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GIFT2020 TM Global Intangible Finance Tracker (GIFT™)— an annual review of the world’s intangible value About Brand Finance4Get in Touch4Brandirectory.com5Brand Finance Group5Foreword: Brand Finance7Definitions8Reporting: Background10Executive Summary12Country Trends14Sector Trends18Intangible Asset Reporting22Company Trends32Top 100 Companies by Total Intangible Value34Top 100 Companies by Disclosed Intangible Value36Consulting Services38Brand Finance Network40 About Brand Finance. Brandirectory.com Brand Finance is the world's leading independent Brandirectory is the world’s largest database of currentand historical brand values, providing easy access toall Brand Finance rankings, reports, whitepapers, and We bridge the gap between marketing and finance Brand Finance was set up in 1996 with the aim of 'bridgingthe gap between marketing and finance'. For more than 20years, we have helped companies and organisations of all +Browse thousands of published brand values +Track brand value, strength, and rating acrosspublications and over time We quantify the financial value of brands +Use interactive charts to compare brand valuesacross countries, sectors, and global rankings We put 5,000 of the world’s biggest brands to the testevery year. Ranking brands across all sectors andcountries, we publish nearly 100 reports annually. +Purchase and instantly unlock premium data,complete brand rankings, and research We offer a unique combination of expertise Our teams have experience across a wide range ofdisciplines from marketing and market research, to Visitbrandirectory.com to find out more. Brand Finance Group. We pride ourselves on technical credibility Brand Finance is a chartered accountancy firm regulatedby the Institute of Chartered Accountants in England andWales, and the first brand valuation consultancy to join Brand Dialogue Brand Dialogue is a public relations agency developingcommunications strategies to create dialogue thatdrives brand value. Brand Dialogue has over 25years of experience in delivering campaigns drivenby research, measurement, and strategic thinking Our experts helped craft the internationally recognisedstandards on Brand Valuation – ISO 10668 and BrandEvaluation – ISO 20671. Our methodology has beencertified by global independent auditors – Austrian Get in Touch. Brand Exchange is a contemporary and exclusivemembers' club and events space nestled in the heart ofthe City of London. It was launched in 2015 to providemembers with a private space to network and socialise.The club has since held several prestigious events For business enquiries, please contact:Alex Haigh Technical Director, Brand Finance+44 7711 597580a.haigh@brandfinance.com linkedin.com/company/brand-finance For media enquiries, please contact:Konrad JagodzinskiCommunications Manager+44 7508 304782k.jagodzinski@brandfinance.com twitter.com/brandfinance VI360 VI360 is a brand identity management consultancyworking for clients of all sizes on brand compliance,brand transition, and brand identity management. VI360 facebook.com/brandfinance For all other enquiries, please contact:enquiries@brandfinance.com+44 207 389 9400 instagram.com/brand.finance Foreword: 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 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; 4.The failure of IFRS 3 to adequately report the current real value of both internally generated and David HaighCEO, Brand Finance 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 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 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 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 disc