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- Business Overview
- Operating and Financial Review
- Introduction
- At a glance
- About National Grid
- Performance summary: Key performance indicators
- Performance summary: Achievements and other performance measures
- Performance against our objectives
- Introduction
- Delivering superior financial performance
- Driving improvements in our safety, customer and operational performance
- Delivering strong, sustainable regulatory and long-term contracts with good regulatory returns
- Modernising and extending our transmission and distribution networks
- Expanding our capabilities and identifying new financeable opportunities to grow
- Becoming more efficient through transforming our operating model and increasingly aligning our processes
- Building trust and transparency and an inclusive and engaged workforce
- Developing our talent, leadership skills and capabilities
- Positively shaping the energy and climate change agenda with our external stakeholders in both regions
- Responsibility
- Risks and opportunities
- Financial Performance
- Transmission
- Gas Distribution
- About Gas Distribution
- Performance against our objectives
- Driving improvements in our safety, customer & operational performance
- Delivering strong, sustainable regulatory and long-term contracts with good regulatory returns
- Modernising and extending our distribution networks
- Becoming more efficient through transforming our operating model and increasingly aligning our processes
- Financial performance
- Electricity Distribution & Generation
- About Electricity Distribution & Generation
- Performance against our objectives
- Driving improvements in our safety, customer & operational performance
- Delivering strong, sustainable regulatory and long-term contracts with good regulatory returns
- Modernising and extending our networks
- Becoming more efficient through transforming our operating model and increasingly aligning our processes
- Financial performance
- Non-regulated businesses and other activities
- Discontinued Operations
- Corporate Governance
- Directors' Reports
- Financial Statements
- Consolidated financial statements
- Statement of Directors’ responsibilities
- Independent Auditors’ report to the Members of National Grid plc
- Accounting policies
- Adoption of new accounting standards
- Consolidated income statement
- Consolidated balance sheet
- Consolidated statement of recognised income and expense
- Consolidated cash flow statement
- Notes to the consolidated financial statements – analysis of items in the primary statements
- Notes 1-5
- 2 Other Operating income
- 3 Operating costs
- 4 Exceptional items, remeasurements and stranded cost recoveries
- 5 Pensions and other post-retirement benefits
- Notes 6-10
- 7 Taxation
- 8 Discontinued operations
- 9 Dividends
- 10 Earnings per share
- Notes 11-15
- 12 Other intangible assets
- 13 Property, plant and equipment
- 14 Other non-current assets
- 15 Financial and other investments
- Notes 16-20
- 17 Derivative financial instruments
- 18 Inventories and current intangible assets
- 19 Trade and other receivables
- 20 Cash and cash equivalents
- Notes 21-27
- 22 Trade and other payables
- 23 Other non-current liabilities
- 24 Provisions
- 25 Share capital
- 26 Reconciliation of movements in total equity
- 27 Consolidated cash flow statement
- Notes to the consolidated financial statements – supplementary information
- Notes 28-32
- 29 Commitments and contingencies
- 30 Related party transactions
- 31 Actuarial information on pensions and other post-retirement benefits
- 32 Supplementary information on derivative financial instruments
- Notes 33-38
- 34 Commodity risk
- 35 Bonds and facilities
- 36 Share options and reward plans
- 37 Subsidiary undertakings, joint ventures and associates
- 38 National Grid Gas plc and Niagara Mohawk Corporation additional disclosures
- Company financial statements under UK GAAP
- Company accounting policies
- Company balance sheet
- Notes to the Company financial statements
- Notes 1-5
- 2 Fixed asset investments
- 3 Debtors
- 4 Creditors (amounts failing within one year)
- 5 Derivative financial instruments
- Notes 6-11
- 7 Borrowings
- 8 Called up share capital
- 9 Reserves
- 10 Reconciliation of movements in shareholders' funds
- 11 Commitments and contingencies
- 12 Directors and employees
- Consolidated financial statements
- Shareholder Information