|
Financial summary (unaudited)
The financial summary set out below has been derived from the audited consolidated accounts of National Grid Transco for the four financial years ended
31 March 2004. It should be read in conjunction with the Group accounts and related notes, together with the Operating and Financial Review. It is not
practicable to derive the information for the year ended 31 March 2000 as the former Lattice Group had a different year end and Lattice Group was still
part of BG Group plc at 31 March 2000. The balance sheets for 2001 to 2003 have been restated for the adoption of UITF 38. At 31 March 2002, net
income for US GAAP includes the FAS 133 transitional adjustment of £14m.
| 31
March |
|
31
March |
|
31
March |
|
31
March |
| 2004 |
|
2003
(restated) |
|
2002
(restated) |
|
2001
(restated) |
| Summary profit and loss account |
£m |
|
£m |
|
£m |
|
£m
|  |
|
| | Group turnover | 9,033 |
|
9,400 |
|
7,554 |
|
6,891
|
| Operating costs | (7,178) |
|
(7,788) |
|
(6,494) |
|
(5,179)
|
| |
| | Operating profit of Group undertakings | 1,855 |
|
1,612 |
|
1,060 |
|
1,712
|
| Share of joint ventures’ and associate’s operating profit/(loss) | 7 |
|
124 |
|
(701) |
|
(105)
|
| |
| | Operating profit | |
|
|
|
|
|
|
– Before exceptional items and
goodwill amortisation | 2,238 |
|
2,185 |
|
1,783 |
|
1,780 |
| – Exceptional items | (277) |
|
(347) |
|
(1,327) |
|
(88)
|
| – Goodwill amortisation | (99) |
|
(102) |
|
(97) |
|
(85)
|
| 1,862 |
|
1,736 |
|
359 |
|
1,607
|
| Non-operating exceptional items | 322 |
|
(99) |
|
156 |
|
306
|
| Net interest | |
|
|
|
|
|
|
| – Excluding exceptional items | (822) |
|
(939) |
|
(657) |
|
(635)
|
| – Exceptional items | – |
|
(31) |
|
(142) |
|
–
|
| |
| | Profit/(loss) on ordinary activities before taxation | 1,362 |
|
667 |
|
(284) |
|
1,278
|
| Tax on profit on ordinary activities – excluding exceptional items | (350) |
|
(373) |
|
(251) |
|
(390)
|
| Tax on profit on ordinary activities – exceptional items | 89 |
|
128 |
|
166 |
|
243
| | |
| | Profit/(loss) on ordinary activities after taxation | 1,101 |
|
422 |
|
(369) |
|
1,131
|
| Minority interests including exceptional items | (2) |
|
(31) |
|
48 |
|
(7)
| | |
| | Profit/(loss) for the year | 1,099 |
|
391 |
|
(321) |
|
1,124
|
| |
| | Summary statement of net assets | |
|
|
|
|
|
|
| Fixed assets | 18,394 |
|
18,954 |
|
19,582 |
|
15,670 | | |
| | Current assets | 5,003 |
|
5,950 |
|
6,568 |
|
2,960
|
| Creditors: amounts falling due within one year | (4,513) |
|
(5,046) |
|
(4,888) |
|
(4,034)
| | |
| | Net current assets/(liabilities) | 490 |
|
904 |
|
1,680 |
|
(1,074)
|
| |
| | Total assets less current liabilities | 18,884 |
|
19,858 |
|
21,262 |
|
14,596 |
| Creditors: amounts falling due after more than one year | (13,464) |
|
(14,255) |
|
(14,868) |
|
(9,793)
|
| Provisions for liabilities and charges | (4,157) |
|
(4,406) |
|
(4,663) |
|
(3,434)
|
| |
| | Net assets | 1,263 |
|
1,197 |
|
1,731 |
|
1,369 |
| |
| | Summary cash flow statement | |
|
|
|
|
|
|
| Net cash inflow from operating activities before exceptional items | 3,058 |
|
3,154 |
|
2,394 |
|
2,482
|
| Expenditure relating to exceptional items | (248) |
|
(328) |
|
(103) |
|
(129)
| | |
| | Net cash inflow from operating activities | 2,810 |
|
2,826 |
|
2,291 |
|
2,353
|
| Dividends from joint ventures | 8 |
|
11 |
|
13 |
|
20
|
| Net cash outflow for returns on investments and servicing of finance | (692) |
|
(912) |
|
(705) |
|
(691)
|
| Net cash outflow for taxation | (18) |
|
(112) |
|
(212) |
|
(350)
|
| Net cash outflow for capital expenditure and financial investment | (1,254) |
|
(1,407) |
|
(1,483) |
|
(1,179)
|
| Net cash inflow/(outflow) for acquisitions and disposals | 7 |
|
163 |
|
(969) |
|
(587)
|
| Equity dividends paid | (560) |
|
(571) |
|
(478) |
|
(336)
| | |
| | Net cash inflow/(outflow) before the management of liquid resources and financing activities | 301 |
|
(2) |
|
(1,543) |
|
(770)
|
| Net cash (outflow)/inflow for the management of liquid resources | (48) |
|
(138) |
|
347 |
|
696
| | |
| | Net cash inflow/(outflow) before financing activities | 253 |
|
(140) |
|
(1,196) |
|
(74)
|
| Net cash (outflow)/inflow from financing activities | (240) |
|
174 |
|
1,218 |
|
59
|
|
| |
| Net increase/(decrease) in cash in the year | 13 |
|
34 |
|
22 |
|
(15)
|
| |
| | | |
|
|
|
|
|
|
| |
31
March |
31
March |
|
31
March |
|
31
March |
|
31
March
|
| |
2004 |
2003 |
|
2002 |
|
2001 |
|
2000
|
| Amounts in accordance with US GAAP |
£m |
£m |
|
£m |
|
£m |
|
£m
|
|
|
| | Group turnover |
8,866 |
7,401 |
|
4,004 |
|
3,583 |
|
1,545 |
| Net income/(loss) | 998 |
751 |
|
(167) |
|
810 |
|
1,010
|
| Earnings/(loss) per ADS | |
|
|
|
|
|
|
|
| Basic | 162.5p |
159.5p |
|
(54.5)p |
|
274.5p |
|
342.8p
|
| Diluted | 162.0p |
156.5p |
|
(44.0)p |
|
260.0p |
|
323.4p
|
| Total assets | 35,347 |
36,947 |
|
17,727 |
|
10,392 |
|
9,106
|
Net assets employed/total
shareholders’ funds | 9,875 |
9,515 |
|
3,862 |
|
2,962 |
|
2,381
|
| Equity shareholders’ funds | 9,821 |
9,426 |
|
3,759 |
|
2,920 |
|
2,346 |
|
|
