[The annual report is now available here]
NAMA is publishing its 2011 Annual Report today. The profit and loss account and balance sheet shouldn’t be much changed from the unaudited 2011 accounts published at the start of May 2012.
But they are.
The impairment provision for 2011 has increased by a staggering €467m from €800m to €1,267m. NAMA has decided that it can book a “tax credit” of €235m, something not apparently contemplated when the unaudited accounts were published, and NAMA seems to have “found” profit elsewhere of €185m. We wait for the publication of the report to look for further clues.
Overall NAMA is declaring an audited profit before the tax credit of €12m, and after tax of €247m. That compares with €200m in the unaudited accounts for both headings. Given that it is the State that is on the hook for the tax credit, you might say the more accurate reflection of performance in this instance is the pre tax profit.
There is a press conference with the duo at the top of NAMA, and Minister for Finance Michael Noonan presently ongoing at NAMA HQ in Dublin, and the full annual report is expected here shortly.