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National Grid Electricity Transmission plc Annual Report and Accounts 2006/07
11. Discontinued operations
On 14 August 2006, the company transferred its Interconnectors business to a fellow subsidiary of National Grid plc. The results
of the discontinued operation for the years ended 31 March 2007 and 31 March 2006 are set out below:
Results of discontinued operations
2007
2006
£m
£m
Revenue
27
77
Operating costs
(4)
(14)
Operating profit from discontinued operations
23
63
Profit before taxation from discontinued operations
23
63
Taxation
-
- Before exceptional items and remeasurements
(7)
(19)
- Exceptional items and remeasurements
-
-
Taxation
(7)
(19)
Profit after taxation from discontinued operations
- Before exceptional items and remeasurements
16
44
- Exceptional items and remeasurements
-
-
Profit after taxation from discontinued operations
16
44
Gain on disposal of discontinued operations 33 -
Gain after taxation on disposal of discontinued operations (i)
33
-
Total profit for the year from discontinued operations
Before exceptional items and remeasurements 16 44
Exceptional items and remeasurements 33 -
49
44
(i) The disposal was to a fellow subsidiary of National Grid plc and for tax purposes is treated as a "no gain no loss" transfer.
Accordingly, no tax arises on the gain on disposal of discontinued operations.
12. Net assets classified as held for sale
At the balance sheet date, our wireless infrastructure operations were reclassified as held for sale in the expectation that they
would be disposed of during the year ended 31 March 2008. The Wireless infrastructure business was sold on 3 April 2007.
The following assets and liabilities relate to businesses held for sale as at 31 March 2007. There were no businesses held for
sale as at 31 March 2006.
2007
£m
Current assets
Trade and other receivables 23
Assets of business held for sale
23
Current liabilities
Trade and other payables (1)
Social security and other taxes (1)
Other payables (1)
Deferred income (1)
Liabilites of business held for sale
(4)
Net assets of business held for sale
19
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