REG - National Grid PLC NationalGridElecTran - NGET Half Year Report 30 Sept 2015 <Origin Href="QuoteRef">NG.L</Origin> - Part 2

National GridAnnouncement

18/11/2015 16:36

- Part 2: For the preceding part double click  ID:nRSR2100Ga 

and uncertainties 
 
The principal risks and uncertainties which could affect the Group for the
remaining six months of the financial year are consistent with those disclosed
for the year ended 31 March 2015 on pages 20 and 21 of the Annual Report and
Accounts 2014/15. Our overall risk management process is designed to identify,
manage, and mitigate our business risks, including financial risks. 
 
The principal risks and uncertainties included in the Annual Report and
Accounts 2014/15 are as follows: 
 
·      Aspects of the work we do could potentially harm employees,
contractors, members of the public or the environment. 
 
·      We may suffer a major network failure or interruption, or may not be
able to carry out critical non-network operations due to the failure of
infrastructure, data or technology or a lack of supply. 
 
·      Changes in law or regulation or decisions by governmental bodies or
regulators could materially adversely affect us. 
 
·      Current and future business performance may not meet our expectations
or those of our regulators and shareholders. 
 
·      Changes in interest rates could materially impact earnings or our
financial condition. 
 
·      Our results of operations could be affected by inflation or deflation. 
 
·      We may be required to make significant contributions to fund pension
and other post-employment benefits. 
 
·      An inability to access capital markets at commercially acceptable
interest rates could affect how we maintain and grow our businesses. 
 
·      Customers and counterparties may not perform their obligations. 
 
12. National Grid Electricity Transmission plc to adopt FRS 102 in company
financial statements 
 
National Grid Electricity Transmission plc (the Company) prepares its annual
company financial statements in accordance with UK GAAP. The Financial
Reporting Council, which is responsible for UK accounting standards, has
withdrawn the previous accounting standards and issued new financial reporting
standards.  Under the new financial reporting standards, the Company may
choose to adopt either FRS 101, FRS 102 or IFRS to prepare its company
financial statements for the year ending 31 March 2016. The Company intends to
adopt FRS 102. 
 
Statement of Directors' Responsibilities 
 
The half year financial information is the responsibility of, and has been
approved by, the Directors. The Directors are responsible for preparing the
half year report in accordance with the Disclosure and Transparency Rules
(DTR) of the United Kingdom's Financial Conduct Authority. 
 
The Directors confirm that the financial information has been prepared in
accordance with IAS 34 as issued by the International Accounting Standards
Board and as adopted by the European Union, and that the half year report
herein includes a fair review of the information required by DTR 4.2.7. 
 
The Directors of National Grid Electricity Transmission plc are as listed in
the Annual Report Accounts for the year ended 31 March 2015 with the exception
of the following changes to the Board: 
 
·      Nick Winser resigned 1 July 2015 
 
·      Mike Calviou resigned 24 September 2015 
 
·      Cordi O'Hara appointed 24 September 2015 
 
By order of the Board 
 
……………………..                                              …………………….. 
 
John Pettigrew                                                     Andy Agg 
 
17 November 2015                                             17 November 2015 
 
Chairman                                                              Chief
Financial Officer 
 
Independent review report to National Grid Electricity Transmission plc 
 
Report on the condensed consolidated interim financial statements 
 
Our conclusion 
 
We have reviewed National Grid Electricity Transmission plc's consolidated
interim financial statements (the "interim financial statements") in the half
year financial information of National Grid Electricity Transmission plc for
the 6 month period ended 30 September 2015. Based on our review, nothing has
come to our attention that causes us to believe that the interim financial
statements are not prepared, in all material respects, in accordance with
International Accounting Standard 34, 'Interim Financial Reporting', as
adopted by the European Union and the Disclosure Rules and Transparency Rules
of the United Kingdom's Financial Conduct Authority. 
 
What we have reviewed 
 
The interim financial statements comprise: 
 
·  the consolidated interim statement of financial position as at 30 September
2015; 
 
·  the consolidated interim income statement and consolidated interim
statement of comprehensive income for the period then ended; 
 
·  the consolidated interim statement of cash flows for the period then
ended; 
 
·  the consolidated interim statement of changes in equity for the period then
ended; and 
 
·  the explanatory notes to the interim financial statements. 
 
The interim financial statements included in the half year financial
information have been prepared in accordance with International Accounting
Standard 34, 'Interim Financial Reporting', as adopted by the European Union
and the Disclosure Rules and Transparency Rules of the United Kingdom's
Financial Conduct Authority. 
 
As disclosed in note 1 to the interim financial statements, the financial
reporting framework that has been applied in the preparation of the full
annual financial statements of the Group is applicable law and International
Financial Reporting Standards (IFRSs) as adopted by the European Union. 
 
Responsibilities for the interim financial statements and the review 
 
Our responsibilities and those of the directors 
 
The half year financial information, including the interim financial
statements, is the responsibility of, and has been approved by, the directors.
The directors are responsible for preparing the half year financial
information in accordance with the Disclosure Rules and Transparency Rules of
the United Kingdom's Financial Conduct Authority. 
 
Our responsibility is to express a conclusion on the interim financial
statements in the half year financial information based on our review. This
report, including the conclusion, has been prepared for and only for the
Company for the purpose of complying with the Disclosure Rules and
Transparency Rules of the United Kingdom's Financial Conduct Authority and for
no other purpose.  We do not, in giving this conclusion, accept or assume
responsibility for any other purpose or to any other person to whom this
report is shown or into whose hands it may come save where expressly agreed by
our prior consent in writing. 
 
What a review of interim financial statements involves 
 
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information
Performed by the Independent Auditor of the Entity' issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. 
 
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK and Ireland) and, consequently,
does not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we do
not express an audit opinion. 
 
We have read the other information contained in the half year financial
information and considered whether it contains any apparent misstatements or
material inconsistencies with the information in the interim financial
statements. 
 
PricewaterhouseCoopers LLP 
 
Chartered Accountants 
 
London 
 
17 November 2015 
 
The maintenance and integrity of the National Grid plc website is the
responsibility of the directors; the work carried out by the auditors does not
involve consideration of these matters and, accordingly, the auditors accept
no responsibility for any changes that may have occurred to the interim
financial statements since they were initially presented on the website.
Legislation in the United Kingdom governing the preparation and dissemination
of financial statements may differ from legislation in other jurisdictions. 
 
This information is provided by RNS
The company news service from the London Stock Exchange