|
|
|
|
|
|
|
Exhibit No.
|
Description
|
99.1
|
Exhibit
99.1 Announcement sent to the London Stock Exchange on 9 November
2023 —
National Grid PLC Half-Year Results 2023/24
|
London | 9 November 2023:
National
Grid, a leading energy
transmission
and distribution company,
today
announces its Half-Year results for the period
ended 30 September
2023.
|
|
Financial Summary
Six months ended 30 September: continuing
operations1
|
|||||||||
|
|
Statutory results2
|
|
Underlying3
|
|||||
Unaudited
|
|
2023
|
2022
|
% change
|
|
2023
|
|
2022
|
% change
|
Operating profit (£m)
|
|
1,985
|
2,239
|
(11%)
|
|
1,796
|
|
2,117
|
(15%)
|
Profit before tax (£m)
|
|
1,371
|
1,666
|
(18%)
|
|
1,144
|
|
1,455
|
(21%)
|
Earnings per share (p)
|
|
28.8
|
33.4
|
(14%)
|
|
23.8
|
|
32.4
|
(27%)
|
Dividend per share (p)
|
|
19.40
|
17.84
|
9%
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
2023
|
|
2022
|
% change
|
Capital investment4 (£m)
|
|
|
|
|
|
3,868
|
|
3,883
|
0%
|
As at and for the six months ended 30 September
(£
million)
|
2023
|
2022
|
change %
|
Statutory operating profit (continuing) at actual
currency:
|
|
|
|
UK Electricity Transmission
|
838
|
493
|
70%
|
UK Electricity Distribution
|
472
|
522
|
(10%)
|
UK Electricity System Operator
|
443
|
146
|
203%
|
New England (including NECO)
|
(47)
|
720
|
(107%)
|
New York
|
8
|
(26)
|
(131%)
|
National Grid Ventures
|
310
|
308
|
1%
|
Other
|
(39)
|
76
|
(151%)
|
Total statutory operating profit (continuing)
|
1,985
|
2,239
|
(11%)
|
|
|
|
|
Underlying operating profit
(continuing) at constant currency1:
|
|
|
|
UK Electricity Transmission
|
656
|
564
|
16%
|
UK Electricity Distribution
|
563
|
579
|
(3%)
|
UK Electricity System Operator
|
34
|
52
|
(35%)
|
New England (including NECO)
|
218
|
304
|
(28%)
|
New York
|
119
|
195
|
(39%)
|
National Grid Ventures
|
219
|
258
|
(15%)
|
Other
|
(13)
|
145
|
(109%)
|
Total underlying operating profit (continuing)
|
1,796
|
2,097
|
(14%)
|
|
|
|
|
Capital investment (continuing) at
constant currency:2,3
|
|
|
|
UK Electricity Transmission
|
800
|
629
|
27%
|
UK Electricity Distribution
|
608
|
584
|
4%
|
UK Electricity System Operator
|
75
|
42
|
79%
|
New England (including NECO)
|
789
|
771
|
2%
|
New York
|
1,257
|
1,195
|
5%
|
National Grid Ventures
|
326
|
531
|
(39%)
|
Other
|
13
|
46
|
(72%)
|
Total capital investment (continuing)
|
3,868
|
3,798
|
2%
|
Contacts
|
|
Investor Relations
|
|
Nick Ashworth
|
+44 (0) 7814 355 590
|
Angela Broad
|
+44 (0) 7825 351 918
|
James Flanagan
|
+44 (0) 7970 778 952
|
Alexandra Bateman
|
+44 (0) 7970 479 571
|
Media
|
|
Molly Neal
|
+44 (0) 7583 102 727
|
Lyndsey Evans
|
+44 (0) 7714 672 052
|
Brunswick
|
|
Dan Roberts
|
+44 (0) 7980 959 590
|
Results presentation webcast
|
|
An
audio webcast and live Q&A with management will be held at
09:15 (BST) today. Please use this link to join via a laptop,
smartphone or tablet:
https://www.nationalgrid.com/investors/events/results-centre
A replay
of the webcast will be available soon after the event at the same
link.
|
|
UK (and International)
|
+44 (0) 330 551 0200
|
UK (Toll Free)
|
0808 109 0700
|
US (Local)
|
+1 786 697 3501
|
Password
|
Quote "National Grid Half Year" when prompted by the
operator
|
|
|
|
|
Use of Alternative Performance Measures (APMs)
Throughout
this release we use a number of alternative (or non-IFRS) and
regulatory performance measures to provide users with a clearer
picture of the regulated performance of the business. This is in
line with how management monitor and manage the business
day-to-day. Further detail and definitions for all alternative
performance measures are provided on pages 63 to 67.
|
|
|
|
|
Underlying operating profit - continuing operations1
Six
months ended 30 September
|
|
At actual
exchange rates
|
|
At constant currency
|
|||
(£ million)
|
|
2023
|
2022
|
% change
|
|
2022
|
% change
|
UK Electricity Transmission
|
|
656
|
564
|
16%
|
|
564
|
16%
|
UK Electricity Distribution
|
|
563
|
579
|
(3%)
|
|
579
|
(3%)
|
UK Electricity System Operator
|
|
34
|
52
|
(35%)
|
|
52
|
(35%)
|
New England
|
|
218
|
316
|
(31%)
|
|
304
|
(28%)
|
New York
|
|
119
|
202
|
(41%)
|
|
195
|
(39%)
|
National Grid Ventures
|
|
219
|
259
|
(15%)
|
|
258
|
(15%)
|
Other
|
|
(13)
|
145
|
(109%)
|
|
145
|
(109%)
|
Total underlying operating profit
|
|
1,796
|
2,117
|
(15%)
|
|
2,097
|
(14%)
|
(£ million)
|
2023
|
2022
|
change %
|
Accounting profit:
|
|
|
|
Gross revenue
|
8,489
|
9,444
|
(10%)
|
Other operating income
|
12
|
544
|
(98%)
|
Operating costs
|
(6,516)
|
(7,749)
|
(16%)
|
Statutory operating profit
|
1,985
|
2,239
|
(11%)
|
Net
finance costs1
|
(685)
|
(624)
|
10%
|
Share of joint ventures and associates (after tax)
|
71
|
51
|
39%
|
Tax
|
(307)
|
(447)
|
(31%)
|
Non-controlling interest
|
(1)
|
-
|
n/a
|
Statutory
IFRS earnings1 (see financial
statements note 8)
|
1,063
|
1,219
|
(13%)
|
Less:
exceptional items and remeasurements (after tax)
|
(101)
|
(302)
|
(67%)
|
Less:
timing (after tax)
|
(87)
|
265
|
(133%)
|
Underlying
earnings2
|
875
|
1,182
|
(26%)
|
EPS -
statutory IFRS (pence)1 (see financial
statements note 8)
|
28.8
|
33.4
|
(14%)
|
EPS -
underlying (pence)2
|
23.8
|
32.4
|
(27%)
|
Interim dividend per share (pence)
|
19.40
|
17.84
|
9%
|
|
|
|
|
Capital investment:
|
|
|
|
Capital expenditure (including NECO additions within held for
sale)
|
3,706
|
3,717
|
0%
|
Add:
investments in JVs and associates
|
151
|
129
|
17%
|
Add:
investments in financial assets (National Grid
Partners)
|
11
|
37
|
(70%)
|
Capital
investment1
|
3,868
|
3,883
|
0%
|
Reconciliation of profit and earnings from continuing
operations
|
|||||||||
|
|
Operating profit
|
|
Profit after tax
|
|
Earnings per share (pence)
|
|||
(£ million)
|
|
2023
|
2022
|
|
2023
|
2022¹
|
|
2023
|
2022¹
|
Statutory results
|
|
1,985
|
2,239
|
|
1,064
|
1,219
|
|
28.8
|
33.4
|
Exceptional items and remeasurements
|
|
(83)
|
(483)
|
|
(101)
|
(302)
|
|
(2.7)
|
(8.3)
|
Adjusted results
|
|
1,902
|
1,756
|
|
963
|
917
|
|
26.1
|
25.1
|
Timing
|
|
(106)
|
361
|
|
(87)
|
265
|
|
(2.3)
|
7.3
|
Major storm costs
|
|
-
|
-
|
|
-
|
-
|
|
-
|
-
|
Underlying results
|
|
1,796
|
2,117
|
|
876
|
1,182
|
|
23.8
|
32.4
|
Segmental analysis for continuing operations
|
|||||||
|
Adjusted
|
|
Underlying
|
||||
£ million
|
2023
|
2022
|
change %
|
|
2023
|
2022
|
change %
|
UK Electricity Transmission
|
839
|
499
|
68%
|
|
656
|
564
|
16%
|
UK Electricity Distribution
|
476
|
531
|
(10%)
|
|
563
|
579
|
(3%)
|
UK Electricity System Operator
|
443
|
147
|
201%
|
|
34
|
52
|
(35%)
|
New England
|
(32)
|
193
|
(117%)
|
|
218
|
316
|
(31%)
|
New York
|
(30)
|
(18)
|
67%
|
|
119
|
202
|
(41%)
|
National Grid Ventures
|
219
|
259
|
(15%)
|
|
219
|
259
|
(15%)
|
Other
|
(13)
|
145
|
(109%)
|
|
(13)
|
145
|
(109%)
|
Total operating profit
|
1,902
|
1,756
|
8%
|
|
1,796
|
2,117
|
(15%)
|
Net finance costs
|
(711)
|
(732)
|
(3%)
|
|
(711)
|
(732)
|
(3%)
|
Share of post-tax results of joint ventures and
associates
|
59
|
70
|
(16%)
|
|
59
|
70
|
(16%)
|
Profit before tax
|
1,250
|
1,094
|
14%
|
|
1,144
|
1,455
|
(21%)
|
Tax
|
(287)
|
(177)
|
62%
|
|
(268)
|
(273)
|
(2%)
|
Profit after tax
|
963
|
917
|
5%
|
|
876
|
1,182
|
(26%)
|
EPS (pence)
|
26.1
|
25.1
|
4%
|
|
23.8
|
32.4
|
(27%)
|
Group capital investment (continuing operations)
|
|
|
|
|
|
|
|
Six
months ended 30 September
(£
million)
|
|
At actual exchange rates
|
|
At constant currency
|
|||
|
2023
|
20221
|
% change
|
|
20221
|
% change
|
|
UK Electricity Transmission
|
|
800
|
629
|
27%
|
|
629
|
27%
|
UK Electricity Distribution
|
|
608
|
584
|
4%
|
|
584
|
4%
|
UK Electricity System Operator (ESO)
|
|
75
|
42
|
79%
|
|
42
|
79%
|
New England
|
|
789
|
801
|
(1%)
|
|
771
|
2%
|
New York
|
|
1,257
|
1,242
|
1%
|
|
1,195
|
5%
|
National Grid Ventures
|
|
326
|
539
|
(40%)
|
|
531
|
(39%)
|
Other
|
|
13
|
46
|
(72%)
|
|
46
|
(72%)
|
Total Group capital investment (continuing operations)
|
|
3,868
|
3,883
|
0%
|
|
3,798
|
2%
|
Date
|
Event
|
9
November 2023
|
2023/24 half-year
results
|
22
November 2023
|
ADRs go
ex-dividend for 2023/24 interim dividend
|
23
November 2023
|
Ordinary
shares go ex-dividend for 2023/24 interim dividend
|
24
November 2023
|
Record
date for 2023/24 interim dividend
|
30
November 2023
|
Scrip
reference price announced for 2023/24 interim dividend
|
11
December 2023 (5pm
London time)
|
Scrip
election date for 2023/24 interim dividend
|
11 January 2024
|
2023/24 interim
dividend paid to qualifying shareholders
|
23
May 2024
|
2023/24 Preliminary
Results
|
6
June 2024
|
Ordinary
shares and ADRs go ex-dividend for 2023/24 final dividend
|
7
June 2024
|
Record
date for 2023/24 final dividend
|
13
June 2024
|
Scrip
reference price announced for 2023/24 final dividend
|
24
June 2024 (5pm London
time)
|
Scrip
election date for 2023/24 final dividend
|
10
July 2024
|
2024 AGM
|
19
July 2024
|
2023/24 final
dividend paid to qualifying shareholders
|
7
November 2024
|
2024/25 half-year results
|
Consolidated income statement
|
|
|
|
|
|
for the six months ended 30 September
|
|
|
|
|
|
|
|
|
|
|
|
2023
|
Notes
|
|
Before
exceptional
items and remeasurements
£m
|
Exceptional
items and remeasurements
£m
|
Total
£m
|
Continuing operations
|
|
|
|
|
|
Revenue
|
2(a),3
|
|
8,489
|
-
|
8,489
|
Provision for bad and doubtful debts
|
|
|
(91)
|
-
|
(91)
|
Other operating costs
|
4
|
|
(6,508)
|
83
|
(6,425)
|
Other operating income
|
|
|
12
|
-
|
12
|
Operating profit
|
2(b),4
|
|
1,902
|
83
|
1,985
|
Finance income
|
4,5
|
|
123
|
(8)
|
115
|
Finance costs
|
4,5
|
|
(834)
|
34
|
(800)
|
Share of post-tax results of joint ventures and
associates
|
2(b),4
|
|
59
|
12
|
71
|
Profit before tax
|
2(b),4
|
|
1,250
|
121
|
1,371
|
Tax
|
4,7
|
|
(287)
|
(20)
|
(307)
|
Profit after tax from continuing operations
|
4
|
|
963
|
101
|
1,064
|
Profit after tax from discontinued operations
|
6
|
|
7
|
58
|
65
|
Total profit for the period (continuing and
discontinued)
|
|
|
970
|
159
|
1,129
|
Attributable to:
|
|
|
|
|
|
Equity shareholders of the parent
|
|
|
969
|
159
|
1,128
|
Non-controlling interests
|
|
|
1
|
-
|
1
|
Earnings per share (pence)
|
|
|
|
|
|
Basic earnings per share (continuing)
|
8
|
|
|
|
28.8
|
Diluted earnings per share (continuing)
|
8
|
|
|
|
28.7
|
Basic earnings per share (continuing and discontinued)
|
8
|
|
|
|
30.6
|
Diluted earnings per share (continuing and
discontinued)
|
8
|
|
|
|
30.5
|
|
|
|
|
|
|
20221
|
Notes
|
|
Before
exceptional
items
and remeasurements
£m
|
Exceptional
items
and remeasurements
£m
|
Total
£m
|
Continuing operations
|
|
|
|
|
|
Revenue
|
2(a),3
|
|
9,444
|
-
|
9,444
|
Provision for bad and doubtful debts
|
|
|
(52)
|
-
|
(52)
|
Other operating costs
|
4
|
|
(7,636)
|
(61)
|
(7,697)
|
Other operating income
|
4
|
|
-
|
544
|
544
|
Operating profit
|
2(b),4
|
|
1,756
|
483
|
2,239
|
Finance income
|
4,5
|
|
69
|
(32)
|
37
|
Finance costs
|
4,5
|
|
(801)
|
140
|
(661)
|
Share of post-tax results of joint ventures and
associates
|
2(b),4
|
|
70
|
(19)
|
51
|
Profit before tax
|
2(b),4
|
|
1,094
|
572
|
1,666
|
Tax
|
4,7
|
|
(177)
|
(270)
|
(447)
|
Profit after tax from continuing operations
|
4
|
|
917
|
302
|
1,219
|
Profit after tax from discontinued operations
|
6
|
|
121
|
(84)
|
37
|
Total profit for the period (continuing and
discontinued)
|
|
|
1,038
|
218
|
1,256
|
Attributable to:
|
|
|
|
|
|
Equity shareholders of the parent
|
|
|
1,038
|
218
|
1,256
|
Non-controlling interests
|
|
|
-
|
-
|
-
|
Earnings per share (pence)
|
|
|
|
|
|
Basic earnings per share (continuing)
|
8
|
|
|
|
33.4
|
Diluted earnings per share (continuing)
|
8
|
|
|
|
33.2
|
Basic earnings per share (continuing and discontinued)
|
8
|
|
|
|
34.4
|
Diluted earnings per share (continuing and
discontinued)
|
8
|
|
|
|
34.2
|
Consolidated statement of comprehensive income
|
|
|
|
|
for the six months ended 30 September
|
|
|
|
|
|
|
|
|
|
|
|
|
2023
|
2022¹
|
|
Notes
|
|
£m
|
£m
|
Profit after tax from continuing operations
|
|
|
1,064
|
1,219
|
Profit after tax from discontinued operations
|
|
|
65
|
37
|
Other comprehensive income from continuing operations
|
|
|
|
|
Items from continuing operations that will never be reclassified to
profit or loss:
|
|
|
|
|
Remeasurement
losses on pension assets and post-retirement benefit
obligations
|
12
|
|
(263)
|
(631)
|
Net
(losses)/gains in respect of cash flow hedging of capital
expenditure
|
|
|
(2)
|
14
|
Tax
on items that will never be reclassified to profit or
loss
|
|
|
64
|
159
|
Total items from continuing operations that will never be
reclassified to profit or loss
|
|
|
(201)
|
(458)
|
Items from continuing operations that may be reclassified
subsequently to profit or loss:
|
|
|
|
|
Retranslation
of net assets offset by net investment hedge
|
|
|
118
|
2,360
|
Exchange
differences reclassified to the consolidated income statement on
disposal
|
|
|
-
|
(145)
|
Net
gains in respect of cash flow hedges
|
|
|
201
|
450
|
Net
gains/(losses) in respect of cost of hedging
|
|
|
40
|
(64)
|
Net
losses on investments in debt instruments measured at fair value
through other
comprehensive
income
|
|
|
(16)
|
(47)
|
Share
of other comprehensive income of associates, net of
tax
|
|
|
-
|
1
|
Tax
on items that may be reclassified subsequently to profit or
loss
|
|
|
(59)
|
(86)
|
Total items from continuing operations that may be reclassified
subsequently
to profit or loss
|
|
|
284
|
2,469
|
Other comprehensive income for the period, net of tax, from
continuing operations
|
|
|
83
|
2,011
|
Other comprehensive loss for the period, net of tax, from
discontinued operations
|
6
|
|
(9)
|
(86)
|
Other comprehensive income for the period, net of tax
|
|
|
74
|
1,925
|
Total comprehensive income for the period from continuing
operations
|
|
|
1,147
|
3,230
|
Total comprehensive income/(loss) for the period from discontinued
operations
|
6
|
|
56
|
(49)
|
Total comprehensive income for the period
|
|
|
1,203
|
3,181
|
Attributable to:
|
|
|
|
Equity shareholders of the parent
|
|
|
|
From
continuing operations
|
|
1,146
|
3,227
|
From
discontinued operations
|
|
56
|
(49)
|
|
|
1,202
|
3,178
|
|
|
|
|
Non-controlling interests
|
|
1
|
3
|
Consolidated statement of changes in equity
|
||||||||
for the six months ended 30 September
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
Share
capital
|
Share premium account
|
Retained earnings
|
Other equity reserves
|
Total
share-holders' equity
|
Non-controlling interests
|
Total
equity
|
|
Notes
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
At 1 April 2023
|
|
488
|
1,302
|
31,608
|
(3,860)
|
29,538
|
24
|
29,562
|
Profit for the period
|
|
-
|
-
|
1,128
|
-
|
1,128
|
1
|
1,129
|
Other comprehensive (loss)/income for the period
|
|
-
|
-
|
(199)
|
273
|
74
|
-
|
74
|
Total comprehensive income for the period
|
|
-
|
-
|
929
|
273
|
1,202
|
1
|
1,203
|
Equity dividends
|
9
|
-
|
-
|
(1,325)
|
-
|
(1,325)
|
-
|
(1,325)
|
Scrip dividend-related share issue
|
|
1
|
(1)
|
-
|
-
|
-
|
-
|
-
|
Issue of treasury shares
|
|
-
|
-
|
20
|
-
|
20
|
-
|
20
|
Transactions in own shares
|
|
-
|
-
|
(1)
|
-
|
(1)
|
-
|
(1)
|
Share-based payments
|
|
-
|
-
|
19
|
-
|
19
|
-
|
19
|
Cash flow hedges transferred to the statement
of financial position, net of tax
|
|
-
|
-
|
-
|
2
|
2
|
-
|
2
|
At 30 September 2023
|
|
489
|
1,301
|
31,250
|
(3,585)
|
29,455
|
25
|
29,480
|
At 1 April 2022
|
|
485
|
1,300
|
26,611
|
(4,563)
|
23,833
|
23
|
23,856
|
Profit for the period
|
|
-
|
-
|
1,256
|
-
|
1,256
|
-
|
1,256
|
Other comprehensive (loss)/income for the period
|
|
-
|
-
|
(564)
|
2,486
|
1,922
|
3
|
1,925
|
Total comprehensive income for the period
|
|
-
|
-
|
692
|
2,486
|
3,178
|
3
|
3,181
|
Equity dividends
|
9
|
-
|
-
|
(1,119)
|
-
|
(1,119)
|
-
|
(1,119)
|
Scrip dividend-related share issue
|
|
1
|
(1)
|
-
|
-
|
-
|
-
|
-
|
Issue of treasury shares
|
|
-
|
-
|
14
|
-
|
14
|
-
|
14
|
Transactions in own shares
|
|
-
|
5
|
(3)
|
-
|
2
|
-
|
2
|
Share-based payments
|
|
-
|
-
|
20
|
-
|
20
|
-
|
20
|
Cash flow hedges transferred to the statement
of financial position, net of tax
|
|
-
|
-
|
-
|
3
|
3
|
-
|
3
|
At 30 September 2022
|
|
486
|
1,304
|
26,215
|
(2,074)
|
25,931
|
26
|
25,957
|
Consolidated statement of financial position
|
|
|
|
|
|
|
|
|
|
|
|
|
30 September 2023
|
31 March 2023
|
|
Notes
|
|
£m
|
£m
|
Non-current assets
|
|
|
|
|
Goodwill
|
|
|
9,905
|
9,847
|
Other intangible assets
|
2(c)
|
|
3,717
|
3,604
|
Property, plant and equipment
|
2(c)
|
|
67,396
|
64,433
|
Other non-current assets
|
|
|
570
|
567
|
Pension assets
|
12
|
|
2,352
|
2,645
|
Financial and other investments
|
|
|
871
|
859
|
Investments in joint ventures and associates
|
|
|
1,414
|
1,300
|
Derivative financial assets
|
10
|
|
325
|
276
|
Total non-current assets
|
|
|
86,550
|
83,531
|
Current assets
|
|
|
|
|
Inventories and current intangible assets
|
|
|
931
|
876
|
Trade and other receivables
|
|
|
3,340
|
3,883
|
Current tax assets
|
|
|
18
|
43
|
Financial and other investments
|
11
|
|
1,680
|
2,605
|
Derivative financial assets
|
10
|
|
60
|
153
|
Cash and cash equivalents
|
11
|
|
227
|
163
|
Assets held for sale
|
6
|
|
1,441
|
1,443
|
Total current assets
|
|
|
7,697
|
9,166
|
Total assets
|
|
|
94,247
|
92,697
|
Current liabilities
|
|
|
|
|
Borrowings
|
11
|
|
(2,691)
|
(2,955)
|
Derivative financial liabilities
|
10
|
|
(321)
|
(222)
|
Trade and other payables
|
|
|
(4,465)
|
(5,068)
|
Contract liabilities
|
|
|
(159)
|
(252)
|
Current tax liabilities
|
|
|
(231)
|
(236)
|
Provisions
|
|
|
(361)
|
(288)
|
Liabilities held for sale
|
6
|
|
(51)
|
(109)
|
Total current liabilities
|
|
|
(8,279)
|
(9,130)
|
Non-current liabilities
|
|
|
|
|
Borrowings
|
11
|
|
(42,106)
|
(40,030)
|
Derivative financial liabilities
|
10
|
|
(1,116)
|
(1,071)
|
Other non-current liabilities
|
|
|
(1,004)
|
(921)
|
Contract liabilities
|
|
|
(1,904)
|
(1,754)
|
Deferred tax liabilities
|
|
|
(7,318)
|
(7,181)
|
Pensions and other post-retirement benefit obligations
|
12
|
|
(615)
|
(694)
|
Provisions
|
|
|
(2,425)
|
(2,354)
|
Total non-current liabilities
|
|
|
(56,488)
|
(54,005)
|
Total liabilities
|
|
|
(64,767)
|
(63,135)
|
Net assets
|
|
|
29,480
|
29,562
|
Equity
|
|
|
|
|
Share capital
|
|
|
489
|
488
|
Share premium account
|
|
|
1,301
|
1,302
|
Retained earnings
|
|
|
31,250
|
31,608
|
Other equity reserves
|
|
|
(3,585)
|
(3,860)
|
Total shareholders' equity
|
|
|
29,455
|
29,538
|
Non-controlling interests
|
|
|
25
|
24
|
Total equity
|
|
|
29,480
|
29,562
|
Consolidated cash flow statement
|
|
|
|
|
for the six months ended 30 September
|
|
|
|
|
|
|
|
|
|
|
|
|
2023
|
2022
|
|
Notes
|
|
£m
|
£m
|
Cash flows from operating activities
|
|
|
|
|
Operating profit from continuing operations
|
2(b)
|
|
1,985
|
2,239
|
Adjustments for:
|
|
|
|
|
Exceptional
items and remeasurements
|
4
|
|
(83)
|
(483)
|
Other
fair value movements
|
|
|
(19)
|
31
|
Depreciation,
amortisation and impairment
|
2(c)
|
|
1,021
|
932
|
Share-based
payments
|
|
|
19
|
20
|
Changes
in working capital
|
|
|
119
|
(306)
|
Changes
in provisions
|
|
|
39
|
82
|
Changes
in pensions and other post-retirement benefit
obligations
|
|
|
27
|
(54)
|
Cash flows relating to exceptional items
|
|
|
(46)
|
(101)
|
Cash generated from operations - continuing operations
|
|
|
3,062
|
2,360
|
Tax paid
|
|
|
(201)
|
(88)
|
Net cash flow from operating activities - continuing
operations
|
|
|
2,861
|
2,272
|
Net cash flow from operating activities - discontinued
operations
|
|
|
-
|
256
|
Cash flows from investing activities
|
|
|
|
|
Purchases of intangible assets
|
|
|
(269)
|
(224)
|
Purchases of property, plant and equipment
|
|
|
(3,210)
|
(3,258)
|
Disposals of property, plant and equipment
|
|
|
18
|
63
|
Investments in joint ventures and associates
|
|
|
(151)
|
(376)
|
Dividends received from joint ventures and associates
|
|
|
121
|
107
|
Disposal of interest in The Narragansett Electric
Company¹
|
|
|
-
|
2,968
|
Disposal of financial and other investments
|
|
|
65
|
70
|
Acquisition of financial investments
|
|
|
(32)
|
(62)
|
Contributions to National Grid Renewables
and Emerald Energy Venture LLC
|
|
|
(5)
|
(8)
|
Net movements in short-term financial investments
|
|
|
885
|
599
|
Interest received
|
|
|
69
|
20
|
Cash inflows on derivatives
|
|
|
103
|
-
|
Cash outflows on derivatives
|
|
|
(4)
|
(377)
|
Cash flows relating to exceptional items
|
4
|
|
-
|
33
|
Net cash flow used in investing activities - continuing
operations
|
|
|
(2,410)
|
(445)
|
Net cash flow used in investing activities - discontinued
operations
|
|
|
-
|
(181)
|
Cash flows from financing activities
|
|
|
|
|
Proceeds from issue of treasury shares
|
|
|
20
|
14
|
Transactions in own shares
|
|
|
(1)
|
2
|
Proceeds received from loans
|
|
|
3,033
|
9,047
|
Repayments of loans
|
|
|
(839)
|
(9,049)
|
Payments of lease liabilities
|
|
|
(61)
|
(78)
|
Net movements in short-term borrowings
|
|
|
(444)
|
380
|
Cash inflows on derivatives
|
|
|
68
|
201
|
Cash outflows on derivatives
|
|
|
(60)
|
(230)
|
Interest paid
|
|
|
(779)
|
(669)
|
Dividends paid to shareholders
|
9
|
|
(1,325)
|
(1,119)
|
Net cash flow used in financing activities - continuing
operations
|
|
|
(388)
|
(1,501)
|
Net cash flow used in financing activities - discontinued
operations
|
|
|
-
|
(334)
|
Net increase in cash and cash equivalents
|
|
|
63
|
67
|
Reclassification to held for sale
|
|
|
-
|
(5)
|
Exchange movements
|
|
|
1
|
15
|
Net cash and cash equivalents at start of period
|
|
|
163
|
182
|
Net cash and cash equivalents at end of period
|
|
|
227
|
259
|
UK Electricity Transmission
|
The
high-voltage electricity transmission networks in England and
Wales. This includes our Accelerated Strategic Transmission
Investment projects to connect more clean, low-carbon power
to the transmission network in England and Wales.
|
UK Electricity Distribution
|
The electricity distribution networks of NGED in the East Midlands,
West Midlands and South West of England and South
Wales.
|
UK Electricity System Operator
|
The Great Britain system operator. The ESO has not met the criteria
to be classified as held for sale as at 30 September
2023.
|
New England
|
Gas distribution networks, electricity distribution networks and
high-voltage electricity transmission networks in New
England.
|
New York
|
Gas distribution networks, electricity distribution networks and
high-voltage electricity transmission networks in New
York.
|
National Grid Ventures
|
Comprises all commercial operations in LNG at the Isle of Grain in
the UK and Providence, Rhode Island in the US, our electricity
generation business in the US, our electricity interconnectors in
the UK and our investment in National Grid Renewables Development
LLC, our renewables business in the US. NGV operates outside
our regulated core business. Our US LNG operations were
reclassified from the New England segment following an internal
reorganisation in the period.
|
Six months ended 30 September
|
2023
|
|
2022²
|
||||
Total sales
|
Sales between segments1
|
Sales to third parties
|
|
Total sales
|
Sales
between segments1
|
Sales to third
parties
|
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
Operating segments - continuing operations:
|
|
|
|
|
|
|
|
UK
Electricity Transmission
|
1,356
|
(19)
|
1,337
|
|
969
|
(14)
|
955
|
UK
Electricity Distribution
|
850
|
(2)
|
848
|
|
1,005
|
(8)
|
997
|
UK
Electricity System Operator
|
1,734
|
(17)
|
1,717
|
|
2,060
|
(15)
|
2,045
|
New
England
|
1,441
|
-
|
1,441
|
|
1,760
|
-
|
1,760
|
New
York
|
2,365
|
-
|
2,365
|
|
2,758
|
-
|
2,758
|
National
Grid Ventures
|
666
|
(27)
|
639
|
|
685
|
(9)
|
676
|
Other
|
142
|
-
|
142
|
|
253
|
-
|
253
|
Total revenue from continuing operations
|
8,554
|
(65)
|
8,489
|
|
9,490
|
(46)
|
9,444
|
|
|
|
|
|
|
|
|
Geographical areas:
|
|
|
|
|
|
|
|
UK
|
|
|
4,309
|
|
|
|
4,589
|
US
|
|
|
4,180
|
|
|
|
4,855
|
Total revenue from continuing operations
|
|
|
8,489
|
|
|
|
9,444
|
|
Before exceptional items and remeasurements
|
|
Exceptional items and remeasurements
|
|
After exceptional items and remeasurements
|
|||
Six months ended 30 September
|
2023
|
2022¹
|
|
2023
|
2022¹
|
|
2023
|
2022¹
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
|
Operating segments - continuing operations:
|
|
|
|
|
|
|
|
|
UK
Electricity Transmission
|
839
|
499
|
|
(1)
|
(6)
|
|
838
|
493
|
UK
Electricity Distribution
|
476
|
531
|
|
(4)
|
(9)
|
|
472
|
522
|
UK
Electricity System Operator
|
443
|
147
|
|
-
|
(1)
|
|
443
|
146
|
New
England
|
(32)
|
193
|
|
(15)
|
527
|
|
(47)
|
720
|
New
York
|
(30)
|
(18)
|
|
38
|
(8)
|
|
8
|
(26)
|
National
Grid Ventures
|
219
|
259
|
|
91
|
49
|
|
310
|
308
|
Other
|
(13)
|
145
|
|
(26)
|
(69)
|
|
(39)
|
76
|
Total operating profit from continuing operations
|
1,902
|
1,756
|
|
83
|
483
|
|
1,985
|
2,239
|
|
|
|
|
|
|
|
|
|
Geographical areas:
|
|
|
|
|
|
|
|
|
UK
|
1,956
|
1,550
|
|
60
|
(32)
|
|
2,016
|
1,518
|
US
|
(54)
|
206
|
|
23
|
515
|
|
(31)
|
721
|
Total operating profit from continuing operations
|
1,902
|
1,756
|
|
83
|
483
|
|
1,985
|
2,239
|
|
Before exceptional items and remeasurements
|
|
Exceptional items and remeasurements
|
|
After exceptional items and remeasurements
|
|||
Six months ended 30 September
|
2023
|
2022¹
|
|
2023
|
2022¹
|
|
2023
|
2022¹
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
|
Reconciliation to profit before tax:
|
|
|
|
|
|
|
|
|
Operating
profit from continuing operations
|
1,902
|
1,756
|
|
83
|
483
|
|
1,985
|
2,239
|
Share
of post-tax results of joint ventures
and associates
|
59
|
70
|
|
12
|
(19)
|
|
71
|
51
|
Finance
income
|
123
|
69
|
|
(8)
|
(32)
|
|
115
|
37
|
Finance
costs
|
(834)
|
(801)
|
|
34
|
140
|
|
(800)
|
(661)
|
Total profit before tax from continuing operations
|
1,250
|
1,094
|
|
121
|
572
|
|
1,371
|
1,666
|
|
Net book value of property, plant and equipment and
other intangible assets
|
|
Capital expenditure
|
|
Depreciation, amortisation
and impairment
|
|||
|
30 September 2023
|
31 March 2023¹
|
|
30 September 2023
|
30 September 2022¹
|
|
30 September 2023
|
30 September 2022¹
|
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
Operating segments:
|
|
|
|
|
|
|
|
|
UK
Electricity Transmission
|
16,030
|
15,483
|
|
800
|
629
|
|
(250)
|
(235)
|
UK
Electricity Distribution
|
13,940
|
13,462
|
|
608
|
584
|
|
(105)
|
(104)
|
UK
Electricity System Operator
|
434
|
411
|
|
75
|
42
|
|
(52)
|
(40)
|
New
England
|
13,781
|
13,033
|
|
789
|
801
|
|
(204)
|
(184)
|
New
York
|
22,937
|
21,730
|
|
1,257
|
1,242
|
|
(321)
|
(292)
|
National
Grid Ventures
|
3,956
|
3,880
|
|
175
|
410
|
|
(84)
|
(73)
|
Other
|
35
|
38
|
|
2
|
9
|
|
(5)
|
(4)
|
Total
|
71,113
|
68,037
|
|
3,706
|
3,717
|
|
(1,021)
|
(932)
|
|
|
|
|
|
|
|
|
|
Geographical areas:
|
|
|
|
|
|
|
|
|
UK
|
33,475
|
32,343
|
|
1,649
|
1,594
|
|
(464)
|
(432)
|
US
|
37,638
|
35,694
|
|
2,057
|
2,123
|
|
(557)
|
(500)
|
Total
|
71,113
|
68,037
|
|
3,706
|
3,717
|
|
(1,021)
|
(932)
|
|
|
|
|
|
|
|
|
|
By asset type:
|
|
|
|
|
|
|
|
|
Property,
plant and equipment
|
67,396
|
64,433
|
|
3,449
|
3,490
|
|
(868)
|
(829)
|
Other
intangible assets
|
3,717
|
3,604
|
|
257
|
227
|
|
(153)
|
(103)
|
Total
|
71,113
|
68,037
|
|
3,706
|
3,717
|
|
(1,021)
|
(932)
|
Revenue for the six months
ended 30 September
2023
|
UK Electricity Transmission
£m
|
UK Electricity Distribution
£m
|
UK Electricity System Operator
£m
|
New
England
£m
|
New
York
£m
|
National Grid Ventures
£m
|
Other
£m
|
Total
£m
|
Revenue under IFRS 15
|
|
|
|
|
|
|
|
|
Transmission
|
1,299
|
-
|
5
|
43
|
283
|
426
|
-
|
2,056
|
Distribution
|
-
|
810
|
-
|
1,329
|
2,047
|
-
|
-
|
4,186
|
System Operator
|
-
|
-
|
1,712
|
-
|
-
|
-
|
-
|
1,712
|
Other1
|
9
|
36
|
-
|
4
|
7
|
75
|
-
|
131
|
Total IFRS 15 revenue
|
1,308
|
846
|
1,717
|
1,376
|
2,337
|
501
|
-
|
8,085
|
Other revenue
|
|
|
|
|
|
|
|
|
Generation
|
-
|
-
|
-
|
-
|
-
|
181
|
-
|
181
|
Other2
|
29
|
2
|
-
|
65
|
28
|
(43)
|
142
|
223
|
Total other revenue
|
29
|
2
|
-
|
65
|
28
|
138
|
142
|
404
|
Total revenue from continuing operations
|
1,337
|
848
|
1,717
|
1,441
|
2,365
|
639
|
142
|
8,489
|
Geographic split of revenue for the six months
ended 30 September
2023
|
UK Electricity Transmission
£m
|
UK Electricity Distribution
£m
|
UK Electricity System Operator
£m
|
New England
£m
|
New
York
£m
|
National Grid Ventures
£m
|
Other
£m
|
Total
£m
|
Revenue under IFRS 15
|
|
|
|
|
|
|
|
|
UK
|
1,308
|
846
|
1,717
|
-
|
-
|
430
|
-
|
4,301
|
US
|
-
|
-
|
-
|
1,376
|
2,337
|
71
|
-
|
3,784
|
Total IFRS 15 revenue
|
1,308
|
846
|
1,717
|
1,376
|
2,337
|
501
|
-
|
8,085
|
Other revenue
|
|
|
|
|
|
|
|
|
UK
|
29
|
2
|
-
|
-
|
-
|
(50)
|
27
|
8
|
US
|
-
|
-
|
-
|
65
|
28
|
188
|
115
|
396
|
Total other revenue
|
29
|
2
|
-
|
65
|
28
|
138
|
142
|
404
|
Total revenue from continuing operations
|
1,337
|
848
|
1,717
|
1,441
|
2,365
|
639
|
142
|
8,489
|
Revenue for the six months ended 30 September 2022
|
UK Electricity Transmission
£m
|
UK Electricity Distribution
£m
|
UK Electricity System Operator
£m
|
New England
£m
|
New York
£m
|
National
Grid Ventures¹
£m
|
Other¹
£m
|
Total
£m
|
Revenue under IFRS 15
|
|
|
|
|
|
|
|
|
Transmission
|
931
|
-
|
77
|
53
|
117
|
306
|
-
|
1,484
|
Distribution
|
-
|
940
|
-
|
1,675
|
2,617
|
-
|
-
|
5,232
|
System Operator
|
-
|
-
|
1,968
|
-
|
-
|
-
|
-
|
1,968
|
Other2
|
16
|
43
|
-
|
4
|
6
|
69
|
-
|
138
|
Total IFRS 15 revenue
|
947
|
983
|
2,045
|
1,732
|
2,740
|
375
|
-
|
8,822
|
Other revenue
|
|
|
|
|
|
|
|
|
Generation
|
-
|
-
|
-
|
-
|
-
|
224
|
-
|
224
|
Other3
|
8
|
14
|
-
|
28
|
18
|
77
|
253
|
398
|
Total other revenue
|
8
|
14
|
-
|
28
|
18
|
301
|
253
|
622
|
Total revenue from continuing operations
|
955
|
997
|
2,045
|
1,760
|
2,758
|
676
|
253
|
9,444
|
Geographic split of revenue for the six months
ended 30 September
2022
|
UK Electricity Transmission
£m
|
UK Electricity Distribution
£m
|
UK Electricity System Operator
£m
|
New England
£m
|
New York
£m
|
National
Grid Ventures¹
£m
|
Other¹
£m
|
Total
£m
|
Revenue under IFRS 15
|
|
|
|
|
|
|
|
|
UK
|
947
|
983
|
2,045
|
-
|
-
|
310
|
-
|
4,285
|
US
|
-
|
-
|
-
|
1,732
|
2,740
|
65
|
-
|
4,537
|
Total IFRS 15 revenue
|
947
|
983
|
2,045
|
1,732
|
2,740
|
375
|
-
|
8,822
|
Other revenue
|
|
|
|
|
|
|
|
|
UK
|
8
|
14
|
-
|
-
|
-
|
83
|
199
|
304
|
US
|
-
|
-
|
-
|
28
|
18
|
218
|
54
|
318
|
Total other revenue
|
8
|
14
|
-
|
28
|
18
|
301
|
253
|
622
|
Total revenue from continuing operations
|
955
|
997
|
2,045
|
1,760
|
2,758
|
676
|
253
|
9,444
|
Six months ended 30 September 2023
|
Exceptional items
£m
|
Remeasurements
£m
|
Total
£m
|
Included within operating profit from continuing
operations
|
|
|
|
Cost
efficiency programme
|
(39)
|
-
|
(39)
|
Transaction,
separation and integration costs¹
|
(11)
|
-
|
(11)
|
IFA1
fire insurance proceeds
|
92
|
-
|
92
|
Net
gains on commodity contract derivatives
|
-
|
41
|
41
|
|
42
|
41
|
83
|
Included within net finance costs (note 5)
|
|
|
|
Net
gains on derivative financial instruments
|
-
|
34
|
34
|
Net
losses on financial assets at fair value through profit and
loss
|
-
|
(8)
|
(8)
|
|
-
|
26
|
26
|
Included within share of post-tax results of joint ventures and
associates
|
|
|
|
Net
gains on financial instruments
|
-
|
12
|
12
|
|
-
|
12
|
12
|
|
|
|
|
Total included within profit before tax from continuing
operations
|
42
|
79
|
121
|
Tax on exceptional items and remeasurements
|
1
|
(21)
|
(20)
|
Total exceptional items and remeasurements after tax
from
continuing operations
|
43
|
58
|
101
|
Six months ended 30 September 2022¹
|
Exceptional items
£m
|
Remeasurements
£m
|
Total
£m
|
Included within operating profit from continuing
operations
|
|
|
|
Net
gain on disposal of NECO
|
511
|
-
|
511
|
Cost
efficiency programme
|
(61)
|
-
|
(61)
|
Transaction,
separation and integration costs2
|
(65)
|
-
|
(65)
|
IFA1
fire insurance proceeds
|
33
|
-
|
33
|
Net
gains on commodity contract derivatives
|
-
|
65
|
65
|
|
418
|
65
|
483
|
Included within net finance costs (note 5)
|
|
|
|
Net
gains on derivative financial instruments
|
-
|
140
|
140
|
Net
losses on financial assets at fair value through profit and
loss
|
-
|
(32)
|
(32)
|
|
-
|
108
|
108
|
Included within share of post-tax results of joint ventures and
associates
|
|
|
|
Net
losses on financial instruments
|
-
|
(19)
|
(19)
|
|
-
|
(19)
|
(19)
|
|
|
|
|
Total included within profit before tax from continuing
operations
|
418
|
154
|
572
|
Tax on exceptional items and remeasurements
|
(221)
|
(49)
|
(270)
|
Total exceptional items and remeasurements after tax
from
continuing operations
|
197
|
105
|
302
|
|
|
|
2023
|
2022¹
|
Six months ended 30 September
|
Notes
|
|
£m
|
£m
|
Finance income before exceptional items and
remeasurements
|
|
|
|
|
Interest income from financing activities
|
|
|
52
|
14
|
Net interest on pensions and other post-retirement benefit
obligations
|
|
|
51
|
41
|
Other interest income
|
|
|
20
|
14
|
|
|
|
123
|
69
|
Finance costs before exceptional items and
remeasurements
|
|
|
|
|
Interest
expense on financial instruments2
|
|
|
(903)
|
(878)
|
Unwinding of discount on provisions
|
|
|
(50)
|
(42)
|
Other interest
|
|
|
(8)
|
8
|
Less:
interest capitalised3
|
|
|
127
|
111
|
|
|
|
(834)
|
(801)
|
|
|
|
|
|
Net finance costs before exceptional items and
remeasurements
|
|
|
(711)
|
(732)
|
Total
exceptional items and remeasurements4
|
4
|
|
26
|
108
|
Net finance costs including exceptional items and
remeasurements
from continuing operations
|
|
|
(685)
|
(624)
|
|
30 September 2023
|
|
31 March 2023
|
||||
|
Total assets
held for sale
£m
|
Total liabilities held for sale
£m
|
Net assets held for sale
£m
|
|
Total assets
held for sale
£m
|
Total liabilities held for sale
£m
|
Net assets held for sale
£m
|
Investment
in GasT TopCo Limited
|
1,441
|
-
|
1,441
|
|
1,443
|
-
|
1,443
|
FAA option
|
-
|
-
|
-
|
|
-
|
(109)
|
(109)
|
FAA forward
|
-
|
(7)
|
(7)
|
|
-
|
-
|
-
|
RAA option
|
-
|
(44)
|
(44)
|
|
-
|
-
|
-
|
Net assets held for sale
|
1,441
|
(51)
|
1,390
|
|
1,443
|
(109)
|
1,334
|
|
Before exceptional items
and remeasurements
|
|
Exceptional items and remeasurements
|
|
Total
|
|||
|
2023
|
2022¹
|
|
2023
|
2022¹
|
|
2023
|
2022¹
|
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
Discontinued operations
|
|
|
|
|
|
|
|
|
Revenue
|
-
|
805
|
|
-
|
-
|
|
-
|
805
|
Other operating costs
|
-
|
(465)
|
|
-
|
6
|
|
-
|
(459)
|
Operating profit
|
-
|
340
|
|
-
|
6
|
|
-
|
346
|
Finance income
|
9
|
9
|
|
-
|
-
|
|
9
|
9
|
Finance costs²
|
-
|
(173)
|
|
61
|
(88)
|
|
61
|
(261)
|
Profit/(loss) before tax
|
9
|
176
|
|
61
|
(82)
|
|
70
|
94
|
Tax
|
(2)
|
(55)
|
|
(3)
|
(2)
|
|
(5)
|
(57)
|
Profit/(loss) after tax from discontinued operations
|
7
|
121
|
|
58
|
(84)
|
|
65
|
37
|
|
2023
|
2022¹
|
|
£m
|
£m
|
Profit after tax from discontinued operations
|
65
|
37
|
Other comprehensive (loss)/income from discontinued
operations
|
|
|
Items from discontinued operations that will never be reclassified
to profit or loss:
|
|
|
Remeasurement
losses on pension assets and post-retirement benefit
obligations
|
-
|
(126)
|
Tax
on items that will never be reclassified to profit or
loss
|
-
|
31
|
Total losses from discontinued operations that will never be
reclassified to profit or loss
|
-
|
(95)
|
Items from discontinued operations that may be reclassified
subsequently to profit or loss:
|
|
|
Net
gains in respect of cash flow hedges
|
-
|
8
|
Net
gains in respect of cost of hedging
|
-
|
4
|
Net
losses on investments in debt instruments measured at fair value
through other
comprehensive
income
|
(12)
|
-
|
Tax
on items that may be reclassified subsequently to profit or
loss
|
3
|
(3)
|
Total (losses)/gains from discontinued operations that may be
reclassified subsequently to profit or loss
|
(9)
|
9
|
Other comprehensive loss for the period, net of tax, from
discontinued operations
|
(9)
|
(86)
|
Total comprehensive income/(loss) for the period from discontinued
operations
|
56
|
(49)
|
|
Earnings
|
EPS
|
Earnings
|
EPS
|
Six months ended 30 September
|
2023
|
2023
|
2022¹
|
2022¹
|
£m
|
pence
|
£m
|
pence
|
|
Profit after tax before exceptional items and remeasurements -
continuing
|
962
|
26.1
|
917
|
25.1
|
Exceptional items and remeasurements after tax -
continuing
|
101
|
2.7
|
302
|
8.3
|
Profit after tax from continuing operations attributable to the
parent
|
1,063
|
28.8
|
1,219
|
33.4
|
Profit after tax before exceptional items and remeasurements -
discontinued
|
7
|
0.2
|
121
|
3.3
|
Exceptional items and remeasurements after tax -
discontinued
|
58
|
1.6
|
(84)
|
(2.3)
|
Profit after tax from discontinued operations attributable to the
parent
|
65
|
1.8
|
37
|
1
|
Total profit after tax before exceptional items and
remeasurements
|
969
|
26.3
|
1,038
|
28.4
|
Total exceptional items and remeasurements after tax
|
159
|
4.3
|
218
|
6.0
|
Total profit after tax attributable to the parent
|
1,128
|
30.6
|
1,256
|
34.4
|
|
|
|
|
|
|
|
2023
|
|
2022
|
|
|
millions
|
|
millions
|
Weighted average number of shares - basic
|
|
3,682
|
|
3,651
|
|
Earnings
|
EPS
|
Earnings
|
EPS
|
Six months ended 30 September
|
2023
|
2023
|
2022¹
|
2022¹
|
£m
|
pence
|
£m
|
pence
|
|
Profit after tax before exceptional items and remeasurements -
continuing
|
962
|
26.0
|
917
|
25.0
|
Exceptional items and remeasurements after tax -
continuing
|
101
|
2.7
|
302
|
8.2
|
Profit after tax from continuing operations attributable to the
parent
|
1,063
|
28.7
|
1,219
|
33.2
|
Profit after tax before exceptional items and remeasurements -
discontinued
|
7
|
0.2
|
121
|
3.3
|
Exceptional items and remeasurements after tax -
discontinued
|
58
|
1.6
|
(84)
|
(2.3)
|
Profit after tax from discontinued operations attributable to the
parent
|
65
|
1.8
|
37
|
1
|
Total profit after tax before exceptional items and
remeasurements
|
969
|
26.2
|
1,038
|
28.3
|
Total exceptional items and remeasurements after tax
|
159
|
4.3
|
218
|
5.9
|
Total profit after tax attributable to the parent
|
1,128
|
30.5
|
1,256
|
34.2
|
|
|
|
|
|
|
|
2023
|
|
2022
|
|
|
millions
|
|
millions
|
Weighted average number of shares - diluted
|
|
3,700
|
|
3,668
|
|
Pence
per share
|
Cash
dividend
paid
£m
|
Scrip
dividend
£m
|
Ordinary dividends
|
|
|
|
Final
dividend in respect of the year ended 31 March 2023
|
37.60
|
1,325
|
56
|
Interim
dividend in respect of the year ended 31 March 2023
|
17.84
|
488
|
163
|
Final
dividend in respect of the year ended 31 March 2022
|
33.76
|
1,119
|
114
|
|
30 September 2023
|
|
31 March 2023
|
||||||
|
Level 1
£m
|
Level 2
£m
|
Level 3
£m
|
Total
£m
|
|
Level 1
£m
|
Level 2
£m
|
Level 3
£m
|
Total
£m
|
Assets
|
|
|
|
|
|
|
|
|
|
Investments held at fair value through profit and loss
|
1,007
|
-
|
483
|
1,490
|
|
1,764
|
-
|
452
|
2,216
|
Investments
held at fair value through other comprehensive income1
|
-
|
388
|
-
|
388
|
|
-
|
407
|
-
|
407
|
Financing derivatives
|
-
|
309
|
20
|
329
|
|
-
|
341
|
22
|
363
|
Commodity contract derivatives
|
-
|
54
|
2
|
56
|
|
-
|
62
|
4
|
66
|
|
1,007
|
751
|
505
|
2,263
|
|
1,764
|
810
|
478
|
3,052
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Financing derivatives
|
-
|
(1,219)
|
(95)
|
(1,314)
|
|
-
|
(997)
|
(122)
|
(1,119)
|
Commodity contract derivatives
|
-
|
(78)
|
(45)
|
(123)
|
|
-
|
(134)
|
(40)
|
(174)
|
Contingent
consideration2
|
-
|
-
|
(10)
|
(10)
|
|
-
|
-
|
(19)
|
(19)
|
|
-
|
(1,297)
|
(150)
|
(1,447)
|
|
-
|
(1,131)
|
(181)
|
(1,312)
|
Total
|
1,007
|
(546)
|
355
|
816
|
|
1,764
|
(321)
|
297
|
1,740
|
|
Financing derivatives
|
|
Commodity contract derivatives
|
|
Other
|
|||
Six months ended 30 September
|
2023
|
2022
|
|
2023
|
2022
|
|
2023
|
2022
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
|
10% increase in commodity prices
|
-
|
-
|
|
15
|
35
|
|
-
|
-
|
10% decrease in commodity prices
|
-
|
-
|
|
(15)
|
(36)
|
|
-
|
-
|
+10% market area price change
|
-
|
-
|
|
12
|
7
|
|
-
|
-
|
-10% market area price change
|
-
|
-
|
|
(11)
|
(7)
|
|
-
|
-
|
+20 basis point increase in Limited Price Index
(LPI) market curve
|
(38)
|
(51)
|
|
-
|
-
|
|
-
|
-
|
-20 basis point decrease in LPI market curve
|
38
|
51
|
|
-
|
-
|
|
-
|
-
|
+20 basis point increase between Retail Price Index (RPI)
and Consumer Price Index (CPI)
|
36
|
17
|
|
-
|
-
|
|
-
|
-
|
-20 basis point decrease between RPI and CPI
market curves
|
(33)
|
(16)
|
|
-
|
-
|
|
-
|
-
|
+50 basis points change in discount rate
|
-
|
-
|
|
-
|
-
|
|
(8)
|
(9)
|
-50 basis points change in discount rate
|
-
|
-
|
|
-
|
-
|
|
9
|
10
|
+10% change in venture capital price
|
-
|
-
|
|
-
|
-
|
|
30
|
-
|
-10% change in venture capital price
|
-
|
-
|
|
-
|
-
|
|
(30)
|
-
|
|
Financing derivatives
|
|
Commodity contract derivatives
|
|
Other1
|
|
Total
|
||||
|
2023
|
2022
|
|
2023
|
2022
|
|
2023
|
2022
|
|
2023
|
2022
|
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
At 1 April
|
(100)
|
(187)
|
|
(36)
|
44
|
|
433
|
376
|
|
297
|
233
|
Net
gains/(losses) through the consolidated income statement for the
period2,3
|
25
|
76
|
|
(4)
|
44
|
|
26
|
30
|
|
47
|
150
|
Purchases
|
-
|
(133)
|
|
(10)
|
(56)
|
|
11
|
37
|
|
1
|
(152)
|
Settlements
|
-
|
-
|
|
7
|
(4)
|
|
3
|
(4)
|
|
10
|
(8)
|
At 30 September4
|
(75)
|
(244)
|
|
(43)
|
28
|
|
473
|
439
|
|
355
|
223
|
|
30 September 2023
|
31 March 2023
|
|
£m
|
£m
|
Cash and cash equivalents
|
227
|
163
|
Current financial investments
|
1,680
|
2,605
|
Borrowings and bank overdrafts
|
(44,797)
|
(42,985)
|
Financing
derivatives1
|
(985)
|
(756)
|
Net debt (net of related derivative financial
instruments)
|
(43,875)
|
(40,973)
|
|
30 September 2023
|
|
31 March 2023
|
||||
|
Assets
£m
|
Liabilities
£m
|
Total
£m
|
|
Assets
£m
|
Liabilities
£m
|
Total
£m
|
Financing derivatives
|
329
|
(1,314)
|
(985)
|
|
363
|
(1,119)
|
(756)
|
Commodity contract derivatives
|
56
|
(123)
|
(67)
|
|
66
|
(174)
|
(108)
|
Total derivative financial instruments
|
385
|
(1,437)
|
(1,052)
|
|
429
|
(1,293)
|
(864)
|
|
30 September 2023
|
31 March 2023
|
|
£m
|
£m
|
Present value of funded obligations
|
(17,502)
|
(18,934)
|
Fair value of plan assets
|
19,570
|
21,246
|
|
2,068
|
2,312
|
Present value of unfunded obligations
|
(264)
|
(292)
|
Other post-employment liabilities
|
(67)
|
(69)
|
Net defined benefit asset
|
1,737
|
1,951
|
Presented in consolidated statement of financial
position:
|
|
|
Assets
|
2,352
|
2,645
|
Liabilities
|
(615)
|
(694)
|
|
1,737
|
1,951
|
Key actuarial assumptions
|
30 September 2023
|
31 March 2023
|
Discount rate - UK past service
|
5.55%
|
4.80%
|
Discount rate - US
|
5.70%
|
4.85%
|
Rate of increase in RPI - UK past service
|
3.19%
|
3.17%
|
30 September
|
2023
|
2022
|
Year
ended 31 March
2023
|
Closing rate applied at period end
|
1.22
|
1.12
|
1.23
|
Average rate applied for the period
|
1.25
|
1.21
|
1.22
|
|
National Grid plc and Niagara Mohawk Power Corporation
combined
£m
|
Combined statement of financial position
|
|
Non-current loans to other subsidiaries
|
126
|
Non-current assets
|
12,033
|
Current loans to other subsidiaries
|
15,557
|
Current assets
|
1,526
|
Current loans from other subsidiaries
|
(6,893)
|
Current liabilities
|
(1,263)
|
Non-current loans from other subsidiaries
|
(2,080)
|
Non-current liabilities
|
(13,703)
|
Net assets¹
|
5,303
|
Equity
|
5,303
|
|
|
Combined income statement - continuing operations
|
|
Revenue
|
1,594
|
Operating costs
|
(1,330)
|
Operating profit
|
264
|
Other income from other subsidiaries
|
-
|
Other income and costs, including taxation
|
(51)
|
Profit after tax
|
213
|
|
|
|
2023
|
|
|
Six months ended 30 September
|
Gross revenue
£m
|
Pass-
through
costs
£m
|
Net revenue
£m
|
Timing
£m
|
Underlying net revenue
£m
|
UK Electricity Transmission
|
1,356
|
(104)
|
1,252
|
(183)
|
1,069
|
UK Electricity Distribution
|
850
|
(114)
|
736
|
87
|
823
|
UK Electricity System Operator
|
1,734
|
(1,123)
|
611
|
(409)
|
202
|
New England
|
1,441
|
(690)
|
751
|
250
|
1,001
|
New York
|
2,365
|
(806)
|
1,559
|
149
|
1,708
|
National Grid Ventures
|
666
|
-
|
666
|
-
|
666
|
Other
|
142
|
-
|
142
|
-
|
142
|
Sales between segments
|
(65)
|
-
|
(65)
|
-
|
(65)
|
Total from continuing operations
|
8,489
|
(2,837)
|
5,652
|
(106)
|
5,546
|
|
|
|
2022
|
|
|
Six months ended 30 September
|
Gross revenue
£m
|
Pass-
through
costs
£m
|
Net revenue
£m
|
Timing
£m
|
Underlying net revenue
£m
|
UK Electricity Transmission
|
969
|
(90)
|
879
|
65
|
944
|
UK Electricity Distribution
|
1,005
|
(199)
|
806
|
48
|
854
|
UK Electricity System Operator
|
2,060
|
(1,783)
|
277
|
(95)
|
182
|
New England
|
1,760
|
(820)
|
940
|
123
|
1,063
|
New York
|
2,758
|
(1,316)
|
1,442
|
220
|
1,662
|
National Grid Ventures
|
685
|
-
|
685
|
-
|
685
|
Other
|
253
|
-
|
253
|
-
|
253
|
Sales between segments
|
(46)
|
-
|
(46)
|
-
|
(46)
|
Total from continuing operations
|
9,444
|
(4,208)
|
5,236
|
361
|
5,597
|
Six months ended 30 September 2023
|
Statutory
|
Exceptionals and remeasurements
|
Adjusted
|
Timing
|
Major storm costs
|
Underlying
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
UK Electricity Transmission
|
838
|
1
|
839
|
(183)
|
-
|
656
|
UK Electricity Distribution
|
472
|
4
|
476
|
87
|
-
|
563
|
UK Electricity System Operator
|
443
|
-
|
443
|
(409)
|
-
|
34
|
New England
|
(47)
|
15
|
(32)
|
250
|
-
|
218
|
New York
|
8
|
(38)
|
(30)
|
149
|
-
|
119
|
National Grid Ventures
|
310
|
(91)
|
219
|
-
|
-
|
219
|
Other*
|
(39)
|
26
|
(13)
|
-
|
-
|
(13)
|
Total operating profit
|
1,985
|
(83)
|
1,902
|
(106)
|
-
|
1,796
|
Net finance costs
|
(685)
|
(26)
|
(711)
|
-
|
-
|
(711)
|
Share of post-tax results of JVs and associates
|
71
|
(12)
|
59
|
-
|
-
|
59
|
Profit before tax
|
1,371
|
(121)
|
1,250
|
(106)
|
-
|
1,144
|
Tax
|
(307)
|
20
|
(287)
|
19
|
-
|
(268)
|
Profit after tax
|
1,064
|
(101)
|
963
|
(87)
|
-
|
876
|
*Includes
Property.
|
6
|
-
|
6
|
-
|
-
|
6
|
Six months ended 30 September 2022
|
Statutory1
|
Exceptionals
and remeasurements1
|
Adjusted
|
Timing
|
Major storm costs
|
Underlying
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
UK Electricity Transmission
|
493
|
6
|
499
|
65
|
-
|
564
|
UK Electricity Distribution
|
522
|
9
|
531
|
48
|
-
|
579
|
UK Electricity System Operator
|
146
|
1
|
147
|
(95)
|
-
|
52
|
New England
|
720
|
(527)
|
193
|
123
|
-
|
316
|
New York
|
(26)
|
8
|
(18)
|
220
|
-
|
202
|
National Grid Ventures
|
308
|
(49)
|
259
|
-
|
-
|
259
|
Other*
|
76
|
69
|
145
|
-
|
-
|
145
|
Total operating profit
|
2,239
|
(483)
|
1,756
|
361
|
-
|
2,117
|
Net finance costs
|
(624)
|
(108)
|
(732)
|
-
|
-
|
(732)
|
Share of post-tax results of JVs and associates
|
51
|
19
|
70
|
-
|
-
|
70
|
Profit before tax
|
1,666
|
(572)
|
1,094
|
361
|
-
|
1,455
|
Tax
|
(447)
|
270
|
(177)
|
(96)
|
-
|
(273)
|
Profit after tax
|
1,219
|
(302)
|
917
|
265
|
-
|
1,182
|
*Includes
Property.
|
227
|
-
|
227
|
-
|
-
|
227
|
|
|
|
At constant currency
|
||||
Six months ended 30 September 2022
|
Adjusted
at actual exchange rate
|
|
Constant currency adjustment
|
Adjusted
|
Timing
|
Major storm costs
|
Underlying
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
UK Electricity Transmission
|
499
|
|
-
|
499
|
65
|
-
|
564
|
UK Electricity Distribution
|
531
|
|
-
|
531
|
48
|
-
|
579
|
UK Electricity System Operator
|
147
|
|
-
|
147
|
(95)
|
-
|
52
|
New England
|
193
|
|
(8)
|
185
|
119
|
-
|
304
|
New York
|
(18)
|
|
1
|
(17)
|
212
|
-
|
195
|
National Grid Ventures
|
259
|
|
(1)
|
258
|
-
|
-
|
258
|
Other*
|
145
|
|
-
|
145
|
-
|
-
|
145
|
Total operating profit
|
1,756
|
|
(8)
|
1,748
|
349
|
-
|
2,097
|
Net finance costs
|
(732)
|
|
11
|
(721)
|
-
|
-
|
(721)
|
Share of post-tax results of JVs and associates
|
70
|
|
(1)
|
69
|
-
|
-
|
69
|
Profit before tax
|
1,094
|
|
2
|
1,096
|
349
|
-
|
1,445
|
*Includes
Property.
|
227
|
|
-
|
227
|
-
|
-
|
227
|
Six months ended 30 September 2023
|
Profit after tax
£m
|
Non-controlling interest
£m
|
Profit after tax attributable to the parent
£m
|
Weighted average number of shares
Millions
|
Earnings
per share
pence
|
Statutory
|
1,064
|
(1)
|
1,063
|
3,682
|
28.8
|
Adjusted (also referred to as Headline)
|
963
|
(1)
|
962
|
3,682
|
26.1
|
Underlying
|
876
|
(1)
|
875
|
3,682
|
23.8
|
Six
months ended 30 September
2022
|
Profit after tax
£m
|
Non-controlling interest
£m
|
Profit after tax attributable to the parent
£m
|
Weighted average number of shares
Millions
|
Earnings
per share
pence
|
Statutory1
|
1,219
|
-
|
1,219
|
3,651
|
33.4
|
Adjusted (also referred to as Headline)
|
917
|
-
|
917
|
3,651
|
25.1
|
Underlying
|
1,182
|
-
|
1,182
|
3,651
|
32.4
|
|
UK Electricity Transmission
£m
|
UK Electricity Distribution
£m
|
UK Electricity System Operator
£m
|
New
England1
£m
|
New
York1
£m
|
Total
£m
|
1 April 2023 opening
balance2
|
(217)
|
(119)
|
78
|
(394)
|
699
|
47
|
Over/(under)-recovery
|
183
|
(87)
|
409
|
(250)
|
(149)
|
106
|
30 September 2023 closing
balance
to (recover)/return
|
(34)
|
(206)
|
487
|
(644)
|
550
|
153
|
|
|
|
|
|
|
|
|
UK Electricity Transmission
£m
|
UK Electricity Distribution
£m
|
UK Electricity System Operator
£m
|
New
England1
£m
|
New
York1
£m
|
Total
£m
|
1 April 2022 opening
balance
|
(85)
|
25
|
(127)
|
(332)
|
636
|
117
|
Over/(under)-recovery
|
(65)
|
(48)
|
95
|
(119)
|
(212)
|
(349)
|
Disposal
in the year3
|
-
|
-
|
-
|
(17)
|
-
|
(17)
|
30 September 2022 closing
balance
to (recover)/return
|
(150)
|
(23)
|
(32)
|
(468)
|
424
|
(249)
|
|
At actual exchange rates
|
|
At constant currency
|
||||
Six months ended 30 September
|
2023
|
20221
|
% change
|
|
2023
|
20221
|
% change
|
£m
|
£m
|
|
£m
|
£m
|
|||
UK Electricity Transmission
|
800
|
629
|
27%
|
|
800
|
629
|
27%
|
UK Electricity Distribution
|
608
|
584
|
4%
|
|
608
|
584
|
4%
|
UK Electricity System Operator
|
75
|
42
|
79%
|
|
75
|
42
|
79%
|
New
England2
|
789
|
801
|
(1%)
|
|
789
|
771
|
2%
|
New York
|
1,257
|
1,242
|
1%
|
|
1,257
|
1,195
|
5%
|
National Grid Ventures
|
175
|
410
|
(57%)
|
|
175
|
407
|
(57%)
|
Other
|
2
|
9
|
(78%)
|
|
2
|
9
|
(78%)
|
Group capital expenditure (continuing)
|
3,706
|
3,717
|
0%
|
|
3,706
|
3,637
|
2%
|
|
|
|
|
|
|
|
|
Memo: Capital expenditure (regulated networks)
|
3,529
|
3,298
|
7%
|
|
3,529
|
3,221
|
10%
|
Six months ended 30 September - at actual exchange
rates
|
2023
|
20221
|
% change
|
£m
|
£m
|
||
Capital expenditure
|
3,706
|
3,717
|
0%
|
Equity investments in joint ventures and associates
|
151
|
129
|
17%
|
Increase in financial assets (National Grid Partners)
|
11
|
37
|
(70%)
|
Group capital investment (continuing)
|
3,868
|
3,883
|
0%
|
|
|
|
|
Memo: Capital investment (regulated networks)
|
3,529
|
3,298
|
7%
|
Six months ended 30 September - at constant currency
|
2023
|
20221
|
% change
|
£m
|
£m
|
||
Capital expenditure
|
3,706
|
3,637
|
2%
|
Equity investments in joint ventures and associates
|
151
|
124
|
22%
|
Increase in financial assets (National Grid Partners)
|
11
|
37
|
(70%)
|
Group capital investment (continuing)
|
3,868
|
3,798
|
2%
|
|
|
|
|
Memo: Capital investment (regulated networks)
|
3,529
|
3,221
|
10%
|
|
NATIONAL GRID
plc
|
|
|
|
|
|
By:
|
/s/Sally Kenward
_______________________
|
|
|
Sally Kenward
Senior Assistant Company Secretary
|