General Information

Summary Group Financial Information

Financial summary (unaudited)

The financial summary set out below has been derived from the audited consolidated accounts of National Grid Transco for the five financial years ended 31 March 2005. It should be read in conjunction with the Group accounts and related notes, together with the Operating and Financial Review. The profit and loss accounts and balance sheets for 2001 to 2004 have been restated for the impact of FRS 20. At 31 March 2002, net income for US GAAP includes the FAS 133 transitional adjustment of £14m.

 
 
 
 
Summary profit and loss account		 31 March
2005
 
£m		   31 March
2004
(restated)
£m		   31 March
2003
(restated)
£m		   31 March
2002
(restated)
£m		   31 March
2001
(restated)
£m
Group turnover 8,521   9,033   9,400   7,554   6,891
Operating costs (6,676)   (7,203)   (7,828)   (6,513)   (5,184)
Operating profit of Group undertakings 1,845   1,830   1,572   1,041   1,707
Share of joint ventures' and associate's
  operating profit/(loss)		 7   7   124   (701)   (105)
Operating profit                  
- Before exceptional items and goodwill amortisation 2,212   2,213   2,148   1,764   1,775
- Exceptional items (251)   (277)   (350)   (1,327)   (88)
- Goodwill amortisation (109)   (99)   (102)   (97)   (85)
  1,852   1,837   1,696   340   1,602
Non-operating exceptional items 83   322   (99)   156   306
Net interest                  
- Excluding exceptional items (783)   (822)   (939)   (657)   (635)
- Exceptional items -   -   (31)   (142)   -
Profit/(loss) on ordinary activities before taxation 1,152   1,337   627   (303)   1,273
Tax on profit on ordinary activities
  - excluding exceptional items		 (324)   (350)   (373)   (251)   (390)
Tax on profit on ordinary activities - exceptional items 79   89   128   166   243
Profit/(loss) on ordinary activities after taxation 907   1,076   382   (388)   1,126
Minority interests including exceptional items 1   (2)   (31)   48   (7)
Profit/(loss) for the year 908   1,074   351   (340)   1,119
Summary statement of net assets                  
Fixed assets 19,897   18,394   18,954   19,582   15,670
Current assets 4,814   5,003   5,950   6,568   2,960
Creditors: amounts falling due within one year (6,148)   (4,513)   (5,046)   (4,888)   (4,034)
Net current (liabilities)/assets (1,334)   490   904   1,680   (1,074)
Total assets less current liabilities 18,563   18,884   19,858   21,262   14,596
Creditors: amounts falling due after more than one year (12,800)   (13,464)   (14,255)   (14,868)   (9,793)
Provisions for liabilities and charges (4,372)   (4,149)   (4,398)   (4,655)   (3,426)
Net assets 1,391   1,271   1,205   1,739   1,377
Summary cash flow statement                  
Net cash inflow from operating activities before
  exceptional items		 3,103   3,058   3,154   2,394   2,482
Expenditure relating to exceptional items (194)   (248)   (328)   (103)   (129)
Net cash inflow from operating activities 2,909   2,810   2,826   2,291   2,353
Dividends from joint ventures 5   8   11   13   20
Net cash outflow for returns on investments and
  servicing of finance		 (758)   (692)   (912)   (705)   (691)
Net cash outflow for taxation (150)   (18)   (112)   (212)   (350)
Net cash outflow for capital expenditure and
  financial investment		 (1,262)   (1,254)   (1,407)   (1,483)   (1,179)
Net cash (outflow)/inflow for acquisitions and disposals (1,130)   7   163   (969)   (587)
Equity dividends paid (628)   (560)   (571)   (478)   (336)
Net cash (outflow)/inflow before the management
 of liquid resources and financing activities		 (1,014)   301   (2)   (1,543)   (770)
Net cash (outflow)/inflow for the management of
  liquid resources		 (54)   (48)   (138)   347   696
Net cash (outflow)/inflow before financing
 activities		 (1,068)   253   (140)   (1,196)   (74)
Net cash inflow/(outflow) from financing activities 1,081   (240)   174   1,218   59
Net increase/(decrease) in cash in the year 13   13   34   22   (15)
 
 
Amounts in accordance with US GAAP		 31 March
2005
£m		   31 March
2004
£m		   31 March
2003
£m		   31 March
2002
£m		   31 March
2001
£m
Group turnover 8,534   8,866   7,401   4,004   3,583
Net income/(loss) 1,304   998   751   (167)   810
Earnings/(loss) per ADS                  
- Basic 211.5p   162.5p   159.5p   (54.5)p   274.5p
- Diluted 210.5p   162.0p   156.5p   (44.0)p   260.0p
Total assets 37,274   35,347   36,947   17,727   10,392
Net assets employed/total shareholders' funds 10,629   9,875   9,515   3,862   2,962
Equity shareholders' funds 10,591   9,821   9,426   3,759   2,920

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