National Grid 2008 Annual Report Download - page 703

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 9165
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: 176
Description: EXHIBIT 15.1
0/8372.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/372/8*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 9165
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: 176 Description: EXHIBIT 15.1
0/8372.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/372/8*
Table of Contents
184
Notes to the Com
p
an
y
financial statements continued
National Grid plc
6. Borrowings
The following table analyses the Company’s total borrowings:
The notional amount of borrowings outstanding as at 31 March 2008 was £5,417m (2007: £4,872m). For further information
on significant borrowings, refer to note 35 of the consolidated financial statements.
7. Called up share capital
For further details on share capital, refer to note 25 in the consolidated financial statements.
2008 2007
£m £m
Amounts falling due within one year:
Bank loans and overdrafts 192 30
Bonds 827 301
Other loans
–
29
1,019 360
Amounts falling due after more than one year:
Bank loans 75
–
Bonds 4,385 4,524
4,460 4,524
Total borrowin
g
s 5,479 4,884
2008 2007
£m £m
Total borrowin
g
s are re
p
a
y
able as follows:
In one
y
ear or less 1,019 360
In more than one
y
ear, but not more than two
y
ears 342 642
In more than two years, but not more than three years 650 295
In more than three
y
ears, but not more than four
y
ears 999 495
In more than four
y
ears, but not more than five
y
ears 792 897
In more than five
y
ears, other than b
y
instalments 1,677 2,195
5,479 4,884
Called up and fully paid
millions £m
At 31 March 2006 2,720 310
Issued durin
g
the
y
ear 4
–
Re
p
urchased durin
g
the
y
ear
(
i
)
(
23
)
(
2
)
At 31 March 2007 2,701 308
Issued durin
g
the
y
ear
(
ii
)
8 1
Re
p
urchased durin
g
the
y
ear
(
iii
)
(
127
)
(
15
)
At 31 March 2008 2,582 294
(i) From 20 November 2006 to 22 March 2007, the Company repurchased, and subsequently cancelled, under its share repurchase programme 22,388,381 ordinary shares for
aggregate consideration of £169m, including transaction costs. The shares repurchased have a nominal value of £2m and represented approximately 1% of the ordinary shares in
issue as at 31 March 2007. The consideration has been charged against retained earnings.
(ii) Included within issued share capital was 3,705,193 ordinary shares that were issued following the conversion of the Company’s B shares to ordinary shares on 28
September 2007.
(iii) From 30 May 2007 to 27 November 2007, the Company repurchased, and subsequently cancelled, under its share repurchase programme 126,817,712 ordinary shares for
aggregate consideration of £946m, including transaction costs. The shares repurchased have a nominal value of £15m and represented approximately 5% of the ordinary shares
in issue as at 31 March 2008. The consideration has been charged against retained earnings.