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Annual Report and Accounts 2010/11 Annual Report and Accounts 2010/11 Annual Report and Cautionary Statement performance against regulatory targets This document comprises the Annual and standards and against our peers Report and Accounts for the year ending with the aim of delivering stakeholder Accounts 31 March 2011 for National Grid and its expectations regarding costs and subsidiaries. It contains the Directors’ effi ciency savings, including those related Report and Financial Statements, to restructuring and internal transformation together with the Independent Auditor’s projects; and; customers and counterparties Report thereon, as required by the failing to perform their obligations to us National Grid plc Companies Act 2006. The Directors’ and our arrangements with the Long Island Report, comprising pages 10 to 108, Power Authority not being renewed. Other has been drawn up in accordance with factors that could cause actual results the requirements of English law, and to differ materially from those described liability in respect thereof is also governed in this document include fl uctuations by English law. In particular, the liability in exchange rates, interest rates and of the Directors for these reports is solely commodity price indices; restrictions to National Grid. in our borrowing and debt arrangements, funding costs and access to fi nancing; This document also contains certain our effective rate of tax; National Grid’s statements that are neither reported status as a holding company with no fi nancial results nor other historical revenue generating operations of its own; information. These statements are infl ation; seasonal fl uctuations; the future forward-looking statements within the funding requirements of our pension meaning of Section 27A of the Securities schemes and other post-retirement Act of 1933, as amended, and Section benefi t schemes; the loss of key 21E of the Securities Exchange Act of personnel or the ability to attract, train 1934, as amended. These statements or retain qualifi ed personnel and any include information with respect to our disputes arising with our employees or fi nancial condition, our results of the breach of laws or regulations by our operations and businesses, strategy, employees; and incorrect or unforeseen plans and objectives. Words such as assumptions or conclusions relating ‘anticipates’, ‘expects’, ‘intends’, ‘plans’, to business development activity. ‘believes’, ‘seeks’, ‘estimates’, ‘targets’, ‘may’, ‘will’, ‘continue’, ‘project’ and similar For a more detailed description of some of expressions, as well as statements in the these assumptions, risks and uncertainties, future tense, identify forward-looking together with any other risk factors, please statements. These forward-looking see our fi lings with and submissions to statements are not guarantees of our the US Securities and Exchange future performance and are subject to Commission (the ‘SEC’) (and in particular assumptions, risks and uncertainties that the ‘Risk factors’ and ‘Operating and could cause actual future results to differ Financial Review’ sections in our most materially from those expressed in or recent Annual Report on Form 20-F). implied by such forward-looking The effects of these factors are diffi cult statements. Many of these assumptions, to predict. New factors emerge from time risks and uncertainties relate to factors to time and we cannot assess the potential that are beyond our ability to control or impact of any such factor on our activities estimate precisely, such as changes in or the extent to which any factor, or laws or regulations and decisions by combination of factors, may cause results governmental bodies or regulators; to differ materially from those contained breaches of, or changes in, environmental, in any forward-looking statement. Except climate change and health and safety as may be required by law or regulation, laws or regulations, including breaches the Company undertakes no obligation arising from the potentially harmful to update any of its forward-looking nature of our activities; network failure statements, which speak only as of the or interruption, the inability to carry out date of this document. The content of critical non network operations and any website references herein do not damage to infrastructure, owing to form part of this document. adverse weather conditions or otherwise; Business Overview Company highlights We have delivered another year of solid fi nancial performance Revenue * Cash generated from operations * across all our businesses. Cash £14,343m £4,854m generated from operations was 2009/10: £14,007m ( 2%) 2009/10: £4,372m ( 11%) more than £4.8 billion, while adjusted operating profi t and Adjusted operating profi t *† Operating profi t * adjusted earnings per share increased by 15% and 4% £3,600m £3,745m respectively. 2009/10: £3,121m ( 15%) 2009/10: £3,293m ( 14%) Adjusted earnings per share *† Earnings per share * 51.7p 63.9p 2009/10: 49.5p ( 4%) (i) 2009/10: 48.4p ( 32%) (i) Capital expenditure Ordinary dividends £3,603m 36.37p 2009/10: £3,338m ( 8%) 2009/10: 33.68p ( 8%) (ii) Return on equity (3 year average) Interest cover 11.9% 3.8x 2009/10: 11.3% 2009/10: 3.9x Rights issue £3.2bn after costs Designed by Addison www.addison.co.uk * for continuing operations † excludes the impact of exceptional items, remeasurements and stranded cost recoveries. See page 54 for more information about these adjusted profi t measures Printed on Revive 100 Uncoated paper. This paper is made from 100% de-inked post consumer waste, independently (i) Comparative earnings per share data has been restated for the impact of the certifi ed in accordance with the FSC (Forest Stewardship scrip dividend issues and the bonus element of the rights issue Council). The paper is manufactured at a mill that is certifi ed to the ISO14001 environmental management standards. (ii) The 2009/10 dividend has been rebased for the effect of the rights issue All of the pulp is bleached using an elemental chlorine free (ECF) process and the inks used are all vegetable oil based. Our fi nancial results are reported in sterling. The average exchange rate, as For more information visit: detailed on page 54, was $1.57 to £1 in 2010/11 compared with the average rate Printed at St Ives Westerham Press Ltd, ISO14001, www.nationalgrid.com of $1.58 to £1 in 2009/10. Except as otherwise noted, the fi gures in this Report are FSC certifi ed and CarbonNeutral® stated in sterling or US dollars. All references to dollars or $ are to the US currency. Business Overview Business ● We have continued to increase our capital investment, having delivered £3.6 billion this year, including joint ventures. ● In the US, we have been through a period of intense regulatory activity as we have come to the end of several long-term fi xed rate plans. Two major fi ling outcomes this year were for Operating and Financial Review Corporate Governance our Massachusetts gas companies and the Niagara Mohawk electricity business. ● In the UK, we remain positive about the proposed new system of regulation, RIIO (revenue = incentives + innovation + outputs), which will be used in price controls for UK Transmission and UK Gas Distribution starting in April 2013. ● Our rights issue was completed successfully last year, receiving approximately 94.2% subscription from qualifying shareholders. ● Recognising that our customers and regulators are looking for something more closely tuned to their local needs, and to help drive business Directors’ Remuneration Report Financial Statements performance, on 4 April 2011 we reshaped our organisational structure and moved from a global line of business model to a regional model. Segmental reporting The performance of our principal businesses is reported by segment, refl ecting the management responsibilities and economic characteristics of each activity. Throughout the year ended 31 March 2011, the management structure was as described on page 23. Throughout this report, the following colours are used to indicate references to a particular segment: Transmission Gas Distribution Electricity Distribution & Generation Activities which do not fall within these segments are reported Useful Information separately and are identifi ed thus: Non-regulated businesses and other activities Discussion relating to the Company as a whole is identifi ed thus: Company activities In next year’s Annual Report and Accounts, and in subsequent years, we will report by new segments, as described on page 22, refl ecting the revised management structure. Annual Report and Accounts 2010/11 National Grid plc 01 Business Overview Contents National Grid is an international Business Overview electricity and gas company pages IFC to 09 IFC Company highlights based in the UK and northeastern 02 Contents 04 Chairman’s statement US. We play a vital role in 06 Chief Executive’s review connecting millions of people 08 Board of Directors to the energy they use, safely, reliably and effi ciently. Operating and Financial Review pages 10 to 79 Directors’ Report Corporate Governance In accordance with the requirements of the Companies pages 80 to 95 Act 2006 and the UK Listing Authority’s Listing, and 80 Chairman’s foreword Report Disclosure and Transparency rules, pages 10 to 108 80 Governance framework comprise the Directors’ Report and were approved 81 Our Board by the Board. The location within the main body of 84 Our Board and Committee governance structure the Annual Report of the specifi c requirements of the 88 Audit Committee Directors’ Report can be found
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