Summary consolidated financial 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 2008. 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, 2007 and 2008 has been prepared under IFRS issued by the IASB and as adopted by the European Union. For the year ended 31 March 2005, information is also presented under UK GAAP. For the year ended 31 March 2004, 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 2008 £m |
31 March 2007 £m |
31 March 2006 £m |
31 March 2005 £m |
31 March 2005 £m |
31 March 2004 £m |
| Revenue | 11,423 | 8,695 | 8,868 | 7,174 | 8,313 | 9,019 |
| Operating profit | ||||||
| Before exceptional items, remeasurements and stranded cost recoveries | 2,595 | 2,031 | 1,968 | 1,936 | 2,045 | 2,076 |
| Exceptional items, remeasurements and stranded cost recoveries | 369 | 482 | 406 | 177 | (120) | (137) |
| Goodwill amortisation | n/a | n/a | n/a | n/a | (85) | (95) |
| 2,964 | 2,513 | 2,374 | 2,113 | 1,840 | 1,844 | |
| Profit before taxation | ||||||
| Before exceptional items, remeasurements and stranded cost recoveries | 1,839 | 1,486 | 1,369 | 1,235 | 1,299 | 1,254 |
| Exceptional items, remeasurements and stranded cost recoveries | 353 | 265 | 349 | 177 | (37) | 185 |
| Goodwill amortisation | n/a | n/a | n/a | n/a | (85) | (95) |
| 2,192 | 1,751 | 1,718 | 1,412 | 1,177 | 1,344 | |
| Profit for the year attributable to equity shareholders | ||||||
| Before exceptional items, remeasurements and stranded cost recoveries | 1,281 | 1,146 | 1,075 | 1,376 | 1,027 | 958 |
| Exceptional items, remeasurements and stranded cost recoveries | 1,915 | 248 | 2,773 | 48 | (5) | 217 |
| Goodwill amortisation | n/a | n/a | n/a | n/a | (85) | (95) |
| 3,196 | 1,394 | 3,848 | 1,424 | 937 | 1,080 | |
| Summary statement of net assets | ||||||
| Non-current assets | 30,858 | 21,109 | 22,106 | 25,596 | 19,897 | 18,394 |
| Current assets | 5,456 | 5,312 | 3,818 | 1,964 | 4,814 | 5,003 |
| Assets of businesses held for sale | 1,508 | 1,968 | – | – | – | – |
| Total assets | 37,822 | 28,389 | 25,924 | 27,560 | 24,711 | 23,397 |
| Current liabilities | (7,122) | (3,360) | (5,683) | (5,974) | (5,679) | (4,147) |
| Non-current liabilities | (25,257) | (20,443) | (16,748) | (19,465) | (17,172) | (17,613) |
| Liabilities of businesses held for sale | (63) | (450) | – | – | – | – |
| Total liabilities | (32,442) | (24,253) | (22,431) | (25,439) | (22,851) | (21,760) |
| Net assets | 5,380 | 4,136 | 3,493 | 2,121 | 1,860 | 1,637 |
| Summary cash flow statement | ||||||
| Cash generated from operations | ||||||
| Continuing operations | 3,265 | 3,090 | 2,973 | 2,820 | 2,909 | 2,810 |
| Discontinued operations | 10 | 181 | 138 | 638 | n/a | n/a |
| 3,275 | 3,271 | 3,111 | 3,458 | 2,909 | 2,810 | |
| Tax paid – continuing and discontinued operations | (110) | (313) | (140) | (150) | (150) | (18) |
| Net cash inflow from operating activities | 3,165 | 2,958 | 2,971 | 3,308 | 2,759 | 2,792 |
| Net cash flows (used in)/from investing activities | (3,023) | (4,061) | 4,052 | (2,900) | n/a | n/a |
| Dividends received from joint ventures | n/a | n/a | n/a | n/a | 5 | 8 |
| Net cash outflow for capital expenditure and financial investment | n/a | n/a | n/a | n/a | (1,262) | (1,254) |
| Net cash (outflow)/inflow for acquisitions and disposals | n/a | n/a | n/a | n/a | (1,130) | 7 |
| Net cash (outflow)/inflow for the management of liquid resources | n/a | n/a | n/a | n/a | (54) | (48) |
| Net cash flows (used in)/from financing activities | (1,592) | 1,278 | (5,842) | (400) | n/a | n/a |
| Net cash outflow for returns on investments and servicing of finance | n/a | n/a | n/a | n/a | (758) | (692) |
| Equity dividends paid | n/a | n/a | n/a | n/a | (628) | (560) |
| Net cash inflow/(outflow) from financing activities | n/a | n/a | n/a | n/a | 1,081 | (240) |
| Net (decrease)/increase in cash and cash equivalents (UK GAAP – cash only) | (1,450) | 175 | 1,181 | 8 | 13 | 13 |