Here are my numbers - let me know if I have missed anything, or got any numbers wrong.
The gulf between actual PBT and normalised PBT seems to be blowing out more and more over time. I'm not saying the statutory accounts are not accurate.
Below is a grid with normalised NPBT, and actual PBT going back to 2014. Going back to 2014, the total normalised NPBT is 40% higher than statutory NPBT. The total sum of "missing" real NPBT is over $1.5b. Since 2020 there is "missing" NPBT of just under 1.3b, and It is overstated by 107% (i.e. 207% of statutory NPBT).
Recent annual reports have a reconciliation between statutory and normalised numbers. But the pattern becomes quite stark when you look at the numbers over a number of years, and IMO it seems likely that these normalised numbers are extremely subjective. It might not be sensible to pay attention to these normalised NPBT figures.
I'm keen to hear why the normalised NPBT coudl make sense at this magnitude of difference over such a timeframe, if anybody has an explanation.
CGF Price at posting:
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