Company: NEWEN
Filing Date: 2025-05-15
Form Type: 6-K
Source: 0001654954-25-005651
Chunk: 17

Company: NATIONAL GRID PLC
Filing Date: 2025-05-15
Form: 6-K
Chunk 17
---
.6 |  77.7 |
| Timing                                         |              505 |  -915 |     |              372 |  -688 |     |                7.9 | -18.2 |
| Major storm costs                              |               87 |   226 |     |               64 |   165 |     |                1.3 |   4.4 |
| Deferred tax on underlying results in NGET and 
 NGED                                           |                - |     - |     |              401 |   302 |     |                8.5 |   8.2 |
| Underlying results                             |            5,357 | 4,773 |     |            3,455 | 2,880 |     |               73.3 |  72.1 |

1. Comparative amounts have been restated to reflect the impact of the bonus element of the Rights Issue.

#### Discontinued operations
On 26 September 2024, we completed the sale of our residual 20% interest in National Gas Transmission for proceeds of £686 million, resulting in a gain on disposal after transaction costs of £25 million. The Group has not applied equity accounting in relation to this asset held for sale since 31 January 2023 (the date of sale of our 60% interest) resulting in no profits being recognised from that date onwards.

#### Timing over/(under)-recoveries
In calculating underlying profit, we exclude regulatory revenue timing over- and under-recoveries, major storm costs (defined below) and deferred tax on underlying results of our UK regulated business (NGET and NGED), also defined below. Under the Group's regulatory frameworks, most of the revenues we are allowed to collect each year are governed by regulatory price controls in the UK and rate plans in the US. If more than this allowed level of revenue is collected, an adjustment will be made to future prices to reflect this over-recovery; likewise, if less than this level of revenue is collected, an adjustment will be made to future prices in respect of the under-recovery. These variances between allowed and collected revenues and timing of revenue collections for pass-through costs give rise to 'timing' over- and under-recoveries.

The following table summarises management's estimates of such amounts for the two years ended 31 March 2025 and 31 March 2024 for continuing operations. All amounts are shown on a pre-tax basis and, where appropriate, opening balances are rest