National Grid 2014 Annual Report Download - page 92
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Notes
2014
£m
2013
(restated)1
£m
2012
(restated)1
£m
Cash flows from operating activities
Total operating profit 2(b) 3,735 3,749 3,535
Adjustments for:
Exceptional items, remeasurements and stranded cost recoveries 4(71) (110) (44)
Depreciation, amortisation and impairment 1,417 1,361 1,282
Share-based payment charge 20 20 24
Changes in working capital (59) (410) 146
Changes in provisions (150) (53) (116)
Changes in pensions and other post-retirement benefit obligations (323) (408) (382)
Cash flows relating to exceptional items (150) (112) (205)
Cash flows relating to stranded cost recoveries ––247
Cash generated from operations 4,419 4,037 4,487
Tax paid (400) (287) (259)
Net cash inflow from operating activities 4,019 3,750 4,228
Cash flows from investing activities
Acquisition of investments (4) (14) (13)
Proceeds from sale of investments in subsidiaries –183 365
Purchases of intangible assets (179) (175) (203)
Purchases of property, plant and equipment (2,944) (3,214) (3,147)
Disposals of property, plant and equipment 432 24
Dividends received from joint ventures 38 21 26
Interest received 35 29 24
Net movements in short-term financial investments 1,720 (2,992) 553
Net cash flow used in investing activities (1,330) (6,130 ) (2,371)
Cash flows from financing activities
Proceeds from issue of treasury shares 14 19 13
Purchase of own shares (5) (6) (4)
Proceeds received from loans 1,134 5,062 1,809
Repayment of loans (2,192) (1,210) (1,914)
Net movements in short-term borrowings and derivatives 37 452 (49)
Interest paid (901) (792) ( 749)
Dividends paid to shareholders (1,059) (810) (1,006)
Net cash flow (used in)/from financing activities (2,972) 2,715 (1,900)
Net (decrease)/increase in cash and cash equivalents 26(a) (283) 335 (43)
Exchange movements (26) 14 –
Net cash and cash equivalents at start of year 648 299 342
Net cash and cash equivalents at end of year218 339 648 299
1. See note 1 on page 92.
2. Net of bank overdrafts of £15m (2013: £23m; 2012: £33m).
Consolidated cash flow statement
for the years ended 31 March
90 National Grid Annual Report and Accounts 2013/14