10 July 2012
The accounts that have been published are for the following 3 States-owned utility companies:
- Jersey Post International Limited
- Jersey New Waterworks Company Limited
- Jersey Telecom Group Limited
Senator Philip Ozouf said “These companies, along with Jersey Electricity, provide key utility services to Islanders and businesses. As well as the dividends they pay directly to government, they also make a return to the States through corporation tax, income tax, GST on their activities and social security contributions for their staff.
“As I announced when the 2011 States Accounts were published, we have a strong balance sheet. The value of the States’ fixed assets, (land, property and infrastructure) is almost £3 billion pounds, an increase of £154 million pounds over the previous year. And our holdings in States-owned companies like Jersey Water, Jersey Post, Jersey Electricity and Jersey Telecom were valued at £326 million at the end of 2011.
“This is an increase of £72 million from 2010, largely due to an increase in the value of Jersey Telecom. The good news is that the investment of £41.5m JT is making in superfast broadband through Gigabit Jersey is on schedule and on budget, with more than 80 unemployed Islanders recruited to work on the project alongside other contractors. The new network supports our plan for economic recovery and will open up an online marketplace where local businesses can compete effectively.”
The other States-owned companies’ accounts, States of Jersey Development Company (R.53-2012) and Jersey Electricity (R.39-2012), were presented to the States on 24 April and 20 March respectively.
Further information on the accounts can be obtained directly from the 3 companies.