Ann: Full Year Results Announcement and Investor , page-6

re: Ann: Full Year Results Announcement and I... Hi. I know this looks ordinary (it is!), but there are still some positives. The fact that the company recorded positive earnings is a bonus. Yes, there was a statutory loss due to impairments. Has the quality of Valad assets changed markedly? No. Has the perception of value in these assets changed markedly? Yes. If the economy starts to improve, will this be reflected in healthy increases in the market value of these assets? Definitely!
If Valad had booked an operating loss, these figures would be a lot more worrying. It is very disappointing that they have experienced further impairments, but when the market starts to get more confidence, these figures will have a big turn around. The good thing for investors is that any statutory loss now means that when the recover occurs, Valad will have a period of tax-free profits, due to the previous losses. Hopefully this will translate in an improved ability to distribute income to shareholders.
I am not naive enough to believe these figures are great, but I can see there is potential.