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Share Name | Share Symbol | Market | Type |
---|---|---|---|
National Grid PLC (PK) | USOTC:NGGTF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 14.28 | 13.60 | 14.40 | 0.00 | 13:24:08 |
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Exhibit No.
|
Description
|
99.1
|
Exhibit
99.1 Announcement sent to the London Stock Exchange on 18
May
2023 — National Grid plc Full-Year Results
2022/23
|
Year ended 31 March
|
|
|
|
(£ million)
|
2023
|
2022
|
change %
|
Underlying operating profit
(continuing) at constant currency1:
|
|
|
|
UK Electricity Transmission
|
1,107
|
1,152
|
(4%)
|
UK Electricity Distribution
|
1,230
|
887
|
39%
|
UK Electricity System Operator
|
31
|
54
|
(43%)
|
New England (including NECO)
|
819
|
982
|
(17%)
|
New York
|
874
|
783
|
12%
|
National Grid Ventures
|
490
|
291
|
68%
|
Other
|
31
|
22
|
41%
|
Underlying operating profit (continuing) at constant
currency
|
4,582
|
4,171
|
10%
|
|
|
|
|
Capital investment (continuing) at
constant currency1:
|
|
|
|
UK Electricity Transmission
|
1,303
|
1,195
|
9%
|
UK Electricity Distribution
|
1,220
|
899
|
36%
|
UK Electricity System Operator
|
108
|
108
|
—%
|
New England (including NECO)
|
1,677
|
1,731
|
(3%)
|
New York
|
2,454
|
2,174
|
13%
|
National Grid Ventures
|
906
|
968
|
(6%)
|
Other
|
72
|
113
|
(36%)
|
Capital investment (continuing) at constant currency
|
7,740
|
7,188
|
8%
|
|
|
|
|
RCF/Net debt
|
9.3
|
8.9
|
40bps
|
|
|
|
|
As at 31 March
|
|
|
|
Net debt (excludes businesses ‘held for
sale’)
|
(40,973)
|
(42,809)
|
(4%)
|
|
|
|
|
UK
RAV2
|
28,205
|
31,577
|
(11%)
|
US rate
base (£m at constant currency)2
|
23,038
|
23,628
|
(2%)
|
Total Group RAV and rate base (£m)
|
51,243
|
55,205
|
(7%)
|
NGV and Other businesses (£m)
|
6,604
|
5,374
|
23%
|
Total (£m)
|
57,847
|
60,579
|
(5%)
|
|
|
|
|
Regulated asset growth
|
11.4%
|
8.7%
|
270bps
|
Group return on equity
|
11.0%
|
11.4%
|
-40bps
|
|
PwC assurance1
|
20232
|
2022
|
change
|
Scope 1
and 2 greenhouse gas emissions (ktonnes CO2e)3
|
|
7,245
|
7,831
|
(7.5%)
|
Scope 3
greenhouse gas emissions (ktonnes CO2e)3
|
|
27,879
|
27,492
|
1.4%
|
Renewable
energy connected to the UK Transmission
and Distribution Grids (MW)4
|
|
132
|
1,869
|
n/a
|
Renewable energy connected to the US Transmission
and Distribution Grids (MW)
|
|
554
|
629
|
(12%)
|
Group Lost Time Injury Frequency Rate (LTIFR)
|
|
0.11
|
0.13
|
-0.02
|
Employee engagement index
|
|
81%
|
81%
|
—
|
Diversity % of the workforce
|
|
36%
|
39%
|
(3%)
|
|
|
|
|
Use of Alternative Performance Measures
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 78 to 95.
|
|
|
|
|
(£ million)
|
2022/23
|
2021/22
|
change %
|
Accounting profit:
|
|
|
|
Gross revenue
|
21,659
|
18,449
|
17%
|
Other operating income
|
989
|
228
|
334%
|
Operating costs
|
(17,769)
|
(14,306)
|
24%
|
Statutory operating profit
|
4,879
|
4,371
|
12%
|
Net finance costs
|
(1,460)
|
(1,022)
|
43%
|
Share of joint ventures and associates
|
171
|
92
|
86%
|
Tax
|
(876)
|
(1,258)
|
(30%)
|
Non-controlling interest
|
—
|
(1)
|
(100%)
|
Statutory
IFRS earnings (note 7)
|
2,714
|
2,182
|
24%
|
Less:
exceptional items and remeasurements (after tax)
|
(379)
|
28
|
n/m
|
Less:
timing and major storm costs (after tax)
|
214
|
140
|
n/m
|
Underlying
earnings1
|
2,549
|
2,350
|
8%
|
EPS
– statutory IFRS (pence) (note 7)
|
74.2p
|
60.6p
|
22%
|
EPS – underlying (pence)
|
69.7p
|
65.3p
|
7%
|
Dividend per share (pence)
|
55.4p
|
51.0p
|
9%
|
Dividend cover – underlying
|
1.3
|
1.3
|
— %
|
|
|
|
|
Economic profit:
|
|
|
|
Value
Added1
|
4,807
|
3,833
|
25%
|
Group
RoE1
|
11.0%
|
11.4%
|
-40bps
|
|
|
|
|
Capital investment and asset growth:
|
|
|
|
Capital expenditure (including NECO additions within held for
sale)
|
7,484
|
6,185
|
21%
|
Add:
investments in JVs and associates (excluding St
William)
|
197
|
461
|
(57%)
|
Add:
investments in financial assets (National Grid
Partners)
|
59
|
93
|
(37%)
|
Capital
investment1
|
7,740
|
6,739
|
15%
|
Asset
growth1
|
11.4%
|
8.7%
|
270bps
|
|
|
|
|
Balance sheet strength:
|
|
|
|
RCF/adjusted
net debt (Moody’s)1
|
9.3%
|
8.9%
|
40bps
|
Net debt (note 29)
|
40,973
|
42,809
|
(4%)
|
Add:
held for sale net debt
|
—
|
5,234
|
n/m
|
Net
debt (including held for sale)1
|
40,973
|
48,043
|
(15%)
|
Group
regulatory gearing1
|
71%
|
81%
|
-10% pts
|
|
Operating profit
|
|
Profit after tax
|
|
Earnings per share (pence)
|
|||
(£ million)
|
2023
|
2022
|
|
2023
|
2022
|
|
2023
|
2022
|
Statutory results
|
4,879
|
4,371
|
|
2,714
|
2,183
|
|
74.2
|
60.6
|
Exceptional items
|
(935)
|
(166)
|
|
(619)
|
320
|
|
(16.9)
|
8.9
|
Remeasurements
|
350
|
(392)
|
|
240
|
(292)
|
|
6.5
|
(8.1)
|
Adjusted results
|
4,294
|
3,813
|
|
2,335
|
2,211
|
|
63.8
|
61.4
|
Timing
|
30
|
16
|
|
26
|
19
|
|
0.7
|
0.5
|
Major storm costs
|
258
|
163
|
|
188
|
121
|
|
5.2
|
3.4
|
Underlying results
|
4,582
|
3,992
|
|
2,549
|
2,351
|
|
69.7
|
65.3
|
Timing over/(under)-recoveries
|
||
(£ million)
|
2023
|
20221
|
Balance at start of year (restated)
|
(49)
|
65
|
In-year (under)/over-recovery – continuing
operations
|
(30)
|
(5)
|
In-year (under)/over-recovery – discontinued
operations
|
12
|
(80)
|
Disposal of UK Gas Transmission/NECO
|
131
|
—
|
Balance at end of year
|
64
|
(20)
|
|
Adjusted operating profit
|
|
Underlying operating profit
|
||||
(£ million)
|
2023
|
2022
|
change %
|
|
2023
|
2022
|
change %
|
UK Electricity Transmission
|
995
|
1,067
|
(7)
|
|
1,107
|
1,152
|
(4)
|
UK Electricity Distribution
|
1,091
|
909
|
20
|
|
1,230
|
887
|
39
|
UK Electricity System Operator
|
238
|
7
|
3,306
|
|
31
|
54
|
(43)
|
New England (including NECO)
|
708
|
743
|
(5)
|
|
819
|
886
|
(8)
|
New York
|
741
|
780
|
(5)
|
|
874
|
706
|
24
|
NGV
|
490
|
286
|
71
|
|
490
|
286
|
71
|
Other activities
|
31
|
21
|
48
|
|
31
|
21
|
48
|
Total operating profit
– continuing
|
4,294
|
3,813
|
13
|
|
4,582
|
3,992
|
15
|
Net finance costs
|
(1,514)
|
(1,081)
|
40
|
|
(1,514)
|
(1,081)
|
40
|
Share of post-tax results of joint ventures and
associates
|
190
|
148
|
28
|
|
190
|
148
|
28
|
Profit before tax – continuing
|
2,970
|
2,880
|
3
|
|
3,258
|
3,059
|
7
|
Tax – continuing
|
(635)
|
(669)
|
(5)
|
|
(709)
|
(708)
|
—
|
Profit after tax – continuing
|
2,335
|
2,211
|
6
|
|
2,549
|
2,351
|
8
|
Earnings per share (pence)
– continuing
|
63.8
|
61.4
|
4
|
|
69.7
|
65.3
|
7
|
|
|
|
|
|
|
|
|
|
Adjusted operating profit
|
|
Adjusted operating profit
(excluding the impact of timing
and major storm costs)
|
||||
(£ million)
|
2023
|
2022
|
change %
|
|
2023
|
2022
|
change %
|
Profit after tax – discontinued
|
320
|
344
|
(7)
|
|
310
|
409
|
(24)
|
Earnings per share (pence)
– discontinued
|
8.7
|
9.6
|
(9)
|
|
8.5
|
11.4
|
(25)
|
Profit after tax – total Group
|
2,655
|
2,555
|
4
|
|
2,859
|
2,760
|
4
|
Earnings per share (pence)
– total Group
|
72.5
|
71.0
|
2
|
|
78.2
|
76.7
|
2
|
Summary cash flow statement
|
|||
(£ million)
|
2023
|
2022
|
change %
|
Cash generated from continuing operations
|
6,432
|
5,788
|
11
|
Cash capital investment (net of disposals and exceptional
insurance recoveries)
|
(7,167)
|
(5,781)
|
(24)
|
Disposal of Millennium/St William
|
497
|
413
|
20
|
Dividends from JVs and associates
|
190
|
166
|
14
|
Business net cash (outflow)/inflow from continuing
operations
|
(48)
|
586
|
n/m
|
Net interest paid
|
(1,365)
|
(1,013)
|
(35)
|
Net tax paid
|
(89)
|
(298)
|
70
|
Cash dividends paid
|
(1,607)
|
(922)
|
(74)
|
Other cash movements
|
17
|
30
|
(43)
|
Net cash outflow (continuing)
|
(3,092)
|
(1,617)
|
(91)
|
Disposal
of UK Gas Transmission and Metering and NECO1
|
6,995
|
—
|
n/m
|
Acquisition
of National Grid Electricity Distribution2
|
—
|
(7,837)
|
100
|
Discontinued operations
|
(9)
|
657
|
n/m
|
(Repayment of)/proceeds from bridge loan to acquire
National Grid Electricity Distribution
|
(8,200)
|
8,200
|
n/m
|
Other, including net financing raised in year
|
4,271
|
628
|
n/m
|
(Decrease)/increase in cash
and cash equivalents
|
(35)
|
31
|
n/m
|
|
|
|
|
Reconciliation to movement in net debt
|
|
|
|
(Decrease)/increase in cash
and cash equivalents
|
(35)
|
31
|
n/m
|
Bridge loan to acquire National Grid Electricity
Distribution
|
8,200
|
(8,200)
|
n/m
|
Less: other net cash flows from investing and financing
transactions
|
(4,271)
|
(628)
|
n/m
|
Net debt reclassified to held for sale
|
—
|
4,063
|
(100)
|
Fair value of National Grid Electricity Distribution net debt
acquired
|
—
|
(8,147)
|
100
|
Impact of foreign exchange movements on opening net
debt
|
(1,293)
|
(828)
|
(56)
|
Other non-cash movements
|
(765)
|
(554)
|
(38)
|
Decrease/(increase) in net debt
|
1,836
|
(14,263)
|
n/m
|
Net debt at start of year
|
(42,809)
|
(28,546)
|
(50)
|
Net debt at end of year
|
(40,973)
|
(42,809)
|
4
|
Capital investment
|
|
|
|
|
|
|
|
|
Year ended 31 March (£ million)
|
|
At actual exchange rates
|
|
At constant currency
|
||||
|
2023
|
2022
|
% change
|
|
2023
|
2022
|
% change
|
|
UK Electricity Transmission
|
|
1,303
|
1,195
|
9 %
|
|
1,303
|
1,195
|
9 %
|
UK Electricity Distribution
|
|
1,220
|
899
|
36 %
|
|
1,220
|
899
|
36 %
|
UK Electricity System Operator
|
|
108
|
108
|
— %
|
|
108
|
108
|
— %
|
New England (including NECO)
|
|
1,677
|
1,561
|
7 %
|
|
1,677
|
1,731
|
(3) %
|
New York
|
|
2,454
|
1,960
|
25 %
|
|
2,454
|
2,174
|
13 %
|
NGV
|
|
906
|
913
|
(1) %
|
|
906
|
968
|
(6) %
|
Other¹
|
|
72
|
103
|
(30) %
|
|
72
|
113
|
(36) %
|
Total capital investment – continuing
|
|
7,740
|
6,739
|
15 %
|
|
7,740
|
7,188
|
8 %
|
UK Gas Transmission
|
|
301
|
261
|
15 %
|
|
301
|
261
|
15 %
|
Total capital investment – continuing
and discontinued
|
|
8,041
|
7,000
|
15 %
|
|
8,041
|
7,449
|
8 %
|
Assets
|
|
|
|
|
|
Year ended 31 March (£ million at constant
currency)
|
|
2023
|
Disposal of NECO and UK Gas Transmission1
|
2022
|
% change
|
UK
RAV¹
|
|
28,205
|
(6,989)
|
31,577
|
11.5%
|
US rate base¹
|
|
23,038
|
(2,476)
|
23,628
|
8.0%
|
Total RAV and rate base
|
|
51,243
|
(9,465)
|
55,205
|
10.0%
|
NGV and
Other businesses2
|
|
6,604
|
(143)
|
5,374
|
25.5%
|
Total
|
|
57,847
|
(9,608)
|
60,579
|
11.4%
|
Year ended 31 March
|
Regulatory Debt:
Equity assumption
|
|
Achieved
Return on Equity
|
|
Base or Allowed
Return on Equity
|
||
%
|
|
2023
|
2022
|
|
2023
|
2022
|
|
UK Electricity Transmission
|
55/45
|
|
7.5
|
7.7
|
|
6.3
|
6.3
|
UK Electricity Distribution
|
65/35
|
|
13.2
|
13.6
|
|
9.6
|
9.6
|
UK Gas Transmission
|
60/40
|
|
7.8
|
7.8
|
|
6.6
|
6.6
|
New
England1
|
Avg. 45/55
|
|
8.3
|
8.3
|
|
9.9
|
9.8
|
New York
|
Avg. 52/48
|
|
8.6
|
8.8
|
|
8.9
|
8.9
|
Group Return on Equity
|
|
|
11.0
|
11.4
|
|
n/a
|
n/a
|
As at 31 March
|
RAV, Rate Base or other business assets
|
|
Total regulated and other balances1
|
||
(£ million, at constant currency)
|
2023
|
2022
|
|
2023
|
2022
|
UK Electricity Transmission
|
17,072
|
15,471
|
|
16,912
|
15,242
|
UK Electricity Distribution
|
10,773
|
9,248
|
|
10,756
|
9,299
|
UK Electricity System Operator
|
360
|
297
|
|
282
|
442
|
UK Gas Transmission
|
—
|
6,561
|
|
—
|
6,669
|
New
England2
|
7,907
|
9,860
|
|
10,080
|
11,774
|
New York
|
15,131
|
13,768
|
|
16,184
|
14,646
|
Total regulated
|
51,243
|
55,205
|
|
54,214
|
58,072
|
NGV and Other balances
|
6,604
|
5,374
|
|
6,712
|
4,566
|
Group regulated and other balances
|
57,847
|
60,579
|
|
60,926
|
62,638
|
UK Electricity Transmission
|
|
||
(£ million)
|
2023
|
2022
|
% change
|
Revenue
|
1,987
|
2,035
|
(2)
|
Operating costs
|
(994)
|
(980)
|
1
|
Statutory operating profit
|
993
|
1,055
|
(6)
|
Exceptional items
|
2
|
12
|
(85)
|
Adjusted operating profit
|
995
|
1,067
|
(7)
|
Timing
|
112
|
85
|
32
|
Underlying operating profit
|
1,107
|
1,152
|
(4)
|
|
|
|
|
Net revenue (adjusted for timing)
|
1,882
|
1,968
|
(4)
|
Regulated controllable costs
|
(241)
|
(227)
|
6
|
Post-retirement benefits
|
(31)
|
(26)
|
19
|
Other operating costs
|
(19)
|
(55)
|
(65)
|
Depreciation and amortisation
|
(484)
|
(508)
|
(5)
|
Underlying operating profit
|
1,107
|
1,152
|
(4)
|
Timing
|
(112)
|
(85)
|
32
|
Adjusted operating profit
|
995
|
1,067
|
(7)
|
Year ended 31 March
|
2023
|
2022
|
Base
return (including avg. 2% long-run inflation)1
|
6.3
|
6.3
|
Totex
incentive mechanism2
|
1.1
|
1.4
|
Other revenue incentives
|
0.1
|
0.1
|
Return including in year incentive performance
|
7.5
|
7.8
|
Pre-determined additional allowances and other income
|
—
|
(0.1)
|
Return on Equity
|
7.5
|
7.7
|
|
2023
|
2022
|
Opening
Regulated Asset Value (RAV)
|
15,471
|
14,328
|
Asset additions (slow money) – actual
|
1,180
|
1,130
|
Performance RAV or assets created
|
68
|
75
|
Inflation adjustment (actual CPIH)
|
1,373
|
894
|
Depreciation and amortisation
|
(1,020)
|
(941)
|
Closing RAV
|
17,072
|
15,486
|
|
|
|
Opening balance of other regulated assets and
(liabilities)
|
(268)
|
(278)
|
Movement
|
108
|
66
|
Closing balance
|
(160)
|
(212)
|
|
|
|
Closing Regulated Financial Position
|
16,912
|
15,274
|
UK Electricity Distribution
|
|
|
|
(£ million)
|
2023
|
9.5 months to 31 March
2022
|
% change
|
Revenue
|
2,045
|
1,482
|
38
|
Operating costs
|
(976)
|
(573)
|
70
|
Statutory operating profit
|
1,069
|
909
|
18
|
Exceptional items
|
22
|
—
|
n/a
|
Adjusted operating profit
|
1,091
|
909
|
20
|
Timing
|
139
|
(22)
|
(732)
|
Underlying operating profit
|
1,230
|
887
|
39
|
|
|
|
|
Net revenue (adjusted for timing)
|
1,766
|
1,335
|
32
|
Regulated controllable costs
|
(235)
|
(180)
|
31
|
Post-retirement benefits
|
(24)
|
(24)
|
—
|
Other operating costs
|
(54)
|
(86)
|
(37)
|
Depreciation and amortisation
|
(223)
|
(158)
|
41
|
Underlying operating profit
|
1,230
|
887
|
39
|
Timing
|
(139)
|
22
|
(732)
|
Adjusted operating profit
|
1,091
|
909
|
20
|
For the year ended 31 March
|
2023
|
9.5 months to 31 March
2022
|
Base return (including avg. 3% long-run inflation)
|
9.6
|
9.6
|
Totex incentive mechanism
|
0.9
|
1.0
|
Other revenue incentives
|
2.7
|
3.0
|
Return on Equity
|
13.2
|
13.6
|
|
2023
|
9.5 months to 31 March
2022
|
Regulated
Asset Value (RAV) at acquisition date (estimated)
|
9,248
|
8,476
|
Asset additions (slow money) – actual
|
971
|
684
|
Performance RAV or assets created
|
22
|
9
|
Inflation adjustment (actual RPI)
|
1,261
|
593
|
Depreciation and amortisation
|
(729)
|
(512)
|
Closing RAV
|
10,773
|
9,250
|
|
|
|
Opening balance of other regulated assets and (liabilities) (2022:
balance at acquisition date)
|
51
|
230
|
Movement
|
(68)
|
(173)
|
Closing balance
|
(17)
|
57
|
|
|
|
Closing Regulated Financial Position
|
10,756
|
9,307
|
UK Electricity System Operator
|
|
||
(£ million)
|
2023
|
2022
|
% change
|
Revenue
|
4,690
|
3,455
|
36
|
Operating costs
|
(4,453)
|
(3,450)
|
29
|
Statutory operating profit
|
237
|
5
|
4,640
|
Exceptional items
|
1
|
2
|
(50)
|
Adjusted operating profit
|
238
|
7
|
3,300
|
Timing
|
(207)
|
47
|
(540)
|
Underlying operating profit
|
31
|
54
|
(43)
|
|
|
|
|
Net revenue (adjusted for timing)
|
331
|
287
|
15
|
Controllable costs
|
(175)
|
(129)
|
36
|
Post-retirement benefits
|
(17)
|
(16)
|
6
|
Other operating costs
|
(7)
|
(5)
|
40
|
Depreciation and amortisation
|
(101)
|
(83)
|
22
|
Underlying operating profit
|
31
|
54
|
(43)
|
Timing
|
207
|
(47)
|
(540)
|
Adjusted operating profit
|
238
|
7
|
3,300
|
|
|
Return on Equity
|
|
Rate Base ($m) as at 31 March
|
|||||
Regulated Entity
|
|
FY23
|
FY22
|
FY21
|
Allowed most recent
(%)
|
|
2023
|
2022
|
% change
|
Massachusetts Gas
|
|
8.6
|
6.9
|
5.7
|
9.7
|
|
4,170
|
3,820
|
9
|
Massachusetts Electric
|
|
5.9
|
7.1
|
5.3
|
9.6
|
|
3,106
|
3,049
|
2
|
Total Massachusetts
|
|
7.4
|
7.0
|
5.5
|
9.6
|
|
7,276
|
6,869
|
6
|
|
|
|
|
|
|
|
|
|
|
Narragansett Gas
|
|
n/a
|
8.4
|
6.9
|
n/a
|
|
—
|
1,218
|
(100)
|
Narragansett Electric
|
|
n/a
|
8.4
|
10.0
|
n/a
|
|
—
|
983
|
(100)
|
Narragansett Electric
– Transmission
|
|
n/a
|
12.5
|
11.1
|
n/a
|
|
—
|
788
|
(100)
|
Total Rhode Island
|
|
n/a
|
9.4
|
8.4
|
n/a
|
|
—
|
2,989
|
(100)
|
|
|
|
|
|
|
|
|
|
|
New England Power
|
|
11.1
|
10.9
|
11.0
|
10.6
|
|
2,420
|
2,260
|
7
|
Canadian Interconnector & Other
|
|
11.1
|
11.1
|
13.0
|
11.1
|
|
59
|
46
|
28
|
Total FERC
|
|
11.1
|
10.9
|
11.0
|
10.6
|
|
2,479
|
2,306
|
8
|
|
|
|
|
|
|
|
|
|
|
Total New England
|
|
8.3
|
8.3
|
7.5
|
9.9
|
|
9,755
|
12,164
|
(20)
|
New England Regulated Assets
|
|
|
|
($
billion as at 31 March)
|
2023
|
2022
|
% change
|
Rate Base excl. working capital (w/c)
|
9.6
|
11.9
|
(19)
|
Working capital in Rate Base
|
0.2
|
0.3
|
(33)
|
Total Rate Base
|
9.8
|
12.2
|
(20)
|
Reg. assets outside Rate Base excl. w/c
|
2.5
|
2.5
|
—
|
Working capital outside Rate Base
|
0.1
|
(0.2)
|
(150)
|
Total regulated assets outside Rate Base
|
2.6
|
2.3
|
13
|
Total New England Regulated Assets
|
12.4
|
14.5
|
(14)
|
|
|
|
|
£ billion as at 31 March
|
2023
|
2022
|
% change
|
Total New England Regulated Assets at actual currency
|
10.1
|
11.1
|
(9)
|
Total New England Regulated Assets at constant
currency
|
10.1
|
11.8
|
(14)
|
New England
|
|
|
|
|
(£
million)
|
2023
|
2022
|
2022 at constant currency
|
% change at actual currency
|
Revenue
|
4,427
|
4,550
|
5,047
|
(3)
|
Operating costs
|
(3,295)
|
(3,786)
|
(4,200)
|
(13)
|
Statutory operating profit
|
1,132
|
764
|
847
|
48
|
Exceptional items
|
(456)
|
80
|
89
|
n/m
|
Remeasurements
|
32
|
(101)
|
(112)
|
n/m
|
Adjusted operating profit
|
708
|
743
|
824
|
(5)
|
Timing
|
39
|
32
|
35
|
n/m
|
Major storm costs
|
72
|
111
|
123
|
n/m
|
Underlying operating profit
|
819
|
886
|
982
|
(8)
|
|
|
|
|
|
Net revenue (adjusted for timing)
|
2,371
|
2,532
|
2,808
|
(6)
|
Regulated controllable costs
|
(755)
|
(813)
|
(902)
|
(7)
|
Post-retirement benefits
|
(27)
|
(40)
|
(44)
|
(33)
|
Bad debt expense
|
(58)
|
(45)
|
(50)
|
29
|
Other operating costs
|
(319)
|
(383)
|
(425)
|
(17)
|
Depreciation and amortisation
|
(393)
|
(365)
|
(405)
|
8
|
Underlying operating profit
|
819
|
886
|
982
|
(8)
|
Timing
|
(39)
|
(32)
|
(35)
|
n/m
|
Major storm costs
|
(72)
|
(111)
|
(123)
|
n/m
|
Adjusted operating profit
|
708
|
743
|
824
|
(5)
|
|
|
Return on Equity
|
|
Rate Base ($m) as at 31 March
|
|||||
Regulated Entity
|
|
FY23
|
FY22
|
FY21
|
Allowed most recent
(%)
|
|
2023
|
2022
|
% change
|
KEDNY
|
|
9.2
|
8.1
|
6.1
|
8.8
|
|
6,048
|
5,429
|
11
|
KEDLI
|
|
9.2
|
11.0
|
8.2
|
8.8
|
|
3,774
|
3,369
|
12
|
NMPC Gas
|
|
7.1
|
8.1
|
7.2
|
9.0
|
|
1,800
|
1,584
|
14
|
NMPC Electric
|
|
8.1
|
8.5
|
6.3
|
9.0
|
|
7,045
|
6,603
|
7
|
Total New York
|
|
8.6
|
8.8
|
6.7
|
8.9
|
|
18,667
|
16,985
|
10
|
New York Regulated Assets
|
|
|
|
($
billion as at 31 March)
|
2023
|
2022
|
% change
|
Rate Base excl. working capital (w/c)
|
18.2
|
16.6
|
10
|
Working capital in Rate Base
|
0.5
|
0.4
|
25
|
Total Rate Base
|
18.7
|
17.0
|
10
|
Reg. assets outside Rate Base excl. w/c
|
1.2
|
1.1
|
9
|
Working capital outside Rate Base
|
0.1
|
(0.2)
|
(150)
|
Total regulated assets outside Rate Base
|
1.3
|
0.9
|
44
|
Total New York Regulated Assets
|
20.0
|
17.9
|
12
|
|
|
|
|
£ billion as at 31 March
|
2023
|
2022
|
% change
|
Total New York Regulated Assets at actual currency
|
16.2
|
13.6
|
19
|
Total New York Regulated Assets at constant currency
|
16.2
|
14.5
|
12
|
New York
|
|
|
|
|
(£
million)
|
2023
|
2022
|
2022 at constant currency
|
% change at actual currency
|
Revenue
|
6,994
|
5,561
|
6,168
|
26
|
Operating costs
|
(6,453)
|
(4,466)
|
(4,953)
|
44
|
Statutory operating profit
|
541
|
1,095
|
1,215
|
(51)
|
Exceptional items
|
(118)
|
(24)
|
(27)
|
n/m
|
Remeasurements
|
318
|
(291)
|
(323)
|
n/m
|
Adjusted operating profit
|
741
|
780
|
865
|
(5)
|
Timing
|
(53)
|
(126)
|
(140)
|
n/m
|
Major storm costs
|
186
|
52
|
58
|
n/m
|
Underlying operating profit
|
874
|
706
|
783
|
24
|
|
|
|
|
|
Net revenue (adjusted for timing)
|
3,984
|
3,274
|
3,631
|
22
|
Regulated controllable costs
|
(1,151)
|
(963)
|
(1,068)
|
20
|
Post-retirement benefits
|
(2)
|
(44)
|
(49)
|
(95)
|
Bad debt expense
|
(157)
|
(87)
|
(96)
|
80
|
Other operating costs
|
(1,180)
|
(937)
|
(1,039)
|
26
|
Depreciation and amortisation
|
(620)
|
(537)
|
(596)
|
15
|
Underlying operating profit
|
874
|
706
|
783
|
24
|
Timing
|
53
|
126
|
140
|
n/m
|
Major storm costs
|
(186)
|
(52)
|
(58)
|
n/m
|
Adjusted operating profit
|
741
|
780
|
865
|
(5)
|
|
Adjusted operating profit
|
|
Capital expenditure
|
||||||
(£ million)
|
2023
|
2022
|
2022 at constant currency
|
change % at actual currency
|
|
2023
|
2022
|
2022 at constant currency
|
change % at actual currency
|
NG Generation
|
33
|
33
|
37
|
—
|
|
94
|
36
|
40
|
161
|
Interconnectors
|
355
|
135
|
135
|
163
|
|
434
|
325
|
325
|
34
|
Grain LNG
|
131
|
113
|
113
|
16
|
|
162
|
94
|
94
|
72
|
NG Renewables
|
—
|
11
|
12
|
(100)
|
|
—
|
2
|
2
|
(100)
|
Other
|
(29)
|
(6)
|
(6)
|
383
|
|
19
|
(5)
|
(5)
|
(480)
|
Total
|
490
|
286
|
291
|
71
|
|
709
|
452
|
456
|
57
|
|
Adjusted share of post-tax results
of joint ventures and associates
|
|
Capital investment in joint ventures and associates
|
||||||
Interconnectors
|
164
|
91
|
91
|
80
|
|
—
|
—
|
—
|
—
|
Millennium
|
14
|
22
|
24
|
(36)
|
|
—
|
—
|
—
|
—
|
NG Renewables
|
16
|
3
|
3
|
433
|
|
147
|
199
|
221
|
(26)
|
Bight Wind
|
—
|
—
|
—
|
—
|
|
7
|
223
|
247
|
(97)
|
Other
|
9
|
6
|
6
|
50
|
|
43
|
39
|
44
|
10
|
Total
|
203
|
122
|
124
|
66
|
|
197
|
461
|
512
|
(57)
|
|
|
|
|
|
|
|
|
|
|
Total NGV
|
693
|
408
|
415
|
70
|
|
906
|
913
|
968
|
(1)
|
|
Adjusted operating profit
|
|
Capital expenditure
|
||||||
(£ million)
|
2023
|
2022
|
2022 at constant currency
|
change % at actual currency
|
|
2023
|
2022
|
2022 at constant currency
|
change % at actual currency
|
Property
|
216
|
40
|
40
|
440
|
|
7
|
3
|
3
|
133
|
NG Partners
|
(25)
|
66
|
66
|
(138)
|
|
—
|
—
|
—
|
—
|
Corporate
and other activities
|
(160)
|
(85)
|
(84)
|
88
|
|
6
|
7
|
7
|
(14)
|
Total
|
31
|
21
|
22
|
48
|
|
13
|
10
|
10
|
30
|
|
Adjusted share of post-tax results
of joint ventures and associates
|
|
Capital investment in financial assets
|
||||||
NG Partners
|
(13)
|
15
|
17
|
(187)
|
|
59
|
93
|
103
|
(37)
|
St William
|
—
|
11
|
11
|
(100)
|
|
—
|
—
|
—
|
—
|
Total
|
(13)
|
26
|
28
|
(150)
|
|
59
|
93
|
103
|
(37)
|
|
|
|
|
|
|
|
|
|
|
Total other
|
18
|
47
|
50
|
(62)
|
|
72
|
103
|
113
|
(30)
|
Date
|
Event
|
18 May
2023
|
2022/23 Preliminary Results
|
1 June
2023
|
Ordinary
shares go ex-dividend for 2022/23 final dividend
|
1 June
2023
|
ADRs go
ex-dividend for 2022/23 final
dividend
|
2 June
2023
|
Record
date for 2022/23 final
dividend
|
8 June
2023
|
Scrip
reference price announced for 2022/23 final dividend
|
10 July
2023
|
2023 Annual General Meeting
|
12 July
2023 (5pm London
time)
|
Scrip
election date for 2022/23 final
dividend
|
9
August 2023
|
2022/23 final dividend paid to qualifying
shareholders
|
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
|
2023
|
Notes
|
|
Before
exceptional
items and remeasurements
£m
|
Exceptional
items and remeasurements
(see note 4)
£m
|
Total
£m
|
Continuing operations
|
|
|
|
|
|
Revenue
|
2(a),3
|
|
21,659
|
—
|
21,659
|
Provision for bad and doubtful debts
|
|
|
(220)
|
—
|
(220)
|
Other operating costs
|
4
|
|
(17,158)
|
(391)
|
(17,549)
|
Other operating income
|
4
|
|
13
|
976
|
989
|
Operating profit
|
2(b)
|
|
4,294
|
585
|
4,879
|
Finance income
|
4,5
|
|
166
|
(28)
|
138
|
Finance costs
|
4,5
|
|
(1,680)
|
82
|
(1,598)
|
Share of post-tax results of joint ventures and
associates
|
|
|
190
|
(19)
|
171
|
Profit before tax
|
2(b)
|
|
2,970
|
620
|
3,590
|
Tax
|
4,6
|
|
(635)
|
(241)
|
(876)
|
Profit after tax from continuing operations
|
|
|
2,335
|
379
|
2,714
|
Profit after tax from discontinued operations
|
9
|
|
320
|
4,763
|
5,083
|
Total profit for the year (continuing and
discontinued)
|
|
|
2,655
|
5,142
|
7,797
|
Attributable to:
|
|
|
|
|
|
Equity shareholders of the parent
|
|
|
2,655
|
5,142
|
7,797
|
Non-controlling
interests from continuing operations
|
|
|
—
|
—
|
—
|
Earnings per share (pence)
|
|
|
|
|
|
Basic earnings per share (continuing)
|
7
|
|
|
|
74.2
|
Diluted earnings per share (continuing)
|
7
|
|
|
|
73.8
|
Basic earnings per share (continuing and discontinued)
|
7
|
|
|
|
213.1
|
Diluted earnings per share (continuing and
discontinued)
|
7
|
|
|
|
212.1
|
2022
|
Notes
|
|
Before
exceptional
items and remeasurements
£m
|
Exceptional
items
and remeasurements
(see
note 4)
£m
|
Total
£m
|
Continuing operations
|
|
|
|
|
|
Revenue
|
2(a),3
|
|
18,260
|
189
|
18,449
|
Provision for bad and doubtful debts
|
|
|
(167)
|
—
|
(167)
|
Other operating costs¹
|
4
|
|
(14,280)
|
141
|
(14,139)
|
Other operating income¹
|
4
|
|
—
|
228
|
228
|
Operating profit
|
2(b)
|
|
3,813
|
558
|
4,371
|
Finance income
|
4,5
|
|
65
|
(15)
|
50
|
Finance costs
|
4,5
|
|
(1,146)
|
74
|
(1,072)
|
Share of post-tax results of joint ventures and
associates
|
|
|
148
|
(56)
|
92
|
Profit before tax
|
2(b)
|
|
2,880
|
561
|
3,441
|
Tax
|
4,6
|
|
(669)
|
(589)
|
(1,258)
|
Profit after tax from continuing operations
|
|
|
2,211
|
(28)
|
2,183
|
Profit after tax from discontinued operations
|
9
|
|
344
|
(173)
|
171
|
Total profit for the year (continuing and
discontinued)
|
|
|
2,555
|
(201)
|
2,354
|
Attributable to:
|
|
|
|
|
|
Equity shareholders of the parent
|
|
|
2,554
|
(201)
|
2,353
|
Non-controlling interests from continuing operations
|
|
|
1
|
—
|
1
|
Earnings per share (pence)
|
|
|
|
|
|
Basic earnings per share (continuing)
|
7
|
|
|
|
60.6
|
Diluted earnings per share (continuing)
|
7
|
|
|
|
60.3
|
Basic earnings per share (continuing and discontinued)
|
7
|
|
|
|
65.4
|
Diluted earnings per share (continuing and
discontinued)
|
7
|
|
|
|
65.0
|
|
|
|
2023
|
2022
|
|
Notes
|
|
£m
|
£m
|
Profit after tax from continuing operations
|
|
|
2,714
|
2,183
|
Profit after tax from discontinued operations
|
|
|
5,083
|
171
|
Other comprehensive income from continuing operations
|
|
|
|
|
Items from continuing operations that will never be reclassified to
profit or loss:
|
|
|
|
|
Remeasurement
(losses)/gains on pension assets and post-retirement benefit
obligations
|
|
|
(1,362)
|
2,172
|
Net
gains on equity instruments designated at fair value through other
comprehensive income
|
|
|
—
|
12
|
Net
gains/(losses) in respect of cash flow hedging of capital
expenditure
|
|
|
10
|
(1)
|
Tax
on items that will never be reclassified to profit or
loss
|
|
|
341
|
(496)
|
Total items from continuing operations that will never be
reclassified to profit or loss
|
|
|
(1,011)
|
1,687
|
Items from continuing operations that may be reclassified
subsequently to profit or loss:
|
|
|
|
|
Retranslation
of net assets offset by net investment hedge
|
|
|
883
|
630
|
Exchange
differences reclassified to the consolidated income statement on
disposal
|
9
|
|
(170)
|
—
|
Net
(losses)/gains in respect of cash flow hedges
|
|
|
—
|
(57)
|
Net
(losses)/gains in respect of cost of hedging
|
|
|
(16)
|
1
|
Net
(losses)/gains on investment in debt instruments measured at fair
value
through
other comprehensive income
|
|
|
(25)
|
(11)
|
Share
of other comprehensive income of associates, net of
tax
|
|
|
1
|
1
|
Tax
on items that may be reclassified subsequently to profit or
loss
|
|
|
11
|
15
|
Total items from continuing operations that may be reclassified
subsequently to profit or loss
|
|
|
684
|
579
|
Other comprehensive (loss)/income for the year, net of tax from
continuing operations
|
|
|
(327)
|
2,266
|
Other comprehensive (loss)/income for the year, net of tax from
discontinued operations
|
9
|
|
(227)
|
211
|
Other comprehensive loss for the year, net of tax
|
|
|
(554)
|
2,477
|
Total comprehensive income for the year from continuing
operations
|
|
|
2,387
|
4,449
|
Total comprehensive income for the year from discontinued
operations
|
9
|
|
4,856
|
382
|
Total comprehensive income for the year
|
|
|
7,243
|
4,831
|
Attributable to:
|
|
|
|
|
Equity shareholders of the parent
|
|
|
|
|
From
continuing operations
|
|
|
2,386
|
4,447
|
From
discontinued operations
|
|
|
4,856
|
382
|
|
|
|
7,242
|
4,829
|
Non-controlling interests
|
|
|
|
|
From
continuing operations
|
|
|
1
|
2
|
|
Share
capital
£m
|
Share
premium account
£m
|
Retained
earnings
£m
|
Other equity reserves £m
|
|
Total
share-holders’
equity
£m
|
Non-
controlling interests
£m
|
|
Total
equity
£m
|
At 1 April 2021
|
474
|
1,296
|
23,163
|
(5,094)
|
|
19,839
|
21
|
|
19,860
|
Profit for the year
|
—
|
—
|
2,353
|
—
|
|
2,353
|
1
|
|
2,354
|
Other comprehensive income for the year
|
—
|
—
|
1,871
|
605
|
|
2,476
|
1
|
|
2,477
|
Total comprehensive income for the year
|
—
|
—
|
4,224
|
605
|
|
4,829
|
2
|
|
4,831
|
Equity dividends
|
—
|
—
|
(922)
|
—
|
|
(922)
|
—
|
|
(922)
|
Scrip
dividend-related share issue1
|
11
|
(12)
|
—
|
—
|
|
(1)
|
—
|
|
(1)
|
Issue of treasury shares
|
—
|
—
|
17
|
—
|
|
17
|
—
|
|
17
|
Transactions in own shares
|
—
|
16
|
(3)
|
—
|
|
13
|
—
|
|
13
|
Share-based payments
|
—
|
—
|
43
|
—
|
|
43
|
—
|
|
43
|
Tax on share-based payments
|
—
|
—
|
7
|
—
|
|
7
|
—
|
|
7
|
Transfer
of accumulated gains and losses on sale
of equity investments2
|
—
|
—
|
82
|
(82)
|
|
—
|
—
|
|
—
|
Cash flow hedges transferred to the statement
of financial position, net of tax
|
—
|
—
|
—
|
8
|
|
8
|
—
|
|
8
|
1 April 2022
|
485
|
1,300
|
26,611
|
(4,563)
|
|
23,833
|
23
|
|
23,856
|
Profit for the year
|
—
|
—
|
7,797
|
—
|
|
7,797
|
—
|
|
7,797
|
Other comprehensive (loss)/income for the year
|
—
|
—
|
(1,253)
|
698
|
|
(555)
|
1
|
|
(554)
|
Total comprehensive income for the year
|
—
|
—
|
6,544
|
698
|
|
7,242
|
1
|
|
7,243
|
Equity dividends
|
—
|
—
|
(1,607)
|
—
|
|
(1,607)
|
—
|
|
(1,607)
|
Scrip
dividend-related share issue1
|
3
|
(3)
|
—
|
—
|
|
—
|
—
|
|
—
|
Issue of treasury shares
|
—
|
—
|
16
|
—
|
|
16
|
—
|
|
16
|
Transactions in own shares
|
—
|
5
|
(4)
|
—
|
|
1
|
—
|
|
1
|
Share-based payments
|
—
|
—
|
48
|
—
|
|
48
|
—
|
|
48
|
Cash flow hedges transferred to the statement
of financial position, net of tax
|
—
|
—
|
—
|
5
|
|
5
|
—
|
|
5
|
At 31 March 2023
|
488
|
1,302
|
31,608
|
(3,860)
|
|
29,538
|
24
|
|
29,562
|
|
|
|
2023
|
2022
|
|
Notes
|
|
£m
|
£m
|
Non-current assets
|
|
|
|
|
Goodwill
|
|
|
9,847
|
9,532
|
Other intangible assets
|
|
|
3,604
|
3,272
|
Property, plant and equipment
|
|
|
64,433
|
57,532
|
Other non-current assets
|
|
|
567
|
303
|
Pension assets
|
10
|
|
2,645
|
3,885
|
Financial and other investments
|
|
|
859
|
830
|
Investments in joint ventures and associates
|
|
|
1,300
|
1,238
|
Derivative financial assets
|
|
|
276
|
305
|
Total non-current assets
|
|
|
83,531
|
76,897
|
Current assets
|
|
|
|
|
Inventories and current intangible assets
|
|
|
876
|
511
|
Trade and other receivables
|
|
|
3,883
|
3,715
|
Current tax assets
|
|
|
43
|
106
|
Financial and other investments
|
|
|
2,605
|
3,145
|
Derivative financial assets
|
|
|
153
|
282
|
Cash and cash equivalents
|
|
|
163
|
204
|
Assets held for sale
|
9
|
|
1,443
|
10,000
|
Total current assets
|
|
|
9,166
|
17,963
|
Total assets
|
|
|
92,697
|
94,860
|
Current liabilities
|
|
|
|
|
Borrowings
|
|
|
(2,955)
|
(12,121)
|
Derivative financial liabilities
|
|
|
(222)
|
(144)
|
Trade and other payables
|
|
|
(5,068)
|
(4,915)
|
Contract liabilities
|
|
|
(252)
|
(130)
|
Current tax liabilities
|
|
|
(236)
|
(32)
|
Provisions
|
|
|
(288)
|
(240)
|
Liabilities held for sale
|
9
|
|
(109)
|
(7,188)
|
Total current liabilities
|
|
|
(9,130)
|
(24,770)
|
Non-current liabilities
|
|
|
|
|
Borrowings
|
|
|
(40,030)
|
(33,344)
|
Derivative financial liabilities
|
|
|
(1,071)
|
(869)
|
Other non-current liabilities
|
|
|
(921)
|
(805)
|
Contract liabilities
|
|
|
(1,754)
|
(1,342)
|
Deferred tax liabilities
|
|
|
(7,181)
|
(6,765)
|
Pensions and other post-retirement benefit obligations
|
10
|
|
(694)
|
(810)
|
Provisions
|
|
|
(2,354)
|
(2,299)
|
Total non-current liabilities
|
|
|
(54,005)
|
(46,234)
|
Total liabilities
|
|
|
(63,135)
|
(71,004)
|
Net assets
|
|
|
29,562
|
23,856
|
Equity
|
|
|
|
|
Share capital
|
|
|
488
|
485
|
Share premium account
|
|
|
1,302
|
1,300
|
Retained earnings
|
|
|
31,608
|
26,611
|
Other equity reserves
|
|
|
(3,860)
|
(4,563)
|
Total shareholders’ equity
|
|
|
29,538
|
23,833
|
Non-controlling interests
|
|
|
24
|
23
|
Total equity
|
|
|
29,562
|
23,856
|
|
|
|
2023
|
2022
|
|
Notes
|
|
£m
|
£m
|
Cash flows from operating activities
|
|
|
|
|
Total operating profit from continuing operations
|
2(b)
|
|
4,879
|
4,371
|
Adjustments for:
|
|
|
|
|
Exceptional
items and remeasurements
|
4
|
|
(585)
|
(558)
|
Other
fair value movements
|
|
|
21
|
(65)
|
Depreciation,
amortisation and impairment
|
|
|
1,984
|
1,830
|
Share-based
payments
|
|
|
48
|
38
|
Changes
in working capital
|
|
|
286
|
361
|
Changes
in provisions
|
|
|
23
|
140
|
Changes
in pensions and other post-retirement benefit
obligations
|
|
|
(46)
|
(76)
|
Cash flows relating to exceptional items
|
|
|
(178)
|
(253)
|
Cash generated from operations – continuing
operations
|
|
|
6,432
|
5,788
|
Tax paid
|
|
|
(89)
|
(298)
|
Net cash inflow from operating activities – continuing
operations
|
|
|
6,343
|
5,490
|
Net cash inflow from operating activities – discontinued
operations
|
|
|
555
|
782
|
Cash flows from investing activities
|
|
|
|
|
Purchases of intangible assets
|
|
|
(567)
|
(446)
|
Purchases of property, plant and equipment
|
|
|
(6,325)
|
(5,098)
|
Disposals of property, plant and equipment
|
|
|
87
|
26
|
Investments in joint ventures and associates
|
|
|
(443)
|
(265)
|
Dividends received from joint ventures, associates and other
investments
|
|
|
190
|
166
|
Acquisition
of National Grid Electricity Distribution¹
|
|
|
—
|
(7,837)
|
Disposal
of interest in the UK Gas Transmission business2
|
9
|
|
4,027
|
—
|
Disposal
of interest in The Narragansett Electric Company2
|
9
|
|
2,968
|
—
|
Disposal of interest in Millennium Pipeline Company
LLC
|
|
|
497
|
—
|
Disposal of interest in St William Homes LLP
|
|
|
—
|
413
|
Disposal of financial and other investments
|
|
|
116
|
215
|
Acquisition of financial investments
|
|
|
(95)
|
(197)
|
Contributions to National Grid Renewables and Emerald Energy
Venture LLC
|
|
|
(19)
|
(16)
|
Net movements in short-term financial investments
|
|
|
586
|
(781)
|
Interest received
|
|
|
65
|
40
|
Cash inflows on derivatives
|
|
|
—
|
17
|
Cash outflows on derivatives
|
|
|
(362)
|
(122)
|
Cash flows relating to exceptional items
|
|
|
79
|
—
|
Net cash flow used in investing activities – continuing
operations
|
|
|
804
|
(13,885)
|
Net cash flow used in investing activities – discontinued
operations
|
|
|
(564)
|
(125)
|
Cash flows from financing activities
|
|
|
|
|
Proceeds from issue of treasury shares
|
|
|
16
|
33
|
Transactions in own shares
|
|
|
1
|
(3)
|
Proceeds received from loans
|
|
|
11,908
|
12,347
|
Repayment of loans
|
|
|
(15,260)
|
(1,261)
|
Payments of lease liabilities
|
|
|
(155)
|
(117)
|
Net movements in short-term borrowings
|
|
|
(511)
|
(11)
|
Cash inflows on derivatives
|
|
|
190
|
20
|
Cash outflows on derivatives
|
|
|
(118)
|
(114)
|
Interest paid
|
|
|
(1,430)
|
(1,053)
|
Dividends paid to shareholders
|
|
|
(1,607)
|
(922)
|
Net cash flow (used in)/from financing activities –
continuing operations
|
|
|
(6,966)
|
8,919
|
Net cash flow (used in)/from financing activities –
discontinued operations
|
|
|
(207)
|
(1,150)
|
Net (decrease)/increase in cash and cash equivalents
|
|
|
(35)
|
31
|
Reclassification to held for sale
|
|
|
9
|
(11)
|
Exchange movements
|
|
|
7
|
5
|
Cash and cash equivalents at start of year
|
|
|
182
|
157
|
Cash and cash equivalents at end of year3
|
|
|
163
|
182
|
UK Electricity Transmission
|
The high-voltage electricity transmission networks 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. As announced in April 2022, the
entirety of ESO is expected to transfer out of the Group to become
part an independent system operator public body, following the
Future System Operator (FSO) consultation. The FSO is subject to
legislative approval and accordingly the held for sale criteria
have not been met as at 31 March 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, 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.
|
|
2023
|
|
20221
|
||||
|
Total
sales
|
Sales
between
segments
|
Sales
to third
parties
|
|
Total
sales
|
Sales
between
segments
|
Sales
to third
parties
|
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
Operating segments – continuing operations:
|
|
|
|
|
|
|
|
UK
Electricity Transmission
|
1,987
|
(41)
|
1,946
|
|
2,035
|
(7)
|
2,028
|
UK
Electricity Distribution
|
2,045
|
(12)
|
2,033
|
|
1,482
|
(14)
|
1,468
|
UK
Electricity System Operator
|
4,690
|
(31)
|
4,659
|
|
3,455
|
(18)
|
3,437
|
New
England
|
4,427
|
—
|
4,427
|
|
4,550
|
—
|
4,550
|
New
York
|
6,994
|
—
|
6,994
|
|
5,561
|
—
|
5,561
|
National
Grid Ventures
|
1,341
|
(58)
|
1,283
|
|
1,024
|
—
|
1,024
|
Other
|
317
|
—
|
317
|
|
192
|
—
|
192
|
Total revenue before exceptional
items and remeasurements
|
21,801
|
(142)
|
21,659
|
|
18,299
|
(39)
|
18,260
|
Exceptional
items and remeasurements2
|
—
|
—
|
—
|
|
189
|
—
|
189
|
Total revenue from continuing operations
|
21,801
|
(142)
|
21,659
|
|
18,488
|
(39)
|
18,449
|
|
|
|
|
|
|
|
|
Split by geographical areas – continuing
operations:
|
|
|
|
|
|
|
|
UK
|
|
|
9,611
|
|
|
|
7,803
|
US
|
|
|
12,048
|
|
|
|
10,646
|
Total revenue from continuing operations
|
|
|
21,659
|
|
|
|
18,449
|
|
Before exceptional items and remeasurements
|
|
Exceptional items and remeasurements
|
|
After exceptional items and remeasurements
|
|||
|
2023
|
20221
|
|
2023
|
20221
|
|
2023
|
20221
|
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
Operating segments – continuing operations:
|
|
|
|
|
|
|
|
|
UK
Electricity Transmission
|
995
|
1,067
|
|
(2)
|
(12)
|
|
993
|
1,055
|
UK
Electricity Distribution
|
1,091
|
909
|
|
(22)
|
—
|
|
1,069
|
909
|
UK
Electricity System Operator
|
238
|
7
|
|
(1)
|
(2)
|
|
237
|
5
|
New
England
|
708
|
743
|
|
424
|
21
|
|
1,132
|
764
|
New
York
|
741
|
780
|
|
(200)
|
315
|
|
541
|
1,095
|
National
Grid Ventures
|
490
|
286
|
|
467
|
(3)
|
|
957
|
283
|
Other
|
31
|
21
|
|
(81)
|
239
|
|
(50)
|
260
|
Total operating profit from continuing operations
|
4,294
|
3,813
|
|
585
|
558
|
|
4,879
|
4,371
|
|
|
|
|
|
|
|
|
|
Split by geographical area – continuing
operations:
|
|
|
|
|
|
|
|
|
UK
|
2,825
|
2,234
|
|
26
|
224
|
|
2,851
|
2,458
|
US
|
1,469
|
1,579
|
|
559
|
334
|
|
2,028
|
1,913
|
Total operating profit from continuing operations
|
4,294
|
3,813
|
|
585
|
558
|
|
4,879
|
4,371
|
|
Before exceptional items and remeasurements
|
|
Exceptional items and remeasurements
|
|
After exceptional items and remeasurements
|
|||
|
2023
|
2022
|
|
2023
|
2022
|
|
2023
|
2022
|
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
Reconciliation to profit before tax:
|
|
|
|
|
|
|
|
|
Operating
profit from continuing operations
|
4,294
|
3,813
|
|
585
|
558
|
|
4,879
|
4,371
|
Share
of post-tax results of joint ventures
and associates
|
190
|
148
|
|
(19)
|
(56)
|
|
171
|
92
|
Finance
income
|
166
|
65
|
|
(28)
|
(15)
|
|
138
|
50
|
Finance
costs
|
(1,680)
|
(1,146)
|
|
82
|
74
|
|
(1,598)
|
(1,072)
|
Profit before tax from continuing operations
|
2,970
|
2,880
|
|
620
|
561
|
|
3,590
|
3,441
|
|
Net book value of property, plant and equipment and other
intangible assets
|
|
Capital expenditure
|
|
Depreciation, amortisation and impairment
|
|||
|
2023
|
20221
|
|
2023
|
20221
|
|
2023
|
20221
|
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
Operating segments:
|
|
|
|
|
|
|
|
|
UK
Electricity Transmission
|
15,483
|
14,678
|
|
1,303
|
1,195
|
|
(484)
|
(508)
|
UK
Electricity Distribution
|
13,462
|
12,522
|
|
1,220
|
899
|
|
(223)
|
(158)
|
UK
Electricity System Operator
|
411
|
404
|
|
108
|
108
|
|
(101)
|
(83)
|
New
England
|
13,406
|
11,485
|
|
1,624
|
1,561
|
|
(393)
|
(364)
|
New
York
|
21,730
|
18,676
|
|
2,454
|
1,960
|
|
(620)
|
(537)
|
National
Grid Ventures
|
3,507
|
3,009
|
|
709
|
452
|
|
(149)
|
(156)
|
Other
|
38
|
30
|
|
13
|
10
|
|
(14)
|
(24)
|
Total
|
68,037
|
60,804
|
|
7,431
|
6,185
|
|
(1,984)
|
(1,830)
|
|
|
|
|
|
|
|
|
|
Split by geographical area – continuing
operations:
|
|
|
|
|
|
|
|
|
UK
|
32,343
|
30,131
|
|
3,259
|
2,546
|
|
(921)
|
(879)
|
US
|
35,694
|
30,673
|
|
4,172
|
3,639
|
|
(1,063)
|
(951)
|
Total
|
68,037
|
60,804
|
|
7,431
|
6,185
|
|
(1,984)
|
(1,830)
|
Asset type:
|
|
|
|
|
|
|
|
|
Property, plant and equipment
|
64,433
|
57,532
|
|
6,853
|
5,714
|
|
(1,700)
|
(1,544)
|
Non-current intangible assets
|
3,604
|
3,272
|
|
578
|
471
|
|
(284)
|
(286)
|
Total
|
68,037
|
60,804
|
|
7,431
|
6,185
|
|
(1,984)
|
(1,830)
|
Revenue for the year ended
31 March 2023
|
UK Electricity Transmission
£m
|
UK Electricity Distribution
£m
|
UK Electricity System Operator
£m
|
New
England
£m
|
New
York
£m
|
NGV
£m
|
Other
£m
|
Total
£m
|
Revenue under IFRS 15
|
|
|
|
|
|
|
|
|
Transmission
|
1,868
|
—
|
126
|
52
|
567
|
791
|
—
|
3,404
|
Distribution
|
—
|
1,951
|
—
|
4,314
|
6,373
|
—
|
—
|
12,638
|
System Operator
|
—
|
—
|
4,533
|
—
|
—
|
—
|
—
|
4,533
|
Other1
|
31
|
77
|
—
|
8
|
13
|
131
|
—
|
260
|
Total IFRS 15 revenue
|
1,899
|
2,028
|
4,659
|
4,374
|
6,953
|
922
|
—
|
20,835
|
Other revenue
|
|
|
|
|
|
|
|
|
Generation
|
—
|
—
|
—
|
—
|
—
|
394
|
—
|
394
|
Other2
|
47
|
5
|
—
|
53
|
41
|
(33)
|
317
|
430
|
Total other revenue
|
47
|
5
|
—
|
53
|
41
|
361
|
317
|
824
|
Total revenue from continuing operations
|
1,946
|
2,033
|
4,659
|
4,427
|
6,994
|
1,283
|
317
|
21,659
|
Geographical split for the year ended 31 March 2023
|
UK Electricity Transmission
£m
|
UK Electricity Distribution
£m
|
UK Electricity System Operator
£m
|
New
England
£m
|
New
York
£m
|
NGV
£m
|
Other
£m
|
Total
£m
|
Revenue under IFRS 15
|
|
|
|
|
|
|
|
|
UK
|
1,899
|
2,028
|
4,659
|
—
|
—
|
799
|
—
|
9,385
|
US
|
—
|
—
|
—
|
4,374
|
6,953
|
123
|
—
|
11,450
|
Total IFRS 15 revenue
|
1,899
|
2,028
|
4,659
|
4,374
|
6,953
|
922
|
—
|
20,835
|
Other revenue
|
|
|
|
|
|
|
|
|
UK
|
47
|
5
|
—
|
—
|
—
|
(31)
|
205
|
226
|
US
|
—
|
—
|
—
|
53
|
41
|
392
|
112
|
598
|
Total other revenue
|
47
|
5
|
—
|
53
|
41
|
361
|
317
|
824
|
Total revenue from continuing operations
|
1,946
|
2,033
|
4,659
|
4,427
|
6,994
|
1,283
|
317
|
21,659
|
Revenue
for the year ended
31 March 2022
|
UK Electricity Transmission
£m
|
UK Electricity Distribution
£m
|
UK Electricity System Operator
£m
|
New
England
£m
|
New
York
£m
|
NGV1
£m
|
Other1
£m
|
Total
£m
|
Revenue under IFRS 15
|
|
|
|
|
|
|
|
|
Transmission
|
1,983
|
—
|
—
|
52
|
405
|
627
|
—
|
3,067
|
Distribution
|
—
|
1,375
|
—
|
4,434
|
5,110
|
—
|
—
|
10,919
|
System Operator
|
—
|
—
|
3,418
|
—
|
—
|
—
|
—
|
3,418
|
Other2
|
35
|
89
|
19
|
10
|
10
|
147
|
—
|
310
|
Total IFRS 15 revenue
|
2,018
|
1,464
|
3,437
|
4,496
|
5,525
|
774
|
—
|
17,714
|
Other revenue
|
|
|
|
|
|
|
|
|
Generation
|
—
|
—
|
—
|
—
|
—
|
373
|
—
|
373
|
Other3
|
10
|
4
|
—
|
54
|
36
|
(123)
|
192
|
173
|
Total other revenue
|
10
|
4
|
—
|
54
|
36
|
250
|
192
|
546
|
Total revenue before exceptional items
and remeasurements
|
2,028
|
1,468
|
3,437
|
4,550
|
5,561
|
1,024
|
192
|
18,260
|
Exceptional items and remeasurements
|
—
|
—
|
—
|
—
|
—
|
|
189
|
189
|
Total revenue from continuing operations
|
2,028
|
1,468
|
3,437
|
4,550
|
5,561
|
1,024
|
381
|
18,449
|
Geographical
split for the year ended 31 March
2022
|
UK Electricity Transmission
£m
|
UK Electricity Distribution
£m
|
UK Electricity System Operator
£m
|
New
England
£m
|
New
York
£m
|
NGV1
£m
|
Other1
£m
|
Total
£m
|
Revenue under IFRS 15
|
|
|
|
|
|
|
|
|
UK
|
2,018
|
1,464
|
3,437
|
—
|
—
|
646
|
—
|
7,565
|
US
|
—
|
—
|
—
|
4,496
|
5,525
|
128
|
—
|
10,149
|
Total IFRS 15 revenue
|
2,018
|
1,464
|
3,437
|
4,496
|
5,525
|
774
|
—
|
17,714
|
Other revenue
|
|
|
|
|
|
|
|
|
UK
|
10
|
4
|
—
|
—
|
—
|
(132)
|
167
|
49
|
US
|
—
|
—
|
—
|
54
|
36
|
382
|
25
|
497
|
Total other revenue
|
10
|
4
|
—
|
54
|
36
|
250
|
192
|
546
|
Total revenue before exceptional items and
remeasurements
|
2,028
|
1,468
|
3,437
|
4,550
|
5,561
|
1,024
|
192
|
18,260
|
Exceptional items and remeasurements
|
—
|
—
|
—
|
—
|
—
|
|
189
|
189
|
Total revenue from continuing operations
|
2,028
|
1,468
|
3,437
|
4,550
|
5,561
|
1,024
|
381
|
18,449
|
|
2023
|
2022
|
|
£m
|
£m
|
Included within operating profit
|
|
|
Exceptional items:
|
|
|
Net
gain on disposal of NECO
|
511
|
—
|
Net
gain on disposal of Millennium Pipeline Company LLC
|
335
|
—
|
IFA
fire
|
130
|
—
|
Transaction,
separation and integration costs¹
|
(117)
|
(223)
|
Changes
in environmental provisions
|
176
|
—
|
Cost
efficiency programme
|
(100)
|
(42)
|
New
operating model implementation costs
|
—
|
(24)
|
Release
of St William Homes LLP deferred income
|
—
|
189
|
Net
gain on disposal of St William Homes LLP
|
—
|
228
|
Environmental
insurance recovery
|
—
|
38
|
|
935
|
166
|
Remeasurements – commodity contract derivatives
|
(350)
|
392
|
|
585
|
558
|
Included within finance income and costs
|
|
|
Remeasurements:
|
|
|
Net
gains on financing derivatives
|
82
|
74
|
Net
(losses)/gains on financial assets at fair value through profit and
loss
|
(28)
|
(15)
|
|
54
|
59
|
Included within share of post-tax results of joint ventures and
associates
|
|
|
Remeasurements – net losses on financial
instruments
|
(19)
|
(56)
|
Total included within profit before tax
|
620
|
561
|
Included within tax
|
|
|
Exceptional items – movements arising on items not included
in profit before tax:
|
|
|
Deferred
tax charge arising as a result of UK tax rate change
|
—
|
(458)
|
Tax on exceptional items
|
(316)
|
(28)
|
Tax on remeasurements
|
75
|
(103)
|
|
(241)
|
(589)
|
Total exceptional items and remeasurements after tax
|
379
|
(28)
|
Analysis of total exceptional items and remeasurements after
tax
|
|
|
Exceptional items after tax
|
619
|
(320)
|
Remeasurements after tax
|
(240)
|
292
|
Total exceptional items and remeasurements after tax
|
379
|
(28)
|
|
|
2023
|
2022
|
|
|
£m
|
£m
|
Finance income
|
|
|
|
Net interest income on pensions and other post-retirement benefit
obligations
|
|
85
|
—
|
Interest income on financial instruments:
|
|
|
|
Bank
deposits and other financial assets
|
|
80
|
32
|
Dividends
received on equities held at fair value through other comprehensive
income (FVOCI)
|
|
1
|
3
|
Other income
|
|
—
|
30
|
|
|
166
|
65
|
Finance costs
|
|
|
|
Net interest expense on pensions and other post-retirement benefit
obligations
|
|
—
|
—
|
Interest expense on financial liabilities held at amortised
cost:
|
|
|
|
Bank
loans and overdrafts
|
|
(328)
|
(216)
|
Other
borrowings1
|
|
(1,330)
|
(961)
|
Interest on derivatives
|
|
(170)
|
(59)
|
Unwinding of discount on provisions
|
|
(88)
|
(73)
|
Other interest
|
|
(13)
|
11
|
Less:
interest capitalised2
|
|
249
|
152
|
|
|
(1,680)
|
(1,146)
|
Remeasurements – Finance income
|
|
|
|
Net (losses)/gains on FVTPL financial assets
|
|
(28)
|
(15)
|
|
|
(28)
|
(15)
|
Remeasurements – Finance costs
|
|
|
|
Net gains on financing derivatives³:
|
|
|
|
Derivatives
designated as hedges for hedge accounting
|
|
22
|
45
|
Derivatives
not designated as hedges for hedge accounting
|
|
60
|
29
|
|
|
82
|
74
|
Total remeasurements – Finance income and costs
|
|
54
|
59
|
|
|
|
|
Finance income
|
|
138
|
50
|
Finance costs4
|
|
(1,598)
|
(1,072)
|
|
|
|
|
Net finance costs from continuing operations
|
|
(1,460)
|
(1,022)
|
|
2023
|
2022
|
|
£m
|
£m
|
Tax before exceptional items and remeasurements
|
635
|
669
|
Exceptional
tax on items not included in profit before tax (see note
4)
|
—
|
458
|
Tax on other exceptional items and remeasurements
|
241
|
131
|
Total tax reported within exceptional items and
remeasurements
|
241
|
589
|
Total tax charge from continuing operations
|
876
|
1,258
|
|
2023
|
2022
|
|
%
|
%
|
Before exceptional items and remeasurements – continuing
operations
|
21.4
|
23.2
|
After exceptional items and remeasurements – continuing
operations
|
24.4
|
36.6
|
|
2023
|
2022
|
|
£m
|
£m
|
Current tax:
|
|
|
UK
corporation tax at 19%
(2022: 19%)
|
161
|
255
|
UK
corporation tax adjustment in respect of prior years
|
—
|
(9)
|
|
161
|
246
|
Overseas
corporation tax
|
225
|
6
|
Overseas
corporation tax adjustment in respect of prior years
|
(16)
|
(26)
|
|
209
|
(20)
|
Total current tax from continuing operations
|
370
|
226
|
Deferred tax:
|
|
|
UK
deferred tax
|
255
|
605
|
UK
deferred tax adjustment in respect of prior years
|
13
|
(5)
|
|
268
|
600
|
Overseas
deferred tax
|
233
|
425
|
Overseas
deferred tax adjustment in respect of prior years
|
5
|
7
|
|
238
|
432
|
Total deferred tax from continuing operations
|
506
|
1,032
|
|
|
|
Total tax charge from continuing operations
|
876
|
1,258
|
|
Earnings
|
EPS
|
Earnings
|
EPS
|
|
2023
|
2023
|
2022
|
2022
|
|
£m
|
pence
|
£m
|
pence
|
Adjusted earnings from continuing operations
|
2,335
|
63.8
|
2,210
|
61.4
|
Exceptional
items and remeasurements after tax from
continuing operations
(see
note 4)
|
379
|
10.4
|
(28)
|
(0.8)
|
Earnings from continuing operations
|
2,714
|
74.2
|
2,182
|
60.6
|
Adjusted
earnings from discontinued operations (see note 9)
|
320
|
8.7
|
344
|
9.6
|
Exceptional items and remeasurements after tax from
discontinued operations
|
4,763
|
130.2
|
(173)
|
(4.8)
|
Earnings from discontinued operations
|
5,083
|
138.9
|
171
|
4.8
|
Total adjusted earnings
|
2,655
|
72.5
|
2,554
|
71.0
|
Total exceptional items and remeasurements after tax
(including discontinued operations)
|
5,142
|
140.6
|
(201)
|
(5.6)
|
Total earnings
|
7,797
|
213.1
|
2,353
|
65.4
|
|
|
|
|
|
|
|
2023
|
|
2022
|
|
|
millions
|
|
millions
|
Weighted average number of ordinary shares –
basic
|
|
3,659
|
|
3,599
|
|
Earnings
|
EPS
|
Earnings
|
EPS
|
|
2023
|
2023
|
2022
|
2022
|
|
£m
|
pence
|
£m
|
pence
|
Adjusted earnings from continuing operations
|
2,335
|
63.5
|
2,210
|
61.1
|
Exceptional
items and remeasurements after tax from
continuing operations
(see
note 4)
|
379
|
10.3
|
(28)
|
(0.8)
|
Earnings from continuing operations
|
2,714
|
73.8
|
2,182
|
60.3
|
Adjusted earnings from discontinued operations
|
320
|
8.7
|
344
|
9.5
|
Exceptional
items and remeasurements after tax from
discontinued operations
(see
note 9)
|
4,763
|
129.6
|
(173)
|
(4.8)
|
Earnings from discontinued operations
|
5,083
|
138.3
|
171
|
4.7
|
Total adjusted earnings
|
2,655
|
72.2
|
2,554
|
70.6
|
Total exceptional items and remeasurements after tax
(including discontinued operations)
|
5,142
|
139.9
|
(201)
|
(5.6)
|
Total earnings
|
7,797
|
212.1
|
2,353
|
65.0
|
|
|
|
|
|
|
|
2023
|
|
2022
|
|
|
millions
|
|
millions
|
Weighted average number of ordinary shares –
diluted
|
|
3,676
|
|
3,616
|
|
2023
|
|
2022
|
||||
|
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
|
1,443
|
—
|
1,443
|
|
—
|
—
|
—
|
FAA derivative
|
—
|
(109)
|
(109)
|
|
—
|
—
|
—
|
The Narragansett Electric Company
|
—
|
—
|
—
|
|
4,129
|
(1,658)
|
2,471
|
UK Gas Transmission
|
—
|
—
|
—
|
|
5,871
|
(5,530)
|
341
|
Net assets held for sale
|
1,443
|
(109)
|
1,334
|
|
10,000
|
(7,188)
|
2,812
|
|
|
£m
|
Goodwill
|
|
616
|
Intangible assets
|
|
4
|
Property, plant and equipment
|
|
3,363
|
Trade and other receivables
|
|
215
|
Cash and cash equivalents
|
|
113
|
Other assets
|
|
165
|
Total assets on disposal
|
|
4,476
|
Borrowings
|
|
(1,230)
|
Pension liabilities
|
|
(19)
|
Other liabilities
|
|
(552)
|
Total liabilities on disposal
|
|
(1,801)
|
Net assets on disposal
|
|
2,675
|
|
|
|
Satisfied by:
|
|
|
Cash
proceeds
|
|
3,081
|
Total consideration received
|
|
3,081
|
Less:
|
|
|
Financing
costs1
|
|
(40)
|
Gain on sale before tax and reclassification of foreign currency
translation reserve
|
|
366
|
Reclassification
of foreign currency translation reserve2
|
|
145
|
Tax3
|
|
(231)
|
Post-tax gain on disposal
|
|
280
|
|
|
2023
|
|
|
£m
|
Intangible assets
|
|
180
|
Property, plant and equipment
|
|
4,981
|
Trade and other receivables
|
|
458
|
Pension assets
|
|
341
|
Cash and cash equivalents
|
|
5
|
Financing derivatives
|
|
96
|
Other assets
|
|
338
|
Total assets
|
|
6,399
|
Borrowings
|
|
(4,276)
|
Deferred tax liabilities
|
|
(800)
|
Other liabilities
|
|
(711)
|
Total liabilities
|
|
(5,787)
|
Net assets on disposal
|
|
612
|
|
|
|
Satisfied by:
|
|
|
Cash
proceeds
|
|
4,032
|
Associate
at fair value
|
|
1,443
|
Total consideration received
|
|
5,475
|
Less:
|
|
|
Transaction
costs
|
|
(60)
|
Gain on disposal
|
|
4,803
|
|
Before exceptional items
and remeasurements
|
|
Exceptional items
and remeasurements
|
|
Total
|
|||
|
2023
|
2022
|
|
2023
|
2022
|
|
2023
|
2022
|
|
£m
|
£m
|
|
£m
|
£m
|
|
£m
|
£m
|
Discontinued operations
|
|
|
|
|
|
|
|
|
Revenue
|
1,604
|
1,362
|
|
—
|
—
|
|
1,604
|
1,362
|
Other operating costs
|
(890)
|
(708)
|
|
1
|
(17)
|
|
(889)
|
(725)
|
Operating profit
|
714
|
654
|
|
1
|
(17)
|
|
715
|
637
|
Finance income
|
15
|
—
|
|
6
|
—
|
|
21
|
—
|
Finance
costs1
|
(310)
|
(218)
|
|
(53)
|
(12)
|
|
(363)
|
(230)
|
Profit before tax
|
419
|
436
|
|
(46)
|
(29)
|
|
373
|
407
|
Tax2
|
(99)
|
(92)
|
|
6
|
(144)
|
|
(93)
|
(236)
|
Profit after tax from
discontinued operations
|
320
|
344
|
|
(40)
|
(173)
|
|
280
|
171
|
Gain on disposal
|
—
|
—
|
|
4,803
|
—
|
|
4,803
|
—
|
Total profit after tax from
discontinued operations
|
320
|
344
|
|
4,763
|
(173)
|
|
5,083
|
171
|
|
2023
|
2022
|
|
£m
|
£m
|
Profit after tax from discontinued operations
|
5,083
|
171
|
Other comprehensive (loss)/income from discontinued
operations
|
|
|
Items from discontinued operations that will never be reclassified
to profit or loss:
|
|
|
Remeasurement
(losses)/gains on pension assets and post-retirement benefit
obligations
|
(313)
|
309
|
Net
losses on financial liability designated at fair value through
profit and loss attributable
to changes in own credit risk
|
—
|
(1)
|
Tax
on items that will never be reclassified to profit or
loss
|
78
|
(94)
|
Total (losses)/gains from discontinued operations that will never
be reclassified to profit or loss
|
(235)
|
214
|
Items from discontinued operations that may be reclassified
subsequently to profit or loss:
|
|
|
Net
gains in respect of cash flow hedges
|
6
|
1
|
Net
gains/(losses) in respect of cost of hedging
|
4
|
(4)
|
Tax
on items that may be reclassified subsequently to profit or
loss
|
(2)
|
—
|
Total gains/(losses) from discontinued operations that may be
reclassified subsequently
to profit or loss
|
8
|
(3)
|
Other comprehensive (loss)/income for the year, net of tax from
discontinued operations
|
(227)
|
211
|
Total comprehensive income for the year from discontinued
operations
|
4,856
|
382
|
|
UK pensions
|
|
US pensions
|
|
US other
post-retirement benefits
|
|||
|
2023
|
2022
|
|
2023
|
2022
|
|
2023
|
2022
|
|
%
|
%
|
|
%
|
%
|
|
%
|
%
|
Discount rate – past service
|
4.80
|
2.78
|
|
4.85
|
3.65
|
|
4.85
|
3.65
|
Discount rate – future service
|
4.80
|
2.85
|
|
4.85
|
3.65
|
|
4.85
|
3.65
|
Rate of increase in RPI – past service
|
3.17
|
3.60
|
|
n/a
|
n/a
|
|
n/a
|
n/a
|
Rate of increase in RPI – future service
|
3.07
|
3.33
|
|
n/a
|
n/a
|
|
n/a
|
n/a
|
Salary increases
|
3.11
|
3.47
|
|
4.50
|
4.60
|
|
4.50
|
4.60
|
Initial healthcare cost trend rate
|
n/a
|
n/a
|
|
n/a
|
n/a
|
|
6.80
|
6.80
|
Ultimate healthcare cost trend rate
|
n/a
|
n/a
|
|
n/a
|
n/a
|
|
4.50
|
4.50
|
|
2023
|
2022
|
|
£m
|
£m
|
Cash and cash equivalents
|
163
|
204
|
Current financial investments
|
2,605
|
3,145
|
Borrowings
|
(42,985)
|
(45,465)
|
Financing derivatives¹
|
(756)
|
(693)
|
|
(40,973)
|
(42,809)
|
|
2023
|
2022
|
|
£m
|
£m
|
(Decrease)/increase in cash and cash equivalents
|
(48)
|
9
|
(Decrease)/increase
in financial investments1
|
(651)
|
752
|
Decrease/(increase) in borrowings
|
5,268
|
(9,993)
|
Increase
in related derivatives2
|
455
|
262
|
Change in debt resulting from cash flows
|
5,024
|
(8,970)
|
Changes in fair value of financial assets and liabilities and
exchange movements
|
(1,242)
|
(924)
|
Net interest charge on the components of net debt
|
(1,755)
|
(1,193)
|
Other non-cash movements
|
(283)
|
19
|
Movement in net debt (net of related derivative financial
instruments) in the year
|
1,744
|
(11,068)
|
Net debt (net of related derivative financial instruments) at start
of year
|
(42,809)
|
(28,546)
|
Reclassification to held for sale
|
92
|
4,952
|
Acquisition of NGED
|
—
|
(8,147)
|
Net debt (net of related derivative financial instruments) at end
of year
|
(40,973)
|
(42,809)
|
|
2023
|
|
2022
|
||
|
Borrowings
and other
£m
|
Financing
derivatives
£m
|
|
Borrowings
and other
£m
|
Financing
derivatives
£m
|
Cash flows per financing activities section of cash flow
statement:
|
|
|
|
|
|
Proceeds
received from loans
|
11,908
|
—
|
|
12,347
|
—
|
Repayment
of loans
|
(15,260)
|
—
|
|
(1,261)
|
—
|
Payments
of lease liabilities
|
(155)
|
—
|
|
(117)
|
—
|
Net
movements in short-term borrowings
|
(511)
|
—
|
|
(11)
|
—
|
Cash
inflows on derivatives
|
—
|
190
|
|
—
|
20
|
Cash
outflows on derivatives
|
—
|
(118)
|
|
—
|
(114)
|
Interest
paid
|
(1,277)
|
(153)
|
|
(998)
|
(55)
|
Cash flows per financing activities section of cash flow
statement
|
(5,295)
|
(81)
|
|
9,960
|
(149)
|
Adjustments:
|
|
|
|
|
|
Non-net
debt-related items
|
27
|
—
|
|
33
|
—
|
Derivative
cash (outflow)/inflow in relation to capital
expenditure
|
—
|
(12)
|
|
—
|
(8)
|
Derivative
cash inflows per investing section of cash flow
statement
|
—
|
—
|
|
—
|
17
|
Derivative cash
outflows per investing section of cash flow statement
|
—
|
(362)
|
|
—
|
(122)
|
Cash flows relating to financing liabilities within net
debt
|
(5,268)
|
(455)
|
|
9,993
|
(262)
|
|
|
|
|
|
|
Analysis of changes in net debt:
|
|
|
|
|
|
Borrowings
|
(5,268)
|
—
|
|
9,993
|
—
|
Financing
derivatives
|
—
|
(455)
|
|
—
|
(262)
|
Cash flow movements relating to financing liabilities within net
debt
|
(5,268)
|
(455)
|
|
9,993
|
(262)
|
|
2023
|
|
2022
|
||||
Year ended 31 March
|
Gross revenue1
|
Pass-
through
costs
|
Net revenue
|
|
Gross revenue
|
Pass-
through
costs
|
Net revenue
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
UK Electricity Transmission
|
1,987
|
(217)
|
1,770
|
|
2,035
|
(152)
|
1,883
|
UK Electricity Distribution
|
2,045
|
(418)
|
1,627
|
|
1,482
|
(125)
|
1,357
|
UK Electricity System Operator
|
4,690
|
(4,152)
|
538
|
|
3,455
|
(3,215)
|
240
|
New England
|
4,427
|
(2,095)
|
2,332
|
|
4,550
|
(2,050)
|
2,500
|
New York
|
6,994
|
(2,957)
|
4,037
|
|
5,561
|
(2,161)
|
3,400
|
National Grid Ventures
|
1,341
|
—
|
1,341
|
|
1,024
|
—
|
1,024
|
Other
|
317
|
—
|
317
|
|
192
|
—
|
192
|
Sales between segments
|
(142)
|
—
|
(142)
|
|
(39)
|
—
|
(39)
|
Total – continuing operations
|
21,659
|
(9,839)
|
11,820
|
|
18,260
|
(7,703)
|
10,557
|
Discontinued operations
|
1,604
|
(658)
|
946
|
|
1,362
|
(397)
|
965
|
Total
|
23,263
|
(10,497)
|
12,766
|
|
19,622
|
(8,100)
|
11,522
|
Year ended 31 March 2023
|
Statutory
£m
|
Exceptionals and remeasurements
£m
|
Adjusted
£m
|
Timing
£m
|
Major storm costs
£m
|
Underlying
£m
|
UK Electricity Transmission
|
993
|
2
|
995
|
112
|
—
|
1,107
|
UK Electricity Distribution
|
1,069
|
22
|
1,091
|
139
|
—
|
1,230
|
UK Electricity System Operator
|
237
|
1
|
238
|
(207)
|
—
|
31
|
New England
|
1,132
|
(424)
|
708
|
39
|
72
|
819
|
New York
|
541
|
200
|
741
|
(53)
|
186
|
874
|
National Grid Ventures
|
957
|
(467)
|
490
|
—
|
—
|
490
|
Other
|
(50)
|
81
|
31
|
—
|
—
|
31
|
Total operating profit
|
4,879
|
(585)
|
4,294
|
30
|
258
|
4,582
|
Net finance costs
|
(1,460)
|
(54)
|
(1,514)
|
—
|
—
|
(1,514)
|
Share of post-tax results of joint ventures
and associates
|
171
|
19
|
190
|
—
|
—
|
190
|
Profit before tax
|
3,590
|
(620)
|
2,970
|
30
|
258
|
3,258
|
Tax
|
(876)
|
241
|
(635)
|
(4)
|
(70)
|
(709)
|
Profit after tax
|
2,714
|
(379)
|
2,335
|
26
|
188
|
2,549
|
Year ended 31 March 2022
|
Statutory
£m
|
Exceptionals and remeasurements
£m
|
Adjusted
£m
|
Timing
£m
|
Major storm costs
£m
|
Underlying
£m
|
UK Electricity Transmission
|
1,055
|
12
|
1,067
|
85
|
—
|
1,152
|
UK Electricity Distribution
|
909
|
—
|
909
|
(22)
|
—
|
887
|
UK Electricity System Operator
|
5
|
2
|
7
|
47
|
—
|
54
|
New England
|
764
|
(21)
|
743
|
32
|
111
|
886
|
New York
|
1,095
|
(315)
|
780
|
(126)
|
52
|
706
|
National Grid Ventures
|
283
|
3
|
286
|
—
|
—
|
286
|
Other
|
260
|
(239)
|
21
|
—
|
—
|
21
|
Total operating profit
|
4,371
|
(558)
|
3,813
|
16
|
163
|
3,992
|
Net finance costs
|
(1,022)
|
(59)
|
(1,081)
|
—
|
—
|
(1,081)
|
Share of post-tax results of joint ventures
and associates
|
92
|
56
|
148
|
—
|
—
|
148
|
Profit before tax
|
3,441
|
(561)
|
2,880
|
16
|
163
|
3,059
|
Tax
|
(1,258)
|
589
|
(669)
|
3
|
(42)
|
(708)
|
Profit after tax
|
2,183
|
28
|
2,211
|
19
|
121
|
2,351
|
|
|
|
At constant currency
|
||||
Year ended 31 March 2022
|
Adjusted
at actual exchange rate
|
|
Constant currency adjustment
|
Adjusted
|
Timing
|
Major storm costs
|
Underlying
|
£m
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
UK Electricity Transmission
|
1,067
|
|
—
|
1,067
|
85
|
—
|
1,152
|
UK Electricity Distribution
|
909
|
|
—
|
909
|
(22)
|
—
|
887
|
UK Electricity System Operator
|
7
|
|
—
|
7
|
47
|
—
|
54
|
New England
|
743
|
|
81
|
824
|
35
|
123
|
982
|
New York
|
780
|
|
85
|
865
|
(140)
|
58
|
783
|
National Grid Ventures
|
286
|
|
5
|
291
|
—
|
—
|
291
|
Other
|
21
|
|
1
|
22
|
—
|
—
|
22
|
Total operating profit
|
3,813
|
|
172
|
3,985
|
5
|
181
|
4,171
|
Net finance costs
|
(1,081)
|
|
(55)
|
(1,136)
|
—
|
—
|
(1,136)
|
Share of post-tax results of joint ventures
and associates
|
148
|
|
4
|
152
|
—
|
—
|
152
|
Profit before tax
|
2,880
|
|
121
|
3,001
|
5
|
181
|
3,187
|
Tax
|
(669)
|
|
(32)
|
(701)
|
6
|
(47)
|
(742)
|
Profit after tax
|
2,211
|
|
89
|
2,300
|
11
|
134
|
2,445
|
Attributable to non-controlling interests
|
(1)
|
|
—
|
(1)
|
—
|
—
|
(1)
|
Earnings
|
2,210
|
|
89
|
2,299
|
11
|
134
|
2,444
|
Earnings per share (pence)
|
61.4
|
|
2.5
|
63.9
|
0.3
|
3.7
|
67.9
|
Year ended 31 March 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
|
2,714
|
—
|
2,714
|
3,659
|
74.2
|
Adjusted
|
2,335
|
—
|
2,335
|
3,659
|
63.8
|
Underlying
|
2,549
|
—
|
2,549
|
3,659
|
69.7
|
Year ended 31 March 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
|
Statutory
|
2,183
|
(1)
|
2,182
|
3,599
|
60.6
|
Adjusted
|
2,211
|
(1)
|
2,210
|
3,599
|
61.4
|
Underlying
|
2,351
|
(1)
|
2,350
|
3,599
|
65.3
|
|
Adjusted
|
|
Underlying
|
||
|
2023
|
2022
|
|
2023
|
2022
|
|
£m
|
£m
|
|
£m
|
£m
|
Continuing operations
|
|
|
|
|
|
Adjusted operating profit
|
4,294
|
3,813
|
|
4,582
|
3,992
|
Adjusted net finance costs
|
(1,514)
|
(1,081)
|
|
(1,514)
|
(1,081)
|
Share of post-tax results of joint ventures and
associates
|
190
|
148
|
|
190
|
148
|
Adjusted profit before tax
|
2,970
|
2,880
|
|
3,258
|
3,059
|
Adjusted tax
|
(635)
|
(669)
|
|
(709)
|
(708)
|
Adjusted profit after tax
|
2,335
|
2,211
|
|
2,549
|
2,351
|
Attributable to non-controlling interests
|
—
|
(1)
|
|
—
|
(1)
|
Adjusted earnings from continuing operations
|
2,335
|
2,210
|
|
2,549
|
2,350
|
Exceptional items after tax
|
619
|
(320)
|
|
619
|
(320)
|
Remeasurements after tax
|
(240)
|
292
|
|
(240)
|
292
|
Earnings from continuing operations
|
2,714
|
2,182
|
|
2,928
|
2,322
|
|
|
|
|
|
|
|
Including timing and
major storm costs
|
|
Excluding timing and
major storm costs
|
||
|
2023
|
2022
|
|
2023
|
2022
|
|
£m
|
£m
|
|
£m
|
£m
|
Discontinued operations
|
|
|
|
|
|
Adjusted operating profit
|
714
|
654
|
|
702
|
734
|
Adjusted net finance costs
|
(295)
|
(218)
|
|
(295)
|
(218)
|
Share of post-tax results of joint ventures and
associates
|
—
|
—
|
|
—
|
—
|
Adjusted profit before tax
|
419
|
436
|
|
407
|
516
|
Adjusted tax
|
(99)
|
(92)
|
|
(97)
|
(107)
|
Adjusted profit after tax
|
320
|
344
|
|
310
|
409
|
Attributable to non-controlling interests
|
—
|
—
|
|
—
|
—
|
Adjusted earnings from discontinued operations
|
320
|
344
|
|
310
|
409
|
Exceptional items and gain on disposal after tax
|
4,811
|
(163)
|
|
4,811
|
(163)
|
Remeasurements after tax
|
(48)
|
(10)
|
|
(48)
|
(10)
|
Earnings from discontinued operations
|
5,083
|
171
|
|
5,073
|
236
|
|
|
|
|
|
|
Total Group (continuing and discontinued operations)
|
|
|
|
|
|
Adjusted operating profit
|
5,008
|
4,467
|
|
5,284
|
4,726
|
Adjusted net finance costs
|
(1,809)
|
(1,299)
|
|
(1,809)
|
(1,299)
|
Share of post-tax results of joint ventures and
associates
|
190
|
148
|
|
190
|
148
|
Adjusted profit before tax
|
3,389
|
3,316
|
|
3,665
|
3,575
|
Adjusted tax
|
(734)
|
(761)
|
|
(806)
|
(815)
|
Adjusted profit after tax
|
2,655
|
2,555
|
|
2,859
|
2,760
|
Attributable to non-controlling interests
|
—
|
(1)
|
|
—
|
(1)
|
Adjusted earnings from continuing and discontinued
operations
|
2,655
|
2,554
|
|
2,859
|
2,759
|
Exceptional items after tax
|
5,430
|
(483)
|
|
5,430
|
(483)
|
Remeasurements after tax
|
(288)
|
282
|
|
(288)
|
282
|
Total Group earnings from continuing and discontinued
operations
|
7,797
|
2,353
|
|
8,001
|
2,558
|
|
Including timing
and major storm costs
|
|
Excluding timing
and major storm costs
|
||
|
2023
|
2022
|
|
2023
|
2022
|
Year ended 31 March
|
pence
|
pence
|
|
pence
|
pence
|
Adjusted EPS from continuing operations
|
63.8
|
61.4
|
|
69.7
|
65.3
|
Exceptional items and remeasurements after tax from continuing
operations
|
10.4
|
(0.8)
|
|
10.4
|
(0.8)
|
EPS from continuing operations
|
74.2
|
60.6
|
|
80.1
|
64.5
|
Adjusted EPS from discontinued operations
|
8.7
|
9.6
|
|
8.5
|
11.4
|
Exceptional items and remeasurements after tax from discontinued
operations
|
130.2
|
(4.8)
|
|
130.2
|
(4.8)
|
EPS from discontinued operations
|
138.9
|
4.8
|
|
138.7
|
6.6
|
Total adjusted EPS from continuing and discontinued
operations
|
72.5
|
71.0
|
|
78.2
|
76.7
|
Total exceptional items and remeasurements after tax from
continuing and discontinued operations
|
140.6
|
(5.6)
|
|
140.6
|
(5.6)
|
Total Group EPS from continuing and discontinued
operations
|
213.1
|
65.4
|
|
218.8
|
71.1
|
|
UK
Electricity Transmission
£m
|
UK
Electricity Distribution
£m
|
UK
Electricity System Operator
£m
|
New
England
£m
|
New
York
£m
|
Continuing
£m
|
Discontinued
£m
|
Total
£m
|
1 April
2022 opening balance1
|
(95)
|
22
|
(129)
|
(343)
|
656
|
111
|
(160)
|
(49)
|
(Under)/over-recovery
|
(112)
|
(139)
|
207
|
(39)
|
53
|
(30)
|
12
|
(18)
|
Disposals
|
—
|
—
|
—
|
(17)
|
—
|
(17)
|
148
|
131
|
31 March 2023 closing balance
to (recover)/return2
|
(207)
|
(117)
|
78
|
(399)
|
709
|
64
|
—
|
64
|
|
UK
Electricity Transmission
£m
|
UK
Electricity Distribution
£m
|
UK
Electricity System Operator
£m
|
New
England
£m
|
New
York
£m
|
Continuing
£m
|
Discontinued
£m
|
Total
£m
|
1 April
2021 opening balance1
|
—
|
—
|
(80)
|
(295)
|
516
|
141
|
(76)
|
65
|
(Under)/over-recovery
|
(85)
|
22
|
(47)
|
(35)
|
140
|
(5)
|
(80)
|
(85)
|
31 March 2022 closing balance
to (recover)/return2,3
|
(85)
|
22
|
(127)
|
(330)
|
656
|
136
|
(156)
|
(20)
|
|
At actual exchange rates
|
|
At constant currency
|
||||
Year ended 31 March
|
2023
|
2022
|
%
|
|
2023
|
2022
|
%
|
£m
|
£m
|
change
|
|
£m
|
£m
|
change
|
|
UK Electricity Transmission
|
1,303
|
1,195
|
9
|
|
1,303
|
1,195
|
9
|
UK Electricity Distribution
|
1,220
|
899
|
36
|
|
1,220
|
899
|
36
|
UK Electricity System Operator
|
108
|
108
|
—
|
|
108
|
108
|
—
|
New
England1
|
1,677
|
1,561
|
7
|
|
1,677
|
1,731
|
(3)
|
New York
|
2,454
|
1,960
|
25
|
|
2,454
|
2,174
|
13
|
National Grid Ventures
|
709
|
452
|
57
|
|
709
|
456
|
55
|
Other
|
13
|
10
|
30
|
|
13
|
10
|
30
|
Group capital expenditure – continuing1
|
7,484
|
6,185
|
21
|
|
7,484
|
6,573
|
14
|
Equity
investment, funding contributions and loans to joint ventures
and associates2
|
197
|
461
|
(57)
|
|
197
|
512
|
(62)
|
Investments in financial assets (National Grid
Partners)
|
59
|
93
|
(37)
|
|
59
|
103
|
(43)
|
Group capital investment – continuing1
|
7,740
|
6,739
|
15
|
|
7,740
|
7,188
|
8
|
Discontinued operations
|
301
|
261
|
15
|
|
301
|
261
|
15
|
Group capital investment – total
|
8,041
|
7,000
|
15
|
|
8,041
|
7,449
|
8
|
Year ended 31 March
|
2023
|
2022¹
|
£m
|
£m
|
|
Interest expense (income statement)
|
1,680
|
1,146
|
Hybrid interest reclassified as dividend
|
(39)
|
(38)
|
Capitalised interest
|
249
|
152
|
Pensions interest adjustment
|
11
|
11
|
Unwinding of discount on provisions
|
(88)
|
(73)
|
Pension interest
|
85
|
—
|
Interest charge (discontinued operations)
|
—
|
218
|
Adjusted interest expense
|
1,898
|
1,416
|
Net cash inflow from operating activities
|
6,343
|
5,490
|
Interest received on financial instruments
|
65
|
40
|
Interest paid on financial instruments
|
(1,430)
|
(1,053)
|
Dividends received
|
190
|
166
|
Working capital adjustment
|
(286)
|
(361)
|
Excess employer pension contributions
|
116
|
99
|
Hybrid interest reclassified as dividend
|
39
|
38
|
Add back accretions
|
483
|
241
|
Difference in net interest expense in income statement to cash
flow
|
(395)
|
(177)
|
Difference in current tax in income statement to cash
flow
|
(281)
|
72
|
Current tax related to prior periods
|
—
|
(35)
|
Cash flow from discontinued operations
|
555
|
668
|
Other fair value adjustments
|
—
|
—
|
Funds from operations (FFO)
|
5,399
|
5,188
|
FFO interest cover ((FFO + adjusted interest expense)/adjusted
interest expense)
|
3.8x
|
4.7x
|
Year ended 31 March
|
2023
|
20221
|
£m
|
£m
|
|
Funds from operations (FFO)
|
5,399
|
5,188
|
Hybrid interest reclassified as dividend
|
(39)
|
(38)
|
Ordinary dividends paid to shareholders
|
(1,607)
|
(922)
|
RCF
|
3,753
|
4,228
|
Borrowings
|
42,985
|
45,465
|
Less:
|
|
|
50%
hybrid debt
|
(1,049)
|
(1,027)
|
Cash
and cash equivalents
|
(126)
|
(190)
|
Financial
and other investments
|
(1,764)
|
(2,292)
|
Underfunded pension obligations
|
292
|
326
|
Borrowings in held for sale
|
—
|
5,234
|
Adjusted net debt (includes pension deficit)
|
40,338
|
47,516
|
RCF/adjusted net debt
|
9.3%
|
8.9%
|
Year ended 31 March
|
2023
|
2022
|
£m
|
£m
|
|
Adjusted operating profit
|
995
|
1,067
|
Movement in regulatory ‘IOUs’
|
107
|
82
|
Deferred taxation adjustment
|
73
|
26
|
RAV indexation – 2% CPIH long-run inflation
|
309
|
287
|
Regulatory vs IFRS depreciation difference
|
(536)
|
(433)
|
Fast money/other
|
37
|
(44)
|
Pensions
|
(44)
|
(42)
|
Performance RAV created
|
68
|
75
|
Regulated financial performance
|
1,009
|
1,018
|
Year ended 31 March
|
2023
|
2022
|
£m
|
£m
|
|
Adjusted operating profit
|
238
|
7
|
Movement in regulatory ‘IOUs’
|
(223)
|
31
|
Deferred taxation adjustment
|
(4)
|
(4)
|
RAV indexation – 2% CPIH long-run inflation
|
7
|
5
|
Regulatory vs IFRS depreciation difference
|
32
|
27
|
Fast money/other
|
(2)
|
(24)
|
Pensions
|
(11)
|
(10)
|
Performance RAV created
|
—
|
—
|
Regulated financial performance
|
37
|
32
|
Year ended 31 March
|
2023
|
2022
|
£m
|
£m
|
|
Adjusted operating profit
|
714
|
654
|
Less non-regulated profits
|
(129)
|
(150)
|
Movement in regulatory ‘IOUs’
|
(24)
|
72
|
Deferred taxation adjustment
|
28
|
13
|
RAV indexation – 2% CPIH long-run inflation
|
109
|
126
|
Regulatory vs IFRS depreciation difference
|
(331)
|
(281)
|
Fast money/other
|
(1)
|
(4)
|
Pensions
|
(9)
|
—
|
Performance RAV created
|
5
|
3
|
Regulated financial performance
|
362
|
433
|
Year ended 31 March
|
2023
|
2022
|
£m
|
£m
|
|
Adjusted operating profit
|
708
|
743
|
Major storm costs
|
72
|
111
|
Timing
|
39
|
32
|
Depreciation
adjustment1
|
(18)
|
(67)
|
US GAAP pension adjustment
|
34
|
11
|
Regulated financial performance
|
835
|
830
|
Year ended 31 March
|
2023
|
2022
|
£m
|
£m
|
|
Adjusted operating profit
|
741
|
780
|
Provision for bad and doubtful debts (COVID-19), net of
recoveries¹
|
(21)
|
—
|
Major storm costs
|
186
|
52
|
Timing
|
(53)
|
(126)
|
US GAAP pension adjustment
|
11
|
66
|
Regulated financial performance
|
864
|
772
|
|
RAV, rate base or other business balances
|
|
Total regulated
and other balances
|
||
As at 31 March
(£m at constant currency)
|
2023
|
2022¹
|
|
20232,3
|
20221,2,3
|
UK Electricity Transmission
|
17,072
|
15,471
|
|
16,912
|
15,242
|
UK Electricity Distribution
|
10,773
|
9,248
|
|
10,756
|
9,299
|
UK Electricity System Operator
|
360
|
297
|
|
282
|
442
|
UK Gas Transmission (excluding metering)
|
—
|
6,561
|
|
—
|
6,669
|
New England
|
7,907
|
9,860
|
|
10,080
|
11,774
|
New York
|
15,131
|
13,768
|
|
16,184
|
14,646
|
Total regulated
|
51,243
|
55,205
|
|
54,214
|
58,072
|
National Grid Ventures and other businesses (including discontinued
metering business in 2022)
|
6,604
|
5,374
|
|
6,712
|
4,566
|
Total Group regulated and other balances
|
57,847
|
60,579
|
|
60,926
|
62,638
|
Year ended 31 March
|
2023
|
2022
|
£m
|
£m
|
|
Regulated financial performance
|
3,952
|
3,684
|
Operating profit of other activities – continuing
operations
|
595
|
330
|
Operating profit of other activities – discontinued
operations
|
113
|
150
|
Group financial performance
|
4,660
|
4,164
|
Share
of post-tax results of joint ventures and associates1
|
202
|
148
|
Non-controlling interests
|
—
|
(1)
|
Adjusted total Group interest charge (including
discontinued)
|
(1,546)
|
(1,191)
|
Total Group tax charge (including discontinued)
|
(734)
|
(761)
|
Tax on adjustments
|
7
|
43
|
Total Group financial performance after interest and
tax
|
2,589
|
2,402
|
Opening rate base/RAV
|
55,558
|
41,043
|
Opening other balances
|
5,410
|
4,864
|
Opening goodwill
|
12,253
|
5,266
|
Opening capital employed
|
73,221
|
51,173
|
Opening net debt
|
(49,691)
|
(30,072)
|
Opening equity
|
23,530
|
21,101
|
Group RoE
|
11.0%
|
11.4%
|
Year ended 31 March
|
Regulatory Debt:
Equity assumption
|
|
Achieved Return
on Equity
|
|
Base or Allowed
Return on Equity
|
||
|
2023
%
|
2022
%
|
|
2023
%
|
2022
%
|
||
UK Electricity Transmission
|
55/45
|
|
7.5
|
7.7
|
|
6.3
|
6.3
|
UK Electricity Distribution
|
65/35
|
|
13.2
|
13.6
|
|
9.6
|
9.6
|
UK Gas Transmission
|
60/40
|
|
7.8
|
7.8
|
|
6.6
|
6.6
|
New England
|
Avg. 45/55
|
|
8.3
|
8.3
|
|
9.9
|
9.8
|
New York
|
Avg. 52/48
|
|
8.6
|
8.8
|
|
8.9
|
8.9
|
|
2023
|
2022
|
|
£m
|
£m
|
Underlying IFRS operating profit for New England
segment
|
819
|
886
|
Underlying IFRS operating profit for New York segment
|
874
|
706
|
Weighted average £/$ exchange rate
|
$1.216
|
$1.348
|
|
New England
|
|
New York
|
||
|
2023
|
2022
|
|
2023
|
2022
|
|
$m
|
$m
|
|
$m
|
$m
|
Underlying IFRS operating profit for US segments
|
995
|
1,194
|
|
1,060
|
951
|
Adjustments to convert to US GAAP as applied in our
US OpCo entities
|
|
|
|
|
|
Adjustment in respect of customer contributions
|
(26)
|
(35)
|
|
(34)
|
(30)
|
Pension
accounting differences1
|
39
|
14
|
|
12
|
88
|
Environmental charges recorded under US GAAP
|
(3)
|
3
|
|
58
|
42
|
Storm costs and recoveries recorded under US GAAP
|
(54)
|
(75)
|
|
(39)
|
(8)
|
Removal of partial year Rhode Island in year of
disposal
|
(65)
|
—
|
|
—
|
—
|
Other regulatory deferrals, amortisation and other
items
|
(217)
|
(253)
|
|
86
|
46
|
Results for US regulated OpCo entities, aggregated under
US GAAP2
|
669
|
848
|
|
1,143
|
1,089
|
Adjustments to determine regulatory operating profit used in
US RoE
|
|
|
|
|
|
Adjustment
for COVID-19-related provision for bad and doubtful
debts3
|
—
|
—
|
|
(171)
|
—
|
Net other
|
113
|
71
|
|
171
|
85
|
Regulatory operating profit
|
782
|
919
|
|
1,143
|
1,174
|
Pensions1
|
(17)
|
7
|
|
219
|
107
|
Regulatory interest charge
|
(176)
|
(227)
|
|
(339)
|
(316)
|
Regulatory tax charge
|
(159)
|
(179)
|
|
(279)
|
(263)
|
Regulatory earnings used to determine US RoE
|
430
|
520
|
|
744
|
702
|
|
New England
|
|
New York
|
||
|
2023
|
2022
|
|
2023
|
2022
|
|
$m
|
$m
|
|
$m
|
$m
|
US equity base (average for the year)
|
5,155
|
6,253
|
|
8,670
|
7,946
|
US jurisdiction RoE
|
8.3%
|
8.3%
|
|
8.6%
|
8.8%
|
|
2022/23
|
||||
£m constant currency
|
31 March 2023
|
Disposal
of NECO
and UK Gas Transmission1
|
31 March 2022
|
Value Added
|
Change
|
UK RAV
|
28,205
|
(6,989)
|
31,577
|
3,617
|
11%
|
US rate base
|
23,038
|
(2,476)
|
23,628
|
1,886
|
8%
|
Total RAV and rate base
|
51,243
|
(9,465)
|
55,205
|
5,503
|
10%
|
National Grid Ventures and other
|
6,604
|
(143)
|
5,374
|
1,373
|
26%
|
Total assets (used to calculate asset growth)
|
57,847
|
(9,608)
|
60,579
|
6,876
|
11%
|
UK
other regulated balances2
|
(255)
|
(141)
|
75
|
(189)
|
|
US
other regulated balances3
|
3,226
|
(250)
|
2,792
|
684
|
|
Other balances
|
108
|
1,239
|
(808)
|
(323)
|
|
Total assets and other balances
|
60,926
|
(8,760)
|
62,638
|
7,048
|
|
|
|
|
|
|
|
Cash dividends
|
|
|
|
1,607
|
|
Adjusted
net debt movement1
|
|
|
|
(3,848)
|
|
Value Added
|
|
|
|
4,807
|
|
|
2021/22
|
||||
£m constant currency
|
31 March 2022
|
Acquisition
of
WPD1
|
31 March 2021
|
Value Added
|
Change
|
UK RAV
|
31,593
|
8,476
|
20,876
|
2,241
|
11%
|
US rate base
|
22,178
|
—
|
20,687
|
1,491
|
7%
|
Total RAV and rate base
|
53,771
|
8,476
|
41,563
|
3,732
|
9%
|
National Grid Ventures and other
|
5,226
|
—
|
4,920
|
306
|
6%
|
Total assets (used to calculate asset growth)
|
58,997
|
8,476
|
46,483
|
4,038
|
9%
|
UK
other regulated balances2
|
84
|
230
|
(140)
|
(6)
|
|
US
other regulated balances3
|
2,621
|
—
|
1,995
|
626
|
|
Other balances
|
(878)
|
(168)
|
(336)
|
(374)
|
|
Total assets and other balances
|
60,824
|
8,538
|
48,002
|
4,284
|
|
|
|
|
|
|
|
Cash dividends
|
|
|
|
922
|
|
Adjusted
net debt movement1
|
|
|
|
(1,373)
|
|
Value Added
|
|
|
|
3,833
|
|
As at 31 March
|
2023
|
2022
|
|
£m
|
£m
|
||
UK RAV
|
28,205
|
31,593
|
|
US rate base
|
23,038
|
22,178
|
|
Other invested capital included in gearing calculation
|
6,604
|
5,226
|
|
Total assets included in gearing calculation
|
57,847
|
58,997
|
|
Net debt (including 100% of hybrid debt and held for
sale)
|
(40,973)
|
(48,043)
|
change
|
Group gearing (based on 100% of net debt including held for
sale)
|
71%
|
81%
|
-10% pts
|
Group gearing (excluding 50% of hybrid debt from net debt)
including held for sale
|
69%
|
80%
|
-10% pts
|
|
NATIONAL GRID
plc
|
|
|
|
|
|
By:
|
/s/Ceri Jamond
_______________________
|
|
|
Ceri Jamond
Senior Assistant Company Secretary
|
1 Year National Grid (PK) Chart |
1 Month National Grid (PK) Chart |
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