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States utilities pay dividends back to the island

States utilities pay dividends back to the island

Thursday 07 June 2018

States utilities pay dividends back to the island

Thursday 07 June 2018


The publication of the 2017 States of Guernsey Accounts has shown how much money Guernsey Post and Guernsey Electricity have repaid to the island's government in dividends.

The States owns all of the allotted and fully paid shares of Guernsey Post Limited, and during 2016, Guernsey Post Limited re-purchased £6m of share capital, reducing the balance owned by the States from £13.886m to £7.886m. That balance remained unchanged during 2017.

Guernsey Post

The total value of Guernsey Post Limited’s net assets as at 31 March 2017 was £23.363m (£4.184m as at 31 March 2016). Whilst no pension deficit was reported under FRS102 in the year ended 31 March 2017, there was a deficit reported for the previous year amounting to £28.450m.

The States received a dividend of £1.564m (2016: £200,000) from Guernsey Post during 2017. 

Alan Bates Guernsey Electricity

Pictured: Guernsey Electricity Managing Director Alan Bates

Guernsey Electricity is subject to similar terms as Guernsey Post, with the States owning all of the allotted and fully paid shares of Guernsey Electricity Limited. During 2016, Guernsey Electricity Limited re-purchased £4m of share capital, reducing the balance owned by the States from £109.209m to £105.209m. The balance remained unchanged during 2017.

The total value of Guernsey Electricity Limited’s net assets as at 31 March 2017 was £85.636m (£98.186m as at31 March 2016). However, the Accounts said, this is after provision has been made for a pension deficit reported under FRS102 of £40.674m (2016 £26.122m).

During last year, the States received a dividend of £749,000 (2016: £1.044m) from Guernsey Electricity. 

Aurigny Dornier 

Other States owned bodies, including Cabernet; which is Aurigny's parent company, have cost the island money rather than adding funds to the island's public purse.

During 2017, Aurigny's losses were less than expected but were still £5.197m. A spokesman for the airline told Express Aurigny will soon be publishing its annual report for 2017 which will provide further information on its finances. 

Other bodies controlled by the States of Guernsey also saw their accounts detailed in the 2017 accounts published this week.

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All of the States of Guernsey 2017 Accounts can be read here. 

 

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