Annual Report and Accounts 2020/21

National Grid CEO John Pettigrew

Introduction to the Annual Report

Watch this video of our CEO, John Pettigrew, where he reflects on the events of the past 12 months and gives an update on our performance and priorities in the UK and the US to introduce the 2020/21 Annual Report.

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Here you can view or download our full Annual Report and Accounts, or its separate sections – the Strategic Report, Corporate Governance Report, Financial Statements and Additional Information.

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Children's competition

For this year’s Annual Report and Accounts we decided to do something different for our front cover. We ran a competition for children to draw or paint a picture or design, in colour, to bring to life what they thought ‘net zero’ means for an energy company like National Grid.

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Strategic Report

The Strategic Report includes an overview of our strategy and business model, the principal risks we face and information about our performance. In addition to the financial review included within this section, we provide additional analysis and commentary – including the performance of our operating segments – within the unaudited commentary sections of the financial statements. This additional analysis forms part of our Strategic Report.

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Corporate Governance

The Corporate Governance report, introduced by the outgoing Chairman, Sir Peter Gershon, contains details about the activities of the Board and its committees during the year. We include reports from the: Audit; Finance; Safety, Environment and Health; Nominations; and, Remuneration Committees. We also include details of our shareholder engagement activities.

Download the Corporate Governance Report

Financial Statements

Our financial statements include: the independent auditor’s reports; consolidated financial statements prepared in accordance with IFRS as adopted by the EU and as issued by the IASB; related commentary and notes to the consolidated financial statements; and, the Company’s financial statements, prepared in accordance with FRS 101.

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Additional information

This section includes: additional disclosures and information; definitions and a glossary of terms; summary consolidated financial information; and, other useful information for shareholders, including contact details for more information or help.

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Financial and operational highlights

*Statutory operating profit

£2,895m
(2019/20: £2,780m)
*from continuing operations

*Statutory EPS

46.6p
(2019/20: 36.8p)
*from continuing operations

Value Added

51.3p/share
(2019/20: 58.9p/share)

*Underlying operating profit

£3,283m
(2019/20: £3,454m)
*from continuing operations

*Underlying EPS

54.2p
(2019/20: 58.2p)
*from continuing operations

Capital investment

£5,047m
(2019/20: £5,405m)

Group Return on Equity (RoE)

10.6%
(2019/20: 12.0%)

Group safety performance

0.10 LTIFR
(2019/20: 0.12 LTIFR)

Greenhouse gas emissions

6.9m tonnes
(2019/20: 6.5m tonnes)

Employee engagement index

81%
(2019/20: 77%)

Full year dividend (pence per share)

49.16p
(2019/20: 48.57p)

Final dividend of

32.16p/share
(2019/20: 32.00p/share)