National Grid 2008 Annual Report Download - page 644

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 20206
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 117
Description: EXHIBIT 15.1
0/10313.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/313/10*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 20206
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 117 Description: EXHIBIT 15.1
0/10313.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/313/10*
Table of Contents
Annual Report and Accounts 2007/08
125
Consolidated cash flow statement
for the years ended 31 March
2008 2007 2006
Notes £m £m £m
Cash flows from operating activities
Total o
p
eratin
g
p
rofit 2,964 2,513 2,374
Ad
j
ustments for:
Exce
p
tional items, remeasurements and stranded cost recoveries*
(
369
)
(
482
)
(
406
)
Depreciation and amortisation 994 871 888
Share-based
p
a
y
ment char
g
e 18 15 14
Chan
g
es in workin
g
ca
p
ital
(
150
)
127
(
181
)
Chan
g
es in
p
rovisions
(
5
)
(
31
)
7
Changes in pensions and other post-retirement benefit obligations (333) (125) (40)
Cash flows relatin
g
to exce
p
tional items
(
132
)
(
86
)
(
115
)
Cash flows relatin
g
to stranded cost recoveries* 278 288 432
Cash flows
g
enerated from continuin
g
o
p
erations 3,265 3,090 2,973
Cash flows relatin
g
to discontinued o
p
erations 27
(
a
)
10 181 138
Cash generated from operations 3,275 3,271 3,111
Tax
p
aid
–
continuin
g
o
p
erations
(
110
)
(
310
)
(
103
)
Tax
p
aid
–
discontinued o
p
erations
–
(
3
)
(
37
)
Net cash inflow from operating activities 3,165 2,958 2,971
Cash flows from investin
g
activities
Acquisition of subsidiaries, net of cash acquired 28 (3,502) (269) –
Ac
q
uisition of other investments
(
26
)
–
–
Sale of investments in subsidiaries and other investments 55 19 8
Purchases of intan
g
ible assets
(
45
)
(
33
)
(
15
)
Purchases of property, plant and equipment (2,832) (2,185) (1,657)
Dis
p
osals of
p
ro
p
ert
y
,
p
lant and e
q
ui
p
ment 26 21 18
Interest received* 206 216 130
Purchases of financial investments
(
8,788
)
(
3,699
)
(
2,870
)
Sales of financial investments 8,833 1,974 2,895
Dividends received from
j
oint ventures
–
–
2
Cash flows used in continuin
g
o
p
erations
–
investin
g
activities*
(
6,073
)
(
3,956
)
(
1,489
)
Cash flows relating to discontinued operations – investing activities 27(b) 3,050 (105) 5,541
Net cash flow
(
used in
)
/from investin
g
activities*
(
3,023
)
(
4,061
)
4,052
Cash flows from financin
g
activities
Proceeds from issue of share ca
p
ital and sale of treasur
y
shares 23 16 54
Proceeds from loans received 1,568 5,519 1,026
Repayment of loans (650) (2,311) (1,714)
Net movements in short-term borrowin
g
s and derivatives 671
(
163
)
(
1,616
)
Interest
p
aid
(
900
)
(
813
)
(
834
)
Exce
p
tional finance costs on the re
p
a
y
ment of debt
–
(
45
)
(
49
)
Dividends paid to shareholders (780) (730) (745)
Cash
p
aid to shareholders under B share scheme
(
26
)
(
26
)
(
1,957
)
Re
p
urchase of share ca
p
ital and
p
urchase of treasur
y
shares
(
1,498
)
(
169
)
(
7
)
Net cash flow (used in)/from financing activities* (1,592) 1,278 (5,842)
Net
(
decrease
)
/increase in cash and cash e
q
uivalents
(
1,450
)
175 1,181
Exchange movements 4 (14) 14
Cash included within assets of businesses held for sale 23
(
23
)
–
Net cash and cash e
q
uivalents at start of
y
ear
(
i
)
1,587 1,449 254
Net cash and cash equivalents at end of year (i) 20 164 1,587 1,449
* Comparatives have been adjusted to present items on a basis consistent with the current year classification for stranded cost recoveries and interest received
(i) Net of bank overdrafts of £10m (2007: £6m; 2006: £3m).