National Grid 2008 Annual Report Download - page 532

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 65026
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 17
Description: EXHIBIT 15.1
0/10213.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/213/10*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 65026
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 17 Description: EXHIBIT 15.1
0/10213.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/213/10*
Table of Contents
Annual Report and Accounts 2007/08
25
* Excludes KeySpan – will be included in key performance indicators from 1 April 2008 onwards and reported in the Annual Report and Accounts 2008/09
†
Includes operations acquired with KeySpan for the period from 24 August 2007 to 31 March 2008 or as at 31 March 2008
+
Adjusted operating profit and adjusted earnings per share exclude exceptional items, remeasurements and stranded cost recoveries (see page 36)
° Employee lost time injury frequency rate for 2006/07 has been restated to align UK and US definitions of a lost time injury (see page 29)
Talent Talent, skills,
engagement
and
p
erformance
• Over 200 senior managers, led by the Executive Directors, have been through our Performance for Growth
programme, focusing on how to develop our employees, address skills gaps, increase employee engagement
and coach for better performance
• We have developed, and calibrated, a single set of performance measures for our senior managers
• We achieved an 83.6% response rate to our employee engagement survey conducted in February 2008
• We have upgraded and aligned our talent review process across National Grid, involving talent planning
sessions across our lines of business and coverin
g
both the UK and the US
Inclusion and
diversity
Proportion of female
employees (%)
Proportion of black
and minority ethnic
employees (%)
Relationships Stakeholder
relations and
community
involvement
• Over 350 equity investor roadshows in the year and presentations to debt investors in 17 countries
• Reliability programme in the US to address customer service
• Engaged independent experts to review our community investment activities
• First official partner of Special Olympics Great Britain
Environment Climate
change
Percentage reduction
against baseline*
Target: 80% by 2050
• We have increased our target for the reduction in
greenhouse gas emissions against our baseline
from a 60% reduction by 2050 to an 80% reduction
by 2050
Historically
contaminated
land
• Land contamination issues managed at 529 sites*
• Environmental work stages completed at 189 sites*
• Of these, 33 sites included remediation*
Protecting
the
environment
Significant direct
environmental
incidents*
(number)
Target: zero
Total value of fines
from prosecutions
and citations* ($)
Target: zero
Financial
performance
Profit and
cash flow
Adjusted operating
profit
†+
(£m)
Adjusted earnings
per share
†+
(pence)
Cash generated by
continuing operations
†
(£m)
Synergy savings
• Rhode Island $18 million target achieved
• $38 million of KeySpan target of $200 million
achieved
Returns from
investment
Return on equity
^
(% – three year
average)
Financial
discipline
Interest cover
†
Long-term target:
range 3.0-3.5
Share repurchases
(£bn)
Shareholder
returns
Dividend growth (%)
Target:
7% to 31 March 2008
(8% to 31 March 2012)
Total shareholder
return
(% – three year
cumulative)