National Grid 2008 Annual Report Download - page 671

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 19360
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: 144
Description: EXHIBIT 15.1
0/5340.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/340/5*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 19360
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: 144 Description: EXHIBIT 15.1
0/5340.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/340/5*
Table of Contents
152
Notes to the consolidated financial statements continued
National Grid plc
27. Consolidated cash flow statement continued
(c) Reconciliation of net cash flow to movement in net debt
(d) Analysis of changes in net debt
2008 2007 2006
£m £m £m
Movement in cash and cash equivalents (1,450) 175 1,181
(
Decrease
)
/increase in financial investments
(
45
)
1,725
(
25
)
(
Increase
)
/decrease in borrowin
g
s and derivatives
(
1,589
)
(
3,045
)
2,304
Cash
p
aid to shareholders under B share scheme 26 26 1,957
Net interest paid 694 597 704
Chan
g
e in net debt resultin
g
from cash flows
(
2,364
)
(
522
)
6,121
Changes in fair value of financial assets and liabilities and exchange movements (133) 331 (299)
Issue of B shares
–
–
(
2,009
)
Net interest char
g
e on the com
p
onents of net debt
(
901
)
(
655
)
(
660
)
Borrowin
g
s of subsidiar
y
undertakin
g
ac
q
uired
(
2,446
)
(
48
)
–
Amounts reclassified to businesses held for sale 17 (42) –
Other non-cash movements
(
26
)
(
2
)
(
17
)
Movement in net debt
(
net of related derivative financial instruments
)
in the
y
ear
(
5,853
)
(
938
)
3,136
Net debt at start of year (11,788) (10,850) (13,638)
Im
p
act of ado
p
tion of IAS 32 and IAS 39
(
i
)
–
–
(
348
)
Net debt
(
net of related derivative financial instruments
)
at end of
y
ear
(
17,641
)
(
11,788
)
(
10,850
)
(i) The adoption of IAS 39 resulted in changes to the carrying value of borrowings and financial investments as at 1 April 2005.
Cash Net cash
and cash Bank and cash Financial
equivalents overdrafts equivalents investments
(ii)
Borrowings
(ii)
Derivatives
(ii)
Total
£m £m £m £m £m £m £m
At 31 March 2005 272
(
18
)
254 398
(
14,290
)
–
(
13,638
)
Impact of adoption of IAS 32
and IAS 39
(
i
)
–
–
–
3
(
894
)
543
(
348
)
Cash flow 1,166 15 1,181
(
155
)
5,037 58 6,121
Fair value
g
ains and losses 14
–
14 3
(
207
)
(
109
)
(
299
)
Issue of B shares – – – – (2,009) – (2,009)
Interest char
g
es
–
–
–
135
(
746
)
(
49
)
(
660
)
Other non-cash movements
–
–
–
–
(
17
)
–
(
17
)
At 31 March 2006 1,452 (3) 1,449 384 (13,126) 443 (10,850)
Cash flow 178
(
3
)
175 1,509
(
2,233
)
27
(
522
)
Fair value
g
ains and losses
(
14
)
–
(
14
)
(
9
)
511
(
157
)
331
Interest char
g
es
–
–
–
215
(
833
)
(
37
)
(
655
)
Other non-cash movements (23) – (23) (1) (30) (38) (92)
At 31 March 2007 1,593
(
6
)
1,587 2,098
(
15,711
)
238
(
11,788
)
Cash flow
(
1,446
)
(
4
)
(
1,450
)
(
251
)
(
729
)
66
(
2,364
)
Fair value gains and losses 4 – 4 4 (990) 849 (133)
Interest char
g
es
–
–
–
211
(
1,066
)
(
46
)
(
901
)
Acquisition of subsidiary
undertakin
g
–
–
–
33
(
2,479
)
–
(
2,446
)
Other non-cash movements 23 – 23 – (18) (14) (9)
At 31 March 2008 174
(
10
)
164 2,095
(
20,993
)
1,093
(
17,641
)
(i) National Grid adopted IAS 39 with effect from 1 April 2005 consistent with the requirements of IFRS 1. The adoption of IAS 39 also resulted in changes to the carrying value of borrowings
and financial investments as at 1 April 2005.
(ii) Includes interest. Accrued interest at 31 March 2008 was £(225)m.