v3.25.3
Consolidated cash flow statement - GBP (£)
£ in Millions
 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Operating profit from continuing operations £ 1,526 £ 1,309
Adjustments for:    
Loss on sale of investments 96 0
Other fair value movements (7) 21
Depreciation, amortisation and impairment 1,102 1,058
Share-based payments 17 16
Changes in working capital 913 442
Changes in provisions (35) (180)
Changes in pensions and other post-retirement benefit obligations 26 24
Cash generated from operations – continuing operations 3,638 2,690
Tax paid (12) (78)
Net cash flow from operating activities – continuing operations 3,626 2,612
Cash flows from investing activities    
Purchases of intangible assets (260) (243)
Purchases of property, plant and equipment (4,444) (3,985)
Disposals of property, plant and equipment 10 10
Investments in joint ventures and associates (77) (102)
Dividends received from joint ventures, associates and other investments 49 71
Disposal of financial and other investments 31 33
Acquisition of financial investments (44) (49)
Net movements in short-term financial investments 2,555 (2,995)
Interest received 143 162
Cash inflows on derivatives 20 0
Cash outflows on derivatives 0 (6)
Net cash flow used in investing activities – continuing operations (536) (6,418)
Net cash flow from investing activities – discontinued operations 0 22
Cash flows from financing activities    
Proceeds of Rights Issue 0 7,001
Transaction fees related to Rights Issue 0 (162)
Proceeds from issue of treasury shares 38 15
Transactions in own shares (1) (5)
Proceeds received from loans 2,235 1,809
Repayments of loans (1,638) (916)
Payments of lease liabilities (76) (75)
Net movements in short-term borrowings (2,104) (1,313)
Cash inflows on derivatives 71 73
Cash outflows on derivatives (40) (33)
Interest paid (996) (1,002)
Dividends paid to shareholders (894) (811)
Net cash flow (used in)/from financing activities – continuing operations (3,405) 4,581
Supplemental Cash Flow Information [Abstract]    
Net (decrease)/increase in cash and cash equivalents (315) 797
Reclassification to held for sale 31 (166)
Exchange movements (7) (65)
Net cash and cash equivalents at start of period 1,178 559
Net cash and cash equivalents at end of period 887 1,125
National Grid Renewables    
Cash flows from investing activities    
Disposal of interest in National Grid Renewables and UK Gas Transmission Business [1] 1,481 0
UK Gas Transmission    
Cash flows from investing activities    
Disposal of interest in National Grid Renewables and UK Gas Transmission Business £ 0 £ 686
[1] Balance consists of cash proceeds received, net of cash disposed.