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General 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 2007. 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 and 2007 has been prepared under IFRS as adopted by the European Union. For the year ended 31 March 2005, information is also presented under UK GAAP. For the years ended 31 March 2004 and 2003, 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.
IFRS |
As previously measured under
UK GAAP |
|||||
|---|---|---|---|---|---|---|
| Summary income statement | 31 March 2007 £m |
31 March 2006 £m |
31 March 2005 £m |
31 March 2005 £m |
31 March 2004 £m |
31 March 2003 £m |
| Revenue | 8,695 | 8,868 | 7,174 | 8,313 | 9,019 | 9,389 |
| Operating profit | ||||||
| Before exceptional items, remeasurements and goodwill amortisation | 2,454 | 2,457 | 2,401 | 2,166 | 2,210 | 2,146 |
| Exceptional items and remeasurements | 59 | (83) | (288) | (241) | (271) | (332) |
| Goodwill amortisation | n/a | n/a | n/a | (85) | (95) | (98) |
| 2,513 | 2,374 |
2,113 | 1,840 | 1,844 | 1,716 | |
| Profit before taxation | ||||||
| Before exceptional items, remeasurements and goodwill amortisation | 1,909 | 1,858 | 1,700 | 1,420 | 1,388 | 1,207 |
| Exceptional items and remeasurements | (158) | (140) | (288) | (158) | 51 | (462) |
| Goodwill amortisation | n/a | n/a | n/a | (85) | (95) | (98) |
| 1,751 | 1,718 | 1,412 | 1,177 | 1,344 | 647 | |
| Profit for the year attributable to equity shareholders | ||||||
| Before exceptional items, remeasurements and goodwill amortisation | 1,400 | 1,368 | 1,655 | 1,100 | 1,038 | 824 |
| Exceptional items and remeasurements | (6) | 2,480 | (231) | (78) | 137 | (362) |
| Goodwill amortisation | n/a | n/a | n/a | (85) | (95) | (98) |
| 1,394 | 3,848 | 1,424 | 937 | 1,080 | 364 | |
| Summary statement of net assets | ||||||
| Non-current assets | 21,109 | 22,106 | 25,596 | 19,897 | 18,394 | 18,954 |
| Current assets | 5,312 | 3,818 | 1,964 | 4,814 | 5,003 | 5,950 |
| Assets of businesses held for sale | 1,968 | - | - | - | - | - |
| Total assets | 28,389 | 25,924 | 27,560 | 24,711 | 23,397 | 24,904 |
| Current liabilities | (3,360) | (5,683) | (5,974) | (5,679) | (4,147) | (4,729) |
| Non-current liabilities | (20,443) | (16,748) | (19,465) | (17,172) | (17,613) | (18,653) |
| Liabilities of businesses held for sale | (450) | - | - | - | - | - |
| Total liabilities | (24,253) | (22,431) | (25,439) | (22,851) | (21,760) | (23,382) |
| Net assets | 4,136 | 3,493 | 2,121 | 1,860 | 1,637 | 1,522 |
| Summary cash flow statement | ||||||
| Cash generated from operations | ||||||
| Continuing operations | 3,090 | 2,973 | 2,820 | 2,909 | 2,810 | 2,826 |
| Discontinued operations | 181 | 138 | 638 | n/a | n/a | n/a |
| 3,271 | 3,111 | 3,458 | 2,909 | 2,810 | 2,826 | |
| Tax paid - continuing and discontinued operations | (313) | (140) | (150) | (150) | (18) | (112) |
| Net cash inflow from operating activities | 2,958 | 2,971 | 3,308 | 2,759 | 2,792 | 2,714 |
| Net cash flows (used in)/from investing activities | (4,277) | 3,922 | (2,975) | n/a | n/a | n/a |
| Dividends received from joint ventures | n/a | n/a | n/a | 5 | 8 | 11 |
| Net cash outflow for capital expenditure and financial investment | n/a | n/a | n/a | (1,262) | (1,254) | (1,407) |
| Net cash (outflow)/inflow for acquisitions and disposals | n/a | n/a | n/a | (1,130) | 7 | 163 |
| Net cash (outflow)/inflow for the management of liquid resources | n/a | n/a | n/a | (54) | (48) | (138) |
| Net cash flows from/(used in) financing activities | 1,494 | (5,712) | (325) | n/a | n/a | n/a |
| Net cash outflow for returns on investments and servicing of finance | n/a | n/a | n/a | (758) | (692) | (912) |
| Equity dividends paid | n/a | n/a | n/a | (628) | (560) | (571) |
| Net cash inflow/(outflow) from financing activities | n/a | n/a | n/a | 1,081 | (240) | 174 |
| Net increase in cash and cash equivalents (UK GAAP - cash only) | 175 | 1,181 | 8 | 13 | 13 | 34 |
| Amounts in accordance with US GAAP | 31 March 2007 £m* |
31 March 2006 £m* |
31 March 2005 £m* |
31 March 2004 £m* |
31 March 2003 £m* |
|---|---|---|---|---|---|
| Revenue | 8,686 | 8,891 | 7,208 | 7,747 | 6,730 |
| Net income | 1,146 | 1,307 | 1,288 | 961 | 738 |
| Earnings per ADS | |||||
| Basic | 211.0p | 241.0p | 238.0p | 178.4p | 179.1p |
| Diluted | 209.5p | 240.0p | 236.5p | 177.9p | 174.3p |
| Total assets | 35,126 | 32,952 | 37,274 | 35,347 | 36,947 |
| Net assets employed/total shareholders' funds | 9,367 | 9,788 | 10,629 | 9,875 | 9,515 |
| Equity shareholders' funds | 9,330 | 9,747 | 10,591 | 9,821 | 9,426 |
* Unless stated