National Grid 2008 Annual Report Download - page 682

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 30617
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: 155
Description: EXHIBIT 15.1
0/4351.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/351/4*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 30617
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: 155 Description: EXHIBIT 15.1
0/4351.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/351/4*
Table of Contents
Annual Report and Accounts 2007/08
163
33. Financial risk continued
(c) Liquidity analysis
We determine our liquidity requirements by the use of both short- and long-term cash flow forecasts. These forecasts are
supplemented by a financial headroom analysis which is used to assess funding adequacy for at least a 12 month period.
The following is an analysis of the contractual undiscounted cash flows payable under financial liabilities and derivative assets
and liabilities as at the balance sheet date:
Due Due Due
Due between between 3
y
ears
within 1 and 2 2 and 3 and
1
y
ear
y
ears
y
ears be
y
ond Total
At 31 March 2008
£m £m £m £m £m
Non derivative financial liabilities
Borrowin
g
s, excludin
g
finance lease liabilities
(
3,379
)
(
1,345
)
(
1,380
)
(
14,626
)
(
20,730
)
Interest
p
a
y
ments on borrowin
g
s
(
i
)
(
822
)
(
728
)
(
663
)
(
7,946
)
(
10,159
)
Finance lease liabilities (266) (38) (34) (147) (485)
Other non interest-bearin
g
liabilities
(
2,190
)
(
347
)
–
–
(
2,537
)
Derivative financial liabilities
Derivative contracts – receipts 990 495 710 5,329 7,524
Derivative contracts
–
p
a
y
ments
(
647
)
(
364
)
(
587
)
(
5,538
)
(
7,136
)
Commodit
y
contracts
(
490
)
(
257
)
(
188
)
(
279
)
(
1,214
)
Total at 31 March 2008 (6,804) (2,584) (2,142) (23,207) (34,737)
Due Due Due
Due between between 3 years
within 1 and 2 2 and 3 and
1 year years years beyond Total
At 31 March 2007 £m £m £m £m £m
Non derivative financial liabilities
Borrowings, excluding finance lease liabilities (776) (1,865) (1,013) (12,283) (15,937)
Interest
p
a
y
ments on borrowin
g
s
(
i
)
(
686
)
(
612
)
(
548
)
(
6,489
)
(
8,335
)
Finance lease liabilities
(
17
)
(
17
)
(
12
)
(
113
)
(
159
)
Other non interest-bearin
g
liabilities
(
1,525
)
(
214
)
–
–
(
1,739
)
Derivative financial liabilities
Derivative contracts
–
recei
p
ts 382 608 299 2,116 3,405
Derivative contracts
–
p
a
y
ments
(
443
)
(
571
)
(
318
)
(
1,910
)
(
3,242
)
Commodit
y
contracts
(
56
)
(
55
)
(
38
)
(
240
)
(
389
)
Total at 31 March 2007
(
3,121
)
(
2,726
)
(
1,630
)
(
18,919
)
(
26,396
)
(i) The interest on borrowings is calculated based on borrowings held at 31 March without taking account of future issues. Floating-rate interest is estimated using a future interest rate curve
as at 31 March.