National Grid 2008 Annual Report Download - page 670

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 7022
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: 143
Description: EXHIBIT 15.1
0/6339.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/339/6*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 7022
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: 143 Description: EXHIBIT 15.1
0/6339.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/339/6*
Table of Contents
Annual Report and Accounts 2007/08
151
26. Reconciliation of movements in total equity continued
Other equity reserves
The merger reserve represents the difference between the carrying value of subsidiary undertakings, investments and their
respective capital structures following the Lattice demerger from BG Group plc and the 1999 Lattice refinancing of £(5,745)m
and merger differences of £221m and £359m.
A £32m gain on transfer of fixed assets to a former joint venture which subsequently became a subsidiary undertaking was
transferred from other reserves to profit and loss reserve, as a result of the disposal of our wireless business.
Gains and losses recognised in the cash flow hedge reserve on interest rate swap contracts as of 31 March 2008 will be
continuously transferred to the income statement until the borrowings are repaid (refer to note 21).
The amount of the cash flow hedge reserve due to be released from reserves to the income statement within the next year is
£10m, with the remainin
g
amount due to be released with the same maturity profile as borrowin
g
s due after more than one year
as shown in note 21.
27. Consolidated cash flow statement
(a) Cash flow from operating activities – discontinued operations
(b) Cash flow from investing activities – discontinued operations
Cash flow Available- Capital
Translation hedge for -sale redemption Merger Total
At 1 A
p
ril 2005
(
13
)
5142
(
5,133
)
(
5,089
)
Net income/
(
ex
p
ense
)
reco
g
nised directl
y
in e
q
uit
y
140
(
14
)
2
–
–
128
At 31 March 2006 127 37 6 2
(
5,133
)
(
4,961
)
Net
(
ex
p
ense
)
/income reco
g
nised directl
y
in e
q
uit
y
(
175
)
(
11
)
(
5
)
–
–
(
191
)
Re
p
urchase of share ca
p
ital
–
–
–
2
–
2
At 31 March 2007
(
48
)
2614
(
5,133
)
(
5,150
)
Net
(
ex
p
ense
)
/income reco
g
nised directl
y
in e
q
uit
y
(
25
)
(
37
)
8
–
–
(
54
)
Re
p
urchase of share ca
p
ital
–
–
–
15
–
15
Transfer between reserves – (31) – – (32) (63)
At 31 March 2008
(
73
)
(
42
)
919
(
5,165
)
(
5,252
)
2008 2007 2006
£m £m £m
Operating profit 35 62 111
Ad
j
ustments for:
Exce
p
tional items
–
55 20
De
p
reciation and amortisation
–
72 77
Share-based payment charge – – 3
Chan
g
es in workin
g
ca
p
ital,
p
rovisions and
p
ensions
(
25
)
(
8
)
(
47
)
Cash flow relatin
g
to exce
p
tional items
–
–
(
26
)
Cash flow relating to discontinued operations 10 181 138
2008 2007 2006
£m £m £m
Dis
p
osal
p
roceeds 3,064 27 5,750
Ac
q
uisition of subsidiaries, net of cash ac
q
uired
–
(
85
)
–
Other investing activities (14) (47) (209)
Cash flow relatin
g
to discontinued o
p
erations 3,050
(
105
)
5,541