n n n n ational grid 2018 annual report and accounts (pdf) 2018 financial statements table of contents 1 general information 2 accounting policies 3 critical accounting estimates and judgments 4 segment information 5 revenue 6 other operating income 7 employee benefits expense 8 depreciation and amortization 9 other operating expenses 10 finance income 11 finance costs 12 income tax expense 13 deferred tax 14 property, plant and equipment 15 intangible assets 16 right-of-use assets 17 leases 18 investments 19 financial instruments 20 capital management 21 share capital 22 reserves 23 dividends 24 other equity reserves 25 net debt 26 commitments and contingencies 27 related party transactions 28 subsequent events 29 subsidiaries and associates 30 related party transactions 31 goodwill 32 other intangible assets 33 revenue from contracts with customers 34 employee benefit plans 35 post-employment benefits 36 share-based payments 37 financial assets 38 financial liabilities 39 derivative financial instruments 40 fair value measurement 41 provisions 42 contingent liabilities 43 other long-term liabilities 44 short-term borrowings 45 trade and other receivables 46 trade and other payables 47 cash and cash equivalents 48 restricted cash 49 net cash flows from operating activities 50 net cash flows from investing activities 51 net cash flows from financing activities 52 non-cash transactions 53 events after the reporting period 54 comparative information 55 restatement of prior period financial statements 56 changes in accounting policies 57 related party transactions 58 business combinations 59 impairment of non-financial assets 60 asset retirement obligations 61 joint arrangements 62 income statement by nature of expense 63 comprehensive income 64 statement of financial position 65 statement of cash flows 66 statement of changes in equity 67 notes to the financial statements 68 financial risk management 69 critical accounting estimates and judgments 70 management of capital 71 related party transactions 72 subsequent events 73 subsidiaries and associates 74 impairment of goodwill 75 fair value of financial instruments 76 segment information 77 revenue from contracts with customers 78 employee benefit plans 79 post-employment benefits 80 share-based payments 81 financial assets 82 financial liabilities 83 derivative financial instruments 84 fair value measurement 85 provisions 86 contingent liabilities 87 other long-term liabilities 88 short-term borrowings 89 trade and other receivables 90 trade and other payables 91 cash and cash equivalents 92 restricted cash 93 net cash flows from operating activities 94 net cash flows from investing activities 95 net cash flows from financing activities 96 non-cash transactions 97 events after the reporting period 98 comparative information 99 restatement of prior period financial statements 100 changes in accounting policies 101 related party transactions 102 business combinations 103 impairment of non-financial assets 104 asset retirement obligations 105 joint arrangements 106 income statement by nature of expense 107 comprehensive income 108 statement of financial position 109 statement of cash flows 110 statement of changes in equity 111 notes to the financial statements 112 financial risk management 113 critical accounting estimates and judgments 114 management of capital 115 related party transactions 116 subsequent events 117 subsidiaries and associates 118 impairment of goodwill 119 fair value of financial instruments 120 segment information 121 revenue from contracts with customers 122 employee benefit plans 123 post-employment benefits 124 share-based payments 125 financial assets 126 financial liabilities 127 derivative financial instruments 128 fair value measurement 129 provisions 130 contingent liabilities 131 other long-term liabilities 132 short-term borrowings 133 trade and other receivables 134 trade and other payables 135 cash and cash equivalents 136 restricted cash 137 net cash flows from operating activities 138 net cash flows from investing activities 139 net cash flows from financing activities 140 non-cash transactions 141 events after the reporting period 142 comparative information 143 restatement of prior period financial statements 144 changes in accounting policies 145 related party transactions 146 business combinations 147 impairment of non-financial assets 148 asset retirement obligations 149 joint arrangements 150 income statement by nature of expense 151 comprehensive income 152 statement of financial position 153 statement of cash flows 154 statement of changes in equity 155 notes to the financial statements 156 financial risk management 157 critical accounting estimates and judgments 158 management of capital 159 related party transactions 160 subsequent events 161 subsidiaries and associates 162 impairment of goodwill 163 fair value of financial instruments 164 segment information 165 revenue from contracts with customers 166 employee benefit plans 167 post-employment benefits 168 share-based payments 169 financial assets 170 financial liabilities 171 derivative financial instruments 172 fair value measurement 173 provisions 174 contingent liabilities 175 other long-term liabilities 176 short-term borrowings 177 trade and other receivables 178 trade and other payables 179 cash and cash equivalents 180 restricted cash 181 net cash flows from operating activities 182 net cash flows from investing activities 183 net cash flows from financing activities 184 non-cash transactions 185 events after the reporting period 186 comparative information 187 restatement of prior period financial statements 188 changes in accounting policies 189 related party transactions 190 business combinations 191 impairment of non-financial assets 192 asset retirement obligations 193 joint arrangements 194 income statement by nature of expense 195 comprehensive income 196 statement of financial position 197 statement of cash flows 198 statement of changes in equity 199 notes to the financial statements 200 financial risk management 201 critical accounting estimates and judgments 202 management of capital 203 related party transactions 204 subsequent events 205 subsidiaries and associates 206 impairment of goodwill 207 fair value of financial instruments 208 segment information 209 revenue from contracts with customers 210 employee benefit plans 211 post-employment benefits 212 share-based payments 213 financial assets 214 financial liabilities 215 derivative financial instruments 216 fair value measurement 217 provisions 218 contingent liabilities 219 other long-term liabilities 220 short-term borrowings 221 trade and other receivables 222 trade and other payables 223 cash and cash equivalents 224 restricted cash 225 net cash flows from operating activities 226 net cash flows from investing activities 227 net cash flows from financing activities 228 non-cash transactions 229 events after the reporting period 230 comparative information 231 restatement of prior period financial statements 232 changes in accounting policies 233 related party transactions 234 business combinations 235 impairment of non-financial assets 236 asset retirement obligations 237 joint arrangements 238 income statement by nature of expense 239 comprehensive income 240 statement of financial position 241 statement of cash flows 242 statement of changes in equity 243 notes to the financial statements 244 financial risk management 245 critical accounting estimates and judgments 246 management of capital 247 related party transactions 248 subsequent events 249 subsidiaries and associates 250 impairment of goodwill 251 fair value of financial instruments 252 segment information 253 revenue from contracts with customers 254 employee benefit plans 255 post-employment benefits 256 share-based payments 257 financial assets 258 financial liabilities 259 derivative financial instruments 260 fair value measurement 261 provisions 262 contingent liabilities 263 other long-term liabilities 264 short-term borrowings 265 trade and other receivables 266 trade and other payables 267 cash and cash equivalents 268 restricted cash 269 net cash flows from operating activities 270 net cash flows from investing activities 271 net cash flows from financing activities 272 non-cash transactions 273 events after the reporting period 274 comparative information 275 restatement of prior period financial statements 276 changes in accounting policies 277 related party transactions 278 business combinations 279 impairment of non-financial assets 280 asset retirement obligations 281 joint arrangements 282 income statement by nature of expense 283 comprehensive income 284 statement of financial position 285 statement of cash flows 286 statement of changes in equity 287 notes to the financial statements 288 financial risk management 289 critical accounting estimates and judgments 290 management of capital 291 related party transactions 292 subsequent events 293 subsidiaries and associates 294 impairment of goodwill 295 fair value of financial instruments 296 segment information 297 revenue from contracts with customers 298 employee benefit plans 299 post-employment benefits 300 share-based payments 301 financial assets 302 financial liabilities 303 derivative financial instruments 304 fair value measurement 305 provisions 306 contingent liabilities 307 other long-term liabilities 308 short-term borrowings 309 trade and other receivables 310 trade and other payables 311 cash and cash equivalents 312 restricted cash 313 net cash flows from operating activities 314 net cash flows from investing activities 315 net cash flows from financing activities 316 non-cash transactions 317 events after the reporting period 318 comparative information 319 restatement of prior period financial statements 320 changes in accounting policies 321 related party transactions 322 business combinations 323 impairment of non-financial assets 324 asset retirement obligations 325 joint arrangements 326 income statement by nature of expense 327 comprehensive income 328 statement of financial position 329 statement of cash flows 330 statement of changes in equity 331 notes to the financial statements 332 financial risk management 333 critical accounting estimates and judgments 334 management of capital 335 related party transactions 336 subsequent events 337 subsidiaries and associates 338 impairment of goodwill 339 fair value of financial instruments 340 segment information 341 revenue from contracts with customers 342 employee benefit plans 343 post-employment benefits 344 share-based payments 345 financial assets 346 financial liabilities 347 derivative financial instruments 348 fair value measurement 349 provisions 350 contingent liabilities 351 other long-term liabilities 352 short-term borrowings 353 trade and other receivables 354 trade and other payables 355 cash and cash equivalents 356 restricted cash 357 net cash flows from operating activities 358 net cash flows from investing activities 359 net cash flows from financing activities 360 non-cash transactions 361 events after the reporting period 362 comparative information 363 restatement of prior period financial statements 364 changes in accounting policies 365 related party transactions 366 business combinations 367 impairment of non-financial assets 368 asset retirement obligations 369 joint arrangements 370 income statement by nature of expense 371 comprehensive income 372 statement of financial position 373 statement of cash flows 374 statement of changes in equity 375 notes to the financial statements 376 financial risk management 377 critical accounting estimates and judgments 378 management of capital 379 related party transactions 380 subsequent events 381 subsidiaries and associates 382 impairment of goodwill 383 fair value of financial instruments 384 segment information 385 revenue from contracts with customers 386 employee benefit plans 387 post-employment benefits 388 share-based payments 389 financial assets 390 financial liabilities 391 derivative financial instruments 392 fair value measurement 393 provisions 394 contingent liabilities 395 other long-term liabilities 396 short-term borrowings 397 trade and other receivables 398 trade and other payables 399 cash and cash equivalents 400 restricted cash 401 net cash flows from operating activities 402 net cash flows from investing activities 403 net cash flows from financing activities 404 non-cash transactions 405 events after the reporting period 406 comparative information 407 restatement of prior period financial statements 408 changes in accounting policies 409 related party transactions 410 business combinations 411 impairment of non-financial assets 412 asset retirement obligations 413 joint arrangements 414 income statement by nature of expense 415 comprehensive income 416 statement of financial position 417 statement of cash flows 418 statement of changes in equity 419 notes to the financial statements 420 financial risk management 421 critical accounting estimates and judgments 422 management of capital 423 related party transactions 424 subsequent events 425 subsidiaries and associates 426 impairment of goodwill 427 fair value of financial instruments 428 segment information 429 revenue from contracts with customers 430 employee benefit plans 431 post-employment benefits 432 share-based payments 433 financial assets 434 financial liabilities 435 derivative financial instruments 436 fair value measurement 437 provisions 438 contingent liabilities 439 other long-term liabilities 440 short-term borrowings 441 trade and other receivables 442 trade and other payables 443 cash and cash equivalents 444 restricted cash 445 net cash flows from operating activities 446 net cash flows from investing activities 447 net cash flows from financing activities 448 non-cash transactions 449 events after the reporting period 450 comparative information 451 restatement of prior period financial statements 452 changes in accounting policies 453 related party transactions 454 business combinations 455 impairment of non-financial assets 456 asset retirement obligations 457 joint arrangements 458 income statement by nature of expense 459 comprehensive income 460 statement of financial position 461 statement of cash flows 462 statement of changes in equity 463 notes to the financial statements 464 financial risk management 465 critical accounting estimates and judgments 466 management of capital 467 related party transactions 468 subsequent events 469 subsidiaries and associates 470 impairment of goodwill 471 fair value of financial instruments 472 segment information 473 revenue from contracts with customers 474 employee benefit plans 475 post-employment benefits 476 share-based payments 477 financial assets 478 financial liabilities 479 derivative financial instruments 480 fair value measurement 481 provisions 482 contingent liabilities 483 other long-term liabilities 484 short-term borrowings 485 trade and other receivables 486 trade and other payables 487 cash and cash equivalents 488 restricted cash 489 net cash flows from operating activities 490 net cash flows from investing activities 491 net cash flows from financing activities 492 non-cash transactions 493 events after the reporting period 494 comparative information 495 restatement of prior period financial statements 496 changes in accounting policies 497 related party transactions 498 business combinations 499 impairment of non-financial assets 500 asset retirement obligations 501 joint arrangements 502 income statement by nature of expense 503 comprehensive income 504 statement of financial position 505 statement of cash flows 506 statement of changes in equity 507 notes to the financial statements 508 financial risk management 509 critical accounting estimates and judgments 510 management of capital 511 related party transactions 512 subsequent events 513 subsidiaries and associates 514 impairment of goodwill 515 fair value of financial instruments 516 segment information 517 revenue from contracts with customers 518 employee benefit plans 519 post-employment benefits 520 share-based payments 521 financial assets 522 financial liabilities 523 derivative financial instruments 524 fair value measurement 525 provisions 526 contingent liabilities 527 other long-term liabilities 528 short-term borrowings 529 trade and other receivables 530 trade and other payables 531 cash and cash equivalents 532 restricted cash 533 net cash flows from operating activities 534 net cash flows from investing activities 535 net cash flows from financing activities 536 non-cash transactions 537 events after the reporting period 538 comparative information 539 restatement of prior period financial statements 540 changes in accounting policies 541 related party transactions 542 business combinations 543 impairment of non-financial assets 544 asset retirement obligations 545 joint arrangements 546 income statement by nature of expense 547 comprehensive income 548 statement of financial position 549 statement of cash flows 550 statement of changes in equity 551 notes to the financial statements 552 financial risk management 553 critical accounting estimates and judgments 554 management of capital 555 related party transactions 556 subsequent events 557 subsidiaries and associates 558 impairment of goodwill 559 fair value of financial instruments 560 segment information 561 revenue from contracts with customers 562 employee benefit plans 563 post-employment benefits 564 share-based payments 565 financial assets 566 financial liabilities 567 derivative financial instruments 568 fair value measurement 569 provisions 570 contingent liabilities 571 other long-term liabilities 572 short-term borrowings 573 trade and other receivables 574 trade and other payables 575 cash and cash equivalents 576 restricted cash 577 net cash flows from operating activities 578 net cash flows from investing activities 579 net cash flows from financing activities 580 non-cash transactions 581 events after the reporting period 582 comparative information 583 restatement of prior period financial statements 584 changes in accounting policies 585 related party transactions 586 business combinations 587 impairment of non-financial assets 588 asset retirement obligations 589 joint arrangements 590 income statement by nature of expense 591 comprehensive income 592 statement of financial position 593 statement of cash flows 594 statement of changes in equity 595 notes to the financial statements 596 financial risk management 597 critical accounting estimates and judgments 598 management of capital 599 related party transactions 600 subsequent events 601 subsidiaries and associates 602 impairment of goodwill 603 fair value of financial instruments 604 segment information 605 revenue from contracts with customers 606 employee benefit plans 607 post-employment benefits 608 share-based payments 609 financial assets 610 financial liabilities 611 derivative financial instruments 612 fair value measurement 613 provisions 614 contingent liabilities 615 other long-term liabilities 616 short-term borrowings 617 trade and other receivables 618 trade and other payables 619 cash and cash equivalents 620 restricted cash 621 net cash flows from operating activities 622 net cash flows from investing activities 623 net cash flows from financing activities 624 non-cash transactions 625 events after the reporting period 626 comparative information 627 restatement of prior period financial statements 628 changes in accounting policies 629 related party transactions 630 business combinations 631 impairment of non-financial assets 632 asset retirement obligations 633 joint arrangements 634 income statement by nature of expense 635 comprehensive income 636 statement of financial position 637 statement of cash flows 638 statement of changes in equity 639 notes to the financial statements 640 financial risk management 641 critical accounting estimates and judgments 642 management of capital 643 related party transactions 644 subsequent events 645 subsidiaries and associates 646 impairment of goodwill 647 fair value of financial instruments 648 segment information 649 revenue from contracts with customers 650 employee benefit plans 651 post-employment benefits 652 share-based payments 653 financial assets 654 financial liabilities 655 derivative financial instruments 656 fair value measurement 657 provisions 658 contingent liabilities 659 other long-term liabilities 660 short-term borrowings 661 trade and other receivables 662 trade and other payables 663 cash and cash equivalents 664 restricted cash 665 net cash flows from operating activities 666 net cash flows from investing activities 667 net cash flows from financing activities 668 non-cash transactions 669 events after the reporting period 670 comparative information 671 restatement of prior period financial statements 672 changes in accounting policies 673 related party transactions 674 business combinations 675 impairment of non-financial assets 676 asset retirement obligations 677 joint arrangements 678 income statement by nature of expense 679 comprehensive income 680 statement of financial position 681 statement of cash flows 682 statement of changes in equity 683 notes to the financial statements 684 financial risk management 685 critical accounting estimates and judgments 686 management of capital 687 related party transactions 688 subsequent events 689 subsidiaries and associates 690 impairment of goodwill 691 fair value of financial instruments 692 segment information 693 revenue from contracts with customers 694 employee benefit plans 695 post-employment benefits 696 share-based payments 697 financial assets 698 financial liabilities 699 derivative financial instruments 700 fair value measurement 701 provisions 702 contingent liabilities 703 other long-term liabilities 704 short-term borrowings 705 trade and other receivables 706 trade and other payables 707 cash and cash equivalents 708 restricted cash 709 net cash flows from operating activities 710 net cash flows from investing activities 711 net cash flows from financing activities 712 non-cash transactions 713 events after the reporting period 714 comparative information 715 restatement of prior period financial statements 716 changes in accounting policies 717 related party transactions 718 business combinations 719 impairment of non-financial assets 720 asset retirement obligations 721 joint arrangements 722 income statement by nature of expense 723 comprehensive income 724 statement of financial position 725 statement of cash flows 726 statement of changes in equity 727 notes to the financial statements 728 financial risk management 729 critical accounting estimates and judgments 730 management of capital 731 related party transactions 732 subsequent events 733 subsidiaries and associates 734 impairment of goodwill 735 fair value of financial instruments 736 segment information 737 revenue from contracts with customers 738 employee benefit plans 739 post-employment benefits 740 share-based payments 741 financial assets 742 financial liabilities 743 derivative financial instruments 744 fair value measurement 745 provisions 746 contingent liabilities 747 other long-term liabilities 748 short-term borrowings 749 trade and other receivables 750 trade and other payables 751 cash and cash equivalents 752 restricted cash 753 net cash flows from operating activities 754 net cash flows from investing activities 755 net cash flows from financing activities 756 non-cash transactions 757 events after the reporting period 758 comparative information 759 restatement of prior period financial statements 760 changes in accounting policies 761 related party transactions 762 business combinations 763 impairment of non-financial assets 764 asset retirement obligations 765 joint arrangements 766 income statement by nature of expense 767 comprehensive income 768 statement of financial position 769 statement of cash flows 770 statement of changes in equity 771 notes to the financial statements 772 financial risk management 773 critical accounting estimates and judgments 774 management of capital 775 related party transactions 776 subsequent events 777 subsidiaries and associates 778 impairment of goodwill 779 fair value of financial instruments 780 segment information 781 revenue from contracts with customers 782 employee benefit plans 783 post-employment benefits 784 share-based payments 785 financial assets 786 financial liabilities 787 derivative financial instruments 788 fair value measurement 789 provisions 790 contingent liabilities 791 other long-term liabilities 792 short-term borrowings 793 trade and other receivables 794 trade and other payables 795 cash and cash equivalents 796 restricted cash 797 net cash flows from operating activities 798 net cash flows from investing activities 799 net cash flows from financing activities 800 non-cash transactions 801 events after the reporting period 802 comparative information 803 restatement of prior period financial statements 804 changes in accounting policies 805 related party transactions 806 business combinations 807 impairment of non-financial assets 808 asset retirement obligations 809 joint arrangements 810 income statement by nature of expense 811 comprehensive income 812 statement of financial position 813 statement of cash flows 814 statement of changes in equity 815 notes to the financial statements 816 financial risk management 817 critical accounting estimates and judgments 818 management of capital 819 related party transactions 820 subsequent events 821 subsidiaries and associates 822 impairment of goodwill 823 fair value of financial instruments 824 segment information 825 revenue from contracts with customers 826 employee benefit plans 827 post-employment benefits 828 share-based payments 829 financial assets 830 financial liabilities 831 derivative financial instruments 832 fair value measurement 833 provisions 834 contingent liabilities 835 other long-term liabilities 836 short-term borrowings 837 trade and other receivables 838 trade and other payables 839 cash and cash equivalents 840 restricted cash 841 net cash flows from operating activities 842 net cash flows from investing activities 843 net cash flows from financing activities 844 non-cash transactions 845 events after the reporting period 846 comparative information 847 restatement of prior period financial statements 848 changes in accounting policies 849 related party transactions 850 business combinations 851 impairment of non-financial assets 852 asset retirement obligations 853 joint arrangements 854 income statement by nature of expense 855 comprehensive income 856 statement of financial position 857 statement of cash flows 858 statement of changes in equity 859 notes to the financial statements 860 financial risk management 861 critical accounting estimates and judgments 862 management of capital 863 related party transactions 864 subsequent events 865 subsidiaries and associates 866 impairment of goodwill 867 fair value of financial instruments 868 segment information 869 revenue from contracts with customers 870 employee benefit plans 871 post-employment benefits 872 share-based payments 873 financial assets 874 financial liabilities 875 derivative financial instruments 876 fair value measurement 877 provisions 878 contingent liabilities 879 other long-term liabilities 880 short-term borrowings 881 trade and other receivables 882 trade and other payables 883 cash and cash equivalents 884 restricted cash 885 net cash flows from operating activities 886 net cash flows from investing activities 887 net cash flows from financing activities 888 non-cash transactions 889 events after the reporting period 890 comparative information 891 restatement of prior period financial statements 892 changes in accounting policies 893 related party transactions 894 business combinations 895 impairment of non-financial assets 896 asset retirement obligations 897 joint arrangements 898 income statement by nature of expense 899 comprehensive income 900 statement of financial position 901 statement of cash flows 902 statement of changes in equity 903 notes to the financial statements 904 financial risk management 905 critical accounting estimates and judgments 906 management of capital 907 related party transactions 908 subsequent events 909 subsidiaries and associates 910 impairment of goodwill 911 fair value of financial instruments 912 segment information 913 revenue from contracts with customers 914 employee benefit plans 915 post-employment benefits 916 share-based payments 917 financial assets 918 financial liabilities 919 derivative financial instruments 920 fair value measurement 921 provisions 922 contingent liabilities 923 other long-term liabilities 924 short-term borrowings 925 trade and other receivables 926 trade and other payables 927 cash and cash equivalents 928 restricted cash 929 net cash flows from operating activities 930 net cash flows from investing activities 931 net cash flows from financing activities 932 non-cash transactions 933 events after the reporting period 934 comparative information 935 restatement of prior period financial statements 936 changes in accounting policies 937 related party transactions 938 business combinations 939 impairment of non-financial assets 940 asset retirement obligations 941 joint arrangements 942 income statement by nature of expense 943 comprehensive income 944 statement of financial position 945 statement of cash flows 946 statement of changes in equity 947 notes to the financial statements 948 financial risk management 949 critical accounting estimates and judgments 950 management of capital 951 related party transactions 952 subsequent events 953 subsidiaries and associates 954 impairment of goodwill 955 fair value of financial instruments 956 segment information 957 revenue from contracts with customers 958 employee benefit plans 959 post-employment benefits 960 share-based payments 961 financial assets 962 financial liabilities 963 derivative financial instruments 964 fair value measurement 965 provisions 966 contingent liabilities 967 other long-term liabilities 968 short-term borrowings 969 trade and other receivables 970 trade and other payables 971 cash and cash equivalents 972 restricted cash 973 net cash flows from operating activities 974 net cash flows from investing activities 975 net cash flows from financing activities 976 non-cash transactions 977 events after the reporting period 978 comparative information 979 restatement of prior period financial statements 980 changes in accounting policies 981 related party transactions 982 business combinations 983 impairment of non-financial assets 984 asset retirement obligations 985 joint arrangements 986 income statement by nature of expense 987 comprehensive income 988 statement of financial position 989 statement of cash flows 990 statement of changes in equity 991 notes to the financial statements 992 financial risk management 993 critical accounting estimates and judgments 994 management of capital 995 related party transactions 996 subsequent events 997 subsidiaries and associates 998 impairment of goodwill 999 fair value of financial instruments 1000 segment information

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