Document And Entity Information
Document And Entity Information | 9 Months Ended |
Dec. 31, 2019 | |
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 |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Interim Condensed Consolidated
Interim Condensed Consolidated Statements of Financial Position (Current Periods Unaudited) - CAD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 17,988 | $ 9,927 |
Restricted cash | 4,237 | 4,048 |
Trade and other receivables | 404,124 | 672,615 |
Gas in storage | 21,546 | 2,943 |
Fair value of derivative financial assets | 94,509 | 144,512 |
Income taxes recoverable | 13,160 | 18,973 |
Other current assets | 140,923 | 169,240 |
696,487 | 1,022,258 | |
Non-current assets | ||
Investments | 36,785 | 36,897 |
Property and equipment, net | 31,215 | 25,862 |
Intangible assets, net | 444,426 | 472,656 |
Fair value of derivative financial assets | 26,854 | 9,255 |
Deferred income tax assets | 3,444 | 1,093 |
Other non-current assets | 48,276 | 49,512 |
591,000 | 595,275 | |
Assets classified as held for sale | 9,687 | 8,971 |
600,687 | 604,246 | |
TOTAL ASSETS | 1,297,174 | 1,626,504 |
Current liabilities | ||
Trade and other payables | 523,650 | 714,110 |
Deferred revenue | 11,563 | 43,228 |
Income taxes payable | 3,675 | 11,895 |
Fair value of derivative financial liabilities | 105,406 | 79,387 |
Provisions | 1,377 | 7,205 |
Current portion of long-term debt | 274,182 | 37,429 |
919,853 | 893,254 | |
Non-current liabilities | ||
Long-term debt | 500,418 | 687,943 |
Fair value of derivative financial liabilities | 94,325 | 63,658 |
Deferred income tax liabilities | 2,721 | 4,124 |
Other non-current liabilities | 39,308 | 61,339 |
636,772 | 817,064 | |
Liabilities classified as held for sale | 3,330 | 5,200 |
640,102 | 822,264 | |
TOTAL LIABILITIES | 1,559,955 | 1,715,518 |
SHAREHOLDERS’ DEFICIT | ||
Shareholders’ capital | 1,246,220 | 1,235,503 |
Equity component of convertible debentures | 13,029 | 13,029 |
Contributed deficit | (30,819) | (25,540) |
Accumulated deficit | (1,581,771) | (1,390,700) |
Accumulated other comprehensive income | 90,948 | 79,093 |
Non-controlling interest | (388) | (399) |
TOTAL SHAREHOLDERS’ DEFICIT | (262,781) | (89,014) |
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT | $ 1,297,174 | $ 1,626,504 |
Interim Condensed Consolidate_2
Interim Condensed Consolidated Statements of Income (Loss) (Unaudited) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||||
Sales | $ 658,521 | $ 734,205 | $ 2,097,126 | $ 2,241,029 |
Cost of sales | 516,037 | 569,744 | 1,666,966 | 1,794,952 |
GROSS MARGIN | 142,484 | 164,461 | 430,160 | 446,077 |
EXPENSES | ||||
Administrative | 39,616 | 41,921 | 121,885 | 126,330 |
Selling and marketing | 51,270 | 51,706 | 167,253 | 144,098 |
Other operating expenses | 28,878 | 60,993 | 104,485 | 111,711 |
Restructuring costs | 2,746 | 5,982 | ||
Operating expense excluding cost of sales | 119,764 | 157,366 | 393,623 | 388,121 |
Operating profit before the following | 22,720 | 7,095 | 36,537 | 57,956 |
Finance costs | (28,178) | (22,762) | (80,175) | (59,198) |
Change in fair value of derivative instruments and other | 36,990 | 62,890 | (139,547) | (67,979) |
Other income, net | 1,649 | (2,963) | 29,735 | (291) |
Profit (loss) before income taxes | 33,181 | 44,260 | (153,450) | (69,512) |
Provision for income taxes | 3,845 | 1,689 | 3,604 | 6,280 |
Profit (loss) from continuing operations | 29,336 | 42,571 | (157,054) | (75,792) |
Profit (loss) after income taxes for the year from discontinued operations | 6,293 | (90,156) | (8,705) | (34,666) |
PROFIT (LOSS) FOR THE PERIOD | 35,629 | (47,585) | (165,759) | (110,458) |
Attributable to: | ||||
Shareholders of Just Energy | 35,642 | (47,551) | (165,712) | (110,313) |
Non-controlling interest | (13) | (34) | (47) | (145) |
PROFIT (LOSS) FOR THE PERIOD | $ 35,629 | $ (47,585) | $ (165,759) | $ (110,458) |
Basic (in CAD per share) | $ 0.18 | $ 0.27 | $ (1.09) | $ (0.55) |
Diluted (in CAD per share) | 0.16 | 0.25 | (1.09) | (0.55) |
Basic (in CAD per share) | 0.04 | (0.60) | (0.06) | (0.23) |
Diluted (in CAD per share) | 0.04 | (0.60) | (0.06) | (0.23) |
Basic (in CAD per share) | 0.22 | (0.33) | (1.15) | (0.78) |
Diluted (in CAD per share) | $ 0.20 | $ (0.33) | $ (1.15) | $ (0.78) |
Interim Condensed Consolidate_3
Interim Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||||
PROFIT (LOSS) FOR THE PERIOD | $ 35,629 | $ (47,585) | $ (165,759) | $ (110,458) |
Other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods: | ||||
Unrealized gain (loss) on translation of foreign operations | (6,258) | 18,205 | 245 | 13,592 |
Gain on translation of foreign operations disposed and reclassified to statement of income (loss) | 11,610 | 11,610 | ||
Other comprehensive income for the period | 5,352 | 18,205 | 11,855 | 13,592 |
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD, NET OF TAX | 40,981 | (29,380) | (153,904) | (96,866) |
Total comprehensive income (loss) attributable to: | ||||
Shareholders of Just Energy | 40,994 | (29,346) | (153,857) | (96,721) |
Non-controlling interest | (13) | (34) | (47) | (145) |
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD, NET OF TAX | $ 40,981 | $ (29,380) | $ (153,904) | $ (96,866) |
Interim Condensed Consolidate_4
Interim Condensed Consolidated Statements of Changes In Shareholders' Equity (Deficiency) (Unaudited) - CAD ($) $ in Thousands | Total | 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] | Issued capital [member]Ordinary shares [member] | Issued capital [member]Preference shares [member] | Reserve of equity component of convertible instruments [member] | Share premium (deficit) [member] | Non-controlling interests [member] |
Balance, beginning of period at Mar. 31, 2018 | $ 754,639 | $ (1,835,778) | $ 91,934 | $ 1,079,055 | $ 136,771 | $ 13,029 | $ (22,693) | $ (422) | |||
Statement Line Items [Line Items] | |||||||||||
Adjustment for adoption of recent accounting pronouncements | 20,711 | (17,863) | |||||||||
Profit (loss) for the period | $ (110,458) | (110,313) | (145) | ||||||||
Dividends and distributions declared and paid | (66,026) | ||||||||||
Other comprehensive income | 13,592 | ||||||||||
Share-based units exercised | 8,471 | (8,471) | |||||||||
Shares issued | 10,447 | ||||||||||
Shares issuance costs | (253) | ||||||||||
Add: Share-based compensation expense | 4,495 | ||||||||||
Discontinued operations | 211 | ||||||||||
Purchase of non-controlling interest | 1,493 | ||||||||||
Share-based compensation adjustment | (1,080) | ||||||||||
Non-cash deferred share grant distributions | 51 | ||||||||||
Foreign exchange impact on non-controlling interest | 152 | ||||||||||
Balance, end of period at Dec. 31, 2018 | 72,007 | 665,037 | (1,901,804) | $ (1,236,767) | 87,663 | $ 1,234,491 | 1,087,526 | 146,965 | 13,029 | (25,994) | (415) |
Balance, beginning of period at Mar. 31, 2018 | 754,639 | (1,835,778) | 91,934 | 1,079,055 | 136,771 | 13,029 | (22,693) | (422) | |||
Statement Line Items [Line Items] | |||||||||||
Share-based units exercised | 9,483 | ||||||||||
Shares issued | 10,447 | ||||||||||
Shares issuance costs | (253) | ||||||||||
Balance, end of period at Mar. 31, 2019 | (89,014) | 533,108 | (1,923,808) | 79,093 | 1,235,503 | 1,088,538 | 146,965 | 13,029 | (25,540) | (399) | |
Balance, beginning of period 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 recent accounting pronouncements | |||||||||||
Profit (loss) for the period | (47,585) | (47,551) | (34) | ||||||||
Dividends and distributions declared and paid | (21,434) | ||||||||||
Other comprehensive income | 18,205 | ||||||||||
Share-based units exercised | 1,535 | (1,535) | |||||||||
Shares issued | |||||||||||
Shares issuance costs | (19) | ||||||||||
Add: Share-based compensation expense | 1,379 | ||||||||||
Discontinued operations | 58 | ||||||||||
Purchase of non-controlling interest | 77 | ||||||||||
Share-based compensation adjustment | (807) | ||||||||||
Non-cash deferred share grant distributions | 20 | ||||||||||
Foreign exchange impact on non-controlling interest | 18 | ||||||||||
Balance, end of period at Dec. 31, 2018 | 72,007 | 665,037 | (1,901,804) | (1,236,767) | 87,663 | 1,234,491 | 1,087,526 | 146,965 | 13,029 | (25,994) | (415) |
Balance, beginning of period at Mar. 31, 2019 | (89,014) | 533,108 | (1,923,808) | 79,093 | 1,235,503 | 1,088,538 | 146,965 | 13,029 | (25,540) | (399) | |
Statement Line Items [Line Items] | |||||||||||
Adjustment for adoption of recent accounting pronouncements | |||||||||||
Profit (loss) for the period | (165,759) | (165,712) | (47) | ||||||||
Dividends and distributions declared and paid | (25,359) | ||||||||||
Other comprehensive income | 11,855 | ||||||||||
Share-based units exercised | 10,717 | (10,717) | |||||||||
Shares issued | |||||||||||
Shares issuance costs | |||||||||||
Add: Share-based compensation expense | 10,469 | ||||||||||
Discontinued operations | 254 | ||||||||||
Purchase of non-controlling interest | |||||||||||
Share-based compensation adjustment | (3,470) | ||||||||||
Non-cash deferred share grant distributions | (1,815) | ||||||||||
Foreign exchange impact on non-controlling interest | 58 | ||||||||||
Balance, end of period at Dec. 31, 2019 | (262,781) | 367,396 | (1,949,167) | (1,581,771) | 90,948 | 1,246,220 | 1,099,255 | 146,965 | 13,029 | (30,819) | (388) |
Balance, beginning of period at Sep. 30, 2019 | 331,754 | (1,949,167) | 85,596 | 1,098,569 | 146,965 | 13,029 | (31,798) | (384) | |||
Statement Line Items [Line Items] | |||||||||||
Adjustment for adoption of recent accounting pronouncements | |||||||||||
Profit (loss) for the period | 35,629 | 35,642 | (13) | ||||||||
Dividends and distributions declared and paid | |||||||||||
Other comprehensive income | 5,352 | ||||||||||
Share-based units exercised | 686 | (686) | |||||||||
Shares issued | |||||||||||
Shares issuance costs | |||||||||||
Add: Share-based compensation expense | 1,683 | ||||||||||
Discontinued operations | |||||||||||
Purchase of non-controlling interest | |||||||||||
Share-based compensation adjustment | (18) | ||||||||||
Non-cash deferred share grant distributions | |||||||||||
Foreign exchange impact on non-controlling interest | 9 | ||||||||||
Balance, end of period at Dec. 31, 2019 | $ (262,781) | $ 367,396 | $ (1,949,167) | $ (1,581,771) | $ 90,948 | $ 1,246,220 | $ 1,099,255 | $ 146,965 | $ 13,029 | $ (30,819) | $ (388) |
Interim Condensed Consolidate_5
Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING | ||||
Profit (loss) before income taxes - from continuing operations | $ 33,181 | $ 44,260 | $ (153,450) | $ (69,512) |
Profit (loss) before income taxes - from discontinued operations | 6,579 | (100,933) | (8,455) | (35,661) |
Profit (loss) before income taxes | 39,760 | (56,673) | (161,905) | (105,173) |
Items not affecting cash | ||||
Amortization of intangible assets | 4,953 | 7,174 | 19,414 | 16,158 |
Depreciation of property and equipment | 2,246 | 1,087 | 7,749 | 2,782 |
Amortization included in cost of sales | 527 | 591 | 1,654 | 2,103 |
Share-based compensation | 1,683 | 1,379 | 10,469 | 4,495 |
Financing charges, non-cash portion | 5,008 | 4,393 | 16,138 | 13,838 |
Other, net | (28) | (28) | (83) | (83) |
Gain on sale of subsidiaries | (45,138) | (45,138) | ||
Change in fair value of derivative instruments | (36,990) | (62,890) | 139,547 | 67,979 |
Adjustment required to reflect net cash receipts from gas sales | (1,259) | (1,236) | 7,033 | 8,470 |
Net change in working capital balances | (61,062) | 62,365 | 27,273 | (54,357) |
Adjustment for discontinued operations | 28,957 | 64,061 | (4,649) | (6,890) |
Income taxes paid | (1,905) | (3,086) | (9,367) | (11,692) |
Cash inflow (outflow) from operating activities | (63,248) | 17,137 | 8,135 | (62,370) |
INVESTING | ||||
Purchase of property and equipment | (182) | (1,548) | (806) | (4,107) |
Purchase of intangible assets | (2,734) | (13,716) | (11,918) | (32,579) |
Payments for previously acquired business | (3,000) | (12,013) | (3,000) | |
Proceeds from disposition of subsidiaries | 7,672 | 7,672 | ||
Cash inflow (outflow) from investing activities | 4,756 | (18,264) | (17,065) | (39,686) |
FINANCING | ||||
Dividends paid | (21,414) | (25,335) | (65,975) | |
Repayment of long-term debt | (3,825) | (2,222) | (6,027) | (61,795) |
Issuance of long-term debt | 119,662 | |||
Share swap payout | (10,000) | |||
Leased asset payments | (1,471) | (4,460) | ||
Debt issuance costs | (1,820) | (3,575) | (1,737) | (6,229) |
Credit facilities withdrawal | 53,555 | 18,985 | 54,794 | 76,265 |
Issuance of preferred shares | 10,447 | |||
Preferred shares issuance costs | (18) | (352) | ||
Cash inflow (outflow) from financing activities | 46,439 | (8,244) | 17,235 | 62,023 |
Effect of foreign currency translation on cash balances | (40) | 1,046 | (244) | 72 |
Net cash inflow (outflow) | (12,093) | (8,325) | 8,061 | (39,961) |
Cash and cash equivalents, beginning of period | 30,081 | 17,225 | 9,927 | 48,861 |
Cash and cash equivalents, end of period | 17,988 | 8,900 | 17,988 | 8,900 |
Supplemental cash flow information: | ||||
Interest paid | $ 12,774 | $ 12,428 | $ 54,480 | $ 38,873 |
Note 1 - Organization
Note 1 - Organization | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of general information about financial statements [text block] | 1. ORGANIZATION Just Energy Group Inc. (“Just Energy” or the “Company”) is a corporation established under the laws of Canada to hold securities and to distribute the income of its directly or indirectly owned operating subsidiaries and affiliates. The registered office of Just Energy is First Canadian Place, 100 February 7, 2020. |
Note 2 - Operations
Note 2 - Operations | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Nature of operations [text block] | 2. OPERATIONS Just Energy is a retail energy provider specializing in electricity and natural gas commodities and bringing energy efficient solutions and renewable energy options to customers. Currently operating in the United States (“U.S.”) and Canada, Just Energy serves both residential and commercial customers, providing homes and businesses with a broad range of energy solutions that deliver comfort, convenience and control. Just Energy is the parent company of Amigo Energy, EdgePower Inc. (“EdgePower”), Filter Group Inc. (“Filter Group”), Hudson Energy, Interactive Energy Group, Just Energy Advanced Solutions, Tara Energy and TerraPass. Just Energy’s current commodity product offerings include fixed, variable, index and flat rate options. By fixing the price of natural gas or electricity under its fixed-price or price-protected program contracts for a period of up to five Through the Filter Group business, Just Energy provides subscription-based home water filtration systems to residential customers, including under-counter and whole-home water filtration solutions. In addition, Just Energy markets smart thermostats, offering the thermostats as a standalone unit or bundled with certain commodity products. The smart thermostats are currently manufactured and distributed by ecobee Inc. (“ecobee”), a company in which Just Energy holds an approximate 8% not Just Energy markets its product offerings through several sales channels including brokers, online marketing, retail and affinity relationships, and door-to-door. In March 2019, June 2019, three December 31, 2019 11. 12 December 31, 2019, |
Note 3 - Financial Statement Pr
Note 3 - Financial Statement Preparation | 9 Months Ended |
Dec. 31, 2019 | |
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 Standards (“IAS”) 34, March 31, 2019 4. (b) Basis of presentation 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 fiscal years ended March 31, 2019 2018, 16, Leases 16” 4. 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 that are stated at fair value. The interim operating results are not may March 31, 2020, October March April September. January March July September. October December April June. Certain figures in the comparative consolidated financial statements have been reclassified from statements previously presented to conform to the presentation of the current period’s consolidated financial statements. As described further in Note 12, $370 US$250 September 1, 2020 September 12, 2023 September 1, 2020 December 31, 2019. December 31, 2019, The Company’s business is affected by seasonality. As a result, in certain periods the Company forecasts cash shortfalls that require additional financing through support from suppliers and, in certain circumstances, actions to liquidate certain assets. The Company’s ability to continue as a going concern for the next 12 may The Company is actively negotiating the terms of its existing credit facility and anticipates a renewal in advance of the credit facility maturity. The Company will continue to pursue opportunities to improve the profitability of its core businesses, if necessary, secure additional funds through financing, continued support of key lenders and suppliers and, if necessary, the sale of businesses and/or investments. There can be no These consolidated financial statements do not (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, 2019. (d) Significant estimates Allowance for doubtful accounts The measurement of the expected credit loss allowance for accounts receivable requires the use of management’s judgment in estimation techniques, building models, selecting key inputs and making significant assumptions about future economic conditions and credit behaviour of the customers, including the likelihood of customers defaulting and the resulting losses. The Company’s current significant estimates include the historical collection rates as a percentage of revenue and the use of the Company’s historical rates of recovery across aging buckets. Both of these inputs are sensitive to the number of months or years of history included in the analysis, which is a key input and judgment made by management. |
Note 4 - Accounting Policies an
Note 4 - Accounting Policies and New Standards Adopted | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of initial application of standards or interpretations [text block] | 4. ACCOUNTING POLICIES AND NEW STANDARDS ADOPTED IFRS 16 IFRS 16 17, January 1, 2019. April 1, 2019, 16 not Accounting policies At inception of a contract, the Company assesses whether a contract is, or contains, a lease, by determining whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. · The contract involves the use of an identified asset – this may not · The Company has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and · The Company has the right to direct the use of the asset. The Company has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where the decision about how and for what purpose the asset is used is predetermined, the Company has the right to direct the use of the asset if either: o The Company has the right to operate the asset; or o The Company designed the asset in a way that predetermines how and for what purpose it will be used. At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of their relative standalone price. not · Fixed payments, including in substance fixed payments; · Variable lease payments that depend on an index or a rate, initially measured using the relevant index or rate as at the commencement date; · Amounts expected to be payable under a residual value guarantee; and · The exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Company is reasonably certain not The Company presents right-of-use assets in “property and equipment” and lease liabilities in “other non-current liabilities” in the interim condensed consolidated statement of financial position. not 12 Nature of leased assets The Company leases various offices, equipment and vehicles. Rental contracts are typically made for fixed periods of one ten may may not Some office leases include an option to renew the lease for an additional period after the non-cancellable contract period. Where practicable, the Company seeks to include extension options in new leases to provide operational flexibility. The Company assesses at lease commencement whether it is reasonably certain to exercise the extension options. The Company reassesses its portfolio of leases to determine whether it is reasonably certain to exercise the options if there is a significant event or significant change in circumstances within its control. The Company considers all facts and circumstances when making this decision. The Company examines whether there is an economic incentive or penalty that would affect the decision to exercise the option (for example, whether the lease option is below market value or whether the Company has made significant investments in leasehold improvements). Where it is not not The application of IFRS 16 · Identifying whether a contract (or part of a contract) includes a lease; · Determining whether it is reasonably certain that an extension or termination option will be exercised; · Determining whether variable payments are in substance fixed; · Establishing whether there are multiple leases in an arrangement; and · Determining the standalone selling price of lease and non-lease components. Key sources of estimation uncertainty in the application of IFRS 16 · Estimating the lease term; · Determining the appropriate rate to discount lease payments; and · Assessing whether a right-of-use asset is impaired. Initial application The Company has elected the practical expedient to not April 1, 2019, 16. not 16, 6.75%. For previously recognized operating leases, the Company has elected the practical expedient to measure the right-of-use assets equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments recognized immediately before the date of initial application. Additionally, the Company has elected the practical expedient to not For previously recognized operating leases with an initial lease term of 12 not 12 Instead of performing an impairment review on the right-of-use assets at the date of initial application, the Company has elected the practical expedient to rely on its historic assessment as to whether leases were onerous immediately before the initial application date. Impact on interim condensed consolidated financial statements The following is a reconciliation of total operating lease commitments at March 31, 2019 April 1, 2019: Total operating lease commitments disclosed at March 31, 2019 $ 21,243 Short-term leases and other minor adjustments (707 ) Operating lease liabilities before discounting 20,536 Discounted using the incremental borrowing rate (2,011 ) Total lease liabilities recognized under IFRS 16 at April 1, 2019 $ 18,525 As at April 1, 2019, 16 · Right-of-use assets of $18.5 · Additional lease liabilities of $18.5 IFRS Interpretations Committee (“IFRIC”) 23, 23” The Company adopted IFRIC 23 April 1, 2019. no |
Note 5 - Accounting Standards I
Note 5 - Accounting Standards Issued But Not Yet Effective | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of expected impact of initial application of new standards or interpretations [text block] | 5. ACCOUNTING STANDARDS ISSUED BUT NOT IFRIC Agenda Paper 11, 11” The IFRIC reached a decision on Agenda Paper 11 March 5 6, 2019. 9, 9” The Company has reviewed the agenda decision and determined that a change is required in its accounting policy related to contracts to buy or sell a non-financial item that can be settled net in cash or another financial instrument, or by exchanging financial instruments. These are contracts the Company enters into that are accounted for as derivatives at fair value through profit or loss (“FVTPL”) but physically settled by the underlying non-financial item. The IFRIC concluded that IFRS 9 In its December 2018 not December 31, 2019 2020 not no |
Note 6 - Trade and Other Receiv
Note 6 - Trade and Other Receivables | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other receivables [text block] | 6. TRADE AND OTHER RECEIVABLES As at As at Trade accounts receivable, net $ 211,908 $ 365,008 Accrued gas receivables 5,094 13,637 Unbilled revenues, net 151,595 277,556 Other 35,527 16,414 $ 404,124 $ 672,615 |
Note 7 - Other Current and Non-
Note 7 - Other Current and Non-current Assets | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of prepayments and other assets [text block] | 7. OTHER CURRENT AND NON-CURRENT ASSETS (a) Other current assets As at As at Prepaid expenses and deposits $ 21,282 $ 45,709 Customer acquisition costs 81,251 75,707 Green certificates 27,169 39,749 Gas delivered in excess of consumption 6,879 3,121 Inventory 4,342 4,954 $ 140,923 $ 169,240 (b) Other non-current assets As at As at Customer acquisition costs $ 39,284 $ 46,416 Income taxes recoverable 1,122 3,096 Other long-term assets 7,870 - $ 48,276 $ 49,512 |
Note 8 - Financial Instruments
Note 8 - Financial Instruments | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of financial instruments [text block] | 8. FINANCIAL INSTRUMENTS (a) Fair value of derivative financial instruments and other The fair value of financial instruments is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). Management has estimated the value of financial swaps, physical forwards and option contracts for electricity, natural gas, carbon and renewable energy certificates, and generation and transmission capacity contracts using a discounted cash flow method, which employs market forward curves that are either directly sourced from third third no The following table illustrates gains (losses) related to Just Energy’s derivative financial instruments classified as 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 Change in fair value of derivative instruments and other Physical forward contracts and options (i) $ 20,651 $ 50,416 $ (108,787 ) $ (77,168 ) Financial swap contracts and options (ii) 3,320 9,160 (39,994 ) 47,206 Foreign exchange forward contracts (1,804 ) 3,842 (106 ) 4,710 Share swap 2,188 3,073 (4,839 ) (2,488 ) Unrealized foreign exchange on 6.5% convertible bond and 8.75% loan 5,554 (15,487 ) 8,029 (15,700 ) 6.5% convertible bond conversion feature - - - 247 Weather derivatives (iii) 6,576 (4,224 ) (4,362 ) (34,405 ) Other derivative options 505 16,110 10,512 9,619 Change in fair value of derivative instruments and other $ 36,990 $ 62,890 $ (139,547 ) $ (67,979 ) 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, 2019: Financial assets (current) F inancial assets (non-current) Financial liabilities (current) Financial liabilities (non-current) Physical forward contracts and options (i) $ 63,669 $ 14,412 $ 41,192 $ 76,709 Financial swap contracts and options (ii) 13,817 5,449 46,387 16,885 Foreign exchange forward contracts - - 897 709 Share swap - - 16,745 - Weather derivatives (iii) 7,703 - - - Other derivative options 9,320 6,993 185 22 As at December 31, 2019 $ 94,509 $ 26,854 $ 105,406 $ 94,325 The following table summarizes certain aspects of the fair value of derivative financial assets and liabilities recorded in the consolidated statement of financial position as at March 31, 2019: Financial assets (current) Financial assets (non-current) Financial liabilities (current) Financial liabilities (non-current) Physical forward contracts and options $ 115,483 $ 7,237 $ 49,601 $ 50,174 Financial swap contracts and options 18,212 1,876 16,142 8,583 Foreign exchange forward contracts - 56 1,555 - Share swap - - 11,907 - Other derivative options 10,817 86 182 4,901 As at March 31, 2019 $ 144,512 $ 9,255 $ 79,387 $ 63,658 Below is a summary of the financial instruments classified through profit or loss as at December 31, 2019, (i) Physical forward contracts and options consist of: · Electricity contracts with a total remaining volume of 35,005,232 $46.68/MWh December 31, 2029. · Natural gas contracts with a total remaining volume of 82,319,260 $2.40/GJ October 31, 2025. · Renewable energy certificates (“RECs”) with a total remaining volume of 3,552,872 $35.13/REC December 31, 2028. · Electricity generation capacity contracts with a total remaining volume of 3,173 $5,465.16/MWCap May 31, 2023. · Ancillary contracts with a total remaining volume of 790,560 $22.78/MWh December 31, 2020. (ii) Financial swap contracts and options consist of: · Electricity contracts with a total remaining volume of 12,376,822 $44.99/MWh December 31, 2024. · Natural gas contracts with a total remaining volume of 125,146,919 $3.21/GJ October 31, 2025. · Electricity generation capacity contracts with a total remaining volume of 30 $334,214.75/MWCap October 31, 2020. · Ancillary contracts with a total remaining volume of 1,082,880 $21.60/MWh December 31, 2020. (iii) Weather derivatives consist of: · Weather swaps and put options for HDDs with temperature strikes at historical averages, total tick size of $13,500 March 31, 2020. · HDD natural gas swaps with price strikes ranging from US$1.38 US$7.56/MmBTU 1,043 5,059 March 31, 2020. · HDD natural gas swaps with price strikes ranging from US$1.75 US$7.35/MmBTU 1,051 5,059 March 31, 2021. · HDD natural gas swaps with price strikes to be set on futures index and temperature strikes ranging by location from 1,051 5,059 March 31, 2022. · HDD collar options with HDD strikes set at 0.8 1.32 $15,900 March 31, 2020. · Electricity call options with price strikes of $100/MWh, 15 33 March 31, 2020. 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 grants and deferred share grants plans. The value, on inception, of the 2,500,000 $33,803. August 22, 2018, $23,803 $10,000 These derivative financial instruments create a credit risk for Just Energy since they have been transacted with a limited number of counterparties. Should any counterparty be unable to fulfill its obligations under the contracts, Just Energy may not Fair value (“FV”) hierarchy of derivatives Level 1 The fair value measurements are classified as Level 1 Level 2 Fair value measurements that require observable inputs other than quoted prices in Level 1, 2 2, 2. Level 3 Fair value measurements that require unobservable market data or use statistical techniques to derive forward curves from observable market data and unobservable inputs are classified as Level 3 three five 12 15 3. Weather derivatives are non-exchange-traded financial instruments used as part of a risk management strategy to mitigate the impact adverse weather conditions have on gross margin. The fair values of the derivatives are determined using an internally developed model that relies upon both observable inputs and significant unobservable inputs. Accordingly, the fair values of these derivatives are classified as Level 3. For the share swap agreement, Just Energy uses a forward interest rate curve along with a volume weighted average share price to model out its value. As the inputs have no 3. Just Energy’s accounting policy is to recognize transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. 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, 2019: Level 1 Level 2 Level 3 Total Derivative financial assets $ - $ - $ 121,363 $ 121,363 Derivative financial liabilities - (36,846 ) (162,885 ) (199,731 ) Total net derivative assets (liabilities) $ - $ (36,846 ) $ (41,522 ) $ (78,368 ) The following table illustrates the classification of derivative financial assets (liabilities) in the FV hierarchy as at March 31, 2019: Level 1 Level 2 Level 3 Total Derivative financial assets $ - $ - $ 153,767 $ 153,767 Derivative financial liabilities - (6,588 ) (136,457 ) (143,045 ) Total net derivative assets (liabilities) $ - $ (6,588 ) $ 17,310 $ 10,722 Commodity price sensitivity – Level 3 If the energy prices associated with only Level 3 10%, December 31, 2019 $195,769 $194,724 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 Balance, beginning of period $ 17,310 $ 166,364 Total gains 29,870 19,644 Purchases (6,293 ) 11,502 Sales (2,371 ) (25,575 ) Settlements (80,038 ) (154,625 ) Balance, end of period $ (41,522 ) $ 17,310 (b) Classification of non-derivative financial assets and liabilities As at December 31, 2019 March 31, 2019, Long-term debt recorded at amortized cost has a fair value as at December 31, 2019 $776.4 March 31, 2019 - $740.6 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, 2019 $36.8 March 31, 2019 - $36.9 2 3 No The following table illustrates the classification of investments in the FV hierarchy as at December 31, 2019: Level 1 Level 2 Level 3 Total Investment in ecobee $ - $ - $ 32,889 $ 32,889 Investment in Energy Earth - 3,896 - 3,896 Total investments $ - $ 3,896 $ 32,889 $ 36,785 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. 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., 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% 100% 12 0% 50% 13 24 Just Energy may, not With respect to translation exposure, if the Canadian dollar had been 5% December 31, 2019, nine December 31, 2019 $3.6 $5.3 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% $606 three December 31, 2019 ( December 31, 2018 - $630 Commodity price risk Just Energy is exposed to market risks associated with commodity prices and market volatility where estimated customer requirements do not not Commodity price sensitivity – all derivative financial instruments If all the energy prices associated with derivative financial instruments including natural gas, electricity, verified emission-reduction credits and RECs had risen (fallen) by 10%, three December 31, 2019 $188,365 $187,378 (ii) Credit risk Credit risk is the risk that one two Customer credit risk In Alberta, Texas, Illinois (gas), California and Ohio (electricity), 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: As at March 31, 2019 Dec. 31, 2019 (Restated) Current $ 77,390 $ 117,095 1–30 days 21,536 61,840 31–60 days 6,737 34,772 61–90 days 8,527 25,268 Over 90 days 52,753 122,345 $ 166,943 $ 361,320 The March 31, 2019 $62,617 March 31, 2019 ( $203, $19,278, $12,454, $8,916 $21,764 1 30, 31 60, 61 90 90 March 31, 2019 no March 31, 2019. Changes in the expected lifetime credit loss were as follows: As at As at Dec. 31, 2019 March 31, 2019 Balance, beginning of period $ 182,365 $ 60,121 Provision for doubtful accounts 66,853 192,202 Bad debts written off (95,536 ) (90,231 ) Adjustment from IFRS 9 adoption - 23,636 Foreign exchange 1,619 (3,363 ) Assets classified as held for sale/sold (81,193 ) - Balance, end of period $ 74,108 $ 182,365 Allowance for doubtful accounts on accounts receivable $ 70,430 $ 168,728 Allowance for doubtful accounts on unbilled revenue 3,678 13,637 Total allowance for doubtful accounts $ 74,108 $ 182,365 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 that is recorded in cost of sales. 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, 2019, $121,363 December 31, 2018 - $249,321 (iii) Liquidity risk Liquidity risk is the potential inability to meet financial obligations as they fall due. Just Energy manages this risk by monitoring detailed daily cash flow forecasts covering a rolling 13 12 two The following are the contractual maturities, excluding interest payments, reflecting undiscounted disbursements of Just Energy’s financial liabilities: As at December 31, 2019: Carrying Contractual Less than More than amount cash flows 1 year 1–3 years 4–5 years 5 years Trade and other payables $ 523,650 $ 523,650 $ 523,650 $ - $ - $ - Long-term debt 1 774,600 802,807 275,919 163,650 363,238 - Gas, electricity and non-commodity contracts 199,731 2,984,880 406,644 1,918,497 486,002 173,737 $ 1,497,981 $ 4,311,337 $ 1,206,213 $ 2,082,147 $ 849,240 $ 173,737 As at March 31, 2019: Carrying Contractual Less than 1–3 years 4–5 years More than Trade and other payables $ 714,110 $ 714,110 $ 714,110 $ - $ - $ - Long-term debt 1 725,372 781,701 39,150 210,564 531,987 - Gas, electricity and non-commodity contracts 143,045 3,500,493 1,899,713 1,439,479 119,212 42,089 $ 1,582,527 $ 4,996,304 $ 2,652,973 $ 1,650,043 $ 651,199 $ 42,089 1 6.75% $100M 6.75% $160M 6.5% may In addition to the amounts noted above, as at December 31, 2019, Less than 1 year 1–3 years 4–5 years More than 5 years Interest payments $ 42,162 $ 68,787 $ 35,297 $ 7 (iv) Supplier risk Just Energy purchases the majority of the gas and electricity delivered to its customers through long-term contracts entered into with various suppliers. Just Energy has an exposure to supplier risk as the ability to continue to deliver gas and electricity to its customers is reliant upon the ongoing operations of these suppliers and their ability to fulfill their contractual obligations. As at December 31, 2019, $11,409 December 31, 2018 - $10,183 |
Note 9 - Trade and Other Payabl
Note 9 - Trade and Other Payables | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other payables [text block] | 9. TRADE AND OTHER PAYABLES As at As at Commodity suppliers' payables $ 275,653 $ 329,760 Accrued liabilities 62,407 112,039 Green provisions 71,205 151,992 Sales tax payable 17,935 22,969 Trade accounts payable 43,165 44,051 Payable for former joint venture partner 16,451 22,625 Accrued gas payable 7,558 12,937 Other payables 29,276 17,737 $ 523,650 $ 714,110 |
Note 10 - Deferred Revenue
Note 10 - Deferred Revenue | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of revenue from contracts with customers [text block] | 10. DEFERRED REVENUE Nine months ended Dec. 31, 2019 Year ended Balance, beginning of period $ 43,228 $ 38,710 Additions to deferred revenue 17,414 569,880 Revenue recognized during the period (9,850 ) (563,922 ) Foreign exchange impact 272 (1,440 ) Liabilities classified as held for sale/sold (39,501 ) - Balance, end of period $ 11,563 $ 43,228 |
Note 11 - Discontinued Operatio
Note 11 - Discontinued Operations | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of non-current assets held for sale and discontinued operations [text block] | 11. DISCONTINUED OPERATIONS (a) Discontinued operation results In March 2019, June 2019, November 29, 2019, December 31, 2019, The results of the discontinued operations are presented below for the three nine December 31, two eight November 29, 2019: Three months Three months Nine months Nine months ended ended ended ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2019 2018 2019 2018 Sales $ 122,439 $ 232,448 $ 423,637 $ 558,924 Cost of sales 124,206 208,396 394,914 489,617 Gross margin (1,767 ) 24,052 28,723 69,307 Expenses Administrative, selling and operating expenses 22,196 60,650 86,627 111,028 Gain on disposal of the U.K. and Ireland operations (45,138 ) - (45,138 ) - Operating profit (loss) 21,175 (36,598 ) (12,766 ) (41,721 ) Finance costs (97 ) - (2,146 ) (27 ) Change in fair value of derivative instruments and other (13,397 ) (64,405 ) 6,914 5,976 Other income (loss) (1,102 ) 70 (457 ) 111 Profit (loss) from discontinued operations before the undernoted 6,579 (100,933 ) (8,455 ) (35,661 ) Provision for (recovery of) income taxes 286 (10,777 ) 250 (995 ) PROFIT (LOSS) FROM DISCONTINUED OPERATIONS $ 6,293 $ (90,156 ) $ (8,705 ) $ (34,666 ) Assets and liabilities of the discontinued operations classified as held for sale as at December 31, 2019 ASSETS Current assets Cash and cash equivalents $ 2,867 Current trade and other receivables 3,769 Income taxes recoverable 12 Other current assets 2,494 9,142 Non-current assets Property and equipment 35 Intangible assets 510 ASSETS CLASSIFIED AS HELD FOR SALE $ 9,687 Liabilities Current liabilities Trade and other payables $ 3,253 Deferred revenue 77 LIABILITIES CLASSIFIED AS HELD FOR SALE $ 3,330 (b) Disposal of Hudson Energy Supply U.K. Limited (“Hudson U.K.”) On November 29, 2019, Pursuant to the share purchase agreement, the aggregate amount of the closing consideration received was £1.5 $2.5 October, June 30, 2019, six The results of the disposal of Hudson U.K. are presented below: Proceeds from sale $ 2,518 Carrying value of net liabilities disposed 74,570 Carrying value of goodwill disposed (13,355 ) Carrying value of intangible assets disposed (8,544 ) Reclassification of foreign currency translation reserve (11,610 ) Gain on sale of U.K. operations $ 43,579 (c) Disposal of Just Energy Ireland Limited (“Just Energy Ireland”) On December 18, 2019, €0.6 $1.0 75% 25% five The results of the disposal of Just Energy Ireland are presented below: Proceeds from sale $ 649 Carrying value of net liabilities disposed 910 Net gain on disposal of Just Energy Ireland operations $ 1,559 |
Note 12 - Long-term Debt and Fi
Note 12 - Long-term Debt and Financing | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of borrowings [text block] | 12. LONG-TERM DEBT AND FINANCING Maturity Dec. 31, 2019 March 31, 2019 Credit facility (a) September 1, 2020 $ 256,371 $ 201,577 Less: Debt issue costs (a) (1,737 ) (1,824 ) Filter Group financing (b) 11,551 17,577 8.75% loan (c) September 12, 2023 254,030 240,094 6.75% $100M convertible debentures (d) March 31, 2023 89,503 87,520 6.75% $160M convertible debentures (e) December 31, 2021 153,199 150,945 6.5% convertible bonds (f) December 31, 2020 11,683 29,483 774,600 725,372 Less: Current portion (274,182 ) (37,429 ) $ 500,418 $ 687,943 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) $ 256,371 $ - $ - $ - $ 256,371 Filter Group financing (b) 7,865 3,650 36 - 11,551 8.75% loan (c) - - 263,202 - 263,202 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) 11,683 - - - 11,683 $ 275,919 $ 163,650 $ 363,238 $ - $ 802,807 Interest is expensed based on the effective interest rate. The following table details the finance costs for the indicated periods: Three months ended Three months Nine months Nine months Credit facility (a) $ 5,854 $ 5,469 $ 17,900 $ 14,523 Filter Group financing (b) 99 459 600 459 8.75% loan (c) 8,655 4,318 26,275 4,318 6.75% $100M convertible debentures (d) 2,372 1,925 7,046 6,510 6.75% $160M convertible debentures (e) 3,462 3,399 10,354 10,168 6.5% convertible bonds (f) 262 3,714 2,479 13,490 Collateral cost and other (g) 7,474 3,478 15,521 9,730 $ 28,178 $ 22,762 $ 80,175 $ 59,198 (a) As at April 18, 2018, two September 1, 2020. $352.5 $342.5 $370 June 28, 2019, November 30, 2019, 1.50:1 2.00:1 third 2020. 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, 2019, 3.95% 4.75%. December 31, 2019, $256.4 December 31, 2019, $71.9 September 30, 2019 - $71.6 December 31, 2019, $41.7 November 30, 2019, 1.65:1 2.15:1 third 2020. December 31, 2019, (b) Filter Group, which was acquired on October 1, 2018, three five 8.99% (c) On September 12, 2018, US$250 “8.75% 8.75% 8.75% June 30 December 31 September 12, 2023. 7.5 $8.56 one 8.75% three first US$50 second US$150 6.5% third US$50 December 31, 2019, US$207.0 8.75% July 29, 2019, US$7.0 second US$7.0 third US$14 (d) On February 22, 2018, $100 “6.75% $100 6.75% $100 6.75%, March 31 September 30 March 31, 2023. $1,000 6.75% $100 112.3596 $8.90, The 6.75% $100 not March 31, 2021. March 31, 2021 March 31, 2022, 6.75% $100 may not 60 not 30 20 five 125% March 31, 2022, 6.75% $100 may not 60 not 30 The conversion feature of the 6.75% $100 $9.7 $2.6 6.75% $100 $100 6.75% $100 10.7%. 6.75% $100 No 6.75% $100 December 31, 2019. (e) On October 5, 2016, $160 “6.75% $160 6.75% $160 6.75%, June 30 December 31 December 31, 2021. $1,000 6.75% $160 107.5269 $9.30, The 6.75% $160 not December 31, 2019. December 31, 2019 December 31, 2020, 6.75% $160 may not 60 not 30 20 five 125% December 31, 2020, 6.75% $160 may not 60 not 30 The conversion feature of the 6.75% $160 $8.0 $2.1 6.75% $160 $160 6.75% $160 9.1%. 6.75% $160 No 6.75% $160 December 31, 2019. (f) On January 29, 2014, US$150 “6.5% 6.5% 6.5%, January 29 July 29 July 29, 2019. A conversion right in respect of a bond could have been exercised, at the option of the holder thereof, at any time from May 30, 2014 July 7, 2019, not. US$9.3762 C$10.2819 may, no As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% US$8,517. 6.5% $150.0 6.5% 8.8%. July 29, 2019, US$13.2 6.5% $9.2 6.5% July 29, 2019 December 31, 2020, July 17, 2019. (g) Collateral management and other costs for the three December 31, 2019 $6.2 $0.8 $0.5 $0.3 16. nine December 31, 2019, $13.0 $2.2 $2.1 $0.9 16. |
Note 13 - Other Income
Note 13 - Other Income | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of other operating income [text block] | 13. OTHER INCOME (a) Filter Group As at December 31, 2019, $nil three $29.1 March 31, 2019 $nil September 30, 2019 $29.1 not 12 · Adjusted trailing 12 · Average EBITDA forecasts for new periods; · Implied asset volatility; · Equity volatility of Just Energy; · Underlying asset price of Just Energy common shares; · Dividend yield; and · Risk-free rate. The reduction in the Filter Group earn-out obligation at December 31, 2019 not 12 twelve December 31, 2019, As at December 31, 2019, not (b) Asset sale of Georgia operations On December 31, 2019, US$3.5 $4.5 $1.8 |
Note 14 - Provisions
Note 14 - Provisions | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of provisions [text block] | 14. PROVISIONS During fiscal 2019, 200 Nine months ended Dec. 31, 2019 Balance, March 31, 2019 $ 7,205 Restructuring costs paid during the period (5,827 ) Foreign exchange impact (1 ) Balance, December 31, 2019 $ 1,377 |
Note 15 - Income Taxes
Note 15 - Income Taxes | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of income tax [text block] | 15. INCOME TAXES Three months Three months Nine months Nine months ended ended ended ended Dec. 31, 2019 Dec. 31, 2018 Dec. 31, 2019 Dec. 31, 2018 Current income tax expense $ 2,905 $ 4,075 $ 6,417 $ 2,165 Deferred tax expense (recovery) 940 (2,386 ) (2,813 ) 4,115 Provision for income taxes $ 3,845 $ 1,689 $ 3,604 $ 6,280 |
Note 16 - Shareholders' Capital
Note 16 - Shareholders' Capital | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of issued capital [text block] | 16. SHAREHOLDERS’ CAPITAL Just Energy is authorized to issue an unlimited number of common shares and 50,000,000 no no Details of issued and outstanding shareholders’ capital are as follows: Nine months ended Year ended Dec. 31, 2019 March 31, 2019 Shares Amount Shares Amount Common shares: Issued and outstanding Balance, beginning of period 149,595,952 $ 1,088,538 148,394,152 $ 1,079,055 Share-based awards exercised 1,934,990 10,717 1,201,800 9,483 Balance, end of period 151,530,942 $ 1,099,255 149,595,952 $ 1,088,538 Preferred shares: Issued and outstanding Balance, beginning of period 4,662,165 $ 146,965 4,323,300 $ 136,771 Shares issued for cash - - 338,865 10,447 Preferred shares issuance cost - - - (253 ) Balance, end of period 4,662,165 $ 146,965 4,662,165 $ 146,965 Shareholders' capital 156,193,107 $ 1,246,220 154,258,117 $ 1,235,503 |
Note 17 - Reportable Business S
Note 17 - Reportable Business Segments | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of entity's operating segments [text block] | 17. REPORTABLE BUSINESS SEGMENTS Just Energy’s reportable segments are the Consumer segment and the Commercial segment. Just Energy has aggregated the operating segments into these reportable segments on the basis that the operating segments share economic characteristics. These characteristics include the nature of the product and services sold, the distribution methods, and the type of customer class and regulatory environment. Transactions between segments are in the normal course of operations and are recorded at the exchange amount. Allocations made between segments for shared assets or allocated expenses are based on the number of residential customer equivalents in the respective segments. Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss and is measured consistently with operating profit or loss in the Interim Financial Statements. 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, 2019: Consumer Commercial Corporate and shared services segment segment segment Consolidated Sales $ 390,757 $ 267,764 $ - $ 658,521 Gross margin 108,970 33,514 - 142,484 Amortization of property, and equipment 2,220 26 - 2,246 Amortization of intangible assets 4,221 732 - 4,953 Administrative expenses 8,241 5,061 26,314 39,616 Selling and marketing expenses 32,377 18,893 - 51,270 Other operating expenses 19,717 1,962 - 21,679 Operating profit (loss) for the period $ 42,194 $ 6,840 $ (26,314 ) $ 22,720 Finance costs (28,178 ) Change in fair value of derivative instruments and other 36,990 Other income, net 1,649 Provision for income taxes 3,845 Profit for the period from continuing operations $ 29,336 Profit from discontinued operations 6,293 Profit for the year 35,629 Capital expenditures $ 2,290 $ 626 $ - $ 2,916 For the three December 31, 2018: Consumer Commercial Corporate and shared services segment segment segment Consolidated Sales $ 461,161 $ 273,044 $ - $ 734,205 Gross margin 126,371 38,090 - 164,461 Amortization of property, and equipment 1,120 51 - 1,171 Amortization of intangible assets 6,441 866 - 7,307 Administrative expenses 9,541 8,731 23,649 41,921 Selling and marketing expenses 34,425 17,281 - 51,706 Restructuring costs 2,746 - - 2,746 Other operating expenses 50,581 1,934 - 52,515 Operating profit (loss) for the period $ 21,517 $ 9,227 $ (23,649 ) $ 7,095 Finance costs (22,762 ) Change in fair value of derivative instruments and other 62,890 Change in fair value of Filter Group contingent consideration (5,462 ) Other income 2,499 Provision for income taxes 1,689 Profit for the period from continuing operations $ 42,571 Loss from discontinued operations (90,156 ) Loss for the period (47,585 ) Capital expenditures $ 13,894 $ 1,370 $ - $ 15,264 For the nine December 31, 2019: Consumer Commercial Corporate and shared services segment segment segment Consolidated Sales $ 1,274,964 $ 822,162 $ - $ 2,097,126 Gross margin 330,941 99,219 - 430,160 Amortization of property, and equipment 7,652 97 - 7,749 Amortization of intangible assets 17,304 2,111 - 19,415 Administrative expenses 28,765 17,740 75,380 121,885 Selling and marketing expenses 108,755 58,498 - 167,253 Other operating expenses 72,069 5,252 - 77,321 Operating profit (loss) for the period $ 96,396 $ 15,521 $ (75,380 ) $ 36,537 Finance costs (80,175 ) Change in fair value of derivative instruments and other (139,547 ) Other income 29,735 Provision for income taxes 3,604 Loss for the period from continuing operations (157,054 ) Loss from discontinued operations (8,705 ) Loss for the period $ (165,759 ) Capital expenditures $ 11,547 $ 1,177 $ - $ 12,724 As at December 31, 2019 Total goodwill $ 164,799 $ 158,336 $ - $ 323,135 Total assets $ 886,490 $ 410,684 $ - $ 1,297,174 Total liabilities $ 1,349,179 $ 210,776 $ - $ 1,559,955 For the nine December 31, 2018: Consumer Commercial Corporate and shared services segment segment segment Consolidated Sales $ 1,400,436 $ 840,593 $ - $ 2,241,029 Gross margin 330,831 115,246 - 446,077 Amortization of property, and equipment 2,876 153 - 3,029 Amortization of intangible assets 15,068 1,579 - 16,647 Administrative expenses 30,750 22,314 73,266 126,330 Selling and marketing expenses 92,886 51,212 - 144,098 Other operating expenses 85,014 7,021 - 92,035 Restructuring costs 5,982 - - 5,982 Operating profit (loss) for the period $ 98,255 $ 32,967 $ (73,266 ) $ 57,956 Finance costs (59,198 ) Change in fair value of derivative instruments and other (67,979 ) Change in fair value of Filter Group contingent consideration (5,462 ) Other expenses, net 5,171 Provision for income taxes 6,280 Loss for the period from continuing operations $ (75,792 ) Loss from discontinued operations (34,666 ) Loss for the period (110,458 ) Capital expenditures $ 33,457 $ 3,229 $ - $ 36,686 As at December 31, 2018 Total goodwill $ 188,714 $ 156,164 $ - $ 344,878 Total assets $ 1,055,573 $ 390,509 $ - $ 1,446,082 Total liabilities $ 1,304,847 $ 185,659 $ - $ 1,490,506 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, 2019 Dec. 31, 2018 Dec. 31, 2019 Dec. 31, 2018 Canada $ 77,691 $ 110,854 $ 219,843 $ 283,521 United States 580,830 623,351 1,877,283 1,957,508 Total $ 658,521 $ 734,205 $ 2,097,126 $ 2,241,029 Non-current assets Non-current assets by geographic segment consist of property and equipment and intangible assets and are summarized as follows: As at Dec. 31, 2019 As at March 31, 2019 Canada $ 153,425 $ 266,775 United States 322,216 223,802 International - 7,941 Total $ 475,641 $ 498,518 |
Note 18 - Other Expenses
Note 18 - Other Expenses | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of other operating income (expense) [text block] | 18. OTHER EXPENSES (a) Other operating expenses Three months Three months Nine months Nine months ended ended ended ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2019 2018 2019 2018 Amortization of other intangible assets $ 4,953 $ 7,174 $ 19,414 $ 16,158 Depreciation of property, and equipment 2,246 1,087 7,749 2,782 Bad debt expense 19,996 51,353 66,853 88,276 Share-based compensation 1,683 1,379 10,469 4,495 $ 28,878 $ 60,993 $ 104,485 $ 111,711 (b) Employee benefits expense Three months Three months Nine months Nine months ended ended ended ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2019 2018 2019 2018 Wages, salaries and commissions $ 50,392 $ 41,336 $ 164,792 $ 169,863 Benefits 5,347 3,726 15,451 20,299 $ 55,739 $ 45,062 $ 180,243 $ 190,162 |
Note 19 - Profit (Loss) Per Sha
Note 19 - Profit (Loss) Per Share | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of earnings per share [text block] | 19. PROFIT (LOSS) PER SHARE Three months Three months Nine months Nine months ended ended ended ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2019 2018 2019 2018 BASIC EARNINGS (LOSS) PER SHARE Profit (loss) from continuing operations $ 29,336 $ 42,571 $ (157,054 ) $ (75,792 ) Dividend to preferred shareholders, net of tax 2,398 1,821 7,265 6,538 Earnings (loss) available to shareholders 26,938 40,750 (164,319 ) (82,330 ) Basic weighted average shares outstanding 151,418,938 149,309,905 150,852,526 149,012,066 Basic earnings (loss) per share from continuing operations 0.18 0.27 (1.09 ) (0.55 ) Basic earnings (loss) per share available to shareholders $ 0.22 $ (0.33 ) $ (1.15 ) $ (0.78 ) DILUTED EARNINGS (LOSS) PER SHARE Profit (loss) from continuing operations $ 26,938 $ 40,750 $ (164,319 ) $ (82,330 ) Adjustment for dilutive impact of convertible debentures 4,480 3,913 - - Adjusted earnings (loss) from continuing operations $ 31,418 $ 44,664 $ (164,319 ) $ (82,330 ) Basic weighted average shares outstanding 151,418,938 149,309,905 150,852,526 149,012,066 Dilutive effect of: Restricted share grants 2,537,560 2,238,518 3,905,803 1 2,548,751 1 Deferred share grants 185,405 151,472 269,390 1 134,458 1 Convertible debentures 39,574,831 28,440,256 33,224,644 1 39,574,831 1 Shares outstanding on a diluted basis 193,716,734 180,140,151 188,252,363 191,270,106 Diluted earnings (loss) from continuing operations per share available to shareholders 0.16 0.25 (1.09 ) (0.55 ) Diluted earnings (loss) per share available to shareholders $ 0.20 $ (0.33 ) $ (1.15 ) $ (0.78 ) 1 not |
Note 20 - Related Party Transac
Note 20 - Related Party Transactions | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of related party [text block] | 20. RELATED PARTY TRANSACTIONS Parties are considered to be related if one The acquisition of Filter Group gives rise to a related party transaction as the CEO of Filter Group is the son of the Executive Chair of Just Energy. In April 2019, $10.6 no nine December 31, 2019. |
Note 21 - Dividends and Distrib
Note 21 - Dividends and Distributions | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of dividends [text block] | 21. DIVIDENDS AND DISTRIBUTIONS The company has not three December 31, 2019. three December 31, 2018 $0.125 $18,662 second 2020, nine December 31, 2019, $0.125 December 31, 2018 - $0.375 $18,714 December 31, 2018 - $55,868 The Company has not three December 31, 2019. three December 31, 2018, $0.125 $295 second 2020, nine December 31, 2019, $0.125 December 31, 2018 - $0.375 $23 December 31, 2018 - $1,263 The Company has not three December 31, 2019. three December 31, 2018 US$0.53125 $2,477 nine December 31, 2019, US$1.0625 December 31, 2018 - US$1.0625 $6,622 December 31, 2018 - $8,895 In connection with amendments to the credit facility and 8.75% December 2, 2019, no 1.50:1 two December 2, 2019, |
Note 22 - Commitments and Guara
Note 22 - Commitments and Guarantees | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of commitments and contingent liabilities [text block] | 22. COMMITMENTS AND GUARANTEES Commitments for each of the next five As at December 31, 2019 Less than 1 year 1–3 years 4–5 years More than 5 years Total Gas, electricity and non-commodity contracts $ 406,644 $ 1,918,497 $ 486,002 $ 173,737 $ 2,984,880 On October 9, 2018, The Insurance primarily complements Just Energy’s risk management program and is intended to mitigate the impacts to the Company due to, among other things, natural disasters and unusual winter freezes in Texas. The Insurance provides up to US$25 US$50 US$225 80 Guarantees Pursuant to separate arrangements with several bond agencies, The Hanover Insurance Group 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, 2019 $66.2 March 31, 2019 - $70.3 As at December 31, 2019, $71.9 12 |
Note 4 - Accounting Policies _2
Note 4 - Accounting Policies and New Standards Adopted (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Explanation of difference between operating lease commitments disclosed applying IAS 17 and lease liabilities recognised at date of initial application of IFRS 16 [text block] | Total operating lease commitments disclosed at March 31, 2019 $ 21,243 Short-term leases and other minor adjustments (707 ) Operating lease liabilities before discounting 20,536 Discounted using the incremental borrowing rate (2,011 ) Total lease liabilities recognized under IFRS 16 at April 1, 2019 $ 18,525 |
Note 6 - Trade and Other Rece_2
Note 6 - Trade and Other Receivables (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of the components of trade and other receivables [text block] | As at As at Trade accounts receivable, net $ 211,908 $ 365,008 Accrued gas receivables 5,094 13,637 Unbilled revenues, net 151,595 277,556 Other 35,527 16,414 $ 404,124 $ 672,615 |
Note 7 - Other Current and No_2
Note 7 - Other Current and Non-current Assets (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of the components of prepayments and other assets [text block] | Other current assets As at As at Prepaid expenses and deposits $ 21,282 $ 45,709 Customer acquisition costs 81,251 75,707 Green certificates 27,169 39,749 Gas delivered in excess of consumption 6,879 3,121 Inventory 4,342 4,954 $ 140,923 $ 169,240 Other non-current assets As at As at Customer acquisition costs $ 39,284 $ 46,416 Income taxes recoverable 1,122 3,096 Other long-term assets 7,870 - $ 48,276 $ 49,512 |
Note 8 - Financial Instruments
Note 8 - Financial Instruments (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
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 Change in fair value of derivative instruments and other Physical forward contracts and options (i) $ 20,651 $ 50,416 $ (108,787 ) $ (77,168 ) Financial swap contracts and options (ii) 3,320 9,160 (39,994 ) 47,206 Foreign exchange forward contracts (1,804 ) 3,842 (106 ) 4,710 Share swap 2,188 3,073 (4,839 ) (2,488 ) Unrealized foreign exchange on 6.5% convertible bond and 8.75% loan 5,554 (15,487 ) 8,029 (15,700 ) 6.5% convertible bond conversion feature - - - 247 Weather derivatives (iii) 6,576 (4,224 ) (4,362 ) (34,405 ) Other derivative options 505 16,110 10,512 9,619 Change in fair value of derivative instruments and other $ 36,990 $ 62,890 $ (139,547 ) $ (67,979 ) |
Disclosure of detailed information about financial instruments [text block] | Financial assets (current) F inancial assets (non-current) Financial liabilities (current) Financial liabilities (non-current) Physical forward contracts and options (i) $ 63,669 $ 14,412 $ 41,192 $ 76,709 Financial swap contracts and options (ii) 13,817 5,449 46,387 16,885 Foreign exchange forward contracts - - 897 709 Share swap - - 16,745 - Weather derivatives (iii) 7,703 - - - Other derivative options 9,320 6,993 185 22 As at December 31, 2019 $ 94,509 $ 26,854 $ 105,406 $ 94,325 Financial assets (current) Financial assets (non-current) Financial liabilities (current) Financial liabilities (non-current) Physical forward contracts and options $ 115,483 $ 7,237 $ 49,601 $ 50,174 Financial swap contracts and options 18,212 1,876 16,142 8,583 Foreign exchange forward contracts - 56 1,555 - Share swap - - 11,907 - Other derivative options 10,817 86 182 4,901 As at March 31, 2019 $ 144,512 $ 9,255 $ 79,387 $ 63,658 |
Disclosure of fair value measurement of assets and liabilities [text block] | Level 1 Level 2 Level 3 Total Derivative financial assets $ - $ - $ 121,363 $ 121,363 Derivative financial liabilities - (36,846 ) (162,885 ) (199,731 ) Total net derivative assets (liabilities) $ - $ (36,846 ) $ (41,522 ) $ (78,368 ) Level 1 Level 2 Level 3 Total Derivative financial assets $ - $ - $ 153,767 $ 153,767 Derivative financial liabilities - (6,588 ) (136,457 ) (143,045 ) Total net derivative assets (liabilities) $ - $ (6,588 ) $ 17,310 $ 10,722 |
Disclosure of fair value measurement of liabilities [text block] | Nine months ended Year ended Balance, beginning of period $ 17,310 $ 166,364 Total gains 29,870 19,644 Purchases (6,293 ) 11,502 Sales (2,371 ) (25,575 ) Settlements (80,038 ) (154,625 ) Balance, end of period $ (41,522 ) $ 17,310 |
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 - 3,896 - 3,896 Total investments $ - $ 3,896 $ 32,889 $ 36,785 |
Disclosure of financial assets that are either past due or impaired [text block] | As at March 31, 2019 Dec. 31, 2019 (Restated) Current $ 77,390 $ 117,095 1–30 days 21,536 61,840 31–60 days 6,737 34,772 61–90 days 8,527 25,268 Over 90 days 52,753 122,345 $ 166,943 $ 361,320 |
Disclosure Of Allowance For Credit Losses [text block] | As at As at Dec. 31, 2019 March 31, 2019 Balance, beginning of period $ 182,365 $ 60,121 Provision for doubtful accounts 66,853 192,202 Bad debts written off (95,536 ) (90,231 ) Adjustment from IFRS 9 adoption - 23,636 Foreign exchange 1,619 (3,363 ) Assets classified as held for sale/sold (81,193 ) - Balance, end of period $ 74,108 $ 182,365 Allowance for doubtful accounts on accounts receivable $ 70,430 $ 168,728 Allowance for doubtful accounts on unbilled revenue 3,678 13,637 Total allowance for doubtful accounts $ 74,108 $ 182,365 |
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 $ 523,650 $ 523,650 $ 523,650 $ - $ - $ - Long-term debt 1 774,600 802,807 275,919 163,650 363,238 - Gas, electricity and non-commodity contracts 199,731 2,984,880 406,644 1,918,497 486,002 173,737 $ 1,497,981 $ 4,311,337 $ 1,206,213 $ 2,082,147 $ 849,240 $ 173,737 Carrying Contractual Less than 1–3 years 4–5 years More than Trade and other payables $ 714,110 $ 714,110 $ 714,110 $ - $ - $ - Long-term debt 1 725,372 781,701 39,150 210,564 531,987 - Gas, electricity and non-commodity contracts 143,045 3,500,493 1,899,713 1,439,479 119,212 42,089 $ 1,582,527 $ 4,996,304 $ 2,652,973 $ 1,650,043 $ 651,199 $ 42,089 |
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 $ 42,162 $ 68,787 $ 35,297 $ 7 |
Note 9 - Trade and Other Paya_2
Note 9 - Trade and Other Payables (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about trade and other payables [text block] | As at As at Commodity suppliers' payables $ 275,653 $ 329,760 Accrued liabilities 62,407 112,039 Green provisions 71,205 151,992 Sales tax payable 17,935 22,969 Trade accounts payable 43,165 44,051 Payable for former joint venture partner 16,451 22,625 Accrued gas payable 7,558 12,937 Other payables 29,276 17,737 $ 523,650 $ 714,110 |
Note 10 - Deferred Revenue (Tab
Note 10 - Deferred Revenue (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Explanation of significant changes in contract assets and contract liabilities [text block] | Nine months ended Dec. 31, 2019 Year ended Balance, beginning of period $ 43,228 $ 38,710 Additions to deferred revenue 17,414 569,880 Revenue recognized during the period (9,850 ) (563,922 ) Foreign exchange impact 272 (1,440 ) Liabilities classified as held for sale/sold (39,501 ) - Balance, end of period $ 11,563 $ 43,228 |
Note 11 - Discontinued Operat_2
Note 11 - Discontinued Operations (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Schedule of non-current assets held for sale and discontinued operations [text block] | Three months Three months Nine months Nine months ended ended ended ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2019 2018 2019 2018 Sales $ 122,439 $ 232,448 $ 423,637 $ 558,924 Cost of sales 124,206 208,396 394,914 489,617 Gross margin (1,767 ) 24,052 28,723 69,307 Expenses Administrative, selling and operating expenses 22,196 60,650 86,627 111,028 Gain on disposal of the U.K. and Ireland operations (45,138 ) - (45,138 ) - Operating profit (loss) 21,175 (36,598 ) (12,766 ) (41,721 ) Finance costs (97 ) - (2,146 ) (27 ) Change in fair value of derivative instruments and other (13,397 ) (64,405 ) 6,914 5,976 Other income (loss) (1,102 ) 70 (457 ) 111 Profit (loss) from discontinued operations before the undernoted 6,579 (100,933 ) (8,455 ) (35,661 ) Provision for (recovery of) income taxes 286 (10,777 ) 250 (995 ) PROFIT (LOSS) FROM DISCONTINUED OPERATIONS $ 6,293 $ (90,156 ) $ (8,705 ) $ (34,666 ) ASSETS Current assets Cash and cash equivalents $ 2,867 Current trade and other receivables 3,769 Income taxes recoverable 12 Other current assets 2,494 9,142 Non-current assets Property and equipment 35 Intangible assets 510 ASSETS CLASSIFIED AS HELD FOR SALE $ 9,687 Liabilities Current liabilities Trade and other payables $ 3,253 Deferred revenue 77 LIABILITIES CLASSIFIED AS HELD FOR SALE $ 3,330 |
Schedule of results of disposal of operations [text block] | Proceeds from sale $ 2,518 Carrying value of net liabilities disposed 74,570 Carrying value of goodwill disposed (13,355 ) Carrying value of intangible assets disposed (8,544 ) Reclassification of foreign currency translation reserve (11,610 ) Gain on sale of U.K. operations $ 43,579 Proceeds from sale $ 649 Carrying value of net liabilities disposed 910 Net gain on disposal of Just Energy Ireland operations $ 1,559 |
Note 12 - Long-term Debt and _2
Note 12 - Long-term Debt and Financing (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about borrowings [text block] | Maturity Dec. 31, 2019 March 31, 2019 Credit facility (a) September 1, 2020 $ 256,371 $ 201,577 Less: Debt issue costs (a) (1,737 ) (1,824 ) Filter Group financing (b) 11,551 17,577 8.75% loan (c) September 12, 2023 254,030 240,094 6.75% $100M convertible debentures (d) March 31, 2023 89,503 87,520 6.75% $160M convertible debentures (e) December 31, 2021 153,199 150,945 6.5% convertible bonds (f) December 31, 2020 11,683 29,483 774,600 725,372 Less: Current portion (274,182 ) (37,429 ) $ 500,418 $ 687,943 |
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) $ 256,371 $ - $ - $ - $ 256,371 Filter Group financing (b) 7,865 3,650 36 - 11,551 8.75% loan (c) - - 263,202 - 263,202 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) 11,683 - - - 11,683 $ 275,919 $ 163,650 $ 363,238 $ - $ 802,807 |
Disclosure of finance cost [text block] | Three months ended Three months Nine months Nine months Credit facility (a) $ 5,854 $ 5,469 $ 17,900 $ 14,523 Filter Group financing (b) 99 459 600 459 8.75% loan (c) 8,655 4,318 26,275 4,318 6.75% $100M convertible debentures (d) 2,372 1,925 7,046 6,510 6.75% $160M convertible debentures (e) 3,462 3,399 10,354 10,168 6.5% convertible bonds (f) 262 3,714 2,479 13,490 Collateral cost and other (g) 7,474 3,478 15,521 9,730 $ 28,178 $ 22,762 $ 80,175 $ 59,198 |
Note 14 - Provisions (Tables)
Note 14 - Provisions (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of restructuring costs [text block] | Nine months ended Dec. 31, 2019 Balance, March 31, 2019 $ 7,205 Restructuring costs paid during the period (5,827 ) Foreign exchange impact (1 ) Balance, December 31, 2019 $ 1,377 |
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
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, 2019 Dec. 31, 2018 Dec. 31, 2019 Dec. 31, 2018 Current income tax expense $ 2,905 $ 4,075 $ 6,417 $ 2,165 Deferred tax expense (recovery) 940 (2,386 ) (2,813 ) 4,115 Provision for income taxes $ 3,845 $ 1,689 $ 3,604 $ 6,280 |
Note 16 - Shareholders' Capit_2
Note 16 - Shareholders' Capital (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of classes of share capital [text block] | Nine months ended Year ended Dec. 31, 2019 March 31, 2019 Shares Amount Shares Amount Common shares: Issued and outstanding Balance, beginning of period 149,595,952 $ 1,088,538 148,394,152 $ 1,079,055 Share-based awards exercised 1,934,990 10,717 1,201,800 9,483 Balance, end of period 151,530,942 $ 1,099,255 149,595,952 $ 1,088,538 Preferred shares: Issued and outstanding Balance, beginning of period 4,662,165 $ 146,965 4,323,300 $ 136,771 Shares issued for cash - - 338,865 10,447 Preferred shares issuance cost - - - (253 ) Balance, end of period 4,662,165 $ 146,965 4,662,165 $ 146,965 Shareholders' capital 156,193,107 $ 1,246,220 154,258,117 $ 1,235,503 |
Note 17 - Reportable Business_2
Note 17 - Reportable Business Segments (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of operating segments [text block] | Consumer Commercial Corporate and shared services segment segment segment Consolidated Sales $ 390,757 $ 267,764 $ - $ 658,521 Gross margin 108,970 33,514 - 142,484 Amortization of property, and equipment 2,220 26 - 2,246 Amortization of intangible assets 4,221 732 - 4,953 Administrative expenses 8,241 5,061 26,314 39,616 Selling and marketing expenses 32,377 18,893 - 51,270 Other operating expenses 19,717 1,962 - 21,679 Operating profit (loss) for the period $ 42,194 $ 6,840 $ (26,314 ) $ 22,720 Finance costs (28,178 ) Change in fair value of derivative instruments and other 36,990 Other income, net 1,649 Provision for income taxes 3,845 Profit for the period from continuing operations $ 29,336 Profit from discontinued operations 6,293 Profit for the year 35,629 Capital expenditures $ 2,290 $ 626 $ - $ 2,916 Consumer Commercial Corporate and shared services segment segment segment Consolidated Sales $ 461,161 $ 273,044 $ - $ 734,205 Gross margin 126,371 38,090 - 164,461 Amortization of property, and equipment 1,120 51 - 1,171 Amortization of intangible assets 6,441 866 - 7,307 Administrative expenses 9,541 8,731 23,649 41,921 Selling and marketing expenses 34,425 17,281 - 51,706 Restructuring costs 2,746 - - 2,746 Other operating expenses 50,581 1,934 - 52,515 Operating profit (loss) for the period $ 21,517 $ 9,227 $ (23,649 ) $ 7,095 Finance costs (22,762 ) Change in fair value of derivative instruments and other 62,890 Change in fair value of Filter Group contingent consideration (5,462 ) Other income 2,499 Provision for income taxes 1,689 Profit for the period from continuing operations $ 42,571 Loss from discontinued operations (90,156 ) Loss for the period (47,585 ) Capital expenditures $ 13,894 $ 1,370 $ - $ 15,264 Consumer Commercial Corporate and shared services segment segment segment Consolidated Sales $ 1,274,964 $ 822,162 $ - $ 2,097,126 Gross margin 330,941 99,219 - 430,160 Amortization of property, and equipment 7,652 97 - 7,749 Amortization of intangible assets 17,304 2,111 - 19,415 Administrative expenses 28,765 17,740 75,380 121,885 Selling and marketing expenses 108,755 58,498 - 167,253 Other operating expenses 72,069 5,252 - 77,321 Operating profit (loss) for the period $ 96,396 $ 15,521 $ (75,380 ) $ 36,537 Finance costs (80,175 ) Change in fair value of derivative instruments and other (139,547 ) Other income 29,735 Provision for income taxes 3,604 Loss for the period from continuing operations (157,054 ) Loss from discontinued operations (8,705 ) Loss for the period $ (165,759 ) Capital expenditures $ 11,547 $ 1,177 $ - $ 12,724 As at December 31, 2019 Total goodwill $ 164,799 $ 158,336 $ - $ 323,135 Total assets $ 886,490 $ 410,684 $ - $ 1,297,174 Total liabilities $ 1,349,179 $ 210,776 $ - $ 1,559,955 Consumer Commercial Corporate and shared services segment segment segment Consolidated Sales $ 1,400,436 $ 840,593 $ - $ 2,241,029 Gross margin 330,831 115,246 - 446,077 Amortization of property, and equipment 2,876 153 - 3,029 Amortization of intangible assets 15,068 1,579 - 16,647 Administrative expenses 30,750 22,314 73,266 126,330 Selling and marketing expenses 92,886 51,212 - 144,098 Other operating expenses 85,014 7,021 - 92,035 Restructuring costs 5,982 - - 5,982 Operating profit (loss) for the period $ 98,255 $ 32,967 $ (73,266 ) $ 57,956 Finance costs (59,198 ) Change in fair value of derivative instruments and other (67,979 ) Change in fair value of Filter Group contingent consideration (5,462 ) Other expenses, net 5,171 Provision for income taxes 6,280 Loss for the period from continuing operations $ (75,792 ) Loss from discontinued operations (34,666 ) Loss for the period (110,458 ) Capital expenditures $ 33,457 $ 3,229 $ - $ 36,686 As at December 31, 2018 Total goodwill $ 188,714 $ 156,164 $ - $ 344,878 Total assets $ 1,055,573 $ 390,509 $ - $ 1,446,082 Total liabilities $ 1,304,847 $ 185,659 $ - $ 1,490,506 |
Disclosure of geographical areas [text block] | Three months Three months Nine months Nine months ended ended ended ended Dec. 31, 2019 Dec. 31, 2018 Dec. 31, 2019 Dec. 31, 2018 Canada $ 77,691 $ 110,854 $ 219,843 $ 283,521 United States 580,830 623,351 1,877,283 1,957,508 Total $ 658,521 $ 734,205 $ 2,097,126 $ 2,241,029 As at Dec. 31, 2019 As at March 31, 2019 Canada $ 153,425 $ 266,775 United States 322,216 223,802 International - 7,941 Total $ 475,641 $ 498,518 |
Note 18 - Other Expenses (Table
Note 18 - Other Expenses (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Disclosure of other operating expense [text block] | Three months Three months Nine months Nine months ended ended ended ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2019 2018 2019 2018 Amortization of other intangible assets $ 4,953 $ 7,174 $ 19,414 $ 16,158 Depreciation of property, and equipment 2,246 1,087 7,749 2,782 Bad debt expense 19,996 51,353 66,853 88,276 Share-based compensation 1,683 1,379 10,469 4,495 $ 28,878 $ 60,993 $ 104,485 $ 111,711 |
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, 2019 2018 2019 2018 Wages, salaries and commissions $ 50,392 $ 41,336 $ 164,792 $ 169,863 Benefits 5,347 3,726 15,451 20,299 $ 55,739 $ 45,062 $ 180,243 $ 190,162 |
Note 19 - Profit (Loss) Per S_2
Note 19 - Profit (Loss) Per Share (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 2019 2018 BASIC EARNINGS (LOSS) PER SHARE Profit (loss) from continuing operations $ 29,336 $ 42,571 $ (157,054 ) $ (75,792 ) Dividend to preferred shareholders, net of tax 2,398 1,821 7,265 6,538 Earnings (loss) available to shareholders 26,938 40,750 (164,319 ) (82,330 ) Basic weighted average shares outstanding 151,418,938 149,309,905 150,852,526 149,012,066 Basic earnings (loss) per share from continuing operations 0.18 0.27 (1.09 ) (0.55 ) Basic earnings (loss) per share available to shareholders $ 0.22 $ (0.33 ) $ (1.15 ) $ (0.78 ) DILUTED EARNINGS (LOSS) PER SHARE Profit (loss) from continuing operations $ 26,938 $ 40,750 $ (164,319 ) $ (82,330 ) Adjustment for dilutive impact of convertible debentures 4,480 3,913 - - Adjusted earnings (loss) from continuing operations $ 31,418 $ 44,664 $ (164,319 ) $ (82,330 ) Basic weighted average shares outstanding 151,418,938 149,309,905 150,852,526 149,012,066 Dilutive effect of: Restricted share grants 2,537,560 2,238,518 3,905,803 1 2,548,751 1 Deferred share grants 185,405 151,472 269,390 1 134,458 1 Convertible debentures 39,574,831 28,440,256 33,224,644 1 39,574,831 1 Shares outstanding on a diluted basis 193,716,734 180,140,151 188,252,363 191,270,106 Diluted earnings (loss) from continuing operations per share available to shareholders 0.16 0.25 (1.09 ) (0.55 ) Diluted earnings (loss) per share available to shareholders $ 0.20 $ (0.33 ) $ (1.15 ) $ (0.78 ) |
Note 22 - Commitments and Gua_2
Note 22 - Commitments and Guarantees (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
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 Gas, electricity and non-commodity contracts $ 406,644 $ 1,918,497 $ 486,002 $ 173,737 $ 2,984,880 |
Note 2 - Operations (Details Te
Note 2 - Operations (Details Textual) | 9 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Fixed price and price protected program contract period | 5 |
Proportion of ownership interest in associate | 8.00% |
Note 3 - Financial Statement _2
Note 3 - Financial Statement Preparation (Details Textual) $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) | Sep. 12, 2018USD ($) | Apr. 18, 2018CAD ($) |
Credit facility [member] | ||||
Statement Line Items [Line Items] | ||||
Borrowings, debt accordion | $ 370,000,000 | $ 370,000,000 | ||
Senior unsecured 8.75% term loan [member] | ||||
Statement Line Items [Line Items] | ||||
Notional amount | $ 250,000 | $ 250,000 |
Note 4 - Accounting Policies _3
Note 4 - Accounting Policies and New Standards Adopted (Details Textual) $ in Thousands | 9 Months Ended | ||
Dec. 31, 2019CAD ($) | Apr. 01, 2019CAD ($) | Mar. 31, 2019CAD ($) | |
Statement Line Items [Line Items] | |||
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 6.75% | ||
Total lease liabilities | $ 2,984,880 | $ 18,525 | $ 21,243 |
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | IFRS 16 [member] | |||
Statement Line Items [Line Items] | |||
Right-of-use assets | 18,500 | ||
Total lease liabilities | $ 18,500 | ||
Bottom of range [member] | |||
Statement Line Items [Line Items] | |||
Leasing period | 1 | ||
Top of range [member] | |||
Statement Line Items [Line Items] | |||
Leasing period | 10 |
Note 4 - Accounting Policies _4
Note 4 - Accounting Policies and New Standards Adopted - Reconciliation of Total Operating Lease Commitments to the Lease Liability Recognized (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Apr. 01, 2019 | Mar. 31, 2019 |
Statement Line Items [Line Items] | |||
Total operating lease commitments disclosed at March 31, 2019 | $ 2,984,880 | $ 18,525 | $ 21,243 |
Short-term leases and other minor adjustments | (707) | ||
Operating lease liabilities before discounting | 20,536 | ||
Discounted using the incremental borrowing rate | (2,011) | ||
Total lease liabilities | $ 2,984,880 | $ 18,525 | $ 21,243 |
Note 6 - Trade and Other Rece_3
Note 6 - Trade and Other Receivables - Components of Trade and Other Receivables (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Statement Line Items [Line Items] | ||
Trade accounts receivable, net | $ 211,908 | $ 365,008 |
Accrued gas receivables | 5,094 | 13,637 |
Unbilled revenues, net | 151,595 | 277,556 |
Other | 35,527 | 16,414 |
Trade and other current receivables | $ 404,124 | $ 672,615 |
Note 7 - Other Current and No_3
Note 7 - Other Current and Non-current Assets - Components of Prepaid Expenses, Deposits, and Other Current Assets (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Statement Line Items [Line Items] | ||
Prepaid expenses and deposits | $ 21,282 | $ 45,709 |
Customer acquisition costs | 81,251 | 75,707 |
Green certificates | 27,169 | 39,749 |
Gas delivered in excess of consumption | 6,879 | 3,121 |
Inventory | 4,342 | 4,954 |
Current prepayments and other current assets | 140,923 | 169,240 |
Customer acquisition costs | 39,284 | 46,416 |
Income taxes recoverable | 1,122 | 3,096 |
Other long-term assets | 7,870 | |
Other non-current assets | $ 48,276 | $ 49,512 |
Note 8 - Financial Instrument_2
Note 8 - Financial Instruments (Details Textual) - CAD ($) $ in Thousands | Aug. 22, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Mar. 31, 2019 | Sep. 30, 2019 | Aug. 21, 2018 |
Statement Line Items [Line Items] | |||||||||
Number of shares under share swap agreement | 2,500,000 | ||||||||
Value of shares under share swap agreement | $ 23,803 | $ 33,803 | |||||||
Cash payments for futures contracts, forward contracts, option contracts and swap contracts, classified as financing activities | $ 10,000 | $ 10,000 | |||||||
Foreign exchange basis curve length | 5 years | ||||||||
Aging of accounts receivable, increase (decrease) | $ 62,617 | ||||||||
Current [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Aging of accounts receivable, increase (decrease) | 203 | ||||||||
No later than one month [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Aging of accounts receivable, increase (decrease) | 19,278 | ||||||||
Later than one month and not later than two months [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Aging of accounts receivable, increase (decrease) | 12,454 | ||||||||
Later than two months and not later than three months [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Aging of accounts receivable, increase (decrease) | 8,916 | ||||||||
Later than three months [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Aging of accounts receivable, increase (decrease) | 21,764 | ||||||||
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 | 100.00% | ||||||||
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 | 36,785 | $ 36,785 | $ 36,785 | 36,900 | |||||
Long-term debt [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Financial liabilities, at fair value | $ 776,400 | $ 776,400 | $ 776,400 | $ 740,600 | |||||
Senior unsecured 8.75% term loan [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Borrowings, interest rate | 8.75% | 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 | $ 100,000 | ||||||
Borrowings, interest rate | 6.75% | 6.75% | 6.75% | ||||||
The 6.75% convertible bonds [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Financial liabilities, at fair value | $ 160,000 | $ 160,000 | $ 160,000 | ||||||
Borrowings, interest rate | 6.75% | 6.75% | 6.75% | ||||||
The 6.5% convertible debentures [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Borrowings, interest rate | 6.50% | 6.50% | 6.50% | ||||||
Subordinated unsecured 5.75% convertible debentures [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Borrowings, interest rate | 5.75% | 5.75% | 5.75% | ||||||
Level 3 of fair value hierarchy [member] | Equity investments [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Financial assets, at fair value | $ 32,889 | $ 32,889 | $ 32,889 | ||||||
Commodity price risk [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 10.00% | ||||||||
Sensitivity analysis for types of market risk, reasonably possible increase in risk variable, impact on profit or loss before taxes | 188,365 | ||||||||
Sensitivity analysis for types of market risk, reasonably possible decrease in risk variable, impact on profit or loss before taxes | $ 187,378 | ||||||||
Commodity price risk [member] | Level 3 of fair value hierarchy [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 10.00% | 10.00% | 10.00% | ||||||
Sensitivity analysis for types of market risk, reasonably possible increase in risk variable, impact on profit or loss before taxes | $ 195,769 | ||||||||
Sensitivity analysis for types of market risk, reasonably possible decrease in risk variable, impact on profit or loss before taxes | $ (194,724) | ||||||||
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% | 5.00% | ||||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on profit or loss | $ 3,600 | ||||||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on other comprehensive income (loss) | $ 5,300 | ||||||||
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% | 1.00% | ||||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on profit or loss before taxes | $ 606 | 630 | |||||||
Credit risk [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Risk exposure associated with instruments sharing characteristic | 121,363 | 249,321 | $ 121,363 | 249,321 | $ 121,363 | ||||
Supplier risk [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Financial assets, at fair value | $ 11,409 | $ 10,183 | $ 11,409 | $ 10,183 | $ 11,409 |
Note 8 - Financial Instrument_3
Note 8 - Financial Instruments - Change in Fair Value of Derivative Instruments (Details) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Statement Line Items [Line Items] | |||||
Change in fair value of derivative instruments and other | $ 36,990 | $ 62,890 | $ (139,547) | $ (67,979) | |
Physical forward contracts and options [member] | |||||
Statement Line Items [Line Items] | |||||
Change in fair value of derivative instruments and other | [1] | 20,651 | 50,416 | (108,787) | (77,168) |
Financial swap contracts and options [member] | |||||
Statement Line Items [Line Items] | |||||
Change in fair value of derivative instruments and other | [2] | 3,320 | 9,160 | (39,994) | 47,206 |
Foreign exchange forward contracts [member] | |||||
Statement Line Items [Line Items] | |||||
Change in fair value of derivative instruments and other | (1,804) | 3,842 | (106) | 4,710 | |
Share swap [member] | |||||
Statement Line Items [Line Items] | |||||
Change in fair value of derivative instruments and other | 2,188 | 3,073 | (4,839) | (2,488) | |
Unrealized foreign exchange on 6.5% convertible bond and 8.75% loan [member] | |||||
Statement Line Items [Line Items] | |||||
Change in fair value of derivative instruments and other | 5,554 | (15,487) | 8,029 | (15,700) | |
European-focused senior convertible unsecured 6.5% convertible bonds, conversion feature [member] | |||||
Statement Line Items [Line Items] | |||||
Change in fair value of derivative instruments and other | 247 | ||||
Weather derivative [Member] | |||||
Statement Line Items [Line Items] | |||||
Change in fair value of derivative instruments and other | [3] | 6,576 | (4,224) | (4,362) | (34,405) |
Other derivative options [member] | |||||
Statement Line Items [Line Items] | |||||
Change in fair value of derivative instruments and other | $ 505 | $ 16,110 | $ 10,512 | $ 9,619 | |
[1] | Physical forward contracts and options consist of: Electricity contracts with a total remaining volume of 35,005,232 MWh, a weighted average price of $46.68/MWh and expiry dates up to December 31, 2029. Natural gas contracts with a total remaining volume of 82,319,260 GJs, a weighted average price of $2.40/GJ and expiry dates up to October 31, 2025. Renewable energy certificates ("RECs") and emission-reduction credit contracts with a total remaining volume of 3,552,872 MWh and nil tonnes, respectively, a weighted average price of $35.13/REC and $nil/tonne, respectively, and expiry dates up to December 31, 2028 and December 31, 2021. Electricity generation capacity contracts with a total remaining volume of 3,173 MWCap, a weighted average price of $5,465.16/MWCap and expiry dates up to May 31, 2023. Ancillary contracts with a total remaining volume of 790,560 MWh, a weighted average price of $22.78/MWh and expiry dates up to December 31, 2020. | ||||
[2] | Financial swap contracts and options consist of: Electricity contracts with a total remaining volume of 12,376,822 MWh, an average price of $44.99/MWh and expiry dates up to December 31, 2024. Natural gas contracts with a total remaining volume of 125,146,919 GJs, an average price of $3.21/GJ and expiry dates up to October 31, 2025. Electricity generation capacity contracts with a total remaining volume of 30 MWCap, a weighted average price of $334,214.75/MWCap and expiry dates up to October 31, 2020. Ancillary contracts with a total remaining volume of 1,082,880 MWh, a weighted average price of $21.60/MWh and expiry dates up to December 31, 2020. | ||||
[3] | Weather derivatives consist of: Weather swaps and put options for HDDs with temperature strikes at historical averages, total tick size of $13,500 per HDD and an expiry date of March 31, 2020. HDD natural gas swaps with price strikes ranging from US$1.38 to US$7.56/MmBTU and temperature strikes ranging by location from 1,043 to 5,059 HDD and an expiry date of March 31, 2020. HDD natural gas swaps with price strikes ranging from US$1.75 to US$7.35/MmBTU and temperature strikes ranging by location from 1,051 to 5,059 HDD and an expiry date of March 31, 2021. HDD natural gas swaps with price strikes to be set on futures index and temperature strikes ranging by location from 1,051 to 5,059 HDD and an expiry date of March 31, 2022. HDD collar options with HDD strikes set at 0.8 to 1.32-degree day wide, total tick size of $15,900 per HDD and an expiry date of March 31, 2020. Electricity call options with price strikes of $100/MWh, temperature strikes ranging from 15 to 33 Fahrenheit depending on location and an expiry date of March 31, 2020. |
Note 8 - Financial Instrument_4
Note 8 - Financial Instruments - Change in Fair Value of Derivative Instruments (Details) (Parentheticals) | Dec. 31, 2019 | Dec. 02, 2019 | Mar. 31, 2019 | [1] | Dec. 31, 2018 | Sep. 12, 2018 | |
Senior unsecured 6.5% convertible bonds [member] | |||||||
Statement Line Items [Line Items] | |||||||
Borrowings, interest rate | 6.50% | 6.50% | |||||
Senior unsecured 8.75% term loan [member] | |||||||
Statement Line Items [Line Items] | |||||||
Borrowings, interest rate | 8.75% | [1] | 8.75% | 8.75% | 8.75% | 8.75% | |
[1] | On September 12, 2018, Just Energy entered into a US$250 million non-revolving multi-draw senior unsecured term loan facility (the "8.75% loan") with Sagard Credit Partners, LP and certain funds managed by a leading U.S.-based global fixed income asset manager. The 8.75% loan bears interest at 8.75% per annum payable semi-annually in arrears on June 30 and December 31 in each year plus fees and will mature on September 12, 2023. Counterparties were issued 7.5 million warrants at a strike price of $8.56 each, convertible to one Just Energy common stock. The value of these warrants has been assessed as nominal. The 8.75% loan has three tranches. The first tranche of US$50 million is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche of US$150 million is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche of US$50 million is earmarked for investments and future acquisitions. As at December 31, 2019, US$207.0 million was drawn from the 8.75% loan. On July 29, 2019, the Company drew US$7.0 million from the second tranche and US$7.0 million from the third tranche. The US$14 million draws were secured by a personal guarantee from a director of the Company. |
Note 8 - Financial Instrument_5
Note 8 - Financial Instruments - Fair Value of Derivative Financial Assets and Liabilities (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 | ||
Statement Line Items [Line Items] | ||||
Fair value of derivative financial assets | $ 94,509 | $ 144,512 | ||
Fair value of derivative financial assets | 26,854 | 9,255 | ||
Fair value of derivative financial liabilities, current | 105,406 | 79,387 | ||
Non-current derivative financial liabilities | 94,325 | 63,658 | ||
Physical forward contracts and options [member] | ||||
Statement Line Items [Line Items] | ||||
Fair value of derivative financial assets | 63,669 | [1] | 115,483 | |
Fair value of derivative financial assets | 14,412 | [1] | 7,237 | |
Fair value of derivative financial liabilities, current | 41,192 | [1] | 49,601 | |
Non-current derivative financial liabilities | 76,709 | [1] | 50,174 | |
Financial swap contracts and options [member] | ||||
Statement Line Items [Line Items] | ||||
Fair value of derivative financial assets | 13,817 | [2] | 18,212 | |
Fair value of derivative financial assets | 5,449 | [2] | 1,876 | |
Fair value of derivative financial liabilities, current | 46,387 | [2] | 16,142 | |
Non-current derivative financial liabilities | 16,885 | [2] | 8,583 | |
Foreign exchange forward contracts [member] | ||||
Statement Line Items [Line Items] | ||||
Fair value of derivative financial assets | ||||
Fair value of derivative financial assets | 56 | |||
Fair value of derivative financial liabilities, current | 897 | 1,555 | ||
Non-current derivative financial liabilities | 709 | |||
Share swap [member] | ||||
Statement Line Items [Line Items] | ||||
Fair value of derivative financial assets | ||||
Fair value of derivative financial assets | ||||
Fair value of derivative financial liabilities, current | 16,745 | 11,907 | ||
Non-current derivative financial liabilities | ||||
Weather derivative [Member] | ||||
Statement Line Items [Line Items] | ||||
Fair value of derivative financial assets | [3] | 7,703 | ||
Fair value of derivative financial assets | [3] | |||
Fair value of derivative financial liabilities, current | [3] | |||
Non-current derivative financial liabilities | [3] | |||
Other derivative options [member] | ||||
Statement Line Items [Line Items] | ||||
Fair value of derivative financial assets | 9,320 | 10,817 | ||
Fair value of derivative financial assets | 6,993 | 86 | ||
Fair value of derivative financial liabilities, current | 185 | 182 | ||
Non-current derivative financial liabilities | $ 22 | $ 4,901 | ||
[1] | Physical forward contracts and options consist of: Electricity contracts with a total remaining volume of 35,005,232 MWh, a weighted average price of $46.68/MWh and expiry dates up to December 31, 2029. Natural gas contracts with a total remaining volume of 82,319,260 GJs, a weighted average price of $2.40/GJ and expiry dates up to October 31, 2025. Renewable energy certificates ("RECs") and emission-reduction credit contracts with a total remaining volume of 3,552,872 MWh and nil tonnes, respectively, a weighted average price of $35.13/REC and $nil/tonne, respectively, and expiry dates up to December 31, 2028 and December 31, 2021. Electricity generation capacity contracts with a total remaining volume of 3,173 MWCap, a weighted average price of $5,465.16/MWCap and expiry dates up to May 31, 2023. Ancillary contracts with a total remaining volume of 790,560 MWh, a weighted average price of $22.78/MWh and expiry dates up to December 31, 2020. | |||
[2] | Financial swap contracts and options consist of: Electricity contracts with a total remaining volume of 12,376,822 MWh, an average price of $44.99/MWh and expiry dates up to December 31, 2024. Natural gas contracts with a total remaining volume of 125,146,919 GJs, an average price of $3.21/GJ and expiry dates up to October 31, 2025. Electricity generation capacity contracts with a total remaining volume of 30 MWCap, a weighted average price of $334,214.75/MWCap and expiry dates up to October 31, 2020. Ancillary contracts with a total remaining volume of 1,082,880 MWh, a weighted average price of $21.60/MWh and expiry dates up to December 31, 2020. | |||
[3] | Weather derivatives consist of: Weather swaps and put options for HDDs with temperature strikes at historical averages, total tick size of $13,500 per HDD and an expiry date of March 31, 2020. HDD natural gas swaps with price strikes ranging from US$1.38 to US$7.56/MmBTU and temperature strikes ranging by location from 1,043 to 5,059 HDD and an expiry date of March 31, 2020. HDD natural gas swaps with price strikes ranging from US$1.75 to US$7.35/MmBTU and temperature strikes ranging by location from 1,051 to 5,059 HDD and an expiry date of March 31, 2021. HDD natural gas swaps with price strikes to be set on futures index and temperature strikes ranging by location from 1,051 to 5,059 HDD and an expiry date of March 31, 2022. HDD collar options with HDD strikes set at 0.8 to 1.32-degree day wide, total tick size of $15,900 per HDD and an expiry date of March 31, 2020. Electricity call options with price strikes of $100/MWh, temperature strikes ranging from 15 to 33 Fahrenheit depending on location and an expiry date of March 31, 2020. |
Note 8 - Financial Instrument_6
Note 8 - Financial Instruments - Fair Value Measurement Input Sensitivity (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Statement Line Items [Line Items] | ||
Derivative financial assets | $ 121,363 | $ 153,767 |
Derivative financial liabilities | (199,731) | (143,045) |
Total net derivative assets (liabilities) | (78,368) | 10,722 |
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 | (36,846) | (6,588) |
Total net derivative assets (liabilities) | (36,846) | (6,588) |
Level 3 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Derivative financial assets | 121,363 | 153,767 |
Derivative financial liabilities | (162,885) | (136,457) |
Total net derivative assets (liabilities) | $ (41,522) | $ 17,310 |
Note 8 - Financial Instrument_7
Note 8 - 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, 2019 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | ||
Balance, beginning of period | $ 17,310 | $ 166,364 |
Total gains | 29,870 | 19,644 |
Purchases | (6,293) | 11,502 |
Sales | (2,371) | (25,575) |
Settlements | (80,038) | (154,625) |
Balance, end of period | $ (41,522) | $ 17,310 |
Note 8 - Financial Instrument_8
Note 8 - Financial Instruments - Investments (Details) - Equity investments [member] - CAD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Statement Line Items [Line Items] | ||
Total investments | $ 36,785 | $ 36,900 |
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 | 3,896 | |
Level 3 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Total investments | 32,889 | |
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 | ||
Ecobee [member] | Level 3 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Total investments | 32,889 | |
Energy Earth [member] | ||
Statement Line Items [Line Items] | ||
Total investments | 3,896 | |
Energy Earth [member] | Level 1 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Total investments | ||
Energy Earth [member] | Level 2 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Total investments | 3,896 | |
Energy Earth [member] | Level 3 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Total investments |
Note 8 - Financial Instrument_9
Note 8 - Financial Instruments - Aging of Accounts Receivable (Details) - Trade receivables [member] - Credit risk [member] - CAD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Statement Line Items [Line Items] | ||
Financial assets | $ 166,943 | $ 361,320 |
Current [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 77,390 | 117,095 |
No later than one month [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 21,536 | 61,840 |
Later than one month and not later than two months [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 6,737 | 34,772 |
Later than two months and not later than three months [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 8,527 | 25,268 |
Later than three months [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | $ 52,753 | $ 122,345 |
Note 8 - Financial Instrumen_10
Note 8 - Financial Instruments - Changes in Allowance for Doubtful Accounts (Details) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | |||||
Balance, beginning of period | $ 182,365 | $ 60,121 | $ 60,121 | ||
Provision for doubtful accounts | $ 19,996 | $ 51,353 | 66,853 | 88,276 | 192,202 |
Bad debts written off | (95,536) | (90,231) | |||
Adjustment from IFRS 9 adoption | 23,636 | ||||
Foreign exchange | 1,619 | (3,363) | |||
Assets classified as held for sale/sold | (81,193) | ||||
Balance, end of period | 74,108 | 74,108 | 182,365 | ||
Total allowance for doubtful accounts | 74,108 | 74,108 | $ 60,121 | 60,121 | |
Trade receivables [member] | |||||
Statement Line Items [Line Items] | |||||
Balance, beginning of period | 168,728 | ||||
Balance, end of period | 70,430 | 70,430 | 168,728 | ||
Total allowance for doubtful accounts | 70,430 | 168,728 | 168,728 | ||
Unbilled revenue [member] | |||||
Statement Line Items [Line Items] | |||||
Balance, beginning of period | 13,637 | ||||
Balance, end of period | 3,678 | 3,678 | 13,637 | ||
Total allowance for doubtful accounts | $ 3,678 | $ 13,637 | $ 13,637 |
Note 8 - Financial Instrumen_11
Note 8 - Financial Instruments - Liquidity Risk (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | |||
Trade and other payables, carrying amount | $ 523,650 | $ 714,110 | |
Total borrowings | 774,600 | 725,372 | |
Gas, electricity and non-commodity contracts, carrying amount | 199,731 | 143,045 | |
Liquidity risk [member] | |||
Statement Line Items [Line Items] | |||
Trade and other payables, carrying amount | 523,650 | 714,110 | |
Trade and other payables, undiscounted cash flows | 523,650 | 714,110 | |
Total borrowings | [1] | 774,600 | 725,372 |
Long-term debt, undiscounted cash flows | [1] | 802,807 | 781,701 |
Gas, electricity and non-commodity contracts, carrying amount | 199,731 | 143,045 | |
Gas, electricity and non-commodity contracts, undiscounted cash flows | 2,984,880 | 3,500,493 | |
Total, carrying amount | 1,497,981 | 1,582,527 | |
Total, undiscounted cash flows | 4,311,337 | 4,996,304 | |
Liquidity risk [member] | Not later than one year [member] | |||
Statement Line Items [Line Items] | |||
Trade and other payables, undiscounted cash flows | 523,650 | 714,110 | |
Long-term debt, undiscounted cash flows | [1] | 275,919 | 39,150 |
Gas, electricity and non-commodity contracts, undiscounted cash flows | 406,644 | 1,899,713 | |
Total, undiscounted cash flows | 1,206,213 | 2,652,973 | |
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] | 163,650 | 210,564 |
Gas, electricity and non-commodity contracts, undiscounted cash flows | 1,918,497 | 1,439,479 | |
Total, undiscounted cash flows | 2,082,147 | 1,650,043 | |
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] | 363,238 | 531,987 |
Gas, electricity and non-commodity contracts, undiscounted cash flows | 486,002 | 119,212 | |
Total, undiscounted cash flows | 849,240 | 651,199 | |
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 | 173,737 | 42,089 | |
Total, undiscounted cash flows | $ 173,737 | $ 42,089 | |
[1] | Included in long-term debt are the 6.75% $100M convertible debentures, 6.75% $160M convertible debentures and 6.5% convertible bonds, which may be settled through the issuance of shares at the option of the holder or Just Energy upon maturity. |
Note 8 - Financial Instrumen_12
Note 8 - Financial Instruments - Contractual Net Interest Payments (Details) $ in Thousands | Dec. 31, 2019CAD ($) |
Not later than one year [member] | |
Statement Line Items [Line Items] | |
Interest payments | $ 42,162 |
Later than one year and not later than three years [member] | |
Statement Line Items [Line Items] | |
Interest payments | 68,787 |
Later than four years and not later than five years [member] | |
Statement Line Items [Line Items] | |
Interest payments | 35,297 |
Later than five years [member] | |
Statement Line Items [Line Items] | |
Interest payments | $ 7 |
Note 9 - Trade and Other Paya_3
Note 9 - Trade and Other Payables - Schedule of Payables (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Statement Line Items [Line Items] | ||
Commodity suppliers' payables | $ 275,653 | $ 329,760 |
Accrued liabilities | 62,407 | 112,039 |
Green provisions | 71,205 | 151,992 |
Sales tax payable | 17,935 | 22,969 |
Trade accounts payable | 43,165 | 44,051 |
Payable for former joint venture partner | 16,451 | 22,625 |
Accrued gas payable | 7,558 | 12,937 |
Other payables | 29,276 | 17,737 |
Trade and other current payables | $ 523,650 | $ 714,110 |
Note 10 - Deferred Revenue - Ch
Note 10 - Deferred Revenue - Changes in Deferred Revenue (Details) - CAD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | ||
Balance, beginning of period | $ 43,228 | $ 38,710 |
Additions to deferred revenue | 17,414 | 569,880 |
Revenue recognized during the period | (9,850) | (563,922) |
Foreign exchange impact | 272 | (1,440) |
Liabilities classified as held for sale/sold | (39,501) | |
Balance, end of period | $ 11,563 | $ 43,228 |
Note 11 - Discontinued Operat_3
Note 11 - Discontinued Operations (Details Textual) € in Millions, £ in Millions, $ in Millions | Dec. 18, 2019CAD ($) | Dec. 18, 2019EUR (€) | Nov. 29, 2019CAD ($) | Nov. 29, 2019GBP (£) |
Disposition of Hudson U.K. [member] | ||||
Statement Line Items [Line Items] | ||||
Proceeds from disposal of non-current assets or disposal groups classified as held for sale and discontinued operations | $ 2.5 | £ 1.5 | ||
Disposition of Just Energy Ireland [member] | ||||
Statement Line Items [Line Items] | ||||
Proceeds from disposal of non-current assets or disposal groups classified as held for sale and discontinued operations | $ 1 | € 0.6 | ||
Percentage of purchase price received at closing | 75.00% | 75.00% | ||
Percentage of purchase price received five months after closing | 25.00% | 25.00% |
Note 11 - Discontinued Operat_4
Note 11 - Discontinued Operations - Discontinued Operations (Details) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||||||||
Sales | $ 658,521 | $ 734,205 | $ 2,097,126 | $ 2,241,029 | ||||
Cost of sales | 516,037 | 569,744 | 1,666,966 | 1,794,952 | ||||
Gross margin | 142,484 | 164,461 | 430,160 | 446,077 | ||||
Administrative, selling and operating expenses | 119,764 | 157,366 | 393,623 | 388,121 | ||||
Operating profit (loss) for the period | 22,720 | 7,095 | 36,537 | 57,956 | ||||
Finance costs | (28,178) | (22,762) | (80,175) | (59,198) | ||||
Change in fair value of derivative instruments and other | 36,990 | 62,890 | (139,547) | (67,979) | ||||
Other income (loss) | 1,649 | (2,963) | 29,735 | (291) | ||||
Profit (loss) from discontinued operations before the undernoted | 39,760 | (56,673) | (161,905) | (105,173) | ||||
Profit from discontinued operations | 6,293 | (90,156) | (8,705) | (34,666) | ||||
Cash and cash equivalents | 17,988 | 8,900 | 17,988 | 8,900 | $ 30,081 | $ 9,927 | $ 17,225 | $ 48,861 |
Current trade and other receivables | 404,124 | 404,124 | 672,615 | |||||
Income taxes recoverable | 13,160 | 13,160 | 18,973 | |||||
Other current assets | 140,923 | 140,923 | 169,240 | |||||
696,487 | 696,487 | 1,022,258 | ||||||
Property and equipment | 31,215 | 31,215 | 25,862 | |||||
Intangible assets | 444,426 | 444,426 | 472,656 | |||||
ASSETS CLASSIFIED AS HELD FOR SALE | 9,687 | 9,687 | 8,971 | |||||
Trade and other payables, carrying amount | 523,650 | 523,650 | 714,110 | |||||
LIABILITIES CLASSIFIED AS HELD FOR SALE | 3,330 | 3,330 | $ 5,200 | |||||
Discontinued operations [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Trade and other payables, carrying amount | 3,253 | 3,253 | ||||||
Deferred revenue | 77 | 77 | ||||||
Disposition of businesses in Germany, Ireland, and Japan [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Profit (loss) from discontinued operations before the undernoted | 6,579 | (100,933) | (8,455) | (35,661) | ||||
Provision for (recovery of) income taxes | 286 | (10,777) | 250 | (995) | ||||
Profit from discontinued operations | 6,293 | (90,156) | (8,705) | (34,666) | ||||
ASSETS CLASSIFIED AS HELD FOR SALE | 9,687 | 9,687 | ||||||
LIABILITIES CLASSIFIED AS HELD FOR SALE | 3,330 | 3,330 | ||||||
Disposition of businesses in Germany, Ireland, and Japan [member] | Discontinued operations [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Sales | 122,439 | 232,448 | 423,637 | 558,924 | ||||
Cost of sales | 124,206 | 208,396 | 394,914 | 489,617 | ||||
Gross margin | (1,767) | 24,052 | 28,723 | 69,307 | ||||
Administrative, selling and operating expenses | 22,196 | 60,650 | 86,627 | 111,028 | ||||
Gain on disposal of the U.K. and Ireland operations | (45,138) | (45,138) | ||||||
Operating profit (loss) for the period | 21,175 | (36,598) | (12,766) | (41,721) | ||||
Finance costs | (97) | (2,146) | (27) | |||||
Change in fair value of derivative instruments and other | (13,397) | (64,405) | 6,914 | 5,976 | ||||
Other income (loss) | (1,102) | $ 70 | (457) | $ 111 | ||||
Cash and cash equivalents | 2,867 | 2,867 | ||||||
Current trade and other receivables | 3,769 | 3,769 | ||||||
Income taxes recoverable | 12 | 12 | ||||||
Other current assets | 2,494 | 2,494 | ||||||
9,142 | 9,142 | |||||||
Property and equipment | 35 | 35 | ||||||
Intangible assets | $ 510 | $ 510 |
Note 11 - Discontinued Operat_5
Note 11 - Discontinued Operations - Results of Disposal (Details) $ in Thousands, € in Millions, £ in Millions | Dec. 18, 2019CAD ($) | Dec. 18, 2019EUR (€) | Nov. 29, 2019CAD ($) | Nov. 29, 2019GBP (£) | Dec. 31, 2019CAD ($) | Mar. 31, 2019CAD ($) | Dec. 31, 2018CAD ($) |
Statement Line Items [Line Items] | |||||||
Carrying value of net liabilities disposed | $ 1,559,955 | $ 1,715,518 | $ 1,490,506 | ||||
Carrying value of goodwill disposed | (323,135) | $ (344,878) | |||||
Carrying value of intangible assets disposed | $ (444,426) | $ (472,656) | |||||
Disposition of Hudson U.K. [member] | |||||||
Statement Line Items [Line Items] | |||||||
Proceeds from sale | $ 2,500 | £ 1.5 | |||||
Disposition of Hudson U.K. [member] | Discontinued operations [member] | |||||||
Statement Line Items [Line Items] | |||||||
Proceeds from sale | 2,518 | ||||||
Carrying value of net liabilities disposed | 74,570 | ||||||
Carrying value of goodwill disposed | (13,355) | ||||||
Carrying value of intangible assets disposed | (8,544) | ||||||
Reclassification of foreign currency translation reserve | (11,610) | ||||||
full_GainsLossesOnSubsequentIncreaseInFairValueLessCostsToSellNotInExcessOfRecognisedCumulativeImpairmentLoss | $ 43,579 | ||||||
Disposition of Just Energy Ireland [member] | |||||||
Statement Line Items [Line Items] | |||||||
Proceeds from sale | $ 1,000 | € 0.6 | |||||
Disposition of Just Energy Ireland [member] | Discontinued operations [member] | |||||||
Statement Line Items [Line Items] | |||||||
Proceeds from sale | 649 | ||||||
Carrying value of net liabilities disposed | 910 | ||||||
full_GainsLossesOnSubsequentIncreaseInFairValueLessCostsToSellNotInExcessOfRecognisedCumulativeImpairmentLoss | $ 1,559 |
Note 12 - Long-term Debt and _3
Note 12 - Long-term Debt and Financing (Details Textual) $ / shares in Units, $ / shares in Units, $ in Thousands | Jul. 29, 2019USD ($) | Sep. 12, 2018$ / sharesshares | Apr. 18, 2018CAD ($) | Feb. 22, 2018CAD ($)$ / shares | Oct. 05, 2016CAD ($)$ / shares | Dec. 31, 2019CAD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) | Dec. 02, 2019 | Sep. 30, 2019CAD ($) | Jul. 29, 2019CAD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019CAD ($) | Oct. 01, 2018 | Sep. 30, 2018CAD ($) | Sep. 12, 2018USD ($)shares | Mar. 31, 2018CAD ($) | Jan. 29, 2014$ / shares | Jan. 29, 2014USD ($)$ / shares | ||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||
Total borrowings | $ 774,600,000 | $ 725,372,000 | ||||||||||||||||||||||||
Proceeds from borrowings | $ 119,662,000 | |||||||||||||||||||||||||
Total equity | 72,007,000 | 72,007,000 | (262,781,000) | (89,014,000) | ||||||||||||||||||||||
Increase (decrease) through conversion of convertible instruments, equity | 4,480,000 | 3,913,000 | ||||||||||||||||||||||||
Non-current derivative financial liabilities | 94,325,000 | 63,658,000 | ||||||||||||||||||||||||
Supplier credit term charge | 6,200,000 | 13,000,000 | ||||||||||||||||||||||||
Accretion costs relating to acquisitions | 800,000 | 2,100,000 | ||||||||||||||||||||||||
Collateral management costs | 500,000 | 2,200,000 | ||||||||||||||||||||||||
Interest expense | $ 300,000 | 900,000 | ||||||||||||||||||||||||
Reserve of equity component of convertible instruments [member] | ||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||
Total equity | $ 13,029,000 | $ 13,029,000 | 13,029,000 | $ 13,029,000 | 13,029,000 | $ 13,029,000 | $ 13,029,000 | |||||||||||||||||||
Warrants issued in connection to senior unsecured 8.75% term loan [member] | ||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||
Class of warrant or right, issued during period | shares | 7,500,000 | |||||||||||||||||||||||||
Class of warrant or right, exercise price of warrants or rights | $ / shares | $ 8.56 | |||||||||||||||||||||||||
Class of warrant or right, number of securities called by each warrant or right | shares | 1 | |||||||||||||||||||||||||
Credit facility [member] | ||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||
Borrowings, additional term | 2 | |||||||||||||||||||||||||
Borrowings facility, maximum borrowing capacity | $ 352,500,000 | $ 342,500,000 | ||||||||||||||||||||||||
Borrowings, debt accordion | $ 370,000,000 | 370,000,000 | ||||||||||||||||||||||||
Borrowings, EBITDA covenant ratio | 2 | 1.5 | ||||||||||||||||||||||||
Borrowings, interest rate | 3.75% | |||||||||||||||||||||||||
Total borrowings | 256,371,000 | 201,577,000 | [1] | |||||||||||||||||||||||
Borrowings, letters of credit | 71,900,000 | $ 71,600,000 | ||||||||||||||||||||||||
Borrowings, remaining borrowing capacity | $ 41,700,000 | |||||||||||||||||||||||||
Credit facility [member] | London Interbank Offered Rate (LIBOR) [member] | ||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 3.75% | |||||||||||||||||||||||||
Credit facility [member] | Prime Rate [member] | ||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 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 | 4.75% | 4.75% | ||||||||||||||||||||||||
Senior unsecured term loan facility [member] | ||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||
Borrowings, EBITDA covenant ratio | 2.15 | 1.65 | ||||||||||||||||||||||||
HTC loan [member] | ||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||
Total borrowings | [2] | $ 11,551,000 | $ 17,577,000 | |||||||||||||||||||||||
HTC loan [member] | Filter Group Inc [member] | ||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||
Borrowings, interest rate | 8.99% | |||||||||||||||||||||||||
HTC loan [member] | Filter Group Inc [member] | 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% | 8.75% | 8.75% | [3] | 8.75% | [3] | 8.75% | 8.75% | [3] | 8.75% | ||||||||||||||||
Total borrowings | $ 14,000 | $ 254,030,000 | [4] | $ 240,094,000 | [4] | |||||||||||||||||||||
Notional amount | 250,000 | $ 250,000 | ||||||||||||||||||||||||
Proceeds from borrowings | $ 207,000 | |||||||||||||||||||||||||
Senior unsecured 8.75% term loan [member] | Top of range [member] | ||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||
Borrowings, EBITDA covenant ratio | 1.5 | |||||||||||||||||||||||||
Senior unsecured 8.75% term loan, tranche one [member] | ||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||
Total borrowings | 50,000 | |||||||||||||||||||||||||
Senior unsecured 8.75% term loan, tranche two [member] | ||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||
Total borrowings | 150,000 | |||||||||||||||||||||||||
Proceeds from borrowings | $ 7,000 | |||||||||||||||||||||||||
Senior unsecured 8.75% term loan, tranche three [member] | ||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||
Total borrowings | $ 50,000 | |||||||||||||||||||||||||
Proceeds from borrowings | 7,000 | |||||||||||||||||||||||||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | ||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||
Borrowings, interest rate | 6.75% | 6.75% | 6.75% | 6.75% | [5] | 6.75% | [5] | 6.75% | [5] | |||||||||||||||||
Total borrowings | [6] | $ 89,503,000 | $ 87,520,000 | |||||||||||||||||||||||
Notional amount | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | [5] | $ 100,000,000 | [5] | |||||||||||||||||||
Borrowings, amount of principal for each conversion | $ 1,000 | |||||||||||||||||||||||||
Borrowings, convertible, conversion ratio | 112.3596 | |||||||||||||||||||||||||
Borrowings, convertible, conversion price | $ / shares | $ 8.90 | |||||||||||||||||||||||||
Borrowings, convertible, threshold consecutive trading days | 20 days | |||||||||||||||||||||||||
Borrowings, threshold trading days | 5 days | |||||||||||||||||||||||||
Borrowings, convertible, threshold percentage of conversion price | 125.00% | |||||||||||||||||||||||||
Borrowings, effective interest rate | 10.70% | |||||||||||||||||||||||||
Increase (decrease) through conversion of convertible instruments, equity | 0 | |||||||||||||||||||||||||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | Reserve of equity component of convertible instruments [member] | ||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||
Total equity | $ 9,700,000 | |||||||||||||||||||||||||
Deferred tax liabilities | $ 2,600,000 | |||||||||||||||||||||||||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | Top of range [member] | ||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||
Borrowings, convertible, notice for redemption | 60 days | |||||||||||||||||||||||||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | Bottom of range [member] | ||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||
Borrowings, convertible, notice for redemption | 30 days | |||||||||||||||||||||||||
Senior subordinated 6.75% convertible debentures [member] | ||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||
Borrowings, interest rate | 6.75% | 6.75% | 6.75% | 6.75% | [7] | 6.75% | [7] | 6.75% | [7] | |||||||||||||||||
Total borrowings | [8] | $ 153,199,000 | $ 150,945,000 | |||||||||||||||||||||||
Notional amount | $ 160,000,000 | $ 160,000,000 | $ 160,000,000 | $ 160,000,000 | [7] | $ 160,000,000 | [7] | |||||||||||||||||||
Borrowings, amount of principal for each conversion | $ 1,000 | |||||||||||||||||||||||||
Borrowings, convertible, conversion ratio | 107.5269 | |||||||||||||||||||||||||
Borrowings, convertible, conversion price | $ / shares | $ 9.30 | |||||||||||||||||||||||||
Borrowings, convertible, threshold consecutive trading days | 20 days | |||||||||||||||||||||||||
Borrowings, threshold trading days | 5 days | |||||||||||||||||||||||||
Borrowings, convertible, threshold percentage of conversion price | 125.00% | |||||||||||||||||||||||||
Borrowings, effective interest rate | 9.10% | |||||||||||||||||||||||||
Increase (decrease) through conversion of convertible instruments, equity | $ 0 | |||||||||||||||||||||||||
Senior subordinated 6.75% convertible debentures [member] | Reserve of equity component of convertible instruments [member] | ||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||
Total equity | $ 8,000,000 | |||||||||||||||||||||||||
Deferred tax liabilities | $ 2,100,000 | |||||||||||||||||||||||||
Senior subordinated 6.75% convertible debentures [member] | Top of range [member] | ||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||
Borrowings, convertible, notice for redemption | 60 days | |||||||||||||||||||||||||
Senior subordinated 6.75% convertible debentures [member] | Bottom of range [member] | ||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||
Borrowings, convertible, notice for redemption | 30 days | |||||||||||||||||||||||||
European-focused senior convertible unsecured 6.5% convertible bonds [member] | ||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||
Borrowings, interest rate | 6.50% | 6.50% | 6.50% | 6.50% | 6.50% | |||||||||||||||||||||
Notional amount | $ 150,000 | |||||||||||||||||||||||||
Borrowings, convertible, conversion price | (per share) | $ 10.2819 | $ 9.3762 | ||||||||||||||||||||||||
Borrowings, effective interest rate | 8.80% | |||||||||||||||||||||||||
Non-current derivative financial liabilities | $ 8,517 | |||||||||||||||||||||||||
European-focused senior convertible unsecured 6.5% convertible bonds [member] | At fair value [member] | ||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||
Total borrowings | $ 6,500 | |||||||||||||||||||||||||
European-focused senior convertible unsecured 6.5% convertible bonds [member] | Redemption of convertible bonds [member] | ||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||
Total borrowings | $ 9,200,000 | |||||||||||||||||||||||||
Increase (decrease) through conversion of convertible instruments, equity | $ 13,200 | |||||||||||||||||||||||||
[1] | As at April 18, 2018, the Company renegotiated an agreement with a syndicate of lenders that includes Canadian Imperial Bank of Commerce, National Bank of Canada, 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 extended 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. On June 28, 2019, the Company exercised its option to access the amounts relating to the accordion agreement as part of the credit facility. Certain principal amount outstanding under the LC facility is guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. On December 2, 2019, the Company amended its senior secured credit facility to increase the senior debt to EBITDA covenant ratio from 1.50:1 to 2.00:1 for the third quarter of fiscal 2020. 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, 2019, the Canadian prime rate was 3.95% and the U.S. prime rate was 4.75%. As at December 31, 2019, $256.3 million has been drawn against the facility and total letters of credit outstanding as at December 31, 2019, amounted to $71.9 million (September 30, 2019 - $71.6 million). As at December 31, 2019, Just Energy has $41.7 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, Barbados, Ireland, Japan and German operations. Just Energy is required to meet a number of financial covenants under the credit facility agreement. On December 2, 2019, the Company amended the covenants on its senior unsecured term loan facility to increase the senior debt to EBITDA covenant ratio from 1.65:1 to 2.15:1 for the third quarter of fiscal 2020. As at December 31, 2019, the Company was compliant with all of these covenants. On September 12, 2018, the Company entered into a US$250 million non-revolving multi-draw senior unsecured term loan facility with Sagard Credit Partners, LP and certain funds managed by a leading U.S.-based global fixed income asset manager. The loan bears interest at 8.75% per annum and will mature on September 12, 2023. On July 26, 2019, the Company drew an additional US$7 million from tranche 2 and an initial advance of US$7 million from tranche 3. At December 31, 2019, the Company has US$43 million available under the facility to draw, earmarked for investments and future acquisitions. | |||||||||||||||||||||||||
[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. Counterparties were issued 7.5 million warrants at a strike price of $8.56 each, convertible to one Just Energy common stock. The value of these warrants has been assessed as nominal. The 8.75% loan has three tranches. The first tranche of US$50 million is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche of US$150 million is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche of US$50 million is earmarked for investments and future acquisitions. As at December 31, 2019, US$207.0 million was drawn from the 8.75% loan. On July 29, 2019, the Company drew US$7.0 million from the second tranche and US$7.0 million from the third tranche. The US$14 million draws were secured by a personal guarantee from a director of the Company. | |||||||||||||||||||||||||
[4] | On September 12, 2018, Just Energy entered into a US$250 million non-revolving multi-draw senior unsecured term loan facility (the "8.75% loan") with Sagard Credit Partners, LP and certain funds managed by a leading U.S.-based global fixed income asset manager. The 8.75% loan bears interest at 8.75% per annum payable semi-annually in arrears on June 30 and December 31 in each year plus fees and will mature on September 12, 2023. Counterparties were issued 7.5 million warrants at a strike price of $8.56 each, convertible to one Just Energy common stock. The value of these warrants has been assessed as nominal. The 8.75% loan has three tranches. The first tranche of US$50 million is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche of US$150 million is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche of US$50 million is earmarked for investments and future acquisitions. As at December 31, 2019, US$207.0 million was drawn from the 8.75% loan. On July 29, 2019, the Company drew US$7.0 million from the second tranche and US$7.0 million from the third tranche. The US$14 million draws were secured by a personal guarantee from a director of the Company. | |||||||||||||||||||||||||
[5] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange ("TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders’ deficit in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred income tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at December 31, 2019. | |||||||||||||||||||||||||
[6] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange ("TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders’ deficit in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred income tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at December 31, 2019. | |||||||||||||||||||||||||
[7] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the TSX for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' deficit in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred income tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at December 31, 2019. | |||||||||||||||||||||||||
[8] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the TSX for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' deficit in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred income tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at December 31, 2019. |
Note 12 - Long-term Debt and _4
Note 12 - Long-term Debt and Financing - Components of Long-term Debt (Details) $ in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019CAD ($) | Mar. 31, 2019CAD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) | ||||
Statement Line Items [Line Items] | |||||||
Debt | $ 725,372 | $ 774,600 | |||||
Less: Current portion | (37,429) | (274,182) | |||||
687,943 | 500,418 | ||||||
Credit facility [member] | |||||||
Statement Line Items [Line Items] | |||||||
Debt | 201,577 | [1] | 256,371 | ||||
Less: Debt issue costs | [1] | $ (1,737) | (1,824) | ||||
HTC loan [member] | |||||||
Statement Line Items [Line Items] | |||||||
Debt | [2] | 17,577 | 11,551 | ||||
Senior unsecured 8.75% term loan [member] | |||||||
Statement Line Items [Line Items] | |||||||
Debt | 240,094 | [3] | $ 14,000 | 254,030 | [3] | ||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | |||||||
Statement Line Items [Line Items] | |||||||
Debt | [4] | 87,520 | 89,503 | ||||
Senior subordinated 6.75% convertible debentures [member] | |||||||
Statement Line Items [Line Items] | |||||||
Debt | [5] | 150,945 | 153,199 | ||||
European-focused senior convertible unsecured 6.5% convertible bonds, conversion feature [member] | |||||||
Statement Line Items [Line Items] | |||||||
Debt | [6] | $ 29,483 | $ 11,683 | ||||
[1] | As at April 18, 2018, the Company renegotiated an agreement with a syndicate of lenders that includes Canadian Imperial Bank of Commerce, National Bank of Canada, 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 extended 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. On June 28, 2019, the Company exercised its option to access the amounts relating to the accordion agreement as part of the credit facility. Certain principal amount outstanding under the LC facility is guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. On December 2, 2019, the Company amended its senior secured credit facility to increase the senior debt to EBITDA covenant ratio from 1.50:1 to 2.00:1 for the third quarter of fiscal 2020. 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, 2019, the Canadian prime rate was 3.95% and the U.S. prime rate was 4.75%. As at December 31, 2019, $256.3 million has been drawn against the facility and total letters of credit outstanding as at December 31, 2019, amounted to $71.9 million (September 30, 2019 - $71.6 million). As at December 31, 2019, Just Energy has $41.7 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, Barbados, Ireland, Japan and German operations. Just Energy is required to meet a number of financial covenants under the credit facility agreement. On December 2, 2019, the Company amended the covenants on its senior unsecured term loan facility to increase the senior debt to EBITDA covenant ratio from 1.65:1 to 2.15:1 for the third quarter of fiscal 2020. As at December 31, 2019, the Company was compliant with all of these covenants. On September 12, 2018, the Company entered into a US$250 million non-revolving multi-draw senior unsecured term loan facility with Sagard Credit Partners, LP and certain funds managed by a leading U.S.-based global fixed income asset manager. The loan bears interest at 8.75% per annum and will mature on September 12, 2023. On July 26, 2019, the Company drew an additional US$7 million from tranche 2 and an initial advance of US$7 million from tranche 3. At December 31, 2019, the Company has US$43 million available under the facility to draw, earmarked for investments and future acquisitions. | ||||||
[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. Counterparties were issued 7.5 million warrants at a strike price of $8.56 each, convertible to one Just Energy common stock. The value of these warrants has been assessed as nominal. The 8.75% loan has three tranches. The first tranche of US$50 million is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche of US$150 million is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche of US$50 million is earmarked for investments and future acquisitions. As at December 31, 2019, US$207.0 million was drawn from the 8.75% loan. On July 29, 2019, the Company drew US$7.0 million from the second tranche and US$7.0 million from the third tranche. The US$14 million draws were secured by a personal guarantee from a director of the Company. | ||||||
[4] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange ("TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders’ deficit in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred income tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at December 31, 2019. | ||||||
[5] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the TSX for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' deficit in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred income tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at December 31, 2019. | ||||||
[6] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior convertible unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year and have a maturity date of July 29, 2019. A conversion right in respect of a bond may be exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019. The initial conversion price is US$9.3762 per common share (being C$10.2819) but is subject to adjustments. In the event of the exercise of a conversion right, the Company may, at its option, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation in cash equal to the market value of the underlying shares to be received. As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% convertible bonds has been accounted for as a separate financial liability with an initial value of US$8,517. The remainder of the net proceeds of the 6.5% convertible bonds has been recorded as long-term debt, which is being accreted up to the face value of $150.0 million over the term of the 6.5% convertible bonds using an effective interest rate of 8.8%. At each reporting period, the conversion feature is recorded at fair value with changes in fair value recorded through profit or loss. On July 29, 2019, the Company redeemed US$13.2 million of the 6.5% convertible bonds. The remaining lenders of $9.2 million of the 6.5% convertible bonds elected to extend the maturity date of the bonds from July 29, 2019 to December 31, 2020, pursuant to an option offered by the Company announced on July 17, 2019. |
Note 12 - Long-term Debt and _5
Note 12 - Long-term Debt and Financing - Components of Long-term Debt (Details) (Parentheticals) $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) | Dec. 02, 2019 | Mar. 31, 2019CAD ($) | Dec. 31, 2018CAD ($) | Sep. 12, 2018USD ($) | Feb. 22, 2018CAD ($) | Oct. 05, 2016CAD ($) | ||||
Senior unsecured 8.75% term loan [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Borrowings, interest rate | 8.75% | [1] | 8.75% | [1] | 8.75% | 8.75% | [1] | 8.75% | 8.75% | |||
Face amount | $ 250,000 | $ 250,000 | ||||||||||
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% | [2] | 6.75% | [2] | 6.75% | 6.75% | ||||
Face amount | $ 100,000,000 | [2] | $ 100,000,000 | [2] | $ 100,000,000 | $ 100,000,000 | ||||||
Senior subordinated 6.75% convertible debentures [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Borrowings, interest rate | 6.75% | [3] | 6.75% | [3] | 6.75% | [3] | 6.75% | 6.75% | ||||
Face amount | $ 160,000,000 | [3] | $ 160,000,000 | [3] | $ 160,000,000 | $ 160,000,000 | ||||||
European-focused senior convertible unsecured 6.5% convertible bonds, conversion feature [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Borrowings, interest rate | [4] | 6.50% | 6.50% | 6.50% | ||||||||
[1] | On September 12, 2018, Just Energy entered into a US$250 million non-revolving multi-draw senior unsecured term loan facility (the "8.75% loan") with Sagard Credit Partners, LP and certain funds managed by a leading U.S.-based global fixed income asset manager. The 8.75% loan bears interest at 8.75% per annum payable semi-annually in arrears on June 30 and December 31 in each year plus fees and will mature on September 12, 2023. Counterparties were issued 7.5 million warrants at a strike price of $8.56 each, convertible to one Just Energy common stock. The value of these warrants has been assessed as nominal. The 8.75% loan has three tranches. The first tranche of US$50 million is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche of US$150 million is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche of US$50 million is earmarked for investments and future acquisitions. As at December 31, 2019, US$207.0 million was drawn from the 8.75% loan. On July 29, 2019, the Company drew US$7.0 million from the second tranche and US$7.0 million from the third tranche. The US$14 million draws were secured by a personal guarantee from a director of the Company. | |||||||||||
[2] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange ("TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders’ deficit in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred income tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at December 31, 2019. | |||||||||||
[3] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the TSX for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' deficit in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred income tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at December 31, 2019. | |||||||||||
[4] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior convertible unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year and have a maturity date of July 29, 2019. A conversion right in respect of a bond may be exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019. The initial conversion price is US$9.3762 per common share (being C$10.2819) but is subject to adjustments. In the event of the exercise of a conversion right, the Company may, at its option, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation in cash equal to the market value of the underlying shares to be received. As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% convertible bonds has been accounted for as a separate financial liability with an initial value of US$8,517. The remainder of the net proceeds of the 6.5% convertible bonds has been recorded as long-term debt, which is being accreted up to the face value of $150.0 million over the term of the 6.5% convertible bonds using an effective interest rate of 8.8%. At each reporting period, the conversion feature is recorded at fair value with changes in fair value recorded through profit or loss. On July 29, 2019, the Company redeemed US$13.2 million of the 6.5% convertible bonds. The remaining lenders of $9.2 million of the 6.5% convertible bonds elected to extend the maturity date of the bonds from July 29, 2019 to December 31, 2020, pursuant to an option offered by the Company announced on July 17, 2019. |
Note 12 - Long-term Debt and _6
Note 12 - Long-term Debt and Financing - Future Annual Minimum Repayments (Details) $ in Thousands | Dec. 31, 2019CAD ($) | |
Statement Line Items [Line Items] | ||
Future annual minimum repayments | $ 802,807 | |
Not later than one year [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 275,919 | |
Later than one year and not later than three years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 163,650 | |
Later than four years and not later than five years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 363,238 | |
Later than five years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | ||
Credit facility [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 256,371 | [1] |
Credit facility [member] | Not later than one year [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 256,371 | [1] |
Credit facility [member] | Later than one year and not later than three years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | [1] | |
Credit facility [member] | Later than four years and not later than five years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | [1] | |
Credit facility [member] | Later than five years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | [1] | |
Filter Group financing [Member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 11,551 | [2] |
Filter Group financing [Member] | Not later than one year [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 7,865 | [2] |
Filter Group financing [Member] | Later than one year and not later than three years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 3,650 | [2] |
Filter Group financing [Member] | Later than four years and not later than five years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 36 | [2] |
Filter Group financing [Member] | Later than five years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | [2] | |
Senior unsecured 8.75% term loan [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 263,202 | [3] |
Senior unsecured 8.75% term loan [member] | Later than one year and not later than three years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | [3] | |
Senior unsecured 8.75% term loan [member] | Later than four years and not later than five years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 263,202 | [3] |
Senior unsecured 8.75% term loan [member] | Later than five years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | [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] |
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | Later than one year and not later than three years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | [4] | |
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | Later than four years and not later than five years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 100,000 | [4] |
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | Later than five years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | [4] | |
Senior subordinated 6.75% convertible debentures [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 160,000 | [5] |
Senior subordinated 6.75% convertible debentures [member] | Later than one year and not later than three years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 160,000 | [5] |
Senior subordinated 6.75% convertible debentures [member] | Later than four years and not later than five years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | [5] | |
Senior subordinated 6.75% convertible debentures [member] | Later than five years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | [5] | |
European-focused senior convertible unsecured 6.5% convertible bonds [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 11,683 | [6] |
European-focused senior convertible unsecured 6.5% convertible bonds [member] | Not later than one year [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 11,683 | [6] |
European-focused senior convertible unsecured 6.5% convertible bonds [member] | Later than one year and not later than three years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | [6] | |
European-focused senior convertible unsecured 6.5% convertible bonds [member] | Later than four years and not later than five years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | [6] | |
European-focused senior convertible unsecured 6.5% convertible bonds [member] | Later than five years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | [6] | |
[1] | As at April 18, 2018, the Company renegotiated an agreement with a syndicate of lenders that includes Canadian Imperial Bank of Commerce, National Bank of Canada, 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 extended 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. On June 28, 2019, the Company exercised its option to access the amounts relating to the accordion agreement as part of the credit facility. Certain principal amount outstanding under the LC facility is guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. On December 2, 2019, the Company amended its senior secured credit facility to increase the senior debt to EBITDA covenant ratio from 1.50:1 to 2.00:1 for the third quarter of fiscal 2020. 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, 2019, the Canadian prime rate was 3.95% and the U.S. prime rate was 4.75%. As at December 31, 2019, $256.3 million has been drawn against the facility and total letters of credit outstanding as at December 31, 2019, amounted to $71.9 million (September 30, 2019 - $71.6 million). As at December 31, 2019, Just Energy has $41.7 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, Barbados, Ireland, Japan and German operations. Just Energy is required to meet a number of financial covenants under the credit facility agreement. On December 2, 2019, the Company amended the covenants on its senior unsecured term loan facility to increase the senior debt to EBITDA covenant ratio from 1.65:1 to 2.15:1 for the third quarter of fiscal 2020. As at December 31, 2019, the Company was compliant with all of these covenants. On September 12, 2018, the Company entered into a US$250 million non-revolving multi-draw senior unsecured term loan facility with Sagard Credit Partners, LP and certain funds managed by a leading U.S.-based global fixed income asset manager. The loan bears interest at 8.75% per annum and will mature on September 12, 2023. On July 26, 2019, the Company drew an additional US$7 million from tranche 2 and an initial advance of US$7 million from tranche 3. At December 31, 2019, the Company has US$43 million available under the facility to draw, earmarked for investments and future acquisitions. | |
[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. Counterparties were issued 7.5 million warrants at a strike price of $8.56 each, convertible to one Just Energy common stock. The value of these warrants has been assessed as nominal. The 8.75% loan has three tranches. The first tranche of US$50 million is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche of US$150 million is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche of US$50 million is earmarked for investments and future acquisitions. As at December 31, 2019, US$207.0 million was drawn from the 8.75% loan. On July 29, 2019, the Company drew US$7.0 million from the second tranche and US$7.0 million from the third tranche. The US$14 million draws were secured by a personal guarantee from a director of the Company. | |
[4] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange ("TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders’ deficit in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred income tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at December 31, 2019. | |
[5] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the TSX for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' deficit in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred income tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at December 31, 2019. | |
[6] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior convertible unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year and have a maturity date of July 29, 2019. A conversion right in respect of a bond may be exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019. The initial conversion price is US$9.3762 per common share (being C$10.2819) but is subject to adjustments. In the event of the exercise of a conversion right, the Company may, at its option, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation in cash equal to the market value of the underlying shares to be received. As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% convertible bonds has been accounted for as a separate financial liability with an initial value of US$8,517. The remainder of the net proceeds of the 6.5% convertible bonds has been recorded as long-term debt, which is being accreted up to the face value of $150.0 million over the term of the 6.5% convertible bonds using an effective interest rate of 8.8%. At each reporting period, the conversion feature is recorded at fair value with changes in fair value recorded through profit or loss. On July 29, 2019, the Company redeemed US$13.2 million of the 6.5% convertible bonds. The remaining lenders of $9.2 million of the 6.5% convertible bonds elected to extend the maturity date of the bonds from July 29, 2019 to December 31, 2020, pursuant to an option offered by the Company announced on July 17, 2019. |
Note 12 - Long-term Debt and _7
Note 12 - Long-term Debt and Financing - Finance costs (Details) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Statement Line Items [Line Items] | |||||
Finance costs | $ 28,178 | $ 22,762 | $ 80,175 | $ 59,198 | |
Credit facility [member] | |||||
Statement Line Items [Line Items] | |||||
Finance costs | [1] | 5,854 | 5,469 | 17,900 | 14,523 |
Filter Group financing [Member] | |||||
Statement Line Items [Line Items] | |||||
Finance costs | [2] | 99 | 459 | 600 | 459 |
Senior unsecured 8.75% term loan [member] | |||||
Statement Line Items [Line Items] | |||||
Finance costs | [3] | 8,655 | 4,318 | 26,275 | 4,318 |
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | |||||
Statement Line Items [Line Items] | |||||
Finance costs | [4] | 2,372 | 1,925 | 7,046 | 6,510 |
Senior subordinated 6.75% convertible debentures [member] | |||||
Statement Line Items [Line Items] | |||||
Finance costs | [5] | 3,462 | 3,399 | 10,354 | 10,168 |
European-focused senior convertible unsecured 6.5% convertible bonds [member] | |||||
Statement Line Items [Line Items] | |||||
Finance costs | [6] | 262 | 3,714 | 2,479 | 13,490 |
Collateral management and others [member] | |||||
Statement Line Items [Line Items] | |||||
Finance costs | [7] | $ 7,474 | $ 3,478 | $ 15,521 | $ 9,730 |
[1] | As at April 18, 2018, the Company renegotiated an agreement with a syndicate of lenders that includes Canadian Imperial Bank of Commerce, National Bank of Canada, 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 extended 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. On June 28, 2019, the Company exercised its option to access the amounts relating to the accordion agreement as part of the credit facility. Certain principal amount outstanding under the LC facility is guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. On December 2, 2019, the Company amended its senior secured credit facility to increase the senior debt to EBITDA covenant ratio from 1.50:1 to 2.00:1 for the third quarter of fiscal 2020. 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, 2019, the Canadian prime rate was 3.95% and the U.S. prime rate was 4.75%. As at December 31, 2019, $256.3 million has been drawn against the facility and total letters of credit outstanding as at December 31, 2019, amounted to $71.9 million (September 30, 2019 - $71.6 million). As at December 31, 2019, Just Energy has $41.7 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, Barbados, Ireland, Japan and German operations. Just Energy is required to meet a number of financial covenants under the credit facility agreement. On December 2, 2019, the Company amended the covenants on its senior unsecured term loan facility to increase the senior debt to EBITDA covenant ratio from 1.65:1 to 2.15:1 for the third quarter of fiscal 2020. As at December 31, 2019, the Company was compliant with all of these covenants. On September 12, 2018, the Company entered into a US$250 million non-revolving multi-draw senior unsecured term loan facility with Sagard Credit Partners, LP and certain funds managed by a leading U.S.-based global fixed income asset manager. The loan bears interest at 8.75% per annum and will mature on September 12, 2023. On July 26, 2019, the Company drew an additional US$7 million from tranche 2 and an initial advance of US$7 million from tranche 3. At December 31, 2019, the Company has US$43 million available under the facility to draw, earmarked for investments and future acquisitions. | ||||
[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. Counterparties were issued 7.5 million warrants at a strike price of $8.56 each, convertible to one Just Energy common stock. The value of these warrants has been assessed as nominal. The 8.75% loan has three tranches. The first tranche of US$50 million is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche of US$150 million is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche of US$50 million is earmarked for investments and future acquisitions. As at December 31, 2019, US$207.0 million was drawn from the 8.75% loan. On July 29, 2019, the Company drew US$7.0 million from the second tranche and US$7.0 million from the third tranche. The US$14 million draws were secured by a personal guarantee from a director of the Company. | ||||
[4] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange ("TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders’ deficit in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred income tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at December 31, 2019. | ||||
[5] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the TSX for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' deficit in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred income tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at December 31, 2019. | ||||
[6] | On January 29, 2014, Just Energy issued US$150 million of European-focused senior convertible unsecured convertible bonds (the "6.5% convertible bonds"). The 6.5% convertible bonds bear interest at an annual rate of 6.5%, payable semi-annually in arrears in equal installments on January 29 and July 29 in each year and have a maturity date of July 29, 2019. A conversion right in respect of a bond may be exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019. The initial conversion price is US$9.3762 per common share (being C$10.2819) but is subject to adjustments. In the event of the exercise of a conversion right, the Company may, at its option, subject to applicable regulatory approval and provided no event of default has occurred and is continuing, elect to satisfy its obligation in cash equal to the market value of the underlying shares to be received. As a result of the debt being denominated in a different functional currency than that of Just Energy, the conversion feature is recorded as a financial liability instead of a component of equity. Therefore, the conversion feature of the 6.5% convertible bonds has been accounted for as a separate financial liability with an initial value of US$8,517. The remainder of the net proceeds of the 6.5% convertible bonds has been recorded as long-term debt, which is being accreted up to the face value of $150.0 million over the term of the 6.5% convertible bonds using an effective interest rate of 8.8%. At each reporting period, the conversion feature is recorded at fair value with changes in fair value recorded through profit or loss. On July 29, 2019, the Company redeemed US$13.2 million of the 6.5% convertible bonds. The remaining lenders of $9.2 million of the 6.5% convertible bonds elected to extend the maturity date of the bonds from July 29, 2019 to December 31, 2020, pursuant to an option offered by the Company announced on July 17, 2019. | ||||
[7] | Collateral management and other costs for the three months ended December 31, 2019 include primarily a supplier credit term charge of $1.7 million, accretion costs relating to the acquisition of Just Ventures of $0.8 million, collateral management costs of $0.5 million and interest expense of $0.4 million on right-of-use assets resulting from the implementation of IFRS 16. For the nine months ended December 31, 2019, collateral management and other costs is made up of a supplier credit term charge of $4.4 million, collateral management costs of $1.7 million, accretion costs relating to the acquisition of Just Ventures of $1.3 million and interest expense of $0.7 million on right-of-use assets resulting from the implementation of IFRS 16. |
Note 12 - Long-term Debt and _8
Note 12 - Long-term Debt and Financing - Finance costs (Details) (Parentheticals) $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) | Dec. 02, 2019 | Mar. 31, 2019CAD ($) | Dec. 31, 2018CAD ($) | Sep. 12, 2018USD ($) | Feb. 22, 2018CAD ($) | Oct. 05, 2016CAD ($) | Jan. 29, 2014USD ($) | |||
Senior unsecured 8.75% term loan [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Borrowings, interest rate | 8.75% | [1] | 8.75% | [1] | 8.75% | 8.75% | [1] | 8.75% | 8.75% | |||
Face amount | $ 250,000 | $ 250,000 | ||||||||||
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% | [2] | 6.75% | [2] | 6.75% | 6.75% | ||||
Face amount | $ 100,000,000 | [2] | $ 100,000,000 | [2] | $ 100,000,000 | $ 100,000,000 | ||||||
Senior subordinated 6.75% convertible debentures [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Borrowings, interest rate | 6.75% | [3] | 6.75% | [3] | 6.75% | [3] | 6.75% | 6.75% | ||||
Face amount | $ 160,000,000 | [3] | $ 160,000,000 | [3] | $ 160,000,000 | $ 160,000,000 | ||||||
European-focused senior convertible unsecured 6.5% convertible bonds [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Borrowings, interest rate | 6.50% | 6.50% | 6.50% | 6.50% | ||||||||
Face amount | $ 150,000 | |||||||||||
[1] | On September 12, 2018, Just Energy entered into a US$250 million non-revolving multi-draw senior unsecured term loan facility (the "8.75% loan") with Sagard Credit Partners, LP and certain funds managed by a leading U.S.-based global fixed income asset manager. The 8.75% loan bears interest at 8.75% per annum payable semi-annually in arrears on June 30 and December 31 in each year plus fees and will mature on September 12, 2023. Counterparties were issued 7.5 million warrants at a strike price of $8.56 each, convertible to one Just Energy common stock. The value of these warrants has been assessed as nominal. The 8.75% loan has three tranches. The first tranche of US$50 million is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche of US$150 million is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche of US$50 million is earmarked for investments and future acquisitions. As at December 31, 2019, US$207.0 million was drawn from the 8.75% loan. On July 29, 2019, the Company drew US$7.0 million from the second tranche and US$7.0 million from the third tranche. The US$14 million draws were secured by a personal guarantee from a director of the Company. | |||||||||||
[2] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year, and have a maturity date of March 31, 2023. Each $1,000 principal amount of the 6.75% $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 112.3596 common shares of Just Energy, representing a conversion price of $8.90, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $100 million convertible debentures will not be redeemable at the option of the Company on or before March 31, 2021. After March 31, 2021 and prior to March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the Toronto Stock Exchange ("TSX") for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after March 31, 2022, the 6.75% $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $100 million convertible debentures has been accounted for as a separate component of shareholders’ deficit in the amount of $9.7 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred income tax liability of $2.6 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $100 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $100 million over the term of the 6.75% $100 million convertible debentures using an effective interest rate of 10.7%. If the 6.75% $100 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $100 million convertible debentures have been converted or redeemed as at December 31, 2019. | |||||||||||
[3] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the TSX for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is at least 125% of the conversion price. On or after December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest. The conversion feature of the 6.75% $160 million convertible debentures has been accounted for as a separate component of shareholders' deficit in the amount of $8.0 million. Upon initial recognition of the convertible debentures, Just Energy recorded a deferred income tax liability of $2.1 million and reduced the equity component of the convertible debentures by this amount. The remainder of the net proceeds of the 6.75% $160 million convertible debentures has been recorded as long-term debt, which is being accreted up to the face value of $160 million over the term of the 6.75% $160 million convertible debentures using an effective interest rate of 9.1%. If the 6.75% $160 million convertible debentures are converted into common shares, the value of the conversion will be reclassified to share capital along with the principal amount converted. No amounts of the 6.75% $160 million convertible debentures have been converted or redeemed as at December 31, 2019. |
Note 13 - Other Income (Details
Note 13 - Other Income (Details Textual) $ in Thousands, $ in Millions | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2019CAD ($) | Mar. 31, 2019CAD ($) |
Statement Line Items [Line Items] | |||||
Contingent consideration, range of outcomes, value, high | |||||
Earn-out payment periods | 3 years | ||||
Increase (decrease) in contingent consideration asset (liability) | $ 5,462 | ||||
Customer contracts and natural gas [member] | |||||
Statement Line Items [Line Items] | |||||
Proceeds from sales of intangible assets | $ 3.5 | 4,500 | |||
Gains (losses) on sale of intangible assets | 1,800 | ||||
Filter Group Inc [member] | |||||
Statement Line Items [Line Items] | |||||
Contingent liabilities recognised in business combination at end of period | $ 29,100 | ||||
Increase (decrease) in contingent consideration asset (liability) | $ 29,100 | ||||
Just Energy Advanced Solutions [Member] | |||||
Statement Line Items [Line Items] | |||||
Contingent liabilities recognised in business combination at end of period | 0 | 0 | |||
EdgePower Inc. [member] | |||||
Statement Line Items [Line Items] | |||||
Contingent liabilities recognised in business combination at end of period | $ 0 | $ 0 |
Note 14 - Provisions (Details T
Note 14 - Provisions (Details Textual) | Dec. 31, 2019 |
Statement Line Items [Line Items] | |
Restructuring, number of positions eliminated | 200 |
Note 14 - Provisions - Restruct
Note 14 - Provisions - Restructuring (Details) $ in Thousands | 9 Months Ended |
Dec. 31, 2019CAD ($) | |
Statement Line Items [Line Items] | |
Balance, beginning of the period | $ 7,205 |
Restructuring costs paid during the period | (5,827) |
Foreign exchange impact | (1) |
Balance, end of the period | $ 1,377 |
Note 15 - Income Taxes - Compon
Note 15 - Income Taxes - Components of Tax Expenses (Details) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||||
Current income tax expense | $ 2,905 | $ 4,075 | $ 6,417 | $ 2,165 |
Deferred tax expense (recovery) | 940 | (2,386) | (2,813) | 4,115 |
Provision for income taxes | $ 3,845 | $ 1,689 | $ 3,604 | $ 6,280 |
Note 16 - Shareholders' Capit_3
Note 16 - Shareholders' Capital (Details Textual) $ / shares in Thousands | Dec. 31, 2019$ / sharesshares |
Statement Line Items [Line Items] | |
Par value per share | $ / shares | $ 0 |
Preference shares [member] | |
Statement Line Items [Line Items] | |
Number of shares authorised | 50,000,000 |
Number of shares issued and fully paid | 0 |
Note 16 - Shareholders' Capit_4
Note 16 - Shareholders' Capital - Classes of Share Capital (Details) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | |||||
Balance, beginning of period | $ (89,014) | ||||
Balance, end of period | $ (262,781) | $ 72,007 | $ (262,781) | $ 72,007 | $ (89,014) |
Issued capital [member] | |||||
Statement Line Items [Line Items] | |||||
Balance, beginning of period (in shares) | 154,258,117 | ||||
Balance, beginning of period | $ 1,235,503 | ||||
Balance, end of period (in shares) | 156,193,107 | 156,193,107 | 154,258,117 | ||
Balance, end of period | $ 1,246,220 | 1,234,491 | $ 1,246,220 | $ 1,234,491 | $ 1,235,503 |
Ordinary shares [member] | Issued capital [member] | |||||
Statement Line Items [Line Items] | |||||
Balance, beginning of period (in shares) | 149,595,952 | 148,394,152 | 148,394,152 | ||
Balance, beginning of period | 1,098,569 | 1,085,991 | $ 1,088,538 | $ 1,079,055 | $ 1,079,055 |
Share-based awards exercised (in shares) | 1,934,990 | 1,201,800 | |||
Share-based awards exercised | $ 686 | 1,535 | $ 10,717 | 8,471 | $ 9,483 |
Balance, end of period (in shares) | 151,530,942 | 151,530,942 | 149,595,952 | ||
Balance, end of period | $ 1,099,255 | 1,087,526 | $ 1,099,255 | $ 1,087,526 | $ 1,088,538 |
Preference shares [member] | Issued capital [member] | |||||
Statement Line Items [Line Items] | |||||
Balance, beginning of period (in shares) | 4,662,165 | 4,323,300 | 4,323,300 | ||
Balance, beginning of period | 146,965 | 146,984 | $ 146,965 | $ 136,771 | $ 136,771 |
Shares issued for cash (in shares) | 338,865 | ||||
Shares issued for cash | 10,447 | $ 10,447 | |||
Preferred shares issuance cost | (19) | (253) | $ (253) | ||
Balance, end of period (in shares) | 4,662,165 | 4,662,165 | 4,662,165 | ||
Balance, end of period | $ 146,965 | $ 146,965 | $ 146,965 | $ 146,965 | $ 146,965 |
Note 17 - Reportable Business_3
Note 17 - Reportable Business Segments - Components of Segments (Details) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | |||||
Sales | $ 658,521 | $ 734,205 | $ 2,097,126 | $ 2,241,029 | |
Gross margin | 142,484 | 164,461 | 430,160 | 446,077 | |
Amortization of property, and equipment | 2,246 | 1,171 | 7,749 | 3,029 | |
Amortization of intangible assets | 4,953 | 7,307 | 19,415 | 16,647 | |
Administrative expenses | 39,616 | 41,921 | 121,885 | 126,330 | |
Selling and marketing expenses | 51,270 | 51,706 | 167,253 | 144,098 | |
Other operating expenses | 21,679 | 52,515 | 77,321 | 92,035 | |
Operating profit (loss) for the period | 22,720 | 7,095 | 36,537 | 57,956 | |
Finance costs | (28,178) | (22,762) | (80,175) | (59,198) | |
Change in fair value of derivative instruments and other | 36,990 | 62,890 | (139,547) | (67,979) | |
Other income, net | 1,649 | 2,499 | 29,735 | ||
Provision for income taxes | 3,845 | 1,689 | 3,604 | 6,280 | |
Profit for the period from continuing operations | 29,336 | 42,571 | (157,054) | (75,792) | |
Profit from discontinued operations | 6,293 | (90,156) | (8,705) | (34,666) | |
Profit for the year | 35,629 | (47,585) | (165,759) | (110,458) | |
Capital expenditures | 2,916 | 15,264 | 12,724 | 36,686 | |
Restructuring costs | 2,746 | 5,982 | |||
Change in fair value of Filter Group contingent consideration | (5,462) | ||||
Total goodwill | 323,135 | 344,878 | 323,135 | 344,878 | |
Total assets | 1,297,174 | 1,446,082 | 1,297,174 | 1,446,082 | $ 1,626,504 |
Total liabilities | 1,559,955 | 1,490,506 | 1,559,955 | 1,490,506 | $ 1,715,518 |
Change in fair value of Filter Group contingent consideration | (5,462) | ||||
Other expenses, net | 5,171 | ||||
Consumer division [member] | |||||
Statement Line Items [Line Items] | |||||
Sales | 390,757 | 461,161 | 1,274,964 | 1,400,436 | |
Gross margin | 108,970 | 126,371 | 330,941 | 330,831 | |
Amortization of property, and equipment | 2,220 | 1,120 | 7,652 | 2,876 | |
Amortization of intangible assets | 4,221 | 6,441 | 17,304 | 15,068 | |
Administrative expenses | 8,241 | 9,541 | 28,765 | 30,750 | |
Selling and marketing expenses | 32,377 | 34,425 | 108,755 | 92,886 | |
Other operating expenses | 19,717 | 50,581 | 72,069 | 85,014 | |
Operating profit (loss) for the period | 42,194 | 21,517 | 96,396 | 98,255 | |
Finance costs | |||||
Change in fair value of derivative instruments and other | |||||
Other income, net | |||||
Provision for income taxes | |||||
Profit for the period from continuing operations | |||||
Profit from discontinued operations | |||||
Profit for the year | |||||
Capital expenditures | 2,290 | 13,894 | 11,547 | 33,457 | |
Restructuring costs | 2,746 | 5,982 | |||
Change in fair value of Filter Group contingent consideration | |||||
Total goodwill | 164,799 | 188,714 | 164,799 | 188,714 | |
Total assets | 886,490 | 1,055,573 | 886,490 | 1,055,573 | |
Total liabilities | 1,349,179 | 1,304,847 | 1,349,179 | 1,304,847 | |
Change in fair value of Filter Group contingent consideration | |||||
Other expenses, net | |||||
Commercial division [member] | |||||
Statement Line Items [Line Items] | |||||
Sales | 267,764 | 273,044 | 822,162 | 840,593 | |
Gross margin | 33,514 | 38,090 | 99,219 | 115,246 | |
Amortization of property, and equipment | 26 | 51 | 97 | 153 | |
Amortization of intangible assets | 732 | 866 | 2,111 | 1,579 | |
Administrative expenses | 5,061 | 8,731 | 17,740 | 22,314 | |
Selling and marketing expenses | 18,893 | 17,281 | 58,498 | 51,212 | |
Other operating expenses | 1,962 | 1,934 | 5,252 | 7,021 | |
Operating profit (loss) for the period | 6,840 | 9,227 | 15,521 | 32,967 | |
Finance costs | |||||
Change in fair value of derivative instruments and other | |||||
Other income, net | |||||
Provision for income taxes | |||||
Profit for the period from continuing operations | |||||
Profit from discontinued operations | |||||
Profit for the year | |||||
Capital expenditures | 626 | 1,370 | 1,177 | 3,229 | |
Restructuring costs | |||||
Change in fair value of Filter Group contingent consideration | |||||
Total goodwill | 158,336 | 156,164 | 158,336 | 156,164 | |
Total assets | 410,684 | 390,509 | 410,684 | 390,509 | |
Total liabilities | 210,776 | 185,659 | 210,776 | 185,659 | |
Change in fair value of Filter Group contingent consideration | |||||
Other expenses, net | |||||
Corporate [member] | |||||
Statement Line Items [Line Items] | |||||
Sales | |||||
Gross margin | |||||
Amortization of property, and equipment | |||||
Amortization of intangible assets | |||||
Administrative expenses | 26,314 | 23,649 | 75,380 | 73,266 | |
Selling and marketing expenses | |||||
Other operating expenses | |||||
Operating profit (loss) for the period | (26,314) | (23,649) | (75,380) | (73,266) | |
Finance costs | |||||
Change in fair value of derivative instruments and other | |||||
Other income, net | |||||
Provision for income taxes | |||||
Profit for the period from continuing operations | |||||
Profit from discontinued operations | |||||
Profit for the year | |||||
Capital expenditures | |||||
Restructuring costs | |||||
Change in fair value of Filter Group contingent consideration | |||||
Total goodwill | |||||
Total assets | |||||
Total liabilities | |||||
Change in fair value of Filter Group contingent consideration | |||||
Other expenses, net |
Note 17 - Reportable Business_4
Note 17 - Reportable Business Segments - Geographical Disclosure (Details) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | |||||
Sales | $ 658,521 | $ 734,205 | $ 2,097,126 | $ 2,241,029 | |
Non-current assets | 475,641 | 475,641 | $ 498,518 | ||
CANADA | |||||
Statement Line Items [Line Items] | |||||
Sales | 77,691 | 110,854 | 219,843 | 283,521 | |
Non-current assets | 153,425 | 153,425 | 266,775 | ||
UNITED STATES | |||||
Statement Line Items [Line Items] | |||||
Sales | 580,830 | $ 623,351 | 1,877,283 | $ 1,957,508 | |
Non-current assets | 322,216 | 322,216 | 223,802 | ||
International [member] | |||||
Statement Line Items [Line Items] | |||||
Non-current assets | $ 7,941 |
Note 18 - Other Expenses - Othe
Note 18 - Other Expenses - Other Operating Expenses (Details) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | |||||
Amortization of intangible assets | $ 4,953 | $ 7,174 | $ 19,414 | $ 16,158 | |
Depreciation of property and equipment | 2,246 | 1,087 | 7,749 | 2,782 | |
Bad debt expense | 19,996 | 51,353 | 66,853 | 88,276 | $ 192,202 |
Share-based compensation | 1,683 | 1,379 | 10,469 | 4,495 | |
$ 28,878 | $ 60,993 | $ 104,485 | $ 111,711 |
Note 18 - Other Expenses - Empl
Note 18 - Other Expenses - Employee Benefits Expense (Details) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||||
Wages, salaries and commissions | $ 50,392 | $ 41,336 | $ 164,792 | $ 169,863 |
Benefits | 5,347 | 3,726 | 15,451 | 20,299 |
Employee benefits expense | $ 55,739 | $ 45,062 | $ 180,243 | $ 190,162 |
Note 19 - Profit (Loss) Per S_3
Note 19 - Profit (Loss) Per Share - Components of Earning Per Share (Details) - CAD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Statement Line Items [Line Items] | ||||||
Profit (loss) from continuing operations | $ 29,336 | $ 42,571 | $ (157,054) | $ (75,792) | ||
Dividend to preferred shareholders, net of tax | 2,398 | 1,821 | 7,265 | 6,538 | ||
Earnings (loss) available to shareholders | $ 26,938 | $ 40,750 | $ (164,319) | $ (82,330) | ||
Basic weighted average shares outstanding (in shares) | 151,418,938 | 149,309,905 | 150,852,526 | 149,012,066 | ||
Basic earnings (loss) per share from continuing operations (in CAD per share) | $ 0.18 | $ 0.27 | $ (1.09) | $ (0.55) | ||
Basic earnings (loss) per share available to shareholders (in CAD per share) | $ 0.22 | $ (0.33) | $ (1.15) | $ (0.78) | ||
Profit (loss) from continuing operations | $ 26,938 | $ 40,750 | $ (164,319) | $ (82,330) | ||
Increase (decrease) through conversion of convertible instruments, equity | 4,480 | 3,913 | ||||
Adjusted earnings (loss) from continuing operations | $ 31,418 | $ 44,664 | $ (164,319) | $ (82,330) | ||
Restricted share grants (in shares) | 2,537,560 | 2,238,518 | 3,905,803 | [1] | 2,548,751 | [1] |
Deferred share grants (in shares) | 185,405 | 151,472 | 269,390 | [1] | 134,458 | [1] |
Convertible debentures (in shares) | 39,574,831 | 28,440,256 | 33,224,644 | [1] | 39,574,831 | [1] |
Shares outstanding on a diluted basis (in shares) | 193,716,734 | 180,140,151 | 188,252,363 | 191,270,106 | ||
Diluted earnings (loss) from continuing operations per share available to shareholders (in CAD per share) | $ 0.16 | $ 0.25 | $ (1.09) | $ (0.55) | ||
Diluted earnings (loss) per share available to shareholders (in CAD per share) | $ 0.20 | $ (0.33) | $ (1.15) | $ (0.78) | ||
[1] | The assumed conversion into shares results in an anti-dilutive position; therefore, these items have not been included in the computation of diluted earnings (loss) per share. |
Note 20 - Related Party Trans_2
Note 20 - Related Party Transactions (Details Textual) - CAD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | |||||
Cash flows used in obtaining control of subsidiaries or other businesses | $ 3,000 | $ 12,013 | $ 3,000 | ||
Filter Group Inc [member] | |||||
Statement Line Items [Line Items] | |||||
Cash flows used in obtaining control of subsidiaries or other businesses | $ 10,600 |
Note 21 - Dividends and Distr_2
Note 21 - 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, 2019CAD ($)$ / shares | Dec. 31, 2019$ / shares | Dec. 31, 2018CAD ($)$ / shares | Dec. 31, 2018$ / shares | Dec. 02, 2019 | Mar. 31, 2019 | [1] | Sep. 12, 2018 | |||
Senior unsecured 8.75% term loan [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Borrowings, interest rate | 8.75% | 8.75% | 8.75% | [1] | 8.75% | [1] | 8.75% | 8.75% | 8.75% | 8.75% | 8.75% | |
Senior unsecured 8.75% term loan [member] | Top of range [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Borrowings, EBITDA covenant ratio | 1.5 | |||||||||||
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 | |||||||||
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners | $ | $ 18,662 | $ 18,714 | $ 55,868 | |||||||||
Dividends recognised as distributions to owners per share | $ / shares | $ 0.125 | $ 0.125 | $ 0.375 | |||||||||
Dividends recognised as distributions to owners of parent | $ | $ 295 | $ 23 | $ 1,263 | |||||||||
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 | $ 1.0625 | $ 1.0625 | |||||||||
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners | $ | $ 2,477 | $ 6,622 | $ 8,895 | |||||||||
[1] | On September 12, 2018, Just Energy entered into a US$250 million non-revolving multi-draw senior unsecured term loan facility (the "8.75% loan") with Sagard Credit Partners, LP and certain funds managed by a leading U.S.-based global fixed income asset manager. The 8.75% loan bears interest at 8.75% per annum payable semi-annually in arrears on June 30 and December 31 in each year plus fees and will mature on September 12, 2023. Counterparties were issued 7.5 million warrants at a strike price of $8.56 each, convertible to one Just Energy common stock. The value of these warrants has been assessed as nominal. The 8.75% loan has three tranches. The first tranche of US$50 million is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche of US$150 million is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche of US$50 million is earmarked for investments and future acquisitions. As at December 31, 2019, US$207.0 million was drawn from the 8.75% loan. On July 29, 2019, the Company drew US$7.0 million from the second tranche and US$7.0 million from the third tranche. The US$14 million draws were secured by a personal guarantee from a director of the Company. |
Note 22 - Commitments and Gua_3
Note 22 - Commitments and Guarantees (Details Textual) $ in Millions | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) | Sep. 30, 2019CAD ($) | Mar. 31, 2019CAD ($) |
Statement Line Items [Line Items] | ||||
Maximum insured amount per event | $ 25 | |||
Maximum insured amount per year | 50 | |||
Maximum insured amount over 80 month period | $ 225 | |||
Credit facility [member] | ||||
Statement Line Items [Line Items] | ||||
Borrowings, letters of credit | $ 71,900,000 | $ 71,600,000 | ||
Surety bond [member] | ||||
Statement Line Items [Line Items] | ||||
Estimated financial effect of contingent liabilities | $ 66,200,000 | $ 70,300,000 |
Note 22 - Commitments and Gua_4
Note 22 - Commitments and Guarantees - Commitments (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Apr. 01, 2019 | Mar. 31, 2019 |
Statement Line Items [Line Items] | |||
Total lease liabilities | $ 2,984,880 | $ 18,525 | $ 21,243 |
Not later than one year [member] | |||
Statement Line Items [Line Items] | |||
Total lease liabilities | 406,644 | ||
Later than one year and not later than three years [member] | |||
Statement Line Items [Line Items] | |||
Total lease liabilities | 1,918,497 | ||
Later than four years and not later than five years [member] | |||
Statement Line Items [Line Items] | |||
Total lease liabilities | 486,002 | ||
Later than five years [member] | |||
Statement Line Items [Line Items] | |||
Total lease liabilities | $ 173,737 |