National Grid 2008 Annual Report Download - page 657

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 17878
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: 130
Description: EXHIBIT 15.1
0/7326.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/326/7*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 17878
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: 130 Description: EXHIBIT 15.1
0/7326.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/326/7*
Table of Contents
138
Notes to the consolidated financial statements continued
National Grid plc
10. Earnings per share
Earnings per ordinary share have been calculated by dividing the profit for the year attributable to equity shareholders of the
parent company by the weighted average number of ordinary shares in issue during the year.
Adjusted earnings per share, excluding exceptional items, remeasurements and stranded cost recoveries, are
provided to reflect the business performance subtotals used by the Company as described in accounting policy T.
For further details of exceptional items, remeasurements and stranded cost recoveries, refer to note 4.
Diluted earnings per share have been calculated by dividing the net profit attributable to ordinary equity
shareholders by the diluted weighted average number of ordinary shares outstanding during the year, adjusted to
reflect the dilutive effect of the employee share plan.
(a) Basic earnings per share
*Comparatives have been adjusted to present items on a basis consistent with the current year classification
(b) Diluted earnings per share
Earnin
g
s Earnings Earnings
Earnin
g
s per share Earnings per share Earnings per share
2008 2008 2007 2007 2006 2006
£m pence £m pence £m pence
Adjusted earnings – continuing operations* 1,253 48.0 1,042 38.3 998 35.2
Exce
p
tional items after taxation
(
2
)
(
0.1
)
(
41
)
(
1.5
)
(
61
)
(
2.2
)
Commodit
y
contract remeasurements after taxation 133 5.1 37 1.3
(
38
)
(
1.3
)
Derivative financial instruments remeasurements after taxation
(
35
)
(
1.3
)
16 0.6
(
11
)
(
0.4
)
Stranded cost recoveries after taxation* 229 8.8 254 9.4 293 10.3
Earnin
g
s
–
continuin
g
o
p
erations 1,578 60.5 1,308 48.1 1,181 41.6
Ad
j
usted earnin
g
s
–
discontinued o
p
erations 28 1.1 104 3.8 77 2.7
Gain on dis
p
osal of o
p
erations after taxation 1,582 60.6
–
–
2,605 91.8
Other exce
p
tional items and remeasurements 80.3
(
18
)
(
0.6
)
(
15
)
(
0.5
)
Earnin
g
s
–
discontinued o
p
erations 1,618 62.0 86 3.2 2,667 94.0
Earnings 3,196 122.5 1,394 51.3 3,848 135.6
2008 2007 2006
millions millions millions
Wei
g
hted avera
g
e number of shares
–
basic 2,609 2,719 2,837
Earnin
g
s Earnings Earnings
Earnin
g
s per share Earnings per share Earnings per share
2008 2008 2007 2007 2006 2006
£m pence £m pence £m pence
Ad
j
usted diluted earnin
g
s
–
continuin
g
o
p
erations* 1,253 47.8 1,042 38.1 998 35.0
Exceptional items after taxation (2) (0.1) (41) (1.5) (61) (2.2)
Commodit
y
contract remeasurements after taxation 133 5.0 37 1.3
(
38
)
(
1.3
)
Derivative financial instruments remeasurements after taxation
(
35
)
(
1.3
)
16 0.6
(
11
)
(
0.4
)
Stranded cost recoveries after taxation* 229 8.7 254 9.3 293 10.3
Diluted earnin
g
s
–
continuin
g
o
p
erations 1,578 60.1 1,308 47.8 1,181 41.4
Adjusted diluted earnings – discontinued operations 28 1.1 104 3.8 77 2.7
Gain on dis
p
osal of o
p
erations after taxation 1,582 60.3
–
–
2,605 91.4
Other exce
p
tional items and remeasurements 80.3
(
18
)
(
0.7
)
(
15
)
(
0.5
)
Diluted earnings – discontinued operations 1,618 61.7 86 3.1 2,667 93.6
Diluted earnin
g
s 3,196 121.8 1,394 50.9 3,848 135.0
2008 2007 2006
millions millions millions
Weighted average number of shares – diluted 2,624 2,737 2,851
*Comparatives have been adjusted to present items on a basis consistent with the current year classification
(
c
)
Reconciliation of basic to diluted avera
g
e number of shares
2008 2007 2006
millions millions millions
Weighted average number of ordinary shares – basic 2,609 2,719 2,837
Effect of dilutive
p
otential ordinar
y
shares
–
em
p
lo
y
ee share
p
lan 15 18 14
Weighted average number of ordinary shares – diluted 2,624 2,737 2,851