National Grid 2015 Annual Report Download - page 113

Download and view the complete annual report

Please find page 113 of the 2015 National Grid annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 200

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196
  • 197
  • 198
  • 199
  • 200

7. Earnings per share (EPS)
EPS is the amount of post-tax profit attributable to each ordinary share. Basic EPS is calculated on profit for the year attributable to
equity shareholders divided by the weighted average number of shares in issue during the year. Diluted EPS shows what the impact
would be if all outstanding share options were exercised and treated as ordinary shares at year end. The weighted average number
ofshares is increased by additional shares issued as scrip dividends and reduced by shares repurchased by the Company during
theyear.
Adjusted earnings and EPS, which exclude exceptional items, remeasurements and stranded cost recoveries, are provided to reflect
thebusiness performance subtotals used by the Company. For further details of exceptional items, remeasurements and stranded
costrecoveries, seenote 4.
(a) Basic earnings per share
Earnings
2015
£m
Earnings
per share
2015
pence
Earnings
2014
£m
Earnings
per share
2014
(restated)1
pence
Earnings
2013
£m
Earnings
per share
2013
(restated)1
pence
Adjusted earnings 2,189 58.1 2,015 53.5 1,913 50.9
Exceptional items after tax (97) (2.6) 388 10.3 75 2.0
Remeasurements after tax (73) (1.9) 73 1.9 156 4.1
Stranded cost recoveries after tax – – – – 9 0.2
Earnings 2,019 53.6 2,476 65.7 2,153 57. 2
2015
millions
2014
millions
2013
millions
Weighted average number of shares – basic13,766 3,766 3,761
1. Comparative amounts have been restated to reflect the impact of additional shares issued as scrip dividends.
(b) Diluted earnings per share
Earnings
2015
£m
Earnings
per share
2015
pence
Earnings
2014
£m
Earnings
per share
2014
(restated)1
pence
Earnings
2013
£m
Earnings
per share
2013
(restated)1
pence
Adjusted earnings 2,189 57.9 2,015 53.2 1,913 50.6
Exceptional items after tax (97) (2.6) 388 10.3 75 2.0
Remeasurements after tax (73) (1.9) 73 1.9 156 4.1
Stranded cost recoveries after tax – – – – 9 0.3
Earnings 2,019 53.4 2,476 65.4 2,153 57.0
2015
millions
2014
millions
2013
millions
Weighted average number of shares – diluted13,783 3,785 3,779
1. Comparative amounts have been restated to reflect the impact of additional shares issued as scrip dividends.
(c) Reconciliation of basic to diluted average number of shares
2015
millions
2014
(restated)1
millions
2013
(restated)1
millions
Weighted average number of ordinary shares – basic 3,766 3,766 3,761
Effect of dilutive potential ordinary shares – employee share plans 17 19 18
Weighted average number of ordinary shares – diluted 3,783 3,785 3,779
1. Comparative amounts have been restated to reflect the impact of additional shares issued as scrip dividends.
Financial Statements
NATIONAL GRID ANNUAL REPORT AND ACCOUNTS 2014/15 111