Accumulated Amortisation in the McKinsey Valuation bible
Hi,
I'm assuming 90% of members of this forum either own, or have read, a copy of McKinsey's "Valuation: Measuring and Managing the Value of Companies".
Because I like this book so much I have been trying to replicate the Heineken case study to ensure I fully and 100% understand everything they're saying. All going fine, except one bit; I can't for the life of me figure out how they are calculating "Accumulated goodwill impaired (2005–2013) plus accumulated amortization and impairments of acquired intangibles" in Chapter 24, Exhibit 24.10, page 524 of the 6th University Ediiton (the figures for 2009 through 2013 are 380, 489,567, 730, 972).
I've tried all kinds of things;
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accumulated "Amortisation and impairment losses" from the annual report: nope doesn't match
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the sum of "amortisation of acquired intangibles" and "amortisation of goodwill, acquired intangibles" from their exhibit 24.3; nope doesn't match
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I could assume they made a mistake, but then i tried the same exercise in their UPS case study (Chapter 9) and again I can't reconcile their UPS numbers (although I can replicate just about everything else in the UPS case study).
Any ideas? Apologies for the insanely arcane and detailed question, but i figure there must be at least one other person like me who's tried the same exercise??!
Cheers,
Nick
