National Grid 2008 Annual Report Download - page 673

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 13396
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: 146
Description: EXHIBIT 15.1
0/5342.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/342/5*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 13396
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: 146 Description: EXHIBIT 15.1
0/5342.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/342/5*
Table of Contents
154
Notes to the consolidated financial statements continued
National Grid plc
28. Acquisitions continued
Pro forma information
As required by IFRS 3 Business Combinations, the following summary presents the consolidated results as if KeySpan had
been acquired on 1 April 2007. The pro forma information includes the results of KeySpan for the year 1 April 2007 to 31
March 2008, adjusted for the estimated effect of accounting policies adopted by National Grid and the impact of provisional fair
value accountin
g
adjustments (e
g
amortisation of intan
g
ible assets) to
g
ether with the reco
g
nition of the impact on pro forma net
interest expense as a result of the acquisition. All of the pre-tax pro forma adjustments have been taxed (where appropriate) at
the rate of tax pertaining to the jurisdiction in which the pro forma adjustment arose. The pro forma information is provided for
comparative purposes only and does not necessarily reflect the actual results that would have occurred, nor is it necessarily
indicative of future results of operations of the enlarged National Grid.
29. Commitments and contingencies
(a) Future capital expenditure
(b) Lease commitments
Total commitments under non-cancellable operating leases were as follows:
The majority of the leases were in respect of properties.
(c) Energy purchase commitments
At 31 March 2008, there were obligations under contracts for the forward purchase of energy. The following table analyses
these commitments, excluding commodity contracts carried at fair value.
Energy commitments relate to contractual commitments to purchase electricity or gas that are used to satisfy physical delivery
requirements to our customers or for energy that we use ourselves. Such commitments are for our normal purchase, sale or
usage and hence are accounted as ordinary purchase contracts.
Details of commodity contracts that do not meet the normal purchase, sale or usage criteria and hence are accounted for as
derivative contracts are shown in note 34.
2008 2008
Actual Pro forma
£m £m
Revenue 11,423 12,345
O
p
eratin
g
p
rofit before exce
p
tional items, remeasurements and stranded cost recoveries 2,595 2,625
Total o
p
eratin
g
p
rofit 2,964 2,901
Profit after taxation from continuing operations before exceptional items, remeasurements and stranded cost
recoveries 1,256 1,175
Profit for the year from continuing operations 1,581 1,443
Profit for the
y
ear 3,199 3,087
2008 2007
£m £m
Contracted for but not
p
rovided 1,097 1,554
2008 2007
£m £m
In one year or less 83 80
In more than one
y
ear, but not more than two
y
ears 83 76
In more than two
y
ears, but not more than three
y
ears 80 72
In more than three
y
ears, but not more than four
y
ears 69 68
In more than four years, but not more than five years 66 64
In more than five
y
ears 356 440
737 800
2008 2007
£m £m
In one year or less 1,790 1,233
In more than one
y
ear, but not more than two
y
ears 900 642
In more than two
y
ears, but not more than three
y
ears 475 476
In more than three
y
ears, but not more than four
y
ears 295 186
In more than four years, but not more than five years 130 141
In more than five
y
ears 1,163 1,053
4,753 3,731