Just Energy Group, Inc. (TSX:JE)(NYSE:JE), a leading retail energy provider specializing in electricity and natural gas commodities, energy efficiency solutions, and renewable energy options, announced results for its fourth quarter and full fiscal year 2017.
Key Fiscal 2017 Highlights:
- Sales of $3,757.1 million decreased 8% from sales of $4,105.9 million in the prior year, primarily a result of the decrease in customer base and lower impact from foreign currency translation.
- Total attrition rate improved to 15% and the total renewal rate improved to 65% during fiscal 2017.
- Gross margin of $696.0 million decreased 1% year-over-year, driven by a mix of factors related to foreign currency and the decrease in customer base, partially offset by higher margin realization resulting from ongoing margin improvement initiatives.
- Base EBITDA of $224.5 million increased 8% year-over-year. 2017 Base EBITDA includes $11.3 million of additional prepaid commission expense compared to last year, excluding this additional expense item, Base EBITDA increased 14% to $235.8 million in fiscal 2017.
- Base Funds from Operations ("Base FFO") of $127.8 million decreased 8% from the $138.2 million reported in the prior year. The payout ratio on Base Funds from Operations for fiscal 2017 was 60%.
- Cash and short-term investments were $83.6 million as of year ended March 31, 2017, a decrease of 34% from $127.6 million reported in the previous year, primarily attributable to the redemption of long-term debt during fiscal 2017.
- Long-term debt of $498.1 million as of March 31, 2017 decreased 25% from $660.5 million as of March 31, 2016. Book value of net debt was 1.8x for the Base EBITDA, significantly improved from 2.6x just one year ago.
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