The modern balance sheet is a lie! It omits the company’s most important
assets. Probably 80 percent of a company’s value lies in its intangible
assets; but they are not on the books. The value of a
company’s plant, equipment, inventory, and working capital hardly
reflects a true value of a company.
For example, where is Coca-Cola’s
balance sheet? Coca-Cola’s brand value is estimated at $70 billion.
Where is the
who repeatedly purchase from the firm who constitute a major asset.
Where is
will spell the difference between having superior profits and average
profits. Where is
can make a company, and disloyal ones can break a company. Where is
brand value on the company’svalue of its customer base? It’s the satisfied customersemployee value? Having better employees than the competitionpartners value? Loyal suppliers and distributorsknowledge and intellectual capital value
and licenses can be one of the company’s major assets.
No wonder there is often a huge gap between a company’s market
capitalization and its book value. The gap reflects the value of the
intangibles. For example, AmericaOnline’s book value in 1999 was
only 3.3 percent of its market capitalization. Thus 97 percent of
AOL’s value was not on the balance sheet
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