National Grid Transco – Annual Report and Accounts 2004/05 – Financial Highlights

Financial Highlights

The strength of our results demonstrates the successful delivery of our strategy and the quality of our overall operational performance in both the UK and the US.

Financial Highlights

Group turnover

	£ million
2004/05	8,521
2003/04	8,875
2002/03	8,833

Operating Profit

	Statutory £ million	Adjusted* £ million
2004/05	£1,852	2,212
2003/04	1,837	2,213
2002/03	1,696	2,148

*	Excludes impact of exceptional items and goodwill amortisation

Net cash inflows from operating activities

	Statutory £ million	Adjusted† £ million
2004/05	2,909	3,103
2003/04	2,810	3,058
2002/03	2,826	3,154

†	Excludes impact of exceptional items

Ordinary dividends

	Pence
2004/05	23.7
2003/04	19.8
2002/03	17.2

Earnings per share

	Statutory Pence	Adjusted* Pence
2004/05	29.5	35.9
2003/04	35.0	33.9
2002/03	11.4	27.1

*	Excludes impact of exceptional items and goodwill amortisation