24.

REPORTABLE BUSINESS SEGMENTS

Just Energy’s reportable segments are Consumer Energy and Commercial Energy. Just Energy has aggregated the operating segments into these reportable segments on the basis that the operating segments share economic characteristics. These characteristics include the nature of the product and services sold, the distribution methods, and the type of customer class and regulatory environment.

Transactions between segments are in the normal course of operations and are recorded at the exchange amount. Allocations made between segments for shared assets or allocated expenses are based on the number of residential customer equivalents in the respective segments.

Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss and is measured consistently with operating profit or loss in the consolidated financial statements. Just Energy does

not

have any key customers.

Corporate and shared services report the costs related to management oversight of the business units, public reporting and filings, corporate governance and other shared services functions.

For the year ended

March 31, 2019:

	Consumer segment		Commercial segment		Corporate and shared services			Consolidated
	(Restated – Note 5)							(Restated – Note 5)

Sales	$	2,395,624	$	1,416,846	$	-		$	3,812,470
Gross margin		535,711		176,504		-			712,215
Depreciation of property, plant and equipment		4,567		204		-			4,771
Amortization of intangible assets		20,440		2,215		-			22,655
Administrative expenses		76,709		40,693		89,418			206,820
Selling and marketing expenses		158,770		73,260		-			232,030
Restructuring costs		3,173		4,069		8,836			16,078
Other operating expenses		189,625		9,130		-			198,755
Operating profit (loss) for the period	$	282,427	$	46,933	$	(98,254	)	$	31,106
Finance costs									(88,072	)
Change in fair value of derivative instruments and other									(153,226	)
Other income, net									1,365
Provision for income taxes									11,229
Loss for the year from continued operations									(220,056	)
Loss from discontinued operations									(22,379	)
Loss for the year								$	(242,435	)

Capital expenditures	$	39,475	$	4,068	$	-		$	43,543

As at March 31, 2019
Total goodwill	$	181,358	$	158,563	$	-		$	339,921
Total assets	$	1,154,490	$	461,633	$	-		$	1,626,503
Total liabilities	$	1,513,583	$	201,935	$	-		$	1,715,518

For the year ended

March 31, 2018:

	Consumer segment		Commercial segment		Corporate and shared services			Consolidated

Sales	$	2,232,081	$	1,391,477	$	-		$	3,623,558
Gross margin		487,175		153,336		-			640,511
Depreciation of property and equipment		3,775		340		-			4,115
Amortization of intangible assets		12,707		3,992		-			16,699
Administrative expenses		64,282		29,153		93,815			187,250
Selling and marketing expenses		161,246		70,982		-			232,228
Other operating expenses		69,690		4,800		-			74,490
Operating profit (loss) for the period	$	175,475	$	44,069	$	(93,815	)	$	125,729
Finance costs									(55,972	)
Change in fair value of derivative instruments and other									474,393
Other income, net									1,040
Provision for income taxes									(20,671	)
Profit for the year from continued operations								$	524,519
Loss from discontinued operations									(5,945	)
Profit for the year									518,574

Capital expenditures	$	32,252	$	3,524	$	-		$	35,776

As at March 31, 2018
Total goodwill	$	147,252	$	153,421	$	-		$	300,673
Total assets	$	1,135,325	$	466,068	$	-		$	1,601,393
Total liabilities	$	844,379	$	540,479	$	-		$	1,384,858

Sales from external customers

The revenue is based on the location of the customer.

	For the year ended March 31, 2019		For the year ended March 31, 2018
Canada	$	413,836	$	414,183
U.S.		2,624,602		2,465,794
U.K.		774,032		743,581
Total	$	3,812,470	$	3,623,558

Non-current assets

Non-current assets by geographic segment consist of property and equipment and intangible assets and are summarized as follows:

	As at March 31, 2019		As at March 31, 2018
Canada	$	266,775	$	201,985
U.S.		223,802		207,147
International		7,941		11,687
Total	$	498,518	$	420,819