National Grid PLC NG. Half year results 2012/13

  National Grid PLC (NG.) - Half year results 2012/13

RNS Number : 1706R
National Grid PLC
15 November 2012












15 November 2012

                                      

                              National Grid plc

   Half year report for the six months ended 30 September 2012 (unaudited)





Steve Holliday, Chief Executive, said:"I am pleased with the progress we made
in the first half of the year: operating our networks safely and reliably  and 
delivering a record level  of investment. More recently,  our teams in the  US 
responded in  a timely,  safe and  effective  way to  restore service  to  our 
customers andlimit disruption caused by 'Superstorm' Sandy. "



Good performance in first 6 months of 2012/13

· Operating profit1 up 7% at constant currency2 excluding impact of timing
and major storms3

· Profit before tax1 up 21%, up  15% excluding impact of timing and  major 
storms

· Earnings per share1 up4 20% at 23.0p, up 14% excluding impact of  timing 
and major storms

· Interim dividend increased by 4%, in line with policy



Progress againststrategic priorities

· Investment up 23% to £1.8bn; mostly in regulated UK and US operations

· Settlement processes for  new rates filed in  New York and Rhode  Island 
progressing

· New  power  supply  agreement  concluded  with  the  Long  Island  Power 
Authority (LIPA)

· UK regulation: RIIO process in final stages



Outlook and priorities unchanged

· Sustain focus on improving  returns and securing appropriate  regulatory 
outcomes

· Implement new UK operating model, aligning activities to deliver optimal
outcomes under RIIO

· Restoration  expenses following  'Superstorm' Sandy,  outside LIPA,  not 
expected to exceed £100m



Financial results for continuing operations



(£m, at actual exchange rate) Business performance^1 Statutory Results
Six months ended 30 September   2012   2011 % change 2012   2011 % change
Operating profit               1,592  1,420    12    1,742 1,492    17
Pre-tax profit                 1,154    953    21    1,285   941    37
Earnings                         836    697    20    1,049   795    32
Earnings per share             23.0p  19.2p    20    28.8p 21.9p    32



Steve  Holliday  added:"This  good  first  half  year  performance   reflects 
increased net regulated revenues  driven by our growing  asset base and  tight 
control over operating cost growth. Increased investment in both our UK and US
operations is in line with our forecast.



In the UK, as we  work through the final stages  of Ofgem's RIIO process,  our 
focus is on successfully implementing a number of RIIO readiness  initiatives, 
led by the ongoing development of our  new UK operating model. In the US,  our 
priority remains to improve overall returns through improved customer  service 
and efficiency, combined with securing  appropriate rate case outcomes in  key 
jurisdictions.



Overall, we are well positioned to deliver another year of good operating  and 
financial performance."

CONTACTS



Investors

John Dawson +44 (0)20 7004 3170 +44 (0) 7810  831944 
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Tom Hull +44  (0)20 7004 3172  +44 (0)  7890 
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Media

Clive Hawkins +44 (0)20 7004 3147 +44 (0) 7836 357173
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Brunswick

Tom Burns +44 (0)20 7404 5959

Kate Holgate +44 (0)20 7404 5959





CONFERENCE CALL DETAILS



An analyst presentation will be held at the London Stock Exchange, 20 Newgate
Street, London EC4M 7LS at 9:15am (GMT) today.



There will be a live webcast of the results presentation available to view at
www.nationalgrid.com/investors. The presentation will be available through the
same link as a replay this afternoon.



Live telephone coverage of the analyst presentation

UK dial in number 0808 109 0700 US dial in number 866 966 5335
Password          National Grid



National Grid images can be found via the following link
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You can view or download copies of our latest Annual Report and Accounts and
Performance Summary from our website at www.nationalgrid.com/investors or
request a free printed copy by contacting investor.relations@ngrid.com.





BUSINESS REVIEW



National Grid delivered another six  months of good operational and  financial 
performance.  We  have  made  further  progress  against  our  main  strategic 
priorities, which we reiterated in May, of delivering our investment programme
in a  disciplined manner;  finalising  the development  of an  appropriate  UK 
regulatory framework  for the  future;  further improving  returns in  our  US 
business and continuing to drive efficiency across our businesses.



We have continued to perform well operationally, with strong delivery  against 
our reliability targets  across our businesses.  Over the last  six months  we 
focused on  strengthening the  resources and  processes needed  to deliver  an 
increase in workload and future performance  improvements. In the UK, we  have 
evolved our  operating  model,  and  this  will  help  us  capitalise  on  the 
opportunities that the new RIIO price controls are expected to bring.



In addition,  our safety  record  remained strong  and  we are  continuing  to 
develop best practice amongst our employees and also our contractors to  drive 
further improvements.  Following  a  comprehensive review  of  process  safety 
within our business, we are currently implementing a new Group Process  Safety 
Management System to improve the management of all our major hazard assets.



Storm response



In the  US, we  undertook  a comprehensive  review  of our  storm  restoration 
performance following two major storms in  2011. As a result, we enhanced  our 
restoration processes to respond more effectively and efficiently to customers
who experience power outages.  These processes were  tested during our  recent 
response to 'Superstorm' Sandy. In part as a result of the improvements  made, 
we met or exceeded our restoration objectives for our upstate New York,  Rhode 
Island and  Massachusetts service  areas, where  our teams  restored power  to 
around 400,000 customers, nearly all of those affected, within three days.



On Long Island  storm damage was  very significant, causing  loss of power  to 
more than 1.1 million customers whom we serve on behalf of LIPA with many also
affected  by  severe  flooding.   Most  are  now   reconnected  and  work   is 
transitioning from restoration  to reinforcement  and rebuilding  of the  LIPA 
network. We continue to work with LIPA to restore service in a safe and timely
manner to those where flood damage and other factors have limited the  ability 
to restore service to date.



Growth and Investment



Capital investment5 in  the period was  £1,825m, an increase  of £346m or  23% 
compared to the  same period in  2011/12. This  was principally due  to a  34% 
increase in investment  in our UK  Transmission business. Higher  spend on  US 
transmission and  gas distribution  mains replacement  along with  phasing  of 
investment last  year  contributed to  an  overall increase  in  US  regulated 
business investment period on period.



Regulatory developments in the UK



On 27 July, Ofgem published the detailed initial proposals for price  controls 
for our  regulated  UK  Transmission  and UK  Distribution  businesses.  On  1 
October, National  Grid published  formal  responses to  these  consultations. 
These extensive and thorough  responses address a  number of important  issues 
which we believe need to be resolved prior to the final proposals to ensure  a 
fair balance of risk and reward for investors and customers.



Throughout the RIIO process National Grid  has been committed to working  with 
Ofgem to deliver  an affordable  outcome for  consumers which  will allow  our 
networks to finance  the significant increase  in essential UK  infrastructure 
investment and adjust  appropriately for the  uncertainties that still  remain 
around the  future  generation and  gas  supply  landscape in  the  UK.  Final 
proposals are expected on 17 December 2012.



The Government is expected  to introduce the new  Energy Bill into  parliament 
later in November  detailing the  proposed legislation  on electricity  market 
reform. The bill is expected to lay out the framework of tariffs and contracts
under which new and existing UK generation will operate, setting the landscape
for new  generation investment  that  we believe  will  determine the  mix  of 
investment projects in our UK Transmission businesses over the next decade.



Regulatory developments in the US



Alongside delivering sustained high levels  of customer service and  efficient 
operations, rate filings remain an  important tool for delivering  appropriate 
returns from our US operations.



In the last six months,  discussions with participating parties have  resulted 
in negotiated  settlement recommendations  for new  rates in  our Long  Island 
Generation, Rhode  Island and  upstate New  York businesses.  If approved,  we 
believe that these  new rate agreements  will enhance our  ability to  improve 
customer service further, through investing and operating efficiently and,  in 
so doing, deliver appropriate returns.



We announced the first of these settlements in early October. We agreed,  with 
the Long  Island Power  Authority, to  modify and  extend our  existing  power 
supply agreement for at least another 12 years. National Grid owns and manages
a number of power plants on Long  Island, with a generation capacity of  3,700 
megawatts. The  new long-term  agreement, once  all regulatory  approvals  are 
received, is expected to  provide a near-term  cost reduction whilst  offering 
National Grid and LIPA new options for updating the power plants and improving
environmental performance.



On 19  October, we  filed  an executed  settlement  agreement for  review  and 
approval by  the  Rhode Island  Public  Utilities Commission.  The  settlement 
agreement proposes a 9.5%  allowed return on equity,  a 49% equity portion  in 
the assumed capital structure, increased operating cost allowances and pension
trackers. The next steps in the  process include evidentiary hearings to  take 
place in November  followed by a  decision by the  commission. New rates  from 
this proceeding would become effective from 1 February 2013.



In New York, on 31 October we filed a term sheet reflecting the provisions  of 
a proposed three year agreement in respect of new rates in our Niagara  Mohawk 
gas and electric  businesses. This followed  our initial filing  in April  and 
subsequent  discussions  with  the  staff  of  the  New  York  Public  Service 
Commission and other participants in the proceeding. The agreement proposes  a 
9.3% allowed return  on equity, a  48% equity portion  in the assumed  capital 
structure and increased  operating cost  allowances for  both businesses.  The 
final agreement is  scheduled to be  filed in early  December after which  the 
administrative law  judge will  make a  recommendation to  the commission.  We 
expect a  final decision  by the  commission  before the  end of  the  current 
financial year, with new rates in effect as of 1 April 2013.



Efficiency Programmes



National Grid  has a  number of  efficiency programmes  underway in  different 
parts of its business to support  the cost effective delivery of our  services 
and investments.



In the  UK, these  programmes form  part  of our  wider preparations  for  the 
challenges and opportunities under the  new RIIO framework.We expect the  new 
UK regulatory framework broadly to equalise  the incentives in each of our  UK 
regulated businesses around capital and operating costs. Recognising the  need 
to prepare  for RIIO,  we have  appointed John  Pettigrew to  a newly  created 
position of UK Chief  Operating Officer, reporting  to Nick Winser,  Executive 
Director, UK. Acknowledging  the significance of  the efficiency agenda,  John 
has joined the Executive  Committee. He is leading  the implementation of  our 
new UK operating model which, in  part, seeks to align our business  functions 
with key RIIO outputs and to optimise control of total expenditure.



In the US, building on the  success of the organisation changes introduced  in 
2011, we continue to reinforce  our stronger jurisdictional focus and  develop 
our financial systems and processes in line with the recommendations from  the 
Liberty Audit.



Strategy



Our strategy is unchanged. As we set  out in early 2011/12, our focus  remains 
on managing  a  portfolio  of assets  that  have  a sustainable  mix  of  cash 
generation, growth and risk  to deliver an  overall balance between  long-term 
capital growth and cash generation to the benefit of our shareholders.



Investment to date  in 2012/13 has  been dominated by  our existing  regulated 
utility operations. We regularly consider investment opportunities in projects
and businesses outside of  these operations. At the  same time, we maintain  a 
strict discipline to target investments that  we believe can deliver rates  of 
return and cash flows that meet the requirements of our capital providers  and 
complement  those   available  from   existing  businesses   and   alternative 
opportunities.



Board changes



As previously announced, there have been a  number of changes to the Board  of 
National Grid, in line with the transition set out in May 2012.



During the first  six months  of the  year there  have been  four changes.  As 
previously announced, Stephen Pettit and  Linda Adamany stepped down from  the 
Board on 30 July 2012 and 31 October 2012 respectively. Nora Mead Brownell,  a 
former commissioner  of the  Pennsylvania Public  Utility Commission  and  the 
Federal Energy Regulatory Commission, joined the Board on 1 June 2012 and Mark
Williamson, former Chief Financial Officer of International Power plc,  joined 
the Board on 3 September 2012.



DIVIDEND



The Board  has approved  an increase  in the  interim dividend  to 14.49p  per 
ordinary share ($1.1497 per American Depositary Share) in line with our policy
of targeting 4%  growth in  the dividend in  the current  financial year.  The 
interim dividend is expected to be paid on 16 January 2013 to shareholders  on 
the register as at 30 November  2012. A scrip dividend alternative will  again 
be offered.



As previously stated,  we expect  to announce a  new dividend  policy for  the 
period from  April 2013  by May  2013,  once the  outcomes of  key  regulatory 
developments are clear and updated investment plans have been reviewed.



OUTLOOK



In the UK, as we  work through the final stages  of Ofgem's RIIO process,  our 
focus is on successfully implementing a number of RIIO readiness  initiatives, 
led by the ongoing development of our  new UK operating model. In the US,  our 
priority remains to improve overall returns through improved customer  service 
and efficiency, combined with securing  appropriate rate case outcomes in  key 
jurisdictions.



Our actions in the  first six months to  deliver our strategic priorities  and 
improve  performance  combine  with  a  sustained  drive  to  improve  safety, 
reliability and customer service  across our businesses. As  a result, we  are 
well positioned  to  deliver another  year  of good  operating  and  financial 
performance.

BASIS OF PRESENTATION



Unless otherwise stated, all  financial commentaries are  given on a  business 
performance basis6 at actual exchange rates.



Under our regulatory  frameworks, the  majority of  the revenues  that we  are 
allowed to collect  each year are  governed by a  regulatory price control  or 
rate plan. If we collect more than this allowed level of revenue, the  balance 
must be returned to customers in subsequent years, and if we collect less than
this level of revenue we may recover the balance from customers in  subsequent 
years. These variances  between allowed  and collected revenues  give rise  to 
"over and under recoveries". In addition, in the US, a substantial portion  of 
our costs are  pass-through costs (including  commodity and energy  efficiency 
costs), and are  fully recoverable  from customers.  These timing  differences 
between costs of this type being incurred and their recovery through  revenues 
are also  included  in over  and  under-recoveries.We identify  these  timing 
differences in order  to enable a  better comparison of  performance from  one 
period to another.



Allowed revenues for our UK regulated  businesses are set on an annual  basis. 
Over and  under-recoveries  in  the  first  6 months  of  the  year  in  these 
businesses, described as "timing  differences", are therefore estimates  based 
on  an  assumed  allowed  revenue  profile.  Opening  balances  of  under  and 
over-recoveries have  been  restated  where  appropriate  to  correspond  with 
regulatory filings and calculations.



REVIEW OF RESULTS AND FINANCIAL POSITION



Operating profit                                 Six months ended 30 September
(£m)                                               2012     2011    % change
UK Transmission                                    712      602        18
UK Gas Distribution                                408      381         7
US Regulated                                       404      306        32
Other activities                                    68      131       (48)
Operating profit - actual exchange rate           1,592    1,420       12
Operating profit - constant currency7             1,592    1,432       11
Timing and major storm adjustment                   81      127       (36)
Operating profit - constant currency excluding    1,673    1,559        7
major storms and timing



Other selected financial information Six months ended 30 September
(£m) - constant currency               2012     2011    % change
Depreciation and amortisation         (661)    (627)       (5)
Net Finance costs                     (446)    (477)        6



Other selected financial information         Six months ended 30 September
(£m) - actual exchange rates                   2012     2011    % change
Depreciation and amortisation                 (661)    (619)       (7)
Net Finance costs                             (446)    (468)        5
Taxation                                      (317)    (254)      (25)
Earnings attributable to equity shareholders   836      697        20



Operating profit was £1,592m, up £172m on the same period last year at  actual 
exchange rates. The  period-on-period movement  in exchange rates  had a  £12m 
favourable impact on operating profit. On a constant currency basis, operating
profit was up £160m or 11%.  This included an adverse period-on-period  timing 
adjustment of £25m.



Over/(under)-recovery              Six months ended 30
                                        September      Period-on-period change
(£m - constant currency) estimated   2012      2011
Balance at start of period            109       73
(restated)
In-year over/(under)-recovery        (81)      (56)             (25)
Balance at end of period              28        17
Operating profit                     1,592     1,432             160
Adjust for timing differences         81        56               25
Operating profit excluding timing    1,673     1,488             185



As a result, operating profit excluding  timing increased by £185m, 12%, on  a 
constant currency basis.  This was  partly driven by  the fact  that the  same 
period last year included significant costs of £71m associated with  Hurricane 
Irene.



Removing this  impact,  operating profit  excluding  timing and  major  storms 
increased by £114m, 7%, on a constant currency basis.



In our regulated businesses,  net regulated income  increased by £270m  partly 
due to the  impact of RPI+X  indexation and the  rollover of the  transmission 
price control  on  our  UK  regulated revenues  and  the  effect  of  deferral 
recoveries in upstate New  York. Post-retirement costs8  increased by £5m  and 
bad debts decreased by £17m. Regulated depreciation and amortisation increased
by £38m  and regulated  controllable  costs increased  by £33m.  Other  costs, 
including information system charges and the impact of year on year changes in
environmental liabilities increased by £34m.



Our other activities contributed £63m less than in the same period last  year, 
driven by  a reduction  in metering  operating profit  following the  sale  of 
OnStream in 2011 and  an increase in US  information system and process  costs 
relating to the implementation of the recommendations of the Liberty audit and
of new SAP systems.



Across our businesses, regulated controllable costs9 increased by £33m, 3%, on
a constant currency basis  compared to the same  period last year,  reflecting 
inflationary  pressures  on  salaries  and  other  costs  and  some  increased 
recruitment  in  our  UK  Transmission  business.  The  continued  drive   for 
efficiency in our businesses and the benefits of our US cost saving  programme 
helped to partially mitigate these impacts.



Net finance costs  were £446m, 6%  lower than  the same period  in 2011/12  at 
constant currency, primarily driven by lower accretions on RPI linked debt and
continued refinancing of debt at lower prevailing interest rates.



Profit before tax was up 21% to £1,154m.



The tax charge  on profit was  £317m, £63m  higher than the  same period  last 
year, reflecting  increased profits  in  the period.  Our effective  tax  rate 
increased to 27.5% from 26.7%.



As a result, earnings  were up £139m  on the same period  last year at  £836m. 
Earnings per share increased 20% from 19.2p^4 last year to 23.0p.



Exceptional items,  remeasurements  and  stranded  cost  recoveries  increased 
statutory earnings by  £213m after  tax. A detailed  breakdown of  exceptional 
items, remeasurements and stranded  cost recoveries can be  found on page  29. 
After these  items  and  non-controlling  interests,  statutory  earnings  for 
continuing operations  attributable to  shareholders were  £1,049m.  Statutory 
basic earnings  per  share  from  continuing  operations  increased  to  28.8p 
compared with 21.9p^4 for the same period last year.



Operating cash flow, before  exceptional items, remeasurements, stranded  cost 
recoveries and taxation,  was £1,866m,  £64m higher  than the  same period  in 
2011/12. The  increase  in operating  profits  was mostly  offset  by  working 
capital movements, reflecting weather and commodity costs in the US.



Funding and net debt



Net debtrose to £20.4bn at 30 September 2012 compared with £19.6bn at 31 March
2012, reflecting the impact of our ongoing investment programme.



Our balance sheet remains in a strong  position and we continue to access  the 
capital markets to refinance maturing debt and to fund the growth in our asset
base driven by  our ongoing  investment programme. In  the first  half of  the 
year, we have issued around £1.2bn of new bonds from group operating companies
as well as at holding company level. We have issued debt denominated in Euros,
and Sterling and have also issued in Canadian dollars for the first time in  5 
years. This  CAD750m  5  year  bond represents  the  largest  corporate  Maple 
transaction to date.



We will continue to try to diversify our sources of finance to ensure that  we 
fund our growth programme  as efficiently as possible  and maintain access  to 
multiple sources of liquidity.





TECHNICAL GUIDANCE



We provide technical guidance  to aid consistency across  a range of  modeling 
assumptions of a technical, rather than trading or core valuation, nature.  We 
will provide appropriate  updates to this  information on a  regular basis  as 
part of our normal reporting. The outlook and technical guidance contained  in 
this statement should be reviewed together with the forward looking statements
set out in this release in the context of the cautionary statement.



Further information about our principal  risks and uncertainties for the  next 
six months of the financial year is provided in Note 14 on page 36.



Earnings Items



Operating profit of £3,495m for the year ended 31 March 2012 included a number
of  timing  differences,  together  totaling  £18m.  Excluding  these   timing 
differences, operating profit for that year would have been £3,477m.



Over the course of the current  year our UK Transmission business is  expected 
to recover the opening under-recovered timing balance at 31 March 2012. Our US
Regulated  operations  are  expected  to  return  a  portion  of  the  opening 
over-recovered balance.



UK operations

We expect UK inflation to contribute approximately £75m to an increase in  our 
UK Gas  Distribution  allowed  regulated  RPI+X  linked  revenues  in  2012/13 
compared to 2011/12.



The one year  transmission rollover review  in the UK  increased the level  of 
allowed revenues  for  2012/13  by approximately  £200m  compared  to  2011/12 
including the impact of RPI inflation.



UK controllable costs anddepreciation are both expected to increase in 2012/13
compared  to  2011/12,reflecting  continued  inflation  and  technical   staff 
recruitment and the impact of the recent high levels of capital investment.



US operations

The Niagara Mohawk deferral recoveries impacted  the last 3 months of  2011/12 
only and  we  would  expect  a  full  year  on  year  impact  for  2012/13  of 
approximately £90m.



Further reductions in  US regulated  controllable operating  costs in  2012/13 
compared to 2011/12  as a result  of last year's  restructuring programme  are 
expected to be at least offset by inflation and other cost increases.



Incremental US storm  costs of  around £116m  impacted full  year results  for 
2011/12. Expenses  associated  with  gas  and  electric  customer  restoration 
following  'Superstorm'  Sandy  (excluding  those  associated  with   electric 
restoration in  the  LIPA  service  area) are  currently  expected  to  impact 
operating profit in 2012/13 by no more than £100m.



Additional  costs   associated   with   US  financial   system   and   process 
implementation in the first  half of the current  year are expected to  impact 
the results for our other activities in 2012/13 compared to 2011/12.



Group



Net finance costs are expected to be around £50m higher in 2012/13 compared to
2011/12, reflecting an increase in average net debt.



For the full year 2012/13, we expect our effective tax rate to be around 29%.



Investment and other items



Capital expenditure  for 2012/13  is expected  to be  in the  range £3.5bn  to 
£3.8bn, reflecting increased investment in our UK Transmission business.



Net debt is expected to  increase by around £1bn  to £1.5bn during 2012/13  to 
around £21bn, excluding the effect of any exchange rate impacts.



REVIEW OF UK TRANSMISSION OPERATIONS



Summary results               Six months ended 30 September
(£m)                             2012     2011    % change
Revenue                         1,948     1,730      13
Operating costs                (1,002)    (920)     (9)
Depreciation and amortisation   (234)     (208)     (13)
Operating profit                 712       602       18



Capital investment Six months ended 30 September
(£m)                 2012     2011    % change
Capital investment   811      603        34



Performance in the first 6 months of 2012/13



UK Transmission operating profit was £712m, up £110m or 18%. This included  an 
estimated over-recovery  of  revenues of  £12m  in our  regulated  businesses. 
Combined with an opening under-recovered balance of £22m relating to  previous 
years, this leaves  an estimated  total balance  to be  recovered from  future 
customers as at 30 September  of £10m which, in  the normal course of  events, 
would be recovered in  the second half  of the year. In  the same period  last 
year, revenues  were  under-recovered  by  an estimated  £23m.  As  a  result, 
adjusting for the timing differences of £35m, operating profit for the  period 
excluding timing increased by £75m, 12%, as set out in the following table.



Over/(under)-recovery              Six months ended 30
                                        September      Period-on-period change
(£m) (estimated)                     2012      2011
Balance at start of period           (22)       (7)
(restated)
In-year over/(under)-recovery         12       (23)              35
Balance at end of period             (10)      (30)
Operating profit                      712       602              110
Adjust for timing differences        (12)       23              (35)
Operating profit excluding timing     700       625              75



The increase in operating profit excluding timing reflected £116m of increased
net regulated income driven by regulated revenue increases associated with the
one-year roll-over  of the  TPCR4 transmission  price control,  including  the 
benefit of RPI indexation on revenues. Included in net regulated income was  a 
£6m charge compared  to none  in the  same period  last year  relating to  the 
balancing services  incentive  scheme (BSIS).  Depreciation  and  amortisation 
increased by £26m, reflecting the growth  in asset base due to our  investment 
programme. Regulated  controllable costs  increased by  £13m reflecting  costs 
associated  with  the  development  of  our  UK  operating  model  and  higher 
maintenance  workload   and  continued   recruitment.  Post-retirement   costs 
increased by £3m and other costs decreased by £1m.



We continue  to invest  in our  people  and processes  in preparation  for  an 
expected increase in workload. This  workload increase is associated with  the 
significant  growth  and  renewal  of  our  asset  base  through  our  capital 
expenditure programme and new incentive mechanisms expected from 1 April  2013 
as part  of the  RIIO-T1  price control.  Our system  reliability  performance 
remains excellent.



We are continuing to work with the UK government on the development of the new
electricity market reform arrangements which we believe will set the framework
for new generation connections  and resultant workload on  our system for  the 
next decade and beyond.





Investment activities in the first 6 months of 2012/13



Capital investment in our UK Transmission  business for the period was  £811m, 
up by £208m on the same  period last year. This reflects increased  investment 
in electricity  transmission, including  the  Western HVDC  link, and  in  gas 
transmission  including  emissions  reduction  expenditure  relating  to   our 
compressor fleet.



Future activities and outlook



The outlook for our UK Transmission business for the remainder of the year  is 
unchanged. We expect continued upward pressure on operating costs, in part due
to our  recruitment of  more engineers  to deliver  our investment  programme. 
Offsetting this  are  increased revenues  from  our regulated  price  controls 
including continued recovery  of prior  year under-recovered  revenues in  the 
second half of the year.

REVIEW OF UK GAS DISTRIBUTION OPERATIONS



Summary results               Six months ended 30 September
(£m)                            2012     2011    % change
Revenue                         831      787         6
Operating costs                (292)    (286)       (2)
Depreciation and amortisation  (131)    (120)       (9)
Operating profit                408      381         7



Capital investment Six months ended 30 September
(£m)                 2012     2011    % change
Capital investment   324      325         -



Performance in the first 6 months of 2012/13



UK Gas Distribution  operating profit was  £408m, £27m or  7% higher than  the 
same period last year. This  included an estimated under-recovery of  revenues 
of £3m. Combined with an opening  over-recovered balance of £2m from  previous 
years, this leaves  an estimated  total balance  to be  recovered from  future 
customers as at 30 September  of £1m. In the  same period last year,  revenues 
were under-recovered  by an  estimated £7m.  As a  result, adjusting  for  the 
timing differences of £4m,  operating profit for  the period excluding  timing 
increased by £23m, 6%, as set out in the following table.



Over/(under)-recovery             Six months ended 30
                                       September       Period-on-period change
(£m) (estimated)                    2012       2011
Balance at start of period           2         (20)
In-year over/(under)-recovery       (3)        (7)                4
Balance at end of period            (1)        (27)
Operating profit                    408        381               27
Adjust for timing differences        3          7                (4)
Operating profit excluding          411        388               23
timing



The increase in operating profit excluding timing reflected £43m of  increased 
net regulated  income driven  by  the impact  of RPI+X  indexation.  Regulated 
controllable costs increased by  £11m including increased emergency  workforce 
costs. Involvement of this workforce in unregulated activities reduced  period 
on  period  due  mainly  to  a  reduction  in  meter  work.  Depreciation  and 
amortisation increased by  £11m, post  retirement costs increased  by £2m  and 
other costs decreased by £4m.



We are particularly pleased with the  performance of our teams in  preparation 
for and during the Olympics and  Paralympics in London over the summer.  Their 
contribution was  recognised  and  praised  by many  of  the  individuals  and 
organisationsinvolved.



We are now coming to the end of the current five year price control for our UK
Gas Distribution  businesses.  We  have  performed  well  under  the  existing 
control,  outperforming  the  regulatory  allowance  on  operating  costs  and 
delivering significant additional value under incentive schemes. By the end of
the five year period, we expect to  have replaced over 10,000km of gas  mains, 
around 8% of our total system. This is in line with our regulatory  allowances 
and is expected to remain the cornerstone of creating safer, more reliable and
lower emission networks for our customers.



Our next challenge  will be framed  by the outcome  of discussions around  the 
next price  control. The  roll out  of our  UK Gas  Distribution Front  Office 
system is now mostly complete and is expected to deliver benefits in  customer 
service and efficiency coinciding with the start of the RIIO-GD1 price control
period.





Investment activities in the first 6 months of 2012/13



Capital investment in our UK Gas Distribution business continues at a  broadly 
steady rate and is dominated by our work on mains replacement, which accounted
for £242m of our total £324m capital expenditure for the period.



Future activities and outlook



The outlook for our UK Gas Distribution business for the remainder of the year
is unchanged. We plan to renew and reshape our strategic partnerships and  our 
internal working arrangements to reflect the new incentives under the RIIO-GD1
regime, once  it  is  finalised  later  this  year.  We  will  seek  to  align 
contractual and  internal  incentives  and  sharing  arrangements  to  deliver 
outputs in  a  way that  we  believe will  maximise  value for  investors  and 
customers alike.

REVIEW OF US REGULATED OPERATIONS



Summary results                         Six months ended 30 September
(£m)                                      2012      2011    % change
Revenue*                                  3,013     3,285      (8)
Operating costs                          (2,402)   (2,781)     14
Depreciation and amortisation             (207)     (198)      (5)
Operating profit - actual exchange rate    404       306       32
Operating profit - constant currency       404       318       27



Capital investment            Six months ended 30 September
(£m, at actual exchange rate)   2012     2011    % change
Capital investment              575      462        24



* Excludes revenue from stranded cost recoveries.



Performance in the first 6 months of 2012/13



US operating  profit  was  £404m,  up  £98m  at  actual  exchange  rates.  The 
period-on-period movement in exchange  rates had a  £12m favourable impact  on 
operating profit.  As  a result,  operating  profit was  up  £86m, 27%,  on  a 
constant currency basis. Our opening over-recovered balance of £129m, combined
with a £90m under-recovery of revenue  in the current period leaves a  closing 
over-recovered balance as  at 30 September  of £39m. In  the same period  last 
year, revenues were under-recovered  by £26m. As a  result, adjusting for  the 
timing differences of £64m, operating  profit for the period excluding  timing 
increased by £150m, as set out in the following table.



Over/(under)-recovery              Six months ended 30
                                        September      Period-on-period change
(£m - constant currency)             2012      2011
Balance at start of period            129       100
(restated)
In-year over/(under)-recovery        (90)      (26)             (64)
Balance at end of period              39        74
Operating profit at constant          404       318              86
currency
Adjust for timing differences         90        26               64
Operating profit excluding timing     494       344              150
Major storm adjustment                 -        71              (71)
Operating profit excluding timing     494       415              79
and major storms



Operating profit excluding timing in 2011/12 included a £71m charge in respect
of Hurricane Irene. Excluding the effect  of both timing and Hurricane  Irene, 
operating profit increased by £79m, 19%.



Net regulated income increased by £111m,  partly due to increases in  revenues 
from our New York electricity business  associated with the recovery of  $240m 
of deferred  costs  over a  15  month period,  which  began in  January  2012. 
Depreciation and amortisation were £1m higher, post-retirement costs  remained 
constant and  bad  debts  decreased  by  £17m.  Regulated  controllable  costs 
increased by £9m, partly driven by increased information systems costs.  Other 
operating costs in our regulated  businesses increased by £39m, excluding  the 
£71m impact  of Hurricane  Irene mentioned  earlier. This  includes  increased 
allocation of new  systems depreciation from  service companies, higher  costs 
related  to  capital  work  and   the  impact  of  prior  year   environmental 
adjustments.



Reliability remains strong, with our  electricity businesses on track to  meet 
14 out of 15 regulatory reliability  targets and with projects in place  which 
aim to prevent future faults of the  type that have affected the final  target 
in Massachusetts. Gas emergency response times are on track to meet or  exceed 
regulatory targets in all jurisdictions.

We continue to implement  significant changes in  our information systems  and 
financial  procedures.  Our  goal  is  to  use  these  developments  to  drive 
efficiencies  in  the  business   through  improved  management   information, 
streamlined finance  processes  and reduced  workload  in the  preparation  of 
future rate cases.



On 3 July, in the US we completed  the sale of our New Hampshire electric  and 
gas distribution businesses, Granite State  Electric Company and Energy  North 
Natural Gas  Inc.,  to  Liberty  Energy Utilities  (New  Hampshire)  Corp.,  a 
subsidiary of Algonquin Power & Utilities Corp.



Restoration  activities   following   'Superstorm'  Sandy   have   been   very 
significant, particularly on Long Island, the area we serve on behalf of LIPA.
In comparison to Hurricane Irene  last year, we have  deployed over two and  a 
half times the number of crews in  this area, nearly 15,000 in total,  working 
for a significantly  longer period of  time in order  to repair the  extensive 
damage caused by both wind and flooding.


Investment activities in the first 6 months of 2012/13



Capital investment  in our  regulated  US business  continues  at a  run  rate 
consistent with  our medium  term guidance  of £1bn  to £1.2bn  p.a..  Capital 
expenditure for the period was £575m, up £113m or 24% on the same period  last 
year, when investment was somewhat phased towards the second half of the year.
Increased  spend  on  transmission  and  also  on  mains  replacement  in  our 
Massachusetts gas  business  were  the  main  factors  behind  the  growth  in 
investment.



Future activities and outlook



The outlook for our US  business for the remainder  of the year is  unchanged. 
The results  of the  rate filings  mentioned in  the business  review are  not 
expected to impact  materially in the  current financial year,  with the  main 
effect expected in 2013/14.



We will  continue our  efforts  to restore  gas  and electricity  supplies  to 
customers affected by the storms in October, as their properties and equipment
become able to receive  service safely once again.  Timing of the recovery  of 
prudently incurred  costs  associated  with storm  restoration  will  vary  by 
jurisdiction.

REVIEW OF OTHER ACTIVITIES



Summary results                         Six months ended 30 September
(£m)                                      2012     2011    % change
Revenue                                   336      385       (13)
Operating costs                          (179)    (161)      (11)
Depreciation and amortisation             (89)     (93)        4
Operating profit - actual exchange rate    68      131       (48)
Operating profit - constant currency       68      131       (48)



Operating profit by principal activities
(£m)
Metering                                                    80   97  (18)
Grain LNG                                                   45   45    -
Property                                                    13   18  (28)
Sub-total operating profit                                 138  160  (14)
Corporate and other activities                             (70) (29) (141)
Operating profit                                            68  131  (48)
Share of post-tax results of joint ventures and associates
Total                                                       8    1    700



Capital investment
Metering                                       27  35 (23)
Grain LNG                                      24  9  167
Property                                        1  2  (50)
Other                                          62  43  44
Capital expenditure excluding joint ventures   114 89  28
Joint ventures (JVs)                            1  -   -
Capital investment including investment in JVs 115 89  29



Operating profit from our Metering, Grain LNG and Property activities combined
reduced by £22m. Overall, operating profit for our other activities  decreased 
by 48% to £68m. This  was mainly driven by an  increase in cost related to  US 
systems and finance restructuring and the sale of OnStream in October 2011.



Metering operating profit was  down £17m at £80m.  During the period,  capital 
investment in this business  was £27m. The reduction  in operating profit  was 
principally due to the  fact that the  same period last  year included a  £12m 
contribution  from  OnStream,  which  was   sold  in  October  2011.   Capital 
expenditure in the same period last year included £12m related to the OnStream
business.



Our Grain LNG business delivered an operating profit of £45m, in line with the
same period last year.  Capital investment mostly  reflects spend relating  to 
security and a second cryogenic line.



Our Property business  delivered an operating  profit of £13m,  down £5m.  The 
decrease primarily reflects a  lower level of disposals  compared to the  same 
period last year.



Corporate and  other activities  costs  increased by  £41m and  other  capital 
expenditure increased by £19m  to £62m. This  principally represents spend  on 
the implementation of new US information systems and financial procedures.





JOINT VENTURES



Profit from our BritNed interconnector increased by £5m compared to the  first 
half of 2011/12. This  was the primary reason  for the increased  contribution 
from joint ventures



In the first half  of this year  we invested a further  £1m in existing  joint 
ventures. Further transmission investment  opportunities exist onshore in  the 
US and offshore in both  UK waters and those  around Northern Europe. We  will 
continue to consider these opportunities  as they arise and expect  additional 
transmission and interconnection investments to form part of our portfolio  in 
the future.



In relation to  these future  opportunities we have  successfully completed  a 
seabed survey  in  relation  to  the proposed  interconnector  to  Norway  and 
continue to progress towards construction of an interconnector to Belgium  and 
a further  interconnector to  France.  We have  also  signed a  memorandum  of 
understanding in relation to a 5GW sub-sea interconnector to Ireland.



PROVISIONAL FINANCIAL TIMETABLE



28 November 2012      Ordinary shares go ex-dividend
30 November 2012      Record date for 2012/13 interim dividend
5 December 2012       Scrip reference price announced
14 December 2012      Scrip election date for 2012/13 interim dividend
16 January 2013       2012/13 interim dividend paid to qualifying ordinary
                      shareholders
January/February 2013 Interim management statement
16 May 2013           2012/13 preliminary results
5 June 2013           Ordinary shares go ex-dividend
7 June 2013           Record date for 2012/13 final dividend
12 June 2013          Scrip reference price announced
June 2013             Annual Report and Accounts published
24 July 2013          Scrip election date for 2012/13 final dividend
29 July 2013          Interim management statement and

                      Annual General Meeting, ICC, Birmingham
21 August 2013        2012/13 final dividend paid to qualifying ordinary
                      shareholders





CAUTIONARY STATEMENT



This announcement  contains  certain  statements  that  are  neither  reported 
financial results  nor  other  historical information.  These  statements  are 
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as  amended, and Section  21E of the  Securities Exchange Act  of 
1934, as  amended.  These  statements  include  information  with  respect  to 
National Grid's financial condition, its results of operations and businesses,
strategy, plans  and  objectives.  Words  such  as  'anticipates',  'expects', 
'should', 'intends',  'plans',  'believes', 'outlook',  'seeks',  'estimates', 
'targets', 'may', 'will',  'continue', 'project' and  similar expressions,  as 
well as statements in the  future tense, identify forward-looking  statements. 
These forward-looking statements are not guarantees of National Grid's  future 
performance and are subject to assumptions, risks and uncertainties that could
cause actual future results  to differ materially from  those expressed in  or 
implied by such forward-looking statements.  Many of these assumptions,  risks 
and uncertainties relate to factors that are beyond National Grid's ability to
control or estimate  precisely, such  as changes  in laws  or regulations  and 
decisions by  governmental  bodies  or  regulators  (including  the  new  RIIO 
approach in the UK); breaches of, or changes in, environmental, climate change
and health and safety laws or regulations, including breaches arising from the
potentially harmful nature of its activities; network failure or interruption,
the inability  to carry  out critical  non network  operations and  damage  to 
infrastructure, due to  adverse weather  conditions, including  the impact  of 
Hurricane Sandy  and other  major storms  as well  as the  results of  climate 
change, or due  to unauthorised  access to or  deliberate breaches  of our  IT 
systems or otherwise; performance against regulatory targets and standards and
against  National  Grid's  peers  with  the  aim  of  delivering   stakeholder 
expectations regarding costs and  efficiency savings, including those  related 
to investment programmes, restructuring and internal transformation  projects; 
and customers and counterparties failing  to perform their obligations to  the 
Company. Other factors that  could cause actual  results to differ  materially 
from those described  in this  announcement include  fluctuations in  exchange 
rates, interest rates  and commodity price  indices; restrictions in  National 
Grid's borrowing and debt arrangements, funding costs and access to financing;
regulatory requirements for  the Company  to maintain  financial resources  in 
certain  parts  of  its  business  and  restrictions  on  some   subsidiaries' 
transactions, such as paying dividends, lending or levying charges; inflation;
the delayed timing of recoveries and payments in our regulated businesses; the
funding requirements of its pension schemes and other post-retirement  benefit 
schemes; the loss of key personnel or the ability to attract, train or  retain 
qualified personnel and any disputes arising with its employees or the  breach 
of  laws  or  regulations  by  its  employees;  and  incorrect  or  unforeseen 
assumptions or  conclusions (including  financial and  tax impacts  and  other 
unanticipated effects) relating  to business  development activity,  including 
assumptions in connection with  joint ventures. The  effects of these  factors 
are difficult  to  predict. For  further  details regarding  these  and  other 
assumptions, risks and uncertainties please  read the Business Review  section 
including the  'Risk factors'  on pages  41 to  43 of  National Grid's  latest 
Annual Report and Accounts. In addition  new factors emerge from time to  time 
and National Grid cannot assess the potential impact of any such factor on its
activities or the extent to which  any factor, or combination of factors,  may 
cause actual future results to differ  materially from those contained in  any 
forward-looking statement. Except  as may  be required by  law or  regulation, 
National Grid undertakes no  obligation to update  any of its  forward-looking 
statements, which speak only as of the date of this announcement. The  content 
of any website references herein do not form part of this announcement.







Consolidated income statement                                   Year ended 31
for the six months ended 30 September            2012     2011     March 2012
                                        Notes      £m       £m             £m
Revenue                                 2(a)    6,079    6,306         13,832
Operating costs                               (4,337)  (4,814)       (10,293)
Operating profit
Before exceptional items,
remeasurements and stranded cost
recoveries                              2(b)    1,592    1,420          3,495
Exceptional items, remeasurements and
stranded cost
recoveries                                3       150       72             44
Total operating profit                  2(b)    1,742    1,492          3,539
Interest income and similar income        4       623      648          1,301
Interest expense and other finance
costs
Before exceptional items and
remeasurements                            4   (1,069)  (1,116)        (2,218)
Exceptional items and remeasurements      3      (19)     (84)           (70)
Total interest expense and other
finance costs                             4   (1,088)  (1,200)        (2,288)
Share of post-tax results of joint
ventures and associates                             8        1              7
Profit before tax
Before exceptional items,
remeasurements and stranded cost
recoveries                              2(b)    1,154      953          2,585
Exceptional items, remeasurements and
stranded cost recoveries                  3       131     (12)           (26)
Total profit before tax                 2(b)    1,285      941          2,559
Taxation
Before exceptional items,
remeasurements and stranded cost
recoveries                                5     (317)    (254)          (755)
Exceptional items, remeasurements and
stranded cost recoveries                  3        82      110            234
Total taxation                                  (235)    (144)          (521)
Profit after tax
Before exceptional items,
remeasurements and stranded cost
recoveries                                        837      699          1,830
Exceptional items, remeasurements and
stranded cost recoveries                  3       213       98            208
Profit for the period                           1,050      797          2,038
Attributable to:
Equity shareholders of the parent             1,049      795          2,036
Non-controlling interests                         1        2              2
                                                1,050      797          2,038
Earnings per share*
Basic                                  6(a)    28.8p    21.9p          56.1p
Diluted                                6(b)    28.7p    21.8p          55.8p



* Comparative amounts have been restated to reflect the impact of additional
shares issued as scrip dividends.







                                                                             
Consolidated statement of comprehensive
income                                                                       
                                                               Year ended 31
for the six months ended 30 September           2012     2011     March 2012 
                                                  £m       £m             £m
Profit for the period                          1,050      797          2,038
Other comprehensive income/(loss):
Exchange adjustments                            (21)       47             27
Actuarial net losses                         (1,001)  (1,577)        (1,325)
Deferred tax on actuarial net losses             302      537            403
Net losses on cash flow hedges                  (39)      (2)           (18)
Transferred to profit or loss on cash flow
hedges                                            19        3             19
Deferred tax on cash flow hedges                   3      (4)              2
Net gains on available-for-sale investments        8        1             16
Transferred to profit or loss on sale of
available-for-sale investments                     -      (1)            (9)
Deferred tax on available-for-sale
investments                                      (1)        1            (2)
Other comprehensive loss for the period, net
of tax                                         (730)    (995)          (887)
Total comprehensive income/(loss) for the
period                                           320    (198)          1,151
Total comprehensive income/(loss)
attributable to:
 Equity shareholders of the parent             319    (200)          1,149
 Non-controlling interests                       1        2              2
                                                 320    (198)          1,151











                                                                           

Consolidated balance sheet                                                  
                                                               Year ended 31
as at 30 September                             2012      2011     March 2012
                                     Notes       £m        £m             £m
Non-current assets
Goodwill                                      4,734     4,857          4,776
Other intangible assets                         591       538            546
Property, plant and equipment                34,645    32,873         33,701
Other non-current assets                        140       154             95
Pension assets                                  139        64            155
Financial and other investments                 588       586            592
Derivative financial assets            9      1,969     1,941          1,819
Total non-current assets                     42,806    41,013         41,684
Current assets
Inventories and current intangible              404       528
assets                                                                   376
Trade and other receivables                   1,711     1,867          1,971
Financial and other investments        9      2,747     2,664          2,391
Derivative financial assets            9        352       263            317
Cash and cash equivalents              9        432       291            332
Total current assets                          5,646     5,613          5,387
Assets of businesses held for sale    11          -       598            264
Total assets                                 48,452    47,224         47,335
Current liabilities
Borrowings                             9    (3,633)   (2,659)        (2,492)
Derivative financial liabilities       9      (326)     (258)          (162)
Trade and other payables                    (2,219)   (2,569)        (2,685)
Current tax liabilities                       (429)     (494)          (383)
Provisions                                    (241)     (296)          (282)
Total current liabilities                   (6,848)   (6,276)        (6,004)
Non-current liabilities
Borrowings                             9   (20,475)  (20,991)       (20,533)
Derivative financial liabilities       9    (1,424)   (1,237)        (1,269)
Other non-current liabilities               (1,908)   (1,952)        (1,921)
Deferred tax liabilities                    (3,487)   (3,235)        (3,738)
Pensions and other post-retirement          (3,777)   (3,551)
benefit obligations                                                  (3,088)
Provisions                                  (1,412)   (1,498)        (1,449)
Total non-current liabilities              (32,483)  (32,464)       (31,998)
Liabilities of businesses held for    11          -     (136)
sale                                                                    (87)
Total liabilities                          (39,331)  (38,876)       (38,089)
Net assets                                    9,121     8,348          9,246
Equity
Called up share capital                         430       421            422
Share premium account                         1,347     1,356          1,355
Retained earnings                            12,204    11,388         12,297
Other equity reserves                       (4,866)   (4,825)        (4,835)
Shareholders' equity                          9,115     8,340          9,239
Non-controlling interests                         6         8              7
Total equity                                  9,121     8,348          9,246



Consolidated
statement of       Called
changes in equity      up   Share             Other          Total
                    share premium Retained   equity share-holders' Non-controlling   Total
                 capital account earnings reserves         equity       interests  equity
            Notes      £m      £m       £m       £m             £m              £m      £m
Changes in
equity for the
period:
At 1 April 2012       422   1,355   12,297  (4,835)          9,239               7   9,246
Total
comprehensive
income/(loss)           -       -      350     (31)            319               1     320
Equity
dividends       7       -       -    (906)        -          (906)               -   (906)
Scrip dividend
related share
issue           7       8     (8)      436        -            436               -     436
Issue of
treasury shares         -       -       18        -             18               -      18
Purchase of own
shares                  -       -      (4)        -            (4)               -     (4)
Other movements
in
non-controlling
interests               -       -        -        -              -             (2)     (2)
Share-based
payment                 -       -       13        -             13               -      13
Tax on
share-based
payment                 -       -        -        -              -               -       -











At 30 September
2012                  430   1,347   12,204  (4,866)          9,115               6   9,121
                   Called
                       up   Share             Other          Total
                    share premium Retained   equity share-holders' Non-controlling   Total
                  capital account earnings reserves         equity       interests  equity
            Notes      £m      £m       £m       £m             £m              £m      £m
Changes in
equity for the
period:
At 1 April 2011       416   1,361   12,153  (4,870)          9,060               9   9,069
Total
comprehensive
(loss)/income           -       -    (245)       45          (200)               2   (198)
Equity
dividends       7       -       -    (822)        -          (822)               -   (822)
Scrip dividend
related share
issue           7       5     (5)      279        -            279               -     279
Issue of
treasury shares         -       -       12        -             12               -      12
Purchase of own
shares                  -       -      (4)        -            (4)               -     (4)
Other movements
in
non-controlling
interests               -       -        -        -              -             (3)     (3)
Share-based
payment                 -       -       13        -             13               -      13
Tax on
share-based
payment                 -       -        2        -              2               -       2
At 30 September
2011                  421   1,356   11,388  (4,825)          8,340               8   8,348
                   Called
                       up   Share             Other          Total
                    share premium Retained   equity share-holders' Non-controlling   Total
                  capital account earnings reserves         equity       interests  equity
            Notes      £m      £m       £m       £m             £m              £m      £m
Changes in
equity for the
year:
At 1 April 2011       416   1,361   12,153  (4,870)          9,060               9   9,069
Total
comprehensive
income                  -       -    1,114       35          1,149               2   1,151
Equity
dividends       7       -       -  (1,319)        -        (1,319)               - (1,319)
Scrip dividend
related share
issue           7       6     (6)      313        -            313               -     313
Issue of
treasury shares         -       -       13        -             13               -      13
Purchase of own
shares                  -       -      (4)        -            (4)               -     (4)
Other movements
in
non-controlling
interests               -       -        -        -              -             (4)     (4)
Share-based
payment                 -       -       24        -             24               -      24
Tax on
share-based
payment                 -       -        3        -              3               -       3
At 31 March
2012                  422   1,355   12,297  (4,835)          9,239               7   9,246









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