National Grid 2008 Annual Report Download - page 299

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 37561
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.6.1, Doc: 6, Page: 93
Description: EXH 2(B).6.1
0/1697.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/697/1*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 37561
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.6.1, Doc: 6, Page: 93 Description: EXH 2(B).6.1
0/1697.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/697/1*
NATIONAL GRID USA AND SUBSIDIARY COMPANIES
Consolidated Statements of Cash Flow
(In thousands of dollars)
F-8
For the
y
ears ended
March 31,
2007 2006
Operating activities:
Net income $ 353,390 $ 562,065
Ad
j
ustments to reconcile net income to net cash
p
rovided b
y
o
p
eratin
g
activities: —
—
Impairment of goodwill of discontinued operations 120,204
Net income from discontinued operations (11,717) (2,376)
Depreciation and amortization 410,997 387,673
Amortization of stranded costs and rate plan deferrals 455,632 532,987
Provision for deferred federal and state income taxes and investment tax credits, net 108,579 34,880
Net operating activities from discontinued operations 18,166 13,779
Changes in operating assets and liabilities:
Accounts receivable, net (19,051) (213,686)
Materials and supplies 27,446 (25,989)
Pre
p
aids and other current assets
(
59,129
)
(
12,175
)
Accounts payable and accrued expenses 105,015 187,653
Accrued interest and taxes (115,646) (18,003)
Pension and postretirement regulatory assets (117,671) (18,813)
Purchased power obligations (158) (9,697)
Keypsan acquisition costs (28,266) (942)
Other, net (78,420) (65,314)
Net cash provided by operating activities 1,169,371 1,352,042
Investing activities:
Plant expenditures (787,174) (679,785)
Acquisition of gas assets (496,720) —
Sale of assets 1,888 2,268
Change in restricted cash 17,214 (64,977)
Other, net 64,812 (32,493)
Net investing activities for discontinued operations (176,916) (7,236)
Net cash used in investing activities (1,376,896) (782,223)
Financing activities:
Dividends paid on preferred stock (2,096) (2,210)
Dividends paid on common stock (286,052) (55,000)
Dividends paid on common stock of minority interests (2,202) (3,822)