOSITS AND OTHER CURRENT ASSETS As at As at March 31, 2018 March 31, 2017 Prepaid expenses and deposits $ 64,752 $ 62,087 Green certificates 42,230 49,236 Gas delivered in excess of consumption 2,715 3,232 $ 109,697 $ 114,555 |
Note 11 - Investments
Note 11 - Investments | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of investments other than investments accounted for using equity method [text block] | 11. INVESTMENTS (a) On August 10, 2012, $6.4 2017, $5.4 March 31, 2018, 8.5% not not 2 March 31, 2018, $20.6 2017 $nil (b) Just Energy has an instrument that is convertible upon the option of the holder into an equity investment in Energy Earth, a private company that offers products related to the conservation of natural resources. This investment is designated as fair value through profit or loss. The fair value of the investment has been determined by reference to direct inputs other than quoted prices that are observable for the asset (Level 2 March 31, 2018, $1.3 2017 $nil $3.9 2017 $nil |
Note 12 - Property, Plant and E
Note 12 - Property, Plant and Equipment | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of property, plant and equipment [text block] | 12. PROPERTY, PLANT AND EQUIPMENT As at March 31, 2018 Computer Furniture Office Thermo-stats Leasehold Total Cost: Opening balance - April 1, 2017 $ 18,672 $ 6,774 $ 14,947 $ 13,471 $ 4,517 $ 58,381 Additions 3,561 147 352 387 391 4,838 Retirements - - - (517 ) - (517 ) Exchange differences (60 ) (60 ) (90 ) (103 ) (14 ) (327 ) Ending balance, March 31, 2018 22,173 6,861 15,209 13,238 4,894 62,375 Accumulated depreciation: Opening balance - April 1, 2017 (11,600 ) (4,776 ) (10,095 ) (7,713 ) (2,515 ) (36,699 ) Depreciation charge to cost of sales - - - (3,116 ) - (3,116 ) Depreciation charge for the year (2,431 ) (262 ) (745 ) - (677 ) (4,115 ) Retirements - - - 208 - 208 Exchange differences 47 43 64 66 20 240 Ending balance, March 31, 2018 (13,984 ) (4,995 ) (10,776 ) (10,555 ) (3,172 ) (43,482 ) Net book value, March 31, 2018 $ 8,189 $ 1,866 $ 4,433 $ 2,683 $ 1,722 $ 18,893 As at March 31, 2017 Computer Furniture Vehicles Office Thermostats Leasehold Total Cost: Opening balance - April 1, 2016 $ 19,494 $ 7,300 $ 6 $ 23,157 $ 12,792 $ 8,913 $ 71,662 Additions 3,651 788 - 1,142 1,213 1,521 8,315 Retirements (4,531 ) (1,493 ) (6 ) (9,649 ) (594 ) (6,046 ) (22,319 ) Exchange differences 58 179 - 297 60 129 723 Ending balance, March 31, 2017 18,672 6,774 - 14,947 13,471 4,517 58,381 Accumulated depreciation: Opening balance - April 1, 2016 (11,968 ) (5,544 ) (6 ) (16,314 ) (4,985 ) (7,800 ) (46,617 ) Depreciation charge to cost of sales - - - - (2,974 ) - (2,974 ) Depreciation charge for the year (2,426 ) (409 ) - (3,183 ) - (561 ) (6,579 ) Retirements 4,531 1,493 6 9,649 281 6,046 22,006 Exchange differences (1,737 ) (316 ) - (247 ) (35 ) (200 ) (2,535 ) Ending balance, March 31, 2017 (11,600 ) (4,776 ) - (10,095 ) (7,713 ) (2,515 ) (36,699 ) Net book value, March 31, 2017 $ 7,072 $ 1,998 $ $ 4,852 $ 5,758 $ 2,002 $ 21,682 |
Note 13 - Intangible Assets
Note 13 - Intangible Assets | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of intangible assets [text block] | 13. INTANGIBLE ASSETS As at March 31, 2018 Goodwill Brand Technology 1 Customer Sales Other Total Cost: Opening balance - April 1, 2017 $ 289,201 $ 31,154 $ 48,525 $ - $ 53,595 $ - $ 422,475 Acquisition of a subsidiary 14,699 - 1,409 17,387 - 347 33,842 Additions - - 30,938 - - - 30,938 Exchange differences (3,227 ) (949 ) (471 ) 640 (1,632 ) 148 (5,491 ) Ending balance, March 31, 2018 300,673 30,205 80,401 18,027 51,963 495 481,764 Accumulated amortization: Opening balance - April 1, 2017 - - (27,641 ) - (36,847 ) - (64,488 ) Amortization charge for the year - - (8,924 ) (1,309 ) (6,466 ) - (16,699 ) Exchange differences - - 256 - 1,093 - 1,349 Ending balance, March 31, 2018 - - (36,309 ) (1,309 ) (42,220 ) - (79,838 ) Net book value, March 31, 2018 $ 300,673 $ 30,205 $ 44,092 $ 16,718 $ 9,743 $ 495 $ 401,926 1 $19.8 As at March 31, 2017 Gas contracts Electricity Goodwill Brand Technology Sales network Total Cost: Opening balance - April 1, 2016 $ 122,010 $ 320,185 $ 280,513 $ 30,423 $ 83,876 $ 160,243 $ 997,250 Retirements (123,204 ) (331,335 ) - - (55,296 ) (111,578 ) (621,413 ) Acquisition of a subsidiary - - 6,020 - - - 6,020 Additions - - - - 18,074 - 18,074 Exchange differences 1,194 11,150 2,668 731 1,871 4,930 22,544 Ending balance, March 31, 2017 - - 289,201 31,154 48,525 53,595 422,475 Accumulated amortization: Opening balance - April 1, 2016 (122,010 ) (320,185 ) - - (71,837 ) (137,345 ) (651,377 ) Retirements 123,204 331,335 - - 55,296 111,578 621,413 Amortization charge for the year - - - - (9,329 ) (6,612 ) (15,941 ) Exchange differences (1,194 ) (11,150 ) - - (1,771 ) (4,468 ) (18,583 ) Ending balance, March 31, 2017 - - - - (27,641 ) (36,847 ) (64,488 ) Net book value, March 31, 2017 $ - $ - $ 289,201 $ 31,154 $ 20,884 $ 16,748 $ 357,987 The capitalized internally developed costs relate to the development of new customer billing and analysis software solutions for the different energy markets of Just Energy. All research costs and development costs not |
Note 14 - Other Non-Current Ass
Note 14 - Other Non-Current Assets | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of other non-current assets [text block] | 14. OTHER NON-CURRENT ASSETS As at As at March 31, 2018 March 31, 2017 Prepaid commission $ 17,101 $ - Income taxes recoverable 2,336 - Other 550 - $ 19,987 $ - |
Note 15 - Financial Instruments
Note 15 - Financial Instruments | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of financial instruments [text block] | 15. FINANCIAL INSTRUMENTS (a) Fair value of derivative financial instruments and other The fair value of financial instruments is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). Management has estimated the value of financial swaps, physical forwards and option contracts for electricity, natural gas, carbon and renewable energy certificates, and generation and transmission capacity contracts using a discounted cash flow method, which employs market forward curves that are either directly sourced from third third no The following table illustrates gains (losses) related to Just Energy’s derivative financial instruments classified as fair value through profit or loss and recorded on the consolidated statements of financial position as fair value of derivative financial assets and fair value of derivative financial liabilities, with their offsetting values recorded in change in fair value of derivative instruments and other on the consolidated statements of income. For the For the year ended year ended March 31, 2018 March 31, 2017 Change in fair value of derivative instruments and other Physical forward contracts and options (i) $ 400,583 $ 215,935 Financial swap contracts and options (ii) 59,710 144,288 Foreign exchange forward contracts (1,842 ) (1,756 ) Share swap (4,484 ) (98 ) 6.5% convertible bond conversion feature 7,764 14,261 Unrealized foreign exchange on 6.5% convertible bond 6,101 (4,309 ) Other derivative options 6,524 6,470 Change in fair value of derivative instruments and other $ 474,356 $ 374,791 The following table summarizes certain aspects of the fair value of derivative financial assets and liabilities recorded in the consolidated statement of financial position as at March 31, 2018: Financial Financial assets Financial Financial liabilities Physical forward contracts and options (i) $ 198,891 $ 60,550 $ 32,451 $ 29,003 Financial swap contracts and options (ii) 8,133 1,342 34,369 22,117 Foreign exchange forward contracts - - 1,068 505 Share swap - - 18,400 - 6.5% convertible bond conversion feature - - - 246 Other derivative options 11,745 2,770 - - As at March 31, 2018 $ 218,769 $ 64,662 $ 86,288 $ 51,871 The following table summarizes certain aspects of the fair value of derivative financial assets and liabilities recordedi n the consolidated statement of financial position as at March 31, 2017: Financial assets Financial assets Financial liabilities Financial liabilities Physical forward contracts and options $ 982 $ 983 $ 89,472 $ 124,173 Financial swap contracts and options 3,207 2,027 65,362 46,246 Foreign exchange forward contracts 565 - - 295 Share swap - - 13,916 - 6.5% convertible bond conversion feature - - - 8,010 Other derivative options 6,902 - 43 - As at March 31, 2017 $ 11,656 $ 3,010 $ 168,793 $ 178,724 Below is a summary of the financial instruments classified through profit or loss as at March 31, 2018, (i) Physical forward contracts and options consist of: • Electricity contracts with a total remaining volume of 32,522,439 $42.50/MWh December 31, 2027. • Natural gas contracts with a total remaining volume of 86,541,853 $3.72/GJ October 31, 2023. • Renewable energy certificates (“RECs”) and emission-reduction credit contracts with a total remaining volume of 3,662,766 422,550 $27.84/REC $2.50/tonne, December 31, 2028 December 31, 2021. • Electricity generation capacity contracts with a total remaining volume of 5,410 $6,912.86/MWCap October 31, 2022. • Ancillary contracts with a total remaining volume of 933,679 $19.45/MWh December 31, 2020. (ii) Financial swap contracts and options consist of: • Electricity contracts with a total remaining volume of 15,724,012 $49.41/MWh July 23, 2023. • Natural gas contracts with a total remaining volume of 117,006,333 $3.54/GJ December 31, 2022. • Electricity generation capacity contracts with a total remaining volume of 273 $4,146.69/MWCap October 31, 2020. • Ancillary contracts with a total remaining volume of 962,506 $13.76/MWh December 31, 2019. These derivative financial instruments create a credit risk for Just Energy since they have been transacted with a limited number of counterparties. Should any counterparty be unable to fulfill its obligations under the contracts, Just Energy may not Share swap agreement Just Energy has entered into a share swap agreement to manage the consolidated statement of income volatility associated with the Company’s restricted share grant and deferred share grant plans. The value, on inception, of the 2,500,000 $33,803. Fair value (“FV”) hierarchy derivatives Level 1 The fair value measurements are classified as Level 1 Level 2 Fair value measurements that require observable inputs other than quoted prices in Level 1, 2 2, 2. Level 3 Fair value measurements that require unobservable market data or use statistical techniques to derive forward curves from observable market data and unobservable inputs are classified as Level 3 three five 12 15 3. For the share swap, Just Energy uses a forward interest rate curve along with a volume weighted average share price. Just Energy’s accounting policy is to recognize transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. There were no 1, 2 3 March 31, 2018 2017. Fair value measurement input sensitivity The main cause of changes in the fair value of derivative instruments is changes in the forward curve prices used for the fair value calculations. Just Energy provides a sensitivity analysis of these forward curves under the “Market risk” section of this note. Other inputs, including volatility and correlations, are driven off historical settlements. The following table illustrates the classification of derivative financial assets (liabilities) in the FV hierarchy as at March 31, 2018: Level 1 Level 2 Level 3 Total Derivative financial assets $ - $ - $ 283,431 $ 283,431 Derivative financial liabilities - (21,092 ) (117,067 ) (138,159 ) Total net derivative assets (liabilities) $ - $ (21,092 ) $ 166,364 $ 145,272 The following table illustrates the classification of derivative financial assets (liabilities) in the FV hierarchy as at March 31, 2017: Level 1 Level 2 Level 3 Total Derivative financial assets $ - $ - $ 14,666 $ 14,666 Derivative financial liabilities - (17,741 ) (329,776 ) (347,517 ) Total net derivative liabilities $ - $ (17,741 ) $ (315,110 ) $ (332,851 ) Key assumptions used when determining the significant unobservable inputs included in Level 3 5% 12 15 The following table illustrates the changes in net fair value of financial assets (liabilities) classified as Level 3 Year ended Year ended March 31, 2018 March 31, 2017 Balance, beginning of year $ (315,110 ) $ (638,231 ) Total gains (losses) 105,709 (42,084 ) Purchases 207,531 (30,265 ) Sales (64,464 ) 2,084 Settlements 232,698 393,386 Balance, end of year $ 166,364 $ (315,110 ) (b) Classification of non-derivative financial assets and liabilities As at March 31, 2018 March 31, 2017, Long-term debt recorded at amortized cost has a fair value as at March 31, 2018 $570.1 2017 $542.0 6.75% $100M 6.75% $160M 6.5% 5.75% 6.75% $100M 6.75% 6.5% 5.75% 1 Investments in equity instruments are recorded at fair value as at March 31, 2018 $36.3 2 2 not The fair values of both the investment in ecobee and Energy Earth has been derived from transacted/quoted prices of identical assets that are not No 3 The following table illustrates the classification of investments in the FV hierarchy as at March 31, 2018: Level 1 Level 2 Level 3 Total Investment in ecobee $ - $ 32,446 $ - $ 32,446 Investment in Energy Earth - 3,900 - 3,900 Total investments $ - $ 36,314 $ - $ 36,314 The risks associated with Just Energy’s financial instruments are as follows: (i) Market risk Market risk is the potential loss that may Foreign currency risk Foreign currency risk is created by fluctuations in the fair value or cash flows of financial instruments due to changes in foreign exchange rates and exposure as a result of investments in U.S. and international operations. The performance of the Canadian dollar relative to the U.S. dollar could positively or negatively affect Just Energy’s income, as a portion of Just Energy’s income is generated in U.S. dollars and is subject to currency fluctuations upon translation to Canadian dollars. Due to its growing operations in the U.S. and Europe, Just Energy expects to have a greater exposure to foreign currency fluctuations in the future than in prior years. Just Energy has economically hedged between 50% 90% 12 0% 50% 13 24 Just Energy may, not With respect to translation exposure, if the Canadian dollar had been 5% March 31, 2018, $15.0 $37.8 Interest rate risk Just Energy is only exposed to interest rate fluctuations associated with its floating rate credit facility. Just Energy’s current exposure to interest rates does not not A 1% $758 March 31, 2018 ( 2017 $332 Commodity price risk Just Energy is exposed to market risks associated with commodity prices and market volatility where estimated customer requirements do not not Commodity price sensitivity – all derivative financial instruments If all the energy prices associated with derivative financial instruments including natural gas, electricity, verified emission-reduction credits and renewable energy certificates had risen (fallen) by 10%, March 31, 2018 $228,721 $227,245 Commodity price sensitivity – Level 3 If the energy prices associated with only Level 3 10%, March 31, 2018 $232,801 $231,393 (ii) Credit risk Credit risk is the risk that one two Customer credit risk In Alberta, Texas, Illinois, British Columbia, California, Michigan, Delaware, Ohio, Georgia and the U.K., Just Energy has customer credit risk and, therefore, credit review processes have been implemented to perform credit evaluations of customers and manage customer default. If a significant number of customers were to default on their payments, it could have a material adverse effect on the operations and cash flows of Just Energy. Management factors default from credit risk in its margin expectations for all the above markets. The aging of the accounts receivable from the above markets was as follows: March 31, 2018 March 31, 2017 Current $ 113,786 $ 96,510 1– 30 days 44,374 30,672 31–60 days 21,241 12,806 61–90 days 12,686 8,358 Over 90 days 69,207 47,059 $ 261,294 $ 195,405 Changes in the allowance for doubtful accounts related to the balances in the table above were as follows: March 31, 2018 March 31, 2017 Balance, beginning of year $ 49,431 $ 58,789 Provision for doubtful accounts 56,300 56,041 Bad debts written off (41,802 ) (64,262 ) Foreign exchange (3,808 ) (1,137 ) Balance, end of year $ 60,121 $ 49,431 In the remaining markets, the LDCs provide collection services and assume the risk of any bad debts owing from Just Energy’s customers for a fee. Management believes that the risk of the LDCs failing to deliver payment to Just Energy is minimal. There is no Counterparty credit risk Counterparty credit risk represents the loss that Just Energy would incur if a counterparty fails to perform under its contractual obligations. This risk would manifest itself in Just Energy replacing contracted supply at prevailing market rates, thus impacting the related customer margin. Counterparty limits are established within the Risk Management Policy. Any exceptions to these limits require approval from the Board of Directors of Just Energy. The Risk Department and Risk Committee monitor current and potential credit exposure to individual counterparties and also monitor overall aggregate counterparty exposure. However, the failure of a counterparty to meet its contractual obligations could have a material adverse effect on the operations and cash flows of Just Energy. As at March 31, 2018, $283,431 2017 $14,666 (iii) Liquidity risk Liquidity risk is the potential inability to meet financial obligations as they fall due. Just Energy manages this risk by monitoring detailed weekly cash flow forecasts covering a rolling six 12 two The following are the contractual maturities, excluding interest payments, reflecting undiscounted disbursements of Just Energy’s financial liabilities: As at March 31, 2018: Carrying Contractual Less than More than amount cash flows 1 year 1-3 years 4-5 years 5 years Trade and other payables $ 616,434 $ 616,434 $ 616,434 $ - $ - $ - Long-term debt 1 543,504 575,525 122,115 193,410 260,000 - Gas, electricity and non-commodity contracts 138,159 3,171,037 1,867,389 1,202,949 69,658 31,041 $ 1,298,097 $ 4,362,996 $ 2,605,938 $ 1,396,359 $ 329,658 $ 31,041 As at March 31, 2017: Carrying Contractual Less than More than amount cash flows 1 year 1-3 years 4-5 years 5 years Trade and other payables $ 499,169 $ 499,169 $ 499,169 $ - $ - $ - Long-term debt 1 498,088 527,743 - 367,743 160,000 - Gas, electricity and non-commodity contracts 347,517 3,397,692 1,982,896 1,189,745 188,282 36,769 $ 1,344,774 $ 4,424,604 $ 2,482,065 $ 1,557,488 $ 348,282 $ 36,769 1 6.75% $100M 6.75% 6.5% 5.75% may In addition to the amounts noted above, as at March 31, 2018, Less than 1 year 1-3 years 4-5 years More than 5 years Interest payments $ 30,815 $ 41,386 $ 24,300 $ - (iv) Supplier risk Just Energy purchases the majority of the gas and electricity delivered to its customers through long-term contracts entered into with various suppliers. Just Energy has an exposure to supplier risk as the ability to continue to deliver gas and electricity to its customers is reliant upon the ongoing operations of these suppliers and their ability to fulfill their contractual obligations. As at March 31, 2018, $4,737 2017 $4,980 |
Note 16 - Trade and Other Payab
Note 16 - Trade and Other Payables | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other payables [text block] | 16. TRADE AND OTHER PAYABLES As at As at March 31, 2018 March 31, 2017 Commodity suppliers' payables $ 209,610 $ 203,581 Accrued liabilities 135,733 140,753 Green provisions 152,542 70,955 Sales tax payable 15,794 19,241 Trade accounts payable 45,887 20,025 Payable for former JV partner (Note 18) 26,375 - Accrued gas payable 12,261 12,537 Other payables 18,232 32,077 $ 616,434 $ 499,169 |
Note 17 - Acquisition of Busine
Note 17 - Acquisition of Business | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of business combinations [text block] | 17. ACQUISITION OF BUSINESSES a) Acquisition of Intell Enercare Solutions Inc. On June 6, 2017, 100% $11.0 $2.2 $9.0 three 2018 $3,500. 2019 2020 $3,000 $2,500, $7.8 three NET ASSETS ACQUIRED Intangible assets $ 877 Goodwill 9,644 Working capital (302 ) Deferred tax (232 ) Total consideration $ 9,987 Cash paid, net of estimated working capital adjustment $ 2,199 Contingent consideration 7,788 Total consideration $ 9,987 The transaction costs related to the acquisition have been expensed and are included in other operating expenses in the consolidated statements of income. The goodwill represents the synergies and potential for cross-selling energy saving technologies to Just Energy customers. The amount of revenue and profit or (loss) of Intell Enercare Solutions Inc. since the acquisition date included in the consolidated statement of income for the fiscal year is $1,495 $850 $1,635 $1,019 $1,300 b) Acquisition of SWDirekt and db swpro GmbH On December 8, 2016, 95% 51% $6.4 $2.2 The acquisition of SWDirekt and SWPro was accounted for using the purchase method of accounting. Just Energy allocated the purchase price to the identified assets and liabilities acquired based on their fair values at the time of acquisition as follows: NET ASSETS ACQUIRED Working capital $ 588 Property, plant and equipment 56 Intangible assets 1,172 Goodwill 4,831 Non-controlling interest (41 ) Other liabilities (221 ) Total consideration $ 6,385 Cash paid, net of working capital adjustment $ 4,221 Contingent consideration 2,164 Total consideration $ 6,385 The contingent consideration was subsequently written down to $nil c) Acquisition of EdgePower, Inc. On February 28, 2018, 100% US$14.0 US$7.0 $7.0 1,415,285 In addition, the former shareholders of EdgePower are entitled to a payment of up to a maximum of US$6.0 20% 2019 2021 nil. $209 $112, $4,282 $2,469, The following is the preliminary purchase price allocation for EdgePower: NET ASSETS ACQUIRED Working capital $ 993 Intangible assets 15,115 Goodwill 5,879 Deferred tax liabilities (4,066 ) Total consideration $ 17,921 Cash paid, net of working capital adjustment $ 8,286 Common shares issued 8,966 Payable to seller 669 Total consideration $ 17,921 |
Note 18 - Non-controlling Inter
Note 18 - Non-controlling Interest | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of non-controlling interests [text block] | 18. NON-CONTROLLING INTEREST March 31, 2018 March 31, 2017 Profit (loss) allocated to non-controlling interest Just Ventures (a) $ 9,603 $ 24,558 Just Energy Deutschland GmbH (b) (305 ) (72 ) SWPro (b) - (15 ) $ 9,298 $ 24,471 Just Ventures Just Energy SWPro (until August 1, 2017) Summarized financial information for 2018: Gross margin $ 38,501 $ 82 $ 78 Selling and marketing expenses 13,829 2,148 477 Profit (loss) from operations 24,672 (2,106 ) (399 ) Cash flows provided by (used in) operating activities 24,672 (2,106 ) (399 ) Cash flows used in financing activities (24,672 ) - - Summarized financial information for 2017: Just Ventures Just Energy SWPro Gross margin $ 82,357 $ 5 $ (43 ) Selling and marketing expenses 34,264 235 100 Profit (loss) from operations 48,093 (349 ) (143 ) Cash flows provided by (used in) operating activities 48,093 (349 ) (143 ) Cash flows used in financing activities (48,093 ) - - (a) On August 1, 2017, 50% five $99.8 March 31, 2018, $26.4 $56.6 (b) Just Energy owns 95% 51% 5% 49%, not |
Note 19 - Long-term Debt and Fi
Note 19 - Long-term Debt and Financing | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of borrowings [text block] | 19. LONG-TERM DEBT AND FINANCING Maturity March 31, 2018 March 31, 2017 Credit facility (a) September 1, 2018 $ 122,115 $ 68,258 Less: Debt issue costs (a) (664 ) (2,257 ) 6.75% 100M convertible debentures (b) March 31, 2023 85,760 - 6.75% 160M convertible debentures (c) December 31, 2021 148,146 145,579 6.5% convertible bonds (d) July 29, 2019 188,147 190,486 5.75% convertible debentures (e) September 30, 2018 - 96,022 543,504 498,088 Less: Current portion (121,451 ) - 422,053 498,088 Future annual minimum repayments are as follows: Less than 1-3 years 4-5 years More than Total Credit facility (a) $ 122,115 $ - $ - $ - $ 122,115 6.75% $100M convertible debentures (b) - 100,000 100,000 6.75% $160M convertible debentures (c) - - 160,000 - 160,000 6.5% convertible bonds (d) - 193,410 - - 193,410 $ 122,115 $ 193,410 $ 260,000 $ - $ 575,525 The details for long-term debt is as follows: As at April 1, 2017 Cash inflows / (outflows) FX Non-cash changes As at March 31, 2018 Credit facility (a) $ 66,001 $ 53,857 $ - $ 1,593 $ 121,451 6.75% $100M convertible debentures (b) - 95,869 - (10,109 ) 85,760 6.75% $160M convertible debentures (c) 145,579 - - 2,567 148,146 6.5% convertible bonds (d) 190,486 - (6,101 ) 3,761 188,147 5.75% convertible debentures (e) 96,022 (100,000 ) - 3,978 - 498,088 49,726 (6,101 ) 1,790 543,504 Less: Current portion - - - - (121,451 ) 498,088 49,726 (6,101 ) 1,790 422,053 As at April 1, 2016 Cash inflows / (outflows) FX Non-cash changes As at March 31, 2017 Credit facility (a) $ (2,980 ) $ 68,258 $ - $ 723 $ 66,001 6.75% $160M convertible debentures (c) - 152,407 - (6,828 ) 145,579 6.5% convertible bonds (d) 182,564 - 4,309 3,613 190,486 5.75% convertible debentures (e) 93,637 - - 2,385 96,022 6.0% convertible debentures (f) 311,028 (321,261 ) - 10,233 - Senior unsecured note (g) 76,294 (80,000 ) - 3,706 - 660,543 (180,596 ) 4,309 13,832 498,088 The following table details the finance costs for the year ended March 31. 2018 2017 Credit facility (a) $ 12,883 $ 10,564 6.75% $100M convertible debentures (b) 497 6.75% $160M convertible debentures (c) 12,773 7,090 6.5% convertible bonds (d) 15,753 16,418 5.75% convertible debentures (e) 9,173 8,135 6.0% convertible debentures (f) - 19,396 Loss on redemption of 6.0% convertible debentures (f) - 4,415 Senior unsecured note (g) - 10,999 Unwinding of discount and other 4,893 1,060 $ 55,972 $ 78,077 (a) As at March 31, 2018, $342.5 $50 December 30, 2016. Interest is payable on outstanding loans at rates that vary with Bankers’ Acceptance rates, LIBOR, Canadian bank prime rate or U.S. prime rate. Under the terms of the operating credit facility, Just Energy is able to make use of Bankers’ Acceptances and LIBOR advances at stamping fees of 3.40%. 2.40% 3.40%. As at March 31, 2018, 3.45% 4.75%. $122.1 $113.4 2017 $109.2 March 31, 2018, $102 $5 March 31, 2018, Subsequent to March 31, 2018, two September 1, 2020. 34 (b) On February 22, 2018, $100 “6.75% $100 6.75% $100 6.75%, March 31 September 30 March 31, 2023. $1,000 6.75% $100 112.3596 $8.90, The 6.75% $100 not March 31, 2021. March 31, 2021 March 31, 2022, 6.75% $100 may not 60 not 30 20 five 125% March 31, 2022, 6.75% $100 may not 60 not 30 The conversion feature of the 6.75% $100 $9.7 $2.6 6.75% $100 $100 6.75% $100 10.7%. 6.75% $100 No 6.75% $100 March 31, 2018. (c) On October 5, 2016, $160 “6.75% $160 6.75% $160 6.75%, June 30 December 31 December 31, 2021. $1,000 6.75% $160 107.5269 $9.30, The 6.75% $160 not December 31, 2019. December 31, 2019 December 31, 2020, 6.75% $160 may not 60 not 30 20 five 125% December 31, 2020, 6.75% $160 may not 60 not 30 The conversion feature of the 6.75% $160 $8.0 $2.1 6.75% $160 $160 6.75% $160 9.1%. 6.75% $160 No 6.75% $160 March 31, 2018. (d) On January 29, 2014, US$150 “6.5% 6.5% 6.5%, January 29 July 29 July 29, 2019. A Conversion Right in respect of a bond may May 30, 2014 July 7, 2019. US$9.3762 C$10.2819 may, no As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% US$8,517. 6.5% $150.0 6.5% 8.8%. March 31, 2018, US$0.2 No 6.5% March 31, 2018. (e) In September 2011, $100 “5.75% 5.75% 5.75%, March 31 September 30 September 30, 2018. $1,000 5.75% 56.0 $17.85. September 30, 2016, 5.75% may not 60 not 30 The Company may, not 60 not 30 no 5.75% 5.75% 95% On March 27, 2018, 5.75% $99.5 5.75% $0.5 $7.1 (f) In May 2010, $330 “6.0% 6.0% 6.0% June 30 December 31, June 30, 2017. On November 7, 2016, $225 6.0% $222 6.0% $3.1 $12.9 February 21, 2017, $94.6 6.0% $93.4 6.0% $1.3 $5.4 (g) The senior unsecured note was originally issued in the amount of $105 9.75% June 2018. $25 March 31, 2016 June 30, 2016, $55 October 5, 2016. |
Note 20 - Provisions
Note 20 - Provisions | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of provisions [text block] | 20. PROVISIONS 2018 2017 Cost Balance, beginning of year $ 8,215 $ 17,989 Provisions reversed and used during the year (3,323 ) (10,602 ) Unwinding of discount - 389 Foreign exchange impact (178 ) 439 Balance, end of year $ 4,714 $ 8,215 Legal proceedings In March 2012, 1,800 8,000 October 6, 2014. not October 2014 not January 9, 2015, May 2018. In August 2013, March 13, 2015, March 22, 2016, June 16, 2016, In March 2015, January 25, 2016, 167 January 20, 2017, February 16, 2017, February 20, 2018 In May 2015, Employment Standards Act August 2015, June 21, 2016. July 27, 2016, no not one Employment Standards Act 2018. No |
Note 21 - Income Taxes
Note 21 - Income Taxes | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of income tax [text block] | 21. INCOME TAXES (a) Tax expense 2018 2017 Current tax expense $ 2,555 $ 27,123 Deferred tax expense (benefit) Origination and reversal of temporary differences $ 129,177 $ 152,945 Benefit arising from previously unrecognized tax loss or temporary difference (111,058 ) (136,837 ) Deferred tax expense 18,119 16,108 Provision for income taxes $ 20,674 $ 43,231 (b) Reconciliation of the effective tax rate The provision for income taxes represents an effective rate different than the Canadian corporate statutory rate of 26.50% 2017 26.50% 2018 2017 Income before income taxes $ 539,248 $ 514,114 Combined statutory Canadian federal and provincial income tax rate 26.50 % 26.50 % Income tax expense based on statutory rate $ 142,901 $ 136,240 Increase (decrease) in income taxes resulting from: Benefit of mark-to-market loss and other temporary differences not recognized $ (111,058 ) $ (136,837 ) Variance between combined Canadian tax rate and the tax rate applicable to foreign earnings 1,000 40,396 Other permanent items (12,169 ) 3,432 Total income tax expense $ 20,674 $ 43,231 (c) Recognized deferred tax assets and liabilities Recognized deferred tax assets and liabilities are attributed to the following: 2018 2017 Mark-to-market losses on derivative instruments $ 17,580 $ 28,667 Tax losses and excess of tax basis over book basis 78,825 9,893 Total deferred tax asset 96,405 38,560 Offset of deferred taxes (93,873 ) (17,292 ) Net deferred tax asset $ 2,532 $ 21,268 Partnership income deferred for tax purposes $ (6,249 ) $ (8,281 ) Mark-to-market gains on derivative instruments (54,158 ) (391 ) Book to tax differences on other assets (30,480 ) (4,476 ) Convertible debentures (2,986 ) (4,144 ) Total deferred tax liability (93,873 ) (17,292 ) Offset of deferred taxes 93,873 17,292 (d) Movement in deferred tax balances Balance Recognized Recognized in OCI Balance Partnership income deferred for tax $ (8,281 ) $ 2,032 $ - $ (6,249 ) Book to tax differences on other assets 4,269 51,864 (7,788 ) 48,345 Mark-to-market (gains) losses on derivative instruments 29,424 (66,002 ) - (36,578 ) Convertible debentures (4,144 ) 1,158 - (2,986 ) $ 21,268 $ (10,948 ) $ (7,788 ) $ 2,532 Balance Recognized Recognized in OCI Balance Partnership income deferred for tax $ (22,306 ) $ 14,025 $ - $ (8,281 ) Book to tax differences - customer contracts (5,139 ) 5,139 - - Book to tax differences on other assets 19,181 (11,557 ) (2,207 ) 5,417 Mark-to-market (gains) losses on derivative instruments 50,481 (22,205 ) - 28,276 Convertible debentures (2,634 ) (1,510 ) - (4,144 ) $ 39,583 $ (16,108 ) $ (2,207 ) $ 21,268 (e) Unrecognized deferred tax assets Deferred tax assets not March 31 2018 2017 Losses available for carryforward $ - $ 55,745 Mark-to-market on losses on derivative instruments - 86,767 Excess of tax over book basis 15,824 14,718 Alternative minimum tax credit carryforward - 2,068 Losses available for carryforward (recognized and unrecognized) are set to expire as follows: 2018 2029 $ - 2030 - 2031 and thereafter 138,372 Total $ 138,372 |
Note 22 - Shareholders' Capital
Note 22 - Shareholders' Capital | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of issued capital [text block] | 22. SHAREHOLDERS’ CAPITAL Just Energy is authorized to issue an unlimited number of common shares and 50,000,000 no no On February 7, 2017, 4,000,000 8.50% US$25.00 US$100 40,000 US$25.00 US$1 Just Energy had the ability to make a normal course issuer bid (“NCIB”) to purchase for cancellation a portion of the outstanding 5.75% March 16, 2018. 10% February 28, 2017 March 31, 2018, $11.9 $nil, Details of issued and outstanding shareholders’ capital are as follows: Year ended Year ended March 31, 2018 March 31, 2017 Shares Amount Shares Amount Common shares: Issued and outstanding Balance, beginning of year 147,013,538 $ 1,070,076 147,183,778 $ 1,069,434 Share-based awards exercised 1,643,156 11,954 679,760 7,191 Acquisition of a subsidiary 1,415,285 8,966 - - Repurchase and cancellation of shares (1,677,827 ) (11,941 ) (850,000 ) (6,549 ) Balance, end of year 148,394,152 $ 1,079,055 147,013,538 $ 1,070,076 Preferred shares: Issued and outstanding Balance, beginning of year 4,040,000 $ 128,363 - $ - Shares issued for cash 283,300 9,260 4,040,000 132,973 Preferred shares issuance cost - (852 ) - (4,610 ) Balance, end of year 4,323,300 $ 136,771 4,040,000 $ 128,363 Shareholders' capital 152,717,452 $ 1,215,826 151,053,538 $ 1,198,439 |
Note 23 - Share-based Compensat
Note 23 - Share-based Compensation Plans | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of share-based payment arrangements [text block] | 23. SHARE-BASED COMPENSATION PLANS (a) Stock option plan Just Energy may 2010 2001 may 11,300,000 March 31, 2018, 814,166 500,000 March 31, 2018 $7.88. three five five ten no 2018. (b) Restricted share grants Just Energy grants awards under the 2010 2004 March 31, 2018, 3,004,624 2017 4,107,830 1,635,882 March 31, 2018 ( 2017 1,668,780 one five no ten may one one There are 420,000 not RSGs available for grant 2018 2017 Balance, beginning of year 4,107,830 4,591,312 Less: Granted (1,716,743 ) (676,270 ) Add: Cancelled/forfeited 613,537 192,788 Balance, end of year 3,004,624 4,107,830 The average grant date fair value of RSGs granted in the year was $6.94 2017 $7.91 (c) Performance bonus grants Just Energy grants awards under the 2013 March 31, 2018, 2,270,480 2017 2,650,513 1,050,094 March 31, 2018 ( 2017 –1,158,025 three one third second third no three PBGs available for grant 2018 2017 Balance, beginning of year 2,650,513 2,842,409 Less: Granted (812,787 ) (278,680 ) Add: Cancelled/forfeited 432,754 86,784 Balance, end of year 2,270,480 2,650,513 The average grant date fair value of PBGs granted in the year was $7.08 2017 $7.96 (d) Deferred share grants Just Energy grants awards under its 2010 2004 15% may three ten March 31, 2018, 77,405 2017 117,936 114,949 2017 93,506 March 31, 2018. DSGs available for grant 2018 2017 Balance, beginning of year 117,936 147,430 Less: Granted (40,531 ) (29,494 ) Balance, end of year 77,405 117,936 The weighted average grant date fair value of DSGs granted in the year was $6.32 2017 $7.54 |
Note 24 - Reportable Business S
Note 24 - Reportable Business Segments | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of entity's operating segments [text block] | 24. REPORTABLE BUSINESS SEGMENTS Just Energy’s reportable segments include the following: Consumer Energy and Commercial Energy. Just Energy has aggregated the operating segments into these reportable segments on the basis that the operating segments share economic characteristics. These characteristics include the nature of the product and services sold, the distribution methods, and the type of customer class and regulatory environment. The Consumer Energy segment includes cash and cash equivalents, as well as the long-term debt. Transactions between operating segments are in the normal course of operations and are recorded at the exchange amount. Allocations made between segments for shared assets or allocated expenses are based on the number of customers in the respective segments. Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss and is measured consistently with operating profit or loss in the consolidated financial statements. Just Energy is not For the year ended March 31, 2018 Consumer Commercial Consolidated division division Sales $ 2,235,093 $ 1,391,477 $ 3,626,570 Gross margin 487,591 153,336 640,927 Administrative expenses 157,513 37,186 194,699 Selling and marketing expenses 157,997 75,043 233,040 Depreciation of property, plant and equipment 3,775 340 4,115 Amortization of intangible assets 12,707 3,992 16,699 Other operating expenses 69,884 4,800 74,684 Operating profit for the year $ 85,715 $ 31,975 $ 117,690 Finance costs (55,972 ) Change in fair value of derivative instruments and other 474,356 Other income 3,174 Provision for income taxes (20,674 ) Profit for the year $ 518,574 Capital expenditures $ 32,252 $ 3,524 $ 35,776 Total goodwill $ 147,252 $ 153,421 $ 300,673 Total assets $ 1,180,741 $ 466,068 $ 1,646,809 Total liabilities $ 875,587 $ 540,479 $ 1,416,066 For the year ended March 31, 2017 Consumer Commercial Consolidated division division Sales $ 2,083,833 $ 1,673,221 $ 3,757,054 Gross margin 512,919 183,052 695,971 Administrative expenses 129,882 38,551 168,433 Selling and marketing expenses 142,883 83,425 226,308 Depreciation of property, plant and equipment 6,259 320 6,579 Amortization of intangible assets 13,637 2,304 15,941 Other operating expenses 51,914 10,203 62,117 Operating profit for the year $ 168,344 $ 48,249 $ 216,593 Finance costs (78,077 ) Change in fair value of derivative instruments and other 374,791 Other income 807 Provision for income taxes (43,231 ) Profit for the year $ 470,883 Capital expenditures $ 17,681 $ 8,708 $ 26,389 Total goodwill $ 146,669 $ 142,532 $ 289,201 Total assets $ 712,899 $ 525,056 $ 1,237,955 Total liabilities $ 1,214,561 $ 172,720 $ 1,387,281 Sales from external customers The revenue is based on the location of the customer. For the For the year ended year ended March 31, 2018 March 31, 2017 Canada $ 414,183 $ 476,208 United States 2,465,794 2,793,004 International 746,593 487,842 Total $ 3,626,570 $ 3,757,054 Non-current assets Non-current assets by geographic segment consist of property, plant and equipment and intangible assets and are summarized as follows: As at March 31, 2018 As at March 31, 2017 Canada $ 201,985 $ 189,911 United States 207,147 182,840 International 11,687 6,918 Total $ 420,819 $ 379,669 |
Note 25 - Other Expenses
Note 25 - Other Expenses | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of other operating income (expense) [text block] | 25. OTHER EXPENSES (a) Other operating expenses For the For the year ended year ended March 31, 2018 March 31, 2017 Amortization of intangible assets $ 16,699 $ 15,941 Depreciation of property, plant and equipment 4,115 6,579 Bad debts expense 56,331 56,041 Share-based compensation 18,353 6,076 $ 95,498 $ 84,637 (b) Amortization and energy costs included in cost of sales in the consolidated statements of income For the For the year ended year ended March 31, 2018 March 31, 2017 Amortization $ 3,116 $ 2,974 Direct energy costs and other 2,982,527 3,058,109 $ 2,985,643 $ 3,061,083 (c) Employee benefits expense For the For the year ended year ended March 31, 2018 March 31, 2017 Wages, salaries and commissions $ 237,867 $ 206,499 Benefits 24,100 19,946 $ 261,967 $ 226,445 |
Note 26 - Impairment Testing of
Note 26 - Impairment Testing of Goodwill and Intangible Assets With Indefinite Lives | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of impairment of assets [text block] | 26. IMPAIRMENT TESTING OF GOODWILL AND INTANGIBLE ASSETS WITH INDEFINITE LIVES Goodwill acquired through business combinations and intangible assets with indefinite lives have been allocated to one five not March 31, 2018. For impairment testing, goodwill and brand have been allocated as follows as at March 31, 2018: Consumer division Commercial division Germany Total North America UK North America UK Goodwill $ 128,502 $ 13,355 $ 153,421 $ - $ 5,395 $ 300,673 Brand 15,405 - 14,800 - - 30,205 $ 143,907 $ 13,355 $ 168,221 $ - $ 5,395 $ 330,878 For the year ended March 31, 2017, Consumer Commercial Total 2017 2017 2017 Goodwill $ 146,669 $ 142,532 289,201 Brand 16,491 14,663 31,154 $ 163,160 $ 157,195 320,355 Just Energy has historically performed its annual impairment test using a value-in-use, discounted cash flow projection model. The change in the goodwill impairment model was made for the purpose of reducing the amount of unobservable inputs and did not March 31, 2018, The recoverable amount of each of the CGUs has been determined based on a fair value less costs of disposal model using actual EBITDA of the operating segment multiplied by the entity’s EBITDA multiple. The EBITDA multiple and the EBITDA of the CGU that has been utilized in the fair value less costs to disposal model are consistent with external sources of information and are considered a Level 2 The EBITDA multiple is derived from the expected return on investment by Just Energy’s investors which equated to 8.5 March 31, 2018. 5% not |
Note 27 - Earnings Per Share
Note 27 - Earnings Per Share | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of earnings per share [text block] | 27. EARNINGS PER SHARE For the For the year ended year ended March 31, 2018 March 31, 2017 BASIC EARNINGS PER SHARE Profit as per consolidated statement of income $ 509,276 $ 446,412 Dividend to preferred shareholders - net of tax 8,364 1,218 Earnings available to shareholders $ 500,912 $ 445,194 Basic weighted average shares outstanding 147,039,737 147,589,186 Basic earnings per share available to shareholders $ 3.41 $ 3.02 DILUTED EARNINGS PER SHARE Earnings available to shareholders 500,912 445,194 Adjustment for dilutive impact of convertible debentures 22,407 12,776 Adjusted earnings available to shareholders $ 523,319 $ 457,970 Basic weighted average shares outstanding 147,039,737 147,589,186 Dilutive effect of: Restricted share and performance bonus grants 2,924,587 2,945,119 Deferred share grants 95,536 81,176 Convertible debentures 49,979,055 38,804,494 Shares outstanding on a diluted basis 200,038,914 189,419,975 Diluted earnings per share available to shareholders $ 2.62 $ 2.42 |
Note 28 - Capital Disclosure
Note 28 - Capital Disclosure | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of objectives, policies and processes for managing capital [text block] | 28. CAPITAL DISCLOSURE Just Energy defines capital as shareholders’ equity (excluding accumulated other comprehensive income) and long-term debt. Just Energy’s objectives when managing capital are to maintain flexibility by: (i) enabling it to operate efficiently; (ii) providing liquidity and access to capital for growth opportunities; and (iii) providing returns and generating predictable cash flow for dividend payments to shareholders. Just Energy manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. The Board of Directors does not not March 31, 2018 2017, |
Note 29 - Related Party Transac
Note 29 - Related Party Transactions and Key Management Personnel Remuneration | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of related party [text block] | 29. RELATED PARTY TRANSACTIONS AND KEY MANAGEMENT PERSONNEL REMUNERATION Parties are considered to be related if one Subsidiaries Transactions between Just Energy and its subsidiaries meet the definition of related party transactions. These transactions are eliminated on consolidation and are not Key management personnel Just Energy’s key management personnel and persons connected with them, are also considered to be related parties for disclosure purposes. Key management personnel are defined as those individuals having authority and responsibility for planning, directing and controlling the activities of Just Energy and comprise of the Chair of the Board of Directors, the Co-Chief Executive Officers and the Chief Financial Officer. During the years ended March 31, 2018 2017, As at As at March 31, 2018 March 31, 2017 Salaries and benefits $ 8,939 $ 7,199 Share-based compensation, net 3,738 3,223 $ 12,677 $ 10,422 As at March 31, 2018, 1,774,094 2017 2,126,745 |
Note 30 - Dividends Paid
Note 30 - Dividends Paid | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of dividends [text block] | 30. DIVIDENDS PAID For the year ended March 31, 2018, $0.50 2017 $0.50 $74,881 2017 $75,094 For the year ended March 31, 2018, US$2.125 2017 $0.3128 $11,380 2017 $1,657 |
Note 31 - Commitments and Guara
Note 31 - Commitments and Guarantees | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of commitments and contingent liabilities [text block] | 31. COMMITMENTS AND GUARANTEES Commitments for each of the next five As at March 31, 2018 Less than 1 1-3 years 4-5 years More than 5 Total Premises and equipment leasing $ 4,874 $ 7,388 $ 6,691 $ 7,302 $ 26,255 Gas, electricity and non-commodity contracts 1,867,383 1,202,940 69,658 31,041 3,171,022 $ 1,872,257 $ 1,210,328 $ 76,349 $ 38,343 $ 3,197,277 Just Energy has entered into leasing contracts for office buildings and administrative equipment. These leases have a leasing period of between one eight No (a) Surety bonds and letters of credit Pursuant to separate arrangements with Westchester Fire Insurance Company, Travelers Casualty and Surety Company of America, Berkley Insurance Company and Charter Brokerage LLC, Just Energy has issued surety bonds to various counterparties including states, regulatory bodies, utilities and various other surety bond holders in return for a fee and/or meeting certain collateral posting requirements. Such surety bond postings are required in order to operate in certain states or markets. Total surety bonds issued as at March 31, 2018 $56.5 As at March 31, 2018, $113.4 19 (b) Officers and directors Corporate indemnities have been provided by Just Energy to all directors and certain officers of its subsidiaries and affiliates for various items including, but not one (c) Operations In the normal course of business, Just Energy and/or Just Energy’s subsidiaries and affiliates have entered into agreements that include guarantees in favour of third may may $78.6 |
Note 32 - Adjustments Required
Note 32 - Adjustments Required to Reflect Net Cash Receipts From Gas Sales | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of adjustments required to reflect net cash receipts from gas sales [text block] | 32. ADJUSTMENTS REQUIRED TO REFLECT NET CASH RECEIPTS FROM GAS SALES 2018 2017 Changes in: Accrued gas receivable $ 459 $ (2,735 ) Gas delivered in excess of consumption 516 3,106 Accrued gas payable (276 ) 1,284 Deferred revenue (3,575 ) (2,336 ) $ (2,876 ) $ (681 ) |
Note 33 - Changes in Non-cash W
Note 33 - Changes in Non-cash Working Capital | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of changes in non-cash working capital [text block] | 33. CHANGES IN NON-CASH WORKING CAPITAL As at As at March 31, 2018 March 31, 2017 Accounts receivable and unbilled revenues $ (108,900 ) $ 18,069 Gas in storage 538 (9,282 ) Prepaid expenses and deposits (15,534 ) 3,361 Provisions (3,501 ) (9,774 ) Trade and other payables 90,972 (25,130 ) $ (36,425 ) $ (22,756 ) |
Note 34 - Subsequent Events
Note 34 - Subsequent Events | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of events after reporting period [text block] | 34. SUBSEQUENT EVENTS Subsequent to March 31, 2018, April 18, 2018 two September 1, 2020. $352.5 $342.5 $370.0 |
Note 35 - Comparative Consolida
Note 35 - Comparative Consolidated Financial Statements | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of information about consolidated structured entities [text block] | 35. COMPARATIVE CONSOLIDATED FINANCIAL STATEMENTS Certain figures in the comparative consolidated financial statements have been reclassified from statements previously presented to conform to the presentation of the current year’s consolidated financial statements. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2018 | |
Discloure of Significant Accounting Policies | |
Description of accounting policy for determining components of cash and cash equivalents [text block] | Cash and cash equivalents and restricted cash All highly liquid temporary cash investments with an original maturity of three Restricted cash includes cash and cash equivalents, where the availability of funds is restricted by debt arrangements or held in escrow as part of prior acquisition agreements. |
Description of accounting policy for financial instruments at fair value through profit or loss [text block] | Short-term investments Short-term investments include investments in equities and fixed income producing securities and are held for trading. |
Disclosure of accounting policy for gas assets and liabilities [text block] | Accrued gas receivable/accrued gas payable or gas delivered in excess of consumption/deferred revenue Accrued gas receivable is stated at fair value and results when customers consume more gas than has been delivered by Just Energy to local distribution companies (“LDCs”). Accrued gas payable represents the obligation to the LDCs with respect to gas consumed by customers in excess of that delivered to the LDCs. Gas delivered to LDCs in excess of consumption by customers is stated at the lower of cost and net realizable value. Collections from customers in advance of their consumption of gas result in deferred revenue. Assuming normal weather and consumption patterns, during the winter months, customers will have consumed more than what was delivered, resulting in the recognition of unbilled revenues/accrued gas payable; however, in the summer months, customers will have consumed less than what was delivered, resulting in the recognition of gas delivered in excess of consumption/deferred revenue. These adjustments are applicable solely to the Ontario, Manitoba, Quebec, Saskatchewan and Michigan gas markets. |
Description of accounting policy for measuring inventories [text block] | Gas in storage Gas in storage represents the gas delivered to the LDCs in Illinois, Indiana, New York, Ohio, Georgia, Maryland, California and Alberta. The balance will fluctuate as gas is injected into or withdrawn from storage. Gas in storage is valued at the lower of cost and net realizable value, with cost being determined on a weighted average basis. Net realizable value is the estimated selling price in the ordinary course of business. |
Description of accounting policy for property, plant and equipment [text block] | Property, plant and equipment Property, plant and equipment are stated at cost, net of any accumulated depreciation and impairment losses. Cost includes the purchase price and, where relevant, any costs directly attributable to bringing the asset to the location and condition necessary and/or the present value of all dismantling and removal costs. Where major components of property, plant and equipment have different useful lives, the components are recognized and depreciated separately. Just Energy recognizes, in the carrying amount, the cost of replacing part of an item when the cost is incurred and if it is probable that the future economic benefits embodied with the item can be reliably measured. When significant parts of property, plant and equipment are required to be replaced at intervals, Just Energy recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in the consolidated statements of income as a general and administrative expense when incurred. Depreciation is provided over the estimated useful lives of the assets as follows: Asset category Depreciation method Rate/useful life Furniture and fixtures Declining balance 20% Office equipment Declining balance 20% Computer equipment Declining balance 30% Leasehold improvements Straight-line Term of lease Thermostats (in years) Straight-line 5 An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no The useful lives and methods of depreciation are reviewed at each financial year-end and adjusted prospectively, if appropriate. |
Description of accounting policy for business combinations [text block] | Business combinations All identifiable assets acquired and liabilities assumed are measured at the acquisition date at fair value. The Company records all identifiable intangible assets including identifiable assets that had not one may not may |
Description of accounting policy for goodwill [text block] | Goodwill Goodwill is initially measured at cost, which is the excess of the cost of the business combination over Just Energy’s share in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities. Any negative difference is recognized directly in the consolidated statements of income. After initial recognition, goodwill is measured at cost, less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of Just Energy’s operating segments that are expected to benefit from the synergies of the combination, irrespective of whether other assets and liabilities of the acquiree are assigned to those segments. |
Description of accounting policy for intangible assets other than goodwill [text block] | Intangible assets Intangible assets acquired outside of a business combination are measured at cost on initial recognition. Intangible assets acquired in a business combination are recorded at fair value on the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and/or accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite useful lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may Intangible assets consist of gas customer contracts, electricity customer contracts, sales network, brand and goodwill, acquired through business combinations and asset purchases, as well as software, commodity billing and settlement systems and information technology system development. Internally generated intangible assets are capitalized when the product or process is technically and commercially feasible, the future economic benefit is measurable, Just Energy can demonstrate how the asset will generate future economic benefits and Just Energy has sufficient resources to complete development. The cost of an internally generated intangible asset comprises all directly attributable costs necessary to create, produce and prepare the asset to be capable of operating in the manner intended by management. The brand and goodwill are considered to have indefinite useful lives and are not Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset, and are recognized in the consolidated statements of income when the asset is derecognized. Intangible asset category Amortization method Rate/useful life Customer contracts Straight-line Term of contract Contract relationships Straight-line Term of contract Commodity billing and settlement system (in years) Straight-line 5 Sales network and affinity relationships (in years) Straight-line 5 - 8 Information technology system development (in years) Straight-line 3 - 5 Software (in years) Straight-line 1 Technology (in years) Straight-line 15 |
Description of accounting policy for impairment of non-financial assets [text block] | Impairment of non-financial assets Just Energy assesses whether there is an indication that an asset may not An impairment loss is recognized in the consolidated statements of income if an asset's carrying amount or that of the CGU to which it is allocated is higher than its recoverable amount. Impairment losses of CGUs are first In the consolidated statements of income, an impairment loss is recognized in the expense category associated with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognized impairment losses may no may not no Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may |
Description of accounting policy for leases [text block] | Leases The determination of whether an arrangement is or contains a lease is based on the substance of the arrangement at the inception date and whether fulfillment of the arrangement is dependent on the use of a specific asset or assets, or the arrangement conveys a right to use the asset. Just Energy as a lessee Operating lease payments are recognized as an expense in the consolidated statements of income on a straight-line basis over the lease term. Just Energy as a lessor Leases where Just Energy does not |
Description of accounting policy for financial instruments [text block] | Financial instruments Financial assets and liabilities Just Energy classifies its financial assets as either (i) financial assets at fair value through profit or loss, (ii) loans and receivables, (iii) other financial assets, or iv) available for sale, and its financial liabilities as either (i) financial liabilities at fair value through profit or loss or (ii) other financial liabilities. Appropriate classification of financial assets and liabilities is determined at the time of initial recognition or when reclassified in the consolidated statements of financial position. Financial instruments are recognized on the trade date, which is the date on which Just Energy commits to purchase or sell the asset. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held-for-trading and financial assets designated upon initial recognition as at fair value through profit or loss. Financial assets are classified as fair value through profit or loss if they are acquired for the purpose of selling or repurchasing in the near term. This category includes derivative financial instruments entered into that are not 39, Financial Instruments: Recognition and Measurement (“IAS 39” not An analysis of fair values of financial instruments and further details as to how they are measured are provided in Note 15. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not Financial assets classified as available for sale Available for sale financial assets are held at fair value with gains and losses included in other comprehensive income. Just Energy uses this classification for assets that are not not Derecognition A financial asset is derecognized when the rights to receive cash flows from the asset have expired or when Just Energy has transferred its rights to receive cash flows from the asset. Impairment of financial assets Just Energy assesses whether there is objective evidence that a financial asset is impaired at each reporting date. A financial asset is deemed to be impaired if, and only if, there is objective evidence of impairment as a result of one For financial assets carried at amortized cost, Just Energy first not no not If there is objective evidence that an impairment loss has occurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows. The present value of the estimated future cash flows is discounted at the financial asset’s original effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognized in profit or loss. Interest income continues to be accrued on the reduced carrying amount and is accrued using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The interest income is recorded as part of other income in the consolidated statements of income. Loans and receivables, together with the associated allowance, are written off when there is no Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held-for-trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held-for-trading if they are acquired for the purpose of selling in the near term. This category includes derivative financial instruments entered into by Just Energy that are not 39. not Gains or losses on liabilities held-for-trading are recognized in the consolidated statements of income. Other financial liabilities Other financial liabilities are measured at amortized cost using the effective interest rate method. Financial liabilities include long-term debt issued and are initially measured at fair value. Fair value, is the consideration received, net of transaction costs incurred, trade and other payables and bank indebtedness. Transaction costs related to the long-term debt instruments are included in the value of the instruments and amortized using the effective interest rate method. The effective interest expense is included in finance costs in the consolidated statements of income. Derecognition A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the consolidated statements of income. |
Description of accounting policy for derivative financial instruments and hedging [text block] | Derivative instruments Just Energy enters into fixed-term contracts with customers to provide electricity and gas at fixed prices. These customer contracts expose Just Energy to changes in consumption as well as changes in the market prices of gas and electricity. To reduce its exposure to movements in commodity prices, Just Energy enters into contracts with suppliers that expose the Company to changes in prices for the purchase and sale of power and natural gas. These contracts are treated as derivatives as they do not 32. Just Energy analyzes all its contracts, of both a financial and non-financial nature, to identify the existence of any “embedded” derivatives. Embedded derivatives are accounted for separately from the underlying contract at the inception date when their economic characteristics are not not All derivatives are recognized at fair value on the date on which the derivative is entered into and are remeasured to fair value at each reporting date. Derivatives are carried in the consolidated statements of financial position as other financial assets when the fair value is positive and as other financial liabilities when the fair value is negative. Just Energy does not |
Description of accounting policy for offsetting of financial instruments [text block] | Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount reported in the consolidated statements of financial position if, and only if, there is currently an enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. |
Description of accounting policy for fair value measurement [text block] | Fair value of financial instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to quoted market prices, without any deduction for transaction costs. For financial instruments not may 15. |
Description of accounting policy for recognition of revenue [text block] | Revenue recognition Revenue is recognized when significant risks and rewards of ownership are transferred to the customer. In the case of gas and electricity, transfer of risks and rewards is upon consumption of the commodity. Just Energy recognizes revenue from thermostat leases, based on rental rates over the term commencing from the installation date. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates and sales taxes. The Company assumes credit risk for all customers in Alberta, Illinois, Texas, Michigan, California, Georgia, Delaware, Ohio, the U.K. and for certain large-volume customers in British Columbia. In these markets, the Company ensures that credit review processes are in place prior to the commodity flowing to the customer. |
Description of accounting policy for foreign currency translation [text block] | Foreign currency translation Functional and presentation currency Items included in the consolidated financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). For U.S. based subsidiaries, this is U.S. dollars (“USD”), for subsidiaries based in the U.K. it is British pounds (“GBP”), and for subsidiaries based in Germany and Ireland it is Euros (“EUR”). The consolidated financial statements are presented in Canadian dollars, which is the parent Company’s presentation and functional currency. Transactions Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of income. Translation of foreign operations The results and consolidated financial position of all the group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • assets and liabilities for each consolidated statement of financial position presented are translated at the closing rate at the date of that consolidated statement of financial position; and • income and expenses for each consolidated statement of income are translated at the exchange rates prevailing at the dates of the transactions. On consolidation, exchange differences arising from the translation of the net investment in foreign operations, are recorded in other comprehensive income (“OCI”). When a foreign operation is partially disposed of or sold, exchange differences that were recorded in accumulated other comprehensive income are recognized in the consolidated statements of income as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. |
Description of accounting policy for earnings per share [text block] | Earnings per share amounts The computation of earnings per share is based on the weighted average number of shares outstanding during the year. Diluted earnings per share are computed in a similar way to basic earnings per share except that the weighted average number of shares outstanding is increased to include additional shares assuming the exercise of stock options, restricted share grants (“RSGs”), performance bonus incentive grants (“PBGs”), deferred share grants (“DSGs”) and convertible debentures, if dilutive. |
Description of accounting policy for share-based payment transactions [text block] | Share-based compensation plans Equity-based compensation liability Share-based compensation are equity-settled transactions. The cost of share-based compensation is measured by reference to the fair value at the date on which it was granted. Awards are valued at the grant date and are not When options, RSGs, PBGs and DSGs are exercised or exchanged, the amounts previously credited to contributed surplus are reversed and credited to shareholders' capital. |
Description of accounting policy for employee benefits [text block] | Employee future benefits In Canada, Just Energy offers a long-term wealth accumulation plan (the "Plan") for all permanent full-time and permanent part-time employees (working more than 26 two 2% 2% one one For U.S. employees, Just Energy has established a long-term savings plan (the "Plan") for all permanent full-time and part-time employees (working more than 30 two 401 3% one one 401 4% one one 401 5% 3% 2% 401 Participation in the plans in Canada or the U.S. is voluntary. For the 401 two six Obligations for contributions to the Plan are recognized as an expense in the consolidated statements of income when the employee makes a contribution. |
Description of accounting policy for income tax [text block] | Income taxes Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from, or paid to, the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where Just Energy operates and generates taxable income. Current income tax relating to items recognized directly in other comprehensive income or equity is recognized in other comprehensive income or equity and not Just Energy follows the liability method of accounting for deferred income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated tax consequences attributable to the temporary differences between the carrying value of the assets and liabilities in the consolidated financial statements and their respective tax bases. Deferred tax liabilities are recognized for all taxable temporary differences except: • where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not • in respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled by the parent and it is probable that the temporary differences will not Deferred tax assets are recognized for all deductible temporary differences, the carryforward of unused tax credits and any unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carryforward of unused tax credits and unused tax losses, can be utilized except: • where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not • in respect of deductible temporary differences associated with investments in subsidiaries, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax relating to items recognized in cumulative translation adjustment or equity is recognized in cumulative translation adjustment or equity and not Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. |
Description of accounting policy for provisions [text block] | Provisions Provisions are recognized when Just Energy has a present obligation, legal or constructive, as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where Just Energy expects some or all of a provision to be reimbursed, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the consolidated statements of income, net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost in the consolidated statements of income. |
Description of accounting policy for expenses [text block] | Selling and marketing expenses Commissions and various other costs related to obtaining and renewing customer contracts are charged to income in the period incurred except as disclosed below: Commissions related to obtaining and renewing Commercial customer contracts are paid in one In addition, commissions related to leasing thermostats are capitalized as part of the cost of the equipment. |
Description of accounting policy for regulatory deferral accounts [text block] | Green provision and certificates Just Energy is a retailer of green energy and records a provision to its regulators as green energy sales are recognized. A corresponding cost is included in cost of sales. Just Energy measures its provision based on the extent of green certificates that it holds or has committed to purchase and has recorded this obligation net of its green certificates. Any provision balance in excess of the green certificates held or that Just Energy has committed to purchase is measured at fair value. Green certificates are purchased by Just Energy to settle its obligation with the regulators. |
Description of accounting policy for non-current assets or disposal groups classified as held for sale and discontinued operations [text block] | Non-current assets held-for-sale and discontinued operations Just Energy classifies non-current assets and disposal groups as held-for-sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held-for-sale are measured at the lower of their carrying amount and fair value less costs to sell. The criteria for the held-for-sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one not |
Note 4 - Significant Accounti43
Note 4 - Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of useful lives for property, plant, and equipment [text block] | Asset category Depreciation method Rate/useful life Furniture and fixtures Declining balance 20% Office equipment Declining balance 20% Computer equipment Declining balance 30% Leasehold improvements Straight-line Term of lease Thermostats (in years) Straight-line 5 |
Disclosure of useful lives and amortisation rates for intangible assets [text block] | Intangible asset category Amortization method Rate/useful life Customer contracts Straight-line Term of contract Contract relationships Straight-line Term of contract Commodity billing and settlement system (in years) Straight-line 5 Sales network and affinity relationships (in years) Straight-line 5 - 8 Information technology system development (in years) Straight-line 3 - 5 Software (in years) Straight-line 1 Technology (in years) Straight-line 15 |
Note 7 - Short-term Investmen44
Note 7 - Short-term Investments (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of financial assets [text block] | As at As at March 31, 2018 March 31, 2017 Fixed income $ - $ 23,872 Equities - 2,383 $ - $ 26,255 |
Note 9 - Trade and Other Rece45
Note 9 - Trade and Other Receivables (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of the components of trade and other receivables [text block] | As at As at March 31, 2018 March 31, 2017 Trade account receivables, net $ 332,083 $ 288,255 Accrued gas receivable 15,893 16,352 Other 47,754 64,884 $ 395,730 $ 369,491 |
Note 10 - Prepaid Expenses, D46
Note 10 - Prepaid Expenses, Deposits, and Other Current Assets (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of the components of prepayments and other assets [text block] | As at As at March 31, 2018 March 31, 2017 Prepaid expenses and deposits $ 64,752 $ 62,087 Green certificates 42,230 49,236 Gas delivered in excess of consumption 2,715 3,232 $ 109,697 $ 114,555 |
Note 12 - Property, Plant and47
Note 12 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about property, plant and equipment [text block] | Computer Furniture Office Thermo-stats Leasehold Total Cost: Opening balance - April 1, 2017 $ 18,672 $ 6,774 $ 14,947 $ 13,471 $ 4,517 $ 58,381 Additions 3,561 147 352 387 391 4,838 Retirements - - - (517 ) - (517 ) Exchange differences (60 ) (60 ) (90 ) (103 ) (14 ) (327 ) Ending balance, March 31, 2018 22,173 6,861 15,209 13,238 4,894 62,375 Accumulated depreciation: Opening balance - April 1, 2017 (11,600 ) (4,776 ) (10,095 ) (7,713 ) (2,515 ) (36,699 ) Depreciation charge to cost of sales - - - (3,116 ) - (3,116 ) Depreciation charge for the year (2,431 ) (262 ) (745 ) - (677 ) (4,115 ) Retirements - - - 208 - 208 Exchange differences 47 43 64 66 20 240 Ending balance, March 31, 2018 (13,984 ) (4,995 ) (10,776 ) (10,555 ) (3,172 ) (43,482 ) Net book value, March 31, 2018 $ 8,189 $ 1,866 $ 4,433 $ 2,683 $ 1,722 $ 18,893 Computer Furniture Vehicles Office Thermostats Leasehold Total Cost: Opening balance - April 1, 2016 $ 19,494 $ 7,300 $ 6 $ 23,157 $ 12,792 $ 8,913 $ 71,662 Additions 3,651 788 - 1,142 1,213 1,521 8,315 Retirements (4,531 ) (1,493 ) (6 ) (9,649 ) (594 ) (6,046 ) (22,319 ) Exchange differences 58 179 - 297 60 129 723 Ending balance, March 31, 2017 18,672 6,774 - 14,947 13,471 4,517 58,381 Accumulated depreciation: Opening balance - April 1, 2016 (11,968 ) (5,544 ) (6 ) (16,314 ) (4,985 ) (7,800 ) (46,617 ) Depreciation charge to cost of sales - - - - (2,974 ) - (2,974 ) Depreciation charge for the year (2,426 ) (409 ) - (3,183 ) - (561 ) (6,579 ) Retirements 4,531 1,493 6 9,649 281 6,046 22,006 Exchange differences (1,737 ) (316 ) - (247 ) (35 ) (200 ) (2,535 ) Ending balance, March 31, 2017 (11,600 ) (4,776 ) - (10,095 ) (7,713 ) (2,515 ) (36,699 ) Net book value, March 31, 2017 $ 7,072 $ 1,998 $ $ 4,852 $ 5,758 $ 2,002 $ 21,682 |
Note 13 - Intangible Assets (Ta
Note 13 - Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of reconciliation of changes in intangible assets and goodwill [text block] | Goodwill Brand Technology 1 Customer Sales Other Total Cost: Opening balance - April 1, 2017 $ 289,201 $ 31,154 $ 48,525 $ - $ 53,595 $ - $ 422,475 Acquisition of a subsidiary 14,699 - 1,409 17,387 - 347 33,842 Additions - - 30,938 - - - 30,938 Exchange differences (3,227 ) (949 ) (471 ) 640 (1,632 ) 148 (5,491 ) Ending balance, March 31, 2018 300,673 30,205 80,401 18,027 51,963 495 481,764 Accumulated amortization: Opening balance - April 1, 2017 - - (27,641 ) - (36,847 ) - (64,488 ) Amortization charge for the year - - (8,924 ) (1,309 ) (6,466 ) - (16,699 ) Exchange differences - - 256 - 1,093 - 1,349 Ending balance, March 31, 2018 - - (36,309 ) (1,309 ) (42,220 ) - (79,838 ) Net book value, March 31, 2018 $ 300,673 $ 30,205 $ 44,092 $ 16,718 $ 9,743 $ 495 $ 401,926 Gas contracts Electricity Goodwill Brand Technology Sales network Total Cost: Opening balance - April 1, 2016 $ 122,010 $ 320,185 $ 280,513 $ 30,423 $ 83,876 $ 160,243 $ 997,250 Retirements (123,204 ) (331,335 ) - - (55,296 ) (111,578 ) (621,413 ) Acquisition of a subsidiary - - 6,020 - - - 6,020 Additions - - - - 18,074 - 18,074 Exchange differences 1,194 11,150 2,668 731 1,871 4,930 22,544 Ending balance, March 31, 2017 - - 289,201 31,154 48,525 53,595 422,475 Accumulated amortization: Opening balance - April 1, 2016 (122,010 ) (320,185 ) - - (71,837 ) (137,345 ) (651,377 ) Retirements 123,204 331,335 - - 55,296 111,578 621,413 Amortization charge for the year - - - - (9,329 ) (6,612 ) (15,941 ) Exchange differences (1,194 ) (11,150 ) - - (1,771 ) (4,468 ) (18,583 ) Ending balance, March 31, 2017 - - - - (27,641 ) (36,847 ) (64,488 ) Net book value, March 31, 2017 $ - $ - $ 289,201 $ 31,154 $ 20,884 $ 16,748 $ 357,987 |
Note 14 - Other Non-Current A49
Note 14 - Other Non-Current Assets (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about other non-current assets [text block] | As at As at March 31, 2018 March 31, 2017 Prepaid commission $ 17,101 $ - Income taxes recoverable 2,336 - Other 550 - $ 19,987 $ - |
Note 15 - Financial Instrumen50
Note 15 - Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of financial instruments at fair value through profit or loss [text block] | For the For the year ended year ended March 31, 2018 March 31, 2017 Change in fair value of derivative instruments and other Physical forward contracts and options (i) $ 400,583 $ 215,935 Financial swap contracts and options (ii) 59,710 144,288 Foreign exchange forward contracts (1,842 ) (1,756 ) Share swap (4,484 ) (98 ) 6.5% convertible bond conversion feature 7,764 14,261 Unrealized foreign exchange on 6.5% convertible bond 6,101 (4,309 ) Other derivative options 6,524 6,470 Change in fair value of derivative instruments and other $ 474,356 $ 374,791 |
Disclosure of detailed information about financial instruments [text block] | Financial Financial assets Financial Financial liabilities Physical forward contracts and options (i) $ 198,891 $ 60,550 $ 32,451 $ 29,003 Financial swap contracts and options (ii) 8,133 1,342 34,369 22,117 Foreign exchange forward contracts - - 1,068 505 Share swap - - 18,400 - 6.5% convertible bond conversion feature - - - 246 Other derivative options 11,745 2,770 - - As at March 31, 2018 $ 218,769 $ 64,662 $ 86,288 $ 51,871 Financial assets Financial assets Financial liabilities Financial liabilities Physical forward contracts and options $ 982 $ 983 $ 89,472 $ 124,173 Financial swap contracts and options 3,207 2,027 65,362 46,246 Foreign exchange forward contracts 565 - - 295 Share swap - - 13,916 - 6.5% convertible bond conversion feature - - - 8,010 Other derivative options 6,902 - 43 - As at March 31, 2017 $ 11,656 $ 3,010 $ 168,793 $ 178,724 |
Disclosure of fair value measurement of assets and liabilities [text block] | Level 1 Level 2 Level 3 Total Derivative financial assets $ - $ - $ 283,431 $ 283,431 Derivative financial liabilities - (21,092 ) (117,067 ) (138,159 ) Total net derivative assets (liabilities) $ - $ (21,092 ) $ 166,364 $ 145,272 Level 1 Level 2 Level 3 Total Derivative financial assets $ - $ - $ 14,666 $ 14,666 Derivative financial liabilities - (17,741 ) (329,776 ) (347,517 ) Total net derivative liabilities $ - $ (17,741 ) $ (315,110 ) $ (332,851 ) |
Disclosure of fair value measurement of liabilities [text block] | Year ended Year ended March 31, 2018 March 31, 2017 Balance, beginning of year $ (315,110 ) $ (638,231 ) Total gains (losses) 105,709 (42,084 ) Purchases 207,531 (30,265 ) Sales (64,464 ) 2,084 Settlements 232,698 393,386 Balance, end of year $ 166,364 $ (315,110 ) |
Disclosure of fair value measurement of assets [text block] | Level 1 Level 2 Level 3 Total Investment in ecobee $ - $ 32,446 $ - $ 32,446 Investment in Energy Earth - 3,900 - 3,900 Total investments $ - $ 36,314 $ - $ 36,314 |
Disclosure of financial assets that are either past due or impaired [text block] | March 31, 2018 March 31, 2017 Current $ 113,786 $ 96,510 1– 30 days 44,374 30,672 31–60 days 21,241 12,806 61–90 days 12,686 8,358 Over 90 days 69,207 47,059 $ 261,294 $ 195,405 |
Disclosure Of Allowance For Credit Losses [text block] | March 31, 2018 March 31, 2017 Balance, beginning of year $ 49,431 $ 58,789 Provision for doubtful accounts 56,300 56,041 Bad debts written off (41,802 ) (64,262 ) Foreign exchange (3,808 ) (1,137 ) Balance, end of year $ 60,121 $ 49,431 |
Disclosure of maturity analysis for non-derivative financial liabilities [text block] | Carrying Contractual Less than More than amount cash flows 1 year 1-3 years 4-5 years 5 years Trade and other payables $ 616,434 $ 616,434 $ 616,434 $ - $ - $ - Long-term debt 1 543,504 575,525 122,115 193,410 260,000 - Gas, electricity and non-commodity contracts 138,159 3,171,037 1,867,389 1,202,949 69,658 31,041 $ 1,298,097 $ 4,362,996 $ 2,605,938 $ 1,396,359 $ 329,658 $ 31,041 Carrying Contractual Less than More than amount cash flows 1 year 1-3 years 4-5 years 5 years Trade and other payables $ 499,169 $ 499,169 $ 499,169 $ - $ - $ - Long-term debt 1 498,088 527,743 - 367,743 160,000 - Gas, electricity and non-commodity contracts 347,517 3,397,692 1,982,896 1,189,745 188,282 36,769 $ 1,344,774 $ 4,424,604 $ 2,482,065 $ 1,557,488 $ 348,282 $ 36,769 |
Disclosure of maturity analysis for contractual net interest payments [text block] | Less than 1 year 1-3 years 4-5 years More than 5 years Interest payments $ 30,815 $ 41,386 $ 24,300 $ - |
Note 16 - Trade and Other Pay51
Note 16 - Trade and Other Payables (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about trade and other payables [text block] | As at As at March 31, 2018 March 31, 2017 Commodity suppliers' payables $ 209,610 $ 203,581 Accrued liabilities 135,733 140,753 Green provisions 152,542 70,955 Sales tax payable 15,794 19,241 Trade accounts payable 45,887 20,025 Payable for former JV partner (Note 18) 26,375 - Accrued gas payable 12,261 12,537 Other payables 18,232 32,077 $ 616,434 $ 499,169 |
Note 17 - Acquisition of Busi52
Note 17 - Acquisition of Business (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
EdgePower Inc. [member] | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about business combinations [text block] | Working capital $ 993 Intangible assets 15,115 Goodwill 5,879 Deferred tax liabilities (4,066 ) Total consideration $ 17,921 Cash paid, net of working capital adjustment $ 8,286 Common shares issued 8,966 Payable to seller 669 Total consideration $ 17,921 |
SW Direkt and SWPro [member] | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about business combinations [text block] | Working capital $ 588 Property, plant and equipment 56 Intangible assets 1,172 Goodwill 4,831 Non-controlling interest (41 ) Other liabilities (221 ) Total consideration $ 6,385 Cash paid, net of working capital adjustment $ 4,221 Contingent consideration 2,164 Total consideration $ 6,385 |
Intell Enercare Solutions Inc. [member] | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about business combinations [text block] | Intangible assets $ 877 Goodwill 9,644 Working capital (302 ) Deferred tax (232 ) Total consideration $ 9,987 Cash paid, net of estimated working capital adjustment $ 2,199 Contingent consideration 7,788 Total consideration $ 9,987 |
Note 18 - Non-controlling Int53
Note 18 - Non-controlling Interest (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of interests in subsidiaries [text block] | March 31, 2018 March 31, 2017 Profit (loss) allocated to non-controlling interest Just Ventures (a) $ 9,603 $ 24,558 Just Energy Deutschland GmbH (b) (305 ) (72 ) SWPro (b) - (15 ) $ 9,298 $ 24,471 |
Disclosure of detailed information of non-controlling interests [text block] | Just Ventures Just Energy SWPro (until August 1, 2017) Summarized financial information for 2018: Gross margin $ 38,501 $ 82 $ 78 Selling and marketing expenses 13,829 2,148 477 Profit (loss) from operations 24,672 (2,106 ) (399 ) Cash flows provided by (used in) operating activities 24,672 (2,106 ) (399 ) Cash flows used in financing activities (24,672 ) - - Summarized financial information for 2017: Just Ventures Just Energy SWPro Gross margin $ 82,357 $ 5 $ (43 ) Selling and marketing expenses 34,264 235 100 Profit (loss) from operations 48,093 (349 ) (143 ) Cash flows provided by (used in) operating activities 48,093 (349 ) (143 ) Cash flows used in financing activities (48,093 ) - - |
Note 19 - Long-term Debt and 54
Note 19 - Long-term Debt and Financing (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about borrowings [text block] | Maturity March 31, 2018 March 31, 2017 Credit facility (a) September 1, 2018 $ 122,115 $ 68,258 Less: Debt issue costs (a) (664 ) (2,257 ) 6.75% 100M convertible debentures (b) March 31, 2023 85,760 - 6.75% 160M convertible debentures (c) December 31, 2021 148,146 145,579 6.5% convertible bonds (d) July 29, 2019 188,147 190,486 5.75% convertible debentures (e) September 30, 2018 - 96,022 543,504 498,088 Less: Current portion (121,451 ) - 422,053 498,088 |
Disclosure of maturity of debt [text block] | Less than 1-3 years 4-5 years More than Total Credit facility (a) $ 122,115 $ - $ - $ - $ 122,115 6.75% $100M convertible debentures (b) - 100,000 100,000 6.75% $160M convertible debentures (c) - - 160,000 - 160,000 6.5% convertible bonds (d) - 193,410 - - 193,410 $ 122,115 $ 193,410 $ 260,000 $ - $ 575,525 |
Disclosure of reconciliation of liabilities arising from financing activities [text block] | As at April 1, 2017 Cash inflows / (outflows) FX Non-cash changes As at March 31, 2018 Credit facility (a) $ 66,001 $ 53,857 $ - $ 1,593 $ 121,451 6.75% $100M convertible debentures (b) - 95,869 - (10,109 ) 85,760 6.75% $160M convertible debentures (c) 145,579 - - 2,567 148,146 6.5% convertible bonds (d) 190,486 - (6,101 ) 3,761 188,147 5.75% convertible debentures (e) 96,022 (100,000 ) - 3,978 - 498,088 49,726 (6,101 ) 1,790 543,504 Less: Current portion - - - - (121,451 ) 498,088 49,726 (6,101 ) 1,790 422,053 As at April 1, 2016 Cash inflows / (outflows) FX Non-cash changes As at March 31, 2017 Credit facility (a) $ (2,980 ) $ 68,258 $ - $ 723 $ 66,001 6.75% $160M convertible debentures (c) - 152,407 - (6,828 ) 145,579 6.5% convertible bonds (d) 182,564 - 4,309 3,613 190,486 5.75% convertible debentures (e) 93,637 - - 2,385 96,022 6.0% convertible debentures (f) 311,028 (321,261 ) - 10,233 - Senior unsecured note (g) 76,294 (80,000 ) - 3,706 - 660,543 (180,596 ) 4,309 13,832 498,088 |
Disclosure of finance cost [text block] | 2018 2017 Credit facility (a) $ 12,883 $ 10,564 6.75% $100M convertible debentures (b) 497 6.75% $160M convertible debentures (c) 12,773 7,090 6.5% convertible bonds (d) 15,753 16,418 5.75% convertible debentures (e) 9,173 8,135 6.0% convertible debentures (f) - 19,396 Loss on redemption of 6.0% convertible debentures (f) - 4,415 Senior unsecured note (g) - 10,999 Unwinding of discount and other 4,893 1,060 $ 55,972 $ 78,077 |
Note 20 - Provisions (Tables)
Note 20 - Provisions (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of other provisions [text block] | 2018 2017 Cost Balance, beginning of year $ 8,215 $ 17,989 Provisions reversed and used during the year (3,323 ) (10,602 ) Unwinding of discount - 389 Foreign exchange impact (178 ) 439 Balance, end of year $ 4,714 $ 8,215 |
Note 21 - Income Taxes (Tables)
Note 21 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of the detailed information of income tax [text block] | 2018 2017 Current tax expense $ 2,555 $ 27,123 Deferred tax expense (benefit) Origination and reversal of temporary differences $ 129,177 $ 152,945 Benefit arising from previously unrecognized tax loss or temporary difference (111,058 ) (136,837 ) Deferred tax expense 18,119 16,108 Provision for income taxes $ 20,674 $ 43,231 |
Disclosure of income tax reconciliation [text block] | 2018 2017 Income before income taxes $ 539,248 $ 514,114 Combined statutory Canadian federal and provincial income tax rate 26.50 % 26.50 % Income tax expense based on statutory rate $ 142,901 $ 136,240 Increase (decrease) in income taxes resulting from: Benefit of mark-to-market loss and other temporary differences not recognized $ (111,058 ) $ (136,837 ) Variance between combined Canadian tax rate and the tax rate applicable to foreign earnings 1,000 40,396 Other permanent items (12,169 ) 3,432 Total income tax expense $ 20,674 $ 43,231 |
Disclosure of deferred taxes [text block] | 2018 2017 Mark-to-market losses on derivative instruments $ 17,580 $ 28,667 Tax losses and excess of tax basis over book basis 78,825 9,893 Total deferred tax asset 96,405 38,560 Offset of deferred taxes (93,873 ) (17,292 ) Net deferred tax asset $ 2,532 $ 21,268 Partnership income deferred for tax purposes $ (6,249 ) $ (8,281 ) Mark-to-market gains on derivative instruments (54,158 ) (391 ) Book to tax differences on other assets (30,480 ) (4,476 ) Convertible debentures (2,986 ) (4,144 ) Total deferred tax liability (93,873 ) (17,292 ) Offset of deferred taxes 93,873 17,292 |
Disclosure of income tax, deferred tax movements [text block] | Balance Recognized Recognized in OCI Balance Partnership income deferred for tax $ (8,281 ) $ 2,032 $ - $ (6,249 ) Book to tax differences on other assets 4,269 51,864 (7,788 ) 48,345 Mark-to-market (gains) losses on derivative instruments 29,424 (66,002 ) - (36,578 ) Convertible debentures (4,144 ) 1,158 - (2,986 ) $ 21,268 $ (10,948 ) $ (7,788 ) $ 2,532 Balance Recognized Recognized in OCI Balance Partnership income deferred for tax $ (22,306 ) $ 14,025 $ - $ (8,281 ) Book to tax differences - customer contracts (5,139 ) 5,139 - - Book to tax differences on other assets 19,181 (11,557 ) (2,207 ) 5,417 Mark-to-market (gains) losses on derivative instruments 50,481 (22,205 ) - 28,276 Convertible debentures (2,634 ) (1,510 ) - (4,144 ) $ 39,583 $ (16,108 ) $ (2,207 ) $ 21,268 |
Disclosure of temporary difference, unused tax losses and unused tax credits [text block] | 2018 2017 Losses available for carryforward $ - $ 55,745 Mark-to-market on losses on derivative instruments - 86,767 Excess of tax over book basis 15,824 14,718 Alternative minimum tax credit carryforward - 2,068 |
Disclosure of losses available for carryforward [text block] | 2018 2029 $ - 2030 - 2031 and thereafter 138,372 Total $ 138,372 |
Note 22 - Shareholders' Capit57
Note 22 - Shareholders' Capital (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of classes of share capital [text block] | Year ended Year ended March 31, 2018 March 31, 2017 Shares Amount Shares Amount Common shares: Issued and outstanding Balance, beginning of year 147,013,538 $ 1,070,076 147,183,778 $ 1,069,434 Share-based awards exercised 1,643,156 11,954 679,760 7,191 Acquisition of a subsidiary 1,415,285 8,966 - - Repurchase and cancellation of shares (1,677,827 ) (11,941 ) (850,000 ) (6,549 ) Balance, end of year 148,394,152 $ 1,079,055 147,013,538 $ 1,070,076 Preferred shares: Issued and outstanding Balance, beginning of year 4,040,000 $ 128,363 - $ - Shares issued for cash 283,300 9,260 4,040,000 132,973 Preferred shares issuance cost - (852 ) - (4,610 ) Balance, end of year 4,323,300 $ 136,771 4,040,000 $ 128,363 Shareholders' capital 152,717,452 $ 1,215,826 151,053,538 $ 1,198,439 |
Note 23 - Share-based Compens58
Note 23 - Share-based Compensation Plans (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Deferred share grants [member] | |
Statement Line Items [Line Items] | |
Disclosure of number and weighted average exercise prices of other equity instruments [text block] | 2018 2017 Balance, beginning of year 117,936 147,430 Less: Granted (40,531 ) (29,494 ) Balance, end of year 77,405 117,936 |
Performance bonus grants [member] | |
Statement Line Items [Line Items] | |
Disclosure of number and weighted average exercise prices of other equity instruments [text block] | 2018 2017 Balance, beginning of year 2,650,513 2,842,409 Less: Granted (812,787 ) (278,680 ) Add: Cancelled/forfeited 432,754 86,784 Balance, end of year 2,270,480 2,650,513 |
Restricted share grants [member] | |
Statement Line Items [Line Items] | |
Disclosure of number and weighted average exercise prices of other equity instruments [text block] | 2018 2017 Balance, beginning of year 4,107,830 4,591,312 Less: Granted (1,716,743 ) (676,270 ) Add: Cancelled/forfeited 613,537 192,788 Balance, end of year 3,004,624 4,107,830 |
Note 24 - Reportable Business59
Note 24 - Reportable Business Segments (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of operating segments [text block] | Consumer Commercial Consolidated division division Sales $ 2,235,093 $ 1,391,477 $ 3,626,570 Gross margin 487,591 153,336 640,927 Administrative expenses 157,513 37,186 194,699 Selling and marketing expenses 157,997 75,043 233,040 Depreciation of property, plant and equipment 3,775 340 4,115 Amortization of intangible assets 12,707 3,992 16,699 Other operating expenses 69,884 4,800 74,684 Operating profit for the year $ 85,715 $ 31,975 $ 117,690 Finance costs (55,972 ) Change in fair value of derivative instruments and other 474,356 Other income 3,174 Provision for income taxes (20,674 ) Profit for the year $ 518,574 Capital expenditures $ 32,252 $ 3,524 $ 35,776 Total goodwill $ 147,252 $ 153,421 $ 300,673 Total assets $ 1,180,741 $ 466,068 $ 1,646,809 Total liabilities $ 875,587 $ 540,479 $ 1,416,066 Consumer Commercial Consolidated division division Sales $ 2,083,833 $ 1,673,221 $ 3,757,054 Gross margin 512,919 183,052 695,971 Administrative expenses 129,882 38,551 168,433 Selling and marketing expenses 142,883 83,425 226,308 Depreciation of property, plant and equipment 6,259 320 6,579 Amortization of intangible assets 13,637 2,304 15,941 Other operating expenses 51,914 10,203 62,117 Operating profit for the year $ 168,344 $ 48,249 $ 216,593 Finance costs (78,077 ) Change in fair value of derivative instruments and other 374,791 Other income 807 Provision for income taxes (43,231 ) Profit for the year $ 470,883 Capital expenditures $ 17,681 $ 8,708 $ 26,389 Total goodwill $ 146,669 $ 142,532 $ 289,201 Total assets $ 712,899 $ 525,056 $ 1,237,955 Total liabilities $ 1,214,561 $ 172,720 $ 1,387,281 |
Disclosure of geographical areas [text block] | For the For the year ended year ended March 31, 2018 March 31, 2017 Canada $ 414,183 $ 476,208 United States 2,465,794 2,793,004 International 746,593 487,842 Total $ 3,626,570 $ 3,757,054 As at March 31, 2018 As at March 31, 2017 Canada $ 201,985 $ 189,911 United States 207,147 182,840 International 11,687 6,918 Total $ 420,819 $ 379,669 |
Note 25 - Other Expenses (Table
Note 25 - Other Expenses (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of other operating expense [text block] | For the For the year ended year ended March 31, 2018 March 31, 2017 Amortization of intangible assets $ 16,699 $ 15,941 Depreciation of property, plant and equipment 4,115 6,579 Bad debts expense 56,331 56,041 Share-based compensation 18,353 6,076 $ 95,498 $ 84,637 |
Disclosure of cost of sales [text block] | For the For the year ended year ended March 31, 2018 March 31, 2017 Amortization $ 3,116 $ 2,974 Direct energy costs and other 2,982,527 3,058,109 $ 2,985,643 $ 3,061,083 |
Disclosure of employee benefits [text block] | For the For the year ended year ended March 31, 2018 March 31, 2017 Wages, salaries and commissions $ 237,867 $ 206,499 Benefits 24,100 19,946 $ 261,967 $ 226,445 |
Note 26 - Impairment Testing 61
Note 26 - Impairment Testing of Goodwill and Intangible Assets With Indefinite Lives (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of intangible assets and goodwill [text block] | Consumer division Commercial division Germany Total North America UK North America UK Goodwill $ 128,502 $ 13,355 $ 153,421 $ - $ 5,395 $ 300,673 Brand 15,405 - 14,800 - - 30,205 $ 143,907 $ 13,355 $ 168,221 $ - $ 5,395 $ 330,878 Consumer Commercial Total 2017 2017 2017 Goodwill $ 146,669 $ 142,532 289,201 Brand 16,491 14,663 31,154 $ 163,160 $ 157,195 320,355 |
Note 27 - Earnings Per Share (T
Note 27 - Earnings Per Share (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Earnings per share [text block] | For the For the year ended year ended March 31, 2018 March 31, 2017 BASIC EARNINGS PER SHARE Profit as per consolidated statement of income $ 509,276 $ 446,412 Dividend to preferred shareholders - net of tax 8,364 1,218 Earnings available to shareholders $ 500,912 $ 445,194 Basic weighted average shares outstanding 147,039,737 147,589,186 Basic earnings per share available to shareholders $ 3.41 $ 3.02 DILUTED EARNINGS PER SHARE Earnings available to shareholders 500,912 445,194 Adjustment for dilutive impact of convertible debentures 22,407 12,776 Adjusted earnings available to shareholders $ 523,319 $ 457,970 Basic weighted average shares outstanding 147,039,737 147,589,186 Dilutive effect of: Restricted share and performance bonus grants 2,924,587 2,945,119 Deferred share grants 95,536 81,176 Convertible debentures 49,979,055 38,804,494 Shares outstanding on a diluted basis 200,038,914 189,419,975 Diluted earnings per share available to shareholders $ 2.62 $ 2.42 |
Note 29 - Related Party Trans63
Note 29 - Related Party Transactions and Key Management Personnel Remuneration (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of transactions between related parties [text block] | As at As at March 31, 2018 March 31, 2017 Salaries and benefits $ 8,939 $ 7,199 Share-based compensation, net 3,738 3,223 $ 12,677 $ 10,422 |
Note 31 - Commitments and Gua64
Note 31 - Commitments and Guarantees (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of commitments [text block] | Less than 1 1-3 years 4-5 years More than 5 Total Premises and equipment leasing $ 4,874 $ 7,388 $ 6,691 $ 7,302 $ 26,255 Gas, electricity and non-commodity contracts 1,867,383 1,202,940 69,658 31,041 3,171,022 $ 1,872,257 $ 1,210,328 $ 76,349 $ 38,343 $ 3,197,277 |
Note 32 - Adjustments Require65
Note 32 - Adjustments Required to Reflect Net Cash Receipts From Gas Sales (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information of adjustments required to reflect net cash receipts from gas sales [text block] | 2018 2017 Changes in: Accrued gas receivable $ 459 $ (2,735 ) Gas delivered in excess of consumption 516 3,106 Accrued gas payable (276 ) 1,284 Deferred revenue (3,575 ) (2,336 ) $ (2,876 ) $ (681 ) |
Note 33 - Changes in Non-cash66
Note 33 - Changes in Non-cash Working Capital (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information in changes in non-cash working capital [text block] | As at As at March 31, 2018 March 31, 2017 Accounts receivable and unbilled revenues $ (108,900 ) $ 18,069 Gas in storage 538 (9,282 ) Prepaid expenses and deposits (15,534 ) 3,361 Provisions (3,501 ) (9,774 ) Trade and other payables 90,972 (25,130 ) $ (36,425 ) $ (22,756 ) |
Note 2 - Operations (Details Te
Note 2 - Operations (Details Textual) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Proportion of ownership interest in associate | 8.50% |
Proportion of ownership interest in joint venture | 50.00% |
Note 4 - Significant Accounti68
Note 4 - Significant Accounting Policies (Details Textual) | 12 Months Ended |
Mar. 31, 2018 | |
Statement Line Items [Line Items] | |
Deferred Profit Sharing Plan, maximum matching percentage of gross earnings | 2.00% |
Employee Profit Sharing Plan, maximum matching percentage of gross earnings | 2.00% |
Employee Unit Purchase Plan, maximum matching percentage of gross earnings | 3.00% |
Defined contribition plan, matching percentage of gross earnings | 4.00% |
Maximum combined employee unit purchase plan and 401(k) plan matching percentage of gross earnings | 5.00% |
Maximum combined percentage of gross earnings match for employee unit purchase plan | 3.00% |
Maximum combined percentage of gross earnings match for 401(k) plan | 2.00% |
Vesting period for 402(k) plan | 2 years |
Vesting period for employee unit purchase plan | 180 days |
Note 4 - Significant Accounti69
Note 4 - Significant Accounting Policies - Useful Lives of Property, Plant, and Equipment (Details) | 12 Months Ended |
Mar. 31, 2018 | |
Fixtures and fittings [member] | |
Statement Line Items [Line Items] | |
Depreciations method | Declining balance |
Useful life or depreciation rate | 20% |
Office equipment [member] | |
Statement Line Items [Line Items] | |
Depreciations method | Declining balance |
Useful life or depreciation rate | 20% |
Computer equipment [member] | |
Statement Line Items [Line Items] | |
Depreciations method | Declining balance |
Useful life or depreciation rate | 30% |
Leasehold improvements [member] | |
Statement Line Items [Line Items] | |
Depreciations method | Straight-line |
Useful life or depreciation rate | Term of lease |
Thermostats [member] | |
Statement Line Items [Line Items] | |
Depreciations method | Straight-line |
Useful life or depreciation rate | 5 |
Note 4 - Significant Accounti70
Note 4 - Significant Accounting Policies - Useful Lives of Intangible Assets (Details) | 12 Months Ended |
Mar. 31, 2018 | |
Customer-related intangible assets [member] | |
Statement Line Items [Line Items] | |
Amortization method | Straight-line |
Useful life and amortization rate | Term of contract |
Contract initiation costs [member] | |
Statement Line Items [Line Items] | |
Amortization method | Straight-line |
Useful life and amortization rate | Term of contract |
Commodity billing and settlement system [member] | |
Statement Line Items [Line Items] | |
Amortization method | Straight-line |
Useful life and amortization rate | 5 |
Sales network and affinity relationships [member] | |
Statement Line Items [Line Items] | |
Amortization method | Straight-line |
Useful life and amortization rate | 5 |
Sales network and affinity relationships [member] | Bottom of range [member] | |
Statement Line Items [Line Items] | |
Useful life and amortization rate | 5 |
Sales network and affinity relationships [member] | Top of range [member] | |
Statement Line Items [Line Items] | |
Useful life and amortization rate | 8 |
Information technology system development [member] | |
Statement Line Items [Line Items] | |
Amortization method | Straight-line |
Useful life and amortization rate | 3 |
Information technology system development [member] | Bottom of range [member] | |
Statement Line Items [Line Items] | |
Useful life and amortization rate | 3 |
Information technology system development [member] | Top of range [member] | |
Statement Line Items [Line Items] | |
Useful life and amortization rate | 5 |
Computer software [member] | |
Statement Line Items [Line Items] | |
Amortization method | Straight-line |
Useful life and amortization rate | 1 |
Technology-based intangible assets [member] | |
Statement Line Items [Line Items] | |
Amortization method | Straight-line |
Useful life and amortization rate | 15 |
Note 5 - Significant Accounti71
Note 5 - Significant Accounting Judgments, Estimates and Assumptions (Details Textual) | Jul. 30, 2017 | Mar. 31, 2018 |
SW Direkt [member] | ||
Statement Line Items [Line Items] | ||
Proportion of ownership interests held by non-controlling interests | 5.00% | |
Proportion of ownership interest in subsidiary | 95.00% | |
SW Pro [member] | ||
Statement Line Items [Line Items] | ||
Proportion of ownership interests held by non-controlling interests | 49.00% | |
Proportion of ownership interest in subsidiary | 51.00% | |
Just Ventures [member] | ||
Statement Line Items [Line Items] | ||
Proportion of ownership interests held by non-controlling interests | 50.00% |
Note 6 - Accounting Standards72
Note 6 - Accounting Standards Issued But Not Yet Effective (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2018CAD ($) | |
Statement Line Items [Line Items] | |
Maximum exposure to credit risk, financial instruments to which impairment requirements in IFRS 9 are not applied | $ 11 |
Maximum exposure to credit risk | 14 |
Bottom of range [member] | |
Statement Line Items [Line Items] | |
Increase (decrease) in retained earnings if IFRS 15 was adopted in the period due to capitalized incremental costs on active contracts | 18 |
Top of range [member] | |
Statement Line Items [Line Items] | |
Increase (decrease) in retained earnings if IFRS 15 was adopted in the period due to capitalized incremental costs on active contracts | $ 22 |
Note 7 - Short-term Investmen73
Note 7 - Short-term Investments - Components of Short-term Investments (Details) - CAD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Statement Line Items [Line Items] | ||
Short-term investments | $ 26,255 | |
Financial assets at fair value through profit or loss, classified as held for trading, category [member] | Fixed income [member] | ||
Statement Line Items [Line Items] | ||
Short-term investments | 23,872 | |
Financial assets at fair value through profit or loss, classified as held for trading, category [member] | Equity investments [member] | ||
Statement Line Items [Line Items] | ||
Short-term investments | $ 2,383 |
Note 8 - Restricted Cash (Detai
Note 8 - Restricted Cash (Details Textual) - CAD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Statement Line Items [Line Items] | ||
Current restricted cash and cash equivalents | $ 3,515 | $ 3,620 |
Note 9 - Trade and Other Rece75
Note 9 - Trade and Other Receivables - Components of Trade and Other Receivables (Details) - CAD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Statement Line Items [Line Items] | ||
Trade account receivables, net | $ 332,083 | $ 288,255 |
Accrued gas receivable | 15,893 | 16,352 |
Other | 47,754 | 64,884 |
$ 395,730 | $ 369,491 |
Note 10 - Prepaid Expenses, D76
Note 10 - Prepaid Expenses, Deposits, and Other Current Assets - Components of Prepaid Expenses, Deposits, and Other Current Assets (Details) - CAD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Statement Line Items [Line Items] | ||
Prepaid expenses and deposits | $ 64,752 | $ 62,087 |
Green certificates | 42,230 | 49,236 |
Gas delivered in excess of consumption | 2,715 | 3,232 |
$ 109,697 | $ 114,555 |
Note 11 - Investments (Details
Note 11 - Investments (Details Textual) - CAD ($) $ in Thousands | Aug. 10, 2012 | Mar. 31, 2018 | Mar. 31, 2017 |
Statement Line Items [Line Items] | |||
Purchase of investments other than investments accounted for using equity method | $ 5,394 | ||
Proportion of ownership interest in associate | 8.50% | ||
Ecobee [member] | |||
Statement Line Items [Line Items] | |||
Purchase of investments other than investments accounted for using equity method | $ 6,400 | 5,400 | |
Proportion of ownership interest in associate | 8.50% | ||
Gains (losses) on available-for-sale financial assets | $ 20,600 | 0 | |
Energy Earth [member] | |||
Statement Line Items [Line Items] | |||
Gains (losses) on held-to-maturity investments | 1,300 | 0 | |
Held-to-maturity investments | $ 3,900 | $ 0 |
Note 12 - Property, Plant and78
Note 12 - Property, Plant and Equipment - Reconciliation of Property, Plant, and Equipment (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Statement Line Items [Line Items] | |||
Additions | $ 35,776 | $ 26,389 | |
Property, plant and equipment, balance | 18,893 | 21,682 | |
Depreciation charge to cost of sales | 3,116 | 2,974 | |
Property, plant and equipment, balance | 21,682 | ||
Computer equipment [member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment, balance | 8,189 | 7,072 | |
Property, plant and equipment, balance | 7,072 | ||
Fixtures and fittings [member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment, balance | 1,866 | 1,998 | |
Property, plant and equipment, balance | 1,998 | ||
Office equipment [member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment, balance | 4,433 | 4,852 | |
Property, plant and equipment, balance | 4,852 | ||
Thermostats [member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment, balance | 2,683 | 5,758 | |
Property, plant and equipment, balance | 5,758 | ||
Leasehold improvements [member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment, balance | 1,722 | 2,002 | |
Property, plant and equipment, balance | 2,002 | ||
Vehicles [member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment, balance | |||
Property, plant and equipment, balance | |||
Gross carrying amount [member] | |||
Statement Line Items [Line Items] | |||
Additions | 4,838 | 8,315 | |
Retirements | (517) | (22,319) | |
Exchange differences | (327) | 723 | |
Property, plant and equipment, balance | 62,375 | 58,381 | $ 71,662 |
Property, plant and equipment, balance | 58,381 | 71,662 | |
Gross carrying amount [member] | Computer equipment [member] | |||
Statement Line Items [Line Items] | |||
Additions | 3,561 | 3,651 | |
Retirements | (4,531) | ||
Exchange differences | (60) | 58 | |
Property, plant and equipment, balance | 22,173 | 18,672 | 19,494 |
Property, plant and equipment, balance | 18,672 | 19,494 | |
Gross carrying amount [member] | Fixtures and fittings [member] | |||
Statement Line Items [Line Items] | |||
Additions | 147 | 788 | |
Retirements | (1,493) | ||
Exchange differences | (60) | 179 | |
Property, plant and equipment, balance | 6,861 | 6,774 | 7,300 |
Property, plant and equipment, balance | 6,774 | 7,300 | |
Gross carrying amount [member] | Office equipment [member] | |||
Statement Line Items [Line Items] | |||
Additions | 352 | 1,142 | |
Retirements | (9,649) | ||
Exchange differences | (90) | 297 | |
Property, plant and equipment, balance | 15,209 | 14,947 | 23,157 |
Property, plant and equipment, balance | 14,947 | 23,157 | |
Gross carrying amount [member] | Thermostats [member] | |||
Statement Line Items [Line Items] | |||
Additions | 387 | 1,213 | |
Retirements | (517) | (594) | |
Exchange differences | (103) | 60 | |
Property, plant and equipment, balance | 13,238 | 13,471 | 12,792 |
Property, plant and equipment, balance | 13,471 | 12,792 | |
Gross carrying amount [member] | Leasehold improvements [member] | |||
Statement Line Items [Line Items] | |||
Additions | 391 | 1,521 | |
Retirements | (6,046) | ||
Exchange differences | (14) | 129 | |
Property, plant and equipment, balance | 4,894 | 4,517 | 8,913 |
Property, plant and equipment, balance | 4,517 | 8,913 | |
Gross carrying amount [member] | Vehicles [member] | |||
Statement Line Items [Line Items] | |||
Additions | |||
Retirements | (6) | ||
Exchange differences | |||
Property, plant and equipment, balance | 6 | ||
Property, plant and equipment, balance | 6 | ||
Accumulated depreciation, amortisation and impairment [member] | |||
Statement Line Items [Line Items] | |||
Retirements | 208 | 22,006 | |
Exchange differences | 240 | (2,535) | |
Property, plant and equipment, balance | (43,482) | (36,699) | (46,617) |
Depreciation charge to cost of sales | (3,116) | (2,974) | |
Depreciation charge for the year | (4,115) | (6,579) | |
Property, plant and equipment, balance | (36,699) | (46,617) | |
Accumulated depreciation, amortisation and impairment [member] | Computer equipment [member] | |||
Statement Line Items [Line Items] | |||
Retirements | 4,531 | ||
Exchange differences | 47 | (1,737) | |
Property, plant and equipment, balance | (13,984) | (11,600) | (11,968) |
Depreciation charge to cost of sales | |||
Depreciation charge for the year | (2,431) | (2,426) | |
Property, plant and equipment, balance | (11,600) | (11,968) | |
Accumulated depreciation, amortisation and impairment [member] | Fixtures and fittings [member] | |||
Statement Line Items [Line Items] | |||
Retirements | 1,493 | ||
Exchange differences | 43 | (316) | |
Property, plant and equipment, balance | (4,995) | (4,776) | (5,544) |
Depreciation charge to cost of sales | |||
Depreciation charge for the year | (262) | (409) | |
Property, plant and equipment, balance | (4,776) | (5,544) | |
Accumulated depreciation, amortisation and impairment [member] | Office equipment [member] | |||
Statement Line Items [Line Items] | |||
Retirements | 9,649 | ||
Exchange differences | 64 | (247) | |
Property, plant and equipment, balance | (10,776) | (10,095) | (16,314) |
Depreciation charge to cost of sales | |||
Depreciation charge for the year | (745) | (3,183) | |
Property, plant and equipment, balance | (10,095) | (16,314) | |
Accumulated depreciation, amortisation and impairment [member] | Thermostats [member] | |||
Statement Line Items [Line Items] | |||
Retirements | 208 | 281 | |
Exchange differences | 66 | (35) | |
Property, plant and equipment, balance | (10,555) | (7,713) | (4,985) |
Depreciation charge to cost of sales | (3,116) | (2,974) | |
Depreciation charge for the year | |||
Property, plant and equipment, balance | (7,713) | (4,985) | |
Accumulated depreciation, amortisation and impairment [member] | Leasehold improvements [member] | |||
Statement Line Items [Line Items] | |||
Retirements | 6,046 | ||
Exchange differences | 20 | (200) | |
Property, plant and equipment, balance | (3,172) | (2,515) | (7,800) |
Depreciation charge to cost of sales | |||
Depreciation charge for the year | (677) | (561) | |
Property, plant and equipment, balance | (2,515) | (7,800) | |
Accumulated depreciation, amortisation and impairment [member] | Vehicles [member] | |||
Statement Line Items [Line Items] | |||
Retirements | 6 | ||
Exchange differences | |||
Property, plant and equipment, balance | (6) | ||
Depreciation charge to cost of sales | |||
Depreciation charge for the year | |||
Property, plant and equipment, balance | $ (6) |
Note 13 - Intangible Assets (De
Note 13 - Intangible Assets (Details Textual) - CAD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Statement Line Items [Line Items] | ||
Intangible assets and goodwill at end of period | $ 401,926 | $ 357,987 |
Information technology system development [member] | ||
Statement Line Items [Line Items] | ||
Intangible assets and goodwill at end of period | $ 19,800 |
Note 13 - Intangible Assets - R
Note 13 - Intangible Assets - Reconciliation of Changes in Intangible Assets (Details) - CAD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | |||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | $ 357,987 | |||
Intangible assets, balance | 401,926 | $ 357,987 | ||
Goodwill [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | 289,201 | |||
Intangible assets, balance | 300,673 | 289,201 | ||
Gas contracts [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | ||||
Intangible assets, balance | ||||
Brand names [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | 31,154 | |||
Intangible assets, balance | 30,205 | [1] | 31,154 | |
Electricity contracts [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | ||||
Intangible assets, balance | ||||
Technology-based intangible assets [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | 20,884 | |||
Intangible assets, balance | 44,092 | 20,884 | ||
Customer-related intangible assets [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | 16,718 | |||
Sales network and affinity relationships [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | 16,748 | |||
Intangible assets, balance | 9,743 | 16,748 | ||
Other intangible assets [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | 495 | |||
Gross carrying amount [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | 422,475 | 997,250 | ||
Acquisition of a subsidiary | 33,842 | 6,020 | ||
Additions | 30,938 | 18,074 | ||
Exchange differences | (5,491) | 22,544 | ||
Retirements | (621,413) | |||
Intangible assets, balance | 481,764 | 422,475 | ||
Gross carrying amount [member] | Goodwill [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | 289,201 | 280,513 | ||
Acquisition of a subsidiary | 14,699 | 6,020 | ||
Additions | ||||
Exchange differences | (3,227) | 2,668 | ||
Retirements | ||||
Intangible assets, balance | 300,673 | 289,201 | ||
Gross carrying amount [member] | Gas contracts [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | 122,010 | |||
Acquisition of a subsidiary | ||||
Additions | ||||
Exchange differences | 1,194 | |||
Retirements | (123,204) | |||
Intangible assets, balance | ||||
Gross carrying amount [member] | Brand names [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | 31,154 | 30,423 | ||
Acquisition of a subsidiary | ||||
Additions | ||||
Exchange differences | (949) | 731 | ||
Retirements | ||||
Intangible assets, balance | 30,205 | 31,154 | ||
Gross carrying amount [member] | Electricity contracts [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | 320,185 | |||
Acquisition of a subsidiary | ||||
Additions | ||||
Exchange differences | 11,150 | |||
Retirements | (331,335) | |||
Intangible assets, balance | ||||
Gross carrying amount [member] | Technology-based intangible assets [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | 48,525 | [1] | 83,876 | |
Acquisition of a subsidiary | 1,409 | [1] | ||
Additions | 30,938 | [1] | 18,074 | |
Exchange differences | (471) | [1] | 1,871 | |
Retirements | (55,296) | |||
Intangible assets, balance | [1] | 80,401 | 48,525 | |
Gross carrying amount [member] | Customer-related intangible assets [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | ||||
Acquisition of a subsidiary | 17,387 | |||
Additions | ||||
Exchange differences | 640 | |||
Intangible assets, balance | 18,027 | |||
Gross carrying amount [member] | Sales network and affinity relationships [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | 53,595 | 160,243 | ||
Acquisition of a subsidiary | ||||
Additions | ||||
Exchange differences | (1,632) | 4,930 | ||
Retirements | (111,578) | |||
Intangible assets, balance | 51,963 | 53,595 | ||
Gross carrying amount [member] | Other intangible assets [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | ||||
Acquisition of a subsidiary | 347 | |||
Additions | ||||
Exchange differences | 148 | |||
Intangible assets, balance | 495 | |||
Accumulated depreciation, amortisation and impairment [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | (64,488) | (651,377) | ||
Exchange differences | 1,349 | (18,583) | ||
Amortization charge for the year | (16,699) | (15,941) | ||
Retirements | 621,413 | |||
Intangible assets, balance | (79,838) | (64,488) | ||
Accumulated depreciation, amortisation and impairment [member] | Goodwill [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | ||||
Exchange differences | ||||
Amortization charge for the year | ||||
Retirements | ||||
Intangible assets, balance | ||||
Accumulated depreciation, amortisation and impairment [member] | Gas contracts [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | (122,010) | |||
Exchange differences | (1,194) | |||
Amortization charge for the year | ||||
Retirements | 123,204 | |||
Intangible assets, balance | ||||
Accumulated depreciation, amortisation and impairment [member] | Brand names [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | [1] | |||
Exchange differences | [1] | |||
Amortization charge for the year | [1] | |||
Retirements | ||||
Intangible assets, balance | [1] | |||
Accumulated depreciation, amortisation and impairment [member] | Electricity contracts [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | (320,185) | |||
Exchange differences | (11,150) | |||
Amortization charge for the year | ||||
Retirements | 331,335 | |||
Intangible assets, balance | ||||
Accumulated depreciation, amortisation and impairment [member] | Technology-based intangible assets [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | (27,641) | (71,837) | ||
Exchange differences | 256 | (1,771) | ||
Amortization charge for the year | (8,924) | (9,329) | ||
Retirements | 55,296 | |||
Intangible assets, balance | (36,309) | (27,641) | ||
Accumulated depreciation, amortisation and impairment [member] | Customer-related intangible assets [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | ||||
Exchange differences | ||||
Amortization charge for the year | (1,309) | |||
Intangible assets, balance | (1,309) | |||
Accumulated depreciation, amortisation and impairment [member] | Sales network and affinity relationships [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | (36,847) | (137,345) | ||
Exchange differences | 1,093 | (4,468) | ||
Amortization charge for the year | (6,466) | (6,612) | ||
Retirements | 111,578 | |||
Intangible assets, balance | (42,220) | (36,847) | ||
Accumulated depreciation, amortisation and impairment [member] | Other intangible assets [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | ||||
Exchange differences | ||||
Amortization charge for the year | ||||
Intangible assets, balance | ||||
[1] | Technology includes work in progress IT projects of $19.8 million. |
Note 14 - Other Non-Current A81
Note 14 - Other Non-Current Assets - Components of Non-Current Assets (Details) - CAD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Statement Line Items [Line Items] | ||
Prepaid commission | $ 17,101 | |
Income taxes recoverable | 2,336 | |
Other | 550 | |
$ 19,987 |
Note 15 - Financial Instrumen82
Note 15 - Financial Instruments (Details Textual) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | ||
Number of shares under share swap agreement | 2,500,000 | |
Value of shares under share swap agreement | $ 33,803 | |
Foreign exchange basis curve length | 5 years | |
Adjustment to mid-market consensus price, significant unobservable inputs, liabilities | 5.00% | |
Currency risk [member] | ||
Statement Line Items [Line Items] | ||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 5.00% | |
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on profit or loss | $ 15,000 | |
Interest rate risk [member] | ||
Statement Line Items [Line Items] | ||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 1.00% | |
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on profit or loss before taxes | $ 758 | $ 332 |
Commodity price risk [member] | ||
Statement Line Items [Line Items] | ||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 10.00% | |
Sensitivity analysis for types of market risk, reasonably possible increase in risk variable, impact on profit or loss before taxes | $ 228,721,000 | |
Sensitivity analysis for types of market risk, reasonably possible decrease in risk variable, impact on profit or loss before taxes | (227,245,000) | |
Credit risk [member] | ||
Statement Line Items [Line Items] | ||
Risk exposure associated with instruments sharing characteristic | 283,431 | 14,666 |
Supplier risk [member] | ||
Statement Line Items [Line Items] | ||
Financial assets, at fair value | $ 4,737 | 4,980 |
Not later than one year [member] | Bottom of range [member] | ||
Statement Line Items [Line Items] | ||
Percentage of forecasted cash flows hedged | 50.00% | |
Not later than one year [member] | Top of range [member] | ||
Statement Line Items [Line Items] | ||
Percentage of forecasted cash flows hedged | 90.00% | |
Later than one year and not later than two years [member] | Bottom of range [member] | ||
Statement Line Items [Line Items] | ||
Percentage of forecasted cash flows hedged | 0.00% | |
Later than one year and not later than two years [member] | Top of range [member] | ||
Statement Line Items [Line Items] | ||
Percentage of forecasted cash flows hedged | 50.00% | |
Equity investments [member] | ||
Statement Line Items [Line Items] | ||
Financial assets, at fair value | $ 36,314 | |
Level 2 of fair value hierarchy [member] | Equity investments [member] | ||
Statement Line Items [Line Items] | ||
Financial assets, at fair value | $ 36,314 | |
Level 3 of fair value hierarchy [member] | Commodity price risk [member] | ||
Statement Line Items [Line Items] | ||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 10.00% | |
Sensitivity analysis for types of market risk, reasonably possible increase in risk variable, impact on profit or loss before taxes | $ 232,801 | |
Sensitivity analysis for types of market risk, reasonably possible decrease in risk variable, impact on profit or loss before taxes | (231,393) | |
Level 3 of fair value hierarchy [member] | Equity investments [member] | ||
Statement Line Items [Line Items] | ||
Financial assets, at fair value | ||
Long-term debt [member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities, at fair value | 570,100 | $ 542,000 |
Senior subordinated 6.75% convertible debentures [member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities, at fair value | $ 100,000 | |
Borrowings, interest rate | 6.75% | |
The 6.75% convertible bonds [member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities, at fair value | $ 160,000 | |
Borrowings, interest rate | 6.75% | |
The 6.5% convertible debentures [member] | ||
Statement Line Items [Line Items] | ||
Borrowings, interest rate | 6.50% | |
Subordinated unsecured 5.75% convertible debentures [member] | ||
Statement Line Items [Line Items] | ||
Borrowings, interest rate | 5.75% |
Note 15 - Financial Instrumen83
Note 15 - Financial Instruments - Change in Fair Value of Derivative Instruments (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | $ 474,356 | $ 374,791 | |
Physical forward contracts and options [member] | |||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | [1] | 400,583 | 215,935 |
Financial swap contracts and options [member] | |||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | [2] | 59,710 | 144,288 |
Foreign exchange forward contracts [member] | |||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | (1,842) | (1,756) | |
Share swap [member] | |||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | (4,484) | (98) | |
European-focused senior convertible unsecured 6.5% convertible bonds, conversion feature [member] | |||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | 7,764 | 14,261 | |
Unrealized foreign exchange on European-focused senior convertible unsecured 6.5% convertible bonds [member] | |||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | 6,101 | (4,309) | |
Other derivative options [member] | |||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | $ 6,524 | $ 6,470 | |
[1] | Physical forward contracts and options consist of: • Electricity contracts with a total remaining volume of 32,522,439 MWh, a weighted average price of $42.50/MWh and expiry dates up to December 31, 2027. • Natural gas contracts with a total remaining volume of 86,541,853 GJs, a weighted average price of $3.72/GJ and expiry dates up to October 31, 2023. • Renewable energy certificates ("RECs") and emission-reduction credit contracts with a total remaining volume of 3,662,766 MWh and 422,550 tonnes, respectively, a weighted average price of $27.84/REC and $2.50/tonne, respectively, and expiry dates up to December 31, 2028 and December 31, 2021. • Electricity generation capacity contracts with a total remaining volume of 5,410 MWCap, a weighted average price of $6,912.86/MWCap and expiry dates up to October 31, 2022. • Ancillary contracts with a total remaining volume of 933,679 MWh, a weighted average price of $19.45/MWh and expiry dates up to December 31, 2020. | ||
[2] | Financial swap contracts and options consist of: Electricity contracts with a total remaining volume of 15,724,012 MWh, an average price of $49.41/MWh and expiry dates up to January 23, 2023. Natural gas contracts with a total remaining volume of 117,006,333 GJs, an average price of $3.54/GJ and expiry dates up to December 31, 2022. Electricity generation capacity contracts with a total remaining volume of 273 MWCap, a weighted average price of $4,146.69/MWCap and expiry dates up to October 31, 2020. Ancillary contracts with a total remaining volume of 962,506 MWh, a weighted average price of $13.76/MWh and expiry dates up to December 31, 2019. |
Note 15 - Financial Instrumen84
Note 15 - Financial Instruments - Change in Fair Value of Derivative Instruments (Details) (Parentheticals) | Mar. 31, 2018 | Mar. 31, 2017 |
European-focused senior convertible unsecured 6.5% convertible bonds [member] | ||
Statement Line Items [Line Items] | ||
Borrowings, interest rate | 6.50% | 6.50% |
Note 15 - Financial Instrumen85
Note 15 - Financial Instruments - Fair Value of Derivative Financial Assets and Liabilities (Details) - CAD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||
Fair value of derivative financial assets, current | $ 218,769 | $ 11,656 | |
Fair value of derivative financial assets | 64,662 | 3,010 | |
Fair value of derivative financial liabilities, current | 86,288 | 168,793 | |
Non-current derivative financial liabilities | 51,871 | 178,724 | |
Physical forward contracts and options [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivative financial assets, current | 198,891 | [1] | 982 |
Fair value of derivative financial assets | 60,550 | [1] | 983 |
Fair value of derivative financial liabilities, current | 32,451 | [1] | 89,472 |
Non-current derivative financial liabilities | 29,003 | [1] | 124,173 |
Financial swap contracts and options [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivative financial assets, current | 8,133 | [2] | 3,207 |
Fair value of derivative financial assets | 1,342 | [2] | 2,027 |
Fair value of derivative financial liabilities, current | 34,369 | [2] | 65,362 |
Non-current derivative financial liabilities | 22,117 | [2] | 46,246 |
Foreign exchange forward contracts [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivative financial assets, current | 565 | ||
Fair value of derivative financial assets | |||
Fair value of derivative financial liabilities, current | 1,068 | ||
Non-current derivative financial liabilities | 505 | 295 | |
Share swap [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivative financial assets, current | |||
Fair value of derivative financial assets | |||
Fair value of derivative financial liabilities, current | 18,400 | 13,916 | |
Non-current derivative financial liabilities | |||
European-focused senior convertible unsecured 6.5% convertible bonds, conversion feature [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivative financial assets, current | |||
Fair value of derivative financial assets | |||
Fair value of derivative financial liabilities, current | |||
Non-current derivative financial liabilities | 246 | 8,010 | |
Other derivative options [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivative financial assets, current | 11,745 | 6,902 | |
Fair value of derivative financial assets | 2,770 | ||
Fair value of derivative financial liabilities, current | 43 | ||
Non-current derivative financial liabilities | |||
[1] | Physical forward contracts and options consist of: • Electricity contracts with a total remaining volume of 32,522,439 MWh, a weighted average price of $42.50/MWh and expiry dates up to December 31, 2027. • Natural gas contracts with a total remaining volume of 86,541,853 GJs, a weighted average price of $3.72/GJ and expiry dates up to October 31, 2023. • Renewable energy certificates ("RECs") and emission-reduction credit contracts with a total remaining volume of 3,662,766 MWh and 422,550 tonnes, respectively, a weighted average price of $27.84/REC and $2.50/tonne, respectively, and expiry dates up to December 31, 2028 and December 31, 2021. • Electricity generation capacity contracts with a total remaining volume of 5,410 MWCap, a weighted average price of $6,912.86/MWCap and expiry dates up to October 31, 2022. • Ancillary contracts with a total remaining volume of 933,679 MWh, a weighted average price of $19.45/MWh and expiry dates up to December 31, 2020. | ||
[2] | Financial swap contracts and options consist of: • Electricity contracts with a total remaining volume of 15,724,012 MWh, an average price of $49.41/MWh and expiry dates up to July 23, 2023. • Natural gas contracts with a total remaining volume of 117,006,333 GJs, an average price of $3.54/GJ and expiry dates up to December 31, 2022. • Electricity generation capacity contracts with a total remaining volume of 273 MWCap, a weighted average price of $4,146.69/MWCap and expiry dates up to October 31, 2020. • Ancillary contracts with a total remaining volume of 962,506 MWh, a weighted average price of $13.76/MWh and expiry dates up to December 31, 2019. |
Note 15 - Financial Instrumen86
Note 15 - Financial Instruments - Fair Value Measurement Input Sensitivity (Details) - CAD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Statement Line Items [Line Items] | ||
Derivative financial assets | $ 283,431 | $ 14,666 |
Derivative financial liabilities | (138,159) | (347,517) |
Total net derivative assets (liabilities) | 145,272 | (332,851) |
Level 1 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Derivative financial assets | ||
Derivative financial liabilities | ||
Total net derivative assets (liabilities) | ||
Level 2 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Derivative financial assets | ||
Derivative financial liabilities | (21,092) | (17,741) |
Total net derivative assets (liabilities) | (21,092) | (17,741) |
Level 3 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Derivative financial assets | 283,431 | 14,666 |
Derivative financial liabilities | (117,067) | (329,776) |
Total net derivative assets (liabilities) | $ 166,364 | $ (315,110) |
Note 15 - Financial Instrumen87
Note 15 - Financial Instruments - Reconciliation of Level 3 Assets (Liabilities) (Details) - Level 3 of fair value hierarchy [member] - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | ||
Balance, beginning of year | $ (315,110) | $ (638,231) |
Total gains (losses) | 105,709 | (42,084) |
Purchases | 207,531 | (30,265) |
Sales | (64,464) | 2,084 |
Settlements | 232,698 | 393,386 |
Balance, end of year | $ 166,364 | $ (315,110) |
Note 15 - Financial Instrumen88
Note 15 - Financial Instruments - Investments (Details) - Equity investments [member] $ in Thousands | Mar. 31, 2018CAD ($) |
Statement Line Items [Line Items] | |
Total investments | $ 36,314 |
Level 1 of fair value hierarchy [member] | |
Statement Line Items [Line Items] | |
Total investments | |
Level 2 of fair value hierarchy [member] | |
Statement Line Items [Line Items] | |
Total investments | 36,314 |
Level 3 of fair value hierarchy [member] | |
Statement Line Items [Line Items] | |
Total investments | |
Ecobee [member] | |
Statement Line Items [Line Items] | |
Total investments | 32,446 |
Ecobee [member] | Level 1 of fair value hierarchy [member] | |
Statement Line Items [Line Items] | |
Total investments | |
Ecobee [member] | Level 2 of fair value hierarchy [member] | |
Statement Line Items [Line Items] | |
Total investments | 32,446 |
Ecobee [member] | Level 3 of fair value hierarchy [member] | |
Statement Line Items [Line Items] | |
Total investments | |
Energy Earth [member] | |
Statement Line Items [Line Items] | |
Total investments | 3,900 |
Energy Earth [member] | Level 1 of fair value hierarchy [member] | |
Statement Line Items [Line Items] | |
Total investments | |
Energy Earth [member] | Level 2 of fair value hierarchy [member] | |
Statement Line Items [Line Items] | |
Total investments | 3,900 |
Energy Earth [member] | Level 3 of fair value hierarchy [member] | |
Statement Line Items [Line Items] | |
Total investments |
Note 15 - Financial Instrumen89
Note 15 - Financial Instruments - Aging of Accounts Receivable (Details) - Trade receivables [member] - Credit risk [member] - CAD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Statement Line Items [Line Items] | ||
Financial assets | $ 261,294 | $ 195,405 |
Current [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 113,786 | 96,510 |
No later than one month [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 44,374 | 30,672 |
Later than one month and not later than two months [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 21,241 | 12,806 |
Later than two months and not later than three months [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 12,686 | 8,358 |
Later than three months [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | $ 69,207 | $ 47,059 |
Note 15 - Financial Instrumen90
Note 15 - Financial Instruments - Changes in Allowance for Doubtful Accounts (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | ||
Balance, beginning of year | $ 49,431 | $ 58,789 |
Provision for doubtful accounts | 56,331 | 56,041 |
Bad debts written off | (41,802) | (64,262) |
Foreign exchange | (3,808) | (1,137) |
Balance, end of year | $ 60,121 | $ 49,431 |
Note 15 - Financial Instrumen91
Note 15 - Financial Instruments - Liquidity Risk (Details) - CAD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||
Trade and other payables, carrying amount | $ 616,434 | $ 499,169 | |
Total borrowings | 543,504 | 498,088 | |
Gas, electricity and non-commodity contracts, carrying amount | 138,159 | 347,517 | |
Liquidity risk [member] | |||
Statement Line Items [Line Items] | |||
Trade and other payables, carrying amount | 616,434 | 499,169 | |
Trade and other payables, undiscounted cash flows | 616,434 | 499,169 | |
Total borrowings | [1] | 543,504 | 498,088 |
Long-term debt, undiscounted cash flows | [1] | 575,525 | 527,743 |
Gas, electricity and non-commodity contracts, carrying amount | 138,159 | 347,517 | |
Gas, electricity and non-commodity contracts, undiscounted cash flows | 3,171,037 | 3,397,692 | |
Total, carrying amount | 1,298,097 | 1,344,774 | |
Total, undiscounted cash flows | 4,362,996 | 4,424,604 | |
Liquidity risk [member] | Not later than one year [member] | |||
Statement Line Items [Line Items] | |||
Trade and other payables, undiscounted cash flows | 616,434 | 499,169 | |
Long-term debt, undiscounted cash flows | [1] | 122,115 | |
Gas, electricity and non-commodity contracts, undiscounted cash flows | 1,867,389 | 1,982,896 | |
Total, undiscounted cash flows | 2,605,938 | 2,482,065 | |
Liquidity risk [member] | Later than one year and not later than three years [member] | |||
Statement Line Items [Line Items] | |||
Trade and other payables, undiscounted cash flows | |||
Long-term debt, undiscounted cash flows | [1] | 193,410 | 367,743 |
Gas, electricity and non-commodity contracts, undiscounted cash flows | 1,202,949 | 1,189,745 | |
Total, undiscounted cash flows | 1,396,359 | 1,557,488 | |
Liquidity risk [member] | Later than four years and not later than five years [member] | |||
Statement Line Items [Line Items] | |||
Trade and other payables, undiscounted cash flows | |||
Long-term debt, undiscounted cash flows | [1] | 260,000 | 160,000 |
Gas, electricity and non-commodity contracts, undiscounted cash flows | 69,658 | 188,282 | |
Total, undiscounted cash flows | 329,658 | 348,282 | |
Liquidity risk [member] | Later than five years [member] | |||
Statement Line Items [Line Items] | |||
Trade and other payables, undiscounted cash flows | |||
Long-term debt, undiscounted cash flows | [1] | ||
Gas, electricity and non-commodity contracts, undiscounted cash flows | 31,041 | 36,769 | |
Total, undiscounted cash flows | $ 31,041 | $ 36,769 | |
[1] | Included in long-term debt are the 6.75% $100M convertible debentures, 6.75% convertible debentures, 6.5% convertible bonds and 5.75% convertible debentures, which may be settled through the issuance of shares at the option of the holder or Just Energy upon maturity. |
Note 15 - Financial Instrumen92
Note 15 - Financial Instruments - Contractual Net Interest Payments (Details) $ in Thousands | Mar. 31, 2018CAD ($) |
Not later than one year [member] | |
Statement Line Items [Line Items] | |
Interest payments | $ 30,815 |
Later than one year and not later than three years [member] | |
Statement Line Items [Line Items] | |
Interest payments | 41,386 |
Later than four years and not later than five years [member] | |
Statement Line Items [Line Items] | |
Interest payments | 24,300 |
Later than five years [member] | |
Statement Line Items [Line Items] | |
Interest payments |
Note 16 - Trade and Other Pay93
Note 16 - Trade and Other Payables (Details) - CAD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Statement Line Items [Line Items] | ||
Commodity suppliers' payables | $ 209,610 | $ 203,581 |
Accrued liabilities | 135,733 | 140,753 |
Green provisions | 152,542 | 70,955 |
Sales tax payable | 15,794 | 19,241 |
Trade accounts payable | 45,887 | 20,025 |
Payable for former JV partner (Note 18) | 26,375 | |
Accrued gas payable | 12,261 | 12,537 |
Other payables | 18,232 | 32,077 |
$ 616,434 | $ 499,169 |
Note 17 - Acquisition of Busi94
Note 17 - Acquisition of Business (Details Textual) $ in Thousands, $ in Millions | 12 Months Ended | ||||||
Mar. 31, 2020CAD ($) | Mar. 31, 2019CAD ($) | Mar. 31, 2018CAD ($) | Feb. 28, 2018USD ($) | Feb. 28, 2018CAD ($) | Jun. 06, 2017CAD ($) | Dec. 08, 2016CAD ($) | |
Intell Enercare Solutions Inc. [member] | |||||||
Statement Line Items [Line Items] | |||||||
Percentage of voting equity interests acquired | 100.00% | ||||||
Total consideration transferred, acquisition-date fair value | $ 9,987 | ||||||
Cash transferred | 2,199 | ||||||
Liabilities incurred | 7,788 | ||||||
Contingent consideration, target earnings before interest, taxes, depreciation, and amortisation | $ 3,500 | ||||||
Contingent liabilities recognised as of acquisition date | 1,300 | 7,800 | |||||
Revenue of acquiree since acquisition date | 1,495 | ||||||
Profit (loss) of acquiree since acquisition date | (850) | ||||||
Revenue of combined entity as if combination occurred at beginning of period | 1,635 | ||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | (1,019) | ||||||
Intell Enercare Solutions Inc. [member] | Major business combination, year two expectations [member] | |||||||
Statement Line Items [Line Items] | |||||||
Contingent consideration, target earnings before interest, taxes, depreciation, and amortisation | $ 3,000 | ||||||
Intell Enercare Solutions Inc. [member] | Major business combination, year three expectations [member] | |||||||
Statement Line Items [Line Items] | |||||||
Contingent consideration, target earnings before interest, taxes, depreciation, and amortisation | $ 2,500 | ||||||
Intell Enercare Solutions Inc. [member] | Bottom of range [member] | |||||||
Statement Line Items [Line Items] | |||||||
Total consideration transferred, acquisition-date fair value | 11,000 | ||||||
Intell Enercare Solutions Inc. [member] | Top of range [member] | |||||||
Statement Line Items [Line Items] | |||||||
Liabilities incurred | $ 9,000 | ||||||
SW Direkt [member] | |||||||
Statement Line Items [Line Items] | |||||||
Percentage of voting equity interests acquired | 95.00% | ||||||
SW Pro [member] | |||||||
Statement Line Items [Line Items] | |||||||
Percentage of voting equity interests acquired | 51.00% | ||||||
SW Direkt and SWPro [member] | |||||||
Statement Line Items [Line Items] | |||||||
Total consideration transferred, acquisition-date fair value | $ 6,385 | ||||||
Cash transferred | 4,221 | ||||||
Liabilities incurred | $ 2,164 | ||||||
Contingent liabilities recognised as of acquisition date | 0 | ||||||
EdgePower Inc. [member] | |||||||
Statement Line Items [Line Items] | |||||||
Percentage of voting equity interests acquired | 100.00% | 100.00% | |||||
Total consideration transferred, acquisition-date fair value | $ 14 | $ 17,921 | |||||
Cash transferred | 7,000 | ||||||
Liabilities incurred | 669 | ||||||
Contingent liabilities recognised as of acquisition date | 0 | ||||||
Revenue of acquiree since acquisition date | 209 | ||||||
Profit (loss) of acquiree since acquisition date | 112 | ||||||
Revenue of combined entity as if combination occurred at beginning of period | 4,282 | ||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | $ 2,469 | ||||||
Equity interests of acquirer | $ 8,966 | ||||||
EdgePower Inc. [member] | Ordinary shares [member] | |||||||
Statement Line Items [Line Items] | |||||||
Equity interests of acquirer | 7 | ||||||
EdgePower Inc. [member] | Top of range [member] | Three year performance-based payout [member] | |||||||
Statement Line Items [Line Items] | |||||||
Liabilities incurred | $ 6 |
Note 17 - Acquisition of Busi95
Note 17 - Acquisition of Business - Net Assets Acquired From Intell Enercare Solutions Inc. (Details) - CAD ($) $ in Thousands | Mar. 31, 2018 | Jun. 06, 2017 | Mar. 31, 2017 |
Statement Line Items [Line Items] | |||
Goodwill | $ 300,673 | $ 289,201 | |
Intell Enercare Solutions Inc. [member] | |||
Statement Line Items [Line Items] | |||
Intangible assets | $ 877 | ||
Goodwill | 9,644 | ||
Working capital | (302) | ||
Deferred tax | (232) | ||
Total consideration | 9,987 | ||
Cash transferred | 2,199 | ||
Liabilities incurred | 7,788 | ||
Total consideration transferred, acquisition-date fair value | $ 9,987 |
Note 17 - Acquisition of Busi96
Note 17 - Acquisition of Business - Net Assets Acquired From DB SWDirekt GMBH and DB SWPro GMBH (Details) - CAD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 08, 2016 |
Statement Line Items [Line Items] | |||
Goodwill | $ 300,673 | $ 289,201 | |
SW Direkt and SWPro [member] | |||
Statement Line Items [Line Items] | |||
Working capital | $ 588 | ||
Property, plant and equipment | 56 | ||
Intangible assets | 1,172 | ||
Goodwill | 4,831 | ||
Non-controlling interest | (41) | ||
Other liabilities | (221) | ||
Total consideration | 6,385 | ||
Cash transferred | 4,221 | ||
Liabilities incurred | 2,164 | ||
Total consideration transferred, acquisition-date fair value | $ 6,385 |
Note 17 - Acquisition of Busi97
Note 17 - Acquisition of Business - Net Assets Acquired From EdgePower Inc. (Details) $ in Thousands, $ in Millions | Mar. 31, 2018CAD ($) | Feb. 28, 2018USD ($) | Feb. 28, 2018CAD ($) | Mar. 31, 2017CAD ($) |
Statement Line Items [Line Items] | ||||
Goodwill | $ 300,673 | $ 289,201 | ||
EdgePower Inc. [member] | ||||
Statement Line Items [Line Items] | ||||
Working capital | $ 993 | |||
Intangible assets | 15,115 | |||
Goodwill | 5,879 | |||
Deferred tax | (4,066) | |||
Total consideration | 17,921 | |||
Cash paid, net of working capital adjustment | 8,286 | |||
Equity interests of acquirer | 8,966 | |||
Liabilities incurred | 669 | |||
Total consideration transferred, acquisition-date fair value | $ 14 | $ 17,921 |
Note 18 - Non-controlling Int98
Note 18 - Non-controlling Interest (Details Textual) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Aug. 01, 2017 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||
Current payables to related parties | $ 26,375 | ||
Just Ventures LLC [Member] | |||
Statement Line Items [Line Items] | |||
Percentage of voting equity interests acquired | 50.00% | ||
Just Ventures [member] | Red Ventures LLC [member] | |||
Statement Line Items [Line Items] | |||
Payables to related parties | $ 99,800 | ||
Current payables to related parties | 26,400 | ||
Non-current payables to related parties | $ 56,600 | ||
SW Direkt [member] | |||
Statement Line Items [Line Items] | |||
Proportion of ownership interest in subsidiary | 95.00% | ||
Proportion of ownership interests held by non-controlling interests | 5.00% | ||
SW Pro [member] | |||
Statement Line Items [Line Items] | |||
Proportion of ownership interest in subsidiary | 51.00% | ||
Proportion of ownership interests held by non-controlling interests | 49.00% | ||
Just Ventures L.P. [member] | |||
Statement Line Items [Line Items] | |||
Percentage of voting equity interests acquired | 50.00% |
Note 18 - Non-controlling Int99
Note 18 - Non-controlling Interest - Non-controliling Interests of Subsidiaries (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Profit (loss) allocated to non-controlling interest | |||
Non-controlling interest | $ 9,298 | $ 24,471 | |
Just Ventures [member] | |||
Profit (loss) allocated to non-controlling interest | |||
Non-controlling interest | [1] | 9,603 | 24,558 |
SW Direkt [member] | |||
Profit (loss) allocated to non-controlling interest | |||
Non-controlling interest | [2] | (305) | (72) |
SW Pro [member] | |||
Profit (loss) allocated to non-controlling interest | |||
Non-controlling interest | [2] | $ (15) | |
[1] | On August 1, 2017, Just Energy announced that it reached an agreement with its joint venture partner, Red Ventures LLC, to end the exclusive relationship for online sales of the Just Energy brand in North America. To facilitate the transaction, Just Energy acquired the outstanding 50% interest of each of Just Ventures LLC in the United States and Just Ventures L.P. in Canada. Under the terms of the agreement, the purchase price is a function of go-forward earnings based on the current client base and is payable in quarterly installments over five years estimated at $99.8 million. As at March 31, 2018, the current liabilities amount to $26.4 million and long-term liabilities amount to $56.6 million. | ||
[2] | Just Energy owns 95% of the issues and outstanding shares of Just Energy Deutschland GmbH and 51% of the issued and outstanding shares of db SWPro GmbH ("SWPro"), and therefore, has treated the 5% and 49%, respectively, that is not owned by Just Energy as a non-controlling interest. |
Note 18 - Non-controlling In100
Note 18 - Non-controlling Interest - Summarized Financial Information (Details) - CAD ($) $ in Thousands | 4 Months Ended | 12 Months Ended | |
Aug. 01, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||
Gross margin | $ 640,927 | $ 695,971 | |
Selling and marketing expenses | 233,040 | 226,308 | |
Profit (loss) from operations | 117,690 | 216,593 | |
Cash flows provided by (used in) operating activities | 62,022 | 150,451 | |
Cash flows used in financing activities | (50,917) | (160,774) | |
SW Direkt [member] | |||
Statement Line Items [Line Items] | |||
Gross margin | 82 | 5 | |
Selling and marketing expenses | 2,148 | 235 | |
Profit (loss) from operations | (2,106) | (349) | |
Cash flows provided by (used in) operating activities | (2,106) | (349) | |
Cash flows used in financing activities | |||
SW Pro [member] | |||
Statement Line Items [Line Items] | |||
Gross margin | 78 | (43) | |
Selling and marketing expenses | 477 | 100 | |
Profit (loss) from operations | (399) | (143) | |
Cash flows provided by (used in) operating activities | (399) | (143) | |
Cash flows used in financing activities | |||
Just Ventures [member] | |||
Statement Line Items [Line Items] | |||
Gross margin | $ 38,501 | 82,357 | |
Selling and marketing expenses | 13,829 | 34,264 | |
Profit (loss) from operations | 24,672 | 48,093 | |
Cash flows provided by (used in) operating activities | 24,672 | 48,093 | |
Cash flows used in financing activities | $ (24,672) | $ (48,093) |
Note 19 - Long-term Debt and101
Note 19 - Long-term Debt and Financing (Details Textual) $ / shares in Units, $ / shares in Units, $ in Thousands | Apr. 18, 2018CAD ($) | Mar. 27, 2018CAD ($) | Feb. 22, 2018CAD ($)$ / shares | Feb. 21, 2017CAD ($) | Dec. 30, 2016CAD ($) | Nov. 07, 2016CAD ($) | Oct. 05, 2016CAD ($)$ / shares | Jun. 30, 2016CAD ($) | Sep. 30, 2011CAD ($)$ / shares | Mar. 31, 2016CAD ($) | Mar. 31, 2018CAD ($) | Mar. 31, 2017CAD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2018CAD ($) | Jan. 29, 2014$ / shares | Jan. 29, 2014USD ($)$ / shares | May 31, 2010CAD ($) | |||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Total borrowings | $ 498,088 | $ 543,504 | ||||||||||||||||||||
Equity at end of period | (149,326) | 230,743 | ||||||||||||||||||||
Deferred tax liabilities | 17,292 | 93,873 | ||||||||||||||||||||
Increase (decrease) through conversion of convertible instruments, equity | $ 22,407 | 12,776 | ||||||||||||||||||||
Non-current derivative financial liabilities | 178,724 | 51,871 | ||||||||||||||||||||
Finance costs | 55,972 | 78,077 | ||||||||||||||||||||
Reserve of equity component of convertible instruments [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Equity at end of period | $ 25,795 | 13,508 | 13,029 | |||||||||||||||||||
Increase (decrease) through conversion of convertible instruments, equity | (7,609) | (18,186) | ||||||||||||||||||||
Share premium [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Equity at end of period | 43,459 | 58,266 | (22,693) | |||||||||||||||||||
Increase (decrease) through conversion of convertible instruments, equity | 7,126 | 18,328 | ||||||||||||||||||||
Credit facility [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings facility, maximum borrowing capacity | $ 342,500 | |||||||||||||||||||||
Increase (decrease) in borrowing facility capacity | $ 50,000 | |||||||||||||||||||||
Borrowings, interest rate | 3.40% | 3.40% | ||||||||||||||||||||
Total borrowings | 68,258 | [1] | $ 122,115 | |||||||||||||||||||
Borrowings, letters of credit | 109,200 | 113,400 | ||||||||||||||||||||
Borrowings, remaining borrowing capacity | 102,000 | |||||||||||||||||||||
Borrowings, swing line lending available | $ 5,000 | |||||||||||||||||||||
Finance costs | [2] | 12,883 | $ 10,564 | |||||||||||||||||||
Credit facility [member] | Debt agreement renegotiation [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings facility, maximum borrowing capacity | $ 352,500 | |||||||||||||||||||||
Borrowings, additional term | 2 years | |||||||||||||||||||||
Credit facility [member] | London Interbank Offered Rate (LIBOR) [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, interest rate | 3.40% | 3.40% | ||||||||||||||||||||
Credit facility [member] | Prime Rate [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.40% | 2.40% | ||||||||||||||||||||
Credit facility [member] | Prime Rate [member] | Country of domicile [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, interest rate | 3.45% | 3.45% | ||||||||||||||||||||
Credit facility [member] | Prime Rate [member] | UNITED STATES | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, interest rate | 4.75% | 4.75% | ||||||||||||||||||||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, interest rate | 6.75% | 6.75% | 6.75% | [3],[4],[5],[6] | 6.75% | [3],[4],[5],[6] | ||||||||||||||||
Total borrowings | [7] | $ 85,760 | ||||||||||||||||||||
Notional amount | $ 100,000 | 100,000 | $ 100,000 | [3],[4],[5],[6] | ||||||||||||||||||
Borrowings, amount of principal for each conversion | $ 1,000 | |||||||||||||||||||||
Borrowings, convertible, conversion ratio | 112.3596 | |||||||||||||||||||||
Borrowings, convertible, conversion price | $ / shares | $ 8.90 | |||||||||||||||||||||
Borrowings, convertible, threshold consecutive trading days | 20 days | |||||||||||||||||||||
Borrowings, threshold trading days | 5 days | |||||||||||||||||||||
Borrowings, convertible, threshold percentage of conversion price | 125.00% | |||||||||||||||||||||
Borrowings, effective interest rate | 10.70% | |||||||||||||||||||||
Increase (decrease) through conversion of convertible instruments, equity | $ 0 | |||||||||||||||||||||
Finance costs | [8] | 497 | ||||||||||||||||||||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | Reserve of equity component of convertible instruments [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Equity at end of period | 9,700 | |||||||||||||||||||||
Deferred tax liabilities | $ 2,600 | |||||||||||||||||||||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | Top of range [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, convertible, notice for redemption | 60 days | |||||||||||||||||||||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | Bottom of range [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, convertible, notice for redemption | 30 days | |||||||||||||||||||||
Senior subordinated 6.75% convertible debentures [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, interest rate | 6.75% | 6.75% | [9],[10] | 6.75% | [9],[10],[11],[12] | 6.75% | [9],[10],[11],[12] | |||||||||||||||
Total borrowings | [13] | $ 145,579 | $ 148,146 | |||||||||||||||||||
Notional amount | $ 160,000 | 160,000 | [9],[10] | $ 160,000 | [9],[10],[11],[12] | |||||||||||||||||
Borrowings, amount of principal for each conversion | $ 1,000 | |||||||||||||||||||||
Borrowings, convertible, conversion ratio | 107.5269 | |||||||||||||||||||||
Borrowings, convertible, conversion price | $ / shares | $ 9.30 | |||||||||||||||||||||
Borrowings, convertible, threshold consecutive trading days | 20 days | |||||||||||||||||||||
Borrowings, threshold trading days | 5 days | |||||||||||||||||||||
Borrowings, convertible, threshold percentage of conversion price | 125.00% | |||||||||||||||||||||
Borrowings, effective interest rate | 9.10% | |||||||||||||||||||||
Increase (decrease) through conversion of convertible instruments, equity | 0 | |||||||||||||||||||||
Finance costs | [14] | 12,773 | $ 7,090 | |||||||||||||||||||
Senior subordinated 6.75% convertible debentures [member] | Reserve of equity component of convertible instruments [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Equity at end of period | $ 8,000 | |||||||||||||||||||||
Deferred tax liabilities | $ 2,100 | |||||||||||||||||||||
Senior subordinated 6.75% convertible debentures [member] | Top of range [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, convertible, notice for redemption | 60 days | |||||||||||||||||||||
Senior subordinated 6.75% convertible debentures [member] | Bottom of range [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, convertible, notice for redemption | 30 days | |||||||||||||||||||||
European-focused senior convertible unsecured 6.5% convertible bonds [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, interest rate | 6.50% | [15],[16] | 6.50% | [15],[16] | 6.50% | [15],[16] | 6.50% | |||||||||||||||
Notional amount | $ 150,000,000 | |||||||||||||||||||||
Borrowings, convertible, conversion price | (per share) | $ 10.2819 | $ 9.3762 | ||||||||||||||||||||
Borrowings, effective interest rate | 8.80% | 8.80% | ||||||||||||||||||||
Increase (decrease) through conversion of convertible instruments, equity | 0 | |||||||||||||||||||||
Non-current derivative financial liabilities | $ 8,517,000 | |||||||||||||||||||||
Finance costs | [17] | 15,753 | $ 16,418 | |||||||||||||||||||
European-focused senior convertible unsecured 6.5% convertible bonds [member] | At fair value [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Non-current derivative financial liabilities | $ 200 | |||||||||||||||||||||
Unsecured subordinated 5.75% convertible debentures [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, interest rate | 5.75% | 5.75% | [18],[19] | 5.75% | [18],[19],[20],[21] | 5.75% | [18],[19],[20],[21] | |||||||||||||||
Total borrowings | [22] | $ 96,022 | ||||||||||||||||||||
Notional amount | $ 100,000 | |||||||||||||||||||||
Borrowings, amount of principal for each conversion | $ 1,000 | |||||||||||||||||||||
Borrowings, convertible, conversion ratio | 56 | |||||||||||||||||||||
Borrowings, convertible, conversion price | $ / shares | $ 17.85 | |||||||||||||||||||||
Borrowings, convertible, threshold percentage of conversion price | 95.00% | |||||||||||||||||||||
Borrowings redeemed | $ 99,500 | |||||||||||||||||||||
Total increase (decrease) in liabilities arising from financing activities | (500) | |||||||||||||||||||||
Finance costs | [23] | 9,173 | $ 8,135 | |||||||||||||||||||
Unsecured subordinated 5.75% convertible debentures [member] | Share premium [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Increase (decrease) through conversion of convertible instruments, equity | $ 7,100 | |||||||||||||||||||||
Unsecured subordinated 5.75% convertible debentures [member] | Top of range [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, convertible, notice for redemption | 60 days | |||||||||||||||||||||
Unsecured subordinated 5.75% convertible debentures [member] | Bottom of range [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, convertible, notice for redemption | 30 days | |||||||||||||||||||||
Convertible extendible unsecured 6.0% subordinated debentures [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, interest rate | 6.00% | [24],[25] | 6.00% | 6.00% | 6.00% | |||||||||||||||||
Notional amount | $ 330,000 | |||||||||||||||||||||
Borrowings redeemed | $ 94,600 | $ 225,000 | ||||||||||||||||||||
Total increase (decrease) in liabilities arising from financing activities | (93,400) | (222,000) | ||||||||||||||||||||
Finance costs | 1,300 | 3,100 | [26] | $ 19,396 | [26] | |||||||||||||||||
Convertible extendible unsecured 6.0% subordinated debentures [member] | Share premium [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Increase (decrease) through conversion of convertible instruments, equity | $ 5,400 | $ 12,900 | ||||||||||||||||||||
Senior unsecured 9.75% note [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, interest rate | 9.75% | 9.75% | ||||||||||||||||||||
Notional amount | $ 105,000 | |||||||||||||||||||||
Borrowings redeemed | $ 55,000 | $ 25,000 | $ 25,000 | |||||||||||||||||||
Finance costs | $ 10,999 | |||||||||||||||||||||
[1] | As at March 31, 2018, Just Energy has a $342.5 million credit facility to meet working capital requirements, which includes an increase to the capacity by $50 million for a letter of credit facility (the "LC facility"), effective December 30, 2016. The principal amount outstanding under the LC facility is guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. The syndicate of lenders includes Shell Energy North America (Canada) Inc./Shell Energy North America (U.S.), L.P., Canadian Imperial Bank of Commerce ("CIBC"), National Bank of Canada, HSBC Bank Canada, Alberta Treasury Branches, JP Morgan Chase Bank, N.A. and Canadian Western Bank. Interest is payable on outstanding loans at rates that vary with Bankers’ Acceptance rates, LIBOR, Canadian bank prime rate or U.S. prime rate. Under the terms of the operating credit facility, Just Energy is able to make use of Bankers’ Acceptances and LIBOR advances at stamping fees of 3.40%. Prime rate advances are at a rate of bank prime (Canadian bank prime rate or U.S. prime rate) plus 2.40% and letters of credit are at a rate of 3.40%. Interest rates are adjusted quarterly based on certain financial performance indicators. As at March 31, 2018, the Canadian prime rate was 3.45% and the U.S. prime rate was 4.75%. Just Energy has drawn $122.1 million against the facility and the total letters of credit outstanding as of the current period amounted to $113.4 million (2017 - $109.2 million). As at March 31, 2018, Just Energy has $102 million of the facility remaining as well as a $5 million swing line with CIBC for future working capital and/or security requirements. Just Energy’s obligations under the credit facility are supported by guarantees of certain subsidiaries and affiliates and secured by a general security agreement and a pledge of the assets and securities of Just Energy and the majority of its operating subsidiaries and affiliates excluding, primarily, the international operations. Just Energy is required to meet a number of financial covenants under the various debt agreements. As at March 31, 2018, the Company was compliant with all of these covenants. Subsequent to March 31, 2018, the Company has renegotiated an agreement with a syndicate of lenders to extend Just Energy’s credit facility for an additional two years to September 1, 2020. For further details please refer to Note 34 to the consolidated financial statements. | |||||||||||||||||||||
[2] | As at March 31, 2018, Just Energy has a $342.5 million credit facility to meet working capital requirements, which includes an increase to the capacity by $50 million for a letter of credit facility (the "LC facility"), effective December 30, 2016. The principal amount outstanding under the LC facility is guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. The syndicate of lenders includes Shell Energy North America (Canada) Inc./Shell Energy North America (U.S.), L.P., Canadian Imperial Bank of Commerce ("CIBC"), National Bank of Canada, HSBC Bank Canada, Alberta Treasury Branches, JP Morgan Chase Bank, N.A. and Canadian Western Bank. Interest is payable on outstanding loans at rates that vary with Bankers’ Acceptance rates, LIBOR, Canadian bank prime rate or U.S. prime rate. Under the terms of the operating credit facility, Just Energy is able to make use of Bankers’ Acceptances and LIBOR advances at stamping fees of 3.40%. Prime rate advances are at a rate of bank prime (Canadian bank prime rate or U.S. prime rate) plus 2.40% and letters of credit are at a rate of 3.40%. Interest rates are adjusted quarterly based on certain financial performance indicators. As at March 31, 2018, the Canadian prime rate was 3.45% and the U.S. prime rate was 4.75%. Just Energy has drawn $122.1 million against the facility and the total letters of credit outstanding as of the current period amounted to $113.4 million (2017 - $109.2 million). As at March 31, 2018, Just Energy has $102 million of the facility remaining as well as a $5 million swing line with CIBC for future working capital and/or security requirements. Just Energy’s obligations under the credit facility are supported by guarantees of certain subsidiaries and affiliates and secured by a general security agreement and a pledge of the assets and securities of Just Energy and the majority of its operating subsidiaries and affiliates excluding, primarily, the international operations. Just Energy is required to meet a number of financial covenants under the various debt agreements. As at March 31, 2018, the Company was compliant with all of these covenants. Subsequent to March 31, 2018, the Company has renegotiated an agreement with a syndicate of lenders to extend Just Energy’s credit facility for an additional two years to September 1, 2020. For further details please refer to Note 34 to the consolidated financial statements. | |||||||||||||||||||||
[3] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||||||||||||||||||||
[4] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||||||||||||||||||||
[5] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||||||||||||||||||||
[6] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||||||||||||||||||||
[7] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||||||||||||||||||||
[8] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||||||||||||||||||||
[9] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||||||||||||||||||||
[10] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||||||||||||||||||||
[11] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||||||||||||||||||||
[12] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders’ equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||||||||||||||||||||
[13] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||||||||||||||||||||
[14] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||||||||||||||||||||
[15] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior convertible unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year, and have a maturity date of July 29, 2019. A Conversion Right in respect of a bond may be exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019. The initial conversion price is US$9.3762 per common share (being C$10.2819) but is subject to adjustments. In the event of the exercise of a Conversion Right, the Company may, at its option, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation in cash equal to the market value of the underlying shares to be received. As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% convertible bonds has been accounted for as a separate financial liability with an initial value of US$8,517. The remainder of the net proceeds of the 6.5% convertible bonds has been recorded as long-term debt, which is being accreted up to the face value of $150.0 million over the term of the 6.5% convertible bonds using an effective interest rate of 8.8%. At each reporting period, the conversion feature is recorded at fair value with changes in fair value recorded through profit or loss. As at March 31, 2018, the fair value of this conversion feature is US$0.2 million and is included in other non-current financial liabilities. No amounts of the 6.5% convertible bonds have been converted or redeemed as at March 31, 2018. | |||||||||||||||||||||
[16] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior convertible unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year, and have a maturity date of July 29, 2019. A Conversion Right in respect of a bond may be exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019. The initial conversion price is US$9.3762 per common share (being C$10.2819) but is subject to adjustments. In the event of the exercise of a Conversion Right, the Company may, at its option, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation in cash equal to the market value of the underlying shares to be received. As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% convertible bonds has been accounted for as a separate financial liability with an initial value of US$8,517. The remainder of the net proceeds of the 6.5% convertible bonds has been recorded as long-term debt, which is being accreted up to the face value of $150.0 million over the term of the 6.5% convertible bonds using an effective interest rate of 8.8%. At each reporting period, the conversion feature is recorded at fair value with changes in fair value recorded through profit or loss. As at March 31, 2018, the fair value of this conversion feature is US$0.2 million and is included in other non-current financial liabilities. No amounts of the 6.5% convertible bonds have been converted or redeemed as at March 31, 2018. | |||||||||||||||||||||
[17] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior convertible unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year, and have a maturity date of July 29, 2019. A Conversion Right in respect of a bond may be exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019. The initial conversion price is US$9.3762 per common share (being C$10.2819) but is subject to adjustments. In the event of the exercise of a Conversion Right, the Company may, at its option, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation in cash equal to the market value of the underlying shares to be received. As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% convertible bonds has been accounted for as a separate financial liability with an initial value of US$8,517. The remainder of the net proceeds of the 6.5% convertible bonds has been recorded as long-term debt, which is being accreted up to the face value of $150.0 million over the term of the 6.5% convertible bonds using an effective interest rate of 8.8%. At each reporting period, the conversion feature is recorded at fair value with changes in fair value recorded through profit or loss. As at March 31, 2018, the fair value of this conversion feature is US$0.2 million and is included in other non-current financial liabilities. No amounts of the 6.5% convertible bonds have been converted or redeemed as at March 31, 2018. | |||||||||||||||||||||
[18] | In September 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the "5.75% convertible debentures"), which was used to fund an acquisition. The 5.75% convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year, and have a maturity date of September 30, 2018. Each $1,000 principal amount of the 5.75% convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 56.0 common shares of Just Energy, representing a conversion price of $17.85. On or after September 30, 2016, the 5.75% convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The Company may, at its option, on not more than 60 days' and not less than 30 days' prior notice, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation to repay all or any portion of the principal amount of the 5.75% convertible debentures that are to be redeemed or that are to mature, by issuing and delivering to the holders thereof that number of freely tradable common shares determined by dividing the principal amount of the 5.75% convertible debentures being repaid by 95% of the current market price on the date of redemption or maturity, as applicable. On March 27, 2018, Just Energy redeemed the 5.75% convertible debentures. Of the amount paid, $99.5 million was recorded as a reduction in the liability component of the 5.75% convertible debentures, a non-cash loss on early redemption of $0.5 million was classified as finance costs, and $7.1 million was recorded as an increase in contributed surplus. | |||||||||||||||||||||
[19] | In September 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the "5.75% convertible debentures"), which was used to fund an acquisition. The 5.75% convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year, and have a maturity date of September 30, 2018. Each $1,000 principal amount of the 5.75% convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 56.0 common shares of Just Energy, representing a conversion price of $17.85. On or after September 30, 2016, the 5.75% convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The Company may, at its option, on not more than 60 days' and not less than 30 days' prior notice, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation to repay all or any portion of the principal amount of the 5.75% convertible debentures that are to be redeemed or that are to mature, by issuing and delivering to the holders thereof that number of freely tradable common shares determined by dividing the principal amount of the 5.75% convertible debentures being repaid by 95% of the current market price on the date of redemption or maturity, as applicable. On March 27, 2018, Just Energy redeemed the 5.75% convertible debentures. Of the amount paid, $99.5 million was recorded as a reduction in the liability component of the 5.75% convertible debentures, a non-cash loss on early redemption of $0.5 million was classified as finance costs, and $7.1 million was recorded as an increase in contributed surplus. | |||||||||||||||||||||
[20] | In September 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the "5.75% convertible debentures"), which was used to fund an acquisition. The 5.75% convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year, and have a maturity date of September 30, 2018. Each $1,000 principal amount of the 5.75% convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 56.0 common shares of Just Energy, representing a conversion price of $17.85. On or after September 30, 2016, the 5.75% convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The Company may, at its option, on not more than 60 days' and not less than 30 days' prior notice, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation to repay all or any portion of the principal amount of the 5.75% convertible debentures that are to be redeemed or that are to mature, by issuing and delivering to the holders thereof that number of freely tradable common shares determined by dividing the principal amount of the 5.75% convertible debentures being repaid by 95% of the current market price on the date of redemption or maturity, as applicable. On March 27, 2018, Just Energy redeemed the 5.75% convertible debentures. Of the amount paid, $99.5 million was recorded as a reduction in the liability component of the 5.75% convertible debentures, a non-cash loss on early redemption of $0.5 million was classified as finance costs, and $7.1 million was recorded as an increase in contributed surplus. | |||||||||||||||||||||
[21] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior convertible unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year, and have a maturity date of July 29, 2019. A Conversion Right in respect of a bond may be exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019. The initial conversion price is US$9.3762 per common share (being C$10.2819) but is subject to adjustments. In the event of the exercise of a Conversion Right, the Company may, at its option, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation in cash equal to the market value of the underlying shares to be received. As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% convertible bonds has been accounted for as a separate financial liability with an initial value of US$8,517. The remainder of the net proceeds of the 6.5% convertible bonds has been recorded as long-term debt, which is being accreted up to the face value of $150.0 million over the term of the 6.5% convertible bonds using an effective interest rate of 8.8%. At each reporting period, the conversion feature is recorded at fair value with changes in fair value recorded through profit or loss. As at March 31, 2018, the fair value of this conversion feature is US$0.2 million and is included in other non-current financial liabilities. No amounts of the 6.5% convertible bonds have been converted or redeemed as at March 31, 2018. | |||||||||||||||||||||
[22] | In September 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the "5.75% convertible debentures"), which was used to fund an acquisition. The 5.75% convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year, and have a maturity date of September 30, 2018. Each $1,000 principal amount of the 5.75% convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 56.0 common shares of Just Energy, representing a conversion price of $17.85. On or after September 30, 2016, the 5.75% convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The Company may, at its option, on not more than 60 days' and not less than 30 days' prior notice, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation to repay all or any portion of the principal amount of the 5.75% convertible debentures that are to be redeemed or that are to mature, by issuing and delivering to the holders thereof that number of freely tradable common shares determined by dividing the principal amount of the 5.75% convertible debentures being repaid by 95% of the current market price on the date of redemption or maturity, as applicable. On March 27, 2018, Just Energy redeemed the 5.75% convertible debentures. Of the amount paid, $99.5 million was recorded as a reduction in the liability component of the 5.75% convertible debentures, a non-cash loss on early redemption of $0.5 million was classified as finance costs, and $7.1 million was recorded as an increase in contributed surplus. | |||||||||||||||||||||
[23] | In September 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the "5.75% convertible debentures"), which was used to fund an acquisition. The 5.75% convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year, and have a maturity date of September 30, 2018. Each $1,000 principal amount of the 5.75% convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 56.0 common shares of Just Energy, representing a conversion price of $17.85. On or after September 30, 2016, the 5.75% convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The Company may, at its option, on not more than 60 days' and not less than 30 days' prior notice, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation to repay all or any portion of the principal amount of the 5.75% convertible debentures that are to be redeemed or that are to mature, by issuing and delivering to the holders thereof that number of freely tradable common shares determined by dividing the principal amount of the 5.75% convertible debentures being repaid by 95% of the current market price on the date of redemption or maturity, as applicable. On March 27, 2018, Just Energy redeemed the 5.75% convertible debentures. Of the amount paid, $99.5 million was recorded as a reduction in the liability component of the 5.75% convertible debentures, a non-cash loss on early redemption of $0.5 million was classified as finance costs, and $7.1 million was recorded as an increase in contributed surplus. | |||||||||||||||||||||
[24] | In May 2010, Just Energy issued $330 million of convertible extendible unsecured subordinated debentures (the "6.0% convertible debentures"). The 6.0% convertible debentures bear interest at a rate of 6.0% per annum payable semi-annually in arrears on June 30 and December 31, with an original maturity date of June 30, 2017. On November 7, 2016, Just Energy redeemed $225 million of the 6.0% convertible debentures. Of the amount paid, $222 million was recorded as a reduction in the liability component of the 6.0% convertible debentures, a non-cash loss on early redemption of $3.1 million was classified as finance costs, and $12.9 million was recorded as an increase in contributed surplus. On February 21, 2017, Just Energy redeemed $94.6 million of the 6.0% convertible debentures. Of the amount paid, $93.4 million was recorded as a reduction in the liability component of the 6.0% convertible debentures, a non-cash loss on early redemption of $1.3 million was classified as finance costs, and $5.4 million was recorded as an increase in contributed surplus. | |||||||||||||||||||||
[25] | In May 2010, Just Energy issued $330 million of convertible extendible unsecured subordinated debentures (the "6.0% convertible debentures"). The 6.0% convertible debentures bear interest at a rate of 6.0% per annum payable semi-annually in arrears on June 30 and December 31, with an original maturity date of June 30, 2017. On November 7, 2016, Just Energy redeemed $225 million of the 6.0% convertible debentures. Of the amount paid, $222 million was recorded as a reduction in the liability component of the 6.0% convertible debentures, a non-cash loss on early redemption of $3.1 million was classified as finance costs, and $12.9 million was recorded as an increase in contributed surplus. On February 21, 2017, Just Energy redeemed $94.6 million of the 6.0% convertible debentures. Of the amount paid, $93.4 million was recorded as a reduction in the liability component of the 6.0% convertible debentures, a non-cash loss on early redemption of $1.3 million was classified as finance costs, and $5.4 million was recorded as an increase in contributed surplus. | |||||||||||||||||||||
[26] | In May 2010, Just Energy issued $330 million of convertible extendible unsecured subordinated debentures (the "6.0% convertible debentures"). The 6.0% convertible debentures bear interest at a rate of 6.0% per annum payable semi-annually in arrears on June 30 and December 31, with an original maturity date of June 30, 2017. On November 7, 2016, Just Energy redeemed $225 million of the 6.0% convertible debentures. Of the amount paid, $222 million was recorded as a reduction in the liability component of the 6.0% convertible debentures, a non-cash loss on early redemption of $3.1 million was classified as finance costs, and $12.9 million was recorded as an increase in contributed surplus. On February 21, 2017, Just Energy redeemed $94.6 million of the 6.0% convertible debentures. Of the amount paid, $93.4 million was recorded as a reduction in the liability component of the 6.0% convertible debentures, a non-cash loss on early redemption of $1.3 million was classified as finance costs, and $5.4 million was recorded as an increase in contributed surplus. |
Note 19 - Long-term Debt and102
Note 19 - Long-term Debt and Financing - Components of Long-term Debt (Details) - CAD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | |||
Statement Line Items [Line Items] | ||||
Debt | $ 543,504 | $ 498,088 | ||
Less: Current portion | (121,451) | |||
422,053 | 498,088 | |||
Credit facility [member] | ||||
Statement Line Items [Line Items] | ||||
Debt | 122,115 | 68,258 | [1] | |
Less: Debt issue costs (a) | [1] | (664) | (2,257) | |
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | ||||
Statement Line Items [Line Items] | ||||
Debt | [2] | 85,760 | ||
Senior subordinated 6.75% convertible debentures [member] | ||||
Statement Line Items [Line Items] | ||||
Debt | [3] | 148,146 | 145,579 | |
European-focused senior convertible unsecured 6.5% convertible bonds, conversion feature [member] | ||||
Statement Line Items [Line Items] | ||||
Debt | [4] | 188,147 | 190,486 | |
Unsecured subordinated 5.75% convertible debentures [member] | ||||
Statement Line Items [Line Items] | ||||
Debt | [5] | $ 96,022 | ||
[1] | As at March 31, 2018, Just Energy has a $342.5 million credit facility to meet working capital requirements, which includes an increase to the capacity by $50 million for a letter of credit facility (the "LC facility"), effective December 30, 2016. The principal amount outstanding under the LC facility is guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. The syndicate of lenders includes Shell Energy North America (Canada) Inc./Shell Energy North America (U.S.), L.P., Canadian Imperial Bank of Commerce ("CIBC"), National Bank of Canada, HSBC Bank Canada, Alberta Treasury Branches, JP Morgan Chase Bank, N.A. and Canadian Western Bank. Interest is payable on outstanding loans at rates that vary with Bankers’ Acceptance rates, LIBOR, Canadian bank prime rate or U.S. prime rate. Under the terms of the operating credit facility, Just Energy is able to make use of Bankers’ Acceptances and LIBOR advances at stamping fees of 3.40%. Prime rate advances are at a rate of bank prime (Canadian bank prime rate or U.S. prime rate) plus 2.40% and letters of credit are at a rate of 3.40%. Interest rates are adjusted quarterly based on certain financial performance indicators. As at March 31, 2018, the Canadian prime rate was 3.45% and the U.S. prime rate was 4.75%. Just Energy has drawn $122.1 million against the facility and the total letters of credit outstanding as of the current period amounted to $113.4 million (2017 - $109.2 million). As at March 31, 2018, Just Energy has $102 million of the facility remaining as well as a $5 million swing line with CIBC for future working capital and/or security requirements. Just Energy’s obligations under the credit facility are supported by guarantees of certain subsidiaries and affiliates and secured by a general security agreement and a pledge of the assets and securities of Just Energy and the majority of its operating subsidiaries and affiliates excluding, primarily, the international operations. Just Energy is required to meet a number of financial covenants under the various debt agreements. As at March 31, 2018, the Company was compliant with all of these covenants. Subsequent to March 31, 2018, the Company has renegotiated an agreement with a syndicate of lenders to extend Just Energy’s credit facility for an additional two years to September 1, 2020. For further details please refer to Note 34 to the consolidated financial statements. | |||
[2] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||
[3] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||
[4] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior convertible unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year, and have a maturity date of July 29, 2019. A Conversion Right in respect of a bond may be exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019. The initial conversion price is US$9.3762 per common share (being C$10.2819) but is subject to adjustments. In the event of the exercise of a Conversion Right, the Company may, at its option, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation in cash equal to the market value of the underlying shares to be received. As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% convertible bonds has been accounted for as a separate financial liability with an initial value of US$8,517. The remainder of the net proceeds of the 6.5% convertible bonds has been recorded as long-term debt, which is being accreted up to the face value of $150.0 million over the term of the 6.5% convertible bonds using an effective interest rate of 8.8%. At each reporting period, the conversion feature is recorded at fair value with changes in fair value recorded through profit or loss. As at March 31, 2018, the fair value of this conversion feature is US$0.2 million and is included in other non-current financial liabilities. No amounts of the 6.5% convertible bonds have been converted or redeemed as at March 31, 2018. | |||
[5] | In September 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the "5.75% convertible debentures"), which was used to fund an acquisition. The 5.75% convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year, and have a maturity date of September 30, 2018. Each $1,000 principal amount of the 5.75% convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 56.0 common shares of Just Energy, representing a conversion price of $17.85. On or after September 30, 2016, the 5.75% convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The Company may, at its option, on not more than 60 days' and not less than 30 days' prior notice, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation to repay all or any portion of the principal amount of the 5.75% convertible debentures that are to be redeemed or that are to mature, by issuing and delivering to the holders thereof that number of freely tradable common shares determined by dividing the principal amount of the 5.75% convertible debentures being repaid by 95% of the current market price on the date of redemption or maturity, as applicable. On March 27, 2018, Just Energy redeemed the 5.75% convertible debentures. Of the amount paid, $99.5 million was recorded as a reduction in the liability component of the 5.75% convertible debentures, a non-cash loss on early redemption of $0.5 million was classified as finance costs, and $7.1 million was recorded as an increase in contributed surplus. |
Note 19 - Long-term Debt and103
Note 19 - Long-term Debt and Financing - Components of Long-term Debt (Details) (Parentheticals) - CAD ($) $ in Thousands | Mar. 31, 2018 | Feb. 22, 2018 | Mar. 31, 2017 | Oct. 05, 2016 | Sep. 30, 2011 | ||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | |||||||
Statement Line Items [Line Items] | |||||||
Interest rate | 6.75% | [1],[2],[3],[4] | 6.75% | 6.75% | |||
Face amount | $ 100,000 | [1],[2],[3],[4] | $ 100,000 | $ 100,000 | |||
Senior subordinated 6.75% convertible debentures [member] | |||||||
Statement Line Items [Line Items] | |||||||
Interest rate | 6.75% | [5],[6],[7],[8] | 6.75% | [6],[7] | 6.75% | ||
Face amount | $ 160,000 | [5],[6],[7],[8] | $ 160,000 | [6],[7] | $ 160,000 | ||
European-focused senior convertible unsecured 6.5% convertible bonds, conversion feature [member] | |||||||
Statement Line Items [Line Items] | |||||||
Interest rate | 6.50% | [9] | 6.50% | ||||
Unsecured subordinated 5.75% convertible debentures [member] | |||||||
Statement Line Items [Line Items] | |||||||
Interest rate | 5.75% | [10],[11],[12],[13] | 5.75% | [11],[12] | 5.75% | ||
Face amount | $ 100,000 | ||||||
[1] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||
[2] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||
[3] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||
[4] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||
[5] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||
[6] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||
[7] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||
[8] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders’ equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||
[9] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior convertible unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year, and have a maturity date of July 29, 2019. A Conversion Right in respect of a bond may be exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019. The initial conversion price is US$9.3762 per common share (being C$10.2819) but is subject to adjustments. In the event of the exercise of a Conversion Right, the Company may, at its option, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation in cash equal to the market value of the underlying shares to be received. As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% convertible bonds has been accounted for as a separate financial liability with an initial value of US$8,517. The remainder of the net proceeds of the 6.5% convertible bonds has been recorded as long-term debt, which is being accreted up to the face value of $150.0 million over the term of the 6.5% convertible bonds using an effective interest rate of 8.8%. At each reporting period, the conversion feature is recorded at fair value with changes in fair value recorded through profit or loss. As at March 31, 2018, the fair value of this conversion feature is US$0.2 million and is included in other non-current financial liabilities. No amounts of the 6.5% convertible bonds have been converted or redeemed as at March 31, 2018. | ||||||
[10] | In September 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the "5.75% convertible debentures"), which was used to fund an acquisition. The 5.75% convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year, and have a maturity date of September 30, 2018. Each $1,000 principal amount of the 5.75% convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 56.0 common shares of Just Energy, representing a conversion price of $17.85. On or after September 30, 2016, the 5.75% convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The Company may, at its option, on not more than 60 days' and not less than 30 days' prior notice, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation to repay all or any portion of the principal amount of the 5.75% convertible debentures that are to be redeemed or that are to mature, by issuing and delivering to the holders thereof that number of freely tradable common shares determined by dividing the principal amount of the 5.75% convertible debentures being repaid by 95% of the current market price on the date of redemption or maturity, as applicable. On March 27, 2018, Just Energy redeemed the 5.75% convertible debentures. Of the amount paid, $99.5 million was recorded as a reduction in the liability component of the 5.75% convertible debentures, a non-cash loss on early redemption of $0.5 million was classified as finance costs, and $7.1 million was recorded as an increase in contributed surplus. | ||||||
[11] | In September 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the "5.75% convertible debentures"), which was used to fund an acquisition. The 5.75% convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year, and have a maturity date of September 30, 2018. Each $1,000 principal amount of the 5.75% convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 56.0 common shares of Just Energy, representing a conversion price of $17.85. On or after September 30, 2016, the 5.75% convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The Company may, at its option, on not more than 60 days' and not less than 30 days' prior notice, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation to repay all or any portion of the principal amount of the 5.75% convertible debentures that are to be redeemed or that are to mature, by issuing and delivering to the holders thereof that number of freely tradable common shares determined by dividing the principal amount of the 5.75% convertible debentures being repaid by 95% of the current market price on the date of redemption or maturity, as applicable. On March 27, 2018, Just Energy redeemed the 5.75% convertible debentures. Of the amount paid, $99.5 million was recorded as a reduction in the liability component of the 5.75% convertible debentures, a non-cash loss on early redemption of $0.5 million was classified as finance costs, and $7.1 million was recorded as an increase in contributed surplus. | ||||||
[12] | In September 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the "5.75% convertible debentures"), which was used to fund an acquisition. The 5.75% convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year, and have a maturity date of September 30, 2018. Each $1,000 principal amount of the 5.75% convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 56.0 common shares of Just Energy, representing a conversion price of $17.85. On or after September 30, 2016, the 5.75% convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The Company may, at its option, on not more than 60 days' and not less than 30 days' prior notice, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation to repay all or any portion of the principal amount of the 5.75% convertible debentures that are to be redeemed or that are to mature, by issuing and delivering to the holders thereof that number of freely tradable common shares determined by dividing the principal amount of the 5.75% convertible debentures being repaid by 95% of the current market price on the date of redemption or maturity, as applicable. On March 27, 2018, Just Energy redeemed the 5.75% convertible debentures. Of the amount paid, $99.5 million was recorded as a reduction in the liability component of the 5.75% convertible debentures, a non-cash loss on early redemption of $0.5 million was classified as finance costs, and $7.1 million was recorded as an increase in contributed surplus. | ||||||
[13] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior convertible unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year, and have a maturity date of July 29, 2019. A Conversion Right in respect of a bond may be exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019. The initial conversion price is US$9.3762 per common share (being C$10.2819) but is subject to adjustments. In the event of the exercise of a Conversion Right, the Company may, at its option, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation in cash equal to the market value of the underlying shares to be received. As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% convertible bonds has been accounted for as a separate financial liability with an initial value of US$8,517. The remainder of the net proceeds of the 6.5% convertible bonds has been recorded as long-term debt, which is being accreted up to the face value of $150.0 million over the term of the 6.5% convertible bonds using an effective interest rate of 8.8%. At each reporting period, the conversion feature is recorded at fair value with changes in fair value recorded through profit or loss. As at March 31, 2018, the fair value of this conversion feature is US$0.2 million and is included in other non-current financial liabilities. No amounts of the 6.5% convertible bonds have been converted or redeemed as at March 31, 2018. |
Note 19 - Long-term Debt and104
Note 19 - Long-term Debt and Financing - Future Annual Minimum Repayments (Details) $ in Thousands | Mar. 31, 2018CAD ($) | |
Statement Line Items [Line Items] | ||
Future annual minimum repayments | $ 575,525 | |
Credit facility [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 122,115 | [1] |
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 100,000 | [2] |
Senior subordinated 6.75% convertible debentures [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 160,000 | [3] |
Unsecured subordinated 5.75% convertible debentures [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 193,410 | [4] |
Not later than one year [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 122,115 | |
Not later than one year [member] | Credit facility [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 122,115 | [1] |
Not later than one year [member] | The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | [2] | |
Not later than one year [member] | Senior subordinated 6.75% convertible debentures [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | [3] | |
Not later than one year [member] | Unsecured subordinated 5.75% convertible debentures [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | [4] | |
Later than one year and not later than three years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 193,410 | |
Later than one year and not later than three years [member] | Credit facility [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | [1] | |
Later than one year and not later than three years [member] | The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | [2] | |
Later than one year and not later than three years [member] | Senior subordinated 6.75% convertible debentures [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | [3] | |
Later than one year and not later than three years [member] | Unsecured subordinated 5.75% convertible debentures [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 193,410 | [4] |
Later than four years and not later than five years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 260,000 | |
Later than four years and not later than five years [member] | Credit facility [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | [1] | |
Later than four years and not later than five years [member] | The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 100,000 | [2] |
Later than four years and not later than five years [member] | Senior subordinated 6.75% convertible debentures [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 160,000 | [3] |
Later than four years and not later than five years [member] | Unsecured subordinated 5.75% convertible debentures [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | [4] | |
Later than five years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | ||
Later than five years [member] | Credit facility [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | [1] | |
Later than five years [member] | The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | [2] | |
Later than five years [member] | Senior subordinated 6.75% convertible debentures [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | [3] | |
Later than five years [member] | Unsecured subordinated 5.75% convertible debentures [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | [4] | |
[1] | As at March 31, 2018, Just Energy has a $342.5 million credit facility to meet working capital requirements, which includes an increase to the capacity by $50 million for a letter of credit facility (the "LC facility"), effective December 30, 2016. The principal amount outstanding under the LC facility is guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. The syndicate of lenders includes Shell Energy North America (Canada) Inc./Shell Energy North America (U.S.), L.P., Canadian Imperial Bank of Commerce ("CIBC"), National Bank of Canada, HSBC Bank Canada, Alberta Treasury Branches, JP Morgan Chase Bank, N.A. and Canadian Western Bank. Interest is payable on outstanding loans at rates that vary with Bankers’ Acceptance rates, LIBOR, Canadian bank prime rate or U.S. prime rate. Under the terms of the operating credit facility, Just Energy is able to make use of Bankers’ Acceptances and LIBOR advances at stamping fees of 3.40%. Prime rate advances are at a rate of bank prime (Canadian bank prime rate or U.S. prime rate) plus 2.40% and letters of credit are at a rate of 3.40%. Interest rates are adjusted quarterly based on certain financial performance indicators. As at March 31, 2018, the Canadian prime rate was 3.45% and the U.S. prime rate was 4.75%. Just Energy has drawn $122.1 million against the facility and the total letters of credit outstanding as of the current period amounted to $113.4 million (2017 - $109.2 million). As at March 31, 2018, Just Energy has $102 million of the facility remaining as well as a $5 million swing line with CIBC for future working capital and/or security requirements. Just Energy’s obligations under the credit facility are supported by guarantees of certain subsidiaries and affiliates and secured by a general security agreement and a pledge of the assets and securities of Just Energy and the majority of its operating subsidiaries and affiliates excluding, primarily, the international operations. Just Energy is required to meet a number of financial covenants under the various debt agreements. As at March 31, 2018, the Company was compliant with all of these covenants. Subsequent to March 31, 2018, the Company has renegotiated an agreement with a syndicate of lenders to extend Just Energy’s credit facility for an additional two years to September 1, 2020. For further details please refer to Note 34 to the consolidated financial statements. | |
[2] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | |
[3] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders’ equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | |
[4] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior convertible unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year, and have a maturity date of July 29, 2019. A Conversion Right in respect of a bond may be exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019. The initial conversion price is US$9.3762 per common share (being C$10.2819) but is subject to adjustments. In the event of the exercise of a Conversion Right, the Company may, at its option, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation in cash equal to the market value of the underlying shares to be received. As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% convertible bonds has been accounted for as a separate financial liability with an initial value of US$8,517. The remainder of the net proceeds of the 6.5% convertible bonds has been recorded as long-term debt, which is being accreted up to the face value of $150.0 million over the term of the 6.5% convertible bonds using an effective interest rate of 8.8%. At each reporting period, the conversion feature is recorded at fair value with changes in fair value recorded through profit or loss. As at March 31, 2018, the fair value of this conversion feature is US$0.2 million and is included in other non-current financial liabilities. No amounts of the 6.5% convertible bonds have been converted or redeemed as at March 31, 2018. |
Note 19 - Long-term Debt and105
Note 19 - Long-term Debt and Financing - Future Annual Minimum Repayments (Details) (Parentheticals) - CAD ($) $ in Thousands | Mar. 31, 2018 | Feb. 22, 2018 | Mar. 31, 2017 | Oct. 05, 2016 | Sep. 30, 2011 | ||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | |||||||
Statement Line Items [Line Items] | |||||||
Notional amount | $ 100,000 | [1],[2],[3],[4] | $ 100,000 | $ 100,000 | |||
Borrowings, interest rate | 6.75% | [1],[2],[3],[4] | 6.75% | 6.75% | |||
Senior subordinated 6.75% convertible debentures [member] | |||||||
Statement Line Items [Line Items] | |||||||
Notional amount | $ 160,000 | [5],[6],[7],[8] | $ 160,000 | [6],[7] | $ 160,000 | ||
Borrowings, interest rate | 6.75% | [5],[6],[7],[8] | 6.75% | [6],[7] | 6.75% | ||
Unsecured subordinated 5.75% convertible debentures [member] | |||||||
Statement Line Items [Line Items] | |||||||
Notional amount | $ 100,000 | ||||||
Borrowings, interest rate | 5.75% | [9],[10],[11],[12] | 5.75% | [10],[11] | 5.75% | ||
[1] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||
[2] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||
[3] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||
[4] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||
[5] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||
[6] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||
[7] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||
[8] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders’ equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||
[9] | In September 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the "5.75% convertible debentures"), which was used to fund an acquisition. The 5.75% convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year, and have a maturity date of September 30, 2018. Each $1,000 principal amount of the 5.75% convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 56.0 common shares of Just Energy, representing a conversion price of $17.85. On or after September 30, 2016, the 5.75% convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The Company may, at its option, on not more than 60 days' and not less than 30 days' prior notice, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation to repay all or any portion of the principal amount of the 5.75% convertible debentures that are to be redeemed or that are to mature, by issuing and delivering to the holders thereof that number of freely tradable common shares determined by dividing the principal amount of the 5.75% convertible debentures being repaid by 95% of the current market price on the date of redemption or maturity, as applicable. On March 27, 2018, Just Energy redeemed the 5.75% convertible debentures. Of the amount paid, $99.5 million was recorded as a reduction in the liability component of the 5.75% convertible debentures, a non-cash loss on early redemption of $0.5 million was classified as finance costs, and $7.1 million was recorded as an increase in contributed surplus. | ||||||
[10] | In September 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the "5.75% convertible debentures"), which was used to fund an acquisition. The 5.75% convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year, and have a maturity date of September 30, 2018. Each $1,000 principal amount of the 5.75% convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 56.0 common shares of Just Energy, representing a conversion price of $17.85. On or after September 30, 2016, the 5.75% convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The Company may, at its option, on not more than 60 days' and not less than 30 days' prior notice, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation to repay all or any portion of the principal amount of the 5.75% convertible debentures that are to be redeemed or that are to mature, by issuing and delivering to the holders thereof that number of freely tradable common shares determined by dividing the principal amount of the 5.75% convertible debentures being repaid by 95% of the current market price on the date of redemption or maturity, as applicable. On March 27, 2018, Just Energy redeemed the 5.75% convertible debentures. Of the amount paid, $99.5 million was recorded as a reduction in the liability component of the 5.75% convertible debentures, a non-cash loss on early redemption of $0.5 million was classified as finance costs, and $7.1 million was recorded as an increase in contributed surplus. | ||||||
[11] | In September 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the "5.75% convertible debentures"), which was used to fund an acquisition. The 5.75% convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year, and have a maturity date of September 30, 2018. Each $1,000 principal amount of the 5.75% convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 56.0 common shares of Just Energy, representing a conversion price of $17.85. On or after September 30, 2016, the 5.75% convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The Company may, at its option, on not more than 60 days' and not less than 30 days' prior notice, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation to repay all or any portion of the principal amount of the 5.75% convertible debentures that are to be redeemed or that are to mature, by issuing and delivering to the holders thereof that number of freely tradable common shares determined by dividing the principal amount of the 5.75% convertible debentures being repaid by 95% of the current market price on the date of redemption or maturity, as applicable. On March 27, 2018, Just Energy redeemed the 5.75% convertible debentures. Of the amount paid, $99.5 million was recorded as a reduction in the liability component of the 5.75% convertible debentures, a non-cash loss on early redemption of $0.5 million was classified as finance costs, and $7.1 million was recorded as an increase in contributed surplus. | ||||||
[12] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior convertible unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year, and have a maturity date of July 29, 2019. A Conversion Right in respect of a bond may be exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019. The initial conversion price is US$9.3762 per common share (being C$10.2819) but is subject to adjustments. In the event of the exercise of a Conversion Right, the Company may, at its option, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation in cash equal to the market value of the underlying shares to be received. As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% convertible bonds has been accounted for as a separate financial liability with an initial value of US$8,517. The remainder of the net proceeds of the 6.5% convertible bonds has been recorded as long-term debt, which is being accreted up to the face value of $150.0 million over the term of the 6.5% convertible bonds using an effective interest rate of 8.8%. At each reporting period, the conversion feature is recorded at fair value with changes in fair value recorded through profit or loss. As at March 31, 2018, the fair value of this conversion feature is US$0.2 million and is included in other non-current financial liabilities. No amounts of the 6.5% convertible bonds have been converted or redeemed as at March 31, 2018. |
Note 19 - Long-term Debt and106
Note 19 - Long-term Debt and Financing - Long- Term Debt (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Statement Line Items [Line Items] | |||
Cash inflows (outflows) | $ 49,726 | ||
FX | (6,101) | ||
Non-cash changes | 1,790 | ||
Long-term debt, balance | 543,504 | $ 498,088 | |
Long-term debt, balance | 498,088 | ||
Long-term borrowings [member] | |||
Statement Line Items [Line Items] | |||
Cash inflows (outflows) | 49,726 | (180,596) | |
FX | (6,101) | 4,309 | |
Non-cash changes | 1,790 | 13,832 | |
Long-term debt, balance | 422,053 | 498,088 | |
Long-term debt, balance | 498,088 | 660,543 | |
Short-term borrowings [member] | |||
Statement Line Items [Line Items] | |||
Cash inflows (outflows) | |||
FX | |||
Non-cash changes | |||
Long-term debt, balance | 121,451 | ||
Long-term debt, balance | |||
Credit facility [member] | |||
Statement Line Items [Line Items] | |||
Cash inflows (outflows) | [1] | 53,857 | 68,258 |
FX | [1] | ||
Non-cash changes | [1] | 1,593 | 723 |
Long-term debt, balance | [1] | 121,451 | 66,001 |
Long-term debt, balance | [1] | 66,001 | (2,980) |
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | |||
Statement Line Items [Line Items] | |||
Cash inflows (outflows) | [2] | 95,869 | |
FX | [2] | ||
Non-cash changes | [2] | (10,109) | |
Long-term debt, balance | [2] | 85,760 | |
Long-term debt, balance | [2] | ||
Senior subordinated 6.75% convertible debentures [member] | |||
Statement Line Items [Line Items] | |||
Cash inflows (outflows) | [3] | 152,407 | |
FX | [3] | ||
Non-cash changes | [3] | 2,567 | (6,828) |
Long-term debt, balance | [3] | 148,146 | 145,579 |
Long-term debt, balance | [3] | 145,579 | |
European-focused senior convertible unsecured 6.5% convertible bonds [member] | |||
Statement Line Items [Line Items] | |||
Cash inflows (outflows) | [4] | ||
FX | [4] | (6,101) | 4,309 |
Non-cash changes | [4] | 3,761 | 3,613 |
Long-term debt, balance | [4] | 188,147 | 190,486 |
Long-term debt, balance | [4] | 190,486 | 182,564 |
Unsecured subordinated 5.75% convertible debentures [member] | |||
Statement Line Items [Line Items] | |||
Cash inflows (outflows) | [5] | (100,000) | |
FX | [5] | ||
Non-cash changes | [5] | 3,978 | 2,385 |
Long-term debt, balance | [5] | 96,022 | |
Long-term debt, balance | [5] | 96,022 | 93,637 |
Convertible extendible unsecured 6.0% subordinated debentures [member] | |||
Statement Line Items [Line Items] | |||
Cash inflows (outflows) | [6] | (321,261) | |
FX | [6] | ||
Non-cash changes | [6] | 10,233 | |
Long-term debt, balance | [6] | ||
Long-term debt, balance | [6] | 311,028 | |
Senior unsecured 9.75% note [member] | |||
Statement Line Items [Line Items] | |||
Cash inflows (outflows) | [7] | (80,000) | |
FX | [7] | ||
Non-cash changes | [7] | 3,706 | |
Long-term debt, balance | [7] | ||
Long-term debt, balance | [7] | $ 76,294 | |
[1] | As at March 31, 2018, Just Energy has a $342.5 million credit facility to meet working capital requirements, which includes an increase to the capacity by $50 million for a letter of credit facility (the "LC facility"), effective December 30, 2016. The principal amount outstanding under the LC facility is guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. The syndicate of lenders includes Shell Energy North America (Canada) Inc./Shell Energy North America (U.S.), L.P., Canadian Imperial Bank of Commerce ("CIBC"), National Bank of Canada, HSBC Bank Canada, Alberta Treasury Branches, JP Morgan Chase Bank, N.A. and Canadian Western Bank. Interest is payable on outstanding loans at rates that vary with Bankers’ Acceptance rates, LIBOR, Canadian bank prime rate or U.S. prime rate. Under the terms of the operating credit facility, Just Energy is able to make use of Bankers’ Acceptances and LIBOR advances at stamping fees of 3.40%. Prime rate advances are at a rate of bank prime (Canadian bank prime rate or U.S. prime rate) plus 2.40% and letters of credit are at a rate of 3.40%. Interest rates are adjusted quarterly based on certain financial performance indicators. As at March 31, 2018, the Canadian prime rate was 3.45% and the U.S. prime rate was 4.75%. Just Energy has drawn $122.1 million against the facility and the total letters of credit outstanding as of the current period amounted to $113.4 million (2017 - $109.2 million). As at March 31, 2018, Just Energy has $102 million of the facility remaining as well as a $5 million swing line with CIBC for future working capital and/or security requirements. Just Energy’s obligations under the credit facility are supported by guarantees of certain subsidiaries and affiliates and secured by a general security agreement and a pledge of the assets and securities of Just Energy and the majority of its operating subsidiaries and affiliates excluding, primarily, the international operations. Just Energy is required to meet a number of financial covenants under the various debt agreements. As at March 31, 2018, the Company was compliant with all of these covenants. Subsequent to March 31, 2018, the Company has renegotiated an agreement with a syndicate of lenders to extend Just Energy’s credit facility for an additional two years to September 1, 2020. For further details please refer to Note 34 to the consolidated financial statements. | ||
[2] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||
[3] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||
[4] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior convertible unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year, and have a maturity date of July 29, 2019. A Conversion Right in respect of a bond may be exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019. The initial conversion price is US$9.3762 per common share (being C$10.2819) but is subject to adjustments. In the event of the exercise of a Conversion Right, the Company may, at its option, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation in cash equal to the market value of the underlying shares to be received. As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% convertible bonds has been accounted for as a separate financial liability with an initial value of US$8,517. The remainder of the net proceeds of the 6.5% convertible bonds has been recorded as long-term debt, which is being accreted up to the face value of $150.0 million over the term of the 6.5% convertible bonds using an effective interest rate of 8.8%. At each reporting period, the conversion feature is recorded at fair value with changes in fair value recorded through profit or loss. As at March 31, 2018, the fair value of this conversion feature is US$0.2 million and is included in other non-current financial liabilities. No amounts of the 6.5% convertible bonds have been converted or redeemed as at March 31, 2018. | ||
[5] | In September 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the "5.75% convertible debentures"), which was used to fund an acquisition. The 5.75% convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year, and have a maturity date of September 30, 2018. Each $1,000 principal amount of the 5.75% convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 56.0 common shares of Just Energy, representing a conversion price of $17.85. On or after September 30, 2016, the 5.75% convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The Company may, at its option, on not more than 60 days' and not less than 30 days' prior notice, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation to repay all or any portion of the principal amount of the 5.75% convertible debentures that are to be redeemed or that are to mature, by issuing and delivering to the holders thereof that number of freely tradable common shares determined by dividing the principal amount of the 5.75% convertible debentures being repaid by 95% of the current market price on the date of redemption or maturity, as applicable. On March 27, 2018, Just Energy redeemed the 5.75% convertible debentures. Of the amount paid, $99.5 million was recorded as a reduction in the liability component of the 5.75% convertible debentures, a non-cash loss on early redemption of $0.5 million was classified as finance costs, and $7.1 million was recorded as an increase in contributed surplus. | ||
[6] | In May 2010, Just Energy issued $330 million of convertible extendible unsecured subordinated debentures (the "6.0% convertible debentures"). The 6.0% convertible debentures bear interest at a rate of 6.0% per annum payable semi-annually in arrears on June 30 and December 31, with an original maturity date of June 30, 2017. On November 7, 2016, Just Energy redeemed $225 million of the 6.0% convertible debentures. Of the amount paid, $222 million was recorded as a reduction in the liability component of the 6.0% convertible debentures, a non-cash loss on early redemption of $3.1 million was classified as finance costs, and $12.9 million was recorded as an increase in contributed surplus. On February 21, 2017, Just Energy redeemed $94.6 million of the 6.0% convertible debentures. Of the amount paid, $93.4 million was recorded as a reduction in the liability component of the 6.0% convertible debentures, a non-cash loss on early redemption of $1.3 million was classified as finance costs, and $5.4 million was recorded as an increase in contributed surplus. | ||
[7] | The senior unsecured note was originally issued in the amount of $105 million bearing interest at 9.75% and maturing in June 2018. Just Energy early redeemed $25 million on March 31, 2016 and June 30, 2016, respectively, with the remaining $55 million repaid on October 5, 2016. |
Note 19 - Long-term Debt and107
Note 19 - Long-term Debt and Financing - Long- Term Debt (Details) (Parentheticals) $ in Thousands | Mar. 31, 2018CAD ($) | Feb. 22, 2018CAD ($) | Mar. 31, 2017CAD ($) | Oct. 05, 2016CAD ($) | Jan. 29, 2014USD ($) | Sep. 30, 2011CAD ($) | May 31, 2010CAD ($) | ||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Interest rate | 6.75% | [1],[2],[3],[4] | 6.75% | 6.75% | |||||
Face amount | $ 100,000 | [1],[2],[3],[4] | $ 100,000 | $ 100,000 | |||||
Senior subordinated 6.75% convertible debentures [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Interest rate | 6.75% | [5],[6],[7],[8] | 6.75% | [6],[7] | 6.75% | ||||
Face amount | $ 160,000 | [5],[6],[7],[8] | $ 160,000 | [6],[7] | $ 160,000 | ||||
European-focused senior convertible unsecured 6.5% convertible bonds [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Interest rate | 6.50% | [9],[10] | 6.50% | [9],[10] | 6.50% | ||||
Face amount | $ 150,000,000 | ||||||||
Unsecured subordinated 5.75% convertible debentures [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Interest rate | 5.75% | [11],[12],[13],[14] | 5.75% | [12],[13] | 5.75% | ||||
Face amount | $ 100,000 | ||||||||
Convertible extendible unsecured 6.0% subordinated debentures [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Interest rate | 6.00% | 6.00% | [15],[16] | 6.00% | |||||
Face amount | $ 330,000 | ||||||||
[1] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||||
[2] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||||
[3] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||||
[4] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||||
[5] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||||
[6] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||||
[7] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||||
[8] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders’ equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||||
[9] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior convertible unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year, and have a maturity date of July 29, 2019. A Conversion Right in respect of a bond may be exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019. The initial conversion price is US$9.3762 per common share (being C$10.2819) but is subject to adjustments. In the event of the exercise of a Conversion Right, the Company may, at its option, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation in cash equal to the market value of the underlying shares to be received. As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% convertible bonds has been accounted for as a separate financial liability with an initial value of US$8,517. The remainder of the net proceeds of the 6.5% convertible bonds has been recorded as long-term debt, which is being accreted up to the face value of $150.0 million over the term of the 6.5% convertible bonds using an effective interest rate of 8.8%. At each reporting period, the conversion feature is recorded at fair value with changes in fair value recorded through profit or loss. As at March 31, 2018, the fair value of this conversion feature is US$0.2 million and is included in other non-current financial liabilities. No amounts of the 6.5% convertible bonds have been converted or redeemed as at March 31, 2018. | ||||||||
[10] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior convertible unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year, and have a maturity date of July 29, 2019. A Conversion Right in respect of a bond may be exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019. The initial conversion price is US$9.3762 per common share (being C$10.2819) but is subject to adjustments. In the event of the exercise of a Conversion Right, the Company may, at its option, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation in cash equal to the market value of the underlying shares to be received. As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% convertible bonds has been accounted for as a separate financial liability with an initial value of US$8,517. The remainder of the net proceeds of the 6.5% convertible bonds has been recorded as long-term debt, which is being accreted up to the face value of $150.0 million over the term of the 6.5% convertible bonds using an effective interest rate of 8.8%. At each reporting period, the conversion feature is recorded at fair value with changes in fair value recorded through profit or loss. As at March 31, 2018, the fair value of this conversion feature is US$0.2 million and is included in other non-current financial liabilities. No amounts of the 6.5% convertible bonds have been converted or redeemed as at March 31, 2018. | ||||||||
[11] | In September 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the "5.75% convertible debentures"), which was used to fund an acquisition. The 5.75% convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year, and have a maturity date of September 30, 2018. Each $1,000 principal amount of the 5.75% convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 56.0 common shares of Just Energy, representing a conversion price of $17.85. On or after September 30, 2016, the 5.75% convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The Company may, at its option, on not more than 60 days' and not less than 30 days' prior notice, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation to repay all or any portion of the principal amount of the 5.75% convertible debentures that are to be redeemed or that are to mature, by issuing and delivering to the holders thereof that number of freely tradable common shares determined by dividing the principal amount of the 5.75% convertible debentures being repaid by 95% of the current market price on the date of redemption or maturity, as applicable. On March 27, 2018, Just Energy redeemed the 5.75% convertible debentures. Of the amount paid, $99.5 million was recorded as a reduction in the liability component of the 5.75% convertible debentures, a non-cash loss on early redemption of $0.5 million was classified as finance costs, and $7.1 million was recorded as an increase in contributed surplus. | ||||||||
[12] | In September 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the "5.75% convertible debentures"), which was used to fund an acquisition. The 5.75% convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year, and have a maturity date of September 30, 2018. Each $1,000 principal amount of the 5.75% convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 56.0 common shares of Just Energy, representing a conversion price of $17.85. On or after September 30, 2016, the 5.75% convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The Company may, at its option, on not more than 60 days' and not less than 30 days' prior notice, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation to repay all or any portion of the principal amount of the 5.75% convertible debentures that are to be redeemed or that are to mature, by issuing and delivering to the holders thereof that number of freely tradable common shares determined by dividing the principal amount of the 5.75% convertible debentures being repaid by 95% of the current market price on the date of redemption or maturity, as applicable. On March 27, 2018, Just Energy redeemed the 5.75% convertible debentures. Of the amount paid, $99.5 million was recorded as a reduction in the liability component of the 5.75% convertible debentures, a non-cash loss on early redemption of $0.5 million was classified as finance costs, and $7.1 million was recorded as an increase in contributed surplus. | ||||||||
[13] | In September 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the "5.75% convertible debentures"), which was used to fund an acquisition. The 5.75% convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year, and have a maturity date of September 30, 2018. Each $1,000 principal amount of the 5.75% convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 56.0 common shares of Just Energy, representing a conversion price of $17.85. On or after September 30, 2016, the 5.75% convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The Company may, at its option, on not more than 60 days' and not less than 30 days' prior notice, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation to repay all or any portion of the principal amount of the 5.75% convertible debentures that are to be redeemed or that are to mature, by issuing and delivering to the holders thereof that number of freely tradable common shares determined by dividing the principal amount of the 5.75% convertible debentures being repaid by 95% of the current market price on the date of redemption or maturity, as applicable. On March 27, 2018, Just Energy redeemed the 5.75% convertible debentures. Of the amount paid, $99.5 million was recorded as a reduction in the liability component of the 5.75% convertible debentures, a non-cash loss on early redemption of $0.5 million was classified as finance costs, and $7.1 million was recorded as an increase in contributed surplus. | ||||||||
[14] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior convertible unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year, and have a maturity date of July 29, 2019. A Conversion Right in respect of a bond may be exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019. The initial conversion price is US$9.3762 per common share (being C$10.2819) but is subject to adjustments. In the event of the exercise of a Conversion Right, the Company may, at its option, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation in cash equal to the market value of the underlying shares to be received. As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% convertible bonds has been accounted for as a separate financial liability with an initial value of US$8,517. The remainder of the net proceeds of the 6.5% convertible bonds has been recorded as long-term debt, which is being accreted up to the face value of $150.0 million over the term of the 6.5% convertible bonds using an effective interest rate of 8.8%. At each reporting period, the conversion feature is recorded at fair value with changes in fair value recorded through profit or loss. As at March 31, 2018, the fair value of this conversion feature is US$0.2 million and is included in other non-current financial liabilities. No amounts of the 6.5% convertible bonds have been converted or redeemed as at March 31, 2018. | ||||||||
[15] | In May 2010, Just Energy issued $330 million of convertible extendible unsecured subordinated debentures (the "6.0% convertible debentures"). The 6.0% convertible debentures bear interest at a rate of 6.0% per annum payable semi-annually in arrears on June 30 and December 31, with an original maturity date of June 30, 2017. On November 7, 2016, Just Energy redeemed $225 million of the 6.0% convertible debentures. Of the amount paid, $222 million was recorded as a reduction in the liability component of the 6.0% convertible debentures, a non-cash loss on early redemption of $3.1 million was classified as finance costs, and $12.9 million was recorded as an increase in contributed surplus. On February 21, 2017, Just Energy redeemed $94.6 million of the 6.0% convertible debentures. Of the amount paid, $93.4 million was recorded as a reduction in the liability component of the 6.0% convertible debentures, a non-cash loss on early redemption of $1.3 million was classified as finance costs, and $5.4 million was recorded as an increase in contributed surplus. | ||||||||
[16] | In May 2010, Just Energy issued $330 million of convertible extendible unsecured subordinated debentures (the "6.0% convertible debentures"). The 6.0% convertible debentures bear interest at a rate of 6.0% per annum payable semi-annually in arrears on June 30 and December 31, with an original maturity date of June 30, 2017. On November 7, 2016, Just Energy redeemed $225 million of the 6.0% convertible debentures. Of the amount paid, $222 million was recorded as a reduction in the liability component of the 6.0% convertible debentures, a non-cash loss on early redemption of $3.1 million was classified as finance costs, and $12.9 million was recorded as an increase in contributed surplus. On February 21, 2017, Just Energy redeemed $94.6 million of the 6.0% convertible debentures. Of the amount paid, $93.4 million was recorded as a reduction in the liability component of the 6.0% convertible debentures, a non-cash loss on early redemption of $1.3 million was classified as finance costs, and $5.4 million was recorded as an increase in contributed surplus. |
Note 19 - Long-term Debt and108
Note 19 - Long-term Debt and Financing - Finance costs (Details) - CAD ($) $ in Thousands | Feb. 21, 2017 | Nov. 07, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | |||
Statement Line Items [Line Items] | |||||||
Finance costs | $ 55,972 | $ 78,077 | |||||
Unwinding of discount and other | 4,893 | 1,060 | |||||
Credit facility [member] | |||||||
Statement Line Items [Line Items] | |||||||
Finance costs | [1] | 12,883 | 10,564 | ||||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | |||||||
Statement Line Items [Line Items] | |||||||
Finance costs | [2] | 497 | |||||
Senior subordinated 6.75% convertible debentures [member] | |||||||
Statement Line Items [Line Items] | |||||||
Finance costs | [3] | 12,773 | 7,090 | ||||
European-focused senior convertible unsecured 6.5% convertible bonds [member] | |||||||
Statement Line Items [Line Items] | |||||||
Finance costs | [4] | 15,753 | 16,418 | ||||
Unsecured subordinated 5.75% convertible debentures [member] | |||||||
Statement Line Items [Line Items] | |||||||
Finance costs | [5] | 9,173 | 8,135 | ||||
Convertible extendible unsecured 6.0% subordinated debentures [member] | |||||||
Statement Line Items [Line Items] | |||||||
Finance costs | $ 1,300 | $ 3,100 | [6] | 19,396 | [6] | ||
Loss on redemption of 6.0% convertible debentures [member] | |||||||
Statement Line Items [Line Items] | |||||||
Finance costs | [7] | 4,415 | |||||
Senior unsecured 9.75% note [member] | |||||||
Statement Line Items [Line Items] | |||||||
Finance costs | $ 10,999 | ||||||
[1] | As at March 31, 2018, Just Energy has a $342.5 million credit facility to meet working capital requirements, which includes an increase to the capacity by $50 million for a letter of credit facility (the "LC facility"), effective December 30, 2016. The principal amount outstanding under the LC facility is guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. The syndicate of lenders includes Shell Energy North America (Canada) Inc./Shell Energy North America (U.S.), L.P., Canadian Imperial Bank of Commerce ("CIBC"), National Bank of Canada, HSBC Bank Canada, Alberta Treasury Branches, JP Morgan Chase Bank, N.A. and Canadian Western Bank. Interest is payable on outstanding loans at rates that vary with Bankers’ Acceptance rates, LIBOR, Canadian bank prime rate or U.S. prime rate. Under the terms of the operating credit facility, Just Energy is able to make use of Bankers’ Acceptances and LIBOR advances at stamping fees of 3.40%. Prime rate advances are at a rate of bank prime (Canadian bank prime rate or U.S. prime rate) plus 2.40% and letters of credit are at a rate of 3.40%. Interest rates are adjusted quarterly based on certain financial performance indicators. As at March 31, 2018, the Canadian prime rate was 3.45% and the U.S. prime rate was 4.75%. Just Energy has drawn $122.1 million against the facility and the total letters of credit outstanding as of the current period amounted to $113.4 million (2017 - $109.2 million). As at March 31, 2018, Just Energy has $102 million of the facility remaining as well as a $5 million swing line with CIBC for future working capital and/or security requirements. Just Energy’s obligations under the credit facility are supported by guarantees of certain subsidiaries and affiliates and secured by a general security agreement and a pledge of the assets and securities of Just Energy and the majority of its operating subsidiaries and affiliates excluding, primarily, the international operations. Just Energy is required to meet a number of financial covenants under the various debt agreements. As at March 31, 2018, the Company was compliant with all of these covenants. Subsequent to March 31, 2018, the Company has renegotiated an agreement with a syndicate of lenders to extend Just Energy’s credit facility for an additional two years to September 1, 2020. For further details please refer to Note 34 to the consolidated financial statements. | ||||||
[2] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||
[3] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||
[4] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior convertible unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year, and have a maturity date of July 29, 2019. A Conversion Right in respect of a bond may be exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019. The initial conversion price is US$9.3762 per common share (being C$10.2819) but is subject to adjustments. In the event of the exercise of a Conversion Right, the Company may, at its option, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation in cash equal to the market value of the underlying shares to be received. As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% convertible bonds has been accounted for as a separate financial liability with an initial value of US$8,517. The remainder of the net proceeds of the 6.5% convertible bonds has been recorded as long-term debt, which is being accreted up to the face value of $150.0 million over the term of the 6.5% convertible bonds using an effective interest rate of 8.8%. At each reporting period, the conversion feature is recorded at fair value with changes in fair value recorded through profit or loss. As at March 31, 2018, the fair value of this conversion feature is US$0.2 million and is included in other non-current financial liabilities. No amounts of the 6.5% convertible bonds have been converted or redeemed as at March 31, 2018. | ||||||
[5] | In September 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the "5.75% convertible debentures"), which was used to fund an acquisition. The 5.75% convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year, and have a maturity date of September 30, 2018. Each $1,000 principal amount of the 5.75% convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 56.0 common shares of Just Energy, representing a conversion price of $17.85. On or after September 30, 2016, the 5.75% convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The Company may, at its option, on not more than 60 days' and not less than 30 days' prior notice, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation to repay all or any portion of the principal amount of the 5.75% convertible debentures that are to be redeemed or that are to mature, by issuing and delivering to the holders thereof that number of freely tradable common shares determined by dividing the principal amount of the 5.75% convertible debentures being repaid by 95% of the current market price on the date of redemption or maturity, as applicable. On March 27, 2018, Just Energy redeemed the 5.75% convertible debentures. Of the amount paid, $99.5 million was recorded as a reduction in the liability component of the 5.75% convertible debentures, a non-cash loss on early redemption of $0.5 million was classified as finance costs, and $7.1 million was recorded as an increase in contributed surplus. | ||||||
[6] | In May 2010, Just Energy issued $330 million of convertible extendible unsecured subordinated debentures (the "6.0% convertible debentures"). The 6.0% convertible debentures bear interest at a rate of 6.0% per annum payable semi-annually in arrears on June 30 and December 31, with an original maturity date of June 30, 2017. On November 7, 2016, Just Energy redeemed $225 million of the 6.0% convertible debentures. Of the amount paid, $222 million was recorded as a reduction in the liability component of the 6.0% convertible debentures, a non-cash loss on early redemption of $3.1 million was classified as finance costs, and $12.9 million was recorded as an increase in contributed surplus. On February 21, 2017, Just Energy redeemed $94.6 million of the 6.0% convertible debentures. Of the amount paid, $93.4 million was recorded as a reduction in the liability component of the 6.0% convertible debentures, a non-cash loss on early redemption of $1.3 million was classified as finance costs, and $5.4 million was recorded as an increase in contributed surplus. | ||||||
[7] | The senior unsecured note was originally issued in the amount of $105 million bearing interest at 9.75% and maturing in June 2018. Just Energy early redeemed $25 million on March 31, 2016 and June 30, 2016, respectively, with the remaining $55 million repaid on October 5, 2016. |
Note 19 - Long-term Debt and109
Note 19 - Long-term Debt and Financing - Finance costs (Details) (Parentheticals) $ in Thousands | Mar. 31, 2018CAD ($) | Feb. 22, 2018CAD ($) | Mar. 31, 2017CAD ($) | Oct. 05, 2016CAD ($) | Jan. 29, 2014USD ($) | Sep. 30, 2011CAD ($) | May 31, 2010CAD ($) | ||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Borrowings, interest rate | 6.75% | [1],[2],[3],[4] | 6.75% | 6.75% | |||||
Notional amount | $ 100,000 | [1],[2],[3],[4] | $ 100,000 | $ 100,000 | |||||
Senior subordinated 6.75% convertible debentures [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Borrowings, interest rate | 6.75% | [5],[6],[7],[8] | 6.75% | [6],[7] | 6.75% | ||||
Notional amount | $ 160,000 | [5],[6],[7],[8] | $ 160,000 | [6],[7] | $ 160,000 | ||||
European-focused senior convertible unsecured 6.5% convertible bonds [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Borrowings, interest rate | 6.50% | [9],[10] | 6.50% | [9],[10] | 6.50% | ||||
Notional amount | $ 150,000,000 | ||||||||
Unsecured subordinated 5.75% convertible debentures [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Borrowings, interest rate | 5.75% | [11],[12],[13],[14] | 5.75% | [12],[13] | 5.75% | ||||
Notional amount | $ 100,000 | ||||||||
Convertible extendible unsecured 6.0% subordinated debentures [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Borrowings, interest rate | 6.00% | 6.00% | [15],[16] | 6.00% | |||||
Notional amount | $ 330,000 | ||||||||
[1] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||||
[2] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||||
[3] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||||
[4] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||||
[5] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||||
[6] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||||
[7] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||||
[8] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders’ equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||||
[9] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior convertible unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year, and have a maturity date of July 29, 2019. A Conversion Right in respect of a bond may be exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019. The initial conversion price is US$9.3762 per common share (being C$10.2819) but is subject to adjustments. In the event of the exercise of a Conversion Right, the Company may, at its option, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation in cash equal to the market value of the underlying shares to be received. As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% convertible bonds has been accounted for as a separate financial liability with an initial value of US$8,517. The remainder of the net proceeds of the 6.5% convertible bonds has been recorded as long-term debt, which is being accreted up to the face value of $150.0 million over the term of the 6.5% convertible bonds using an effective interest rate of 8.8%. At each reporting period, the conversion feature is recorded at fair value with changes in fair value recorded through profit or loss. As at March 31, 2018, the fair value of this conversion feature is US$0.2 million and is included in other non-current financial liabilities. No amounts of the 6.5% convertible bonds have been converted or redeemed as at March 31, 2018. | ||||||||
[10] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior convertible unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year, and have a maturity date of July 29, 2019. A Conversion Right in respect of a bond may be exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019. The initial conversion price is US$9.3762 per common share (being C$10.2819) but is subject to adjustments. In the event of the exercise of a Conversion Right, the Company may, at its option, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation in cash equal to the market value of the underlying shares to be received. As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% convertible bonds has been accounted for as a separate financial liability with an initial value of US$8,517. The remainder of the net proceeds of the 6.5% convertible bonds has been recorded as long-term debt, which is being accreted up to the face value of $150.0 million over the term of the 6.5% convertible bonds using an effective interest rate of 8.8%. At each reporting period, the conversion feature is recorded at fair value with changes in fair value recorded through profit or loss. As at March 31, 2018, the fair value of this conversion feature is US$0.2 million and is included in other non-current financial liabilities. No amounts of the 6.5% convertible bonds have been converted or redeemed as at March 31, 2018. | ||||||||
[11] | In September 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the "5.75% convertible debentures"), which was used to fund an acquisition. The 5.75% convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year, and have a maturity date of September 30, 2018. Each $1,000 principal amount of the 5.75% convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 56.0 common shares of Just Energy, representing a conversion price of $17.85. On or after September 30, 2016, the 5.75% convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The Company may, at its option, on not more than 60 days' and not less than 30 days' prior notice, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation to repay all or any portion of the principal amount of the 5.75% convertible debentures that are to be redeemed or that are to mature, by issuing and delivering to the holders thereof that number of freely tradable common shares determined by dividing the principal amount of the 5.75% convertible debentures being repaid by 95% of the current market price on the date of redemption or maturity, as applicable. On March 27, 2018, Just Energy redeemed the 5.75% convertible debentures. Of the amount paid, $99.5 million was recorded as a reduction in the liability component of the 5.75% convertible debentures, a non-cash loss on early redemption of $0.5 million was classified as finance costs, and $7.1 million was recorded as an increase in contributed surplus. | ||||||||
[12] | In September 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the "5.75% convertible debentures"), which was used to fund an acquisition. The 5.75% convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year, and have a maturity date of September 30, 2018. Each $1,000 principal amount of the 5.75% convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 56.0 common shares of Just Energy, representing a conversion price of $17.85. On or after September 30, 2016, the 5.75% convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The Company may, at its option, on not more than 60 days' and not less than 30 days' prior notice, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation to repay all or any portion of the principal amount of the 5.75% convertible debentures that are to be redeemed or that are to mature, by issuing and delivering to the holders thereof that number of freely tradable common shares determined by dividing the principal amount of the 5.75% convertible debentures being repaid by 95% of the current market price on the date of redemption or maturity, as applicable. On March 27, 2018, Just Energy redeemed the 5.75% convertible debentures. Of the amount paid, $99.5 million was recorded as a reduction in the liability component of the 5.75% convertible debentures, a non-cash loss on early redemption of $0.5 million was classified as finance costs, and $7.1 million was recorded as an increase in contributed surplus. | ||||||||
[13] | In September 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the "5.75% convertible debentures"), which was used to fund an acquisition. The 5.75% convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year, and have a maturity date of September 30, 2018. Each $1,000 principal amount of the 5.75% convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 56.0 common shares of Just Energy, representing a conversion price of $17.85. On or after September 30, 2016, the 5.75% convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The Company may, at its option, on not more than 60 days' and not less than 30 days' prior notice, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation to repay all or any portion of the principal amount of the 5.75% convertible debentures that are to be redeemed or that are to mature, by issuing and delivering to the holders thereof that number of freely tradable common shares determined by dividing the principal amount of the 5.75% convertible debentures being repaid by 95% of the current market price on the date of redemption or maturity, as applicable. On March 27, 2018, Just Energy redeemed the 5.75% convertible debentures. Of the amount paid, $99.5 million was recorded as a reduction in the liability component of the 5.75% convertible debentures, a non-cash loss on early redemption of $0.5 million was classified as finance costs, and $7.1 million was recorded as an increase in contributed surplus. | ||||||||
[14] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior convertible unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year, and have a maturity date of July 29, 2019. A Conversion Right in respect of a bond may be exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019. The initial conversion price is US$9.3762 per common share (being C$10.2819) but is subject to adjustments. In the event of the exercise of a Conversion Right, the Company may, at its option, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation in cash equal to the market value of the underlying shares to be received. As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% convertible bonds has been accounted for as a separate financial liability with an initial value of US$8,517. The remainder of the net proceeds of the 6.5% convertible bonds has been recorded as long-term debt, which is being accreted up to the face value of $150.0 million over the term of the 6.5% convertible bonds using an effective interest rate of 8.8%. At each reporting period, the conversion feature is recorded at fair value with changes in fair value recorded through profit or loss. As at March 31, 2018, the fair value of this conversion feature is US$0.2 million and is included in other non-current financial liabilities. No amounts of the 6.5% convertible bonds have been converted or redeemed as at March 31, 2018. | ||||||||
[15] | In May 2010, Just Energy issued $330 million of convertible extendible unsecured subordinated debentures (the "6.0% convertible debentures"). The 6.0% convertible debentures bear interest at a rate of 6.0% per annum payable semi-annually in arrears on June 30 and December 31, with an original maturity date of June 30, 2017. On November 7, 2016, Just Energy redeemed $225 million of the 6.0% convertible debentures. Of the amount paid, $222 million was recorded as a reduction in the liability component of the 6.0% convertible debentures, a non-cash loss on early redemption of $3.1 million was classified as finance costs, and $12.9 million was recorded as an increase in contributed surplus. On February 21, 2017, Just Energy redeemed $94.6 million of the 6.0% convertible debentures. Of the amount paid, $93.4 million was recorded as a reduction in the liability component of the 6.0% convertible debentures, a non-cash loss on early redemption of $1.3 million was classified as finance costs, and $5.4 million was recorded as an increase in contributed surplus. | ||||||||
[16] | In May 2010, Just Energy issued $330 million of convertible extendible unsecured subordinated debentures (the "6.0% convertible debentures"). The 6.0% convertible debentures bear interest at a rate of 6.0% per annum payable semi-annually in arrears on June 30 and December 31, with an original maturity date of June 30, 2017. On November 7, 2016, Just Energy redeemed $225 million of the 6.0% convertible debentures. Of the amount paid, $222 million was recorded as a reduction in the liability component of the 6.0% convertible debentures, a non-cash loss on early redemption of $3.1 million was classified as finance costs, and $12.9 million was recorded as an increase in contributed surplus. On February 21, 2017, Just Energy redeemed $94.6 million of the 6.0% convertible debentures. Of the amount paid, $93.4 million was recorded as a reduction in the liability component of the 6.0% convertible debentures, a non-cash loss on early redemption of $1.3 million was classified as finance costs, and $5.4 million was recorded as an increase in contributed surplus. |
Note 20 - Provisions - Componen
Note 20 - Provisions - Components of Provisions (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | ||
Balance, beginning of year | $ 8,215 | $ 17,989 |
Provisions reversed and used during the year | (3,323) | (10,602) |
Unwinding of discount | 389 | |
Foreign exchange impact | (178) | 439 |
Balance, end of year | $ 4,714 | $ 8,215 |
Note 21 - Income Taxes (Details
Note 21 - Income Taxes (Details Textual) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | ||
Applicable tax rate | 26.50% | 26.50% |
Note 21 - Income Taxes - Compon
Note 21 - Income Taxes - Components of Tax Expenses (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | ||
Current tax expense | $ 2,555 | $ 27,123 |
Deferred tax expense (benefit) | ||
Origination and reversal of temporary differences | 129,177 | 152,945 |
Benefit arising from previously unrecognized tax loss or temporary difference | (111,058) | (136,837) |
Deferred tax expense | 18,119 | 16,108 |
Provision for income taxes | $ 20,674 | $ 43,231 |
Note 21 - Income Taxes - Reconc
Note 21 - Income Taxes - Reconciliation of the Effective Tax Rate (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | ||
Income before income taxes | $ 539,248 | $ 514,114 |
Combined statutory Canadian federal and provincial income tax rate | 26.50% | 26.50% |
Income tax expense based on statutory rate | $ 142,901 | $ 136,240 |
Increase (decrease) in income taxes resulting from: | ||
Benefit of mark-to-market loss and other temporary differences not recognized | (111,058) | (136,837) |
Variance between combined Canadian tax rate and the tax rate applicable to foreign earnings | 1,000 | 40,396 |
Other permanent items | (12,169) | 3,432 |
Provision for income taxes | $ 20,674 | $ 43,231 |
Note 21 - Income Taxes - Recogn
Note 21 - Income Taxes - Recognized Deferred Tax Assets and Liabilities (Details) - CAD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Statement Line Items [Line Items] | ||
Total deferred tax asset | $ 96,405 | $ 38,560 |
Offset of deferred taxes | (93,873) | (17,292) |
Net deferred tax asset | 2,532 | 21,268 |
Total deferred tax liability | (93,873) | (17,292) |
Offset of deferred taxes | 93,873 | 17,292 |
Mark to market gains (losses) on derivative instruments [member] | ||
Statement Line Items [Line Items] | ||
Total deferred tax asset | 17,580 | 28,667 |
Total deferred tax liability | (54,158) | (391) |
Tax losses and excess of tax basis over book basis [member] | ||
Statement Line Items [Line Items] | ||
Total deferred tax asset | 78,825 | 9,893 |
Partnership income deferred for tax [member] | ||
Statement Line Items [Line Items] | ||
Total deferred tax liability | (6,249) | (8,281) |
Book to tax differences on other assets [member] | ||
Statement Line Items [Line Items] | ||
Total deferred tax liability | (30,480) | (4,476) |
Convertible debentures [member] | ||
Statement Line Items [Line Items] | ||
Total deferred tax liability | $ (2,986) | $ (4,144) |
Note 21 - Income Taxes - Moveme
Note 21 - Income Taxes - Movement in Deferred Tax Balances (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | ||
Recognized in profit or loss | $ (10,948) | $ (16,108) |
Cumulative Translation Adjustment | (7,788) | (2,207) |
Balance | 2,532 | 21,268 |
Balance | 21,268 | 39,583 |
Partnership income deferred for tax [member] | ||
Statement Line Items [Line Items] | ||
Recognized in profit or loss | 2,032 | 14,025 |
Cumulative Translation Adjustment | ||
Balance | (6,249) | (8,281) |
Balance | (8,281) | (22,306) |
Book to tax differences on other assets [member] | ||
Statement Line Items [Line Items] | ||
Recognized in profit or loss | 51,864 | (11,557) |
Cumulative Translation Adjustment | (7,788) | (2,207) |
Balance | 48,345 | 4,269 |
Balance | 4,269 | 19,181 |
Book to tax differences - customer contracts [member] | ||
Statement Line Items [Line Items] | ||
Recognized in profit or loss | 5,139 | |
Cumulative Translation Adjustment | ||
Balance | ||
Balance | (5,139) | |
Mark to market gains (losses) on derivative instruments [member] | ||
Statement Line Items [Line Items] | ||
Recognized in profit or loss | (66,002) | (22,205) |
Cumulative Translation Adjustment | ||
Balance | (36,578) | 29,424 |
Balance | 29,424 | 50,481 |
Convertible debentures [member] | ||
Statement Line Items [Line Items] | ||
Recognized in profit or loss | 1,158 | (1,510) |
Cumulative Translation Adjustment | ||
Balance | (2,986) | (4,144) |
Balance | $ (4,144) | $ (2,634) |
Note 21 - Income Taxes - Unreco
Note 21 - Income Taxes - Unrecognized Deferred Tax Assets (Details) - CAD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Statement Line Items [Line Items] | ||
Excess of tax over book basis | $ 15,824 | $ 14,718 |
Alternative minimum tax credit carryforward | 2,068 | |
Losses available for carryforward [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax assets not reflected | 55,745 | |
Mark to market gains (losses) on derivative instruments [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax assets not reflected | $ 86,767 |
Note 21 - Income Taxes - Losses
Note 21 - Income Taxes - Losses Available for Carryforward (Details) - CAD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Statement Line Items [Line Items] | ||
Total deferred tax asset | $ 96,405 | $ 38,560 |
Unused tax losses [member] | ||
Statement Line Items [Line Items] | ||
Total deferred tax asset | 138,372 | |
Unused tax losses [member] | Later than ten years and not later than eleven years [member] | ||
Statement Line Items [Line Items] | ||
Total deferred tax asset | ||
Unused tax losses [member] | Later than eleven years and not later than twelve years [member] | ||
Statement Line Items [Line Items] | ||
Total deferred tax asset | ||
Unused tax losses [member] | Later than twelve years [member] | ||
Statement Line Items [Line Items] | ||
Total deferred tax asset | $ 138,372 |
Note 22 - Shareholders' Capi118
Note 22 - Shareholders' Capital (Details Textual) $ / shares in Thousands, $ in Thousands | Feb. 07, 2017USD ($)shares | Mar. 31, 2018CAD ($) | Mar. 31, 2017CAD ($) | Mar. 16, 2018 | Mar. 03, 2018$ / sharesshares |
Statement Line Items [Line Items] | |||||
Par value per share | $ / shares | $ 0 | ||||
Proceeds from issue of preference shares | $ 9,260 | $ 132,973 | |||
Payments to acquire or redeem entity's shares | 11,941 | 6,549 | |||
Subordinated unsecured 5.75% convertible debentures [member] | |||||
Statement Line Items [Line Items] | |||||
Borrowings, interest rate | 5.75% | ||||
Preference shares [member] | |||||
Statement Line Items [Line Items] | |||||
Number of shares authorised | shares | 50,000,000 | ||||
Series A fixed-to-floating rate cumulative redeemable perpetual preferred shares issued in a public offering [member] | |||||
Statement Line Items [Line Items] | |||||
Number of shares issued and fully paid | shares | 4,000,000 | ||||
Expected dividend, preference share | 8.50% | ||||
Weighted average share price | $ 25 | ||||
Proceeds from issue of preference shares | $ 100,000,000 | ||||
Series A fixed-to-floating rate cumulative redeemable perpetual preferred shares issued in a private placement [member] | |||||
Statement Line Items [Line Items] | |||||
Number of shares issued and fully paid | shares | 40,000 | ||||
Weighted average share price | $ 25 | ||||
Proceeds from issue of preference shares | $ 1,000,000 | ||||
Normal course issuer bid for convertible debentures and common shares [member] | |||||
Statement Line Items [Line Items] | |||||
Maximum percentage allowable for repurchase of outstanding public float | 10.00% | ||||
Payments to acquire or redeem entity's shares | $ 11,900 | $ 0 |
Note 22 - Shareholders' Capi119
Note 22 - Shareholders' Capital - Classes of Share Capital (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | ||
Balance | $ (149,326) | |
Balance | $ 230,743 | $ (149,326) |
Issued capital [member] | ||
Statement Line Items [Line Items] | ||
Balance (in shares) | 151,053,538 | |
Balance | $ 1,198,439 | |
Balance (in shares) | 152,717,452 | 151,053,538 |
Balance | $ 1,215,826 | $ 1,198,439 |
Ordinary shares [member] | ||
Statement Line Items [Line Items] | ||
Balance (in shares) | 147,013,538 | 147,183,778 |
Balance | $ 1,070,076 | $ 1,069,434 |
Share-based awards exercised (in shares) | 1,643,156 | 679,760 |
Share-based units exercised | $ 11,954 | $ 7,191 |
Acquisition of a subsidiary (in shares) | 1,415,285 | |
Acquisition of subsidiary | $ 8,966 | |
Repurchase and cancellation of shares (in shares) | (1,677,827) | (850,000) |
Repurchase and cancellation of shares | $ (11,941) | $ (6,549) |
Balance (in shares) | 148,394,152 | 147,013,538 |
Balance | $ 1,079,055 | $ 1,070,076 |
Ordinary shares [member] | Issued capital [member] | ||
Statement Line Items [Line Items] | ||
Balance | 1,070,076 | 1,069,434 |
Share-based units exercised | 11,954 | 7,191 |
Acquisition of subsidiary | 8,966 | |
Repurchase and cancellation of shares | (11,941) | (6,549) |
Balance | $ 1,079,055 | $ 1,070,076 |
Preference shares [member] | ||
Statement Line Items [Line Items] | ||
Balance (in shares) | 4,040,000 | |
Balance | $ 128,363 | |
Balance (in shares) | 4,323,300 | 4,040,000 |
Balance | $ 136,771 | $ 128,363 |
Shares issued for cash (in shares) | 283,300 | 4,040,000 |
Shares issued | $ 9,260 | $ 132,973 |
Shares issuance costs | (852) | (4,610) |
Preference shares [member] | Issued capital [member] | ||
Statement Line Items [Line Items] | ||
Balance | 128,363 | |
Balance | 136,771 | 128,363 |
Shares issued | 9,260 | 132,973 |
Shares issuance costs | $ (852) | $ (4,610) |
Note 23 - Share-based Compen120
Note 23 - Share-based Compensation Plans (Details Textual) | 12 Months Ended | |||||
Mar. 31, 2018CAD ($)shares | Mar. 31, 2017CAD ($)shares | Mar. 31, 2018 | Mar. 31, 2018CAD ($) | Mar. 31, 2017 | Mar. 31, 2016shares | |
Statement Line Items [Line Items] | ||||||
Maximum number of options available for grant | shares | 11,300,000 | |||||
Number of options available for grant remaining | shares | 814,166 | |||||
Number of share options outstanding in share-based payment arrangement at end of period | 500,000 | |||||
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period | $ 7.88 | |||||
Number of share options granted in share-based payment arrangement | 0 | |||||
Restricted share grants [member] | ||||||
Statement Line Items [Line Items] | ||||||
Number of other equity instruments available for grant in a share-based payment arrangement | 3,004,624 | 4,107,830 | 4,591,312 | |||
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 1,635,882 | 1,668,780 | ||||
Number of common shares issued on vesting of one unit of other equity instrument | shares | 1 | |||||
Number of other equity instruments granted in share-based payment arrangement | 1,716,743 | 676,270 | ||||
Weighted average exercise price of other equity instruments granted in share-based payment arrangement | $ 6.94 | $ 7.91 | ||||
Restricted share grants [member] | Senior management [member] | ||||||
Statement Line Items [Line Items] | ||||||
Number of other equity instruments granted in share-based payment arrangement | 420,000 | |||||
Performance bonus grants [member] | ||||||
Statement Line Items [Line Items] | ||||||
Number of other equity instruments available for grant in a share-based payment arrangement | 2,270,480 | 2,650,513 | 2,270,480 | 2,650,513 | 2,842,409 | |
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 1,050,094 | 1,158,025 | ||||
Number of other equity instruments granted in share-based payment arrangement | 812,787 | 278,680 | ||||
Weighted average exercise price of other equity instruments granted in share-based payment arrangement | $ 7.08 | $ 7.96 | ||||
Number of performance payments | 3 | |||||
Percentage payout of performance payments | 33.00% | |||||
Deferred share grants [member] | ||||||
Statement Line Items [Line Items] | ||||||
Number of other equity instruments available for grant in a share-based payment arrangement | 77,405 | 117,936 | 77,405 | 117,936 | 147,430 | |
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 114,949 | 93,506 | ||||
Vesting period, other equity instruments granted | 3 | |||||
Number of other equity instruments granted in share-based payment arrangement | 40,531 | 29,494 | ||||
Weighted average exercise price of other equity instruments granted in share-based payment arrangement | $ 6.32 | $ 7.54 | ||||
Annual deferred share grants compensation percentage | 15.00% | |||||
Bottom of range [member] | ||||||
Statement Line Items [Line Items] | ||||||
Vesting period, share options granted | 3 | |||||
Option life, share options granted | 5 | |||||
Bottom of range [member] | Restricted share grants [member] | ||||||
Statement Line Items [Line Items] | ||||||
Vesting period, other equity instruments granted | 1 | |||||
Top of range [member] | ||||||
Statement Line Items [Line Items] | ||||||
Vesting period, share options granted | 5 | |||||
Option life, share options granted | 10 | |||||
Top of range [member] | Restricted share grants [member] | ||||||
Statement Line Items [Line Items] | ||||||
Vesting period, other equity instruments granted | 5 | |||||
Instrument life, other equity instruments granted | 10 | |||||
Top of range [member] | Performance bonus grants [member] | ||||||
Statement Line Items [Line Items] | ||||||
Instrument life, other equity instruments granted | 3 | |||||
Top of range [member] | Deferred share grants [member] | ||||||
Statement Line Items [Line Items] | ||||||
Instrument life, other equity instruments granted | 10 |
Note 23 - Share-Based Compen121
Note 23 - Share-Based Compensation Plans - Restricted Share Grants Available for Grant (Details) - Restricted share grants [member] | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | ||
Balance, beginning of year | 4,107,830 | 4,591,312 |
Less: Granted | (1,716,743) | (676,270) |
Add: Cancelled/forfeited | 613,537 | 192,788 |
Balance, end of year | 3,004,624 | 4,107,830 |
Note 23 - Share- Based Compensa
Note 23 - Share- Based Compensation Plans - Performance Bonus Grants Available for Grant (Details) - Performance bonus grants [member] | 12 Months Ended | |||
Mar. 31, 2018shares | Mar. 31, 2018 | Mar. 31, 2017shares | Mar. 31, 2017 | |
Statement Line Items [Line Items] | ||||
Balance, beginning of year | 2,650,513 | 2,650,513 | 2,842,409 | |
Less: Granted | (812,787) | (278,680) | ||
Add: Cancelled/forfeited | 432,754 | 86,784 | ||
Balance, end of year | 2,270,480 | 2,270,480 | 2,650,513 | 2,650,513 |
Note 23 - Share-based Compen123
Note 23 - Share-based Compensation Plans - Deferred Share Grants Available for Grant (Details) - Deferred share grants [member] | 12 Months Ended | |||
Mar. 31, 2018shares | Mar. 31, 2018 | Mar. 31, 2017shares | Mar. 31, 2017 | |
Statement Line Items [Line Items] | ||||
Balance, beginning of year | 117,936 | 117,936 | 147,430 | |
Less: Granted | (40,531) | (29,494) | ||
Balance, end of year | 77,405 | 77,405 | 117,936 | 117,936 |
Note 24 - Reportable Busines124
Note 24 - Reportable Business Segments - Components of Segments (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | ||
Sales | $ 3,626,570 | $ 3,757,054 |
Gross margin | 640,927 | 695,971 |
Administrative expenses | 194,699 | 168,433 |
Selling and marketing expenses | 233,040 | 226,308 |
Depreciation of property, plant and equipment | 4,115 | 6,579 |
Amortization of intangible assets | 16,699 | 15,941 |
Other operating expenses | 74,684 | 62,117 |
Profit (loss) from operations | 117,690 | 216,593 |
Finance costs | (55,972) | (78,077) |
Change in fair value of derivative instruments and other | 474,356 | 374,791 |
Other income | 3,174 | 807 |
Provision for income taxes | (20,674) | (43,231) |
Profit for the year | 518,574 | 470,883 |
Capital expenditures | 35,776 | 26,389 |
Goodwill | 300,673 | 289,201 |
Total assets | 1,646,809 | 1,237,955 |
Total liabilities | 1,416,066 | 1,387,281 |
Consumer division [member] | ||
Statement Line Items [Line Items] | ||
Sales | 2,235,093 | 2,083,833 |
Gross margin | 487,591 | 512,919 |
Administrative expenses | 157,513 | 129,882 |
Selling and marketing expenses | 157,997 | 142,883 |
Depreciation of property, plant and equipment | 3,775 | 6,259 |
Amortization of intangible assets | 12,707 | 13,637 |
Other operating expenses | 69,884 | 51,914 |
Profit (loss) from operations | 85,715 | 168,344 |
Finance costs | ||
Change in fair value of derivative instruments and other | ||
Other income | ||
Provision for income taxes | ||
Profit for the year | ||
Capital expenditures | 32,252 | 17,681 |
Goodwill | 147,252 | 146,669 |
Total assets | 1,180,741 | 712,899 |
Total liabilities | 875,587 | 1,214,561 |
Commercial division [member] | ||
Statement Line Items [Line Items] | ||
Sales | 1,391,477 | 1,673,221 |
Gross margin | 153,336 | 183,052 |
Administrative expenses | 37,186 | 38,551 |
Selling and marketing expenses | 75,043 | 83,425 |
Depreciation of property, plant and equipment | 340 | 320 |
Amortization of intangible assets | 3,992 | 2,304 |
Other operating expenses | 4,800 | 10,203 |
Profit (loss) from operations | 31,975 | 48,249 |
Finance costs | ||
Change in fair value of derivative instruments and other | ||
Other income | ||
Provision for income taxes | ||
Profit for the year | ||
Capital expenditures | 3,524 | 8,708 |
Goodwill | 153,421 | 142,532 |
Total assets | 466,068 | 525,056 |
Total liabilities | $ 540,479 | $ 172,720 |
Note 24 - Reportable Busines125
Note 24 - Reportable Business Segments - Geographical Disclosure (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | ||
Sales | $ 3,626,570 | $ 3,757,054 |
Non-current assets | 420,819 | 379,669 |
CANADA | ||
Statement Line Items [Line Items] | ||
Sales | 414,183 | 476,208 |
Non-current assets | 201,985 | 189,911 |
UNITED STATES | ||
Statement Line Items [Line Items] | ||
Sales | 2,465,794 | 2,793,004 |
Non-current assets | 207,147 | 182,840 |
International [member] | ||
Statement Line Items [Line Items] | ||
Sales | 746,593 | 487,842 |
Non-current assets | $ 11,687 | $ 6,918 |
Note 25 - Other Expenses - Othe
Note 25 - Other Expenses - Other Operating Expenses (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | ||
Amortization of intangible assets | $ 16,699 | $ 15,941 |
Depreciation of property, plant and equipment | 4,115 | 6,579 |
Provision for doubtful accounts | 56,331 | 56,041 |
Share-based compensation | 18,353 | 6,076 |
$ 95,498 | $ 84,637 |
Note 25 - Other Expenses - Comp
Note 25 - Other Expenses - Components of Cost of Sales (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | ||
Amortization | $ 3,116 | $ 2,974 |
Direct energy costs and other | 2,982,527 | 3,058,109 |
$ 2,985,643 | $ 3,061,083 |
Note 25 - Other Expenses - Empl
Note 25 - Other Expenses - Employee Benefits Expense (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | ||
Wages, salaries and commissions | $ 237,867 | $ 206,499 |
Benefits | 24,100 | 19,946 |
$ 261,967 | $ 226,445 |
Note 26 - Impairment Testing129
Note 26 - Impairment Testing of Goodwill and Intangible Assets With Indefinite Lives (Details Textual) | Mar. 31, 2018 |
Statement Line Items [Line Items] | |
Expected rate of return on investment | 8.5 |
Note 26 - Impairment Testing130
Note 26 - Impairment Testing of Goodwill and Intangible Assets With Indefinite Lives - Intangible Assets and Goodwill (Details) - CAD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Statement Line Items [Line Items] | ||
Goodwill | $ 300,673 | $ 289,201 |
Brand | 30,205 | 31,154 |
401,926 | 357,987 | |
Goodwill and brand names [member] | ||
Statement Line Items [Line Items] | ||
330,878 | 320,355 | |
GERMANY | ||
Statement Line Items [Line Items] | ||
Goodwill | 5,395 | |
Brand | ||
GERMANY | Goodwill and brand names [member] | ||
Statement Line Items [Line Items] | ||
5,395 | ||
Consumer division [member] | ||
Statement Line Items [Line Items] | ||
Goodwill | 147,252 | 146,669 |
Brand | 16,491 | |
Consumer division [member] | Goodwill and brand names [member] | ||
Statement Line Items [Line Items] | ||
163,160 | ||
Consumer division [member] | The North America [member] | ||
Statement Line Items [Line Items] | ||
Goodwill | 128,502 | |
Brand | 15,405 | |
Consumer division [member] | The North America [member] | Goodwill and brand names [member] | ||
Statement Line Items [Line Items] | ||
143,907 | ||
Consumer division [member] | UNITED KINGDOM | ||
Statement Line Items [Line Items] | ||
Goodwill | 13,355 | |
Brand | ||
Consumer division [member] | UNITED KINGDOM | Goodwill and brand names [member] | ||
Statement Line Items [Line Items] | ||
13,355 | ||
Commercial division [member] | ||
Statement Line Items [Line Items] | ||
Goodwill | 153,421 | 142,532 |
Brand | 14,663 | |
Commercial division [member] | Goodwill and brand names [member] | ||
Statement Line Items [Line Items] | ||
$ 157,195 | ||
Commercial division [member] | The North America [member] | ||
Statement Line Items [Line Items] | ||
Goodwill | 153,421 | |
Brand | 14,800 | |
Commercial division [member] | The North America [member] | Goodwill and brand names [member] | ||
Statement Line Items [Line Items] | ||
168,221 | ||
Commercial division [member] | UNITED KINGDOM | ||
Statement Line Items [Line Items] | ||
Goodwill | ||
Brand | ||
Commercial division [member] | UNITED KINGDOM | Goodwill and brand names [member] | ||
Statement Line Items [Line Items] | ||
Note 27 - Earnings Per Share -
Note 27 - Earnings Per Share - Components of Earning Per Share (Details) - CAD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
BASIC EARNINGS PER SHARE | |||
Profit as per consolidated statement of income | $ 509,276 | $ 446,412 | |
Dividend to preferred shareholders - net of tax | 8,364 | 1,218 | |
Earnings available to shareholders | $ 500,912 | $ 445,194 | |
Basic weighted average shares outstanding (in shares) | 147,039,737 | 147,589,186 | |
Basic earnings per share available to shareholders (in CAD per share) | $ 3.41 | $ 3.02 | |
DILUTED EARNINGS PER SHARE | |||
Earnings available to shareholders | $ 500,912 | $ 445,194 | |
Increase (decrease) through conversion of convertible instruments, equity | 22,407 | 12,776 | |
Adjusted earnings available to shareholders | $ 523,319 | $ 457,970 | |
Basic weighted average shares outstanding (in shares) | 147,039,737 | 147,589,186 | |
Restricted share and performance bonus grants (in shares) | 2,924,587 | 2,945,119 | |
Deferred share grants (in shares) | 95,536 | 81,176 | |
Convertible debentures (in shares) | 49,979,055 | 38,804,494 | [1] |
Shares outstanding on a diluted basis (in shares) | 200,038,914 | 189,419,975 | |
Diluted earnings per share available to shareholders (in CAD per share) | $ 2.62 | $ 2.42 | |
[1] | The assumed conversion into shares results in an anti-dilutive position in the prior year; therefore, this item has not been included in the computation of dilutive earnings per share. |
Note 29 - Related Party Tran132
Note 29 - Related Party Transactions and Key Management Personnel Remuneration (Details Textual) | Mar. 31, 2018 | Mar. 31, 2017 |
Key management personnel of entity or parent [member] | Restricted share grants and performance bonus grants [member] | ||
Statement Line Items [Line Items] | ||
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 1,774,094 | 2,126,745 |
Note 29 - Related Party Tran133
Note 29 - Related Party Transactions and Key Management Personnel Remuneration - Components of Expenses (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | ||
Salaries and benefits | $ 8,939 | $ 7,199 |
Share-based compensation, net | 3,738 | 3,223 |
$ 12,677 | $ 10,422 |
Note 30 - Dividends Paid (Detai
Note 30 - Dividends Paid (Details Textual) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018CAD ($)$ / shares | Mar. 31, 2018$ / shares | Mar. 31, 2017CAD ($)$ / shares | |
Ordinary shares [member] | |||
Statement Line Items [Line Items] | |||
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share | $ / shares | $ 0.50 | $ 0.50 | |
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners | $ 74,881 | $ 75,094 | |
Preference shares [member] | |||
Statement Line Items [Line Items] | |||
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share | (per share) | $ 2.125 | $ 0.3128 | |
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners | $ 11,380 | $ 1,657 |
Note 31 - Commitments and Gu135
Note 31 - Commitments and Guarantees (Details Textual) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018CAD ($) | Mar. 31, 2017CAD ($) | |
Credit facility [member] | ||
Statement Line Items [Line Items] | ||
Borrowings, letters of credit | $ 113,400 | $ 109,200 |
Surety bond [member] | ||
Statement Line Items [Line Items] | ||
Estimated financial effect of contingent liabilities | 56,500 | |
Contingent liability for guarantees [member] | ||
Statement Line Items [Line Items] | ||
Estimated financial effect of contingent liabilities | $ 78,600 | |
Bottom of range [member] | ||
Statement Line Items [Line Items] | ||
Leasing period | 1 | |
Top of range [member] | ||
Statement Line Items [Line Items] | ||
Leasing period | 8 |
Note 31 - Commitments and Gu136
Note 31 - Commitments and Guarantees - Commitments (Details) $ in Thousands | Mar. 31, 2018CAD ($) |
Statement Line Items [Line Items] | |
Premises and equipment leasing | $ 26,255 |
Gas, electricity and non-commodity contracts | 3,171,022 |
3,197,277 | |
Not later than one year [member] | |
Statement Line Items [Line Items] | |
Premises and equipment leasing | 4,874 |
Gas, electricity and non-commodity contracts | 1,867,383 |
1,872,257 | |
Later than one year and not later than three years [member] | |
Statement Line Items [Line Items] | |
Premises and equipment leasing | 7,388 |
Gas, electricity and non-commodity contracts | 1,202,940 |
1,210,328 | |
Later than four years and not later than five years [member] | |
Statement Line Items [Line Items] | |
Premises and equipment leasing | 6,691 |
Gas, electricity and non-commodity contracts | 69,658 |
76,349 | |
Later than five years [member] | |
Statement Line Items [Line Items] | |
Premises and equipment leasing | 7,302 |
Gas, electricity and non-commodity contracts | 31,041 |
$ 38,343 |
Note 32 - Adjustments Requir137
Note 32 - Adjustments Required to Reflect Net Cash Receipts From Gas Sales - Schedule of Adjustments (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | ||
Accrued gas receivable | $ 459 | $ (2,735) |
Gas delivered in excess of consumption | 516 | 3,106 |
Accrued gas payable | (276) | 1,284 |
Deferred revenue | (3,575) | (2,336) |
$ (2,876) | $ (681) |
Note 33 - Changes in Non-cas138
Note 33 - Changes in Non-cash Working Capital - Components of changes in Non-cash Working Capital (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | ||
Accounts receivable and unbilled revenues | $ (108,900) | $ 18,069 |
Gas in storage | 538 | (9,282) |
Prepaid expenses and deposits | (15,534) | 3,361 |
Provisions | (3,501) | (9,774) |
Trade and other payables | 90,972 | (25,130) |
$ (36,425) | $ (22,756) |
Note 34 - Subsequent Events (De
Note 34 - Subsequent Events (Details Textual) - Credit facility [member] - CAD ($) $ in Thousands | Apr. 18, 2018 | Mar. 31, 2018 |
Statement Line Items [Line Items] | ||
Borrowings facility, maximum borrowing capacity | $ 342,500 | |
Debt agreement renegotiation [member] | ||
Statement Line Items [Line Items] | ||
Borrowings, additional term | 2 years | |
Borrowings facility, maximum borrowing capacity | $ 352,500 | |
Borrowings, debt accordion | $ 370,000 |