National Grid 2008 Annual Report Download - page 665

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 13332
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: 138
Description: EXHIBIT 15.1
0/4334.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/334/4*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 13332
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: 138 Description: EXHIBIT 15.1
0/4334.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/334/4*
Table of Contents
146
Notes to the consolidated financial statements continued
National Grid plc
20. Cash and cash equivalents
The carrying amounts of cash and cash equivalents and bank overdrafts approximates their fair values.
Cash at bank earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying
periods of between one day and three months, depending on the immediate cash requirements, and earn interest at the
respective short-term deposit rates.
Net cash and cash equivalents held in currencies other than sterling have been converted into sterling at year-end exchange
rates. For further information on currency exposures, refer to note 33.
National Grid USA and its public utility subsidiaries (all consolidated subsidiaries) are subject to restrictions on the payment of
dividends by administrative order and contract. At 31 March 2008, £51m (2007: £132m) of cash and cash equivalents were
restricted.
21. Borrowings
The following table analyses borrowings, including bank overdrafts:
Total borrowings are repayable as follows:
The fair value of borrowings at 31 March 2008 was £20,208m (2007: £15,919m). Market values, where available, have been
used to determine fair value. Where market values are not available, fair values have been calculated by discounting cash
flows at prevailing interest rates.
2008 2007
£m £m
Cash at bank 93 50
Short-term de
p
osits 81 1,543
Cash and cash e
q
uivalents excludin
g
bank overdrafts 174 1,593
Bank overdrafts
(
10
)
(
6
)
Net cash and cash e
q
uivalents 164 1,587
2008 2007
£m £m
Current
Bank loans 502 136
Bonds 2,545 849
Commercial
p
a
p
er 562
–
Finance leases 256 10
Other loans 7 30
Bank overdrafts 10 6
3,882 1,031
Non-current
Bank loans 1,541 930
Bonds 15,287 13,544
Finance leases 165 92
Other loans 128 120
17,121 14,686
Total borrowin
g
s 21,003 15,717
2008 2007
£m £m
In one
y
ear or less 3,882 1,031
In more than one year, but not more than two years 1,386 1,869
In more than two
y
ears, but not more than three
y
ears 1,413 1,011
In more than three
y
ears, but not more than four
y
ears 1,700 748
In more than four
y
ears, but not more than five
y
ears 1,302 1,411
In more than five years:
b
y
instalments 78 116
other than b
y
instalments 11,242 9,531
21,003 15,717