Document And Entity Information
Document And Entity Information | 12 Months Ended |
Mar. 31, 2019shares | |
Document Information [Line Items] | |
Entity Registrant Name | Just Energy Group Inc. |
Entity Central Index Key | 0001538789 |
Current Fiscal Year End Date | --03-31 |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding (in shares) | 149,595,952 |
Document Type | 40-F/A |
Document Period End Date | Mar. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Amendment Flag | true |
Amendment Description | This Amendment No. 2 to the Annual Report on Form 40-F/A ("Amendment No. 2") amends the Annual Report on Form 40-F filed with the Securities and Exchange Commission ("SEC" or the "Commission") on May 22, 2019, and Amendment No. 1 to the Annual Report on Form 40-F/A filed with the SEC on June 3, 2019 (collectively, the "Original Annual Report") of Just Energy Group Inc. (the "Registrant") for the year ended March 31, 2019, in order to (i) file amendments to (A) Management's Discussion and Analysis for the year ended March 31, 2019 (the "MDA"), and (B) Audited Consolidated Financial Statements for the year ended March 31, 2019; and (ii) amend and restate in its entirety the information set forth below under "A. Disclosure Controls and Procedures," "B. Management's Annual Report on Internal Control Over Financial Reporting" and "D. Changes in Internal Control Over Financial Reporting." Other than as discussed above and included herein, all information in the Original Annual Report is unchanged and is not reproduced in this Amendment No. 2. This Amendment No. 2 does not reflect events occurring after the filing of the Original Annual Report or modify or update the disclosure contained in the Original Annual Report in any way other than as discussed above and included herein. Accordingly, this Amendment No. 2 should be read in conjunction with the Original Annual Report. Capitalized terms used but not defined in this Amendment No. 2 shall have the meanings set forth in the Original Annual Report. |
Restated Consolidated Statement
Restated Consolidated Statements of Financial Position - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 9,927 | $ 48,861 |
Restricted cash | 4,048 | 3,515 |
Trade and other receivables | 672,615 | 658,844 |
Gas in storage | 2,943 | 2,342 |
Fair value of derivative financial assets | 144,512 | 218,769 |
Income taxes recoverable | 18,973 | 5,617 |
Other current assets | 169,240 | 112,214 |
1,022,258 | 1,050,162 | |
Non-current assets | ||
Investments | 36,897 | 36,314 |
Property and equipment, net | 25,862 | 18,893 |
Intangible assets, net | 472,656 | 401,926 |
Fair value of derivative financial assets, non-current | 9,255 | 64,662 |
Deferred income tax assets | 1,092 | 9,449 |
Other non-current assets | 49,512 | 19,987 |
595,274 | 551,231 | |
ASSETS CLASSIFIED AS HELD FOR SALE | 8,971 | |
604,245 | 551,231 | |
TOTAL ASSETS | 1,626,503 | 1,601,393 |
Current liabilities | ||
Trade and other payables | 714,110 | 590,018 |
Deferred revenue | 43,228 | 38,710 |
Income taxes payable | 11,895 | 5,486 |
Fair value of derivative financial liabilities | 79,387 | 86,288 |
Provisions | 7,205 | 4,714 |
Current portion of long-term debt | 37,429 | 121,451 |
893,254 | 846,667 | |
Non-current liabilities | ||
Long-term debt | 687,943 | 422,053 |
Fair value of derivative financial liabilities | 63,658 | 51,871 |
Deferred income tax liabilities | 4,124 | 6,918 |
Other non-current liabilities | 61,339 | 57,349 |
817,064 | 538,191 | |
Liabilities relating to assets classified as held for sale | 5,200 | |
822,264 | 538,191 | |
TOTAL LIABILITIES | 1,715,518 | 1,384,858 |
SHAREHOLDERS' EQUITY (DEFICIT) | ||
Shareholders’ capital | 1,235,503 | 1,215,826 |
Equity component of convertible debentures | 13,029 | 13,029 |
Contributed deficit | (25,540) | (22,693) |
Accumulated deficit | (1,390,701) | (1,081,139) |
Accumulated other comprehensive income | 79,093 | 91,934 |
Non-controlling interest | (399) | (422) |
TOTAL SHAREHOLDERS' EQUITY (DEFICIT) | (89,015) | 216,535 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | $ 1,626,503 | $ 1,601,393 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Sales | $ 3,812,470 | $ 3,623,558 |
Cost of sales | 3,100,255 | 2,983,047 |
GROSS MARGIN | 712,215 | 640,511 |
EXPENSES | ||
Administrative | 206,820 | 187,250 |
Selling and marketing | 232,030 | 232,228 |
Other operating expenses | 226,181 | 95,304 |
Total restructuring costs | 16,078 | |
Operating expense excluding cost of sales | 681,109 | 514,782 |
Operating profit before the following | 31,106 | 125,729 |
Finance costs | (88,072) | (55,972) |
Change in fair value of derivative instruments and other | (153,226) | 474,393 |
Other income, net | 1,365 | 1,040 |
Profit (loss) before income taxes | (208,827) | 545,190 |
Provision for income taxes | 11,229 | 20,671 |
PROFIT (LOSS) FROM CONTINUING OPERATIONS | (220,056) | 524,519 |
Loss from discontinued operations | (22,379) | (5,945) |
PROFIT (LOSS) FOR THE YEAR | (242,435) | 518,574 |
Attributable to: | ||
Shareholders of Just Energy | (242,243) | 509,276 |
Non-controlling interest | (192) | 9,298 |
PROFIT (LOSS) FOR THE YEAR | $ (242,435) | $ 518,574 |
Earnings (loss) per share from continuing operations | ||
Basic (in CAD per share) | $ (1.54) | $ 3.45 |
Diluted (in CAD per share) | (1.54) | 2.65 |
Basic (in CAD per share) | (0.14) | (0.03) |
Diluted (in CAD per share) | (0.14) | (0.03) |
Basic earnings (loss) per share available to shareholders (in CAD per share) | (1.68) | 3.42 |
Diluted earnings (loss) per share available to shareholders (in CAD per share) | $ (1.68) | $ 2.62 |
Restated Consolidated Stateme_2
Restated Consolidated Statements of Comprehensive Income (Loss) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
PROFIT (LOSS) FOR THE YEAR | $ (242,435) | $ 518,574 |
Other comprehensive income to be reclassified to profit or loss in subsequent years: | ||
Unrealized gain on revaluation of investment, net of tax | 17,863 | |
Other comprehensive income that will be reclassified to profit or loss, net of tax | 5,022 | 21,573 |
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE YEAR, NET OF TAX | (237,413) | 540,147 |
Total comprehensive income (loss) attributable to: | ||
Shareholders of Just Energy | (237,221) | 530,849 |
Non-controlling interest | (192) | 9,298 |
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE YEAR, NET OF TAX | (237,413) | 540,147 |
Continuing operations [member] | ||
Other comprehensive income to be reclassified to profit or loss in subsequent years: | ||
Unrealized gain on translation of foreign operations | 4,217 | 2,843 |
Discontinued operations [member] | ||
Other comprehensive income to be reclassified to profit or loss in subsequent years: | ||
Unrealized gain on translation of foreign operations | $ 805 | $ 867 |
Restated Consolidated Stateme_3
Restated Consolidated Statements of Changes In Shareholders' Equity - 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, beginning of year 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 revision | (14,208) | ||||||||||||
Adjustment for adoption of recent accounting pronouncements | |||||||||||||
PROFIT (LOSS) FOR THE YEAR | 509,276 | 9,298 | $ 518,574 | ||||||||||
Dividends and distributions declared and paid | (86,307) | ||||||||||||
Other comprehensive income | 21,573 | ||||||||||||
Share-based units exercised | 11,954 | (11,954) | 11,954 | ||||||||||
Acquisition of businesses | 8,966 | 8,966 | |||||||||||
Repurchase and cancellation of shares | (11,941) | (11,941) | |||||||||||
Shares issued | 9,260 | 9,260 | |||||||||||
Shares issuance costs | (852) | (852) | |||||||||||
Add: Issuance of convertible debentures | 7,130 | ||||||||||||
Less: Redemption of convertible debentures | (7,609) | 7,126 | 22,407 | ||||||||||
Add: Share-based compensation expense | 18,353 | ||||||||||||
Non-cash deferred share grant distributions | 45 | ||||||||||||
Less: Purchase of non-controlling interest | (89,010) | ||||||||||||
Share-based compensation adjustment | (5,519) | ||||||||||||
Distributions to non-controlling shareholders | (9,603) | ||||||||||||
Foreign exchange impact on non-controlling interest | (117) | ||||||||||||
Balance, end of year at Mar. 31, 2018 | 754,639 | (1,835,778) | $ (1,081,139) | 91,934 | 1,079,055 | 136,771 | $ 1,215,826 | 13,029 | (22,693) | (422) | 1,079,055 | 136,771 | 216,535 |
Statement Line Items [Line Items] | |||||||||||||
Adjustment for revision | |||||||||||||
Adjustment for adoption of recent accounting pronouncements | 20,711 | (17,863) | |||||||||||
PROFIT (LOSS) FOR THE YEAR | (242,243) | (192) | (242,435) | ||||||||||
Dividends and distributions declared and paid | (88,030) | ||||||||||||
Other comprehensive income | 5,022 | ||||||||||||
Share-based units exercised | 9,483 | (9,483) | 9,483 | ||||||||||
Acquisition of businesses | |||||||||||||
Repurchase and cancellation of shares | |||||||||||||
Shares issued | 10,447 | 10,447 | |||||||||||
Shares issuance costs | (253) | (253) | |||||||||||
Add: Issuance of convertible debentures | |||||||||||||
Less: Redemption of convertible debentures | |||||||||||||
Add: Share-based compensation expense | 6,133 | ||||||||||||
Non-cash deferred share grant distributions | 72 | ||||||||||||
Less: Purchase of non-controlling interest | 1,462 | ||||||||||||
Share-based compensation adjustment | (1,031) | ||||||||||||
Distributions to non-controlling shareholders | |||||||||||||
Foreign exchange impact on non-controlling interest | 215 | ||||||||||||
Balance, end of year at Mar. 31, 2019 | $ 533,107 | $ (1,923,808) | $ (1,390,701) | $ 79,093 | $ 1,088,538 | $ 146,965 | $ 1,235,503 | $ 13,029 | $ (25,540) | $ (399) | $ 1,088,538 | $ 146,965 | $ (89,015) |
Restated Consolidated Stateme_4
Restated Consolidated Statements of Cash Flows - CAD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Profit (loss) from continuing operations before income taxes | $ (208,827,000) | $ 545,190,000 |
Loss from discontinued operations before income taxes | (22,375,000) | (5,942,000) |
Loss from discontinued operations before the undernoted | (231,202,000) | 539,248,000 |
Items not affecting cash | ||
Amortization of intangible assets | 22,655,000 | 16,547,000 |
Depreciation of property and equipment | 4,771,000 | 4,073,000 |
Amortization included in cost of sales | 2,666,000 | 3,116,000 |
Share-based compensation | 6,133,000 | 18,353,000 |
Financing charges, non-cash portion | 18,223,000 | 14,547,000 |
Other | (110,000) | (369,000) |
Change in fair value of investments | 1,289,000 | |
Change in fair value of derivative instruments and other | 153,226,000 | (474,393,000) |
Adjustment required to reflect net cash receipts from gas sales | 4,186,000 | (2,876,000) |
Net change in working capital balances | (12,973,000) | (36,425,000) |
Adjustment for non-cash discontinued operations | 405,000 | 231,000 |
Income taxes paid | (12,435,000) | (21,319,000) |
Cash inflow (outflow) from operating activities | (44,455,000) | 62,022,000 |
INVESTING | ||
Purchase of property and equipment | (5,159,000) | (4,838,000) |
Purchase of intangible assets | (38,383,000) | (30,938,000) |
Acquisition of businesses | (4,281,000) | (10,832,000) |
Short-term investments | 25,532,000 | |
Cash outflow from investing activities | (47,823,000) | (21,076,000) |
FINANCING | ||
Dividends paid | (87,959,000) | (86,261,000) |
Repayment of long-term debt | (173,366,000) | (100,000,000) |
Issuance of long-term debt | 253,242,000 | 100,000,000 |
Share swap payout | (10,000,000) | |
Debt issuance costs | (18,132,000) | (4,115,000) |
Credit facilities withdrawal | 79,462,000 | 53,857,000 |
Issuance of preferred shares | 10,447,000 | 9,260,000 |
Preferred shares issuance costs | (352,000) | (2,114,000) |
Shares repurchase | (11,941,000) | |
Distributions to non-controlling interest | (9,603,000) | |
Cash inflow (outflow) from financing activities | 53,342,000 | (50,917,000) |
Effect of foreign currency translation on cash balances | 2,000 | 1,456,000 |
Net cash outflow | (38,934,000) | (8,515,000) |
Cash and cash equivalents, beginning of year | 48,861,000 | 57,376,000 |
Cash and cash equivalents, end of year | 9,927,000 | 48,861,000 |
Supplemental cash flow information: | ||
Interest paid | $ 52,836,000 | $ 38,551,000 |
Note 1 - Organization
Note 1 - Organization | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of general information about financial statements [text block] | 1. ORGANIZATION Just Energy Group Inc. (“JEGI”, “Just Energy” or the “Company”) is a corporation established under the laws of Canada to hold securities and to distribute the income of its directly or indirectly owned operating subsidiaries and affiliates. The registered office of Just Energy is First Canadian Place, 100 August 14, 2019. |
Note 2 - Operations
Note 2 - Operations | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Nature of operations [text block] | 2. OPERATIONS Just Energy is a leading consumer company focused on essential needs, including electricity and natural gas commodities; on health and well-being, through products such as water quality and filtration devices; and on utility conservation, bringing energy efficient solutions and renewable energy options to consumers. Currently operating in the United States (“U.S.”), Canada and the United Kingdom (“U.K.”), Just Energy serves residential and commercial customers. Just Energy is the parent company of Amigo Energy, EdgePower Inc., Filter Group Inc., Green Star Energy, Hudson Energy, Interactive Energy Group, Just Energy Advanced Solutions, Tara Energy and TerraPass. Just Energy’s current commodity product offerings include fixed, variable, index and flat rate options. 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 Through the Filter Group business acquired by Just Energy on October 1, 2018, 8% not Just Energy markets its product offerings through several sales channels including brokers, online marketing, retail and affinity relationships, and door-to-door. In March 2019, 12 March 31, 2019, |
Note 3 - Financial Statement Pr
Note 3 - Financial Statement Preparation | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of basis of preparation of financial statements [text block] | 3. BASIS OF PRESENTATION (a) Compliance with IFRS The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The policies applied in these consolidated financial statements were based on IFRS issued and outstanding as at March 31, 2019. The consolidated financial statements are presented in Canadian dollars, the functional currency of Just Energy, and all values are rounded to the nearest thousand, except where indicated. The Company’s consolidated financial statements are prepared on the historical cost basis of accounting, except as disclosed in the accounting policies set out below. (b) Principles of consolidation The consolidated financial statements include the accounts of Just Energy and its directly or indirectly owned subsidiaries as at March 31, 2019. (c) Comparative consolidated financial statements Certain figures in the comparative consolidated financial statements have been reclassified from statements previously presented to conform to the presentation of the current year’s consolidated financial statements. This includes consolidating the unbilled revenues with trade receivables and separating out the discontinued operations’ results from prior fiscal years. The changes were made to consolidate line items that are alike in nature and for comparability of results. |
Note 4 - Significant Accounting
Note 4 - Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of significant accounting policies [text block] | 4. SIGNIFICANT ACCOUNTING POLICIES Cash and cash equivalents and restricted cash All highly liquid temporary cash investments with an original maturity of three Restricted cash includes cash and cash equivalents, where the availability of funds is restricted by debt arrangements or held in escrow as part of prior acquisition agreements. Accrued gas receivable/accrued gas payable or gas delivered in excess of consumption/deferred revenue Accrued gas receivable from Just Energy’s customers is stated at fair value and results from customers consuming more gas than has been delivered by Just Energy to local distribution companies (“LDCs”). Accrued gas payable represents Just Energy’s obligation to the LDCs for the customers’ excess consumption, over what was delivered to the LDCs. Gas delivered to LDCs in excess of consumption by customers is stated at the lower of cost and net realizable value. Collections from customers in advance of their consumption of gas result in deferred revenue. Assuming normal weather and consumption patterns, during the winter months, customers will have consumed more than was delivered, resulting in the recognition of accrued gas receivable/accrued gas payable. In the summer months, customers will have consumed less than what was delivered, resulting in the recognition of gas delivered in excess of consumption/deferred revenue. These adjustments are applicable solely to the Ontario, Manitoba, Quebec, Saskatchewan and Michigan gas markets. Gas in storage Gas in storage represents the gas delivered to the LDCs in Illinois, Indiana, New York, Ohio, Georgia, Maryland, California and Alberta. The balance will fluctuate as gas is injected into or withdrawn from storage. Gas in storage is valued at the lower of cost and net realizable value, with cost being determined on a weighted average basis. Net realizable value is the estimated selling price in the ordinary course of business. Property and equipment (“P&E”) Property and equipment are stated at cost, net of any accumulated depreciation and impairment losses. Cost includes the purchase price and, where relevant, any costs directly attributable to bringing the asset to the location and condition necessary and/or the present value of all dismantling and removal costs. Where major components of property and equipment have different useful lives, the components are recognized and depreciated separately. Just Energy recognizes, in the carrying amount, the cost of replacing part of an item when the cost is incurred and if it is probable that the future economic benefits embodied in the item can be reliably measured. When significant parts of property and equipment are required to be replaced at intervals, Just Energy recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in the consolidated statements of income (loss) as a general and administrative expense when incurred. Depreciation is provided over the estimated useful lives of the assets as follows: Asset category Depreciation method Rate/useful life Furniture and fixtures Declining balance 20% Office equipment Declining balance 20% Computer equipment Declining balance 30% Leasehold improvements Straight-line Term of lease Thermostats Straight-line 5 years Installed assets (water filtration) Straight-line 4-7 years An item of property and equipment and any significant part initially recognized is derecognized upon disposal or when no The useful lives and methods of depreciation are reviewed at each financial year-end and adjusted prospectively, if appropriate. Business combinations All identifiable assets acquired and liabilities assumed are measured at the acquisition date at fair value. The Company records all identifiable intangible assets including identifiable assets that had not one may not Goodwill Goodwill is initially measured at cost, which is the excess of the cost of the business combination over Just Energy’s share in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities. Any negative difference is recognized directly in the consolidated statements of income (loss). After initial recognition, goodwill is measured at cost, less impairment losses. For the purpose of impairment testing, goodwill is allocated to each of Just Energy’s operating segments that are expected to benefit from the synergies of the combination, irrespective of whether other assets and liabilities of the acquiree are assigned to those segments. Intangible assets Intangible assets acquired outside of a business combination are measured at cost on initial recognition. Intangible assets acquired in a business combination are recorded at fair value on the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and/or accumulated impairment losses. Intangible assets with finite useful lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may Internally generated intangible assets are capitalized when the product or process is technically and commercially feasible, the future economic benefit is measurable, Just Energy can demonstrate how the asset will generate future economic benefits and Just Energy has sufficient resources to complete development. The cost of an internally generated intangible asset comprises all directly attributable costs necessary to create, produce and prepare the asset to be capable of operating in the manner intended by management. The goodwill and certain brands are considered to have indefinite lives and are not Gains or losses arising from disposal of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset, and are recognized in the consolidated statements of income (loss) when the asset is derecognized. Intangible asset category Amortization method Rate/useful life Customer contracts Straight-line Term of contract Contract relationships Straight-line Term of contract Commodity billing and settlement system Straight-line 5 years Sales network and affinity relationships Straight-line 5-8 years Information technology system development Straight-line 3-5 years Software Straight-line 1 year Technology Straight-line 15 years Brand (Filter Group) Straight-line 10 years Impairment of non-financial assets Just Energy assesses whether there is an indication that an asset may not An impairment loss is recognized if an asset's carrying amount or that of the CGU to which it is allocated is higher than its recoverable amount. Impairment losses of CGUs are first In the consolidated statements of income (loss), an impairment loss is recognized in the expense category associated with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognized impairment losses may no may not no Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may Leases A lease is an arrangement whereby the lessor conveys to the lessee, in return for a payment or series of payments, the right to use an asset for an agreed period of time. Where Just Energy determines that the contractual provisions of a contract contain, or are, a lease and result in the customer assuming the principal risks and rewards of ownership of the asset, the arrangement is a finance lease. Assets subject to finance leases are not IFRS 15, Revenue from Contracts with Customers 15” The determination of whether an arrangement is or contains a lease is based on the substance of the arrangement at the inception date and whether fulfillment of the arrangement is dependent on the use of a specific asset or assets, or the arrangement conveys a right to use the asset. Just Energy as a lessee Operating lease payments are recognized as an expense in the consolidated statements of income (loss) on a straight-line basis over the lease term. Just Energy as a lessor Leases where Just Energy does not Just Energy considers itself to be a dealer lessor with respect to its lease arrangements for thermostats as it has given the customer the choice of either buying or leasing the thermostat. A finance lease of an asset by a dealer lessor gives rise to profit or loss equivalent to that resulting from an outright sale of the underlying asset, at normal selling prices. Just Energy recognizes revenue based on the fair value of the thermostat at the time of completed installation of the thermostat, at which point in time Just Energy has transferred control of the thermostat to the customer. Just Energy also recognizes the cost of sale on the thermostat through cost of goods sold. Financial instruments For comparability purposes, the accounting policies below discuss the previous financial instruments treatment under IAS 39, 39” 39 2018. 2019, 9, Financial Instruments 9” 7, Financial assets and liabilities Just Energy classifies its financial assets as either (i) financial assets at fair value through profit or loss, (ii) loans and receivables, (iii) other financial assets, or (iv) available for sale, and its financial liabilities as either (i) financial liabilities at fair value through profit or loss or (ii) other financial liabilities. Appropriate classification of financial assets and liabilities is determined at the time of initial recognition or when reclassified in the consolidated statements of financial position. Financial instruments are recognized on the trade date, which is the date on which Just Energy commits to purchase or sell the asset. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition as at fair value through profit or loss. Financial assets are classified as fair value through profit or loss if they are acquired for the purpose of selling or repurchasing in the near term. This category includes derivative financial instruments entered into that are not 39. not An analysis of fair values of financial instruments and further details as to how they are measured are provided in Note 14. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not Financial assets classified as available for sale Available for sale financial assets are held at fair value with gains and losses included in other comprehensive income. Just Energy uses this classification for assets that are not not Derecognition A financial asset is derecognized when the rights to receive cash flows from the asset have expired or when Just Energy has transferred its rights to receive cash flows from the asset. Impairment of financial assets Just Energy assesses whether there is objective evidence that a financial asset is impaired at each reporting date. A financial asset is deemed to be impaired if there is objective evidence of impairment as a result of one For significant individual financial assets carried at amortized cost, Just Energy assesses if impairment significantly exists. Insignificant financial assets are assessed collectively. If Just Energy determines that no not If there is objective evidence that an impairment loss has occurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows. The present value of the estimated future cash flows is discounted at the financial asset’s original effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognized in profit or loss. Interest income continues to be accrued on the reduced carrying amount and is accrued using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The interest income is recorded as part of other income in the consolidated statements of income (loss). Loans and receivables, together with the associated allowance, are written off when there is no Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are acquired for the purpose of selling in the near term. This category includes derivative financial instruments entered into by Just Energy that are not 39. not Gains or losses on liabilities held for trading are recognized in the consolidated statements of income (loss). Other financial liabilities Other financial liabilities are measured at amortized cost using the effective interest rate method. Financial liabilities include long-term debt issued and are initially measured at fair value. Fair value is the consideration received, net of transaction costs incurred, trade and other payables and bank indebtedness. Transaction costs related to the long-term debt instruments are included in the value of the instruments and amortized using the effective interest rate method. The effective interest expense is included in finance costs in the consolidated statements of income (loss). Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the consolidated statements of income (loss). Derivative instruments Just Energy enters into fixed-term contracts with customers to provide electricity and gas at fixed prices. These customer contracts expose Just Energy to changes in consumption as well as changes in the market prices of gas and electricity. To reduce its exposure to movements in commodity prices, Just Energy enters into contracts with suppliers that expose the Company to changes in prices for the purchase and sale of power and natural gas. These contracts are treated as derivatives as they do not 32, Financial Instruments: Presentation 32” Just Energy analyzes all its contracts, of both a financial and non-financial nature, to identify the existence of any “embedded” derivatives. Embedded derivatives are accounted for separately from the underlying contract at the inception date when their economic characteristics are not not All derivatives are recognized at fair value on the date on which the derivative is entered into and are remeasured to fair value at each reporting date. Derivatives are carried in the consolidated statements of financial position as other financial assets when the fair value is positive and as other financial liabilities when the fair value is negative. Just Energy does not Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount reported in the consolidated statements of financial position if, and only if, there is currently an enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. Fair value of financial instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to quoted market prices, without any deduction for transaction costs. For financial instruments not may 14. Revenue recognition For comparability purposes, the accounting policy below discusses the previous revenue recognition treatment under IAS 18, 18” 2018 18. 2019, 15 7, Revenue is recognized when significant risks and rewards of ownership are transferred to the customer. In the case of gas and electricity, transfer of risks and rewards is upon consumption of the commodity. Just Energy recognizes revenue from thermostat leases, based on rental rates over the term commencing from the installation date. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates and sales taxes. The Company assumes credit risk for all customers in Alberta, Texas, Illinois, California, Michigan, Delaware, Ohio, Georgia and the U.K. On all value-added products sold on the market, Just Energy also assumes the credit risk. In these markets, the Company ensures that credit review processes are in place prior to the commodity flowing to the customer. Foreign currency translation Functional and presentation currency Items included in the consolidated financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). For U.S.-based subsidiaries, this is U.S. dollars (“USD”), for subsidiaries based in the U.K. it is British pounds, and for subsidiaries based in Germany and Ireland it is euros. The consolidated financial statements are presented in Canadian dollars, which is the parent Company’s presentation and functional currency. Transactions Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of income (loss). Translation of foreign operations The results and consolidated financial position of all the group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: · assets and liabilities for each consolidated statement of financial position presented are translated at the closing rate as at the date of that consolidated statement of financial position; and · income and expenses for each consolidated statement of income (loss) are translated at the exchange rates prevailing at the dates of the transactions. On consolidation, exchange differences arising from the translation of the net investment in foreign operations are recorded in other comprehensive income (“OCI”). When a foreign operation is partially disposed of or sold, exchange differences that were recorded in accumulated other comprehensive income are recognized in the consolidated statements of income (loss) as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Earnings (loss) per share amounts The computation of earnings (loss) per share is based on the weighted average number of shares outstanding during the year. Diluted earnings (loss) per share are computed in a similar way to basic earnings (loss) per share except that the weighted average number of shares outstanding is increased to include additional shares assuming the exercise of stock options, restricted share grants (“RSGs”), performance bonus incentive grants (“PBGs”), deferred share grants (“DSGs”) and convertible debentures, if dilutive. Share-based compensation plans Equity-based compensation liability Share-based compensation plans are equity-settled transactions. The cost of share-based compensation is measured by reference to the fair value at the date on which it was granted. Awards are valued at the grant date and are not When options, RSGs, PBGs and DSGs are exercised or exchanged, the amounts previously credited to contributed deficit are reversed and credited to shareholders' capital. Employee future benefits In Canada, Just Energy offers a long-term wealth accumulation plan (the "Canadian Plan") for all permanent full-time and permanent part-time employees (working more than 26 two 2% 2% one one For U.S. employees, Just Energy has established a long-term savings plan (the "U.S. Plan") for all permanent full-time and part-time employees (working more than 30 two 401 3% one one 401 4% one one 401 5% 3% 2% 401 Participation in the plans in Canada or the U.S. is voluntary. For the 401 two six Obligations for contributions to the Canadian and U.S. Plans are recognized as an expense in the consolidated statements of income (loss) when the employee makes a contribution. Income taxes Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from, or paid to, the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where Just Energy operates and generates taxable income. Current income taxes relating to items recognized directly in OCI or equity are recognized in OCI or equity and not Just Energy follows the liability method of accounting for deferred income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to the temporary differences between the carrying value of the assets and liabilities in the consolidated financial statements and their respective tax bases. Deferred income tax liabilities are recognized for all taxable temporary differences except: · where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not · in respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled by the parent and it is probable that the temporary differences will not Deferred income tax assets are recognized for all deductible temporary differences, the carryforward of unused tax credits and any unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carryforward of unused tax credits and unused tax losses, can be utilized except: · where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not · in respect of deductible temporary differences associated with investments in subsidiaries, deferred income tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred income taxes relating to items recognized in cumulative translation adjustment or equity is recognized in cumulative translation adjustment or equity and not Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current income tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority. Provisions and restructuring Provisions are recognized when Just Energy has a present obligation, legal or constructive, as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where Just Energy expects some or all provisions to be reimbursed, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the consolidated statements of income (loss), net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Restructuring provisions comprise activities including termination or relocation of a business, management structural reorganization and employee-related costs. Incremental costs directly associated with the restructuring are included in the restructuring provision. Costs associated with ongoing activities, including training or relocating continuing staff, are excluded from the provision. Measurement of the provision is at the best estimate of the anticipated costs to be incurred. Where discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost in the consolidated statements of income (loss). Selling and marketing expenses Commissions and various other costs related to obtaining and renewing customer contracts are charged to income in the period incurred except as disclosed below: Commissions related to obtaining and renewing Commercial customer contracts are paid in one Just Energy recognizes the incremental acquisition costs of obtaining a customer contract as an asset as these costs would not not one Green provision and certificates Just Energy is a retailer of green energy and records a provision to its regulators as green energy sales are recognized. A corresponding cost is included in cost of sales. Just Energy measures its provision based on the extent of green certificates that it holds or has committed to purchase and has recorded this obligation net of its green certificates. Any provision balance in excess of the green certificates held or that Just Energy has committed to purchase is measured at fair value. Green certificates are purchased by Just Energy to settle its obligation with the regulators. Any green energy-related derivatives are forward contracts and are recognized in accordance with the accounting policy discussed under financial instruments above. Non-current assets held for sale and discontinued operations Just Energy classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. The criteria for the held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one not Subsequent to the release of the consolidated financial statements, in June 2019, June 30, 2019, |
Note 5 - Restatement and Revisi
Note 5 - Restatement and Revision of Financial Statements | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of changes in accounting policies, accounting estimates and errors [text block] | 5. REVISION AND REVISION OF FINANCIAL STATEMENTS ( a) Restatement of financial statements Management identified operational issues in customer enrolment and non-payment in the Texas residential market. Management revisited the allowance for doubtful accounts as at March 31, 2019 $53.7 March 31, 2019. $57.5 March 31, 2019. March 31, 2019 10, August 14, 2019, The following tables summarize the effects of the adjustment described above. Line items on the restated consolidated statement of financial position and restated consolidated statement of changes in shareholders’ equity As at March 31, 2019 As at March 31, 2019 (As revised Note 5(b)) Adjustment (Restated) Trade and other receivables $ 783,780 $ (111,165 ) $ 672,615 Current assets $ 1,133,423 $ (111,165 ) $ 1, 022,258 Deferred income tax assets 9,492 (8,400 ) 1,092 Long term liabilities 603,674 (8,400 ) 595,274 Total Assets $ 1,746,068 $ (119,565 ) $ 1, 626,503 Accumulated deficit $ (1,271,136 ) $ (119,565 ) $ (1,390,701 ) Total shareholders’ equity deficit $ 30,550 $ (119,565 ) $ (89,015 ) Total liabilities and shareholders’ equity deficit $ 1,746,068 $ (119,565 ) $ 1,626,503 Line items on the restated consolidated statements of income (loss) As at March 31, 2019 As at March 31, 2019 (As revised Note 5(b)) Adjustment (Restated) Other operating expenses $ 115,016 $ 111,165 $ 226,181 Total expenses $ 569,944 $ 111,165 $ 681,109 Operating profit before: finance costs, change in fair value of derivative instruments and other income, net $ 142,271 $ (111,165 ) $ 31,106 Profit (loss) before income taxes $ (97,662 ) $ (111,165 ) $ (208,827 ) Provision for (recovery of) income taxes 2,829 8,400 11,229 Profit (loss) from continuing operations $ (100,491 ) $ (119,565 ) $ (220,056 ) Profit (loss) for the year $ (122,870 ) $ (119,565 ) $ (242,435 ) Profit (loss) for the year attributable to: Shareholders of Just Energy $ (122, 678) $ (119,565 ) $ (242,243 ) Non-controlling interest (192) - (192 ) Earnings (loss) per share from continuing operations Basic $ (0.73 ) $ (0.80 ) $ (1.54 ) Diluted $ (0.73 ) $ (0.80 ) $ (1.54 ) Earnings (loss) per share available to shareholders Basic $ (0.88 ) $ (0.80 ) $ (1.68 ) Diluted $ (0.88 ) $ (0.80 ) $ (1.68 ) Line items on restated consolidated statements of comprehensive income (loss) As at March 31, 2019 As at March 31, 2019 ( As revised Note 5(b)) Adjustment (Restated) Profit (loss) for the year $ (122,870 ) $ (119,565 ) $ (242,435 ) Total comprehensive income (loss) for the year, net of tax $ (117,848 ) $ (119,565 ) $ (237,413 ) Total comprehensive income (loss) attributable to: Shareholders of Just Energy $ (117,656 ) $ (119,565 ) $ (237,221 ) Line items on restated consolidated statement of cash flows As at March 31, 2019 As at March 31, 2019 ( As revised Note 5(b) Adjustment (Restated) Profit (loss) from continuing operations before income taxes $ (97,662 ) $ (111,165 ) $ (208,827 ) Profit (loss) before income taxes $ (120,037 ) $ (111,165 ) $ (231,202 ) Net change in working capital balances $ (124,138 ) $ 111,165 $ (12,973 ) (b) Revision of financial statements During the fourth March 31, 2019, March 31, 2017 In accordance with accounting guidance in IAS 8, No. 99, No. 108, not not 2018 2019. The errors occurred before the earliest period presented in the financial statements, and as a result the net effect on opening balances of assets, liabilities and equity of $14.2 March 31, 2018. As previously reported Adjustment As revised Trade and other receivables $ 664,528 $ (5,684 ) $ 658,844 Gas in storage 11,812 (9,470 ) 2,342 Other current assets 109,697 2,517 112,214 Trade and other payables (583,655 ) 6,363 (590,018 ) Deferred revenue (41,684 ) 2,974 (38,710 ) Income tax payable (7,304 ) 1,818 (5,486 ) Deficit $ (1,066,931 ) $ (14,208 ) $ (1,081,139 ) |
Note 6 - Significant Accounting
Note 6 - Significant Accounting Judgments, Estimates and Assumptions | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of accounting judgements and estimates [text block] | 6. SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS The preparation of the consolidated financial statements requires the use of estimates and assumptions to be made in applying the accounting policies that affect the reported amounts of assets, liabilities, income and expenses. The estimates and related assumptions are based on previous experience and other factors considered reasonable under the circumstances, the results of which form the basis for making the assumptions about carrying values of assets and liabilities that are not The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised. Judgments made by management in the application of IFRS that have a significant impact on the consolidated financial statements relate to the following: Allowance for doubtful accounts The measurement of the expected credit loss allowance for accounts receivable requires the use of management judgment in estimation techniques, building models, selecting key inputs and making significant assumptions about future economic conditions and credit behaviour of the customers, including the likelihood of customers defaulting and the resulting losses. At each reporting period, Just Energy is required to evaluate the change in credit quality since initial recognition, which also requires significant judgment. Business combinations In accounting for business combinations, judgment is required in estimating the acquisition date fair values of the identifiable assets acquired (including intangible assets) and liabilities assumed (including contingent liabilities). The necessary measurements are based on information available on the acquisition date and expectations and assumptions that have been deemed reasonable by management. During the measurement period (which is within one Deferred income taxes Significant management judgment is required to determine the amount of deferred income tax assets and liabilities that can be recognized, based upon the likely timing and the level of future taxable income realized, including the usage of tax-planning strategies. Determining the tax treatment on certain transactions also involves management’s judgment. Discontinued operations Management used judgment in concluding on the discontinued operations classification as a major separate geographical area of operations, as part of a single coordinated disposal plan to resell the business in the new fiscal year. There is also a high level of judgment involved in estimating the fair value less cost to sell of the disposal group and the significant carrying amounts of the assets and liabilities related to assets held for sale. Refer to Note 18 Fair value of financial instruments Where the fair values of financial assets and financial liabilities recorded in the consolidated statements of financial position cannot be derived from active markets, they are determined using valuation techniques including discounted cash flow models or transacted/quoted prices of identical assets that are not not 14 Impairment of non-financial assets Just Energy’s impairment test is based on the fair value less cost to sell calculation and uses an EBITDA multiple approach model. Management is required to exercise judgment in identifying the CGUs in which to allocate goodwill, working capital and related assets and liabilities. The EBITDA is derived from actual figures and the EBITDA-multiple is sourced from external sources of information, including analyst reports and competitor benchmarks. Judgment is further applied to determine which transactions or companies are considered comparable for use. Refer to Note 26 |
Note 7 - Accounting Policies an
Note 7 - Accounting Policies and New Standards Adopted | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of initial application of standards or interpretations [text block] | 7. ACCOUNTING POLICIES AND NEW STANDARDS ADOPTED IFRS 15 Just Energy has adopted IFRS 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 Gas and electricity Sales Just Energy historically recognized revenue based on consumption of the commodity by the customer. Often-times, the billing cycles for customers do not not 15. 9. Upon the adoption of IFRS 15, no Expenses Historically, North American residential sales commissions and incentives paid to brokers, employees or third Upon the adoption of IFRS 15, third two five one Impact on consolidated financial statements The cumulative effect of changes made to the April 1, 2018 15 $7,493: Original IAS 18 Carrying amount New IFRS 15 Current assets Customer acquisition costs $ 31,852 $ 43,152 Non-current financial assets Customer acquisition costs $ 17,101 $ 34,162 The following table shows the effect of IFRS 15 March 31, 2019: As at March 31, Balances Effect of Current assets Customer acquisition costs $ 75,707 $ 31,865 $ 43,842 Non-current financial assets Customer acquisition costs $ 46,416 $ 17,830 $ 28,586 The following table shows the movement of customer acquisition costs after the implementation of IFRS 15: Current assets Non-current assets Opening balance $ 41,704 $ 34,106 Capitalization 98,483 39,552 Amortization (64,480 ) (27,242 ) Closing balance $ 75,707 $ 46,416 The following table shows the effect of the adoption of IFRS 15 March 31, 2019: For the Balances Effect of Sales $ 3,812,470 $ 3,812,470 $ - Cost of sales 3,100,255 3,100,255 - Gross margin 712,215 712,215 - Expenses Administrative 206,820 206,820 - Selling and marketing 232,030 264,558 (32,528 ) Other operating expenses 226,181 115,016 - Restructuring costs 16,078 16,078 - 681,109 725,827 (32,528 ) Operating profit before the following 31,106 (1,422 ) 32,528 Finance costs (88,072 ) (88,072 ) - Change in fair value of derivative instruments and other (153,226 ) (153,226 ) - Other income -net 1,365 1,365 - Loss before income taxes (208,827 ) (241,355 ) 32,528 Provision for income taxes 11,229 11,229 - Profit (loss) from continuing operations (220,056 ) (252,584 ) 32,528 Loss from discontinued operations (22,379 ) (22,379 ) - Loss for the period $ (242,435 ) $ (274,963 ) $ 32,528 Attributable to: Shareholders of Just Energy $ (242,243 ) $ (274,771 ) $ 32,528 Non-controlling interest (192 ) (192 ) - Loss for the period $ (242,435 ) $ (274,963 ) $ 32,528 Loss per share available to shareholders Basic $ (1.68 ) $ (2.20 ) $ 0.53 Diluted $ (1.68 ) $ (2.20 ) $ 0.53 IFRS 15 not 25. The majority of Just Energy’s customer contracts meet IFRS 15’s B16 no 15 not B16 one The aggregate of contractual amounts allocated to performance obligations related to flat-bill contracts that are unsatisfied as at March 31, 2019 $75,636. Just Energy expects to recognize revenue on these flat-bill contracts in the amounts of: April 1, 2019 to April 1, 2020 to April 1, 2021 to Years Total Gas and electricity flat-bill contracts $ 29,122 $ 22,564 $ 12,998 $ 10,952 $ 75,636 IFRS 9 Just Energy has adopted IFRS 9 July 2014, April 1, 2018. April 1, 2018 9, not 9 April 1, 2018. IFRS 9 39 9 7, Financial Instruments: Disclosures (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 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 OCI 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 flows are considered solely payments of principal and interest. For assets measured at fair value, gains and losses will be recorded either in profit or loss or in OCI depending upon the business objective. Just Energy reclassified 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 Fair value through other comprehensive income (“FVOCI”) not FVTPL not not not not Just Energy’s equity instruments are carried at FVTPL, and gains and losses are recorded in profit or loss. (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 (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 assets Cash and cash equivalents Loans and receivables Amortized cost Restricted cash Loans and receivables Amortized cost Trade and other receivables Loans and receivables Amortized cost Derivative assets FVTPL FVTPL Non-current financial assets Investments FVOCI and FVTPL FVTPL Derivative assets FVTPL FVTPL Current financial liabilities Trade and other payables Other financial liabilities Amortized cost Derivative liabilities 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 liabilities FVTPL FVTPL Upon adoption of IFRS 9, $17,863 April 1, 2018. (c) Reconciliation of lifetime ECL balance from IAS 39 9 The following table reconciles the closing lifetime ECL for financial assets and contract assets in accordance with IAS 39 March 31, 2018 April 1, 2018. Impairment allowance Remeasurement Lifetime expected credit Trade and other receivables $ 60,121 $ 11,237 $ 71,358 Unbilled revenue $ - $ 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 8 - Accounting Standards I
Note 8 - Accounting Standards Issued But Not Yet Effective | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of expected impact of initial application of new standards or interpretations [text block] | 8. ACCOUNTING STANDARDS ISSUED BUT NOT IFRS 16, Leases 16” January 2016. 16 17, Leases 17” January 1, 2019. Just Energy will adopt IFRS 16 April 1, 2019, · Exemption for short-term leases with a remaining term of 12 April 1, 2019 · Using a single discount rate on a portfolio of leases with reasonably similar characteristics; · Excluding initial direct costs for the measurement of the right-of-use asset at the date of initial application; · Using historical information in determining the lease term where contracts contain options to extend or terminate the lease; · Adjusting the right-of-use asset amounts for any onerous contract provisions immediately before the date of initial application; and · Measuring the right-of-use assets at an amount equal to the lease liability, adjusted for any prepaid or accrued lease payments relating to that lease immediately before the date of initial application. As at April 1, 2019, 16 · Right-of-use assets of $18.5 · Additional lease liabilities of $18.5 IFRS Interpretations Committee (“IFRIC”) 23, Uncertainty over Income Tax Treatments 23” 12, Income Taxes 12” 23 June 2017 January 1, 2019. not 23 April 1, 2019. IFRIC Agenda Paper 11, 11 11 March 5 - 6, 2019. 9 The Company has reviewed the agenda decision and determined that a change is required in its accounting policy related to contracts to buy or sell a non-financial item that can be settled net in cash or another financial instrument, or by exchanging financial instruments. These are contracts the Company enters into which are accounted for as derivatives at fair value through profit or loss but physically settled by the underlying non-financial item. The IFRIC concluded that IFRS 9 In its December 2018 not March 31, 2019 2020 not no |
Note 9 - Trade and Other Receiv
Note 9 - Trade and Other Receivables | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other receivables [text block] | 9. TRADE AND OTHER RECEIVABLES As at March 31, 2019 As at (Restated – Note 5) March 31, 2018 Trade account receivables, net $ 365,008 $ 326,399 Accrued gas receivable 13,637 15,893 Unbilled revenue 277,556 301,577 Other 16,414 14,975 $ 672,615 $ 658,844 |
Note 10 - Other Current and Non
Note 10 - Other Current and Non-current Assets | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of prepayments and other assets [text block] | 10. OTHER CURRENT AND NON-CURRENT ASSETS (a) Other current assets As at As at Prepaid expenses and deposits $ 45,709 $ 35,078 Customer acquisition costs 75,707 31,852 Green certificates 39,749 42,230 Gas delivered in excess of consumption 3,121 2,715 Inventory 4,954 339 $ 169,240 $ 112,214 (b) Other non-current assets As at As at Customer acquisition costs $ 46,416 $ 17,101 Income taxes recoverable 3,096 2,336 Other long-term assets - 550 $ 49,512 $ 19,987 |
Note 11 - Investments
Note 11 - Investments | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of investments other than investments accounted for using equity method [text block] | 11. INVESTMENTS On August 10, 2012, $6.4 2017 2018, $5.4 $0.4 March 31, 2019, 8% not 3 March 31, 2019, $32.9 2018 $32.4 |
Note 12 - Property, Plant and E
Note 12 - Property, Plant and Equipment | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of property, plant and equipment [text block] | 12. PROPERTY AND EQUIPMENT As at March 31, 2019 Computer equipment Furniture Installed Office Thermo- Leasehold Total Cost: Opening balance - April 1, 2018 $ 22,173 $ 6,861 $ - $ 15,209 $ 13,238 $ 4,894 $ 62,375 Additions 7,468 58 707 311 - 114 8,658 Acquisition - - 4,827 773 - 554 6,154 Assets held for sale (5 ) (4 ) - (60 ) - - (69 ) Retirements - (309 ) - - (192 ) (1,078 ) (1,579 ) Exchange differences 340 95 15 32 131 312 925 Ending balance, March 31, 2019 29,976 6,701 5,549 16,265 13,177 4,796 76,464 Accumulated depreciation: Opening balance - April 1, 2018 (13,984 ) (4,995 ) - (10,776 ) (10,555 ) (3,172 ) (43,482 ) Depreciation charge to cost of sales - - - - (2,666 ) - (2,666 ) Depreciation charge for the year (2,835 ) (178 ) (707 ) (623 ) - (428 ) (4,771 ) Assets held for sale 2 - - (4 ) - (49 ) (51 ) Retirements - 127 - - 202 322 651 Exchange differences (138 ) (61 ) - (61 ) (64 ) 41 (283 ) Ending balance, March 31, 2019 (16,955 ) (5,107 ) (707 ) (11,464 ) (13,083 ) (3,286 ) (50,602 ) Net book value, March 31, 2019 $ 13,021 $ 1,594 $ 4,842 $ 4,801 $ 94 $ 1,510 $ 25,862 As at March 31, 2018 Computer Furniture Office Thermo- Leasehold Total Cost: Opening balance - April 1, 2017 $ 18,672 $ 6,774 $ 14,947 $ 13,471 $ 4,517 $ 58,381 Additions 3,561 147 352 387 391 4,838 Retirements - - - (517 ) - (517 ) Exchange differences (60 ) (60 ) (90 ) (103 ) (14 ) (327 ) Ending balance, March 31, 2018 22,173 6,861 15,209 13,238 4,894 62,375 Accumulated depreciation: Opening balance - April 1, 2017 (11,600 ) (4,776 ) (10,095 ) (7,713 ) (2,515 ) (36,699 ) Depreciation charge to cost of sales - - - (3,116 ) - (3,116 ) Depreciation charge for the year (2,431 ) (262 ) (745 ) - (677 ) (4,115 ) Retirements - - - 208 - 208 Exchange differences 47 43 64 66 20 240 Ending balance, March 31, 2018 (13,984 ) (4,995 ) (10,776 ) (10,555 ) (3,172 ) (43,482 ) Net book value, March 31, 2018 $ 8,189 $ 1,866 $ 4,433 $ 2,683 $ 1,722 $ 18,893 |
Note 13 - Intangible Assets
Note 13 - Intangible Assets | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of intangible assets [text block] | 13. INTANGIBLE ASSETS As at March 31, 2019 Goodwill Brand Technology 1 Customer Sales Other Total Cost: Opening balance - April 1, 2018 $ 300,673 $ 30,205 $ 80,401 $ 18,027 $ 51,963 $ 495 $ 481,764 Acquisition 40,630 3,000 - 12,600 - - 56,230 Assets held for sale - - (2,453 ) - - (3 ) (2,456 ) Additions - - 38,383 - - - 38,383 Exchange differences (1,382 ) 1,100 1,332 623 1,890 (439 ) 3,124 Ending balance, March 31, 2019 339,921 34,305 117,663 31,250 53,853 53 577,045 Accumulated amortization: Opening balance - April 1, 2018 - - (36,309 ) (1,309 ) (42,220 ) - (79,838 ) Assets held for sale - - 18 - - 2 20 Amortization charge for the year - (100 ) (14,927 ) (1,018 ) (6,610 ) - (22,655 ) Exchange differences - - 1,883 (2,142 ) (1,657 ) - (1,916 ) Ending balance, March 31, 2019 - (100 ) (49,335 ) (4,469 ) (50,487 ) 2 (104,389 ) Net book value, March 31, 2019 $ 339,921 $ 34,205 $ 68,328 $ 26,781 $ 3,366 $ 55 $ 472,656 1 $27.3 As at March 31, 2018 Goodwill Brand Technology Customer Sales network Other Total Cost: Opening balance - April 1, 2017 $ 289,201 $ 31,154 $ 48,525 $ - $ 53,595 $ - $ 422,475 Acquisition of a subsidiary 14,699 - 1,409 17,387 - 347 33,842 Additions - - 30,938 - - - 30,938 Exchange differences (3,227 ) (949 ) (471 ) 640 (1,632 ) 148 (5,491 ) Ending balance, March 31, 2018 300,673 30,205 80,401 18,027 51,963 495 481,764 Accumulated amortization: Opening balance - April 1, 2017 - - (27,641 ) - (36,847 ) - (64,488 ) Amortization charge for the year - - (8,924 ) (1,309 ) (6,466 ) - (16,699 ) Exchange differences - - 256 - 1,093 - 1,349 Ending balance, March 31, 2018 - - (36,309 ) (1,309 ) (42,220 ) - (79,838 ) Net book value, March 31, 2018 $ 300,673 $ 30,205 $ 44,092 $ 16,718 $ 9,743 $ 495 $ 401,926 The capitalized internally developed costs relate to the development of new customer billing and analysis software solutions for the different energy markets of Just Energy. All research costs and development costs, not |
Note 14 - Financial Instruments
Note 14 - Financial Instruments | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of financial instruments [text block] | 14. 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 FVTPL 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 (loss). For the For the Change in fair value of derivative instruments and other Physical forward contracts and options (i) $ (182,117 ) $ 400,583 Financial swap contracts and options (ii) 39,832 59,710 Foreign exchange forward contracts 72 (1,842 ) Share swap (iii) (3,507 ) (4,484 ) 6.5% convertible bond conversion feature 247 7,764 Unrealized foreign exchange on 6.5% convertible bond (8,061 ) 6,101 Weather derivatives 7,796 - Other derivative options (7,488 ) 6,561 Change in fair value of derivative instruments and other $ (153,226 ) $ 474,393 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, 2019: Financial Financial Financial Financial Physical forward contracts and options (i) $ 115,483 $ 7,237 $ 49,601 $ 50,174 Financial swap contracts and options (ii) 18,212 1,876 16,142 8,583 Foreign exchange forward contracts - 56 1,555 - Share swap (iii) - - 11,907 - Other derivative options 10,817 86 182 4,901 As at March 31, 2019 $ 144,512 $ 9,255 $ 79,387 $ 63,658 The following table summarizes certain aspects of the fair value of derivative financial assets and liabilities recorded in the consolidated statement of financial position as at March 31, 2018: Financial Financial Financial Financial 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 March 31, 2019, (i) Physical forward contracts and options consist of: · Electricity contracts with a total remaining volume of 38,759,196 $51.29/MWh March 31, 2029. · Natural gas contracts with a total remaining volume of 92,885,570 $3.67/GJ December 31, 2024. · Renewable energy certificates (“RECs”) and emission-reduction credit contracts with a total remaining volume of 4,184,687 177,000 $32.50/REC $2.68/tonne, December 31, 2028 December 31, 2021. · Electricity generation capacity contracts with a total remaining volume of 4,362 $5,226.42/MWCap May 31, 2023. · Ancillary contracts with a total remaining volume of 738,532 $23.06/MWh December 31, 2020. (ii) Financial swap contracts and options consist of: · Electricity contracts with a total remaining volume of 10,333,347 $45.19/MWh November 30, 2024. · Natural gas contracts with a total remaining volume of 134,711,738 $3.53/GJ December 31, 2024. · Electricity generation capacity contracts with a total remaining volume of 69 $304,787.72/MWCap October 31, 2020. · Ancillary contracts with a total remaining volume of 1,220,145 $21.52/MWh December 31, 2020. (iii) Share swap agreement Just Energy has entered into a share swap agreement to manage the consolidated statements of income (loss) volatility associated with the Company’s RSG and DSG Plans. The value, on inception, of the 2,500,000 $33,803. August 22, 2018, $23,803 $10,000 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 Fair value (“FV”) hierarchy of 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. Weather derivatives are non-exchange traded financial instruments used as part of a risk management strategy to mitigate the impact adverse weather conditions have on gross margin. The fair values of the derivatives are determined using an internally developed model that relies upon both observable inputs and significant unobservable inputs. Accordingly, the fair values of these derivatives are classified as Level 3. no March 31, 2019. For the share swap, Just Energy uses a forward interest rate curve along with a volume weighted average share price to model out its value. As the inputs have no 3. 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. The fair value inputs into the investment of ecobee transferred from Level 2 3 2019. Fair value measurement input sensitivity The main cause of changes in the fair value of derivative instruments is changes in the forward curve prices used for the fair value calculations. Just Energy provides a sensitivity analysis of these forward curves under the “Market risk” section of this note. Other inputs, including volatility and correlations, are driven off historical settlements. The following table illustrates the classification of derivative financial assets (liabilities) in the FV hierarchy as at March 31, 2019: Level 1 Level 2 Level 3 Total Derivative financial assets $ - $ - $ 153,766 $ 153,766 Derivative financial liabilities - (6,588 ) (136,456 ) (143,044 ) Total net derivative assets (liabilities) $ - $ (6,588 ) $ 17,310 $ 10,722 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 Commodity price sensitivity – Level 3 If the energy prices associated with only Level 3 10%, March 31, 2019 $241,661 $239,419 Key assumptions used when determining the significant unobservable inputs for all commodity supply contracts included in Level 3 5% 12 15 The following table illustrates the changes in net fair value of financial assets (liabilities) classified as Level 3 Year ended Year ended Balance, beginning of year $ 166,364 $ (315,110 ) Total gains 19,644 105,709 Purchases 11,502 207,531 Sales (25,575 ) (64,464 ) Settlements (154,625 ) 232,698 Balance, end of year $ 17,310 $ 166,364 (b) Classification of non-derivative financial assets and liabilities As at March 31, 2019 March 31, 2018, Long-term debt recorded at amortized cost has a fair value as at March 31, 2019 $740.6 March 31, 2018 - $570.1 8.75% 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 March 31, 2019 $36.9 March 31, 2018 - $36.3 2 3 No The following table illustrates the classification of investments in the FV hierarchy as at March 31, 2019: Level 1 Level 2 Level 3 Total Investment in ecobee $ - $ - $ 32,888 $ 32,888 Investment in Energy Earth - 4,009 - 4,009 Total investments $ - $ 4,009 $ 32,888 $ 36,897 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 USD and is subject to currency fluctuations upon translation to Canadian dollars. Due to its growing operations in the U.S. and Europe, Just Energy expects to have a greater exposure to foreign currency fluctuations in the future than in prior years. Just Energy has economically hedged between 50% 90% 12 0% 50% 13 24 Just Energy may, not With respect to translation exposure, if the Canadian dollar had been 5% March 31, 2019, $3.8 $14.2 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% $1,939 March 31, 2019 ( 2018 $758 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 RECs had risen (fallen) by 10%, March 31, 2019 $240,332 $238,089 (ii) Credit risk Credit risk is the risk that one two Customer credit risk In Alberta, Texas, Illinois, California, Delaware, Ohio, Georgia and the U.K., Just Energy has customer credit risk and, therefore, credit review processes have been implemented to perform credit evaluations of customers and manage customer default. If a significant number of customers were to default on their payments, it could have a material adverse effect on the operations and cash flows of Just Energy. Management factors default from credit risk in its margin expectations for all the above markets. The aging of the accounts receivable from the above markets was as follows: March 31, 2019 March 31, 2018 Current $ 116,892 $ 113,786 1–30 days 42,562 44,374 31–60 days 22,317 21,241 61–90 days 16,352 12,686 Over 90 days 100,580 69,207 $ 298,703 $ 261,294 Changes in the expected lifetime credit loss were as follows: March 31, 2019 (Restated – Note 5) March 31, 2018 Balance, beginning of year $ 60,121 $ 49,431 Provision for doubtful accounts 192,202 56,300 Bad debts written off (90,231 ) (41,802 ) Adjustment from IFRS 9 adoption 23,636 - Foreign exchange (3,363 ) (3,808 ) Balance, end of year $ 182,375 $ 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 March 31, 2019, $153,767 2018 $283,431 (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 daily cash flow forecasts covering a rolling 13 12 two The following are the contractual maturities, excluding interest payments, reflecting undiscounted disbursements of Just Energy’s financial liabilities: As at March 31, 2019: Carrying Contractual Less than 1–3 years 4–5 years More than Trade and other payables $ 714,110 $ 714,110 $ 714,110 $ - $ - $ - Long-term debt 1 725,372 781,701 39,150 210,564 531,987 - Gas, electricity and non-commodity contracts 143,045 3,500,493 1,899,713 1,439,479 119,212 42,089 $ 1,582,527 $ 4,996,304 $ 2,652,973 $ 1,650,043 $ 651,199 $ 42,089 As at March 31, 2018: Carrying Contractual Less than 1–3 years 4–5 years More than Trade and other payables $ 622,797 $ 622,797 $ 622,797 $ - $ - $ - 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 $ 1,304,460 $ 4,369,359 $ 2,612,301 $ 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 March 31, 2019, Less than 1 year 1–3 years 4–5 years More than 5 years Interest payments $ 40,765 $ 80,234 $ 40,600 $ - (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 fulfil their contractual obligations. As at March 31, 2019, $8,307 2018 $4,737 |
Note 15 - Trade and Other Payab
Note 15 - Trade and Other Payables | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other payables [text block] | 15. TRADE AND OTHER PAYABLES As at As at Commodity suppliers' payables $ 189,554 $ 176,831 Accrued liabilities 112,039 135,733 Green provisions 151,992 152,542 Sales tax payable 22,969 15,794 Trade accounts payable 184,257 45,887 Payable for former JV partner 22,625 26,375 Accrued gas payable 12,937 18,624 Other payables 17,737 18,232 $ 714,110 $ 590,018 |
Note 16 - Deferred Revenue
Note 16 - Deferred Revenue | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of revenue from contracts with customers [text block] | 16. DEFERRED REVENUE Fiscal 2019 Fiscal 2018 Balance, beginning of year $ 38,710 $ 17,546 Additions to deferred revenue 569,880 553,050 Revenue recognized during the year (563,922 ) (534,265 ) Foreign exchange impact (1,440 ) 2,379 Balance, end of year $ 43,228 $ 38,710 |
Note 17 - Acquisition of Busine
Note 17 - Acquisition of Businesses | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of business combinations [text block] | 17. ACQUISITION OF BUSINESSES (a) Acquisition of EdgePower, Inc. On February 28, 2018, 100% US$14.9 US$7.5 US$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. March 2019, The following is the final 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 $ 10,078 Common shares issued 8,966 Total consideration $ 19,044 (b) Acquisition of Filter Group Inc. (“Filter Group”) On October 1, 2018, Just Energy acquired all of the issued and outstanding shares of Filter Group and the shareholder loan owing by Filter Group. In addition, Filter Group had approximately $22 third $14.3 180 9.5 2.4 first three may 50% 100% The CEO of Filter Group is the son of the Executive Chair of Just Energy. As such, this is a related party transaction. The transaction was reviewed by the Strategic Initiatives Committee and it received a fairness opinion from National Bank Financial on the transaction. Of the $14.3 $1.3 $13.0 $3.0 October 1, 2018. March 31, 2019, $11.3 $11.1 1% October 1, 2018, $0.7 March 31, 2019, $0.6 The contingent consideration relating to the potential earn-out payments over the next three $24.9 October 1, 2018, $23.1 $26.8 not Each quarter the contingent consideration related to the Filter Group acquisition is revalued. To estimate the number of Just Energy common shares that are exchanged in each period, a Monte Carlo simulation model was used where the trailing 12 · Adjusted trailing 12 · Average EBITDA forecasts for new periods; · Implied asset volatility; · Equity volatility of Just Energy; · Underlying asset price of Just Energy common shares; · Dividend yield; and · Risk-free rate. Based on the foregoing, the value of the contingent consideration as at March 31, 2019 $27.1 $31.2 $29.1 October 1, 2018 $24.9 March 31, 2019 $29.1 $4.2 The following is the purchase price allocation for Filter Group: NET ASSETS ACQUIRED Working capital $ 898 Property and equipment 6,154 Intangible assets 15,600 Goodwill 38,217 Long-term debt (21,611 ) Total consideration $ 39,258 Cash consideration $ 3,000 Payable to shareholders 11,314 Contingent consideration 24,944 Total consideration $ 39,258 The goodwill was calculated as the difference between the fair value of consideration transferred and the fair value of the assets acquired and liabilities assumed. The goodwill acquired as part of the acquisition primarily represents Filter Group’s workforce, operational and strategic management processes and synergies between Just Energy and Filter Group. Goodwill is not For the year ended March 31, 2019, $1.2 As at March 31, 2019, $6.3 $0.3 October 1, 2018. March 31, 2019 $11.3 $4.8 April 1, 2018. As of March 31, 2019, |
Note 18 - Discontinued Operatio
Note 18 - Discontinued Operations | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of non-current assets held for sale and discontinued operations [text block] | 18. DISCONTINUED OPERATIONS In March 2019, 12 March 31, 2019 The results of the discontinued operations are presented below: 2019 2018 Sales $ 19,729 $ 3,012 Cost of sales 19,347 2,596 Gross margin 382 416 Expenses Administrative, selling and operating expenses 12,079 8,455 Operating loss (11,697 ) (8,039 ) Change in fair value of derivative instruments and other - (37 ) Other income (loss) (199 ) 2,134 Loss from discontinued operations before the undernoted (11,896 ) (5,942 ) Provision for income tax expense 4 3 Impairment loss recognized on the remeasurement to estimate fair value less costs to sell 10,479 - LOSS FROM DISCONTINUED OPERATIONS $ (22,379 ) $ (5,945 ) Cash flows used in operating activities $ (13,194 ) (9,259 ) Cash flows used in investing activities $ (1,316 ) $ (2,252 ) Cash flows from financing activities $ 13,856 $ 12,236 Assets and liabilities of the discontinued operations classified as held for sale as at March 31, 2019 ASSETS Current assets Cash and cash equivalents $ 628 Current trade and other receivables 3,007 Income taxes recoverable 50 Other current assets 3,087 Non-current assets Property and equipment 42 Intangible assets 2,157 ASSETS CLASSIFIED AS HELD FOR SALE $ 8,971 Liabilities Trade and other payables $ 4,902 Deferred revenue 298 LIABILITIES RELATING TO ASSETS CLASSIFIED AS HELD FOR SALE $ 5,200 The $5.1 2019 |
Note 19 - Long-term Debt and Fi
Note 19 - Long-term Debt and Financing | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of borrowings [text block] | 19. LONG-TERM DEBT AND FINANCING Maturity March 31, 2019 March 31, 2018 Credit facility (a) September 1, 2020 $ 201,577 $ 122,115 Less: Debt issue costs (a) (1,824 ) (664 ) Filter Group financing (b) 17,577 - 8.75% loan (c) September 12, 2023 240,094 - 6.75% $100M convertible debentures (d) March 31, 2023 87,520 85,760 6.75% $160M convertible debentures (e) December 31, 2021 150,945 148,146 6.5% convertible bonds (f) July 29, 2019 29,483 188,147 725,372 543,504 Less: Current portion (37,429 ) (121,451 ) $ 687,943 $ 422,053 Future annual minimum repayments are as follows: Less than 1–3 years 4–5 years More than Total Credit facility (a) $ - $ 201,577 $ - $ - $ 201,577 Filter Group financing (b) 9,217 8,987 1,186 - 19,390 8.75% loan (c) - - 270,801 - 270,801 6.75% $100M convertible debentures (d) - - 100,000 - 100,000 6.75% $160M convertible debentures (e) - - 160,000 - 160,000 6.5% convertible bonds (f) 29,933 - - - 29,933 $ 39,150 $ 210,564 $ 531,987 $ - $ 781,701 The details for long-term debt are as follows: As at Cash Foreign Non-cash As at Credit facility (a) $ 121,451 $ 77,638 $ - $ 664 $ 199,753 Filter Group financing (b) - 17,577 - - 17,577 8.75% loan (c) - 236,934 4,553 (1,393 ) 240,094 6.75% $100M convertible debentures (d) 85,760 - - 1,760 87,520 6.75% $160M convertible debentures (e) 148,146 - - 2,799 150,945 6.5% convertible bonds (f) 188,147 (169,333 ) 3,508 7,161 29,483 $ 543,504 $ 162,816 $ 8,061 $ 10,991 $ 725,372 Less: Current portion (121,451 ) - - - (37,429 ) $ 422,053 $ 162,816 $ 8,061 $ 10,991 $ 687,943 As at Cash Foreign Non-cash As at Credit facility (a) $ 66,001 $ 53,857 $ - $ 1,593 $ 121,451 6.75% $100M convertible debentures (d) - 95,869 - (10,109 ) 85,760 6.75% $160M convertible debentures (e) 145,579 - - 2,567 148,146 6.5% convertible bonds (f) 190,486 - (6,101 ) 3,762 188,147 5.75% convertible debentures (g) 96,022 (100,000 ) - 3,978 - $ 498,088 $ 49,726 $ (6,101 ) $ 1,791 $ 543,504 Less: Current portion - - - - (121,451 ) $ 498,088 $ 49,726 $ (6,101 ) $ 1,791 $ 422,053 The following table details the finance costs for the year ended March 31. 2019 2018 Credit facility (a) $ 20,715 $ 12,883 Filter Group financing (b) 875 - 8.75% loan (c) 8,999 - 6.75% $100M convertible debentures (d) 8,819 497 6.75% $160M convertible debentures (e) 13,598 12,773 6.5% convertible bonds (f) 18,387 15,753 5.75% convertible debentures (g) - 9,173 Collateral management and others (h) 16,679 4,893 $ 88,072 $ 55,972 (a) As of April 18, 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 3.750%. 2.750% 3.750%. As at March 31, 2019, 3.95% 5.5%. March 31, 2019, $201.6 March 31, 2019 $94.0 March 31, 2018 - $113.4 March 31, 2019, $56.9 March 31, 2019, (b) Filter Group, which was acquired on October 1, 2018, three five 8.99% (c) On September 12, 2018, US$250 “8.75% 8.75% 8.75% June 30 December 31 September 12, 2023. 7.5 $8.56 one 8.75% three first US$50 second US$150 6.5% third US$50 March 31, 2019, US$193.0 8.75% On July 29, 2019, Company drew US$7.0 2 US$7 3. (d) On February 22, 2018, $100 “6.75% $100 6.75% $100 6.75%, March 31 September 30 March 31, 2023. $1,000 6.75% $100 112.3596 $8.90, The 6.75% $100 not March 31, 2021. March 31, 2021 March 31, 2022, 6.75% $100 may not 60 not 30 20 five 125% March 31, 2022, 6.75% $100 may not 60 not 30 The conversion feature of the 6.75% $100 $9.7 $2.6 6.75% $100 $100 6.75% $100 10.7%. 6.75% $100 No 6.75% $100 March 31, 2019. (e) On October 5, 2016, $160 “6.75% $160 6.75% $160 6.75%, June 30 December 31 December 31, 2021. $1,000 6.75% $160 107.5269 $9.30, The 6.75% $160 not December 31, 2019. December 31, 2019 December 31, 2020, 6.75% $160 may not 60 not 30 20 five 125% December 31, 2020, 6.75% $160 may not 60 not 30 The conversion feature of the 6.75% $160 $8.0 $2.1 6.75% $160 $160 6.75% $160 9.1%. 6.75% $160 No 6.75% $160 March 31, 2019. (f) On January 29, 2014, US$150 “6.5% 6.5% 6.5%, January 29 July 29 July 29, 2019. A conversion right in respect of a bond may May 30, 2014 July 7, 2019. US$9.3762 C$10.2819 may, no As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% US$8,517. 6.5% $150.0 6.5% 8.8%. March 31, 2019, US$0.2 US$127.6 On July 29, 2019, US$13.2 6.5% $9.2 6.5% July 29, 2019 December 31, 2020, July 17, 2019. (g) In September 2011, $100 “5.75% 5.75% 5.75%, March 31 September 30 September 30, 2018. $1,000 5.75% 56.0 $17.85. September 30, 2016, 5.75% may not 60 not 30 The Company may, not 60 not 30 no 5.75% 5.75% 95% On March 27, 2018, 5.75% $99.5 5.75% $0.5 $7.1 (h) The collateral management and others include primarily collateral management costs of $5.1 $4.8 $5.1 February 2018 2019. |
Note 20 - Provisions
Note 20 - Provisions | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of provisions [text block] | 20. PROVISIONS Restructuring During fiscal 2019, 200 Amounts related to restructuring during fiscal 2019 Employee-related $ 8,706 Facilities 1,987 Transition agreements 3,187 Other non-headcount related 2,198 Total restructuring costs 16,078 Expended in the year 9,462 Provision at end of the year 6,616 Total restructuring costs $ 16,078 The remaining provision balance relate to other contingent liabilities. |
Note 21 - Income Taxes
Note 21 - Income Taxes | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of income tax [text block] | 21. INCOME TAXES (a) Tax expense 2019 2018 Current tax expense $ 6,329 $ 2,552 Deferred tax expense (benefit) Origination and reversal of temporary differences $ (54,608 ) $ 129,177 Benefit arising from previously unrecognized tax loss or temporary difference 59,508 (111,058 ) Deferred tax expense 4,900 18,119 Provision for income taxes $ 11,229 $ 20,671 (b) Reconciliation of the effective tax rate The provision for income taxes represents an effective rate different than the Canadian corporate statutory rate of 26.50% 2018 26.50% 2019 (Restated – Note 5) 2018 Income before income taxes $ (231,200 ) $ 539,248 Combined statutory Canadian federal and provincial income tax rate 26.50 % 26.50 % Income tax expense based on statutory rate $ (61,268 ) $ 142,901 Increase (decrease) in income taxes resulting from: Expense (benefit) of mark to market loss and other temporary differences not recognized $ 59,508 $ (111,058 ) Variance between combined Canadian tax rate and the tax rate applicable to foreign earnings 6,857 1,000 Other permanent items 6,132 (12,172 ) Total provision for income taxes $ 11,229 $ 20,671 (c) Recognized deferred income tax assets and liabilities Recognized deferred income tax assets and liabilities are attributed to the following: 2019 2018 Mark to market losses on derivative instruments $ 3,097 $ 17,580 Tax losses and excess of tax basis over book basis 98,042 78,825 Total deferred income tax assets 101,140 96,405 Offset of deferred income taxes (101,140 ) (93,873 ) Net deferred tax assets $ - $ 2,532 Partnership income deferred for tax purposes $ (3,542 ) $ (6,249 ) Mark to market gains on derivative instruments (20,683 ) (54,158 ) Book to tax differences on other assets (73,889 ) (30,480 ) Convertible debentures (6,073 ) (2,986 ) Total deferred income tax liabilities (104,187 ) (93,873 ) Offset of deferred income taxes 101,140 93,873 Net deferred income tax liabilities $ (3,047 ) $ - (d) Movement in deferred income tax balances Balance Recognized Recognized Other Balance Partnership income deferred for tax $ (6,249 ) $ 2,707 $ - $ - $ (3,542 ) Book to tax differences 48,345 (23,528 ) (638 ) (25 ) 24,154 Mark to market (gains) losses on derivative instruments (36,578 ) 18,992 - - (17,586 ) Convertible debentures (2,986 ) (3,087 ) - - (6,073 ) $ 2,532 $ (4,916 ) $ (638 ) $ (25 ) $ (3,047 ) Balance Recognized Recognized Other Balance Partnership income deferred for tax $ (8,281 ) $ 2,032 $ - $ - $ (6,249 ) Book to tax differences 4,269 51,864 (7,788 ) - 48,345 Mark to market (gains) losses on derivative instruments 29,424 (66,002 ) - - (36,578 ) Convertible debentures (4,144 ) 1,158 - - (2,986 ) $ 21,268 $ (10,948 ) $ (7,788 ) $ - $ 2,532 (e) Unrecognized deferred income tax assets Deferred income tax assets not March 31 2019 2018 Mark to market losses on derivative instruments 7,239 - Excess of tax over book basis 32,911 15,824 Losses available for carryforward (recognized and unrecognized) are set to expire as follows: 2019 2030 $ 136,763 2031 56,769 Total $ 193,532 |
Note 22 - Shareholders' Capital
Note 22 - Shareholders' Capital | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of issued capital [text block] | 22. SHAREHOLDERS’ CAPITAL Just Energy is authorized to issue an unlimited number of common shares and 50,000,000 no no Details of issued and outstanding shareholders’ capital are as follows: Year ended Year ended Shares Amount Shares Amount Common shares: Issued and outstanding Balance, beginning of year 148,394,152 $ 1,079,055 147,013,538 $ 1,070,076 Share-based awards exercised 1,201,800 9,483 1,643,156 11,954 Acquisition - - 1,415,285 8,966 Repurchase and cancellation of shares - - (1,677,827 ) (11,941 ) Balance, end of year 149,595,952 $ 1,088,538 148,394,152 $ 1,079,055 Preferred shares: Issued and outstanding Balance, beginning of year 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 - (253 ) - (852 ) Balance, end of year 4,662,165 $ 146,965 4,323,300 $ 136,771 Shareholders' capital 154,258,117 $ 1,235,503 152,717,452 $ 1,215,826 |
Note 23 - Share-based Compensat
Note 23 - Share-based Compensation Plans | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of share-based payment arrangements [text block] | 23. SHARE-BASED COMPENSATION PLANS (a) Stock option plan Just Energy may 2010 2001 may 11,300,000 March 31, 2019, 814,166 500,000 March 31, 2019 $7.88. three five five ten no 2019. (b) Restricted share grants Just Energy grants awards under the 2010 2004 March 31, 2019, 2,717,774 2018 3,004,624 1,473,989 March 31, 2019 ( 2018 1,635,882 one five no ten may one one There are 40,000 not RSGs available for grant 2019 2018 Balance, beginning of year 3,004,624 4,107,830 Less: Granted (788,211 ) (1,716,743 ) Add: Cancelled/forfeited 501,361 613,537 Balance, end of year 2,717,774 3,004,624 The average grant date fair value of RSGs granted in the year was $5.00 2018 $6.94 (c) Performance bonus grants Just Energy grants awards under the 2013 March 31, 2019, 2,182,302 2018 2,270,480 385,214 March 31, 2019 ( 2018 1,050,094 three one third second third no three PBGs available for grant 2019 2018 Balance, beginning of year 2,270,480 2,650,513 Less: Granted (331,196 ) (812,787 ) Add: Cancelled/forfeited 243,018 432,754 Balance, end of year 2,182,302 2,270,480 The average grant date fair value of PBGs granted in the year was $5.01 2018 $7.08 (d) Deferred share grants Just Energy grants awards under its 2010 2004 15% may three ten March 31, 2019, nil 2018 69,481 2019, 37,123 June 26, 2019. 184,430 2018 114,949 March 31, 2019. DSGs available for grant 2019 2018 Balance, beginning of year 69,481 110,012 Less: Granted (69,481 ) (40,531 ) Balance, end of year - 69,481 The weighted average grant date fair value of DSGs granted in the year was $4.48 2018 $6.32 |
Note 24 - Reportable Business S
Note 24 - Reportable Business Segments | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of entity's operating segments [text block] | 24. REPORTABLE BUSINESS SEGMENTS Just Energy’s reportable segments are 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. Transactions between 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 residential customer equivalents 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 does not Corporate and shared services report the costs related to management oversight of the business units, public reporting and filings, corporate governance and other shared services functions. For the year ended March 31, 2019: Consumer Commercial Corporate and shared services Consolidated (Restated – Note 5) (Restated – Note 5) Sales $ 2,395,624 $ 1,416,846 $ - $ 3,812,470 Gross margin 535,711 176,504 - 712,215 Depreciation of property, plant and equipment 4,567 204 - 4,771 Amortization of intangible assets 20,440 2,215 - 22,655 Administrative expenses 76,709 40,693 89,418 206,820 Selling and marketing expenses 158,770 73,260 - 232,030 Restructuring costs 3,173 4,069 8,836 16,078 Other operating expenses 189,625 9,130 - 198,755 Operating profit (loss) for the period $ 282,427 $ 46,933 $ (98,254 ) $ 31,106 Finance costs (88,072 ) Change in fair value of derivative instruments and other (153,226 ) Other income, net 1,365 Provision for income taxes 11,229 Loss for the year from continued operations (220,056 ) Loss from discontinued operations (22,379 ) Loss for the year $ (242,435 ) Capital expenditures $ 39,475 $ 4,068 $ - $ 43,543 As at March 31, 2019 Total goodwill $ 181,358 $ 158,563 $ - $ 339,921 Total assets $ 1,154,490 $ 461,633 $ - $ 1,626,503 Total liabilities $ 1,513,583 $ 201,935 $ - $ 1,715,518 For the year ended March 31, 2018: Consumer Commercial Corporate and shared services Consolidated Sales $ 2,232,081 $ 1,391,477 $ - $ 3,623,558 Gross margin 487,175 153,336 - 640,511 Depreciation of property and equipment 3,775 340 - 4,115 Amortization of intangible assets 12,707 3,992 - 16,699 Administrative expenses 64,282 29,153 93,815 187,250 Selling and marketing expenses 161,246 70,982 - 232,228 Other operating expenses 69,690 4,800 - 74,490 Operating profit (loss) for the period $ 175,475 $ 44,069 $ (93,815 ) $ 125,729 Finance costs (55,972 ) Change in fair value of derivative instruments and other 474,393 Other income, net 1,040 Provision for income taxes (20,671 ) Profit for the year from continued operations $ 524,519 Loss from discontinued operations (5,945 ) Profit for the year 518,574 Capital expenditures $ 32,252 $ 3,524 $ - $ 35,776 As at March 31, 2018 Total goodwill $ 147,252 $ 153,421 $ - $ 300,673 Total assets $ 1,135,325 $ 466,068 $ - $ 1,601,393 Total liabilities $ 844,379 $ 540,479 $ - $ 1,384,858 Sales from external customers The revenue is based on the location of the customer. For the For the Canada $ 413,836 $ 414,183 U.S. 2,624,602 2,465,794 U.K. 774,032 743,581 Total $ 3,812,470 $ 3,623,558 Non-current assets Non-current assets by geographic segment consist of property and equipment and intangible assets and are summarized as follows: As at March 31, 2019 As at March 31, 2018 Canada $ 266,775 $ 201,985 U.S. 223,802 207,147 International 7,941 11,687 Total $ 498,518 $ 420,819 |
Note 25 - Other Expenses
Note 25 - Other Expenses | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of other operating income (expense) [text block] | 25. OTHER EXPENSES (a) Other operating expenses For the For the Amortization of intangible assets $ 22,655 $ 16,547 Depreciation of property and equipment 4,771 4,073 Bad debt expense 192,202 56,331 Share-based compensation 6,133 18,353 Other 420 - $ 226,181 $ 95,304 (b) Amortization and energy costs included in cost of sales in the consolidated statements of income (loss) For the For the Amortization $ 2,666 $ 3,116 Direct energy costs and other 3,097,589 2,983,047 $ 3,100,255 $ 2,986,163 (c) Employee benefits expense For the For the Wages, salaries and commissions $ 264,566 $ 237,867 Benefits 24,239 24,100 $ 288,805 $ 261,967 |
Note 26 - Impairment Testing of
Note 26 - Impairment Testing of Goodwill and Intangible Assets With Indefinite Lives | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of impairment of assets [text block] | 26. IMPAIRMENT TESTING OF GOODWILL AND INTANGIBLE ASSETS WITH INDEFINITE LIVES Goodwill acquired through business combinations and intangible assets with indefinite lives have been allocated to one four not March 31, 2019. For impairment testing, goodwill and brand have been allocated as follows as at March 31, 2019: Consumer segment Commercial segment North America U.K. North America Goodwill $ 168,003 $ 13,355 $ 158,563 Brand 19,570 - 14,734 $ 187,573 $ 13,355 $ 173,297 The goodwill of $38.2 Just Energy considers the relationship between its market capitalization and its book value, among other factors, when reviewing for indicators of impairment. As at March 31, 2019, The recoverable amount of each of the operating segments has been determined based on a fair value less costs of disposal model using fiscal 2019’s 2 |
Note 27 - Earnings (Loss) Per S
Note 27 - Earnings (Loss) Per Share | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of earnings per share [text block] | 27. EARNINGS (LOSS) PER SHARE For the For the BASIC EARNINGS (LOSS) PER SHARE Earnings (loss) from continuing operations available to shareholders $ (219,864 ) $ 515,221 Dividend to preferred shareholders - net of tax 8,959 8,364 Earnings (loss) from continuing operations available to shareholders - net (228,823 ) 506,857 Basic weighted average shares outstanding 149,138,797 147,039,737 Basic earnings (loss) per share from continuing operations available to shareholders $ (1.54 ) $ 3.45 Basic earnings (loss) per share available to shareholders $ (1.68 ) $ 3.42 DILUTED EARNINGS (LOSS) PER SHARE Earnings (loss) from continuing operations available to shareholders $ (228,823 ) 506,857 Adjustment for dilutive impact of convertible debentures - 22,407 Adjusted earnings (loss) from continuing operations available to shareholders $ (228,823 ) $ 529,264 Basic weighted average shares outstanding 149,138,797 147,039,737 Dilutive effect of: Restricted share and performance bonus grants 2,409,990 1 2,924,587 Deferred share grants 142,928 1 95,536 Convertible debentures 39,574,831 1 49,979,055 Shares outstanding on a diluted basis 191,266,546 200,038,915 Diluted earnings (loss) from continuing operations per share available to shareholders $ (1.54 ) $ 2.65 Diluted earnings (loss) per share available to shareholders $ (1.68 ) $ 2.62 1 The assumed conversion into shares results in an anti-dilutive position; therefore, these items have not The potentially dilutive instruments are the convertible features on the 6.5% 6.75% $160M 6.75% $100M |
Note 28 - Capital Disclosure
Note 28 - Capital Disclosure | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of objectives, policies and processes for managing capital [text block] | 28. CAPITAL DISCLOSURE Just Energy defines capital as shareholders’ equity deficit (excluding accumulated other comprehensive income) and long-term debt. Just Energy’s objectives when managing capital are to maintain flexibility by: (i) enabling it to operate efficiently; (ii) providing liquidity and access to capital for growth opportunities; and (iii) providing returns and generating predictable cash flows for dividend payments to shareholders. Just Energy manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. The Board of Directors does not not March 31, 2019 2018, |
Note 29 - Related Party Transac
Note 29 - Related Party Transactions and Key Management Personnel Remuneration | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of related party [text block] | 29. RELATED PARTY TRANSACTIONS AND KEY MANAGEMENT PERSONNEL REMUNERATION Parties are considered to be related if one Subsidiaries Transactions between Just Energy and its subsidiaries meet the definition of related party transactions. These transactions are eliminated on consolidation and are not Key management personnel Just Energy’s key management personnel and persons connected with them are also considered to be related parties for disclosure purposes. Key management personnel are defined as those individuals having authority and responsibility for planning, directing and controlling the activities of Just Energy and consist of the Executive Chair, the Chief Executive Officer and the Chief Financial Officer. During the years ended March 31, 2019 2018, March 31, 2019 March 31, 2018 Salaries and benefits $ 2,493 $ 8,939 Share-based compensation, net 1,163 3,738 $ 3,656 $ 12,677 In fiscal 2018, two not 2019. As at March 31, 2019, 669,688 2018 1,774,094 |
Note 30 - Dividends Paid
Note 30 - Dividends Paid | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of dividends [text block] | 30. DIVIDENDS PAID For the year ended March 31, 2019, $0.50 2018 $0.50 $74,557 2018 $73,624 For the year ended March 31, 2019, $0.50 2018 $0.50 $1,284 2018 $1,302 For the year ended March 31, 2019, US$2.125 2018 $2.125 $12,189 2018 $11,380 |
Note 31 - Commitments and Guara
Note 31 - Commitments and Guarantees | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of commitments and contingent liabilities [text block] | 31. COMMITMENTS AND GUARANTEES Commitments for each of the next five As at March 31, 2019 Less than 1–3 years 4–5 years More than Total Premises and equipment leasing $ 5,035 $ 9,902 $ 6,306 $ - $ 21,243 Gas, electricity and non-commodity contracts 1,899,713 1,439,479 119,212 42,089 3,500,493 $ 1,904,748 $ 1,449,381 $ 125,518 $ 42,089 $ 3,521,736 Just Energy has entered into leasing contracts for office buildings and administrative equipment. These leases have a leasing period of between one eight No (a) Surety bonds and letters of credit Pursuant to separate arrangements with Westchester Fire Insurance Company, Travelers Casualty and Surety Company of America, Berkley Insurance Company and Charter Brokerage LLC, Just Energy has issued surety bonds to various counterparties including states, regulatory bodies, utilities and various other surety bond holders in return for a fee and/or meeting certain collateral posting requirements. Such surety bond postings are required in order to operate in certain states or markets. Total surety bonds issued as at March 31, 2019 $70.3 As at March 31, 2019, $94.0 20 (b) Officers and directors Corporate indemnities have been provided by Just Energy to all directors and certain officers of its subsidiaries and affiliates for various items including, but not one (c) Operations In the normal course of business, Just Energy and/or Just Energy’s subsidiaries and affiliates have entered into agreements that include guarantees in favour of third may may $104.9 |
Note 32 - Supplemental Cash Flo
Note 32 - Supplemental Cash Flow Information | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of changes in non-cash working capital [text block] | 32. SUPPLEMENTAL CASH FLOW INFORMATION (a) Adjustments required to reflect net cash receipts from gas sales 2019 2018 Changes in: Accrued gas receivable $ 2,256 $ 459 Gas delivered in excess of consumption (405 ) 516 Accrued gas payable 676 (276 ) Deferred revenue 1,659 (3,575 ) $ 4,186 $ (2,876 ) (b) Net change in working capital As at As at Accounts receivable and unbilled revenue $ 18,242 $ (108,900 ) Gas in storage (601 ) 538 Prepaid expenses and deposits (88,184 ) (15,534 ) Provisions 4,309 (3,501 ) Trade and other payables 53,261 90,972 $ (12,973 ) $ (36,425 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Discloure of Significant Accounting Policies | |
Description of accounting policy for determining components of cash and cash equivalents [text block] | Cash and cash equivalents and restricted cash All highly liquid temporary cash investments with an original maturity of three Restricted cash includes cash and cash equivalents, where the availability of funds is restricted by debt arrangements or held in escrow as part of prior acquisition agreements. |
Disclosure of accounting policy for gas assets and liabilities [text block] | Accrued gas receivable/accrued gas payable or gas delivered in excess of consumption/deferred revenue Accrued gas receivable from Just Energy’s customers is stated at fair value and results from customers consuming more gas than has been delivered by Just Energy to local distribution companies (“LDCs”). Accrued gas payable represents Just Energy’s obligation to the LDCs for the customers’ excess consumption, over what was delivered to the LDCs. Gas delivered to LDCs in excess of consumption by customers is stated at the lower of cost and net realizable value. Collections from customers in advance of their consumption of gas result in deferred revenue. Assuming normal weather and consumption patterns, during the winter months, customers will have consumed more than was delivered, resulting in the recognition of accrued gas receivable/accrued gas payable. In the summer months, customers will have consumed less than what was delivered, resulting in the recognition of gas delivered in excess of consumption/deferred revenue. These adjustments are applicable solely to the Ontario, Manitoba, Quebec, Saskatchewan and Michigan gas markets. |
Description of accounting policy for measuring inventories [text block] | Gas in storage Gas in storage represents the gas delivered to the LDCs in Illinois, Indiana, New York, Ohio, Georgia, Maryland, California and Alberta. The balance will fluctuate as gas is injected into or withdrawn from storage. Gas in storage is valued at the lower of cost and net realizable value, with cost being determined on a weighted average basis. Net realizable value is the estimated selling price in the ordinary course of business. |
Description of accounting policy for property, plant and equipment [text block] | Property and equipment (“P&E”) Property and equipment are stated at cost, net of any accumulated depreciation and impairment losses. Cost includes the purchase price and, where relevant, any costs directly attributable to bringing the asset to the location and condition necessary and/or the present value of all dismantling and removal costs. Where major components of property and equipment have different useful lives, the components are recognized and depreciated separately. Just Energy recognizes, in the carrying amount, the cost of replacing part of an item when the cost is incurred and if it is probable that the future economic benefits embodied in the item can be reliably measured. When significant parts of property and equipment are required to be replaced at intervals, Just Energy recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in the consolidated statements of income (loss) as a general and administrative expense when incurred. Depreciation is provided over the estimated useful lives of the assets as follows: Asset category Depreciation method Rate/useful life Furniture and fixtures Declining balance 20% Office equipment Declining balance 20% Computer equipment Declining balance 30% Leasehold improvements Straight-line Term of lease Thermostats Straight-line 5 years Installed assets (water filtration) Straight-line 4-7 years An item of property and equipment and any significant part initially recognized is derecognized upon disposal or when no The useful lives and methods of depreciation are reviewed at each financial year-end and adjusted prospectively, if appropriate. |
Description of accounting policy for business combinations [text block] | Business combinations All identifiable assets acquired and liabilities assumed are measured at the acquisition date at fair value. The Company records all identifiable intangible assets including identifiable assets that had not one may not |
Description of accounting policy for goodwill [text block] | Goodwill Goodwill is initially measured at cost, which is the excess of the cost of the business combination over Just Energy’s share in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities. Any negative difference is recognized directly in the consolidated statements of income (loss). After initial recognition, goodwill is measured at cost, less impairment losses. For the purpose of impairment testing, goodwill is allocated to each of Just Energy’s operating segments that are expected to benefit from the synergies of the combination, irrespective of whether other assets and liabilities of the acquiree are assigned to those segments. |
Description of accounting policy for intangible assets other than goodwill [text block] | Intangible assets Intangible assets acquired outside of a business combination are measured at cost on initial recognition. Intangible assets acquired in a business combination are recorded at fair value on the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and/or accumulated impairment losses. Intangible assets with finite useful lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may Internally generated intangible assets are capitalized when the product or process is technically and commercially feasible, the future economic benefit is measurable, Just Energy can demonstrate how the asset will generate future economic benefits and Just Energy has sufficient resources to complete development. The cost of an internally generated intangible asset comprises all directly attributable costs necessary to create, produce and prepare the asset to be capable of operating in the manner intended by management. The goodwill and certain brands are considered to have indefinite lives and are not Gains or losses arising from disposal of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset, and are recognized in the consolidated statements of income (loss) when the asset is derecognized. Intangible asset category Amortization method Rate/useful life Customer contracts Straight-line Term of contract Contract relationships Straight-line Term of contract Commodity billing and settlement system Straight-line 5 years Sales network and affinity relationships Straight-line 5-8 years Information technology system development Straight-line 3-5 years Software Straight-line 1 year Technology Straight-line 15 years Brand (Filter Group) Straight-line 10 years |
Description of accounting policy for impairment of non-financial assets [text block] | Impairment of non-financial assets Just Energy assesses whether there is an indication that an asset may not An impairment loss is recognized if an asset's carrying amount or that of the CGU to which it is allocated is higher than its recoverable amount. Impairment losses of CGUs are first In the consolidated statements of income (loss), an impairment loss is recognized in the expense category associated with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognized impairment losses may no may not no Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may |
Description of accounting policy for leases [text block] | Leases A lease is an arrangement whereby the lessor conveys to the lessee, in return for a payment or series of payments, the right to use an asset for an agreed period of time. Where Just Energy determines that the contractual provisions of a contract contain, or are, a lease and result in the customer assuming the principal risks and rewards of ownership of the asset, the arrangement is a finance lease. Assets subject to finance leases are not IFRS 15, Revenue from Contracts with Customers 15” The determination of whether an arrangement is or contains a lease is based on the substance of the arrangement at the inception date and whether fulfillment of the arrangement is dependent on the use of a specific asset or assets, or the arrangement conveys a right to use the asset. Just Energy as a lessee Operating lease payments are recognized as an expense in the consolidated statements of income (loss) on a straight-line basis over the lease term. Just Energy as a lessor Leases where Just Energy does not Just Energy considers itself to be a dealer lessor with respect to its lease arrangements for thermostats as it has given the customer the choice of either buying or leasing the thermostat. A finance lease of an asset by a dealer lessor gives rise to profit or loss equivalent to that resulting from an outright sale of the underlying asset, at normal selling prices. Just Energy recognizes revenue based on the fair value of the thermostat at the time of completed installation of the thermostat, at which point in time Just Energy has transferred control of the thermostat to the customer. Just Energy also recognizes the cost of sale on the thermostat through cost of goods sold. |
Description of accounting policy for financial instruments [text block] | Financial instruments For comparability purposes, the accounting policies below discuss the previous financial instruments treatment under IAS 39, 39” 39 2018. 2019, 9, Financial Instruments 9” 7, Financial assets and liabilities Just Energy classifies its financial assets as either (i) financial assets at fair value through profit or loss, (ii) loans and receivables, (iii) other financial assets, or (iv) available for sale, and its financial liabilities as either (i) financial liabilities at fair value through profit or loss or (ii) other financial liabilities. Appropriate classification of financial assets and liabilities is determined at the time of initial recognition or when reclassified in the consolidated statements of financial position. Financial instruments are recognized on the trade date, which is the date on which Just Energy commits to purchase or sell the asset. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition as at fair value through profit or loss. Financial assets are classified as fair value through profit or loss if they are acquired for the purpose of selling or repurchasing in the near term. This category includes derivative financial instruments entered into that are not 39. not An analysis of fair values of financial instruments and further details as to how they are measured are provided in Note 14. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not Financial assets classified as available for sale Available for sale financial assets are held at fair value with gains and losses included in other comprehensive income. Just Energy uses this classification for assets that are not not Derecognition A financial asset is derecognized when the rights to receive cash flows from the asset have expired or when Just Energy has transferred its rights to receive cash flows from the asset. Impairment of financial assets Just Energy assesses whether there is objective evidence that a financial asset is impaired at each reporting date. A financial asset is deemed to be impaired if there is objective evidence of impairment as a result of one For significant individual financial assets carried at amortized cost, Just Energy assesses if impairment significantly exists. Insignificant financial assets are assessed collectively. If Just Energy determines that no not If there is objective evidence that an impairment loss has occurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows. The present value of the estimated future cash flows is discounted at the financial asset’s original effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognized in profit or loss. Interest income continues to be accrued on the reduced carrying amount and is accrued using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The interest income is recorded as part of other income in the consolidated statements of income (loss). Loans and receivables, together with the associated allowance, are written off when there is no Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are acquired for the purpose of selling in the near term. This category includes derivative financial instruments entered into by Just Energy that are not 39. not Gains or losses on liabilities held for trading are recognized in the consolidated statements of income (loss). Other financial liabilities Other financial liabilities are measured at amortized cost using the effective interest rate method. Financial liabilities include long-term debt issued and are initially measured at fair value. Fair value is the consideration received, net of transaction costs incurred, trade and other payables and bank indebtedness. Transaction costs related to the long-term debt instruments are included in the value of the instruments and amortized using the effective interest rate method. The effective interest expense is included in finance costs in the consolidated statements of income (loss). Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the consolidated statements of income (loss). |
Description of accounting policy for derivative financial instruments and hedging [text block] | Derivative instruments Just Energy enters into fixed-term contracts with customers to provide electricity and gas at fixed prices. These customer contracts expose Just Energy to changes in consumption as well as changes in the market prices of gas and electricity. To reduce its exposure to movements in commodity prices, Just Energy enters into contracts with suppliers that expose the Company to changes in prices for the purchase and sale of power and natural gas. These contracts are treated as derivatives as they do not 32, Financial Instruments: Presentation 32” Just Energy analyzes all its contracts, of both a financial and non-financial nature, to identify the existence of any “embedded” derivatives. Embedded derivatives are accounted for separately from the underlying contract at the inception date when their economic characteristics are not not All derivatives are recognized at fair value on the date on which the derivative is entered into and are remeasured to fair value at each reporting date. Derivatives are carried in the consolidated statements of financial position as other financial assets when the fair value is positive and as other financial liabilities when the fair value is negative. Just Energy does not |
Description of accounting policy for offsetting of financial instruments [text block] | Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount reported in the consolidated statements of financial position if, and only if, there is currently an enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. |
Description of accounting policy for fair value measurement [text block] | Fair value of financial instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to quoted market prices, without any deduction for transaction costs. For financial instruments not may 14. |
Description of accounting policy for recognition of revenue [text block] | Revenue recognition For comparability purposes, the accounting policy below discusses the previous revenue recognition treatment under IAS 18, 18” 2018 18. 2019, 15 7, Revenue is recognized when significant risks and rewards of ownership are transferred to the customer. In the case of gas and electricity, transfer of risks and rewards is upon consumption of the commodity. Just Energy recognizes revenue from thermostat leases, based on rental rates over the term commencing from the installation date. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates and sales taxes. The Company assumes credit risk for all customers in Alberta, Texas, Illinois, California, Michigan, Delaware, Ohio, Georgia and the U.K. On all value-added products sold on the market, Just Energy also assumes the credit risk. In these markets, the Company ensures that credit review processes are in place prior to the commodity flowing to the customer. |
Description of accounting policy for foreign currency translation [text block] | Foreign currency translation Functional and presentation currency Items included in the consolidated financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). For U.S.-based subsidiaries, this is U.S. dollars (“USD”), for subsidiaries based in the U.K. it is British pounds, and for subsidiaries based in Germany and Ireland it is euros. The consolidated financial statements are presented in Canadian dollars, which is the parent Company’s presentation and functional currency. Transactions Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of income (loss). Translation of foreign operations The results and consolidated financial position of all the group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: · assets and liabilities for each consolidated statement of financial position presented are translated at the closing rate as at the date of that consolidated statement of financial position; and · income and expenses for each consolidated statement of income (loss) are translated at the exchange rates prevailing at the dates of the transactions. On consolidation, exchange differences arising from the translation of the net investment in foreign operations are recorded in other comprehensive income (“OCI”). When a foreign operation is partially disposed of or sold, exchange differences that were recorded in accumulated other comprehensive income are recognized in the consolidated statements of income (loss) as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. |
Description of accounting policy for earnings per share [text block] | Earnings (loss) per share amounts The computation of earnings (loss) per share is based on the weighted average number of shares outstanding during the year. Diluted earnings (loss) per share are computed in a similar way to basic earnings (loss) per share except that the weighted average number of shares outstanding is increased to include additional shares assuming the exercise of stock options, restricted share grants (“RSGs”), performance bonus incentive grants (“PBGs”), deferred share grants (“DSGs”) and convertible debentures, if dilutive. |
Description of accounting policy for share-based payment transactions [text block] | Share-based compensation plans Equity-based compensation liability Share-based compensation plans are equity-settled transactions. The cost of share-based compensation is measured by reference to the fair value at the date on which it was granted. Awards are valued at the grant date and are not When options, RSGs, PBGs and DSGs are exercised or exchanged, the amounts previously credited to contributed deficit are reversed and credited to shareholders' capital. |
Description of accounting policy for employee benefits [text block] | Employee future benefits In Canada, Just Energy offers a long-term wealth accumulation plan (the "Canadian Plan") for all permanent full-time and permanent part-time employees (working more than 26 two 2% 2% one one For U.S. employees, Just Energy has established a long-term savings plan (the "U.S. Plan") for all permanent full-time and part-time employees (working more than 30 two 401 3% one one 401 4% one one 401 5% 3% 2% 401 Participation in the plans in Canada or the U.S. is voluntary. For the 401 two six Obligations for contributions to the Canadian and U.S. Plans are recognized as an expense in the consolidated statements of income (loss) when the employee makes a contribution. |
Description of accounting policy for income tax [text block] | Income taxes Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from, or paid to, the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where Just Energy operates and generates taxable income. Current income taxes relating to items recognized directly in OCI or equity are recognized in OCI or equity and not Just Energy follows the liability method of accounting for deferred income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to the temporary differences between the carrying value of the assets and liabilities in the consolidated financial statements and their respective tax bases. Deferred income tax liabilities are recognized for all taxable temporary differences except: · where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not · in respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled by the parent and it is probable that the temporary differences will not Deferred income tax assets are recognized for all deductible temporary differences, the carryforward of unused tax credits and any unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carryforward of unused tax credits and unused tax losses, can be utilized except: · where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not · in respect of deductible temporary differences associated with investments in subsidiaries, deferred income tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred income taxes relating to items recognized in cumulative translation adjustment or equity is recognized in cumulative translation adjustment or equity and not Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current income tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority. |
Description of accounting policy for provisions [text block] | Provisions and restructuring Provisions are recognized when Just Energy has a present obligation, legal or constructive, as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where Just Energy expects some or all provisions to be reimbursed, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the consolidated statements of income (loss), net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Restructuring provisions comprise activities including termination or relocation of a business, management structural reorganization and employee-related costs. Incremental costs directly associated with the restructuring are included in the restructuring provision. Costs associated with ongoing activities, including training or relocating continuing staff, are excluded from the provision. Measurement of the provision is at the best estimate of the anticipated costs to be incurred. Where discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost in the consolidated statements of income (loss). |
Description of accounting policy for expenses [text block] | Selling and marketing expenses Commissions and various other costs related to obtaining and renewing customer contracts are charged to income in the period incurred except as disclosed below: Commissions related to obtaining and renewing Commercial customer contracts are paid in one Just Energy recognizes the incremental acquisition costs of obtaining a customer contract as an asset as these costs would not not one |
Description of accounting policy for regulatory deferral accounts [text block] | Green provision and certificates Just Energy is a retailer of green energy and records a provision to its regulators as green energy sales are recognized. A corresponding cost is included in cost of sales. Just Energy measures its provision based on the extent of green certificates that it holds or has committed to purchase and has recorded this obligation net of its green certificates. Any provision balance in excess of the green certificates held or that Just Energy has committed to purchase is measured at fair value. Green certificates are purchased by Just Energy to settle its obligation with the regulators. Any green energy-related derivatives are forward contracts and are recognized in accordance with the accounting policy discussed under financial instruments above. |
Description of accounting policy for non-current assets or disposal groups classified as held for sale and discontinued operations [text block] | Non-current assets held for sale and discontinued operations Just Energy classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. The criteria for the held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one not |
Note 4 - Significant Accounti_2
Note 4 - Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of useful lives for property, plant, and equipment [text block] | Asset category Depreciation method Rate/useful life Furniture and fixtures Declining balance 20% Office equipment Declining balance 20% Computer equipment Declining balance 30% Leasehold improvements Straight-line Term of lease Thermostats Straight-line 5 years Installed assets (water filtration) Straight-line 4-7 years |
Disclosure of useful lives and amortisation rates for intangible assets [text block] | Intangible asset category Amortization method Rate/useful life Customer contracts Straight-line Term of contract Contract relationships Straight-line Term of contract Commodity billing and settlement system Straight-line 5 years Sales network and affinity relationships Straight-line 5-8 years Information technology system development Straight-line 3-5 years Software Straight-line 1 year Technology Straight-line 15 years Brand (Filter Group) Straight-line 10 years |
Note 5 - Restatement and Revi_2
Note 5 - Restatement and Revision of Financial Statements (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Description of nature of accounting errors in prior periods [text block] | As at March 31, 2019 As at March 31, 2019 (As revised Note 5(b)) Adjustment (Restated) Trade and other receivables $ 783,780 $ (111,165 ) $ 672,615 Current assets $ 1,133,423 $ (111,165 ) $ 1, 022,258 Deferred income tax assets 9,492 (8,400 ) 1,092 Long term liabilities 603,674 (8,400 ) 595,274 Total Assets $ 1,746,068 $ (119,565 ) $ 1, 626,503 Accumulated deficit $ (1,271,136 ) $ (119,565 ) $ (1,390,701 ) Total shareholders’ equity deficit $ 30,550 $ (119,565 ) $ (89,015 ) Total liabilities and shareholders’ equity deficit $ 1,746,068 $ (119,565 ) $ 1,626,503 As at March 31, 2019 As at March 31, 2019 (As revised Note 5(b)) Adjustment (Restated) Other operating expenses $ 115,016 $ 111,165 $ 226,181 Total expenses $ 569,944 $ 111,165 $ 681,109 Operating profit before: finance costs, change in fair value of derivative instruments and other income, net $ 142,271 $ (111,165 ) $ 31,106 Profit (loss) before income taxes $ (97,662 ) $ (111,165 ) $ (208,827 ) Provision for (recovery of) income taxes 2,829 8,400 11,229 Profit (loss) from continuing operations $ (100,491 ) $ (119,565 ) $ (220,056 ) Profit (loss) for the year $ (122,870 ) $ (119,565 ) $ (242,435 ) Profit (loss) for the year attributable to: Shareholders of Just Energy $ (122, 678) $ (119,565 ) $ (242,243 ) Non-controlling interest (192) - (192 ) Earnings (loss) per share from continuing operations Basic $ (0.73 ) $ (0.80 ) $ (1.54 ) Diluted $ (0.73 ) $ (0.80 ) $ (1.54 ) Earnings (loss) per share available to shareholders Basic $ (0.88 ) $ (0.80 ) $ (1.68 ) Diluted $ (0.88 ) $ (0.80 ) $ (1.68 ) As at March 31, 2019 As at March 31, 2019 ( As revised Note 5(b)) Adjustment (Restated) Profit (loss) for the year $ (122,870 ) $ (119,565 ) $ (242,435 ) Total comprehensive income (loss) for the year, net of tax $ (117,848 ) $ (119,565 ) $ (237,413 ) Total comprehensive income (loss) attributable to: Shareholders of Just Energy $ (117,656 ) $ (119,565 ) $ (237,221 ) As at March 31, 2019 As at March 31, 2019 ( As revised Note 5(b) Adjustment (Restated) Profit (loss) from continuing operations before income taxes $ (97,662 ) $ (111,165 ) $ (208,827 ) Profit (loss) before income taxes $ (120,037 ) $ (111,165 ) $ (231,202 ) Net change in working capital balances $ (124,138 ) $ 111,165 $ (12,973 ) As previously reported Adjustment As revised Trade and other receivables $ 664,528 $ (5,684 ) $ 658,844 Gas in storage 11,812 (9,470 ) 2,342 Other current assets 109,697 2,517 112,214 Trade and other payables (583,655 ) 6,363 (590,018 ) Deferred revenue (41,684 ) 2,974 (38,710 ) Income tax payable (7,304 ) 1,818 (5,486 ) Deficit $ (1,066,931 ) $ (14,208 ) $ (1,081,139 ) |
Note 7 - Accounting Policies _2
Note 7 - Accounting Policies and New Standards Adopted (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of standards and interpretations that are issued, but not yet effective [text block] | Original IAS 18 Carrying amount New IFRS 15 Current assets Customer acquisition costs $ 31,852 $ 43,152 Non-current financial assets Customer acquisition costs $ 17,101 $ 34,162 |
Disclosure of the effect of the adoption of IFRS 15 on interim condensed consolidated statements of financial position [text block] | As at March 31, Balances Effect of Current assets Customer acquisition costs $ 75,707 $ 31,865 $ 43,842 Non-current financial assets Customer acquisition costs $ 46,416 $ 17,830 $ 28,586 |
Disclosure of the movement from the effect of the adoption of IFRS 15 [text block] | Current assets Non-current assets Opening balance $ 41,704 $ 34,106 Capitalization 98,483 39,552 Amortization (64,480 ) (27,242 ) Closing balance $ 75,707 $ 46,416 |
Disclosure of the effect of the adoption of IFRS 15 on interim condensed consolidated statements of comprehensive income (loss) [text block] | For the Balances Effect of Sales $ 3,812,470 $ 3,812,470 $ - Cost of sales 3,100,255 3,100,255 - Gross margin 712,215 712,215 - Expenses Administrative 206,820 206,820 - Selling and marketing 232,030 264,558 (32,528 ) Other operating expenses 226,181 115,016 - Restructuring costs 16,078 16,078 - 681,109 725,827 (32,528 ) Operating profit before the following 31,106 (1,422 ) 32,528 Finance costs (88,072 ) (88,072 ) - Change in fair value of derivative instruments and other (153,226 ) (153,226 ) - Other income -net 1,365 1,365 - Loss before income taxes (208,827 ) (241,355 ) 32,528 Provision for income taxes 11,229 11,229 - Profit (loss) from continuing operations (220,056 ) (252,584 ) 32,528 Loss from discontinued operations (22,379 ) (22,379 ) - Loss for the period $ (242,435 ) $ (274,963 ) $ 32,528 Attributable to: Shareholders of Just Energy $ (242,243 ) $ (274,771 ) $ 32,528 Non-controlling interest (192 ) (192 ) - Loss for the period $ (242,435 ) $ (274,963 ) $ 32,528 Loss per share available to shareholders Basic $ (1.68 ) $ (2.20 ) $ 0.53 Diluted $ (1.68 ) $ (2.20 ) $ 0.53 |
Disclosure of transaction price allocated to remaining performance obligations [text block] | April 1, 2019 to April 1, 2020 to April 1, 2021 to Years Total Gas and electricity flat-bill contracts $ 29,122 $ 22,564 $ 12,998 $ 10,952 $ 75,636 |
Disclosure of financial assets to which overlay approach is applied [text block] | Impairment allowance Remeasurement Lifetime expected credit Trade and other receivables $ 60,121 $ 11,237 $ 71,358 Unbilled revenue $ - $ 12,399 $ 12,399 |
Note 9 - Trade and Other Rece_2
Note 9 - Trade and Other Receivables (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of the components of trade and other receivables [text block] | As at March 31, 2019 As at (Restated – Note 5) March 31, 2018 Trade account receivables, net $ 365,008 $ 326,399 Accrued gas receivable 13,637 15,893 Unbilled revenue 277,556 301,577 Other 16,414 14,975 $ 672,615 $ 658,844 |
Note 10 - Other Current and N_2
Note 10 - Other Current and Non-current Assets (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of the components of prepayments and other assets [text block] | As at As at Prepaid expenses and deposits $ 45,709 $ 35,078 Customer acquisition costs 75,707 31,852 Green certificates 39,749 42,230 Gas delivered in excess of consumption 3,121 2,715 Inventory 4,954 339 $ 169,240 $ 112,214 As at As at Customer acquisition costs $ 46,416 $ 17,101 Income taxes recoverable 3,096 2,336 Other long-term assets - 550 $ 49,512 $ 19,987 |
Note 12 - Property, Plant and_2
Note 12 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about property, plant and equipment [text block] | As at March 31, 2019 Computer equipment Furniture Installed Office Thermo- Leasehold Total Cost: Opening balance - April 1, 2018 $ 22,173 $ 6,861 $ - $ 15,209 $ 13,238 $ 4,894 $ 62,375 Additions 7,468 58 707 311 - 114 8,658 Acquisition - - 4,827 773 - 554 6,154 Assets held for sale (5 ) (4 ) - (60 ) - - (69 ) Retirements - (309 ) - - (192 ) (1,078 ) (1,579 ) Exchange differences 340 95 15 32 131 312 925 Ending balance, March 31, 2019 29,976 6,701 5,549 16,265 13,177 4,796 76,464 Accumulated depreciation: Opening balance - April 1, 2018 (13,984 ) (4,995 ) - (10,776 ) (10,555 ) (3,172 ) (43,482 ) Depreciation charge to cost of sales - - - - (2,666 ) - (2,666 ) Depreciation charge for the year (2,835 ) (178 ) (707 ) (623 ) - (428 ) (4,771 ) Assets held for sale 2 - - (4 ) - (49 ) (51 ) Retirements - 127 - - 202 322 651 Exchange differences (138 ) (61 ) - (61 ) (64 ) 41 (283 ) Ending balance, March 31, 2019 (16,955 ) (5,107 ) (707 ) (11,464 ) (13,083 ) (3,286 ) (50,602 ) Net book value, March 31, 2019 $ 13,021 $ 1,594 $ 4,842 $ 4,801 $ 94 $ 1,510 $ 25,862 As at March 31, 2018 Computer Furniture Office Thermo- Leasehold Total Cost: Opening balance - April 1, 2017 $ 18,672 $ 6,774 $ 14,947 $ 13,471 $ 4,517 $ 58,381 Additions 3,561 147 352 387 391 4,838 Retirements - - - (517 ) - (517 ) Exchange differences (60 ) (60 ) (90 ) (103 ) (14 ) (327 ) Ending balance, March 31, 2018 22,173 6,861 15,209 13,238 4,894 62,375 Accumulated depreciation: Opening balance - April 1, 2017 (11,600 ) (4,776 ) (10,095 ) (7,713 ) (2,515 ) (36,699 ) Depreciation charge to cost of sales - - - (3,116 ) - (3,116 ) Depreciation charge for the year (2,431 ) (262 ) (745 ) - (677 ) (4,115 ) Retirements - - - 208 - 208 Exchange differences 47 43 64 66 20 240 Ending balance, March 31, 2018 (13,984 ) (4,995 ) (10,776 ) (10,555 ) (3,172 ) (43,482 ) Net book value, March 31, 2018 $ 8,189 $ 1,866 $ 4,433 $ 2,683 $ 1,722 $ 18,893 |
Note 13 - Intangible Assets (Ta
Note 13 - Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of reconciliation of changes in intangible assets and goodwill [text block] | As at March 31, 2019 Goodwill Brand Technology 1 Customer Sales Other Total Cost: Opening balance - April 1, 2018 $ 300,673 $ 30,205 $ 80,401 $ 18,027 $ 51,963 $ 495 $ 481,764 Acquisition 40,630 3,000 - 12,600 - - 56,230 Assets held for sale - - (2,453 ) - - (3 ) (2,456 ) Additions - - 38,383 - - - 38,383 Exchange differences (1,382 ) 1,100 1,332 623 1,890 (439 ) 3,124 Ending balance, March 31, 2019 339,921 34,305 117,663 31,250 53,853 53 577,045 Accumulated amortization: Opening balance - April 1, 2018 - - (36,309 ) (1,309 ) (42,220 ) - (79,838 ) Assets held for sale - - 18 - - 2 20 Amortization charge for the year - (100 ) (14,927 ) (1,018 ) (6,610 ) - (22,655 ) Exchange differences - - 1,883 (2,142 ) (1,657 ) - (1,916 ) Ending balance, March 31, 2019 - (100 ) (49,335 ) (4,469 ) (50,487 ) 2 (104,389 ) Net book value, March 31, 2019 $ 339,921 $ 34,205 $ 68,328 $ 26,781 $ 3,366 $ 55 $ 472,656 As at March 31, 2018 Goodwill Brand Technology Customer Sales network Other Total Cost: Opening balance - April 1, 2017 $ 289,201 $ 31,154 $ 48,525 $ - $ 53,595 $ - $ 422,475 Acquisition of a subsidiary 14,699 - 1,409 17,387 - 347 33,842 Additions - - 30,938 - - - 30,938 Exchange differences (3,227 ) (949 ) (471 ) 640 (1,632 ) 148 (5,491 ) Ending balance, March 31, 2018 300,673 30,205 80,401 18,027 51,963 495 481,764 Accumulated amortization: Opening balance - April 1, 2017 - - (27,641 ) - (36,847 ) - (64,488 ) Amortization charge for the year - - (8,924 ) (1,309 ) (6,466 ) - (16,699 ) Exchange differences - - 256 - 1,093 - 1,349 Ending balance, March 31, 2018 - - (36,309 ) (1,309 ) (42,220 ) - (79,838 ) Net book value, March 31, 2018 $ 300,673 $ 30,205 $ 44,092 $ 16,718 $ 9,743 $ 495 $ 401,926 |
Note 14 - Financial Instrumen_2
Note 14 - Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of financial instruments at fair value through profit or loss [text block] | For the For the Change in fair value of derivative instruments and other Physical forward contracts and options (i) $ (182,117 ) $ 400,583 Financial swap contracts and options (ii) 39,832 59,710 Foreign exchange forward contracts 72 (1,842 ) Share swap (iii) (3,507 ) (4,484 ) 6.5% convertible bond conversion feature 247 7,764 Unrealized foreign exchange on 6.5% convertible bond (8,061 ) 6,101 Weather derivatives 7,796 - Other derivative options (7,488 ) 6,561 Change in fair value of derivative instruments and other $ (153,226 ) $ 474,393 |
Disclosure of detailed information about financial instruments [text block] | Financial Financial Financial Financial Physical forward contracts and options (i) $ 115,483 $ 7,237 $ 49,601 $ 50,174 Financial swap contracts and options (ii) 18,212 1,876 16,142 8,583 Foreign exchange forward contracts - 56 1,555 - Share swap (iii) - - 11,907 - Other derivative options 10,817 86 182 4,901 As at March 31, 2019 $ 144,512 $ 9,255 $ 79,387 $ 63,658 Financial Financial Financial Financial 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 $ - $ - $ 153,766 $ 153,766 Derivative financial liabilities - (6,588 ) (136,456 ) (143,044 ) Total net derivative assets (liabilities) $ - $ (6,588 ) $ 17,310 $ 10,722 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] | Year ended Year ended Balance, beginning of year $ 166,364 $ (315,110 ) Total gains 19,644 105,709 Purchases 11,502 207,531 Sales (25,575 ) (64,464 ) Settlements (154,625 ) 232,698 Balance, end of year $ 17,310 $ 166,364 |
Disclosure of fair value measurement of assets [text block] | Level 1 Level 2 Level 3 Total Investment in ecobee $ - $ - $ 32,888 $ 32,888 Investment in Energy Earth - 4,009 - 4,009 Total investments $ - $ 4,009 $ 32,888 $ 36,897 |
Disclosure of financial assets that are either past due or impaired [text block] | March 31, 2019 March 31, 2018 Current $ 116,892 $ 113,786 1–30 days 42,562 44,374 31–60 days 22,317 21,241 61–90 days 16,352 12,686 Over 90 days 100,580 69,207 $ 298,703 $ 261,294 |
Disclosure Of Allowance For Credit Losses [text block] | March 31, 2019 (Restated – Note 5) March 31, 2018 Balance, beginning of year $ 60,121 $ 49,431 Provision for doubtful accounts 192,202 56,300 Bad debts written off (90,231 ) (41,802 ) Adjustment from IFRS 9 adoption 23,636 - Foreign exchange (3,363 ) (3,808 ) Balance, end of year $ 182,375 $ 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 $ 714,110 $ 714,110 $ 714,110 $ - $ - $ - Long-term debt 1 725,372 781,701 39,150 210,564 531,987 - Gas, electricity and non-commodity contracts 143,045 3,500,493 1,899,713 1,439,479 119,212 42,089 $ 1,582,527 $ 4,996,304 $ 2,652,973 $ 1,650,043 $ 651,199 $ 42,089 Carrying Contractual Less than 1–3 years 4–5 years More than Trade and other payables $ 622,797 $ 622,797 $ 622,797 $ - $ - $ - 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 $ 1,304,460 $ 4,369,359 $ 2,612,301 $ 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 $ 40,765 $ 80,234 $ 40,600 $ - |
Note 15 - Trade and Other Pay_2
Note 15 - Trade and Other Payables (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about trade and other payables [text block] | As at As at Commodity suppliers' payables $ 189,554 $ 176,831 Accrued liabilities 112,039 135,733 Green provisions 151,992 152,542 Sales tax payable 22,969 15,794 Trade accounts payable 184,257 45,887 Payable for former JV partner 22,625 26,375 Accrued gas payable 12,937 18,624 Other payables 17,737 18,232 $ 714,110 $ 590,018 |
Note 16 - Deferred Revenue (Tab
Note 16 - Deferred Revenue (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Explanation of significant changes in contract assets and contract liabilities [text block] | Fiscal 2019 Fiscal 2018 Balance, beginning of year $ 38,710 $ 17,546 Additions to deferred revenue 569,880 553,050 Revenue recognized during the year (563,922 ) (534,265 ) Foreign exchange impact (1,440 ) 2,379 Balance, end of year $ 43,228 $ 38,710 |
Note 17 - Acquisition of Busi_2
Note 17 - Acquisition of Businesses (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Filter Group Inc [member] | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about business combinations [text block] | NET ASSETS ACQUIRED Working capital $ 898 Property and equipment 6,154 Intangible assets 15,600 Goodwill 38,217 Long-term debt (21,611 ) Total consideration $ 39,258 Cash consideration $ 3,000 Payable to shareholders 11,314 Contingent consideration 24,944 Total consideration $ 39,258 |
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 $ 10,078 Common shares issued 8,966 Total consideration $ 19,044 |
Note 18 - Discontinued Operat_2
Note 18 - Discontinued Operations (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Schedule of non-current assets held for sale and discontinued operations [text block] | 2019 2018 Sales $ 19,729 $ 3,012 Cost of sales 19,347 2,596 Gross margin 382 416 Expenses Administrative, selling and operating expenses 12,079 8,455 Operating loss (11,697 ) (8,039 ) Change in fair value of derivative instruments and other - (37 ) Other income (loss) (199 ) 2,134 Loss from discontinued operations before the undernoted (11,896 ) (5,942 ) Provision for income tax expense 4 3 Impairment loss recognized on the remeasurement to estimate fair value less costs to sell 10,479 - LOSS FROM DISCONTINUED OPERATIONS $ (22,379 ) $ (5,945 ) Cash flows used in operating activities $ (13,194 ) (9,259 ) Cash flows used in investing activities $ (1,316 ) $ (2,252 ) Cash flows from financing activities $ 13,856 $ 12,236 ASSETS Current assets Cash and cash equivalents $ 628 Current trade and other receivables 3,007 Income taxes recoverable 50 Other current assets 3,087 Non-current assets Property and equipment 42 Intangible assets 2,157 ASSETS CLASSIFIED AS HELD FOR SALE $ 8,971 Liabilities Trade and other payables $ 4,902 Deferred revenue 298 LIABILITIES RELATING TO ASSETS CLASSIFIED AS HELD FOR SALE $ 5,200 |
Note 19 - Long-term Debt and _2
Note 19 - Long-term Debt and Financing (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about borrowings [text block] | Maturity March 31, 2019 March 31, 2018 Credit facility (a) September 1, 2020 $ 201,577 $ 122,115 Less: Debt issue costs (a) (1,824 ) (664 ) Filter Group financing (b) 17,577 - 8.75% loan (c) September 12, 2023 240,094 - 6.75% $100M convertible debentures (d) March 31, 2023 87,520 85,760 6.75% $160M convertible debentures (e) December 31, 2021 150,945 148,146 6.5% convertible bonds (f) July 29, 2019 29,483 188,147 725,372 543,504 Less: Current portion (37,429 ) (121,451 ) $ 687,943 $ 422,053 |
Disclosure of maturity of debt [text block] | Less than 1–3 years 4–5 years More than Total Credit facility (a) $ - $ 201,577 $ - $ - $ 201,577 Filter Group financing (b) 9,217 8,987 1,186 - 19,390 8.75% loan (c) - - 270,801 - 270,801 6.75% $100M convertible debentures (d) - - 100,000 - 100,000 6.75% $160M convertible debentures (e) - - 160,000 - 160,000 6.5% convertible bonds (f) 29,933 - - - 29,933 $ 39,150 $ 210,564 $ 531,987 $ - $ 781,701 |
Disclosure of reconciliation of liabilities arising from financing activities [text block] | As at Cash Foreign Non-cash As at Credit facility (a) $ 121,451 $ 77,638 $ - $ 664 $ 199,753 Filter Group financing (b) - 17,577 - - 17,577 8.75% loan (c) - 236,934 4,553 (1,393 ) 240,094 6.75% $100M convertible debentures (d) 85,760 - - 1,760 87,520 6.75% $160M convertible debentures (e) 148,146 - - 2,799 150,945 6.5% convertible bonds (f) 188,147 (169,333 ) 3,508 7,161 29,483 $ 543,504 $ 162,816 $ 8,061 $ 10,991 $ 725,372 Less: Current portion (121,451 ) - - - (37,429 ) $ 422,053 $ 162,816 $ 8,061 $ 10,991 $ 687,943 As at Cash Foreign Non-cash As at Credit facility (a) $ 66,001 $ 53,857 $ - $ 1,593 $ 121,451 6.75% $100M convertible debentures (d) - 95,869 - (10,109 ) 85,760 6.75% $160M convertible debentures (e) 145,579 - - 2,567 148,146 6.5% convertible bonds (f) 190,486 - (6,101 ) 3,762 188,147 5.75% convertible debentures (g) 96,022 (100,000 ) - 3,978 - $ 498,088 $ 49,726 $ (6,101 ) $ 1,791 $ 543,504 Less: Current portion - - - - (121,451 ) $ 498,088 $ 49,726 $ (6,101 ) $ 1,791 $ 422,053 |
Disclosure of finance cost [text block] | 2019 2018 Credit facility (a) $ 20,715 $ 12,883 Filter Group financing (b) 875 - 8.75% loan (c) 8,999 - 6.75% $100M convertible debentures (d) 8,819 497 6.75% $160M convertible debentures (e) 13,598 12,773 6.5% convertible bonds (f) 18,387 15,753 5.75% convertible debentures (g) - 9,173 Collateral management and others (h) 16,679 4,893 $ 88,072 $ 55,972 |
Note 20 - Provisions (Tables)
Note 20 - Provisions (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of restructuring costs [text block] | Employee-related $ 8,706 Facilities 1,987 Transition agreements 3,187 Other non-headcount related 2,198 Total restructuring costs 16,078 Expended in the year 9,462 Provision at end of the year 6,616 Total restructuring costs $ 16,078 |
Note 21 - Income Taxes (Tables)
Note 21 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of the detailed information of income tax [text block] | 2019 2018 Current tax expense $ 6,329 $ 2,552 Deferred tax expense (benefit) Origination and reversal of temporary differences $ (54,608 ) $ 129,177 Benefit arising from previously unrecognized tax loss or temporary difference 59,508 (111,058 ) Deferred tax expense 4,900 18,119 Provision for income taxes $ 11,229 $ 20,671 |
Disclosure of income tax reconciliation [text block] | 2019 (Restated – Note 5) 2018 Income before income taxes $ (231,200 ) $ 539,248 Combined statutory Canadian federal and provincial income tax rate 26.50 % 26.50 % Income tax expense based on statutory rate $ (61,268 ) $ 142,901 Increase (decrease) in income taxes resulting from: Expense (benefit) of mark to market loss and other temporary differences not recognized $ 59,508 $ (111,058 ) Variance between combined Canadian tax rate and the tax rate applicable to foreign earnings 6,857 1,000 Other permanent items 6,132 (12,172 ) Total provision for income taxes $ 11,229 $ 20,671 |
Disclosure of deferred taxes [text block] | 2019 2018 Mark to market losses on derivative instruments $ 3,097 $ 17,580 Tax losses and excess of tax basis over book basis 98,042 78,825 Total deferred income tax assets 101,140 96,405 Offset of deferred income taxes (101,140 ) (93,873 ) Net deferred tax assets $ - $ 2,532 Partnership income deferred for tax purposes $ (3,542 ) $ (6,249 ) Mark to market gains on derivative instruments (20,683 ) (54,158 ) Book to tax differences on other assets (73,889 ) (30,480 ) Convertible debentures (6,073 ) (2,986 ) Total deferred income tax liabilities (104,187 ) (93,873 ) Offset of deferred income taxes 101,140 93,873 Net deferred income tax liabilities $ (3,047 ) $ - |
Disclosure of income tax, deferred tax movements [text block] | Balance Recognized Recognized Other Balance Partnership income deferred for tax $ (6,249 ) $ 2,707 $ - $ - $ (3,542 ) Book to tax differences 48,345 (23,528 ) (638 ) (25 ) 24,154 Mark to market (gains) losses on derivative instruments (36,578 ) 18,992 - - (17,586 ) Convertible debentures (2,986 ) (3,087 ) - - (6,073 ) $ 2,532 $ (4,916 ) $ (638 ) $ (25 ) $ (3,047 ) Balance Recognized Recognized Other Balance Partnership income deferred for tax $ (8,281 ) $ 2,032 $ - $ - $ (6,249 ) Book to tax differences 4,269 51,864 (7,788 ) - 48,345 Mark to market (gains) losses on derivative instruments 29,424 (66,002 ) - - (36,578 ) Convertible debentures (4,144 ) 1,158 - - (2,986 ) $ 21,268 $ (10,948 ) $ (7,788 ) $ - $ 2,532 |
Disclosure of temporary difference, unused tax losses and unused tax credits [text block] | 2019 2018 Mark to market losses on derivative instruments 7,239 - Excess of tax over book basis 32,911 15,824 |
Disclosure of losses available for carryforward [text block] | 2019 2030 $ 136,763 2031 56,769 Total $ 193,532 |
Note 22 - Shareholders' Capit_2
Note 22 - Shareholders' Capital (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of classes of share capital [text block] | Year ended Year ended Shares Amount Shares Amount Common shares: Issued and outstanding Balance, beginning of year 148,394,152 $ 1,079,055 147,013,538 $ 1,070,076 Share-based awards exercised 1,201,800 9,483 1,643,156 11,954 Acquisition - - 1,415,285 8,966 Repurchase and cancellation of shares - - (1,677,827 ) (11,941 ) Balance, end of year 149,595,952 $ 1,088,538 148,394,152 $ 1,079,055 Preferred shares: Issued and outstanding Balance, beginning of year 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 - (253 ) - (852 ) Balance, end of year 4,662,165 $ 146,965 4,323,300 $ 136,771 Shareholders' capital 154,258,117 $ 1,235,503 152,717,452 $ 1,215,826 |
Note 23 - Share-based Compens_2
Note 23 - Share-based Compensation Plans (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Deferred share grants [member] | |
Statement Line Items [Line Items] | |
Disclosure of number and weighted average exercise prices of other equity instruments [text block] | 2019 2018 Balance, beginning of year 69,481 110,012 Less: Granted (69,481 ) (40,531 ) Balance, end of year - 69,481 |
Performance bonus grants [member] | |
Statement Line Items [Line Items] | |
Disclosure of number and weighted average exercise prices of other equity instruments [text block] | 2019 2018 Balance, beginning of year 2,270,480 2,650,513 Less: Granted (331,196 ) (812,787 ) Add: Cancelled/forfeited 243,018 432,754 Balance, end of year 2,182,302 2,270,480 |
Restricted share grants [member] | |
Statement Line Items [Line Items] | |
Disclosure of number and weighted average exercise prices of other equity instruments [text block] | 2019 2018 Balance, beginning of year 3,004,624 4,107,830 Less: Granted (788,211 ) (1,716,743 ) Add: Cancelled/forfeited 501,361 613,537 Balance, end of year 2,717,774 3,004,624 |
Note 24 - Reportable Business_2
Note 24 - Reportable Business Segments (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of operating segments [text block] | Consumer Commercial Corporate and shared services Consolidated (Restated – Note 5) (Restated – Note 5) Sales $ 2,395,624 $ 1,416,846 $ - $ 3,812,470 Gross margin 535,711 176,504 - 712,215 Depreciation of property, plant and equipment 4,567 204 - 4,771 Amortization of intangible assets 20,440 2,215 - 22,655 Administrative expenses 76,709 40,693 89,418 206,820 Selling and marketing expenses 158,770 73,260 - 232,030 Restructuring costs 3,173 4,069 8,836 16,078 Other operating expenses 189,625 9,130 - 198,755 Operating profit (loss) for the period $ 282,427 $ 46,933 $ (98,254 ) $ 31,106 Finance costs (88,072 ) Change in fair value of derivative instruments and other (153,226 ) Other income, net 1,365 Provision for income taxes 11,229 Loss for the year from continued operations (220,056 ) Loss from discontinued operations (22,379 ) Loss for the year $ (242,435 ) Capital expenditures $ 39,475 $ 4,068 $ - $ 43,543 As at March 31, 2019 Total goodwill $ 181,358 $ 158,563 $ - $ 339,921 Total assets $ 1,154,490 $ 461,633 $ - $ 1,626,503 Total liabilities $ 1,513,583 $ 201,935 $ - $ 1,715,518 Consumer Commercial Corporate and shared services Consolidated Sales $ 2,232,081 $ 1,391,477 $ - $ 3,623,558 Gross margin 487,175 153,336 - 640,511 Depreciation of property and equipment 3,775 340 - 4,115 Amortization of intangible assets 12,707 3,992 - 16,699 Administrative expenses 64,282 29,153 93,815 187,250 Selling and marketing expenses 161,246 70,982 - 232,228 Other operating expenses 69,690 4,800 - 74,490 Operating profit (loss) for the period $ 175,475 $ 44,069 $ (93,815 ) $ 125,729 Finance costs (55,972 ) Change in fair value of derivative instruments and other 474,393 Other income, net 1,040 Provision for income taxes (20,671 ) Profit for the year from continued operations $ 524,519 Loss from discontinued operations (5,945 ) Profit for the year 518,574 Capital expenditures $ 32,252 $ 3,524 $ - $ 35,776 As at March 31, 2018 Total goodwill $ 147,252 $ 153,421 $ - $ 300,673 Total assets $ 1,135,325 $ 466,068 $ - $ 1,601,393 Total liabilities $ 844,379 $ 540,479 $ - $ 1,384,858 |
Disclosure of geographical areas [text block] | For the For the Canada $ 413,836 $ 414,183 U.S. 2,624,602 2,465,794 U.K. 774,032 743,581 Total $ 3,812,470 $ 3,623,558 As at March 31, 2019 As at March 31, 2018 Canada $ 266,775 $ 201,985 U.S. 223,802 207,147 International 7,941 11,687 Total $ 498,518 $ 420,819 |
Note 25 - Other Expenses (Table
Note 25 - Other Expenses (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of other operating expense [text block] | For the For the Amortization of intangible assets $ 22,655 $ 16,547 Depreciation of property and equipment 4,771 4,073 Bad debt expense 192,202 56,331 Share-based compensation 6,133 18,353 Other 420 - $ 226,181 $ 95,304 |
Disclosure of cost of sales [text block] | For the For the Amortization $ 2,666 $ 3,116 Direct energy costs and other 3,097,589 2,983,047 $ 3,100,255 $ 2,986,163 |
Disclosure of employee benefits [text block] | For the For the Wages, salaries and commissions $ 264,566 $ 237,867 Benefits 24,239 24,100 $ 288,805 $ 261,967 |
Note 26 - Impairment Testing _2
Note 26 - Impairment Testing of Goodwill and Intangible Assets With Indefinite Lives (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of intangible assets and goodwill [text block] | Consumer segment Commercial segment North America U.K. North America Goodwill $ 168,003 $ 13,355 $ 158,563 Brand 19,570 - 14,734 $ 187,573 $ 13,355 $ 173,297 |
Note 27 - Earnings (Loss) Per_2
Note 27 - Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Earnings per share [text block] | For the For the BASIC EARNINGS (LOSS) PER SHARE Earnings (loss) from continuing operations available to shareholders $ (219,864 ) $ 515,221 Dividend to preferred shareholders - net of tax 8,959 8,364 Earnings (loss) from continuing operations available to shareholders - net (228,823 ) 506,857 Basic weighted average shares outstanding 149,138,797 147,039,737 Basic earnings (loss) per share from continuing operations available to shareholders $ (1.54 ) $ 3.45 Basic earnings (loss) per share available to shareholders $ (1.68 ) $ 3.42 DILUTED EARNINGS (LOSS) PER SHARE Earnings (loss) from continuing operations available to shareholders $ (228,823 ) 506,857 Adjustment for dilutive impact of convertible debentures - 22,407 Adjusted earnings (loss) from continuing operations available to shareholders $ (228,823 ) $ 529,264 Basic weighted average shares outstanding 149,138,797 147,039,737 Dilutive effect of: Restricted share and performance bonus grants 2,409,990 1 2,924,587 Deferred share grants 142,928 1 95,536 Convertible debentures 39,574,831 1 49,979,055 Shares outstanding on a diluted basis 191,266,546 200,038,915 Diluted earnings (loss) from continuing operations per share available to shareholders $ (1.54 ) $ 2.65 Diluted earnings (loss) per share available to shareholders $ (1.68 ) $ 2.62 |
Note 29 - Related Party Trans_2
Note 29 - Related Party Transactions and Key Management Personnel Remuneration (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of transactions between related parties [text block] | March 31, 2019 March 31, 2018 Salaries and benefits $ 2,493 $ 8,939 Share-based compensation, net 1,163 3,738 $ 3,656 $ 12,677 |
Note 31 - Commitments and Gua_2
Note 31 - Commitments and Guarantees (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of commitments [text block] | Less than 1–3 years 4–5 years More than Total Premises and equipment leasing $ 5,035 $ 9,902 $ 6,306 $ - $ 21,243 Gas, electricity and non-commodity contracts 1,899,713 1,439,479 119,212 42,089 3,500,493 $ 1,904,748 $ 1,449,381 $ 125,518 $ 42,089 $ 3,521,736 |
Note 32 - Supplemental Cash F_2
Note 32 - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information of adjustments required to reflect net cash receipts from gas sales [text block] | 2019 2018 Changes in: Accrued gas receivable $ 2,256 $ 459 Gas delivered in excess of consumption (405 ) 516 Accrued gas payable 676 (276 ) Deferred revenue 1,659 (3,575 ) $ 4,186 $ (2,876 ) |
Disclosure of detailed information in changes in non-cash working capital [text block] | As at As at Accounts receivable and unbilled revenue $ 18,242 $ (108,900 ) Gas in storage (601 ) 538 Prepaid expenses and deposits (88,184 ) (15,534 ) Provisions 4,309 (3,501 ) Trade and other payables 53,261 90,972 $ (12,973 ) $ (36,425 ) |
Note 2 - Operations (Details Te
Note 2 - Operations (Details Textual) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Fixed price and price protected program contract period | 5 |
Proportion of ownership interest in associate | 8.00% |
Note 4 - Significant Accounti_3
Note 4 - Significant Accounting Policies (Details Textual) | 12 Months Ended |
Mar. 31, 2019 | |
Statement Line Items [Line Items] | |
Deferred Profit Sharing Plan, maximum matching percentage of gross earnings | 2.00% |
Employee Profit Sharing Plan, maximum matching percentage of gross earnings | 2.00% |
Employee Unit Purchase Plan, maximum matching percentage of gross earnings | 3.00% |
Defined contribition plan, matching percentage of gross earnings | 4.00% |
Maximum combined employee unit purchase plan and 401(k) plan matching percentage of gross earnings | 5.00% |
Maximum combined percentage of gross earnings match for employee unit purchase plan | 3.00% |
Maximum combined percentage of gross earnings match for 401(k) plan | 2.00% |
Vesting period for 402(k) plan | 2 years |
Vesting period for employee unit purchase plan | 180 days |
Note 4 - Significant Accounti_4
Note 4 - Significant Accounting Policies - Useful Lives of Property, Plant, and Equipment (Details) | 12 Months Ended |
Mar. 31, 2019 | |
Fixtures and fittings [member] | |
Statement Line Items [Line Items] | |
Depreciations method | Declining balance |
Useful life or depreciation rate | 20% |
Office equipment [member] | |
Statement Line Items [Line Items] | |
Depreciations method | Declining balance |
Useful life or depreciation rate | 20% |
Computer equipment [member] | |
Statement Line Items [Line Items] | |
Depreciations method | Declining balance |
Useful life or depreciation rate | 30% |
Leasehold improvements [member] | |
Statement Line Items [Line Items] | |
Depreciations method | Straight-line |
Useful life or depreciation rate | Term of lease |
Thermostats [member] | |
Statement Line Items [Line Items] | |
Depreciations method | Straight-line |
Useful life or depreciation rate | 5 years |
Installed assets - water filtration [member] | |
Statement Line Items [Line Items] | |
Depreciations method | Straight-line |
Useful life or depreciation rate | 4-7 years |
Note 4 - Significant Accounti_5
Note 4 - Significant Accounting Policies - Useful Lives of Intangible Assets (Details) | 12 Months Ended |
Mar. 31, 2019 | |
Customer-related intangible assets [member] | |
Statement Line Items [Line Items] | |
Amortization method | Straight-line |
Useful life and amortization rate | Term of contract |
Contract initiation costs [member] | |
Statement Line Items [Line Items] | |
Amortization method | Straight-line |
Useful life and amortization rate | Term of contract |
Commodity billing and settlement system [member] | |
Statement Line Items [Line Items] | |
Amortization method | Straight-line |
Useful life and amortization rate | 5 years |
Sales network and affinity relationships [member] | |
Statement Line Items [Line Items] | |
Amortization method | Straight-line |
Useful life and amortization rate | 5-8 years |
Information technology system development [member] | |
Statement Line Items [Line Items] | |
Amortization method | Straight-line |
Useful life and amortization rate | 3-5 years |
Computer software [member] | |
Statement Line Items [Line Items] | |
Amortization method | Straight-line |
Useful life and amortization rate | 1 year |
Technology-based intangible assets [member] | |
Statement Line Items [Line Items] | |
Amortization method | Straight-line |
Useful life and amortization rate | 15 years |
Brand names [member] | |
Statement Line Items [Line Items] | |
Amortization method | Straight-line |
Useful life and amortization rate | 10 years |
Note 5 - Restatement and Revi_3
Note 5 - Restatement and Revision of Financial Statements (Details Textual) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | |||
Additional allowance recognised in profit or loss, allowance account for credit losses of financial assets | $ 192,202 | $ 56,331 | |
Retained earnings attributable to accumulated earnings (losses) [member] | |||
Statement Line Items [Line Items] | |||
Increase (decrease) for revisions | $ (14,208) | ||
TEXAS | Increase (decrease) due to corrections of prior period errors [member] | |||
Statement Line Items [Line Items] | |||
Additional allowance recognised in profit or loss, allowance account for credit losses of financial assets | $ 53,700 | ||
UNITED KINGDOM | Increase (decrease) due to corrections of prior period errors [member] | |||
Statement Line Items [Line Items] | |||
Additional allowance recognised in profit or loss, allowance account for credit losses of financial assets | $ 57,500 |
Note 5 - Restatement and Revi_4
Note 5 - Restatement and Revision of Financial Statements - Line Items Restated on Consolidated Financial Statements (Details) - CAD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Current trade and other receivables | $ 672,615 | $ 658,844 |
Current assets | 1,022,258 | 1,050,162 |
Deferred income tax assets | 11,895 | 5,486 |
Long term liabilities | 822,264 | 538,191 |
Total Assets | 1,626,503 | 1,601,393 |
Accumulated deficit | (1,390,701) | (1,081,139) |
Equity at end of period | (89,015) | 216,535 |
Total liabilities and shareholders’ equity deficit | 1,626,503 | 1,601,393 |
Other operating expenses | 226,181 | 95,304 |
Administrative, selling and operating expenses | 681,109 | 514,782 |
Operating profit before the following | 31,106 | 125,729 |
Loss before income taxes | (208,827) | 545,190 |
Total tax expense (income) | 11,229 | 20,671 |
Profit (loss) from continuing operations | (220,056) | 524,519 |
Profit (loss) for the year | (242,435) | 518,574 |
Shareholders of Just Energy | (242,243) | 509,276 |
Non-controlling interest | $ (192) | $ 9,298 |
Basic earnings (loss) per share from continuing operations available to shareholders (in CAD per share) | $ (1.54) | $ 3.45 |
Diluted earnings (loss) from continuing operations per share available to shareholders (in CAD per share) | (1.54) | 2.65 |
Basic earnings (loss) per share available to shareholders (in CAD per share) | (1.68) | 3.42 |
Diluted earnings (loss) per share available to shareholders (in CAD per share) | $ (1.68) | $ 2.62 |
Total comprehensive income (loss) for the year, net of tax | $ (237,413) | $ 540,147 |
Shareholders of Just Energy | (237,221) | 530,849 |
Profit (loss) before income taxes | (231,202) | 539,248 |
Net change in working capital balances | (12,973) | (36,425) |
Gas in storage | 2,943 | 2,342 |
Other current assets | 169,240 | 112,214 |
Trade and other payables | (714,110) | (590,018) |
Deferred revenue | (43,228) | (38,710) |
Income tax payable | (11,895) | (5,486) |
Previously stated [member] | ||
Statement Line Items [Line Items] | ||
Current trade and other receivables | 783,780 | 664,528 |
Current assets | 1,133,423 | |
Deferred income tax assets | 9,492 | 7,304 |
Long term liabilities | 603,674 | |
Total Assets | 1,746,068 | |
Accumulated deficit | (1,271,136) | (1,066,931) |
Equity at end of period | 30,550 | |
Total liabilities and shareholders’ equity deficit | 1,746,068 | |
Other operating expenses | 115,016 | |
Administrative, selling and operating expenses | 569,944 | |
Operating profit before the following | 142,271 | |
Loss before income taxes | (97,662) | |
Total tax expense (income) | 2,829 | |
Profit (loss) from continuing operations | (100,491) | |
Profit (loss) for the year | (122,870) | |
Shareholders of Just Energy | (122,678) | |
Non-controlling interest | $ (192) | |
Basic earnings (loss) per share from continuing operations available to shareholders (in CAD per share) | $ (0.73) | |
Diluted earnings (loss) from continuing operations per share available to shareholders (in CAD per share) | (0.73) | |
Basic earnings (loss) per share available to shareholders (in CAD per share) | (0.88) | |
Diluted earnings (loss) per share available to shareholders (in CAD per share) | $ (0.88) | |
Total comprehensive income (loss) for the year, net of tax | $ (117,848) | |
Shareholders of Just Energy | (117,656) | |
Profit (loss) before income taxes | (120,037) | |
Net change in working capital balances | (124,138) | |
Gas in storage | 11,812 | |
Other current assets | 109,697 | |
Trade and other payables | (583,655) | |
Deferred revenue | (41,684) | |
Income tax payable | (9,492) | (7,304) |
Increase (decrease) due to voluntary changes in accounting policy [member] | ||
Statement Line Items [Line Items] | ||
Current trade and other receivables | (111,165) | |
Current assets | (111,165) | |
Deferred income tax assets | (8,400) | |
Long term liabilities | (8,400) | |
Total Assets | (119,565) | |
Accumulated deficit | (119,565) | |
Equity at end of period | (119,565) | |
Total liabilities and shareholders’ equity deficit | (119,565) | |
Other operating expenses | 111,165 | |
Administrative, selling and operating expenses | 111,165 | |
Operating profit before the following | (111,165) | |
Loss before income taxes | (111,165) | |
Total tax expense (income) | 8,400 | |
Profit (loss) from continuing operations | (119,565) | |
Profit (loss) for the year | (119,565) | |
Shareholders of Just Energy | (119,565) | |
Non-controlling interest | ||
Basic earnings (loss) per share from continuing operations available to shareholders (in CAD per share) | $ (0.80) | |
Diluted earnings (loss) from continuing operations per share available to shareholders (in CAD per share) | (0.80) | |
Basic earnings (loss) per share available to shareholders (in CAD per share) | (0.80) | |
Diluted earnings (loss) per share available to shareholders (in CAD per share) | $ (0.80) | |
Total comprehensive income (loss) for the year, net of tax | $ (119,565) | |
Shareholders of Just Energy | (119,565) | |
Profit (loss) before income taxes | (111,165) | |
Net change in working capital balances | 111,165 | |
Income tax payable | 8,400 | |
Increase (decrease) due to corrections of prior period errors [member] | ||
Statement Line Items [Line Items] | ||
Current trade and other receivables | (5,684) | |
Deferred income tax assets | (1,818) | |
Accumulated deficit | (14,208) | |
Gas in storage | (9,470) | |
Other current assets | 2,517 | |
Trade and other payables | (6,363) | |
Deferred revenue | 2,974 | |
Income tax payable | 1,818 | |
As revised [member] | ||
Statement Line Items [Line Items] | ||
Current trade and other receivables | 672,615 | 658,844 |
Current assets | 1,022,258 | |
Deferred income tax assets | 1,092 | 5,486 |
Long term liabilities | 595,274 | |
Total Assets | 1,626,503 | |
Accumulated deficit | (1,390,701) | (1,081,139) |
Equity at end of period | (89,015) | |
Total liabilities and shareholders’ equity deficit | 1,626,503 | |
Other operating expenses | 226,181 | |
Administrative, selling and operating expenses | 681,109 | |
Operating profit before the following | 31,106 | |
Loss before income taxes | (208,827) | |
Total tax expense (income) | 11,229 | |
Profit (loss) from continuing operations | (220,056) | |
Profit (loss) for the year | (242,435) | |
Shareholders of Just Energy | (242,243) | |
Non-controlling interest | $ (192) | |
Basic earnings (loss) per share from continuing operations available to shareholders (in CAD per share) | $ (1.54) | |
Diluted earnings (loss) from continuing operations per share available to shareholders (in CAD per share) | (1.54) | |
Basic earnings (loss) per share available to shareholders (in CAD per share) | (1.68) | |
Diluted earnings (loss) per share available to shareholders (in CAD per share) | $ (1.68) | |
Total comprehensive income (loss) for the year, net of tax | $ (237,413) | |
Shareholders of Just Energy | (237,221) | |
Profit (loss) before income taxes | (231,202) | |
Net change in working capital balances | (12,973) | |
Gas in storage | 2,342 | |
Other current assets | 112,214 | |
Trade and other payables | (590,018) | |
Deferred revenue | (38,710) | |
Income tax payable | $ (1,092) | $ (5,486) |
Note 7 - Accounting Policies _3
Note 7 - Accounting Policies and New Standards Adopted (Details Textual) - CAD ($) $ in Thousands | Apr. 01, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Statement Line Items [Line Items] | ||||
Deferred tax liability (asset) at end of period | $ (3,047) | $ 2,532 | $ 21,268 | |
Transaction price allocated to remaining performance obligations | 75,636 | |||
Increase (decrease) through conversion of convertible instruments, equity | 22,407 | |||
Total tax expense (income) | 11,229 | $ 20,671 | ||
Effect of overlay approach reclassification [member] | ||||
Statement Line Items [Line Items] | ||||
Total tax expense (income) | $ 5,616 | |||
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 | |||
IFRS 15 [member] | ||||
Statement Line Items [Line Items] | ||||
Deferred tax liability (asset) at end of period | 7,493 | |||
Total tax expense (income) | $ 11,229 | |||
IFRS 9 [member] | ||||
Statement Line Items [Line Items] | ||||
Increase (decrease) through conversion of convertible instruments, equity | $ (17,863) |
Note 7 - Accounting Policies _4
Note 7 - Accounting Policies and New Standards Adopted - Standards and Interpretations That Are Issued (Details) - CAD ($) $ in Thousands | Mar. 31, 2019 | Apr. 01, 2018 | Mar. 31, 2018 |
Statement Line Items [Line Items] | |||
Customer acquisition costs | $ 75,707 | $ 31,852 | |
Customer acquisition costs | 46,416 | 17,101 | |
IAS 18 [member] | |||
Statement Line Items [Line Items] | |||
Customer acquisition costs | 31,865 | 31,852 | |
Customer acquisition costs | 17,830 | 17,101 | |
IFRS15 adoption [member] | |||
Statement Line Items [Line Items] | |||
Customer acquisition costs | 75,707 | $ 43,152 | 41,704 |
Customer acquisition costs | $ 46,416 | $ 34,162 | $ 34,106 |
Note 7 - Accounting Policies _5
Note 7 - Accounting Policies and new Standards Adopted - Interim Condensed Consolidated Statements of Financial Position IFRS 15 Effect (Details) - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Statement Line Items [Line Items] | ||
Customer acquisition costs, current | $ 75,707 | $ 31,852 |
Customer acquisition costs, noncurrent | 46,416 | 17,101 |
IAS 18 [member] | ||
Statement Line Items [Line Items] | ||
Customer acquisition costs, current | 31,865 | 31,852 |
Customer acquisition costs, noncurrent | 17,830 | $ 17,101 |
Increase (decrease) due to application of IFRS 15 [member] | ||
Statement Line Items [Line Items] | ||
Customer acquisition costs, current | 43,842 | |
Customer acquisition costs, noncurrent | $ 28,586 |
Note 7 - Accounting Policies _6
Note 7 - Accounting Policies and New Standards Adopted - Movement After Implementation of IFRS 15 (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2019CAD ($) | |
Statement Line Items [Line Items] | |
Opening balance | $ 31,852 |
Closing balance | 75,707 |
Opening balance | 17,101 |
Closing balance | 46,416 |
IFRS15 adoption [member] | |
Statement Line Items [Line Items] | |
Opening balance | 41,704 |
Capitalization | 98,483 |
Amortization | (64,480) |
Closing balance | 75,707 |
Opening balance | 34,106 |
Capitalization | 39,552 |
Amortization | (27,242) |
Closing balance | $ 46,416 |
Note 7 - Accounting Policies _7
Note 7 - Accounting Policies and New Standards Adopted - Interim Consolidated Statements of Comprehensive Income (Loss) IFRS 15 Effect (Details) - CAD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Sales | $ 3,812,470 | $ 3,623,558 |
Cost of sales | 3,100,255 | 2,983,047 |
Gross margin | 712,215 | 640,511 |
Administrative | 206,820 | 187,250 |
Selling and marketing | 232,030 | 232,228 |
Other operating expenses | 226,181 | 95,304 |
Restructuring costs | 16,078 | |
Operating expense excluding cost of sales | 681,109 | 514,782 |
Operating profit before the following | 31,106 | 125,729 |
Finance costs | (88,072) | (55,972) |
Change in fair value of derivative instruments and other | (153,226) | 474,393 |
Other income -net | 1,365 | 1,040 |
Loss before income taxes | (208,827) | 545,190 |
Total tax expense (income) | 11,229 | 20,671 |
Profit (loss) from continuing operations | (220,056) | 524,519 |
Loss from discontinued operations | (22,379) | (5,945) |
Loss for the period | (242,435) | 518,574 |
Shareholders of Just Energy | (242,243) | 509,276 |
Non-controlling interest | $ (192) | $ 9,298 |
Basic earnings (loss) per share from continuing operations available to shareholders (in CAD per share) | $ (1.54) | $ 3.45 |
Diluted earnings (loss) from continuing operations per share available to shareholders (in CAD per share) | $ (1.54) | $ 2.65 |
IAS 18 [member] | ||
Statement Line Items [Line Items] | ||
Sales | $ 3,812,470 | |
Cost of sales | 3,100,255 | |
Gross margin | 712,215 | |
Administrative | 206,820 | |
Selling and marketing | 264,558 | |
Other operating expenses | 115,016 | |
Restructuring costs | 16,078 | |
Operating expense excluding cost of sales | 725,827 | |
Operating profit before the following | (1,422) | |
Finance costs | (88,072) | |
Change in fair value of derivative instruments and other | (153,226) | |
Loss before income taxes | (241,355) | |
Total tax expense (income) | 11,229 | |
Profit (loss) from continuing operations | (252,584) | |
Loss from discontinued operations | (22,379) | |
Loss for the period | (274,963) | |
Shareholders of Just Energy | (274,771) | |
Non-controlling interest | $ (192) | |
Basic earnings (loss) per share from continuing operations available to shareholders (in CAD per share) | $ (2.20) | |
Diluted earnings (loss) from continuing operations per share available to shareholders (in CAD per share) | $ (2.20) | |
IAS 18 [member] | Filter Group Inc [member] | ||
Statement Line Items [Line Items] | ||
Other income -net | $ 1,365 | |
Increase (decrease) due to application of IFRS 15 [member] | ||
Statement Line Items [Line Items] | ||
Sales | ||
Cost of sales | ||
Gross margin | ||
Administrative | ||
Selling and marketing | (32,528) | |
Other operating expenses | ||
Restructuring costs | ||
Operating expense excluding cost of sales | (32,528) | |
Operating profit before the following | 32,528 | |
Finance costs | ||
Change in fair value of derivative instruments and other | ||
Loss before income taxes | 32,528 | |
Total tax expense (income) | ||
Profit (loss) from continuing operations | 32,528 | |
Loss from discontinued operations | ||
Loss for the period | 32,528 | |
Shareholders of Just Energy | 32,528 | |
Non-controlling interest | ||
Basic earnings (loss) per share from continuing operations available to shareholders (in CAD per share) | $ 0.53 | |
Diluted earnings (loss) from continuing operations per share available to shareholders (in CAD per share) | $ 0.53 | |
Increase (decrease) due to application of IFRS 15 [member] | Filter Group Inc [member] | ||
Statement Line Items [Line Items] | ||
Other income -net | ||
IFRS 15 [member] | ||
Statement Line Items [Line Items] | ||
Sales | 3,812,470 | |
Cost of sales | 3,100,255 | |
Gross margin | 712,215 | |
Administrative | 206,820 | |
Selling and marketing | 232,030 | |
Other operating expenses | 226,181 | |
Restructuring costs | 16,078 | |
Operating expense excluding cost of sales | 681,109 | |
Operating profit before the following | 31,106 | |
Finance costs | (88,072) | |
Change in fair value of derivative instruments and other | (153,226) | |
Loss before income taxes | (208,827) | |
Total tax expense (income) | 11,229 | |
Profit (loss) from continuing operations | (220,056) | |
Loss from discontinued operations | (22,379) | |
Loss for the period | (242,435) | |
Shareholders of Just Energy | (242,243) | |
Non-controlling interest | $ (192) | |
Basic earnings (loss) per share from continuing operations available to shareholders (in CAD per share) | $ (1.68) | |
Diluted earnings (loss) from continuing operations per share available to shareholders (in CAD per share) | $ (1.68) | |
IFRS 15 [member] | Filter Group Inc [member] | ||
Statement Line Items [Line Items] | ||
Other income -net | $ 1,365 |
Note 7 - Accounting Policies _8
Note 7 - Accounting Policies and New Standards Adopted - Revenue to be Recognized (Details) $ in Thousands | Mar. 31, 2019CAD ($) |
Statement Line Items [Line Items] | |
Gas and electricity flat-bill contracts | $ 75,636 |
Electricity and gas [member] | |
Statement Line Items [Line Items] | |
Gas and electricity flat-bill contracts | 75,636 |
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-bill contracts | 29,122 |
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-bill contracts | 22,564 |
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-bill contracts | 12,998 |
Electricity and gas [member] | Revenue from contract recognized after March 31, 2022 [member] | |
Statement Line Items [Line Items] | |
Gas and electricity flat-bill contracts | $ 10,952 |
Note 7 - Accounting Policies _9
Note 7 - Accounting Policies and New Standards Adopted - Reconciliation of Impairment Allowance Balance From IAS 39 to IFRS 9 (Details) - CAD ($) $ in Thousands | Mar. 31, 2019 | Apr. 01, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Statement Line Items [Line Items] | ||||
Allowance for credit losses | $ 182,375 | $ 60,121 | $ 49,431 | |
Trade and other receivables [member] | IFRS 9 [member] | ||||
Statement Line Items [Line Items] | ||||
Allowance for credit losses | $ 71,358 | |||
Trade and other receivables [member] | Effect of overlay approach reclassification [member] | ||||
Statement Line Items [Line Items] | ||||
Allowance for credit losses | 11,237 | |||
Unbilled revenue [member] | IFRS 9 [member] | ||||
Statement Line Items [Line Items] | ||||
Allowance for credit losses | 12,399 | |||
Unbilled revenue [member] | Effect of overlay approach reclassification [member] | ||||
Statement Line Items [Line Items] | ||||
Allowance for credit losses | $ 12,399 | |||
IAS 39 [member] | Trade and other receivables [member] | ||||
Statement Line Items [Line Items] | ||||
Allowance for credit losses | 60,121 | |||
IAS 39 [member] | Unbilled revenue [member] | ||||
Statement Line Items [Line Items] | ||||
Allowance for credit losses |
Note 8 - Accounting Standards_2
Note 8 - Accounting Standards Issued But Not Yet Effective (Details Textual) - CAD ($) $ in Thousands | Apr. 01, 2019 | Mar. 31, 2019 |
Statement Line Items [Line Items] | ||
Total lease liabilities | $ 21,243 | |
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | IFRS 16 [member] | ||
Statement Line Items [Line Items] | ||
Right-of-use assets | $ 18,500 | |
Total lease liabilities | $ 18,500 |
Note 9 - Trade and Other Rece_3
Note 9 - Trade and Other Receivables - Components of Trade and Other Receivables (Details) - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Statement Line Items [Line Items] | ||
Trade account receivables, net | $ 365,008 | $ 326,399 |
Accrued gas receivable | 13,637 | 15,893 |
Unbilled revenue | 277,556 | 301,577 |
Other | 16,414 | 14,975 |
Trade and other current receivables | $ 672,615 | $ 658,844 |
Note 10 - Other Current and N_3
Note 10 - Other Current and Non-current Assets - Components of Prepaid Expenses, Deposits, and Other Current Assets (Details) - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Statement Line Items [Line Items] | ||
Prepaid expenses and deposits | $ 45,709 | $ 35,078 |
Customer acquisition costs | 75,707 | 31,852 |
Green certificates | 39,749 | 42,230 |
Gas delivered in excess of consumption | 3,121 | 2,715 |
Inventory | 4,954 | 339 |
Current prepayments and other current assets | 169,240 | 112,214 |
Customer acquisition costs | 46,416 | 17,101 |
Income taxes recoverable | 3,096 | 2,336 |
Other long-term assets | 550 | |
Other non-current assets | $ 49,512 | $ 19,987 |
Note 11 - Investments (Details
Note 11 - Investments (Details Textual) - CAD ($) $ in Millions | Aug. 10, 2012 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Statement Line Items [Line Items] | ||||
Proportion of ownership interest in associate | 8.00% | |||
Ecobee [member] | ||||
Statement Line Items [Line Items] | ||||
Purchase of investments other than investments accounted for using equity method | $ 6.4 | $ 0.4 | $ 5.4 | |
Proportion of ownership interest in associate | 8.00% | |||
Gains (losses) on available-for-sale financial assets | $ 32.9 | $ 32.4 |
Note 12 - Property, Plant and_3
Note 12 - Property, Plant and Equipment - Reconciliation of Property, Plant, and Equipment (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Property, plant and equipment, balance | $ 18,893 | |
Additions | 43,543 | $ 35,776 |
Depreciation charge to cost of sales | 2,666 | 3,116 |
Property, plant and equipment, balance | 25,862 | 18,893 |
Computer equipment [member] | ||
Statement Line Items [Line Items] | ||
Property, plant and equipment, balance | 8,189 | |
Property, plant and equipment, balance | 13,021 | 8,189 |
Fixtures and fittings [member] | ||
Statement Line Items [Line Items] | ||
Property, plant and equipment, balance | 1,866 | |
Property, plant and equipment, balance | 1,594 | 1,866 |
Installed assets - water filtration [member] | ||
Statement Line Items [Line Items] | ||
Property, plant and equipment, balance | 4,842 | |
Office equipment [member] | ||
Statement Line Items [Line Items] | ||
Property, plant and equipment, balance | 4,433 | |
Property, plant and equipment, balance | 4,801 | 4,433 |
Thermostats [member] | ||
Statement Line Items [Line Items] | ||
Property, plant and equipment, balance | 2,683 | |
Property, plant and equipment, balance | 94 | 2,683 |
Leasehold improvements [member] | ||
Statement Line Items [Line Items] | ||
Property, plant and equipment, balance | 1,722 | |
Property, plant and equipment, balance | 1,510 | 1,722 |
Gross carrying amount [member] | ||
Statement Line Items [Line Items] | ||
Property, plant and equipment, balance | 62,375 | 58,381 |
Additions | 8,658 | 4,838 |
Acquisition | 6,154 | |
Assets held for sale | (69) | |
Retirements | (1,579) | (517) |
Exchange differences | 925 | (327) |
Property, plant and equipment, balance | 76,464 | 62,375 |
Gross carrying amount [member] | Computer equipment [member] | ||
Statement Line Items [Line Items] | ||
Property, plant and equipment, balance | 22,173 | 18,672 |
Additions | 7,468 | 3,561 |
Acquisition | ||
Assets held for sale | (5) | |
Retirements | ||
Exchange differences | 340 | (60) |
Property, plant and equipment, balance | 29,976 | 22,173 |
Gross carrying amount [member] | Fixtures and fittings [member] | ||
Statement Line Items [Line Items] | ||
Property, plant and equipment, balance | 6,861 | 6,774 |
Additions | 58 | 147 |
Acquisition | ||
Assets held for sale | (4) | |
Retirements | (309) | |
Exchange differences | 95 | (60) |
Property, plant and equipment, balance | 6,701 | 6,861 |
Gross carrying amount [member] | Installed assets - water filtration [member] | ||
Statement Line Items [Line Items] | ||
Property, plant and equipment, balance | ||
Additions | 707 | |
Acquisition | 4,827 | |
Assets held for sale | ||
Retirements | ||
Exchange differences | 15 | |
Property, plant and equipment, balance | 5,549 | |
Gross carrying amount [member] | Office equipment [member] | ||
Statement Line Items [Line Items] | ||
Property, plant and equipment, balance | 15,209 | 14,947 |
Additions | 311 | 352 |
Acquisition | 773 | |
Assets held for sale | (60) | |
Retirements | ||
Exchange differences | 32 | (90) |
Property, plant and equipment, balance | 16,265 | 15,209 |
Gross carrying amount [member] | Thermostats [member] | ||
Statement Line Items [Line Items] | ||
Property, plant and equipment, balance | 13,238 | 13,471 |
Additions | 387 | |
Acquisition | ||
Assets held for sale | ||
Retirements | (192) | (517) |
Exchange differences | 131 | (103) |
Property, plant and equipment, balance | 13,177 | 13,238 |
Gross carrying amount [member] | Leasehold improvements [member] | ||
Statement Line Items [Line Items] | ||
Property, plant and equipment, balance | 4,894 | 4,517 |
Additions | 114 | 391 |
Acquisition | 554 | |
Assets held for sale | ||
Retirements | (1,078) | |
Exchange differences | 312 | (14) |
Property, plant and equipment, balance | 4,796 | 4,894 |
Accumulated depreciation, amortisation and impairment [member] | ||
Statement Line Items [Line Items] | ||
Property, plant and equipment, balance | (43,482) | (36,699) |
Assets held for sale | (51) | |
Retirements | 651 | 208 |
Exchange differences | (283) | 240 |
Depreciation charge to cost of sales | (2,666) | (3,116) |
Depreciation charge for the year | (4,771) | (4,115) |
Property, plant and equipment, balance | (50,602) | (43,482) |
Accumulated depreciation, amortisation and impairment [member] | Computer equipment [member] | ||
Statement Line Items [Line Items] | ||
Property, plant and equipment, balance | (13,984) | (11,600) |
Assets held for sale | 2 | |
Retirements | ||
Exchange differences | (138) | 47 |
Depreciation charge to cost of sales | ||
Depreciation charge for the year | (2,835) | (2,431) |
Property, plant and equipment, balance | (16,955) | (13,984) |
Accumulated depreciation, amortisation and impairment [member] | Fixtures and fittings [member] | ||
Statement Line Items [Line Items] | ||
Property, plant and equipment, balance | (4,995) | (4,776) |
Assets held for sale | ||
Retirements | 127 | |
Exchange differences | (61) | 43 |
Depreciation charge to cost of sales | ||
Depreciation charge for the year | (178) | (262) |
Property, plant and equipment, balance | (5,107) | (4,995) |
Accumulated depreciation, amortisation and impairment [member] | Installed assets - water filtration [member] | ||
Statement Line Items [Line Items] | ||
Property, plant and equipment, balance | ||
Assets held for sale | ||
Retirements | ||
Exchange differences | ||
Depreciation charge to cost of sales | ||
Depreciation charge for the year | (707) | |
Property, plant and equipment, balance | (707) | |
Accumulated depreciation, amortisation and impairment [member] | Office equipment [member] | ||
Statement Line Items [Line Items] | ||
Property, plant and equipment, balance | (10,776) | (10,095) |
Assets held for sale | (4) | |
Retirements | ||
Exchange differences | (61) | 64 |
Depreciation charge to cost of sales | ||
Depreciation charge for the year | (623) | (745) |
Property, plant and equipment, balance | (11,464) | (10,776) |
Accumulated depreciation, amortisation and impairment [member] | Thermostats [member] | ||
Statement Line Items [Line Items] | ||
Property, plant and equipment, balance | (10,555) | (7,713) |
Assets held for sale | ||
Retirements | 202 | 208 |
Exchange differences | (64) | 66 |
Depreciation charge to cost of sales | (2,666) | (3,116) |
Depreciation charge for the year | ||
Property, plant and equipment, balance | (13,083) | (10,555) |
Accumulated depreciation, amortisation and impairment [member] | Leasehold improvements [member] | ||
Statement Line Items [Line Items] | ||
Property, plant and equipment, balance | (3,172) | (2,515) |
Assets held for sale | (49) | |
Retirements | 322 | |
Exchange differences | 41 | 20 |
Depreciation charge to cost of sales | ||
Depreciation charge for the year | (428) | (677) |
Property, plant and equipment, balance | $ (3,286) | $ (3,172) |
Note 13 - Intangible Assets (De
Note 13 - Intangible Assets (Details Textual) - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Statement Line Items [Line Items] | ||
Intangible assets and goodwill at end of period | $ 472,656 | $ 401,926 |
Information technology system development [member] | ||
Statement Line Items [Line Items] | ||
Intangible assets and goodwill at end of period | $ 27,300 |
Note 13 - Intangible Assets - R
Note 13 - Intangible Assets - Reconciliation of Changes in Intangible Assets (Details) - CAD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | |||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | $ 401,926 | |||
Intangible assets, balance | 472,656 | $ 401,926 | ||
Goodwill [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | 300,673 | |||
Intangible assets, balance | 339,921 | 300,673 | ||
Brand names [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | 30,205 | |||
Intangible assets, balance | 34,205 | [1] | 30,205 | |
Technology-based intangible assets [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | 44,092 | |||
Intangible assets, balance | 68,328 | [1] | 44,092 | |
Customer-related intangible assets [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | 16,718 | |||
Intangible assets, balance | 26,781 | 16,718 | ||
Sales network and affinity relationships [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | 9,743 | |||
Intangible assets, balance | 3,366 | 9,743 | ||
Other intangible assets [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | 495 | |||
Intangible assets, balance | 55 | 495 | ||
Gross carrying amount [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | 481,764 | 422,475 | ||
Acquisition | 56,230 | 33,842 | ||
Assets held for sale | (2,456) | |||
Additions | 38,383 | 30,938 | ||
Exchange differences | 3,124 | (5,491) | ||
Intangible assets, balance | 577,045 | 481,764 | ||
Gross carrying amount [member] | Goodwill [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | 300,673 | 289,201 | ||
Acquisition | 40,630 | 14,699 | ||
Assets held for sale | ||||
Additions | ||||
Exchange differences | (1,382) | (3,227) | ||
Intangible assets, balance | 339,921 | 300,673 | ||
Gross carrying amount [member] | Brand names [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | 30,205 | 31,154 | ||
Acquisition | 3,000 | |||
Assets held for sale | ||||
Additions | ||||
Exchange differences | 1,100 | (949) | ||
Intangible assets, balance | 34,305 | 30,205 | ||
Gross carrying amount [member] | Technology-based intangible assets [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | 80,401 | [1] | 48,525 | |
Acquisition | [1] | 1,409 | ||
Assets held for sale | [1] | (2,453) | ||
Additions | 38,383 | [1] | 30,938 | |
Exchange differences | 1,332 | [1] | (471) | |
Intangible assets, balance | [1] | 117,663 | 80,401 | |
Gross carrying amount [member] | Customer-related intangible assets [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | 18,027 | |||
Acquisition | 12,600 | 17,387 | ||
Assets held for sale | ||||
Additions | ||||
Exchange differences | 623 | 640 | ||
Intangible assets, balance | 31,250 | 18,027 | ||
Gross carrying amount [member] | Sales network and affinity relationships [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | 51,963 | 53,595 | ||
Acquisition | ||||
Assets held for sale | ||||
Additions | ||||
Exchange differences | 1,890 | (1,632) | ||
Intangible assets, balance | 53,853 | 51,963 | ||
Gross carrying amount [member] | Other intangible assets [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | 495 | |||
Acquisition | 347 | |||
Assets held for sale | (3) | |||
Additions | ||||
Exchange differences | (439) | 148 | ||
Intangible assets, balance | 53 | 495 | ||
Accumulated depreciation, amortisation and impairment [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | (79,838) | (64,488) | ||
Assets held for sale | 20 | |||
Exchange differences | (1,916) | 1,349 | ||
Amortization charge for the year | (22,655) | (16,699) | ||
Intangible assets, balance | (104,389) | (79,838) | ||
Accumulated depreciation, amortisation and impairment [member] | Goodwill [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | ||||
Assets held for sale | ||||
Exchange differences | ||||
Amortization charge for the year | ||||
Intangible assets, balance | ||||
Accumulated depreciation, amortisation and impairment [member] | Brand names [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | [1] | |||
Assets held for sale | ||||
Exchange differences | [1] | |||
Amortization charge for the year | (100) | [1] | ||
Intangible assets, balance | [1] | (100) | ||
Accumulated depreciation, amortisation and impairment [member] | Technology-based intangible assets [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | (36,309) | [1] | (27,641) | |
Assets held for sale | [1] | 18 | ||
Exchange differences | 1,883 | [1] | 256 | |
Amortization charge for the year | (14,927) | [1] | (8,924) | |
Intangible assets, balance | [1] | (49,335) | (36,309) | |
Accumulated depreciation, amortisation and impairment [member] | Customer-related intangible assets [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | (1,309) | |||
Assets held for sale | ||||
Exchange differences | (2,142) | |||
Amortization charge for the year | (1,018) | (1,309) | ||
Intangible assets, balance | (4,469) | (1,309) | ||
Accumulated depreciation, amortisation and impairment [member] | Sales network and affinity relationships [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | (42,220) | (36,847) | ||
Assets held for sale | ||||
Exchange differences | (1,657) | 1,093 | ||
Amortization charge for the year | (6,610) | (6,466) | ||
Intangible assets, balance | (50,487) | (42,220) | ||
Accumulated depreciation, amortisation and impairment [member] | Other intangible assets [member] | ||||
Statement Line Items [Line Items] | ||||
Intangible assets, balance | ||||
Assets held for sale | 2 | |||
Exchange differences | ||||
Amortization charge for the year | ||||
Intangible assets, balance | $ 2 | |||
[1] | Technology includes work in progress IT projects of $27.3 million |
Note 14 - Financial Instrumen_3
Note 14 - Financial Instruments (Details Textual) - CAD ($) | Aug. 22, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Aug. 21, 2018 |
Statement Line Items [Line Items] | |||||
Number of shares under share swap agreement | 2,500,000 | ||||
Value of shares under share swap agreement | $ 23,803,000 | $ 33,803,000 | |||
Cash payments for futures contracts, forward contracts, option contracts and swap contracts, classified as financing activities | $ 10,000,000 | $ 10,000,000 | |||
Foreign exchange basis curve length | 5 years | ||||
Adjustment to mid-market consensus price, significant unobservable inputs, liabilities | 5.00% | ||||
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 | $ 36,897,000 | 36,300,000 | |||
Long-term debt [member] | |||||
Statement Line Items [Line Items] | |||||
Financial liabilities, at fair value | $ 740,600,000 | 570,100,000 | |||
Senior unsecured 8.75% term loan [member] | |||||
Statement Line Items [Line Items] | |||||
Borrowings, interest rate | 8.75% | ||||
Senior subordinated 6.75% convertible debentures [member] | |||||
Statement Line Items [Line Items] | |||||
Financial liabilities, at fair value | $ 100,000,000 | ||||
Borrowings, interest rate | 6.75% | ||||
The 6.75% convertible bonds [member] | |||||
Statement Line Items [Line Items] | |||||
Financial liabilities, at fair value | $ 160,000,000 | ||||
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% | ||||
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 | $ 240,332,000 | ||||
Sensitivity analysis for types of market risk, reasonably possible decrease in risk variable, impact on profit or loss before taxes | $ (238,089,000) | ||||
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 | $ 3,800,000 | ||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on other comprehensive income (loss) | $ 14,200,000 | ||||
Interest rate risk [member] | |||||
Statement Line Items [Line Items] | |||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 1.00% | ||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on profit or loss before taxes | $ 1,939,000 | 758,000 | |||
Credit risk [member] | |||||
Statement Line Items [Line Items] | |||||
Risk exposure associated with instruments sharing characteristic | 153,767,000 | 283,431,000 | |||
Supplier risk [member] | |||||
Statement Line Items [Line Items] | |||||
Financial assets, at fair value | 8,307,000 | $ 4,737,000 | |||
Level 3 of fair value hierarchy [member] | Equity investments [member] | |||||
Statement Line Items [Line Items] | |||||
Financial assets, at fair value | $ 32,888,000 | ||||
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 | $ 241,661 | ||||
Sensitivity analysis for types of market risk, reasonably possible decrease in risk variable, impact on profit or loss before taxes | $ (239,419) |
Note 14 - Financial Instrumen_4
Note 14 - Financial Instruments - Change in Fair Value of Derivative Instruments (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | $ (153,226) | $ 474,393 | |
Physical forward contracts and options [member] | |||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | [1] | (182,117) | 400,583 |
Financial swap contracts and options [member] | |||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | [2] | 39,832 | 59,710 |
Foreign exchange forward contracts [member] | |||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | 72 | (1,842) | |
Share swap [member] | |||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | [3] | (3,507) | (4,484) |
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 | 247 | 7,764 | |
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 | (8,061) | 6,101 | |
Weather derivative [Member] | |||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | 7,796 | ||
Other derivative options [member] | |||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | $ (7,488) | $ 6,561 | |
[1] | Physical forward contracts and options consist of: Electricity contracts with a total remaining volume of 38,759,196 MWh, a weighted average price of $51.29/MWh and expiry dates up to March 31, 2029. Natural gas contracts with a total remaining volume of 92,885,570 GJs, a weighted average price of $3.67/GJ and expiry dates up to December 31, 2024. Renewable energy certificates ("RECs") and emission-reduction credit contracts with a total remaining volume of 4,184,687 MWh and 177,000 tonnes, respectively, a weighted average price of $32.50/REC and $2.68/tonne, respectively, and expiry dates up to December 31, 2028 and December 31, 2021. Electricity generation capacity contracts with a total remaining volume of 4,362 MWCap, a weighted average price of $5226.42/MWCap and expiry dates up to October 31, 2023. Ancillary contracts with a total remaining volume of 738,532 MWh, a weighted average price of $23.06/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 10,333,347 MWh, an average price of $45.19/MWh and expiry dates up to November 30, 2024. Natural gas contracts with a total remaining volume of 134,711,738 GJs, an average price of $3.53/GJ and expiry dates up to December 31, 2024. Electricity generation capacity contracts with a total remaining volume of 69 MWCap, a weighted average price of $304,787.72/MWCap and expiry dates up to October 31, 2020. Ancillary contracts with a total remaining volume of 1,220,145 MWh, a weighted average price of $21.52/MWh and expiry dates up to December 31, 2020. | ||
[3] | Share swap agreement Just Energy has entered into a share swap agreement to manage the consolidated statements of income (loss) volatility associated with the Company's RSG and DSG Plans. The value, on inception, of the 2,500,000 shares under this share swap agreement was approximately $33,803. On August 22, 2018, Just Energy reduced the notional value of the share swap to $23,803 through a payment of $10,000 and renewed the share swap agreement for an additional year. Net monthly settlements received under the share swap agreement are recorded in other income. Just Energy records the fair value of the share swap agreement in the non-current derivative financial liabilities on the consolidated statements of financial position. Changes in the fair value of the share swap agreement are recorded through the consolidated statements of income (loss) as a change in fair value of derivative instruments and other. |
Note 14 - Financial Instrumen_5
Note 14 - Financial Instruments - Change in Fair Value of Derivative Instruments (Details) (Parentheticals) | Mar. 31, 2019 | Mar. 31, 2018 |
European-focused senior convertible unsecured 6.5% convertible bonds, conversion feature [member] | ||
Statement Line Items [Line Items] | ||
Borrowings, interest rate | 6.50% | 6.50% |
Unrealized foreign exchange on European-focused senior convertible unsecured 6.5% convertible bonds [member] | ||
Statement Line Items [Line Items] | ||
Borrowings, interest rate | 6.50% | 6.50% |
Note 14 - Financial Instrumen_6
Note 14 - Financial Instruments - Fair Value of Derivative Financial Assets and Liabilities (Details) - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | |||
Fair value of derivative financial assets, current | $ 144,512 | $ 218,769 | |
Fair value of derivative financial assets, non-current | 9,255 | 64,662 | |
Fair value of derivative financial liabilities, current | 79,387 | 86,288 | |
Non-current derivative financial liabilities | 63,658 | 51,871 | |
Physical forward contracts and options [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivative financial assets, current | [1] | 115,483 | 198,891 |
Fair value of derivative financial assets, non-current | [1] | 7,237 | 60,550 |
Fair value of derivative financial liabilities, current | [1] | 49,601 | 32,451 |
Non-current derivative financial liabilities | [1] | 50,174 | 29,003 |
Financial swap contracts and options [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivative financial assets, current | [2] | 18,212 | 8,133 |
Fair value of derivative financial assets, non-current | [2] | 1,876 | 1,342 |
Fair value of derivative financial liabilities, current | [2] | 16,142 | 34,369 |
Non-current derivative financial liabilities | [2] | 8,583 | 22,117 |
Foreign exchange forward contracts [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivative financial assets, current | |||
Fair value of derivative financial assets, non-current | 56 | ||
Fair value of derivative financial liabilities, current | 1,555 | 1,068 | |
Non-current derivative financial liabilities | 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 | 11,907 | 18,400 | |
Non-current derivative financial liabilities | |||
Other derivative options [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivative financial assets, current | 10,817 | 11,745 | |
Fair value of derivative financial assets, non-current | 86 | 2,770 | |
Fair value of derivative financial liabilities, current | 182 | ||
Non-current derivative financial liabilities | $ 4,901 | ||
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 | |||
Non-current derivative financial liabilities | $ 246 | ||
[1] | Physical forward contracts and options consist of: Electricity contracts with a total remaining volume of 38,759,196 MWh, a weighted average price of $51.29/MWh and expiry dates up to March 31, 2029. Natural gas contracts with a total remaining volume of 92,885,570 GJs, a weighted average price of $3.67/GJ and expiry dates up to December 31, 2024. Renewable energy certificates ("RECs") and emission-reduction credit contracts with a total remaining volume of 4,184,687 MWh and 177,000 tonnes, respectively, a weighted average price of $32.50/REC and $2.68/tonne, respectively, and expiry dates up to December 31, 2028 and December 31, 2021. Electricity generation capacity contracts with a total remaining volume of 4,362 MWCap, a weighted average price of $5226.42/MWCap and expiry dates up to October 31, 2023. Ancillary contracts with a total remaining volume of 738,532 MWh, a weighted average price of $23.06/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 10,333,347 MWh, an average price of $45.19/MWh and expiry dates up to November 30, 2024. Natural gas contracts with a total remaining volume of 134,711,738 GJs, an average price of $3.53/GJ and expiry dates up to December 31, 2024. Electricity generation capacity contracts with a total remaining volume of 69 MWCap, a weighted average price of $304,787.72/MWCap and expiry dates up to October 31, 2020. Ancillary contracts with a total remaining volume of 1,220,145 MWh, a weighted average price of $21.52/MWh and expiry dates up to December 31, 2020. |
Note 14 - Financial Instrumen_7
Note 14 - Financial Instruments - Fair Value Measurement Input Sensitivity (Details) - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Statement Line Items [Line Items] | ||
Derivative financial assets | $ 153,766 | $ 283,431 |
Derivative financial liabilities | (143,044) | (138,159) |
Total net derivative assets (liabilities) | 10,722 | 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 | (6,588) | (21,092) |
Total net derivative assets (liabilities) | (6,588) | (21,092) |
Level 3 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Derivative financial assets | 153,766 | 283,431 |
Derivative financial liabilities | (136,456) | (117,067) |
Total net derivative assets (liabilities) | $ 17,310 | $ 166,364 |
Note 14 - Financial Instrumen_8
Note 14 - Financial Instruments - Reconciliation of Level 3 Assets (Liabilities) (Details) - Level 3 of fair value hierarchy [member] - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Balance, beginning of year | $ 166,364 | $ (315,110) |
Total gains | 19,644 | 105,709 |
Purchases | 11,502 | 207,531 |
Sales | (25,575) | (64,464) |
Settlements | (154,625) | 232,698 |
Balance, end of year | $ 17,310 | $ 166,364 |
Note 14 - Financial Instrumen_9
Note 14 - Financial Instruments - Investments (Details) - Equity investments [member] - CAD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Statement Line Items [Line Items] | ||
Total investments | $ 36,897,000 | $ 36,300,000 |
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 | 4,009,000 | |
Level 3 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Total investments | 32,888,000 | |
Ecobee [member] | ||
Statement Line Items [Line Items] | ||
Total investments | 32,888,000 | |
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 | ||
Ecobee [member] | Level 3 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Total investments | 32,888,000 | |
Energy Earth [member] | ||
Statement Line Items [Line Items] | ||
Total investments | 4,009,000 | |
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 | 4,009,000 | |
Energy Earth [member] | Level 3 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Total investments |
Note 14 - Financial Instrume_10
Note 14 - Financial Instruments - Aging of Accounts Receivable (Details) - Trade receivables [member] - Credit risk [member] - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Statement Line Items [Line Items] | ||
Financial assets | $ 298,703 | $ 261,294 |
Current [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 116,892 | 113,786 |
No later than one month [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 42,562 | 44,374 |
Later than one month and not later than two months [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 22,317 | 21,241 |
Later than two months and not later than three months [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 16,352 | 12,686 |
Later than three months [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | $ 100,580 | $ 69,207 |
Note 14 - Financial Instrume_11
Note 14 - Financial Instruments - Changes in Allowance for Doubtful Accounts (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Balance, beginning of year | $ 60,121 | $ 49,431 |
Bad debt expense | 192,202 | 56,331 |
Bad debts written off | (90,231) | (41,802) |
Adjustment from IFRS 9 adoption | 23,636 | |
Foreign exchange | (3,363) | (3,808) |
Balance, end of year | $ 182,375 | $ 60,121 |
Note 14 - Financial Instrume_12
Note 14 - Financial Instruments - Liquidity Risk (Details) - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | |||
Trade and other payables, carrying amount | $ 714,110 | $ 590,018 | |
Total borrowings | 725,372 | 543,504 | |
Gas, electricity and non-commodity contracts, carrying amount | 143,044 | 138,159 | |
Liquidity risk [member] | |||
Statement Line Items [Line Items] | |||
Trade and other payables, carrying amount | 714,110 | 622,797 | |
Trade and other payables, undiscounted cash flows | 714,110 | 622,797 | |
Total borrowings | [1] | 725,372 | 543,504 |
Long-term debt, undiscounted cash flows | [1] | 781,701 | 575,525 |
Gas, electricity and non-commodity contracts, carrying amount | 143,045 | 138,159 | |
Gas, electricity and non-commodity contracts, undiscounted cash flows | 3,500,493 | 3,171,037 | |
Total, carrying amount | 1,582,527 | 1,304,460 | |
Total, undiscounted cash flows | 4,996,304 | 4,369,359 | |
Liquidity risk [member] | Not later than one year [member] | |||
Statement Line Items [Line Items] | |||
Trade and other payables, undiscounted cash flows | 714,110 | 622,797 | |
Long-term debt, undiscounted cash flows | [1] | 39,150 | 122,115 |
Gas, electricity and non-commodity contracts, undiscounted cash flows | 1,899,713 | 1,867,389 | |
Total, undiscounted cash flows | 2,652,973 | 2,612,301 | |
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] | 210,564 | 193,410 |
Gas, electricity and non-commodity contracts, undiscounted cash flows | 1,439,479 | 1,202,949 | |
Total, undiscounted cash flows | 1,650,043 | 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] | 531,987 | 260,000 |
Gas, electricity and non-commodity contracts, undiscounted cash flows | 119,212 | 69,658 | |
Total, undiscounted cash flows | 651,199 | 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 | 42,089 | 31,041 | |
Total, undiscounted cash flows | $ 42,089 | $ 31,041 | |
[1] | Included in long-term debt are the 6.75% $100M convertible debentures, 6.75% $160M 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 14 - Financial Instrume_13
Note 14 - Financial Instruments - Contractual Net Interest Payments (Details) $ in Thousands | Mar. 31, 2019CAD ($) |
Not later than one year [member] | |
Statement Line Items [Line Items] | |
Interest payments | $ 40,765 |
Later than one year and not later than three years [member] | |
Statement Line Items [Line Items] | |
Interest payments | 80,234 |
Later than four years and not later than five years [member] | |
Statement Line Items [Line Items] | |
Interest payments | 40,600 |
Later than five years [member] | |
Statement Line Items [Line Items] | |
Interest payments |
Note 15 - Trade and Other Pay_3
Note 15 - Trade and Other Payables - Schedule of Payables (Details) - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Statement Line Items [Line Items] | ||
Commodity suppliers' payables | $ 189,554 | $ 176,831 |
Accrued liabilities | 112,039 | 135,733 |
Green provisions | 151,992 | 152,542 |
Sales tax payable | 22,969 | 15,794 |
Trade accounts payable | 184,257 | 45,887 |
Payable for former JV partner | 22,625 | 26,375 |
Accrued gas payable | 12,937 | 18,624 |
Other payables | 17,737 | 18,232 |
Trade and other current payables | $ 714,110 | $ 590,018 |
Note 16 - Deferred Revenue - Ch
Note 16 - Deferred Revenue - Changes in Deferred Revenue (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Balance, beginning of year | $ 38,710 | $ 17,546 |
Additions to deferred revenue | 569,880 | 553,050 |
Revenue recognized during the year | (563,922) | (534,265) |
Foreign exchange impact | (1,440) | 2,379 |
Balance, end of year | $ 43,228 | $ 38,710 |
Note 17 - Acquisition of Busi_3
Note 17 - Acquisition of Businesses (Details Textual) $ in Thousands, $ in Millions | Oct. 01, 2018CAD ($)shares | Mar. 31, 2019CAD ($)shares | Mar. 31, 2019CAD ($)shares | Mar. 31, 2018shares | Feb. 28, 2018CAD ($)shares | Feb. 28, 2018USD ($)shares | Mar. 31, 2017shares |
Ordinary shares [member] | |||||||
Statement Line Items [Line Items] | |||||||
Total number of shares issued | shares | 149,595,952 | 149,595,952 | 148,394,152 | 147,013,538 | |||
EdgePower Inc. [member] | |||||||
Statement Line Items [Line Items] | |||||||
Percentage of voting equity interests acquired | 100.00% | 100.00% | |||||
Total consideration transferred, acquisition-date fair value | $ 19,044 | $ 14.9 | |||||
Cash transferred | 10,078 | $ 7.5 | |||||
Equity interests of acquirer | $ 8,966 | ||||||
Total number of shares issued | shares | 1,415,285 | 1,415,285 | |||||
Contingent consideration, range of outcomes, value, high | $ 6 | ||||||
Percentage of EBITDA used to calculate contingent payment | 20.00% | 20.00% | |||||
Contingent liabilities recognised as of acquisition date | $ 0 | ||||||
EdgePower Inc. [member] | Ordinary shares [member] | |||||||
Statement Line Items [Line Items] | |||||||
Equity interests of acquirer | $ 7.4 | ||||||
Filter Group Inc [member] | |||||||
Statement Line Items [Line Items] | |||||||
Total consideration transferred, acquisition-date fair value | $ 39,258 | ||||||
Cash transferred | 3,000 | ||||||
Contingent consideration, range of outcomes, value, high | 26,800 | $ 31,200 | $ 31,200 | ||||
Contingent liabilities recognised as of acquisition date | 24,900 | ||||||
Financial liabilities recognised as of acquisition date | 22,000 | ||||||
Transferable cash payable, acquisition date | $ 14,300 | ||||||
Maximum number of shares issuable for earn-out payments | shares | 9,500,000 | ||||||
Maximum number of shares issuable for earn-out payments to satisfy dividends | shares | 2,400,000 | ||||||
Earn-out payment periods | 3 years | ||||||
Earn-out payment allocation of shares for cash | 50.00% | ||||||
Earn-out payment allocation of DRIP shares as cash | 100.00% | ||||||
Trade and other payables recognised as of acquisition date | $ 11,314 | 1,300 | 1,300 | ||||
Cash transferred for the assumption of a shareholder debt | 13,000 | ||||||
Cash consideration payable for a shareholder debt | 11,300 | 11,300 | |||||
Current interest payable | 700 | 700 | |||||
Contingent consideration, range of outcomes, value, low | 23,100 | 27,100 | 27,100 | ||||
Contingent liabilities recognised in business combination at end of period | $ 26,800 | 29,100 | 29,100 | ||||
Increase (decrease) in contingent consideration asset (liability) | 4,200 | ||||||
Acquisition-related costs recognised as expense for transaction recognised separately from acquisition of assets and assumption of liabilities in business combination | 1,200 | ||||||
Revenue of acquiree since acquisition date | 6,300 | ||||||
Profit (loss) of acquiree since acquisition date | 300 | ||||||
Increase (Decrease) Revenue Combined Entity | 11,300 | ||||||
Increase (Decrease) Profit (Loss) of Combined Entity | 4,800 | ||||||
Filter Group Inc [member] | Key management personnel of entity or parent [member] | |||||||
Statement Line Items [Line Items] | |||||||
Cash consideration payable for a shareholder debt | $ 11,100 | $ 11,100 | |||||
Borrowings, interest rate | 1.00% | 1.00% | |||||
Current interest payable | $ 600 | $ 600 |
Note 17 - Acquisition of Busi_4
Note 17 - Acquisition of Businesses - Net Assets Acquired From EdgePower Inc. (Details) $ in Thousands, $ in Millions | Mar. 31, 2019CAD ($) | Mar. 31, 2018CAD ($) | Feb. 28, 2018CAD ($) | Feb. 28, 2018USD ($) |
Statement Line Items [Line Items] | ||||
Goodwill | $ 339,921 | $ 300,673 | ||
EdgePower Inc. [member] | ||||
Statement Line Items [Line Items] | ||||
Working capital | $ 993 | |||
Intangible assets | 14,198 | |||
Goodwill | 7,673 | |||
Deferred tax liabilities | (3,820) | |||
Total consideration | 19,044 | |||
Cash transferred | 10,078 | $ 7.5 | ||
Equity interests of acquirer | 8,966 | |||
Total consideration transferred, acquisition-date fair value | $ 19,044 | $ 14.9 |
Note 17 - Acquisition of Busi_5
Note 17 - Acquisition of Businesses - Net Assets Acquired From Filter Group Inc. (Details) - Filter Group Inc [member] - CAD ($) $ in Thousands | Mar. 31, 2019 | Oct. 01, 2018 |
Statement Line Items [Line Items] | ||
Working capital | $ 898 | |
Property and equipment | 6,154 | |
Intangible assets | 15,600 | |
Goodwill | 38,217 | |
Long-term debt | (21,611) | |
Total consideration | 39,258 | |
Cash transferred | 3,000 | |
Trade and other payables recognised as of acquisition date | $ 1,300 | 11,314 |
Contingent consideration | 24,944 | |
Total consideration | $ 39,258 |
Note 18 - Discontinued Operat_3
Note 18 - Discontinued Operations (Details Textual) $ in Millions | 12 Months Ended |
Mar. 31, 2019CAD ($) | |
Disposition of businesses in Germany [member] | |
Statement Line Items [Line Items] | |
Impairment loss recognised in profit or loss, goodwill | $ 5.1 |
Note 18 - Discontinued Operat_4
Note 18 - Discontinued Operations - Discontinued Operations (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||
Sales | $ 3,812,470 | $ 3,623,558 | |
Cost of sales | 3,100,255 | 2,983,047 | |
Gross margin | 712,215 | 640,511 | |
Administrative, selling and operating expenses | 681,109 | 514,782 | |
Operating loss | 31,106 | 125,729 | |
Change in fair value of derivative instruments and other | (153,226) | 474,393 | |
Other income -net | 1,365 | 1,040 | |
Loss from discontinued operations before the undernoted | (231,202) | 539,248 | |
Loss from discontinued operations | (22,379) | (5,945) | |
Cash and cash equivalents | 9,927 | 48,861 | $ 57,376 |
Current trade and other receivables | 672,615 | 658,844 | |
Income taxes recoverable | 18,973 | 5,617 | |
Other current assets | 169,240 | 112,214 | |
Property and equipment | 25,862 | 18,893 | |
Intangible assets | 472,656 | 401,926 | |
ASSETS CLASSIFIED AS HELD FOR SALE | 8,971 | ||
Trade and other payables, carrying amount | 714,110 | 590,018 | |
LIABILITIES RELATING TO ASSETS CLASSIFIED AS HELD FOR SALE | 5,200 | ||
Disposition of businesses in Germany, Ireland, and Japan [member] | |||
Statement Line Items [Line Items] | |||
Provision for income tax expense | 4 | 3 | |
Impairment loss recognized on the remeasurement to estimate fair value less costs to sell | 10,479 | ||
Loss from discontinued operations | (22,379) | (5,945) | |
Cash flows used in operating activities | (13,194) | (9,259) | |
Cash flows used in investing activities | (1,316) | (2,252) | |
Cash flows from financing activities | 13,856 | 12,236 | |
ASSETS CLASSIFIED AS HELD FOR SALE | 8,971 | ||
LIABILITIES RELATING TO ASSETS CLASSIFIED AS HELD FOR SALE | 5,200 | ||
Disposition of businesses in Germany, Ireland, and Japan [member] | Discontinued operations [member] | |||
Statement Line Items [Line Items] | |||
Sales | 19,729 | 3,012 | |
Cost of sales | 19,347 | 2,596 | |
Gross margin | 382 | 416 | |
Administrative, selling and operating expenses | 12,079 | 8,455 | |
Operating loss | (11,697) | (8,039) | |
Change in fair value of derivative instruments and other | (37) | ||
Other income -net | (199) | 2,134 | |
Loss from discontinued operations before the undernoted | (11,896) | $ (5,942) | |
Cash and cash equivalents | 628 | ||
Current trade and other receivables | 3,007 | ||
Income taxes recoverable | 50 | ||
Other current assets | 3,087 | ||
Property and equipment | 42 | ||
Intangible assets | 2,157 | ||
Trade and other payables, carrying amount | 4,902 | ||
Deferred revenue | $ 298 |
Note 19 - Long-term Debt and _3
Note 19 - Long-term Debt and Financing (Details Textual) $ / shares in Units, $ / shares in Units, $ in Thousands | Jul. 29, 2019USD ($) | Sep. 12, 2018$ / sharesshares | Apr. 18, 2018CAD ($) | Mar. 27, 2018CAD ($) | Feb. 22, 2018CAD ($)$ / shares | Oct. 05, 2016CAD ($)$ / shares | Sep. 30, 2011CAD ($)$ / shares | Mar. 31, 2019CAD ($) | Mar. 31, 2018CAD ($) | Jul. 29, 2019CAD ($) | Mar. 31, 2019USD ($) | Oct. 01, 2018 | Sep. 12, 2018USD ($)shares | Mar. 31, 2018USD ($) | Mar. 31, 2017CAD ($) | Jan. 29, 2014$ / shares | Jan. 29, 2014USD ($)$ / shares | |||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Total borrowings | $ 725,372,000 | $ 543,504,000 | ||||||||||||||||||||
Proceeds from borrowings, classified as financing activities | 253,242,000 | 100,000,000 | ||||||||||||||||||||
Equity at end of period | (89,015,000) | 216,535,000 | ||||||||||||||||||||
Deferred tax liabilities | 104,187,000 | 93,873,000 | ||||||||||||||||||||
Increase (decrease) through conversion of convertible instruments, equity | 22,407,000 | |||||||||||||||||||||
Non-current derivative financial liabilities | 63,658,000 | 51,871,000 | ||||||||||||||||||||
Collateral management costs | 5,100,000 | |||||||||||||||||||||
Supplier term extension charge | 4,800,000 | |||||||||||||||||||||
Accretion costs relating to acquisitions | 5,100,000 | |||||||||||||||||||||
Reserve of equity component of convertible instruments [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Equity at end of period | 13,029,000 | 13,029,000 | $ 13,508,000 | |||||||||||||||||||
Increase (decrease) through conversion of convertible instruments, equity | (7,609,000) | |||||||||||||||||||||
Share premium [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Equity at end of period | (25,540,000) | (22,693,000) | $ 58,266,000 | |||||||||||||||||||
Increase (decrease) through conversion of convertible instruments, equity | 7,126,000 | |||||||||||||||||||||
Warrants issued in connection to senior unsecured 8.75% term loan [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Class of warrant or right, issued during period | shares | 7,500,000 | |||||||||||||||||||||
Class of warrant or right, exercise price of warrants or rights | $ / shares | $ 8.56 | |||||||||||||||||||||
Class of warrant or right, number of securities called by each warrant or right | shares | 1 | |||||||||||||||||||||
Credit facility [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, additional term | 2 | |||||||||||||||||||||
Borrowings facility, maximum borrowing capacity | $ 352,500,000 | $ 342,500,000 | ||||||||||||||||||||
Borrowings, debt accordion | $ 370,000,000 | |||||||||||||||||||||
Borrowings, interest rate | 3.75% | 3.75% | ||||||||||||||||||||
Total borrowings | $ 201,577,000 | 122,115,000 | [1] | |||||||||||||||||||
Borrowings, letters of credit | 94,000,000 | $ 113,400,000 | ||||||||||||||||||||
Borrowings, remaining borrowing capacity | $ 56,900,000 | |||||||||||||||||||||
Credit facility [member] | London Interbank Offered Rate (LIBOR) [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 3.75% | 3.75% | ||||||||||||||||||||
Credit facility [member] | Prime Rate [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.75% | 2.75% | ||||||||||||||||||||
Credit facility [member] | Prime Rate [member] | Country of domicile [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, interest rate | 3.95% | 3.95% | ||||||||||||||||||||
Credit facility [member] | Prime Rate [member] | UNITED STATES | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, interest rate | 5.50% | 5.50% | ||||||||||||||||||||
HTC loan [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Total borrowings | [2] | $ 17,577,000 | ||||||||||||||||||||
HTC loan [member] | Filter Group Inc [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, interest rate | 8.99% | |||||||||||||||||||||
HTC loan [member] | Filter Group Inc [member] | Bottom of range [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, term | 3 | |||||||||||||||||||||
HTC loan [member] | Filter Group Inc [member] | Top of range [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, term | 5 | |||||||||||||||||||||
Senior unsecured 8.75% term loan [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, interest rate | 8.75% | [3],[4] | 8.75% | [3],[4] | 8.75% | |||||||||||||||||
Total borrowings | $ 240,094,000 | [5] | $ 193,000 | |||||||||||||||||||
Notional amount | $ 250,000 | |||||||||||||||||||||
Senior unsecured 8.75% term loan, tranche one [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Total borrowings | 50,000 | |||||||||||||||||||||
Senior unsecured 8.75% term loan, tranche two [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Total borrowings | 150,000 | |||||||||||||||||||||
Senior unsecured 8.75% term loan, tranche two [member] | Draw from term loan facility [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Proceeds from borrowings, classified as financing activities | $ 7,000 | |||||||||||||||||||||
Senior unsecured 8.75% term loan, tranche three [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Total borrowings | $ 50,000 | |||||||||||||||||||||
Senior unsecured 8.75% term loan, tranche three [member] | Draw from term loan facility [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Proceeds from borrowings, classified as financing activities | 7,000 | |||||||||||||||||||||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, interest rate | 6.75% | 6.75% | [6],[7] | 6.75% | [7] | 6.75% | [6],[7] | 6.75% | [7] | |||||||||||||
Total borrowings | [8] | $ 87,520,000 | $ 85,760,000 | |||||||||||||||||||
Notional amount | $ 100,000,000 | $ 100,000,000 | [6],[7] | 100,000,000 | [7] | |||||||||||||||||
Borrowings, amount of principal for each conversion | $ 1,000 | |||||||||||||||||||||
Borrowings, convertible, conversion ratio | 112.3596 | |||||||||||||||||||||
Borrowings, convertible, conversion price | $ / shares | $ 8.90 | |||||||||||||||||||||
Borrowings, convertible, threshold consecutive trading days | 20 days | |||||||||||||||||||||
Borrowings, threshold trading days | 5 days | |||||||||||||||||||||
Borrowings, convertible, threshold percentage of conversion price | 125.00% | |||||||||||||||||||||
Borrowings, effective interest rate | 10.70% | |||||||||||||||||||||
Increase (decrease) through conversion of convertible instruments, equity | $ 0 | |||||||||||||||||||||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | Reserve of equity component of convertible instruments [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Equity at end of period | $ 9,700,000 | |||||||||||||||||||||
Deferred tax liabilities | $ 2,600,000 | |||||||||||||||||||||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | Bottom of range [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, convertible, notice for redemption | 30 days | |||||||||||||||||||||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | Top of range [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, convertible, notice for redemption | 60 days | |||||||||||||||||||||
Senior subordinated 6.75% convertible debentures [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, interest rate | 6.75% | 6.75% | [9],[10] | 6.75% | [10] | 6.75% | [9],[10] | 6.75% | [10] | |||||||||||||
Total borrowings | [11] | $ 150,945,000 | $ 148,146,000 | |||||||||||||||||||
Notional amount | $ 160,000,000 | $ 160,000,000 | [9],[10] | 160,000,000 | [10] | |||||||||||||||||
Borrowings, amount of principal for each conversion | $ 1,000 | |||||||||||||||||||||
Borrowings, convertible, conversion ratio | 107.5269 | |||||||||||||||||||||
Borrowings, convertible, conversion price | $ / shares | $ 9.30 | |||||||||||||||||||||
Borrowings, convertible, threshold consecutive trading days | 20 days | |||||||||||||||||||||
Borrowings, threshold trading days | 5 days | |||||||||||||||||||||
Borrowings, convertible, threshold percentage of conversion price | 125.00% | |||||||||||||||||||||
Borrowings, effective interest rate | 9.10% | |||||||||||||||||||||
Increase (decrease) through conversion of convertible instruments, equity | $ 0 | |||||||||||||||||||||
Senior subordinated 6.75% convertible debentures [member] | Reserve of equity component of convertible instruments [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Equity at end of period | $ 8,000,000 | |||||||||||||||||||||
Deferred tax liabilities | $ 2,100,000 | |||||||||||||||||||||
Senior subordinated 6.75% convertible debentures [member] | Bottom of range [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, convertible, notice for redemption | 30 days | |||||||||||||||||||||
Senior subordinated 6.75% convertible debentures [member] | Top of range [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, convertible, notice for redemption | 60 days | |||||||||||||||||||||
European-focused senior convertible unsecured 6.5% convertible bonds [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, interest rate | 6.50% | [12],[13] | 6.50% | [13] | 6.50% | [12],[13] | 6.50% | [13] | 6.50% | |||||||||||||
Notional amount | $ 150,000 | |||||||||||||||||||||
Borrowings, convertible, conversion price | (per share) | $ 10.2819 | $ 9.3762 | ||||||||||||||||||||
Borrowings, effective interest rate | 8.80% | |||||||||||||||||||||
Non-current derivative financial liabilities | $ 8,517 | |||||||||||||||||||||
European-focused senior convertible unsecured 6.5% convertible bonds [member] | At fair value [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Total borrowings | $ 127,600 | |||||||||||||||||||||
Non-current derivative financial liabilities | $ 200 | |||||||||||||||||||||
European-focused senior convertible unsecured 6.5% convertible bonds [member] | Redemption of convertible bonds [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Total borrowings | $ 9,200,000 | |||||||||||||||||||||
Increase (decrease) through conversion of convertible instruments, equity | $ 13,200 | |||||||||||||||||||||
Unsecured subordinated 5.75% convertible debentures [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, interest rate | 5.75% | 5.75% | [14] | 5.75% | [14] | |||||||||||||||||
Notional amount | $ 100,000,000 | |||||||||||||||||||||
Borrowings, amount of principal for each conversion | $ 1,000 | |||||||||||||||||||||
Borrowings, convertible, conversion ratio | 56 | |||||||||||||||||||||
Borrowings, convertible, conversion price | $ / shares | $ 17.85 | |||||||||||||||||||||
Borrowings, convertible, threshold percentage of conversion price | 95.00% | |||||||||||||||||||||
Borrowings redeemed | $ 99,500,000 | |||||||||||||||||||||
Total increase (decrease) in liabilities arising from financing activities | (500,000) | |||||||||||||||||||||
Unsecured subordinated 5.75% convertible debentures [member] | Share premium [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Increase (decrease) through conversion of convertible instruments, equity | $ 7,100,000 | |||||||||||||||||||||
Unsecured subordinated 5.75% convertible debentures [member] | Bottom of range [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, convertible, notice for redemption | 30 days | |||||||||||||||||||||
Unsecured subordinated 5.75% convertible debentures [member] | Top of range [member] | ||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||
Borrowings, convertible, notice for redemption | 60 days | |||||||||||||||||||||
[1] | As of April 18, 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. 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 3.750%. Prime rate advances are at a rate of bank prime (Canadian bank prime rate or U.S. prime rate) plus 2.750% and letters of credit are at a rate of 3.750%. Interest rates are adjusted quarterly based on certain financial performance indicators. As at March 31, 2019, the Canadian prime rate was 3.95% and the U.S. prime rate was 5.5%. As at March 31, 2019, $201.6 million has been drawn against the facility and total letters of credit outstanding as of March 31, 2019, amounted to $94.0 million ( March 31, 2018 - $113.4 million). As at March 31, 2019, Just Energy has $56.9 million of the facility remaining for future working capital and/or security requirements. Just Energy's obligations under the credit facility is 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 March 31, 2019, the Company was compliant with all of these covenants. | |||||||||||||||||||||
[2] | Filter Group, which was acquired on October 1, 2018, has an outstanding loan payable to HTC. The loan is a result of factoring receivables to finance the cost of rental equipment over a period of three to five years with HTC and bears interest at 8.99% per annum. Principal and interest are repayable on a monthly basis. | |||||||||||||||||||||
[3] | On September 12, 2018, Just Energy entered into a US$250 million non-revolving multi-draw senior unsecured term loan facility (the “8.75% loan”) with Sagard Credit Partners, LP and certain funds managed by a leading U.S.-based global fixed income asset manager. The 8.75% loan bears interest at 8.75% per annum payable semi-annually in arrears on June 30 and December 31 in each year plus fees, and will mature on September 12, 2023. Counterparties were issued 7.5 million warrants at a strike price of $8.56 each, convertible to one Just Energy common stock. The value of these warrants has been assessed as nominal. The 8.75% loan has three tranches. The first tranche of US$50 million is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche of US$150 million is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche of US$50 million is earmarked for investments and future acquisitions. As at March 31, 2019, US$193.0 million was drawn from the 8.75% loan. | |||||||||||||||||||||
[4] | On September 12, 2018, Just Energy entered into a US$250 million non-revolving multi-draw senior unsecured term loan facility (the “8.75% loan”) with Sagard Credit Partners, LP and certain funds managed by a leading U.S.-based global fixed income asset manager. The 8.75% loan bears interest at 8.75% per annum payable semi-annually in arrears on June 30 and December 31 in each year plus fees, and will mature on September 12, 2023. Counterparties were issued 7.5 million warrants at a strike price of $8.56 each, convertible to one Just Energy common stock. The value of these warrants has been assessed as nominal. The 8.75% loan has three tranches. The first tranche of US$50 million is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche of US$150 million is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche of US$50 million is earmarked for investments and future acquisitions. As at March 31, 2019, US$193.0 million was drawn from the 8.75% loan. | |||||||||||||||||||||
[5] | On September 12, 2018, Just Energy entered into a US$250 million non-revolving multi-draw senior unsecured term loan facility (the “8.75% loan”) with Sagard Credit Partners, LP and certain funds managed by a leading U.S.-based global fixed income asset manager. The 8.75% loan bears interest at 8.75% per annum payable semi-annually in arrears on June 30 and December 31 in each year plus fees, and will mature on September 12, 2023. Counterparties were issued 7.5 million warrants at a strike price of $8.56 each, convertible to one Just Energy common stock. The value of these warrants has been assessed as nominal. The 8.75% loan has three tranches. The first tranche of US$50 million is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche of US$150 million is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche of US$50 million is earmarked for investments and future acquisitions. As at March 31, 2019, US$193.0 million was drawn from the 8.75% loan. | |||||||||||||||||||||
[6] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||||||||||||||||||||
[7] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||||||||||||||||||||
[8] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||||||||||||||||||||
[9] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||||||||||||||||||||
[10] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||||||||||||||||||||
[11] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||||||||||||||||||||
[12] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior convertible unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year and have a maturity date of July 29, 2019. A Conversion Right in respect of a bond may be exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019. The initial conversion price is US$9.3762 per common share (being C$10.2819) but is subject to adjustments. In the event of the exercise of a Conversion Right, the Company may, at its option, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation in cash equal to the market value of the underlying shares to be received. As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% convertible bonds has been accounted for as a separate financial liability with an initial value of US$8,517. The remainder of the net proceeds of the 6.5% convertible bonds has been recorded as long-term debt, which is being accreted up to the face value of $150.0 million over the term of the 6.5% convertible bonds using an effective interest rate of 8.8%. At each reporting period, the conversion feature is recorded at fair value with changes in fair value recorded through profit or loss. As at March 31, 2018, the fair value of this conversion feature is US$0.2 million and is included in other non-current financial liabilities. No amounts of the 6.5% convertible bonds have been converted or redeemed as at March 31, 2019. During the fourth quarter of fiscal 2019, Just Energy redeemed $82.0 million of the outstanding balance. | |||||||||||||||||||||
[13] | The collateral management and others include primarily collateral management costs of $5.1 million, supplier credit term extension charge of $4.8 million and accretion costs relating to the acquisition of RV of $5.1 million. During fiscal 2019, with the combination of high temperatures, low power supplies, and a large increase in forward prices, Electric Reliability Council of Texas ("ERCOT") requires increased collateral coverage for upcoming supply trades and potential exposure which would result in cash constraint on working capital. In response, Just Energy entered into a series of physical and financial trades to manage potential exposures to pricing and collateral requirements for purchases from ERCOT. The transactions facilitate Just Energy’s management of ERCOT collateral requirement and as a result Just Energy was able to avoid a large cash borrowing or facility arrangement. In addition, the arrangement as a whole improves the availability of working capital during the term of the contracts without exposing Just Energy to unintended risks associated with the arrangement. | |||||||||||||||||||||
[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. Each $1,000 principal amount of the 5.75% convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 56.0 common shares of Just Energy, representing a conversion price of $17.85. On or after September 30, 2016, the 5.75% convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The Company may, at its option, on not more than 60 days' and not less than 30 days' prior notice, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation to repay all or any portion of the principal amount of the 5.75% convertible debentures that are to be redeemed or that are to mature, by issuing and delivering to the holders thereof that number of freely tradable common shares determined by dividing the principal amount of the 5.75% convertible debentures being repaid by 95% of the current market price on the date of redemption or maturity, as applicable. On March 27, 2018, Just Energy redeemed the 5.75% convertible debentures. Of the amount paid, $99.5 million was recorded as a reduction in the liability component of the 5.75% convertible debentures, a non-cash loss on early redemption of $0.5 million was classified as finance costs, and $7.1 million was recorded as an increase in contributed deficit. |
Note 19 - Long-term Debt and _4
Note 19 - Long-term Debt and Financing - Components of Long-term Debt (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||||
Mar. 31, 2019CAD ($) | Mar. 31, 2018CAD ($) | Mar. 31, 2019USD ($) | ||||
Statement Line Items [Line Items] | ||||||
Debt | $ 725,372 | $ 543,504 | ||||
Less: Current portion | (37,429) | (121,451) | ||||
Non-current portion of non-current borrowings | 687,943 | 422,053 | ||||
Credit facility [member] | ||||||
Statement Line Items [Line Items] | ||||||
Debt | 201,577 | 122,115 | [1] | |||
Less: Debt issue costs | [1] | (1,824) | (664) | |||
HTC loan [member] | ||||||
Statement Line Items [Line Items] | ||||||
Debt | [2] | 17,577 | ||||
Senior unsecured 8.75% term loan [member] | ||||||
Statement Line Items [Line Items] | ||||||
Debt | 240,094 | [3] | $ 193,000 | |||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | ||||||
Statement Line Items [Line Items] | ||||||
Debt | [4] | 87,520 | 85,760 | |||
Senior subordinated 6.75% convertible debentures [member] | ||||||
Statement Line Items [Line Items] | ||||||
Debt | [5] | 150,945 | 148,146 | |||
European-focused senior convertible unsecured 6.5% convertible bonds, conversion feature [member] | ||||||
Statement Line Items [Line Items] | ||||||
Debt | [6] | $ 29,483 | $ 188,147 | |||
[1] | As of April 18, 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. 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 3.750%. Prime rate advances are at a rate of bank prime (Canadian bank prime rate or U.S. prime rate) plus 2.750% and letters of credit are at a rate of 3.750%. Interest rates are adjusted quarterly based on certain financial performance indicators. As at March 31, 2019, the Canadian prime rate was 3.95% and the U.S. prime rate was 5.5%. As at March 31, 2019, $201.6 million has been drawn against the facility and total letters of credit outstanding as of March 31, 2019, amounted to $94.0 million ( March 31, 2018 - $113.4 million). As at March 31, 2019, Just Energy has $56.9 million of the facility remaining for future working capital and/or security requirements. Just Energy's obligations under the credit facility is 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 March 31, 2019, the Company was compliant with all of these covenants. | |||||
[2] | Filter Group, which was acquired on October 1, 2018, has an outstanding loan payable to HTC. The loan is a result of factoring receivables to finance the cost of rental equipment over a period of three to five years with HTC and bears interest at 8.99% per annum. Principal and interest are repayable on a monthly basis. | |||||
[3] | On September 12, 2018, Just Energy entered into a US$250 million non-revolving multi-draw senior unsecured term loan facility (the “8.75% loan”) with Sagard Credit Partners, LP and certain funds managed by a leading U.S.-based global fixed income asset manager. The 8.75% loan bears interest at 8.75% per annum payable semi-annually in arrears on June 30 and December 31 in each year plus fees, and will mature on September 12, 2023. Counterparties were issued 7.5 million warrants at a strike price of $8.56 each, convertible to one Just Energy common stock. The value of these warrants has been assessed as nominal. The 8.75% loan has three tranches. The first tranche of US$50 million is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche of US$150 million is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche of US$50 million is earmarked for investments and future acquisitions. As at March 31, 2019, US$193.0 million was drawn from the 8.75% loan. | |||||
[4] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||||
[5] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||||
[6] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior convertible unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year and have a maturity date of July 29, 2019. A Conversion Right in respect of a bond may be exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019. The initial conversion price is US$9.3762 per common share (being C$10.2819) but is subject to adjustments. In the event of the exercise of a Conversion Right, the Company may, at its option, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation in cash equal to the market value of the underlying shares to be received. As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% convertible bonds has been accounted for as a separate financial liability with an initial value of US$8,517. The remainder of the net proceeds of the 6.5% convertible bonds has been recorded as long-term debt, which is being accreted up to the face value of $150.0 million over the term of the 6.5% convertible bonds using an effective interest rate of 8.8%. At each reporting period, the conversion feature is recorded at fair value with changes in fair value recorded through profit or loss. As at March 31, 2018, the fair value of this conversion feature is US$0.2 million and is included in other non-current financial liabilities. No amounts of the 6.5% convertible bonds have been converted or redeemed as at March 31, 2019. During the fourth quarter of fiscal 2019, Just Energy redeemed $82.0 million of the outstanding balance. |
Note 19 - Long-term Debt and _5
Note 19 - Long-term Debt and Financing - Components of Long-term Debt (Details) (Parentheticals) $ in Thousands | Mar. 31, 2019CAD ($) | Sep. 12, 2018USD ($) | Mar. 31, 2018CAD ($) | Feb. 22, 2018CAD ($) | Oct. 05, 2016CAD ($) | ||
Senior unsecured 8.75% term loan [member] | |||||||
Statement Line Items [Line Items] | |||||||
Borrowings, interest rate | 8.75% | [1],[2] | 8.75% | ||||
Face amount | $ 250,000 | ||||||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | |||||||
Statement Line Items [Line Items] | |||||||
Borrowings, interest rate | 6.75% | [3],[4] | 6.75% | [4] | 6.75% | ||
Face amount | $ 100,000,000 | [3],[4] | $ 100,000,000 | [4] | $ 100,000,000 | ||
Senior subordinated 6.75% convertible debentures [member] | |||||||
Statement Line Items [Line Items] | |||||||
Borrowings, interest rate | 6.75% | [5],[6] | 6.75% | [6] | 6.75% | ||
Face amount | $ 160,000,000 | [5],[6] | $ 160,000,000 | [6] | $ 160,000,000 | ||
European-focused senior convertible unsecured 6.5% convertible bonds, conversion feature [member] | |||||||
Statement Line Items [Line Items] | |||||||
Borrowings, interest rate | 6.50% | 6.50% | |||||
[1] | On September 12, 2018, Just Energy entered into a US$250 million non-revolving multi-draw senior unsecured term loan facility (the “8.75% loan”) with Sagard Credit Partners, LP and certain funds managed by a leading U.S.-based global fixed income asset manager. The 8.75% loan bears interest at 8.75% per annum payable semi-annually in arrears on June 30 and December 31 in each year plus fees, and will mature on September 12, 2023. Counterparties were issued 7.5 million warrants at a strike price of $8.56 each, convertible to one Just Energy common stock. The value of these warrants has been assessed as nominal. The 8.75% loan has three tranches. The first tranche of US$50 million is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche of US$150 million is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche of US$50 million is earmarked for investments and future acquisitions. As at March 31, 2019, US$193.0 million was drawn from the 8.75% loan. | ||||||
[2] | On September 12, 2018, Just Energy entered into a US$250 million non-revolving multi-draw senior unsecured term loan facility (the “8.75% loan”) with Sagard Credit Partners, LP and certain funds managed by a leading U.S.-based global fixed income asset manager. The 8.75% loan bears interest at 8.75% per annum payable semi-annually in arrears on June 30 and December 31 in each year plus fees, and will mature on September 12, 2023. Counterparties were issued 7.5 million warrants at a strike price of $8.56 each, convertible to one Just Energy common stock. The value of these warrants has been assessed as nominal. The 8.75% loan has three tranches. The first tranche of US$50 million is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche of US$150 million is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche of US$50 million is earmarked for investments and future acquisitions. As at March 31, 2019, US$193.0 million was drawn from the 8.75% loan. | ||||||
[3] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||
[4] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||
[5] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||
[6] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. |
Note 19 - Long-term Debt and _6
Note 19 - Long-term Debt and Financing - Future Annual Minimum Repayments (Details) $ in Thousands | Mar. 31, 2019CAD ($) | |
Statement Line Items [Line Items] | ||
Future annual minimum repayments | $ 781,701 | |
Credit facility [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 201,577 | [1] |
HTC loan [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 19,390 | [2] |
Senior unsecured 8.75% term loan [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 270,801 | [3] |
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 100,000 | [4] |
Senior subordinated 6.75% convertible debentures [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 160,000 | [5] |
European-focused senior convertible unsecured 6.5% convertible bonds [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 29,933 | [6] |
Later than one year and not later than three years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 210,564 | |
Later than one year and not later than three years [member] | Credit facility [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 201,577 | [1] |
Later than one year and not later than three years [member] | HTC loan [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 8,987 | [2] |
Not later than one year [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 39,150 | |
Not later than one year [member] | HTC loan [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 9,217 | [2] |
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 | 29,933 | [6] |
Later than four years and not later than five years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 531,987 | |
Later than four years and not later than five years [member] | HTC loan [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 1,186 | [2] |
Later than four years and not later than five years [member] | Senior unsecured 8.75% term loan [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 270,801 | [3] |
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 | [4] |
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 | [5] |
Later than five years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | ||
Later than five years [member] | HTC loan [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | [2] | |
[1] | As of April 18, 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. 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 3.750%. Prime rate advances are at a rate of bank prime (Canadian bank prime rate or U.S. prime rate) plus 2.750% and letters of credit are at a rate of 3.750%. Interest rates are adjusted quarterly based on certain financial performance indicators. As at March 31, 2019, the Canadian prime rate was 3.95% and the U.S. prime rate was 5.5%. As at March 31, 2019, $201.6 million has been drawn against the facility and total letters of credit outstanding as of March 31, 2019, amounted to $94.0 million ( March 31, 2018 - $113.4 million). As at March 31, 2019, Just Energy has $56.9 million of the facility remaining for future working capital and/or security requirements. Just Energy's obligations under the credit facility is 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 March 31, 2019, the Company was compliant with all of these covenants. | |
[2] | Filter Group, which was acquired on October 1, 2018, has an outstanding loan payable to HTC. The loan is a result of factoring receivables to finance the cost of rental equipment over a period of three to five years with HTC and bears interest at 8.99% per annum. Principal and interest are repayable on a monthly basis. | |
[3] | On September 12, 2018, Just Energy entered into a US$250 million non-revolving multi-draw senior unsecured term loan facility (the “8.75% loan”) with Sagard Credit Partners, LP and certain funds managed by a leading U.S.-based global fixed income asset manager. The 8.75% loan bears interest at 8.75% per annum payable semi-annually in arrears on June 30 and December 31 in each year plus fees, and will mature on September 12, 2023. Counterparties were issued 7.5 million warrants at a strike price of $8.56 each, convertible to one Just Energy common stock. The value of these warrants has been assessed as nominal. The 8.75% loan has three tranches. The first tranche of US$50 million is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche of US$150 million is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche of US$50 million is earmarked for investments and future acquisitions. As at March 31, 2019, US$193.0 million was drawn from the 8.75% loan. | |
[4] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | |
[5] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | |
[6] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior convertible unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year and have a maturity date of July 29, 2019. A Conversion Right in respect of a bond may be exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019. The initial conversion price is US$9.3762 per common share (being C$10.2819) but is subject to adjustments. In the event of the exercise of a Conversion Right, the Company may, at its option, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation in cash equal to the market value of the underlying shares to be received. As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% convertible bonds has been accounted for as a separate financial liability with an initial value of US$8,517. The remainder of the net proceeds of the 6.5% convertible bonds has been recorded as long-term debt, which is being accreted up to the face value of $150.0 million over the term of the 6.5% convertible bonds using an effective interest rate of 8.8%. At each reporting period, the conversion feature is recorded at fair value with changes in fair value recorded through profit or loss. As at March 31, 2018, the fair value of this conversion feature is US$0.2 million and is included in other non-current financial liabilities. No amounts of the 6.5% convertible bonds have been converted or redeemed as at March 31, 2019. During the fourth quarter of fiscal 2019, Just Energy redeemed $82.0 million of the outstanding balance. |
Note 19 - Long-term Debt and _7
Note 19 - Long-term Debt and Financing - Future Annual Minimum Repayments (Details) (Parentheticals) $ in Thousands | Mar. 31, 2019CAD ($) | Sep. 12, 2018USD ($) | Mar. 31, 2018CAD ($) | Feb. 22, 2018CAD ($) | Oct. 05, 2016CAD ($) | Jan. 29, 2014USD ($) | ||
Senior unsecured 8.75% term loan [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Borrowings, interest rate | 8.75% | [1],[2] | 8.75% | |||||
Notional amount | $ 250,000 | |||||||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Borrowings, interest rate | 6.75% | [3],[4] | 6.75% | [4] | 6.75% | |||
Notional amount | $ 100,000,000 | [3],[4] | $ 100,000,000 | [4] | $ 100,000,000 | |||
Senior subordinated 6.75% convertible debentures [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Borrowings, interest rate | 6.75% | [5],[6] | 6.75% | [6] | 6.75% | |||
Notional amount | $ 160,000,000 | [5],[6] | $ 160,000,000 | [6] | $ 160,000,000 | |||
European-focused senior convertible unsecured 6.5% convertible bonds [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Borrowings, interest rate | 6.50% | [7],[8] | 6.50% | [8] | 6.50% | |||
Notional amount | $ 150,000 | |||||||
[1] | On September 12, 2018, Just Energy entered into a US$250 million non-revolving multi-draw senior unsecured term loan facility (the “8.75% loan”) with Sagard Credit Partners, LP and certain funds managed by a leading U.S.-based global fixed income asset manager. The 8.75% loan bears interest at 8.75% per annum payable semi-annually in arrears on June 30 and December 31 in each year plus fees, and will mature on September 12, 2023. Counterparties were issued 7.5 million warrants at a strike price of $8.56 each, convertible to one Just Energy common stock. The value of these warrants has been assessed as nominal. The 8.75% loan has three tranches. The first tranche of US$50 million is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche of US$150 million is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche of US$50 million is earmarked for investments and future acquisitions. As at March 31, 2019, US$193.0 million was drawn from the 8.75% loan. | |||||||
[2] | On September 12, 2018, Just Energy entered into a US$250 million non-revolving multi-draw senior unsecured term loan facility (the “8.75% loan”) with Sagard Credit Partners, LP and certain funds managed by a leading U.S.-based global fixed income asset manager. The 8.75% loan bears interest at 8.75% per annum payable semi-annually in arrears on June 30 and December 31 in each year plus fees, and will mature on September 12, 2023. Counterparties were issued 7.5 million warrants at a strike price of $8.56 each, convertible to one Just Energy common stock. The value of these warrants has been assessed as nominal. The 8.75% loan has three tranches. The first tranche of US$50 million is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche of US$150 million is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche of US$50 million is earmarked for investments and future acquisitions. As at March 31, 2019, US$193.0 million was drawn from the 8.75% loan. | |||||||
[3] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||||||
[4] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||||||
[5] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||||||
[6] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||||||
[7] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior convertible unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year and have a maturity date of July 29, 2019. A Conversion Right in respect of a bond may be exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019. The initial conversion price is US$9.3762 per common share (being C$10.2819) but is subject to adjustments. In the event of the exercise of a Conversion Right, the Company may, at its option, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation in cash equal to the market value of the underlying shares to be received. As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% convertible bonds has been accounted for as a separate financial liability with an initial value of US$8,517. The remainder of the net proceeds of the 6.5% convertible bonds has been recorded as long-term debt, which is being accreted up to the face value of $150.0 million over the term of the 6.5% convertible bonds using an effective interest rate of 8.8%. At each reporting period, the conversion feature is recorded at fair value with changes in fair value recorded through profit or loss. As at March 31, 2018, the fair value of this conversion feature is US$0.2 million and is included in other non-current financial liabilities. No amounts of the 6.5% convertible bonds have been converted or redeemed as at March 31, 2019. During the fourth quarter of fiscal 2019, Just Energy redeemed $82.0 million of the outstanding balance. | |||||||
[8] | The collateral management and others include primarily collateral management costs of $5.1 million, supplier credit term extension charge of $4.8 million and accretion costs relating to the acquisition of RV of $5.1 million. During fiscal 2019, with the combination of high temperatures, low power supplies, and a large increase in forward prices, Electric Reliability Council of Texas ("ERCOT") requires increased collateral coverage for upcoming supply trades and potential exposure which would result in cash constraint on working capital. In response, Just Energy entered into a series of physical and financial trades to manage potential exposures to pricing and collateral requirements for purchases from ERCOT. The transactions facilitate Just Energy’s management of ERCOT collateral requirement and as a result Just Energy was able to avoid a large cash borrowing or facility arrangement. In addition, the arrangement as a whole improves the availability of working capital during the term of the contracts without exposing Just Energy to unintended risks associated with the arrangement. |
Note 19 - Long-term Debt and _8
Note 19 - Long-term Debt and Financing - Long- Term Debt (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Long-term debt, beginning balance | $ 543,504 | $ 498,088 |
Cash inflows (outflows) | 162,816 | 49,726 |
FX | 8,061 | (6,101) |
Non-cash changes | 10,991 | 1,791 |
Long-term debt, ending balance | 725,372 | 543,504 |
Short-term borrowings [member] | ||
Statement Line Items [Line Items] | ||
Long-term debt, beginning balance | (121,451) | 0 |
Cash inflows (outflows) | ||
FX | ||
Non-cash changes | ||
Long-term debt, ending balance | (37,429) | (121,451) |
Long-term borrowings [member] | ||
Statement Line Items [Line Items] | ||
Long-term debt, beginning balance | 422,053 | 498,088 |
Cash inflows (outflows) | 162,816 | 49,726 |
FX | 8,061 | (6,101) |
Non-cash changes | 10,991 | 1,791 |
Long-term debt, ending balance | 687,943 | 422,053 |
Credit facility [member] | ||
Statement Line Items [Line Items] | ||
Long-term debt, beginning balance | 121,451 | 66,001 |
Cash inflows (outflows) | 77,638 | 53,857 |
FX | ||
Non-cash changes | 664 | 1,593 |
Long-term debt, ending balance | 199,753 | 121,451 |
HTC loan [member] | ||
Statement Line Items [Line Items] | ||
Long-term debt, beginning balance | ||
Cash inflows (outflows) | 17,577 | |
FX | ||
Non-cash changes | ||
Long-term debt, ending balance | 17,577 | |
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | ||
Statement Line Items [Line Items] | ||
Long-term debt, beginning balance | 85,760 | 0 |
Cash inflows (outflows) | 95,869 | |
FX | ||
Non-cash changes | 1,760 | (10,109) |
Long-term debt, ending balance | 87,520 | 85,760 |
Senior unsecured 8.75% term loan [member] | ||
Statement Line Items [Line Items] | ||
Long-term debt, beginning balance | ||
Cash inflows (outflows) | 236,934 | |
FX | 4,553 | |
Non-cash changes | (1,393) | |
Long-term debt, ending balance | 240,094 | |
Senior subordinated 6.75% convertible debentures [member] | ||
Statement Line Items [Line Items] | ||
Long-term debt, beginning balance | 148,146 | 145,579 |
Cash inflows (outflows) | ||
FX | ||
Non-cash changes | 2,799 | 2,567 |
Long-term debt, ending balance | 150,945 | 148,146 |
European-focused senior convertible unsecured 6.5% convertible bonds [member] | ||
Statement Line Items [Line Items] | ||
Long-term debt, beginning balance | 188,147 | 190,486 |
Cash inflows (outflows) | (169,333) | |
FX | 3,508 | (6,101) |
Non-cash changes | 7,161 | 3,762 |
Long-term debt, ending balance | 29,483 | 188,147 |
Unsecured subordinated 5.75% convertible debentures [member] | ||
Statement Line Items [Line Items] | ||
Long-term debt, beginning balance | 96,022 | |
Cash inflows (outflows) | (100,000) | |
FX | ||
Non-cash changes | 3,978 | |
Long-term debt, ending balance |
Note 19 - Long-term Debt and _9
Note 19 - Long-term Debt and Financing - Long- Term Debt (Details) (Parentheticals) $ in Thousands | Mar. 31, 2019CAD ($) | Sep. 12, 2018USD ($) | Mar. 31, 2018CAD ($) | Feb. 22, 2018CAD ($) | 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] | 6.75% | [2] | 6.75% | ||||
Face amount | $ 100,000,000 | [1],[2] | $ 100,000,000 | [2] | $ 100,000,000 | ||||
Senior unsecured 8.75% term loan [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Borrowings, interest rate | 8.75% | [3],[4] | 8.75% | ||||||
Face amount | $ 250,000 | ||||||||
Senior subordinated 6.75% convertible debentures [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Borrowings, interest rate | 6.75% | [5],[6] | 6.75% | [6] | 6.75% | ||||
Face amount | $ 160,000,000 | [5],[6] | $ 160,000,000 | [6] | $ 160,000,000 | ||||
European-focused senior convertible unsecured 6.5% convertible bonds [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Borrowings, interest rate | 6.50% | [7],[8] | 6.50% | [8] | 6.50% | ||||
Face amount | $ 150,000 | ||||||||
Unsecured subordinated 5.75% convertible debentures [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Borrowings, interest rate | 5.75% | [9] | 5.75% | ||||||
Face amount | $ 100,000,000 | ||||||||
[1] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||||
[2] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||||
[3] | On September 12, 2018, Just Energy entered into a US$250 million non-revolving multi-draw senior unsecured term loan facility (the “8.75% loan”) with Sagard Credit Partners, LP and certain funds managed by a leading U.S.-based global fixed income asset manager. The 8.75% loan bears interest at 8.75% per annum payable semi-annually in arrears on June 30 and December 31 in each year plus fees, and will mature on September 12, 2023. Counterparties were issued 7.5 million warrants at a strike price of $8.56 each, convertible to one Just Energy common stock. The value of these warrants has been assessed as nominal. The 8.75% loan has three tranches. The first tranche of US$50 million is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche of US$150 million is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche of US$50 million is earmarked for investments and future acquisitions. As at March 31, 2019, US$193.0 million was drawn from the 8.75% loan. | ||||||||
[4] | On September 12, 2018, Just Energy entered into a US$250 million non-revolving multi-draw senior unsecured term loan facility (the “8.75% loan”) with Sagard Credit Partners, LP and certain funds managed by a leading U.S.-based global fixed income asset manager. The 8.75% loan bears interest at 8.75% per annum payable semi-annually in arrears on June 30 and December 31 in each year plus fees, and will mature on September 12, 2023. Counterparties were issued 7.5 million warrants at a strike price of $8.56 each, convertible to one Just Energy common stock. The value of these warrants has been assessed as nominal. The 8.75% loan has three tranches. The first tranche of US$50 million is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche of US$150 million is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche of US$50 million is earmarked for investments and future acquisitions. As at March 31, 2019, US$193.0 million was drawn from the 8.75% loan. | ||||||||
[5] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||||
[6] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||||
[7] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior convertible unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year and have a maturity date of July 29, 2019. A Conversion Right in respect of a bond may be exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019. The initial conversion price is US$9.3762 per common share (being C$10.2819) but is subject to adjustments. In the event of the exercise of a Conversion Right, the Company may, at its option, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation in cash equal to the market value of the underlying shares to be received. As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% convertible bonds has been accounted for as a separate financial liability with an initial value of US$8,517. The remainder of the net proceeds of the 6.5% convertible bonds has been recorded as long-term debt, which is being accreted up to the face value of $150.0 million over the term of the 6.5% convertible bonds using an effective interest rate of 8.8%. At each reporting period, the conversion feature is recorded at fair value with changes in fair value recorded through profit or loss. As at March 31, 2018, the fair value of this conversion feature is US$0.2 million and is included in other non-current financial liabilities. No amounts of the 6.5% convertible bonds have been converted or redeemed as at March 31, 2019. During the fourth quarter of fiscal 2019, Just Energy redeemed $82.0 million of the outstanding balance. | ||||||||
[8] | The collateral management and others include primarily collateral management costs of $5.1 million, supplier credit term extension charge of $4.8 million and accretion costs relating to the acquisition of RV of $5.1 million. During fiscal 2019, with the combination of high temperatures, low power supplies, and a large increase in forward prices, Electric Reliability Council of Texas ("ERCOT") requires increased collateral coverage for upcoming supply trades and potential exposure which would result in cash constraint on working capital. In response, Just Energy entered into a series of physical and financial trades to manage potential exposures to pricing and collateral requirements for purchases from ERCOT. The transactions facilitate Just Energy’s management of ERCOT collateral requirement and as a result Just Energy was able to avoid a large cash borrowing or facility arrangement. In addition, the arrangement as a whole improves the availability of working capital during the term of the contracts without exposing Just Energy to unintended risks associated with the arrangement. | ||||||||
[9] | In September 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the "5.75% convertible debentures"), which was used to fund an acquisition. The 5.75% convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year, and have a maturity date of September 30, 2018. Each $1,000 principal amount of the 5.75% convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 56.0 common shares of Just Energy, representing a conversion price of $17.85. On or after September 30, 2016, the 5.75% convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The Company may, at its option, on not more than 60 days' and not less than 30 days' prior notice, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation to repay all or any portion of the principal amount of the 5.75% convertible debentures that are to be redeemed or that are to mature, by issuing and delivering to the holders thereof that number of freely tradable common shares determined by dividing the principal amount of the 5.75% convertible debentures being repaid by 95% of the current market price on the date of redemption or maturity, as applicable. On March 27, 2018, Just Energy redeemed the 5.75% convertible debentures. Of the amount paid, $99.5 million was recorded as a reduction in the liability component of the 5.75% convertible debentures, a non-cash loss on early redemption of $0.5 million was classified as finance costs, and $7.1 million was recorded as an increase in contributed deficit. |
Note 19 - Long-term Debt and_10
Note 19 - Long-term Debt and Financing - Finance costs (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Statement Line Items [Line Items] | |||
Finance costs | $ 88,072 | $ 55,972 | |
Credit facility [member] | |||
Statement Line Items [Line Items] | |||
Finance costs | [1] | 20,715 | 12,883 |
HTC loan [member] | |||
Statement Line Items [Line Items] | |||
Finance costs | [2] | 875 | |
Senior unsecured 8.75% term loan [member] | |||
Statement Line Items [Line Items] | |||
Finance costs | [3] | 8,999 | |
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | |||
Statement Line Items [Line Items] | |||
Finance costs | [4] | 8,819 | 497 |
Senior subordinated 6.75% convertible debentures [member] | |||
Statement Line Items [Line Items] | |||
Finance costs | [5] | 13,598 | 12,773 |
European-focused senior convertible unsecured 6.5% convertible bonds [member] | |||
Statement Line Items [Line Items] | |||
Finance costs | [6] | 18,387 | 15,753 |
Unsecured subordinated 5.75% convertible debentures [member] | |||
Statement Line Items [Line Items] | |||
Finance costs | [7] | 9,173 | |
Collateral management and others [member] | |||
Statement Line Items [Line Items] | |||
Finance costs | [8] | $ 16,679 | $ 4,893 |
[1] | As of April 18, 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. 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 3.750%. Prime rate advances are at a rate of bank prime (Canadian bank prime rate or U.S. prime rate) plus 2.750% and letters of credit are at a rate of 3.750%. Interest rates are adjusted quarterly based on certain financial performance indicators. As at March 31, 2019, the Canadian prime rate was 3.95% and the U.S. prime rate was 5.5%. As at March 31, 2019, $201.6 million has been drawn against the facility and total letters of credit outstanding as of March 31, 2019, amounted to $94.0 million ( March 31, 2018 - $113.4 million). As at March 31, 2019, Just Energy has $56.9 million of the facility remaining for future working capital and/or security requirements. Just Energy's obligations under the credit facility is 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 March 31, 2019, the Company was compliant with all of these covenants. | ||
[2] | Filter Group, which was acquired on October 1, 2018, has an outstanding loan payable to HTC. The loan is a result of factoring receivables to finance the cost of rental equipment over a period of three to five years with HTC and bears interest at 8.99% per annum. Principal and interest are repayable on a monthly basis. | ||
[3] | On September 12, 2018, Just Energy entered into a US$250 million non-revolving multi-draw senior unsecured term loan facility (the “8.75% loan”) with Sagard Credit Partners, LP and certain funds managed by a leading U.S.-based global fixed income asset manager. The 8.75% loan bears interest at 8.75% per annum payable semi-annually in arrears on June 30 and December 31 in each year plus fees, and will mature on September 12, 2023. Counterparties were issued 7.5 million warrants at a strike price of $8.56 each, convertible to one Just Energy common stock. The value of these warrants has been assessed as nominal. The 8.75% loan has three tranches. The first tranche of US$50 million is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche of US$150 million is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche of US$50 million is earmarked for investments and future acquisitions. As at March 31, 2019, US$193.0 million was drawn from the 8.75% loan. | ||
[4] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||
[5] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||
[6] | The collateral management and others include primarily collateral management costs of $5.1 million, supplier credit term extension charge of $4.8 million and accretion costs relating to the acquisition of RV of $5.1 million. During fiscal 2019, with the combination of high temperatures, low power supplies, and a large increase in forward prices, Electric Reliability Council of Texas ("ERCOT") requires increased collateral coverage for upcoming supply trades and potential exposure which would result in cash constraint on working capital. In response, Just Energy entered into a series of physical and financial trades to manage potential exposures to pricing and collateral requirements for purchases from ERCOT. The transactions facilitate Just Energy’s management of ERCOT collateral requirement and as a result Just Energy was able to avoid a large cash borrowing or facility arrangement. In addition, the arrangement as a whole improves the availability of working capital during the term of the contracts without exposing Just Energy to unintended risks associated with the arrangement. | ||
[7] | In September 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the "5.75% convertible debentures"), which was used to fund an acquisition. The 5.75% convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year, and have a maturity date of September 30, 2018. Each $1,000 principal amount of the 5.75% convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 56.0 common shares of Just Energy, representing a conversion price of $17.85. On or after September 30, 2016, the 5.75% convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The Company may, at its option, on not more than 60 days' and not less than 30 days' prior notice, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation to repay all or any portion of the principal amount of the 5.75% convertible debentures that are to be redeemed or that are to mature, by issuing and delivering to the holders thereof that number of freely tradable common shares determined by dividing the principal amount of the 5.75% convertible debentures being repaid by 95% of the current market price on the date of redemption or maturity, as applicable. On March 27, 2018, Just Energy redeemed the 5.75% convertible debentures. Of the amount paid, $99.5 million was recorded as a reduction in the liability component of the 5.75% convertible debentures, a non-cash loss on early redemption of $0.5 million was classified as finance costs, and $7.1 million was recorded as an increase in contributed deficit. | ||
[8] | The collateral management and others include primarily collateral management costs of $5.1 million, a supplier credit term extension charge of $4.8 million and accretion costs relating to the acquisition of RV of $5.1 million. High electricity prices in the forward markets along with fundamental change in the Electric Reliability Council of Texas’s credit exposure calculations in February 2018 led to an increase in collateral requirements for market participants during fiscal 2019. |
Note 19 - Long-term Debt and_11
Note 19 - Long-term Debt and Financing - Finance costs (Details) (Parentheticals) $ in Thousands | Mar. 31, 2019CAD ($) | Sep. 12, 2018USD ($) | Mar. 31, 2018CAD ($) | Feb. 22, 2018CAD ($) | Oct. 05, 2016CAD ($) | Jan. 29, 2014USD ($) | Sep. 30, 2011CAD ($) | ||
Senior unsecured 8.75% term loan [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Borrowings, interest rate | 8.75% | [1],[2] | 8.75% | ||||||
Face amount | $ 250,000 | ||||||||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Borrowings, interest rate | 6.75% | [3],[4] | 6.75% | [4] | 6.75% | ||||
Face amount | $ 100,000,000 | [3],[4] | $ 100,000,000 | [4] | $ 100,000,000 | ||||
Senior subordinated 6.75% convertible debentures [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Borrowings, interest rate | 6.75% | [5],[6] | 6.75% | [6] | 6.75% | ||||
Face amount | $ 160,000,000 | [5],[6] | $ 160,000,000 | [6] | $ 160,000,000 | ||||
European-focused senior convertible unsecured 6.5% convertible bonds [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Borrowings, interest rate | 6.50% | [7],[8] | 6.50% | [8] | 6.50% | ||||
Face amount | $ 150,000 | ||||||||
Unsecured subordinated 5.75% convertible debentures [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Borrowings, interest rate | 5.75% | [9] | 5.75% | ||||||
Face amount | $ 100,000,000 | ||||||||
[1] | On September 12, 2018, Just Energy entered into a US$250 million non-revolving multi-draw senior unsecured term loan facility (the “8.75% loan”) with Sagard Credit Partners, LP and certain funds managed by a leading U.S.-based global fixed income asset manager. The 8.75% loan bears interest at 8.75% per annum payable semi-annually in arrears on June 30 and December 31 in each year plus fees, and will mature on September 12, 2023. Counterparties were issued 7.5 million warrants at a strike price of $8.56 each, convertible to one Just Energy common stock. The value of these warrants has been assessed as nominal. The 8.75% loan has three tranches. The first tranche of US$50 million is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche of US$150 million is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche of US$50 million is earmarked for investments and future acquisitions. As at March 31, 2019, US$193.0 million was drawn from the 8.75% loan. | ||||||||
[2] | On September 12, 2018, Just Energy entered into a US$250 million non-revolving multi-draw senior unsecured term loan facility (the “8.75% loan”) with Sagard Credit Partners, LP and certain funds managed by a leading U.S.-based global fixed income asset manager. The 8.75% loan bears interest at 8.75% per annum payable semi-annually in arrears on June 30 and December 31 in each year plus fees, and will mature on September 12, 2023. Counterparties were issued 7.5 million warrants at a strike price of $8.56 each, convertible to one Just Energy common stock. The value of these warrants has been assessed as nominal. The 8.75% loan has three tranches. The first tranche of US$50 million is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche of US$150 million is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche of US$50 million is earmarked for investments and future acquisitions. As at March 31, 2019, US$193.0 million was drawn from the 8.75% loan. | ||||||||
[3] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||||
[4] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||||
[5] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||||
[6] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | ||||||||
[7] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior convertible unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year and have a maturity date of July 29, 2019. A Conversion Right in respect of a bond may be exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019. The initial conversion price is US$9.3762 per common share (being C$10.2819) but is subject to adjustments. In the event of the exercise of a Conversion Right, the Company may, at its option, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation in cash equal to the market value of the underlying shares to be received. As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% convertible bonds has been accounted for as a separate financial liability with an initial value of US$8,517. The remainder of the net proceeds of the 6.5% convertible bonds has been recorded as long-term debt, which is being accreted up to the face value of $150.0 million over the term of the 6.5% convertible bonds using an effective interest rate of 8.8%. At each reporting period, the conversion feature is recorded at fair value with changes in fair value recorded through profit or loss. As at March 31, 2018, the fair value of this conversion feature is US$0.2 million and is included in other non-current financial liabilities. No amounts of the 6.5% convertible bonds have been converted or redeemed as at March 31, 2019. During the fourth quarter of fiscal 2019, Just Energy redeemed $82.0 million of the outstanding balance. | ||||||||
[8] | The collateral management and others include primarily collateral management costs of $5.1 million, supplier credit term extension charge of $4.8 million and accretion costs relating to the acquisition of RV of $5.1 million. During fiscal 2019, with the combination of high temperatures, low power supplies, and a large increase in forward prices, Electric Reliability Council of Texas ("ERCOT") requires increased collateral coverage for upcoming supply trades and potential exposure which would result in cash constraint on working capital. In response, Just Energy entered into a series of physical and financial trades to manage potential exposures to pricing and collateral requirements for purchases from ERCOT. The transactions facilitate Just Energy’s management of ERCOT collateral requirement and as a result Just Energy was able to avoid a large cash borrowing or facility arrangement. In addition, the arrangement as a whole improves the availability of working capital during the term of the contracts without exposing Just Energy to unintended risks associated with the arrangement. | ||||||||
[9] | In September 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the "5.75% convertible debentures"), which was used to fund an acquisition. The 5.75% convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year, and have a maturity date of September 30, 2018. Each $1,000 principal amount of the 5.75% convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 56.0 common shares of Just Energy, representing a conversion price of $17.85. On or after September 30, 2016, the 5.75% convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The Company may, at its option, on not more than 60 days' and not less than 30 days' prior notice, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation to repay all or any portion of the principal amount of the 5.75% convertible debentures that are to be redeemed or that are to mature, by issuing and delivering to the holders thereof that number of freely tradable common shares determined by dividing the principal amount of the 5.75% convertible debentures being repaid by 95% of the current market price on the date of redemption or maturity, as applicable. On March 27, 2018, Just Energy redeemed the 5.75% convertible debentures. Of the amount paid, $99.5 million was recorded as a reduction in the liability component of the 5.75% convertible debentures, a non-cash loss on early redemption of $0.5 million was classified as finance costs, and $7.1 million was recorded as an increase in contributed deficit. |
Note 20 - Provisions (Details T
Note 20 - Provisions (Details Textual) | Mar. 31, 2019 |
Statement Line Items [Line Items] | |
Restructuring, number of positions eliminated | 200 |
Note 20 - Provisions - Restruct
Note 20 - Provisions - Restructuring (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2019CAD ($) | |
Statement Line Items [Line Items] | |
Total restructuring costs | $ 16,078 |
Expended in the year | 9,462 |
Provision at end of the year | 6,616 |
Employee related [member] | |
Statement Line Items [Line Items] | |
Total restructuring costs | 8,706 |
Facilities [member] | |
Statement Line Items [Line Items] | |
Total restructuring costs | 1,987 |
Transition agreements [member] | |
Statement Line Items [Line Items] | |
Total restructuring costs | 3,187 |
Other non-headcount related [member] | |
Statement Line Items [Line Items] | |
Total restructuring costs | $ 2,198 |
Note 21 - Income Taxes (Details
Note 21 - Income Taxes (Details Textual) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Applicable tax rate | 26.50% | 26.50% |
Note 21 - Income Taxes - Compon
Note 21 - Income Taxes - Components of Tax Expenses (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Current tax expense | $ 6,329 | $ 2,552 |
Deferred tax expense (benefit) | ||
Origination and reversal of temporary differences | (54,608) | 129,177 |
Benefit arising from previously unrecognized tax loss or temporary difference | 59,508 | (111,058) |
Deferred tax expense | 4,900 | 18,119 |
Provision for income taxes | $ 11,229 | $ 20,671 |
Note 21 - Income Taxes - Reconc
Note 21 - Income Taxes - Reconciliation of the Effective Tax Rate (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Income before income taxes | $ (231,200) | $ 539,248 |
Combined statutory Canadian federal and provincial income tax rate | 26.50% | 26.50% |
Income tax expense based on statutory rate | $ (61,268) | $ 142,901 |
Increase (decrease) in income taxes resulting from: | ||
Expense (benefit) of mark to market loss and other temporary differences not recognized | 59,508 | (111,058) |
Variance between combined Canadian tax rate and the tax rate applicable to foreign earnings | 6,857 | 1,000 |
Other permanent items | 6,132 | (12,172) |
Provision for income taxes | $ 11,229 | $ 20,671 |
Note 21 - Income Taxes - Recogn
Note 21 - Income Taxes - Recognized Deferred Tax Assets and Liabilities (Details) - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Statement Line Items [Line Items] | ||
Total deferred tax asset | $ 101,140 | $ 96,405 |
Offset of deferred income taxes | (101,140) | (93,873) |
Net deferred tax assets | 2,532 | |
Total deferred tax liability | (104,187) | (93,873) |
Offset of deferred income taxes | 101,140 | 93,873 |
Net deferred income tax liabilities | (3,047) | |
Mark to market gains (losses) on derivative instruments [member] | ||
Statement Line Items [Line Items] | ||
Total deferred tax asset | 3,097 | 17,580 |
Total deferred tax liability | (20,683) | (54,158) |
Tax losses and excess of tax basis over book basis [member] | ||
Statement Line Items [Line Items] | ||
Total deferred tax asset | 98,042 | 78,825 |
Partnership income deferred for tax [member] | ||
Statement Line Items [Line Items] | ||
Total deferred tax liability | (3,542) | (6,249) |
Book to tax differences on other assets [member] | ||
Statement Line Items [Line Items] | ||
Total deferred tax liability | (73,889) | (30,480) |
Convertible debentures [member] | ||
Statement Line Items [Line Items] | ||
Total deferred tax liability | $ (6,073) | $ (2,986) |
Note 21 - Income Taxes - Moveme
Note 21 - Income Taxes - Movement in Deferred Tax Balances (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Balance | $ 2,532 | $ 21,268 |
Recognized in profit or loss | (4,916) | (10,948) |
Recognized in OCI | (638) | (7,788) |
Other | (25) | |
Balance | (3,047) | 2,532 |
Partnership income deferred for tax [member] | ||
Statement Line Items [Line Items] | ||
Balance | (6,249) | (8,281) |
Recognized in profit or loss | 2,707 | 2,032 |
Recognized in OCI | ||
Other | ||
Balance | (3,542) | (6,249) |
Book to tax differences - customer contracts [member] | ||
Statement Line Items [Line Items] | ||
Balance | 48,345 | 4,269 |
Recognized in profit or loss | (23,528) | 51,864 |
Recognized in OCI | (638) | (7,788) |
Other | (25) | |
Balance | 24,154 | 48,345 |
Mark to market gains (losses) on derivative instruments [member] | ||
Statement Line Items [Line Items] | ||
Balance | (36,578) | 29,424 |
Recognized in profit or loss | 18,992 | (66,002) |
Recognized in OCI | ||
Other | ||
Balance | (17,586) | (36,578) |
Convertible debentures [member] | ||
Statement Line Items [Line Items] | ||
Balance | (2,986) | (4,144) |
Recognized in profit or loss | (3,087) | 1,158 |
Recognized in OCI | ||
Other | ||
Balance | $ (6,073) | $ (2,986) |
Note 21 - Income Taxes - Unreco
Note 21 - Income Taxes - Unrecognized Deferred Tax Assets (Details) - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Mark to market gains (losses) on derivative instruments [member] | ||
Statement Line Items [Line Items] | ||
Mark to market losses on derivative instruments | $ 7,239 | |
Tax losses and excess of tax basis over book basis [member] | ||
Statement Line Items [Line Items] | ||
Mark to market losses on derivative instruments | $ 32,911 | $ 15,824 |
Note 21 - Income Taxes - Losses
Note 21 - Income Taxes - Losses Available for Carryforward (Details) - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Statement Line Items [Line Items] | ||
Losses available for carryforward | $ 101,140 | $ 96,405 |
Unused tax losses [member] | ||
Statement Line Items [Line Items] | ||
Losses available for carryforward | 193,532 | |
Unused tax losses [member] | Later than ten years and not later than eleven years [member] | ||
Statement Line Items [Line Items] | ||
Losses available for carryforward | 136,763 | |
Unused tax losses [member] | Later than eleven years and not later than twelve years [member] | ||
Statement Line Items [Line Items] | ||
Losses available for carryforward | $ 56,769 |
Note 22 - Shareholders' Capit_3
Note 22 - Shareholders' Capital (Details Textual) $ / shares in Thousands | Mar. 31, 2019$ / sharesshares |
Statement Line Items [Line Items] | |
Par value per share | $ / shares | $ 0 |
Preference shares [member] | |
Statement Line Items [Line Items] | |
Number of shares authorised | 50,000,000 |
Number of shares issued and fully paid | 0 |
Note 22 - Shareholders' Capit_4
Note 22 - Shareholders' Capital - Classes of Share Capital (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Balance, beginning of year | $ 216,535 | |
Balance, end of year | $ (89,015) | $ 216,535 |
Issued capital [member] | ||
Statement Line Items [Line Items] | ||
Balance, beginning of year (in shares) | 152,717,452 | |
Balance, beginning of year | $ 1,215,826 | |
Balance, end of year (in shares) | 154,258,117 | 152,717,452 |
Balance, end of year | $ 1,235,503 | $ 1,215,826 |
Ordinary shares [member] | ||
Statement Line Items [Line Items] | ||
Balance, beginning of year (in shares) | 148,394,152 | 147,013,538 |
Balance, beginning of year | $ 1,079,055 | $ 1,070,076 |
Share-based awards exercised (in shares) | 1,201,800 | 1,643,156 |
Share-based units exercised | $ 9,483 | $ 11,954 |
Acquisition (in shares) | 1,415,285 | |
Acquisition of businesses | $ 8,966 | |
Repurchase and cancellation of shares (in shares) | (1,677,827) | |
Repurchase and cancellation of shares | $ (11,941) | |
Balance, end of year (in shares) | 149,595,952 | 148,394,152 |
Balance, end of year | $ 1,088,538 | $ 1,079,055 |
Ordinary shares [member] | Issued capital [member] | ||
Statement Line Items [Line Items] | ||
Balance, beginning of year | 1,079,055 | 1,070,076 |
Share-based units exercised | 9,483 | 11,954 |
Acquisition of businesses | 8,966 | |
Repurchase and cancellation of shares | (11,941) | |
Balance, end of year | $ 1,088,538 | $ 1,079,055 |
Preference shares [member] | ||
Statement Line Items [Line Items] | ||
Balance, beginning of year (in shares) | 4,323,300 | 4,040,000 |
Balance, beginning of year | $ 136,771 | $ 128,363 |
Shares issued for cash (in shares) | 338,865 | 283,300 |
Shares issued | $ 10,447 | $ 9,260 |
Preferred shares issuance cost | $ (253) | $ (852) |
Balance, end of year (in shares) | 4,662,165 | 4,323,300 |
Balance, end of year | $ 146,965 | $ 136,771 |
Preference shares [member] | Issued capital [member] | ||
Statement Line Items [Line Items] | ||
Balance, beginning of year | 136,771 | 128,363 |
Shares issued | 10,447 | 9,260 |
Preferred shares issuance cost | (253) | (852) |
Balance, end of year | $ 146,965 | $ 136,771 |
Note 23 - Share-based Compens_3
Note 23 - Share-based Compensation Plans (Details Textual) | 12 Months Ended | |||||
Mar. 31, 2019CAD ($)shares | Mar. 31, 2018CAD ($)shares | Mar. 31, 2019 | Mar. 31, 2019CAD ($) | Mar. 31, 2018 | Mar. 31, 2017shares | |
Statement Line Items [Line Items] | ||||||
Maximum number of options available for grant | shares | 11,300,000 | |||||
Number of options available for grant remaining | shares | 814,166 | |||||
Number of share options outstanding in share-based payment arrangement at end of period | 500,000 | |||||
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period | $ 7.88 | |||||
Number of share options granted in share-based payment arrangement | 0 | |||||
Restricted share grants [member] | ||||||
Statement Line Items [Line Items] | ||||||
Number of other equity instruments available for grant in a share-based payment arrangement | 2,717,774 | 3,004,624 | 4,107,830 | |||
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 1,473,989 | 1,635,882 | ||||
Number of common shares issued on vesting of one unit of other equity instrument | shares | 1 | |||||
Number of other equity instruments granted in share-based payment arrangement | 788,211 | 1,716,743 | ||||
Weighted average exercise price of other equity instruments granted in share-based payment arrangement | $ 5 | $ 6.94 | ||||
Restricted share grants [member] | Senior management [member] | ||||||
Statement Line Items [Line Items] | ||||||
Number of other equity instruments granted in share-based payment arrangement | 40,000 | |||||
Performance bonus grants [member] | ||||||
Statement Line Items [Line Items] | ||||||
Number of other equity instruments available for grant in a share-based payment arrangement | 2,182,302 | 2,270,480 | 2,182,302 | 2,270,480 | 2,650,513 | |
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 385,214 | 1,050,094 | ||||
Number of other equity instruments granted in share-based payment arrangement | 331,196 | 812,787 | ||||
Weighted average exercise price of other equity instruments granted in share-based payment arrangement | $ 5.01 | $ 7.08 | ||||
Number of performance payments | 3 | |||||
Percentage payout of performance payments | 33.00% | |||||
Deferred share grants [member] | ||||||
Statement Line Items [Line Items] | ||||||
Number of other equity instruments available for grant in a share-based payment arrangement | 69,481 | 69,481 | 110,012 | |||
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 184,430 | 114,949 | ||||
Vesting period, other equity instruments granted | 3 | |||||
Number of other equity instruments granted in share-based payment arrangement | 69,481 | 40,531 | ||||
Weighted average exercise price of other equity instruments granted in share-based payment arrangement | $ 4.48 | $ 6.32 | ||||
Annual deferred share grants compensation percentage | 15.00% | |||||
Deferred share grants [member] | Key management personnel of entity or parent [member] | ||||||
Statement Line Items [Line Items] | ||||||
Number of other equity instruments granted in share-based payment arrangement | 37,123 | |||||
Bottom of range [member] | ||||||
Statement Line Items [Line Items] | ||||||
Vesting period, share options granted | 3 | |||||
Option life, share options granted | 5 | |||||
Bottom of range [member] | Restricted share grants [member] | ||||||
Statement Line Items [Line Items] | ||||||
Vesting period, other equity instruments granted | 1 | |||||
Top of range [member] | ||||||
Statement Line Items [Line Items] | ||||||
Vesting period, share options granted | 5 | |||||
Option life, share options granted | 10 | |||||
Top of range [member] | Restricted share grants [member] | ||||||
Statement Line Items [Line Items] | ||||||
Vesting period, other equity instruments granted | 5 | |||||
Instrument life, other equity instruments granted | 10 | |||||
Top of range [member] | Performance bonus grants [member] | ||||||
Statement Line Items [Line Items] | ||||||
Instrument life, other equity instruments granted | 3 | |||||
Top of range [member] | Deferred share grants [member] | ||||||
Statement Line Items [Line Items] | ||||||
Instrument life, other equity instruments granted | 10 |
Note 23 - Share-based Compens_4
Note 23 - Share-based Compensation Plans - Restricted Share Grants Available for Grant (Details) - Restricted share grants [member] | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Balance, beginning of year | 3,004,624 | 4,107,830 |
Less: Granted | (788,211) | (1,716,743) |
Add: Cancelled/forfeited | 501,361 | 613,537 |
Balance, end of year | 2,717,774 | 3,004,624 |
Note 23 - Share-based Compens_5
Note 23 - Share-based Compensation Plans - Performance Bonus Grants Available for Grant (Details) - Performance bonus grants [member] | 12 Months Ended | |||
Mar. 31, 2019shares | Mar. 31, 2019 | Mar. 31, 2018shares | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||||
Balance, beginning of year | 2,270,480 | 2,270,480 | 2,650,513 | |
Less: Granted | (331,196) | (812,787) | ||
Add: Cancelled/forfeited | 243,018 | 432,754 | ||
Balance, end of year | 2,182,302 | 2,182,302 | 2,270,480 | 2,270,480 |
Note 23 - Share-based Compens_6
Note 23 - Share-based Compensation Plans - Deferred Share Grants Available for Grant (Details) - Deferred share grants [member] | 12 Months Ended | |||
Mar. 31, 2019shares | Mar. 31, 2019 | Mar. 31, 2018shares | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||||
Balance, beginning of year | 69,481 | 69,481 | 110,012 | |
Less: Granted | (69,481) | (40,531) | ||
Balance, end of year | 69,481 | 69,481 |
Note 24 - Reportable Business_3
Note 24 - Reportable Business Segments - Components of Segments (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Sales | $ 3,812,470 | $ 3,623,558 |
Gross margin | 712,215 | 640,511 |
Depreciation of property, plant and equipment | 4,771 | 4,073 |
Amortization of intangible assets | 22,655 | 16,547 |
Administrative | 206,820 | 187,250 |
Selling and marketing expenses | 232,030 | 232,228 |
Total restructuring costs | 16,078 | |
Other operating expenses | 198,755 | 74,490 |
Operating profit before the following | 31,106 | 125,729 |
Finance costs | (88,072) | (55,972) |
Change in fair value of derivative instruments and other | (153,226) | 474,393 |
Other income -net | 1,365 | 1,040 |
Provision for income taxes | (11,229) | (20,671) |
Profit (loss) from continuing operations | (220,056) | 524,519 |
Loss from discontinued operations | (22,379) | (5,945) |
Profit (loss) for the year | (242,435) | 518,574 |
Additions | 43,543 | 35,776 |
Goodwill at end of period | 339,921 | 300,673 |
Total Assets | 1,626,503 | 1,601,393 |
Total liabilities | 1,715,518 | 1,384,858 |
Consumer division [member] | ||
Statement Line Items [Line Items] | ||
Sales | 2,395,624 | 2,232,081 |
Gross margin | 535,711 | 487,175 |
Depreciation of property, plant and equipment | 4,567 | 3,775 |
Amortization of intangible assets | 20,440 | 12,707 |
Administrative | 76,709 | 64,282 |
Selling and marketing expenses | 158,770 | 161,246 |
Total restructuring costs | 3,173 | |
Other operating expenses | 189,625 | 69,690 |
Operating profit before the following | 282,427 | 175,475 |
Finance costs | ||
Change in fair value of derivative instruments and other | ||
Other income -net | ||
Provision for income taxes | ||
Profit (loss) from continuing operations | ||
Loss from discontinued operations | ||
Profit (loss) for the year | ||
Additions | 39,475 | 32,252 |
Goodwill at end of period | 181,358 | 147,252 |
Total Assets | 1,154,490 | 1,135,325 |
Total liabilities | 1,513,583 | 844,379 |
Commercial division [member] | ||
Statement Line Items [Line Items] | ||
Sales | 1,416,846 | 1,391,477 |
Gross margin | 176,504 | 153,336 |
Depreciation of property, plant and equipment | 204 | 340 |
Amortization of intangible assets | 2,215 | 3,992 |
Administrative | 40,693 | 29,153 |
Selling and marketing expenses | 73,260 | 70,982 |
Total restructuring costs | 4,069 | |
Other operating expenses | 9,130 | 4,800 |
Operating profit before the following | 46,933 | 44,069 |
Finance costs | ||
Change in fair value of derivative instruments and other | ||
Other income -net | ||
Provision for income taxes | ||
Profit (loss) from continuing operations | ||
Loss from discontinued operations | ||
Profit (loss) for the year | ||
Additions | 4,068 | 3,524 |
Goodwill at end of period | 158,563 | 153,421 |
Total Assets | 461,633 | 466,068 |
Total liabilities | 201,935 | 540,479 |
Corporate [member] | ||
Statement Line Items [Line Items] | ||
Sales | ||
Gross margin | ||
Depreciation of property, plant and equipment | ||
Amortization of intangible assets | ||
Administrative | 89,418 | 93,815 |
Selling and marketing expenses | ||
Total restructuring costs | 8,836 | |
Other operating expenses | ||
Operating profit before the following | (98,254) | (93,815) |
Finance costs | ||
Change in fair value of derivative instruments and other | ||
Other income -net | ||
Provision for income taxes | ||
Profit (loss) from continuing operations | ||
Loss from discontinued operations | ||
Profit (loss) for the year | ||
Additions | ||
Goodwill at end of period | ||
Total Assets | ||
Total liabilities |
Note 24 - Reportable Business_4
Note 24 - Reportable Business Segments - Geographical Disclosure (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Sales | $ 3,812,470 | $ 3,623,558 |
Non-current assets | 498,518 | 420,819 |
CANADA | ||
Statement Line Items [Line Items] | ||
Sales | 413,836 | 414,183 |
Non-current assets | 266,775 | 201,985 |
UNITED STATES | ||
Statement Line Items [Line Items] | ||
Sales | 2,624,602 | 2,465,794 |
Non-current assets | 223,802 | 207,147 |
UNITED KINGDOM | ||
Statement Line Items [Line Items] | ||
Sales | 774,032 | 743,581 |
International [member] | ||
Statement Line Items [Line Items] | ||
Non-current assets | $ 7,941 | $ 11,687 |
Note 25 - Other Expenses - Othe
Note 25 - Other Expenses - Other Operating Expenses (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Amortization of intangible assets | $ 22,655 | $ 16,547 |
Depreciation of property and equipment | 4,771 | 4,073 |
Bad debt expense | 192,202 | 56,331 |
Share-based compensation | 6,133 | 18,353 |
Other | 420 | |
Other expense, by function | $ 226,181 | $ 95,304 |
Note 25 - Other Expenses - Comp
Note 25 - Other Expenses - Components of Cost of Sales (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Amortization | $ 2,666 | $ 3,116 |
Direct energy costs and other | 3,097,589 | 2,983,047 |
Cost of purchased energy sold | $ 3,100,255 | $ 2,986,163 |
Note 25 - Other Expenses - Empl
Note 25 - Other Expenses - Employee Benefits Expense (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Wages, salaries and commissions | $ 264,566 | $ 237,867 |
Benefits | 24,239 | 24,100 |
Employee benefits expense | $ 288,805 | $ 261,967 |
Note 26 - Impairment Testing _3
Note 26 - Impairment Testing of Goodwill and Intangible Assets With Indefinite Lives (Details Textual) - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Statement Line Items [Line Items] | ||
Goodwill at end of period | $ 339,921 | $ 300,673 |
Filter Group Inc [member] | ||
Statement Line Items [Line Items] | ||
Goodwill at end of period | $ 38,200 |
Note 26 - Impairment Testing _4
Note 26 - Impairment Testing of Goodwill and Intangible Assets With Indefinite Lives - Intangible Assets and Goodwill (Details) - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Statement Line Items [Line Items] | ||
Goodwill at end of period | $ 339,921 | $ 300,673 |
Intangible assets and goodwill | 472,656 | 401,926 |
Consumer division [member] | ||
Statement Line Items [Line Items] | ||
Goodwill at end of period | 181,358 | 147,252 |
Consumer division [member] | The North America [member] | ||
Statement Line Items [Line Items] | ||
Goodwill at end of period | 168,003 | |
Brand | 19,570 | |
Consumer division [member] | The North America [member] | Goodwill and brand names [member] | ||
Statement Line Items [Line Items] | ||
Intangible assets and goodwill | 187,573 | |
Consumer division [member] | UNITED KINGDOM | ||
Statement Line Items [Line Items] | ||
Goodwill at end of period | 13,355 | |
Brand | ||
Consumer division [member] | UNITED KINGDOM | Goodwill and brand names [member] | ||
Statement Line Items [Line Items] | ||
Intangible assets and goodwill | 13,355 | |
Commercial division [member] | ||
Statement Line Items [Line Items] | ||
Goodwill at end of period | 158,563 | $ 153,421 |
Commercial division [member] | The North America [member] | ||
Statement Line Items [Line Items] | ||
Goodwill at end of period | 158,563 | |
Brand | 14,734 | |
Commercial division [member] | The North America [member] | Goodwill and brand names [member] | ||
Statement Line Items [Line Items] | ||
Intangible assets and goodwill | $ 173,297 |
Note 27 - Earnings (Loss) Per_3
Note 27 - Earnings (Loss) Per Share (Details Textual) - CAD ($) | Mar. 31, 2019 | Mar. 31, 2018 | Feb. 22, 2018 | Oct. 05, 2016 | ||
European-focused senior convertible unsecured 6.5% convertible bonds, conversion feature [member] | ||||||
Statement Line Items [Line Items] | ||||||
Borrowings, interest rate | 6.50% | 6.50% | ||||
Senior subordinated 6.75% convertible debentures [member] | ||||||
Statement Line Items [Line Items] | ||||||
Borrowings, interest rate | 6.75% | [1],[2] | 6.75% | [2] | 6.75% | |
Notional amount | $ 160,000,000 | [1],[2] | $ 160,000,000 | [2] | $ 160,000,000 | |
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | ||||||
Statement Line Items [Line Items] | ||||||
Borrowings, interest rate | 6.75% | [3],[4] | 6.75% | [4] | 6.75% | |
Notional amount | $ 100,000,000 | [3],[4] | $ 100,000,000 | [4] | $ 100,000,000 | |
[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. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||||
[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. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||||
[3] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. | |||||
[4] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange (the "TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders' equity in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at March 31, 2018. |
Note 27 - Earnings (Loss) Per_4
Note 27 - Earnings (Loss) Per Share - Components of Earning Per Share (Details) - CAD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
BASIC EARNINGS (LOSS) PER SHARE | |||
Earnings (loss) from continuing operations available to shareholders | $ (219,864) | $ 515,221 | |
Dividend to preferred shareholders - net of tax | 8,959 | 8,364 | |
Earnings (loss) from continuing operations available to shareholders - net | $ (228,823) | $ 506,857 | |
Basic weighted average shares outstanding (in shares) | 149,138,797 | 147,039,737 | |
Basic earnings (loss) per share from continuing operations available to shareholders (in CAD per share) | $ (1.54) | $ 3.45 | |
Basic earnings (loss) per share available to shareholders (in CAD per share) | $ (1.68) | $ 3.42 | |
DILUTED EARNINGS (LOSS) PER SHARE | |||
Earnings (loss) from continuing operations available to shareholders | $ (228,823) | $ 506,857 | |
Increase (decrease) through conversion of convertible instruments, equity | 22,407 | ||
Adjusted earnings (loss) from continuing operations available to shareholders | $ (228,823) | $ 529,264 | |
Basic weighted average shares outstanding (in shares) | 149,138,797 | 147,039,737 | |
Restricted share and performance bonus grants (in shares) | [1] | 2,409,990 | 2,924,587 |
Deferred share grants (in shares) | [1] | 142,928 | 95,536 |
Convertible debentures (in shares) | [1] | 39,574,831 | 49,979,055 |
Shares outstanding on a diluted basis (in shares) | 191,266,546 | 200,038,915 | |
Diluted earnings (loss) from continuing operations per share available to shareholders (in CAD per share) | $ (1.54) | $ 2.65 | |
Diluted earnings (loss) per share available to shareholders (in CAD per share) | $ (1.68) | $ 2.62 | |
[1] | The assumed conversion into shares results in an anti-dilutive position; therefore, these items have not been included in the computation of diluted earnings (loss) per share. |
Note 29 - Related Party Trans_3
Note 29 - Related Party Transactions and Key Management Personnel Remuneration (Details Textual) | Mar. 31, 2019 | Mar. 31, 2018 |
Key management personnel of entity or parent [member] | Restricted share grants and performance bonus grants [member] | ||
Statement Line Items [Line Items] | ||
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 669,688 | 1,774,094 |
Note 29 - Related Party Trans_4
Note 29 - Related Party Transactions and Key Management Personnel Remuneration - Components of Expenses (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Salaries and benefits | $ 2,493 | $ 8,939 |
Share-based compensation, net | 1,163 | 3,738 |
Key management personnel compensation | $ 3,656 | $ 12,677 |
Note 30 - Dividends Paid (Detai
Note 30 - Dividends Paid (Details Textual) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Mar. 31, 2019CAD ($)$ / shares | Mar. 31, 2019$ / shares | Mar. 31, 2018CAD ($)$ / shares | Mar. 31, 2018$ / shares | |
Ordinary shares [member] | ||||
Statement Line Items [Line Items] | ||||
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share | $ / shares | $ 0.50 | $ 0.50 | ||
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners | $ | $ 74,557 | $ 73,624 | ||
Dividends recognised as distributions to owners per share | $ / shares | $ 0.50 | $ 0.50 | ||
Dividends recognised as distributions to owners of parent | $ | $ 1,284 | $ 1,302 | ||
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 | $ / shares | $ 2.125 | $ 2.125 | ||
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners | $ | $ 12,189 | $ 11,380 |
Note 31 - Commitments and Gua_3
Note 31 - Commitments and Guarantees (Details Textual) | 12 Months Ended | |
Mar. 31, 2019CAD ($) | Mar. 31, 2018CAD ($) | |
Credit facility [member] | ||
Statement Line Items [Line Items] | ||
Borrowings, letters of credit | $ 94,000,000 | $ 113,400,000 |
Surety bond [member] | ||
Statement Line Items [Line Items] | ||
Estimated financial effect of contingent liabilities | 70,300,000 | |
Contingent liability for guarantees [member] | ||
Statement Line Items [Line Items] | ||
Estimated financial effect of contingent liabilities | $ 104,900,000 | |
Bottom of range [member] | ||
Statement Line Items [Line Items] | ||
Leasing period | 1 | |
Top of range [member] | ||
Statement Line Items [Line Items] | ||
Leasing period | 8 |
Note 31 - Commitments and Gua_4
Note 31 - Commitments and Guarantees - Commitments (Details) $ in Thousands | Mar. 31, 2019CAD ($) |
Statement Line Items [Line Items] | |
Total lease liabilities | $ 21,243 |
Gas, electricity and non-commodity contracts | 3,500,493 |
Capital commitments | 3,521,736 |
Not later than one year [member] | |
Statement Line Items [Line Items] | |
Total lease liabilities | 5,035 |
Gas, electricity and non-commodity contracts | 1,899,713 |
Capital commitments | 1,904,748 |
Later than one year and not later than three years [member] | |
Statement Line Items [Line Items] | |
Total lease liabilities | 9,902 |
Gas, electricity and non-commodity contracts | 1,439,479 |
Capital commitments | 1,449,381 |
Later than four years and not later than five years [member] | |
Statement Line Items [Line Items] | |
Total lease liabilities | 6,306 |
Gas, electricity and non-commodity contracts | 119,212 |
Capital commitments | 125,518 |
Later than five years [member] | |
Statement Line Items [Line Items] | |
Total lease liabilities | |
Gas, electricity and non-commodity contracts | 42,089 |
Capital commitments | $ 42,089 |
Note 32 - Supplemental Cash F_3
Note 32 - Supplemental Cash Flow Information - Adjustments to Reflect Net Cash from Gas Sales (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Accrued gas receivable | $ 2,256 | $ 459 |
Gas delivered in excess of consumption | (405) | 516 |
Accrued gas payable | 676 | (276) |
Deferred revenue | 1,659 | (3,575) |
Cash receipts from gas sales | $ 4,186 | $ (2,876) |
Note 32 - Supplemental Cash F_4
Note 32 - Supplemental Cash Flow Information - Components of changes in Non-cash Working Capital (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Accounts receivable and unbilled revenue | $ 18,242 | $ (108,900) |
Gas in storage | (601) | 538 |
Prepaid expenses and deposits | (88,184) | (15,534) |
Provisions | 4,309 | (3,501) |
Trade and other payables | 53,261 | 90,972 |
Increase (decrease) in working capital | $ (12,973) | $ (36,425) |