Business Context and Reporting Period
This Form 6-K filing by National Grid Transco plc (NGT) covers announcements made to the London Stock Exchange between May 10, 2004, and June 1, 2004. The filing primarily addresses a correction to the classification of continuing and discontinued operations under U.S. GAAP for the fiscal year ended March 31, 2002, and reports on various director share interest changes.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, margin, debt, or liquidity figures for the current reporting period. It references a separate Form 6-K filed on May 20, 2004, which contained the results for the year ended March 31, 2004. The only financial data points present in this document relate to share transaction prices:
- Share Matching Plan purchase price: 431.25p per share.
- Share Matching Plan award exercise price: 1 pound per share.
- Share Incentive Plan (SIP) purchase price: 428p per share.
- Director Maria Richter's spouse purchase price: 424.43p per share.
Material Changes Versus Prior Period
NGT announced a correction to its U.S. GAAP financial presentation for the year ended March 31, 2002. Results of operations for certain businesses in the alternative network telecommunications sector (Europe and Latin America), previously classified as discontinued operations, will be re-classified to "Interest in equity accounted affiliates" within continuing operations. The filing explicitly states that this change will not affect total net income under U.S. GAAP for any period, nor will it impact primary financial statements presented under U.K. GAAP.
Guidance, Outlook, and Management Commentary
The filing contains no forward-looking guidance, outlook, or management commentary regarding future financial performance. The document focuses on regulatory notifications regarding director shareholdings and the technical reclassification of historical accounting data. The reclassification correction is scheduled to be reflected in the annual report on Form 20-F for the year ended March 31, 2004.
Important Facts for Investor Verification
- Verify the impact of the U.S. GAAP reclassification on the "Interest in equity accounted affiliates" line item in the upcoming Form 20-F for the year ended March 31, 2004.
- Confirm that the reclassification does not alter total net income figures for the 2002 fiscal year.
- Review the separate Form 6-K filed on May 20, 2004, for the actual financial results for the year ended March 31, 2004, as this document does not contain them.
- Note the significant shareholding concentrations among executive directors, particularly Dr. R. J. Urwin (1,176,949 shares) and Mr. E. M. Astle (706,095 shares) following recent plan operations.