National Grid (NGG) 2010年年度报告「NYSE」.pdf

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1、PLACEHOLDERCONTENT TO BE TAKEN FROMNG_AR09_8_Definitions_Glossary.inddAnnual Report and Accounts 2009/10Annual Report and Accounts 2009/10Shaping the future We have delivered another strong financial performance this year.Cash generated from operations was more than 4.3 billion,while adjusted operat

2、ing profit and adjusted earnings per share were higher by 7%and 14%respectively.Company highlights Adjusted operating profit*3,121m2008/09:2,915m(7%)Operating profit*3,293m2008/09:2,623m(26%)Revenue*13,988m2008/09:15,624m(10%)Cash generated from operations*4,372m2008/09:3,564m(23%)Adjusted earnings

3、per share*57.4p2008/09:50.2p(14%)(i)Earnings per share*56.1p2008/09:36.9p(52%)(i)Ordinary dividends38.49p2008/09:35.64p(8%)Interest cover3.9x2008/09:3.1xCapital expenditure3,252m2008/09:3,242m(0.3%)Return on equity (3 year average)11.3%2008/09:10.8%For more information and a range of interactive cha

4、rting and share price tools visit:for continuing operations*excludes the impact of exceptional items,remeasurements and stranded cost recoveries.See page 38 for more information about these adjusted profit measures(i)Comparative earnings per share data has been restated for the impact of the scrip d

5、ividend issues.Our financial results are reported in sterling.The average exchange rate,as detailed on page 39,was$1.58 to 1 in 2009/10 compared with the average rate of$1.54 to 1 in 2008/09.Except as otherwise noted,the figures in this Report are stated in sterling or US dollars and all references

6、to dollars or$are to the US currency.2005/062006/072007/082008/092009/102,9733,0903,2653,5644,372Cash generated from continuing operationsm2005/062006/072007/082008/092009/102,1082,3753,0543,2423,252Group capital expendituremBusiness analysis 2009/10Continuing operationsRevenue(%)Transmission5531122