Unicredit's company balance sheet shows $13.5 billion euros of "tax-deferred assets" – the value of the future tax savings UniCredit has earned by taking losses.
They are worth nothing if the bank doesn't return to profitability.
Unicredit lists $11.5 billion euros of goodwill – an intangible asset that's worth nothing if the bank doesn't survive.
That's $25 billion worth of assets that can't be traded or sold.
Are they really assets?
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