National Grid 2014 Annual Report Download - page 151

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Strategic Report Corporate Governance Financial Statements Additional Information
34. Additional disclosures in respect of guaranteed securities continued
Summary statements of comprehensive income are presented, on a consolidating basis, for the three years ended 31 March 2014.
Summary statements of comprehensive income of National Grid plc and National Grid Gas plc are presented under IFRS measurement
principles, as modified by the inclusion of the results of subsidiary undertakings on the basis of equity accounting principles.
The summary statements of financial position of National Grid plc and National Grid Gas plc include the investments in subsidiaries
recorded on the basis of equity accounting principles for the purposes of presenting condensed consolidating financial information
under IFRS. The summary statements of financial position present these investments within non-current financial and other investments.
The consolidation adjustments column includes the necessary amounts to eliminate the intercompany balances and transactions between
National Grid plc, National Grid Gas plc, British Transco Finance Inc., Niagara Mohawk Power Corporation and other subsidiaries.
Summary statements of comprehensive income for the year ended 31 March 2014 – IFRS
Parent
guarantor Issuer of notes
Subsidiary
guarantor
National
Grid plc
£m
Niagara
Mohawk
Power
Corporation
£m
British
Transco
Finance Inc.
£m
National
Grid Gas
plc
£m
Other
subsidiaries
£m
Consolidation
adjustments
£m
National
Grid
consolidated
£m
Revenue 42,18 5 –3,141 9,653 (174) 14,809
Operating costs
Depreciation and amortisation –(127) –(529) (760) –(1,416)
Payroll costs –(278) –(251) (903) –(1,432)
Purchases of electricity –(647) – – (817) –(1,464)
Purchases of gas –(194) –(112) (1,449) –(1,755)
Rates and property tax –(137) –(241) (585) –(963)
Balancing Service Incentive Scheme – – – – (872) –(872)
Payments to other UK network owners ––––(630) –(630)
Other operating costs 15 (440) –(661) (1,630) 174 (2,542)
15 (1,823) –(1,794) ( 7, 6 4 6 ) 174 (11,074)
Operating profit 19 362 –1,347 2,007 –3,735
Net finance costs (128) (85) –(285) (517) –(1,015)
Dividends receivable ––––600 (600) –
Interest in equity accounted affiliates 2,550 – – 11 28 (2,561) 28
Profit before tax 2,441 277 –1,073 2,118 (3,161) 2,748
Taxation 35 (97) – 3 (225) –(284)
Profit for the year 2,476 180 –11,076 1,893 (3,161) 2,464
Amounts recognised in other comprehensive income2235 (8) – 9 383 (384) 235
Total comprehensive income for the year 2,711 172 –1,085 2,276 (3,545) 2,699
Attributable to:
Equity shareholders 2,711 172 –1,085 2,288 (3,545) 2,711
Non-controlling interests – – – – (12) –(12)
2,711 172 –1,085 2,276 (3,545) 2,699
1. 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.
2. Includes other comprehensive income relating to interest in equity accounted affiliates.
149