UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2021
Commission File Number: 001-35400
JUST ENERGY GROUP INC.
(Translation of registrant’s name into English)
100 King Street West, Suite 2630
Toronto, Ontario M5X 1E1
(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): ¨
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): ¨
DOCUMENTS INCLUDED AS PART OF THIS REPORT
SIGNATURES
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. | ||
(Registrant) | ||
Dated: February 25, 2021 | By: | /s/ Michael Carter |
Name: | Michael Carter | |
Title: | Chief Financial Officer |
| | |
Notes
|
| |
As at
Dec. 31, 2020 (Unaudited) |
| |
As at
March 31, 2020 (Audited) |
| |||||||||
ASSETS | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 12(c) | | | | |
$
|
66,635
|
| | | | $ | 26,093 | | |
Restricted cash
|
| | | | | | | | |
|
207
|
| | | | | 4,326 | | |
Trade and other receivables, net
|
| | | | 5(a) | | | | |
|
344,080
|
| | | | | 403,907 | | |
Gas in storage
|
| | | | | | | | |
|
16,185
|
| | | | | 6,177 | | |
Fair value of derivative financial assets
|
| | | | 7 | | | | |
|
29,196
|
| | | | | 36,353 | | |
Income taxes recoverable
|
| | | | | | | | |
|
4,928
|
| | | | | 6,641 | | |
Other current assets
|
| | | | 6(a) | | | | |
|
143,145
|
| | | | | 203,270 | | |
| | | | | | | | | |
|
604,376
|
| | | | | 686,767 | | |
Assets classified as held for sale
|
| | | | 16 | | | | |
|
2,571
|
| | | | | 7,611 | | |
| | | | | | | | | |
|
606,947
|
| | | | | 694,378 | | |
Non-current assets | | | | | | | | | | | | | | | | | | | |
Investments
|
| | | | | | | | |
|
32,889
|
| | | | | 32,889 | | |
Property and equipment, net
|
| | | | | | | | |
|
20,638
|
| | | | | 28,794 | | |
Intangible assets, net
|
| | | | | | | | |
|
86,618
|
| | | | | 98,266 | | |
Goodwill
|
| | | | | | | | |
|
264,651
|
| | | | | 272,692 | | |
Fair value of derivative financial assets
|
| | | | 7 | | | | |
|
20,071
|
| | | | | 28,792 | | |
Deferred income tax assets
|
| | | | | | | | |
|
3,414
|
| | | | | 3,572 | | |
Other non-current assets
|
| | | | 6(b) | | | | |
|
33,814
|
| | | | | 56,450 | | |
| | | | | | | | | |
|
462,095
|
| | | | | 521,455 | | |
TOTAL ASSETS | | | | | | | | | | $ | 1,069,042 | | | | |
$
|
1,215,833
|
| |
LIABILITIES | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| | | | 8 | | | | |
$
|
472,763
|
| | | | $ | 685,665 | | |
Deferred revenue
|
| | | | | | | | |
|
8,909
|
| | | | | 852 | | |
Income taxes payable
|
| | | | | | | | |
|
3,434
|
| | | | | 5,799 | | |
Fair value of derivative financial liabilities
|
| | | | 7 | | | | |
|
110,166
|
| | | | | 113,438 | | |
Provisions
|
| | | | 17(b) | | | | |
|
5,945
|
| | | | | 1,529 | | |
Current portion of long-term debt
|
| | | | 9 | | | | |
|
3,535
|
| | | | | 253,485 | | |
| | | | | | | | | |
|
604,752
|
| | | | | 1,060,768 | | |
Liabilities associated with assets classified as held for sale
|
| | | | 16 | | | | |
|
2,712
|
| | | | | 4,906 | | |
| | | | | | | | | |
|
607,464
|
| | | | | 1,065,674 | | |
Non-current liabilities | | | | | | | | | | | | | | | | | | | |
Long-term debt
|
| | | | 9 | | | | |
|
515,233
|
| | | | | 528,518 | | |
Fair value of derivative financial liabilities
|
| | | | 7 | | | | |
|
136,329
|
| | | | | 76,268 | | |
Deferred income tax liabilities
|
| | | | | | | | | | 2,715 | | | | |
|
2,931
|
| |
Other non-current liabilities
|
| | | | | | | | |
|
23,144
|
| | | | | 37,730 | | |
| | | | | | | | | | | 677,421 | | | | |
|
645,447
|
| |
TOTAL LIABILITIES | | | | | | | | | | $ | 1,284,885 | | | | |
$
|
1,711,121
|
| |
SHAREHOLDERS’ DEFICIT | | | | | | | | | | | | | | | | | | | |
Shareholders’ capital
|
| | | | 12 | | | | |
$
|
1,537,863
|
| | | | $ | 1,246,829 | | |
Equity component of convertible debentures
|
| | | | | | | | |
|
—
|
| | | | | 13,029 | | |
Contributed deficit
|
| | | | | | | | | | (12,469) | | | | |
|
(29,826)
|
| |
Accumulated deficit
|
| | | | | | | | | | (1,829,210) | | | | |
|
(1,809,557)
|
| |
Accumulated other comprehensive income
|
| | | | | | | | | | 88,388 | | | | |
|
84,651
|
| |
Non-controlling interest
|
| | | | | | | | |
|
(415)
|
| | | | | (414) | | |
TOTAL SHAREHOLDERS’ DEFICIT | | | | | | | | | | | (215,843) | | | | |
|
(495,288)
|
| |
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT | | | | | | | | | | $ | 1,069,042 | | | | |
$
|
1,215,833
|
| |
|
Scott Gahn Chief Executive Officer and President |
| |
Stephen Schaefer Corporate Director |
|
| | |
Notes
|
| |
Three months
ended Dec. 31, 2020 |
| |
Three months
ended Dec. 31, 2019 |
| |
Nine months
ended Dec. 31, 2020 |
| |
Nine months
ended Dec. 31, 2019 |
| |||||||||||||||
CONTINUING OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales
|
| | | | 10 | | | | |
$
|
540,067
|
| | | | $ | 658,521 | | | | |
$
|
1,782,803
|
| | | | $ | 2,097,126 | | |
Cost of goods sold | | | |
|
4
|
| | | | | 359,622 | | | | |
|
446,552
|
| | | | | 1,112,510 | | | | |
|
1,748,281
|
| |
GROSS MARGIN | | | | | | | | | | | 180,445 | | | | |
|
211,969
|
| | | | | 670,293 | | | | |
|
348,845
|
| |
INCOME (EXPENSES) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Administrative
|
| | | | | | | | | | (30,408) | | | | |
|
(39,616)
|
| | | | | (112,507) | | | | |
|
(121,885)
|
| |
Selling and marketing | | | | | | | | | |
|
(42,269)
|
| | | | | (51,270) | | | | |
|
(137,140)
|
| | | | | (167,253) | | |
Other operating expenses | | | | | 13(a) | | | | |
|
(10,239)
|
| | | | | (28,878) | | | | |
|
(50,915)
|
| | | | | (104,485) | | |
Finance costs
|
| | |
|
9
|
| | | | | (17,677) | | | | |
|
(28,178)
|
| | | | | (69,274) | | | | |
|
(80,175)
|
| |
Restructuring costs | | | | | 14 | | | | |
|
—
|
| | | | | — | | | | |
|
(7,118)
|
| | | | | — | | |
Gain on Recapitalization transaction, net | | | | | 12(c) | | | | |
|
1,026
|
| | | | | — | | | | |
|
51,367
|
| | | | | — | | |
Unrealized gain (loss) of derivative instruments
and other |
| | | | 7 | | | | |
|
(71,558)
|
| | | | | 36,990 | | | | |
|
(79,177)
|
| | | | | (139,547) | | |
Realized gain (loss) of derivative instruments | | | | | 4 | | | | |
|
(56,905)
|
| | | | | (78,220) | | | | |
|
(276,808)
|
| | | | | 78,348 | | |
Other income (expenses), net
|
| | | | | | | | | | (1,431) | | | | |
|
1,649
|
| | | | | (4,488) | | | | |
|
29,734
|
| |
Profit (loss) from continuing operations before income taxes
|
| | | | | | | | | | (49,016) | | | | |
|
24,446
|
| | | | | (15,767) | | | | |
|
(156,418)
|
| |
Provision for income taxes | | | | | 11 | | | | |
|
3,311
|
| | | | | 3,845 | | | | |
|
4,618
|
| | | | | 3,604 | | |
PROFIT (LOSS) FROM CONTINUING OPERATIONS
|
| | | | | | | | | $ | (52,327) | | | | |
$
|
20,601
|
| | | | $ | (20,385) | | | | |
$
|
(160,022)
|
| |
DISCONTINUED OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain (Loss) from discontinued operations | | | | | 16 | | | | |
|
4,788
|
| | | | | 6,293 | | | | |
|
630
|
| | | | | (8,705) | | |
PROFIT (LOSS) FOR THE PERIOD | | | | | | | | | | $ | (47,539) | | | | | $ | 26,894 | | | | | $ | (19,755) | | | | | $ | (168,727) | | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders of Just Energy
|
| | | | | | | | | $ | (52,315) | | | | |
$
|
20,614
|
| | | | $ | (20,260) | | | | |
$
|
(159,975)
|
| |
Discontinued operations | | | | | | | | | |
|
4,788
|
| | | | | 6,293 | | | | |
|
630
|
| | | | | (8,705) | | |
Non-controlling interest | | | | | | | | | |
|
(12)
|
| | | | | (13) | | | | |
|
(125)
|
| | | | | (47) | | |
PROFIT (LOSS) FOR THE PERIOD | | | | | | | | | | $ | (47,539) | | | | |
$
|
26,894
|
| | | | $ | (19,755) | | | | |
$
|
(168,727)
|
| |
Earnings (loss) per share from continuing operations
|
| | |
|
15
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | | | | | | $ | (1.09) | | | | |
$
|
2.08
|
| | | | $ | (0.77) | | | | |
$
|
(16.25)
|
| |
Diluted
|
| | | | | | | | | $ | (1.09) | | | | |
$
|
2.07
|
| | | | $ | (0.77) | | | | |
$
|
(16.25)
|
| |
Earnings (loss) per share from discontinued
operations |
| | |
|
16
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
Basic | | | | | | | | | |
$
|
0.10
|
| | | | $ | 0.64 | | | | |
$
|
0.02
|
| | | | $ | (0.88) | | |
Diluted | | | | | | | | | |
$
|
0.10
|
| | | | $ | 0.63 | | | | |
$
|
0.02
|
| | | | $ | (0.88) | | |
Earnings (loss) per share available to shareholders
|
| | |
|
15
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | | | | | | $ | (0.99) | | | | |
$
|
2.72
|
| | | | $ | (0.75) | | | | |
$
|
(17.13)
|
| |
Diluted
|
| | | | | | | | | $ | (0.99) | | | | |
$
|
2.70
|
| | | | $ | (0.75) | | | | |
$
|
(17.13)
|
| |
| | |
Notes
|
| |
Three months
ended Dec. 31, 2020 |
| |
Three months
ended Dec. 31, 2019 |
| |
Nine months
ended Dec. 31, 2020 |
| |
Nine months
ended Dec. 31, 2019 |
| |||||||||||||||
PROFIT (LOSS) FOR THE PERIOD | | | | | | | | | | $ | (47,539) | | | | |
$
|
26,894
|
| | | | $ | (19,755) | | | | |
$
|
(168,727)
|
| |
Unrealized gain (loss) on translation of foreign operations, net of tax
|
| | | | | | | | |
|
3,514
|
| | | | | (6,258) | | | | |
|
4,308
|
| | | | | (4,476) | | |
Unrealized gain (loss) on translation of foreign operations from discontinued operations
|
| | | | | | | | |
|
(945)
|
| | | | | — | | | | |
|
(156)
|
| | | | | 4,721 | | |
Gain (loss) on translation of foreign operations
disposed and reclassified to consolidated statement of income (loss) |
| | | | 16 | | | | |
|
(1,248)
|
| | | | | 11,610 | | | | |
|
(415)
|
| | | | | 11,610 | | |
| | | | | | | | | | | 1,321 | | | | |
|
5,352
|
| | | | | 3,737 | | | | |
|
11,855
|
| |
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD, NET OF TAX
|
| | | | | | | | | $ | (46,218) | | | | |
$
|
32,246
|
| | | | $ | (16,018) | | | | |
$
|
(156,872)
|
| |
Total comprehensive income (loss) attributable to:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders of Just Energy | | | | | | | | | |
$
|
(46,206)
|
| | | | $ | 32,259 | | | | |
$
|
(15,893)
|
| | | | $ | (156,825) | | |
Non-controlling interest | | | | | | | | | |
|
(12)
|
| | | | | (13) | | | | |
|
(125)
|
| | | | | (47) | | |
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD, NET OF TAX
|
| | | | | | | | |
$
|
(46,218)
|
| | | | $ | 32,246 | | | | |
$
|
(16,018)
|
| | | | $ | (156,872) | | |
| | |
Notes
|
| |
Nine months
ended Dec. 31, 2020 |
| |
Nine months
ended Dec. 31, 2019 |
| |||||||||
ATTRIBUTABLE TO THE SHAREHOLDERS | | | | | | | | | | | | | | | | | | | |
Accumulated earnings, beginning of period | | | | | | | | | |
$
|
140,446
|
| | | | $ | 450,032 | | |
Profit (loss) for the period as reported, attributable to shareholders | | | | | | | | | |
|
(19,630)
|
| | | | | (168,680) | | |
Accumulated earnings, end of period | | | | | | | | | | $ | 120,816 | | | | |
$
|
281,352
|
| |
DIVIDENDS AND DISTRIBUTIONS | | | | | | | | | | | | | | | | | | | |
Dividends and distributions, beginning of period | | | | | | | | | |
|
(1,950,003)
|
| | | | | (1,923,808) | | |
Dividends and distributions declared and paid | | | | | 12(b) | | | | |
|
(23)
|
| | | | | (25,359) | | |
Dividends and distributions, end of period
|
| | | | | | | | |
$
|
(1,950,026)
|
| | | | $ | (1,949,167) | | |
ACCUMULATED DEFICIT | | | | | | | | | | $ | (1,829,210) | | | | |
$
|
(1,667,815)
|
| |
ACCUMULATED OTHER COMPREHENSIVE INCOME | | | | | | | | | | | | | | | | | | | |
Accumulated other comprehensive income, beginning of period | | | | | | | | | |
$
|
84,651
|
| | | | $ | 79,093 | | |
Other comprehensive income
|
| | | | | | | | | | 3,737 | | | | |
|
11,855
|
| |
Accumulated other comprehensive income, end of period | | | | | | | | | | $ | 88,388 | | | | |
$
|
90,948
|
| |
SHAREHOLDERS’ CAPITAL
|
| | | | 12 | | | | | | | | | | | | | | |
Common shares | | | | | | | | | | | | | | | | | | | |
Common shares, beginning of period | | | | | | | | | |
$
|
1,099,864
|
| | | | $ | 1,088,538 | | |
Issuance of shares due to Recapitalization | | | | | 12(c) | | | | |
|
438,642
|
| | | | | — | | |
Issuance cost associated with Recapitalization | | | | | 12(c) | | | | |
|
(1,572)
|
| | | | | — | | |
Share-based units exercised | | | | | 12(c) | | | | |
|
929
|
| | | | | 10,717 | | |
Common shares, end of period | | | | | | | | | | $ | 1,537,863 | | | | |
$
|
1,099,255
|
| |
Preferred shares
|
| | | | 12 | | | | | | | | | | | | | | |
Preferred shares, beginning of period | | | | | | | | | |
$
|
146,965
|
| | | | $ | 146,965 | | |
Settled with common shares | | | | | 12(c) | | | | |
|
(146,965)
|
| | | |
|
—
|
| |
Preferred shares, end of period
|
| | | | | | | | |
$
|
—
|
| | | | $ | 146,965 | | |
SHAREHOLDERS’ CAPITAL | | | | | | | | | | $ | 1,537,863 | | | | |
$
|
1,246,220
|
| |
EQUITY COMPONENT OF CONVERTIBLE DEBENTURES | | | | | | | | | | | | | | | | | | | |
Balance, beginning of period | | | | | | | | | |
$
|
13,029
|
| | | | $ | 13,029 | | |
Settled with common shares | | | | | 12(c) | | | | |
|
(13,029)
|
| | | | | — | | |
Balance, end of period
|
| | | | | | | | |
$
|
—
|
| | | | $ | 13,029 | | |
CONTRIBUTED DEFICIT | | | | | | | | | | | | | | | | | | | |
Balance, beginning of period | | | | | | | | | |
$
|
(29,826)
|
| | | | $ | (25,540) | | |
Add:
Share-based compensation expense
|
| | | | 13(a) | | | | |
|
5,657
|
| | | | | 10,469 | | |
Discontinued operations
|
| | | | | | | | |
|
—
|
| | | | | 254 | | |
Transferred from equity component
|
| | | | | | | | |
|
13,029
|
| | | | | — | | |
Less:
Share-based units exercised
|
| | | | | | | | |
|
(929)
|
| | | | | (10,717) | | |
Share-based compensation adjustment
|
| | | | | | | | |
|
(423)
|
| | | | | (3,470) | | |
Non-cash deferred share grant distributions
|
| | | | | | | | |
|
23
|
| | | | | (1,815) | | |
Balance, end of period | | | | | | | | | | $ | (12,469) | | | | |
$
|
(30,819)
|
| |
NON-CONTROLLING INTEREST | | | | | | | | | | | | | | | | | | | |
Balance, beginning of period | | | | | | | | | |
$
|
(414)
|
| | | | $ | (399) | | |
Foreign exchange impact on non-controlling interest | | | | | | | | | |
|
124
|
| | | | | 58 | | |
Loss attributable to non-controlling interest | | | | | | | | | |
|
(125)
|
| | | | | (47) | | |
Balance, end of period
|
| | | | | | | | |
$
|
(415)
|
| | | | $ | (388) | | |
TOTAL SHAREHOLDERS’ DEFICIT | | | | | | | | | | $ | (215,843) | | | | |
$
|
(348,825)
|
| |
| | |
Notes
|
| |
Nine months
ended Dec. 31, 2020 |
| |
Nine months
ended Dec. 31, 2019 |
| |||||||||
Net inflow (outflow) of cash related to the following activities | | | | | | | | | | | | | | | | | | | |
OPERATING | | | | | | | | | | | | | | | | | | | |
Profit (loss) from continuing operations before income taxes
|
| | | | | | | | | $ | (15,767) | | | | |
$
|
(156,418)
|
| |
Profit (loss) from discontinued operations before income taxes | | | | | | | | | |
|
681
|
| | | | | (8,455) | | |
Profit (loss) before income taxes
|
| | | | | | | | | | (15,086) | | | | |
|
(164,873)
|
| |
Items not affecting cash
|
| | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | | | | 13(a) | | | | |
|
18,462
|
| | | | | 28,817 | | |
Share-based compensation expense | | | | | 13(a) | | | | |
|
5,657
|
| | | | | 10,469 | | |
Financing charges, non-cash portion | | | | | | | | | |
|
22,459
|
| | | | | 16,138 | | |
Gain on sale of subsidiaries, net | | | | | | | | | |
|
423
|
| | | | | (45,138) | | |
Unrealized loss in fair value of derivative instruments and other | | | | | 7 | | | | |
|
79,177
|
| | | | | 139,547 | | |
Gain from Recapitalization transaction | | | | | 12(c) | | | | |
|
(78,792)
|
| | | | | — | | |
Net change in working capital balances
|
| | | | | | | | | | (30,387) | | | | |
|
37,191
|
| |
Adjustment for discontinued operations
|
| | | | | | | | | | (4,120) | | | | |
|
(4,649)
|
| |
Income taxes paid
|
| | | | | | | | | | (8,823) | | | | |
|
(9,367)
|
| |
Cash inflow (outflow) from operating activities | | | | | | | | | | | (11,030) | | | | |
|
8,135
|
| |
INVESTING | | | | | | | | | | | | | | | | | | | |
Purchase of property and equipment | | | | | | | | | |
|
(333)
|
| | | | | (806) | | |
Purchase of intangible assets | | | | | | | | | |
|
(7,638)
|
| | | | | (11,918) | | |
Payments for previously acquired business | | | | | | | | | |
|
—
|
| | | | | (12,013) | | |
Proceeds from disposition of subsidiaries | | | | | | | | | |
|
4,618
|
| | | | | 7,672 | | |
Cash outflow from investing activities
|
| | | | | | | | |
|
(3,353)
|
| | | | | (17,065) | | |
FINANCING | | | | | | | | | | | | | | | | | | | |
Dividends/distributions paid | | | | | | | | | |
|
—
|
| | | | | (25,335) | | |
Repayment of long-term debt | | | | | 9 | | | | |
|
(4,204)
|
| | | | | (6,027) | | |
Leased asset payments | | | | | | | | | |
|
(3,062)
|
| | | | | (4,460) | | |
Debt issuance costs | | | | | 9 | | | | |
|
(6,625)
|
| | | | | (1,737) | | |
Share swap payout | | | | | | | | | |
|
(21,488)
|
| | | | | — | | |
Credit facility withdrawal (repayment) | | | | | 9 | | | | |
|
(3,770)
|
| | | | | 54,794 | | |
Proceeds from issuance of common stock, net | | | | | | | | | |
|
100,969
|
| | | | | — | | |
Cash inflow from financing activities | | | | | | | | | | | 61,820 | | | | |
|
17,235
|
| |
Effect of foreign currency translation on cash balances | | | | | | | | | | | (6,895) | | | | |
|
(244)
|
| |
Net cash inflow
|
| | | | | | | | |
|
40,542
|
| | | | | 8,061 | | |
Cash and cash equivalents, beginning of period | | | | | | | | | |
|
26,093
|
| | | | | 9,927 | | |
Cash and cash equivalents, end of period | | | | | | | | | |
$
|
66,635
|
| | | | $ | 17,988 | | |
Supplemental cash flow information: | | | | | | | | | | | | | | | | | | | |
Interest paid | | | | | | | | | |
$
|
46,815
|
| | | | $ | 54,480 | | |
| | |
As at
Dec. 31, 2020 |
| |
As at
March 31, 2020 |
| ||||||
Trade accounts receivable, net | | | |
$
|
169,360
|
| | | | $ | 241,969 | | |
Accrued gas receivables | | | |
|
2,118
|
| | | | | 7,224 | | |
Unbilled revenues, net | | | |
|
113,529
|
| | | | | 121,993 | | |
Commodity receivables and other | | | |
|
59,073
|
| | | | | 32,721 | | |
| | | | $ | 344,080 | | | | |
$
|
403,907
|
| |
| | |
As at
Dec. 31, 2020 |
| |
As at
March 31, 2020 |
| ||||||
Current | | | |
$
|
64,195
|
| | | | $ | 83,431 | | |
1-30 days | | | |
|
11,914
|
| | | | | 26,678 | | |
31-60 days | | | |
|
3,134
|
| | | | | 6,513 | | |
61-90 days | | | |
|
3,169
|
| | | | | 5,505 | | |
Over 90 days | | | |
|
15,698
|
| | | | | 35,252 | | |
| | | | $ | 98,110 | | | | |
$
|
157,379
|
| |
| | |
As at
Dec. 31, 2020 |
| |
As at
March 31, 2020 |
| ||||||
Balance, beginning of period
|
| | |
$
|
45,832
|
| | | | $ | 182,365 | | |
Provision for doubtful accounts | | | |
|
26,959
|
| | | | | 80,050 | | |
Bad debts written off | | | |
|
(48,855)
|
| | | | | (138,514) | | |
Foreign exchange | | | |
|
4,625
|
| | | | | 3,124 | | |
Assets classified as held for sale | | | |
|
—
|
| | | | | (81,193) | | |
Balance, end of period
|
| | |
$
|
28,561
|
| | | | $ | 45,832 | | |
Allowance for doubtful accounts on accounts receivable | | | |
$
|
25,583
|
| | | | $ | 43,127 | | |
Allowance for doubtful accounts on unbilled revenue | | | |
|
2,978
|
| | | | | 2,705 | | |
Total allowance for doubtful accounts
|
| | |
$
|
28,561
|
| | | | $ | 45,832 | | |
| | |
As at
Dec. 31, 2020 |
| |
As at
March 31, 2020 |
| ||||||
Prepaid expenses and deposits | | | |
$
|
18,531
|
| | | | $ | 55,972 | | |
Customer acquisition costs | | | |
|
51,384
|
| | | | | 77,939 | | |
Green certificates assets | | | |
|
64,214
|
| | | | | 63,728 | | |
Gas delivered in excess of consumption | | | |
|
5,778
|
| | | | | 2,393 | | |
Inventory | | | |
|
3,238
|
| | | | | 3,238 | | |
| | | |
$
|
143,145
|
| | | | $ | 203,270 | | |
| | |
As at
Dec. 31, 2020 |
| |
As at
March 31, 2020 |
| ||||||
Customer acquisition costs | | | |
$
|
26,030
|
| | | | $ | 43,686 | | |
Other long-term assets | | | |
|
7,784
|
| | | | | 12,764 | | |
| | | |
$
|
33,814
|
| | | | $ | 56,450 | | |
| | |
Three months
ended Dec. 31, 2020 |
| |
Three months
ended Dec. 31, 2019 |
| |
Nine months
ended Dec. 31, 2020 |
| |
Nine months
ended Dec. 31, 2019 |
| ||||||||||||
Physical forward contracts and options (i) | | | |
$
|
(58,098)
|
| | | | $ | 20,651 | | | | |
$
|
(124,865)
|
| | | | $ | (108,787) | | |
Financial swap contracts and options (ii) | | | |
|
(19,349)
|
| | | | | 3,320 | | | | |
|
51,316
|
| | | | | (39,994) | | |
Foreign exchange forward contracts | | | |
|
(6,060)
|
| | | | | (1,804) | | | | |
|
(15,139)
|
| | | | | (106) | | |
Share swap | | | |
|
—
|
| | | | | 2,188 | | | | |
|
—
|
| | | | | (4,839) | | |
Unrealized foreign exchange on 10.25% loan | | | |
|
13,649
|
| | | | | — | | | | |
|
13,649
|
| | | | | — | | |
Unrealized foreign exchange on the 6.5% convertible bond and 8.75% loan transferred to realized foreign exchange resulting from the Recapitalization
|
| | | | — | | | | | | 5,554 | | | | | | — | | | | | | 8,029 | | |
Weather derivatives (iii) | | | |
|
(547)
|
| | | | | 6,576 | | | | |
|
(1,159)
|
| | | | | (4,362) | | |
Other derivative options
|
| | | | (1,153) | | | | |
|
505
|
| | | | | (2,979) | | | | |
|
10,512
|
| |
Unrealized gain (loss) of derivative instruments and other
|
| | | $ | (71,558) | | | | |
$
|
36,990
|
| | | | $ | (79,177) | | | | |
$
|
(139,547)
|
| |
| | |
Financial
assets (current) |
| |
Financial
assets (non-current) |
| |
Financial
liabilities (current) |
| |
Financial
liabilities (non-current) |
| ||||||||||||
Physical forward contracts and options (i)
|
| | | $ | 14,975 | | | | | $ | 12,585 | | | | | $ | 84,147 | | | | | $ | 124,423 | | |
Financial swap contracts and options (ii) | | | |
|
3,831
|
| | | |
|
7,201
|
| | | |
|
21,346
|
| | | |
|
6,592
|
| |
Foreign exchange forward contracts | | | |
|
—
|
| | | |
|
—
|
| | | |
|
3,494
|
| | | |
|
4,091
|
| |
Weather derivatives (iii) | | | |
|
7,478
|
| | | |
|
—
|
| | | |
|
547
|
| | | |
|
642
|
| |
Other derivative options | | | |
|
2,912
|
| | | |
|
285
|
| | | |
|
632
|
| | | |
|
581
|
| |
As at December 31, 2020 | | | | $ | 29,196 | | | | | $ | 20,071 | | | | | $ | 110,166 | | | | | $ | 136,329 | | |
| | |
Financial
assets (current) |
| |
Financial
assets (non-current) |
| |
Financial
liabilities (current) |
| |
Financial
liabilities (non-current) |
| ||||||||||||
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 | | |
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Derivative financial assets
|
| | | $ | – | | | | | $ | – | | | | | $ | 49,267 | | | | | $ | 49,267 | | |
Derivative financial liabilities
|
| | | | – | | | | | | (8,104) | | | | | | (238,391) | | | | | | (246,495) | | |
Total net derivative financial liabilities | | | | $ | – | | | | | $ | (8,104) | | | | | $ | (189,124) | | | | | $ | (197,228) | | |
| | |
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 liabilities
|
| | | $ | – | | | | | $ | (38,676) | | | | | $ | (85,885) | | | | | $ | (124,561) | | |
| | |
Nine months
ended December 31, 2020 |
| |
Year ended
March 31, 2020 |
| ||||||
Balance, beginning of period
|
| | |
$
|
(85,885)
|
| | | | $ | 17,310 | | |
Total losses | | | |
|
(100,714)
|
| | | | | (3,822) | | |
Purchases | | | |
|
(41,180)
|
| | | | | (43,663) | | |
Sales | | | |
|
291
|
| | | | | 14,549 | | |
Settlements | | | |
|
38,364
|
| | | | | (70,259) | | |
Balance, end of period
|
| | |
$
|
(189,124)
|
| | | | $ | (85,885) | | |
| | |
As at
Dec. 31, 2020 |
| |
As at
March 31, 2020 |
| ||||||
Commodity suppliers’ accruals and payables | | | |
$
|
288,059
|
| | | | $ | 414,581 | | |
Green provisions and repurchase obligations | | | |
|
74,124
|
| | | | | 103,245 | | |
Sales tax payable | | | |
|
25,460
|
| | | | | 19,706 | | |
Non-commodity trade accruals and accounts payable | | | |
|
56,920
|
| | | | | 117,473 | | |
Current portion of payable to former joint venture partner | | | |
|
12,539
|
| | | | | 18,194 | | |
Accrued gas payable | | | |
|
877
|
| | | | | 3,295 | | |
Other payables | | | |
|
14,784
|
| | | | | 9,171 | | |
| | | |
$
|
472,763
|
| | | | $ | 685,665 | | |
| | |
Maturity
|
| |
As at
Dec. 31, 2020 |
| |
As at
March 31, 2020 |
| ||||||
Senior secured credit facility (a) | | |
December 31, 2023
|
| | |
$
|
232,619
|
| | | | $ | 236,389 | | |
Less: Debt issue costs (a)
|
| | | | | |
|
(4,273)
|
| | | | | (1,644) | | |
Filter Group financing (b) | | |
October 25, 2023
|
| | |
|
5,485
|
| | | | | 9,690 | | |
7.0% $13M subordinated notes (c) | | |
September 27, 2026
|
| | |
|
13,393
|
| | | | | — | | |
Less: Debt issue costs (c)
|
| | | | | |
|
(1,934)
|
| | | | | — | | |
10.25% term loan (d) | | |
March 31, 2024
|
| | |
|
273,478
|
| | | | | — | | |
8.75% loan (e) | | | | | | |
|
—
|
| | | | | 280,535 | | |
6.75% $100M convertible debentures (f) | | | | | | |
|
—
|
| | | | | 90,187 | | |
6.75% $160M convertible debentures (g) | | | | | | |
|
—
|
| | | | | 153,995 | | |
6.5% convertible bonds (h) | | | | | | |
|
—
|
| | | | | 12,851 | | |
| | | | | | |
|
518,768
|
| | | | | 782,003 | | |
Less: Current portion | | | | | | |
|
(3,535)
|
| | | | | (253,485) | | |
| | | | | | |
$
|
515,233
|
| | | | $ | 528,518 | | |
| | |
Less than
1 year |
| |
1-3 years
|
| |
4-5 years
|
| |
More than
5 years |
| |
Total
|
| |||||||||||||||
Senior secured credit facility (a) | | | | $ | — | | | | | $ | 232,619 | | | | | $ | — | | | | | $ | — | | | | | $ | 232,619 | | |
Filter Group financing (b) | | | | | 3,535 | | | | | | 1,950 | | | | | | — | | | | | | — | | | | | | 5,485 | | |
7.0% $13M subordinated
notes (c) |
| | | | — | | | | | | — | | | | | | — | | | | | | 13,393 | | | | | | 13,393 | | |
10.25% term loan (d) | | | | | — | | | | | | — | | | | | | 273,478 | | | | | | — | | | | | | 273,478 | | |
| | | | $ | 3,535 | | | | | $ | 234,569 | | | | | $ | 273,478 | | | | | $ | 13,393 | | | | | $ | 524,975 | | |
| | |
Three months
ended Dec. 31, 2020 |
| |
Three months
ended Dec. 31, 2019 |
| |
Nine months
ended Dec. 31, 2020 |
| |
Nine months
ended Dec. 31, 2019 |
| ||||||||||||
Senior secured credit facility (a) | | | |
$
|
4,712
|
| | | | $ | 5,854 | | | | |
$
|
15,229
|
| | | | $ | 17,900 | | |
Filter Group financing (b) | | | |
|
165
|
| | | | | 99 | | | | |
|
540
|
| | | | | 600 | | |
7.0% $13M subordinated notes (c) | | | |
|
280
|
| | | | | — | | | | |
|
280
|
| | | | | — | | |
10.25% Term Loan (d) | | | |
|
8,242
|
| | | | | — | | | | |
|
8,242
|
| | | | | — | | |
8.75% loan (e) | | | |
|
—
|
| | | | | 8,655 | | | | |
|
18,055
|
| | | | | 26,275 | | |
6.75% $100M convertible debentures (f) | | | |
|
—
|
| | | | | 2,372 | | | | |
|
4,762
|
| | | | | 7,046 | | |
6.75% $160M convertible debentures (g) | | | |
|
—
|
| | | | | 3,462 | | | | |
|
6,948
|
| | | | | 10,354 | | |
6.5% convertible bonds (h) | | | |
|
—
|
| | | | | 262 | | | | |
|
536
|
| | | | | 2,479 | | |
Supplier finance and others (i) | | | |
|
4,278
|
| | | | | 7,474 | | | | |
|
14,682
|
| | | | | 15,521 | | |
| | | | $ | 17,677 | | | | |
$
|
28,178
|
| | | | $ | 69,274 | | | | |
$
|
80,175
|
| |
| Total commitments | | | |
$
|
335,000
|
| |
| Outstanding advances | | | |
|
(232,619)
|
| |
| Letters of credit outstanding | | | |
|
(77,816)
|
| |
|
Remaining capacity
|
| | | $ | 24,565 | | |
| March 31, 2021 | | | |
$
|
35,000
|
| |
| September 30, 2021 | | | |
|
35,000
|
| |
| March 31, 2022 | | | |
|
35,000
|
| |
| September 30, 2022 | | | |
|
35,000
|
| |
| March 31, 2023 | | | |
|
35,000
|
| |
| September 30, 2023 | | | |
|
35,000
|
| |
| | |
Consumer
|
| |
Commercial
|
| |
Corporate
and shared services |
| |
Consolidated
|
| ||||||||||||
Sales
|
| | | $ | 324,002 | | | | | $ | 216,065 | | | | | $ | — | | | | | $ | 540,067 | | |
Cost of goods sold
|
| | | | 197,612 | | | | | | 162,010 | | | | | | — | | | | | | 359,622 | | |
Gross margin
|
| | | | 126,390 | | | | | | 54,055 | | | | | | — | | | | | | 180,445 | | |
Depreciation and amortization | | | |
|
4,470
|
| | | |
|
876
|
| | | |
|
—
|
| | | |
|
5,346
|
| |
Administrative expenses
|
| | | | 8,860 | | | | | | 4,199 | | | | | | 17,349 | | | | | | 30,408 | | |
Selling and marketing expenses
|
| | | | 25,538 | | | | | | 16,731 | | | | | | — | | | | | | 42,269 | | |
Other operating expenses | | | |
|
3,699
|
| | | |
|
1,194
|
| | | |
|
—
|
| | | |
|
4,893
|
| |
Segment profit for the period
|
| | | $ | 83,823 | | | | | $ | 31,055 | | | | | $ | (17,349) | | | | | $ | 97,529 | | |
Finance costs
|
| | | | | | | | | | | | | | | | | | | | | | (17,677) | | |
Gain on Recapitalization transaction, net | | | | | | | | | | | | | | | | | | | | | |
|
1,026
|
| |
Unrealized loss of derivative instruments and other | | | | | | | | | | | | | | | | | | | | | |
|
(71,558)
|
| |
Realized loss of derivative instruments | | | | | | | | | | | | | | | | | | | | | |
|
(56,905)
|
| |
Other expense, net
|
| | | | | | | | | | | | | | | | | | | | | | (1,431) | | |
Provision for income taxes | | | | | | | | | | | | | | | | | | | | | |
|
(3,311)
|
| |
Loss for the period from continuing operations
|
| | | | | | | | | | | | | | | | | | | | | $ | (52,327) | | |
Profit from discontinued operations
|
| | | | | | | | | | | | | | | | | | | | | | 4,788 | | |
Loss for the period
|
| | | | | | | | | | | | | | | | | | | | | | (47,539) | | |
Capital expenditures | | | | $ | 2,947 | | | | | $ | 352 | | | | | $ | — | | | | | $ | 3,299 | | |
| | |
Consumer
|
| |
Commercial
|
| |
Corporate
and shared services |
| |
Consolidated
|
| ||||||||||||
Sales | | | | $ | 390,757 | | | | | $ | 267,764 | | | | | $ | — | | | | | $ | 658,521 | | |
Cost of goods sold | | | | | 254,129 | | | | | | 192,423 | | | | | | — | | | | | | 446,552 | | |
Gross margin | | | | | 136,628 | | | | | | 75,341 | | | | | | — | | | | | | 211,969 | | |
Depreciation and amortization | | | | | 6,441 | | | | | | 758 | | | | | | — | | | | | | 7,199 | | |
Administrative expenses | | | | | 8,241 | | | | | | 5,061 | | | | | | 26,314 | | | | | | 39,616 | | |
Selling and marketing expenses | | | | | 32,377 | | | | | | 18,893 | | | | | | — | | | | | | 51,270 | | |
Other operating expenses | | | | | 19,717 | | | | | | 1,962 | | | | | | — | | | | | | 21,679 | | |
Segment profit for the period | | | | $ | 69,852 | | | | | $ | 48,667 | | | | | $ | (26,314) | | | | | $ | 92,205 | | |
Finance costs | | | | | | | | | | | | | | | | | | | | | | | (28,178) | | |
Unrealized gain of derivative instruments and other | | | | | | | | | | | | | | | | | | | | | | | 36,990 | | |
Realized loss of derivative instruments | | | | | | | | | | | | | | | | | | | | | | | (78,220) | | |
Other income, net | | | | | | | | | | | | | | | | | | | | | | | 1,649 | | |
Provision for income taxes | | | | | | | | | | | | | | | | | | | | | | | (3,845) | | |
Profit for the period from continuing operations | | | | | | | | | | | | | | | | | | | | | | $ | 20,601 | | |
Profit from discontinued operations | | | | | | | | | | | | | | | | | | | | | | | 6,293 | | |
Profit for the period | | | | | | | | | | | | | | | | | | | | | | | 26,894 | | |
Capital expenditures
|
| | | $ | 2,290 | | | | | $ | 626 | | | | | $ | — | | | | | $ | 2,916 | | |
| | |
Consumer
|
| |
Commercial
|
| |
Corporate
and shared services |
| |
Consolidated
|
| ||||||||||||
Sales
|
| | | $ | 1,098,701 | | | | | $ | 684,102 | | | | | $ | — | | | | | $ | 1,782,803 | | |
Cost of goods sold
|
| | | | 632,465 | | | | | | 480,045 | | | | | | — | | | | |