Document And Entity Information
Document And Entity Information | 9 Months Ended |
Dec. 31, 2018 | |
Document Information [Line Items] | |
Entity Registrant Name | Just Energy Group Inc. |
Entity Central Index Key | 0001538789 |
Current Fiscal Year End Date | --03-31 |
Document Type | 6-K/A |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | true |
Amendment Description | First amendment to the 12-31-18 6-K. |
Restated Interim Condensed Cons
Restated Interim Condensed Consolidated Statements of Financial Position (December Periods Unaudited) - CAD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 8,900 | $ 48,861 |
Restricted cash | 4,361 | 3,515 |
Trade and other receivables | 706,558 | 658,844 |
Gas in storage | 26,988 | 2,342 |
Fair value of derivative financial assets | 197,202 | 218,769 |
Income taxes recoverable | 17,775 | 5,617 |
Other current assets | 154,876 | 112,214 |
1,116,660 | 1,050,162 | |
Non-current assets | ||
Investments | 36,981 | 36,314 |
Property, plant and equipment | 25,114 | 18,893 |
Intangible assets | 488,775 | 401,926 |
Fair value of derivative financial assets, non-current | 52,119 | 64,662 |
Deferred tax asset | 7,513 | 9,449 |
Other non-current assets | 51,839 | 19,987 |
662,341 | 551,231 | |
TOTAL ASSETS | 1,779,001 | 1,601,393 |
Current liabilities | ||
Trade and other payables | 760,659 | 594,732 |
Deferred revenue | 73,888 | 38,710 |
Income taxes payable | 7,122 | 5,486 |
Fair value of derivative financial liabilities | 51,375 | 86,288 |
Current portion of long-term debt | 150,050 | 121,451 |
1,043,094 | 846,667 | |
Non-current liabilities | ||
Long-term debt | 566,083 | 422,053 |
Fair value of derivative financial liabilities | 39,862 | 51,871 |
Deferred tax liability | 9,970 | 6,918 |
Other non-current liabilities | 47,985 | 57,349 |
663,900 | 538,191 | |
TOTAL LIABILITIES | 1,706,994 | 1,384,858 |
SHAREHOLDERS' EQUITY (DEFICIT) | ||
Shareholders’ capital | 1,234,491 | 1,215,826 |
Equity component of convertible debentures | 13,029 | 13,029 |
Contributed deficit | (25,994) | (22,693) |
Deficit | (1,236,767) | (1,081,139) |
Accumulated other comprehensive income | 87,663 | 91,934 |
Non-controlling interest | (415) | (422) |
TOTAL SHAREHOLDERS' EQUITY | 72,007 | 216,535 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,779,001 | $ 1,601,393 |
Restated Interim Condensed Co_2
Restated Interim Condensed Consolidated Statements of Income (Loss) (Unaudited) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | ||||
Sales | $ 966,653 | $ 912,203 | $ 2,799,953 | $ 2,611,836 |
Cost of sales | 778,140 | 740,898 | 2,284,569 | 2,140,305 |
GROSS MARGIN | 188,513 | 171,305 | 515,384 | 471,531 |
EXPENSES | ||||
Administrative | 56,031 | 50,389 | 170,221 | 145,826 |
Selling and marketing | 57,255 | 55,547 | 164,547 | 172,200 |
Other operating expenses | 104,730 | 21,201 | 164,381 | 76,972 |
218,016 | 127,137 | 499,149 | 394,998 | |
Operating profit before the following | (29,503) | 44,168 | 16,235 | 76,533 |
Finance costs | (22,762) | (13,266) | (59,225) | (37,777) |
Change in fair value of derivative instruments and other | (1,515) | 183,759 | (62,003) | 223,453 |
Other income (loss) | 2,569 | (633) | 5,282 | 1,169 |
Profit (loss) before income taxes | (56,673) | 214,028 | (105,173) | 263,378 |
Provision for (recovery of) income taxes | (9,088) | 5,613 | 5,285 | 10,577 |
PROFIT (LOSS) FOR THE PERIOD | (47,585) | 208,415 | (110,458) | 252,801 |
Attributable to: | ||||
Shareholders of Just Energy | (47,551) | 208,455 | (110,313) | 243,449 |
Non-controlling interest | (34) | (40) | (145) | 9,352 |
PROFIT (LOSS) FOR THE PERIOD | $ (47,585) | $ 208,415 | $ (110,458) | $ 252,801 |
Earnings (loss) per share available to shareholders | ||||
Basic (in CAD per share) | $ (0.33) | $ 1.40 | $ (0.78) | $ 1.60 |
Diluted (in CAD per share) | $ (0.33) | $ 1.12 | $ (0.78) | $ 1.32 |
Filter Group Inc [member] | ||||
EXPENSES | ||||
Change in fair value of Filter Group contingent consideration | $ (5,462) | $ (5,462) |
Restated Interim Condensed Co_3
Restated Interim Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | ||||
PROFIT (LOSS) FOR THE PERIOD | $ (47,585) | $ 208,415 | $ (110,458) | $ 252,801 |
Other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods: Unrealized loss (gain) on translation of foreign operations | ||||
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD, NET OF TAX | (29,380) | 212,922 | (96,866) | 244,747 |
Total comprehensive income (loss) attributable to: | ||||
Shareholders of Just Energy | (29,346) | 212,962 | (96,721) | 235,395 |
Non-controlling interest | (34) | (40) | (145) | 9,352 |
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD, NET OF TAX | $ (29,380) | $ 212,922 | $ (96,866) | $ 244,747 |
Interim Condensed Consolidated
Interim Condensed Consolidated Statements of Changes In Shareholders' Equity (Deficiency) (Unaudited) - CAD ($) $ in Thousands | Retained earnings attributable to accumulated earnings (losses) [member] | Retained earnings, portion attributable to dividends [member] | Retained earnings [member] | Accumulated other comprehensive income [member] | Issued capital [member]Ordinary shares [member] | Issued capital [member]Preference shares [member] | Issued capital [member] | Reserve of equity component of convertible instruments [member] | Share premium [member] | Non-controlling interests [member] | Ordinary shares [member] | Preference shares [member] | Total |
Balance at Mar. 31, 2017 | $ 259,571 | $ (1,749,471) | $ 70,361 | $ 1,070,076 | $ 128,363 | $ 13,508 | $ 58,266 | $ 1,070,076 | $ 128,363 | ||||
Statement Line Items [Line Items] | |||||||||||||
Adjustment for revision | (14,208) | ||||||||||||
Adjustment for adoption of IFRS 9 and IFRS 15 | |||||||||||||
PROFIT (LOSS) FOR THE PERIOD | 243,449 | 9,352 | $ 252,801 | ||||||||||
Dividends and distributions declared and paid | (64,752) | ||||||||||||
Other comprehensive income (loss) | (8,054) | ||||||||||||
Share-based awards exercised | 11,015 | (11,015) | |||||||||||
Repurchase and cancellation of shares | (11,941) | ||||||||||||
Shares issued for cash | 5,195 | ||||||||||||
Shares issuance costs | (650) | ||||||||||||
Add:Share-based compensation expense | 18,628 | ||||||||||||
Non-cash deferred share grant distributions | 33 | ||||||||||||
Less: Purchase of non-controlling interest | (102,793) | ||||||||||||
Share-based compensation adjustment | (5,504) | ||||||||||||
Distributions to non-controlling shareholders | (9,352) | ||||||||||||
Foreign exchange impact on non-controlling interest | |||||||||||||
Balance at Dec. 31, 2017 | 488,812 | (1,814,223) | $ (1,325,411) | 62,307 | 1,069,150 | 132,908 | $ 1,202,058 | 13,508 | (42,385) | (89,923) | |||
Balance at Mar. 31, 2017 | 259,571 | (1,749,471) | 70,361 | 1,070,076 | 128,363 | 13,508 | 58,266 | 1,070,076 | 128,363 | ||||
Statement Line Items [Line Items] | |||||||||||||
Share-based awards exercised | 11,954 | ||||||||||||
Repurchase and cancellation of shares | (11,941) | ||||||||||||
Shares issued for cash | 9,260 | ||||||||||||
Shares issuance costs | (852) | ||||||||||||
Balance at Mar. 31, 2018 | 754,639 | (1,835,778) | 91,934 | 1,079,055 | 136,771 | 1,215,826 | 13,029 | (22,693) | (422) | 1,079,055 | 136,771 | 216,535 | |
Balance at Sep. 30, 2017 | 280,357 | (1,792,722) | 57,800 | 1,068,809 | 132,908 | 13,508 | (43,222) | ||||||
Statement Line Items [Line Items] | |||||||||||||
Adjustment for adoption of IFRS 9 and IFRS 15 | |||||||||||||
PROFIT (LOSS) FOR THE PERIOD | 208,455 | (40) | 208,415 | ||||||||||
Dividends and distributions declared and paid | (21,501) | ||||||||||||
Other comprehensive income (loss) | 4,507 | ||||||||||||
Share-based awards exercised | 341 | (341) | |||||||||||
Repurchase and cancellation of shares | |||||||||||||
Shares issued for cash | |||||||||||||
Shares issuance costs | |||||||||||||
Add:Share-based compensation expense | 1,665 | ||||||||||||
Non-cash deferred share grant distributions | 11 | ||||||||||||
Less: Purchase of non-controlling interest | (495) | ||||||||||||
Share-based compensation adjustment | (3) | ||||||||||||
Distributions to non-controlling shareholders | 40 | ||||||||||||
Foreign exchange impact on non-controlling interest | |||||||||||||
Balance at Dec. 31, 2017 | 488,812 | (1,814,223) | (1,325,411) | 62,307 | 1,069,150 | 132,908 | 1,202,058 | 13,508 | (42,385) | (89,923) | |||
Balance at Mar. 31, 2018 | 754,639 | (1,835,778) | 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 adoption of IFRS 9 and IFRS 15 | 20,712 | (17,863) | |||||||||||
PROFIT (LOSS) FOR THE PERIOD | (110,313) | (145) | (110,458) | ||||||||||
Dividends and distributions declared and paid | (66,026) | ||||||||||||
Other comprehensive income (loss) | 13,592 | ||||||||||||
Share-based awards exercised | 8,471 | (8,471) | 8,471 | ||||||||||
Repurchase and cancellation of shares | |||||||||||||
Shares issued for cash | 10,447 | 10,447 | |||||||||||
Shares issuance costs | (253) | (253) | |||||||||||
Add:Share-based compensation expense | 4,706 | ||||||||||||
Non-cash deferred share grant distributions | 51 | ||||||||||||
Less: Purchase of non-controlling interest | 1,493 | ||||||||||||
Share-based compensation adjustment | (1,080) | ||||||||||||
Distributions to non-controlling shareholders | |||||||||||||
Foreign exchange impact on non-controlling interest | 152 | ||||||||||||
Balance at Dec. 31, 2018 | 665,037 | (1,901,804) | (1,236,767) | 87,663 | 1,087,526 | 146,965 | 1,234,491 | 13,029 | (25,994) | (415) | 1,087,526 | 146,965 | 72,007 |
Balance at Sep. 30, 2018 | 712,588 | (1,880,370) | 69,458 | 1,085,991 | 146,984 | 13,029 | (25,186) | (399) | |||||
Statement Line Items [Line Items] | |||||||||||||
Adjustment for adoption of IFRS 9 and IFRS 15 | |||||||||||||
PROFIT (LOSS) FOR THE PERIOD | (47,551) | (34) | (47,585) | ||||||||||
Dividends and distributions declared and paid | (21,434) | ||||||||||||
Other comprehensive income (loss) | 18,205 | ||||||||||||
Share-based awards exercised | 1,535 | (1,535) | |||||||||||
Repurchase and cancellation of shares | |||||||||||||
Shares issued for cash | |||||||||||||
Shares issuance costs | (19) | ||||||||||||
Add:Share-based compensation expense | 1,437 | ||||||||||||
Non-cash deferred share grant distributions | 20 | ||||||||||||
Less: Purchase of non-controlling interest | 77 | ||||||||||||
Share-based compensation adjustment | (807) | ||||||||||||
Distributions to non-controlling shareholders | |||||||||||||
Foreign exchange impact on non-controlling interest | 18 | ||||||||||||
Balance at Dec. 31, 2018 | $ 665,037 | $ (1,901,804) | $ (1,236,767) | $ 87,663 | $ 1,087,526 | $ 146,965 | $ 1,234,491 | $ 13,029 | $ (25,994) | $ (415) | $ 1,087,526 | $ 146,965 | $ 72,007 |
Restated Interim Condensed Co_4
Restated Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | ||||
Profit (loss) before income taxes | $ (56,673) | $ 214,028 | $ (105,173) | $ 263,378 |
Items not affecting cash | ||||
Amortization of intangible assets | 7,307 | 5,439 | 16,647 | 13,230 |
Depreciation of property, plant and equipment | 1,171 | 1,041 | 3,029 | 3,023 |
Amortization included in cost of sales | 591 | 787 | 2,103 | 2,333 |
Share-based compensation | 1,437 | 1,665 | 4,706 | 18,628 |
Financing charges, non-cash portion | 4,393 | 2,647 | 13,838 | 7,835 |
Other | (29) | (93) | (83) | (277) |
Change in fair value of derivative instruments | 1,515 | (183,759) | 62,003 | (223,453) |
Adjustment required to reflect net cash receipts from gas sales | (1,236) | (2,780) | 8,470 | 4,750 |
Net change in working capital balances | 62,365 | (7,538) | (54,357) | (12,424) |
Income taxes paid | (3,705) | (2,778) | (13,553) | (18,569) |
Cash inflow (outflow) from operating activities | 17,136 | 28,659 | (62,370) | 58,454 |
INVESTING | ||||
Purchase of property, plant and equipment | (1,548) | (951) | (4,107) | (3,910) |
Purchase of intangible assets | (13,716) | (11,250) | (32,579) | (23,772) |
Acquisition of businesses | (3,000) | (3,000) | (2,546) | |
Short-term investments | 25,717 | 25,532 | ||
Cash inflow (outflow) from investing activities | (18,264) | 13,516 | (39,686) | (4,696) |
FINANCING | ||||
Dividends paid | (21,414) | (21,490) | (65,975) | (64,719) |
Repayment of long-term debt | (2,221) | (61,794) | ||
Issuance of long-term debt | 119,662 | |||
Share swap payout | (10,000) | |||
Debt issuance costs | (3,575) | (6,229) | ||
Credit facilities withdrawal | 18,985 | 20,768 | 76,265 | 70,030 |
Issuance of preferred shares | 10,447 | 5,195 | ||
Preferred shares issuance costs | (19) | (352) | (1,676) | |
Shares repurchase | (11,941) | |||
Distributions to non-controlling interest | (9,603) | |||
Cash inflow (outflow) from financing activities | (8,244) | (722) | 62,024 | (12,714) |
Effect of foreign currency translation on cash balances | 1,047 | 1,390 | 71 | 373 |
Net cash inflow (outflow) | (8,325) | 42,843 | (39,961) | 41,417 |
Cash and cash equivalents, beginning of period | 17,225 | 55,950 | 48,861 | 57,376 |
Cash and cash equivalents, end of period | 8,900 | 98,793 | 8,900 | 98,793 |
Supplemental cash flow information: | ||||
Interest paid | $ 12,428 | $ 7,938 | $ 38,873 | $ 26,833 |
Note 1 - Organization
Note 1 - Organization | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of general information about financial statements [text block] | 1. ORGANIZATION Just Energy Group Inc. (“Just Energy”) is a corporation established under the laws of Canada to hold securities and to distribute the income of its directly or indirectly owned operating subsidiaries and affiliates. The registered office of Just Energy is First Canadian Place, 100 August 14, 2019. |
Note 2 - Operations
Note 2 - Operations | 9 Months Ended |
Dec. 31, 2018 | |
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, the United Kingdom (“U.K.”), Germany, Ireland and Japan, 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. 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, 7.9% not |
Note 3 - Financial Statement Pr
Note 3 - Financial Statement Preparation | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of basis of preparation of financial statements [text block] | 3. FINANCIAL STATEMENT PREPARATION (a) Statement of compliance with IFRS These Interim Financial Statements have been prepared in accordance with International Accounting Standard (“IAS”) 34, March 31, 2018 (b) Basis of presentation and interim reporting These Interim Financial Statements should be read in conjunction with and follow the same accounting policies and methods of application as those used in the annual audited consolidated financial statements for the years ended March 31, 2018 2017 9 15 6. The Interim Financial Statements are presented in Canadian dollars, the functional currency of Just Energy, and all values are rounded to the nearest thousand, except where otherwise indicated. The Interim Financial Statements are prepared on a going concern basis under the historical cost convention, except for certain financial assets and liabilities which are stated at fair value. The interim operating results are not may March 31, 2019, October March April September. January March July September. October December April June. (c) Principles of consolidation The Interim Financial Statements include the accounts of Just Energy and its directly or indirectly owned subsidiaries and affiliates as at December 31, 2018. |
Note 4 - Restatement and Revisi
Note 4 - Restatement and Revision of Financial Statements | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of changes in accounting policies, accounting estimates and errors [text block] | 4. RESTATEMENT 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 December 31, 2018 $34.5 December 31, 2018. $40.1 December 31, 2018. December 31, 2018 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 statements of changes in shareholders’ equity (deficit) As at Dec. 31, 2018 As at Dec. 31, 2018 (As revised Note 4(b)) Adjustment (Restated) Trade and other receivables $ 781,168 $ (74,610 ) $ 706,558 Current assets $ 1,191,270 $ (74,610 ) $ 1,116,660 Total assets $ 1,853,611 $ (74,610 ) $ 1,779,001 Deficit $ (1,162,156 ) $ (74,610 ) $ (1,236,767 ) Total shareholders’ equity $ 146,617 $ (74,610 ) $ 72,007 Total liabilities and shareholders’ equity $ 1,853,611 $ (74,610 ) $ 1,779,001 Line Three months Three months Nine months Nine months ended ended ended ended Dec. 31, 2018 Dec. 31, 2018 Dec. 31, 2018 Dec. 31, 2018 (As revised Note 4(b)) Adjustment (Restated) (As revised Note 4(b)) Adjustment (Restated) Other operating expenses $ 30,120 $ 74,610 $ 104,730 $ 89,771 $ 74,610 $ 164,381 Total expenses $ 143,406 $ 74,610 $ 218,016 $ 424,539 $ 74,610 $ 499,149 Operating profit before: finance costs, change in fair value of derivative instruments and other income, net $ 45,107 $ (74,610 ) $ (29,503 ) $ 90,845 $ (74,610 ) $ 16,235 Profit (loss) before income taxes $ 17,937 $ (74,610 ) $ (56,673 ) $ (30,563 ) $ (74,610 ) $ (105,173 ) Profit (loss) for the period $ 27,025 $ (74,610 ) $ (47,585 ) $ (35,848 ) $ (74,610 ) $ (110,458 ) Profit (loss) for the year attributable to: Shareholders of Just Energy $ 27,059 $ (74,610 ) $ (47,551 ) $ (35,703 ) $ (74,610 ) $ (110,313 ) Earnings (loss) per share available to shareholders Basic $ 0.17 $ (0.50 ) $ (0.33 ) $ (0.28 ) $ (0.50 ) $ (0.78 ) Diluted $ 0.16 $ (0.49 ) $ (0.33 ) $ (0.28 ) $ (0.50 ) $ (0.78 ) Line items on the restated interim condensed consolidated statements of comprehensive income (loss) Three months Three months Nine months Nine months ended ended ended ended Dec. 31, 2018 Dec. 31, 2018 Dec. 31, 2018 Dec. 31, 2018 (As revised Note 4(b)) Adjustment (Restated) (As revised Note 4(b)) Adjustment (Restated) Profit (loss) for the period $ 27,025 $ (74,610 ) $ (47,585 ) $ (35,848 ) $ (74,610 ) $ (110,458 ) Total comprehensive income (loss) for the period, net of tax $ 45,230 $ (74,610 ) $ (29,380 ) $ (22,256 ) $ (74,610 ) $ (96,866 ) Total comprehensive income (loss) attributable to: Shareholders of Just Energy $ 45,264 $ (74,610 ) $ (29,346 ) $ (22,111 ) $ (74,610 ) $ (96,721 ) Line i Three months Three months Nine months Nine months ended ended ended ended Dec. 31, 2018 Dec. 31, 2018 Dec. 31, 2018 Dec. 31, 2018 (As revised Note 4(b)) Adjustment (Restated) (As revised Note 4(b)) Adjustment (Restated) Profit (loss) before income taxes $ 17,937 $ (74,610 ) $ (56,673 ) $ (30,563 ) $ (74,610 ) $ (105,173 ) Net change in working capital balances $ (12,245 ) $ 74,610 $ 62,365 $ (128,967 ) $ 74,610 $ (54,357 ) ( 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 interim financial statements, and as a result the net effect on opening balances of assets, liabilities and equity of $14.2 December 31, 2018. As previously Adjustment As revised Trade and other receivables $ 786,852 $ (5,684 ) $ 781,168 Gas in storage 36,458 (9,470 ) 26,988 Other current assets 152,359 2,517 154,876 Trade and other payables (754,296 ) (6,363 ) (760,659 ) Deferred revenue (76,862 ) 2,974 (73,888 ) Income tax payable (8,940 ) 1,818 (7,122 ) Deficit $ (1,147,949 ) $ (14,207 ) $ (1,162,156 ) |
Note 5 - Accounting Standards I
Note 5 - Accounting Standards Issued But Not Yet Effective | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of accounting standards issued but not yet effective explanatory [text block] | 5. ACCOUNTING STANDARDS ISSUED BUT NOT IFRS 16, 16” January 2016. 17’s not 12 16 17, January 1, 2019, 15, 15” not 16 April 1, 2019. IFRIC 23, June 2017. 12. January 1, 2019. not |
Note 6 - Accounting Policies an
Note 6 - Accounting Policies and New Standards Adopted | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of significant accounting policies [text block] | 6. 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 March 31, 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 financial statements The cumulative effect of changes made to the April 1, 2018 15 $7,493: Original IAS 18 Carrying amount 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 December 31, 2018: As at (reported) Balances without adoption of IFRS 15 Effect of change higher (lower) Current assets Customer acquisition costs $ 69,012 $ 30,996 $ 38,016 Non-current financial assets Customer acquisition costs $ 44,212 $ 18,128 $ 26,084 The following table shows the effect of the adoption of IFRS 15 three nine December 31, 2018: For the three Balances Effect of For the nine Balances Effect of months ended without change months ended without change Dec. 31, 2018 adoption higher Dec. 31, 2018 adoption higher (reported) of IFRS 15 (lower) (reported) of IFRS 15 (lower) Sales $ 966,653 $ 966,653 $ - $ 2,799,953 $ 2,799,953 $ - Cost of sales 778,140 778,140 - 2,284,569 2,284,569 - Gross margin 188,513 188,513 - 515,384 515,384 - Expenses Administrative 56,031 56,031 - 170,221 170,221 - Selling and marketing 57,255 64,769 (7,514 ) 164,547 191,436 (26,889 ) Other operating expenses 104,730 104,730 - 164,381 159,114 - 218,016 225,530 (7,514 ) 499,149 526,038 (26,889 ) Operating profit before the following (29,503 ) (37,017 ) 7,514 16,235 (10,654 ) 26,889 Finance costs (22,762 ) (22,762 ) - (59,225 ) (59,225 ) - Change in fair value of derivative instruments and other (1,515 ) (1,515 ) - (62,003 ) (62,003 ) - Change in fair value of Filter Group contingent consideration (5,462 ) (5,462 ) - (5,462 ) (5,462 ) - Other income 2,569 2,569 - 5,282 5,282 - Profit (loss) before income taxes (56,673 ) (64,187 ) 7,514 (105,173 ) (153,684 ) 26,889 Provision for (recovery of) income taxes (9,088 ) (9,088 ) - 5,285 5,285 - Profit (loss) for the period $ (47,585 ) $ (55,099 ) $ 7,514 $ (110,458 ) $ (137,347 ) $ 26,889 Attributable to: Shareholders of Just Energy $ (47,551 ) $ (55,065 ) $ 7,514 $ (110,313 ) $ (137,202 ) $ 26,889 Non-controlling interest (34 ) (34 ) - (145 ) (145 ) - Profit (loss) for the period $ (47,585 ) $ (55,099 ) $ 7,514 $ (110,458 ) $ (137,347 ) $ 26,889 Profit (loss) per share available to shareholders Basic $ (0.33 ) $ (0.38 ) $ 0.05 $ (0.78 ) $ (0.60 ) $ 0.18 Diluted $ (0.33 ) $ (0.38 ) $ 0.05 $ (0.78 ) $ (0.60 ) $ 0.18 IFRS 15 not 14. 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 December 31, 2018 $97,938. Just Energy expects to recognize revenue on these flat-bill contracts in the amounts of: January 1, 2019 to March 31, 2019 April 1, 2019 to March 31, 2020 April 1, 2020 to March 31, 2021 April 1, 2021 to March 31, 2022 Years thereafter Total Gas and electricity flat- bill contracts $ 8,698 $ 34,205 $ 25,780 $ 15,259 $ 13,996 $ 97,938 IFRS 9, Just Energy has adopted IFRS 9, 9” July 2014, April 1, 2018. April 1, 2018 9, not 9 April 1, 2018. IFRS 9 39, 39” 9 7, (a) Accounting policy for financial instruments under IFRS 9 The following accounting policy is applicable to the accounting for financial instruments in the quarter ended April 1, 2018 March 31, 2018 Financial assets (i) Recognition and derecognition Regular purchases and sales of financial assets are recognized on the trade date, being the date on which Just Energy commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and Just Energy has transferred substantially all the risks and rewards of ownership. (ii) Classification From April 1, 2018, · Those to be measured subsequently at fair value (either through other comprehensive income (loss) (“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 flow 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 other comprehensive income (loss) depending upon the business objective. Just Energy reclassifies debt instruments when and only when its business objective for managing those assets changes. (iii) Measurement At initial recognition, Just Energy measures a financial asset at its fair value. In the case of a financial asset not Subsequent measurement of debt instruments depends on Just Energy’s business objective for managing the asset and the cash flow characteristics of the asset. There are three Amortized cost Fair value through other comprehensive income (“FVOCI”) not Fair value through profit or loss (“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 expected credit loss balance from IAS 39 9 The following table reconciles the closing lifetime expected credit loss for financial assets and contract assets in accordance with IAS 39 March 31, 2018 April 1, 2018. Impairment allowance under IAS 39 as at March 31, 2018 Remeasurement Lifetime expected credit loss under IFRS 9 as at April 1, 2018 Trade and other receivables $ 60,121 $ 11,237 $ 71,358 Unbilled revenues $ - $ 12,399 $ 12,399 (d) Impairment of financial assets Just Energy has two 9’s 9 9, $23,636, April 1, 2018. $5,616, April 1, 2018. (e) Derivatives and hedging activities Just Energy did not 39, 9. |
Note 7 - Trade and Other Receiv
Note 7 - Trade and Other Receivables | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other receivables [text block] | 7. TRADE AND OTHER RECEIVABLES As at Dec. 31, 2018 As at (Restated – Note 4) March 31, 2018 Trade account receivables, net $ 342,218 $ 326,399 Accrued gas receivables 5,519 15,893 Unbilled revenues 323,000 301,577 Other 35,821 14,975 $ 706,558 $ 658,844 |
Note 8 - Other Current and Non-
Note 8 - Other Current and Non-current Assets | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of prepayments and other assets [text block] | 8. OTHER CURRENT AND NON-CURRENT ASSETS As at As at (a) Other current assets Dec. 31, 2018 March 31, 2018 Prepaid expenses and deposits $ 39,673 $ 35,078 Customer acquisition costs 69,012 31,852 Green certificates 33,746 42,230 Gas delivered in excess of consumption 9,895 2,715 Inventory 2,550 339 $ 154,876 $ 112,214 As at As at (b) Other non-current assets Dec. 31, 2018 March 31, 2018 Customer acquisition costs $ 44,212 $ 17,101 Income taxes recoverable 4,009 2,336 Other long-term assets 3,618 550 $ 51,839 $ 19,987 |
Note 9 - Financial Instruments
Note 9 - Financial Instruments | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of financial instruments [text block] | 9. 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 interim condensed 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 interim condensed consolidated statements of income (loss). Three months Three months Nine months Nine months ended ended ended ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2018 2017 2018 2017 Change in fair value of derivative instruments and other Physical forward contracts and options (i) $ (13,989 ) $ 143,575 $ (71,192 ) $ 159,922 Financial swap contracts and options (ii) 9,160 36,847 47,206 52,871 Foreign exchange forward contracts 3,843 (689 ) 4,710 (2,754 ) Share swap 3,073 (3,957 ) (2,488 ) (5,764 ) Unrealized foreign exchange on 6.5% convertible bond and 8.75% loan (15,487 ) (898 ) (15,700 ) 11,199 6.5% convertible bond conversion feature - 2,840 247 7,740 Weather derivatives (iii) (4,224 ) - (34,405 ) - Other derivative options 16,109 6,041 9,619 239 Change in fair value of derivative instruments and other $ (1,515 ) $ 183,759 $ (62,003 ) $ 223,453 The following table summarizes certain aspects of the fair value of derivative financial assets and liabilities recorded in the interim condensed consolidated statement of financial position as at December 31, 2018: Financial assets (current) Financial (non-current) Financial liabilities (current) Financial liabilities (non-current) Physical forward contracts and options (i) $ 145,955 $ 34,831 $ 25,206 $ 25,068 Financial swap contracts and options (ii) 25,984 6,372 13,710 14,141 Foreign exchange forward contracts (94 ) 3,232 - - Share swap - - 10,888 - Weather derivatives (iii) 9,430 - - - Other derivative options 15,927 7,684 1,571 653 As at December 31, 2018 $ 197,202 $ 52,119 $ 51,375 $ 39,862 The following table summarizes certain aspects of the fair value of derivative financial assets and liabilities recorded in the interim condensed consolidated statement of financial position as at March 31, 2018: Financial assets (current) Financial assets (non-current) Financial liabilities (current) Financial liabilities (non-current) Physical forward contracts and options $ 198,891 $ 60,550 $ 32,451 $ 29,003 Financial swap contracts and options 8,133 1,342 34,369 22,117 Foreign exchange forward contracts - - 1,068 505 Share swap - - 18,400 - 6.5% convertible bond conversion feature - - - 246 Other derivative options 11,745 2,770 - - As at March 31, 2018 $ 218,769 $ 64,662 $ 86,288 $ 51,871 Below is a summary of the financial instruments classified through profit or loss as at December 31, 2018, (i) Physical forward contracts and options consist of: · Electricity contracts with a total remaining volume of 37,553,624 $51.20/MWh September 30, 2028. · Natural gas contracts with a total remaining volume of 99,308,364 $3.85/GJ December 31, 2024. · Renewable energy certificates (“RECs”) and emission-reduction credit contracts with a total remaining volume of 3,561,521 196,200 $29.12/REC $3.28/tonne, December 31, 2028 December 31, 2021. · Electricity generation capacity contracts with a total remaining volume of 4,352 $4,924.08/MWCap October 31, 2022. · Ancillary contracts with a total remaining volume of 857,880 $23.29/MWh December 31, 2020. · Heat rate contracts with a total remaining volume of 12,400 $28.02/MWh January 31, 2019. (ii) Financial swap contracts and options consist of: · Electricity contracts with a total remaining volume of 12,427,564 $47.99/MWh November 30, 2024. · Natural gas contracts with a total remaining volume of 132,840,923 $3.73/GJ December 31, 2024. · Electricity generation capacity contracts with a total remaining volume of 99 $162,000.44/MWCap October 31, 2020. · Ancillary contracts with a total remaining volume of 1,468,080 $21.98/MWh December 31, 2020. (iii) Weather derivatives consist of: · Weather swaps for HDDs with temperature strike values of 25.00 30.00 $100.00/MWh February 28, 2019. · HDD collar options with put strike values ranging from 943 4,919 1,143 5,119 · HDD natural gas swaps with strike prices based on certain natural gas futures contracts in accordance with the Intercontinental Exchange and strike values ranging from 130 1,255 · HDD natural gas swaps with strike prices ranging from $1.47 $9.05/MmBTU 273 1,255 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 fulfil its obligations under the contracts, Just Energy may not Share swap agreement Just Energy has entered into a share swap agreement to manage the interim condensed consolidated statements of income (loss) volatility associated with the Company’s restricted share grant and deferred share grant plans. The value, on inception, of the 2,500,000 $33,803. August 22, 2018, $23,803 $10,000 Fair value (“FV”) hierarchy derivatives Level 1 The fair value measurements are classified as Level 1 Level 2 Fair value measurements that require observable inputs other than quoted prices in Level 1, 2 2, 2. Level 3 Fair value measurements that require unobservable market data or use statistical techniques to derive forward curves from observable market data and unobservable inputs are classified as Level 3 three five 12 15 3. 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. For the share swap, Just Energy uses a forward interest rate curve along with a volume weighted average share price. Just Energy’s accounting policy is to recognize transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. There were no 1, 2 3 three nine December 31, 2018 March 31, 2018. Fair value measurement input sensitivity The main cause of changes in the fair value of derivative instruments is changes in the forward curve prices used for the fair value calculations. Just Energy provides a sensitivity analysis of these forward curves under the “Market risk” section of this note. Other inputs, including volatility and correlations, are driven off historical settlements. The following table illustrates the classification of derivative financial assets (liabilities) in the FV hierarchy as at December 31, 2018: Level 1 Level 2 Level 3 Total Derivative financial assets $ - $ - $ 249,321 $ 249,321 Derivative financial liabilities - (11,261 ) (79,976 ) (91,237 ) Total net derivative assets (liabilities) $ - $ (11,261 ) $ 169,345 $ 158,084 The following table illustrates the classification of derivative financial assets (liabilities) in the FV hierarchy as at March 31, 2018: Level 1 Level 2 Level 3 Total Derivative financial assets $ - $ - $ 283,431 $ 283,431 Derivative financial liabilities - (21,092 ) (117,067 ) (138,159 ) Total net derivative assets (liabilities) $ - $ (21,092 ) $ 166,364 $ 145,272 A key assumption used when determining the significant unobservable inputs included in Level 3 5% 12 15 The following table illustrates the changes in net fair value of financial assets (liabilities) classified as Level 3 Nine months ended Year ended Dec. 31, 2018 March 31, 2018 Balance, beginning of period $ 166,364 $ (315,110 ) Total gains 96,401 105,709 Purchases 137,420 207,531 Sales (71,012 ) (64,464 ) Settlements (159,828 ) 232,698 Balance, end of period $ 169,345 $ 166,364 (b) Classification of non-derivative financial assets and liabilities As at December 31, 2018 March 31, 2018, Long-term debt recorded at amortized cost has a fair value as at December 31, 2018 $696.7 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 December 31, 2018 $37.0 March 31, 2018 - $36.3 2 2 not No The following table illustrates the classification of investments in the FV hierarchy as at December 31, 2018: Level 1 Level 2 Level 3 Total Investment in ecobee $ - $ 32,889 $ - $ 32,889 Investment in Energy Earth - 4,092 - 4,092 Total investments $ - $ 36,981 $ - $ 36,981 The risks associated with Just Energy’s financial instruments are as follows: (i) Market risk Market risk is the potential loss that may Foreign currency risk Foreign currency risk is created by fluctuations in the fair value or cash flows of financial instruments due to changes in foreign exchange rates and exposure as a result of investments in U.S. and international operations. The performance of the Canadian dollar relative to the U.S. dollar could positively or negatively affect Just Energy’s income, as a portion of Just Energy’s income is generated in U.S. dollars and is subject to currency fluctuations upon translation to Canadian dollars. Due to its growing operations in the U.S. and Europe, Just Energy expects to have a greater exposure to foreign currency fluctuations in the future than in prior years. Just Energy has economically hedged between 50% 90% 12 0% 50% 13 24 Just Energy may, not With respect to translation exposure, if the Canadian dollar had been 5% December 31, 2018, $3.2 $17.7 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% $630 three December 31, 2018 ( 2017 $496 Commodity price risk Just Energy is exposed to market risks associated with commodity prices and market volatility where estimated customer requirements do not not Commodity price sensitivity – all derivative financial instruments If all the energy prices associated with derivative financial instruments including natural gas, electricity, verified emission-reduction credits and renewable energy certificates had risen (fallen) by 10%, three December 31, 2018 $252,121 $250,095 Commodity price sensitivity – Level 3 If the energy prices associated with only Level 3 10%, three December 31, 2018 $254,391 $252,372 (ii) Credit risk Credit risk is the risk that one two Customer credit risk In Alberta, Texas, Illinois, California, Delaware, Ohio, Georgia, the U.K. and Ireland, as well as for Interactive Energy Group and JustGreen U.S., 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: Dec. 31, 2018 March 31, 2018 Current $ 104,685 $ 113,786 1–30 days 42,416 44,374 31–60 days 19,007 21,241 61–90 days 19,310 12,686 Over 90 days 113,668 69,207 $ 299,086 $ 261,294 Changes in the expected lifetime credit loss were as follows: Dec. 31, 2018 (Restated – Note 4) March 31, 2018 Balance, beginning of period $ 60,121 $ 49,431 Provision for doubtful accounts 139,999 56,300 Bad debts written off (40,958 ) (41,802 ) Adjustment from IFRS 9 adoption 23,636 - Foreign exchange 421 (3,808 ) Balance, end of period $ 183,219 $ 60,121 In the remaining markets, the local distribution companies (“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 December 31, 2018, $249,321 2017 $38,605 (iii) Liquidity risk Liquidity risk is the potential inability to meet financial obligations as they fall due. Just Energy manages this risk by monitoring detailed weekly cash flow forecasts covering a rolling six 12 two The following are the contractual maturities, excluding interest payments, reflecting undiscounted disbursements of Just Energy’s financial liabilities: As at December 31, 2018: Carrying Contractual Less than More than amount cash flows 1 year 1–3 years 4–5 years 5 years Trade and other payables $ 760,659 $ 760,659 $ 760,659 $ - $ - $ - Long-term debt 1 716,133 - - - - - Gas, electricity and non-commodity contracts 91,237 3,596,873 633,606 2,388,039 448,570 126,658 $ 1,568,029 $ 4,357,532 $ 1,394,265 $ 2,388,039 $ 448,570 $ 126,658 As at March 31, 2018: Carrying Contractual Less than More than amount cash flows 1 year 1–3 years 4–5 years 5 years Trade and other payables $ 621,148 $ 621,148 $ 621,148 $ - $ - $ - 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 $ 1,302,811 $ 4,367,710 $ 2,610,652 $ 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 December 31, 2018, Less than 1 year 1–3 years 4–5 years More than 5 years Interest payments $ 30,077 $ 69,836 $ 33,152 $ - (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 December 31, 2018, $10,183 2017 $3,109 |
Note 10 - Acquisition of Busine
Note 10 - Acquisition of Businesses | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of business combinations [text block] | 10. 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. The following is the preliminary purchase price allocation for EdgePower: NET ASSETS ACQUIRED Working capital $ 993 Intangible assets 14,198 Goodwill 7,673 Deferred tax liabilities (3,820 ) Total consideration $ 19,044 Cash paid, net of working capital adjustment $ 9,534 Common shares issued 9,510 Total consideration $ 19,044 (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 $15 180 9.5 2.4 first three may 50% 100% The contingent consideration relating to the potential earn-out payments over the next three $28 October 1, 2018. not The goodwill was calculated as the difference between the fair value of consideration transferred and the preliminary 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 As of December 31, 2018, $3.1 $0.4 October 1, 2018. December 31, 2018 $5.0 $1.3 April 1, 2018. December 31, 2018 $33.3 $5.5 October 1, 2018 December 31, 2018 For the period ended December 31, 2018, $1.2 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 $15.0 $2.0 $13.0 $3.0 October 1, 2018. December 31, 2018, $12.0 $11.8 The following is the preliminary purchase price allocation for Filter Group: NET ASSETS ACQUIRED Working capital $ 927 Property, plant and equipment 6,154 Intangible assets 16,049 Goodwill 40,621 Long-term debt (21,611 ) Total consideration $ 42,140 Cash consideration $ 3,000 Payable to shareholders 11,314 Contingent consideration 27,826 Total consideration $ 42,140 |
Note 11 - Long-term Debt and Fi
Note 11 - Long-term Debt and Financing | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of borrowings [text block] | 11. LONG-TERM DEBT AND FINANCING Dec. 31, March 31, Maturity 2018 2018 Credit facility (a) September 1, 2020 $ 198,380 $ 122,115 Less: Debt issue costs (a) (2,584 ) (664 ) Filter Group Financing (b) 19,390 - 8.75% loan (c) September 12, 2023 123,002 - 6.75% $100M convertible debentures (d) March 31, 2023 86,898 85,760 6.75% $160M convertible debentures (e) December 31, 2021 150,215 148,146 6.5% convertible bonds (f) July 29, 2019 140,832 188,147 716,133 543,504 Less: Current portion (150,050 ) (121,451 ) $ 566,083 $ 422,053 Future annual minimum repayments are as follows: Less than 1 year 1–3 years 4–5 years More than 5 years Total Credit facility (a) $ - $ 198,380 $ - $ - $ 198,380 Filter Group Financing (b) 9,217 8,987 1,186 - 19,390 8.75% loan (c) - - 138,944 - 138,944 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) 142,422 - - - 142,422 $ 151,639 $ 207,367 $ 400,130 $ - $ 759,186 The details for long-term debt are as follows: As at April 1, 2018 Cash inflows/ (outflows) Foreign Exchange Non-cash changes As at 2018 Credit facility (a) $ 121,451 $ 73,681 $ - $ 664 $ 195,796 Filter Group Financing (b) - (2,221 ) - 21,611 19,390 8.75% loan (c) - 116,016 6,376 610 123,002 6.75% $100M convertible debentures (d) 85,760 - - 1,138 86,898 6.75% $160M convertible debentures (e) 148,146 - - 2,069 150,215 6.5% convertible bonds (f) 188,147 (59,574 ) 7,751 4,508 140,832 $ 543,504 $ 127,902 $ 14,127 $ 30,600 $ 716,133 Less: Current portion (121,451 ) $ - $ - $ - $ (150,050 ) $ 422,053 $ 127,902 $ 14,127 $ 30,600 $ 566,083 As at April 1, 2017 Cash inflows/ (outflows) Foreign Exchange Non-cash changes As at March 31, 2018 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 ) 3,761 188,147 5.75% convertible debentures (g) 96,022 (100,000 ) - 3,978 - $ 498,088 $ 49,726 $ (6,101 ) $ 1,790 $ 543,504 Less: Current portion - $ - $ - $ - $ (121,451 ) $ 498,088 $ 49,726 $ (6,101 ) $ 1,790 $ 422,053 Interest is expensed based on the effective interest rate. The following table details the finance costs for the indicated periods: Three months Three months Nine months Nine months ended ended ended ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2018 2017 2018 2017 Credit facility (a) $ 5,469 $ 3,402 $ 14,523 $ 8,972 Filter Group Financing (b) 459 - 459 - 8.75% loan (c) 4,318 - 4,318 - 6.75% $100M convertible debentures (d) 1,925 - 6,510 - 6.75% $160M convertible debentures (e) 3,399 3,342 10,168 9,404 6.5% convertible bonds (f) 3,714 4,043 13,490 11,784 5.75% convertible debentures (g) - 2,101 - 6,246 Collateral cost and other 3,478 378 9,757 1,371 $ 22,762 $ 13,266 $ 59,225 $ 37,777 (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 of 3.750%. 2.750% 3.750%. As at December 31, 2018, 3.95% 5.5%. December 31, 2018, $198.4 December 31, 2018 $95.7 September 30, 2018 - $89.4 December 31, 2018, $58.4 December 31, 2018, (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 December 31, 2018, US$97.0 8.75% 8.75% three first second 6.5% third (d) On February 22, 2018, $100 “6.75% $100 6.75% $100 6.75%, March 31 September 30 March 31, 2023. (e) On October 5, 2016, $160 “6.75% $160 6.75% $160 6.75%, June 30 December 31 December 31, 2021. (f) On January 29, 2014, US$150 “6.5% 6.5% 6.5%, January 29 July 29 July 29, 2019. $5,215 6.5% US$45.6 September 2018, $1.5 (g) In September 2011, $100 “5.75% 5.75% 5.75%, March 31 September 30 December 31, 2018. 5.75% March 27, 2018. |
Note 12 - Income Taxes
Note 12 - Income Taxes | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of income tax [text block] | 12. INCOME TAXES Three months Three months Nine months Nine months ended ended ended ended Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Current income tax expense (recovery) $ 4,540 $ (4,105 ) $ 1,508 $ 379 Deferred tax expense (recovery) (13,628 ) 9,718 3,777 10,198 Provision for (recovery of) income taxes $ (9,088 ) $ 5,613 $ 5,285 $ 10,577 |
Note 13 - Shareholders' Capital
Note 13 - Shareholders' Capital | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of issued capital [text block] | 13. SHAREHOLDERS’ CAPITAL Just Energy is authorized to issue an unlimited number of common shares and 50,000,000 no no Just Energy has the ability to make a normal course issuer bid (“NCIB”) to purchase for cancellation a portion of the outstanding 6.75% December 31, 2021, 10% February 28, 2018 may March 19, 2018 March 15, 2019. three December 31, 2018, $nil 6.75% Details of issued and outstanding shareholders’ capital are as follows: Nine months ended Year ended Dec. 31, 2018 March 31, 2018 Shares Amount Shares Amount Common shares: Issued and outstanding Balance, beginning of period 148,394,152 $ 1,079,055 147,013,538 $ 1,070,076 Share-based awards exercised 1,118,144 8,471 1,643,156 11,954 Acquisition of subsidiary - - 1,415,285 8,966 Repurchase and cancellation of shares - - (1,677,827 ) (11,941 ) Balance, end of period 149,512,296 $ 1,087,526 148,394,152 $ 1,079,055 Preferred shares: Issued and outstanding Balance, beginning of period 4,323,300 $ 136,771 4,040,000 $ 128,363 Shares issued for cash 338,865 10,447 283,300 9,260 Preferred shares issuance cost - (253 ) - (852 ) Balance, end of period 4,662,165 $ 146,965 4,323,300 $ 136,771 Shareholders' capital 154,174,461 $ 1,234,491 152,717,452 $ 1,215,826 |
Note 14 - Reportable Business S
Note 14 - Reportable Business Segments | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of entity's operating segments [text block] | 14. REPORTABLE BUSINESS SEGMENTS Just Energy’s reportable segments include the following: Consumer Energy and Commercial Energy. Just Energy has aggregated the operating segments into these reportable segments on the basis that the operating segments share economic characteristics. These characteristics include the nature of the product and services sold, the distribution methods, and the type of customer class and regulatory environment. Transactions between operating segments are in the normal course of operations and are recorded at the exchange amount. Allocations made between segments for shared assets or allocated expenses are based on the number of 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 is 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 three December 31, 2018: Consumer division Corporate and Consolidated (Restated – Note 4) Commercial division shared services division (Restated – Note 4) Sales $ 615,997 $ 350,656 $ - $ 966,653 Gross margin 145,867 42,646 - 188,513 Administrative expenses 21,817 10,565 23,649 56,031 Selling and marketing expenses 39,106 18,149 - 57,255 Depreciation of property, plant and equipment 1,120 51 - 1,171 Amortization of intangible assets 6,441 866 - 7,307 Other operating expenses 94,318 1,934 - 96,252 Operating profit (loss) for the period $ (16,935 ) $ 11,081 $ (23,649 ) $ (29,503 ) Finance costs (22,762 ) Change in fair value of derivative instruments and other (1,515 ) Change in fair value of Filter Group contingent consideration (5,462 ) Other income 2,569 Recovery for income taxes (9,088 ) Profit for the period $ (47,585 ) Capital expenditures $ 13,894 $ 1,370 $ - $ 15,264 For the three December 31, 2017: Consumer Commercial Corporate and shared services division division division Consolidated Sales $ 579,968 $ 332,235 $ - $ 912,203 Gross margin 132,807 38,498 - 171,305 Administrative expenses 18,765 8,373 23,251 50,389 Selling and marketing expenses 39,127 16,420 - 55,547 Depreciation of property, plant and equipment 956 85 - 1,041 Amortization of intangible assets 4,954 485 - 5,439 Other operating expenses 13,662 1,059 - 14,721 Operating profit (loss) for the period $ 55,343 $ 12,076 $ (23,251 ) $ 44,168 Finance costs (13,266 ) Change in fair value of derivative instruments and other 183,759 Other expense (633 ) Recovery of income taxes (5,613 ) Profit for the period $ 208,415 Capital expenditures $ 8,175 $ 4,026 $ - $ 12,201 For the nine December 31, 2018: Consumer division Corporate and Consolidated (Restated – Note 4) Commercial division shared services division (Restated – Note 4) Sales $ 1,751,783 $ 1,048,170 $ - $ 2,799,953 Gross margin 389,878 125,506 - 515,384 Depreciation of property, plant and equipment 2,876 153 - 3,029 Amortization of intangible assets 15,068 1,579 - 16,647 Administrative expenses 65,218 31,737 73,266 170,221 Selling and marketing expenses 109,310 55,237 - 164,547 Other operating expenses 137,684 7,021 - 144,705 Operating profit (loss) for the period $ 59,722 $ 29,779 $ (73,266 ) 16,235 Finance costs (59,225 ) Change in fair value of derivative instruments and other (62,003 ) Change in fair value of Filter Group contingent consideration (5,462 ) Other income 5,282 Provision for income taxes (5,285 ) Loss for the period $ (110,458 ) Capital expenditures $ 33,457 $ 3,229 $ - $ 36,686 As at December 31, 2018 Total goodwill $ 194,021 $ 156,164 $ - $ 350,185 Total assets $ 1,326,855 $ 452,146 $ - $ 1,779,001 Total liabilities $ 1,488,133 $ 218,862 $ - $ 1,706,994 For the nine December 31, 2017: Consumer Commercial Corporate and shared services division division division Consolidated Sales $ 1,571,439 $ 1,040,397 $ - $ 2,611,836 Gross margin 355,699 115,832 - 471,531 Depreciation of property, plant and equipment 2,779 244 - 3,023 Amortization of intangible assets 11,761 1,469 - 13,230 Administrative expenses 52,081 26,784 66,961 145,826 Selling and marketing expenses 118,759 53,441 - 172,200 Other operating expenses 58,531 2,188 - 60,719 Operating profit (loss) for the period $ 111,788 $ 31,706 $ (66,961 ) 76,533 Finance costs (37,777 ) Change in fair value of derivative instruments and other 223,453 Other income 1,169 Provision for income taxes (10,577 ) Profit for the period $ 252,801 Capital expenditures $ 18,547 $ 9,135 $ - $ 27,682 As at December 31, 2017 Total goodwill $ 148,661 $ 142,831 $ - $ 291,492 Total assets $ 858,087 $ 529,442 $ - $ 1,387,529 Total liabilities $ 1,173,471 $ 289,773 $ - $ 1,463,244 Sales from external customers The revenue is based on the location of the customer. Three months Three months Nine months Nine months ended ended ended ended Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Canada $ 110,853 $ 115,966 $ 283,521 $ 276,658 United States 623,351 580,238 1,957,508 1,852,542 International 232,449 215,999 558,924 482,636 Total $ 966,653 $ 912,203 $ 2,799,953 $ 2,611,836 Non-current assets Non-current assets by geographic segment consist of property, plant and equipment and intangible assets and are summarized as follows: As at Dec. 31, 2018 As at March 31, 2018 Canada $ 271,375 $ 201,985 United States 227,212 207,147 International 15,302 11,687 Total $ 513,889 $ 420,819 |
Note 15 - Other Expenses
Note 15 - Other Expenses | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of other operating income (expense) [text block] | 15. OTHER EXPENSES (a) Other operating expenses Three months Nine months ended ended Dec. 31, Three months Dec. 31, Nine months 2018 ended 2018 ended (Restated – Note 4) Dec. 31, 2017 (Restated – Note 4) Dec. 31, 2017 Amortization of other intangible assets $ 7,307 $ 5,439 $ 16,647 $ 13,230 Depreciation of property, plant and equipment 1,171 1,041 3,029 3,023 Bad debt expense 94,815 13,056 139,999 42,091 Share-based compensation 1,437 1,665 4,706 18,628 $ 104,730 $ 21,201 $ 164,381 $ 76,972 (b) Employee benefits expense Three months Three months Nine months Nine months ended ended ended ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2018 2017 2018 2017 Wages, salaries and commissions $ 67,925 $ 58,838 $ 196,452 $ 171,456 Benefits 3,726 7,708 20,299 20,211 $ 71,651 $ 66,546 $ 216,751 $ 191,667 |
Note 16 - Earnings (Loss) Per S
Note 16 - Earnings (Loss) Per Share | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of earnings per share [text block] | 16. EARNINGS (LOSS) PER SHARE Three months Three months Nine months Nine months ended ended ended ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2018 2017 2018 2017 BASIC EARNINGS (LOSS) PER SHARE Profit (loss) as per consolidated statement of income $ (47,551 ) $ 208,455 $ (110,313 ) $ 243,449 Dividend to preferred shareholders - net of tax 1,821 2,842 6,538 8,658 Earnings (loss) available to shareholders (49,372 ) 205,613 (116,851 ) 234,791 Basic weighted average shares outstanding 149,309,905 146,859,332 149,012,066 146,914,251 Basic earnings (loss) per share available to shareholders $ (0.33 ) $ 1.40 $ (0.78 ) $ 1.60 DILUTED EARNINGS (LOSS) PER SHARE Earnings (loss) available to shareholders $ (49,372 ) $ 205,613 $ (116,851 ) $ 234,791 Adjustment for dilutive impact of convertible debentures - 4,884 - 14,474 Adjusted earnings (loss) available to shareholders $ (49,372 ) $ 210,497 $ (116,851 ) $ 249,265 Basic weighted average shares outstanding 149,309,905 146,859,332 149,012,066 146,914,251 Dilutive effect of: Restricted share grants 2,238,518 2,807,661 2,548,751 1 2,761,033 Deferred share grants 151,472 89,210 134,458 1 94,347 Convertible debentures 28,440,256 38,804,494 39,574,831 1 38,804,494 Shares outstanding on a diluted basis 180,140,151 188,560,697 191,270,106 188,574,125 Diluted earnings (loss) per share available to shareholders $ (0.33 ) $ 1.12 $ (0.78 ) $ 1.32 1 not |
Note 17 - Dividends and Distrib
Note 17 - Dividends and Distributions | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of dividends [text block] | 17. DIVIDENDS AND DISTRIBUTION For the three December 31, 2018, $0.125 2017 $0.125 $18,662 2017 $18,357 nine December 31, 2018, $0.375 2017 $0.375 $55,868 2017 $55,081 For the three December 31, 2018, $0.125 2017 $0.125 $295 2017 $302 nine December 31, 2018, $0.375 2017 $0.375 $1,263 2017 $1,013 For the three December 31, 2018, US$0.53125 2017 US$0.53125 $2,477 2017 $2,842 nine December 31, 2018, US$1.0625 2017 US$1.59375 $8,895 2017 $8,658 |
Note 18 - Commitments and Guara
Note 18 - Commitments and Guarantees | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of commitments and contingent liabilities [text block] | 18. COMMITMENTS AND GUARANTEES Commitments for each of the next five As at December 31, 2018 Less than 1 year 1–3 years 4–5 years More than 5 years Total Premises and equipment leasing $ 1,543 $ 7,669 $ 6,825 $ 7,171 $ 23,208 Gas, electricity and non-commodity contracts 633,606 2,388,039 448,570 126,658 3,596,873 $ 635,149 $ 2,395,708 $ 455,395 $ 133,829 $ 3,620,081 Just Energy has entered into leasing contracts for office buildings and administrative equipment. These leases have a leasing period of between one eight No On October 9, 2018, The Insurance primarily complements Just Energy’s robust risk management program and is intended to mitigate the impacts to the Company due to, among other things, natural disasters, such as Hurricane Harvey and the January 2018 The Insurance provides up to US$25 US$50 US$225 80 Guarantees Pursuant to separate arrangements with Westchester Fire Insurance Company, Travelers Casualty and Surety Company of America, Berkley Insurance Company and Charter Brokerage LLC, Just Energy has issued surety bonds to various counterparties including states, regulatory bodies, utilities and various other surety bond holders in return for a fee and/or meeting certain collateral posting requirements. Such surety bond postings are required in order to operate in certain states or markets. Total surety bonds issued as at December 31, 2018 $70.3 As at December 31, 2018, $95.7 11 |
Note 19 - Comparative Interim C
Note 19 - Comparative Interim Condensed Consolidated Financial Statements | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of information about consolidated structured entities [text block] | 19. COMPARATIVE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Certain figures in the comparative interim condensed consolidated financial statements have been reclassified from statements previously presented to conform to the presentation of the current year’s interim condensed consolidated financial statements. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2018 | |
Discloure of Significant Accounting Policies | |
Description of accounting policy for recognition of revenue [text block] | Sales Just Energy historically recognized revenue based on consumption of the commodity by the customer. Often times, the billing cycles for customers do not not 15. 9. Upon the adoption of IFRS 15, no |
Description of accounting policy for expenses [text block] | Expenses Historically, North American residential sales commissions and incentives paid to brokers, employees or third Upon the adoption of IFRS 15, third two five one |
Description of accounting policy for the impact on financial statements from IFRS 15 [text block] | Impact on financial statements The cumulative effect of changes made to the April 1, 2018 15 $7,493: Original IAS 18 Carrying amount 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 December 31, 2018: As at Balances Effect of Current assets Customer acquisition costs $ 69,012 $ 30,996 $ 38,016 Non-current financial assets Customer acquisition costs $ 44,212 $ 18,128 $ 26,084 The following table shows the effect of the adoption of IFRS 15 three nine December 31, 2018: For the three Balances Effect of For the nine Balances Effect of months ended without change months ended without change Dec. 31, 2018 adoption higher Dec. 31, 2018 adoption higher (reported) of IFRS 15 (lower) (reported) of IFRS 15 (lower) Sales $ 966,653 $ 966,653 $ - $ 2,799,953 $ 2,799,953 $ - Cost of sales 778,140 778,140 - 2,284,569 2,284,569 - Gross margin 188,513 188,513 - 515,384 515,384 - Expenses Administrative 56,031 56,031 - 170,221 170,221 - Selling and marketing 57,255 64,769 (7,514 ) 164,547 191,436 (26,889 ) Other operating expenses 30,120 30,120 - 89,771 89,771 - 143,406 150,920 (7,514 ) 424,539 451,428 (26,889 ) Operating profit before the following 45,107 37,593 7,514 90,845 63,956 26,889 Finance costs (22,762 ) (22,762 ) - (59,225 ) (59,225 ) - Change in fair value of derivative instruments and other (1,515 ) (1,515 ) - (62,003 ) (62,003 ) - Change in fair value of Filter Group contingent consideration (5,462) (5,462) - (5,462) (5,462) - Other income 2,569 2,569 - 5,282 5,282 - Profit (loss) before income taxes 17,937 10,423 7,514 (30,563 ) (57,452 ) 26,889 Provision for (recovery of) income taxes (9,088 ) (9,088 ) - 5,285 5,285 - Profit (loss) for the period $ 27,025 $ 19,511 $ 7,514 $ (35,848 ) $ (62,737 ) $ 26,889 Attributable to: Shareholders of Just Energy $ 27,059 $ 19,545 $ 7,514 $ (35,703 ) $ (62,592 ) $ 26,889 Non-controlling interest (34 ) (34 ) - (145 ) (145 ) - Profit (loss) for the period $ 27,025 $ 19,511 $ 7,514 $ (35,848 ) $ (62,737 ) $ 26,889 Profit (loss) per share available to shareholders Basic $ 0.17 $ 0.12 $ 0.05 $ (0.28 ) $ (0.46 ) $ 0.18 Diluted $ 0.16 $ 0.12 $ 0.04 $ (0.28 ) $ (0.46 ) $ 0.18 IFRS 15 not 13. 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 December 31, 2018 $97,938. Just Energy expects to recognize revenue on these flat-bill contracts in the amounts of: January 1, April 1, April 1, April 1, 2021 Years Total Gas and electricity flat- bill contracts $ 8,698 $ 34,205 $ 25,780 $ 15,259 $ 13,996 $ 97,938 |
Description of accounting policy for change in accounting policies [text block] | IFRS 9, Just Energy has adopted IFRS 9, 9” July 2014, April 1, 2018. April 1, 2018 9, not 9 April 1, 2018. IFRS 9 39, 39” 9 7, (a) Accounting policy for financial instruments under IFRS 9 The following accounting policy is applicable to the accounting for financial instruments in the quarter ended April 1, 2018 March 31, 2018 Financial assets (i) Recognition and derecognition Regular purchases and sales of financial assets are recognized on the trade date, being the date on which Just Energy commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and Just Energy has transferred substantially all the risks and rewards of ownership. (ii) Classification From April 1, 2018, • Those to be measured subsequently at fair value (either through other comprehensive income (loss) (“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 flow 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 other comprehensive income (loss) depending upon the business objective. Just Energy reclassifies debt instruments when and only when its business objective for managing those assets changes. (iii) Measurement At initial recognition, Just Energy measures a financial asset at its fair value. In the case of a financial asset not Subsequent measurement of debt instruments depends on Just Energy’s business objective for managing the asset and the cash flow characteristics of the asset. There are three Amortized cost Fair value through other comprehensive income (“FVOCI”) not Fair value through profit or loss (“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 expected credit loss balance from IAS 39 9 The following table reconciles the closing lifetime expected credit loss for financial assets and contract assets in accordance with IAS 39 March 31, 2018 April 1, 2018. Impairment Remeasurement Lifetime expected Trade and other receivables $ 60,121 $ 11,237 $ 71,358 Unbilled revenues $ - $ 12,399 $ 12,399 (d) Impairment of financial assets Just Energy has two 9’s 9 9, $23,636, April 1, 2018. $5,616, April 1, 2018. (e) Derivatives and hedging activities Just Energy did not 39, 9. |
Note 4 - Restatement and Revi_2
Note 4 - Restatement and Revision of Financial Statements (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Description of nature of accounting errors in prior periods [text block] | As at Dec. 31, 2018 As at Dec. 31, 2018 (As revised Note 4(b)) Adjustment (Restated) Trade and other receivables $ 781,168 $ (74,610 ) $ 706,558 Current assets $ 1,191,270 $ (74,610 ) $ 1,116,660 Total assets $ 1,853,611 $ (74,610 ) $ 1,779,001 Deficit $ (1,162,156 ) $ (74,610 ) $ (1,236,767 ) Total shareholders’ equity $ 146,617 $ (74,610 ) $ 72,007 Total liabilities and shareholders’ equity $ 1,853,611 $ (74,610 ) $ 1,779,001 Three months Three months Nine months Nine months ended ended ended ended Dec. 31, 2018 Dec. 31, 2018 Dec. 31, 2018 Dec. 31, 2018 (As revised Note 4(b)) Adjustment (Restated) (As revised Note 4(b)) Adjustment (Restated) Other operating expenses $ 30,120 $ 74,610 $ 104,730 $ 89,771 $ 74,610 $ 164,381 Total expenses $ 143,406 $ 74,610 $ 218,016 $ 424,539 $ 74,610 $ 499,149 Operating profit before: finance costs, change in fair value of derivative instruments and other income, net $ 45,107 $ (74,610 ) $ (29,503 ) $ 90,845 $ (74,610 ) $ 16,235 Profit (loss) before income taxes $ 17,937 $ (74,610 ) $ (56,673 ) $ (30,563 ) $ (74,610 ) $ (105,173 ) Profit (loss) for the period $ 27,025 $ (74,610 ) $ (47,585 ) $ (35,848 ) $ (74,610 ) $ (110,458 ) Profit (loss) for the year attributable to: Shareholders of Just Energy $ 27,059 $ (74,610 ) $ (47,551 ) $ (35,703 ) $ (74,610 ) $ (110,313 ) Earnings (loss) per share available to shareholders Basic $ 0.17 $ (0.50 ) $ (0.33 ) $ (0.28 ) $ (0.50 ) $ (0.78 ) Diluted $ 0.16 $ (0.49 ) $ (0.33 ) $ (0.28 ) $ (0.50 ) $ (0.78 ) Three months Three months Nine months Nine months ended ended ended ended Dec. 31, 2018 Dec. 31, 2018 Dec. 31, 2018 Dec. 31, 2018 (As revised Note 4(b)) Adjustment (Restated) (As revised Note 4(b)) Adjustment (Restated) Profit (loss) for the period $ 27,025 $ (74,610 ) $ (47,585 ) $ (35,848 ) $ (74,610 ) $ (110,458 ) Total comprehensive income (loss) for the period, net of tax $ 45,230 $ (74,610 ) $ (29,380 ) $ (22,256 ) $ (74,610 ) $ (96,866 ) Total comprehensive income (loss) attributable to: Shareholders of Just Energy $ 45,264 $ (74,610 ) $ (29,346 ) $ (22,111 ) $ (74,610 ) $ (96,721 ) Three months Three months Nine months Nine months ended ended ended ended Dec. 31, 2018 Dec. 31, 2018 Dec. 31, 2018 Dec. 31, 2018 (As revised Note 4(b)) Adjustment (Restated) (As revised Note 4(b)) Adjustment (Restated) Profit (loss) before income taxes $ 17,937 $ (74,610 ) $ (56,673 ) $ (30,563 ) $ (74,610 ) $ (105,173 ) Net change in working capital balances $ (12,245 ) $ 74,610 $ 62,365 $ (128,967 ) $ 74,610 $ (54,357 ) As previously Adjustment As revised Trade and other receivables $ 786,852 $ (5,684 ) $ 781,168 Gas in storage 36,458 (9,470 ) 26,988 Other current assets 152,359 2,517 154,876 Trade and other payables (754,296 ) (6,363 ) (760,659 ) Deferred revenue (76,862 ) 2,974 (73,888 ) Income tax payable (8,940 ) 1,818 (7,122 ) Deficit $ (1,147,949 ) $ (14,207 ) $ (1,162,156 ) |
Note 6 - Accounting Policies _2
Note 6 - Accounting Policies and New Standards Adopted (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of standards and interpretations that are issued, but not yet effective [text block] | Original IAS 18 Carrying amount 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 (reported) Balances without adoption of IFRS 15 Effect of change higher (lower) Current assets Customer acquisition costs $ 69,012 $ 30,996 $ 38,016 Non-current financial assets Customer acquisition costs $ 44,212 $ 18,128 $ 26,084 |
Disclosure of the effect of the adoption of IFRS 15 on interim condensed consolidated statements of comprehensive income (loss) [text block] | For the three Balances Effect of For the nine Balances Effect of months ended without change months ended without change Dec. 31, 2018 adoption higher Dec. 31, 2018 adoption higher (reported) of IFRS 15 (lower) (reported) of IFRS 15 (lower) Sales $ 966,653 $ 966,653 $ - $ 2,799,953 $ 2,799,953 $ - Cost of sales 778,140 778,140 - 2,284,569 2,284,569 - Gross margin 188,513 188,513 - 515,384 515,384 - Expenses Administrative 56,031 56,031 - 170,221 170,221 - Selling and marketing 57,255 64,769 (7,514 ) 164,547 191,436 (26,889 ) Other operating expenses 104,730 104,730 - 164,381 159,114 - 218,016 225,530 (7,514 ) 499,149 526,038 (26,889 ) Operating profit before the following (29,503 ) (37,017 ) 7,514 16,235 (10,654 ) 26,889 Finance costs (22,762 ) (22,762 ) - (59,225 ) (59,225 ) - Change in fair value of derivative instruments and other (1,515 ) (1,515 ) - (62,003 ) (62,003 ) - Change in fair value of Filter Group contingent consideration (5,462 ) (5,462 ) - (5,462 ) (5,462 ) - Other income 2,569 2,569 - 5,282 5,282 - Profit (loss) before income taxes (56,673 ) (64,187 ) 7,514 (105,173 ) (153,684 ) 26,889 Provision for (recovery of) income taxes (9,088 ) (9,088 ) - 5,285 5,285 - Profit (loss) for the period $ (47,585 ) $ (55,099 ) $ 7,514 $ (110,458 ) $ (137,347 ) $ 26,889 Attributable to: Shareholders of Just Energy $ (47,551 ) $ (55,065 ) $ 7,514 $ (110,313 ) $ (137,202 ) $ 26,889 Non-controlling interest (34 ) (34 ) - (145 ) (145 ) - Profit (loss) for the period $ (47,585 ) $ (55,099 ) $ 7,514 $ (110,458 ) $ (137,347 ) $ 26,889 Profit (loss) per share available to shareholders Basic $ (0.33 ) $ (0.38 ) $ 0.05 $ (0.78 ) $ (0.60 ) $ 0.18 Diluted $ (0.33 ) $ (0.38 ) $ 0.05 $ (0.78 ) $ (0.60 ) $ 0.18 |
Disclosure of transaction price allocated to remaining performance obligations [text block] | January 1, 2019 to March 31, 2019 April 1, 2019 to March 31, 2020 April 1, 2020 to March 31, 2021 April 1, 2021 to March 31, 2022 Years thereafter Total Gas and electricity flat- bill contracts $ 8,698 $ 34,205 $ 25,780 $ 15,259 $ 13,996 $ 97,938 |
Disclosure of financial assets to which overlay approach is applied [text block] | Impairment allowance under IAS 39 as at March 31, 2018 Remeasurement Lifetime expected credit loss under IFRS 9 as at April 1, 2018 Trade and other receivables $ 60,121 $ 11,237 $ 71,358 Unbilled revenues $ - $ 12,399 $ 12,399 |
Note 7 - Trade and Other Rece_2
Note 7 - Trade and Other Receivables (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of the components of trade and other receivables [text block] | As at Dec. 31, 2018 As at (Restated – Note 4) March 31, 2018 Trade account receivables, net $ 342,218 $ 326,399 Accrued gas receivables 5,519 15,893 Unbilled revenues 323,000 301,577 Other 35,821 14,975 $ 706,558 $ 658,844 |
Note 8 - Other Current and No_2
Note 8 - Other Current and Non-current Assets (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of the components of prepayments and other assets [text block] | As at As at (a) Other current assets Dec. 31, 2018 March 31, 2018 Prepaid expenses and deposits $ 39,673 $ 35,078 Customer acquisition costs 69,012 31,852 Green certificates 33,746 42,230 Gas delivered in excess of consumption 9,895 2,715 Inventory 2,550 339 $ 154,876 $ 112,214 As at As at (b) Other non-current assets Dec. 31, 2018 March 31, 2018 Customer acquisition costs $ 44,212 $ 17,101 Income taxes recoverable 4,009 2,336 Other long-term assets 3,618 550 $ 51,839 $ 19,987 |
Note 9 - Financial Instruments
Note 9 - Financial Instruments (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of financial instruments at fair value through profit or loss [text block] | Three months Three months Nine months Nine months ended ended ended ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2018 2017 2018 2017 Change in fair value of derivative instruments and other Physical forward contracts and options (i) $ (13,989 ) $ 143,575 $ (71,192 ) $ 159,922 Financial swap contracts and options (ii) 9,160 36,847 47,206 52,871 Foreign exchange forward contracts 3,843 (689 ) 4,710 (2,754 ) Share swap 3,073 (3,957 ) (2,488 ) (5,764 ) Unrealized foreign exchange on 6.5% convertible bond and 8.75% loan (15,487 ) (898 ) (15,700 ) 11,199 6.5% convertible bond conversion feature - 2,840 247 7,740 Weather derivatives (iii) (4,224 ) - (34,405 ) - Other derivative options 16,109 6,041 9,619 239 Change in fair value of derivative instruments and other $ (1,515 ) $ 183,759 $ (62,003 ) $ 223,453 |
Disclosure of detailed information about financial instruments [text block] | Financial assets (current) Financial (non-current) Financial liabilities (current) Financial liabilities (non-current) Physical forward contracts and options (i) $ 145,955 $ 34,831 $ 25,206 $ 25,068 Financial swap contracts and options (ii) 25,984 6,372 13,710 14,141 Foreign exchange forward contracts (94 ) 3,232 - - Share swap - - 10,888 - Weather derivatives (iii) 9,430 - - - Other derivative options 15,927 7,684 1,571 653 As at December 31, 2018 $ 197,202 $ 52,119 $ 51,375 $ 39,862 Financial assets (current) Financial assets (non-current) Financial liabilities (current) Financial liabilities (non-current) Physical forward contracts and options $ 198,891 $ 60,550 $ 32,451 $ 29,003 Financial swap contracts and options 8,133 1,342 34,369 22,117 Foreign exchange forward contracts - - 1,068 505 Share swap - - 18,400 - 6.5% convertible bond conversion feature - - - 246 Other derivative options 11,745 2,770 - - As at March 31, 2018 $ 218,769 $ 64,662 $ 86,288 $ 51,871 |
Disclosure of fair value measurement of assets and liabilities [text block] | Level 1 Level 2 Level 3 Total Derivative financial assets $ - $ - $ 249,321 $ 249,321 Derivative financial liabilities - (11,261 ) (79,976 ) (91,237 ) Total net derivative assets (liabilities) $ - $ (11,261 ) $ 169,345 $ 158,084 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] | Nine months ended Year ended Dec. 31, 2018 March 31, 2018 Balance, beginning of period $ 166,364 $ (315,110 ) Total gains 96,401 105,709 Purchases 137,420 207,531 Sales (71,012 ) (64,464 ) Settlements (159,828 ) 232,698 Balance, end of period $ 169,345 $ 166,364 |
Disclosure of fair value measurement of assets [text block] | Level 1 Level 2 Level 3 Total Investment in ecobee $ - $ 32,889 $ - $ 32,889 Investment in Energy Earth - 4,092 - 4,092 Total investments $ - $ 36,981 $ - $ 36,981 |
Disclosure of financial assets that are either past due or impaired [text block] | Dec. 31, 2018 March 31, 2018 Current $ 104,685 $ 113,786 1–30 days 42,416 44,374 31–60 days 19,007 21,241 61–90 days 19,310 12,686 Over 90 days 113,668 69,207 $ 299,086 $ 261,294 |
Disclosure Of Allowance For Credit Losses [text block] | Dec. 31, 2018 (Restated – Note 4) March 31, 2018 Balance, beginning of period $ 60,121 $ 49,431 Provision for doubtful accounts 139,999 56,300 Bad debts written off (40,958 ) (41,802 ) Adjustment from IFRS 9 adoption 23,636 - Foreign exchange 421 (3,808 ) Balance, end of period $ 183,219 $ 60,121 |
Disclosure of maturity analysis for non-derivative financial liabilities [text block] | Carrying Contractual Less than More than amount cash flows 1 year 1–3 years 4–5 years 5 years Trade and other payables $ 760,659 $ 760,659 $ 760,659 $ - $ - $ - Long-term debt 1 716,133 - - - - - Gas, electricity and non-commodity contracts 91,237 3,596,873 633,606 2,388,039 448,570 126,658 $ 1,568,029 $ 4,357,532 $ 1,394,265 $ 2,388,039 $ 448,570 $ 126,658 Carrying Contractual Less than More than amount cash flows 1 year 1–3 years 4–5 years 5 years Trade and other payables $ 621,148 $ 621,148 $ 621,148 $ - $ - $ - 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 $ 1,302,811 $ 4,367,710 $ 2,610,652 $ 1,396,359 $ 329,658 $ 31,041 |
Disclosure of maturity analysis for contractual net interest payments [text block] | Less than 1 year 1–3 years 4–5 years More than 5 years Interest payments $ 30,077 $ 69,836 $ 33,152 $ - |
Note 10 - Acquisition of Busi_2
Note 10 - Acquisition of Businesses (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Filter Group Inc [member] | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about business combinations [text block] | Working capital $ 927 Property, plant and equipment 6,154 Intangible assets 16,049 Goodwill 40,621 Long-term debt (21,611 ) Total consideration $ 42,140 Cash consideration $ 3,000 Payable to shareholders 11,314 Contingent consideration 27,826 Total consideration $ 42,140 |
EdgePower Inc. [member] | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about business combinations [text block] | Working capital $ 993 Intangible assets 14,198 Goodwill 7,673 Deferred tax liabilities (3,820 ) Total consideration $ 19,044 Cash paid, net of working capital adjustment $ 9,534 Common shares issued 9,510 Total consideration $ 19,044 |
Note 11 - Long-term Debt and _2
Note 11 - Long-term Debt and Financing (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about borrowings [text block] | Dec. 31, March 31, Maturity 2018 2018 Credit facility (a) September 1, 2020 $ 198,380 $ 122,115 Less: Debt issue costs (a) (2,584 ) (664 ) Filter Group Financing (b) 19,390 - 8.75% loan (c) September 12, 2023 123,002 - 6.75% $100M convertible debentures (d) March 31, 2023 86,898 85,760 6.75% $160M convertible debentures (e) December 31, 2021 150,215 148,146 6.5% convertible bonds (f) July 29, 2019 140,832 188,147 716,133 543,504 Less: Current portion (150,050 ) (121,451 ) $ 566,083 $ 422,053 |
Disclosure of maturity of debt [text block] | Less than 1 year 1–3 years 4–5 years More than 5 years Total Credit facility (a) $ - $ 198,380 $ - $ - $ 198,380 Filter Group Financing (b) 9,217 8,987 1,186 - 19,390 8.75% loan (c) - - 138,944 - 138,944 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) 142,422 - - - 142,422 $ 151,639 $ 207,367 $ 400,130 $ - $ 759,186 |
Disclosure of reconciliation of liabilities arising from financing activities [text block] | As at April 1, 2018 Cash inflows/ (outflows) Foreign Exchange Non-cash changes As at 2018 Credit facility (a) $ 121,451 $ 73,681 $ - $ 664 $ 195,796 Filter Group Financing (b) - (2,221 ) - 21,611 19,390 8.75% loan (c) - 116,016 6,376 610 123,002 6.75% $100M convertible debentures (d) 85,760 - - 1,138 86,898 6.75% $160M convertible debentures (e) 148,146 - - 2,069 150,215 6.5% convertible bonds (f) 188,147 (59,574 ) 7,751 4,508 140,832 $ 543,504 $ 127,902 $ 14,127 $ 30,600 $ 716,133 Less: Current portion (121,451 ) $ - $ - $ - $ (150,050 ) $ 422,053 $ 127,902 $ 14,127 $ 30,600 $ 566,083 As at April 1, 2017 Cash inflows/ (outflows) Foreign Exchange Non-cash changes As at March 31, 2018 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 ) 3,761 188,147 5.75% convertible debentures (g) 96,022 (100,000 ) - 3,978 - $ 498,088 $ 49,726 $ (6,101 ) $ 1,790 $ 543,504 Less: Current portion - $ - $ - $ - $ (121,451 ) $ 498,088 $ 49,726 $ (6,101 ) $ 1,790 $ 422,053 |
Disclosure of finance cost [text block] | Three months Three months Nine months Nine months ended ended ended ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2018 2017 2018 2017 Credit facility (a) $ 5,469 $ 3,402 $ 14,523 $ 8,972 Filter Group Financing (b) 459 - 459 - 8.75% loan (c) 4,318 - 4,318 - 6.75% $100M convertible debentures (d) 1,925 - 6,510 - 6.75% $160M convertible debentures (e) 3,399 3,342 10,168 9,404 6.5% convertible bonds (f) 3,714 4,043 13,490 11,784 5.75% convertible debentures (g) - 2,101 - 6,246 Collateral cost and other 3,478 378 9,757 1,371 $ 22,762 $ 13,266 $ 59,225 $ 37,777 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of the detailed information of income tax [text block] | Three months Three months Nine months Nine months ended ended ended ended Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Current income tax expense (recovery) $ 4,540 $ (4,105 ) $ 1,508 $ 379 Deferred tax expense (recovery) (13,628 ) 9,718 3,777 10,198 Provision for (recovery of) income taxes $ (9,088 ) $ 5,613 $ 5,285 $ 10,577 |
Note 13 - Shareholders' Capit_2
Note 13 - Shareholders' Capital (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of classes of share capital [text block] | Nine months ended Year ended Dec. 31, 2018 March 31, 2018 Shares Amount Shares Amount Common shares: Issued and outstanding Balance, beginning of period 148,394,152 $ 1,079,055 147,013,538 $ 1,070,076 Share-based awards exercised 1,118,144 8,471 1,643,156 11,954 Acquisition of subsidiary - - 1,415,285 8,966 Repurchase and cancellation of shares - - (1,677,827 ) (11,941 ) Balance, end of period 149,512,296 $ 1,087,526 148,394,152 $ 1,079,055 Preferred shares: Issued and outstanding Balance, beginning of period 4,323,300 $ 136,771 4,040,000 $ 128,363 Shares issued for cash 338,865 10,447 283,300 9,260 Preferred shares issuance cost - (253 ) - (852 ) Balance, end of period 4,662,165 $ 146,965 4,323,300 $ 136,771 Shareholders' capital 154,174,461 $ 1,234,491 152,717,452 $ 1,215,826 |
Note 14 - Reportable Business_2
Note 14 - Reportable Business Segments (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of operating segments [text block] | Consumer division Corporate and Consolidated (Restated – Note 4) Commercial division shared services division (Restated – Note 4) Sales $ 615,997 $ 350,656 $ - $ 966,653 Gross margin 145,867 42,646 - 188,513 Administrative expenses 21,817 10,565 23,649 56,031 Selling and marketing expenses 39,106 18,149 - 57,255 Depreciation of property, plant and equipment 1,120 51 - 1,171 Amortization of intangible assets 6,441 866 - 7,307 Other operating expenses 94,318 1,934 - 96,252 Operating profit (loss) for the period $ (16,935 ) $ 11,081 $ (23,649 ) $ (29,503 ) Finance costs (22,762 ) Change in fair value of derivative instruments and other (1,515 ) Change in fair value of Filter Group contingent consideration (5,462 ) Other income 2,569 Recovery for income taxes (9,088 ) Profit for the period $ (47,585 ) Capital expenditures $ 13,894 $ 1,370 $ - $ 15,264 Consumer Commercial Corporate and shared services division division division Consolidated Sales $ 579,968 $ 332,235 $ - $ 912,203 Gross margin 132,807 38,498 - 171,305 Administrative expenses 18,765 8,373 23,251 50,389 Selling and marketing expenses 39,127 16,420 - 55,547 Depreciation of property, plant and equipment 956 85 - 1,041 Amortization of intangible assets 4,954 485 - 5,439 Other operating expenses 13,662 1,059 - 14,721 Operating profit (loss) for the period $ 55,343 $ 12,076 $ (23,251 ) $ 44,168 Finance costs (13,266 ) Change in fair value of derivative instruments and other 183,759 Other expense (633 ) Recovery of income taxes (5,613 ) Profit for the period $ 208,415 Capital expenditures $ 8,175 $ 4,026 $ - $ 12,201 Consumer division Corporate and Consolidated (Restated – Note 4) Commercial division shared services division (Restated – Note 4) Sales $ 1,751,783 $ 1,048,170 $ - $ 2,799,953 Gross margin 389,878 125,506 - 515,384 Depreciation of property, plant and equipment 2,876 153 - 3,029 Amortization of intangible assets 15,068 1,579 - 16,647 Administrative expenses 65,218 31,737 73,266 170,221 Selling and marketing expenses 109,310 55,237 - 164,547 Other operating expenses 137,684 7,021 - 144,705 Operating profit (loss) for the period $ 59,722 $ 29,779 $ (73,266 ) 16,235 Finance costs (59,225 ) Change in fair value of derivative instruments and other (62,003 ) Change in fair value of Filter Group contingent consideration (5,462 ) Other income 5,282 Provision for income taxes (5,285 ) Loss for the period $ (110,458 ) Capital expenditures $ 33,457 $ 3,229 $ - $ 36,686 Total goodwill $ 194,021 $ 156,164 $ - $ 350,185 Total assets $ 1,326,855 $ 452,146 $ - $ 1,779,001 Total liabilities $ 1,488,133 $ 218,862 $ - $ 1,706,994 Consumer Commercial Corporate and shared services division division division Consolidated Sales $ 1,571,439 $ 1,040,397 $ - $ 2,611,836 Gross margin 355,699 115,832 - 471,531 Depreciation of property, plant and equipment 2,779 244 - 3,023 Amortization of intangible assets 11,761 1,469 - 13,230 Administrative expenses 52,081 26,784 66,961 145,826 Selling and marketing expenses 118,759 53,441 - 172,200 Other operating expenses 58,531 2,188 - 60,719 Operating profit (loss) for the period $ 111,788 $ 31,706 $ (66,961 ) 76,533 Finance costs (37,777 ) Change in fair value of derivative instruments and other 223,453 Other income 1,169 Provision for income taxes (10,577 ) Profit for the period $ 252,801 Capital expenditures $ 18,547 $ 9,135 $ - $ 27,682 Total goodwill $ 148,661 $ 142,831 $ - $ 291,492 Total assets $ 858,087 $ 529,442 $ - $ 1,387,529 Total liabilities $ 1,173,471 $ 289,773 $ - $ 1,463,244 |
Disclosure of geographical areas [text block] | Three months Three months Nine months Nine months ended ended ended ended Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2017 Canada $ 110,853 $ 115,966 $ 283,521 $ 276,658 United States 623,351 580,238 1,957,508 1,852,542 International 232,449 215,999 558,924 482,636 Total $ 966,653 $ 912,203 $ 2,799,953 $ 2,611,836 As at Dec. 31, 2018 As at March 31, 2018 Canada $ 271,375 $ 201,985 United States 227,212 207,147 International 15,302 11,687 Total $ 513,889 $ 420,819 |
Note 15 - Other Expenses (Table
Note 15 - Other Expenses (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of other operating expense [text block] | Three months Nine months ended ended Dec. 31, Three months Dec. 31, Nine months 2018 ended 2018 ended (Restated – Note 4) Dec. 31, 2017 (Restated – Note 4) Dec. 31, 2017 Amortization of other intangible assets $ 7,307 $ 5,439 $ 16,647 $ 13,230 Depreciation of property, plant and equipment 1,171 1,041 3,029 3,023 Bad debt expense 94,815 13,056 139,999 42,091 Share-based compensation 1,437 1,665 4,706 18,628 $ 104,730 $ 21,201 $ 164,381 $ 76,972 |
Disclosure of employee benefits [text block] | Three months Three months Nine months Nine months ended ended ended ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2018 2017 2018 2017 Wages, salaries and commissions $ 67,925 $ 58,838 $ 196,452 $ 171,456 Benefits 3,726 7,708 20,299 20,211 $ 71,651 $ 66,546 $ 216,751 $ 191,667 |
Note 16 - Earnings (Loss) Per_2
Note 16 - Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Earnings per share [text block] | Three months Three months Nine months Nine months ended ended ended ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2018 2017 2018 2017 BASIC EARNINGS (LOSS) PER SHARE Profit (loss) as per consolidated statement of income $ (47,551 ) $ 208,455 $ (110,313 ) $ 243,449 Dividend to preferred shareholders - net of tax 1,821 2,842 6,538 8,658 Earnings (loss) available to shareholders (49,372 ) 205,613 (116,851 ) 234,791 Basic weighted average shares outstanding 149,309,905 146,859,332 149,012,066 146,914,251 Basic earnings (loss) per share available to shareholders $ (0.33 ) $ 1.40 $ (0.78 ) $ 1.60 DILUTED EARNINGS (LOSS) PER SHARE Earnings (loss) available to shareholders $ (49,372 ) $ 205,613 $ (116,851 ) $ 234,791 Adjustment for dilutive impact of convertible debentures - 4,884 - 14,474 Adjusted earnings (loss) available to shareholders $ (49,372 ) $ 210,497 $ (116,851 ) $ 249,265 Basic weighted average shares outstanding 149,309,905 146,859,332 149,012,066 146,914,251 Dilutive effect of: Restricted share grants 2,238,518 2,807,661 2,548,751 1 2,761,033 Deferred share grants 151,472 89,210 134,458 1 94,347 Convertible debentures 28,440,256 38,804,494 39,574,831 1 38,804,494 Shares outstanding on a diluted basis 180,140,151 188,560,697 191,270,106 188,574,125 Diluted earnings (loss) per share available to shareholders $ (0.33 ) $ 1.12 $ (0.78 ) $ 1.32 |
Note 18 - Commitments and Gua_2
Note 18 - Commitments and Guarantees (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of commitments [text block] | Less than 1 year 1–3 years 4–5 years More than 5 years Total Premises and equipment leasing $ 1,543 $ 7,669 $ 6,825 $ 7,171 $ 23,208 Gas, electricity and non-commodity contracts 633,606 2,388,039 448,570 126,658 3,596,873 $ 635,149 $ 2,395,708 $ 455,395 $ 133,829 $ 3,620,081 |
Note 2 - Operations (Details Te
Note 2 - Operations (Details Textual) | 9 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Proportion of ownership interest in associate | 7.90% |
Note 4 - Restatement and Revi_3
Note 4 - Restatement and Revision of Financial Statements (Details Textual) - CAD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Additional allowance recognised in profit or loss, allowance account for credit losses of financial assets | $ 139,999 | $ 56,300 |
Retained earnings attributable to accumulated earnings (losses) [member] | ||
Statement Line Items [Line Items] | ||
Increase (decrease) for restatements | $ 14,200 | |
Increase (decrease) due to corrections of prior period errors [member] | TEXAS | ||
Statement Line Items [Line Items] | ||
Additional allowance recognised in profit or loss, allowance account for credit losses of financial assets | 34,500 | |
Increase (decrease) due to corrections of prior period errors [member] | UNITED KINGDOM | ||
Statement Line Items [Line Items] | ||
Additional allowance recognised in profit or loss, allowance account for credit losses of financial assets | $ 40,100 |
Note 4 - Restatement and Revi_4
Note 4 - Restatement and Revision of Financial Statements - Line Items Restated on Consolidated Financial Statements (Details) - CAD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | |||||
Trade and other receivables | $ 706,558 | $ 706,558 | $ 658,844 | ||
Current assets | 1,116,660 | 1,116,660 | 1,050,162 | ||
Total assets | 1,779,001 | $ 1,387,529 | 1,779,001 | $ 1,387,529 | 1,601,393 |
Deficit | (1,236,767) | (1,236,767) | (1,081,139) | ||
Total shareholders’ equity | 72,007 | (89,923) | 72,007 | (89,923) | 216,535 |
Total liabilities and shareholders’ equity | 1,779,001 | 1,779,001 | 1,601,393 | ||
Other operating expenses | 104,730 | 21,201 | 164,381 | 76,972 | |
Total expenses | 218,016 | 127,137 | 499,149 | 394,998 | |
Operating profit before: finance costs, change in fair value of derivative instruments and other income, net | (29,503) | 44,168 | 16,235 | 76,533 | |
Profit (loss) before income taxes | (56,673) | 214,028 | (105,173) | 263,378 | |
Profit (loss) for the period | (47,585) | 208,415 | (110,458) | 252,801 | |
Shareholders of Just Energy | $ (47,551) | $ 208,455 | $ (110,313) | $ 243,449 | |
Basic (in CAD per share) | $ (0.33) | $ 1.40 | $ (0.78) | $ 1.60 | |
Diluted (in CAD per share) | $ (0.33) | $ 1.12 | $ (0.78) | $ 1.32 | |
Total comprehensive income (loss) for the period, net of tax | $ (29,380) | $ 212,922 | $ (96,866) | $ 244,747 | |
Shareholders of Just Energy | (29,346) | 212,962 | (96,721) | 235,395 | |
Net change in working capital balances | 62,365 | $ (7,538) | (54,357) | $ (12,424) | |
Gas in storage | 26,988 | 26,988 | 2,342 | ||
Other current assets | 154,876 | 154,876 | 112,214 | ||
Trade and other payables | 760,659 | 760,659 | 594,732 | ||
Income tax payable | 7,122 | 7,122 | $ 5,486 | ||
As revised [member] | |||||
Statement Line Items [Line Items] | |||||
Trade and other receivables | 781,168 | 781,168 | |||
Current assets | 1,191,270 | 1,191,270 | |||
Total assets | 1,853,611 | 1,853,611 | |||
Deficit | (1,162,156) | (1,162,156) | |||
Total shareholders’ equity | 146,617 | 146,617 | |||
Total liabilities and shareholders’ equity | 1,853,611 | 1,853,611 | |||
Gas in storage | 26,988 | 26,988 | |||
Other current assets | 154,876 | 154,876 | |||
Trade and other payables | (760,659) | (760,659) | |||
Deferred revenue | (73,888) | (73,888) | |||
Income tax payable | (7,122) | (7,122) | |||
Increase (decrease) due to voluntary changes in accounting policy [member] | |||||
Statement Line Items [Line Items] | |||||
Trade and other receivables | (74,610) | (74,610) | |||
Current assets | (74,610) | (74,610) | |||
Total assets | (74,610) | (74,610) | |||
Deficit | (74,610) | (74,610) | |||
Total shareholders’ equity | (74,610) | (74,610) | |||
Total liabilities and shareholders’ equity | (74,610) | (74,610) | |||
Other operating expenses | 74,610 | 74,610 | |||
Total expenses | 74,610 | 74,610 | |||
Operating profit before: finance costs, change in fair value of derivative instruments and other income, net | (74,610) | (74,610) | |||
Profit (loss) before income taxes | (74,610) | (74,610) | |||
Profit (loss) for the period | (74,610) | (74,610) | |||
Shareholders of Just Energy | $ (74,610) | $ (74,610) | |||
Basic (in CAD per share) | $ (0.50) | $ (0.50) | |||
Diluted (in CAD per share) | $ (0.49) | $ (0.50) | |||
Total comprehensive income (loss) for the period, net of tax | $ (74,610) | $ (74,610) | |||
Shareholders of Just Energy | (74,610) | (74,610) | |||
Net change in working capital balances | 74,610 | 74,610 | |||
Previously stated [member] | |||||
Statement Line Items [Line Items] | |||||
Trade and other receivables | 786,852 | 786,852 | |||
Deficit | (1,147,949) | (1,147,949) | |||
Other operating expenses | 30,120 | 89,771 | |||
Total expenses | 143,406 | 424,539 | |||
Operating profit before: finance costs, change in fair value of derivative instruments and other income, net | 45,107 | 90,845 | |||
Profit (loss) before income taxes | 17,937 | (30,563) | |||
Profit (loss) for the period | 27,025 | (35,848) | |||
Shareholders of Just Energy | $ 27,059 | $ (35,703) | |||
Basic (in CAD per share) | $ 0.17 | $ (0.28) | |||
Diluted (in CAD per share) | $ 0.16 | $ (0.28) | |||
Total comprehensive income (loss) for the period, net of tax | $ 45,230 | $ (22,256) | |||
Shareholders of Just Energy | 45,264 | (22,111) | |||
Net change in working capital balances | (12,245) | (128,967) | |||
Gas in storage | 36,458 | 36,458 | |||
Other current assets | 152,359 | 152,359 | |||
Trade and other payables | (754,296) | (754,296) | |||
Deferred revenue | (76,862) | (76,862) | |||
Income tax payable | (8,940) | (8,940) | |||
Increase (decrease) due to corrections of prior period errors [member] | |||||
Statement Line Items [Line Items] | |||||
Trade and other receivables | (5,684) | (5,684) | |||
Deficit | (14,207) | (14,207) | |||
Gas in storage | (9,470) | (9,470) | |||
Other current assets | 2,517 | 2,517 | |||
Trade and other payables | (6,363) | (6,363) | |||
Deferred revenue | 2,974 | 2,974 | |||
Income tax payable | $ 1,818 | $ 1,818 |
Note 6 - Accounting Policies _3
Note 6 - Accounting Policies and New Standards Adopted (Details Textual) - CAD ($) $ in Thousands | Apr. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Line Items [Line Items] | |||||
Transaction price allocated to remaining performance obligations | $ 97,938 | $ 97,938 | |||
Increase (decrease) through conversion of convertible instruments, equity | $ 4,884 | $ 14,474 | |||
Total tax expense (income) | (9,088) | $ 5,613 | 5,285 | $ 10,577 | |
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) | $ (9,088) | $ 5,285 | |||
IFRS 9 [member] | |||||
Statement Line Items [Line Items] | |||||
Increase (decrease) through conversion of convertible instruments, equity | $ (17,863) |
Note 6 - Accounting Policies _4
Note 6 - Accounting Policies and New Standards Adopted - Standards and Interpretations That Are Issued (Details) - CAD ($) $ in Thousands | Dec. 31, 2018 | Apr. 01, 2018 | Mar. 31, 2018 |
Statement Line Items [Line Items] | |||
Customer acquisition costs, current | $ 69,012 | $ 43,152 | $ 31,852 |
Customer acquisition costs, noncurrent | $ 44,212 | $ 34,162 | $ 17,101 |
Note 6 - Accounting Policies _5
Note 6 - Accounting Policies and new Standards Adopted - Interim Condensed Consolidated Statements of Financial Position IFRS 15 Effect (Details) - CAD ($) $ in Thousands | Dec. 31, 2018 | Apr. 01, 2018 | Mar. 31, 2018 |
Statement Line Items [Line Items] | |||
Customer acquisition costs, current | $ 69,012 | $ 43,152 | $ 31,852 |
Customer acquisition costs, noncurrent | 44,212 | $ 34,162 | $ 17,101 |
IAS 18 [member] | |||
Statement Line Items [Line Items] | |||
Customer acquisition costs, current | 30,996 | ||
Customer acquisition costs, noncurrent | 18,128 | ||
Increase (decrease) due to application of IFRS 15 [member] | |||
Statement Line Items [Line Items] | |||
Customer acquisition costs, current | 38,016 | ||
Customer acquisition costs, noncurrent | $ 26,084 |
Note 6 - Accounting Policies _6
Note 6 - Accounting Policies and New Standards Adopted - Interim Consolidated Statements of Comprehensive Income (Loss) IFRS 15 Effect (Details) - CAD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | ||||
Sales | $ 966,653 | $ 912,203 | $ 2,799,953 | $ 2,611,836 |
Cost of sales | 778,140 | 740,898 | 2,284,569 | 2,140,305 |
Gross margin | 188,513 | 171,305 | 515,384 | 471,531 |
Administrative | 56,031 | 50,389 | 170,221 | 145,826 |
Selling and marketing | 57,255 | 55,547 | 164,547 | 172,200 |
Other operating expenses | 104,730 | 21,201 | 164,381 | 76,972 |
218,016 | 127,137 | 499,149 | 394,998 | |
Operating profit before: finance costs, change in fair value of derivative instruments and other income, net | (29,503) | 44,168 | 16,235 | 76,533 |
Finance costs | (22,762) | (13,266) | (59,225) | (37,777) |
Change in fair value of derivative instruments and other | (1,515) | 183,759 | (62,003) | 223,453 |
Other income | 2,569 | (633) | 5,282 | 1,169 |
Profit (loss) before income taxes | (56,673) | 214,028 | (105,173) | 263,378 |
Total tax expense (income) | (9,088) | 5,613 | 5,285 | 10,577 |
Profit (loss) for the period | (47,585) | 208,415 | (110,458) | 252,801 |
Shareholders of Just Energy | (47,551) | 208,455 | (110,313) | 243,449 |
Non-controlling interest | $ (34) | $ (40) | $ (145) | $ 9,352 |
Basic (in CAD per share) | $ (0.33) | $ 1.40 | $ (0.78) | $ 1.60 |
Diluted (in CAD per share) | $ (0.33) | $ 1.12 | $ (0.78) | $ 1.32 |
Filter Group Inc [member] | ||||
Statement Line Items [Line Items] | ||||
Change in fair value of Filter Group contingent consideration | $ (5,462) | $ (5,462) | ||
IAS 18 [member] | ||||
Statement Line Items [Line Items] | ||||
Sales | 966,653 | 2,799,953 | ||
Cost of sales | 778,140 | 2,284,569 | ||
Gross margin | 188,513 | 515,384 | ||
Administrative | 56,031 | 170,221 | ||
Selling and marketing | 64,769 | 191,436 | ||
Other operating expenses | 104,730 | 159,114 | ||
225,530 | 526,038 | |||
Operating profit before: finance costs, change in fair value of derivative instruments and other income, net | (37,017) | (10,654) | ||
Finance costs | (22,762) | (59,225) | ||
Change in fair value of derivative instruments and other | (1,515) | (62,003) | ||
Other income | 2,569 | 5,282 | ||
Profit (loss) before income taxes | (64,187) | (153,684) | ||
Total tax expense (income) | (9,088) | 5,285 | ||
Profit (loss) for the period | (55,099) | (137,347) | ||
Shareholders of Just Energy | (55,065) | (137,202) | ||
Non-controlling interest | $ (34) | $ (145) | ||
Basic (in CAD per share) | $ (0.38) | $ (0.60) | ||
Diluted (in CAD per share) | $ (0.38) | $ (0.60) | ||
IAS 18 [member] | Filter Group Inc [member] | ||||
Statement Line Items [Line Items] | ||||
Change in fair value of Filter Group contingent consideration | $ (5,462) | $ (5,462) | ||
Increase (decrease) due to application of IFRS 15 [member] | ||||
Statement Line Items [Line Items] | ||||
Sales | ||||
Cost of sales | ||||
Gross margin | ||||
Administrative | ||||
Selling and marketing | (7,514) | (26,889) | ||
Other operating expenses | ||||
(7,514) | (26,889) | |||
Operating profit before: finance costs, change in fair value of derivative instruments and other income, net | 7,514 | 26,889 | ||
Finance costs | ||||
Change in fair value of derivative instruments and other | ||||
Other income | ||||
Profit (loss) before income taxes | 7,514 | 26,889 | ||
Total tax expense (income) | ||||
Profit (loss) for the period | 7,514 | 26,889 | ||
Shareholders of Just Energy | 7,514 | 26,889 | ||
Non-controlling interest | ||||
Basic (in CAD per share) | $ 0.05 | $ 0.18 | ||
Diluted (in CAD per share) | $ 0.05 | $ 0.18 | ||
Increase (decrease) due to application of IFRS 15 [member] | Filter Group Inc [member] | ||||
Statement Line Items [Line Items] | ||||
Change in fair value of Filter Group contingent consideration | ||||
IFRS 15 [member] | ||||
Statement Line Items [Line Items] | ||||
Sales | 966,653 | 2,799,953 | ||
Cost of sales | 778,140 | 2,284,569 | ||
Gross margin | 188,513 | 515,384 | ||
Administrative | 56,031 | 170,221 | ||
Selling and marketing | 57,255 | 164,547 | ||
Other operating expenses | 104,730 | 164,381 | ||
218,016 | 499,149 | |||
Operating profit before: finance costs, change in fair value of derivative instruments and other income, net | (29,503) | 16,235 | ||
Finance costs | (22,762) | (59,225) | ||
Change in fair value of derivative instruments and other | (1,515) | (62,003) | ||
Other income | 2,569 | 5,282 | ||
Profit (loss) before income taxes | (56,673) | (105,173) | ||
Total tax expense (income) | (9,088) | 5,285 | ||
Profit (loss) for the period | (47,585) | (110,458) | ||
Shareholders of Just Energy | (47,551) | (110,313) | ||
Non-controlling interest | $ (34) | $ (145) | ||
Basic (in CAD per share) | $ (0.33) | $ (0.78) | ||
Diluted (in CAD per share) | $ (0.33) | $ (0.78) | ||
IFRS 15 [member] | Filter Group Inc [member] | ||||
Statement Line Items [Line Items] | ||||
Change in fair value of Filter Group contingent consideration | $ (5,462) | $ (5,462) |
Note 6 - Accounting Policies _7
Note 6 - Accounting Policies and New Standards Adopted - Revenue to be Recognized (Details) $ in Thousands | Dec. 31, 2018CAD ($) |
Statement Line Items [Line Items] | |
Gas and electricity flat- bill contracts | $ 97,938 |
Electricity and gas [member] | |
Statement Line Items [Line Items] | |
Gas and electricity flat- bill contracts | 97,938 |
Electricity and gas [member] | Revenue from contract recognized January 1, 2018 to March 31, 2019 [member] | |
Statement Line Items [Line Items] | |
Gas and electricity flat- bill contracts | 8,698 |
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 | 34,205 |
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 | 25,780 |
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 | 15,259 |
Electricity and gas [member] | Revenue from contract recognized after March 31, 2022 [member] | |
Statement Line Items [Line Items] | |
Gas and electricity flat- bill contracts | $ 13,996 |
Note 6 - Accounting Policies _8
Note 6 - Accounting Policies and New Standards Adopted - Reconciliation of Impairment Allowance Balance From IAS 39 to IFRS 9 (Details) - CAD ($) $ in Thousands | Dec. 31, 2018 | Apr. 01, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Statement Line Items [Line Items] | ||||
Allowance for credit losses | $ 183,219 | $ 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 7 - Trade and Other Rece_3
Note 7 - Trade and Other Receivables - Components of Trade and Other Receivables (Details) - CAD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
Statement Line Items [Line Items] | ||
Trade account receivables, net | $ 342,218 | $ 326,399 |
Accrued gas receivables | 5,519 | 15,893 |
Unbilled revenues | 323,000 | 301,577 |
Other | 35,821 | 14,975 |
$ 706,558 | $ 658,844 |
Note 8 - Other Current and No_3
Note 8 - Other Current and Non-current Assets - Components of Prepaid Expenses, Deposits, and Other Current Assets (Details) - CAD ($) $ in Thousands | Dec. 31, 2018 | Apr. 01, 2018 | Mar. 31, 2018 |
Statement Line Items [Line Items] | |||
Prepaid expenses and deposits | $ 39,673 | $ 35,078 | |
Customer acquisition costs, current | 69,012 | $ 43,152 | 31,852 |
Green certificates | 33,746 | 42,230 | |
Gas delivered in excess of consumption | 9,895 | 2,715 | |
Inventory | 2,550 | 339 | |
154,876 | 112,214 | ||
Customer acquisition costs, noncurrent | 44,212 | $ 34,162 | 17,101 |
Current tax assets, non-current | 4,009 | 2,336 | |
Other long-term assets | 3,618 | 550 | |
$ 51,839 | $ 19,987 |
Note 9 - Financial Instrument_2
Note 9 - Financial Instruments (Details Textual) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Aug. 21, 2018 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||||||
Number of shares under share swap agreement | 2,500,000 | 2,500,000 | ||||
Value of shares under share swap agreement | $ 23,803 | $ 23,803 | $ 33,803 | |||
Cash payments for futures contracts, forward contracts, option contracts and swap contracts, classified as financing activities | $ 10,000 | |||||
Foreign exchange basis curve length | 5 years | |||||
Adjustment to mid-market consensus price, significant unobservable inputs, liabilities | 5.00% | |||||
Current tax assets, non-current | $ 4,009 | $ 4,009 | $ 2,336 | |||
Currency risk [member] | ||||||
Statement Line Items [Line Items] | ||||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 5.00% | 5.00% | ||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on profit or loss | $ 3,200 | |||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on other comprehensive income (loss) | $ 17,700 | |||||
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% | 1.00% | ||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on profit or loss before taxes | $ 630 | 496 | ||||
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% | 10.00% | ||||
Sensitivity analysis for types of market risk, reasonably possible increase in risk variable, impact on profit or loss before taxes | $ 252,121 | |||||
Sensitivity analysis for types of market risk, reasonably possible decrease in risk variable, impact on profit or loss before taxes | 250,095 | |||||
Credit risk [member] | ||||||
Statement Line Items [Line Items] | ||||||
Financial assets, at fair value | 10,183 | 3,109 | $ 10,183 | 3,109 | ||
Risk exposure associated with instruments sharing characteristic | 249,321 | $ 249,321 | ||||
Current tax assets, non-current | $ 38,605 | $ 38,605 | ||||
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 | 36,981 | $ 36,981 | ||||
Level 2 of fair value hierarchy [member] | Equity investments [member] | ||||||
Statement Line Items [Line Items] | ||||||
Financial assets, at fair value | 36,981 | 36,981 | 36,300 | |||
Level 3 of fair value hierarchy [member] | Commodity price risk [member] | ||||||
Statement Line Items [Line Items] | ||||||
Sensitivity analysis for types of market risk, reasonably possible increase in risk variable, impact on profit or loss before taxes | 254,391 | |||||
Sensitivity analysis for types of market risk, reasonably possible decrease in risk variable, impact on profit or loss before taxes | 252,372 | |||||
Level 3 of fair value hierarchy [member] | Equity investments [member] | ||||||
Statement Line Items [Line Items] | ||||||
Financial assets, at fair value | ||||||
Long-term debt [member] | ||||||
Statement Line Items [Line Items] | ||||||
Financial liabilities, at fair value | $ 696,700 | $ 696,700 | $ 570,100 | |||
Senior unsecured 8.75% term loan [member] | ||||||
Statement Line Items [Line Items] | ||||||
Borrowings, interest rate | 8.75% | 8.75% | ||||
Senior subordinated 6.75% convertible debentures [member] | ||||||
Statement Line Items [Line Items] | ||||||
Financial liabilities, at fair value | $ 100,000 | $ 100,000 | ||||
Borrowings, interest rate | 6.75% | 6.75% | ||||
The 6.75% convertible bonds [member] | ||||||
Statement Line Items [Line Items] | ||||||
Financial liabilities, at fair value | $ 160,000 | $ 160,000 | ||||
Borrowings, interest rate | 6.75% | 6.75% | ||||
The 6.5% convertible debentures [member] | ||||||
Statement Line Items [Line Items] | ||||||
Borrowings, interest rate | 6.50% | 6.50% | ||||
Subordinated unsecured 5.75% convertible debentures [member] | ||||||
Statement Line Items [Line Items] | ||||||
Borrowings, interest rate | 5.75% | 5.75% |
Note 9 - Financial Instrument_3
Note 9 - Financial Instruments - Change in Fair Value of Derivative Instruments (Details) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement Line Items [Line Items] | |||||
Change in fair value of derivative instruments and other | $ (1,515) | $ 183,759 | $ (62,003) | $ 223,453 | |
Physical forward contracts and options [member] | |||||
Statement Line Items [Line Items] | |||||
Change in fair value of derivative instruments and other | [1] | (13,989) | 143,575 | (71,192) | 159,922 |
Financial swap contracts and options [member] | |||||
Statement Line Items [Line Items] | |||||
Change in fair value of derivative instruments and other | [2] | 9,160 | 36,847 | 47,206 | 52,871 |
Foreign exchange forward contracts [member] | |||||
Statement Line Items [Line Items] | |||||
Change in fair value of derivative instruments and other | 3,843 | (689) | 4,710 | (2,754) | |
Share swap [member] | |||||
Statement Line Items [Line Items] | |||||
Change in fair value of derivative instruments and other | 3,073 | (3,957) | (2,488) | (5,764) | |
Unrealized foreign exchange on European-focused senior convertible unsecured 6.5% convertible bonds and 8.75% term loan [member] | |||||
Statement Line Items [Line Items] | |||||
Change in fair value of derivative instruments and other | (15,487) | (898) | (15,700) | 11,199 | |
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 | 2,840 | 247 | 7,740 | ||
Weather derivative [Member] | |||||
Statement Line Items [Line Items] | |||||
Change in fair value of derivative instruments and other | [3] | (4,224) | (34,405) | ||
Other derivative options [member] | |||||
Statement Line Items [Line Items] | |||||
Change in fair value of derivative instruments and other | $ 16,109 | $ 6,041 | $ 9,619 | $ 239 | |
[1] | Physical forward contracts and options consist of: Electricity contracts with a total remaining volume of 37,553,624 MWh, a weighted average price of $51.20/MWh and expiry dates up to September 30, 2028. Natural gas contracts with a total remaining volume of 99,308,364 GJs, a weighted average price of $3.85/GJ and expiry dates up to December 31, 2024. Renewable energy certificates ("RECs") and emission-reduction credit contracts with a total remaining volume of 3,561,521 MWh and 196,200 tonnes, respectively, a weighted average price of $29.12/REC and $3.28/tonne, respectively, and expiry dates up to December 31, 2028 and December 31, 2021. Electricity generation capacity contracts with a total remaining volume of 4,352 MWCap, a weighted average price of $4,924.08/MWCap and expiry dates up to October 31, 2022. Ancillary contracts with a total remaining volume of 857,880 MWh, a weighted average price of $23.29/MWh and expiry dates up to December 31, 2020. Heat rate contracts with a total remaining volume of 12,400 MWh, a weighted average price of $28.02/MWh and expiry dates up to January 31, 2019. | ||||
[2] | Financial swap contracts and options consist of: Electricity contracts with a total remaining volume of 12,427,564 MWh, an average price of $47.99/MWh and expiry dates up to November 30, 2024. Natural gas contracts with a total remaining volume of 132,840,923 GJs, an average price of $3.73/GJ and expiry dates up to December 31, 2024. Electricity generation capacity contracts with a total remaining volume of 99 MWCap, a weighted average price of $162,000.44/MWCap and expiry dates up to October 31, 2020. Ancillary contracts with a total remaining volume of 1,468,080 MWh, a weighted average price of $21.98/MWh and expiry dates up to December 31, 2020. | ||||
[3] | Weather derivatives consist of: Weather swaps for HDDs with temperature strike values of 25.00-30.00 Fahrenheit and power strike prices of $100.00/MWh and an expiry date of February 28, 2019. HDD collar options with put strike values ranging from 943 to 4,919 HDD and call strike values ranging from 1,143 to 5,119 HDD. HDD natural gas swaps with strike prices based on certain natural gas futures contracts in accordance with the Intercontinental Exchange and strike values ranging from 130 to 1,255 HDD. HDD natural gas swaps with strike prices ranging from $1.47 to $9.05/MMBTU and strike values ranging from 273 to 1,255 HDD. |
Note 9 - Financial Instrument_4
Note 9 - Financial Instruments - Change in Fair Value of Derivative Instruments (Details) (Parentheticals) | Dec. 31, 2018 | Dec. 31, 2017 |
Unrealized foreign exchange on European-focused senior convertible unsecured 6.5% convertible bonds and 8.75% term loan [member] | ||
Statement Line Items [Line Items] | ||
Borrowings, interest rate | 6.50% | 6.50% |
Borrowings, interest rate | 6.50% | 6.50% |
Senior unsecured 8.75% term loan [member] | ||
Statement Line Items [Line Items] | ||
Borrowings, interest rate | 8.75% | 8.75% |
Borrowings, interest rate | 8.75% | 8.75% |
European-focused senior convertible unsecured 6.5% convertible bonds, conversion feature [member] | ||
Statement Line Items [Line Items] | ||
Borrowings, interest rate | 6.50% | 6.50% |
Borrowings, interest rate | 6.50% | 6.50% |
Note 9 - Financial Instrument_5
Note 9 - Financial Instruments - Fair Value of Derivative Financial Assets and Liabilities (Details) - CAD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | |||
Fair value of derivative financial assets, current | $ 197,202 | $ 218,769 | |
Fair value of derivative financial assets, non-current | 52,119 | 64,662 | |
Fair value of derivative financial liabilities, current | 51,375 | 86,288 | |
Fair value of derivative financial liabilities, non-current | 39,862 | 51,871 | |
Physical forward contracts and options [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivative financial assets, current | [1] | 145,955 | 198,891 |
Fair value of derivative financial assets, non-current | [1] | 34,831 | 60,550 |
Fair value of derivative financial liabilities, current | [1] | 25,206 | 32,451 |
Fair value of derivative financial liabilities, non-current | [1] | 25,068 | 29,003 |
Financial swap contracts and options [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivative financial assets, current | [2] | 25,984 | 8,133 |
Fair value of derivative financial assets, non-current | [2] | 6,372 | 1,342 |
Fair value of derivative financial liabilities, current | [2] | 13,710 | 34,369 |
Fair value of derivative financial liabilities, non-current | [2] | 14,141 | 22,117 |
Foreign exchange forward contracts [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivative financial assets, current | (94) | ||
Fair value of derivative financial assets, non-current | 3,232 | ||
Fair value of derivative financial liabilities, current | 1,068 | ||
Fair value of derivative financial liabilities, non-current | 505 | ||
Share swap [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivative financial assets, current | |||
Fair value of derivative financial assets, non-current | |||
Fair value of derivative financial liabilities, current | 10,888 | 18,400 | |
Fair value of derivative financial liabilities, non-current | |||
Weather derivative [Member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivative financial assets, current | [3] | 9,430 | |
Fair value of derivative financial assets, non-current | |||
Fair value of derivative financial liabilities, current | |||
Fair value of derivative financial liabilities, non-current | |||
European-focused senior convertible unsecured 6.5% convertible bonds, conversion feature [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivative financial assets, current | |||
Fair value of derivative financial assets, non-current | |||
Fair value of derivative financial liabilities, current | |||
Fair value of derivative financial liabilities, non-current | 246 | ||
Other derivative options [member] | |||
Statement Line Items [Line Items] | |||
Fair value of derivative financial assets, current | 15,927 | 11,745 | |
Fair value of derivative financial assets, non-current | 7,684 | 2,770 | |
Fair value of derivative financial liabilities, current | 1,571 | ||
Fair value of derivative financial liabilities, non-current | $ 653 | ||
[1] | Physical forward contracts and options consist of: Electricity contracts with a total remaining volume of 37,553,624 MWh, a weighted average price of $51.20/MWh and expiry dates up to September 30, 2028. Natural gas contracts with a total remaining volume of 99,308,364 GJs, a weighted average price of $3.85/GJ and expiry dates up to December 31, 2024. Renewable energy certificates ("RECs") and emission-reduction credit contracts with a total remaining volume of 3,561,521 MWh and 196,200 tonnes, respectively, a weighted average price of $29.12/REC and $3.28/tonne, respectively, and expiry dates up to December 31, 2028 and December 31, 2021. Electricity generation capacity contracts with a total remaining volume of 4,352 MWCap, a weighted average price of $4,924.08/MWCap and expiry dates up to October 31, 2022. Ancillary contracts with a total remaining volume of 857,880 MWh, a weighted average price of $23.29/MWh and expiry dates up to December 31, 2020. Heat rate contracts with a total remaining volume of 12,400 MWh, a weighted average price of $28.02/MWh and expiry dates up to January 31, 2019. | ||
[2] | Financial swap contracts and options consist of: Electricity contracts with a total remaining volume of 12,427,564 MWh, an average price of $47.99/MWh and expiry dates up to November 30, 2024. Natural gas contracts with a total remaining volume of 132,840,923 GJs, an average price of $3.73/GJ and expiry dates up to December 31, 2024. Electricity generation capacity contracts with a total remaining volume of 99 MWCap, a weighted average price of $162,000.44/MWCap and expiry dates up to October 31, 2020. Ancillary contracts with a total remaining volume of 1,468,080 MWh, a weighted average price of $21.98/MWh and expiry dates up to December 31, 2020. | ||
[3] | Weather derivatives consist of: Weather swaps for HDDs with temperature strike values of 25.00-30.00 Fahrenheit and power strike prices of $100.00/MWh and an expiry date of February 28, 2019. HDD collar options with put strike values ranging from 943 to 4,919 HDD and call strike values ranging from 1,143 to 5,119 HDD. HDD natural gas swaps with strike prices based on certain natural gas futures contracts in accordance with the Intercontinental Exchange and strike values ranging from 130 to 1,255 HDD. HDD natural gas swaps with strike prices ranging from $1.47 to $9.05/MMBTU and strike values ranging from 273 to 1,255 HDD. |
Note 9 - Financial Instrument_6
Note 9 - Financial Instruments - Fair Value Measurement Input Sensitivity (Details) - CAD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
Statement Line Items [Line Items] | ||
Derivative financial assets | $ 249,321 | $ 283,431 |
Derivative financial liabilities | (91,237) | (138,159) |
Total net derivative assets (liabilities) | 158,084 | 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 | (11,261) | (21,092) |
Total net derivative assets (liabilities) | (11,261) | (21,092) |
Level 3 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Derivative financial assets | 249,321 | 283,431 |
Derivative financial liabilities | (79,976) | (117,067) |
Total net derivative assets (liabilities) | $ 169,345 | $ 166,364 |
Note 9 - Financial Instrument_7
Note 9 - Financial Instruments - Reconciliation of Level 3 Assets (Liabilities) (Details) - Level 3 of fair value hierarchy [member] - CAD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||
Balance, beginning of period | $ 166,364 | $ (315,110) |
Total gains | 96,401 | 105,709 |
Purchases | 137,420 | 207,531 |
Sales | (71,012) | (64,464) |
Settlements | (159,828) | 232,698 |
Balance, end of period | $ 169,345 | $ 166,364 |
Note 9 - Financial Instrument_8
Note 9 - Financial Instruments - Investments (Details) - Equity investments [member] - CAD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
Statement Line Items [Line Items] | ||
Total investments | $ 36,981 | |
Level 1 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Total investments | ||
Level 2 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Total investments | 36,981 | $ 36,300 |
Level 3 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Total investments | ||
Ecobee [member] | ||
Statement Line Items [Line Items] | ||
Total investments | 32,889 | |
Ecobee [member] | Level 1 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Total investments | ||
Ecobee [member] | Level 2 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Total investments | 32,889 | |
Ecobee [member] | Level 3 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Total investments | ||
Energy Earth [member] | ||
Statement Line Items [Line Items] | ||
Total investments | 4,092 | |
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 | 4,092 | |
Energy Earth [member] | Level 3 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Total investments |
Note 9 - Financial Instrument_9
Note 9 - Financial Instruments - Aging of Accounts Receivable (Details) - Trade receivables [member] - Credit risk [member] - CAD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
Statement Line Items [Line Items] | ||
Financial assets | $ 299,086 | $ 261,294 |
Current [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 104,685 | 113,786 |
No later than one month [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 42,416 | 44,374 |
Later than one month and not later than two months [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 19,007 | 21,241 |
Later than two months and not later than three months [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 19,310 | 12,686 |
Later than three months [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | $ 113,668 | $ 69,207 |
Note 9 - Financial Instrumen_10
Note 9 - Financial Instruments - Changes in Allowance for Doubtful Accounts (Details) - CAD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Line Items [Line Items] | |||
Balance, beginning of period | $ 183,219 | $ 60,121 | $ 49,431 |
Provision for doubtful accounts | 139,999 | 56,300 | |
Bad debts written off | (40,958) | (41,802) | |
Adjustment from IFRS 9 adoption | 23,636 | ||
Foreign exchange | $ 421 | $ (3,808) |
Note 9 - Financial Instrumen_11
Note 9 - Financial Instruments - Liquidity Risk (Details) - CAD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | |||
Trade and other payables | $ 760,659 | $ 594,732 | |
Total borrowings | 716,133 | 543,504 | |
Gas, electricity and non-commodity contracts, carrying amount | 91,237 | 138,159 | |
Liquidity risk [member] | |||
Statement Line Items [Line Items] | |||
Trade and other payables | 760,659 | 621,148 | |
Trade and other payables, undiscounted cash flows | 760,659 | 621,148 | |
Total borrowings | [1] | 716,133 | 543,504 |
Long-term debt, undiscounted cash flows | [1] | 575,525 | |
Gas, electricity and non-commodity contracts, carrying amount | 91,237 | 138,159 | |
Gas, electricity and non-commodity contracts, undiscounted cash flows | 3,596,873 | 3,171,037 | |
Total, carrying amount | 1,568,029 | 1,302,811 | |
Total, undiscounted cash flows | 4,357,532 | 4,367,710 | |
Liquidity risk [member] | Not later than one year [member] | |||
Statement Line Items [Line Items] | |||
Trade and other payables, undiscounted cash flows | 760,659 | 621,148 | |
Long-term debt, undiscounted cash flows | [1] | 122,115 | |
Gas, electricity and non-commodity contracts, undiscounted cash flows | 633,606 | 1,867,389 | |
Total, undiscounted cash flows | 1,394,265 | 2,610,652 | |
Liquidity risk [member] | Later than one year and not later than three years [member] | |||
Statement Line Items [Line Items] | |||
Trade and other payables, undiscounted cash flows | |||
Long-term debt, undiscounted cash flows | [1] | 193,410 | |
Gas, electricity and non-commodity contracts, undiscounted cash flows | 2,388,039 | 1,202,949 | |
Total, undiscounted cash flows | 2,388,039 | 1,396,359 | |
Liquidity risk [member] | Later than four years and not later than five years [member] | |||
Statement Line Items [Line Items] | |||
Trade and other payables, undiscounted cash flows | |||
Long-term debt, undiscounted cash flows | [1] | 260,000 | |
Gas, electricity and non-commodity contracts, undiscounted cash flows | 448,570 | 69,658 | |
Total, undiscounted cash flows | 448,570 | 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 | 126,658 | 31,041 | |
Total, undiscounted cash flows | $ 126,658 | $ 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 9 - Financial Instrumen_12
Note 9 - Financial Instruments - Contractual Net Interest Payments (Details) $ in Thousands | Dec. 31, 2018CAD ($) |
Not later than one year [member] | |
Statement Line Items [Line Items] | |
Interest payments | $ 30,077 |
Later than one year and not later than three years [member] | |
Statement Line Items [Line Items] | |
Interest payments | 69,836 |
Later than four years and not later than five years [member] | |
Statement Line Items [Line Items] | |
Interest payments | 33,152 |
Later than five years [member] | |
Statement Line Items [Line Items] | |
Interest payments |
Note 10 - Acquisition of Busi_3
Note 10 - Acquisition of Businesses (Details Textual) $ in Millions | Oct. 01, 2018CAD ($)shares | Feb. 28, 2018USD ($)shares | Dec. 31, 2018CAD ($) | Dec. 31, 2017CAD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2017CAD ($) | Mar. 31, 2018shares | Feb. 28, 2018CAD ($) |
Ordinary shares [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Number of shares issued for acquisition | shares | 1,415,285 | |||||||
EdgePower Inc. [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Percentage of voting equity interests acquired | 100.00% | 100.00% | ||||||
Total consideration transferred, acquisition-date fair value | $ 14.9 | $ 19,044,000 | ||||||
Cash transferred | $ 7.5 | |||||||
Equity interests of acquirer | 9,510,000 | |||||||
Number of shares issued for acquisition | shares | 1,415,285 | |||||||
Liabilities incurred | $ 6 | |||||||
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 | $ 42,140,000 | $ 33,300,000 | $ 33,300,000 | |||||
Cash transferred | 15,000,000 | |||||||
Equity interests of acquirer | 11,314,000 | |||||||
Liabilities incurred | 27,826,000 | |||||||
Non-current liabilities recognised as of acquisition date | $ 21,611,000 | |||||||
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% | |||||||
Earn-out payments over next three years | $ 28,000,000 | |||||||
Revenue of acquiree since acquisition date | 3,100,000 | |||||||
Profit (loss) of acquiree since acquisition date | 400,000 | |||||||
Increase (decrease) in contingent consideration asset (liability) | 5,462,000 | 5,462,000 | ||||||
Acquisition-related costs recognised as expense for transaction recognised separately from acquisition of assets and assumption of liabilities in business combination | 1.20 | |||||||
Cash transferred to purchase shares of acquiree | 2,000,000 | |||||||
Cash transferred for the assumption of a shareholder debt | 13,000,000 | |||||||
Cash consideration paid for a shareholder debt | $ 3,000,000 | |||||||
Cash consideration payable for a shareholder debt | 12,000,000 | 12,000,000 | ||||||
Filter Group Inc [member] | Key management personnel of entity or parent [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Cash consideration payable for a shareholder debt | $ 11,800,000 | 11,800,000 | ||||||
Filter Group Inc [member] | Top of range [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Revenue of combined entity as if combination occurred at beginning of period | 5,000,000 | |||||||
Filter Group Inc [member] | Bottom of range [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Revenue of combined entity as if combination occurred at beginning of period | $ 1,300,000 |
Note 10 - Acquisition of Busi_4
Note 10 - Acquisition of Business - Net Assets Acquired From EdgePower Inc. (Details) $ in Thousands, $ in Millions | Dec. 31, 2018CAD ($) | Feb. 28, 2018USD ($) | Feb. 28, 2018CAD ($) | Dec. 31, 2017CAD ($) |
Statement Line Items [Line Items] | ||||
Goodwill | $ 350,185 | $ 291,492 | ||
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 paid, net of working capital adjustment | 9,534 | |||
Equity interests of acquirer | 9,510 | |||
Total consideration transferred, acquisition-date fair value | $ 14.9 | $ 19,044 |
Note 10 - Acquisition of Busi_5
Note 10 - Acquisition of Business - Net Assets Acquired From Filter Group Inc. (Details) - CAD ($) | Dec. 31, 2018 | Oct. 01, 2018 | Dec. 31, 2017 |
Statement Line Items [Line Items] | |||
Goodwill | $ 350,185,000 | $ 291,492,000 | |
Filter Group Inc [member] | |||
Statement Line Items [Line Items] | |||
Working capital | $ 927,000 | ||
Property, plant and equipment | 6,154,000 | ||
Intangible assets | 16,049,000 | ||
Goodwill | 40,621,000 | ||
Long-term debt | (21,611,000) | ||
Total consideration | 42,140,000 | ||
Cash paid, net of working capital adjustment | 3,000,000 | ||
Equity interests of acquirer | 11,314,000 | ||
Liabilities incurred | 27,826,000 | ||
Total consideration | $ 33,300,000 | $ 42,140,000 |
Note 11 - Long-term Debt and _3
Note 11 - Long-term Debt and Financing (Details Textual) $ / shares in Units, $ in Thousands, $ in Millions | Sep. 12, 2018$ / sharesshares | Apr. 18, 2018CAD ($) | Jan. 29, 2014CAD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2018CAD ($) | Dec. 31, 2018CAD ($) | Mar. 31, 2018CAD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018CAD ($) | Oct. 01, 2018 | Sep. 12, 2018USD ($)shares | Jun. 30, 2018CAD ($) | Feb. 22, 2018CAD ($) | Dec. 31, 2017CAD ($) | Oct. 05, 2016CAD ($) | Jan. 29, 2014USD ($) | Sep. 30, 2011CAD ($) | ||||
Statement Line Items [Line Items] | |||||||||||||||||||||
Total borrowings | $ 543,504 | $ 716,133 | |||||||||||||||||||
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 | $ 342,500 | |||||||||||||||||||
Borrowings, debt accordion | $ 370,000 | ||||||||||||||||||||
Borrowings, interest rate | 3.75% | 3.75% | |||||||||||||||||||
Total borrowings | 122,115 | [1] | $ 198,380 | ||||||||||||||||||
Borrowings, letters of credit | $ 89,400 | 95,700 | |||||||||||||||||||
Borrowings, remaining borrowing capacity | $ 58,400 | ||||||||||||||||||||
Total borrowing costs incurred | [1] | $ 2,584 | 664 | ||||||||||||||||||
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] | $ 19,390 | |||||||||||||||||||
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] | 8.75% | [3] | 8.75% | ||||||||||||||||
Total borrowings | $ 97 | $ 123,002 | [4] | ||||||||||||||||||
Notional amount | $ 250 | ||||||||||||||||||||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | |||||||||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||||||||
Borrowings, interest rate | 6.75% | [5] | 6.75% | [5] | 6.75% | 6.75% | |||||||||||||||
Total borrowings | [6] | 85,760 | $ 86,898 | ||||||||||||||||||
Notional amount | $ 100,000 | [5] | $ 100,000 | $ 100,000 | |||||||||||||||||
Senior subordinated 6.75% convertible debentures [member] | |||||||||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||||||||
Borrowings, interest rate | 6.75% | [7] | 6.75% | [7] | 6.75% | 6.75% | |||||||||||||||
Total borrowings | [1],[2],[4],[8] | $ 148,146 | $ 150,215 | ||||||||||||||||||
Notional amount | $ 160,000 | [7] | $ 160,000 | $ 160,000 | |||||||||||||||||
European-focused senior convertible unsecured 6.5% convertible bonds [member] | |||||||||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||||||||
Borrowings, interest rate | 6.50% | [9] | 6.50% | [9] | 6.50% | ||||||||||||||||
Notional amount | $ 150 | ||||||||||||||||||||
Total borrowing costs incurred | $ 5,215 | ||||||||||||||||||||
Payment and extiguishment of long-term debt | $ 45.6 | ||||||||||||||||||||
Gain (loss) arising from difference between carrying amount of financial liability extinguished and consideration paid | $ (1,500) | ||||||||||||||||||||
Unsecured subordinated 5.75% convertible debentures [member] | |||||||||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||||||||
Borrowings, interest rate | 5.75% | 5.75% | |||||||||||||||||||
Notional amount | $ 100,000 | ||||||||||||||||||||
[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. A certain principal amount outstanding under the credit facility is guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. Interest is payable on outstanding loans at rates that vary with Bankers' Acceptance rates, LIBOR, Canadian bank prime rate or U.S. prime rate. Under the terms of the operating credit facility, Just Energy is able to make use of Bankers' Acceptances and LIBOR advances at stamping fees of 3.750%. 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 December 31, 2018, the Canadian prime rate was 3.95% and the U.S. prime rate was 5.5%. As at December 31, 2018, $198.4 million has been drawn against the facility and total letters of credit outstanding as of December 31, 2018 amounted to $95.7 million (September 30, 2018 - $89.4 million). As at December 31, 2018, Just Energy has $58.4 million of the facility remaining for future working capital and/or security requirements. Just Energy’s obligations under the credit facility are supported by guarantees of certain subsidiaries and affiliates and secured by a general security agreement and a pledge of the assets and securities of Just Energy and the majority of its operating subsidiaries and affiliates excluding, primarily, the U.K., Barbados, Ireland, Japan and Germany operations. Just Energy is required to meet a number of financial covenants under the credit facility agreement. As at December 31, 2018, 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 Home Trust Company ("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. Warrants totalling 7.5 million were issued to the counterparties 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. As at December 31, 2018, US$97.0 million was drawn from the 8.75% loan. The 8.75% loan has three tranches. The first tranche is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche is earmarked for investments and future acquisitions. | ||||||||||||||||||||
[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. Warrants totalling 7.5 million were issued to the counterparties 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. As at December 31, 2018, US$97.0 million was drawn from the 8.75% loan. The 8.75% loan has three tranches. The first tranche is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche is earmarked for investments and future acquisitions. | ||||||||||||||||||||
[5] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. | ||||||||||||||||||||
[6] | On 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. | ||||||||||||||||||||
[7] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. | ||||||||||||||||||||
[8] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. | ||||||||||||||||||||
[9] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year, and have a maturity date of July 29, 2019. The Company incurred transaction costs of $5,215 and has shown these costs net of the 6.5% convertible bonds. US$45.6 million were tendered and extinguished in September 2018, resulting in a loss on redemption of $1.5 million. |
Note 11 - Long-term Debt and _4
Note 11 - Long-term Debt and Financing - Components of Long-term Debt (Details) $ in Thousands, $ in Millions | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2018CAD ($) | Mar. 31, 2018CAD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018CAD ($) | ||||
Statement Line Items [Line Items] | |||||||
Debt | $ 543,504 | $ 716,133 | |||||
Less: Current portion | (121,451) | (150,050) | |||||
422,053 | 566,083 | ||||||
Credit facility [member] | |||||||
Statement Line Items [Line Items] | |||||||
Debt | 122,115 | [1] | 198,380 | ||||
Less: Debt issue costs | [1] | $ (2,584) | (664) | ||||
HTC loan [member] | |||||||
Statement Line Items [Line Items] | |||||||
Debt | [2] | 19,390 | |||||
Senior unsecured 8.75% term loan [member] | |||||||
Statement Line Items [Line Items] | |||||||
Debt | $ 97 | 123,002 | [3] | ||||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | |||||||
Statement Line Items [Line Items] | |||||||
Debt | [4] | 85,760 | 86,898 | ||||
Senior subordinated 6.75% convertible debentures [member] | |||||||
Statement Line Items [Line Items] | |||||||
Debt | [1],[2],[3],[5] | 148,146 | 150,215 | ||||
European-focused senior convertible unsecured 6.5% convertible bonds, conversion feature [member] | |||||||
Statement Line Items [Line Items] | |||||||
Debt | [6] | $ 188,147 | $ 140,832 | ||||
[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. A certain principal amount outstanding under the credit facility is guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. Interest is payable on outstanding loans at rates that vary with Bankers' Acceptance rates, LIBOR, Canadian bank prime rate or U.S. prime rate. Under the terms of the operating credit facility, Just Energy is able to make use of Bankers' Acceptances and LIBOR advances at stamping fees of 3.750%. 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 December 31, 2018, the Canadian prime rate was 3.95% and the U.S. prime rate was 5.5%. As at December 31, 2018, $198.4 million has been drawn against the facility and total letters of credit outstanding as of December 31, 2018 amounted to $95.7 million (September 30, 2018 - $89.4 million). As at December 31, 2018, Just Energy has $58.4 million of the facility remaining for future working capital and/or security requirements. Just Energy’s obligations under the credit facility are supported by guarantees of certain subsidiaries and affiliates and secured by a general security agreement and a pledge of the assets and securities of Just Energy and the majority of its operating subsidiaries and affiliates excluding, primarily, the U.K., Barbados, Ireland, Japan and Germany operations. Just Energy is required to meet a number of financial covenants under the credit facility agreement. As at December 31, 2018, 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 Home Trust Company ("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. Warrants totalling 7.5 million were issued to the counterparties 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. As at December 31, 2018, US$97.0 million was drawn from the 8.75% loan. The 8.75% loan has three tranches. The first tranche is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche is earmarked for investments and future acquisitions. | ||||||
[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. | ||||||
[5] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. | ||||||
[6] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year, and have a maturity date of July 29, 2019. The Company incurred transaction costs of $5,215 and has shown these costs net of the 6.5% convertible bonds. US$45.6 million were tendered and extinguished in September 2018, resulting in a loss on redemption of $1.5 million. |
Note 11 - Long-term Debt and _5
Note 11 - Long-term Debt and Financing - Future Annual Minimum Repayments (Details) $ in Thousands | Dec. 31, 2018CAD ($) | |
Statement Line Items [Line Items] | ||
Future annual minimum repayments | $ 759,186 | |
Credit facility [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 198,380 | [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 | 138,944 | [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 | 142,422 | [6] |
Later than one year and not later than three years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 207,367 | |
Later than one year and not later than three years [member] | Credit facility [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 198,380 | [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 | 151,639 | |
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 | 142,422 | [6] |
Later than four years and not later than five years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 400,130 | |
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 | 138,944 | [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] |
[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. A certain principal amount outstanding under the credit facility is guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. Interest is payable on outstanding loans at rates that vary with Bankers' Acceptance rates, LIBOR, Canadian bank prime rate or U.S. prime rate. Under the terms of the operating credit facility, Just Energy is able to make use of Bankers' Acceptances and LIBOR advances at stamping fees of 3.750%. 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 December 31, 2018, the Canadian prime rate was 3.95% and the U.S. prime rate was 5.5%. As at December 31, 2018, $198.4 million has been drawn against the facility and total letters of credit outstanding as of December 31, 2018 amounted to $95.7 million (September 30, 2018 - $89.4 million). As at December 31, 2018, Just Energy has $58.4 million of the facility remaining for future working capital and/or security requirements. Just Energy’s obligations under the credit facility are supported by guarantees of certain subsidiaries and affiliates and secured by a general security agreement and a pledge of the assets and securities of Just Energy and the majority of its operating subsidiaries and affiliates excluding, primarily, the U.K., Barbados, Ireland, Japan and Germany operations. Just Energy is required to meet a number of financial covenants under the credit facility agreement. As at December 31, 2018, 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 Home Trust Company ("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. Warrants totalling 7.5 million were issued to the counterparties 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. As at December 31, 2018, US$97.0 million was drawn from the 8.75% loan. The 8.75% loan has three tranches. The first tranche is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche is earmarked for investments and future acquisitions. | |
[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. | |
[5] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. | |
[6] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year, and have a maturity date of July 29, 2019. The Company incurred transaction costs of $5,215 and has shown these costs net of the 6.5% convertible bonds. US$45.6 million were tendered and extinguished in September 2018, resulting in a loss on redemption of $1.5 million. |
Note 11 - Long-term Debt and _6
Note 11 - Long-term Debt and Financing - Future Annual Minimum Repayments (Details) (Parentheticals) $ in Thousands, $ in Millions | Dec. 31, 2018CAD ($) | Sep. 12, 2018USD ($) | Feb. 22, 2018CAD ($) | Dec. 31, 2017CAD ($) | Oct. 05, 2016CAD ($) | Jan. 29, 2014USD ($) | |
Senior unsecured 8.75% term loan [member] | |||||||
Statement Line Items [Line Items] | |||||||
Borrowings, interest rate | 8.75% | [1] | 8.75% | ||||
Notional amount | $ 250 | ||||||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | |||||||
Statement Line Items [Line Items] | |||||||
Borrowings, interest rate | 6.75% | [2] | 6.75% | 6.75% | |||
Notional amount | $ 100,000 | [2] | $ 100,000 | $ 100,000 | |||
Senior subordinated 6.75% convertible debentures [member] | |||||||
Statement Line Items [Line Items] | |||||||
Borrowings, interest rate | 6.75% | [3] | 6.75% | 6.75% | |||
Notional amount | $ 160,000 | [3] | $ 160,000 | $ 160,000 | |||
European-focused senior convertible unsecured 6.5% convertible bonds [member] | |||||||
Statement Line Items [Line Items] | |||||||
Borrowings, interest rate | 6.50% | [4] | 6.50% | ||||
Notional amount | $ 150 | ||||||
[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. Warrants totalling 7.5 million were issued to the counterparties 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. As at December 31, 2018, US$97.0 million was drawn from the 8.75% loan. The 8.75% loan has three tranches. The first tranche is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche is earmarked for investments and future acquisitions. | ||||||
[2] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. | ||||||
[3] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. | ||||||
[4] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year, and have a maturity date of July 29, 2019. The Company incurred transaction costs of $5,215 and has shown these costs net of the 6.5% convertible bonds. US$45.6 million were tendered and extinguished in September 2018, resulting in a loss on redemption of $1.5 million. |
Note 11 - Long-term Debt and _7
Note 11 - Long-term Debt and Financing - Long- Term Debt (Details) - CAD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Mar. 31, 2018 | ||
Statement Line Items [Line Items] | |||
Long-term debt, balance | $ 543,504 | $ 498,088 | |
Cash inflows (outflows) | 127,902 | 49,726 | |
FX | 14,127 | (6,101) | |
Non-cash changes | 30,600 | 1,790 | |
Long-term debt, balance | 716,133 | 543,504 | |
Short-term borrowings [member] | |||
Statement Line Items [Line Items] | |||
Long-term debt, balance | (121,451) | ||
Cash inflows (outflows) | |||
FX | |||
Non-cash changes | |||
Long-term debt, balance | (150,050) | (121,451) | |
Long-term borrowings [member] | |||
Statement Line Items [Line Items] | |||
Long-term debt, balance | 422,053 | 498,088 | |
Cash inflows (outflows) | 127,902 | 49,726 | |
FX | 14,127 | (6,101) | |
Non-cash changes | 30,600 | 1,790 | |
Long-term debt, balance | 566,083 | 422,053 | |
Credit facility [member] | |||
Statement Line Items [Line Items] | |||
Long-term debt, balance | [1] | 121,451 | 66,001 |
Cash inflows (outflows) | [1] | 73,681 | 53,857 |
Non-cash changes | [1] | 664 | 1,593 |
Long-term debt, balance | [1] | 195,796 | 121,451 |
HTC loan [member] | |||
Statement Line Items [Line Items] | |||
Cash inflows (outflows) | [2] | (2,221) | |
Non-cash changes | [2] | 21,611 | |
Long-term debt, balance | [2] | 19,390 | |
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | |||
Statement Line Items [Line Items] | |||
Long-term debt, balance | [3] | 85,760 | |
Cash inflows (outflows) | [3] | 95,869 | |
Non-cash changes | [3] | 1,138 | (10,109) |
Long-term debt, balance | [3] | 86,898 | 85,760 |
Senior subordinated 6.75% convertible debentures [member] | |||
Statement Line Items [Line Items] | |||
Long-term debt, balance | [4] | 148,146 | 145,579 |
Non-cash changes | [4] | 2,069 | 2,567 |
Long-term debt, balance | [4] | 150,215 | 148,146 |
Senior unsecured 8.75% term loan [member] | |||
Statement Line Items [Line Items] | |||
Cash inflows (outflows) | [5] | 116,016 | |
FX | [5] | 6,376 | |
Non-cash changes | [5] | 610 | |
Long-term debt, balance | [5] | 123,002 | |
European-focused senior convertible unsecured 6.5% convertible bonds [member] | |||
Statement Line Items [Line Items] | |||
Long-term debt, balance | [6] | 188,147 | 190,486 |
Cash inflows (outflows) | [6] | (59,574) | |
FX | [6] | 7,751 | (6,101) |
Non-cash changes | [6] | 4,508 | 3,761 |
Long-term debt, balance | [6] | $ 140,832 | 188,147 |
Unsecured subordinated 5.75% convertible debentures [member] | |||
Statement Line Items [Line Items] | |||
Long-term debt, balance | [7] | 96,022 | |
Cash inflows (outflows) | [7] | (100,000) | |
Non-cash changes | [7] | $ 3,978 | |
[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. A certain principal amount outstanding under the credit facility is guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. Interest is payable on outstanding loans at rates that vary with Bankers' Acceptance rates, LIBOR, Canadian bank prime rate or U.S. prime rate. Under the terms of the operating credit facility, Just Energy is able to make use of Bankers' Acceptances and LIBOR advances at stamping fees of 3.750%. 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 December 31, 2018, the Canadian prime rate was 3.95% and the U.S. prime rate was 5.5%. As at December 31, 2018, $198.4 million has been drawn against the facility and total letters of credit outstanding as of December 31, 2018 amounted to $95.7 million (September 30, 2018 - $89.4 million). As at December 31, 2018, Just Energy has $58.4 million of the facility remaining for future working capital and/or security requirements. Just Energy’s obligations under the credit facility are supported by guarantees of certain subsidiaries and affiliates and secured by a general security agreement and a pledge of the assets and securities of Just Energy and the majority of its operating subsidiaries and affiliates excluding, primarily, the U.K., Barbados, Ireland, Japan and Germany operations. Just Energy is required to meet a number of financial covenants under the credit facility agreement. As at December 31, 2018, 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 Home Trust Company ("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 February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. | ||
[4] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. | ||
[5] | On 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. Warrants totalling 7.5 million were issued to the counterparties 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. As at December 31, 2018, US$97.0 million was drawn from the 8.75% loan. The 8.75% loan has three tranches. The first tranche is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche is earmarked for investments and future acquisitions. | ||
[6] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year, and have a maturity date of July 29, 2019. The Company incurred transaction costs of $5,215 and has shown these costs net of the 6.5% convertible bonds. US$45.6 million were tendered and extinguished in September 2018, resulting in a loss on redemption of $1.5 million. | ||
[7] | In September 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the "5.75% convertible debentures"), which was used to fund an acquisition. The 5.75% convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year, and have a maturity date of December 31, 2018. The 5.75% convertible debentures were fully redeemed on March 27, 2018. |
Note 11 - Long-term Debt and _8
Note 11 - Long-term Debt and Financing - Finance costs (Details) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement Line Items [Line Items] | |||||
Finance costs | $ 22,762 | $ 13,266 | $ 59,225 | $ 37,777 | |
Collateral cost and other | 3,478 | 378 | 9,757 | 1,371 | |
Credit facility [member] | |||||
Statement Line Items [Line Items] | |||||
Finance costs | [1] | 5,469 | 3,402 | 14,523 | 8,972 |
HTC loan [member] | |||||
Statement Line Items [Line Items] | |||||
Finance costs | [2] | 459 | 459 | ||
Senior unsecured 8.75% term loan [member] | |||||
Statement Line Items [Line Items] | |||||
Finance costs | [3] | 4,318 | 4,318 | ||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | |||||
Statement Line Items [Line Items] | |||||
Finance costs | [4] | 1,925 | 6,510 | ||
Senior subordinated 6.75% convertible debentures [member] | |||||
Statement Line Items [Line Items] | |||||
Finance costs | [5] | 3,399 | 3,342 | 10,168 | 9,404 |
European-focused senior convertible unsecured 6.5% convertible bonds [member] | |||||
Statement Line Items [Line Items] | |||||
Finance costs | [6] | $ 3,714 | 4,043 | $ 13,490 | 11,784 |
Unsecured subordinated 5.75% convertible debentures [member] | |||||
Statement Line Items [Line Items] | |||||
Finance costs | [7] | $ 2,101 | $ 6,246 | ||
[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. A certain principal amount outstanding under the credit facility is guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. Interest is payable on outstanding loans at rates that vary with Bankers' Acceptance rates, LIBOR, Canadian bank prime rate or U.S. prime rate. Under the terms of the operating credit facility, Just Energy is able to make use of Bankers' Acceptances and LIBOR advances at stamping fees of 3.750%. 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 December 31, 2018, the Canadian prime rate was 3.95% and the U.S. prime rate was 5.5%. As at December 31, 2018, $198.4 million has been drawn against the facility and total letters of credit outstanding as of December 31, 2018 amounted to $95.7 million (September 30, 2018 - $89.4 million). As at December 31, 2018, Just Energy has $58.4 million of the facility remaining for future working capital and/or security requirements. Just Energy’s obligations under the credit facility are supported by guarantees of certain subsidiaries and affiliates and secured by a general security agreement and a pledge of the assets and securities of Just Energy and the majority of its operating subsidiaries and affiliates excluding, primarily, the U.K., Barbados, Ireland, Japan and Germany operations. Just Energy is required to meet a number of financial covenants under the credit facility agreement. As at December 31, 2018, 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 Home Trust Company ("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. Warrants totalling 7.5 million were issued to the counterparties 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. As at December 31, 2018, US$97.0 million was drawn from the 8.75% loan. The 8.75% loan has three tranches. The first tranche is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche is earmarked for investments and future acquisitions. | ||||
[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. | ||||
[5] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. | ||||
[6] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year, and have a maturity date of July 29, 2019. The Company incurred transaction costs of $5,215 and has shown these costs net of the 6.5% convertible bonds. US$45.6 million were tendered and extinguished in September 2018, resulting in a loss on redemption of $1.5 million. | ||||
[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 December 31, 2018. The 5.75% convertible debentures were fully redeemed on March 27, 2018. |
Note 11 - Long-term Debt and _9
Note 11 - Long-term Debt and Financing - Finance costs (Details) (Parentheticals) $ in Thousands, $ in Millions | Dec. 31, 2018CAD ($) | Sep. 12, 2018USD ($) | Feb. 22, 2018CAD ($) | Dec. 31, 2017CAD ($) | Oct. 05, 2016CAD ($) | Sep. 30, 2011CAD ($) | |
Senior unsecured 8.75% term loan [member] | |||||||
Statement Line Items [Line Items] | |||||||
Borrowings, interest rate | 8.75% | [1] | 8.75% | ||||
Notional amount | $ 250 | ||||||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | |||||||
Statement Line Items [Line Items] | |||||||
Borrowings, interest rate | 6.75% | [2] | 6.75% | 6.75% | |||
Notional amount | $ 100,000 | [2] | $ 100,000 | $ 100,000 | |||
Senior subordinated 6.75% convertible debentures [member] | |||||||
Statement Line Items [Line Items] | |||||||
Borrowings, interest rate | 6.75% | [3] | 6.75% | 6.75% | |||
Notional amount | $ 160,000 | [3] | $ 160,000 | $ 160,000 | |||
Unsecured subordinated 5.75% convertible debentures [member] | |||||||
Statement Line Items [Line Items] | |||||||
Borrowings, interest rate | 5.75% | 5.75% | |||||
Notional amount | $ 100,000 | ||||||
[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. Warrants totalling 7.5 million were issued to the counterparties 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. As at December 31, 2018, US$97.0 million was drawn from the 8.75% loan. The 8.75% loan has three tranches. The first tranche is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche is earmarked for investments and future acquisitions. | ||||||
[2] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. | ||||||
[3] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. |
Note 12 - Income Taxes - Compon
Note 12 - Income Taxes - Components of Tax Expenses (Details) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | ||||
Current income tax expense (recovery) | $ 4,540 | $ (4,105) | $ 1,508 | $ 379 |
Deferred tax expense (recovery) | (13,628) | 9,718 | 3,777 | 10,198 |
Provision for (recovery of) income taxes | $ (9,088) | $ 5,613 | $ 5,285 | $ 10,577 |
Note 13 - Shareholders' Capit_3
Note 13 - Shareholders' Capital (Details Textual) - CAD ($) $ / shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 05, 2016 | |||
Statement Line Items [Line Items] | |||||||
Par value per share | $ 0 | $ 0 | |||||
Payments to acquire or redeem entity's shares | $ 11,941 | ||||||
Senior subordinated 6.75% convertible debentures [member] | |||||||
Statement Line Items [Line Items] | |||||||
Borrowings, interest rate | 6.75% | [1] | 6.75% | 6.75% | [1] | 6.75% | 6.75% |
Preference shares [member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of shares authorised | 50,000,000 | 50,000,000 | |||||
Number of shares issued and fully paid | 0 | 0 | |||||
Normal course issuer bid for convertible debentures and common shares [member] | |||||||
Statement Line Items [Line Items] | |||||||
Maximum percentage allowable for repurchase of outstanding public float | 10.00% | 10.00% | |||||
Payments to acquire or redeem entity's shares | $ 0 | $ 33,000 | |||||
[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% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year, and have a maturity date of December 31, 2021. |
Note 13 - Shareholders' Capit_4
Note 13 - Shareholders' Capital - Classes of Share Capital (Details) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | |||||
Balance | $ 216,535 | ||||
Balance | $ 72,007 | $ (89,923) | $ 72,007 | $ (89,923) | $ 216,535 |
Issued capital [member] | |||||
Statement Line Items [Line Items] | |||||
Balance (in shares) | 152,717,452 | ||||
Balance | $ 1,215,826 | ||||
Balance (in shares) | 154,174,461 | 154,174,461 | 152,717,452 | ||
Balance | $ 1,234,491 | 1,202,058 | $ 1,234,491 | $ 1,202,058 | $ 1,215,826 |
Ordinary shares [member] | |||||
Statement Line Items [Line Items] | |||||
Balance (in shares) | 148,394,152 | 147,013,538 | 147,013,538 | ||
Balance | $ 1,079,055 | $ 1,070,076 | $ 1,070,076 | ||
Share-based awards exercised (in shares) | 1,118,144 | 1,643,156 | |||
Share-based awards exercised | $ 8,471 | $ 11,954 | |||
Number of shares issued for acquisition | 1,415,285 | ||||
Acquisition of subsidiary | $ 8,966 | ||||
Repurchase and cancellation of shares (in shares) | (1,677,827) | ||||
Repurchase and cancellation of shares | $ (11,941) | ||||
Balance (in shares) | 149,512,296 | 149,512,296 | 148,394,152 | ||
Balance | $ 1,087,526 | $ 1,087,526 | $ 1,079,055 | ||
Ordinary shares [member] | Issued capital [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 1,085,991 | 1,068,809 | 1,079,055 | 1,070,076 | 1,070,076 |
Share-based awards exercised | 1,535 | 341 | 8,471 | 11,015 | |
Repurchase and cancellation of shares | (11,941) | ||||
Balance | $ 1,087,526 | 1,069,150 | $ 1,087,526 | $ 1,069,150 | $ 1,079,055 |
Preference shares [member] | |||||
Statement Line Items [Line Items] | |||||
Balance (in shares) | 4,323,300 | 4,040,000 | 4,040,000 | ||
Balance | $ 136,771 | $ 128,363 | $ 128,363 | ||
Shares issued for cash (in shares) | 338,865 | 283,300 | |||
Shares issued for cash | $ 10,447 | $ 9,260 | |||
Preferred shares issuance cost | $ (253) | $ (852) | |||
Balance (in shares) | 4,662,165 | 4,662,165 | 4,323,300 | ||
Balance | $ 146,965 | $ 146,965 | $ 136,771 | ||
Preference shares [member] | Issued capital [member] | |||||
Statement Line Items [Line Items] | |||||
Balance | 146,984 | 132,908 | 136,771 | 128,363 | 128,363 |
Shares issued for cash | 10,447 | 5,195 | |||
Preferred shares issuance cost | (19) | (253) | (650) | ||
Balance | $ 146,965 | $ 132,908 | $ 146,965 | $ 132,908 | $ 136,771 |
Note 14 - Reportable Business_3
Note 14 - Reportable Business Segments - Components of Segments (Details) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | |||||
Sales | $ 966,653 | $ 912,203 | $ 2,799,953 | $ 2,611,836 | |
Gross margin | 188,513 | 171,305 | 515,384 | 471,531 | |
Administrative | 56,031 | 50,389 | 170,221 | 145,826 | |
Selling and marketing expenses | 57,255 | 55,547 | 164,547 | 172,200 | |
Depreciation of property, plant and equipment | 1,171 | 1,041 | 3,029 | 3,023 | |
Amortization of intangible assets | 7,307 | 5,439 | 16,647 | 13,230 | |
Other operating expenses | 96,252 | 14,721 | 144,705 | 60,719 | |
Operating profit before: finance costs, change in fair value of derivative instruments and other income, net | (29,503) | 44,168 | 16,235 | 76,533 | |
Finance costs | (22,762) | (13,266) | (59,225) | (37,777) | |
Change in fair value of derivative instruments and other | (1,515) | 183,759 | (62,003) | 223,453 | |
Change in fair value of Filter Group contingent consideration | (5,462) | (5,462) | |||
Other income | 2,569 | (633) | 5,282 | 1,169 | |
Recovery for income taxes | (9,088) | (5,613) | |||
Profit (loss) for the period | (47,585) | 208,415 | (110,458) | 252,801 | |
Capital expenditures | 15,264 | 12,201 | 36,686 | 27,682 | |
Provision for income taxes | 9,088 | (5,613) | (5,285) | (10,577) | |
Total goodwill | 350,185 | 291,492 | 350,185 | 291,492 | |
Total assets | 1,779,001 | 1,387,529 | 1,779,001 | 1,387,529 | $ 1,601,393 |
Total liabilities | 1,706,994 | 1,463,244 | 1,706,994 | 1,463,244 | $ 1,384,858 |
Consumer division [member] | |||||
Statement Line Items [Line Items] | |||||
Sales | 615,997 | 579,968 | 1,751,783 | 1,571,439 | |
Gross margin | 145,867 | 132,807 | 389,878 | 355,699 | |
Administrative | 21,817 | 18,765 | 65,218 | 52,081 | |
Selling and marketing expenses | 39,106 | 39,127 | 109,310 | 118,759 | |
Depreciation of property, plant and equipment | 1,120 | 956 | 2,876 | 2,779 | |
Amortization of intangible assets | 6,441 | 4,954 | 15,068 | 11,761 | |
Other operating expenses | 94,318 | 13,662 | 137,684 | 58,531 | |
Operating profit before: finance costs, change in fair value of derivative instruments and other income, net | (16,935) | 55,343 | 59,722 | 111,788 | |
Finance costs | |||||
Change in fair value of derivative instruments and other | |||||
Change in fair value of Filter Group contingent consideration | |||||
Other income | |||||
Recovery for income taxes | |||||
Profit (loss) for the period | |||||
Capital expenditures | 13,894 | 8,175 | 33,457 | 18,547 | |
Provision for income taxes | |||||
Total goodwill | 194,021 | 148,661 | 194,021 | 148,661 | |
Total assets | 1,326,855 | 858,087 | 1,326,855 | 858,087 | |
Total liabilities | 1,488,133 | 1,173,471 | 1,488,133 | 1,173,471 | |
Commercial division [member] | |||||
Statement Line Items [Line Items] | |||||
Sales | 350,656 | 332,235 | 1,048,170 | 1,040,397 | |
Gross margin | 42,646 | 38,498 | 125,506 | 115,832 | |
Administrative | 10,565 | 8,373 | 31,737 | 26,784 | |
Selling and marketing expenses | 18,149 | 16,420 | 55,237 | 53,441 | |
Depreciation of property, plant and equipment | 51 | 85 | 153 | 244 | |
Amortization of intangible assets | 866 | 485 | 1,579 | 1,469 | |
Other operating expenses | 1,934 | 1,059 | 7,021 | 2,188 | |
Operating profit before: finance costs, change in fair value of derivative instruments and other income, net | 11,081 | 12,076 | 29,779 | 31,706 | |
Finance costs | |||||
Change in fair value of derivative instruments and other | |||||
Change in fair value of Filter Group contingent consideration | |||||
Other income | |||||
Recovery for income taxes | |||||
Profit (loss) for the period | |||||
Capital expenditures | 1,370 | 4,026 | 3,229 | 9,135 | |
Provision for income taxes | |||||
Total goodwill | 156,164 | 142,831 | 156,164 | 142,831 | |
Total assets | 452,146 | 529,442 | 452,146 | 529,442 | |
Total liabilities | 218,862 | 289,773 | 218,862 | 289,773 | |
Corporate [member] | |||||
Statement Line Items [Line Items] | |||||
Sales | |||||
Gross margin | |||||
Administrative | 23,649 | 23,251 | 73,266 | 66,961 | |
Selling and marketing expenses | |||||
Depreciation of property, plant and equipment | |||||
Amortization of intangible assets | |||||
Other operating expenses | |||||
Operating profit before: finance costs, change in fair value of derivative instruments and other income, net | (23,649) | (23,251) | (73,266) | (66,961) | |
Finance costs | |||||
Change in fair value of derivative instruments and other | |||||
Change in fair value of Filter Group contingent consideration | |||||
Other income | |||||
Recovery for income taxes | |||||
Profit (loss) for the period | |||||
Capital expenditures | |||||
Provision for income taxes | |||||
Total goodwill | |||||
Total assets | |||||
Total liabilities |
Note 14 - Reportable Business_4
Note 14 - Reportable Business Segments - Geographical Disclosure (Details) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | |||||
Sales | $ 966,653 | $ 912,203 | $ 2,799,953 | $ 2,611,836 | |
Non-current assets | 513,889 | 513,889 | $ 420,819 | ||
CANADA | |||||
Statement Line Items [Line Items] | |||||
Sales | 110,853 | 115,966 | 283,521 | 276,658 | |
Non-current assets | 271,375 | 271,375 | 201,985 | ||
UNITED STATES | |||||
Statement Line Items [Line Items] | |||||
Sales | 623,351 | 580,238 | 1,957,508 | 1,852,542 | |
Non-current assets | 227,212 | 227,212 | 207,147 | ||
International [member] | |||||
Statement Line Items [Line Items] | |||||
Sales | 232,449 | $ 215,999 | 558,924 | $ 482,636 | |
Non-current assets | $ 15,302 | $ 15,302 | $ 11,687 |
Note 15 - Other Expenses - Othe
Note 15 - Other Expenses - Other Operating Expenses (Details) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | ||||
Amortization of intangible assets | $ 7,307 | $ 5,439 | $ 16,647 | $ 13,230 |
Depreciation of property, plant and equipment | 1,171 | 1,041 | 3,029 | 3,023 |
Bad debt expense | 94,815 | 13,056 | 139,999 | 42,091 |
Share-based compensation | 1,437 | 1,665 | 4,706 | 18,628 |
$ 104,730 | $ 21,201 | $ 164,381 | $ 76,972 |
Note 15 - Other Expenses - Empl
Note 15 - Other Expenses - Employee Benefits Expense (Details) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | ||||
Wages, salaries and commissions | $ 67,925 | $ 58,838 | $ 196,452 | $ 171,456 |
Benefits | 3,726 | 7,708 | 20,299 | 20,211 |
$ 71,651 | $ 66,546 | $ 216,751 | $ 191,667 |
Note 16 - Earnings (Loss) Per_3
Note 16 - Earnings (Loss) Per Share - Components of Earning Per Share (Details) - CAD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
BASIC EARNINGS (LOSS) PER SHARE | ||||
Shareholders of Just Energy | $ (47,551) | $ 208,455 | $ (110,313) | $ 243,449 |
Dividend to preferred shareholders - net of tax | 1,821 | 2,842 | 6,538 | 8,658 |
Earnings (loss) available to shareholders | $ (49,372) | $ 205,613 | $ (116,851) | $ 234,791 |
Basic weighted average shares outstanding (in shares) | 149,309,905 | 146,859,332 | 149,012,066 | 146,914,251 |
Basic (in CAD per share) | $ (0.33) | $ 1.40 | $ (0.78) | $ 1.60 |
DILUTED EARNINGS (LOSS) PER SHARE | ||||
Earnings (loss) available to shareholders | $ (49,372) | $ 205,613 | $ (116,851) | $ 234,791 |
Increase (decrease) through conversion of convertible instruments, equity | 4,884 | 14,474 | ||
Adjusted earnings (loss) available to shareholders | $ (49,372) | $ 210,497 | $ (116,851) | $ 249,265 |
Basic weighted average shares outstanding (in shares) | 149,309,905 | 146,859,332 | 149,012,066 | 146,914,251 |
Restricted share grants (in shares) | 2,238,518 | 2,807,661 | 2,548,751 | 2,761,033 |
Deferred share grants (in shares) | 151,472 | 89,210 | 134,458 | 94,347 |
Convertible debentures (in shares) | 28,440,256 | 38,804,494 | 39,574,831 | 38,804,494 |
Shares outstanding on a diluted basis (in shares) | 180,140,151 | 188,560,697 | 191,270,106 | 188,574,125 |
Diluted (in CAD per share) | $ (0.33) | $ 1.12 | $ (0.78) | $ 1.32 |
Note 17 - Dividends and Distr_2
Note 17 - Dividends and Distributions (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2018CAD ($)$ / shares | Dec. 31, 2018$ / shares | Dec. 31, 2017CAD ($)$ / shares | Dec. 31, 2017$ / shares | Dec. 31, 2018CAD ($)$ / shares | Dec. 31, 2018$ / shares | Dec. 31, 2017CAD ($)$ / shares | Dec. 31, 2017$ / shares | |
Ordinary shares [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share | $ / shares | $ 0.125 | $ 0.125 | $ 0.375 | $ 0.375 | ||||
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners | $ | $ 18,662 | $ 18,357 | $ 55,868 | $ 55,081 | ||||
Dividends recognised as distributions to owners per share | $ / shares | $ 0.125 | $ 0.125 | $ 0.375 | $ 0.375 | ||||
Dividends recognised as distributions to owners of parent | $ | $ 295 | $ 302 | $ 1,263 | $ 1,013 | ||||
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 | $ 0.53125 | $ 0.53125 | $ 1.0625 | $ 1.59375 | ||||
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners | $ | $ 2,477 | $ 2,842 | $ 8,895 | $ 8,658 |
Note 18 - Commitments and Gua_3
Note 18 - Commitments and Guarantees (Details Textual) $ in Thousands, $ in Millions | 9 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2018CAD ($) | Sep. 30, 2018CAD ($) | |
Surety bond [member] | |||
Statement Line Items [Line Items] | |||
Estimated financial effect of contingent liabilities | $ 70,300 | ||
Credit facility [member] | |||
Statement Line Items [Line Items] | |||
Maximum insured amount per year | $ 50 | ||
Borrowings, letters of credit | $ 95,700 | $ 89,400 | |
Entering into significant insurance agreement [member] | |||
Statement Line Items [Line Items] | |||
Maximum insured amount per event | 25 | ||
Maximum insured amount over 80 month period | $ 225 | ||
Bottom of range [member] | |||
Statement Line Items [Line Items] | |||
Leasing period | 1 | ||
Top of range [member] | |||
Statement Line Items [Line Items] | |||
Leasing period | 8 |
Note 18 - Commitments and Gua_4
Note 18 - Commitments and Guarantees - Commitments (Details) $ in Thousands | Dec. 31, 2018CAD ($) |
Statement Line Items [Line Items] | |
Premises and equipment leasing | $ 23,208 |
Gas, electricity and non-commodity contracts | 3,596,873 |
3,620,081 | |
Not later than one year [member] | |
Statement Line Items [Line Items] | |
Premises and equipment leasing | 1,543 |
Gas, electricity and non-commodity contracts | 633,606 |
635,149 | |
Later than one year and not later than three years [member] | |
Statement Line Items [Line Items] | |
Premises and equipment leasing | 7,669 |
Gas, electricity and non-commodity contracts | 2,388,039 |
2,395,708 | |
Later than four years and not later than five years [member] | |
Statement Line Items [Line Items] | |
Premises and equipment leasing | 6,825 |
Gas, electricity and non-commodity contracts | 448,570 |
455,395 | |
Later than five years [member] | |
Statement Line Items [Line Items] | |
Premises and equipment leasing | 7,171 |
Gas, electricity and non-commodity contracts | 126,658 |
$ 133,829 |