Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

For the month of May 2019

Commission File Number: 001-35400

Just Energy Group Inc.
(Translation of registrant's name into English)

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [   ]      Form 40-F [ X ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR. 

On May 15, 2019, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

(c) Exhibit 99.1. Press release dated May 15, 2019


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 Just Energy Group Inc.
Date: May 15, 2019By: /s/ JONAH T. DAVIDS        
 Name:Jonah T. Davids
 Title:EVP, General Counsel and Corporate Secretary


Just Energy Reports Fourth Quarter and Full Fiscal Year 2019 Results

Annual base EBITDA from continuing operations growth of 13%, driven by robust gross margin improvement
Embedded gross margin remains stable and at historical highs
Provides fiscal year 2020 Base EBITDA and Free Cash Flow guidance

TORONTO, May 15, 2019 (GLOBE NEWSWIRE) -- Just Energy Group Inc. (TSX:JE; NYSE:JE), a leading consumer company focused on essential needs including electricity and natural gas commodities, health and well-being products, and utility conservation, today announced results for its fourth quarter and full fiscal year 2019.

Key Developments:

Fourth quarter financial highlights from continuing operations
For the quarter ended March 31   
(thousands of dollars, except where indicated and per share amounts)   
 Fiscal 2019 (decrease) Fiscal 2018
Sales$1,024,200  1% $1,012,855 
Gross margin 198,172  17%  169,132 
Administrative expenses 48,418  3%  47,183 
Selling and marketing expenses 69,405  15%  60,563 
Restructuring costs 10,096     - 
Finance costs 28,847  59%  18,195 
Profit (loss) from continuing operations (71,413) NMF 3   267,679 
Loss from discontinued operations (15,608) NMF 3   (1,906)
Profit (loss)1 (87,021) NMF 3   265,773 
Profit (loss) per share from continuing operations available to shareholders – basic (0.49)    1.81 
Profit (loss) per share from continuing operations available to shareholders – diluted (0.49)    1.41 
Dividends/distributions 22,004  2%  21,555 
Base EBITDA from continuing operations2 68,774  (3)%  70,680 
Base Funds from continuing operations2 23,945  (12)%  27,145 
Payout ratio on Base Funds from continuing operations2 92%    79%
Total gross customer (RCE) additions 245,000  (21%)  312,000 
Total net customer (RCE) additions (44,000) NMF 3   49,000 

Financial highlights from continuing operations
For the years ended March 31       
(thousands of dollars, except where indicated and per share amounts)     
    % increase   
 Fiscal 2019 (decrease)  Fiscal 2018
Sales$3,812,470  5% $3,623,558 
Gross margin 712,215  11%  640,511 
Administrative expenses 206,820  10%  187,250 
Selling and marketing expenses 232,030  -  232,228 
Restructuring costs 16,078  -  - 
Finance costs 88,072  57%  55,972 
Profit (loss) from continuing operations (100,491) NMF 3   524,519 
Loss from discontinued operations (22,379) NMF 3   (5,945)
Profit (loss)1 (122,870) NMF 3   518,574 
Profit (loss) per share from continuing operations available to shareholders – basic (0.73)    3.45 
Profit (loss) per share from continuing operations available to shareholders – diluted (0.73)    2.65 
Dividends/distributions 88,030  2%  86,307 
Base EBITDA from continuing operations2 203,998  13%  180,150 
Base Funds from continuing operations2 106,826  10%  96,915 
Payout ratio on Base Funds from continuing operations2 82%    89%
Embedded gross margin2 2,271,200  20%  1,900,500 
Total customers (RCEs) 4,089,000  (2)%  4,163,000 
Total gross customer (RCE) additions 1,102,000  (6)%  1,171,000 
Total net customer (RCE) additions (74,000) (54)%  (48,000)

1 Profit (loss) includes the impact of unrealized gains (losses), which represents the mark to market of future commodity supply acquired to cover future customer demand. The supply has been sold to customers at fixed prices, minimizing any realizable impact of mark to market gains and losses.
2 See “Non-IFRS financial measures” in the Fiscal 2019 Annual Report’s Management’s Discussion and Analysis. In particular, restructuring costs are excluded from base EBITDA.
3 Not a meaningful figure

“Fiscal 2019 was an important year for Just Energy as we took action to strengthen our organization and set the forward path, while also generating double-digit earnings growth,” said Just Energy’s Chief Executive Officer, Pat McCullough. “We were able to deliver a strong year while overcoming some early headwinds and incurring some necessary costs to realign our business. Our core business performed well, and the early success of our transformation strategy is evident in our improved customer profitability. We continue to invest in our future while also working to contain our cost structure and overhead.”

Mr. McCullough continued, “Looking ahead, our healthy core business, combined with the expanded offering of value-added products and services, is setting the stage for continued earnings and cash generation and will provide predictability in our performance. Through ongoing focus and execution, we are well-positioned to deliver another year of double-digit earnings growth in fiscal 2020 while continuing to pursue our strategic transformation to be a consumer-focused company.”

Embedded Gross Margin     
Management's estimate of the future embedded gross margin is as follows:
(millions of dollars)        
        2019 vs.
 Fiscal Fiscal 2018
 20192018 variance
Commodity embedded gross margin $2,230.4 $1,900.5 17%
VAPS embedded gross margin  40.8  - -
Total embedded gross margin  2,271.2  1,900.5 20%

Embedded gross margin of $2.3 billion increased 20% year-over-year and remains stable and at record high levels primarily due to the improved pricing power in North America. The embedded gross margin includes $40.8 million from Filter Group, which was acquired by Just Energy on October 1, 2018, on a five-year undiscounted basis. On a ten-year undiscounted basis, the embedded gross margin for Filter Group is $73.1 million.


Customer Summary   
 As atAs at 
 March 31,March 31,% increase
Commodity and VAPS bundle140,00078,00079%
Total customer count1,609,0001,658,000(3)%


Fourth quarter gross margin per RCE       
   Q4 Fiscal Number of  Q4 Fiscal Number of
  2019 customers 2018 customers
Consumer customers added and renewed $386 215,000 $216 242,000
Consumer customers lost  313 168,000  200 117,000
Commercial customers added and renewed1  71 165,000  87 220,000
Commercial customers lost  89 70,000  81 128,000

1 Annual gross margin per RCE excludes margins from Interactive Energy Group and large Commercial and Industrial customers.

Customer Aggregation by segment (RCEs)  
 Apr. 1,  Failed toMar. 31,% increase
Consumer segment     
Total Consumer RCEs1,836,000499,000(424,000)(227,000)1,684,000(8)%
Commercial segment    
Total Commercial RCEs2,327,000603,000(191,000)(334,000)2,405,0003%
Total RCEs4,163,0001,102,000(615,000)(561,000)4,089,000(2)%

Balance Sheet & Liquidity

Just Energy is executing a strategic shift from a retail energy provider to a consumer company focused on differentiated value-added products, unparalleled customer satisfaction and profitable customer growth. While Just Energy continues to nurture its core commodity business, the Company is committed to harnessing the accretive potential of its large customer base by offering value-added products and services with strong consumer appeal. Early customer response has been enthusiastic and is reflected in a rise in the Company’s Net Promoter Score, a standard metric for evaluating customer satisfaction levels. Stable attrition rates provide further evidence of heightened customer satisfaction as the Company continues to increase gross margin on its residential book.

Rapidly growing, high-engagement sales channels have opened the door to sophisticated customers that are motivated more by value than price, allowing for further expansion of gross margin and near-term growth. Priorities of these customers include resource conservation and health and well-being. This presents a pivotal, long-term growth opportunity for Just Energy as a best-in-class product and service provider and opens the door to regulated markets.

Just Energy will continue to leverage its close supplier relationships and aggressively contain costs, building upon efficiencies of fiscal year 2019 and further enhancing embedded gross margin. A comprehensive review of capital expenditures is underway, and new projects may be initiated only by meeting strict requirements for return on invested capital. The Company will continue to use its offshore business process office for transaction-based work and to consolidate back office functions where appropriate. Streamlined operations and a simplified reporting structure are expected to further reduce cost. Refinement of the Company’s geographic footprint will allow for sharper focus on profitability in the core North American and U.K. operations, markets in which meaningful growth is expected.

As a result, management has provided its guidance for fiscal year 2020 base EBITDA from continuing operations in the range of $220 million to $240 million. In addition, management is providing fiscal 2020 free cash flow guidance of between $90 million to $100 million, defined as cash flow from operating activities minus cash flow from investing activities.

Earnings Call

The Company will host a conference call and live webcast to review the fourth quarter and fiscal year results beginning at 10:00 a.m. Eastern Time on May 16th, 2019 followed by a question and answer period. Chief Executive Officer, Patrick McCullough, and Chief Financial Officer, Jim Brown will participate on the call.

Just Energy Conference Call and Webcast

Those who wish to participate in the conference call may do so by dialing 1-877-501-3160 (from inside the U.S.) or 1-786-815-8442 (from outside the U.S.) and using the Conference ID 6117669. The call will also be webcast live over the internet at the following link:

https://edge.media-server.com/m6/p/ijrpue9jA webcasted replay for the call will also be archived on the JE investor relations website a few hours after the event.

About Just Energy Group Inc.

Just Energy is a leading consumer company focused on essential needs, including electricity and natural gas commodities; health and well-being, such as water quality and filtration devices; and utility conservation, bringing energy efficient solutions and renewable energy options to consumers. Currently operating in the United States, Canada, the United Kingdom, Just Energy serves residential and commercial customers. Just Energy is the parent company of Amigo Energy, EdgePower Inc., Filter Group Inc., Green Star Energy, Hudson Energy, Interactive Energy Group, Just Energy Advanced Solutions, Tara Energy, and TerraPass. Visit https://investors.justenergy.com/ to learn more. Also, find us on Facebook and follow us on Twitter.

Just Energy's press releases may contain forward-looking statements including statements pertaining to customer revenues and margins, customer additions and renewals, customer attrition, customer consumption levels, general and administrative expenses, dividends, distributable cash and treatment under governmental regulatory regimes. These statements are based on current expectations that involve a number of risks and uncertainties which could cause actual results to differ from those anticipated. These risks include but are not limited to levels of customer natural gas and electricity consumption, rates of customer additions and renewals, rates of customer attrition, fluctuations in natural gas and electricity prices, changes in regulatory regimes and decisions by regulatory authorities, competition and dependence on certain suppliers. Additional information on these and other factors that could affect Just Energy's operations, financial results or dividend levels are included in Just Energy's annual information form and other reports on file with Canadian securities regulatory authorities which can be accessed through the SEDAR website at www.sedar.com, on the U.S. Securities Exchange Commission’s website at www.sec.gov or through Just Energy's website at www.justenergygroup.com.


The financial measures such as “EBITDA”, “Base EBITDA”, “FFO”, “Base FFO”, “Base FFO Payout Ratio”, “FCF” and “Embedded Gross Margin” do not have a standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and may not be comparable to similar measures presented by other companies. This financial measure should not be considered as an alternative to, or more meaningful than, net income (loss), cash flow from operating activities and other measures of financial performance as determined in accordance with IFRS, but the Company believes that these measures are useful in providing relative operational profitability of the Company’s business. Please refer to “Key Terms” in the Just Energy Fiscal 2019 Annual Report’s management’s discussion and analysis for the Company’s definition of “EBITDA” and other non-IFRS measures.

Neither the Toronto Stock Exchange nor the New York Stock Exchange has approved nor disapproved of the information contained herein.

Jim Brown
Chief Financial Officer
Just Energy


Michael Cummings
Investor Relations
Alpha IR Group