National Asset Management Agency - Annual Report 2013

CONSOLIDATED INCOME STATEMENT

For the year ended 31 December 2013




Note



NARL1
€'000

NAMA Group
(excluding
NARL)
€'000
Year ended
31 December
2013
NAMA Group
€'000
Year ended
31 December
2012
NAMA Group
€'000
Interest and fee income 5 201,541 1,133,175 1,334,716 1,386,823
Interest expense 6 (195,844) (178,667) (374,511) (492,502)
Net interest income 5,697 954,508 960,205 894,321
Other income / (expenses) 7 - (2,860) (2,860) -
(Losses)/gains on derivative financial instruments
8

(8,203)

(46,008)

(54,211)
(37,939)
Net profit on disposal of loans and property assets; and surplus income

9


-


505,411


505,411


188,227
Total operating income (2,506) 1,411,051 1,408,545 1,044,609
Administration expenses 10 (5,696) (115,764) (121,460) (119,117)
Foreign exchange losses 11 - (89,336) (89,336) (99,432)
Total operating expenses (5,696) (205,100) (210,796) (218,549)
Operating profit before impairment (8,202) 1,205,951 1,197,749 826,060
Impairment charges on loans and receivables
12

-

(914,345)

(914,345)

(517,841)
Operating profit after impairment
(8,202)

291,606

283,404

308,219
Tax credit / (charge) 13 2,051 (71,853) (69,802) (76,266)
Profit for the year before dividend
(6,151)

219,753

213,602

231,953
Dividend paid 15 - (2,162) (2,162) (3,457)
Profit for the year (6,151) 217,591 211,440 228,496

Profit attributable to:
Owners of the Group (6,151) 217,591 211,440 228,496

The accompanying notes form an integral part of these consolidated financial statements.

On behalf of the Board
9 May 2014

Signature of Brendan McDonagh, Chief Executive Officer
Signature of Frank Daly, Chairman

Brendan McDonagh
Chief Executive Officer

Frank Daly
Chairman

1 On 11 February 2013, NAMA established a new NAMA Group Entity, National Asset Resolution Limited (NARL). The entity was formed in response to a Direction issued by the Minister for Finance under the Irish Bank Resolution Corporation Act 2013 to NAMA to acquire a loan facility deed and floating charge over certain IBRC assets. Results for NARL are shown separately throughout the financial statements.