National Grid 2008 Annual Report Download - page 709

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 12487
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: 181
Description: EXHIBIT 15.1
0/7377.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/377/7*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 12487
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: 181 Description: EXHIBIT 15.1
0/7377.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/377/7*
Table of Contents
Annual Report and Accounts 2007/08
189
Summary consolidated financial information
Financial summary (unaudited)
The financial summary set out below has been derived from the audited consolidated financial statements of National Grid for
the five financial years ended 31 March 2008. It should be read in conjunction with the consolidated financial statements and
related notes, together with the Operating and Financial Review. The information presented below for the years ended 31
March 2005, 2006, 2007 and 2008 has been prepared under IFRS issued by the IASB and as adopted by the European Union.
For the year ended 31 March 2005, information is also presented under UK GAAP. For the year ended 31 March 2004,
information has been presented under UK GAAP, as no IFRS information has been prepared prior to the date of adoption of
IFRS (1 April 2004). Comparatives have been adjusted to reclassify amounts relating to discontinued operations.
As previously measured
IFRS under UK GAAP
31 March 31 March 31 March 31 March 31 March 31 March
2008 2007 2006 2005 2005 2004
Summar
y
income statement £m £m £m £m £m £m
Revenue 11,423 8,695 8,868 7,174 8,313 9,019
O
p
eratin
g
p
rofit
Before exceptional items, remeasurements and stranded cost
recoveries 2,595 2,031 1,968 1,936 2,045 2,076
Exceptional items, remeasurements and stranded cost recoveries 369 482 406 177 (120) (137)
Goodwill amortisation n/a n/a n/a n/a
(
85
)
(
95
)
2,964 2,513 2,374 2,113 1,840 1,844
Profit before taxation
Before exceptional items, remeasurements and stranded cost
recoveries 1,839 1,486 1,369 1,235 1,299 1,254
Exce
p
tional items, remeasurements and stranded cost recoveries 353 265 349 177
(
37
)
185
Goodwill amortisation n/a n/a n/a n/a
(
85
)
(
95
)
2,192 1,751 1,718 1,412 1,177 1,344
Profit for the
y
ear attributable to e
q
uit
y
shareholders
Before exceptional items, remeasurements and stranded cost
recoveries 1,281 1,146 1,075 1,376 1,027 958
Exceptional items, remeasurements and stranded cost recoveries 1,915 248 2,773 48 (5) 217
Goodwill amortisation n/a n/a n/a n/a
(
85
)
(
95
)
3,196 1,394 3,848 1,424 937 1,080
Summar
y
statement of net assets
Non-current assets 30,858 21,109 22,106 25,596 19,897 18,394
Current assets 5,456 5,312 3,818 1,964 4,814 5,003
Assets of businesses held for sale 1,508 1,968
–
–
–
–
Total assets 37,822 28,389 25,924 27,560 24,711 23,397
Current liabilities
(
7,122
)
(
3,360
)
(
5,683
)
(
5,974
)
(
5,679
)
(
4,147
)
Non-current liabilities
(
25,257
)
(
20,443
)
(
16,748
)
(
19,465
)
(
17,172
)
(
17,613
)
Liabilities of businesses held for sale
(
63
)
(
450
)
–
–
–
–
Total liabilities (32,442) (24,253) (22,431) (25,439) (22,851) (21,760)
Net assets 5,380 4,136 3,493 2,121 1,860 1,637
Summar
y
cash flow statement
Cash
g
enerated from o
p
erations
Continuin
g
o
p
erations 3,265 3,090 2,973 2,820 2,909 2,810
Discontinued operations 10 181 138 638 n/a n/a
3,275 3,271 3,111 3,458 2,909 2,810
Tax paid – continuing and discontinued operations (110) (313) (140) (150) (150) (18)
Net cash inflow from o
p
eratin
g
activities 3,165 2,958 2,971 3,308 2,759 2,792
Net cash flows
(
used in
)
/from investin
g
activities
(
3,023
)
(
4,061
)
4,052
(
2,900
)
n/a n/a
Dividends received from joint ventures n/a n/a n/a n/a 5 8
Net cash outflow for ca
p
ital ex
p
enditure and financial investment n/a n/a n/a n/a
(
1,262
)
(
1,254
)
Net cash
(
outflow
)
/inflow for ac
q
uisitions and dis
p
osals n/a n/a n/a n/a
(
1,130
)
7
Net cash
(
outflow
)
/inflow for the mana
g
ement of li
q
uid resources n/a n/a n/a n/a
(
54
)
(
48
)
Net cash flows (used in)/from financing activities (1,592) 1,278 (5,842) (400) n/a n/a
Net cash outflow for returns on investments and servicin
g
of finance n/a n/a n/a n/a
(
758
)
(
692
)
E
q
uit
y
dividends
p
aid n/a n/a n/a n/a
(
628
)
(
560
)
Net cash inflow/
(
outflow
)
from financin
g
activities n/a n/a n/a n/a 1,081
(
240
)
Net (decrease)/increase in cash and cash equivalents (UK GAAP – cash
onl
y)
(
1,450
)
175 1,181 8 13 13