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5
NATIONAL GRID NORTH AMERICA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in millions of dollars)
2013 2012
Operating revenues:
Electric services 7,776$ 7,334$
Gas distribution 4,797 4,925
Other 28 30
Total operating revenues 12,601 12,289
Operating expenses:
Purchased electricity 2,049 2,139
Purchased gas 2,013 2,213
Contract termination charges and nuclear shutdown charges 10 16
Operations and maintenance 5,251 4,321
Depreciation and amortization 859 801
Impairment of intangibles and property, plant and equipment -102
Decommissioning charges 245
Amortization of regulatory assets 269 503
Other taxes 1,052 1,001
Total operating expenses 11,505 11,141
Operating income 1,096 1,148
Other income and (deductions):
Interest on long-term debt (403) (340)
Other interest expense, including affiliate interest (139) (231)
Equity income in subsidiaries 36 27
Gain on sale of investments -9
Other (deductions) income, net (14) 45
Total deductions (520) (490)
Income before income taxes 576 658
Income taxes:
Current (318) (81)
Deferred 424 436
Income tax expense 106 355
Income from continuing operations 470 303
Net (loss) income from discontinued operations, net of taxes (7) 105
Net income 463 408
Net loss (income) attributable to non-controlling interest 1(2)
Net income attributable to common shares 464$ 406$
Years Ended March 31,
The accompanying notes are an integral part of these consolidated financial statements.