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1、GIFTTM2023Global Intangible Finance Tracker(GIFT)an annual review of the Worlds Intangible ValueNovember 2023Brand Finance GIFT 3Contents.2023 All rights reserved.Brand Finance Plc.About Brand Finance4Foreword8 David Haigh,Chairman&CEO,Brand FinanceDefinitions10Financial Reporting:Background12Rankin
2、g Analysis14Top 100 Companies by Total Intangible Value30Disclosure of Intangibles32Intangible Asset Reporting:Developments34Our Services36Brand Finance GIFT 4About Brand Finance.Brand Finance is the worlds leading brand valuation consultancy.We bridge the gap between marketing and financeBrand Fina
3、nce was set up in 1996 with the aim of bridging the gap between marketing and finance.For more than 25 years,we have helped companies and organisations of all types to connect their brands to the bottom line.We quantify the financial value of brandsWe put thousands of the worlds biggest brands to th
4、e test every year.Ranking brands across all sectors and countries,we publish over 100 reports annually.We offer a unique combination of expertiseOur teams have experience across a wide range of disciplines from marketing and market research,to brand strategy and visual identity,to tax and accounting
5、.We pride ourselves on technical credibilityBrand Finance is a chartered accountancy firm regulated by the Institute of Chartered Accountants in England and Wales,and the first brand valuation consultancy to join the International Valuation Standards Council.Our experts helped craft the internationa
6、lly recognised standards on Brand Valuation ISO 10668 and Brand Evaluation ISO 20671.Our methodology has been certified by global independent auditors Austrian Standards as compliant with both,and received the official approval of the Marketing Accountability Standards Board.Get in T business enquir
7、ies,please contact:Annie BrownGeneral Manager,Consultancy LFor all other enquiries:+44 207 389 For media enquiries,please contact:Michael JosemCommunications DA Brand Value Report provides a complete breakdown of the assumptions,data sources,and calculations used to arrive at your brands value.Each
8、report includes expert recommendations for growing brand value to drive performance and offers a cost-effective way to gaining a better understanding of your position against peers.Request your ownBrand Value ReportBenefitsContentsCompetitorBenchmarkingVisit email enquiriesbrandfi Brand Valuation Su
9、mmaryBrand Strength TrackingCost of Capital AnalysisRoyalty RatesCustomer Research FindingsInsightStrategyBenchmarkingEducationCommunicationUnderstandingBrand Finance GIFT 6Brand Finance InstituteBrand Finance Institute is the educational division of Brand Finance,whose purpose is to create and fost
10、er a professional environment for knowledge-sharing and networking among practitioners and experts in the market.BFI organises events,in-company training,and corporate educational initiatives around the world.In the quest for marketing excellence and with the purpose to equip the brand valuation and
11、 strategy practitioners with the necessary skills and tools,we have developed a wide range of programmes and certifications in collaboration with the most coveted business schools,universities and thought leaders in the field.Brandirectory is the worlds largest database of current and historical bra
12、nd values,providing easy access to all Brand Finance rankings,reports,whitepapers,and consumer research published since 2007.+Browse thousands of published brand values+Track brand value,strength,and rating across publications and over time+Use interactive charts to compare brand values across count
13、ries,sectors,and global rankings+Purchase and instantly unlock premium data,complete brand rankings,and researchVisit to find out more.Brand Finance Group.Brand DialogueBrand Dialogue is a public relations agency developing communications strategies to create dialogue that drives brand value.Brand D
14、ialogue has over 25 years of experience in delivering campaigns driven by research,measurement,and strategic thinking for a variety of clients,with a strong background in geographic branding,including supporting nation brands and brands with a geographical indication(GI).Brand Dialogue manages commu
15、nications activities across Brand Finance Groups companies and network.VI360VI360 is a brand identity management consultancy working for clients of all sizes on brand compliance,brand transition,and brand identity management.VI360 provide straightforward and practical brand management that results i
16、n tangible benefits for your business.BGlobal BrandEquity MonitorOriginal market research on over 5,000 brands 38 countries and 31 sectors coveredMore than 150,000 respondents surveyed annuallyWe are now in our 7th consecutive year conducting the studyVisit or email enquiriesbrandfi Brand Finance GI
17、FT 9David Haigh Chairman,Brand FinanceBrand Finance GIFT 8Foreword.On 1st April 1996,I launched Brand Finance to Bridge the Gap Between Marketing and Finance.I thought that the gap between the silos would progressively disappear as finance people learned the importance of marketing for driving growt
18、h and marketing people learned the need for financial accountability.Progress has been made but the gap is still there and we are now working hard through our publications,rankings,forums and the Brand Finance Institute training programmes to narrow the gap.Over the last 25 years we have lived throu
19、gh four major recessions:2001,when the dotcom bubble burst;2009,when the Great Financial Crash washed over us;2013,when the Euro caused a meltdown in Europe and in 2020,when the Covid Pandemic brought the world to a halt.Brand Finance has been through many ups and downs but we have survived because
20、we have always tried to lead our growing niche market.We claim to be the Worlds Leading Brand Valuation Consultancy.Over the last 25 years we have innovated continuously in our market place and we have transparently shared our innovations,knowledge and techniques to help grow the market,most obvious
21、ly via ISO global standards on Brand Valuation and Brand Evaluation.Throughout the last 25 years we have always invested heavily in training and professionalising our staff,in research to bring greater insight to our work and in high profile marketing and communications.We practice what we preach to
22、 clients.There has never been greater recognition of brands as assets and the need to manage them for value.We are poised for significant growth as CEOs and Boards wake up to the need to manage brands better.I started Brand Finance in the spare bedroom in Teddington.We now operate from the Brand Exc
23、hange building in the heart of the City of London and in 25 cities worldwide.But while there may be volatility,brands have never been more important for Nations,Companies,Products and Services.With a nudge from Brand Finance even Football teams and the Monarchy now recognise that they have valuable
24、brands.I hope the next 25 years will be as interesting and fun as the last.I would like to thank all the clients,staff and partners who have helped Brand Finance over the last 25 years.Brand Finance GIFT 2023Brand Finance GIFT 11Definitions.Intangible assets can be grouped into three broad categorie
25、s rights,relationships and intellectual property:1 Rights.Leases,distribution agreements,employment contracts,covenants,financing arrangements,supply contracts,licences,certifications,franchises.2 Relationships.Trained and assembled workforce,customer and distribution relationships.3 Intellectual pr
26、operty.Patents;copyrights;trademarks;proprietary technology(for example,formulas,recipes,specifications,formulations,training programmes,marketing strategies,artistic techniques,customer lists,demographic studies,product test results);business knowledge such as suppliers lead times,cost and pricing
27、data,trade secrets and knowhow.Internally generated intangibles cannot be disclosed on the balance sheet,but are often significant in value,and should be understood and managed appropriately.Under IFRS 3,only intangible assets that have been acquired can be separately disclosed on the acquiring comp
28、anys consolidated balance sheet(disclosed intangible assets).The following diagram illustrates how intangible value is made up of both disclosed and undisclosed value.Undisclosed intangible assets,are often more valuable than the disclosed intangibles.The category includes internally generated goodw
29、ill,and it accounts for the difference between the fair market value of a business and the value of its identifiable tangible and intangible assets.Although not an intangible asset in a strict sense that is,a controlled resource expected to provide future economic benefits(see below)this residual go
30、odwill value is treated as an intangible asset in a business combination on the acquiring companys balance sheet.Current accounting practice does not allow for internally generated intangible assets to be disclosed on a balance sheet.Under current IFRS only the value of acquired intangible assets ca
31、n be recognised.In accounting terms,an asset is defined as a resource that is controlled by the entity in question and which is expected to provide future economic benefits to it.The International Accounting Standards Boards definition of an intangible asset requires it to be non-monetary,without ph
32、ysical substance and identifiable.In order to be identifiable it must either be separable(capable of being separated from the entity and sold,transferred or licensed)or it must arise from contractual or legal rights(irrespective of whether those rights are themselves separable).Therefore,intangible
33、assets that may be recognised on a balance sheet under IFRS are only a fraction of what are often considered to be intangible assets in a broader sense.However,the picture has improved since 2001,when IFRS 3 in Europe,and FAS 141 in the US,started to require companies to break down the value of the
34、intangibles they acquire as a result of a takeover into five different categories including customer-and market related intangibles rather than lumping them together under the catch-all term goodwill as they had in the past.But because only acquired intangibles,Enterprise ValueMarket Premium to Book
35、 ValueUndisclosed Intangible AssetsBook Value of DebtDisclosed Intangible AssetsBook Value of EquityTangible AssetsBreakdown of corporate assets,including intangiblesand not those internally generated,can be recorded on the balance sheet,this results in a lopsided view of a companys value.What is mo
36、re,the value of those assets can only stay the same or be revised downwards in each subsequent year,thus failing to reflect the additional value that the new stewardship ought to be creating.Clearly,therefore,whatever the requirements of accounting standards,companies should regularly measure all th
37、eir tangible and intangible assets(including internally-generated intangibles such as brands and patents)and liabilities,not just those that have to be reported on the balance sheet.And the higher the proportion of undisclosed value on balance sheets,the more critical that robust valuation becomes.C
38、ategories of intangible asset under IFRS 3Marketing-Related Intangible AssetsCustomer-Related Intangible AssetsContract-Based Intangible AssetsTechnology-Based Intangible Assets Artistic-Related Intangible Assets Trademarks,tradenames Service marks,collective marks,certification marks Trade dress(un
39、ique colour,shape,or package design)Newspapers Internet Domain Names Mastheads Non-competition agreements Customer lists Order or production backlog Customer contracts&related customer relationships Non-contractual customer relationships Licensing,royalty,standstill agreements Advertising,constructi
40、on,management,service or supply contracts Lease agreements Construction permits Permits Franchise agreements Operating and broadcast rights Use rights such as drilling,water,air,mineral,timber cutting&route authorities Servicing contracts such as mortgage servicing contracts Employment contracts Pat
41、ented technology Computer software and mask works Unpatented technology Databases Trade secrets,such as secret formulas,processes,recipes Plays,operas and ballets Books,magazines,newspapers and other literary works Musical works such as compositions,song lyrics and advertising jingles Pictures and p
42、hotographs Video and audio-visual material,including films,music,videos etc.Definitions.GoodwillReputation of the company(generally calculated at the time of acquisitions)Franchise AgreementsLegal right to operate under the name of another companyParentsExclusive rights to manufacture,sell or use of
43、 specific inventionCopyrightEextensive right to reproduce and sell a software,book,journal,etc.TrademarkLegal rights to a businesss name,logo or other branding itemLicensesPermits licensee to use trademark,patent or copyright though a license.Broadcast RightsAllows broadcasting organisation to displ
44、ay products/activitiesGovernment GrantsFinancial aid provided by the government to promote businessesNon-Competition AgreementPrevents a party from working with or becoming a competitorInternet Domain NameOwnership or control of the internet domainCustomer LitList of key clienteleOrder BacklogOrders
45、 yet to be fulfilled by the businessWork of Artistic ImportanceMusical or dramatic stage works,audio-visual works,graphic novels and comics and works of pictorial art,and photographic worksService ContractAn agreement between the business and its employees,the clients or customersTrade Secret&Know H
46、owProprietary information or materials used in the trade which provide a competitive advantageResearch&DevelopmentPlanned and detailed investigation into a product or service for gaining scientific or technical know-how and application of this to develop new and better products and serviceIntangible
47、 Asset ClassesBrand Finance GIFT 2023Brand Finance GIFT 13Financial Reporting:Background.In 2001,FAS 141 introduced the requirement for US companies to capitalize acquired intangibles following an acquisition.Intangible assets should be separately disclosed on the acquiring companys consolidated bal
48、ance sheet.In 2004,IFRS 3 introduced the same requirement as a global standard.In 2005,all listed companies in EU member countries adopted IFRS.At present,approximately 90 nations have fully conformed with IFRS,with further 30 countries and reporting jurisdictions either permitting or requiring IFRS
49、 compliance for domestically listed companies.The adoption of IFRS accounting standards means that the value of disclosed intangible assets is likely to increase in the future.Strong advocates of fair value reporting believe that the requirements should go further and that all of a companys tangible
50、 and intangible assets and liabilities should regularly be measured at fair value and reported on the balance sheet,including internally generated intangibles such as brands and patents,so long as valuation methods and corporate governance are sufficiently rigorous.Some go as far as to suggest that
51、internally generated goodwill should be reported on the balance sheet at fair value,meaning that management would effectively be required to report its own estimate of the value of the business at each year end together with supporting assumptions.However,the current rules state that internally gene
52、rated intangible assets generally should not be recognised on the balance sheet.Under IFRS,certain intangible assets should be recognised,but only if they are in the“development”(as opposed to“research”)phase,with conditions on,for example,technical feasibility and the intention and ability to compl
53、ete and use the asset.“Internally generated goodwill”,as well as internally generated“brands,mastheads,publishing titles,customer lists and items similar in substance”,may not be recognised.IFRS:Allocating the cost of a business combinationAt the date of acquisition,an acquirer must measure the cost
54、 of the business combination by recognising Financial Reporting:Background.The revised IAS 36 also introduces new disclosure requirements,the principal one being the disclosure of the key assumptions used in the calculation.Increased disclosure is required where a reasonably possible change in a key
55、 assumption would result in actual impairment.Impact on managers and investorsa)ManagementPerhaps the most important impact of new reporting standards has been on management accountability.Greater transparency,rigorous impairment testing and additional disclosure should mean more scrutiny both inter
56、nally and externally.The requirement for the acquiring company to attempt to explain at least a part of what was previously lumped into“goodwill”should help analysts to analyse deals more closely and gauge whether management have paid a sensible price.The new standards are also having a significant
57、impact on the way companies plan their acquisitions.When considering an acquisition,a detailed analysis of all the target companys potential assets and liabilities is recommended to assess the impact on the consolidated group balance sheet and P&L post-acquisition.Companies need to pay close attenti
58、on to the likely classification and useful economic lives of the identifiable intangible assets in the target companys business.This will have a direct impact on the future earnings of the acquiring group.In addition to amortisation charges for intangible assets with definite useful economic lives,i
59、mpairment tests on assets with indefinite useful economic lives may lead to one-off impairment charges,particularly if the acquired business falls short of expectations post-acquisition.The requirement for separate balance sheet recognition of intangible assets,together with impairment testing of th
60、ose assets and also goodwill,is expected to result in an increase in the involvement of independent specialist valuers to assist with valuations and on appropriate disclosure.b)InvestorsThe requirement for companies to attempt to identify what intangible assets they are acquiring as part of a corpor
61、ate transaction may provide evidence as to whether a group has paid too much in a deal.Subsequent impairment tests may also shed light on whether the price paid was a good one for the acquiring companys shareholders.Regular impairment testing is likely to result in a greater volatility in financial
62、results.Significant one-off impairment charges may indicate that a company has overpaid for an acquisition and have the potential to damage the credibility of management in the eyes of the investor community.the targets identifiable assets(tangible and intangible),liabilities and contingent liabilit
63、ies at their fair value.Any difference between the total of the net assets acquired and the cost of acquisition is treated as goodwill(or gain on a bargain purchase).Goodwill:After initial recognition of goodwill,IFRS 3 requires that goodwill be recorded at cost less accumulated impairment charges.W
64、hereas previously(under IAS 22)goodwill was amortised over its useful economic life(presumed not to exceed 20 years),it is now subject to impairment testing at least once a year.Amortisation is no longer permitted.Gain on a bargain purchase:Gain on a bargain purchase arises where the purchase price
65、is determined to be less than the fair value of the net assets acquired.It must be recognised immediately as a profit in the profit and loss account.However,before concluding that“negative goodwill”has arisen,IFRS 3 says that an acquirer should“reassess”the identification and measurement of the acqu
66、ired identifiable assets and liabilities.Impairment of assetsA revised IAS 36 Impairment of Assets was issued at the same time as IFRS 3,on 31 March 2004.Previously an impairment test was only required if a triggering event indicated that impairment might have occurred.Under the revised rules,an ann
67、ual impairment test is still required for certain assets,namely:Goodwill Intangible assets with an indefinite useful economic life and intangible assets not yet available for use.Brands are one major class of intangible assets that are often considered to have indefinite useful economic lives.Where
68、acquired brands are recognised on the balance sheet post-acquisition,it is important to establish a robust and supportable valuation model using best practice valuation techniques that can be consistently applied at each annual impairment review.Executive Summary.Brand Finance GIFT 2023Brand Finance
69、 GIFT 17Ranking Analysis.More than 25 years ago,Brand Finance was established to bridge the gap between marketing and finance.Our mission has always revolved around ensuring that we provide you with the tools and insights to facilitate interaction to drive growth.Intangible assets are the valuable c
70、apabilities and tools owned by firms which cannot be touched,such as a strong brand,an exhaustive customer database,innovative new software,and artistic rights such as films and music.When Brand Finance started trading,global intangible assets were worth an estimated USD8 trillion.The past two decad
71、es have seen accelerated growth in the importance and therefore value of intangible assets.Innovation such as AI has contributed to the Intangible asset value peaked at USD76 trillion in 2021,a function of the rally on tech stocks during the global pandemic,where bullish investor outlook on the indu
72、stry ultimately led to a bubble which burst last year.Our methodology relies on investor valuation of firms to determine implied intangible asset value because most intangible asset value cannot be reported on by the companies that create it.This is why 73%of intangible asset value is unaccounted fo
73、r in company financial reports.This is also why we reported a 25%loss to global intangible value in our 2022 edition of the GIFT report,as big tech firms began to make significant layoffs and investor sentiment waned.This years recovery in intangible asset value continues the healthy trend seen sinc
74、e 2012 and therefore reflects the continued growing importance of intangible assets in the global economy today.Global Value Composition Trend(USD trn)Tangible Net Assets Disclosed Intangible Assets Disclosed Goodwill Undisclosed Value Brand Finance Plc 202360402001996 1997 1998 1999 2000
75、 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 20235.8 7.8 7.8 8.3 11.8 9.3 13.5 11.6 14.4 13.2 16.4 11.1 10.7 11.4 16.4 12.5 19.1 13.9 22.1 14.3 25.1 16.7 30.3 22.0 7.9 23.2 20.8 27.5 25.6 25.2 15.1 26.4 18.2 28.3 23.8 29.7 26.5 33.5 3
76、0.5 46.8 35.0 44.8 38.5 50.4 35.4 54.6 45.3 56.0 50.5 55.3 60.6 61.4 41.1 62.9 45.762.7 growth in value of software,marketing and customer relationships both as standalone assets and also through synergies;due to software advancements,marketing can be tailored to different customers,who are increasi
77、ngly connected with tech organisations due to technology advancements such as FinTech and HealthTech.The GIFT study examines the value of these intangible assets among publicly traded firms worldwide.In 2023,global intangible value has recovered to exceed pre-pandemic levels and has increased by 8%f
78、rom USD57.3 trillion in 2022 to USD61.9 trillion in 2023.This figure is significant;almost 3x the value of the GDP of the United States.During the same period,the value of global tangible net assets remains stable.Global Intangible Value(USD trn)Brand Finance Plc 2023807060504030201001996 1997 1998
79、1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023Ranking Analysis.Brand Finance GIFT 2023Brand Finance GIFT 19Disclosed intangible value(USD trn)Brand Finance Plc 2023 Disclosed Intangible Assets(ex g/w)Disclosed Goodwill1996
80、 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 20236420International and local accounting standards prevent firms from disclosing most of the value of the intangible assets they create.Instead,intangible a
81、ssets are typically only disclosed when acquired as part of a merger or acquisition.Disclosed intangibles as a whole are constant this year,but further analysis by intangible asset class revealed that the value of disclosed intangibles has shifted away from goodwill and towards specific intangible a
82、ssets such as brand,technology and relationships for the first time since 2008.This was driven by a higher volume and value of goodwill impairment particularly in the Telecoms industry,triggered by the uncertain economic environment over the past 12 months.These impairments were offset by additional
83、 new recognised intangible asset value due to significant acquisitions in the Pharma and Tobacco sectors.Brand Finances latest data shows that the rate of global intangible value growth has returned to a more positive trajectory as the global economy stabilises and investor confidence is cautiously
84、restored.Our research aims to demonstrate the continued growing importance of intangible assets like strong brands and innovative technology in driving productivity and growth potential.Companies that strategically deploy their intangible assets have the ability to significantly outperform their com
85、petitors.Annie Brown,General Manager,UK Consulting,Brand FinanceRanking Analysis.Sector trends In 2023,Pharma is the sector with the highest intangible value relative to other sectors in absolute terms.The sector has seen an 8%increase in intangible asset value,increasing from USD5.61 trillion to US
86、D6.07 trillion.The Engineering and Construction sector has also gone up three ranks,recovering its value to 2021 levels with a 54%increase,now standing at USD5.41 trillion.This increase is partly driven by significant acquisitions;Siemens acquired Varian Medical Systems in 2022,while Schneider acqui
87、red Aveva Group Plc.As such,these companies have moved up 24 and 20 ranks respectively in the top 100 ranking of most intangible companies(see pages 30-31).Total Intangible Value by Sector 2023(USD trn)Brand Finance Plc 20230 5 10 15 20PharmaInternet&SoftwareEngineering&ConstructionTechnology&ITMedi
88、aOil&GasRetail&Food RetailHealthcareCommercial ServicesSemiconductorsDrinksTelecomsOther 6.075.735.414.384.374.003.543.272.892.491.931.8115.99Ranking Analysis.Brand Finance GIFT 2023Brand Finance GIFT 21Ranking Analysis.Intangible Share of Total Value by Sector(%)Brand Finance Plc 2023-2022 20230204
89、06080100-20Tobacco&E-CigarettesInternet&SoftwareHousehold ProductsCosmetics&Personal CareDrinksPharmaAerospace&DefenceHealthcareCommercial ServicesSemiconductorsMediaApparel,watches&jewelleryTechnology&ITLeisure,Tourism&GamblingRetail&Food RetailFoodTelecomsChemicalsEngineering&ConstructionLogistics
90、Oil&GasInsuranceAutomobilesAirlinesMining,Iron&SteelUtilitiesBankingReal Estate91%78%90%89%85%84%83%82%82%81%77%75%72%66%66%60%53%50%47%42%42%37%34%33%30%26%7%-1%-11%NEW78%50%88%80%83%85%86%72%NEW72%68%74%49%58%60%57%51%46%36%47%16%33%28%29%32%6%This years most intangible sector in relative terms (9
91、1%of total enterprise value)is Tobacco&E-Cigarettes,as companies benefit from heavy investment in proprietary technology and patented intellectual property around vaping devices which is driving growth.In addition,three large corporations have accumulated significant disclosed intangibles and goodwi
92、ll due to large acquisitions.These are China National Tobacco Corporation,BAT,and Philip Morris,the latter having enjoyed significant success with its expanding portfolio of smoke-free products.While tobacco products are increasingly regulated in developed markets,e-cigarettes are at nascent stage a
93、nd currently proving to generate high intangible value thanks in part due to lack of regulation of marketing these products.Unconstrained by stringent rules and regulation,e-cigarette manufacturers are free to continuously iterate on device design,flavours,and other product attributes to boost appea
94、l and drive sales growth.Internet&Software remains at the top of the ranking in terms of the ratio of undisclosed intangibles to total value(81%)and is the second most intangible sector overall(90%of total enterprise value).The industry is defined by software development,a critical intangible asset.
95、Other highly intangible industries include those related to health and personal consumption goods;pharma,cosmetics and drinks.Health and pharma are highly intangible due to the importance of innovation and research to develop new medicine which provides a future income stream.This year saw a rise in
96、 the importance and value of intangible assets for various industries going through Most Intangible Sectors 2023(%)Brand Finance Plc 2023Tangible Net AssetsDisclosed Intangibles Undisclosed ValueGoodwill02008090100Tobacco&E-CigarettesInternet&SoftwareHousehold ProductsCosmetics&Personal C
97、areDrinksPharmaAerospace&DefenceHealthcareCommercial ServicesSemiconductors81%8%10%70%11%8%11%70%8%7%15%62%13%10%16%64%10%9%17%59%16%6%18%55%19%7%18%61%14%6%19%68%7%3%22%23%30%38%9%Ranking Analysis.significant transformation such as commercial services,media and insurance.Commercial services firms a
98、re actively seeking to integrate innovative technology such as AI into their platforms and services.The media industry is increasingly driven by social media megafirms such as Meta,which itself went through significant restructuring this past year,most driven by cost-cutting but also with the underl
99、ying motive of promoting the Metaverse to“build the future of human connection”.Insurance firms are transforming both their capacity and readiness to provide a financial safety net against the increasing volume and impact of climate-related and cyber-risks.2%Brand Finance GIFT 2023Brand Finance GIFT
100、 23Ranking Analysis.Ranking Analysis.Tangible Intangible Brand Finance Plc 2023United States 2023China 2023073%27%16%84%US vs China-Intangible Asset Intensity(%)Country trendsOur data this year highlights that the US market remains highly intangible(73%intangible)relative to the global av
101、erage(50%)whilst China remains highly tangible,with just 16%of assets estimated to be intangible.73%of the USAs corporate value is attributable to intangibles including technology and brands.By comparison,Chinas intangible asset intensity is only 16%this year.The intangible intensity of the USA is u
102、ndoubtedly driven by some of the biggest Tech,Internet,and Media giants it houses.Apple,the company with the highest intangible value globally,contributes to 8%of the USAs total intangible value.The US has seen a USD836 billion increase in intangible asset value from 2022,highlighting partial recove
103、ry from its USD4.9 trillion drop last year,giving it the largest absolute increase as a country.Behind the USA,Japan has seen the second largest increase in total intangible value this year,USD587 billion.This increase can be attributed to the significant growth of the Tobacco&E-Cigarette and Semico
104、nductor industries,which now rank as the primary and secondary contributors to Japans intangible value percentage.Increased product innovations and a heightened emphasis on reducing health risks has propelled the shift towards e-cigarettes in Japan.Largest Absolute Changes in IV(USD bn)-Top 5&Bottom
105、 5 Brand Finance Plc 20239008007006005004003002001000-100-200United StatesMoroccoJapanSwitzerlandIrelandQatarThailandBrazilIsraelRussia836587483465412-42-59-69-98-208Intangible assets now represent 73%of Japans semiconductor industry,up 58%from 2022.Investments in intellectual property,research and
106、development,and complex design tools have boosted the sectors intangible value this year.Companies responsible for this growth include Japanese telecoms giant Sony Group,and Tokyo Electron,Japans biggest producer of semiconductor materials.The firms are investing in tangible assets too.In light of i
107、ncreased demand in the semiconductor industry,the latter has invested approximately USD167 million to construct a new production facility in north Japan,while continuing to invest heavily in innovative and groundbreaking new technologies.In the ranking of markets with the highest percentage of intan
108、gible value relative to total enterprise value,Switzerland has also made a substantial leap from 11th to 5th place.This increase is underpinned by a 15%increase in undisclosed intangible value.Swiss commercial services brands have experienced notable growth,with a 21%increase in intangible value per
109、centage,while the drinks sector has seen a 24%rise in its intangible value percentage.Intangible Asset Value Intensity-Top 3 Most Intangible Markets Brand Finance Plc 20230 United States Denmark Saudi ArabiaBrand Finance GIFT 2023Brand Finance GIFT 25Ranking Analysis.Intangible Asset Valu
110、e Intensity-Top 4 Most Intangible Markets Brand Finance Plc 2023 United States Denmark Saudi Arabia Ireland0Ranking Analysis.Notable movements in the commercial services domain include Adecco Groups acquisition of 59%of Akka in February 2022,and SGSs acquisition of the remaining 40%of Mai
111、ne Pointe in September 2023.Ireland has risen from 4th rank this year to become the most intangible market globally,with the Irish market seeing an 8%rise in total intangible value.This increase can be attributed to an increase in intangibility in the healthcare,retail,and food retail sectors.A nota
112、ble example is PDD Holdings,parent company of Chinas major e-commerce site Pinduoduo,which has moved its HQ to Ireland,a favoured destination for international tech companies due to its low corporate tax and access to the common European market,in support of the companys international expansion effo
113、rts.The company has also moved up a significant Top 20 Most Intangible Markets-Value Composition 2023 Brand Finance Plc 2023 Tangible Net Asset Value Disclosed Intangibles Undisclosed Intangible Value Disclosed Goodwill020406080100MoroccoIrelandMexicoDenmarkTurkeyUnited StatesUnited KingdomSaudi Ara
114、biaBelgiumSwitzerlandSwedenIndiaAustraliaNetherlandsCanadaCayman IslandsFinlandUnited Arab EmiratesIndonesiaFrance178 places to 84th in this years top 100,having seen a 152%rise in its total intangible value.The giants e-commerce platform,Temu,has expanded its marketing efforts in a bid to enhance b
115、rand awareness in the US,aiming to rival popular fast-fashion giant Shein.The Temu app has also garnered over 50 million installations since September 2022.In the ranking of markets by percentage of intangible value relative to total enterprise value,the USA dipped from second to third place this ye
116、ar,while Saudi Arabia moved down from first to fourth.These shifts can be explained by changes at the company level.US giant Microsoft surpassed Saudi giant Aramco in terms of intangible asset gains.Microsofts two big acquisitions contributed to the 46%increase in its intangible value,compared to Ar
117、amcos slight 4%increase.Brand Finance GIFT 2023Brand Finance GIFT 27Stock Exchanges This year,Brand Finance has analysed results according to stock exchange in its assessment of global intangible value for the first time.The New York Stock Exchange(NYSE)ranks as the worlds largest stock exchange by
118、intangible value,valued at USD2.5 trillion.As one of the worlds most globally recognised and respected stock exchanges,the NYSE continues to attract major corporations and investors,and lists some of the worlds most valuable companies.Its cultural significance within the US market further amplifies
119、its overall intangible value,embodying the iconic symbol of Wall Street.However,OTCQB Venture Market holds the top position as the most intangible stock exchange overall in relative terms.OTCQB operated by OTC Markets Group Inc.,a financial marketplace operator based in New York City,is an over the
120、counter(OTC)securities exchange platform that primarily hosts early-stage companies which are not listed on major stock exchanges.The highly intangible nature of securities platforms(the fact that they are primarily digital,data-driven,and network-dependent)explains OTCQBs high 78%intangibility perc
121、entage.Copenhagen SX(76%),Saudi SX(71%),NYSE(68%),and SIX Swiss Exchange(68%),ranking second,third,fourth and fifth respectively.The London Stock Exchange(LSE)also ranks in the top 25 most intangible stock exchanges this year.Looking ahead,the UK is well poised to create a more welcoming landscape f
122、or tech and innovation companies,bringing with it heightened investor appetite.Total Intangible Value 2023(USD trn)Brand Finance Plc 20230 0.5 11.522.5New York Stock Exchange Euronext Paris Saudi Stock Exchange Shenzhen Stock Exchange Shanghai Stock Exchange National Stock Exchange of India London S
123、tock Exchange Toronto Stock Exchange Tokyo Stock Exchange SIX Swiss Exchange Xetra Bombay Stock Exchange Australian Securities Exchange Euronext Amsterdam Copenhagen Stock Exchange NASDAQ Global Select Market Nasdaq Stockholm Abu Dhabi Securities Exchange B3 S.A.Bolsas y Mercados Espaoles Indonesia
124、Stock Exchange Bolsa Mexicana de Valores Borsa Italiana Euronext Brussels Istanbul Stock Exchange 2.490.622.270.612.200.612.160.571.810.511.780.501.710.381.450.351.380.331.340.321.010.280.920.250.87Most Intangible Stock Exchanges-2023 Brand Finance Plc 202302030090NASDAQ Capital Market Ab
125、u Dhabi Securities Exchange OTCQB Venture Market Istanbul Stock Exchange Bombay Stock Exchange Copenhagen Stock Exchange Deutsche Brse National Stock Exchange of India Saudi Stock Exchange Bolsa Mexicana de Valores Euronext Paris New York Stock Exchange Euronext Brussels Casablanca Stock ExchangeSIX
126、 Swiss Exchange Namibian Stock Exchange Euronext Amsterdam Australian Securities Exchange NEO Exchange AIM NASDAQ Global Select Market Nasdaq StockholmHelsinki Stock Exchange London Stock Exchange OTC Pink 100 Tangible Net Asset Value Disclosed Intangibles Undisclosed Intangible Value Disclosed Good
127、willRanking Analysis.Ranking Analysis.Brand Finance GIFT 2023Brand Finance GIFT 29Ranking(Top 100 most intangible)In this years ranking,Apple maintains its lead as the company with the highest intangible value,increasing by USD384 billion since 2022.Having topped the ranking in 2021,Microsoft has re
128、bound from behind Aramco to take second place.American tech giant Alphabet,the owner of Google,YouTube,and other brands,has surpassed Amazon to take fifth position,while Tesla remains in sixth place.A significant standout is Meta,which has increased its position by 61 ranks to seventh place,followin
129、g restructuring and the reassignment of the company from Facebook to Meta.Ranking Analysis.Ranking Analysis.Top 10 Intangible Companies 2023 Brand Finance Plc 2023#1 Apple$2,681.1 bn+16.7%#2 Microsoft$2,320.3 bn+46.3%#3Saudi Aramco$1,849.6 bn+3.5%#4 Alphabet$1,436.6 bn+67.6%#5 Amazon$1,216.3 bn+39.9
130、%#6 Tesla$776.2 bn+14.9%#7 Meta Platforms$707.2 bn+435.4%#8 Eli Lilly$521.6 bn+54.5%#9 UnitedHealth Group$515.6 bn-2.0%$492.8 bn+9.2%#10 VISABrand Finance GIFT 2023Brand Finance GIFT 31Intangible Value Ranking.Rank 2023Rank 2022NameCountryIndustryTotal Intangible Value 2023(USD bn)Total Intangible V
131、alue/Enterprise Value(USD bn)Total Intangible Value 2022 (USD bn)Year on Year ChangeTangible Net Asset Value 2023 (USD bn)Net Disclosed Intangibles 2023(USD bn)Disclosed Goodwill 2023(USD bn)Undisclosed Intangible Value 2023Enterprise Value 2023 (USD bn)110AppleUnited StatesTechnology&IT2,68196%2,29
132、7+16.7%108-2,6812,789232MicrosoftUnited StatesInternet&Software2,32095%1,586+46.3%12011682,2422,440321Saudi AramcoSaudi ArabiaOil&Gas1,85084%1,786+3.5%35816271,8072,208452AlphabetUnited StatesMedia1,43782%857+67.6%3142291,4061,751541AmazonUnited StatesRetail&Food Retail1,21684%870+39.9%2306201,1901,
133、446660TeslaUnited StatesAutomobiles77693%676+14.9%682Meta PlatformsUnited StatesMedia70785%132+435.4%88122Eli LillyUnited StatesPharma52297%338+54.5%71UnitedHealth GroupUnited StatesHealthcare51699%526-2.0%4091VISAUnited StatesCommercial Services493102%451
134、+9.2%(8)2792Novo NordiskDenmarkPharma40799%238+71.2%67Johnson&JohnsonUnited StatesPharma398100%458-13.1%2484530540013282Berkshire HathawayUnited StatesBanking39641%246+61.2%566307828896214140LVMHFranceApparel,watches&jewellery38391%328+16.8%37272632942015150MastercardUnited Sta
135、tesCommercial Services38299%324+17.9%44837138616322BroadcomUnited StatesSemiconductors382100%223+71.4%(1)74433238217131WalmartUnited StatesRetail&Food Retail37578%338+11.0%318111Procter&GambleUnited StatesHousehold Products35997%339+6.0%019101AbbvieUnited StatesPharma345109%353
136、-2.1%(30)673224631520181NestleSwitzerlandFood31586%299+5.3%521462TencentChinaMedia29276%178+63.7%92252Merck&CoUnited StatesPharma25888%259-0.1%352022Kweichow MoutaiChinaDrinks25784%217+18.5%2ComcastUnited StatesMedia25089%203+22.7%308958Exxon
137、 MobilUnited StatesOil&Gas24553%292-16.1%1Coca-ColaUnited StatesDrinks24393%270-9.8%207211PepsiCoUnited StatesDrinks24393%270-10.0%128602AdobeUnited StatesInternet&Software23999%145+64.5%3452ASMLNetherlandsSemiconductors23598%188+24.6%441Veri
138、zonUnited StatesTelecoms23274%263-11.7%801372AstrazenecaUnited KingdomPharma23199%208+11.2%2392017223332-3IHCUnited Arab EmiratesEngineering&Construction22389%-2922CostcoUnited StatesRetail&Food Retail22390%202+10.2%26-1RocheSwitzerlandPharma21787%273-20.6%3310121952
139、5035542LOrealFranceCosmetics&Personal Care21392%158+34.8%36512JP Morgan Chase&CoUnited StatesBanking21139%168+25.9%326301T-MobileUnited StatesTelecoms20975%230-8.9%68991Thermo FisherUnited StatesPharma20993%224-6.8%539261AT&TUnited StatesTelecoms20773%257-
140、19.6%75412Deutsche TelekomGermanyTelecoms20469%198+3.0%931472CiscoUnited StatesTechnology&IT20393%178+13.6%42442NovartisSwitzerlandPharma20191%191+5.4%202729SalesforceUnited StatesInternet&Software20099%151+32.1%3948AB InBevBelgiumDrinks18698%19
141、1-2.2%34031PfizerUnited StatesPharma18689%267-30.1%22435LindeUnited KingdomChemicals18391%144+27.0%047522AccentureIrelandInternet&Software18393%167+9.5%14-52HermesFranceApparel,watches&jewellery17689%125+40.4%2481IBMUnited StatesInternet&Softwar
142、e175101%174+0.3%(1)0361DanaherUnited StatesPharma173100%208-16.9%Intangible Value Ranking.Rank 2023Rank 2022NameCountryIndustryTotal Intangible Value 2023(USD bn)Total Intangible Value/Enterprise Value(USD bn)Total Intangible Value 2022 (USD bn)Year on Year ChangeTangible Net A
143、sset Value 2023 (USD bn)Net Disclosed Intangibles 2023(USD bn)Disclosed Goodwill 2023(USD bn)Undisclosed Intangible Value 2023Enterprise Value 2023 (USD bn)51501AmgenUnited StatesPharma173100%169+2.4%(1)215852AMDUnited StatesSemiconductors16795%6+2757.4%653491Abbott LabsUnited
144、StatesHealthcare16693%173-4.3%854582Christian DiorFranceApparel,watches&jewellery16681%151+9.3%382625NetflixUnited StatesMedia15891%122+29.7%2Charter CommunicationsUnited StatesMedia15894%151+4.4%57331ChevronUnited StatesOil&Gas15648%222-29.5%167-51523
145、2458401DisneyUnited StatesMedia15375%200-23.3%59852SAPGermanyInternet&Software14695%113+29.0%7435UnileverUnited KingdomCosmetics&Personal Care14496%140+3.4%62023Bristol Myers SquibbUnited StatesPharma14497%192-25.2%5362TCSIndiaInternet&Software14289%128+11
146、.7%3561BATUnited KingdomTobacco&E-Cigarettes135116%155-12.8%(19)9858(21)11764902S&P GlobalUnited StatesBanking134101%106+26.8%(1)641Texas InstrumentsUnited StatesSemiconductors13392%138-3.5%6892CaterpillarUnited StatesEngineering&Construction13076%106+22.0%4115124170
147、67631HoneywellUnited StatesEngineering&Construction12893%139-8.3%68872SanofiFrancePharma12684%110+15.0%24531Raytheon TechnologyUnited StatesAerospace&Defence12589%160-22.3%70551CVS HealthUnited StatesHealthcare12479%157-21.2%3425782115871651UPSUnited StatesLogistics1
148、2080%137-12.5%3034CignaUnited StatesHealthcare120109%132-9.3%(10)32464111073701QualcommUnited StatesSemiconductors12091%131-8.3%741702General Electric CompanyUnited StatesEngineering&Construction11895%60+95.3%68268412475711Lockheed MartinUnited StatesAerospace&Defence11493%130-
149、11.8%9382Union PacificUnited StatesLogistics11472%107+7.0%12SiemensGermanyEngineering&Construction11269%90+24.2%50792Gilead SciencesUnited StatesPharma11199%120-8.0%1382Booking HoldingsUnited StatesLeisure,Tourism&Gambling110101%69+58.8%(1)23
150、2Applied MaterialsUnited StatesSemiconductors11093%69+59.9%9042ServiceNowUnited StatesInternet&Software10894%80+34.3%7002StrykerUnited StatesHealthcare10792%86+24.6%9552HDFC BankIndiaBanking10670%73+45.4%47-02PDD HoldingsIrelandRetail&Food Retail10673%42+1
151、51.8%1Elevance HealthUnited StatesHealthcare10686%118-10.2%86761MedtronicIrelandHealthcare10588%125-16.0%87691Reliance Industries LimitedIndiaOil&Gas10451%131-20.5%881042Marsh&McLennan CompaniesUnited StatesInsurance103104%89+16.7%(4)322Airbu
152、s SENetherlandsAerospace&Defence10398%90+14.7%222ADPUnited StatesCommercial Services10399%99+4.1%41American TowerUnited StatesReal Estate10281%126-18.6%2BHPAustraliaMining,Iron&Steel10063%75+33.1%5902Schneider ElectricFranceEngineering&Construction9891
153、%81+21.5%41842UberUnited StatesLogistics9899%55+77.4%1John DeereUnited StatesEngineering&Construction9857%103-5.7%73249217196821ConocoPhillipsUnited StatesOil&Gas9663%117-18.0%58-96154971182TJXUnited StatesRetail&Food Retail9687%78+23.3%2002InditexSpainApparel,watche
154、s&jewellery9581%52+83.5%2222Alibaba GroupChinaRetail&Food Retail9443%31+205.9%100981BlackRockUnited StatesBanking9282%95-3.5%20181558112Disclosure of Intangibles.Brand Finance GIFT 2023Brand Finance GIFT 35Regular readers of the GIFT report will be familiar with Brand Finances
155、position on intangible asset reporting.We are not alone in promoting the importance of intangible asset value.We are proud to partner with various organisations including the IPA,the IVSC and WIPO to promote better monitoring and understanding of intangible assets.For example,intangible asset intens
156、ity of nations-as measured by the Brand Finance GIFT study is included as a indicator of innovation productivity within the UN-backed WIPO Global Innovation Index.Previous GIFT reports and consultation by Brand Finance have covered the challenge of such low disclosure in intangible assets,and the ch
157、allenge it creates for efficient fund allocation and growth support.The majority of intangible assets are not on balance sheets,due to the historic limitations set by the accounting standards boards which state that internally generated intangible assets such as brands cannot be disclosed in a compa
158、ny balance sheet.However,over the past year,the IASB(International Accounting Standards Board)has added Intangible Assets to its official agenda,stating that“this project will aim comprehensively to review the accounting requirements for intangible assets.Initial research will seek to identify the s
159、cope of the project and how best to stage work on this topic to deliver timely improvements to IFRS Accounting Standards.”In addition,the Intellectual Property Office of Singapore released an Intangibles Disclosure Framework earlier this year,the first of its kind,demonstrating the commitment of Sin
160、gapore to the intangible asset agenda.Other intellectual property offices,including the World Intellectual Property Office and the UK IPO are placing greater emphasis on finding ways to unlock intangible asset finance so that companies can both invest in new intellectual property and leverage their
161、IP to secure financing through IP-backed loans.We are delighted to see movement in this area,recognising the importance of intangibles in the modern economy.We often talk about intangible asset reporting being critical for investor information,but ultimately,the benefit is to the company.Demonstrati
162、ng the value of your intangibles is a key way to secure funding and fuel growth,manage risk,and identify the critical success factors for value generation at your firm.We believe management should consider the following actions,to prepare for future evolutions in intangible asset reporting requireme
163、nts,and to leverage the benefits of intangible asset management:1.Identify the key intangibles of the entire business both internally generated and acquired.2.Seek expert advice on the value of those intangibles,and consider sharing it in the notes to your financial statements.3.Monitor the various
164、intangible assets and the factors impacting their value.Intangible Asset Reporting:Developments.Annie Brown General Manager UK ConsultingOne of the key challenges in measuring intangibles is that there are synergies between the different intangible assets,and between investing in different intangibl
165、es.For instance,investing in an advertising campaign to promote a new software platform to better engage with customers will have synergistic benefits to brand,technology and customer intangible value.Therefore,it is important to consider the wider business value and then employ analytical tools to
166、unpick the value generation from specific drivers.Intangible Asset Reporting:Developments.This process is highly valuable from a management perspective,as it informs analysts as to how much different intangible assets are worth,indicating if the brand is over or underinvesting in various key areas o
167、f the business.The relative role and strength of a brands different intangibles,and the remaining value of synergies between those different intangibles would also be determined.We encourage leadership to monitor the value of their intangibles periodically and where feasible and taking into consider
168、ation corporate governance rules,disclose this value to investors.Our Services.Brand Finance GIFT 2023Brand Finance GIFT 39Consulting Services.Brand ValuationMake your brands business case Brand valuations are used for a variety of purposes,including tax,finance,and marketing.Being the interpreter b
169、etween the language of marketers and finance teams they provide structure for both to work together to maximise returns.Brand StrategyMake branding decisions with your eyes wide open Once you understand the value of your brand,you can use it as tool to understand the business impacts of strategic br
170、anding decisions in terms of real financial returns.Make branding decisions using hard dataBrand ResearchWhat gets measured Brand evaluations are essential for understanding the strength of your brand against your competitors.Brand Strength is a key indicator of future brand value growth whether ide
171、ntifying the drivers of value or avoiding the areas of weakness,measuring your brand is the only way to manage it effectively.+Brand Audits+Primary Research+Syndicated Studies+Brand Scorecards+Brand Drivers&Conjoint Analysis+Soft Power+Brand Impact Analysis+Tax&Transfer Pricing+Litigation Support+M&
172、A Due Diligence+Fair Value Exercises+Investor Reporting+Brand Positioning +Brand Architecture+Franchising&Licensing +Brand Transition+Marketing Mix Modelling +Sponsorship Strategy+Are we building our brands strength effectively?+How do I track and develop my brand equity?+How strong are my competito
173、rs brands?+Are there any holes in my existing brand tracker?+What do different stakeholders think of my brand?+How much is my brand worth?+How much should I invest in marketing?+How much damage does brand misuse cause?+Am I tax compliant with the latest transfer pricing?+How do I unlock value in a b
174、rand acquisition?+Which brand positioning do customers value most?+What are our best brand extension opportunities in other categories and markets?+Am I licensing my brand effectively?+Have I fully optimised my brand portfolio?+Am I carrying dead weight?+Should I transfer my brand immediately?+Is a
175、Masterbrand strategy the right choice for my business?Brand Evaluation Services.How are brands perceived in my category?Brand Finance tracks brand fame and perceptions across over 38 markets in 31 consumer categories.Clear,insightful signals of brand performance,with data mining options for those wh
176、o want to dig deeper all at an accessible price.What if I need more depth or coverage of a more specialised sector?Our bespoke brand scorecards help with market planning and can be designed to track multiple brands over time,against competitors,between market segments and against budgets.Our 30-coun
177、try database of brand KPIs enables us to benchmark performance appropriately.Do I have the right brand architecture or strategy in place?Research is conducted in addition to strategic analysis to provide a robust understanding of the current positioning.The effectiveness of alternative architectures
178、 is tested through drivers analysis,to determine which option(s)will stimulate the most favourable customer behaviour and financial results.How can I improve return on marketing investment?Using sophisticated analytics,we have a proven track record of developing comprehensive brand scorecard and bra
179、nd investment frameworks to improve return on marketing investment.What about the social dimension?Does my brand get talked about?Social interactions have a proven commercial impact on brands.We measure actual brand conversation and advocacy,both real-world word of mouth and online buzz and sentimen
180、t,by combining traditional survey measures with best-in-class social listening.Brand Finance GIFT 41With strategic planning and creative thinking,we develop communications plans to create dialogue with stakeholders that drives brand value.Our approach is integrated,employing tailored solutions for o
181、ur clients across PR and marketing activations,to deliver strategic campaigns,helping us to establish and sustain strong client relationships.We also have a specific focus on geographic branding,including supporting nation brands and brands with a geographical indication(GI).Brand Dialogue Limited i
182、s a member of the Brand Finance Plc GroupResearch,Strategy&Measurement Brand&Communications StrategyCampaign PlanningMarket Research&InsightsMedia AnalysisPublic Relations&CommunicationsMedia RelationsPress Trips&EventsStrategic Partnerships&Influencer OutreachSocial Media ManagementMarketing&Events
183、Promotional EventsConference ManagementNative AdvertisingRetail MarketingContent CreationBespoke Publications,Blogs&NewslettersPress ReleasesMarketing Collateral DesignSocial Media ContentStrategic Communications Crisis CommunicationsBrand Positioning&ReputationGeographic BrandingCorporate Social Re
184、sponsibility(CSR)Brand Finance Network.For further information on our services and valuation experience,please contact your local representative:Market ContactEmailAfricaJeremy Sampsonj.sampsonbrandfi Asia Pacifi cAlex Haigha.haighbrandfi AustraliaMark Crowem.crowebrandfi BrazilEduardo Chavese.chave
185、sbrandfi CanadaLaurence Newelll.newellbrandfi China Scott Chens.chenbrandfi East Africa Walter Seremw.serembrandfi FranceBertrand Chovetb.chovetbrandfi Germany/Austria/SwitzerlandUlf-Brun Drechselu.drechselbrandfi IndiaAjimon Francisa.francisbrandfi IrelandDeclan Ahernd.ahernbrandfi ItalyMassimo Piz
186、zom.pizzobrandfi MexicoLaurence Newelll.newellbrandfi Middle EastAndrew Campbella.campbellbrandfi NigeriaTunde Odumerut.odumerubrandfi PolandKonrad Jagodzinskik.jagodzinskibrandfi PortugalPilar Alonso Ulloap.alonsobrandfi RomaniaMihai Bogdanm.bogdanbrandfi South AmericaPilar Alonso Ulloap.alonsobran
187、dfi SpainPilar Alonso Ulloap.alonsobrandfi Sri LankaAliakber Alihussaina.hussainbrandfi SwedenAnna Brolina.brolinbrandfi TurkeyMuhterem Ilgnerm.ilgunerbrandfi United KingdomAnnie Browna.brownbrandfi USALaurence Newelll.newellbrandfi VietnamQuyen Luongq.luongbrandfi Contact us.The Worlds Leading Brand Valuation ConsultancyT:+44(0)20 7389 9400E: