Document And Entity Information
Document And Entity Information | 3 Months Ended |
Jun. 30, 2018 | |
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 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Interim Condensed Consolidated
Interim Condensed Consolidated Statements of Financial Position (June Periods Unaudited) - CAD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 42,084 | $ 48,861 |
Restricted cash | 3,593 | 3,515 |
Trade and other receivables | 677,233 | 697,307 |
Gas in storage | 23,912 | 11,812 |
Other current assets | 141,971 | 109,697 |
Fair value of derivative financial assets | 126,480 | 218,769 |
Corporate tax recoverable | 10,312 | 5,617 |
1,025,585 | 1,095,578 | |
Non-current assets | ||
Investments | 36,396 | 36,314 |
Property, plant and equipment | 23,395 | 18,893 |
Intangible assets | 411,955 | 401,926 |
Other non-current assets | 41,001 | 19,987 |
Fair value of derivative financial assets, non-current | 86,788 | 64,662 |
Deferred tax asset | 1,680 | 9,449 |
601,215 | 551,231 | |
TOTAL ASSETS | 1,626,800 | 1,646,809 |
Current liabilities | ||
Trade and other payables | 638,420 | 616,434 |
Deferred revenue | 52,567 | 41,684 |
Income taxes payable | 1,454 | 7,304 |
Fair value of derivative financial liabilities | 48,789 | 86,288 |
Provisions | 5,721 | 4,714 |
Current portion of long-term debt | 121,451 | |
746,951 | 877,875 | |
Non-current liabilities | ||
Long-term debt | 578,862 | 422,053 |
Deferred lease inducements | 746 | 773 |
Fair value of derivative financial liabilities | 50,918 | 51,871 |
Other non-current liabilities | 52,630 | 56,576 |
Deferred tax liability | 9,683 | 6,918 |
692,839 | 538,191 | |
TOTAL LIABILITIES | 1,439,790 | 1,416,066 |
SHAREHOLDERS' EQUITY | ||
Shareholders’ capital | 1,231,017 | 1,215,826 |
Equity component of convertible debentures | 13,029 | 13,029 |
Contributed deficit | (24,590) | (22,693) |
Deficit | (1,109,859) | (1,066,931) |
Accumulated other comprehensive income | 77,821 | 91,934 |
Non-controlling interest | (408) | (422) |
TOTAL SHAREHOLDERS' EQUITY | 187,010 | 230,743 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,626,800 | $ 1,646,809 |
Interim Condensed Consolidated3
Interim Condensed Consolidated Statements of Income - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
OPERATIONS | ||||||
Sales | $ 876,457 | $ 847,706 | ||||
Cost of sales | 722,925 | 690,143 | ||||
GROSS MARGIN | 153,532 | 157,563 | $ 636,896 | $ 690,862 | ||
EXPENSES | ||||||
Administrative | 55,682 | 48,631 | ||||
Selling and marketing | 50,543 | 58,076 | ||||
Other operating expenses | 27,818 | 34,976 | ||||
134,043 | 141,683 | |||||
Operating profit before the following | 19,489 | 15,880 | ||||
Finance costs | (16,340) | (11,990) | ||||
Change in fair value of derivative instruments and other | (36,556) | 110,617 | ||||
Other income (loss) | (55) | 1,599 | ||||
Profit (loss) before income taxes | (33,462) | 116,106 | $ (33,462) | $ 116,106 | ||
Provision for income taxes | 7,961 | 6,797 | ||||
PROFIT (LOSS) FOR THE PERIOD | (41,423) | 109,309 | 367,842 | 97,522 | ||
Attributable to: | ||||||
Shareholders of Just Energy | (41,377) | 103,858 | ||||
Non-controlling interest | (46) | 5,451 | ||||
PROFIT (LOSS) FOR THE PERIOD | $ (41,423) | $ 109,309 | $ 367,842 | $ 97,522 | ||
Earnings (loss) per share available to shareholders | ||||||
Basic (in CAD per share) | $ (0.29) | $ 0.69 | ||||
Diluted (in CAD per share) | $ (0.29) | $ 0.52 |
Interim Condensed Consolidated4
Interim Condensed Consolidated Statements of Comprehensive Income - CAD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Statement Line Items [Line Items] | ||
PROFIT (LOSS) FOR THE PERIOD | $ (41,423) | $ 109,309 |
Other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods: | ||
Unrealized gain (loss) on translation of foreign operations | 3,750 | (4,768) |
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD, NET OF TAX | (37,673) | 104,541 |
Total comprehensive income (loss) attributable to: | ||
Shareholders of Just Energy | (37,627) | 99,090 |
Non-controlling interest | (46) | 5,451 |
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD, NET OF TAX | $ (37,673) | $ 104,541 |
Interim Condensed Consolidated5
Interim Condensed Consolidated Statements of Changes In Shareholders' Equity (deficiency) (unaudited) - CAD ($) $ in Thousands | Retained earnings attributable to accumulated earnings (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, 2017 | $ 259,571 | $ (1,749,471) | $ 70,361 | $ 1,070,076 | $ 128,363 | $ 13,508 | $ 58,266 | $ 1,070,076 | $ 128,363 | ||||
Statement Line Items [Line Items] | |||||||||||||
Adjustment for adoption of IFRS 15 and 9 | |||||||||||||
PROFIT (LOSS) FOR THE PERIOD | 103,858 | 5,451 | $ 109,309 | ||||||||||
Balance at Jun. 30, 2017 | 363,429 | (1,771,254) | $ (1,407,825) | 65,593 | 1,068,778 | 132,266 | $ 1,201,044 | 13,508 | 57,861 | (69,819) | |||
Statement Line Items [Line Items] | |||||||||||||
Dividends declared and paid | (21,783) | ||||||||||||
Other comprehensive income (loss) | (4,768) | ||||||||||||
Share-based units exercised | 10,145 | (10,145) | |||||||||||
Repurchase and cancellation of shares | (11,443) | ||||||||||||
Shares issued | 4,361 | ||||||||||||
Shares issuance costs | (458) | ||||||||||||
Add: Share-based compensation expense | 15,247 | ||||||||||||
Non-cash deferred share grant distributions | 12 | ||||||||||||
Less: Purchase of non-controlling interest | |||||||||||||
Share-based compensation adjustment | (5,519) | ||||||||||||
Distributions to non-controlling shareholders | (5,451) | ||||||||||||
Foreign exchange impact on non-controlling interest | |||||||||||||
Balance at Mar. 31, 2017 | 259,571 | (1,749,471) | 70,361 | 1,070,076 | 128,363 | 13,508 | 58,266 | 1,070,076 | 128,363 | ||||
Balance at Mar. 31, 2018 | 768,847 | (1,835,778) | 91,934 | 1,079,055 | 136,771 | 1,215,826 | 13,029 | (22,722) | (422) | 1,079,055 | 136,771 | 230,743 | |
Statement Line Items [Line Items] | |||||||||||||
Share-based units exercised | 11,954 | ||||||||||||
Repurchase and cancellation of shares | (11,941) | ||||||||||||
Shares issued | 9,260 | ||||||||||||
Shares issuance costs | 852 | ||||||||||||
Balance at Jun. 30, 2017 | 363,429 | (1,771,254) | (1,407,825) | 65,593 | 1,068,778 | 132,266 | 1,201,044 | 13,508 | 57,861 | (69,819) | |||
Statement Line Items [Line Items] | |||||||||||||
PROFIT (LOSS) FOR THE PERIOD | 367,842 | ||||||||||||
Balance at Jun. 30, 2018 | 748,181 | (1,858,040) | (1,109,859) | 77,821 | 1,084,034 | 146,983 | 1,231,017 | 13,029 | (24,590) | (408) | 1,084,034 | 146,983 | 187,010 |
Balance at Mar. 31, 2018 | 768,847 | (1,835,778) | 91,934 | 1,079,055 | 136,771 | 1,215,826 | 13,029 | (22,722) | (422) | 1,079,055 | 136,771 | 230,743 | |
Statement Line Items [Line Items] | |||||||||||||
Adjustment for adoption of IFRS 15 and 9 | 20,711 | (17,863) | |||||||||||
PROFIT (LOSS) FOR THE PERIOD | (41,377) | (46) | (41,423) | ||||||||||
Balance at Jun. 30, 2018 | $ 748,181 | (1,858,040) | $ (1,109,859) | 77,821 | 1,084,034 | 146,983 | $ 1,231,017 | $ 13,029 | (24,590) | (408) | 1,084,034 | 146,983 | $ 187,010 |
Statement Line Items [Line Items] | |||||||||||||
Dividends declared and paid | $ (22,262) | ||||||||||||
Other comprehensive income (loss) | $ 3,750 | ||||||||||||
Share-based units exercised | 4,979 | (4,979) | 4,979 | ||||||||||
Repurchase and cancellation of shares | |||||||||||||
Shares issued | 10,447 | 10,447 | |||||||||||
Shares issuance costs | $ (235) | $ 235 | |||||||||||
Add: Share-based compensation expense | 1,775 | ||||||||||||
Non-cash deferred share grant distributions | 14 | ||||||||||||
Less: Purchase of non-controlling interest | 1,566 | ||||||||||||
Share-based compensation adjustment | $ (244) | ||||||||||||
Distributions to non-controlling shareholders | |||||||||||||
Foreign exchange impact on non-controlling interest | $ 60 |
Interim Condensed Consolidated6
Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - CAD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
OPERATING | ||
Profit (loss) before income taxes | $ (33,462) | $ 116,106 |
Items not affecting cash | ||
Amortization of intangible assets | 4,345 | 3,460 |
Depreciation of property, plant and equipment | 898 | 997 |
Amortization included in cost of sales | 782 | 777 |
Share-based compensation | 1,775 | 15,247 |
Financing charges, non-cash portion | 3,467 | 2,603 |
Other | (27) | (92) |
Change in fair value of derivative instruments and other | 36,556 | (110,617) |
Adjustment required to reflect net cash receipts from gas sales | 4,581 | 2,649 |
Net change in non-cash working capital balances | (23,024) | 556 |
Income taxes paid | (8,437) | (11,077) |
Cash inflow (outflow) from operating activities | (12,546) | 20,609 |
INVESTING | ||
Purchase of property, plant and equipment | (1,929) | (1,191) |
Purchase of intangible assets | (7,926) | (6,805) |
Acquisition of businesses | (2,546) | |
Short-term investments | 129 | |
Cash outflow from investing activities | (9,855) | (10,413) |
FINANCING | ||
Dividends paid | (22,249) | (21,771) |
Debt issuance costs | (2,173) | |
Credit facilities withdrawal | 31,210 | 24,650 |
Issuance of preferred shares | 10,447 | 4,361 |
Preferred shares issuance costs | (334) | (1,461) |
Shares repurchase | (11,443) | |
Distributions to non-controlling interest | (5,505) | |
Cash inflow (outflow) from financing activities | 16,901 | (11,169) |
Effect of foreign currency translation on cash balances | (1,277) | (1,283) |
Net cash outflow | (6,777) | (2,256) |
Cash and cash equivalents, beginning of period | 48,861 | 57,376 |
Cash and cash equivalents, end of period | 42,084 | 55,120 |
Supplemental cash flow information: | ||
Interest paid | $ 11,225 | $ 7,321 |
Note 1 - Organization
Note 1 - Organization | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of general information about financial statements [text block] | 1. ORGANIZATION Just Energy Group Inc. (“Just Energy”) 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 August 8, 2018. |
Note 2 - Operations
Note 2 - Operations | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Nature of operations [text block] | 2. OPERATIONS Just Energy is a leading consumer company 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, 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 stand-alone 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 7.8% 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. |
Note 3 - Financial Statement Pr
Note 3 - Financial Statement Preparation | 3 Months Ended |
Jun. 30, 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 These Interim Financial Statements of Just Energy and its subsidiaries have been prepared in accordance with International Accounting Standard (“IAS”) 34, March 31, 2018 (b) Basis of presentation and interim reporting These Interim Financial Statements should be read in conjunction with and follow the same accounting policies and methods of application as those used in the annual audited consolidated financial statements for the years ended March 31, 2018 2017. The Interim Financial Statements are presented in Canadian dollars, the functional currency of Just Energy, and all values are rounded to the nearest thousand except where otherwise indicated. The Interim Financial Statements are prepared on a going concern basis under the historical cost convention except for certain financial assets and liabilities which are stated at fair value. The interim operating results are not may March 31, 2019, October March April September. January March July September. October December April June. 12 months ended June 30, 2018, $636,896 2017 $690,862 $367,842 2017 $97,522 (c) Principles of consolidation The Interim Financial Statements include the accounts of Just Energy and its directly or indirectly owned subsidiaries and affiliates as at June 30, 2018. |
Note 4 - Accounting Standards I
Note 4 - Accounting Standards Issued But Not Yet Effective | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of accounting standards issued but not yet effective explanatory [text block] | 4. ACCOUNTING STANDARDS ISSUED BUT NOT IFRS 16, 16” January 2016. 17’s not 12 16 17, January 1, 2019, 15 not |
Note 5 - Significant Accounting
Note 5 - Significant Accounting Policies and New Standards Adopted | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of significant accounting policies [text block] | 5. ACCOUNTING POLICIES AND NEW STANDARDS ADOPTED Changes in accounting policies Just Energy has adopted IFRS 15, 15” July 2014, January 1, 2018. April 1, 2018 15, not 15 C5 April 1, 2018. IFRS 15 18, five 15, Accounting policies The following accounting policies are applicable to the accounting for all revenue arising from contracts with customers, unless those contracts are in the scope of other standards in the quarter ended April 1, 2018 March 31, 2018 Gas and electricity Sales Just Energy historically recognized revenue based on consumption of the commodity by the customer. Gas and electricity sales are billed based upon information received from distribution companies. Oftentimes, the billing cycles for customers do not not 15. 9. Upon the adoption of IFRS 15, no Expenses Just Energy historically recognized North American residential sales commissions and incentives paid to brokers, employees or third Upon the adoption of IFRS 15, third one two five Impact on financial statements The cumulative effect of changes made to Just Energy’s April 1, 2018 15 $7,493: Carrying amount Original IAS 18 New IFRS 15 Current Assets Customer acquisition costs $31,852 $43,152 Non-current financial assets Customer acquisition costs $7,367 $24,428 The following table shows the effect of the adoption of IFRS 15 June 30, 2018: As at June 30, 2018 (reported) Balances without adoption of IFRS 15 Effect of change higher (lower) Current Assets Customer acquisition costs $53,877 $36,693 $17,184 Non-current financial assets Customer acquisition costs $38,114 $17,284 $20,830 The following table shows the effect of the adoption of IFRS 15 three June 30, 2018: For the three Balances Effect of Sales $ 876,457 $ 876,457 $ - Cost of sales 722,925 722,925 - Gross margin 153,532 153,532 - Expenses - Administrative 55,682 55,682 - Selling and marketing 50,543 59,806 (9,263 ) Other operating expenses 27,818 27,818 - 134,043 143,306 (9,263 ) Operating profit before the following 19,489 10,226 9,263 Finance costs (16,340 ) (16,340 ) - Change in fair value of derivative instruments and other (36,556 ) (36,556 ) - Other income (55 ) (55 ) - Loss before income taxes (33,462 ) (42,725 ) 9,263 Provision for income taxes 7,961 7,961 - Loss for the period (41,423 ) (50,686 ) 9,263 Attributable to: Shareholders of Just Energy (41,377 ) (50,640 ) 9,263 Non-controlling interest (46 ) (46 ) - Loss for the period (41,423 ) (50,686 ) 9,263 Loss per share available to shareholders Basic (0.29 ) (0.35 ) 0.06 Diluted (0.29 ) (0.35 ) 0.06 Just Energy’s revenue sources are mostly related to electricity and gas contracts. IFRS 15 not For the majority of contracts with customers, Just Energy has met the B16 15 no 15, not B16 15 one The aggregate amount of transaction price allocated to performance obligations related to flat bill contracts that are unsatisfied as at June 30, 2018 $84,470. Just Energy expects to recognize revenue on these flat-bill contracts in the amounts of: July 1, 2018 to March 31, 2019 April 1, 2019 to March 31, 2020 April 1, 2020 to March 31, 2021 April 1, 2021 to March 31, 2022 Years thereafter Total Gas and electricity flat billed contracts $24,750 $28,227 $17,674 $8,076 $5,743 $84,470 Change in accounting policies Just Energy has adopted IFRS 9, 9” July 2014, April 1, 2018. April 1, 2018 9, not 9 April 1, 2018. IFRS 9 39, 9 7, (a) Accounting policy for financial instruments under IFRS 9 The following accounting policy is applicable to the accounting for financial instruments in the quarter ended April 1, 2018 March 31, 2018 Financial assets (i) Recognition and derecognition Regular purchases and sales of financial assets are recognized on the trade-date, being the date on which Just Energy commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and Just Energy has transferred substantially all the risks and rewards of ownership. (ii) Classification From April 1, 2018, · Those to be measured subsequently at fair value (either through other comprehensive income or through profit or loss); and · Those to be measured at amortized cost. The measurement category classification of financial assets depends on Just Energy’s business objectives for managing the financial assets and whether contractual terms of the cash flow are considered solely payments of principal and interest. For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income depending upon the business objective. Just Energy reclassifies debt instruments when and only when its business objective for managing those assets changes. (iii) Measurement At initial recognition, Just Energy measures a financial asset at its fair value. In the case of a financial asset not Subsequent measurement of debt instruments depends on Just Energy’s business objective for managing the asset and the cash flow characteristics of the asset. There are three Amortized cost: Assets held for collection of contractual cash flows that represent solely payments of principal and interest are measured at amortized cost. A gain or loss on a debt instrument is recognized in profit or loss when the asset is derecognized or impaired. Interest income from these financial assets is included in “finance income” using the effective interest rate method. Cash and cash equivalents, restricted cash, trade and other receivables are included in this category. Fair value through other comprehensive income (“FVOCI”): Assets held to achieve a particular business objective, by collecting contractual cash flows and selling financial assets, where the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding are measured at FVOCI. Movements in the carrying amount are taken through other comprehensive income (OCI), except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses, which are recognized in profit and loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to profit or loss. Interest income from these financial assets is included in “finance income” using the effective interest rate method. Just Energy has not Fair value through profit or loss (“FVTPL”): Assets that do not not not not Just Energy’s equity instruments are carried at FVTPL and gains and losses are recorded in net income. (iv) Impairment Just Energy assesses on a forward looking basis the expected credit losses (“ECL”) associated with its assets carried at amortized cost, including other receivables. For trade and other receivables only, Just Energy applies the simplified approach permitted by IFRS 9, Trade receivables are reviewed qualitatively on a case-by-case basis to determine if they need to be written off. ECL are measured as the difference in the present value of the contractual cash flows that are due to Just Energy under the contract, and the cash flows that Just Energy expects to receive. Just Energy assesses all information available, including past due status, credit ratings, the existence of third Impairment of cash and cash equivalents and restricted cash are evaluated by reference to the credit quality of the underlying financial institution or investee, but the provision is not (b) New classification categories of financial instruments on adoption of IFRS 9 As at April 1, 2018, 9 Classification category Original IAS 39 New IFRS 9 Current financial asset Cash and cash equivalents Loans and receivables Amortized cost Restricted cash Loans and receivables Amortized cost Trade receivables Loans and receivables Amortized cost Derivative asset FVTPL FVTPL Non-current financial assets Investments FVOCI and FVTPL FVTPL Derivative asset FVTPL FVTPL Current financial liabilities Trade and other payables Other financial liabilities Amortized cost Derivative liability FVTPL FVTPL Current portion of long-term debt Other financial liabilities Amortized cost Non-current financial liabilities Long-term debt Other financial liabilities Amortized cost Derivative liability FVTPL FVTPL Upon adoption of IFRS 9, $17,863 April 1, 2018. (c) Reconciliation of lifetime expected credit loss balance from IAS 39 9 The following table reconciles the closing lifetime expected credit loss for financial assets and contract assets in accordance with IAS 39 March 31, 2018 April 1, 2018. Impairment allowance under IAS 39 as at March 31, 2018 Re-measurement Lifetime expected credit loss under IFRS 9 as at April 1, 2018 Trade and other receivables $60,121 $11,237 $71,358 Unbilled revenues $ - $12,399 $12,399 (d) Impairment of financial assets Just Energy has two 9’s 9 9, $23,636, April 1, 2018. $5,616, April 1, 2018. (e) Derivatives and hedging activities Just Energy did not 39, 9. |
Note 6 - Trade and Other Receiv
Note 6 - Trade and Other Receivables | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other receivables [text block] | 6. TRADE AND OTHER RECEIVABLES As at As at June 30, 2018 March 31, 2018 Trade account receivables, net $ 331,593 $ 332,083 Accrued gas receivables 8,334 15,893 Unbilled revenues 292,698 301,577 Other 44,608 47,754 $ 677,233 $ 697,307 |
Note 7 - Other Current and Non-
Note 7 - Other Current and Non-current Assets | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of prepayments and other assets [text block] | 7. OTHER CURRENT AND NON-CURRENT ASSETS As at As at (a) Other Current Assets June 30, 2018 March 31, 2018 Prepaid expenses and deposits $ 40,364 $ 32,900 Customer acquisition costs 53,877 31,852 Green certificates 44,268 42,230 Gas delivered in excess of consumption 3,462 2,715 $ 141,971 $ 109,697 As at As at (b) Other Non-Current Assets June 30, 2018 March 31, 2018 Customer acquisition costs $ 38,114 $ 7,367 Other long-term assets 2,887 12,620 $ 41,001 $ 19,987 |
Note 8 - Financial Instruments
Note 8 - Financial Instruments | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of financial instruments [text block] | 8. 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 three For the three Change in fair value of derivative instruments and other Physical forward contracts and options (i) $ (98,311 ) $ 88,018 Financial swap contracts and options (ii) 68,804 3,694 Foreign exchange forward contracts 2,304 6,939 Share swap (3,263 ) (2,107 ) 6.5% convertible bond conversion feature 232 4,784 Unrealized foreign exchange on 6.5% convertible bond (3,997 ) 5,628 Other derivative options (2,325 ) 3,661 Change in fair value of derivative instruments and other $ (36,556 ) $ 110,617 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 June 30, 2018: Financial assets (current) Financial assets (non-current) Financial liabilities (current) Financial liabilities (non-current) Physical forward contracts and options (i) $ 66,015 $ 72,233 $ 18,347 $ 20,173 Financial swap contracts and options (ii) 56,034 4,696 8,246 29,754 Foreign exchange forward contracts 185 899 353 - Share swap - - 21,663 - 6.5% convertible bond conversion feature - - - 15 Other derivative options 4,246 8,960 180 976 As at June 30, 2018 $ 126,480 $ 86,788 $ 48,789 $ 50,918 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 assets (current) Financial assets (non-current) Financial liabilities (current) Financial liabilities (non-current) Physical forward contracts and options $ 198,891 $ 60,550 $ 32,451 $ 29,003 Financial swap contracts and options 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 Below is a summary of the financial instruments classified through profit or loss as at June 30, 2018, (i) Physical forward contracts and options consist of: · Electricity contracts with a total remaining volume of 34,655,472 $49.68/MWh December 31, 2027. · Natural gas contracts with a total remaining volume of 101,401,994 $3.60/GJ December 31, 2024. · Renewable energy certificates (“RECs”) and emission-reduction credit contracts with a total remaining volume of 3,136,707 427,550 $32.39/REC $2.61/tonne, December 31, 2028 December 31, 2021. · Electricity generation capacity contracts with a total remaining volume of 4,826 $6,813.04/MWCap October 31, 2022. · Ancillary contracts with a total remaining volume of 848,863 $20.23/MWh December 31, 2020. (ii) Financial swap contracts and options consist of: · Electricity contracts with a total remaining volume of 15,227,331 $39.94/MWh November 30, 2024. · Natural gas contracts with a total remaining volume of 125,752,042 $3.57/GJ December 31, 2024. · Electricity generation capacity contracts with a total remaining volume of 207 $24,104.57/MWCap October 31, 2020. · Ancillary contracts with a total remaining volume of 1,388,842 $17.96/MWh December 31, 2020. 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 three June 30, 2018 March 31, 2018. 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 June 30, 2018: Level 1 Level 2 Level 3 Total Derivative financial assets $ - $ - $ 213,268 $ 213,268 Derivative financial liabilities - (15,392 ) (84,315 ) (99,707 ) Total net derivative assets (liabilities) $ - $ (15,392 ) $ 128,953 $ 113,561 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 A key assumption used when determining the significant unobservable inputs included in Level 3 5% 12 15 3 Three months ended June 30, 2018 Year ended March 31, 2018 Balance, beginning of period $ 166,364 $ (315,110 ) Total gains (losses) (219,196 ) 105,709 Purchases (9,939 ) 207,531 Sales 4,933 (64,464 ) Settlements 42,446 232,698 Balance, end of period $ (15,392 ) $ 166,364 (b) Classification of non-derivative financial assets and liabilities As at June 30, 2018 March 31, 2018, Long-term debt recorded at amortized cost has a fair value as at June 30, 2018 $594.4 March 31, 2018 - $570.1 6.75% $100M 6.75% $160M 6.5% 5.75% 6.75% $100M 6.75% $160M 6.5% 5.75% 1 Investments in equity instruments have a fair value as at June 30, 2018 $36.4 March 31, 2018: $36.3 2 2 not No The following table illustrates the classification of investments in the FV hierarchy as at June 30, 2018: Level 1 Level 2 Level 3 Total Investment in ecobee $ - $ 32,446 $ - $ 32,446 Investment in Energy Earth - 3,950 - 3,950 Total investments $ - $ 36,396 $ - $ 36,396 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% June 30, 2018, $3.2 $17.2 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% $361 three June 30, 2018 ( 2017 $103 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%, three June 30, 2018 $235,411 $233,137 Commodity price sensitivity – Level 3 If the energy prices associated with only Level 3 10%, three June 30, 2018 $238,581 $236,350 (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: June 30, 2018 March 31, 2018 Current $ 124,703 $ 113,786 1– 30 days 33,958 44,374 31 – 60 days 12,447 21,241 61 – 90 days 9,680 12,686 Over 90 days 48,486 69,207 $ 229,274 $ 261,294 Changes in the expected lifetime credit loss were as follows: June 30, 2018 March 31, 2018 Balance, beginning of period $ 60,121 $ 49,431 Provision for doubtful accounts 20,800 56,300 Bad debts written off (37,867 ) (41,802 ) Adjustment from IFRS 9 adoption 23,636 - Other (1,469 ) (3,808 ) Balance, end of period $ 65,221 $ 60,121 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 June 30, 2018, $213,268 2017 $35,451 (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 June 30, 2018: Carrying Contractual Less than 1-3 years 4-5 years More than Trade and other payables $ 638,420 $ 638,420 $ 638,420 $ - $ - $ - Long-term debt 1 578,862 610,845 - 350,845 260,000 - Gas, electricity and non-commodity contracts 99,707 3,332,923 1,606,528 1,391,632 256,316 78,447 $ 1,316,989 $ 4,582,188 $ 2,244,948 $ 1,742,477 $ 516,316 $ 78,447 As at March 31, 2018: Carrying Contractual Less than 1-3 years 4-5 years More than 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 1 6.75% $100M 6.75% $160M 6.5% 5.75% may In addition to the amounts noted above, as at June 30, 2018, Less than 1 year 1-3 years 4-5 years More than 5 years Interest payments $ 30,389 $ 35,100 $ 18,900 $ - (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 June 30, 2018, $4,999 2017 $4,714 |
Note 9 - Acquisition of Busines
Note 9 - Acquisition of Business | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of business combinations [text block] | 9. ACQUISITION OF BUSINESSES (a) Acquisition of Intell Enercare Solutions Inc. On June 6, 2017, 100% $11.0 $2.2 $9.0 three 2018 $3.5 2019 2020 $3.0 $2.5 $7.8 three $1.3 NET ASSETS ACQUIRED Intangible assets $ 877 Goodwill 9,979 Working capital (637 ) 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. (b) Acquisition of EdgePower, Inc. On February 28, 2018, 100% US$14.9 US$7.5 $7.4 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. The following is the preliminary purchase price allocation for EdgePower: NET ASSETS ACQUIRED Working capital $ 993 Intangible assets 14,198 Goodwill 7,673 Deferred tax liabilities (3,820 ) Total consideration $ 19,044 Cash paid, net of working capital adjustment $ 9,534 Common shares issued 9,510 Total consideration $ 19,044 |
Note 10 - Non-controlling Inter
Note 10 - Non-controlling Interest | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of non-controlling interests [text block] | 10. NON-CONTROLLING INTEREST Just Energy owns 95% 51% 5% 49%, not |
Note 11 - Long-term Debt and Fi
Note 11 - Long-term Debt and Financing | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of borrowings [text block] | 11. LONG-TERM DEBT AND FINANCING Maturity June 30, March 31, Credit facility (a) September 1, 2020 $ 153,325 $ 122,115 Less: Debt issue costs (a) (2,439 ) (664 ) 6.75% $100M convertible debentures (b) March 31, 2023 86,018 85,760 6.75% $160M convertible debentures (c) December 31, 2021 148,816 148,146 6.5% convertible bonds (d) July 29, 2019 193,142 188,147 5.75% convertible debentures (e) September 30, 2018 - - 578,862 543,504 Less: Current portion - (121,451 ) $ 578,862 $ 422,053 Future annual minimum repayments are as follows: Less than 1 year 1-3 years 4-5 years More than 5 years Total Credit facility (a) $ - $ 153,325 $ - $ - $ 153,325 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) - 197,520 - - 197,520 $ - $ 350,845 $ 260,000 $ - $ 610,845 The details for long-term debt is as follows: As at April 1, 2018 Cash inflows / (outflows) FX Non-cash changes As at June 30, 2018 Credit facility (a) $ 121,451 $ 29,037 $ - $ 398 $ 150,886 6.75% $100M convertible debentures (b) 85,760 - - 258 86,018 6.75% $160M convertible debentures (c) 148,146 - - 670 148,816 6.5% convertible bonds (d) 188,147 - 3,995 1,000 193,142 543,504 29,037 3,995 2,326 578,862 Less: Current portion (121,451 ) - - - - 422,053 29,037 3,995 2,326 578,862 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 The following table details the finance costs for the quarter ended June 30. 2018 2017 Credit facility (a) $ 4,434 $ 2,638 6.75% $100M convertible debentures (b) 2,292 - 6.75% $160M convertible debentures (c) 3,370 2,720 6.5% convertible bonds (d) 4,147 4,054 5.75% convertible debentures (e) - 2,073 Unwinding of discount and other 2,097 505 $ 16,340 $ 11,990 (a) As at June 30, 2018, two September 1, 2020. $352.5 $342.5 $370 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 June 30, 2018, 3.45% 5.00%. June 30, 2018, $153.32 June 30, 2018, $103.9 March 31, 2018 - $113.4 June 30, 2018, $95.3 June 30, 2018, (b) On February 22, 2018, $100 “6.75% $100 6.75% $100 6.75%, March 31 September 30 March 31, 2023. (c) On October 5, 2016, $160 “6.75% $160 6.75% $160 6.75%, June 30 December 31 December 31, 2021. (d) On January 29, 2014, US$150 “6.5% 6.5% 6.5%, January 29 July 29 July 29, 2019. $5,215 6.5% (e) In September 2011, $100 “5.75% 5.75% 5.75%, March 31 September 30 September 30, 2018. |
Note 12 - Income Taxes
Note 12 - Income Taxes | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of income tax [text block] | 12. INCOME TAXES For the three months ended June 30, 2018 For the three Current income tax expense (recovery) $ (2,512 ) $ 591 Deferred income tax expense 10,473 6,206 Provision for income taxes $ 7,961 $ 6,797 |
Note 13 - Shareholders' Capital
Note 13 - Shareholders' Capital | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of issued capital [text block] | 13. SHAREHOLDERS’ CAPITAL Just Energy is authorized to issue an unlimited number of common shares and 50,000,000 no no Just Energy had the ability to make a normal course issuer bid (“NCIB”) to purchase for cancellation a portion of the outstanding 6.75% December 31, 2021, March 16, 2018, 10% February 28, 2018 may March 19, 2018 March 15, 2019. three June 30, 2018, $nil $nil, Details of issued and outstanding shareholders’ capital are as follows: Three months ended Year ended Shares Amount Shares Amount Common shares: Issued and outstanding Balance, beginning of period 148,394,152 $ 1,079,055 147,013,538 $ 1,070,076 Share-based awards exercised 630,425 4,979 1,643,156 11,954 Acquisition of subsidiary - - 1,415,285 8,966 Repurchase and cancellation of shares - - (1,677,827 ) (11,941 ) Balance, end of period 149,024,577 $ 1,084,034 148,394,152 $ 1,079,055 Preferred shares: Issued and outstanding Balance, beginning of period 4,323,300 $ 136,771 4,040,000 $ 128,363 Shares issued for cash 338,865 10,447 283,300 9,260 Preferred shares issuance cost - (235 ) - (852 ) Balance, end of period 4,662,165 $ 146,983 4,323,300 $ 136,771 Shareholders' capital 153,686,742 $ 1,231,017 152,717,452 $ 1,215,826 |
Note 14 - Reportable Business S
Note 14 - Reportable Business Segments | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of entity's operating segments [text block] | 14. 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 three June 30, 2018 Consumer division Commercial division Corporate and shared services division Consolidated Sales $ 542,178 $ 334,279 $ - $ 876,457 Gross margin 118,765 34,767 - 153,532 Administrative expenses 20,147 9,511 26,024 55,682 Selling and marketing expenses 33,689 16,85 - 50,543 Depreciation of property, plant and equipment 853 45 - 898 Amortization of intangible assets 4,003 342 - 4,345 Other operating expenses 20,409 2,166 - 22,575 Operating profit (loss) for the period $ 39,664 $ 5,849 $ (26,024 ) 19,489 Finance costs (16,340 ) Change in fair value of derivative instruments and other (36,556 ) Other expenses (55 ) Provision for income taxes (7,961 ) Loss for the period $ - (41,423 ) Capital expenditures $ 9,181 $ 674 $ - 9,855 Total goodwill $ 148,375 $ 157,018 $ - 305,393 Total assets $ 1,222,492 $ 404,308 $ - 1,626,800 Total liabilities $ 1,216,190 $ 223,600 $ - 1,439,790 For the three June 30, 2017 Consumer division Commercial division Corporate and shared services division Consolidated Sales $ 486,766 $ 360,940 $ - 847,706 Gross margin 115,507 42,056 - 157,563 Administrative expenses 15,244 7,965 25,422 48,631 Selling and marketing expenses 38,989 19,087 - 58,076 Depreciation of property, plant and equipment 949 48 - 997 Amortization of intangible assets 3,273 187 - 3,460 Other operating expenses 27,863 2,656 - 30,519 Operating profit (loss) for the period $ 29,189 $ 12,113 $ (25,422 ) 15,880 Finance costs (11,990 ) Change in fair value of derivative instruments and other 110,617 Other income 1,599 Provision for income taxes (6,797 ) Profit for the period $ - 109,309 Capital expenditures $ 5,357 $ 2,639 $ - 7,996 Total goodwill $ 145,177 $ 150,507 $ - 295,684 Total assets $ 968,470 $ 302,566 $ - 1,271,036 Total liabilities $ 1,089,751 $ 251,104 $ - 1,340,855 Sales from external customers The revenue is based on the location of the customer. For the For the Canada $ 89,228 $ 83,379 United States 613,289 634,512 International 173,940 129,815 Total $ 876,457 $ 847,706 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 June 30, 2018 As at March 31, 2018 Canada $ 207,036 $ 201,985 United States 214,359 207,147 International 13,955 11,687 Total $ 435,350 $ 420,819 |
Note 15 - Other Expenses
Note 15 - Other Expenses | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of other operating income (expense) [text block] | 15. OTHER EXPENSES (a) Other operating expenses For the three For the three Amortization of intangible assets $ 4,345 $ 3,460 Depreciation of property, plant and equipment 898 997 Bad debts expense 20,800 15,272 Share-based compensation 1,775 15,247 $ 27,818 $ 34,976 (b) Employee benefits expense For the three For the three Wages, salaries and commissions $ 61,508 $ 56,171 Benefits 4,881 6,310 $ 66,389 $ 62,481 |
Note 16 - Earnings Per Share
Note 16 - Earnings Per Share | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of earnings per share [text block] | 16. EARNINGS PER SHARE For the three For the three BASIC EARNINGS (LOSS) PER SHARE Profit (loss) as per consolidated statement of income $ (41,377 ) $ 103,858 Dividend to preferred shareholders - net of tax 2,343 2,212 Earnings (loss) available to shareholders $ (43,720 ) $ 101,646 Basic weighted average shares outstanding 148,472,715 147,063,935 Basic earnings (loss) per share available to shareholders $ (0.29 ) $ 0.69 DILUTED EARNINGS (LOSS) PER SHARE Earnings (loss) available to shareholders $ (43,720 ) 101,646 Adjustment for dilutive impact of convertible debentures - 2,366 Adjusted earnings (loss) available to shareholders $ (43,720 ) $ 99,280 Basic weighted average shares outstanding 148,472,715 147,063,935 Dilutive effect of: Restricted share and performance bonus grants 3,034,501 3,252,330 Deferred share grants 115,184 93,593 Convertible debentures 44,438,208 38,804,494 Shares outstanding on a diluted basis 196,060,609 189,214,352 Diluted earnings (loss) per share available to shareholders $ (0.29 ) $ 0.52 |
Note 17 - Dividends Paid
Note 17 - Dividends Paid | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of dividends [text block] | 17. DIVIDENDS PAID For the quarter ended June 30, 2018, $0.125 2017 $0.125 $19,074 2017 $18,773 For the quarter ended June 30, 2018, US$0.53125 2017 $0.53125 $3,188 2017 $3,010 |
Note 18 - Commitments and Guara
Note 18 - Commitments and Guarantees | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of commitments and contingent liabilities [text block] | 18. COMMITMENTS AND GUARANTEES Commitments for each of the next five As at June 30, 2018 Less than 1 year 1-3 years 4-5 years More than 5 years Total Premises and equipment leasing $ 3,676 $ 7,959 $ 7,659 $ 7,581 $ 26,875 Gas, electricity and non-commodity contracts 1,606,528 1,391,632 256,316 78,447 3,332,923 $ 1,610,204 $ 1,399,591 $ 263,975 $ 86,028 $ 3,359,798 Just Energy has entered into leasing contracts for office buildings and administrative equipment. These leases have a leasing period of between one eight No Guarantees 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 June 30, 2018 $58.6 As at June 30, 2018, $103.9 11 |
Note 19 - Comparative Consolida
Note 19 - Comparative Consolidated Financial Statements | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of information about consolidated structured entities [text block] | 19. COMPARATIVE CONSOLIDATED FINANCIAL STATEMENTS Certain figures in the comparative interim consolidated financial statements have been reclassified from statements previously presented to conform to the presentation of the current year’s interim consolidated financial statements. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2018 | |
Discloure of Significant Accounting Policies | |
Description of accounting policy for recognition of revenue [text block] | Sales Just Energy historically recognized revenue based on consumption of the commodity by the customer. Gas and electricity sales are billed based upon information received from distribution companies. Oftentimes, the billing cycles for customers do not not 15. 9. Upon the adoption of IFRS 15, no |
Description of accounting policy for expenses [text block] | Expenses Just Energy historically recognized North American residential sales commissions and incentives paid to brokers, employees or third Upon the adoption of IFRS 15, third one two five |
Description of accounting policy for the impact on financial statements from IFRS 15 [text block] | Impact on financial statements The cumulative effect of changes made to Just Energy’s April 1, 2018 15 $7,493: Carrying amount Original IAS 18 New IFRS 15 Current Assets Customer acquisition costs $31,852 $43,152 Non-current financial assets Customer acquisition costs $7,367 $24,428 The following table shows the effect of the adoption of IFRS 15 June 30, 2018: As at June 30, 2018 (reported) Balances without adoption of IFRS 15 Effect of change higher (lower) Current Assets Customer acquisition costs $53,877 $36,693 $17,184 Non-current financial assets Customer acquisition costs $38,114 $17,284 $20,830 The following table shows the effect of the adoption of IFRS 15 three June 30, 2018: For the three Balances Effect of Sales $ 876,457 $ 876,457 $ - Cost of sales 722,925 722,925 - Gross margin 153,532 153,532 - Expenses - Administrative 55,682 55,682 - Selling and marketing 50,543 59,806 (9,263 ) Other operating expenses 27,818 27,818 - 134,043 143,306 (9,263 ) Operating profit before the following 19,489 10,226 9,263 Finance costs (16,340 ) (16,340 ) - Change in fair value of derivative instruments and other (36,556 ) (36,556 ) - Other income (55 ) (55 ) - Loss before income taxes (33,462 ) (42,725 ) 9,263 Provision for income taxes 7,961 7,961 - Loss for the period (41,423 ) (50,686 ) 9,263 Attributable to: Shareholders of Just Energy (41,377 ) (50,640 ) 9,263 Non-controlling interest (46 ) (46 ) - Loss for the period (41,423 ) (50,686 ) 9,263 Loss per share available to shareholders Basic (0.29 ) (0.35 ) 0.06 Diluted (0.29 ) (0.35 ) 0.06 Just Energy’s revenue sources are mostly related to electricity and gas contracts. IFRS 15 not For the majority of contracts with customers, Just Energy has met the B16 15 no 15, not B16 15 one The aggregate amount of transaction price allocated to performance obligations related to flat bill contracts that are unsatisfied as at June 30, 2018 $84,470. Just Energy expects to recognize revenue on these flat-bill contracts in the amounts of: July 1, 2018 to March 31, 2019 April 1, 2019 to March 31, 2020 April 1, 2020 to March 31, 2021 April 1, 2021 to March 31, 2022 Years thereafter Total Gas and electricity flat billed contracts $24,750 $28,227 $17,674 $8,076 $5,743 $84,470 |
Description of accounting policy for change in accounting policies [text block] | Change in accounting policies Just Energy has adopted IFRS 9, 9” July 2014, April 1, 2018. April 1, 2018 9, not 9 April 1, 2018. IFRS 9 39, 9 7, (a) Accounting policy for financial instruments under IFRS 9 The following accounting policy is applicable to the accounting for financial instruments in the quarter ended April 1, 2018 March 31, 2018 Financial assets (i) Recognition and derecognition Regular purchases and sales of financial assets are recognized on the trade-date, being the date on which Just Energy commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and Just Energy has transferred substantially all the risks and rewards of ownership. (ii) Classification From April 1, 2018, · Those to be measured subsequently at fair value (either through other comprehensive income or through profit or loss); and · Those to be measured at amortized cost. The measurement category classification of financial assets depends on Just Energy’s business objectives for managing the financial assets and whether contractual terms of the cash flow are considered solely payments of principal and interest. For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income depending upon the business objective. Just Energy reclassifies debt instruments when and only when its business objective for managing those assets changes. (iii) Measurement At initial recognition, Just Energy measures a financial asset at its fair value. In the case of a financial asset not Subsequent measurement of debt instruments depends on Just Energy’s business objective for managing the asset and the cash flow characteristics of the asset. There are three Amortized cost: Assets held for collection of contractual cash flows that represent solely payments of principal and interest are measured at amortized cost. A gain or loss on a debt instrument is recognized in profit or loss when the asset is derecognized or impaired. Interest income from these financial assets is included in “finance income” using the effective interest rate method. Cash and cash equivalents, restricted cash, trade and other receivables are included in this category. Fair value through other comprehensive income (“FVOCI”): Assets held to achieve a particular business objective, by collecting contractual cash flows and selling financial assets, where the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding are measured at FVOCI. Movements in the carrying amount are taken through other comprehensive income (OCI), except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses, which are recognized in profit and loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to profit or loss. Interest income from these financial assets is included in “finance income” using the effective interest rate method. Just Energy has not Fair value through profit or loss (“FVTPL”): Assets that do not not not not Just Energy’s equity instruments are carried at FVTPL and gains and losses are recorded in net income. (iv) Impairment Just Energy assesses on a forward looking basis the expected credit losses (“ECL”) associated with its assets carried at amortized cost, including other receivables. For trade and other receivables only, Just Energy applies the simplified approach permitted by IFRS 9, Trade receivables are reviewed qualitatively on a case-by-case basis to determine if they need to be written off. ECL are measured as the difference in the present value of the contractual cash flows that are due to Just Energy under the contract, and the cash flows that Just Energy expects to receive. Just Energy assesses all information available, including past due status, credit ratings, the existence of third Impairment of cash and cash equivalents and restricted cash are evaluated by reference to the credit quality of the underlying financial institution or investee, but the provision is not (b) New classification categories of financial instruments on adoption of IFRS 9 As at April 1, 2018, 9 Classification category Original IAS 39 New IFRS 9 Current financial asset Cash and cash equivalents Loans and receivables Amortized cost Restricted cash Loans and receivables Amortized cost Trade receivables Loans and receivables Amortized cost Derivative asset FVTPL FVTPL Non-current financial assets Investments FVOCI and FVTPL FVTPL Derivative asset FVTPL FVTPL Current financial liabilities Trade and other payables Other financial liabilities Amortized cost Derivative liability FVTPL FVTPL Current portion of long-term debt Other financial liabilities Amortized cost Non-current financial liabilities Long-term debt Other financial liabilities Amortized cost Derivative liability FVTPL FVTPL Upon adoption of IFRS 9, $17,863 April 1, 2018. (c) Reconciliation of lifetime expected credit loss balance from IAS 39 9 The following table reconciles the closing lifetime expected credit loss for financial assets and contract assets in accordance with IAS 39 March 31, 2018 April 1, 2018. Impairment allowance under IAS 39 as at March 31, 2018 Re-measurement Lifetime expected credit loss under IFRS 9 as at April 1, 2018 Trade and other receivables $60,121 $11,237 $71,358 Unbilled revenues $ - $12,399 $12,399 (d) Impairment of financial assets Just Energy has two 9’s 9 9, $23,636, April 1, 2018. $5,616, April 1, 2018. (e) Derivatives and hedging activities Just Energy did not 39, 9. |
Note 5 - Significant Accounti27
Note 5 - Significant Accounting Policies and New Standards Adopted (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of standards and interpretations that are issued, but not yet effective [text block] | Carrying amount Original IAS 18 New IFRS 15 Current Assets Customer acquisition costs $31,852 $43,152 Non-current financial assets Customer acquisition costs $7,367 $24,428 |
Disclosure of the effect of the adoption of IFRS 15 on interim condensed consolidated statements of financial position [text block] | As at June 30, 2018 (reported) Balances without adoption of IFRS 15 Effect of change higher (lower) Current Assets Customer acquisition costs $53,877 $36,693 $17,184 Non-current financial assets Customer acquisition costs $38,114 $17,284 $20,830 |
Disclosure of the effect of the adoption of IFRS 15 on interim condensed consolidated statements of comprehensive income (loss) [text block] | For the three Balances Effect of Sales $ 876,457 $ 876,457 $ - Cost of sales 722,925 722,925 - Gross margin 153,532 153,532 - Expenses - Administrative 55,682 55,682 - Selling and marketing 50,543 59,806 (9,263 ) Other operating expenses 27,818 27,818 - 134,043 143,306 (9,263 ) Operating profit before the following 19,489 10,226 9,263 Finance costs (16,340 ) (16,340 ) - Change in fair value of derivative instruments and other (36,556 ) (36,556 ) - Other income (55 ) (55 ) - Loss before income taxes (33,462 ) (42,725 ) 9,263 Provision for income taxes 7,961 7,961 - Loss for the period (41,423 ) (50,686 ) 9,263 Attributable to: Shareholders of Just Energy (41,377 ) (50,640 ) 9,263 Non-controlling interest (46 ) (46 ) - Loss for the period (41,423 ) (50,686 ) 9,263 Loss per share available to shareholders Basic (0.29 ) (0.35 ) 0.06 Diluted (0.29 ) (0.35 ) 0.06 |
Disclosure of transaction price allocated to remaining performance obligations [text block] | July 1, 2018 to March 31, 2019 April 1, 2019 to March 31, 2020 April 1, 2020 to March 31, 2021 April 1, 2021 to March 31, 2022 Years thereafter Total Gas and electricity flat billed contracts $24,750 $28,227 $17,674 $8,076 $5,743 $84,470 |
Disclosure of financial assets to which overlay approach is applied [text block] | Impairment allowance under IAS 39 as at March 31, 2018 Re-measurement Lifetime expected credit loss under IFRS 9 as at April 1, 2018 Trade and other receivables $60,121 $11,237 $71,358 Unbilled revenues $ - $12,399 $12,399 |
Note 6 - Trade and Other Rece28
Note 6 - Trade and Other Receivables (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of the components of trade and other receivables [text block] | As at As at June 30, 2018 March 31, 2018 Trade account receivables, net $ 331,593 $ 332,083 Accrued gas receivables 8,334 15,893 Unbilled revenues 292,698 301,577 Other 44,608 47,754 $ 677,233 $ 697,307 |
Note 7 - Other Current and No29
Note 7 - Other Current and Non-current Assets (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of the components of prepayments and other assets [text block] | As at As at (a) Other Current Assets June 30, 2018 March 31, 2018 Prepaid expenses and deposits $ 40,364 $ 32,900 Customer acquisition costs 53,877 31,852 Green certificates 44,268 42,230 Gas delivered in excess of consumption 3,462 2,715 $ 141,971 $ 109,697 |
Disclosure of other non-current assets [text block] | As at As at (b) Other Non-Current Assets June 30, 2018 March 31, 2018 Customer acquisition costs $ 38,114 $ 7,367 Other long-term assets 2,887 12,620 $ 41,001 $ 19,987 |
Note 8 - Financial Instruments
Note 8 - Financial Instruments (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of financial instruments at fair value through profit or loss [text block] | For the three For the three Change in fair value of derivative instruments and other Physical forward contracts and options (i) $ (98,311 ) $ 88,018 Financial swap contracts and options (ii) 68,804 3,694 Foreign exchange forward contracts 2,304 6,939 Share swap (3,263 ) (2,107 ) 6.5% convertible bond conversion feature 232 4,784 Unrealized foreign exchange on 6.5% convertible bond (3,997 ) 5,628 Other derivative options (2,325 ) 3,661 Change in fair value of derivative instruments and other $ (36,556 ) $ 110,617 |
Disclosure of detailed information about financial instruments [text block] | Financial assets (current) Financial assets (non-current) Financial liabilities (current) Financial liabilities (non-current) Physical forward contracts and options (i) $ 66,015 $ 72,233 $ 18,347 $ 20,173 Financial swap contracts and options (ii) 56,034 4,696 8,246 29,754 Foreign exchange forward contracts 185 899 353 - Share swap - - 21,663 - 6.5% convertible bond conversion feature - - - 15 Other derivative options 4,246 8,960 180 976 As at June 30, 2018 $ 126,480 $ 86,788 $ 48,789 $ 50,918 Financial assets (current) Financial assets (non-current) Financial liabilities (current) Financial liabilities (non-current) Physical forward contracts and options $ 198,891 $ 60,550 $ 32,451 $ 29,003 Financial swap contracts and options 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 |
Disclosure of fair value measurement of assets and liabilities [text block] | Level 1 Level 2 Level 3 Total Derivative financial assets $ - $ - $ 213,268 $ 213,268 Derivative financial liabilities - (15,392 ) (84,315 ) (99,707 ) Total net derivative assets (liabilities) $ - $ (15,392 ) $ 128,953 $ 113,561 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 |
Disclosure of fair value measurement of liabilities [text block] | Three months ended June 30, 2018 Year ended March 31, 2018 Balance, beginning of period $ 166,364 $ (315,110 ) Total gains (losses) (219,196 ) 105,709 Purchases (9,939 ) 207,531 Sales 4,933 (64,464 ) Settlements 42,446 232,698 Balance, end of period $ (15,392 ) $ 166,364 |
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 - 3,950 - 3,950 Total investments $ - $ 36,396 $ - $ 36,396 |
Disclosure of financial assets that are either past due or impaired [text block] | June 30, 2018 March 31, 2018 Current $ 124,703 $ 113,786 1– 30 days 33,958 44,374 31 – 60 days 12,447 21,241 61 – 90 days 9,680 12,686 Over 90 days 48,486 69,207 $ 229,274 $ 261,294 |
Disclosure Of Allowance For Credit Losses [text block] | June 30, 2018 March 31, 2018 Balance, beginning of period $ 60,121 $ 49,431 Provision for doubtful accounts 20,800 56,300 Bad debts written off (37,867 ) (41,802 ) Adjustment from IFRS 9 adoption 23,636 - Other (1,469 ) (3,808 ) Balance, end of period $ 65,221 $ 60,121 |
Disclosure of maturity analysis for non-derivative financial liabilities [text block] | Carrying Contractual Less than 1-3 years 4-5 years More than Trade and other payables $ 638,420 $ 638,420 $ 638,420 $ - $ - $ - Long-term debt 1 578,862 610,845 - 350,845 260,000 - Gas, electricity and non-commodity contracts 99,707 3,332,923 1,606,528 1,391,632 256,316 78,447 $ 1,316,989 $ 4,582,188 $ 2,244,948 $ 1,742,477 $ 516,316 $ 78,447 Carrying Contractual Less than 1-3 years 4-5 years More than 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 |
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 $ 30,389 $ 35,100 $ 18,900 $ - |
Note 9 - Acquisition of Busin31
Note 9 - Acquisition of Business (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
EdgePower Inc. [member] | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about business combinations [text block] | NET ASSETS ACQUIRED Working capital $ 993 Intangible assets 14,198 Goodwill 7,673 Deferred tax liabilities (3,820 ) Total consideration $ 19,044 Cash paid, net of working capital adjustment $ 9,534 Common shares issued 9,510 Total consideration $ 19,044 |
Intell Enercare Solutions Inc. [member] | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about business combinations [text block] | NET ASSETS ACQUIRED Intangible assets $ 877 Goodwill 9,979 Working capital (637 ) 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 11 - Long-term Debt and 32
Note 11 - Long-term Debt and Financing (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about borrowings [text block] | Maturity June 30, March 31, Credit facility (a) September 1, 2020 $ 153,325 $ 122,115 Less: Debt issue costs (a) (2,439 ) (664 ) 6.75% $100M convertible debentures (b) March 31, 2023 86,018 85,760 6.75% $160M convertible debentures (c) December 31, 2021 148,816 148,146 6.5% convertible bonds (d) July 29, 2019 193,142 188,147 5.75% convertible debentures (e) September 30, 2018 - - 578,862 543,504 Less: Current portion - (121,451 ) $ 578,862 $ 422,053 |
Disclosure of maturity of debt [text block] | Less than 1 year 1-3 years 4-5 years More than 5 years Total Credit facility (a) $ - $ 153,325 $ - $ - $ 153,325 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) - 197,520 - - 197,520 $ - $ 350,845 $ 260,000 $ - $ 610,845 |
Disclosure of reconciliation of liabilities arising from financing activities [text block] | As at April 1, 2018 Cash inflows / (outflows) FX Non-cash changes As at June 30, 2018 Credit facility (a) $ 121,451 $ 29,037 $ - $ 398 $ 150,886 6.75% $100M convertible debentures (b) 85,760 - - 258 86,018 6.75% $160M convertible debentures (c) 148,146 - - 670 148,816 6.5% convertible bonds (d) 188,147 - 3,995 1,000 193,142 543,504 29,037 3,995 2,326 578,862 Less: Current portion (121,451 ) - - - - 422,053 29,037 3,995 2,326 578,862 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 |
Disclosure of finance cost [text block] | 2018 2017 Credit facility (a) $ 4,434 $ 2,638 6.75% $100M convertible debentures (b) 2,292 - 6.75% $160M convertible debentures (c) 3,370 2,720 6.5% convertible bonds (d) 4,147 4,054 5.75% convertible debentures (e) - 2,073 Unwinding of discount and other 2,097 505 $ 16,340 $ 11,990 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of the detailed information of income tax [text block] | For the three months ended June 30, 2018 For the three Current income tax expense (recovery) $ (2,512 ) $ 591 Deferred income tax expense 10,473 6,206 Provision for income taxes $ 7,961 $ 6,797 |
Note 13 - Shareholders' Capit34
Note 13 - Shareholders' Capital (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of classes of share capital [text block] | Three months ended Year ended Shares Amount Shares Amount Common shares: Issued and outstanding Balance, beginning of period 148,394,152 $ 1,079,055 147,013,538 $ 1,070,076 Share-based awards exercised 630,425 4,979 1,643,156 11,954 Acquisition of subsidiary - - 1,415,285 8,966 Repurchase and cancellation of shares - - (1,677,827 ) (11,941 ) Balance, end of period 149,024,577 $ 1,084,034 148,394,152 $ 1,079,055 Preferred shares: Issued and outstanding Balance, beginning of period 4,323,300 $ 136,771 4,040,000 $ 128,363 Shares issued for cash 338,865 10,447 283,300 9,260 Preferred shares issuance cost - (235 ) - (852 ) Balance, end of period 4,662,165 $ 146,983 4,323,300 $ 136,771 Shareholders' capital 153,686,742 $ 1,231,017 152,717,452 $ 1,215,826 |
Note 14 - Reportable Business35
Note 14 - Reportable Business Segments (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of operating segments [text block] | Consumer division Commercial division Corporate and shared services division Consolidated Sales $ 542,178 $ 334,279 $ - $ 876,457 Gross margin 118,765 34,767 - 153,532 Administrative expenses 20,147 9,511 26,024 55,682 Selling and marketing expenses 33,689 16,85 - 50,543 Depreciation of property, plant and equipment 853 45 - 898 Amortization of intangible assets 4,003 342 - 4,345 Other operating expenses 20,409 2,166 - 22,575 Operating profit (loss) for the period $ 39,664 $ 5,849 $ (26,024 ) 19,489 Finance costs (16,340 ) Change in fair value of derivative instruments and other (36,556 ) Other expenses (55 ) Provision for income taxes (7,961 ) Loss for the period $ - (41,423 ) Capital expenditures $ 9,181 $ 674 $ - 9,855 Total goodwill $ 148,375 $ 157,018 $ - 305,393 Total assets $ 1,222,492 $ 404,308 $ - 1,626,800 Total liabilities $ 1,216,190 $ 223,600 $ - 1,439,790 Consumer division Commercial division Corporate and shared services division Consolidated Sales $ 486,766 $ 360,940 $ - 847,706 Gross margin 115,507 42,056 - 157,563 Administrative expenses 15,244 7,965 25,422 48,631 Selling and marketing expenses 38,989 19,087 - 58,076 Depreciation of property, plant and equipment 949 48 - 997 Amortization of intangible assets 3,273 187 - 3,460 Other operating expenses 27,863 2,656 - 30,519 Operating profit (loss) for the period $ 29,189 $ 12,113 $ (25,422 ) 15,880 Finance costs (11,990 ) Change in fair value of derivative instruments and other 110,617 Other income 1,599 Provision for income taxes (6,797 ) Profit for the period $ - 109,309 Capital expenditures $ 5,357 $ 2,639 $ - 7,996 Total goodwill $ 145,177 $ 150,507 $ - 295,684 Total assets $ 968,470 $ 302,566 $ - 1,271,036 Total liabilities $ 1,089,751 $ 251,104 $ - 1,340,855 |
Disclosure of geographical areas [text block] | For the For the Canada $ 89,228 $ 83,379 United States 613,289 634,512 International 173,940 129,815 Total $ 876,457 $ 847,706 As at June 30, 2018 As at March 31, 2018 Canada $ 207,036 $ 201,985 United States 214,359 207,147 International 13,955 11,687 Total $ 435,350 $ 420,819 |
Note 15 - Other Expenses (Table
Note 15 - Other Expenses (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of other operating expense [text block] | For the three For the three Amortization of intangible assets $ 4,345 $ 3,460 Depreciation of property, plant and equipment 898 997 Bad debts expense 20,800 15,272 Share-based compensation 1,775 15,247 $ 27,818 $ 34,976 |
Disclosure of employee benefits [text block] | For the three For the three Wages, salaries and commissions $ 61,508 $ 56,171 Benefits 4,881 6,310 $ 66,389 $ 62,481 |
Note 16 - Earnings Per Share (T
Note 16 - Earnings Per Share (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Earnings per share [text block] | For the three For the three BASIC EARNINGS (LOSS) PER SHARE Profit (loss) as per consolidated statement of income $ (41,377 ) $ 103,858 Dividend to preferred shareholders - net of tax 2,343 2,212 Earnings (loss) available to shareholders $ (43,720 ) $ 101,646 Basic weighted average shares outstanding 148,472,715 147,063,935 Basic earnings (loss) per share available to shareholders $ (0.29 ) $ 0.69 DILUTED EARNINGS (LOSS) PER SHARE Earnings (loss) available to shareholders $ (43,720 ) 101,646 Adjustment for dilutive impact of convertible debentures - 2,366 Adjusted earnings (loss) available to shareholders $ (43,720 ) $ 99,280 Basic weighted average shares outstanding 148,472,715 147,063,935 Dilutive effect of: Restricted share and performance bonus grants 3,034,501 3,252,330 Deferred share grants 115,184 93,593 Convertible debentures 44,438,208 38,804,494 Shares outstanding on a diluted basis 196,060,609 189,214,352 Diluted earnings (loss) per share available to shareholders $ (0.29 ) $ 0.52 |
Note 18 - Commitments and Gua38
Note 18 - Commitments and Guarantees (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of commitments [text block] | Less than 1 year 1-3 years 4-5 years More than 5 years Total Premises and equipment leasing $ 3,676 $ 7,959 $ 7,659 $ 7,581 $ 26,875 Gas, electricity and non-commodity contracts 1,606,528 1,391,632 256,316 78,447 3,332,923 $ 1,610,204 $ 1,399,591 $ 263,975 $ 86,028 $ 3,359,798 |
Note 2 - Operations (Details Te
Note 2 - Operations (Details Textual) | 3 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Proportion of ownership interest in associate | 7.80% |
Proportion of ownership interest in joint venture | 50.00% |
Note 3 - Financial Statement 40
Note 3 - Financial Statement Preparation (Details Textual) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement Line Items [Line Items] | ||||
Gross profit | $ 153,532 | $ 157,563 | $ 636,896 | $ 690,862 |
Profit (loss) | $ (41,423) | $ 109,309 | $ 367,842 | $ 97,522 |
Note 5 - Significant Accounti41
Note 5 - Significant Accounting Policies and New Standards Adopted (Details Textual) - CAD ($) | Apr. 01, 2018 | Jun. 30, 2018 | Jun. 30, 2017 |
Statement Line Items [Line Items] | |||
Transaction price allocated to remaining performance obligations | $ 84,470,000 | ||
Increase (decrease) through conversion of convertible instruments, equity | $ (2,366,000) | ||
Total tax expense (income) | 7,961,000 | $ 6,797,000 | |
Effect of overlay approach reclassification [member] | |||
Statement Line Items [Line Items] | |||
Total tax expense (income) | $ 5,616,000 | ||
Provision for trade receivables and unbilled revenues affetced by IFRS 9 [member] | |||
Statement Line Items [Line Items] | |||
Reclassification adjustments on financial assets that have been de-designated from overlay approach, before tax | 23,636,000 | ||
IFRS 15 [member] | |||
Statement Line Items [Line Items] | |||
Deferred tax liability (asset) at end of period | 7,493,000 | ||
Total tax expense (income) | $ 7,961,000 | ||
IFRS 9 [member] | |||
Statement Line Items [Line Items] | |||
Increase (decrease) through conversion of convertible instruments, equity | $ (17,863) |
Note 5 - Accounting Policies an
Note 5 - Accounting Policies and New Standards Adopted - Standards and Interpretations That Are Issued (Details) - CAD ($) $ in Thousands | Jun. 30, 2018 | Apr. 01, 2018 | Mar. 31, 2018 |
Statement Line Items [Line Items] | |||
Customer acquisition costs | $ 53,877 | $ 43,152 | $ 31,852 |
Customer acquisition costs | $ 38,114 | $ 24,428 | $ 7,367 |
Note 5 - Accounting Policies 43
Note 5 - Accounting Policies and new Standards Adopted - Interim Condensed Consolidated Statements of Financial Position IFRS 15 Effect (Details) - CAD ($) $ in Thousands | Jun. 30, 2018 | Apr. 01, 2018 | Mar. 31, 2018 |
Statement Line Items [Line Items] | |||
Customer acquisition costs, current | $ 53,877 | $ 43,152 | $ 31,852 |
Customer acquisition costs, noncurrent | 38,114 | $ 24,428 | $ 7,367 |
IAS 18 [member] | |||
Statement Line Items [Line Items] | |||
Customer acquisition costs, current | 36,693 | ||
Customer acquisition costs, noncurrent | 17,284 | ||
Increase (decrease) due to application of IFRS 15 [member] | |||
Statement Line Items [Line Items] | |||
Customer acquisition costs, current | 17,184 | ||
Customer acquisition costs, noncurrent | $ 20,830 |
Note 5 - Accounting Policies 44
Note 5 - Accounting Policies and New Standards Adopted - Interim Consolidated Statements of Comprehensive Income (Loss) IFRS 15 Effect (Details) - CAD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement Line Items [Line Items] | ||||||
Sales | $ 876,457 | $ 847,706 | ||||
Cost of sales | 722,925 | 690,143 | ||||
Gross profit | 153,532 | 157,563 | $ 636,896 | $ 690,862 | ||
Administrative | 55,682 | 48,631 | ||||
Selling and marketing | 50,543 | 58,076 | ||||
Other operating expenses | 27,818 | 34,976 | ||||
134,043 | 141,683 | |||||
Operating profit before the following | 19,489 | 15,880 | ||||
Finance costs | (16,340) | (11,990) | ||||
Change in fair value of derivative instruments and other | (36,556) | 110,617 | ||||
Other income | (55) | 1,599 | ||||
Loss before income taxes | (33,462) | 116,106 | $ (33,462) | $ 116,106 | ||
Total tax expense (income) | 7,961 | 6,797 | ||||
Loss for the period | (41,423) | 109,309 | $ 367,842 | $ 97,522 | ||
Profit (loss) as per consolidated statement of income | (41,377) | 103,858 | ||||
Non-controlling interest | $ (46) | $ 5,451 | ||||
Basic earnings (loss) per share available to shareholders (in CAD per share) | $ (0.29) | $ 0.69 | ||||
Diluted earnings (loss) per share available to shareholders (in CAD per share) | $ (0.29) | $ 0.52 | ||||
IAS 18 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Sales | $ 876,457 | |||||
Cost of sales | 722,925 | |||||
Gross profit | 153,532 | |||||
Administrative | 55,682 | |||||
Selling and marketing | 59,806 | |||||
Other operating expenses | 27,818 | |||||
143,306 | ||||||
Operating profit before the following | 10,226 | |||||
Finance costs | (16,340) | |||||
Change in fair value of derivative instruments and other | (36,556) | |||||
Other income | (55) | |||||
Loss before income taxes | (42,725) | |||||
Total tax expense (income) | 7,961 | |||||
Loss for the period | (50,686) | |||||
Profit (loss) as per consolidated statement of income | (50,640) | |||||
Non-controlling interest | $ (46) | |||||
Basic earnings (loss) per share available to shareholders (in CAD per share) | $ (0.35) | |||||
Diluted earnings (loss) per share available to shareholders (in CAD per share) | $ (0.35) | |||||
Increase (decrease) due to application of IFRS 15 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Sales | ||||||
Cost of sales | ||||||
Gross profit | ||||||
Administrative | ||||||
Selling and marketing | (9,263) | |||||
Other operating expenses | ||||||
(9,263) | ||||||
Operating profit before the following | 9,263 | |||||
Finance costs | ||||||
Change in fair value of derivative instruments and other | ||||||
Other income | ||||||
Loss before income taxes | 9,263 | |||||
Total tax expense (income) | ||||||
Loss for the period | 9,263 | |||||
Profit (loss) as per consolidated statement of income | 9,263 | |||||
Non-controlling interest | ||||||
Basic earnings (loss) per share available to shareholders (in CAD per share) | $ 0.06 | |||||
Diluted earnings (loss) per share available to shareholders (in CAD per share) | $ 0.06 | |||||
IFRS 15 [member] | ||||||
Statement Line Items [Line Items] | ||||||
Sales | $ 876,457 | |||||
Cost of sales | 722,925 | |||||
Gross profit | 153,532 | |||||
Administrative | 55,682 | |||||
Selling and marketing | 50,543 | |||||
Other operating expenses | 27,818 | |||||
134,043 | ||||||
Operating profit before the following | 19,489 | |||||
Finance costs | (16,340) | |||||
Change in fair value of derivative instruments and other | (36,556) | |||||
Other income | (55) | |||||
Loss before income taxes | (33,462) | |||||
Total tax expense (income) | 7,961 | |||||
Loss for the period | (41,423) | |||||
Profit (loss) as per consolidated statement of income | (41,377) | |||||
Non-controlling interest | $ (46) | |||||
Basic earnings (loss) per share available to shareholders (in CAD per share) | $ (0.29) | |||||
Diluted earnings (loss) per share available to shareholders (in CAD per share) | $ (0.29) |
Note 5 - Accounting Policies 45
Note 5 - Accounting Policies and New Standards Adopted - Revenue to be Recognized (Details) | Jun. 30, 2018CAD ($) |
Statement Line Items [Line Items] | |
Gas and electricity flat billed contracts | $ 84,470,000 |
Electricity and gas [member] | |
Statement Line Items [Line Items] | |
Gas and electricity flat billed contracts | 84,470,000 |
Electricity and gas [member] | Revenue from contract recognized July 1, 2018 to March 31, 2019 [member] | |
Statement Line Items [Line Items] | |
Gas and electricity flat billed contracts | 24,750,000 |
Electricity and gas [member] | Revenue from contract recognized April 1, 2019 to March 31, 2020 [member] | |
Statement Line Items [Line Items] | |
Gas and electricity flat billed contracts | 28,227,000 |
Electricity and gas [member] | Revenue from contract recognized April 1, 2020 to March 31, 2021 [member] | |
Statement Line Items [Line Items] | |
Gas and electricity flat billed contracts | 17,674,000 |
Electricity and gas [member] | Revenue from contract recognized April 1, 2021 to March 31, 2022 [member] | |
Statement Line Items [Line Items] | |
Gas and electricity flat billed contracts | 8,076,000 |
Electricity and gas [member] | Revenue from contract recognized after March 31, 2022 [member] | |
Statement Line Items [Line Items] | |
Gas and electricity flat billed contracts | $ 5,743,000 |
Note 5 - Accounting Policies 46
Note 5 - Accounting Policies and New Standards Adopted - Reconciliation of Impairment Allowance Balance From IAS 39 to IFRS 9 (Details) - CAD ($) $ in Thousands | Jun. 30, 2018 | Apr. 01, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Statement Line Items [Line Items] | ||||
Trade and other receivables | $ 65,221 | $ 60,121 | $ 49,431 | |
Allowance for credit losses | $ 65,221 | 60,121 | $ 49,431 | |
Trade and other receivables [member] | IFRS 9 [member] | ||||
Statement Line Items [Line Items] | ||||
Trade and other receivables | $ 71,358 | |||
Allowance for credit losses | 71,358 | |||
Trade and other receivables [member] | Effect of overlay approach reclassification [member] | ||||
Statement Line Items [Line Items] | ||||
Trade and other receivables | 11,237 | |||
Allowance for credit losses | 11,237 | |||
Unbilled revenue [member] | IFRS 9 [member] | ||||
Statement Line Items [Line Items] | ||||
Trade and other receivables | 12,399 | |||
Allowance for credit losses | 12,399 | |||
Unbilled revenue [member] | Effect of overlay approach reclassification [member] | ||||
Statement Line Items [Line Items] | ||||
Trade and other receivables | 12,399 | |||
Allowance for credit losses | $ 12,399 | |||
IAS 39 [member] | Trade and other receivables [member] | ||||
Statement Line Items [Line Items] | ||||
Trade and other receivables | 60,121 | |||
Allowance for credit losses | 60,121 | |||
IAS 39 [member] | Unbilled revenue [member] | ||||
Statement Line Items [Line Items] | ||||
Trade and other receivables | ||||
Allowance for credit losses |
Note 6 - Trade and Other Rece47
Note 6 - Trade and Other Receivables - Components of Trade and Other Receivables (Details) - CAD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Statement Line Items [Line Items] | ||
Trade account receivables, net | $ 331,593 | $ 332,083 |
Accrued gas receivables | 8,334 | 15,893 |
Unbilled revenues | 292,698 | 301,577 |
Other | 44,608 | 47,754 |
$ 677,233 | $ 697,307 |
Note 7 - Other Current and No48
Note 7 - Other Current and Non-current Assets - Components of Prepaid Expenses, Deposits, and Other Current Assets (Details) - CAD ($) $ in Thousands | Jun. 30, 2018 | Apr. 01, 2018 | Mar. 31, 2018 |
Statement Line Items [Line Items] | |||
Prepaid expenses and deposits | $ 40,364 | $ 32,900 | |
Customer acquisition costs | 53,877 | $ 43,152 | 31,852 |
Green certificates | 44,268 | 42,230 | |
Gas delivered in excess of consumption | 3,462 | 2,715 | |
$ 141,971 | $ 109,697 |
Note 7 - Other Current and No49
Note 7 - Other Current and Non-current Assets - Other Non-current Assets (Details) - CAD ($) $ in Thousands | Jun. 30, 2018 | Apr. 01, 2018 | Mar. 31, 2018 |
Statement Line Items [Line Items] | |||
Customer acquisition costs | $ 38,114 | $ 24,428 | $ 7,367 |
Other long-term assets | 2,887 | 12,620 | |
$ 41,001 | $ 19,987 |
Note 8 - Financial Instrument50
Note 8 - Financial Instruments (Details Textual) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 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 | $ 3,200 | ||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on other comprehensive income (loss) | $ 17,200 | ||
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 | $ 361,000 | $ 103,000 | |
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 | 235,411 | ||
Sensitivity analysis for types of market risk, reasonably possible decrease in risk variable, impact on profit or loss before taxes | (233,137) | ||
Credit risk [member] | |||
Statement Line Items [Line Items] | |||
Financial assets, at fair value | 4,999 | $ 4,714 | |
Risk exposure associated with instruments sharing characteristic | $ 213,268 | $ 35,451 | |
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 | $ 36,396 | ||
Level 2 of fair value hierarchy [member] | Equity investments [member] | |||
Statement Line Items [Line Items] | |||
Financial assets, at fair value | $ 36,396 | $ 36,300 | |
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 | $ 238,581 | ||
Sensitivity analysis for types of market risk, reasonably possible decrease in risk variable, impact on profit or loss before taxes | (236,350) | ||
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 | 594,400 | $ 570,100 | |
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 8 - Financial Instrument51
Note 8 - Financial Instruments - Change in Fair Value of Derivative Instruments (Details) - CAD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | $ (36,556) | $ 110,617 | |
Physical forward contracts and options [member] | |||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | [1] | (98,311) | 88,018 |
Financial swap contracts and options [member] | |||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | [2] | 68,804 | 3,694 |
Foreign exchange forward contracts [member] | |||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | 2,304 | 6,939 | |
Share swap [member] | |||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | (3,263) | (2,107) | |
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 | 232 | 4,784 | |
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 | (3,997) | 5,628 | |
Other derivative options [member] | |||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | $ (2,325) | $ 3,661 | |
[1] | Physical forward contracts and options consist of: Electricity contracts with a total remaining volume of 34,655,472 MWh, a weighted average price of $49.68/MWh and expiry dates up to December 31, 2027. Natural gas contracts with a total remaining volume of 192,152,766 GJs, a weighted average price of $1.90/GJ and expiry dates up to December 31, 2024. Renewable energy certificates ("RECs") and emission-reduction credit contracts with a total remaining volume of 3,136,707 MWh and 427,550 tonnes, respectively, a weighted average price of $32.39/REC and $2.61/tonne, respectively, and expiry dates up to December 31, 2028 and December 31, 2021. Electricity generation capacity contracts with a total remaining volume of 4,826 MWCap, a weighted average price of $6,813.04/MWCap and expiry dates up to October 31, 2022. Ancillary contracts with a total remaining volume of 848,863 MWh, a weighted average price of $20.23/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 15,227,331 MWh, an average price of $39.94/MWh and expiry dates up to November 30, 2024. Natural gas contracts with a total remaining volume of 125,849,707 GJs, an average price of $3.57/GJ and expiry dates up to December 31, 2024. Electricity generation capacity contracts with a total remaining volume of 207 MWCap, a weighted average price of $24,104.57/MWCap and expiry dates up to October 31, 2020. Ancillary contracts with a total remaining volume of 1,388,842 MWh, a weighted average price of $17.96/MWh and expiry dates up to December 31, 2020. |
Note 8 - Financial Instrument52
Note 8 - Financial Instruments - Change in Fair Value of Derivative Instruments (Details) (Parentheticals) | Jun. 30, 2018 | Jun. 30, 2017 |
European-focused senior convertible unsecured 6.5% convertible bonds [member] | ||
Statement Line Items [Line Items] | ||
Borrowings, interest rate | 6.50% | 6.50% |
Borrowings, interest rate | 6.50% | 6.50% |
Unrealized foreign exchange on European-focused senior convertible unsecured 6.5% convertible bonds [member] | ||
Statement Line Items [Line Items] | ||
Borrowings, interest rate | 6.50% | 6.50% |
Borrowings, interest rate | 6.50% | 6.50% |
Note 8 - Financial Instrument53
Note 8 - Financial Instruments - Fair Value of Derivative Financial Assets and Liabilities (Details) - CAD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | |||
Fair value of derivative financial assets, current | $ 126,480 | $ 218,769 | |
Fair value of derivative financial assets, non-current | 86,788 | 64,662 | |
Fair value of derivative financial liabilities, current | 48,789 | 86,288 | |
Fair value of derivative financial liabilities, non-current | 50,918 | 51,871 | |
Physical forward contracts and options [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivative financial assets, current | [1] | 66,015 | 198,891 |
Fair value of derivative financial assets, non-current | [1] | 72,233 | 60,550 |
Fair value of derivative financial liabilities, current | [1] | 18,347 | 32,451 |
Fair value of derivative financial liabilities, non-current | [1] | 20,173 | 29,003 |
Financial swap contracts and options [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivative financial assets, current | [2] | 56,034 | 8,133 |
Fair value of derivative financial assets, non-current | [2] | 4,696 | 1,342 |
Fair value of derivative financial liabilities, current | [2] | 8,246 | 34,369 |
Fair value of derivative financial liabilities, non-current | [2] | 29,754 | 22,117 |
Foreign exchange forward contracts [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivative financial assets, current | 185 | ||
Fair value of derivative financial assets, non-current | 899 | ||
Fair value of derivative financial liabilities, current | 353 | 1,068 | |
Fair value of derivative financial liabilities, non-current | 505 | ||
Share swap [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivative financial assets, current | |||
Fair value of derivative financial assets, non-current | |||
Fair value of derivative financial liabilities, current | 21,663 | 18,400 | |
Fair value of derivative financial liabilities, non-current | |||
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, non-current | |||
Fair value of derivative financial liabilities, current | |||
Fair value of derivative financial liabilities, non-current | 246 | ||
Other derivative options [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivative financial assets, current | 4,246 | 11,745 | |
Fair value of derivative financial assets, non-current | 8,960 | 2,770 | |
Fair value of derivative financial liabilities, current | 180 | ||
Fair value of derivative financial liabilities, non-current | $ 976 | ||
[1] | Physical forward contracts and options consist of: Electricity contracts with a total remaining volume of 34,655,472 MWh, a weighted average price of $49.68/MWh and expiry dates up to December 31, 2027. Natural gas contracts with a total remaining volume of 192,152,766 GJs, a weighted average price of $1.90/GJ and expiry dates up to December 31, 2024. Renewable energy certificates ("RECs") and emission-reduction credit contracts with a total remaining volume of 3,136,707 MWh and 427,550 tonnes, respectively, a weighted average price of $32.39/REC and $2.61/tonne, respectively, and expiry dates up to December 31, 2028 and December 31, 2021. Electricity generation capacity contracts with a total remaining volume of 4,826 MWCap, a weighted average price of $6,813.04/MWCap and expiry dates up to October 31, 2022. Ancillary contracts with a total remaining volume of 848,863 MWh, a weighted average price of $20.23/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 15,227,331 MWh, an average price of $39.94/MWh and expiry dates up to November 30, 2024. Natural gas contracts with a total remaining volume of 125,849,707 GJs, an average price of $3.57/GJ and expiry dates up to December 31, 2024. Electricity generation capacity contracts with a total remaining volume of 207 MWCap, a weighted average price of $24,104.57/MWCap and expiry dates up to October 31, 2020. Ancillary contracts with a total remaining volume of 1,388,842 MWh, a weighted average price of $17.96/MWh and expiry dates up to December 31, 2020. |
Note 8 - Financial Instrument54
Note 8 - Financial Instruments - Fair Value Measurement Input Sensitivity (Details) - CAD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Statement Line Items [Line Items] | ||
Derivative financial assets | $ 213,268 | $ 283,431 |
Derivative financial liabilities | (99,707) | (138,159) |
Total net derivative assets (liabilities) | 113,561 | 145,272 |
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 | (15,392) | (21,092) |
Total net derivative assets (liabilities) | (15,392) | (21,092) |
Level 3 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Derivative financial assets | 213,268 | 283,431 |
Derivative financial liabilities | (84,315) | (117,067) |
Total net derivative assets (liabilities) | $ 128,953 | $ 166,364 |
Note 8 - Financial Instrument55
Note 8 - Financial Instruments - Reconciliation of Level 3 Assets (Liabilities) (Details) - Level 3 of fair value hierarchy [member] - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Balance, beginning of period | $ 166,364 | $ (315,110) |
Total gains (losses) | (219,196) | 105,709 |
Purchases | (9,939) | 207,531 |
Sales | 4,933 | (64,464) |
Settlements | 42,446 | 232,698 |
Balance, end of period | $ (15,392) | $ 166,364 |
Note 8 - Financial Instrument56
Note 8 - Financial Instruments - Investments (Details) - Equity investments [member] - CAD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Statement Line Items [Line Items] | ||
Total investments | $ 36,396 | |
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 | 36,396 | $ 36,300 |
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 | 3,950 | |
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 | 3,950 | |
Energy Earth [member] | Level 3 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Total investments |
Note 8 - Financial Instrument57
Note 8 - Financial Instruments - Aging of Accounts Receivable (Details) - Trade receivables [member] - Credit risk [member] - CAD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Statement Line Items [Line Items] | ||
Financial assets | $ 229,274 | $ 261,294 |
Current [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 124,703 | 113,786 |
No later than one month [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 33,958 | 44,374 |
Later than one month and not later than two months [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 12,447 | 21,241 |
Later than two months and not later than three months [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 9,680 | 12,686 |
Later than three months [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | $ 48,486 | $ 69,207 |
Note 8 - Financial Instrument58
Note 8 - Financial Instruments - Changes in Allowance for Doubtful Accounts (Details) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Balance, beginning of period | $ 60,121 | $ 49,431 |
Provision for doubtful accounts | 20,800 | 56,300 |
Bad debts written off | (37,867) | (41,802) |
Adjustment from IFRS 9 adoption | 23,636 | |
Other | (1,469) | (3,808) |
Balance, end of period | $ 65,221 | $ 60,121 |
Note 8 - Financial Instrument59
Note 8 - Financial Instruments - Liquidity Risk (Details) - CAD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | |||
Trade and other payables, carrying amount | $ 638,420 | $ 616,434 | |
Total borrowings | 578,862 | 543,504 | |
Gas, electricity and non-commodity contracts, carrying amount | 99,707 | 138,159 | |
Liquidity risk [member] | |||
Statement Line Items [Line Items] | |||
Trade and other payables, carrying amount | 638,420 | 616,434 | |
Trade and other payables, undiscounted cash flows | 638,420 | 616,434 | |
Total borrowings | [1] | 578,862 | 543,504 |
Long-term debt, undiscounted cash flows | [1] | 610,845 | 575,525 |
Gas, electricity and non-commodity contracts, carrying amount | 99,707 | 138,159 | |
Gas, electricity and non-commodity contracts, undiscounted cash flows | 3,332,923 | 3,171,037 | |
Total, carrying amount | 1,316,989 | 1,298,097 | |
Total, undiscounted cash flows | 4,582,188 | 4,362,996 | |
Liquidity risk [member] | Not later than one year [member] | |||
Statement Line Items [Line Items] | |||
Trade and other payables, undiscounted cash flows | 638,420 | 616,434 | |
Long-term debt, undiscounted cash flows | [1] | 122,115 | |
Gas, electricity and non-commodity contracts, undiscounted cash flows | 1,606,528 | 1,867,389 | |
Total, undiscounted cash flows | 2,244,948 | 2,605,938 | |
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] | 350,845 | 193,410 |
Gas, electricity and non-commodity contracts, undiscounted cash flows | 1,391,632 | 1,202,949 | |
Total, undiscounted cash flows | 1,742,477 | 1,396,359 | |
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 | 260,000 |
Gas, electricity and non-commodity contracts, undiscounted cash flows | 256,316 | 69,658 | |
Total, undiscounted cash flows | 516,316 | 329,658 | |
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 | 78,447 | 31,041 | |
Total, undiscounted cash flows | $ 78,447 | $ 31,041 | |
[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 8 - Financial Instrument60
Note 8 - Financial Instruments - Contractual Net Interest Payments (Details) $ in Thousands | Jun. 30, 2018CAD ($) |
Not later than one year [member] | |
Statement Line Items [Line Items] | |
Interest payments | $ 30,389 |
Later than one year and not later than three years [member] | |
Statement Line Items [Line Items] | |
Interest payments | 35,100 |
Later than four years and not later than five years [member] | |
Statement Line Items [Line Items] | |
Interest payments | 18,900 |
Later than five years [member] | |
Statement Line Items [Line Items] | |
Interest payments |
Note 9 - Acquisition of Busin61
Note 9 - Acquisition of Business (Details Textual) $ in Millions | Feb. 28, 2018USD ($)shares | Jun. 30, 2018shares | Mar. 31, 2020CAD ($) | Mar. 31, 2019CAD ($) | Mar. 31, 2018CAD ($)shares | Feb. 28, 2018CAD ($) | Jun. 06, 2017CAD ($) |
Ordinary shares [member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of shares issued for acquisition | shares | 1,415,285 | ||||||
Intell Enercare Solutions Inc. [member] | |||||||
Statement Line Items [Line Items] | |||||||
Total consideration transferred, acquisition-date fair value | $ 9,987,000 | ||||||
Cash transferred | 2,199,000 | ||||||
Liabilities incurred | 7,788,000 | ||||||
Contingent consideration, target earnings before interest, taxes, depreciation, and amortisation | $ 3,500 | ||||||
Contingent liabilities recognised as of acquisition date | $ 1,300 | 7,800,000 | |||||
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 | 11,000,000 | ||||||
Intell Enercare Solutions Inc. [member] | Top of range [member] | |||||||
Statement Line Items [Line Items] | |||||||
Liabilities incurred | $ 9,000,000 | ||||||
EdgePower Inc. [member] | |||||||
Statement Line Items [Line Items] | |||||||
Total consideration transferred, acquisition-date fair value | $ 14.9 | $ 19,044,000 | |||||
Cash transferred | 7.5 | ||||||
Liabilities incurred | $ 6 | ||||||
Contingent liabilities recognised as of acquisition date | $ 0 | ||||||
Percentage of voting equity interests acquired | 100.00% | 100.00% | |||||
Equity interests of acquirer | $ 9,510,000 | ||||||
Number of shares issued for acquisition | shares | 1,415,285 | ||||||
EdgePower Inc. [member] | Ordinary shares [member] | |||||||
Statement Line Items [Line Items] | |||||||
Equity interests of acquirer | $ 7,400,000 |
Note 9 - Acquisition of Busin62
Note 9 - Acquisition of Business - Net Assets Acquired From Intell Enercare Solutions Inc. (Details) - CAD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 06, 2017 |
Statement Line Items [Line Items] | |||
Total goodwill | $ 305,393 | $ 295,684 | |
Intell Enercare Solutions Inc. [member] | |||
Statement Line Items [Line Items] | |||
Intangible assets | $ 877 | ||
Total goodwill | 9,979 | ||
Working capital | (637) | ||
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 9 - Acquisition of Busin63
Note 9 - Acquisition of Business - Net Assets Acquired From EdgePower Inc. (Details) $ in Thousands, $ in Millions | Jun. 30, 2018CAD ($) | Feb. 28, 2018USD ($) | Feb. 28, 2018CAD ($) | Jun. 30, 2017CAD ($) |
Statement Line Items [Line Items] | ||||
Goodwill | $ 305,393 | $ 295,684 | ||
EdgePower Inc. [member] | ||||
Statement Line Items [Line Items] | ||||
Working capital | $ 993 | |||
Intangible assets | 14,198 | |||
Goodwill | 7,673 | |||
Deferred tax | (3,820) | |||
Total consideration | 19,044 | |||
Cash paid, net of working capital adjustment | 9,534 | |||
Equity interests of acquirer | 9,510 | |||
Total consideration transferred, acquisition-date fair value | $ 14.9 | $ 19,044 |
Note 10 - Non-controlling Int64
Note 10 - Non-controlling Interest (Details Textual) | 3 Months Ended |
Jun. 30, 2018 | |
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% |
Note 11 - Long-term Debt and 65
Note 11 - Long-term Debt and Financing (Details Textual) $ in Thousands, $ in Millions | Apr. 18, 2018CAD ($) | Jan. 29, 2014CAD ($) | Jun. 30, 2018CAD ($) | Mar. 31, 2018CAD ($) | Feb. 22, 2018CAD ($) | Jun. 30, 2017CAD ($) | Oct. 05, 2016CAD ($) | Jan. 29, 2014USD ($) | Sep. 30, 2011CAD ($) | ||||
Statement Line Items [Line Items] | |||||||||||||
Total borrowings | $ 578,862 | $ 543,504 | |||||||||||
Credit facility [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Borrowings, additional term | 2 years | ||||||||||||
Borrowings facility, maximum borrowing capacity | $ 352,500 | $ 342,500 | |||||||||||
Borrowings, debt accordion | $ 370,000 | ||||||||||||
Borrowings, interest rate | 3.40% | ||||||||||||
Total borrowings | $ 153,325 | 122,115 | [1] | ||||||||||
Borrowings, letters of credit | 103,900 | 113,400 | |||||||||||
Borrowings, remaining borrowing capacity | 95,300 | ||||||||||||
Total borrowing costs incurred | [1] | $ 2,439 | $ 664 | ||||||||||
Credit facility [member] | London Interbank Offered Rate (LIBOR) [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Borrowings, interest rate | 3.40% | ||||||||||||
Credit facility [member] | Prime Rate [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Borrowings, adjustment to interest rate basis | 2.40% | ||||||||||||
Credit facility [member] | Prime Rate [member] | Country of domicile [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Borrowings, interest rate | 3.45% | ||||||||||||
Credit facility [member] | Prime Rate [member] | UNITED STATES | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Borrowings, interest rate | 5.00% | ||||||||||||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Borrowings, interest rate | 6.75% | [2],[3],[4] | 6.75% | [3] | 6.75% | 6.75% | [2] | ||||||
Total borrowings | [5] | $ 86,018 | $ 85,760 | ||||||||||
Notional amount | $ 100,000 | [2],[3],[4] | $ 100,000 | [3] | $ 100,000 | $ 100,000 | [2] | ||||||
Senior subordinated 6.75% convertible debentures [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Borrowings, interest rate | 6.75% | [6],[7],[8] | 6.75% | [7] | 6.75% | [8] | 6.75% | ||||||
Total borrowings | [9] | $ 148,816 | $ 148,146 | ||||||||||
Notional amount | $ 160,000 | [6],[7],[8] | $ 160,000 | [7] | $ 160,000 | [8] | $ 160,000 | ||||||
European-focused senior convertible unsecured 6.5% convertible bonds [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Borrowings, interest rate | 6.50% | [10],[11],[12] | 6.50% | [10] | 6.50% | [11] | 6.50% | ||||||
Notional amount | $ 150 | ||||||||||||
Total borrowing costs incurred | $ 5,215 | ||||||||||||
Unsecured subordinated 5.75% convertible debentures [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Borrowings, interest rate | 5.75% | [13] | 5.75% | 5.75% | [13] | 5.75% | |||||||
Total borrowings | [14] | ||||||||||||
Notional amount | $ 100,000 | ||||||||||||
[1] | As at June 30, 2018, the Company has renegotiated an agreement with a syndicate of lenders that includes Canadian Imperial Bank of Commerce ("CIBC"), National Bank of Canada (“National”), HSBC Bank Canada, JPMorgan Chase Bank N.A., Alberta Treasury Branches, Canadian Western Bank and Morgan Stanley Senior Funding, Inc., a subsidiary of Morgan Stanley Bank N.A.. The agreement extends Just Energy’s credit facility for an additional two years to September 1, 2020. The facility size was increased to $352.5 million from $342.5 million, with an accordion for Just Energy to draw up to $370 million. A certain principal amount outstanding under the LC facility is guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. 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 June 30, 2018, the Canadian prime rate was 3.45% and the U.S. prime rate was 5.00%. As at June 30, 2018, $153.32 million has been drawn against the facility and total letters of credit outstanding as of June 30, 2018, amounted to $103.9 million ( March 31, 2018 - $113.4 million). As at June 30, 2018, Just Energy has $95. 3 million of the facility remaining 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 U.K., Barbados, Ireland, Japan and German operations. Just Energy is required to meet a number of financial covenants under the credit facility agreement. As at June 30, 2018, the Company was compliant with all of these covenants. | ||||||||||||
[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. | ||||||||||||
[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. | ||||||||||||
[4] | 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. | ||||||||||||
[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. | ||||||||||||
[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. | ||||||||||||
[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. | ||||||||||||
[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. | ||||||||||||
[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. | ||||||||||||
[10] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior 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. The Company incurred transaction costs of $5,215 and has shown these costs net of the 6.5% convertible bonds. | ||||||||||||
[11] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior 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. The Company incurred transaction costs of $5,215 and has shown these costs net of the 6.5% convertible bonds. | ||||||||||||
[12] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior 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. The Company incurred transaction costs of $5,215 and has shown these costs net of the 6.5% convertible bonds. | ||||||||||||
[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. | ||||||||||||
[14] | In September 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the "5.75% convertible debentures"), which was used to fund an acquisition. The 5.75% convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year, and have a maturity date of September 30, 2018. |
Note 11 - Long-term Debt and 66
Note 11 - Long-term Debt and Financing - Components of Long-term Debt (Details) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Mar. 31, 2018 | |||
Statement Line Items [Line Items] | ||||
Debt | $ 578,862 | $ 543,504 | ||
Less: Current portion | (121,451) | |||
578,862 | 422,053 | |||
Credit facility [member] | ||||
Statement Line Items [Line Items] | ||||
Debt | 153,325 | 122,115 | [1] | |
Less: Debt issue costs | [1] | (2,439) | (664) | |
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | ||||
Statement Line Items [Line Items] | ||||
Debt | [2] | 86,018 | 85,760 | |
Senior subordinated 6.75% convertible debentures [member] | ||||
Statement Line Items [Line Items] | ||||
Debt | [3] | 148,816 | 148,146 | |
European-focused senior convertible unsecured 6.5% convertible bonds, conversion feature [member] | ||||
Statement Line Items [Line Items] | ||||
Debt | [4] | 193,142 | 188,147 | |
Unsecured subordinated 5.75% convertible debentures [member] | ||||
Statement Line Items [Line Items] | ||||
Debt | [5] | |||
[1] | As at June 30, 2018, the Company has renegotiated an agreement with a syndicate of lenders that includes Canadian Imperial Bank of Commerce ("CIBC"), National Bank of Canada (“National”), HSBC Bank Canada, JPMorgan Chase Bank N.A., Alberta Treasury Branches, Canadian Western Bank and Morgan Stanley Senior Funding, Inc., a subsidiary of Morgan Stanley Bank N.A.. The agreement extends Just Energy’s credit facility for an additional two years to September 1, 2020. The facility size was increased to $352.5 million from $342.5 million, with an accordion for Just Energy to draw up to $370 million. A certain principal amount outstanding under the LC facility is guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. 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 June 30, 2018, the Canadian prime rate was 3.45% and the U.S. prime rate was 5.00%. As at June 30, 2018, $153.32 million has been drawn against the facility and total letters of credit outstanding as of June 30, 2018, amounted to $103.9 million ( March 31, 2018 - $113.4 million). As at June 30, 2018, Just Energy has $95. 3 million of the facility remaining 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 U.K., Barbados, Ireland, Japan and German operations. Just Energy is required to meet a number of financial covenants under the credit facility agreement. As at June 30, 2018, the Company was compliant with all of these covenants. | |||
[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. | |||
[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. | |||
[4] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior 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. The Company incurred transaction costs of $5,215 and has shown these costs net of the 6.5% convertible bonds. | |||
[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. |
Note 11 - Long-term Debt and 67
Note 11 - Long-term Debt and Financing - Future Annual Minimum Repayments (Details) $ in Thousands | Jun. 30, 2018CAD ($) | |
Statement Line Items [Line Items] | ||
Future annual minimum repayments | $ 610,845 | |
Credit facility [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 153,325 | [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] |
European-focused senior convertible unsecured 6.5% convertible bonds [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 197,520 | [4] |
Not later than one year [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | ||
Not later than one year [member] | Credit facility [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | [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] | European-focused senior convertible unsecured 6.5% convertible bonds [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 | 350,845 | |
Later than one year and not later than three years [member] | Credit facility [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 153,325 | [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] | European-focused senior convertible unsecured 6.5% convertible bonds [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 197,520 | [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] | European-focused senior convertible unsecured 6.5% convertible bonds [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] | European-focused senior convertible unsecured 6.5% convertible bonds [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | [4] | |
[1] | As at June 30, 2018, the Company has renegotiated an agreement with a syndicate of lenders that includes Canadian Imperial Bank of Commerce ("CIBC"), National Bank of Canada (“National”), HSBC Bank Canada, JPMorgan Chase Bank N.A., Alberta Treasury Branches, Canadian Western Bank and Morgan Stanley Senior Funding, Inc., a subsidiary of Morgan Stanley Bank N.A.. The agreement extends Just Energy’s credit facility for an additional two years to September 1, 2020. The facility size was increased to $352.5 million from $342.5 million, with an accordion for Just Energy to draw up to $370 million. A certain principal amount outstanding under the LC facility is guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. 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 June 30, 2018, the Canadian prime rate was 3.45% and the U.S. prime rate was 5.00%. As at June 30, 2018, $153.32 million has been drawn against the facility and total letters of credit outstanding as of June 30, 2018, amounted to $103.9 million ( March 31, 2018 - $113.4 million). As at June 30, 2018, Just Energy has $95. 3 million of the facility remaining 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 U.K., Barbados, Ireland, Japan and German operations. Just Energy is required to meet a number of financial covenants under the credit facility agreement. As at June 30, 2018, the Company was compliant with all of these covenants. | |
[2] | 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. | |
[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. | |
[4] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior 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. The Company incurred transaction costs of $5,215 and has shown these costs net of the 6.5% convertible bonds. |
Note 11 - Long-term Debt and 68
Note 11 - Long-term Debt and Financing - Future Annual Minimum Repayments (Details) (Parentheticals) $ in Thousands, $ in Millions | Jun. 30, 2018CAD ($) | Mar. 31, 2018CAD ($) | Feb. 22, 2018CAD ($) | Jun. 30, 2017CAD ($) | Oct. 05, 2016CAD ($) | Jan. 29, 2014USD ($) | |||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Notional amount | $ 100,000 | [1],[2],[3] | $ 100,000 | [2] | $ 100,000 | $ 100,000 | [1] | ||
Borrowings, interest rate | 6.75% | [1],[2],[3] | 6.75% | [2] | 6.75% | 6.75% | [1] | ||
Senior subordinated 6.75% convertible debentures [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Notional amount | $ 160,000 | [4],[5],[6] | $ 160,000 | [5] | $ 160,000 | [6] | $ 160,000 | ||
Borrowings, interest rate | 6.75% | [4],[5],[6] | 6.75% | [5] | 6.75% | [6] | 6.75% | ||
European-focused senior convertible unsecured 6.5% convertible bonds [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Notional amount | $ 150 | ||||||||
Borrowings, interest rate | 6.50% | [7],[8],[9] | 6.50% | [7] | 6.50% | [8] | 6.50% | ||
[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. | ||||||||
[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. | ||||||||
[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. | ||||||||
[4] | 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. | ||||||||
[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. | ||||||||
[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. | ||||||||
[7] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior 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. The Company incurred transaction costs of $5,215 and has shown these costs net of the 6.5% convertible bonds. | ||||||||
[8] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior 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. The Company incurred transaction costs of $5,215 and has shown these costs net of the 6.5% convertible bonds. | ||||||||
[9] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior 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. The Company incurred transaction costs of $5,215 and has shown these costs net of the 6.5% convertible bonds. |
Note 11 - Long-term Debt and 69
Note 11 - Long-term Debt and Financing - Long- Term Debt (Details) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Mar. 31, 2018 | ||
Statement Line Items [Line Items] | |||
Long-term debt, balance | $ 543,504 | $ 498,088 | |
Cash inflows (outflows) | 29,037 | 49,726 | |
FX | 3,995 | (6,101) | |
Non-cash changes | 2,326 | 1,790 | |
Long-term debt, balance | 578,862 | 543,504 | |
Short-term borrowings [member] | |||
Statement Line Items [Line Items] | |||
Long-term debt, balance | (121,451) | ||
Cash inflows (outflows) | |||
FX | |||
Non-cash changes | |||
Long-term debt, balance | (121,451) | ||
Long-term borrowings [member] | |||
Statement Line Items [Line Items] | |||
Long-term debt, balance | 422,053 | 498,088 | |
Cash inflows (outflows) | 29,037 | 49,726 | |
FX | 3,995 | (6,101) | |
Non-cash changes | 2,326 | 1,790 | |
Long-term debt, balance | 578,862 | 422,053 | |
Credit facility [member] | |||
Statement Line Items [Line Items] | |||
Long-term debt, balance | [1] | 121,451 | 66,001 |
Cash inflows (outflows) | [1] | 29,037 | 53,857 |
FX | [1] | ||
Non-cash changes | [1] | 398 | 1,593 |
Long-term debt, balance | [1] | 150,886 | 121,451 |
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | |||
Statement Line Items [Line Items] | |||
Long-term debt, balance | [2] | 85,760 | |
Cash inflows (outflows) | [2] | 95,869 | |
FX | [2] | ||
Non-cash changes | [2] | 258 | (10,109) |
Long-term debt, balance | [2] | 86,018 | 85,760 |
Senior subordinated 6.75% convertible debentures [member] | |||
Statement Line Items [Line Items] | |||
Long-term debt, balance | [3] | 148,146 | 145,579 |
Cash inflows (outflows) | [3] | ||
FX | [3] | ||
Non-cash changes | [3] | 670 | 2,567 |
Long-term debt, balance | [3] | 148,816 | 148,146 |
European-focused senior convertible unsecured 6.5% convertible bonds [member] | |||
Statement Line Items [Line Items] | |||
Long-term debt, balance | [4] | 188,147 | 190,486 |
Cash inflows (outflows) | [4] | ||
FX | [4] | 3,995 | (6,101) |
Non-cash changes | [4] | 1,000 | 3,761 |
Long-term debt, balance | [4] | 193,142 | 188,147 |
Unsecured subordinated 5.75% convertible debentures [member] | |||
Statement Line Items [Line Items] | |||
Long-term debt, balance | [5] | 96,022 | |
Cash inflows (outflows) | [5] | (100,000) | |
FX | [5] | ||
Non-cash changes | [5] | 3,978 | |
Long-term debt, balance | [5] | ||
[1] | As at June 30, 2018, the Company has renegotiated an agreement with a syndicate of lenders that includes Canadian Imperial Bank of Commerce ("CIBC"), National Bank of Canada (“National”), HSBC Bank Canada, JPMorgan Chase Bank N.A., Alberta Treasury Branches, Canadian Western Bank and Morgan Stanley Senior Funding, Inc., a subsidiary of Morgan Stanley Bank N.A.. The agreement extends Just Energy’s credit facility for an additional two years to September 1, 2020. The facility size was increased to $352.5 million from $342.5 million, with an accordion for Just Energy to draw up to $370 million. A certain principal amount outstanding under the LC facility is guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. 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 June 30, 2018, the Canadian prime rate was 3.45% and the U.S. prime rate was 5.00%. As at June 30, 2018, $153.32 million has been drawn against the facility and total letters of credit outstanding as of June 30, 2018, amounted to $103.9 million ( March 31, 2018 - $113.4 million). As at June 30, 2018, Just Energy has $95. 3 million of the facility remaining 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 U.K., Barbados, Ireland, Japan and German operations. Just Energy is required to meet a number of financial covenants under the credit facility agreement. As at June 30, 2018, the Company was compliant with all of these covenants. | ||
[2] | 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. | ||
[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. | ||
[4] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior 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. The Company incurred transaction costs of $5,215 and has shown these costs net of the 6.5% convertible bonds. | ||
[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. |
Note 11 - Long-term Debt and 70
Note 11 - Long-term Debt and Financing - Long- Term Debt (Details) (Parentheticals) $ in Thousands, $ in Millions | Jun. 30, 2018CAD ($) | Mar. 31, 2018CAD ($) | Feb. 22, 2018CAD ($) | Jun. 30, 2017CAD ($) | Oct. 05, 2016CAD ($) | Jan. 29, 2014USD ($) | Sep. 30, 2011CAD ($) | |||
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] | 6.75% | [2] | 6.75% | 6.75% | [1] | |||
Face amount | $ 100,000 | [1],[2],[3] | $ 100,000 | [2] | $ 100,000 | $ 100,000 | [1] | |||
Senior subordinated 6.75% convertible debentures [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Borrowings, interest rate | 6.75% | [4],[5],[6] | 6.75% | [5] | 6.75% | [6] | 6.75% | |||
Face amount | $ 160,000 | [4],[5],[6] | $ 160,000 | [5] | $ 160,000 | [6] | $ 160,000 | |||
European-focused senior convertible unsecured 6.5% convertible bonds [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Borrowings, interest rate | 6.50% | [7],[8],[9] | 6.50% | [7] | 6.50% | [8] | 6.50% | |||
Face amount | $ 150 | |||||||||
Unsecured subordinated 5.75% convertible debentures [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Borrowings, interest rate | 5.75% | [10] | 5.75% | 5.75% | [10] | 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. | |||||||||
[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. | |||||||||
[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. | |||||||||
[4] | 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. | |||||||||
[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. | |||||||||
[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. | |||||||||
[7] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior 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. The Company incurred transaction costs of $5,215 and has shown these costs net of the 6.5% convertible bonds. | |||||||||
[8] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior 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. The Company incurred transaction costs of $5,215 and has shown these costs net of the 6.5% convertible bonds. | |||||||||
[9] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior 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. The Company incurred transaction costs of $5,215 and has shown these costs net of the 6.5% convertible bonds. | |||||||||
[10] | In September 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the "5.75% convertible debentures"), which was used to fund an acquisition. The 5.75% convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year, and have a maturity date of September 30, 2018. |
Note 11 - Long-term Debt and 71
Note 11 - Long-term Debt and Financing - Finance costs (Details) - CAD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Statement Line Items [Line Items] | |||
Finance costs | $ 16,340 | $ 11,990 | |
Unwinding of discount and other | 2,097 | 505 | |
Credit facility [member] | |||
Statement Line Items [Line Items] | |||
Finance costs | [1] | 4,434 | 2,638 |
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | |||
Statement Line Items [Line Items] | |||
Finance costs | [2] | 2,292 | |
Senior subordinated 6.75% convertible debentures [member] | |||
Statement Line Items [Line Items] | |||
Finance costs | [3] | 3,370 | 2,720 |
European-focused senior convertible unsecured 6.5% convertible bonds [member] | |||
Statement Line Items [Line Items] | |||
Finance costs | [4] | 4,147 | 4,054 |
Unsecured subordinated 5.75% convertible debentures [member] | |||
Statement Line Items [Line Items] | |||
Finance costs | [5] | $ 2,073 | |
[1] | As at June 30, 2018, the Company has renegotiated an agreement with a syndicate of lenders that includes Canadian Imperial Bank of Commerce ("CIBC"), National Bank of Canada (“National”), HSBC Bank Canada, JPMorgan Chase Bank N.A., Alberta Treasury Branches, Canadian Western Bank and Morgan Stanley Senior Funding, Inc., a subsidiary of Morgan Stanley Bank N.A.. The agreement extends Just Energy’s credit facility for an additional two years to September 1, 2020. The facility size was increased to $352.5 million from $342.5 million, with an accordion for Just Energy to draw up to $370 million. A certain principal amount outstanding under the LC facility is guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. 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 June 30, 2018, the Canadian prime rate was 3.45% and the U.S. prime rate was 5.00%. As at June 30, 2018, $153.32 million has been drawn against the facility and total letters of credit outstanding as of June 30, 2018, amounted to $103.9 million ( March 31, 2018 - $113.4 million). As at June 30, 2018, Just Energy has $95. 3 million of the facility remaining 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 U.K., Barbados, Ireland, Japan and German operations. Just Energy is required to meet a number of financial covenants under the credit facility agreement. As at June 30, 2018, the Company was compliant with all of these covenants. | ||
[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. | ||
[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. | ||
[4] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior 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. The Company incurred transaction costs of $5,215 and has shown these costs net of the 6.5% convertible bonds. | ||
[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. |
Note 11 - Long-term Debt and 72
Note 11 - Long-term Debt and Financing - Finance costs (Details) (Parentheticals) $ in Thousands, $ in Millions | Jun. 30, 2018CAD ($) | Mar. 31, 2018CAD ($) | Feb. 22, 2018CAD ($) | Jun. 30, 2017CAD ($) | Oct. 05, 2016CAD ($) | Jan. 29, 2014USD ($) | Sep. 30, 2011CAD ($) | |||
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] | 6.75% | [2] | 6.75% | 6.75% | [1] | |||
Notional amount | $ 100,000 | [1],[2],[3] | $ 100,000 | [2] | $ 100,000 | $ 100,000 | [1] | |||
Senior subordinated 6.75% convertible debentures [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Borrowings, interest rate | 6.75% | [4],[5],[6] | 6.75% | [5] | 6.75% | [6] | 6.75% | |||
Notional amount | $ 160,000 | [4],[5],[6] | $ 160,000 | [5] | $ 160,000 | [6] | $ 160,000 | |||
European-focused senior convertible unsecured 6.5% convertible bonds [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Borrowings, interest rate | 6.50% | [7],[8],[9] | 6.50% | [7] | 6.50% | [8] | 6.50% | |||
Notional amount | $ 150 | |||||||||
Unsecured subordinated 5.75% convertible debentures [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Borrowings, interest rate | 5.75% | [10] | 5.75% | 5.75% | [10] | 5.75% | ||||
Notional 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. | |||||||||
[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. | |||||||||
[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. | |||||||||
[4] | 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. | |||||||||
[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. | |||||||||
[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. | |||||||||
[7] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior 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. The Company incurred transaction costs of $5,215 and has shown these costs net of the 6.5% convertible bonds. | |||||||||
[8] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior 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. The Company incurred transaction costs of $5,215 and has shown these costs net of the 6.5% convertible bonds. | |||||||||
[9] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior 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. The Company incurred transaction costs of $5,215 and has shown these costs net of the 6.5% convertible bonds. | |||||||||
[10] | In September 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the "5.75% convertible debentures"), which was used to fund an acquisition. The 5.75% convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year, and have a maturity date of September 30, 2018. |
Note 12 - Income Taxes - Compon
Note 12 - Income Taxes - Components of Tax Expenses (Details) - CAD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Statement Line Items [Line Items] | ||
Current income tax expense (recovery) | $ (2,512) | $ 591 |
Deferred income tax expense | 10,473 | 6,206 |
Provision for income taxes | $ 7,961 | $ 6,797 |
Note 13 - Shareholders' Capit74
Note 13 - Shareholders' Capital (Details Textual) - CAD ($) $ / shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Mar. 16, 2018 | Oct. 05, 2016 | |||||
Statement Line Items [Line Items] | ||||||||||
Par value per share | $ 0 | $ 0 | ||||||||
Payments to acquire or redeem entity's shares | $ 11,443 | |||||||||
Senior subordinated 6.75% convertible debentures [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Borrowings, interest rate | 6.75% | [1],[2],[3] | 6.75% | [1],[2],[3] | 6.75% | [3] | 6.75% | [2] | 6.75% | |
Preference shares [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Number of shares authorised | 50,000,000 | 50,000,000 | ||||||||
Number of shares issued and fully paid | 0 | 0 | ||||||||
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 | $ 0 | $ 0 | ||||||||
[1] | 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. | |||||||||
[2] | 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. | |||||||||
[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% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. |
Note 13 - Shareholders' Capit75
Note 13 - Shareholders' Capital - Classes of Share Capital (Details) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | |||
Balance | $ 230,743 | ||
Balance | $ 187,010 | $ (69,819) | $ 230,743 |
Issued capital [member] | |||
Statement Line Items [Line Items] | |||
Balance (in shares) | 152,717,452 | ||
Balance | $ 1,215,826 | ||
Balance (in shares) | 153,686,742 | 152,717,452 | |
Balance | $ 1,231,017 | $ 1,201,044 | $ 1,215,826 |
Ordinary shares [member] | |||
Statement Line Items [Line Items] | |||
Balance (in shares) | 148,394,152 | 147,013,538 | 147,013,538 |
Balance | $ 1,079,055 | $ 1,070,076 | $ 1,070,076 |
Share-based awards exercised (in shares) | 630,425 | 1,643,156 | |
Share-based units exercised | $ 4,979 | $ 11,954 | |
Number of shares issued for acquisition | 1,415,285 | ||
Acquisition of subsidiary | $ 8,966 | ||
Repurchase and cancellation of shares (in shares) | (1,677,827) | ||
Repurchase and cancellation of shares | $ (11,941) | ||
Balance (in shares) | 149,024,577 | 148,394,152 | |
Balance | $ 1,084,034 | $ 1,079,055 | |
Ordinary shares [member] | Issued capital [member] | |||
Statement Line Items [Line Items] | |||
Balance | 1,079,055 | 1,070,076 | 1,070,076 |
Share-based units exercised | 4,979 | 10,145 | |
Repurchase and cancellation of shares | (11,443) | ||
Balance | $ 1,084,034 | $ 1,068,778 | $ 1,079,055 |
Preference shares [member] | |||
Statement Line Items [Line Items] | |||
Balance (in shares) | 4,323,300 | 4,040,000 | 4,040,000 |
Balance | $ 136,771 | $ 128,363 | $ 128,363 |
Balance (in shares) | 4,662,165 | 4,323,300 | |
Balance | $ 146,983 | $ 136,771 | |
Shares issued for cash (in shares) | 338,865 | 283,300 | |
Shares issued | $ 10,447 | $ 9,260 | |
Preferred shares issuance cost | (235) | (852) | |
Preference shares [member] | Issued capital [member] | |||
Statement Line Items [Line Items] | |||
Balance | 136,771 | 128,363 | 128,363 |
Balance | 146,983 | 132,266 | $ 136,771 |
Shares issued | 10,447 | 4,361 | |
Preferred shares issuance cost | $ 235 | $ 458 |
Note 14 - Reportable Business76
Note 14 - Reportable Business Segments - Components of Segments (Details) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | |||||||
Sales | $ 876,457 | $ 847,706 | |||||
Gross profit | 153,532 | 157,563 | $ 636,896 | $ 690,862 | |||
Administrative | 55,682 | 48,631 | |||||
Selling and marketing expenses | 50,543 | 58,076 | |||||
Depreciation of property, plant and equipment | 898 | 997 | $ 898 | $ 997 | |||
Amortization of intangible assets | 4,345 | 3,460 | 4,345 | 3,460 | |||
Other operating expenses | 22,575 | 30,519 | |||||
Operating profit before the following | 19,489 | 15,880 | |||||
Finance costs | (16,340) | (11,990) | |||||
Change in fair value of derivative instruments and other | (36,556) | 110,617 | |||||
Other income | (55) | 1,599 | |||||
Provision for income taxes | (7,961) | (6,797) | |||||
PROFIT (LOSS) FOR THE PERIOD | (41,423) | 109,309 | 367,842 | 97,522 | |||
Capital expenditures | 9,855 | 7,996 | |||||
Total goodwill | 305,393 | 295,684 | 305,393 | 295,684 | 305,393 | 295,684 | |
Total assets | 1,626,800 | 1,271,036 | 1,626,800 | 1,271,036 | 1,626,800 | 1,271,036 | $ 1,646,809 |
Total liabilities | 1,439,790 | 1,340,855 | 1,439,790 | 1,340,855 | 1,439,790 | 1,340,855 | $ 1,416,066 |
Profit (loss) | (41,423) | 109,309 | 367,842 | 97,522 | |||
Consumer division [member] | |||||||
Statement Line Items [Line Items] | |||||||
Sales | 542,178 | 486,766 | |||||
Gross profit | 118,765 | 115,507 | |||||
Administrative | 20,147 | 15,244 | |||||
Selling and marketing expenses | 33,689 | 38,989 | |||||
Depreciation of property, plant and equipment | 853 | 949 | |||||
Amortization of intangible assets | 4,003 | 3,273 | |||||
Other operating expenses | 20,409 | 27,863 | |||||
Operating profit before the following | 39,664 | 29,189 | |||||
Capital expenditures | 9,181 | 5,357 | |||||
Total goodwill | 148,375 | 145,177 | 148,375 | 145,177 | 148,375 | 145,177 | |
Total assets | 1,222,492 | 968,470 | 1,222,492 | 968,470 | 1,222,492 | 968,470 | |
Total liabilities | 1,216,190 | 1,089,751 | 1,216,190 | 1,089,751 | 1,216,190 | 1,089,751 | |
Commercial division [member] | |||||||
Statement Line Items [Line Items] | |||||||
Sales | 334,279 | 360,940 | |||||
Gross profit | 34,767 | 42,056 | |||||
Administrative | 9,511 | 7,965 | |||||
Selling and marketing expenses | 1,685 | 19,087 | |||||
Depreciation of property, plant and equipment | 45 | 48 | |||||
Amortization of intangible assets | 342 | 187 | |||||
Other operating expenses | 2,166 | 2,656 | |||||
Operating profit before the following | 5,849 | 12,113 | |||||
Capital expenditures | 674 | 2,639 | |||||
Total goodwill | 157,018 | 150,507 | 157,018 | 150,507 | 157,018 | 150,507 | |
Total assets | 404,308 | 302,566 | 404,308 | 302,566 | 404,308 | 302,566 | |
Total liabilities | 223,600 | 251,104 | 223,600 | 251,104 | 223,600 | 251,104 | |
Corporate [member] | |||||||
Statement Line Items [Line Items] | |||||||
Sales | |||||||
Gross profit | |||||||
Administrative | 26,024 | 25,422 | |||||
Selling and marketing expenses | |||||||
Depreciation of property, plant and equipment | |||||||
Amortization of intangible assets | |||||||
Other operating expenses | |||||||
Operating profit before the following | (26,024) | (25,422) | |||||
Capital expenditures | |||||||
Total goodwill | |||||||
Total assets | |||||||
Total liabilities |
Note 14 - Reportable Business77
Note 14 - Reportable Business Segments - Geographical Disclosure (Details) - CAD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | |||
Sales | $ 876,457 | $ 847,706 | |
Non-current assets | 435,350 | $ 420,819 | |
CANADA | |||
Statement Line Items [Line Items] | |||
Sales | 89,228 | 83,379 | |
Non-current assets | 207,036 | 201,985 | |
UNITED STATES | |||
Statement Line Items [Line Items] | |||
Sales | 613,289 | 634,512 | |
Non-current assets | 214,359 | 207,147 | |
International [member] | |||
Statement Line Items [Line Items] | |||
Sales | 173,940 | $ 129,815 | |
Non-current assets | $ 13,955 | $ 11,687 |
Note 15 - Other Expenses - Othe
Note 15 - Other Expenses - Other Operating Expenses (Details) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement Line Items [Line Items] | ||||
Amortization of intangible assets | $ 4,345 | $ 3,460 | $ 4,345 | $ 3,460 |
Depreciation of property, plant and equipment | 898 | 997 | 898 | 997 |
Bad debts expense | 20,800 | 15,272 | ||
Share-based compensation | 1,775 | 15,247 | $ 1,775 | $ 15,247 |
$ 27,818 | $ 34,976 |
Note 15 - Other Expenses - Empl
Note 15 - Other Expenses - Employee Benefits Expense (Details) - CAD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Statement Line Items [Line Items] | ||
Wages, salaries and commissions | $ 61,508 | $ 56,171 |
Benefits | 4,881 | 6,310 |
$ 66,389 | $ 62,481 |
Note 16 - Earnings Per Share -
Note 16 - Earnings Per Share - Components of Earning Per Share (Details) - CAD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
BASIC EARNINGS (LOSS) PER SHARE | |||
Profit (loss) as per consolidated statement of income | $ (41,377) | $ 103,858 | |
Dividend to preferred shareholders - net of tax | 2,343 | 2,212 | |
Earnings (loss) available to shareholders | $ (43,720) | $ 101,646 | |
Basic weighted average shares outstanding (in shares) | 148,472,715 | 147,063,935 | |
Basic earnings (loss) per share available to shareholders (in CAD per share) | $ (0.29) | $ 0.69 | |
DILUTED EARNINGS (LOSS) PER SHARE | |||
Earnings (loss) available to shareholders | $ (43,720) | $ 101,646 | |
Adjustment for dilutive impact of convertible debentures | 2,366 | ||
Adjusted earnings (loss) available to shareholders | $ (43,720) | $ 99,280 | |
Basic weighted average shares outstanding (in shares) | 148,472,715 | 147,063,935 | |
Restricted share and performance bonus grants (in shares) | 3,034,501 | 3,252,330 | |
Deferred share grants (in shares) | 115,184 | 93,593 | |
Convertible debentures (in shares) | 44,438,208 | 38,804,494 | [1] |
Shares outstanding on a diluted basis (in shares) | 196,060,609 | 189,214,352 | |
Diluted earnings (loss) per share available to shareholders (in CAD per share) | $ (0.29) | $ 0.52 | |
[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 17 - Dividends Paid (Detai
Note 17 - Dividends Paid (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Jun. 30, 2018CAD ($)$ / shares | Jun. 30, 2018$ / shares | Jun. 30, 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 | $ 0.125 | $ 0.125 | |
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners | $ 19,074 | $ 18,773 | |
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) | $ 0.53125 | $ 0.53125 | |
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners | $ 3,188 | $ 3,010 |
Note 18 - Commitments and Gua82
Note 18 - Commitments and Guarantees (Details Textual) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018CAD ($) | Mar. 31, 2018CAD ($) | |
Credit facility [member] | ||
Statement Line Items [Line Items] | ||
Borrowings, letters of credit | $ 103,900 | $ 113,400 |
Surety bond [member] | ||
Statement Line Items [Line Items] | ||
Estimated financial effect of contingent liabilities | $ 58,600 | |
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 18 - Commitments and Gua83
Note 18 - Commitments and Guarantees - Commitments (Details) $ in Thousands | Jun. 30, 2018CAD ($) |
Statement Line Items [Line Items] | |
Premises and equipment leasing | $ 26,875 |
Gas, electricity and non-commodity contracts | 3,332,923 |
3,359,798 | |
Not later than one year [member] | |
Statement Line Items [Line Items] | |
Premises and equipment leasing | 3,676 |
Gas, electricity and non-commodity contracts | 1,606,528 |
1,610,204 | |
Later than one year and not later than three years [member] | |
Statement Line Items [Line Items] | |
Premises and equipment leasing | 7,959 |
Gas, electricity and non-commodity contracts | 1,391,632 |
1,399,591 | |
Later than four years and not later than five years [member] | |
Statement Line Items [Line Items] | |
Premises and equipment leasing | 7,659 |
Gas, electricity and non-commodity contracts | 256,316 |
263,975 | |
Later than five years [member] | |
Statement Line Items [Line Items] | |
Premises and equipment leasing | 7,581 |
Gas, electricity and non-commodity contracts | 78,447 |
$ 86,028 |