Document And Entity Information
Document And Entity Information | 12 Months Ended |
Mar. 31, 2020shares | |
Document Information [Line Items] | |
Entity Registrant Name | Just Energy Group Inc. |
Entity Central Index Key | 0001538789 |
Current Fiscal Year End Date | --03-31 |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
Entity Common Stock, Shares Outstanding (in shares) | 151,614,238 |
Document Type | 40-F |
Document Period End Date | Mar. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Current assets | |||
Cash and cash equivalents | $ 26,093 | $ 9,888 | $ 48,861 |
Restricted cash | 4,326 | 4,048 | 3,515 |
Trade and other receivables, net | 403,907 | 705,221 | 658,844 |
Gas in storage | 6,177 | 2,943 | 2,342 |
Fair value of derivative financial assets, current | 36,353 | 144,512 | 218,769 |
Income taxes recoverable | 6,641 | 18,973 | 5,617 |
Other current assets | 203,270 | 206,425 | 112,214 |
Total current assets | 686,767 | 1,092,010 | 1,050,162 |
Non-current assets | |||
Investments | 32,889 | 36,897 | 36,314 |
Property and equipment, net | 28,794 | 25,862 | 18,893 |
Intangible assets, net | 370,958 | 472,656 | 401,926 |
Fair value of derivative financial assets, non-current | 28,792 | 9,255 | 64,662 |
Deferred income tax assets | 3,572 | 4,238 | 9,449 |
Other non-current assets | 56,450 | 49,512 | 19,987 |
Noncurrent assets, excluding assets held for sale | 521,455 | 598,420 | 551,231 |
Assets classified as held for sale | 7,611 | 8,971 | |
Total non-current assets | 529,066 | 607,391 | 551,231 |
TOTAL ASSETS | 1,215,833 | 1,699,401 | 1,601,393 |
Current liabilities | |||
Trade and other payables | 685,665 | 870,083 | 648,997 |
Deferred revenue | 852 | 43,228 | 38,710 |
Income taxes payable | 5,799 | 11,895 | 5,486 |
Fair value of derivative financial liabilities | 113,438 | 79,387 | 86,288 |
Provisions | 1,529 | 7,205 | 4,714 |
Current portion of long-term debt | 253,485 | 479,101 | 121,451 |
Total current liabilities | 1,060,768 | 1,490,899 | 905,646 |
Non-current liabilities | |||
Long-term debt | 528,518 | 246,271 | 422,053 |
Fair value of derivative financial liabilities | 76,268 | 63,658 | 51,871 |
Deferred income tax liabilities | 2,931 | 4,124 | 6,918 |
Other non-current liabilities | 37,730 | 61,339 | 57,349 |
Non-current liabilities other than liabilities included in disposal groups classified as held for sale | 645,447 | 375,392 | 538,191 |
Liabilities relating to assets classified as held for sale | 4,906 | 5,200 | |
Total non-current liabilities | 650,353 | 380,592 | 538,191 |
TOTAL LIABILITIES | 1,711,121 | 1,871,491 | 1,443,837 |
SHAREHOLDERS' EQUITY (DEFICIT) | |||
Shareholders’ capital | 1,246,829 | 1,235,503 | 1,215,826 |
Equity component of convertible debentures | 13,029 | 13,029 | 13,029 |
Contributed deficit | (29,826) | (25,540) | (22,693) |
Accumulated deficit | (1,809,557) | (1,473,776) | (1,140,118) |
Accumulated other comprehensive income | 84,651 | 79,093 | 91,934 |
Non-controlling interest | (414) | (399) | (422) |
TOTAL SHAREHOLDERS' EQUITY (DEFICIT) | (495,288) | (172,090) | 157,556 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | $ 1,215,833 | $ 1,699,401 | $ 1,601,393 |
Consolidated Statements of Loss
Consolidated Statements of Loss - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | ||
Sales | $ 2,772,809 | $ 3,038,438 |
Cost of goods sold | 2,136,456 | 2,359,867 |
GROSS MARGIN | 636,353 | 678,571 |
Administrative | (167,936) | (165,328) |
Selling and marketing | (220,820) | (211,738) |
Other operating expenses | (133,948) | (156,399) |
Restructuring costs | (14,844) | |
Finance costs | (106,945) | (87,779) |
Unrealized loss of derivative instruments and other | (213,417) | (87,459) |
Realized loss of derivative instruments | (24,386) | (83,776) |
Other income, net | 32,660 | 2,312 |
Impairment of goodwill, intangible assets and other | (92,401) | |
Loss from continuing operations before income taxes | (298,233) | (126,440) |
Provision for income taxes | 7,393 | 11,832 |
LOSS FROM CONTINUING OPERATIONS | (298,233) | (138,272) |
Loss from discontinued operations | (11,426) | (128,259) |
LOSS FOR THE YEAR | (309,659) | (266,531) |
Shareholders of Just Energy | (298,160) | (138,080) |
Non-controlling interest | $ (73) | $ (192) |
Basic (in CAD per share) | $ (2.05) | $ (1) |
Diluted (in CAD per share) | (2.05) | (1) |
Basic (in CAD per share) | (0.07) | (0.86) |
Diluted (in CAD per share) | (0.07) | (0.86) |
Basic (in CAD per share) | (2.12) | (1.86) |
Diluted (in CAD per share) | $ (2.12) | $ (1.86) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | ||
LOSS FOR THE YEAR | $ (309,659) | $ (266,531) |
Other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods: | ||
Unrealized gain (loss) on translation of foreign operations | 3,551 | 6,708 |
Unrealized loss on translation of foreign operations from discontinued operations | (9,603) | (1,686) |
Gain on translation of foreign operations disposed and reclassified to consolidated statement of loss | 11,610 | |
Other comprehensive income, net of tax, exchange differences on translation | 5,558 | 5,022 |
TOTAL COMPREHENSIVE LOSS FOR THE YEAR, NET OF TAX | (304,101) | (261,509) |
Total comprehensive loss attributable to: | ||
Shareholders of Just Energy | (304,028) | (261,317) |
Non-controlling interest | (73) | (192) |
TOTAL COMPREHENSIVE LOSS FOR THE YEAR, NET OF TAX | $ (304,101) | $ (261,509) |
Consolidated Statements of Chan
Consolidated Statements of Changes In Shareholders' Deficit - CAD ($) $ in Thousands | Retained earnings attributable to accumulated earnings (losses) [member] | Retained earnings, portion attributable to dividends [member] | Retained earnings [member] | Accumulated other comprehensive income [member] | Issued capital [member]Ordinary shares [member] | Issued capital [member]Preference shares [member] | Issued capital [member] | Reserve of equity component of convertible instruments [member] | Share premium (deficit) [member] | Non-controlling interests [member] | Total | |
Accumulated earnings (loss), beginning of year (Previously stated [member]) at Mar. 31, 2018 | $ 775,350 | |||||||||||
Accumulated earnings (loss), beginning of year (Increase (decrease) due to corrections of prior period errors [member]) at Mar. 31, 2018 | (58,979) | |||||||||||
Accumulated earnings (loss), beginning of year at Mar. 31, 2018 | 716,371 | $ (1,835,778) | $ 74,071 | $ 1,079,055 | $ 136,771 | $ 13,029 | $ (22,693) | $ (422) | $ 157,556 | |||
Statement Line Items [Line Items] | ||||||||||||
LOSS FOR THE YEAR | Previously stated [member] | (242,243) | (242,435) | [1] | |||||||||
LOSS FOR THE YEAR | Increase (decrease) due to corrections of prior period errors [member] | (24,096) | (24,096) | ||||||||||
LOSS FOR THE YEAR | (266,339) | (192) | (266,531) | |||||||||
Accumulated earnings (loss), end of year (Previously stated [member]) at Mar. 31, 2019 | 533,107 | (89,015) | ||||||||||
Accumulated earnings (loss), end of year (Increase (decrease) due to corrections of prior period errors [member]) at Mar. 31, 2019 | (83,075) | (83,075) | ||||||||||
Accumulated earnings (loss), end of year at Mar. 31, 2019 | 450,032 | (1,923,808) | $ (1,473,776) | 79,093 | 1,088,538 | 146,965 | $ 1,235,503 | 13,029 | (25,540) | (399) | (172,090) | |
Statement Line Items [Line Items] | ||||||||||||
Dividends and distributions declared and paid | (88,030) | |||||||||||
Other comprehensive income | 5,022 | |||||||||||
Share-based units exercised | 9,483 | (9,483) | ||||||||||
Shares issued | 10,447 | |||||||||||
Shares issuance costs | (253) | |||||||||||
Add: Share-based compensation expense | 5,916 | |||||||||||
Discontinued operations | 217 | |||||||||||
Purchase of non-controlling interest | 1,462 | |||||||||||
Less: Share-based units exercised | 9,483 | (9,483) | ||||||||||
Share-based compensation adjustment | (1,031) | |||||||||||
Non-cash deferred share grant distributions | 72 | |||||||||||
Foreign exchange impact on non-controlling interest | 215 | |||||||||||
Profit (loss) for the period | Previously stated [member] | (242,243) | (242,435) | [1] | |||||||||
Profit (loss) for the period | Increase (decrease) due to corrections of prior period errors [member] | (24,096) | (24,096) | ||||||||||
Profit (loss) for the period | (266,339) | (192) | (266,531) | |||||||||
LOSS FOR THE YEAR | (309,586) | (73) | (309,659) | |||||||||
Accumulated earnings (loss), end of year at Mar. 31, 2020 | 140,446 | (1,950,003) | $ (1,809,557) | 84,651 | 1,099,864 | 146,965 | $ 1,246,829 | $ 13,029 | (29,826) | (414) | (495,288) | |
Statement Line Items [Line Items] | ||||||||||||
Dividends and distributions declared and paid | $ (26,195) | |||||||||||
Other comprehensive income | $ 5,558 | |||||||||||
Share-based units exercised | 11,326 | (11,326) | ||||||||||
Shares issued | ||||||||||||
Shares issuance costs | ||||||||||||
Add: Share-based compensation expense | 12,250 | |||||||||||
Discontinued operations | 269 | |||||||||||
Purchase of non-controlling interest | ||||||||||||
Less: Share-based units exercised | $ 11,326 | (11,326) | ||||||||||
Share-based compensation adjustment | (3,664) | |||||||||||
Non-cash deferred share grant distributions | $ (1,815) | |||||||||||
Foreign exchange impact on non-controlling interest | 58 | |||||||||||
Profit (loss) for the period | $ (309,586) | $ (73) | $ (309,659) | |||||||||
[1] | The March 31, 2019 statements have been adjusted to remove the discontinued operations as described in Note 24 and to reflect the implementation of the IFRIC Decision as described in Note 7. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
OPERATING | ||
Loss from continuing operations before income taxes | $ (298,233) | $ (126,440) |
Loss from discontinued operations before income taxes | (11,349) | (132,004) |
Loss from discontinued operations before income taxes | (302,189) | (258,444) |
Items not affecting cash | ||
Amortization and depreciation | 41,242 | 29,861 |
Impairment of goodwill, intangible assets and other | 92,401 | |
Share-based compensation expense | 12,250 | 5,916 |
Financing charges, non-cash portion | 20,435 | 18,223 |
Gain on sale of subsidiaries, net | (45,138) | |
Unrealized loss in fair value of derivative instruments and other | 213,417 | 87,459 |
Net change in working capital balances | 43,994 | 18,514 |
Adjustment for discontinued operations, net | (34,814) | 66,411 |
Income taxes paid | (461) | (12,435) |
Cash inflow (outflow) from operating activities | 41,137 | (44,495) |
INVESTING | ||
Purchase of property and equipment | (2,159) | (5,159) |
Purchase of intangible assets | (14,382) | (38,383) |
Payments for acquired business | (12,013) | (4,281) |
Proceeds from disposition of subsidiaries | 7,672 | |
Cash outflow from investing activities | (20,882) | (47,823) |
FINANCING | ||
Dividends paid | (26,172) | (87,959) |
Repayment of long-term debt | (25,257) | (173,366) |
Issuance of long-term debt | 17,163 | 253,242 |
Leased asset payments | (5,802) | |
Debt issuance costs | 180 | (18,132) |
Credit facilities withdrawal | 34,812 | 79,462 |
Issuance of preferred shares | 10,447 | |
Preferred shares issuance costs | (352) | |
Share swap payout | (10,000) | |
Cash inflow (outflow) from financing activities | (5,076) | 53,342 |
Effect of foreign currency translation on cash balances | 1,026 | 3 |
Net cash inflow (outflow) | 16,205 | (38,973) |
Cash and cash equivalents, beginning of year | 9,888 | 48,861 |
Cash and cash equivalents, end of year | 26,093 | 9,888 |
Supplemental cash flow information: | ||
Interest paid | $ 78,749 | $ 52,836 |
Note 1 - Organization
Note 1 - Organization | 12 Months Ended |
Mar. 31, 2020 | |
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 July 8, 2020. |
Note 2 - Operations
Note 2 - Operations | 12 Months Ended |
Mar. 31, 2020 | |
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, Filter Group Inc. (“Filter Group”), Hudson Energy, Interactive Energy Group, 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. 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% Just Energy markets its product offerings through several sales channels including brokers, digital marketing, retail and affinity relationships, and door-to-door. In March 2019, June 2019, three December 31, 2019 24. April 2020 March 31, 2020, |
Note 3 - Basis of Presentation
Note 3 - Basis of Presentation | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of basis of preparation of financial statements [text block] | 3. BASIS OF PRESENTATION (a) Compliance with IFRS The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. The policies applied in these consolidated financial statements were based on IFRS issued and outstanding as at March 31, 2020. (b) Basis of presentation The consolidated financial statements are presented in Canadian dollars, the functional currency of Just Energy, and all values are rounded to the nearest thousand, except where otherwise indicated. The consolidated 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 Company’s business is affected by seasonality. As a result, for certain periods such as the second As described further in Note 16, $370 US$250 September 1, 2020 September 12, 2023, September 1, 2020 March 31, 2020. March 31, 2020, June 30, 2020, 1:50 2:00, 3.50:1 4.00:1 June 30, 2020. June 30, 2020. The Company’s ability to continue as a going concern for the next 12 no On July 8, 2020, · Exchange of $100 6.75% March 31, 2023 ( $160 6.75% December 31, 2021 ( · Extension of $335 three December 2023, · Existing senior unsecured term loan due September 12, 2023 ( December 31, 2020 ( March 2024 · Exchange of all 8.50%, · New cash equity investment commitment of $100 The implementation of the Recapitalization is expected in September 2020, The Company has obtained a preliminary interim order from the Ontario Superior Court of Justice which, among other things, grants a limited stay of proceedings and establishes the record date for voting of securityholders with respect to the plan of arrangement as July 8, 2020. These consolidated financial statements do not (c) Principles of consolidation The consolidated financial statements include the accounts of Just Energy and its directly or indirectly owned subsidiaries as at March 31, 2020. |
Note 4 - Significant Accounting
Note 4 - Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of significant accounting policies [text block] | 4. SIGNIFICANT ACCOUNTING POLICIES Cash and cash equivalents and restricted cash All highly liquid temporary cash investments with an original maturity of three Restricted cash includes cash and cash equivalents, where the availability of funds is restricted by debt arrangements or held in escrow as part of prior acquisition agreements. Accrued gas receivable/accrued gas payable or gas delivered in excess of consumption/deferred revenue Accrued gas receivable from Just Energy’s customers is stated at fair value and results from customers consuming more gas than has been delivered by Just Energy to local distribution companies (“LDCs”). Accrued gas payable represents Just Energy’s obligation to the LDCs for the customers’ excess consumption, over what was delivered to the LDCs. Gas delivered to LDCs in excess of consumption by customers is stated at the lower of cost and net realizable value. Collections from customers in advance of their consumption of gas result in deferred revenue. Assuming normal weather and consumption patterns, during the winter months, customers will have consumed more than was delivered, resulting in the recognition of accrued gas receivable/accrued gas payable. In the summer months, customers will have consumed less than what was delivered, resulting in the recognition of gas delivered in excess of consumption/deferred revenue. These adjustments are applicable solely to the Ontario, Manitoba, Quebec, Saskatchewan and Michigan gas markets. Gas in storage Gas in storage represents the gas delivered to the LDCs in Illinois, Indiana, New York, Ohio, Maryland, California and Alberta. The balance will fluctuate as gas is injected into or withdrawn from storage. Gas in storage is valued at the lower of cost and net realizable value, with cost being determined based on market cost on a weighted average basis. Net realizable value is the estimated selling price in the ordinary course of business. Property and equipment Property and equipment are stated at cost, net of any accumulated depreciation and impairment losses. Cost includes the purchase price and, where relevant, any costs directly attributable to bringing the asset to the location and condition necessary and/or the present value of all dismantling and removal costs. Where major components of property and equipment have different useful lives, the components are recognized and depreciated separately. Just Energy recognizes, in the carrying amount, the cost of replacing part of an item when the cost is incurred and if it is probable that the future economic benefits embodied in the item can be reliably measured. When significant parts of property and equipment are required to be replaced at intervals, Just Energy recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in the consolidated statements of loss as an administrative expense when incurred. Depreciation is provided over the estimated useful lives of the assets as follows: Asset category Depreciation method Rate/useful life Furniture and fixtures Declining balance 20% Office equipment Declining balance 20% Computer equipment Declining balance 30% Leasehold improvements Straight-line Term of lease Premise assets Straight-line 4–7 years An item of property and equipment and any significant part initially recognized is derecognized upon disposal or when no The useful lives and methods of depreciation are reviewed at each financial year-end and adjusted prospectively, if appropriate. Business combinations All identifiable assets acquired and liabilities assumed are measured at the acquisition date at fair value. The Company records all identifiable intangible assets including identifiable assets that had not one may not Goodwill Goodwill is initially measured at cost, which is the excess of the cost of the business combination over Just Energy’s share in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities. Any negative difference is recognized directly in the consolidated statements of loss. After initial recognition, goodwill is measured at cost, less impairment losses. For the purpose of impairment testing, goodwill is allocated to each of Just Energy’s operating segments that are expected to benefit from the synergies of the combination, irrespective of whether other assets and liabilities of the acquiree are assigned to those segments. Intangible assets Intangible assets acquired outside of a business combination are measured at cost on initial recognition. Intangible assets acquired in a business combination are recorded at fair value on the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and/or accumulated impairment losses. Intangible assets with finite useful lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may Internally generated intangible assets are capitalized when the product or process is technically and commercially feasible, the future economic benefit is measurable, Just Energy can demonstrate how the asset will generate future economic benefits and Just Energy has sufficient resources to complete development. The cost of an internally generated intangible asset comprises all directly attributable costs necessary to create, produce and prepare the asset to be capable of operating in the manner intended by management. The goodwill and certain brands are considered to have indefinite lives and are not Gains or losses arising from disposal of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the consolidated statements of loss when the asset is derecognized. Intangible asset category Amortization method Rate/useful life Customer contracts Straight-line Term of contract Contract relationships Straight-line 10 years Sales networks and affinity relationships Straight-line 5–8 years Technology Straight-line 3–5 years Brand (Filter Group) Straight-line 10 years Impairment of non-financial assets Just Energy assesses whether there is an indication that an asset may not An impairment loss is recognized if an asset's carrying amount or that of the CGU to which it is allocated is higher than its recoverable amount. Impairment losses of individual CGUs are charged against the value of assets in proportion to their carrying amount. For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognized impairment losses may no may not no Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may Leases For comparability purposes, the accounting policies below reflect the accounting for leases under IAS 17, Leases 17” 16 April 1, 2019, 7 A lease is an arrangement whereby the lessor conveys to the lessee, in return for a payment or series of payments, the right to use an asset for an agreed period of time. Where Just Energy determines that the contractual provisions of a contract contain, or are, a lease and result in the customer assuming the principal risks and rewards of ownership of the asset, the arrangement is a finance lease. Assets subject to finance leases are not IFRS 15, Revenue from Contracts with Customers 15” The determination of whether an arrangement is or contains a lease is based on the substance of the arrangement at the inception date and whether fulfillment of the arrangement is dependent on the use of a specific asset or assets, or the arrangement conveys a right to use the asset. Just Energy as a lessee Operating lease payments are recognized as an expense in the consolidated statements of income (loss) on a straight-line basis over the lease term. Just Energy as a lessor Leases where Just Energy does not Just Energy considers itself to be a dealer lessor with respect to its lease arrangements for thermostats as it has given the customer the choice of either buying or leasing the thermostat. A finance lease of an asset by a dealer lessor gives rise to profit or loss equivalent to that resulting from an outright sale of the underlying asset, at normal selling prices. Just Energy recognizes revenue based on the fair value of the thermostat at the time of completed installation of the thermostat, at which point in time Just Energy has transferred control of the thermostat to the customer. Just Energy also recognizes the cost of sale on the thermostat through cost of goods sold. Financial instruments (i) Recognition and derecognition Regular purchases and sales of financial assets are recognized on the trade date, being the date on which Just Energy commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and Just Energy has transferred substantially all the risks and rewards of ownership. (ii) Classification Just Energy classified its financial assets in the following measurement categories: • Those to be measured subsequently at fair value (either through OCI or through profit or loss); and • Those to be measured at amortized cost. The measurement category classification of financial assets depends on Just Energy’s business objectives for managing the financial assets and whether contractual terms of the cash flows are considered solely payments of principal and interest. For assets measured at fair value, gains and losses will be recorded either in profit or loss or in OCI depending upon the business objective. Just Energy reclassifies debt instruments when and only when its business objective for managing those assets changes. (iii) Measurement At initial recognition, Just Energy measures a financial asset at its fair value. In the case of a financial asset not Subsequent measurement of debt instruments depends on Just Energy’s business objective for managing the asset and the cash flow characteristics of the asset. There are three Amortized cost: Assets held for collection of contractual cash flows that represent solely payments of principal and interest are measured at amortized cost. A gain or loss on a debt instrument is recognized in profit or loss when the asset is derecognized or impaired. Interest income from these financial assets is included in “finance income” using the effective interest rate method. Cash and cash equivalents, restricted cash, trade and other receivables, trade and other payables are included in this category. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition as at fair value through profit or loss. This category includes derivative financial instruments entered into that are not 9, Financial Instruments 9” not An analysis of fair values of financial instruments and further details as to how they are measured are provided in Note 13. Financial assets classified at fair value through other comprehensive income (“OCI”) Financial assets at fair value through OCI are equity instruments that Just Energy has elected to recognize the changes in fair value through OCI. They are recognized initially at fair value in the consolidated statements of financial position and are remeasured subsequently at fair value with gains and losses arising from changes in fair value recognized directly in equity and presented in OCI. Derecognition A financial asset is derecognized when the rights to receive cash flows from the asset have expired or when Just Energy has transferred its rights to receive cash flows from the asset. Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are acquired for the purpose of selling in the near term. This category includes derivative financial instruments entered into by Just Energy that are not 9. not Gains or losses on liabilities held for trading are recognized in the consolidated statements of loss. Other financial liabilities at amortized cost Other financial liabilities are measured at amortized cost using the effective interest rate method. Financial liabilities include long-term debt issued and are initially measured at fair value. Transaction costs related to the long-term debt instruments are included in the value of the instruments and amortized using the effective interest rate method. The effective interest expense is included in finance costs in the consolidated statements of loss. Impairment Just Energy assesses on a forward-looking basis the expected credit losses (“ECL”) associated with its assets carried at amortized cost, including other receivables. For trade receivables, other receivables and unbilled revenue only, Just Energy applies the simplified approach permitted by IFRS 9, Trade receivables are reviewed qualitatively on a case-by-case basis to determine if they need to be written off. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the consolidated statements of loss. Derivative instruments Just Energy enters into fixed-term contracts with customers to provide electricity and gas at fixed prices. These customer contracts expose Just Energy to changes in consumption as well as changes in the market prices of gas and electricity. To reduce its exposure to movements in commodity prices, Just Energy enters into contracts with suppliers that expose the Company to changes in prices for the purchase and sale of power and natural gas. These contracts are treated as derivatives as they do not 32, Financial Instruments: Presentation Just Energy analyzes all its contracts, of both a financial and non-financial nature, to identify the existence of any “embedded” derivatives. Embedded derivatives are accounted for separately from the underlying contract at the inception date when their economic characteristics are not not All derivatives are recognized at fair value on the date on which the derivative is entered into and are remeasured to fair value at each reporting date. Derivatives are carried in the consolidated statements of financial position as other financial assets when the fair value is positive and as other financial liabilities when the fair value is negative. Just Energy does not 7 11, 11” Offsetting of financial instruments Financial assets and financial liabilities are offset, and the net amount reported in the consolidated statements of financial position if, and only if, there is currently an enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. Fair value of financial instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to quoted market prices, without any deduction for transaction costs. For financial instruments not may 13. Revenue recognition Just Energy has identified that the material performance obligation is the provision of gas and electricity to customers, which is satisfied over time throughout the contract term. Just Energy utilizes the output method to recognize revenue based on the units of gas and electricity delivered and billed to the customer each month and Just Energy has elected to adopt the practical expedient to recognize revenue in the amount to which the entity has a right to invoice, as the entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s performance to date. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates and sales taxes. The Company assumes credit risk for all customers in Alberta, Texas, Illinois, Michigan, Delaware and Ohio. On all value-added products sold on the market, Just Energy also assumes the credit risk. In these markets, the Company ensures that credit review processes are in place prior to the commodity flowing to the customer. Foreign currency translation Functional and presentation currency Items included in the consolidated financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). For U.S.-based subsidiaries, this is U.S. dollars (“USD”). The consolidated financial statements are presented in Canadian dollars, which is the parent Company’s presentation and functional currency. Transactions Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of loss. Translation of foreign operations The results and consolidated financial position of all the group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: · Assets and liabilities for each consolidated statement of financial position presented are translated at the closing rate as at the date of that consolidated statement of financial position; and · Income and expenses for each consolidated statement of loss are translated at the exchange rates prevailing at the dates of the transactions. On consolidation, exchange differences arising from the translation of the net investment in foreign operations are recorded in OCI. When a foreign operation is partially disposed of or sold, exchange differences that were recorded in accumulated other comprehensive income are recognized in the consolidated statements of loss as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Earnings (loss) per share amounts The computation of earnings (loss) per share is based on the weighted average number of shares outstanding during the year. Diluted earnings (loss) per share is computed in a similar way to basic earnings (loss) per share except that the weighted average number of shares outstanding is increased to include additional shares assuming the exercise of stock options, restricted share grants (“RSGs”), performance bonus incentive grants (“PBGs”), deferred share grants (“DSGs”) and convertible debentures, if dilutive. Share-based compensation plans Equity-based compensation liability Share-based compensation plans are equity-settled transactions. The cost of share-based compensation is measured by reference to the fair value at the date on which it was granted. Awards are valued at the grant date and are not When options, RSGs, PBGs and DSGs are exercised or exchanged, the amounts previously credited to contributed deficit are reversed and credited to shareholders’ capital. Employee future benefits In Canada, Just Energy offers a long-term wealth accumulation plan (the ‟Canadian Plan”) for all permanent full-time and permanent part-time employees (working more than 26 two 2% 2% one one For U.S. employees, Just Energy has established a long-term savings plan (the "U.S. Plan") for all permanent full-time and part-time employees (working more than 30 two 401 3% one one 401 4% one one 401 5% 3% 2% 401 Participation in the plans in Canada or the U.S. is voluntary. For the 401 two six Obligations for contributions to the Canadian and U.S. Plans are recognized as an expense in the consolidated statements of loss when the employee makes a contribution. Income taxes Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from, or paid to, the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where Just Energy operates and generates taxable income. Current income taxes relating to items recognized directly in OCI or equity are recognized in OCI or equity and not Just Energy follows the liability method of accounting for deferred income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to the temporary differences between the carrying value of the assets and liabilities in the consolidated financial statements and their respective tax bases. Deferred income tax liabilities are recognized for all taxable temporary differences except: · Where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not · In respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled by the parent and it is probable that the temporary differences will not Deferred income tax assets are recognized for all deductible temporary differences, the carryforward of unused tax credits and any unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carryforward of unused tax credits and unused tax losses, can be utilized except: · Where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not · In respect of deductible temporary differences associated with investments in subsidiaries, deferred income tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized, or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred income taxes relating to items recognized in cumulative translation adjustment or equity is recognized in OCI or equity and not Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current income tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority. Provisions and restructuring Provisions are recognized when Just Energy has a present obligation, legal or constructive, as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where Just Energy expects some or all provisions to be reimbursed, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the consolidated statements of loss, net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Restructuring provisions comprise activities including termination or relocation of a business, management structural reorganization and employee-related costs. Incremental costs directly associated with the restructuring are included in the restructuring provision. Costs associated with ongoing activities, including training or relocating continuing staff, are excluded from the provision. Measurement of the provision is at the best estimate of the anticipated costs to be incurred. Where discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost in the consolidated statements of loss. Selling and marketing expenses Commissions and various other costs related to obtaining and renewing customer contracts are charged to income in the period incurred except as disclosed below: Commissions related to obtaining and renewing Commercial customer contracts are paid in one Just Energy recognizes the incremental acquisition costs of obtaining a customer contract as an asset as these costs would not not one Green provision and certificates Just Energy is a retailer of green energy and records a provision to its regulators as green energy sales are recognized. A corresponding cost is included in cost of goods sold. Just Energy measures its provision based on the extent of green certificates that it holds or has committed to purchase and has recorded this obligation net of its green certificates. Any provision balance in excess of the green certificates held or that Just Energy has committed to purchase is measured at fair value. Green certificates are purchased by Just Energy to settle its obligation with the regulators. Any green energy-related derivatives are forward contracts and are recognized in accordance with the accounting policy discussed under “Financial Instruments” above. Non-current assets held for sale and discontinued operations Just Energy classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. The criteria for the held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one not |
Note 5 - Restatement and Reclas
Note 5 - Restatement and Reclassification of Prior Period Financial Statements | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of changes in accounting policies, accounting estimates and errors [text block] | 5. RESTATEMENT AND RECLASSIFICATION OF PRIOR PERIOD FINANCIAL STATEMENTS In connection with the preparation of the Company’s consolidated financial statements for the year ended March 31, 2020, not March 31, 2019 $4.3 April 1, 2018 $59.0 2019 $24.1 March 31, 2019 $83.1 The Company also identified certain reclassifications related to balances due from independent system operators and LDCs, and assets and liabilities related to green provisions and certificates. The Company also reclassified the credit facility and 8.75% March 31, 2019. The Company assessed the materiality of the differences and determined the adjustments were material to the consolidated financial statements. The following tables summarize the effects of the reclassifications and restatements, including the tax effect of the items described above. Line items on the restated consolidated statements of financial position: Balance as of Balance as of March 31, 2019 March 31, 2019 as originally reported Reclassifications Restatement as restated Trade and other receivables $ 672,615 $ 32,606 $ - $ 705,221 Other current assets 349,643 41,446 (4,300 ) 386,789 Current assets 1,022,258 74,052 (4,300 ) 1,092,010 Deferred income tax asset 1,092 - 3,146 4,238 Non-current assets 595,274 - 3,146 598,420 TOTAL ASSETS $ 1,626,503 $ 74,052 $ (1,154 ) $ 1,699,401 Trade and other payables $ 714,110 $ 74,052 $ 81,921 $ 870,083 Current portion of long-term debt 37,429 441,672 - 479,101 Current liabilities 893,254 515,724 81,921 1,490,899 Long-term debt 687,943 (441,672 ) - 246,271 Non-current liabilities 817,064 (441,672 ) - 375,392 TOTAL LIABILITIES $ 1,715,518 $ 74,052 $ 81,921 $ 1,871,491 Accumulated deficit $ (1,390,701 ) $ - $ (83,075 ) $ (1,473,776 ) TOTAL SHAREHOLDERS' DEFICIT $ (89,015 ) $ - $ (83,075 ) $ (172,090 ) TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $ 1,626,503 $ 74,052 $ (1,154 ) $ 1,699,401 The above restatement and reclassifications did not March 31, 2018 $58,979 March 31, 2018 $590,018 $648,997. Line items on the restated consolidated statements of loss: Year ended Year ended March 31, 2019, March 31, 2019 as originally reported 1 Restatement (Restated) Cost of goods sold 2,336,154 23,713 2,359,867 Gross Margin 702,284 (23,713 ) 678,571 Selling and marketing 207,438 4,300 211,738 Other income, net 1,541 771 2,312 Loss before income taxes (99,198 ) (27,242 ) (126,440 ) Provision for (recovery of) income taxes 14,978 (3,146 ) 11,832 Loss for the year $ (242,435 ) $ (24,096 ) $ (266,531 ) Total comprehensive loss for the year, net of tax $ (237,413 ) $ (24,096 ) $ (261,509 ) Loss per share from continuing operations Basic $ (0.84 ) $ (0.16 ) $ (1.00 ) Diluted $ (0.84 ) $ (0.16 ) $ (1.00 ) Loss per share from discontinued operations Basic $ (0.86 ) $ - $ (0.86 ) Diluted $ (0.86 ) $ - $ (0.86 ) Loss per share available to shareholders Basic $ (1.70 ) $ (0.16 ) $ (1.86 ) Diluted $ (1.70 ) $ (0.16 ) $ (1.86 ) 1 March 31, 2019 24 7. Line items on the restated consolidated statements of changes in shareholders’ deficit: Year ended Year ended March 31, 2019 March 31, 2019 as reported Adjustment (Restated) Accumulated earnings (loss), beginning of year $ 775,350 $ (58,979 ) $ 716,371 Loss for the year, attributable to shareholders (242,243 ) (24,096 ) (266,339 ) Accumulated earnings (loss), end of year 533,107 (83,075 ) 450,032 Total shareholders' deficit $ (89,015 ) $ (83,075 ) $ (172,090 ) Line items on the restated consolidated statements of cash flows: Year ended Year ended March 31, 2019 March 31, 2019 as reported 1 Adjustment (Restated) Loss from continuing operations before income taxes $ (99,198 ) $ (27,242 ) $ (126,440 ) Loss before income taxes (231,201 ) (27,242 ) (258,443 ) Net change in working capital balances $ (8,728 ) $ 27,242 $ 18,514 1 March 31, 2019 24. |
Note 6 - Significant Accounting
Note 6 - Significant Accounting Judgments, Estimates and Assumptions | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of accounting judgements and estimates [text block] | 6. SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS The preparation of the consolidated financial statements requires the use of estimates and assumptions to be made in applying the accounting policies that affect the reported amounts of assets, liabilities, income and expenses. The estimates and related assumptions are based on previous experience and other factors considered reasonable under the circumstances, the results of which form the basis for making the assumptions about carrying values of assets and liabilities that are not The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised. Judgments made by management in the application of IFRS that have a significant impact on the consolidated financial statements relate to the following: Allowance for doubtful accounts The measurement of the expected credit loss allowance for accounts receivable requires the use of management’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 and the consideration of forward-looking information. All 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. COVID- 19 As a result of the continued and uncertain economic and business impact of the coronavirus disease (“COVID- 19” 19 no March 31, 2020, may 19 19 may 19 19 Deferred income taxes Significant management judgment is required to determine the amount of deferred income tax assets and liabilities that can be recognized, based upon the likely timing and the level of future taxable income realized, including the usage of tax-planning strategies. Determining the tax treatment on certain transactions also involves management’s judgment. Discontinued operations Management used judgment in concluding on the discontinued operations classification as a major separate geographical area of operations, as part of a single coordinated disposal plan to resell the business in the new fiscal year. There is also a high level of judgment involved in estimating the fair value less costs to sell of the disposal group and the significant carrying amounts of the assets and liabilities related to assets held for sale. Refer to Note 24 Fair value of financial instruments Where the fair values of financial assets and financial liabilities recorded in the consolidated statements of financial position cannot be derived from active markets, they are determined using valuation techniques including discounted cash flow models or transacted/quoted prices of identical assets that are not not 13 Impairment of non-financial assets Just Energy’s impairment test is based on the estimated value-in-use and uses a discounted cash flow approach model. Management is required to exercise judgment in identifying the CGUs in which to allocate goodwill, working capital and related assets and liabilities. Judgment is further applied to determine which transactions or companies are considered comparable for use. Refer to Note 12 |
Note 7 - Accounting Policies an
Note 7 - Accounting Policies and New Standards Adopted | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of initial application of standards or interpretations [text block] | 7. ACCOUNTING POLICIES AND NEW STANDARDS ADOPTED IFRS 16 IFRS 16, Leases 16” 17, Leases 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, which 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. The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not Lease payments included in the measurement of the lease liability comprise the following: · 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 After the commencement date, the amount of lease liability is increased to reflect the accretion of interest and reduced for the lease payments made. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Company presents right-of-use assets in “property and equipment” and lease liabilities in “other non-current liabilities” in the consolidated statement of financial position. The Company has elected 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 Extension and termination options 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. Unanticipated changes in these judgments or estimates could affect the identification and determination of the fair value of lease liabilities and right-of-use assets at initial recognition, as well as the subsequent measurement of lease liabilities and right-of-use assets. These items could potentially result in changes to amounts reported in the consolidated statements of loss and consolidated statements of financial position in a given period. Initial application The Company 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 historical assessment as to whether leases were onerous immediately before the initial application date. Impact on consolidated financial statements The following is a reconciliation of total operating lease commitments as at March 31, 2019 April 1, 2019: Total operating lease commitments disclosed as 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 as 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 Adoption of IFRIC Agenda Decision 11, 11” The IFRIC reached a decision on Agenda 11 March 5 6, 2019. 9 The Company has reviewed the agenda decision and determined that a change is required in its accounting policy related to contracts to buy or sell a non-financial item that can be settled net in cash or another financial instrument, or by exchanging financial instruments. These are contracts the Company enters into that are accounted for as derivatives at fair value through profit or loss but physically settled by the underlying non-financial item. The IFRIC concluded that IFRS 9 The amounts related to the adoption of Agenda Decision 11 $72.8 Furthermore, prior to the adoption of Agenda Decision 11, 11, The Company has implemented these changes retrospectively. Year Ended Year Ended March 31, 2020 March 31, 2019 Adjustment of physical forward contracts and options at market (i) $ 72,805 $ (174,310 ) Realized gain (loss) on financial swap contracts and options (ii) (97,191 ) 90,534 Realized loss of derivative instruments $ (24,386 ) $ (83,776 ) Other pronouncements As at April 1, 2018, 15 , Revenue from Contracts with Customers April 1, 2018 $20,711 $754,639 $775,350, 9, Financial Instruments April 1, 2018 $17,863 $91,934 $74,071. |
Note 8 - Trade and Other Receiv
Note 8 - Trade and Other Receivables, Net | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other receivables [text block] | 8. TRADE AND OTHER RECEIVABLES, NET (a) Trade and other receivables As at As at March 31, 2020 March 31, 2019 Trade account receivables, net $ 241,969 $ 365,008 Accrued gas receivable 7,224 13,637 Net unbilled revenue 121,993 270,130 Other 32,721 56,446 $ 403,907 $ 705,221 (b) Aging of accounts receivable Customer credit risk The lifetime expected credit loss reflects Just Energy’s best estimate of losses on the accounts receivable and unbilled revenue balances. Just Energy determines the lifetime expected credit loss by using historical loss rates and forward-looking factors if applicable. Just Energy is exposed to customer credit risk on its continuing operations in Alberta, Texas, Illinois (gas), California and Ohio (electricity ). 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 of the above markets. In the remaining markets, the LDCs provide collection services and assume the risk of any bad debts owing from Just Energy’s customers for a fee that is recorded in cost of goods sold. Management believes that the risk of the LDCs failing to deliver payment to Just Energy is minimal. There is no The aging of the trade accounts receivable from the markets where the Company bears customer credit risk was as follows: March 31, 2020 March 31, 2019 Current $ 83,431 $ 116,892 1–30 days 26,678 42,562 31–60 days 6,513 22,317 61–90 days 5,505 16,352 Over 90 days 35,252 100,580 $ 157,379 $ 298,703 (c) Allowance for doubtful accounts Changes in the allowance for doubtful accounts related to the balances in the table above were as follows: March 31, 2020 March 31, 2019 Balance, beginning of year $ 182,365 $ 60,121 Provision for doubtful accounts 80,050 192,202 Bad debts written off (138,514 ) (90,231 ) Adjustment from IFRS 9 adoption - 23,636 Foreign exchange 3,124 (3,363 ) Assets classified as held for sale/sold (81,193 ) - Balance, end of year $ 45,832 $ 182,365 Allowance for doubtful accounts on accounts receivable $ 43,127 $ 168,728 Allowance for doubtful accounts on unbilled revenue 2,705 13,637 Total allowance for doubtful accounts $ 45,832 $ 182,365 |
Note 9 - Other Current and Non-
Note 9 - Other Current and Non-current Assets | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of prepayments and other assets [text block] | 9. OTHER CURRENT AND NON-CURRENT ASSETS As at As at (a) Other current assets March 31, 2020 March 31, 2019 Prepaid expenses and deposits $ 55,972 $ 81,986 Customer acquisition costs 77,939 71,407 Green certificates 63,728 44,957 Gas delivered in excess of consumption 2,393 3,121 Inventory 3,238 4,954 $ 203,270 $ 206,425 As at As at (b) Other non-current assets March 31, 2020 March 31, 2019 Customer acquisition costs $ 43,686 $ 46,416 Income taxes recoverable - 3,096 Other long-term assets 12,764 - $ 56,450 $ 49,512 |
Note 10 - Investments
Note 10 - Investments | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of investments other than investments accounted for using equity method [text block] | 10. INVESTMENTS As at March 31, 2020, 8% not 3 March 31, 2020, $32.9 2019 $32.9 |
Note 11 - Property and Equipmen
Note 11 - Property and Equipment | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of property, plant and equipment [text block] | 11. PROPERTY AND EQUIPMENT As at March 31, 2020 Computer Furniture Premise Office Leasehold Right- 1 Total Cost: Opening balance - April 1, 2019 $ 29,976 $ 6,701 $ 18,726 $ 16,265 $ 4,796 $ - $ 76,464 Additions 503 79 283 94 1,200 18,525 20,684 Assets held for sale (1,365 ) (276 ) - (185 ) (175 ) - (2,001 ) Disposals/impairment (1,693 ) - (275 ) - (1,222 ) (1,657 ) (4,847 ) Exchange differences 538 181 291 243 76 6 1,335 Ending balance, March 31, 2020 27,959 6,685 19,025 16,417 4,675 16,874 91,635 Accumulated depreciation: Opening balance - April 1, 2019 (16,955 ) (5,107 ) (13,790 ) (11,464 ) (3,286 ) - (50,602 ) Depreciation charge for the year (2,927 ) (438 ) (996 ) (2,795 ) (420 ) (5,670 ) (13,246 ) Assets held for sale 713 123 - 68 67 - 971 Disposals/impairment - - - - - 384 384 Exchange differences (379 ) (121 ) (255 ) (137 ) (54 ) 598 (348 ) Ending balance, March 31, 2020 (19,548 ) (5,543 ) (15,041 ) (14,328 ) (3,693 ) (4,688 ) (62,841 ) Net book value, March 31, 2020 $ 8,411 $ 1,142 $ 3,984 $ 2,089 $ 982 $ 12,186 $ 28,794 1 7 16. As at March 31, 2019 Computer Furniture Premise Office Leasehold Total Cost: Opening balance - April 1, 2018 $ 22,173 $ 6,861 $ 13,238 $ 15,209 $ 4,894 $ 62,375 Additions 7,468 58 707 311 114 8,658 Acquisition - - 4,827 773 554 6,154 Assets held for sale (5 ) (4 ) - (60 ) - (69 ) Retirements - (309 ) (192 ) - (1,078 ) (1,579 ) Exchange differences 340 95 146 32 312 925 Ending balance, March 31, 2019 29,976 6,701 18,726 16,265 4,796 76,464 Accumulated depreciation: Opening balance - April 1, 2018 (13,984 ) (4,995 ) (10,555 ) (10,776 ) (3,172 ) (43,482 ) Depreciation charge for the year (2,835 ) (178 ) (3,373 ) (623 ) (428 ) (7,437 ) Assets held for sale 2 - - (4 ) (49 ) (51 ) Retirements - 127 202 - 322 651 Exchange differences (138 ) (61 ) (64 ) (61 ) 41 (283 ) Ending balance, March 31, 2019 (16,955 ) (5,107 ) (13,790 ) (11,464 ) (3,286 ) (50,602 ) Net book value, March 31, 2019 $ 13,021 $ 1,594 $ 4,936 $ 4,801 $ 1,510 $ 25,862 |
Note 12 - Intangible Assets
Note 12 - Intangible Assets | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of intangible assets [text block] | 12. INTANGIBLE ASSETS (a) Intangible assets As at March 31, 2020 Goodwill Brand Technology 1 Customer Sales networks Total Cost: Opening balance - April 1, 2019 $ 339,921 $ 34,305 $ 117,716 $ 31,250 $ 53,853 $ 577,045 Disposal of subsidiary (13,355 ) - (8,797 ) - - (22,152 ) Additions - - 14,382 - - 14,382 Impairment (61,415 ) - (6,093 ) (23,720 ) - (91,228 ) Exchange differences 7,541 1,930 4,174 1,096 3,321 18,062 Ending balance, March 31, 2020 272,692 36,235 121,382 8,626 57,174 496,109 Accumulated amortization: Opening balance - April 1, 2019 - (100 ) (49,333 ) (4,469 ) (50,487 ) (104,389 ) Disposal of subsidiary - - 4,513 - - 4,513 Amortization charge for the year - (300 ) (17,927 ) (1,260 ) (3,348 ) (22,835 ) Impairment - - 535 2,108 - 2,643 Exchange differences - - 681 (2,425 ) (3,339 ) (5,083 ) Ending balance, March 31, 2020 - (400 ) (61,531 ) (6,046 ) (57,174 ) (125,151 ) Net book value, March 31, 2020 $ 272,692 $ 35,835 $ 59,851 $ 2,580 $ - $ 370,958 1 $5.9 not As at March 31, 2019 Goodwill Brand Technology 1 Customer Sales network Total Cost: Opening balance - April 1, 2018 $ 300,673 $ 30,205 $ 80,896 $ 18,027 $ 51,963 $ 481,764 Acquisition 40,630 3,000 - 12,600 - 56,230 Assets held for sale - - (2,456 ) - - (2,456 ) Additions/adjustment - - 38,383 - - 38,383 Exchange differences (1,382 ) 1,100 893 623 1,890 3,124 Ending balance, March 31, 2019 339,921 34,305 117,716 31,250 53,853 577,045 Accumulated amortization: Opening balance - April 1, 2018 - - (36,309 ) (1,309 ) (42,220 ) (79,838 ) Assets held for sale - - 20 - - 20 Amortization charge for the year - (100 ) (14,927 ) (1,018 ) (6,610 ) (22,655 ) Exchange differences - - 1,883 (2,142 ) (1,657 ) (1,916 ) Ending balance, March 31, 2019 - (100 ) (49,333 ) (4,469 ) (50,487 ) (104,389 ) Net book value, March 31, 2019 $ 339,921 $ 34,205 $ 68,383 $ 26,781 $ 3,366 $ 472,656 1 $27.3 not The capitalized internally developed costs relate to the development of new customer billing and analysis software solutions for the different energy markets of Just Energy. All research costs and development costs, not (b) Impairment testing of goodwill and intangible assets with indefinite lives Goodwill acquired through business combinations and intangible assets with indefinite lives have been allocated to one two March 31, 2020. Just Energy considers the relationship between its market capitalization and its book value, among other factors, when reviewing for indicators of impairment. Intangibles Impairment losses were recognized on definite-lived intangible assets for Filter Group, EdgePower and certain Just Energy IT project in the amounts of $8.5 $14.7 $3.9 not For Filter Group, the recoverable amount for purposes of impairment testing was $8.7 For EdgePower, a one Goodwill Goodwill is tested annually for impairment at the level of the two 17. one March 31, 2020, $61.4 not The recoverable amount for purposes of impairment testing for the Commercial segment was $122.1 may The period included in the estimated future cash flows for the Commercial segment include five five 12.5% The key assumptions used in determining the value-in-use of the Commercial segment include historical attrition and renewal rates. These rates are considered a key assumption in the estimate and could materially impact the results if the outcome differed significantly from the actual results. If the actual results differ significantly from the estimates with regards to these rates, it could also materially impact supply cost due to adjustments, either increases or decreases, to supply commitments. Estimates of future collections are consistent with recent performance and assumes continuation of enrollment controls and processes put in place during fiscal year 2020. Sensitivities to different variables have been estimated using certain assumptions. Changes in those assumptions could have a significant impact on the calculation of impairment. For example, an increase in the discount rate of 0.5% $6.0 0.5% $3.0 10% $7.0 The resulting carrying value after the recognition of the goodwill impairment was reconciled to the market capitalization at March 31, 2020, March 31, 2020, Other In addition to the above impairments, approximately $3.9 |
Note 13 - Financial Instruments
Note 13 - Financial Instruments | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of financial instruments [text block] | 13. 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 unrealized gains (losses) related to Just Energy’s derivative financial instruments classified as fair value through profit or loss and recorded on the consolidated statements of financial position as fair value of derivative financial assets and fair value of derivative financial liabilities, with their offsetting values recorded in unrealized loss in fair value of derivative instruments and other on the consolidated statements of loss. Year Ended Year Ended March 31, 2020 March 31, 2019 Physical forward contracts and options (i) $ (130,182 ) $ (116,350 ) Financial swap contracts and options (ii) (62,612 ) 39,832 Foreign exchange forward contracts 9,055 72 Share swap (iii) (9,581 ) (3,507 ) 6.5% convertible bond conversion feature - 247 Unrealized foreign exchange on 6.5% convertible bond (18,132 ) (8,061 ) Weather derivatives (229 ) 7,796 Other derivative options (1,736 ) (7,488 ) Unrealized loss of derivative instruments and other $ (213,417 ) $ (87,459 ) 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, 2020: Financial Financial Financial Financial Physical forward contracts and options (i) $ 24,549 $ 17,673 $ 57,461 $ 51,836 Financial swap contracts and options (ii) 6,915 1,492 53,917 24,432 Foreign exchange forward contracts 4,519 3,036 - - Weather derivatives (iii) - - 280 - Other derivative options 370 6,591 1,780 - As at March 31, 2020 $ 36,353 $ 28,792 $ 113,438 $ 76,268 The following table summarizes certain aspects of the fair value of derivative financial assets and liabilities recorded in the consolidated statement of financial position as at March 31, 2019: Financial Financial Financial Financial Physical forward contracts and options $ 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 March 31, 2020, (i) Physical forward contracts and options consist of: · Electricity contracts with a total remaining volume of 32,588,054 $50.95/MWh December 31, 2029. · Natural gas contracts with a total remaining volume of 95,484,292 $2.50/GJ October 31, 2025. · Renewable energy certificates (“RECs”) with a total remaining volume of 3,700,688 $40.86/REC December 31, 2028. · Electricity generation capacity contracts with a total remaining volume of 2,439 $6,682.09/MWCap May 31, 2024. · Ancillary contracts with a total remaining volume of 297,045 $24.64/MWh December 31, 2020. (ii) Financial swap contracts and options consist of: · Electricity contracts with a total remaining volume of 13,204,320 $45.70/MWh December 31, 2024. · Natural gas contracts with a total remaining volume of 117,195,060 $3.39/GJ December 31, 2025. · Electricity generation capacity contracts with a total remaining volume of 21 $209,152.32/MWCap October 31, 2020. · Ancillary contracts with a total remaining volume of 396,060 $23.23/MWh December 31, 2020. (iii) Weather derivatives consist of: · 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. Share swap agreement Just Energy had entered into a share swap agreement to manage the 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 March 31, 2020, These derivative financial instruments create a credit risk for Just Energy since they have been transacted with a limited number of counterparties. Should any counterparty be unable to fulfill its obligations under the contracts, Just Energy may not Fair value (“FV”) hierarchy of derivatives Level 1 The fair value measurements are classified as Level 1 no 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 March 31, 2020: Level 1 Level 2 Level 3 Total Derivative financial assets $ - $ - $ 65,145 $ 65,145 Derivative financial liabilities - (38,676 ) (151,030 ) (189,706 ) Total net derivative financial assets (liabilities) $ - $ (38,676 ) $ (85,885 ) $ (124,561 ) 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 financial assets (liabilities) $ - $ (6,588 ) $ 17,310 $ 10,722 Commodity price sensitivity – Level 3 If the energy prices associated with only Level 3 10%, March 31, 2020 $191,556 $190,308 Key assumptions used when determining the significant unobservable inputs for all commodity supply contracts included in Level 3 5% 12 15 The following table illustrates the changes in net fair value of financial assets (liabilities) classified as Level 3 Year ended Year ended March 31, 2020 March 31, 2019 Balance, beginning of year $ 17,310 $ 166,364 Total gains (3,822 ) 19,644 Purchases (43,663 ) 11,502 Sales 14,549 (25,575 ) Settlements (70,259 ) (154,625 ) Balance, end of year $ (85,885 ) $ 17,310 (b) Classification of non-derivative financial assets and liabilities As at March 31, 2020 March 31, 2019, Long-term debt recorded at amortized cost has a fair value as at March 31, 2020 $596.2 March 31, 2019 - $740.6 8.75% 6.75% $100M 6.75% $160M 6.5% 6.75% $100M 6.75% $160M 6.5% 1 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% March 31, 2020, March 31, 2020 $6.5 $10.3 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% $2,413 March 31, 2020 ( March 31, 2019 - $1,939 Commodity price risk Just Energy is exposed to market risks associated with commodity prices and market volatility where estimated customer requirements do not not Commodity price sensitivity – all derivative financial instruments If all the energy prices associated with derivative financial instruments including natural gas, electricity, verified emission-reduction credits and RECs had risen (fallen) by 10%, March 31, 2020 $183,752 $182,504 For information on credit risk, refer to Note 8. (ii) Liquidity risk Liquidity risk is the potential inability to meet financial obligations as they fall due. Just Energy manages this risk by monitoring detailed daily cash flow forecasts covering a rolling 13 12 two The following are the contractual maturities, excluding interest payments, reflecting undiscounted disbursements of Just Energy’s financial liabilities: As at March 31, 2020: Carrying Contractual Less than More than amount cash flows 1 year 1–3 years 4–5 years 5 years Trade and other payables $ 685,665 $ 685,665 $ 685,665 $ - $ - $ - Long-term debt 1 782,003 827,284 255,129 263,800 308,355 - Gas, electricity and non-commodity contracts 189,706 3,088,524 1,463,615 1,200,713 322,590 101,606 $ 1,657,374 $ 4,601,473 $ 2,404,409 $ 1,464,513 $ 630,945 $ 101,606 1 6.75% $100M 6.75% $160M 6.5% may In addition to the amounts noted above, as at March 31, 2020, Less than 1 year 1–3 years 4–5 years More than 5 years Interest payments $ 44,067 $ 75,911 $ 12,773 $ - (iii) Physical supplier risk Just Energy purchases the majority of the gas and electricity delivered to its customers through long-term contracts entered into with various suppliers. Just Energy has an exposure to supplier risk as the ability to continue to deliver gas and electricity to its customers is reliant upon the ongoing operations of these suppliers and their ability to fulfill their contractual obligations. As at March 31, 2020, $23,887 March 31, 2019 - $8,307 (iv) Counterparty credit risk Counterparty credit risk represents the loss that Just Energy would incur if a counterparty fails to perform under its contractual obligations. This risk would manifest itself in Just Energy replacing contracted supply at prevailing market rates, thus impacting the related customer margin. Counterparty limits are established within the Risk Management Policy. Any exceptions to these limits require approval from the Board of Directors of Just Energy. The Risk Department and Risk Committee monitor current and potential credit exposure to individual counterparties and also monitor overall aggregate counterparty exposure. However, the failure of a counterparty to meet its contractual obligations could have a material adverse effect on the operations and cash flows of Just Energy. As at March 31, 2020, $65,145 March 31, 2019 - $153,767 |
Note 14 - Trade and Other Payab
Note 14 - Trade and Other Payables | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other payables [text block] | 14. TRADE AND OTHER PAYABLES As at As at March 31, 2020 March 31, 2019 Commodity suppliers' accruals and payables (as restated per Note 5) $ 414,581 $ 548,098 Green provisions and repurchase obligations 103,245 146,454 Sales tax payable 19,706 22,969 Non-commodity trade accruals and accounts payable 117,473 99,264 Current portion of payable to former joint venture partner 18,194 22,625 Accrued gas payable 3,295 12,937 Other payables 9,171 17,736 $ 685,665 $ 870,083 |
Note 15 - Deferred Revenue
Note 15 - Deferred Revenue | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of revenue from contracts with customers [text block] | 15. DEFERRED REVENUE Year ended Year ended March 31, 2020 March 31, 2019 Balance, beginning of year $ 43,228 $ 38,710 Additions to deferred revenue 7,499 569,880 Revenue recognized during the year (10,726 ) (563,922 ) Foreign exchange impact 352 (1,440 ) Liabilities classified as held for sale/sold (39,501 ) - Balance, end of year $ 852 $ 43,228 U.K. operations had substantially all of its revenue flowing through deferred revenue. The change for 2020 |
Note 16 - Long-term Debt and Fi
Note 16 - Long-term Debt and Financing | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of borrowings [text block] | 16. LONG-TERM DEBT AND FINANCING Maturity March 31, 2020 March 31, 2019 Credit facility (a) September 1, 2020 $ 236,389 $ 201,577 Less: Debt issue costs (a) (1,644 ) (1,824 ) Filter Group financing (b) October 25, 2023 9,690 17,577 8.75% loan (c) September 12, 2023 280,535 240,094 6.75% $100M convertible debentures (d) March 31, 2023 90,187 87,520 6.75% $160M convertible debentures (e) December 31, 2021 153,995 150,945 6.5% convertible bonds (f) December 31, 2020 12,851 29,483 782,003 725,372 Less: Current portion (253,485 ) (479,101 ) $ 528,518 $ 246,271 Future annual minimum principal repayments are as follows: Less than 1 1–3 years 4–5 years Total Credit facility (a) $ 236,389 $ - $ - $ 236,389 Filter Group financing (b) 5,889 3,800 1 9,690 8.75% loan (c) - - 308,354 308,354 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) 12,851 - - 12,851 $ 255,129 $ 263,800 $ 308,355 $ 827,284 The details for long-term debt are as follows: As at April 1, Cash Foreign Non-cash As at March 31, Credit facility (a) $ 199,753 $ 34,812 $ - $ 180 $ 234,745 Filter Group financing (b) 17,577 (7,887 ) - - 9,690 8.75% loan (c) 240,094 17,163 17,613 5,665 280,535 6.75% $100M convertible debentures (d) 87,520 - - 2,667 90,187 6.75% $160M convertible debentures (e) 150,945 - - 3,050 153,995 6.5% convertible bonds (f) 29,483 (17,370 ) 518 220 12,851 $ 725,372 $ 26,718 $ 18,131 $ 11,782 $ 782,003 Less: Current portion (479,101 ) - - - (253,485 ) $ 246,271 $ 528,518 As at April 1, Cash Foreign Non-cash As at March 31, Credit facility (a) $ 121,451 $ 77,638 $ - $ 664 $ 199,753 Filter Group financing (b) - 17,577 - - 17,577 8.75% loan (c) - 236,934 4,553 (1,393 ) 240,094 6.75% $100M convertible debentures (d) 85,760 - - 1,760 87,520 6.75% $160M convertible debentures (e) 148,146 - - 2,799 150,945 6.5% convertible bonds (f) 188,147 (169,333 ) 3,508 7,161 29,483 $ 543,504 $ 162,816 $ 8,061 $ 10,991 $ 725,372 Less: Current portion (121,451 ) - - - (479,101 ) $ 422,053 $ 246,271 The following table details the finance costs for the year ended March 31. 2020 2019 Credit facility (a) $ 23,736 $ 20,715 Filter Group financing (b) 1,793 875 8.75% loan (c) 35,089 8,999 6.75% $100M convertible debentures (d) 9,417 8,819 6.75% $160M convertible debentures (e) 13,850 13,598 6.5% convertible bonds (f) 2,746 18,387 Supplier finance and others (g) 20,314 16,386 $ 106,945 $ 87,779 (a) As of April 18, 2018, two September 1, 2020. $352.5 $342.5 $370 June 28, 2019, 1.50:1 2.15:1 3.50:1 4.00:1 fourth 2020. March 31, 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 March 31, 2020, 2.45% 3.25%. March 31, 2020, $236.4 March 31, 2020 $72.5 March 31, 2019 - $94.0 March 31, 2020, $61.1 (b) Filter Group, which was acquired on October 1, 2018, three five 8.99% (c) On September 12, 2018, US$250 “8.75% 8.75% 8.75% June 30 December 31 September 12, 2023. 7.5 $8.56 one 8.75% three first US$50 second US$150 6.5% third US$50 March 31, 2020, US$207.0 8.75% July 29, 2019, US$7.0 second US$7.0 third US$14 March 31, 2020 US$43.0 1.65:1 2.30:1 3.50:1 4.25:1 fourth 2020. March 31, 2020 (d) On February 22, 2018, $100 “6.75% $100 6.75% $100 6.75%, March 31 September 30 March 31, 2023. $1,000 6.75% $100 112.3596 $8.90, The 6.75% $100 not March 31, 2021. March 31, 2021 March 31, 2022, 6.75% $100 may not 60 not 30 20 five 125% March 31, 2022, 6.75% $100 may not 60 not 30 The conversion feature of the 6.75% $100 $9.7 $2.6 6.75% $100 $100 6.75% $100 10.7%. 6.75% $100 No 6.75% $100 March 31, 2020. (e) On October 5, 2016, $160 “6.75% $160 6.75% $160 6.75%, June 30 December 31 December 31, 2021. $1,000 6.75% $160 107.5269 $9.30, The 6.75% $160 not December 31, 2019. December 31, 2019 December 31, 2020, 6.75% $160 may not 60 not 30 20 five 125% December 31, 2020, 6.75% $160 may not 60 not 30 The conversion feature of the 6.75% $160 $8.0 $2.1 6.75% $160 $160 6.75% $160 9.1%. 6.75% $160 No 6.75% $160 March 31, 2020. (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$8.5 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) Supplier finance and other costs for the year ended March 31, 2020 As described within Note 3 |
Note 17 - Reportable Business S
Note 17 - Reportable Business Segments | 12 Months Ended |
Mar. 31, 2020 | |
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. The chief operating decision maker monitors the operational results of the consumer and commercial segments for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on certain non-IFRS measures such as base gross margin. 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. Corporate and shared services report the costs related to management oversight of the business units, public reporting and filings, corporate governance and other shared services functions. For the year ended March 31, 2020: Consumer Commercial Corporate Consolidated Sales $ 1,670,775 $ 1,102,034 $ - $ 2,772,809 Cost of goods sold 1,198,653 937,803 - 2,136,456 Gross margin 472,122 164,231 - 636,353 Depreciation of property and equipment 13,534 117 - 13,651 Amortization of intangible assets 24,690 3,307 - 27,997 Administrative expenses 36,423 24,391 107,122 167,936 Selling and marketing expenses 143,187 77,633 - 220,820 Other operating expenses 84,271 8,029 - 92,300 Segment profit (loss) for the year $ 170,017 $ 50,754 $ (107,122 ) $ 113,649 Finance costs (106,945 ) Unrealized loss of derivative instruments and other (213,417 ) Realized loss of derivative instruments (24,386 ) Other income, net 32,660 Impairment of goodwill, intangible assets and other (92,401 ) Provision for income taxes 7,393 Loss for the year from continuing operations $ (298,233 ) Loss from discontinued operations (11,426 ) Loss for the year (309,659 ) Capital expenditures $ 12,881 $ 1,171 $ - $ 14,052 As at March 31, 2020 Total goodwill $ 172,429 $ 100,262 $ - $ 272,691 Total assets $ 916,176 $ 299,657 $ - $ 1,215,833 Total liabilities $ 1,518,232 $ 192,890 $ - $ 1,711,122 For the year ended March 31, 2019 ( Consumer Commercial Corporate Consolidated Sales $ 1,906,473 $ 1,131,965 $ - $ 3,038,438 Cost of goods sold 1,419,509 940,358 - 2,359,867 Gross margin 486,964 191,607 - 678,571 Depreciation of property and equipment 4,362 153 - 4,515 Amortization of intangible assets 20,544 2,136 - 22,680 Administrative expenses 42,573 32,377 90,378 165,328 Selling and marketing expenses 142,560 69,178 - 211,738 Restructuring costs 2,741 3,289 8,814 14,844 Other operating expenses 123,798 5,406 - 129,204 Segment profit (loss) for the year $ 150,386 $ 79,068 $ (99,192 ) $ 130,262 Finance costs (87,779 ) Unrealized loss of derivative instruments and other (87,459 ) Realized loss of derivative instruments (83,776 ) Other income 2,312 Provision for income taxes 11,832 Loss for the year from continuing operations $ (138,272 ) Loss from discontinued operations (128,259 ) Loss for the year (266,531 ) Capital expenditures $ 39,474 $ 4,068 $ - $ 43,542 As at March 31, 2019 Total goodwill $ 181,358 $ 158,563 $ - $ 339,921 Total assets $ 1,238,922 $ 461,633 $ - $ 1,700,555 Total liabilities $ 1,665,752 $ 205,930 $ - $ 1,871,682 Sales from external customers The revenue is based on the location of the customer. Year ended Year ended March 31, 2020 March 31, 2019 Canada $ 323,802 $ 413,836 U.S. 2,449,007 2,624,602 Total $ 2,772,809 $ 3,038,438 In fiscal 2020, 85%, 15%. 2019 83% 17% Non-current assets Non-current assets by geographic segment consist of property and equipment and intangible assets and are summarized as follows: As at March 31, 2020 As at March 31, 2019 Canada $ 233,678 $ 266,776 U.S. 166,074 223,802 International - 7,940 Total $ 399,752 $ 498,518 |
Note 18 - Business Combinations
Note 18 - Business Combinations and Dispositions | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of business combinations [text block] | 18. BUSINESS COMBINATIONS AND DISPOSITIONS (a) Filter Group On October 1, 2018, Just Energy acquired all of the issued and outstanding shares of Filter Group and the shareholder loan owing by Filter Group. In addition, Filter Group had approximately $22 third $14.3 180 9.5 2.4 first three may 50% 100% The CEO of Filter Group is the son of the Executive Chair of Just Energy. As such, this is a related party transaction. The transaction was reviewed by the Strategic Initiatives Committee and it received a fairness opinion from National Bank Financial on the transaction. Of the $14.3 $1.3 $13.0 $3.0 October 1, 2018. March 31, 2019, $11.3 $11.1 1% October 1, 2018, $0.7 March 31, 2019, $0.6 The contingent consideration relating to the potential earn-out payments over the next three $24.9 October 1, 2018, $23.1 $26.8 not Each quarter the contingent consideration related to the Filter Group acquisition is revalued. To estimate the number of Just Energy common shares that are exchanged in each period, a Monte Carlo simulation model was used where the trailing 12 · Adjusted trailing 12 · Average EBITDA forecasts for new periods; · Implied asset volatility; · Equity volatility of Just Energy; · Underlying asset price of Just Energy common shares; · Dividend yield; and · Risk-free rate. The following is the purchase price allocation for Filter Group: NET ASSETS ACQUIRED Working capital $ 898 Property and equipment 6,154 Intangible assets 15,600 Goodwill 38,217 Long-term debt (21,611 ) Total consideration $ 39,258 Cash consideration $ 3,000 Payable to shareholders 11,314 Contingent consideration 24,944 Total consideration $ 39,258 The goodwill was calculated as the difference between the fair value of consideration transferred and the fair value of the assets acquired and liabilities assumed. The goodwill acquired as part of the acquisition primarily represents Filter Group’s workforce, operational and strategic management processes and synergies between Just Energy and Filter Group. Goodwill is not As of March 31, 2019, The Company had recorded, at estimated fair value, contingent consideration related to the Filter Group acquisition. As a result of the business not $nil, $29.1 The reduction in the Filter Group earn-out obligation as at March 31, 2020 not 12 March 31, 2020, (b) Sale of Georgia operations On December 31, 2019, $4.5 $1.8 |
Note 19 - Income Taxes
Note 19 - Income Taxes | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of income tax [text block] | 19. INCOME TAXES (a) Tax expense 2020 2019 Current tax expense $ 7,047 $ 7,622 Deferred tax expense (benefit) Origination and reversal of temporary differences $ (90,459 ) $ (35,825 ) Expense arising from previously unrecognized tax loss or temporary difference 90,805 40,035 Deferred tax expense 346 4,210 Provision for income taxes $ 7,393 $ 11,832 (b) Reconciliation of the effective tax rate The provision for income taxes represents an effective rate different than the Canadian corporate statutory rate of 26.50% 2019 26.50% 2020 2019 Loss before income taxes $ (290,840 ) $ (126,440 ) Combined statutory Canadian federal and provincial income tax rate 26.50 % 26.50 % Income tax recovery based on statutory rate $ (77,073 ) $ (33,507 ) Increase (decrease) in income taxes resulting from: Expense (benefit) of mark to market loss and other temporary differences not recognized $ 90,805 $ 40,035 Variance between combined Canadian tax rate and the tax rate applicable to foreign earnings (5,554 ) (3,841 ) Other permanent items (785 ) 9,145 Total provision for income taxes $ 7,393 $ 11,832 (c) Recognized net deferred income tax assets and liabilities Recognized net deferred income tax assets and liabilities are attributed to the following: 2020 2019 Mark to market losses on derivative instruments $ - $ 3,097 Tax losses and excess of tax basis over book basis 23,191 98,058 Total deferred income tax assets 23,191 101,155 Offset of deferred income taxes (22,550 ) (101,040 ) Net deferred income tax assets $ 641 $ 115 Partnership income deferred for tax purposes $ - $ (3,542 ) Mark to market gains on derivative instruments - (20,683 ) Book to tax differences on other assets (18,367 ) (70,742 ) Convertible debentures (4,183 ) (6,073 ) Total deferred income tax liabilities (22,550 ) (101,040 ) Offset of deferred income taxes 22,550 101,040 Net deferred income tax liabilities $ - $ - (d) Movement in deferred income tax balances Balance April 1, Recognized in Recognized Other Balance March 31, Partnership income deferred for tax $ (3,542 ) $ 3,542 $ - $ - $ - Book to tax differences 27,316 (23,364 ) 872 - 4,824 Mark to market (gains) losses on derivative instruments (17,586 ) 17,586 - - - Convertible debentures (6,073 ) 1,890 - - (4,183 ) $ 115 $ (346 ) $ 872 $ - $ 641 Balance April 1, Recognized in Recognized Other Balance March 31, Partnership income deferred for tax $ (6,249 ) $ 2,707 $ - $ - $ (3,542 ) Book to tax differences 48,345 (22,822 ) (638 ) 2,431 27,316 Mark to market (gains) losses on derivative instruments (36,578 ) 18,992 - - (17,586 ) Convertible debentures (2,986 ) (3,087 ) - - (6,073 ) $ 2,532 $ (4,210 ) $ (638 ) $ 2,431 $ 115 (e) Unrecognized deferred income tax assets Deferred income tax assets not March 31 2020 2019 Mark to market losses on derivative instruments $ 31,897 $ 7,239 Excess of tax over book basis 47,038 32,911 The group has tax losses of $381,023 $293,795 2028 2040. |
Note 20 - Shareholders' Capital
Note 20 - Shareholders' Capital | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of issued capital [text block] | 20. SHAREHOLDERS’ CAPITAL Just Energy is authorized to issue an unlimited number of common shares and 50,000,000 no no (a) Details of issued and outstanding shareholders’ capital are as follows: Year ended Year ended March 31, 2020 March 31, 2019 Shares Amount Shares Amount Common shares: Issued and outstanding Balance, beginning of year 149,595,952 $ 1,088,538 148,394,152 $ 1,079,055 Share-based awards exercised 2,018,286 11,326 1,201,800 9,483 Balance, end of year 151,614,238 $ 1,099,864 149,595,952 $ 1,088,538 Preferred shares: Issued and outstanding Balance, beginning of year 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 year 4,662,165 $ 146,965 4,662,165 $ 146,965 Shareholders' capital $ 1,246,829 $ 1,235,503 Just Energy defines capital as shareholders’ equity (excluding accumulated other comprehensive income) and long-term debt. Just Energy’s objectives when managing capital are to maintain flexibility by: (i) Enabling it to operate efficiently; (ii) Providing liquidity and access to capital for growth opportunities; and (iii) Providing returns and generating predictable cash flows for dividend payments to shareholders. Just Energy manages the capital structure and adjusts to it in light of changes in economic conditions and the risk characteristics of the underlying assets. The Board of Directors does not not March 31, 2020 2019, As described within Note 3 (b) Dividends and distributions In the second 2020, March 31, 2020, $0.125 2019 $0.50 $18,724 2019 $74,557 As a result of dividend suspension, distributions related to the dividends also ceased. Distributions in fiscal 2020 $849 2019 $1,284 For the year ended March 31, 2020, US$1.0625 2019 $2.125 $6,622 2019 $12,189 In connection with amendments to the credit facility and 8.75% December 2, 2019, no 1.50:1 two December 2, 2019, As described within Note 3 |
Note 21 - Share-based Compensat
Note 21 - Share-based Compensation Plans | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of share-based payment arrangements [text block] | 21. SHARE-BASED COMPENSATION PLANS (a) Stock option plan Just Energy may 2010 2001 may 11,300,000 March 31, 2020, 814,166 500,000 March 31, 2020 $7.88. three five five ten no 2020. (b) Restricted share grants Just Energy grants awards under the 2010 2004 March 31, 2020, 1,071,162 2019 2,717,774 1,492,756 March 31, 2020 ( 2019 1,473,989 one five no ten may one one There are 40,000 not RSGs available for grant 2020 2019 Balance, beginning of year 2,717,774 3,004,624 Less: Granted (2,305,128 ) (788,211 ) Add: Cancelled/forfeited 658,516 501,361 Balance, end of year 1,071,162 2,717,774 The average grant date fair value of RSGs granted in the year was $4.66 2019 $5.00 March 31, 2020 $6.8 $1.8 2019. (c) Performance bonus grants Just Energy grants awards under the 2013 March 31, 2020, 1,479,699 2019 2,182,302 762,595 March 31, 2020 ( 2019 385,214 three one third second third no three PBGs available for grant 2020 2019 Balance, beginning of year 2,182,302 2,270,480 Less: Granted (1,097,300 ) (331,196 ) Add: Cancelled/forfeited 394,697 243,018 Balance, end of year 1,479,699 2,182,302 The average gant date fair value of PBGs granted in the year was $4.75 2019 $5.01 March 31, 2020 $5.3 $3.9 2019. (d) Deferred share grants Just Energy grants awards under its 2010 2004 15% may second 2020, three ten March 31, 2020, 82,727 2019 nil 203,028 2019 184,430 March 31, 2020. DSGs available for grant 2020 2019 Balance, beginning of year - 69,481 Less: Granted (80,150 ) (69,481 ) Less: Granted overage from fiscal 2019 (37,123 ) - Add: Increase in DSGs available for grant 200,000 - Balance, end of year 82,727 - The weighted average grant date fair value of DSGs granted in the year was $1.78 2019 $4.48 March 31, 2020 $0.1 $0.2 2019. As described within Note 3 |
Note 22 - Other Expenses
Note 22 - Other Expenses | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of other operating income (expense) [text block] | 22. OTHER EXPENSES (a) Other operating expenses Year ended Year ended March 31, 2020 March 31, 2019 Amortization of intangible assets $ 27,997 $ 22,680 Depreciation of property and equipment 13,651 4,515 Bad debt expense 80,050 123,288 Share-based compensation 12,250 5,916 $ 133,948 $ 156,399 (b) Employee benefits expense Year ended Year ended March 31, 2020 March 31, 2019 Wages, salaries and commissions $ 211,457 $ 233,575 Benefits 22,218 22,315 $ 233,675 $ 255,890 Employee benefit expenses of $80.4 $153.4 2020 $93.8 $162.1 2019. |
Note 23 - Loss Per Share
Note 23 - Loss Per Share | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of earnings per share [text block] | 23. LOSS PER SHARE Year ended Year ended March 31, 2020 March 31, 2019 (Restated) BASIC LOSS PER SHARE Loss from continuing operations available to shareholders $ (298,233 ) $ (138,272 ) Dividend to preferred shareholders - net of tax 10,643 8,959 Loss from continuing operations available to shareholders - net (308,876 ) (147,231 ) Basic weighted average shares outstanding 151,033,844 149,138,797 Basic loss per share from continuing operations available to shareholders $ (2.05 ) $ (1.00 ) Basic loss per share available to shareholders $ (2.12 ) $ (1.86 ) DILUTED LOSS PER SHARE Loss from continuing operations available to shareholders $ (308,876 ) $ (147,231 ) Adjusted loss from continuing operations available to shareholders $ (308,876 ) $ (147,231 ) Basic weighted average shares outstanding 151,033,844 149,138,797 Dilutive effect of: Restricted share and performance bonus grants 2,665,121 1 2,409,990 1 Deferred share grants 291,743 1 142,928 1 Convertible debentures 39,574,831 1 39,574,831 1 Shares outstanding on a diluted basis 193,565,539 191,266,546 Diluted loss from continuing operations per share available to shareholders $ (2.05 ) $ (1.00 ) Diluted loss per share available to shareholders $ (2.12 ) $ (1.86 ) 1 not 6.5% 6.75% $160M 6.75% $100M |
Note 24 - Discontinued Operatio
Note 24 - Discontinued Operations | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of non-current assets held for sale and discontinued operations [text block] | 24. DISCONTINUED OPERATIONS (a) Loss from discontinued operations In March 2019, June 2019, November 29, 2019, March 31, 2020, The results of the discontinued operations are presented below for the fiscal years ended March 31, 2020 2019. eight nine November 29, 2019 December 18, 2019, 2020 2019 Sales $ 427,346 $ 793,761 Gain on disposal of the U.K. and Ireland businesses (45,138 ) - Loss from discontinued operations before income taxes (11,349 ) (132,004 ) Provision for (recovery of) income taxes 77 (3,745 ) LOSS FROM DISCONTINUED OPERATIONS $ (11,426 ) $ (128,259 ) Assets and liabilities of the discontinued operations classified as held for sale were as follows: As at As at March 31, March 31, 2020 2019 ASSETS Current assets Cash and cash equivalents $ 898 $ 628 Current trade and other receivables 4,978 3,007 Income taxes recoverable 12 50 Other current assets 1,140 3,087 7,028 6,772 Non-current assets Property and equipment 38 42 Intangible assets 545 2,157 ASSETS CLASSIFIED AS HELD FOR SALE $ 7,611 $ 8,971 Liabilities Current liabilities Trade and other payables $ 4,823 $ 4,902 Deferred revenue 83 298 LIABILITIES CLASSIFIED AS HELD FOR SALE $ 4,906 $ 5,200 Sale of Just Energy Japan KK On April 10, 2020, 1,000 (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, 12 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 ) Net 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 sale of Just Energy Ireland operations $ 1,559 |
Note 25 - Commitments and Conti
Note 25 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of commitments and contingent liabilities [text block] | 25. COMMITMENTS AND CONTINGENCIES Commitments for each of the next five As at March 31, 2020 Less than 1 year 1–3 years 4–5 years More than 5 years Total Gas, electricity and non-commodity contracts $ 1,463,615 $ 1,200,713 $ 322,590 $ 101,606 $ 3,088,524 Just Energy has entered into leasing contracts for office buildings and administrative equipment. These leases have a leasing period of between one eight No (a) Surety bonds and letters of credit Pursuant to separate arrangements with 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 March 31, 2020 $63.4 As at March 31, 2020, $72.5 16 (b) Officers and directors Corporate indemnities have been provided by Just Energy to all directors and certain officers of its subsidiaries and affiliates for various items including, but not one (c) Operations In the normal course of business, Just Energy and/or Just Energy’s subsidiaries and affiliates have entered into agreements that include guarantees in favour of third may may $64.4 (d) Legal proceedings Just Energy’s subsidiaries are party to a number of legal proceedings. Other than as set out below, Just Energy believes that each proceeding constitutes legal matters that are incidental to the business conducted by Just Energy and that the ultimate disposition of the proceedings will not In March 2012, 1,800 8,000 October 6, 2014, not September 28, 2018, October 25, 2018. October 24, 2019. 138 1134, 1142 2018 2d No. 17 0546. In August 2013, March 13, 2015, June 16, 2016, August 5, 2019. August 12, 2019, September 10, 2019. February 19, 2020, In May 2015, 2000 July 27, 2016, June 21, 2019. November 15, 2021. On July 23, 2019, November 9, 2017 August 19, 2019. one In March 2020, September 10, 2018 ( first 9,500,000 |
Note 26 - Related Party Transac
Note 26 - Related Party Transactions | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of related party [text block] | 26. 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 seller representative of Filter Group is the son of the Executive Chair of Just Energy. In April 2019, $10.6 no March 31, 2020. March 31, 2020 March 31, 2019 Salaries and benefits $ 2,334 $ 2,493 Share-based compensation expense, net 625 1,163 $ 2,959 $ 3,656 |
Note 27 - Supplemental Cash Flo
Note 27 - Supplemental Cash Flow Information | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of changes in non-cash working capital [text block] | 27. SUPPLEMENTAL CASH FLOW INFORMATION (a) Net change in working capital Year ended Year ended March 31, 2020 March 31, 2019 Accounts receivable and unbilled revenue, net $ 33,839 $ (35,427 ) Gas in storage (3,234 ) (601 ) Prepaid expenses and deposits (89,087 ) (128,911 ) Provisions (4,607 ) 4,309 Trade and other payables 106,271 174,958 Adjustments required to reflect net cash receipts from gas sales 812 4,186 $ 43,994 $ 18,514 (b) Adjustments required to reflect net cash receipts from gas sales 2020 2019 Changes in: Accrued gas receivable $ (12,972 ) $ 15,893 Gas delivered (drawn) in excess of consumption (4,866 ) 2,716 Accrued gas payable 11,266 (12,261 ) Deferred revenue 7,384 (2,162 ) $ 812 $ 4,186 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Discloure of Significant Accounting Policies | |
Description of accounting policy for determining components of cash and cash equivalents [text block] | Cash and cash equivalents and restricted cash All highly liquid temporary cash investments with an original maturity of three Restricted cash includes cash and cash equivalents, where the availability of funds is restricted by debt arrangements or held in escrow as part of prior acquisition agreements. |
Disclosure of accounting policy for gas assets and liabilities [text block] | Accrued gas receivable/accrued gas payable or gas delivered in excess of consumption/deferred revenue Accrued gas receivable from Just Energy’s customers is stated at fair value and results from customers consuming more gas than has been delivered by Just Energy to local distribution companies (“LDCs”). Accrued gas payable represents Just Energy’s obligation to the LDCs for the customers’ excess consumption, over what was delivered to the LDCs. Gas delivered to LDCs in excess of consumption by customers is stated at the lower of cost and net realizable value. Collections from customers in advance of their consumption of gas result in deferred revenue. Assuming normal weather and consumption patterns, during the winter months, customers will have consumed more than was delivered, resulting in the recognition of accrued gas receivable/accrued gas payable. In the summer months, customers will have consumed less than what was delivered, resulting in the recognition of gas delivered in excess of consumption/deferred revenue. These adjustments are applicable solely to the Ontario, Manitoba, Quebec, Saskatchewan and Michigan gas markets. |
Description of accounting policy for measuring inventories [text block] | Gas in storage Gas in storage represents the gas delivered to the LDCs in Illinois, Indiana, New York, Ohio, Maryland, California and Alberta. The balance will fluctuate as gas is injected into or withdrawn from storage. Gas in storage is valued at the lower of cost and net realizable value, with cost being determined based on market cost on a weighted average basis. Net realizable value is the estimated selling price in the ordinary course of business. |
Description of accounting policy for property, plant and equipment [text block] | Property and equipment Property and equipment are stated at cost, net of any accumulated depreciation and impairment losses. Cost includes the purchase price and, where relevant, any costs directly attributable to bringing the asset to the location and condition necessary and/or the present value of all dismantling and removal costs. Where major components of property and equipment have different useful lives, the components are recognized and depreciated separately. Just Energy recognizes, in the carrying amount, the cost of replacing part of an item when the cost is incurred and if it is probable that the future economic benefits embodied in the item can be reliably measured. When significant parts of property and equipment are required to be replaced at intervals, Just Energy recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in the consolidated statements of loss as an administrative expense when incurred. Depreciation is provided over the estimated useful lives of the assets as follows: Asset category Depreciation method Rate/useful life Furniture and fixtures Declining balance 20% Office equipment Declining balance 20% Computer equipment Declining balance 30% Leasehold improvements Straight-line Term of lease Premise assets Straight-line 4–7 years An item of property and equipment and any significant part initially recognized is derecognized upon disposal or when no The useful lives and methods of depreciation are reviewed at each financial year-end and adjusted prospectively, if appropriate. |
Description of accounting policy for business combinations [text block] | Business combinations All identifiable assets acquired and liabilities assumed are measured at the acquisition date at fair value. The Company records all identifiable intangible assets including identifiable assets that had not one may not |
Description of accounting policy for goodwill [text block] | Goodwill Goodwill is initially measured at cost, which is the excess of the cost of the business combination over Just Energy’s share in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities. Any negative difference is recognized directly in the consolidated statements of loss. After initial recognition, goodwill is measured at cost, less impairment losses. For the purpose of impairment testing, goodwill is allocated to each of Just Energy’s operating segments that are expected to benefit from the synergies of the combination, irrespective of whether other assets and liabilities of the acquiree are assigned to those segments. |
Description of accounting policy for intangible assets other than goodwill [text block] | Intangible assets Intangible assets acquired outside of a business combination are measured at cost on initial recognition. Intangible assets acquired in a business combination are recorded at fair value on the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and/or accumulated impairment losses. Intangible assets with finite useful lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may Internally generated intangible assets are capitalized when the product or process is technically and commercially feasible, the future economic benefit is measurable, Just Energy can demonstrate how the asset will generate future economic benefits and Just Energy has sufficient resources to complete development. The cost of an internally generated intangible asset comprises all directly attributable costs necessary to create, produce and prepare the asset to be capable of operating in the manner intended by management. The goodwill and certain brands are considered to have indefinite lives and are not Gains or losses arising from disposal of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the consolidated statements of loss when the asset is derecognized. Intangible asset category Amortization method Rate/useful life Customer contracts Straight-line Term of contract Contract relationships Straight-line 10 years Sales networks and affinity relationships Straight-line 5–8 years Technology Straight-line 3–5 years Brand (Filter Group) Straight-line 10 years |
Description of accounting policy for impairment of non-financial assets [text block] | Impairment of non-financial assets Just Energy assesses whether there is an indication that an asset may not An impairment loss is recognized if an asset's carrying amount or that of the CGU to which it is allocated is higher than its recoverable amount. Impairment losses of individual CGUs are charged against the value of assets in proportion to their carrying amount. For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognized impairment losses may no may not no Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may |
Description of accounting policy for leases [text block] | Leases For comparability purposes, the accounting policies below reflect the accounting for leases under IAS 17, Leases 17” 16 April 1, 2019, 7 A lease is an arrangement whereby the lessor conveys to the lessee, in return for a payment or series of payments, the right to use an asset for an agreed period of time. Where Just Energy determines that the contractual provisions of a contract contain, or are, a lease and result in the customer assuming the principal risks and rewards of ownership of the asset, the arrangement is a finance lease. Assets subject to finance leases are not IFRS 15, Revenue from Contracts with Customers 15” The determination of whether an arrangement is or contains a lease is based on the substance of the arrangement at the inception date and whether fulfillment of the arrangement is dependent on the use of a specific asset or assets, or the arrangement conveys a right to use the asset. Just Energy as a lessee Operating lease payments are recognized as an expense in the consolidated statements of income (loss) on a straight-line basis over the lease term. Just Energy as a lessor Leases where Just Energy does not Just Energy considers itself to be a dealer lessor with respect to its lease arrangements for thermostats as it has given the customer the choice of either buying or leasing the thermostat. A finance lease of an asset by a dealer lessor gives rise to profit or loss equivalent to that resulting from an outright sale of the underlying asset, at normal selling prices. Just Energy recognizes revenue based on the fair value of the thermostat at the time of completed installation of the thermostat, at which point in time Just Energy has transferred control of the thermostat to the customer. Just Energy also recognizes the cost of sale on the thermostat through cost of goods sold. |
Description of accounting policy for financial instruments [text block] | Financial instruments (i) Recognition and derecognition Regular purchases and sales of financial assets are recognized on the trade date, being the date on which Just Energy commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and Just Energy has transferred substantially all the risks and rewards of ownership. (ii) Classification Just Energy classified its financial assets in the following measurement categories: • Those to be measured subsequently at fair value (either through OCI or through profit or loss); and • Those to be measured at amortized cost. The measurement category classification of financial assets depends on Just Energy’s business objectives for managing the financial assets and whether contractual terms of the cash flows are considered solely payments of principal and interest. For assets measured at fair value, gains and losses will be recorded either in profit or loss or in OCI depending upon the business objective. Just Energy reclassifies debt instruments when and only when its business objective for managing those assets changes. (iii) Measurement At initial recognition, Just Energy measures a financial asset at its fair value. In the case of a financial asset not Subsequent measurement of debt instruments depends on Just Energy’s business objective for managing the asset and the cash flow characteristics of the asset. There are three Amortized cost: Assets held for collection of contractual cash flows that represent solely payments of principal and interest are measured at amortized cost. A gain or loss on a debt instrument is recognized in profit or loss when the asset is derecognized or impaired. Interest income from these financial assets is included in “finance income” using the effective interest rate method. Cash and cash equivalents, restricted cash, trade and other receivables, trade and other payables are included in this category. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition as at fair value through profit or loss. This category includes derivative financial instruments entered into that are not 9, Financial Instruments 9” not An analysis of fair values of financial instruments and further details as to how they are measured are provided in Note 13. Financial assets classified at fair value through other comprehensive income (“OCI”) Financial assets at fair value through OCI are equity instruments that Just Energy has elected to recognize the changes in fair value through OCI. They are recognized initially at fair value in the consolidated statements of financial position and are remeasured subsequently at fair value with gains and losses arising from changes in fair value recognized directly in equity and presented in OCI. Derecognition A financial asset is derecognized when the rights to receive cash flows from the asset have expired or when Just Energy has transferred its rights to receive cash flows from the asset. Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are acquired for the purpose of selling in the near term. This category includes derivative financial instruments entered into by Just Energy that are not 9. not Gains or losses on liabilities held for trading are recognized in the consolidated statements of loss. Other financial liabilities at amortized cost Other financial liabilities are measured at amortized cost using the effective interest rate method. Financial liabilities include long-term debt issued and are initially measured at fair value. Transaction costs related to the long-term debt instruments are included in the value of the instruments and amortized using the effective interest rate method. The effective interest expense is included in finance costs in the consolidated statements of loss. Impairment Just Energy assesses on a forward-looking basis the expected credit losses (“ECL”) associated with its assets carried at amortized cost, including other receivables. For trade receivables, other receivables and unbilled revenue only, Just Energy applies the simplified approach permitted by IFRS 9, Trade receivables are reviewed qualitatively on a case-by-case basis to determine if they need to be written off. Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the consolidated statements of loss. |
Description of accounting policy for derivative financial instruments and hedging [text block] | Derivative instruments Just Energy enters into fixed-term contracts with customers to provide electricity and gas at fixed prices. These customer contracts expose Just Energy to changes in consumption as well as changes in the market prices of gas and electricity. To reduce its exposure to movements in commodity prices, Just Energy enters into contracts with suppliers that expose the Company to changes in prices for the purchase and sale of power and natural gas. These contracts are treated as derivatives as they do not 32, Financial Instruments: Presentation Just Energy analyzes all its contracts, of both a financial and non-financial nature, to identify the existence of any “embedded” derivatives. Embedded derivatives are accounted for separately from the underlying contract at the inception date when their economic characteristics are not not All derivatives are recognized at fair value on the date on which the derivative is entered into and are remeasured to fair value at each reporting date. Derivatives are carried in the consolidated statements of financial position as other financial assets when the fair value is positive and as other financial liabilities when the fair value is negative. Just Energy does not 7 11, 11” |
Description of accounting policy for offsetting of financial instruments [text block] | Offsetting of financial instruments Financial assets and financial liabilities are offset, and the net amount reported in the consolidated statements of financial position if, and only if, there is currently an enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. |
Description of accounting policy for fair value measurement [text block] | Fair value of financial instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to quoted market prices, without any deduction for transaction costs. For financial instruments not may 13. |
Description of accounting policy for recognition of revenue [text block] | Revenue recognition Just Energy has identified that the material performance obligation is the provision of gas and electricity to customers, which is satisfied over time throughout the contract term. Just Energy utilizes the output method to recognize revenue based on the units of gas and electricity delivered and billed to the customer each month and Just Energy has elected to adopt the practical expedient to recognize revenue in the amount to which the entity has a right to invoice, as the entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s performance to date. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates and sales taxes. The Company assumes credit risk for all customers in Alberta, Texas, Illinois, Michigan, Delaware and Ohio. On all value-added products sold on the market, Just Energy also assumes the credit risk. In these markets, the Company ensures that credit review processes are in place prior to the commodity flowing to the customer. |
Description of accounting policy for foreign currency translation [text block] | Foreign currency translation Functional and presentation currency Items included in the consolidated financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). For U.S.-based subsidiaries, this is U.S. dollars (“USD”). The consolidated financial statements are presented in Canadian dollars, which is the parent Company’s presentation and functional currency. Transactions Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of loss. Translation of foreign operations The results and consolidated financial position of all the group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: · Assets and liabilities for each consolidated statement of financial position presented are translated at the closing rate as at the date of that consolidated statement of financial position; and · Income and expenses for each consolidated statement of loss are translated at the exchange rates prevailing at the dates of the transactions. On consolidation, exchange differences arising from the translation of the net investment in foreign operations are recorded in OCI. When a foreign operation is partially disposed of or sold, exchange differences that were recorded in accumulated other comprehensive income are recognized in the consolidated statements of loss as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. |
Description of accounting policy for earnings per share [text block] | Earnings (loss) per share amounts The computation of earnings (loss) per share is based on the weighted average number of shares outstanding during the year. Diluted earnings (loss) per share is computed in a similar way to basic earnings (loss) per share except that the weighted average number of shares outstanding is increased to include additional shares assuming the exercise of stock options, restricted share grants (“RSGs”), performance bonus incentive grants (“PBGs”), deferred share grants (“DSGs”) and convertible debentures, if dilutive. |
Description of accounting policy for share-based payment transactions [text block] | Share-based compensation plans Equity-based compensation liability Share-based compensation plans are equity-settled transactions. The cost of share-based compensation is measured by reference to the fair value at the date on which it was granted. Awards are valued at the grant date and are not When options, RSGs, PBGs and DSGs are exercised or exchanged, the amounts previously credited to contributed deficit are reversed and credited to shareholders’ capital. |
Description of accounting policy for employee benefits [text block] | Employee future benefits In Canada, Just Energy offers a long-term wealth accumulation plan (the ‟Canadian Plan”) for all permanent full-time and permanent part-time employees (working more than 26 two 2% 2% one one For U.S. employees, Just Energy has established a long-term savings plan (the "U.S. Plan") for all permanent full-time and part-time employees (working more than 30 two 401 3% one one 401 4% one one 401 5% 3% 2% 401 Participation in the plans in Canada or the U.S. is voluntary. For the 401 two six Obligations for contributions to the Canadian and U.S. Plans are recognized as an expense in the consolidated statements of loss when the employee makes a contribution. |
Description of accounting policy for income tax [text block] | Income taxes Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from, or paid to, the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where Just Energy operates and generates taxable income. Current income taxes relating to items recognized directly in OCI or equity are recognized in OCI or equity and not Just Energy follows the liability method of accounting for deferred income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to the temporary differences between the carrying value of the assets and liabilities in the consolidated financial statements and their respective tax bases. Deferred income tax liabilities are recognized for all taxable temporary differences except: · Where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not · In respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled by the parent and it is probable that the temporary differences will not Deferred income tax assets are recognized for all deductible temporary differences, the carryforward of unused tax credits and any unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carryforward of unused tax credits and unused tax losses, can be utilized except: · Where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not · In respect of deductible temporary differences associated with investments in subsidiaries, deferred income tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized, or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred income taxes relating to items recognized in cumulative translation adjustment or equity is recognized in OCI or equity and not Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current income tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority. |
Description of accounting policy for provisions [text block] | Provisions and restructuring Provisions are recognized when Just Energy has a present obligation, legal or constructive, as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where Just Energy expects some or all provisions to be reimbursed, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the consolidated statements of loss, net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Restructuring provisions comprise activities including termination or relocation of a business, management structural reorganization and employee-related costs. Incremental costs directly associated with the restructuring are included in the restructuring provision. Costs associated with ongoing activities, including training or relocating continuing staff, are excluded from the provision. Measurement of the provision is at the best estimate of the anticipated costs to be incurred. Where discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost in the consolidated statements of loss. |
Description of accounting policy for expenses [text block] | Selling and marketing expenses Commissions and various other costs related to obtaining and renewing customer contracts are charged to income in the period incurred except as disclosed below: Commissions related to obtaining and renewing Commercial customer contracts are paid in one Just Energy recognizes the incremental acquisition costs of obtaining a customer contract as an asset as these costs would not not one |
Description of accounting policy for regulatory deferral accounts [text block] | Green provision and certificates Just Energy is a retailer of green energy and records a provision to its regulators as green energy sales are recognized. A corresponding cost is included in cost of goods sold. Just Energy measures its provision based on the extent of green certificates that it holds or has committed to purchase and has recorded this obligation net of its green certificates. Any provision balance in excess of the green certificates held or that Just Energy has committed to purchase is measured at fair value. Green certificates are purchased by Just Energy to settle its obligation with the regulators. Any green energy-related derivatives are forward contracts and are recognized in accordance with the accounting policy discussed under “Financial Instruments” above. |
Description of accounting policy for non-current assets or disposal groups classified as held for sale and discontinued operations [text block] | Non-current assets held for sale and discontinued operations Just Energy classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. The criteria for the held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one not |
Note 4 - Significant Accounti_2
Note 4 - Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of useful lives for property, plant, and equipment [text block] | Asset category Depreciation method Rate/useful life Furniture and fixtures Declining balance 20% Office equipment Declining balance 20% Computer equipment Declining balance 30% Leasehold improvements Straight-line Term of lease Premise assets Straight-line 4–7 years |
Disclosure of useful lives and amortisation rates for intangible assets [text block] | Intangible asset category Amortization method Rate/useful life Customer contracts Straight-line Term of contract Contract relationships Straight-line 10 years Sales networks and affinity relationships Straight-line 5–8 years Technology Straight-line 3–5 years Brand (Filter Group) Straight-line 10 years |
Note 5 - Restatement and Recl_2
Note 5 - Restatement and Reclassification of Prior Period Financial Statements (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Description of nature of accounting errors in prior periods [text block] | Balance as of Balance as of March 31, 2019 March 31, 2019 as originally reported Reclassifications Restatement as restated Trade and other receivables $ 672,615 $ 32,606 $ - $ 705,221 Other current assets 349,643 41,446 (4,300 ) 386,789 Current assets 1,022,258 74,052 (4,300 ) 1,092,010 Deferred income tax asset 1,092 - 3,146 4,238 Non-current assets 595,274 - 3,146 598,420 TOTAL ASSETS $ 1,626,503 $ 74,052 $ (1,154 ) $ 1,699,401 Trade and other payables $ 714,110 $ 74,052 $ 81,921 $ 870,083 Current portion of long-term debt 37,429 441,672 - 479,101 Current liabilities 893,254 515,724 81,921 1,490,899 Long-term debt 687,943 (441,672 ) - 246,271 Non-current liabilities 817,064 (441,672 ) - 375,392 TOTAL LIABILITIES $ 1,715,518 $ 74,052 $ 81,921 $ 1,871,491 Accumulated deficit $ (1,390,701 ) $ - $ (83,075 ) $ (1,473,776 ) TOTAL SHAREHOLDERS' DEFICIT $ (89,015 ) $ - $ (83,075 ) $ (172,090 ) TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $ 1,626,503 $ 74,052 $ (1,154 ) $ 1,699,401 Year ended Year ended March 31, 2019, March 31, 2019 as originally reported 1 Restatement (Restated) Cost of goods sold 2,336,154 23,713 2,359,867 Gross Margin 702,284 (23,713 ) 678,571 Selling and marketing 207,438 4,300 211,738 Other income, net 1,541 771 2,312 Loss before income taxes (99,198 ) (27,242 ) (126,440 ) Provision for (recovery of) income taxes 14,978 (3,146 ) 11,832 Loss for the year $ (242,435 ) $ (24,096 ) $ (266,531 ) Total comprehensive loss for the year, net of tax $ (237,413 ) $ (24,096 ) $ (261,509 ) Loss per share from continuing operations Basic $ (0.84 ) $ (0.16 ) $ (1.00 ) Diluted $ (0.84 ) $ (0.16 ) $ (1.00 ) Loss per share from discontinued operations Basic $ (0.86 ) $ - $ (0.86 ) Diluted $ (0.86 ) $ - $ (0.86 ) Loss per share available to shareholders Basic $ (1.70 ) $ (0.16 ) $ (1.86 ) Diluted $ (1.70 ) $ (0.16 ) $ (1.86 ) Year ended Year ended March 31, 2019 March 31, 2019 as reported Adjustment (Restated) Accumulated earnings (loss), beginning of year $ 775,350 $ (58,979 ) $ 716,371 Loss for the year, attributable to shareholders (242,243 ) (24,096 ) (266,339 ) Accumulated earnings (loss), end of year 533,107 (83,075 ) 450,032 Total shareholders' deficit $ (89,015 ) $ (83,075 ) $ (172,090 ) Year ended Year ended March 31, 2019 March 31, 2019 as reported 1 Adjustment (Restated) Loss from continuing operations before income taxes $ (99,198 ) $ (27,242 ) $ (126,440 ) Loss before income taxes (231,201 ) (27,242 ) (258,443 ) Net change in working capital balances $ (8,728 ) $ 27,242 $ 18,514 |
Note 7 - Accounting Policies _2
Note 7 - Accounting Policies and New Standards Adopted (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
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 as 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 as at April 1, 2019 $ 18,525 |
Disclosure of impact of adoption of agenda paper 11 [text block] | Year Ended Year Ended March 31, 2020 March 31, 2019 Adjustment of physical forward contracts and options at market (i) $ 72,805 $ (174,310 ) Realized gain (loss) on financial swap contracts and options (ii) (97,191 ) 90,534 Realized loss of derivative instruments $ (24,386 ) $ (83,776 ) |
Note 8 - Trade and Other Rece_2
Note 8 - Trade and Other Receivables, Net (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of the components of trade and other receivables [text block] | As at As at March 31, 2020 March 31, 2019 Trade account receivables, net $ 241,969 $ 365,008 Accrued gas receivable 7,224 13,637 Net unbilled revenue 121,993 270,130 Other 32,721 56,446 $ 403,907 $ 705,221 |
Disclosure of financial assets that are either past due or impaired [text block] | March 31, 2020 March 31, 2019 Current $ 83,431 $ 116,892 1–30 days 26,678 42,562 31–60 days 6,513 22,317 61–90 days 5,505 16,352 Over 90 days 35,252 100,580 $ 157,379 $ 298,703 |
Disclosure Of Allowance For Credit Losses [text block] | March 31, 2020 March 31, 2019 Balance, beginning of year $ 182,365 $ 60,121 Provision for doubtful accounts 80,050 192,202 Bad debts written off (138,514 ) (90,231 ) Adjustment from IFRS 9 adoption - 23,636 Foreign exchange 3,124 (3,363 ) Assets classified as held for sale/sold (81,193 ) - Balance, end of year $ 45,832 $ 182,365 Allowance for doubtful accounts on accounts receivable $ 43,127 $ 168,728 Allowance for doubtful accounts on unbilled revenue 2,705 13,637 Total allowance for doubtful accounts $ 45,832 $ 182,365 |
Note 9 - Other Current and No_2
Note 9 - Other Current and Non-current Assets (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of the components of prepayments and other assets [text block] | As at As at (a) Other current assets March 31, 2020 March 31, 2019 Prepaid expenses and deposits $ 55,972 $ 81,986 Customer acquisition costs 77,939 71,407 Green certificates 63,728 44,957 Gas delivered in excess of consumption 2,393 3,121 Inventory 3,238 4,954 $ 203,270 $ 206,425 As at As at (b) Other non-current assets March 31, 2020 March 31, 2019 Customer acquisition costs $ 43,686 $ 46,416 Income taxes recoverable - 3,096 Other long-term assets 12,764 - $ 56,450 $ 49,512 |
Note 11 - Property and Equipm_2
Note 11 - Property and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about property, plant and equipment [text block] | Computer Furniture Premise Office Leasehold Right- 1 Total Cost: Opening balance - April 1, 2019 $ 29,976 $ 6,701 $ 18,726 $ 16,265 $ 4,796 $ - $ 76,464 Additions 503 79 283 94 1,200 18,525 20,684 Assets held for sale (1,365 ) (276 ) - (185 ) (175 ) - (2,001 ) Disposals/impairment (1,693 ) - (275 ) - (1,222 ) (1,657 ) (4,847 ) Exchange differences 538 181 291 243 76 6 1,335 Ending balance, March 31, 2020 27,959 6,685 19,025 16,417 4,675 16,874 91,635 Accumulated depreciation: Opening balance - April 1, 2019 (16,955 ) (5,107 ) (13,790 ) (11,464 ) (3,286 ) - (50,602 ) Depreciation charge for the year (2,927 ) (438 ) (996 ) (2,795 ) (420 ) (5,670 ) (13,246 ) Assets held for sale 713 123 - 68 67 - 971 Disposals/impairment - - - - - 384 384 Exchange differences (379 ) (121 ) (255 ) (137 ) (54 ) 598 (348 ) Ending balance, March 31, 2020 (19,548 ) (5,543 ) (15,041 ) (14,328 ) (3,693 ) (4,688 ) (62,841 ) Net book value, March 31, 2020 $ 8,411 $ 1,142 $ 3,984 $ 2,089 $ 982 $ 12,186 $ 28,794 Computer Furniture Premise Office Leasehold Total Cost: Opening balance - April 1, 2018 $ 22,173 $ 6,861 $ 13,238 $ 15,209 $ 4,894 $ 62,375 Additions 7,468 58 707 311 114 8,658 Acquisition - - 4,827 773 554 6,154 Assets held for sale (5 ) (4 ) - (60 ) - (69 ) Retirements - (309 ) (192 ) - (1,078 ) (1,579 ) Exchange differences 340 95 146 32 312 925 Ending balance, March 31, 2019 29,976 6,701 18,726 16,265 4,796 76,464 Accumulated depreciation: Opening balance - April 1, 2018 (13,984 ) (4,995 ) (10,555 ) (10,776 ) (3,172 ) (43,482 ) Depreciation charge for the year (2,835 ) (178 ) (3,373 ) (623 ) (428 ) (7,437 ) Assets held for sale 2 - - (4 ) (49 ) (51 ) Retirements - 127 202 - 322 651 Exchange differences (138 ) (61 ) (64 ) (61 ) 41 (283 ) Ending balance, March 31, 2019 (16,955 ) (5,107 ) (13,790 ) (11,464 ) (3,286 ) (50,602 ) Net book value, March 31, 2019 $ 13,021 $ 1,594 $ 4,936 $ 4,801 $ 1,510 $ 25,862 |
Note 12 - Intangible Assets (Ta
Note 12 - Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of reconciliation of changes in intangible assets and goodwill [text block] | Goodwill Brand Technology 1 Customer Sales networks Total Cost: Opening balance - April 1, 2019 $ 339,921 $ 34,305 $ 117,716 $ 31,250 $ 53,853 $ 577,045 Disposal of subsidiary (13,355 ) - (8,797 ) - - (22,152 ) Additions - - 14,382 - - 14,382 Impairment (61,415 ) - (6,093 ) (23,720 ) - (91,228 ) Exchange differences 7,541 1,930 4,174 1,096 3,321 18,062 Ending balance, March 31, 2020 272,692 36,235 121,382 8,626 57,174 496,109 Accumulated amortization: Opening balance - April 1, 2019 - (100 ) (49,333 ) (4,469 ) (50,487 ) (104,389 ) Disposal of subsidiary - - 4,513 - - 4,513 Amortization charge for the year - (300 ) (17,927 ) (1,260 ) (3,348 ) (22,835 ) Impairment - - 535 2,108 - 2,643 Exchange differences - - 681 (2,425 ) (3,339 ) (5,083 ) Ending balance, March 31, 2020 - (400 ) (61,531 ) (6,046 ) (57,174 ) (125,151 ) Net book value, March 31, 2020 $ 272,692 $ 35,835 $ 59,851 $ 2,580 $ - $ 370,958 Goodwill Brand Technology 1 Customer Sales network Total Cost: Opening balance - April 1, 2018 $ 300,673 $ 30,205 $ 80,896 $ 18,027 $ 51,963 $ 481,764 Acquisition 40,630 3,000 - 12,600 - 56,230 Assets held for sale - - (2,456 ) - - (2,456 ) Additions/adjustment - - 38,383 - - 38,383 Exchange differences (1,382 ) 1,100 893 623 1,890 3,124 Ending balance, March 31, 2019 339,921 34,305 117,716 31,250 53,853 577,045 Accumulated amortization: Opening balance - April 1, 2018 - - (36,309 ) (1,309 ) (42,220 ) (79,838 ) Assets held for sale - - 20 - - 20 Amortization charge for the year - (100 ) (14,927 ) (1,018 ) (6,610 ) (22,655 ) Exchange differences - - 1,883 (2,142 ) (1,657 ) (1,916 ) Ending balance, March 31, 2019 - (100 ) (49,333 ) (4,469 ) (50,487 ) (104,389 ) Net book value, March 31, 2019 $ 339,921 $ 34,205 $ 68,383 $ 26,781 $ 3,366 $ 472,656 |
Note 13 - Financial Instrumen_2
Note 13 - Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of financial instruments at fair value through profit or loss [text block] | Year Ended Year Ended March 31, 2020 March 31, 2019 Physical forward contracts and options (i) $ (130,182 ) $ (116,350 ) Financial swap contracts and options (ii) (62,612 ) 39,832 Foreign exchange forward contracts 9,055 72 Share swap (iii) (9,581 ) (3,507 ) 6.5% convertible bond conversion feature - 247 Unrealized foreign exchange on 6.5% convertible bond (18,132 ) (8,061 ) Weather derivatives (229 ) 7,796 Other derivative options (1,736 ) (7,488 ) Unrealized loss of derivative instruments and other $ (213,417 ) $ (87,459 ) |
Disclosure of detailed information about financial instruments [text block] | Financial Financial Financial Financial Physical forward contracts and options (i) $ 24,549 $ 17,673 $ 57,461 $ 51,836 Financial swap contracts and options (ii) 6,915 1,492 53,917 24,432 Foreign exchange forward contracts 4,519 3,036 - - Weather derivatives (iii) - - 280 - Other derivative options 370 6,591 1,780 - As at March 31, 2020 $ 36,353 $ 28,792 $ 113,438 $ 76,268 Financial Financial Financial Financial 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 $ - $ - $ 65,145 $ 65,145 Derivative financial liabilities - (38,676 ) (151,030 ) (189,706 ) Total net derivative financial assets (liabilities) $ - $ (38,676 ) $ (85,885 ) $ (124,561 ) 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 financial assets (liabilities) $ - $ (6,588 ) $ 17,310 $ 10,722 |
Disclosure of fair value measurement of liabilities [text block] | Year ended Year ended March 31, 2020 March 31, 2019 Balance, beginning of year $ 17,310 $ 166,364 Total gains (3,822 ) 19,644 Purchases (43,663 ) 11,502 Sales 14,549 (25,575 ) Settlements (70,259 ) (154,625 ) Balance, end of year $ (85,885 ) $ 17,310 |
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 $ 685,665 $ 685,665 $ 685,665 $ - $ - $ - Long-term debt 1 782,003 827,284 255,129 263,800 308,355 - Gas, electricity and non-commodity contracts 189,706 3,088,524 1,463,615 1,200,713 322,590 101,606 $ 1,657,374 $ 4,601,473 $ 2,404,409 $ 1,464,513 $ 630,945 $ 101,606 |
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 $ 44,067 $ 75,911 $ 12,773 $ - |
Note 14 - Trade and Other Pay_2
Note 14 - Trade and Other Payables (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about trade and other payables [text block] | As at As at March 31, 2020 March 31, 2019 Commodity suppliers' accruals and payables (as restated per Note 5) $ 414,581 $ 548,098 Green provisions and repurchase obligations 103,245 146,454 Sales tax payable 19,706 22,969 Non-commodity trade accruals and accounts payable 117,473 99,264 Current portion of payable to former joint venture partner 18,194 22,625 Accrued gas payable 3,295 12,937 Other payables 9,171 17,736 $ 685,665 $ 870,083 |
Note 15 - Deferred Revenue (Tab
Note 15 - Deferred Revenue (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Explanation of significant changes in contract assets and contract liabilities [text block] | Year ended Year ended March 31, 2020 March 31, 2019 Balance, beginning of year $ 43,228 $ 38,710 Additions to deferred revenue 7,499 569,880 Revenue recognized during the year (10,726 ) (563,922 ) Foreign exchange impact 352 (1,440 ) Liabilities classified as held for sale/sold (39,501 ) - Balance, end of year $ 852 $ 43,228 |
Note 16 - Long-term Debt and _2
Note 16 - Long-term Debt and Financing (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about borrowings [text block] | Maturity March 31, 2020 March 31, 2019 Credit facility (a) September 1, 2020 $ 236,389 $ 201,577 Less: Debt issue costs (a) (1,644 ) (1,824 ) Filter Group financing (b) October 25, 2023 9,690 17,577 8.75% loan (c) September 12, 2023 280,535 240,094 6.75% $100M convertible debentures (d) March 31, 2023 90,187 87,520 6.75% $160M convertible debentures (e) December 31, 2021 153,995 150,945 6.5% convertible bonds (f) December 31, 2020 12,851 29,483 782,003 725,372 Less: Current portion (253,485 ) (479,101 ) $ 528,518 $ 246,271 |
Disclosure of maturity of debt [text block] | Less than 1 1–3 years 4–5 years Total Credit facility (a) $ 236,389 $ - $ - $ 236,389 Filter Group financing (b) 5,889 3,800 1 9,690 8.75% loan (c) - - 308,354 308,354 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) 12,851 - - 12,851 $ 255,129 $ 263,800 $ 308,355 $ 827,284 |
Disclosure of reconciliation of liabilities arising from financing activities [text block] | As at April 1, Cash Foreign Non-cash As at March 31, Credit facility (a) $ 199,753 $ 34,812 $ - $ 180 $ 234,745 Filter Group financing (b) 17,577 (7,887 ) - - 9,690 8.75% loan (c) 240,094 17,163 17,613 5,665 280,535 6.75% $100M convertible debentures (d) 87,520 - - 2,667 90,187 6.75% $160M convertible debentures (e) 150,945 - - 3,050 153,995 6.5% convertible bonds (f) 29,483 (17,370 ) 518 220 12,851 $ 725,372 $ 26,718 $ 18,131 $ 11,782 $ 782,003 Less: Current portion (479,101 ) - - - (253,485 ) $ 246,271 $ 528,518 As at April 1, Cash Foreign Non-cash As at March 31, Credit facility (a) $ 121,451 $ 77,638 $ - $ 664 $ 199,753 Filter Group financing (b) - 17,577 - - 17,577 8.75% loan (c) - 236,934 4,553 (1,393 ) 240,094 6.75% $100M convertible debentures (d) 85,760 - - 1,760 87,520 6.75% $160M convertible debentures (e) 148,146 - - 2,799 150,945 6.5% convertible bonds (f) 188,147 (169,333 ) 3,508 7,161 29,483 $ 543,504 $ 162,816 $ 8,061 $ 10,991 $ 725,372 Less: Current portion (121,451 ) - - - (479,101 ) $ 422,053 $ 246,271 |
Disclosure of finance cost [text block] | 2020 2019 Credit facility (a) $ 23,736 $ 20,715 Filter Group financing (b) 1,793 875 8.75% loan (c) 35,089 8,999 6.75% $100M convertible debentures (d) 9,417 8,819 6.75% $160M convertible debentures (e) 13,850 13,598 6.5% convertible bonds (f) 2,746 18,387 Supplier finance and others (g) 20,314 16,386 $ 106,945 $ 87,779 |
Note 17 - Reportable Business_2
Note 17 - Reportable Business Segments (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of operating segments [text block] | Consumer Commercial Corporate Consolidated Sales $ 1,670,775 $ 1,102,034 $ - $ 2,772,809 Cost of goods sold 1,198,653 937,803 - 2,136,456 Gross margin 472,122 164,231 - 636,353 Depreciation of property and equipment 13,534 117 - 13,651 Amortization of intangible assets 24,690 3,307 - 27,997 Administrative expenses 36,423 24,391 107,122 167,936 Selling and marketing expenses 143,187 77,633 - 220,820 Other operating expenses 84,271 8,029 - 92,300 Segment profit (loss) for the year $ 170,017 $ 50,754 $ (107,122 ) $ 113,649 Finance costs (106,945 ) Unrealized loss of derivative instruments and other (213,417 ) Realized loss of derivative instruments (24,386 ) Other income, net 32,660 Impairment of goodwill, intangible assets and other (92,401 ) Provision for income taxes 7,393 Loss for the year from continuing operations $ (298,233 ) Loss from discontinued operations (11,426 ) Loss for the year (309,659 ) Capital expenditures $ 12,881 $ 1,171 $ - $ 14,052 As at March 31, 2020 Total goodwill $ 172,429 $ 100,262 $ - $ 272,691 Total assets $ 916,176 $ 299,657 $ - $ 1,215,833 Total liabilities $ 1,518,232 $ 192,890 $ - $ 1,711,122 Consumer Commercial Corporate Consolidated Sales $ 1,906,473 $ 1,131,965 $ - $ 3,038,438 Cost of goods sold 1,419,509 940,358 - 2,359,867 Gross margin 486,964 191,607 - 678,571 Depreciation of property and equipment 4,362 153 - 4,515 Amortization of intangible assets 20,544 2,136 - 22,680 Administrative expenses 42,573 32,377 90,378 165,328 Selling and marketing expenses 142,560 69,178 - 211,738 Restructuring costs 2,741 3,289 8,814 14,844 Other operating expenses 123,798 5,406 - 129,204 Segment profit (loss) for the year $ 150,386 $ 79,068 $ (99,192 ) $ 130,262 Finance costs (87,779 ) Unrealized loss of derivative instruments and other (87,459 ) Realized loss of derivative instruments (83,776 ) Other income 2,312 Provision for income taxes 11,832 Loss for the year from continuing operations $ (138,272 ) Loss from discontinued operations (128,259 ) Loss for the year (266,531 ) Capital expenditures $ 39,474 $ 4,068 $ - $ 43,542 As at March 31, 2019 Total goodwill $ 181,358 $ 158,563 $ - $ 339,921 Total assets $ 1,238,922 $ 461,633 $ - $ 1,700,555 Total liabilities $ 1,665,752 $ 205,930 $ - $ 1,871,682 |
Disclosure of geographical areas [text block] | Year ended Year ended March 31, 2020 March 31, 2019 Canada $ 323,802 $ 413,836 U.S. 2,449,007 2,624,602 Total $ 2,772,809 $ 3,038,438 As at March 31, 2020 As at March 31, 2019 Canada $ 233,678 $ 266,776 U.S. 166,074 223,802 International - 7,940 Total $ 399,752 $ 498,518 |
Note 18 - Business Combinatio_2
Note 18 - Business Combinations and Dispositions (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Filter Group Inc [member] | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about business combination [text block] | Working capital $ 898 Property and equipment 6,154 Intangible assets 15,600 Goodwill 38,217 Long-term debt (21,611 ) Total consideration $ 39,258 Cash consideration $ 3,000 Payable to shareholders 11,314 Contingent consideration 24,944 Total consideration $ 39,258 |
Note 19 - Income Taxes (Tables)
Note 19 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of the detailed information of income tax [text block] | 2020 2019 Current tax expense $ 7,047 $ 7,622 Deferred tax expense (benefit) Origination and reversal of temporary differences $ (90,459 ) $ (35,825 ) Expense arising from previously unrecognized tax loss or temporary difference 90,805 40,035 Deferred tax expense 346 4,210 Provision for income taxes $ 7,393 $ 11,832 |
Disclosure of income tax reconciliation [text block] | 2020 2019 Loss before income taxes $ (290,840 ) $ (126,440 ) Combined statutory Canadian federal and provincial income tax rate 26.50 % 26.50 % Income tax recovery based on statutory rate $ (77,073 ) $ (33,507 ) Increase (decrease) in income taxes resulting from: Expense (benefit) of mark to market loss and other temporary differences not recognized $ 90,805 $ 40,035 Variance between combined Canadian tax rate and the tax rate applicable to foreign earnings (5,554 ) (3,841 ) Other permanent items (785 ) 9,145 Total provision for income taxes $ 7,393 $ 11,832 |
Disclosure of deferred taxes [text block] | 2020 2019 Mark to market losses on derivative instruments $ - $ 3,097 Tax losses and excess of tax basis over book basis 23,191 98,058 Total deferred income tax assets 23,191 101,155 Offset of deferred income taxes (22,550 ) (101,040 ) Net deferred income tax assets $ 641 $ 115 Partnership income deferred for tax purposes $ - $ (3,542 ) Mark to market gains on derivative instruments - (20,683 ) Book to tax differences on other assets (18,367 ) (70,742 ) Convertible debentures (4,183 ) (6,073 ) Total deferred income tax liabilities (22,550 ) (101,040 ) Offset of deferred income taxes 22,550 101,040 Net deferred income tax liabilities $ - $ - |
Disclosure of income tax, deferred tax movements [text block] | Balance April 1, Recognized in Recognized Other Balance March 31, Partnership income deferred for tax $ (3,542 ) $ 3,542 $ - $ - $ - Book to tax differences 27,316 (23,364 ) 872 - 4,824 Mark to market (gains) losses on derivative instruments (17,586 ) 17,586 - - - Convertible debentures (6,073 ) 1,890 - - (4,183 ) $ 115 $ (346 ) $ 872 $ - $ 641 Balance April 1, Recognized in Recognized Other Balance March 31, Partnership income deferred for tax $ (6,249 ) $ 2,707 $ - $ - $ (3,542 ) Book to tax differences 48,345 (22,822 ) (638 ) 2,431 27,316 Mark to market (gains) losses on derivative instruments (36,578 ) 18,992 - - (17,586 ) Convertible debentures (2,986 ) (3,087 ) - - (6,073 ) $ 2,532 $ (4,210 ) $ (638 ) $ 2,431 $ 115 |
Disclosure of temporary difference, unused tax losses and unused tax credits [text block] | 2020 2019 Mark to market losses on derivative instruments $ 31,897 $ 7,239 Excess of tax over book basis 47,038 32,911 |
Note 20 - Shareholders' Capit_2
Note 20 - Shareholders' Capital (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of classes of share capital [text block] | Year ended Year ended March 31, 2020 March 31, 2019 Shares Amount Shares Amount Common shares: Issued and outstanding Balance, beginning of year 149,595,952 $ 1,088,538 148,394,152 $ 1,079,055 Share-based awards exercised 2,018,286 11,326 1,201,800 9,483 Balance, end of year 151,614,238 $ 1,099,864 149,595,952 $ 1,088,538 Preferred shares: Issued and outstanding Balance, beginning of year 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 year 4,662,165 $ 146,965 4,662,165 $ 146,965 Shareholders' capital $ 1,246,829 $ 1,235,503 |
Note 21 - Share-based Compens_2
Note 21 - Share-based Compensation Plans (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Deferred share grants [member] | |
Statement Line Items [Line Items] | |
Disclosure of number and weighted average exercise prices of other equity instruments [text block] | 2020 2019 Balance, beginning of year - 69,481 Less: Granted (80,150 ) (69,481 ) Less: Granted overage from fiscal 2019 (37,123 ) - Add: Increase in DSGs available for grant 200,000 - Balance, end of year 82,727 - |
Performance bonus grants [member] | |
Statement Line Items [Line Items] | |
Disclosure of number and weighted average exercise prices of other equity instruments [text block] | 2020 2019 Balance, beginning of year 2,182,302 2,270,480 Less: Granted (1,097,300 ) (331,196 ) Add: Cancelled/forfeited 394,697 243,018 Balance, end of year 1,479,699 2,182,302 |
Restricted share grants [member] | |
Statement Line Items [Line Items] | |
Disclosure of number and weighted average exercise prices of other equity instruments [text block] | 2020 2019 Balance, beginning of year 2,717,774 3,004,624 Less: Granted (2,305,128 ) (788,211 ) Add: Cancelled/forfeited 658,516 501,361 Balance, end of year 1,071,162 2,717,774 |
Note 22 - Other Expenses (Table
Note 22 - Other Expenses (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of other operating expense [text block] | Year ended Year ended March 31, 2020 March 31, 2019 Amortization of intangible assets $ 27,997 $ 22,680 Depreciation of property and equipment 13,651 4,515 Bad debt expense 80,050 123,288 Share-based compensation 12,250 5,916 $ 133,948 $ 156,399 |
Disclosure of employee benefits [text block] | Year ended Year ended March 31, 2020 March 31, 2019 Wages, salaries and commissions $ 211,457 $ 233,575 Benefits 22,218 22,315 $ 233,675 $ 255,890 |
Note 23 - Loss Per Share (Table
Note 23 - Loss Per Share (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Earnings per share [text block] | Year ended Year ended March 31, 2020 March 31, 2019 (Restated) BASIC LOSS PER SHARE Loss from continuing operations available to shareholders $ (298,233 ) $ (138,272 ) Dividend to preferred shareholders - net of tax 10,643 8,959 Loss from continuing operations available to shareholders - net (308,876 ) (147,231 ) Basic weighted average shares outstanding 151,033,844 149,138,797 Basic loss per share from continuing operations available to shareholders $ (2.05 ) $ (1.00 ) Basic loss per share available to shareholders $ (2.12 ) $ (1.86 ) DILUTED LOSS PER SHARE Loss from continuing operations available to shareholders $ (308,876 ) $ (147,231 ) Adjusted loss from continuing operations available to shareholders $ (308,876 ) $ (147,231 ) Basic weighted average shares outstanding 151,033,844 149,138,797 Dilutive effect of: Restricted share and performance bonus grants 2,665,121 1 2,409,990 1 Deferred share grants 291,743 1 142,928 1 Convertible debentures 39,574,831 1 39,574,831 1 Shares outstanding on a diluted basis 193,565,539 191,266,546 Diluted loss from continuing operations per share available to shareholders $ (2.05 ) $ (1.00 ) Diluted loss per share available to shareholders $ (2.12 ) $ (1.86 ) |
Note 24 - Discontinued Operat_2
Note 24 - Discontinued Operations (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Schedule of non-current assets held for sale and discontinued operations [text block] | 2020 2019 Sales $ 427,346 $ 793,761 Gain on disposal of the U.K. and Ireland businesses (45,138 ) - Loss from discontinued operations before income taxes (11,349 ) (132,004 ) Provision for (recovery of) income taxes 77 (3,745 ) LOSS FROM DISCONTINUED OPERATIONS $ (11,426 ) $ (128,259 ) As at As at March 31, March 31, 2020 2019 ASSETS Current assets Cash and cash equivalents $ 898 $ 628 Current trade and other receivables 4,978 3,007 Income taxes recoverable 12 50 Other current assets 1,140 3,087 7,028 6,772 Non-current assets Property and equipment 38 42 Intangible assets 545 2,157 ASSETS CLASSIFIED AS HELD FOR SALE $ 7,611 $ 8,971 Liabilities Current liabilities Trade and other payables $ 4,823 $ 4,902 Deferred revenue 83 298 LIABILITIES CLASSIFIED AS HELD FOR SALE $ 4,906 $ 5,200 |
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 ) Net gain on sale of U.K. operations $ 43,579 Proceeds from sale $ 649 Carrying value of net liabilities disposed 910 Net gain on sale of Just Energy Ireland operations $ 1,559 |
Note 25 - Commitments and Con_2
Note 25 - Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
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 $ 1,463,615 $ 1,200,713 $ 322,590 $ 101,606 $ 3,088,524 |
Note 26 - Related Party Trans_2
Note 26 - Related Party Transactions (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of transactions between related parties [text block] | March 31, 2020 March 31, 2019 Salaries and benefits $ 2,334 $ 2,493 Share-based compensation expense, net 625 1,163 $ 2,959 $ 3,656 |
Note 27 - Supplemental Cash F_2
Note 27 - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information in changes in non-cash working capital [text block] | Year ended Year ended March 31, 2020 March 31, 2019 Accounts receivable and unbilled revenue, net $ 33,839 $ (35,427 ) Gas in storage (3,234 ) (601 ) Prepaid expenses and deposits (89,087 ) (128,911 ) Provisions (4,607 ) 4,309 Trade and other payables 106,271 174,958 Adjustments required to reflect net cash receipts from gas sales 812 4,186 $ 43,994 $ 18,514 |
Disclosure of detailed information of adjustments required to reflect net cash receipts from gas sales [text block] | 2020 2019 Changes in: Accrued gas receivable $ (12,972 ) $ 15,893 Gas delivered (drawn) in excess of consumption (4,866 ) 2,716 Accrued gas payable 11,266 (12,261 ) Deferred revenue 7,384 (2,162 ) $ 812 $ 4,186 |
Note 2 - Operations (Details Te
Note 2 - Operations (Details Textual) | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Fixed price and price protected program contract period | 5 |
Proportion of ownership interest in associate | 8.00% |
Note 3 - Basis of Presentation
Note 3 - Basis of Presentation (Details Textual) $ in Thousands, $ in Millions | Jul. 08, 2020CAD ($) | Jun. 30, 2020 | Mar. 31, 2020CAD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019 | Dec. 02, 2019 | Mar. 31, 2019CAD ($) | Sep. 12, 2018USD ($) | Apr. 18, 2018CAD ($) | Apr. 18, 2018USD ($) | |||
Statement Line Items [Line Items] | |||||||||||||
Total borrowings | $ 782,003 | $ 725,372 | |||||||||||
Preferred shares, fixed-to-floating rate | 8.50% | ||||||||||||
Equity investment commitment | $ 100,000 | ||||||||||||
Credit facility [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Borrowings, debt accordion | $ 370,000 | ||||||||||||
Borrowings, senior debit to EBITDA covenant ratio | 2.15 | 2.15 | 1.5 | ||||||||||
Borrowings, EBITDA covenant ratio | 4 | 4 | 3.5 | ||||||||||
Borrowings, interest rate | 3.75% | 3.75% | |||||||||||
Total borrowings | $ 335,000 | $ 236,389 | $ 201,577 | [1] | |||||||||
Borrowings, term (Year) | 3 years | ||||||||||||
Credit facility [member] | Changes in debt covenant ratios [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Borrowings, senior debit to EBITDA covenant ratio | 2 | ||||||||||||
Borrowings, EBITDA covenant ratio | 4 | ||||||||||||
Senior unsecured 8.75% term loan [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Notional amount | $ 250 | $ 250 | |||||||||||
Borrowings, interest rate | 8.75% | [2] | 8.75% | [2] | 8.75% | 8.75% | [2] | 8.75% | |||||
Total borrowings | $ 280,535 | [3] | $ 14 | $ 240,094 | [3] | ||||||||
Subordinated convertible debentures due March 31, 2023 [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Borrowings, convertible, exchange for common equity | $ 100,000 | ||||||||||||
Borrowings, interest rate | 6.75% | ||||||||||||
Subordinated convertible debentures due December 31, 2021 [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Borrowings, convertible, exchange for common equity | $ 160,000 | ||||||||||||
Borrowings, interest rate | 6.75% | ||||||||||||
[1] | As of April 18, 2018, the Company had renegotiated an agreement with a syndicate of lenders that includes Canadian Imperial Bank of Commerce ("CIBC"), National Bank of Canada ("National"), HSBC Bank Canada, JPMorgan Chase Bank N.A., Alberta Treasury Branches, Canadian Western Bank and Morgan Stanley Senior Funding, Inc., a subsidiary of Morgan Stanley Bank N.A. The agreement 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 letter of credit facility is guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. The Company amended its senior secured credit facility to increase the senior debt to EBITDA covenant ratio from 1.50:1 to 2.15:1 and the total debt to EBITDA covenant ratio from 3.50:1 to 4.00:1 for the fourth quarter of fiscal 2020. As at March 31, 2020, the Company was compliant with all of these covenants. 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 March 31, 2020, the Canadian prime rate was 2.45% and the U.S. prime rate was 3.25%. As at March 31, 2020, $236.4 million has been drawn against the facility and total letters of credit outstanding as of March 31, 2020 amounted to $72.5 million (March 31, 2019 - $94.0 million). As at March 31, 2020, Just Energy has $61.1 million of the facility remaining for future working capital and/or security requirements. Just Energy's obligations under the credit facility are supported by guarantees of certain subsidiaries and affiliates and secured by a general security agreement and a pledge of the assets and securities of Just Energy and the majority of its operating subsidiaries and affiliates excluding, primarily, the Barbados, Ireland, Japan and German operations. Just Energy is required to meet a number of financial covenants under the credit facility agreement. | ||||||||||||
[2] | On September 12, 2018, Just Energy entered into a US$250 million non-revolving multi-draw senior unsecured term loan facility (the "8.75% loan") with Sagard Credit Partners, LP and certain funds managed by a leading U.S.-based global fixed income asset manager. The 8.75% loan bears interest at 8.75% per annum payable semi-annually in arrears on June 30 and December 31 in each year plus fees and will mature on September 12, 2023. Counterparties were issued 7.5 million warrants at a strike price of $8.56 each, convertible to one Just Energy common stock. The value of these warrants has been assessed as nominal. The 8.75% loan has three tranches. The first tranche of US$50 million is earmarked for general corporate purposes, including to pay down Just Energy's credit facility. The second tranche of US$150 million is earmarked towards the settlement of Just Energy's 6.5% convertible bonds. The third tranche of US$50 million is earmarked for investments and future acquisitions. As of March 31, 2020, 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. At March 31, 2020 the Company has US$43.0 million available under the facility to draw, earmarked for investments and future acquisitions. The Company has amended the covenants on its senior unsecured term loan facility to increase the senior debt to EBITDA covenant ratio from 1.65:1 to 2.30:1 and the total debt to EBITDA covenant from 3.50:1 to 4.25:1 for the fourth quarter of fiscal 2020. As at March 31, 2020 the Company was compliant with all of these covenants. | ||||||||||||
[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 of March 31, 2020, 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. At March 31, 2020 the Company has US$43.0 million available under the facility to draw, earmarked for investments and future acquisitions. The Company has amended the covenants on its senior unsecured term loan facility to increase the senior debt to EBITDA covenant ratio from 1.65:1 to 2.30:1 and the total debt to EBITDA covenant from 3.50:1 to 4.25:1 for the fourth quarter of fiscal 2020. As at March 31, 2020 the Company was compliant with all of these covenants. |
Note 4 - Significant Accounti_3
Note 4 - Significant Accounting Policies (Details Textual) | 12 Months Ended |
Mar. 31, 2020 | |
Statement Line Items [Line Items] | |
Deferred Profit Sharing Plan, maximum matching percentage of gross earnings | 2.00% |
Employee Profit Sharing Plan, maximum matching percentage of gross earnings | 2.00% |
Employee Unit Purchase Plan, maximum matching percentage of gross earnings | 3.00% |
Defined contribition plan, matching percentage of gross earnings | 4.00% |
Maximum combined employee unit purchase plan and 401(k) plan matching percentage of gross earnings | 5.00% |
Maximum combined percentage of gross earnings match for employee unit purchase plan | 3.00% |
Maximum combined percentage of gross earnings match for 401(k) plan | 2.00% |
Vesting period for 402(k) plan (Year) | 2 years |
Vesting period for employee unit purchase plan (Month) | 180 days |
Note 4 - Significant Accounti_4
Note 4 - Significant Accounting Policies - Useful Lives of Property, Plant, and Equipment (Details) | 12 Months Ended |
Mar. 31, 2020 | |
Installed assets - water filtration [member] | Top of range [member] | |
Statement Line Items [Line Items] | |
Useful life (Year) | 7 years |
Fixtures and fittings [member] | |
Statement Line Items [Line Items] | |
Depreciations method | Declining balance |
Depreciation rate | 20.00% |
Office equipment [member] | |
Statement Line Items [Line Items] | |
Depreciations method | Declining balance |
Depreciation rate | 20.00% |
Computer equipment [member] | |
Statement Line Items [Line Items] | |
Depreciations method | Declining balance |
Depreciation rate | 30.00% |
Leasehold improvements [member] | |
Statement Line Items [Line Items] | |
Depreciations method | Straight-line |
Premise assets [member] | Bottom of range [member] | |
Statement Line Items [Line Items] | |
Useful life (Year) | 4 years |
Depreciations method | Straight-line |
Note 4 - Significant Accounti_5
Note 4 - Significant Accounting Policies - Useful Lives of Intangible Assets (Details) | 12 Months Ended |
Mar. 31, 2020 | |
Sales network and affinity relationships [member] | |
Statement Line Items [Line Items] | |
Amortization method | Straight-line |
Sales network and affinity relationships [member] | Top of range [member] | |
Statement Line Items [Line Items] | |
Useful life and amortization rate (Year) | 8 years |
Sales network and affinity relationships [member] | Bottom of range [member] | |
Statement Line Items [Line Items] | |
Useful life and amortization rate (Year) | 5 years |
Technology-based intangible assets [member] | |
Statement Line Items [Line Items] | |
Amortization method | Straight-line |
Technology-based intangible assets [member] | Top of range [member] | |
Statement Line Items [Line Items] | |
Useful life and amortization rate (Year) | 5 years |
Technology-based intangible assets [member] | Bottom of range [member] | |
Statement Line Items [Line Items] | |
Useful life and amortization rate (Year) | 3 years |
Customer-related intangible assets [member] | |
Statement Line Items [Line Items] | |
Amortization method | Straight-line |
Contract initiation costs [member] | |
Statement Line Items [Line Items] | |
Useful life and amortization rate (Year) | 10 years |
Amortization method | Straight-line |
Brand names [member] | |
Statement Line Items [Line Items] | |
Useful life and amortization rate (Year) | 10 years |
Amortization method | Straight-line |
Note 5 - Restatement and Recl_3
Note 5 - Restatement and Reclassification of Prior Period Financial Statements (Details Textual) - CAD ($) | 12 Months Ended | ||||||||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 02, 2019 | Sep. 12, 2018 | Apr. 01, 2018 | Mar. 31, 2018 | ||||
Statement Line Items [Line Items] | |||||||||
Retained earnings | $ (1,809,557,000) | $ (1,473,776,000) | $ 775,350,000 | $ (1,140,118,000) | |||||
Profit (loss) | $ (309,659,000) | $ (266,531,000) | |||||||
Total trade and other payables | 648,997,000 | ||||||||
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% | |||
Increase (decrease) due to corrections of prior period errors [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Sales and marketing expense | $ 4,300,000 | ||||||||
Retained earnings | (83,075,000) | $ (59,000,000) | (58,979,000) | ||||||
Profit (loss) | $ (24,096,000) | ||||||||
Total trade and other payables | 58,979 | ||||||||
Increase (decrease) due to corrections of prior period errors [member] | Senior unsecured 8.75% term loan [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Borrowings, interest rate | 8.75% | ||||||||
Previously stated [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Retained earnings | $ (1,390,701,000) | 754,639,000 | |||||||
Profit (loss) | [2] | $ (242,435,000) | |||||||
Total trade and other payables | $ 590,018,000 | ||||||||
[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 of March 31, 2020, 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. At March 31, 2020 the Company has US$43.0 million available under the facility to draw, earmarked for investments and future acquisitions. The Company has amended the covenants on its senior unsecured term loan facility to increase the senior debt to EBITDA covenant ratio from 1.65:1 to 2.30:1 and the total debt to EBITDA covenant from 3.50:1 to 4.25:1 for the fourth quarter of fiscal 2020. As at March 31, 2020 the Company was compliant with all of these covenants. | ||||||||
[2] | The March 31, 2019 statements have been adjusted to remove the discontinued operations as described in Note 24 and to reflect the implementation of the IFRIC Decision as described in Note 7. |
Note 5 - Restatement and Recl_4
Note 5 - Restatement and Reclassification of Prior Period Financial Statements - Line Items Restated on Consolidated Financial Statements (Details) - CAD ($) | 12 Months Ended | ||||||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Apr. 01, 2018 | Mar. 31, 2018 | ||
Statement Line Items [Line Items] | |||||||
Current trade and other receivables | $ 403,907,000 | $ 705,221,000 | $ 658,844,000 | ||||
Other current assets | 203,270,000 | 206,425,000 | 112,214,000 | ||||
Total current assets | 686,767,000 | 1,092,010,000 | 1,050,162,000 | ||||
Deferred income tax asset | 3,572,000 | 4,238,000 | 9,449,000 | ||||
Non-current assets | 521,455,000 | 598,420,000 | 551,231,000 | ||||
TOTAL ASSETS | 1,215,833,000 | 1,699,401,000 | 1,601,393,000 | ||||
Trade and other payables | 685,665,000 | 870,083,000 | 648,997,000 | ||||
Current portion of long-term debt | 253,485,000 | 479,101,000 | 121,451,000 | ||||
Current liabilities | 1,060,768,000 | 1,490,899,000 | 905,646,000 | ||||
Long-term debt | 528,518,000 | 246,271,000 | 422,053,000 | ||||
Non-current liabilities | 645,447,000 | 375,392,000 | 538,191,000 | ||||
TOTAL LIABILITIES | 1,711,121,000 | 1,871,491,000 | 1,443,837,000 | ||||
Retained earnings | (1,809,557,000) | (1,473,776,000) | $ 775,350,000 | (1,140,118,000) | |||
Total equity | $ (172,090,000) | $ 157,556,000 | (495,288,000) | (172,090,000) | 157,556,000 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT | 1,215,833,000 | 1,699,401,000 | 1,601,393,000 | ||||
Cost of goods sold | 2,136,456,000 | 2,359,867,000 | |||||
Gross Margin | 636,353,000 | 678,571,000 | |||||
Selling and marketing | 220,820,000 | 211,738,000 | |||||
Other income, net | 32,660,000 | 2,312,000 | |||||
Loss before income taxes | (298,233,000) | (126,440,000) | |||||
Provision for (recovery of) income taxes | 7,393,000 | 11,832,000 | |||||
LOSS FOR THE YEAR | (309,659,000) | (266,531,000) | |||||
TOTAL COMPREHENSIVE LOSS FOR THE YEAR, NET OF TAX | $ (304,101,000) | $ (261,509,000) | |||||
Basic (in CAD per share) | $ (2.05) | $ (1) | |||||
Diluted (in CAD per share) | (2.05) | (1) | |||||
Basic (in CAD per share) | (0.07) | (0.86) | |||||
Diluted (in CAD per share) | (0.07) | (0.86) | |||||
Basic (in CAD per share) | (2.12) | (1.86) | |||||
Diluted (in CAD per share) | $ (2.12) | $ (1.86) | |||||
Accumulated earnings (loss), beginning of year | $ (172,090,000) | $ 157,556,000 | |||||
Accumulated earnings (loss), end of year | (495,288,000) | (172,090,000) | |||||
Loss before income taxes | (302,189,000) | (258,444,000) | |||||
Net change in working capital balances | 43,994,000 | 18,514,000 | |||||
Retained earnings attributable to accumulated earnings (losses) [member] | |||||||
Statement Line Items [Line Items] | |||||||
Total equity | 140,446,000 | 450,032,000 | $ 140,446,000 | 450,032,000 | 716,371,000 | ||
LOSS FOR THE YEAR | (309,586,000) | (266,339,000) | |||||
Accumulated earnings (loss), beginning of year | 450,032,000 | 716,371,000 | |||||
Accumulated earnings (loss), end of year | 140,446,000 | 450,032,000 | |||||
Previously stated [member] | |||||||
Statement Line Items [Line Items] | |||||||
Current trade and other receivables | 672,615,000 | ||||||
Other current assets | 349,643,000 | ||||||
Total current assets | 1,022,258,000 | ||||||
Deferred income tax asset | 1,092,000 | ||||||
Non-current assets | 595,274,000 | ||||||
TOTAL ASSETS | 1,626,503,000 | ||||||
Trade and other payables | 714,110,000 | ||||||
Current portion of long-term debt | 37,429,000 | ||||||
Current liabilities | 893,254,000 | ||||||
Long-term debt | 687,943,000 | ||||||
Non-current liabilities | 817,064,000 | ||||||
TOTAL LIABILITIES | 1,715,518,000 | ||||||
Retained earnings | (1,390,701,000) | 754,639,000 | |||||
Total equity | (89,015,000) | (89,015,000) | (89,015,000) | ||||
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT | 1,626,503,000 | ||||||
Cost of goods sold | [1] | 2,336,154,000 | |||||
Gross Margin | [1] | 702,284,000 | |||||
Selling and marketing | [1] | 207,438,000 | |||||
Other income, net | [1] | 1,541,000 | |||||
Loss before income taxes | [2] | (99,198,000) | |||||
Provision for (recovery of) income taxes | [1] | 14,978,000 | |||||
LOSS FOR THE YEAR | [1] | (242,435,000) | |||||
TOTAL COMPREHENSIVE LOSS FOR THE YEAR, NET OF TAX | [1] | $ (237,413,000) | |||||
Basic (in CAD per share) | [1] | $ (0.84) | |||||
Diluted (in CAD per share) | [1] | (0.84) | |||||
Basic (in CAD per share) | [1] | (0.86) | |||||
Diluted (in CAD per share) | [1] | (0.86) | |||||
Basic (in CAD per share) | [1] | (1.70) | |||||
Diluted (in CAD per share) | [1] | $ (1.70) | |||||
Accumulated earnings (loss), beginning of year | (89,015,000) | ||||||
Accumulated earnings (loss), end of year | $ (89,015,000) | ||||||
Loss before income taxes | [2] | (231,201,000) | |||||
Net change in working capital balances | [2] | (8,728,000) | |||||
Previously stated [member] | Retained earnings attributable to accumulated earnings (losses) [member] | |||||||
Statement Line Items [Line Items] | |||||||
Total equity | 533,107,000 | 533,107,000 | 533,107,000 | 775,350,000 | |||
LOSS FOR THE YEAR | (242,243,000) | ||||||
Accumulated earnings (loss), beginning of year | 533,107,000 | 775,350,000 | |||||
Accumulated earnings (loss), end of year | 533,107,000 | ||||||
Reclassifications [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Current trade and other receivables | 32,606,000 | ||||||
Other current assets | 41,446,000 | ||||||
Total current assets | 74,052,000 | ||||||
Deferred income tax asset | |||||||
Non-current assets | |||||||
TOTAL ASSETS | 74,052,000 | ||||||
Trade and other payables | 74,052,000 | ||||||
Current portion of long-term debt | 441,672,000 | ||||||
Current liabilities | 515,724,000 | ||||||
Long-term debt | (441,672,000) | ||||||
Non-current liabilities | (441,672,000) | ||||||
TOTAL LIABILITIES | 74,052,000 | ||||||
Retained earnings | |||||||
Total equity | |||||||
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT | 74,052,000 | ||||||
Accumulated earnings (loss), beginning of year | |||||||
Accumulated earnings (loss), end of year | |||||||
Increase (decrease) due to corrections of prior period errors [member] | |||||||
Statement Line Items [Line Items] | |||||||
Current trade and other receivables | |||||||
Other current assets | (4,300,000) | ||||||
Total current assets | (4,300,000) | ||||||
Deferred income tax asset | 3,146,000 | ||||||
Non-current assets | 3,146,000 | ||||||
TOTAL ASSETS | (1,154,000) | ||||||
Trade and other payables | 81,921,000 | ||||||
Current portion of long-term debt | |||||||
Current liabilities | 81,921,000 | ||||||
Long-term debt | |||||||
Non-current liabilities | |||||||
TOTAL LIABILITIES | 81,921,000 | ||||||
Retained earnings | (83,075,000) | $ (59,000,000) | (58,979,000) | ||||
Total equity | (83,075,000) | (83,075,000) | (83,075,000) | ||||
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT | (1,154,000) | ||||||
Cost of goods sold | 23,713,000 | ||||||
Gross Margin | (23,713,000) | ||||||
Selling and marketing | 4,300,000 | ||||||
Other income, net | 771,000 | ||||||
Loss before income taxes | (27,242,000) | ||||||
Provision for (recovery of) income taxes | (3,146,000) | ||||||
LOSS FOR THE YEAR | (24,096,000) | ||||||
TOTAL COMPREHENSIVE LOSS FOR THE YEAR, NET OF TAX | $ (24,096,000) | ||||||
Basic (in CAD per share) | $ (0.16) | ||||||
Diluted (in CAD per share) | (0.16) | ||||||
Basic (in CAD per share) | |||||||
Diluted (in CAD per share) | |||||||
Basic (in CAD per share) | (0.16) | ||||||
Diluted (in CAD per share) | $ (0.16) | ||||||
Accumulated earnings (loss), beginning of year | (83,075,000) | ||||||
Accumulated earnings (loss), end of year | $ (83,075,000) | ||||||
Loss before income taxes | (27,242,000) | ||||||
Net change in working capital balances | 27,242,000 | ||||||
Increase (decrease) due to corrections of prior period errors [member] | Retained earnings attributable to accumulated earnings (losses) [member] | |||||||
Statement Line Items [Line Items] | |||||||
Total equity | (83,075,000) | (83,075,000) | $ (83,075,000) | $ (58,979,000) | |||
LOSS FOR THE YEAR | (24,096,000) | ||||||
Accumulated earnings (loss), beginning of year | $ (83,075,000) | (58,979,000) | |||||
Accumulated earnings (loss), end of year | $ (83,075,000) | ||||||
[1] | The March 31, 2019 statements have been adjusted to remove the discontinued operations as described in Note 24 and to reflect the implementation of the IFRIC Decision as described in Note 7. | ||||||
[2] | The March 31, 2019 statements have been adjusted to remove the effects of the discontinued operations as described in Note 24. |
Note 7 - Accounting Policies _3
Note 7 - Accounting Policies and New Standards Adopted (Details Textual) $ in Thousands | Mar. 06, 2019CAD ($) | Mar. 31, 2020CAD ($) | Mar. 31, 2019CAD ($) | Apr. 01, 2019CAD ($) | Apr. 01, 2018CAD ($) | Mar. 31, 2018CAD ($) | |
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 | $ 3,088,524 | $ 21,243 | $ 18,525 | ||||
Cost of sales | 2,136,456 | 2,359,867 | |||||
Retained earnings | (1,809,557) | (1,473,776) | $ 775,350 | $ (1,140,118) | |||
Accumulated other comprehensive income | $ 84,651 | 79,093 | 74,071 | 91,934 | |||
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 | ||||||
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | IFRIC agenda decision 11 [member] | |||||||
Statement Line Items [Line Items] | |||||||
Cost of sales | $ 72,800 | ||||||
Increase (decrease) due to application of IFRS 15 [member] | |||||||
Statement Line Items [Line Items] | |||||||
Retained earnings | 20,711 | ||||||
Previously stated [member] | |||||||
Statement Line Items [Line Items] | |||||||
Cost of sales | [1] | 2,336,154 | |||||
Retained earnings | $ (1,390,701) | 754,639 | |||||
Accumulated other comprehensive income | $ 91,934 | ||||||
Increase (decrease) due to application of IFRS 9 [member] | |||||||
Statement Line Items [Line Items] | |||||||
Accumulated other comprehensive income | $ (17,863) | ||||||
Bottom of range [member] | |||||||
Statement Line Items [Line Items] | |||||||
Leasing period | 1 | ||||||
Top of range [member] | |||||||
Statement Line Items [Line Items] | |||||||
Leasing period | 10 | ||||||
[1] | The March 31, 2019 statements have been adjusted to remove the discontinued operations as described in Note 24 and to reflect the implementation of the IFRIC Decision as described in Note 7. |
Note 7 - Accounting Policies _4
Note 7 - Accounting Policies and New Standards Adopted - Reconciliation of Total Operating Lease Commitments to the Lease Liability Recognized (Details) - CAD ($) $ in Thousands | Mar. 31, 2020 | Apr. 01, 2019 | Mar. 31, 2019 |
Statement Line Items [Line Items] | |||
Total operating lease commitments disclosed as at March 31, 2019 | $ 3,088,524 | $ 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 | $ 3,088,524 | $ 18,525 | $ 21,243 |
Note 7 - Accounting Policies _5
Note 7 - Accounting Policies and New Standards Adopted - Adoption of Agenda Paper 11 (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | ||
Realized loss from derivative instruments and other in cost of sales | $ (24,386) | $ (83,776) |
Physical forward contracts and options [member] | ||
Statement Line Items [Line Items] | ||
Realized loss from derivative instruments and other in cost of sales | 72,805 | (174,310) |
Financial swap contracts and options [member] | ||
Statement Line Items [Line Items] | ||
Realized loss from derivative instruments and other in cost of sales | $ (97,191) | $ 90,534 |
Note 8 - Trade and Other Rece_3
Note 8 - Trade and Other Receivables, Net - Components of Trade and Other Receivables (Details) - CAD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Statement Line Items [Line Items] | |||
Trade account receivables, net | $ 241,969 | $ 365,008 | |
Accrued gas receivable | 7,224 | 13,637 | |
Net unbilled revenue | 121,993 | 270,130 | |
Other | 32,721 | 56,446 | |
Trade and other current receivables | $ 403,907 | $ 705,221 | $ 658,844 |
Note 8 - Trade and Other Rece_4
Note 8 - Trade and Other Receivables, Net - Aging of Accounts Receivable (Details) - Trade receivables [member] - Credit risk [member] - CAD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Statement Line Items [Line Items] | ||
Financial assets | $ 157,379 | $ 298,703 |
Current [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 83,431 | 116,892 |
No later than one month [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 26,678 | 42,562 |
Later than one month and not later than two months [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 6,513 | 22,317 |
Later than two months and not later than three months [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 5,505 | 16,352 |
Later than three months [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | $ 35,252 | $ 100,580 |
Note 8 - Trade and Other Rece_5
Note 8 - Trade and Other Receivables, Net - Changes in Allowance for Doubtful Accounts (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | ||
Balance, beginning of year | $ 182,365 | $ 60,121 |
Provision for doubtful accounts | 80,050 | 192,202 |
Bad debts written off | (138,514) | (90,231) |
Adjustment from IFRS 9 adoption | 23,636 | |
Foreign exchange | 3,124 | (3,363) |
Assets classified as held for sale/sold | (81,193) | |
Balance, end of year | 45,832 | 182,365 |
Total allowance for doubtful accounts | 45,832 | 60,121 |
Trade receivables [member] | ||
Statement Line Items [Line Items] | ||
Balance, beginning of year | 168,728 | |
Balance, end of year | 43,127 | 168,728 |
Total allowance for doubtful accounts | 168,728 | 168,728 |
Unbilled revenue [member] | ||
Statement Line Items [Line Items] | ||
Balance, beginning of year | 13,637 | |
Balance, end of year | 2,705 | 13,637 |
Total allowance for doubtful accounts | $ 13,637 | $ 13,637 |
Note 9 - Other Current and No_3
Note 9 - Other Current and Non-current Assets - Components of Prepaid Expenses, Deposits, and Other Current Assets (Details) - CAD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Statement Line Items [Line Items] | |||
Prepaid expenses and deposits | $ 55,972 | $ 81,986 | |
Customer acquisition costs | 77,939 | 71,407 | |
Green certificates | 63,728 | 44,957 | |
Gas delivered in excess of consumption | 2,393 | 3,121 | |
Inventory | 3,238 | 4,954 | |
Current prepayments and other current assets | 203,270 | 206,425 | |
Customer acquisition costs | 43,686 | 46,416 | |
Income taxes recoverable | 3,096 | ||
Other long-term assets | 12,764 | ||
Other non-current assets | $ 56,450 | $ 49,512 | $ 19,987 |
Note 10 - Investments (Details
Note 10 - Investments (Details Textual) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | ||
Proportion of ownership interest in associate | 8.00% | |
Ecobee [member] | ||
Statement Line Items [Line Items] | ||
Proportion of ownership interest in associate | 8.00% | |
Gains (losses) on available-for-sale financial assets | $ 32.9 | $ 32.9 |
Note 11 - Property and Equipm_3
Note 11 - Property and Equipment - Reconciliation of Property, Plant, and Equipment (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Statement Line Items [Line Items] | |||
Property, plant and equipment, balance | $ 25,862 | $ 18,893 | |
Additions | 14,052 | 43,542 | |
Property, plant and equipment, balance | 28,794 | 25,862 | |
Computer equipment [member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment, balance | 13,021 | ||
Property, plant and equipment, balance | 8,411 | 13,021 | |
Fixtures and fittings [member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment, balance | 1,594 | ||
Property, plant and equipment, balance | 1,142 | 1,594 | |
Premise assets [member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment, balance | 4,936 | ||
Property, plant and equipment, balance | 3,984 | 4,936 | |
Office equipment [member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment, balance | 4,801 | ||
Property, plant and equipment, balance | 2,089 | 4,801 | |
Leasehold improvements [member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment, balance | 1,510 | ||
Property, plant and equipment, balance | 982 | 1,510 | |
Right-of-use assets [member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment, balance | [1] | 12,186 | |
Gross carrying amount [member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment, balance | 76,464 | 62,375 | |
Additions | 20,684 | 8,658 | |
Assets held for sale | (2,001) | (69) | |
Disposals/impairment | (4,847) | ||
Exchange differences | 1,335 | 925 | |
Property, plant and equipment, balance | 91,635 | 76,464 | |
Acquisition | 6,154 | ||
Assets held for sale | (2,001) | (69) | |
Retirements | (1,579) | ||
Gross carrying amount [member] | Computer equipment [member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment, balance | 29,976 | 22,173 | |
Additions | 503 | 7,468 | |
Assets held for sale | (1,365) | (5) | |
Disposals/impairment | (1,693) | ||
Exchange differences | 538 | 340 | |
Property, plant and equipment, balance | 27,959 | 29,976 | |
Acquisition | |||
Assets held for sale | (1,365) | (5) | |
Retirements | |||
Gross carrying amount [member] | Fixtures and fittings [member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment, balance | 6,701 | 6,861 | |
Additions | 79 | 58 | |
Assets held for sale | (276) | (4) | |
Disposals/impairment | |||
Exchange differences | 181 | 95 | |
Property, plant and equipment, balance | 6,685 | 6,701 | |
Acquisition | |||
Assets held for sale | (276) | (4) | |
Retirements | (309) | ||
Gross carrying amount [member] | Premise assets [member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment, balance | 18,726 | 13,238 | |
Additions | 283 | 707 | |
Assets held for sale | |||
Disposals/impairment | (275) | ||
Exchange differences | 291 | 146 | |
Property, plant and equipment, balance | 19,025 | 18,726 | |
Acquisition | 4,827 | ||
Assets held for sale | |||
Retirements | (192) | ||
Gross carrying amount [member] | Office equipment [member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment, balance | 16,265 | 15,209 | |
Additions | 94 | 311 | |
Assets held for sale | (185) | (60) | |
Disposals/impairment | |||
Exchange differences | 243 | 32 | |
Property, plant and equipment, balance | 16,417 | 16,265 | |
Acquisition | 773 | ||
Assets held for sale | (185) | (60) | |
Retirements | |||
Gross carrying amount [member] | Leasehold improvements [member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment, balance | 4,796 | 4,894 | |
Additions | 1,200 | 114 | |
Assets held for sale | (175) | ||
Disposals/impairment | (1,222) | ||
Exchange differences | 76 | 312 | |
Property, plant and equipment, balance | 4,675 | 4,796 | |
Acquisition | 554 | ||
Assets held for sale | (175) | ||
Retirements | (1,078) | ||
Gross carrying amount [member] | Right-of-use assets [member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment, balance | [1] | ||
Additions | [1] | 18,525 | |
Assets held for sale | |||
Disposals/impairment | (1,657) | ||
Exchange differences | [1] | 6 | |
Property, plant and equipment, balance | [1] | 16,874 | |
Assets held for sale | |||
Accumulated depreciation, amortisation and impairment [member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment, balance | (50,602) | (43,482) | |
Assets held for sale | 971 | (51) | |
Disposals/impairment | 384 | ||
Exchange differences | (348) | (283) | |
Depreciation charge for the year | (13,246) | (7,437) | |
Property, plant and equipment, balance | (62,841) | (50,602) | |
Assets held for sale | 971 | (51) | |
Retirements | 651 | ||
Accumulated depreciation, amortisation and impairment [member] | Computer equipment [member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment, balance | (16,955) | (13,984) | |
Assets held for sale | 713 | 2 | |
Disposals/impairment | |||
Exchange differences | (379) | (138) | |
Depreciation charge for the year | (2,927) | (2,835) | |
Property, plant and equipment, balance | (19,548) | (16,955) | |
Assets held for sale | 713 | 2 | |
Retirements | |||
Accumulated depreciation, amortisation and impairment [member] | Fixtures and fittings [member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment, balance | (5,107) | (4,995) | |
Assets held for sale | 123 | ||
Disposals/impairment | |||
Exchange differences | (121) | (61) | |
Depreciation charge for the year | (438) | (178) | |
Property, plant and equipment, balance | (5,543) | (5,107) | |
Assets held for sale | 123 | ||
Retirements | 127 | ||
Accumulated depreciation, amortisation and impairment [member] | Premise assets [member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment, balance | (13,790) | (10,555) | |
Assets held for sale | |||
Disposals/impairment | |||
Exchange differences | (255) | (64) | |
Depreciation charge for the year | (996) | (3,373) | |
Property, plant and equipment, balance | (15,041) | (13,790) | |
Assets held for sale | |||
Retirements | 202 | ||
Accumulated depreciation, amortisation and impairment [member] | Office equipment [member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment, balance | (11,464) | (10,776) | |
Assets held for sale | 68 | (4) | |
Disposals/impairment | |||
Exchange differences | (137) | (61) | |
Depreciation charge for the year | (2,795) | (623) | |
Property, plant and equipment, balance | (14,328) | (11,464) | |
Assets held for sale | 68 | (4) | |
Retirements | |||
Accumulated depreciation, amortisation and impairment [member] | Leasehold improvements [member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment, balance | (3,286) | (3,172) | |
Assets held for sale | 67 | (49) | |
Disposals/impairment | |||
Exchange differences | (54) | 41 | |
Depreciation charge for the year | (420) | (428) | |
Property, plant and equipment, balance | (3,693) | (3,286) | |
Assets held for sale | 67 | (49) | |
Retirements | 322 | ||
Accumulated depreciation, amortisation and impairment [member] | Right-of-use assets [member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment, balance | [1] | ||
Assets held for sale | |||
Disposals/impairment | 384 | ||
Exchange differences | [1] | 598 | |
Depreciation charge for the year | (5,670) | ||
Property, plant and equipment, balance | [1] | (4,688) | |
Assets held for sale | |||
[1] | Refer to Note 7 for further information on the new adoption and implementation of IFRS 16. |
Note 12 - Intangible Assets (De
Note 12 - Intangible Assets (Details Textual) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | |||
Total intangible assets and goodwill | $ 370,958 | $ 472,656 | |
Total intangible assets other than goodwill | 370,958 | 472,656 | $ 401,926 |
Goodwill impairment assumptions, impairment amount increase per 0.5% increase in discount rate | 6,000 | ||
Goodwill impairment assumptions, impairment amount increase per 0.5% decrease in terminal growth rate | 3,000 | ||
Goodwill impairment assumptions, impairment amount increase per 10% decrease in renewal rate used to estimate the cash flows | $ 7,000 | ||
Goodwill [member] | |||
Statement Line Items [Line Items] | |||
Discount rate used in current estimate of value in use | 12.50% | ||
Property and equipment, net, prepaid expenses and inventory [member] | |||
Statement Line Items [Line Items] | |||
Impairment loss | $ 3,900 | ||
Commercial division [member] | |||
Statement Line Items [Line Items] | |||
Impairment loss recognised in profit or loss, goodwill | 61,400 | ||
Goodwill, estimated value-in-use | 122,100 | ||
Filter Group Inc [member] | |||
Statement Line Items [Line Items] | |||
Impairment loss recognised in profit or loss, intangible assets other than goodwill | 8,500 | ||
Total intangible assets other than goodwill | 8,700 | ||
Just Energy Advanced Solutions [Member] | |||
Statement Line Items [Line Items] | |||
Impairment loss recognised in profit or loss, intangible assets other than goodwill | 14,700 | ||
EdgePower Inc. [member] | |||
Statement Line Items [Line Items] | |||
Impairment loss recognised in profit or loss, intangible assets other than goodwill | 3,900 | ||
Information technology system development [member] | |||
Statement Line Items [Line Items] | |||
Total intangible assets and goodwill | $ 5,900 | $ 27,300 |
Note 12 - Intangible Assets - R
Note 12 - Intangible Assets - Reconciliation of Changes in Intangible Assets (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | ||||
Statement Line Items [Line Items] | |||||
Intangible assets, balance | $ 472,656 | ||||
Intangible assets, balance | 370,958 | $ 472,656 | |||
Goodwill [member] | |||||
Statement Line Items [Line Items] | |||||
Intangible assets, balance | 339,921 | ||||
Intangible assets, balance | 272,692 | 339,921 | |||
Brand names [member] | |||||
Statement Line Items [Line Items] | |||||
Intangible assets, balance | 34,205 | ||||
Intangible assets, balance | 35,835 | 34,205 | |||
Technology-based intangible assets [member] | |||||
Statement Line Items [Line Items] | |||||
Intangible assets, balance | [1] | 68,383 | |||
Intangible assets, balance | 59,851 | [2] | 68,383 | [1] | |
Customer-related intangible assets [member] | |||||
Statement Line Items [Line Items] | |||||
Intangible assets, balance | 26,781 | ||||
Intangible assets, balance | 2,580 | 26,781 | |||
Sales network and affinity relationships [member] | |||||
Statement Line Items [Line Items] | |||||
Intangible assets, balance | 3,366 | ||||
Intangible assets, balance | 3,366 | ||||
Gross carrying amount [member] | |||||
Statement Line Items [Line Items] | |||||
Intangible assets, balance | 577,045 | 481,764 | |||
Disposal of subsidiary | (22,152) | ||||
Additions | 14,382 | 38,383 | |||
Impairment | (91,228) | ||||
Exchange differences | 18,062 | 3,124 | |||
Impairment | (91,228) | ||||
Acquisition | 56,230 | ||||
Assets held for sale | (2,456) | ||||
Intangible assets, balance | 496,109 | 577,045 | |||
Gross carrying amount [member] | Goodwill [member] | |||||
Statement Line Items [Line Items] | |||||
Intangible assets, balance | 339,921 | 300,673 | |||
Disposal of subsidiary | (13,355) | ||||
Additions | |||||
Impairment | (61,415) | ||||
Exchange differences | 7,541 | (1,382) | |||
Impairment | (61,415) | ||||
Acquisition | 40,630 | ||||
Assets held for sale | |||||
Intangible assets, balance | 272,692 | 339,921 | |||
Gross carrying amount [member] | Brand names [member] | |||||
Statement Line Items [Line Items] | |||||
Intangible assets, balance | 34,305 | 30,205 | |||
Disposal of subsidiary | |||||
Additions | |||||
Impairment | |||||
Exchange differences | 1,930 | 1,100 | |||
Impairment | |||||
Acquisition | 3,000 | ||||
Assets held for sale | |||||
Intangible assets, balance | 36,235 | 34,305 | |||
Gross carrying amount [member] | Technology-based intangible assets [member] | |||||
Statement Line Items [Line Items] | |||||
Intangible assets, balance | [1] | 117,716 | 80,896 | ||
Disposal of subsidiary | (8,797) | ||||
Additions | 14,382 | [2] | 38,383 | [1] | |
Impairment | [2] | (6,093) | |||
Exchange differences | 4,174 | [2] | 893 | [1] | |
Impairment | [2] | (6,093) | |||
Acquisition | [1] | ||||
Assets held for sale | [1] | (2,456) | |||
Intangible assets, balance | 121,382 | [2] | 117,716 | [1] | |
Gross carrying amount [member] | Customer-related intangible assets [member] | |||||
Statement Line Items [Line Items] | |||||
Intangible assets, balance | 31,250 | 18,027 | |||
Disposal of subsidiary | |||||
Additions | |||||
Impairment | (23,720) | ||||
Exchange differences | 1,096 | 623 | |||
Impairment | (23,720) | ||||
Acquisition | 12,600 | ||||
Assets held for sale | |||||
Intangible assets, balance | 8,626 | 31,250 | |||
Gross carrying amount [member] | Sales network and affinity relationships [member] | |||||
Statement Line Items [Line Items] | |||||
Intangible assets, balance | 53,853 | 51,963 | |||
Disposal of subsidiary | |||||
Additions | |||||
Impairment | |||||
Exchange differences | 3,321 | 1,890 | |||
Impairment | |||||
Acquisition | |||||
Assets held for sale | |||||
Intangible assets, balance | 57,174 | 53,853 | |||
Accumulated depreciation, amortisation and impairment [member] | |||||
Statement Line Items [Line Items] | |||||
Intangible assets, balance | (104,389) | (79,838) | |||
Disposal of subsidiary | 4,513 | ||||
Impairment | 2,643 | ||||
Exchange differences | (5,083) | (1,916) | |||
Amortization charge for the year | (22,835) | (22,655) | |||
Impairment | 2,643 | ||||
Assets held for sale | 20 | ||||
Intangible assets, balance | (125,151) | (104,389) | |||
Accumulated depreciation, amortisation and impairment [member] | Goodwill [member] | |||||
Statement Line Items [Line Items] | |||||
Intangible assets, balance | |||||
Disposal of subsidiary | |||||
Impairment | |||||
Exchange differences | |||||
Amortization charge for the year | |||||
Impairment | |||||
Assets held for sale | |||||
Intangible assets, balance | |||||
Accumulated depreciation, amortisation and impairment [member] | Brand names [member] | |||||
Statement Line Items [Line Items] | |||||
Intangible assets, balance | (100) | ||||
Disposal of subsidiary | |||||
Impairment | |||||
Exchange differences | |||||
Amortization charge for the year | (300) | (100) | |||
Impairment | |||||
Assets held for sale | |||||
Intangible assets, balance | (400) | (100) | |||
Accumulated depreciation, amortisation and impairment [member] | Technology-based intangible assets [member] | |||||
Statement Line Items [Line Items] | |||||
Intangible assets, balance | [1] | (49,333) | (36,309) | ||
Disposal of subsidiary | [2] | 4,513 | |||
Impairment | 535 | ||||
Exchange differences | 681 | [2] | 1,883 | [1] | |
Amortization charge for the year | (17,927) | [2] | (14,927) | [1] | |
Impairment | 535 | ||||
Assets held for sale | [1] | 20 | |||
Intangible assets, balance | (61,531) | [2] | (49,333) | [1] | |
Accumulated depreciation, amortisation and impairment [member] | Customer-related intangible assets [member] | |||||
Statement Line Items [Line Items] | |||||
Intangible assets, balance | (4,469) | (1,309) | |||
Disposal of subsidiary | |||||
Impairment | 2,108 | ||||
Exchange differences | (2,425) | (2,142) | |||
Amortization charge for the year | (1,260) | (1,018) | |||
Impairment | 2,108 | ||||
Assets held for sale | |||||
Intangible assets, balance | (6,046) | (4,469) | |||
Accumulated depreciation, amortisation and impairment [member] | Sales network and affinity relationships [member] | |||||
Statement Line Items [Line Items] | |||||
Intangible assets, balance | (50,487) | (42,220) | |||
Disposal of subsidiary | |||||
Impairment | |||||
Exchange differences | (3,339) | (1,657) | |||
Amortization charge for the year | (3,348) | (6,610) | |||
Impairment | |||||
Assets held for sale | |||||
Intangible assets, balance | $ (57,174) | $ (50,487) | |||
[1] | Technology includes work in progress IT projects of $27.3 million which are not being amortized until completion. | ||||
[2] | Technology includes work in progress IT projects of $5.9 million which are not being amortized until completion. |
Note 13 - Financial Instrumen_3
Note 13 - Financial Instruments (Details Textual) - CAD ($) $ in Thousands | Aug. 22, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Aug. 21, 2018 |
Statement Line Items [Line Items] | ||||
Number of shares under share swap agreement (in shares) | 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 (Year) | 5 years | |||
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% | |||
Long-term debt [member] | ||||
Statement Line Items [Line Items] | ||||
Financial liabilities, at fair value | $ 596,200 | 740,600 | ||
Senior unsecured 8.75% term loan [member] | ||||
Statement Line Items [Line Items] | ||||
Borrowings, interest rate | 8.75% | |||
Senior subordinated 6.75% convertible debentures [member] | ||||
Statement Line Items [Line Items] | ||||
Financial liabilities, at fair value | $ 100,000 | |||
Borrowings, interest rate | 6.75% | |||
The 6.75% convertible bonds [member] | ||||
Statement Line Items [Line Items] | ||||
Financial liabilities, at fair value | $ 160,000 | |||
Borrowings, interest rate | 6.75% | |||
The 6.5% convertible debentures [member] | ||||
Statement Line Items [Line Items] | ||||
Borrowings, interest rate | 6.50% | |||
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 | $ 183,752 | |||
Sensitivity analysis for types of market risk, reasonably possible decrease in risk variable, impact on profit or loss before taxes | $ 182,504 | |||
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% | |||
Sensitivity analysis for types of market risk, reasonably possible increase in risk variable, impact on profit or loss before taxes | $ 191,556 | |||
Sensitivity analysis for types of market risk, reasonably possible decrease in risk variable, impact on profit or loss before taxes | $ 190,308 | |||
Currency risk [member] | ||||
Statement Line Items [Line Items] | ||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 5.00% | |||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on profit or loss | $ 6,500 | |||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on other comprehensive income (loss) | $ 10,300 | |||
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% | |||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on profit or loss before taxes | $ 2,413 | 1,939 | ||
Supplier risk [member] | ||||
Statement Line Items [Line Items] | ||||
Financial assets, at fair value | 23,887 | 8,307 | ||
Credit risk [member] | ||||
Statement Line Items [Line Items] | ||||
Risk exposure associated with instruments sharing characteristic | $ 65,145 | $ 153,767 |
Note 13 - Financial Instrumen_4
Note 13 - Financial Instruments - Change in Fair Value of Derivative Instruments (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | $ (213,417) | $ (87,459) | |
Physical forward contracts and options [member] | |||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | [1] | (130,182) | (116,350) |
Financial swap contracts and options [member] | |||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | [2] | (62,612) | 39,832 |
Foreign exchange forward contracts [member] | |||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | 9,055 | 72 | |
Share swap [member] | |||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | [3] | (9,581) | (3,507) |
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 | ||
Unrealized foreign exchange on 6.5% convertible bond [member] | |||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | (18,132) | (8,061) | |
Weather derivative [Member] | |||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | (229) | 7,796 | |
Other derivative options [member] | |||
Statement Line Items [Line Items] | |||
Change in fair value of derivative instruments and other | $ (1,736) | $ (7,488) | |
[1] | (i) Physical forward contracts and options consist of: Electricity contracts with a total remaining volume of 32,588,054 MWh, a weighted average price of $50.95/MWh and expiry dates up to December 31, 2029. Natural gas contracts with a total remaining volume of 95,484,292 GJs, a weighted average price of $2.50/GJ and expiry dates up to October 31, 2025. Renewable energy certificates ("RECs") with a total remaining volume of 3,700,688 MWh, a weighted average price of $40.86/REC and expiry dates up to December 31, 2028. Electricity generation capacity contracts with a total remaining volume of 2,439 MWCap, a weighted average price of $6,682.09/MWCap and expiry dates up to May 31, 2024. Ancillary contracts with a total remaining volume of 297,045 MWh, a weighted average price of $24.64/MWh and expiry dates up to December 31, 2020. | ||
[2] | (ii) Financial swap contracts and options consist of: Electricity contracts with a total remaining volume of 13,204,320 MWh, an average price of $45.70/MWh and expiry dates up to December 31, 2024. Natural gas contracts with a total remaining volume of 117,195,060 GJs, an average price of $3.39/GJ and expiry dates up to December 31, 2025. Electricity generation capacity contracts with a total remaining volume of 21 MWCap, a weighted average price of $209,152.32/MWCap and expiry dates up to October 31, 2020. Ancillary contracts with a total remaining volume of 396,060 MWh, a weighted average price of $23.23/MWh and expiry dates up to December 31, 2020. | ||
[3] | (iii) Weather derivatives consist of: HDD natural gas swaps with price strikes ranging from US$1.75 to US$7.35/MmBTU and temperature strikes ranging by location from 1,051 to 5,059 HDD and an expiry date of March 31, 2021. HDD natural gas swaps with price strikes to be set on futures index and temperature strikes ranging by location from 1,051 to 5,059 HDD and an expiry date of March 31, 2022. |
Note 13 - Financial Instrumen_5
Note 13 - Financial Instruments - Change in Fair Value of Derivative Instruments (Details) (Parentheticals) | Mar. 31, 2020 | Mar. 31, 2019 |
Unrealized foreign exchange on 6.5% convertible bond [member] | ||
Statement Line Items [Line Items] | ||
Borrowings, interest rate | 6.50% | 6.50% |
Note 13 - Financial Instrumen_6
Note 13 - Financial Instruments - Fair Value of Derivative Financial Assets and Liabilities (Details) - CAD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | ||
Statement Line Items [Line Items] | |||||
Fair value of derivative financial assets, current | $ 36,353 | $ 144,512 | $ 218,769 | ||
Fair value of derivative financial assets, non-current | 28,792 | 9,255 | 64,662 | ||
Fair value of derivative financial liabilities, current | 113,438 | 79,387 | 86,288 | ||
Non-current derivative financial liabilities | 76,268 | 63,658 | $ 51,871 | ||
Physical forward contracts and options [member] | |||||
Statement Line Items [Line Items] | |||||
Fair value of derivative financial assets, current | 24,549 | [1] | 115,483 | ||
Fair value of derivative financial assets, non-current | 17,673 | [1] | 7,237 | ||
Fair value of derivative financial liabilities, current | 57,461 | [1] | 49,601 | ||
Non-current derivative financial liabilities | 51,836 | [1] | 50,174 | ||
Financial swap contracts and options [member] | |||||
Statement Line Items [Line Items] | |||||
Fair value of derivative financial assets, current | 6,915 | [2] | 18,212 | ||
Fair value of derivative financial assets, non-current | 1,492 | [2] | 1,876 | ||
Fair value of derivative financial liabilities, current | 53,917 | [2] | 16,142 | ||
Non-current derivative financial liabilities | 24,432 | [2] | 8,583 | ||
Foreign exchange forward contracts [member] | |||||
Statement Line Items [Line Items] | |||||
Fair value of derivative financial assets, current | 4,519 | ||||
Fair value of derivative financial assets, non-current | 3,036 | 56 | |||
Fair value of derivative financial liabilities, current | 1,555 | ||||
Non-current derivative financial liabilities | |||||
Weather derivative [Member] | |||||
Statement Line Items [Line Items] | |||||
Fair value of derivative financial assets, current | [3] | ||||
Fair value of derivative financial assets, non-current | [3] | ||||
Fair value of derivative financial liabilities, current | [3] | 280 | |||
Non-current derivative financial liabilities | [3] | ||||
Share swap [member] | |||||
Statement Line Items [Line Items] | |||||
Fair value of derivative financial assets, current | |||||
Fair value of derivative financial assets, non-current | |||||
Fair value of derivative financial liabilities, current | 11,907 | ||||
Non-current derivative financial liabilities | |||||
Other derivative options [member] | |||||
Statement Line Items [Line Items] | |||||
Fair value of derivative financial assets, current | 370 | 10,817 | |||
Fair value of derivative financial assets, non-current | 6,591 | 86 | |||
Fair value of derivative financial liabilities, current | 1,780 | 182 | |||
Non-current derivative financial liabilities | $ 4,901 | ||||
[1] | (i) Physical forward contracts and options consist of: Electricity contracts with a total remaining volume of 32,588,054 MWh, a weighted average price of $50.95/MWh and expiry dates up to December 31, 2029. Natural gas contracts with a total remaining volume of 95,484,292 GJs, a weighted average price of $2.50/GJ and expiry dates up to October 31, 2025. Renewable energy certificates ("RECs") with a total remaining volume of 3,700,688 MWh, a weighted average price of $40.86/REC and expiry dates up to December 31, 2028. Electricity generation capacity contracts with a total remaining volume of 2,439 MWCap, a weighted average price of $6,682.09/MWCap and expiry dates up to May 31, 2024. Ancillary contracts with a total remaining volume of 297,045 MWh, a weighted average price of $24.64/MWh and expiry dates up to December 31, 2020. | ||||
[2] | (ii) Financial swap contracts and options consist of: Electricity contracts with a total remaining volume of 13,204,320 MWh, an average price of $45.70/MWh and expiry dates up to December 31, 2024. Natural gas contracts with a total remaining volume of 117,195,060 GJs, an average price of $3.39/GJ and expiry dates up to December 31, 2025. Electricity generation capacity contracts with a total remaining volume of 21 MWCap, a weighted average price of $209,152.32/MWCap and expiry dates up to October 31, 2020. Ancillary contracts with a total remaining volume of 396,060 MWh, a weighted average price of $23.23/MWh and expiry dates up to December 31, 2020. | ||||
[3] | (iii) Weather derivatives consist of: HDD natural gas swaps with price strikes ranging from US$1.75 to US$7.35/MmBTU and temperature strikes ranging by location from 1,051 to 5,059 HDD and an expiry date of March 31, 2021. HDD natural gas swaps with price strikes to be set on futures index and temperature strikes ranging by location from 1,051 to 5,059 HDD and an expiry date of March 31, 2022. |
Note 13 - Financial Instrumen_7
Note 13 - Financial Instruments - Fair Value Measurement Input Sensitivity (Details) - CAD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Statement Line Items [Line Items] | ||
Derivative financial assets | $ 65,145 | $ 153,767 |
Derivative financial liabilities | (189,706) | (143,045) |
Total net derivative financial assets (liabilities) | (124,561) | 10,722 |
Level 1 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Derivative financial assets | ||
Derivative financial liabilities | ||
Total net derivative financial assets (liabilities) | ||
Level 2 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Derivative financial assets | ||
Derivative financial liabilities | (38,676) | (6,588) |
Total net derivative financial assets (liabilities) | (38,676) | (6,588) |
Level 3 of fair value hierarchy [member] | ||
Statement Line Items [Line Items] | ||
Derivative financial assets | 65,145 | 153,767 |
Derivative financial liabilities | (151,030) | (136,457) |
Total net derivative financial assets (liabilities) | $ (85,885) | $ 17,310 |
Note 13 - Financial Instrumen_8
Note 13 - Financial Instruments - Reconciliation of Level 3 Assets (Liabilities) (Details) - Level 3 of fair value hierarchy [member] - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | ||
Balance, beginning of year | $ 17,310 | $ 166,364 |
Total gains | (3,822) | 19,644 |
Purchases | (43,663) | 11,502 |
Sales | 14,549 | (25,575) |
Settlements | (70,259) | (154,625) |
Balance, end of year | $ (85,885) | $ 17,310 |
Note 13 - Financial Instrumen_9
Note 13 - Financial Instruments - Liquidity Risk (Details) - CAD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | ||||
Trade and other payables | $ 685,665 | $ 870,083 | $ 648,997 | |
Total borrowings | 782,003 | 725,372 | ||
Gas, electricity and non-commodity contracts, carrying amount | 189,706 | $ 143,045 | ||
Liquidity risk [member] | ||||
Statement Line Items [Line Items] | ||||
Trade and other payables | 685,665 | |||
Trade and other payables, undiscounted cash flows | 685,665 | |||
Total borrowings | [1] | 782,003 | ||
Long-term debt, undiscounted cash flows | [1] | 827,284 | ||
Gas, electricity and non-commodity contracts, carrying amount | 189,706 | |||
Gas, electricity and non-commodity contracts, undiscounted cash flows | 3,088,524 | |||
Total, carrying amount | 1,657,374 | |||
Total, undiscounted cash flows | 4,601,473 | |||
Liquidity risk [member] | Not later than one year [member] | ||||
Statement Line Items [Line Items] | ||||
Trade and other payables, undiscounted cash flows | 685,665 | |||
Long-term debt, undiscounted cash flows | [1] | 255,129 | ||
Gas, electricity and non-commodity contracts, undiscounted cash flows | 1,463,615 | |||
Total, undiscounted cash flows | 2,404,409 | |||
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] | 263,800 | ||
Gas, electricity and non-commodity contracts, undiscounted cash flows | 1,200,713 | |||
Total, undiscounted cash flows | 1,464,513 | |||
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] | 308,355 | ||
Gas, electricity and non-commodity contracts, undiscounted cash flows | 322,590 | |||
Total, undiscounted cash flows | 630,945 | |||
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 | 101,606 | |||
Total, undiscounted cash flows | $ 101,606 | |||
[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 13 - Financial Instrume_10
Note 13 - Financial Instruments - Contractual Net Interest Payments (Details) $ in Thousands | Mar. 31, 2020CAD ($) |
Not later than one year [member] | |
Statement Line Items [Line Items] | |
Interest payments | $ 44,067 |
Later than one year and not later than three years [member] | |
Statement Line Items [Line Items] | |
Interest payments | 75,911 |
Later than four years and not later than five years [member] | |
Statement Line Items [Line Items] | |
Interest payments | 12,773 |
Later than five years [member] | |
Statement Line Items [Line Items] | |
Interest payments |
Note 14 - Trade and Other Pay_3
Note 14 - Trade and Other Payables - Schedule of Payables (Details) - CAD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Statement Line Items [Line Items] | |||
Commodity suppliers' accruals and payables (as restated per Note 5) | $ 414,581 | $ 548,098 | |
Green provisions and repurchase obligations | 103,245 | 146,454 | |
Sales tax payable | 19,706 | 22,969 | |
Non-commodity trade accruals and accounts payable | 117,473 | 99,264 | |
Current portion of payable to former joint venture partner | 18,194 | 22,625 | |
Accrued gas payable | 3,295 | 12,937 | |
Other payables | 9,171 | 17,736 | |
Trade and other current payables | $ 685,665 | $ 870,083 | $ 648,997 |
Note 15 - Deferred Revenue - Ch
Note 15 - Deferred Revenue - Changes in Deferred Revenue (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | ||
Balance, beginning of year | $ 43,228 | $ 38,710 |
Additions to deferred revenue | 7,499 | 569,880 |
Revenue recognized during the year | (10,726) | (563,922) |
Foreign exchange impact | 352 | (1,440) |
Liabilities classified as held for sale/sold | (39,501) | |
Balance, end of year | $ 852 | $ 43,228 |
Note 16 - Long-term Debt and _3
Note 16 - Long-term Debt and Financing (Details Textual) $ / shares in Units, $ / shares in Units, $ in Millions | Jul. 29, 2019USD ($) | Sep. 12, 2018$ / sharesshares | Apr. 18, 2018CAD ($) | Feb. 22, 2018CAD ($)$ / shares | Oct. 05, 2016CAD ($)$ / shares | Mar. 31, 2020CAD ($) | Mar. 31, 2019CAD ($) | Mar. 31, 2020USD ($) | Jul. 08, 2020CAD ($) | Apr. 01, 2020 | Mar. 31, 2020USD ($) | Dec. 31, 2019 | Dec. 02, 2019 | Jul. 29, 2019CAD ($) | Jun. 30, 2019USD ($) | Oct. 01, 2018 | Sep. 12, 2018USD ($)shares | Apr. 18, 2018USD ($) | Mar. 31, 2018CAD ($) | Jan. 29, 2014CAD ($)$ / shares | Jan. 29, 2014USD ($)$ / shares | ||||
Statement Line Items [Line Items] | |||||||||||||||||||||||||
Total borrowings | $ 782,003,000 | $ 725,372,000 | |||||||||||||||||||||||
Proceeds from borrowings | 17,163,000 | 253,242,000 | |||||||||||||||||||||||
Total equity | (495,288,000) | (172,090,000) | $ 157,556,000 | ||||||||||||||||||||||
Deferred tax liabilities | 22,550,000 | 101,040,000 | |||||||||||||||||||||||
Non-current derivative financial liabilities | 76,268,000 | 63,658,000 | 51,871,000 | ||||||||||||||||||||||
Reserve of equity component of convertible instruments [member] | |||||||||||||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||||||||||||
Total equity | $ 13,029,000 | 13,029,000 | 13,029,000 | ||||||||||||||||||||||
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 (in shares) | shares | 7,500,000 | ||||||||||||||||||||||||
Class of warrant or right, exercise price of warrants or rights (in CAD per share) | $ / shares | $ 8.56 | ||||||||||||||||||||||||
Class of warrant or right, number of securities called by each warrant or right (in shares) | shares | 1 | ||||||||||||||||||||||||
Credit facility [member] | |||||||||||||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||||||||||||
Borrowings, additional term | 2 | ||||||||||||||||||||||||
Borrowings facility, maximum borrowing capacity | $ 352,500,000 | $ 342,500,000 | |||||||||||||||||||||||
Borrowings, debt accordion | $ 370,000,000 | ||||||||||||||||||||||||
Borrowings, senior debit to EBITDA covenant ratio | 2.15 | 2.15 | 1.5 | ||||||||||||||||||||||
Borrowings, EBITDA covenant ratio | 4 | 4 | 3.5 | ||||||||||||||||||||||
Borrowings, interest rate | 3.75% | 3.75% | |||||||||||||||||||||||
Total borrowings | $ 236,389,000 | 201,577,000 | [1] | $ 335,000,000 | |||||||||||||||||||||
Borrowings, letters of credit | $ 72,500,000 | 94,000,000 | |||||||||||||||||||||||
Borrowings, remaining borrowing capacity | 61,100,000 | ||||||||||||||||||||||||
Credit facility [member] | London Interbank Offered Rate (LIBOR) [member] | |||||||||||||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 3.75% | 3.75% | |||||||||||||||||||||||
Credit facility [member] | Prime Rate [member] | |||||||||||||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.75% | 2.75% | |||||||||||||||||||||||
Credit facility [member] | Prime Rate [member] | Country of domicile [member] | |||||||||||||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||||||||||||
Borrowings, interest rate | 2.45% | 2.45% | |||||||||||||||||||||||
Credit facility [member] | Prime Rate [member] | UNITED STATES | |||||||||||||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||||||||||||
Borrowings, interest rate | 3.25% | 3.25% | |||||||||||||||||||||||
HTC loan [member] | |||||||||||||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||||||||||||
Total borrowings | [2] | $ 9,690,000 | $ 17,577,000 | ||||||||||||||||||||||
HTC loan [member] | Filter Group Inc [member] | |||||||||||||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||||||||||||
Borrowings, interest rate | 8.99% | ||||||||||||||||||||||||
Senior unsecured 8.75% term loan [member] | |||||||||||||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||||||||||||
Borrowings, interest rate | 8.75% | [3] | 8.75% | [3] | 8.75% | [3] | 8.75% | 8.75% | |||||||||||||||||
Total borrowings | $ 280,535,000 | [4] | $ 240,094,000 | [4] | $ 14 | ||||||||||||||||||||
Borrowings, remaining borrowing capacity | $ 43 | ||||||||||||||||||||||||
Notional amount | $ 250 | $ 250 | |||||||||||||||||||||||
Proceeds from borrowings | $ 207 | ||||||||||||||||||||||||
Senior unsecured 8.75% term loan [member] | Top of range [member] | |||||||||||||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||||||||||||
Borrowings, senior debit to EBITDA covenant ratio | 1.5 | ||||||||||||||||||||||||
Senior unsecured 8.75% term loan, tranche one [member] | |||||||||||||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||||||||||||
Total borrowings | 50 | ||||||||||||||||||||||||
Senior unsecured 8.75% term loan, tranche two [member] | |||||||||||||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||||||||||||
Total borrowings | 150 | ||||||||||||||||||||||||
Proceeds from borrowings | $ 7 | ||||||||||||||||||||||||
Senior unsecured 8.75% term loan, tranche three [member] | |||||||||||||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||||||||||||
Total borrowings | $ 50 | ||||||||||||||||||||||||
Proceeds from borrowings | 7 | ||||||||||||||||||||||||
Senior unsecured term loan facility [member] | |||||||||||||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||||||||||||
Borrowings, senior debit to EBITDA covenant ratio | 1.65 | 1.65 | |||||||||||||||||||||||
Borrowings, EBITDA covenant ratio | 3.5 | 3.5 | |||||||||||||||||||||||
Senior unsecured term loan facility [member] | Refinancing [member] | |||||||||||||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||||||||||||
Borrowings, senior debit to EBITDA covenant ratio | 2.3 | ||||||||||||||||||||||||
Borrowings, EBITDA covenant ratio | 4.25 | ||||||||||||||||||||||||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | |||||||||||||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||||||||||||
Borrowings, interest rate | 6.75% | 6.75% | [5] | 6.75% | [5] | 6.75% | [5] | ||||||||||||||||||
Total borrowings | [6] | $ 90,187,000 | $ 87,520,000 | ||||||||||||||||||||||
Notional amount | $ 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 (in CAD per share) | $ / shares | $ 8.90 | ||||||||||||||||||||||||
Borrowings, convertible, threshold consecutive trading days (Day) | 20 days | ||||||||||||||||||||||||
Borrowings, threshold trading days (Day) | 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 (Day) | 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 (Day) | 30 days | ||||||||||||||||||||||||
Senior subordinated 6.75% convertible debentures [member] | |||||||||||||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||||||||||||
Borrowings, interest rate | 6.75% | 6.75% | [7] | 6.75% | [7] | 6.75% | [7] | ||||||||||||||||||
Total borrowings | [8] | $ 153,995,000 | $ 150,945,000 | ||||||||||||||||||||||
Notional amount | $ 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 (in CAD per share) | $ / shares | $ 9.30 | ||||||||||||||||||||||||
Borrowings, convertible, threshold consecutive trading days (Day) | 20 days | ||||||||||||||||||||||||
Borrowings, threshold trading days (Day) | 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 (Day) | 60 days | ||||||||||||||||||||||||
Senior subordinated 6.75% convertible debentures [member] | Bottom of range [member] | |||||||||||||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||||||||||||
Borrowings, convertible, notice for redemption (Day) | 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 | ||||||||||||||||||||||||
Borrowings, convertible, conversion price (in CAD per share) | (per share) | $ 10.2819 | $ 9.3762 | |||||||||||||||||||||||
Borrowings, effective interest rate | 8.80% | 8.80% | |||||||||||||||||||||||
Non-current derivative financial liabilities | $ 8,500,000 | ||||||||||||||||||||||||
European-focused senior convertible unsecured 6.5% convertible bonds [member] | At fair value [member] | |||||||||||||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||||||||||||
Total borrowings | $ 6.5 | ||||||||||||||||||||||||
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 | $ 13.2 | ||||||||||||||||||||||||
[1] | As of April 18, 2018, the Company had renegotiated an agreement with a syndicate of lenders that includes Canadian Imperial Bank of Commerce ("CIBC"), National Bank of Canada ("National"), HSBC Bank Canada, JPMorgan Chase Bank N.A., Alberta Treasury Branches, Canadian Western Bank and Morgan Stanley Senior Funding, Inc., a subsidiary of Morgan Stanley Bank N.A. The agreement 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 letter of credit facility is guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. The Company amended its senior secured credit facility to increase the senior debt to EBITDA covenant ratio from 1.50:1 to 2.15:1 and the total debt to EBITDA covenant ratio from 3.50:1 to 4.00:1 for the fourth quarter of fiscal 2020. As at March 31, 2020, the Company was compliant with all of these covenants. 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 March 31, 2020, the Canadian prime rate was 2.45% and the U.S. prime rate was 3.25%. As at March 31, 2020, $236.4 million has been drawn against the facility and total letters of credit outstanding as of March 31, 2020 amounted to $72.5 million (March 31, 2019 - $94.0 million). As at March 31, 2020, Just Energy has $61.1 million of the facility remaining for future working capital and/or security requirements. Just Energy's obligations under the credit facility are supported by guarantees of certain subsidiaries and affiliates and secured by a general security agreement and a pledge of the assets and securities of Just Energy and the majority of its operating subsidiaries and affiliates excluding, primarily, the Barbados, Ireland, Japan and German operations. Just Energy is required to meet a number of financial covenants under the credit facility agreement. | ||||||||||||||||||||||||
[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 of March 31, 2020, 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. At March 31, 2020 the Company has US$43.0 million available under the facility to draw, earmarked for investments and future acquisitions. The Company has amended the covenants on its senior unsecured term loan facility to increase the senior debt to EBITDA covenant ratio from 1.65:1 to 2.30:1 and the total debt to EBITDA covenant from 3.50:1 to 4.25:1 for the fourth quarter of fiscal 2020. As at March 31, 2020 the Company was compliant with all of these covenants. | ||||||||||||||||||||||||
[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 of March 31, 2020, 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. At March 31, 2020 the Company has US$43.0 million available under the facility to draw, earmarked for investments and future acquisitions. The Company has amended the covenants on its senior unsecured term loan facility to increase the senior debt to EBITDA covenant ratio from 1.65:1 to 2.30:1 and the total debt to EBITDA covenant from 3.50:1 to 4.25:1 for the fourth quarter of fiscal 2020. As at March 31, 2020 the Company was compliant with all of these covenants. | ||||||||||||||||||||||||
[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 March 31, 2020. | ||||||||||||||||||||||||
[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 March 31, 2020. | ||||||||||||||||||||||||
[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 March 31, 2020. | ||||||||||||||||||||||||
[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 March 31, 2020. |
Note 16 - Long-term Debt and _4
Note 16 - Long-term Debt and Financing - Components of Long-term Debt (Details) $ in Thousands, $ in Millions | 12 Months Ended | |||||||
Mar. 31, 2020CAD ($) | Mar. 31, 2019CAD ($) | Jul. 08, 2020CAD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2018CAD ($) | ||||
Statement Line Items [Line Items] | ||||||||
Debt | $ 782,003 | $ 725,372 | ||||||
Less: Current portion | (253,485) | (479,101) | $ (121,451) | |||||
Total non-current portion of non-current borrowings | 528,518 | 246,271 | $ 422,053 | |||||
Credit facility [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Debt | 236,389 | 201,577 | [1] | $ 335,000 | ||||
Less: Debt issue costs | [1] | (1,644) | (1,824) | |||||
HTC loan [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Debt | [2] | 9,690 | 17,577 | |||||
Senior unsecured 8.75% term loan [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Debt | 280,535 | [3] | 240,094 | [3] | $ 14 | |||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Debt | [4] | 90,187 | 87,520 | |||||
Senior subordinated 6.75% convertible debentures [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Debt | [5] | 153,995 | 150,945 | |||||
European-focused senior convertible unsecured 6.5% convertible bonds, conversion feature [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Debt | [6] | $ 12,851 | $ 29,483 | |||||
[1] | As of April 18, 2018, the Company had renegotiated an agreement with a syndicate of lenders that includes Canadian Imperial Bank of Commerce ("CIBC"), National Bank of Canada ("National"), HSBC Bank Canada, JPMorgan Chase Bank N.A., Alberta Treasury Branches, Canadian Western Bank and Morgan Stanley Senior Funding, Inc., a subsidiary of Morgan Stanley Bank N.A. The agreement 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 letter of credit facility is guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. The Company amended its senior secured credit facility to increase the senior debt to EBITDA covenant ratio from 1.50:1 to 2.15:1 and the total debt to EBITDA covenant ratio from 3.50:1 to 4.00:1 for the fourth quarter of fiscal 2020. As at March 31, 2020, the Company was compliant with all of these covenants. 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 March 31, 2020, the Canadian prime rate was 2.45% and the U.S. prime rate was 3.25%. As at March 31, 2020, $236.4 million has been drawn against the facility and total letters of credit outstanding as of March 31, 2020 amounted to $72.5 million (March 31, 2019 - $94.0 million). As at March 31, 2020, Just Energy has $61.1 million of the facility remaining for future working capital and/or security requirements. Just Energy's obligations under the credit facility are supported by guarantees of certain subsidiaries and affiliates and secured by a general security agreement and a pledge of the assets and securities of Just Energy and the majority of its operating subsidiaries and affiliates excluding, primarily, the Barbados, Ireland, Japan and German operations. Just Energy is required to meet a number of financial covenants under the credit facility agreement. | |||||||
[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 of March 31, 2020, 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. At March 31, 2020 the Company has US$43.0 million available under the facility to draw, earmarked for investments and future acquisitions. The Company has amended the covenants on its senior unsecured term loan facility to increase the senior debt to EBITDA covenant ratio from 1.65:1 to 2.30:1 and the total debt to EBITDA covenant from 3.50:1 to 4.25:1 for the fourth quarter of fiscal 2020. As at March 31, 2020 the Company was compliant with all of these covenants. | |||||||
[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 March 31, 2020. | |||||||
[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 March 31, 2020. | |||||||
[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 could have been exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019, and was not. 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$8.5 million. 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 16 - Long-term Debt and _5
Note 16 - Long-term Debt and Financing - Components of Long-term Debt (Details) (Parentheticals) $ in Millions | Mar. 31, 2020CAD ($) | Dec. 02, 2019 | Mar. 31, 2019CAD ($) | Sep. 12, 2018USD ($) | Apr. 18, 2018USD ($) | Feb. 22, 2018CAD ($) | Oct. 05, 2016CAD ($) | |||
Senior unsecured 8.75% term loan [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Interest rate | 8.75% | [1] | 8.75% | 8.75% | [1] | 8.75% | ||||
Face amount | $ 250 | $ 250 | ||||||||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Interest rate | 6.75% | [2] | 6.75% | [2] | 6.75% | |||||
Face amount | $ 100,000,000 | [2] | $ 100,000,000 | [2] | $ 100,000,000 | |||||
Senior subordinated 6.75% convertible debentures [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Interest rate | 6.75% | [3] | 6.75% | [3] | 6.75% | |||||
Face amount | $ 160,000,000 | [3] | $ 160,000,000 | [3] | $ 160,000,000 | |||||
European-focused senior convertible unsecured 6.5% convertible bonds, conversion feature [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Interest rate | [4] | 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 of March 31, 2020, 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. At March 31, 2020 the Company has US$43.0 million available under the facility to draw, earmarked for investments and future acquisitions. The Company has amended the covenants on its senior unsecured term loan facility to increase the senior debt to EBITDA covenant ratio from 1.65:1 to 2.30:1 and the total debt to EBITDA covenant from 3.50:1 to 4.25:1 for the fourth quarter of fiscal 2020. As at March 31, 2020 the Company was compliant with all of these covenants. | |||||||||
[2] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year and have a maturity date of March 31, 2023. 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 March 31, 2020. | |||||||||
[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 March 31, 2020. | |||||||||
[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 could have been exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019, and was not. 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$8.5 million. 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 16 - Long-term Debt and _6
Note 16 - Long-term Debt and Financing - Future Annual Minimum Repayments (Details) $ in Thousands | Mar. 31, 2020CAD ($) | |
Not later than one year [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | $ 255,129 | |
Later than one year and not later than three years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 263,800 | |
Later than four years and not later than five years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 308,355 | |
Later than five years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 827,284 | |
Credit facility [member] | Not later than one year [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 236,389 | [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 | 236,389 | [1] |
Filter Group financing [Member] | Not later than one year [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 5,889 | [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 | 3,800 | [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 | 1 | [2] |
Filter Group financing [Member] | Later than five years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 9,690 | [2] |
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 | 308,354 | [3] |
Senior unsecured 8.75% term loan [member] | Later than five years [member] | ||
Statement Line Items [Line Items] | ||
Future annual minimum repayments | 308,354 | [3] |
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 | 100,000 | [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 | [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 | 100,000 | [4] |
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 | 160,000 | [5] |
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 | 12,851 | [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 | $ 12,851 | [6] |
[1] | As of April 18, 2018, the Company had renegotiated an agreement with a syndicate of lenders that includes Canadian Imperial Bank of Commerce ("CIBC"), National Bank of Canada ("National"), HSBC Bank Canada, JPMorgan Chase Bank N.A., Alberta Treasury Branches, Canadian Western Bank and Morgan Stanley Senior Funding, Inc., a subsidiary of Morgan Stanley Bank N.A. The agreement 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 letter of credit facility is guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. The Company amended its senior secured credit facility to increase the senior debt to EBITDA covenant ratio from 1.50:1 to 2.15:1 and the total debt to EBITDA covenant ratio from 3.50:1 to 4.00:1 for the fourth quarter of fiscal 2020. As at March 31, 2020, the Company was compliant with all of these covenants. 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 March 31, 2020, the Canadian prime rate was 2.45% and the U.S. prime rate was 3.25%. As at March 31, 2020, $236.4 million has been drawn against the facility and total letters of credit outstanding as of March 31, 2020 amounted to $72.5 million (March 31, 2019 - $94.0 million). As at March 31, 2020, Just Energy has $61.1 million of the facility remaining for future working capital and/or security requirements. Just Energy's obligations under the credit facility are supported by guarantees of certain subsidiaries and affiliates and secured by a general security agreement and a pledge of the assets and securities of Just Energy and the majority of its operating subsidiaries and affiliates excluding, primarily, the Barbados, Ireland, Japan and German operations. Just Energy is required to meet a number of financial covenants under the credit facility agreement. | |
[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 of March 31, 2020, 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. At March 31, 2020 the Company has US$43.0 million available under the facility to draw, earmarked for investments and future acquisitions. The Company has amended the covenants on its senior unsecured term loan facility to increase the senior debt to EBITDA covenant ratio from 1.65:1 to 2.30:1 and the total debt to EBITDA covenant from 3.50:1 to 4.25:1 for the fourth quarter of fiscal 2020. As at March 31, 2020 the Company was compliant with all of these covenants. | |
[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 March 31, 2020. | |
[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 March 31, 2020. | |
[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 could have been exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019, and was not. 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$8.5 million. 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 $9.2 million of the 6.5% convertible bonds elected to extend the maturity date of the bonds from July 29, 2019 to December 31, 2020, pursuant to an option offered by the Company announced on July 17, 2019. |
Note 16 - Long-term Debt and _7
Note 16 - Long-term Debt and Financing - Long- Term Debt (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Statement Line Items [Line Items] | |||
Long-term debt, beginning balance | $ 725,372 | $ 543,504 | |
Cash inflows (outflows) | 26,718 | 162,816 | |
FX | 18,131 | 8,061 | |
Non-cash changes | 11,782 | 10,991 | |
Long-term debt, ending balance | 782,003 | 725,372 | |
Short-term borrowings [member] | |||
Statement Line Items [Line Items] | |||
Long-term debt, beginning balance | (479,101) | (121,451) | |
Cash inflows (outflows) | |||
FX | |||
Non-cash changes | |||
Long-term debt, ending balance | (253,485) | (479,101) | |
Long-term borrowings [member] | |||
Statement Line Items [Line Items] | |||
Long-term debt, beginning balance | 246,271 | 422,053 | |
Cash inflows (outflows) | |||
FX | |||
Non-cash changes | |||
Long-term debt, ending balance | 528,518 | 246,271 | |
Credit facility [member] | |||
Statement Line Items [Line Items] | |||
Long-term debt, beginning balance | [1] | 199,753 | 121,451 |
Cash inflows (outflows) | [1] | 34,812 | 77,638 |
FX | [1] | ||
Non-cash changes | [1] | 180 | 664 |
Long-term debt, ending balance | [1] | 234,745 | 199,753 |
HTC loan [member] | |||
Statement Line Items [Line Items] | |||
Long-term debt, beginning balance | [2] | 17,577 | |
Cash inflows (outflows) | [2] | (7,887) | 17,577 |
FX | [2] | ||
Non-cash changes | [2] | ||
Long-term debt, ending balance | [2] | 9,690 | 17,577 |
Senior unsecured 8.75% term loan [member] | |||
Statement Line Items [Line Items] | |||
Long-term debt, beginning balance | [3] | 240,094 | |
Cash inflows (outflows) | [3] | 17,163 | 236,934 |
FX | [3] | 17,613 | 4,553 |
Non-cash changes | [3] | 5,665 | (1,393) |
Long-term debt, ending balance | [3] | 280,535 | 240,094 |
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | |||
Statement Line Items [Line Items] | |||
Long-term debt, beginning balance | [4] | 87,520 | 85,760 |
Cash inflows (outflows) | [4] | ||
FX | [4] | ||
Non-cash changes | [4] | 2,667 | 1,760 |
Long-term debt, ending balance | [4] | 90,187 | 87,520 |
Senior subordinated 6.75% convertible debentures [member] | |||
Statement Line Items [Line Items] | |||
Long-term debt, beginning balance | [5] | 150,945 | 148,146 |
Cash inflows (outflows) | [5] | ||
FX | [5] | ||
Non-cash changes | [5] | 3,050 | 2,799 |
Long-term debt, ending balance | [5] | 153,995 | 150,945 |
European-focused senior convertible unsecured 6.5% convertible bonds [member] | |||
Statement Line Items [Line Items] | |||
Long-term debt, beginning balance | [6] | 29,483 | 188,147 |
Cash inflows (outflows) | [6] | (17,370) | (169,333) |
FX | [6] | 518 | 3,508 |
Non-cash changes | [6] | 220 | 7,161 |
Long-term debt, ending balance | [6] | $ 12,851 | $ 29,483 |
[1] | As of April 18, 2018, the Company had renegotiated an agreement with a syndicate of lenders that includes Canadian Imperial Bank of Commerce ("CIBC"), National Bank of Canada ("National"), HSBC Bank Canada, JPMorgan Chase Bank N.A., Alberta Treasury Branches, Canadian Western Bank and Morgan Stanley Senior Funding, Inc., a subsidiary of Morgan Stanley Bank N.A. The agreement 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 letter of credit facility is guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. The Company amended its senior secured credit facility to increase the senior debt to EBITDA covenant ratio from 1.50:1 to 2.15:1 and the total debt to EBITDA covenant ratio from 3.50:1 to 4.00:1 for the fourth quarter of fiscal 2020. As at March 31, 2020, the Company was compliant with all of these covenants. 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 March 31, 2020, the Canadian prime rate was 2.45% and the U.S. prime rate was 3.25%. As at March 31, 2020, $236.4 million has been drawn against the facility and total letters of credit outstanding as of March 31, 2020 amounted to $72.5 million (March 31, 2019 - $94.0 million). As at March 31, 2020, Just Energy has $61.1 million of the facility remaining for future working capital and/or security requirements. Just Energy's obligations under the credit facility are supported by guarantees of certain subsidiaries and affiliates and secured by a general security agreement and a pledge of the assets and securities of Just Energy and the majority of its operating subsidiaries and affiliates excluding, primarily, the Barbados, Ireland, Japan and German operations. Just Energy is required to meet a number of financial covenants under the credit facility agreement. | ||
[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 of March 31, 2020, 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. At March 31, 2020 the Company has US$43.0 million available under the facility to draw, earmarked for investments and future acquisitions. The Company has amended the covenants on its senior unsecured term loan facility to increase the senior debt to EBITDA covenant ratio from 1.65:1 to 2.30:1 and the total debt to EBITDA covenant from 3.50:1 to 4.25:1 for the fourth quarter of fiscal 2020. As at March 31, 2020 the Company was compliant with all of these covenants. | ||
[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 March 31, 2020. | ||
[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 March 31, 2020. | ||
[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 could have been exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019, and was not. 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$8.5 million. 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 16 - Long-term Debt and _8
Note 16 - Long-term Debt and Financing - Long- Term Debt (Details) (Parentheticals) $ in Millions | Mar. 31, 2020CAD ($) | Dec. 02, 2019 | Mar. 31, 2019CAD ($) | Sep. 12, 2018USD ($) | Apr. 18, 2018USD ($) | Feb. 22, 2018CAD ($) | Oct. 05, 2016CAD ($) | Jan. 29, 2014USD ($) | ||
Senior unsecured 8.75% term loan [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Interest rate | 8.75% | [1] | 8.75% | 8.75% | [1] | 8.75% | ||||
Face amount | $ 250 | $ 250 | ||||||||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Interest rate | 6.75% | [2] | 6.75% | [2] | 6.75% | |||||
Face amount | $ 100,000,000 | [2] | $ 100,000,000 | [2] | $ 100,000,000 | |||||
Senior subordinated 6.75% convertible debentures [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Interest rate | 6.75% | [3] | 6.75% | [3] | 6.75% | |||||
Face amount | $ 160,000,000 | [3] | $ 160,000,000 | [3] | $ 160,000,000 | |||||
European-focused senior convertible unsecured 6.5% convertible bonds [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Interest rate | 6.50% | 6.50% | 6.50% | |||||||
Face amount | $ 150 | |||||||||
[1] | On September 12, 2018, Just Energy entered into a US$250 million non-revolving multi-draw senior unsecured term loan facility (the "8.75% loan") with Sagard Credit Partners, LP and certain funds managed by a leading U.S.-based global fixed income asset manager. The 8.75% loan bears interest at 8.75% per annum payable semi-annually in arrears on June 30 and December 31 in each year plus fees and will mature on September 12, 2023. 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 of March 31, 2020, 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. At March 31, 2020 the Company has US$43.0 million available under the facility to draw, earmarked for investments and future acquisitions. The Company has amended the covenants on its senior unsecured term loan facility to increase the senior debt to EBITDA covenant ratio from 1.65:1 to 2.30:1 and the total debt to EBITDA covenant from 3.50:1 to 4.25:1 for the fourth quarter of fiscal 2020. As at March 31, 2020 the Company was compliant with all of these covenants. | |||||||||
[2] | On February 22, 2018, Just Energy issued $100 million of convertible unsecured senior subordinated debentures (the "6.75% $100 million convertible debentures"). The 6.75% $100 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on March 31 and September 30 in each year and have a maturity date of March 31, 2023. 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 March 31, 2020. | |||||||||
[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% $160 million convertible debentures have been converted or redeemed as at March 31, 2020. |
Note 16 - Long-term Debt and _9
Note 16 - Long-term Debt and Financing - Finance costs (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Statement Line Items [Line Items] | |||
Finance costs | $ 106,945 | $ 87,779 | |
Credit facility [member] | |||
Statement Line Items [Line Items] | |||
Finance costs | [1] | 23,736 | 20,715 |
Filter Group financing [Member] | |||
Statement Line Items [Line Items] | |||
Finance costs | [2] | 1,793 | 875 |
Senior unsecured 8.75% term loan [member] | |||
Statement Line Items [Line Items] | |||
Finance costs | [3] | 35,089 | 8,999 |
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | |||
Statement Line Items [Line Items] | |||
Finance costs | [4] | 9,417 | 8,819 |
Senior subordinated 6.75% convertible debentures [member] | |||
Statement Line Items [Line Items] | |||
Finance costs | [5] | 13,850 | 13,598 |
European-focused senior convertible unsecured 6.5% convertible bonds [member] | |||
Statement Line Items [Line Items] | |||
Finance costs | [6] | 2,746 | 18,387 |
Supplier finance and others [member] | |||
Statement Line Items [Line Items] | |||
Finance costs | [7] | $ 20,314 | $ 16,386 |
[1] | As of April 18, 2018, the Company had renegotiated an agreement with a syndicate of lenders that includes Canadian Imperial Bank of Commerce ("CIBC"), National Bank of Canada ("National"), HSBC Bank Canada, JPMorgan Chase Bank N.A., Alberta Treasury Branches, Canadian Western Bank and Morgan Stanley Senior Funding, Inc., a subsidiary of Morgan Stanley Bank N.A. The agreement 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 letter of credit facility is guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. The Company amended its senior secured credit facility to increase the senior debt to EBITDA covenant ratio from 1.50:1 to 2.15:1 and the total debt to EBITDA covenant ratio from 3.50:1 to 4.00:1 for the fourth quarter of fiscal 2020. As at March 31, 2020, the Company was compliant with all of these covenants. 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 March 31, 2020, the Canadian prime rate was 2.45% and the U.S. prime rate was 3.25%. As at March 31, 2020, $236.4 million has been drawn against the facility and total letters of credit outstanding as of March 31, 2020 amounted to $72.5 million (March 31, 2019 - $94.0 million). As at March 31, 2020, Just Energy has $61.1 million of the facility remaining for future working capital and/or security requirements. Just Energy's obligations under the credit facility are supported by guarantees of certain subsidiaries and affiliates and secured by a general security agreement and a pledge of the assets and securities of Just Energy and the majority of its operating subsidiaries and affiliates excluding, primarily, the Barbados, Ireland, Japan and German operations. Just Energy is required to meet a number of financial covenants under the credit facility agreement. | ||
[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 of March 31, 2020, 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. At March 31, 2020 the Company has US$43.0 million available under the facility to draw, earmarked for investments and future acquisitions. The Company has amended the covenants on its senior unsecured term loan facility to increase the senior debt to EBITDA covenant ratio from 1.65:1 to 2.30:1 and the total debt to EBITDA covenant from 3.50:1 to 4.25:1 for the fourth quarter of fiscal 2020. As at March 31, 2020 the Company was compliant with all of these covenants. | ||
[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 March 31, 2020. | ||
[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 March 31, 2020. | ||
[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 could have been exercised, at the option of the holder thereof, at any time from May 30, 2014 to July 7, 2019, and was not. 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$8.5 million. 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 $9.2 million of the 6.5% convertible bonds elected to extend the maturity date of the bonds from July 29, 2019 to December 31, 2020, pursuant to an option offered by the Company announced on July 17, 2019. | ||
[7] | Supplier finance and other costs for the year ended March 31, 2020 primarily consists of charges for extended payment terms. |
Note 17 - Reportable Business_3
Note 17 - Reportable Business Segments (Details Textual) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Electricity contracts [member] | ||
Statement Line Items [Line Items] | ||
Percentage of entity's revenue | 85.00% | 83.00% |
Gas contracts [member] | ||
Statement Line Items [Line Items] | ||
Percentage of entity's revenue | 15.00% | 17.00% |
Note 17 - Reportable Business_4
Note 17 - Reportable Business Segments - Components of Segments (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | ||
Sales | $ 2,772,809 | $ 3,038,438 |
Cost of goods sold | 2,136,456 | 2,359,867 |
Gross margin | 636,353 | 678,571 |
Depreciation of property and equipment | 13,651 | 4,515 |
Amortization of intangible assets | 27,997 | 22,680 |
Administrative expenses | 167,936 | 165,328 |
Selling and marketing expenses | 220,820 | 211,738 |
Other operating expenses | 92,300 | 129,204 |
Segment profit (loss) for the year | 113,649 | 130,262 |
Finance costs | (106,945) | (87,779) |
Unrealized loss of derivative instruments and other | (213,417) | (87,459) |
Realized loss of derivative instruments | (24,386) | (83,776) |
Other income, net | 32,660 | 2,312 |
Impairment of goodwill, intangible assets and other | (92,401) | |
Provision for (recovery of) income taxes | 7,393 | 11,832 |
Loss from continuing operations before income taxes | (298,233) | (126,440) |
LOSS FROM DISCONTINUED OPERATIONS | (11,426) | (128,259) |
Profit (loss) | (309,659) | (266,531) |
Additions | 14,052 | 43,542 |
Total goodwill | 272,691 | 339,921 |
Total assets | 1,215,833 | 1,700,555 |
Total liabilities | 1,711,122 | 1,871,682 |
Restructuring costs | 14,844 | |
Loss for the year from continuing operations | (298,233) | (138,272) |
LOSS FOR THE YEAR | (309,659) | (266,531) |
Consumer division [member] | ||
Statement Line Items [Line Items] | ||
Sales | 1,670,775 | 1,906,473 |
Cost of goods sold | 1,198,653 | 1,419,509 |
Gross margin | 472,122 | 486,964 |
Depreciation of property and equipment | 13,534 | 4,362 |
Amortization of intangible assets | 24,690 | 20,544 |
Administrative expenses | 36,423 | 42,573 |
Selling and marketing expenses | 143,187 | 142,560 |
Other operating expenses | 84,271 | 123,798 |
Segment profit (loss) for the year | 170,017 | 150,386 |
Finance costs | ||
Unrealized loss of derivative instruments and other | ||
Realized loss of derivative instruments | ||
Other income, net | ||
Impairment of goodwill, intangible assets and other | ||
Provision for (recovery of) income taxes | ||
Loss from continuing operations before income taxes | ||
LOSS FROM DISCONTINUED OPERATIONS | ||
Profit (loss) | ||
Additions | 12,881 | 39,474 |
Total goodwill | 172,429 | 181,358 |
Total assets | 916,176 | 1,238,922 |
Total liabilities | 1,518,232 | 1,665,752 |
Restructuring costs | 2,741 | |
Loss for the year from continuing operations | ||
LOSS FOR THE YEAR | ||
Commercial division [member] | ||
Statement Line Items [Line Items] | ||
Sales | 1,102,034 | 1,131,965 |
Cost of goods sold | 937,803 | 940,358 |
Gross margin | 164,231 | 191,607 |
Depreciation of property and equipment | 117 | 153 |
Amortization of intangible assets | 3,307 | 2,136 |
Administrative expenses | 24,391 | 32,377 |
Selling and marketing expenses | 77,633 | 69,178 |
Other operating expenses | 8,029 | 5,406 |
Segment profit (loss) for the year | 50,754 | 79,068 |
Finance costs | ||
Unrealized loss of derivative instruments and other | ||
Realized loss of derivative instruments | ||
Other income, net | ||
Impairment of goodwill, intangible assets and other | ||
Provision for (recovery of) income taxes | ||
Loss from continuing operations before income taxes | ||
LOSS FROM DISCONTINUED OPERATIONS | ||
Profit (loss) | ||
Additions | 1,171 | 4,068 |
Total goodwill | 100,262 | 158,563 |
Total assets | 299,657 | 461,633 |
Total liabilities | 192,890 | 205,930 |
Restructuring costs | 3,289 | |
Loss for the year from continuing operations | ||
LOSS FOR THE YEAR | ||
Corporate [member] | ||
Statement Line Items [Line Items] | ||
Sales | ||
Cost of goods sold | ||
Gross margin | ||
Depreciation of property and equipment | ||
Amortization of intangible assets | ||
Administrative expenses | 107,122 | 90,378 |
Selling and marketing expenses | ||
Other operating expenses | ||
Segment profit (loss) for the year | (107,122) | (99,192) |
Finance costs | ||
Unrealized loss of derivative instruments and other | ||
Realized loss of derivative instruments | ||
Other income, net | ||
Impairment of goodwill, intangible assets and other | ||
Provision for (recovery of) income taxes | ||
Loss from continuing operations before income taxes | ||
LOSS FROM DISCONTINUED OPERATIONS | ||
Profit (loss) | ||
Additions | ||
Total goodwill | ||
Total assets | ||
Total liabilities | ||
Restructuring costs | 8,814 | |
Loss for the year from continuing operations | ||
LOSS FOR THE YEAR |
Note 17 - Reportable Business_5
Note 17 - Reportable Business Segments - Geographical Disclosure (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | ||
Sales | $ 2,772,809 | $ 3,038,438 |
Non-current assets | 399,752 | 498,518 |
CANADA | ||
Statement Line Items [Line Items] | ||
Sales | 323,802 | 413,836 |
Non-current assets | 233,678 | 266,776 |
UNITED STATES | ||
Statement Line Items [Line Items] | ||
Sales | 2,449,007 | 2,624,602 |
Non-current assets | 166,074 | 223,802 |
International [member] | ||
Statement Line Items [Line Items] | ||
Non-current assets | $ 7,940 |
Note 18 - Business Combinatio_3
Note 18 - Business Combinations and Dispositions (Details Textual) - CAD ($) $ in Thousands, shares in Millions | Dec. 31, 2019 | Oct. 01, 2018 | Mar. 31, 2019 |
Customer contracts and natural gas [member] | |||
Statement Line Items [Line Items] | |||
Proceeds from sales of intangible assets | $ 4,500 | ||
Gains (losses) on sale of intangible assets | $ 1,800 | ||
Filter Group Inc [member] | |||
Statement Line Items [Line Items] | |||
Financial liabilities recognised as of acquisition date | $ 22,000 | ||
Transferable cash payable, acquisition date | $ 14,300 | ||
Maximum number of shares issuable for earn-out payments (in shares) | 9.5 | ||
Maximum number of shares issuable for earn-out payments to satisfy dividends (in shares) | 2.4 | ||
Earn-out payment periods (Year) | 3 years | ||
Earn-out payment allocation of shares for cash | 50.00% | ||
Earn-out payment allocation of DRIP shares as cash | 100.00% | ||
Trade and other payables recognised as of acquisition date | $ 11,314 | $ 1,300 | |
Cash transferred for the assumption of a shareholder debt | 13,000 | ||
Cash transferred | 3,000 | ||
Cash consideration payable for a shareholder debt | 11,300 | ||
Current interest payable | 700 | ||
Contingent consideration recognised as of acquisition date | 24,944 | ||
Contingent consideration, range of outcomes, value, low | 23,100 | ||
Contingent consideration, range of outcomes, value, high | $ 26,800 | ||
Contingent liabilities recognised in business combination at end of period | 29,100 | ||
Filter Group Inc [member] | Key management personnel of entity or parent [member] | |||
Statement Line Items [Line Items] | |||
Cash consideration payable for a shareholder debt | $ 11,100 | ||
Borrowings, interest rate | 1.00% | ||
Current interest payable | $ 600 |
Note 18 - Business Combinatio_4
Note 18 - Business Combinations and Dispositions - Net Assets Acquired From Filter Group Inc. (Details) - Filter Group Inc [member] - CAD ($) $ in Thousands | Mar. 31, 2019 | Oct. 01, 2018 |
Statement Line Items [Line Items] | ||
Working capital | $ 898 | |
Property and equipment | 6,154 | |
Intangible assets | 15,600 | |
Goodwill | 38,217 | |
Long-term debt | (21,611) | |
Total consideration | 39,258 | |
Cash transferred | 3,000 | |
Trade and other payables recognised as of acquisition date | $ 1,300 | 11,314 |
Contingent consideration recognised as of acquisition date | 24,944 | |
Total consideration | $ 39,258 |
Note 19 - Income Taxes (Details
Note 19 - Income Taxes (Details Textual) $ in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020CAD ($) | Mar. 31, 2019CAD ($) | Mar. 31, 2019USD ($) | |
Statement Line Items [Line Items] | |||
Applicable tax rate | 26.50% | 26.50% | |
Deferred tax assets | $ 23,191 | $ 101,155 | |
Unused tax losses [member] | |||
Statement Line Items [Line Items] | |||
Deferred tax assets | $ 381,023 | $ 293,795 |
Note 19 - Income Taxes - Compon
Note 19 - Income Taxes - Components of Tax Expenses (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | ||
Current tax expense | $ 7,047 | $ 7,622 |
Origination and reversal of temporary differences | (90,459) | (35,825) |
Expense arising from previously unrecognized tax loss or temporary difference | 90,805 | 40,035 |
Deferred tax expense | 346 | 4,210 |
Provision for income taxes | $ 7,393 | $ 11,832 |
Note 19 - Income Taxes - Reconc
Note 19 - Income Taxes - Reconciliation of the Effective Tax Rate (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | ||
Loss before income taxes | $ (290,840) | $ (126,440) |
Combined statutory Canadian federal and provincial income tax rate | 26.50% | 26.50% |
Income tax recovery based on statutory rate | $ (77,073) | $ (33,507) |
Expense (benefit) of mark to market loss and other temporary differences not recognized | 90,805 | 40,035 |
Variance between combined Canadian tax rate and the tax rate applicable to foreign earnings | (5,554) | (3,841) |
Other permanent items | (785) | 9,145 |
Provision for income taxes | $ 7,393 | $ 11,832 |
Note 19 - Income Taxes - Recogn
Note 19 - Income Taxes - Recognized Deferred Tax Assets and Liabilities (Details) - CAD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Statement Line Items [Line Items] | ||
Deferred tax assets | $ 23,191 | $ 101,155 |
Offset of deferred income taxes | (22,550) | (101,040) |
Net deferred income tax assets | 641 | 115 |
Total deferred tax liability | (22,550) | (101,040) |
Offset of deferred income taxes | 22,550 | 101,040 |
Net deferred income tax liabilities | ||
Mark to market gains (losses) on derivative instruments [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax assets | 3,097 | |
Total deferred tax liability | (20,683) | |
Tax losses and excess of tax basis over book basis [member] | ||
Statement Line Items [Line Items] | ||
Deferred tax assets | 23,191 | 98,058 |
Partnership income deferred for tax [member] | ||
Statement Line Items [Line Items] | ||
Total deferred tax liability | (3,542) | |
Book to tax differences on other assets [member] | ||
Statement Line Items [Line Items] | ||
Total deferred tax liability | (18,367) | (70,742) |
Convertible debentures [member] | ||
Statement Line Items [Line Items] | ||
Total deferred tax liability | $ (4,183) | $ (6,073) |
Note 19 - Income Taxes - Moveme
Note 19 - Income Taxes - Movement in Deferred Tax Balances (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | ||
Balance | $ 115 | $ 2,532 |
Recognized in profit or loss | (346) | (4,210) |
Recognized in OCI | 872 | (638) |
Other | 2,431 | |
Balance | 641 | 115 |
Partnership income deferred for tax [member] | ||
Statement Line Items [Line Items] | ||
Balance | (3,542) | (6,249) |
Recognized in profit or loss | 3,542 | 2,707 |
Recognized in OCI | ||
Other | ||
Balance | (3,542) | |
Book to tax differences - customer contracts [member] | ||
Statement Line Items [Line Items] | ||
Balance | 27,316 | 48,345 |
Recognized in profit or loss | (23,364) | (22,822) |
Recognized in OCI | 872 | (638) |
Other | 2,431 | |
Balance | 4,824 | 27,316 |
Mark to market gains (losses) on derivative instruments [member] | ||
Statement Line Items [Line Items] | ||
Balance | (17,586) | (36,578) |
Recognized in profit or loss | 17,586 | 18,992 |
Recognized in OCI | ||
Other | ||
Balance | (17,586) | |
Convertible debentures [member] | ||
Statement Line Items [Line Items] | ||
Balance | (6,073) | (2,986) |
Recognized in profit or loss | 1,890 | (3,087) |
Recognized in OCI | ||
Other | ||
Balance | $ (4,183) | $ (6,073) |
Note 19 - Income Taxes - Unreco
Note 19 - Income Taxes - Unrecognized Deferred Tax Assets (Details) - CAD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Mark to market gains (losses) on derivative instruments [member] | ||
Statement Line Items [Line Items] | ||
Deferred income tax assets not reflected | $ 31,897 | $ 7,239 |
Tax losses and excess of tax basis over book basis [member] | ||
Statement Line Items [Line Items] | ||
Deferred income tax assets not reflected | $ 47,038 | $ 32,911 |
Note 20 - Shareholders' Capit_3
Note 20 - Shareholders' Capital (Details Textual) - CAD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 02, 2019 | Sep. 12, 2018 | |||
Statement Line Items [Line Items] | ||||||
Par value per share (in CAD per share) | $ 0 | |||||
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% |
Senior unsecured 8.75% term loan [member] | Top of range [member] | ||||||
Statement Line Items [Line Items] | ||||||
Borrowings, senior debit to EBITDA covenant ratio | 1.5 | |||||
Preference shares [member] | ||||||
Statement Line Items [Line Items] | ||||||
Number of shares authorised (in shares) | 50,000,000 | |||||
Number of shares issued and fully paid (in shares) | 0 | |||||
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share (in CAD per share) | $ 1.0625 | $ 2.125 | ||||
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners | $ 6,622 | $ 12,189 | ||||
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 (in CAD per share) | $ 0.125 | $ 0.50 | ||||
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners | $ 18,724 | $ 74,557 | ||||
Dividends recognised as distributions to owners of parent | $ 849 | $ 1,284 | ||||
[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 of March 31, 2020, 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. At March 31, 2020 the Company has US$43.0 million available under the facility to draw, earmarked for investments and future acquisitions. The Company has amended the covenants on its senior unsecured term loan facility to increase the senior debt to EBITDA covenant ratio from 1.65:1 to 2.30:1 and the total debt to EBITDA covenant from 3.50:1 to 4.25:1 for the fourth quarter of fiscal 2020. As at March 31, 2020 the Company was compliant with all of these covenants. |
Note 20 - Shareholders' Capit_4
Note 20 - Shareholders' Capital - Classes of Share Capital (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | ||
Accumulated earnings (loss), beginning of year | $ (172,090) | $ 157,556 |
Accumulated earnings (loss), end of year | $ (495,288) | $ (172,090) |
Issued capital [member] | ||
Statement Line Items [Line Items] | ||
Balance, beginning of year (in shares) | ||
Accumulated earnings (loss), beginning of year | $ 1,235,503 | |
Balance, end of year (in shares) | ||
Accumulated earnings (loss), end of year | $ 1,246,829 | $ 1,235,503 |
Issued capital [member] | Ordinary shares [member] | ||
Statement Line Items [Line Items] | ||
Balance, beginning of year (in shares) | 149,595,952 | 148,394,152 |
Accumulated earnings (loss), beginning of year | $ 1,088,538 | $ 1,079,055 |
Share-based awards exercised (in shares) | 2,018,286 | 1,201,800 |
Share-based units exercised | $ 11,326 | $ 9,483 |
Balance, end of year (in shares) | 151,614,238 | 149,595,952 |
Accumulated earnings (loss), end of year | $ 1,099,864 | $ 1,088,538 |
Issued capital [member] | Preference shares [member] | ||
Statement Line Items [Line Items] | ||
Balance, beginning of year (in shares) | 4,662,165 | 4,323,300 |
Accumulated earnings (loss), beginning of year | $ 146,965 | $ 136,771 |
Shares issued | $ 10,447 | |
Shares issued for cash (in shares) | 338,865 | |
Preferred shares issuance cost | $ (253) | |
Balance, end of year (in shares) | 4,662,165 | 4,662,165 |
Accumulated earnings (loss), end of year | $ 146,965 | $ 146,965 |
Note 21 - Share-based Compens_3
Note 21 - Share-based Compensation Plans (Details Textual) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Mar. 31, 2020CAD ($)shares$ / shares | Mar. 31, 2019CAD ($)shares$ / shares | Mar. 31, 2020 | Mar. 31, 2020$ / shares | Mar. 31, 2019 | Mar. 31, 2018shares | |
Statement Line Items [Line Items] | ||||||
Maximum number of options available for grant (in shares) | shares | 11,300,000 | |||||
Number of options available for grant remaining (in shares) | shares | 814,166 | |||||
Number of share options outstanding in share-based payment arrangement at end of period | 500,000 | |||||
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period (in CAD per share) | $ / shares | $ 7.88 | |||||
Number of share options granted in share-based payment arrangement | 0 | |||||
Expense from share-based payment transactions with employees | $ | $ 12,250 | $ 5,916 | ||||
Restricted share grants [member] | ||||||
Statement Line Items [Line Items] | ||||||
Number of other equity instruments available for grant in a share-based payment arrangement | 1,071,162 | 2,717,774 | 3,004,624 | |||
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 1,492,756 | 1,473,989 | ||||
Number of common shares issued on vesting of one unit of other equity instrument (in shares) | shares | 1 | |||||
Number of other equity instruments granted in share-based payment arrangement | 2,305,128 | 788,211 | ||||
Weighted average exercise price of other equity instruments granted in share-based payment arrangement (in CAD per share) | $ / shares | $ 4.66 | $ 5 | ||||
Expense from share-based payment transactions with employees | $ | $ 6,800 | $ 1,800 | ||||
Restricted share grants [member] | Senior management [member] | ||||||
Statement Line Items [Line Items] | ||||||
Number of other equity instruments granted in share-based payment arrangement | 40,000 | |||||
Performance bonus grants [member] | ||||||
Statement Line Items [Line Items] | ||||||
Number of other equity instruments available for grant in a share-based payment arrangement | 1,479,699 | 2,182,302 | 1,479,699 | 2,182,302 | 2,270,480 | |
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 762,595 | 385,214 | ||||
Number of other equity instruments granted in share-based payment arrangement | 1,097,300 | 331,196 | ||||
Weighted average exercise price of other equity instruments granted in share-based payment arrangement (in CAD per share) | $ / shares | $ 4.75 | $ 5.01 | ||||
Expense from share-based payment transactions with employees | $ | $ 5,300 | $ 3,900 | ||||
Number of performance payments | 3 | |||||
Percentage payout of performance payments | 33.00% | |||||
Deferred share grants [member] | ||||||
Statement Line Items [Line Items] | ||||||
Number of other equity instruments available for grant in a share-based payment arrangement | 82,727 | 82,727 | 69,481 | |||
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 203,028 | 184,430 | ||||
Vesting period, other equity instruments granted | 3 | |||||
Number of other equity instruments granted in share-based payment arrangement | 80,150 | 69,481 | ||||
Weighted average exercise price of other equity instruments granted in share-based payment arrangement (in CAD per share) | $ / shares | $ 1.78 | $ 4.48 | ||||
Expense from share-based payment transactions with employees | $ | $ 100 | $ 200 | ||||
Annual deferred share grants compensation percentage | 15.00% | |||||
Bottom of range [member] | ||||||
Statement Line Items [Line Items] | ||||||
Vesting period, share options granted | 3 | |||||
Option life, share options granted | 5 | |||||
Bottom of range [member] | Restricted share grants [member] | ||||||
Statement Line Items [Line Items] | ||||||
Vesting period, other equity instruments granted | 1 | |||||
Top of range [member] | ||||||
Statement Line Items [Line Items] | ||||||
Vesting period, share options granted | 5 | |||||
Option life, share options granted | 10 | |||||
Top of range [member] | Restricted share grants [member] | ||||||
Statement Line Items [Line Items] | ||||||
Vesting period, other equity instruments granted | 5 | |||||
Instrument life, other equity instruments granted | 10 | |||||
Top of range [member] | Performance bonus grants [member] | ||||||
Statement Line Items [Line Items] | ||||||
Instrument life, other equity instruments granted | 3 | |||||
Top of range [member] | Deferred share grants [member] | ||||||
Statement Line Items [Line Items] | ||||||
Instrument life, other equity instruments granted | 10 |
Note 21 - Share-based Compens_4
Note 21 - Share-based Compensation Plans - Restricted Share Grants Available for Grant (Details) - Restricted share grants [member] | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | ||
Balance, beginning of year | 2,717,774 | 3,004,624 |
Less: Granted | (2,305,128) | (788,211) |
Add: Cancelled/forfeited | 658,516 | 501,361 |
Balance, end of year | 1,071,162 | 2,717,774 |
Note 21 - Share-based Compens_5
Note 21 - Share-based Compensation Plans - Performance Bonus Grants Available for Grant (Details) - Performance bonus grants [member] | 12 Months Ended | |||
Mar. 31, 2020shares | Mar. 31, 2020 | Mar. 31, 2019shares | Mar. 31, 2019 | |
Statement Line Items [Line Items] | ||||
Balance, beginning of year | 2,182,302 | 2,182,302 | 2,270,480 | |
Less: Granted | (1,097,300) | (331,196) | ||
Add: Cancelled/forfeited | 394,697 | 243,018 | ||
Balance, end of year | 1,479,699 | 1,479,699 | 2,182,302 | 2,182,302 |
Note 21 - Share-based Compens_6
Note 21 - Share-based Compensation Plans - Deferred Share Grants Available for Grant (Details) - Deferred share grants [member] | 12 Months Ended | ||
Mar. 31, 2020shares | Mar. 31, 2020 | Mar. 31, 2019shares | |
Statement Line Items [Line Items] | |||
Balance, beginning of year | 69,481 | ||
Less: Granted | (80,150) | (69,481) | |
Less: Granted overage from fiscal 2019 (in shares) | (37,123) | ||
Add: Increase in DSGs available for grant (in shares) | 200,000 | ||
Balance, end of year | 82,727 | 82,727 |
Note 22 - Other Expenses (Detai
Note 22 - Other Expenses (Details Textual) - CAD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | ||
Employee benefits expense recognised in administrative expense | $ 80.4 | $ 93.8 |
Employee benefits expense recognised in selling and marketing expense | $ 153.4 | $ 162.1 |
Note 22 - Other Expenses - Othe
Note 22 - Other Expenses - Other Operating Expenses (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | ||
Amortization of intangible assets | $ 27,997 | $ 22,680 |
Depreciation of property and equipment | 13,651 | 4,515 |
Bad debt expense | 80,050 | 123,288 |
Share-based compensation | 12,250 | 5,916 |
Other expense | $ 133,948 | $ 156,399 |
Note 22 - Other Expenses - Empl
Note 22 - Other Expenses - Employee Benefits Expense (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | ||
Wages, salaries and commissions | $ 211,457 | $ 233,575 |
Benefits | 22,218 | 22,315 |
Employee benefits expense | $ 233,675 | $ 255,890 |
Note 23 - Loss Per Share (Detai
Note 23 - Loss Per Share (Details Textual) $ in Millions | Mar. 31, 2020CAD ($) | Mar. 31, 2019CAD ($) | Feb. 22, 2018CAD ($) | Oct. 05, 2016CAD ($) | Jan. 29, 2014USD ($) | ||
European-focused senior convertible unsecured 6.5% convertible bonds [member] | |||||||
Statement Line Items [Line Items] | |||||||
Borrowings, interest rate | 6.50% | 6.50% | 6.50% | ||||
Notional amount | $ 150 | ||||||
Senior subordinated 6.75% convertible debentures [member] | |||||||
Statement Line Items [Line Items] | |||||||
Borrowings, interest rate | 6.75% | [1] | 6.75% | [1] | 6.75% | ||
Notional amount | $ 160,000,000 | [1] | $ 160,000,000 | [1] | $ 160,000,000 | ||
The $100 million 6.75% of convertible unsecured senior subordinated debentures [member] | |||||||
Statement Line Items [Line Items] | |||||||
Borrowings, interest rate | 6.75% | [2] | 6.75% | [2] | 6.75% | ||
Notional amount | $ 100,000,000 | [2] | $ 100,000,000 | [2] | $ 100,000,000 | ||
[1] | On October 5, 2016, Just Energy issued $160 million of convertible unsecured senior subordinated debentures (the "6.75% $160 million convertible debentures"). The 6.75% $160 million convertible debentures bear interest at an annual rate of 6.75%, payable semi-annually in arrears on June 30 and December 31 in each year and have a maturity date of December 31, 2021. Each $1,000 principal amount of the 6.75% $160 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 107.5269 common shares of Just Energy, representing a conversion price of $9.30, subject to certain anti-dilution provisions. Holders who convert their debentures will receive accrued and unpaid interest for the period from and including the date of the latest interest payment up to, but excluding, the date of conversion. The 6.75% $160 million convertible debentures will not be redeemable at the option of the Company on or before December 31, 2019. After December 31, 2019 and prior to December 31, 2020, the 6.75% $160 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days' and not less than 30 days' prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Just Energy on the 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 March 31, 2020. | ||||||
[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% $100 million convertible debentures have been converted or redeemed as at March 31, 2020. |
Note 23 - Loss Per Share - Comp
Note 23 - Loss Per Share - Components of Earning Per Share (Details) - CAD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Statement Line Items [Line Items] | |||
Loss from continuing operations available to shareholders | $ (298,233) | $ (138,272) | |
Dividend to preferred shareholders - net of tax | 10,643 | 8,959 | |
Loss from continuing operations available to shareholders - net | $ (308,876) | $ (147,231) | |
Basic weighted average shares outstanding (in shares) | 151,033,844 | 149,138,797 | |
Basic loss per share from continuing operations available to shareholders (in CAD per share) | $ (2.05) | $ (1) | |
Basic loss per share available to shareholders (in CAD per share) | $ (2.12) | $ (1.86) | |
Loss from continuing operations available to shareholders | $ (308,876) | $ (147,231) | |
Adjusted loss from continuing operations available to shareholders | $ (308,876) | $ (147,231) | |
Restricted share and performance bonus grants (in shares) | 2,665,121 | [1] | 2,409,990 |
Deferred share grants (in shares) | 291,743 | [1] | 142,928 |
Convertible debentures (in shares) | 39,574,831 | [1] | 39,574,831 |
Shares outstanding on a diluted basis (in shares) | 193,565,539 | 191,266,546 | |
Diluted loss from continuing operations per share available to shareholders (in CAD per share) | $ (2.05) | $ (1) | |
Diluted loss per share available to shareholders (in CAD per share) | $ (2.12) | $ (1.86) | |
[1] | The assumed conversion into shares results in an anti-dilutive position; therefore, these items have not been included in the computation of diluted loss per share. The potentially dilutive instruments are the convertible features on the 6.5% convertible bonds, 6.75% $160M convertible debentures and 6.75% $100M convertible debentures as well as the stock options and share grants. |
Note 24 - Discontinued Operat_3
Note 24 - 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 24 - Discontinued Operat_4
Note 24 - Discontinued Operations - Discontinued Operations (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Line Items [Line Items] | |||
Sales | $ 2,772,809 | $ 3,038,438 | |
Loss from discontinued operations before income taxes | (302,189) | (258,444) | |
LOSS FROM DISCONTINUED OPERATIONS | (11,426) | (128,259) | |
Cash and cash equivalents | 26,093 | 9,888 | $ 48,861 |
Current trade and other receivables | 403,907 | 705,221 | 658,844 |
Income taxes recoverable | 6,641 | 18,973 | 5,617 |
Other current assets | 203,270 | 206,425 | 112,214 |
Total current assets | 686,767 | 1,092,010 | 1,050,162 |
Property and equipment | 28,794 | 25,862 | 18,893 |
Total intangible assets other than goodwill | 370,958 | 472,656 | 401,926 |
ASSETS CLASSIFIED AS HELD FOR SALE | 7,611 | 8,971 | |
Trade and other payables | 685,665 | 870,083 | 648,997 |
LIABILITIES CLASSIFIED AS HELD FOR SALE | 4,906 | 5,200 | |
Disposition of businesses in Germany, Ireland, and Japan [member] | Discontinued operations [member] | |||
Statement Line Items [Line Items] | |||
Sales | 427,346 | 793,761 | |
Gain on disposal of the U.K. and Ireland businesses | (45,138) | ||
Loss from discontinued operations before income taxes | (11,349) | (132,004) | |
Provision for (recovery of) income taxes | 77 | (3,745) | |
LOSS FROM DISCONTINUED OPERATIONS | (11,426) | (128,259) | |
Cash and cash equivalents | 898 | 628 | |
Current trade and other receivables | 4,978 | 3,007 | |
Income taxes recoverable | 12 | 50 | |
Other current assets | 1,140 | 3,087 | |
Total current assets | 7,028 | 6,772 | |
Property and equipment | 38 | 42 | |
Total intangible assets other than goodwill | 545 | 2,157 | |
ASSETS CLASSIFIED AS HELD FOR SALE | 7,611 | 8,971 | |
Trade and other payables | 4,823 | 4,902 | |
Deferred revenue | 83 | 298 | |
LIABILITIES CLASSIFIED AS HELD FOR SALE | $ 4,906 | $ 5,200 |
Note 24 - Discontinued Operat_5
Note 24 - Discontinued Operations - Results of Disposal (Details) $ in Thousands, € in Millions, £ in Millions | Dec. 18, 2019CAD ($) | Dec. 18, 2019EUR (€) | Nov. 29, 2019CAD ($) | Nov. 29, 2019GBP (£) | Mar. 31, 2020CAD ($) | Mar. 31, 2019CAD ($) | Mar. 31, 2018CAD ($) |
Statement Line Items [Line Items] | |||||||
Carrying value of net liabilities disposed | $ 1,711,121 | $ 1,871,491 | $ 1,443,837 | ||||
Carrying value of goodwill disposed | (272,691) | (339,921) | |||||
Carrying value of intangible assets disposed | $ (370,958) | $ (472,656) | $ (401,926) | ||||
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) | ||||||
Net gain on sale of U.K. operations | $ 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 | ||||||
Net gain on sale of U.K. operations | $ 1,559 |
Note 25 - Commitments and Con_3
Note 25 - Commitments and Contingencies (Details Textual) | 12 Months Ended | ||
Mar. 31, 2020CAD ($)shares | Mar. 31, 2019CAD ($) | Mar. 31, 2012 | |
Daniel MacDonald [member] | |||
Statement Line Items [Line Items] | |||
Legal proceedings, number of class A special shares exchangeable for common shares (in shares) | shares | 9,500,000 | ||
Credit facility [member] | |||
Statement Line Items [Line Items] | |||
Borrowings, letters of credit | $ 72,500,000 | $ 94,000,000 | |
Surety bond [member] | |||
Statement Line Items [Line Items] | |||
Estimated financial effect of contingent liabilities | 63,400,000 | ||
Contingent liability for guarantees [member] | |||
Statement Line Items [Line Items] | |||
Estimated financial effect of contingent liabilities | $ 64,400,000 | ||
Legal proceedings contingent liability [member] | Federal minimum wage and overtime [member] | |||
Statement Line Items [Line Items] | |||
Legal proceedings, number of plaintiffs | 1,800 | ||
Legal proceedings contingent liability [member] | Ohio state overtime claims [member] | |||
Statement Line Items [Line Items] | |||
Legal proceedings, number of plaintiffs | 8,000 | ||
Bottom of range [member] | |||
Statement Line Items [Line Items] | |||
Leasing period | 1 | ||
Bottom of range [member] | Property, plant and equipment subject to operating leases [member] | |||
Statement Line Items [Line Items] | |||
Leasing period | 1 | ||
Top of range [member] | |||
Statement Line Items [Line Items] | |||
Leasing period | 10 | ||
Top of range [member] | Property, plant and equipment subject to operating leases [member] | |||
Statement Line Items [Line Items] | |||
Leasing period | 8 |
Note 25 - Commitments and Con_4
Note 25 - Commitments and Contingencies - Commitments (Details) - CAD ($) $ in Thousands | Mar. 31, 2020 | Apr. 01, 2019 | Mar. 31, 2019 |
Statement Line Items [Line Items] | |||
Total lease liabilities | $ 3,088,524 | $ 18,525 | $ 21,243 |
Not later than one year [member] | |||
Statement Line Items [Line Items] | |||
Total lease liabilities | 1,463,615 | ||
Later than one year and not later than three years [member] | |||
Statement Line Items [Line Items] | |||
Total lease liabilities | 1,200,713 | ||
Later than four years and not later than five years [member] | |||
Statement Line Items [Line Items] | |||
Total lease liabilities | 322,590 | ||
Later than five years [member] | |||
Statement Line Items [Line Items] | |||
Total lease liabilities | $ 101,606 |
Note 26 - Related Party Trans_3
Note 26 - Related Party Transactions (Details Textual) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | |||
Cash flows used in obtaining control of subsidiaries or other businesses | $ 12,013 | $ 4,281 | |
Filter Group Inc [member] | |||
Statement Line Items [Line Items] | |||
Cash flows used in obtaining control of subsidiaries or other businesses | $ 10,600 |
Note 26 - Related Party Trans_4
Note 26 - Related Party Transactions and Key Management Personnel Remuneration - Components of Expenses (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | ||
Salaries and benefits | $ 2,334 | $ 2,493 |
Share-based compensation expense, net | 625 | 1,163 |
Key management personnel compensation | $ 2,959 | $ 3,656 |
Note 27 - Supplemental Cash F_3
Note 27 - Supplemental Cash Flow Information - Components of changes in Non-cash Working Capital (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | ||
Accounts receivable and unbilled revenue, net | $ 33,839 | $ (35,427) |
Gas in storage | (3,234) | (601) |
Prepaid expenses and deposits | (89,087) | (128,911) |
Provisions | (4,607) | 4,309 |
Trade and other payables | 106,271 | 174,958 |
Adjustments required to reflect net cash receipts from gas sales | 812 | 4,186 |
Increase (decrease) in working capital | $ 43,994 | $ 18,514 |
Note 27 - Supplemental Cash F_4
Note 27 - Supplemental Cash Flow Information - Adjustments to Reflect Net Cash from Gas Sales (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | ||
Accrued gas receivable | $ (12,972) | $ 15,893 |
Gas delivered (drawn) in excess of consumption | (4,866) | 2,716 |
Accrued gas payable | 11,266 | (12,261) |
Deferred revenue | 7,384 | (2,162) |
Cash receipts from gas sales | $ 812 | $ 4,186 |