National Grid 2008 Annual Report Download - page 694

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 35405
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: 167
Description: EXHIBIT 15.1
0/5363.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/363/5*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 35405
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: 167 Description: EXHIBIT 15.1
0/5363.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/363/5*
Table of Contents
Annual Report and Accounts 2007/08
175
38. National Grid Gas plc and Niagara Mohawk Power Corporation additional
disclosures continued
Summary income statement for the year ended 31 March 2006 – IFRS
*Comparatives have been adjusted to reclassify amounts relating to discontinued operations
Parent Subsidiary
guarantor Issuer of notes guarantor
Niagara
National Mohawk British National National
Grid Power Transco Grid Gas Other Consolidation Grid
plc Corporation Finance Inc. plc subsidiaries adjustments consolidated
£m* £m* £m* £m* £m* £m* £m*
Revenue 1 2,360
–
2,281 4,589
(
363
)
8,868
Other operating income – – – 4 76 – 80
O
p
eratin
g
costs
De
p
reciation and amortisation
–
(
105
)
–
(
396
)
(
387
)
–
(
888
)
Pa
y
roll costs
–
(
221
)
–
(
213
)
(
420
)
–
(
854
)
Purchases of electricity – (694) – – (1,283) – (1,977)
Purchases of
g
as
–
(
418
)
–
(
148
)
–
–
(
566
)
Rates and
p
ro
p
ert
y
taxes
–
(
104
)
–
(
180
)
(
153
)
–
(
437
)
Electricit
y
transmission services scheme direct costs
–
–
–
–
(
536
)
–
(
536
)
Payments to Scottish electricity transmission
network owners – – – – (259) – (259)
Other o
p
eratin
g
char
g
es
–
(
281
)
–
(
983
)
(
588
)
795
(
1,057
)
–
(
1,823
)
–
(
1,920
)
(
3,626
)
795
(
6,574
)
O
p
eratin
g
p
rofit 1 537
–
365 1,039 432 2,374
Net finance costs
(
1
)
(
130
)
–
(
193
)
(
335
)
–
(
659
)
Dividends receivable
–
–
–
–
310
(
310
)
–
Interest in equity accounted affiliates 1,149 – – 441 3 (1,590) 3
Profit before taxation 1,149 407
–
613 1,017
(
1,468
)
1,718
Taxation 34
(
148
)
–
(
123
)
(
298
)
–
(
535
)
Profit for the
y
ear from continuin
g
o
p
erations 1,183 259
–
490 719
(
1,468
)
1,183
Profit for the
y
ear from discontinued o
p
erations 2,667
–
–
2,494 185
(
2,679
)
2,667
Profit for the
y
ear 3,850 259
–
(i)
2,984 904
(
4,147
)
3,850
Attributable to:
E
q
uit
y
shareholders 3,848 259
–
2,984 902
(
4,145
)
3,848
Minorit
y
interests 2
–
–
–
2
(
2
)
2
3,850 259 –
(i)
2,984 904 (4,147) 3,850
(i) Profit for the year for British Transco Finance Inc. is £nil as interest payable to external bond holders is offset by interest receivable on loans to National Grid Gas plc.