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TM Global Intangible Finance Tracker (GIFT™)— an annual review of the world’s intangible value Contents. About Brand Finance4Get in Touch4Foreword: Brand Finance5Definitions6Reporting: Background8Executive Summary10Top 100 Companies by Total Intangible Value20Top 100 Companies by Disclosed Intangible Value22Goodwill Hunting –How Not to Miss the Markin Financial Accounting24Consulting Services30Brand Finance Network32 Foreword: Brand Finance. About Brand Finance. Each year, Brand Finance plc analyses the fluctuating value of intangible assets on world stock markets.Once again the Global Intangible Finance Tracker (GIFT™) highlights important trends which have Brand Finance is the world’s leading independent Brand Finance was set up in 1996 with the aim of‘bridging the gap between marketing and finance’. Formore than 20 years, we have helped companies and 1.The absolute scale of global intangible assets and the high percentage of global enterprise value 2.The volatility of intangible asset values caused by changes in investor sentiment over time; 3.The confusion created by some intangible assets appearing in balance sheets while most do not; We pride ourselves on four key strengths:+Independence+ 4.The failure of IFRS 3 to adequately report the current real value of both internally generated and David HaighCEO, Brand Finance We put thousands of the world’s biggest brands to thetest every year, evaluating which are the strongest and The phenomenon of ‘undisclosed intangibles’ has arisen because accounting standards do not recognise To many accountants, the Historical Cost Convention is a prudent measure to prevent creative accountingand the distortion of reported asset values. But the ban on intangible assets appearing in balance sheetsunless there has been a separate purchase for the asset in question or a fair value allocation of an acquisition Brand Finance helped craft the internationallyrecognised standard on Brand Valuation – ISO10668, and the recently approved standard on BrandEvaluation – ISO 20671. This seems bizarre to most ordinary, non-accounting managers. They point to the fact that while Smirnoffappears in Diageo’s balance sheet, Baileys does not. The value of Cadbury’s brands was not apparent inits balance sheet and probably not reflected in the share price prior to Kraft’s unsolicited and ultimately Get in Touch. There are many other examples of this unfortunate phenomenon, which has led to the call for a new approachto financial reporting, with fair values of all assets determined and reported by management each year. Annual For business enquiries, please contact:Alex HaighTechnical Directora.haigh@brandfinance.com There is a growing demand, strongly supported by Brand Finance plc, that it is time for a new form offinancial reporting, whereby boards should be required to disclose their opinion of the fair value of all keyintangible assets under their control. We believe that this exercise should be conducted annually and For media enquiries, please contact:Konrad JagodzinskiCommunications Directork.jagodzinski@brandfinance.com For all other enquiries, please contact:enquiries@brandfinance.com+44 (0)207 389 9400 We believe that too many great brands have been bought and transferred offshore as a result of the Join us at the Brand Finance Global Forum,an action-packed day-long event at the RoyalAutomobile Club in London, as we explore howgeographic branding can impact brand value, attractcustomers, and influence key stakeholders.Visit to see all Brand Financerankings, reports, and whitepaperspublished since 2007. We hope that this GIFT™ report will start a reporting revolution which is long overdue. Instead ofmeaningless balance sheet numbers we want to see living balance sheets with values that the boardreally considers appropriate and useful for customers, staff, investors, partners, regulators, tax We urgently need a more imaginative approach towards a regular revaluation and reporting of intangibleassets. If we could achieve a more meaningful reporting approach, we believe that it would lead to betterinformed management, higher investment in innovation and intangible value creation, stronger balance www.brandfinance.com/eventswww.brandirectory.com In our opinion, it is time for CEOs, CFOs, and CMOs to start a long overdue reporting revolution. Definitions. five different categories — including customer- andmarket related intangibles — rather than lumping themtogether under the catch-all term ‘goodwill’ as theyhad in the past. But because only acquired intangibles,and not those internally generated, can be recordedon the balance sheet, this results in a lopsided view Intangible assets can be grouped into three broadcategories – rights, relationships and intellectual property: techniques, customer lists, demographic studies,product test results); business knowledge — suchas suppliers’ lead times, cost and pricing data, trade In accounting terms, an asset is