TIDMJEL
RNS Number : 1051O
Jersey Electricity PLC
22 May 2015
Jersey Electricity plc
Interim Management Report
for the six months ended 31 March 2015
The Board approved at a meeting on 22 May 2015 the Interim
Management Report for the six months ended 31 March 2015 and
declared an interim dividend of 5.25p compared to 5.00p for 2014.
The dividend will be paid on 30 June 2015 to those shareholders
registered in the records of the Company on 5 June 2015.
The Interim Management Report is attached and will be available
to the public on the Company's website
www.jec.co.uk/about-us/investor-relations/financial-figures-and-reports.
The Interim Management Report for 2015 has not been audited or
reviewed by our external auditors nor have the results for the
equivalent period in 2014. The results for the year ended 30
September 2014 have been extracted from the statutory accounts
which had an unqualified audit opinion.
M.P. Magee P.J. Routier
Finance Director Company Secretary
Direct telephone number : 01534 505201 Direct telephone number : 01534 505253
Email : mmagee@jec.co.uk Email : proutier@jec.co.uk
22 May 2015
The Powerhouse,
PO Box 45,
Queens Road,
St Helier,
Jersey JE4 8NY
Jersey Electricity plc
Unaudited Interim Management Report
for the six months to 31 March 2015
Financial Summary 6 months 6 months
2015 2014
------------------------------------ --------- ---------
Electricity Sales in
kWh (000) 357,362 353,729
Revenue GBP55.8m GBP55.0m
Profit before tax pre-exceptional GBP 8.0m GBP 4.8m
items
Profit in Energy business GBP 7.4m GBP 3.6m
Earnings per share pre-exceptional
items 20.75p 12.46p
Final dividend paid per
ordinary share 7.20p 6.80p
Proposed interim dividend
per share 5.25p 5.00p
Net Debt GBP21.9m GBP19.5m
Overall Trading Performance
Group revenue, at GBP55.8m, was 2% higher for the first half
year of 2015 than the same period in 2014 and profit before tax,
pre-exceptional items, was GBP8.0m in the first half of 2015
against GBP4.8m in the equivalent period last year. This returns
profit to a level commensurate with a sustainable rate of return
typical for a regulated utility and at a quantum needed to maintain
our continued investment in infrastructure. Cost of sales decreased
by GBP4.1m to GBP35.7m due mainly to the reduced use of oil for
on-island generation in our Energy business because of the
commissioning of a new submarine cable to France in September 2014.
Operating expenses at GBP11.4m were GBP1.1m above last year with an
increase of GBP1.0m in depreciation charges, associated mainly with
the commissioning of our new subsea cable. In the corresponding
period last year we had exceptional costs of GBP0.6m and GBP1.1m
incurred in restructuring our Retail operation and selling the
shareholding in Foreshore, our data hosting joint venture,
respectively. Profit before tax in 2014 was GBP3.1m post such
exceptional costs. Earnings per share, pre-exceptional costs, rose
to 20.75p from 12.46p in 2014. In 2014 the post-exceptional costs
earnings per share figure was 7.36p. Net debt on the balance sheet
at 31 March 2015 was GBP21.9m (2014: GBP19.5m) with the
year-on-year rise driven mainly by our continued investment in
infrastructure assets in our Energy business. At the last year end
a provision for GBP1.8m was established for a likely repair to the
subsea cable between Jersey and Guernsey. This preventative repair
was successfully performed during January with the cost fully
covered by the provision.
Energy Division
Unit sales of electricity rose by 1%, from 354m to 357m kWh,
compared with the same period in the prior year. Mild weather,
compared with long-term average temperatures, has been experienced
in the first half of the last two financial years, resulting in a
reduced use of electricity primarily in the heating of residential
properties. Revenues in our Energy Division rose by 2% from
GBP44.5m to GBP45.5m as a result of the increased unit sales and
the small rise in tariffs in April 2014. Operating profit rose in
Energy to GBP7.4m from GBP3.6m in the same period last year. As
reported previously, until we installed a new submarine cable to
France, we were constrained on importation capacity and reliant on
a heavier mix of more expensive on-island oil-fired generation,
particularly in winter, when volumes are higher. The increase in
Energy profit in this half year is driven by a combination of less
use of oil and a higher level of invested capital on which we need
to achieve a sustainable return. We imported 94% of our on-Island
requirement from France (up from 75% in 2014) and only generated 2%
of our electricity in Jersey (compared to 20% last year). The
remaining 4% (2014: 5%) of our electricity came from the Energy
from Waste plant, owned by the States of Jersey.
Investment in Infrastructure
The N3 subsea cable to France was successfully commissioned in
late September 2014 ahead of schedule and the cable network has
generally performed well in the early post-commissioning period
where problems are more likely to surface. The N3 network was out
of service for 8 days during March when a technical problem
occurred with a joint on the land cable in France but this was
successfully resolved at no cost to the Company and without any
disruption to customer supplies in Jersey. The original projected
cost of N3 was GBP70m but the final cost was closer to GBP64m
including the capitalisation of associated financing costs. The
project was a joint one between Jersey Electricity and Guernsey
Electricity and the net cost to the Company was in the region of
GBP48m.
Capital expenditure was GBP9.2m in the first 6 months of the
financial year, with the most material spend being on final
contractor payments for the N3 project. We are moving forward with
plans to install an additional undersea supply cable to France
known as Normandie 1 (N1). The 27km, 100MW cable is a direct
replacement for EDF1, Jersey's first subsea cable installed in 1984
and which came to the end of its life in June 2012 after 28 years'
service. The project, expected to cost in the region of GBP40m, is
a joint venture with Guernsey Electricity as partners in the
Channel Islands Electricity Grid. We expect to lift the old cable
from the seabed before the installation of N1. Tenders for the
manufacture of N1 are currently being considered. Planning
permission in both France and Jersey is nearing completion and if
there are no delays, the installation of N1 is scheduled for
2016/17.
Non-energy performance
Trading conditions remain challenging for our other business
units. Retailing year-on-year revenue, as expected, fell by 12%
because of a restructuring of this business unit as reported last
year and it is now trading from a smaller footprint. Encouragingly
profitability improved to GBP0.3m from GBP0.1m. Revenue remained at
GBP1.0m for our Property portfolio but profit rose by GBP0.1m to
GBP0.8m as maintenance spend was lower than in the corresponding
period last year. Our Building Services business saw a GBP0.7m
increase in revenue to GBP2.3m but profitability remained around
breakeven with the business currently undergoing a restructuring.
Our remaining business units performed well but produced profits of
GBP0.3m being GBP0.1m lower than in 2014 as Jendev is currently
undergoing a period of upgrade and development of its utility
billing product.
Forward hedging of electricity and foreign exchange and customer
tariffs
Our tariffs to customers continue to remain competitive with
other jurisdictions and the restoration of additional capacity
between Jersey and France from September 2014, combined with our
hedging programme, should enable us to continue to deliver stable
pricing for our customers. Our electricity purchase requirements
are materially hedged for the period 2015-18. As these are
contractually denominated in the Euro we enter into foreign
currency contracts to eliminate a large percentage of exposure to
aid tariff planning. We have seen volatility in foreign exchange in
the last six months which is why we seek to largely eliminate
exposure. This has resulted in a fair value reduction of GBP4.4m
(net of tax) against our Other Reserves due to the current strength
of Sterling against the Euro. Our goal, through use of our power
purchase contract and associated hedging policies, continues to be
the delivery of competitive and stable customer tariffs, along with
secure low-carbon electricity supplies whilst maintaining an
appropriate, fair return for our shareholders.
Debt and financing
The net debt figure, as expected, rose to GBP21.9m at 31 March
2015 compared to GBP19.5m at the last year end. If the N1 cable
project proceeds as anticipated we have a bank facility in place to
fund such investment. It is the aim of the Board that Jersey
Electricity continues to maintain a prudent level of debt in the
context of our overall balance sheet, which remains strong.
Dividend
Your Board proposes to pay an interim net dividend for 2015 of
5.25p (2014: 5.00p). We continue to aim to deliver sustained real
growth each year over the medium-term. The final dividend for 2014
of 7.20p, paid in late March in respect of the last financial year,
was an increase of 6% on the previous year.
Risk and outlook
The principal risks and uncertainties identified in our last
Annual Report have not materially altered in the interim
period.
Your Board is satisfied that Jersey Electricity plc has
sufficient resources to continue in operation for the foreseeable
future, a period of not less than 12 months from the date of this
report. Accordingly, we continue to adopt the going concern basis
in preparing the condensed financial statements.
Responsibility statement
We confirm to the best of our knowledge:
(a) the condensed set of financial statements has been prepared
in accordance with IAS 34 'Interim Financial Reporting';
(b) the Interim Management Report includes a fair review of the
information required by the Disclosure and Transparency Rule DTR
4.2.7R (indication of important events during the first six months
and description of principal risks and uncertainties for the
remaining six months of the year); and
(c) the Interim Management Report includes a fair review of the
information required by the Disclosure and Transparency Rule DTR
4.2.8R (disclosure of related party transactions and changes
therein); and
(d) this half yearly financial report contains certain
forward-looking statements with respect to the operations,
performance and financial condition of the Company. By their
nature, these statements involve uncertainty since future events
and circumstances can cause results and developments to differ
materially from those anticipated. The forward-looking statements
reflect knowledge and information available at the date of
preparation of this half yearly financial report and the Company
undertakes no obligation to update these forward-looking
statements. Nothing in this half yearly financial report should be
construed as a profit forecast.
C.J. AMBLER - Chief Executive M.P.MAGEE - Finance Director 22 May 2015
INVESTOR TIMETABLE FOR 2015
5 June Record date for interim ordinary dividend
30 June Interim ordinary dividend for year
ending 30 September 2015
1 July Payment date for preference share dividends
18 December Preliminary announcement of full year
results
Condensed Consolidated Income Statement (Unaudited)
Six months Six months Year ended
ended ended 30 September
31 March 31 March
2015 2014 2014
Note GBP000 GBP000 GBP000
Revenue 2 55,840 54,954 98,443
Cost of sales (35,705) (39,826) (68,468)
Gross profit 20,135 15,128 29,975
Revaluation of investment
properties - - 145
Operating expenses (11,408) (10,327) (20,079)
----------- ----------- --------------
Group operating profit
before exceptional items 8,727 4,801 10,041
Exceptional items - disposal
of investment - (1,100) (1,178)
- provision for subsea
cable repair - - (1,800)
- restructuring costs
in retail business - (576) (570)
Group operating profit 2 8,727 3,125 6,493
Interest receivable/(payable) 15 7 (26)
Finance costs (786) (28) (11)
Profit from operations
before taxation 7,956 3,104 6,456
Taxation 3 (1,583) (834) (1,478)
----------- ----------- --------------
Profit from operations
after taxation 6,373 2,270 4,978
Attributable to:
Owners of the Company 6,357 2,256 4,932
Non-controlling interests 16 14 46
----------- ----------- --------------
Profit for the period/year
attributable to the equity
holders of the parent
Company 6,373 2,270 4,978
----------- ----------- --------------
Earnings per share
- basic and diluted 20.75p 7.36p 16.10p
Dividends per share
- paid 4 7.20p 6.80p 11.80p
- proposed 4 5.25p 5.00p 7.20p
Condensed Consolidated Statement of Comprehensive Income
(Unaudited)
Six months Six months Year ended
ended ended 30 September
31 March 31 March
2015 2014 2014
GBP000 GBP000 GBP000
Profit for the period/year 6,373 2,270 4,978
Items that will not be
reclassified subsequently
to
profit or loss:
Actuarial gain/(loss)
on defined benefit scheme 1,329 2,575 (392)
Income tax relating to
items not reclassified (266) (515) 78
1,063 2,060 (314)
Items that may be reclassified
subsequently to profit
or loss:
Fair value loss on cash
flow hedges (5,487) (730) (4,567)
Income tax relating to
items that may be reclassified 1,097 161 913
----------- ----------- --------------
(4,390) (569) (3,654)
Total comprehensive income
for the period/year 3,046 3,761 1,010
Attributable to:
Owners of the Company 3,030 3,747 964
Non-controlling interests 16 14 46
----------- ----------- --------------
3,046 3,761 1,010
----------- ----------- --------------
Condensed Consolidated Statement of Changes in Equity
(Unaudited)
Share Revaluation ESOP Other Retained
capital reserve reserve reserves earnings Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 1 October 2014 1,532 5,270 (36) (3,515) 142,878 146,129
Total recognised income
and expense for the period - - - - 6,357 6,357
Additional shares for
employee share scheme - - (93) - - (93)
Amortisation of employee
share scheme - - 26 - - 26
Unrealised loss on hedges
(net of tax) - - - (4,389) - (4,389)
Actuarial gain on defined
benefit scheme (net of
tax) - - - - 1,063 1,063
Equity dividends paid
by Jersey Electricity plc - - - - (2,206) (2,206)
------- ----------- ------- -------- -------- -------
At 31 March 2015 1,532 5,270 (103) (7,904) 148,092 146,887
------- ----------- ------- -------- -------- -------
At 1 October 2013 1,532 5,270 (58) 139 141,925 148,808
Total recognised income
and expense for the period - - - - 2,256 2,256
Unrealised loss on hedges
(net of tax) - - - (569) - (569)
Actuarial gain on defined
benefit scheme (net of
tax) - - - - 2,060 2,060
Equity dividends paid
by Jersey Electricity plc - - - - (2,083) (2,083)
------- ----------- ------- -------- -------- -------
At 31 March 2014 1,532 5,270 (58) (430) 144,158 150,472
------- ----------- ------- -------- -------- -------
At 1 October 2013 1,532 5,270 (58) 139 141,925 148,808
Total recognised income
and expense for the period - - - - 4,932 4,932
Amortisation of employee
share scheme - - 22 - (22) -
Unrealised loss on hedges
(net of tax) - - - (3,654) - (3,654)
Actuarial loss on defined
benefit scheme (net of
tax) - - - - (314) (314)
Equity dividends paid
by Jersey Electricity plc - - - - (3,643) (3,643)
------- ----------- ------- -------- -------- -------
At 30 September 2014 1,532 5,270 (36) (3,515) 142,878 146,129
------- ----------- ------- -------- -------- -------
Other reserves consist of foreign exchange hedge reserves and
oil hedge reserves.
Condensed Consolidated Balance Sheet (Unaudited)
Note As at 31 As at 31 As at
March March 30 September
2015 2014 2014
GBP000 GBP000 GBP000
Non-current assets
Intangible assets 80 77 20
Property, plant and
equipment 183,377 170,839 184,846
Investment property 20,505 20,360 20,505
Other investments 5 5 5
Retirement benefit surplus - 1,557 -
Total non-current assets 203,967 192,838 205,376
--------- --------- --------------
Current assets
Inventories 6,173 9,260 7,334
Trade and other receivables 20,081 21,028 16,750
Derivative financial - 242 -
instruments
Cash and cash equivalents 8,106 11,456 9,776
Total current assets 34,360 41,986 33,860
Total assets 238,327 234,824 239,236
--------- --------- --------------
Current liabilities
Trade and other payables 16,113 18,774 24,113
Derivative financial
instruments 6 9,733 724 4,246
Current tax payable - 412 -
Total current liabilities 25,846 19,910 28,359
--------- --------- --------------
Net current assets 8,514 22,076 5,501
--------- --------- --------------
Non-current liabilities
Trade and other payables 19,540 18,057 18,279
Retirement benefit deficit 193 - 1,372
Financial liabilities
- preference shares 235 235 235
Borrowings 30,000 31,000 30,000
Deferred tax liabilities 15,603 15,141 14,852
Total non-current liabilities 65,571 64,433 64,738
--------- --------- --------------
Total liabilities 91,417 84,343 93,097
--------- --------- --------------
Net assets 146,910 150,481 146,139
--------- --------- --------------
Equity
Share capital 1,532 1,532 1,532
Revaluation reserve 5,270 5,270 5,270
ESOP reserve (103) (58) (36)
Other reserves (7,904) (430) (3,515)
Retained earnings 148,092 144,158 142,878
--------- --------- --------------
Equity attributable
to owners of the Company 146,887 150,472 146,129
Non-controlling interests 23 9 10
--------- --------- --------------
Total equity 146,910 150,481 146,139
--------- --------- --------------
Condensed Consolidated Cash Flow Statement (Unaudited)
Six Six months Year ended
months ended 30 September
ended 31 March
31 March
Note 2015 2014 2014
GBP000 GBP000 GBP000
Cash flows from operating
activities
Operating profit before
exceptional items 8,727 4,801 10,041
Depreciation and amortisation
charges 4,865 3,961 8,259
Profit on revaluation
of investment property - - (145)
Pension operating charge
less contributions paid 150 - (38)
Adjustment for foreign
exchange hedges - 61 63
Profit/(loss) on sale
of fixed assets 4 3 (11)
Restructuring costs - (476) -
Operating cash flows
before movements in working
capital 13,746 8,350 18,169
Decrease in inventories 1,160 174 2,100
Increase in trade and
other receivables (3,328) (5,233) (252)
(Decrease)/increase in
trade and other payables (1,016) 4,511 513
Interest paid (767) (17) (28)
Preference dividends
paid (4) (4) (9)
Cash amounts relating
to exceptional items - - (353)
Net cash flows generated
from operating activities 9,791 7,781 20,140
------------------------------- ------- ---------- ----------- --------------
Cash flows from investing
activities
Purchase of property,
plant and equipment (9,160) (19,920) (33,048)
Investment in intangible
assets (67) (51) (6)
Net proceeds from disposal
of investment - - 1,579
Net proceeds from disposal
of fixed assets - 3 16
Net cash used in investing
activities (9,227) (19,968) (31,459)
------------------------------- ------- ---------- ----------- --------------
Cash flows from financing
activities
Equity dividends paid 4 (2,234) (2,155) (3,703)
Repayment of borrowings - - (10,000)
Proceeds from borrowings - 21,000 30,000
Net cash (used in)/from
financing activities (2,234) 18,845 16,297
------------------------------- ------- ---------- ----------- --------------
Net (decrease)/increase
in cash and cash equivalents (1,670) 6,658 4,978
Cash and cash equivalents
at beginning of period/year 9,776 4,798 4,798
Net cash and cash equivalents
at end of period/year 8,106 11,456 9,776
Notes to the Condensed Interim Accounts (Unaudited)
1. Accounting policies
Basis of preparation
The interim accounts for the six months ended 31 March 2015 have
been prepared on the basis of the accounting policies set out in
the 30 September 2014 annual report and accounts using accounting
policies consistent with International Financial Reporting
Standards (IFRS) and in accordance with IAS 34 'Interim Financial
Reporting'.
Jersey Electricity plc has considerable financial resources and,
as a consequence, the directors believe that it is well placed to
manage its business risks successfully. The directors have a
reasonable expectation that the Group has adequate resources to
continue in operational existence for the foreseeable future. Thus
they continue to adopt the going concern basis of accounting in
preparing the annual financial statements.
2. Revenue and profit
The contributions of the various activities to Group revenue and
profit are listed below:
Six months ended Six months ended Year ended
31 March 2015 31 March 2014 30 September
2014
External Internal Total External Internal Total External Internal Total
Revenue GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Energy 45,510 46 45,556 44,499 72 44,571 79,459 141 79,600
Building
Services 2,251 289 2,540 1,587 361 1,948 3,294 907 4,201
Retail 5,891 16 5,907 6,669 22 6,691 11,414 33 11,447
Property 962 299 1,261 1,000 316 1,316 1,957 616 2,573
Other 1,226 378 1,604 1,199 453 1,652 2,319 878 3,197
--------- --------- -------- --------- --------- -------- --------- --------- --------
55,840 1,028 56,868 54,954 1,224 56,178 98,443 2,575 101,018
Inter-segment
elimination (1,028) (1,224) (2,575)
-------- -------- --------
55,840 54,954 98,443
-------- -------- --------
Operating
profit
Energy 7,354 3,631 7,952
Building
Services (4) 10 (44)
Retail 286 86 (86)
Property 798 684 1,415
Other 293 390 659
-------- -------- --------
Operating
profit before
property
revaluation 8,727 4,801 9,896
Gain on
revaluation
of investment
properties - - 145
Exceptional
items :
Disposal of
investment - (1,100) (1,178)
Provision for
subsea cable
repair - - (1,800)
Restructuring
costs in
retail
business - (576) (570)
Operating
profit 8,727 3,125 6,493
-------- -------- --------
Notes to the Condensed Interim Accounts (Unaudited)
Materially, all of the Group's operations are conducted within
the Channel Islands. All transfers between divisions are at an
arm's-length basis. The assets and liabilities of the Group are not
reported on as there has been no significant movement in the values
in the six months to 31 March 2015.
3. Taxation
Six months Year ended
ended 30 September
31 March
2015 2014 2014
GBP000 GBP000 GBP000
Current income tax - 119 -
Deferred income tax 1,583 715 1,478
---------- ---------- --------------
Total income tax 1,583 834 1,478
========== ========== ==============
For the period ended 31 March 2015 and subsequent periods, the
Company is taxable at the rate applicable to utility companies of
20% (2014: 20%).
4. Dividends
Six months Year
ended ended
31 March 30 September
2015 2014 2014
GBP000 GBP000 GBP000
Distributions to equity holders
and by subsidiaries in the period 2,234 2,155 3,703
======== ======== ==============
The distribution to equity holders in respect of the final
dividend for 2014 of GBP2,206,080 (7.20p net of tax per share) was
paid on 27 March 2015. Dividends of GBP28,000 were paid by
subsidiaries to minority interests for the six months to 31 March
2015.
The Directors have declared an interim dividend of 5.25p per
share, net of tax (2014: 5.00p) for the six months ended 31 March
2015 to shareholders on the register at the close of business on 5
June 2015. This dividend was approved by the Board on 22 May 2015
and has not been included as a liability at 31 March 2015.
5. Pensions
In consultation with the independent actuaries to the scheme,
the valuation of the pension scheme assets and liabilities has been
updated to reflect current market discount rates, current market
values of investments and actual investment returns applicable
under IAS 19 'Employee Benefits', and consideration has also been
given as to whether there have been any other events that would
significantly affect the pension liabilities.
6. Financial Instruments
The Group held the following derivative contracts, classified as
level 2 financial instruments at 31 March 2015.
Recurring fair value measurements: Six months Year
Ended
Ended 31 March
30 September
2015 2014
GBP000 GBP000
Financial liabilities
Foreign exchange currency hedges 9,733 4,246
======== =========
Notes to the Condensed Interim Accounts (Unaudited)
All financial instruments for which fair value is recognised or
disclosed are categorised within the fair value hierarchy. This
hierarchy is based on the underlying assumptions used to determine
the fair value measurement as a whole and is categorised as
follows:
Level 1 financial instruments are those with values that are
immediately comparable to quoted (unadjusted) market prices in
active markets for identical assets or liabilities;
Level 2 financial instruments are those with values that are
determined using valuation techniques for which the basic
assumptions used to calculate fair value are directly or indirectly
observable (such as to readily available market prices);
Level 3 financial instruments are shown at values that are
determined by assumptions that are not based on observable market
data (unobservable inputs).
The derivative contracts for foreign currency shown above are
classified as level 2 financial instruments and are valued using a
discounted cash flow valuation technique. Future cash flows are
estimated based on forward exchange rates (from observable forward
exchange rates at the end of the reporting period) and contract
forward rates, discounted at a rate that reflects the credit risk
of various counterparties.
7. Related party transactions
The Company currently leases the La Collette Power Station site
from its largest shareholder, the States of Jersey, for a
peppercorn rent of GBP1,000 per annum. This lease was subject to a
rent review as at June 2006 and the Company is in dispute with its
landlord, the States of Jersey, concerning the outstanding rent
review. The information usually required by IAS 37 Provisions,
'Contingent liabilities and contingent assets', is not disclosed on
the grounds that it may prejudice the outcome of the dispute.
Value Value of Value of
of electricity goods & goods &
services other services services Amounts Amounts
supplied supplied purchased due to due by
by Jersey by Jersey by Jersey Jersey Jersey
Electricity Electricity Electricity Electricity Electricity
Six months ended 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014
31 March
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
The States of
Jersey 3,867 3,793 590 517 561 758 661 773 128 1
JT Group Limited 980 906 173 116 66 29 118 153 - -
Jersey Post
Int Limited 49 68 0 1 16 15 7 9 - -
Jersey New
Waterworks
Ltd 417 439 47 37 55 63 63 56 - -
The States of Jersey is the Company's majority and controlling
shareholder. Jersey New Waterworks is majority owned and controlled
by the States of Jersey. JT Group Limited and Jersey Post
International Limited are both wholly owned by the States of
Jersey. All transactions are undertaken at an arm's length basis.
Foreshore Limited is no longer considered a related party due to
the disposal of our investment during the year ended 30 September
2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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