关于最有价值和最强大的化学品品牌的年度报告，对农业科学、农业营养素和涂料品牌的补充分析

GITTM2007An annual review of the December 2007 Introduction It is a truism to say an intangible assetis only worth what someone will pay for it.However, the point is that there are establishedmethodologies for valuing intangible assets so With intangible assets making up such a largeproportion of corporate net worth, it is clearlyimportant for market efficiency for the basesof valuing these assets to be transparent. Thatwas the clear intent of the new internationalaccounting rules, the most recent of which Consequently there remains a lack of under-standing of how values are arrived at, how theyare managed and how long their useful economiclives are expected to last. While predictiveindicators can be commercially sensitive, there Brand Finance Plc has been a market leaderin providing a quality review of intangible assetvalues and the IPA, given its members’ rolein creating brand values, is pleased to be Moray MacLennanPresident About Brand Finance Brand Finance is an independent consultancyfocused on the management and valuation ofbrands and branded businesses. Since 1996,Brand Finance has performed hundreds of brand I can make a wholelot more moneyskillfully managing‘‘ •Technical valuations for accounting,tax and legal purposes•Valuations in support of commercialtransactions (acquisitions, divestitures,licensing and joint ventures) involving - Warren Buffet,CEO Berkshire Hathaway Brand Finance is headquartered in London andhas representative offices in Toronto, New York,São Paulo, Madrid, Amsterdam, Paris, Zagreb,Dubai, Bangalore, Colombo, Singapore, Hong www.brandfinance.com Contents Foreword The valuation of intangible assets continues tobe an important issue to be considered by theboardroom. The Brand Finance ‘Global Intangible Tracker'(GITTM) 2007 has been extended to include 7more countries and over 5,000 more companiesthan in 2006, making it the most extensive studyto date on intangible assets. It validates theimportance of intangibles and demonstrates the Brand Finance will continue to publish the GITTMannually to track and analyse movements indisclosed and undisclosed intangible asset value David HaighChief ExecutiveBrand Finance Plc 1. Executive Summary This study covers more than 10,000 companiesquoted in 32 countries over a six year period.We have increased our study this year to analyse7 additional countries and 5,000 more companiesthan last year. The companies had a totalEnterprise Value of $47.7 trillion at the endof 2006, which is an increase of $11.5 trillionin the past year, of which $5 trillion represent Advertising is the most intangible sector globally,with all of its value being intangible. Of theten largest sectors, the ones with the highestproportion of intangible asset value are Media(90% intangible value) and Pharmaceuticals(89%) which has not changed since last year'sreport. Conversely the most tangible sectors Of the countries covered in the study, theU.S. has climbed to hold the highest proportionof intangible value at 75%. This rise is due togrowth in the communications, technology Following the U.S., Switzerland has the secondhighest proportion of intangible value at 74%.This is also largely the result of it beingthe home to two of the world’s biggest The five countries with the largest proportion oftheir value made up of tangible net assets are 1. Executive Summary Again, this partly reflects the industry mix inthose countries, with an under-representationof the most intangible sectors such as software,media and pharmaceuticals. In both Japan andS. Korea, two of the top three sectors are theAutomotive and Electricity industries, whichare both highly 'tangible'. Agriculture is also oneof the highest tangible sectors for both Croatia assets. It states that intangibles are treated as adirect cost rather than an investment, resultingin possible productivity measurement issuesin a knowledge intensive economy. For more Nearly a quarter of the $47.7 trillion ofEnterprise Value is concentrated in the largest Looking at industry sectors and companies,$4.1 trillion of the increase in total EnterpriseValue since 2001 has come from the bankingsector, which has increased by $2.1 trillionsince 2005 and $2.0 trillion from the Oil andGas sector, an increase of $0.6 trillion on2005, which highlights the strength of thesesectors. In contrast, the Enterprise Value of The five countries with the highest level ofdisclosed intangible asset value 2007 are onceagain European: France (25% of total enterprisevalue), Germany (19%), Belgium (18%), Italy(17%), and the UK (16%). This largely reflectsthe high level of acquisitions by companies There is a paper by The Treasury in the UKmaking reference to the importance of intangible 2. Intangible Assets There are different definitions of ‘IntangibleAsset’. The term is sometimes used loosely,but in accounting rules it is precisely defined.In the most basic terms, it is an asset that is Although not an intangible asset in