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Engineering & Construction252018The annual report on the worlds most valuable engineering and construction brandsFebruary 2018Brand Finance Engineering & Construction 25 February 2018 3.Foreword.What is the purpose of a strong brand: to attract customers, to build loyalty, to motivate staff? All true, but for a commercial brand at least, the first answer must always be to make money. Huge investments are made in the design, launch, and ongoing promotion of brands. Given their potential financial value, this makes sense. Unfortunately, most organisations fail to go beyond that, missing huge opportunities to effectively make use of what are often their most important assets. Monitoring of brand performance should be the next step, but is often sporadic. Where it does take place, it frequently lacks financial rigour and is heavily reliant on qualitative measures, poorly understood by non-marketers. As a result, marketing teams struggle to communicate the value of their work and boards then underestimate the significance of their brands to the business. Sceptical finance teams, unconvinced by what they perceive as marketing mumbo jumbo, may fail to agree necessary investments. What marketing spend there is, can end up poorly directed as marketers are left to operate with insufficient financial guidance or accountability. The end result can be a slow but steady downward spiral of poor communication, wasted resources, and a negative impact on the bottom line. Brand Finance bridges the gap between marketing and finance. Our teams have experience across a wide range of disciplines from market research and visual identity to tax and accounting. We understand the importance of design, advertising, and marketing, but we also believe that the ultimate and overriding purpose of brands is to make money. That is why we connect brands to the bottom line. By valuing brands, we provide a mutually intelligible language for marketing and finance teams. Marketers then have the ability to communicate the significance of what they do, and boards can use the information to chart a course that maximises profits. Without knowing the precise, financial value of an asset, how can you know if you are maximising your returns? If you are intending to license a brand, how can you know you are getting a fair price? If you are intending to sell, how do you know what the right time is? How do you decide which brands to discontinue, whether to rebrand and how to arrange your brand architecture? Brand Finance has conducted thousands of brand and branded business valuations to help answer these questions. Brand Finances research revealed the compelling link between strong brands and stock market performance. It was found that investing in highly-branded companies would lead to a return almost double that of the average for the S&P 500 as a whole. Acknowledging and managing a companys intangible assets taps into the hidden value that lies within it. The following report is a first step to understanding more about brands, how to value them and how to use that information to benefit the business. The team and I look forward to continuing the conversation with you.David Haigh CEO, Brand FinanceBrand Finance Engineering & Construction 25 February 2018 5.Brand Finance Engineering & Construction 25 February 2018 4.Foreword 3About Brand Finance 4Contact Details 4Definitions 6Executive Summary 8Full Table 11Methodology 12Understand Your Brands Value 13Consulting Services 14Communications Services 15Contents.About Brand Finance.Brand Finance is the worlds leading independent brand valuation and strategy consultancy. Brand Finance was set up in 1996 with the aim of bridging the gap between marketing and finance. For more than 20 years, we have helped companies and organisations of all types to connect their brands to the bottom line.We pride ourselves on four key strengths: Independence Technical Credibility Transparency Expertise.Brand Finance puts thousands of the worlds biggestbrands to the test every year, evaluating which are the strongest and most valuable.For more information, please visit our website:brandfinanceContact Details.For business enquiries, please contact:Richard HaighManaging Director rd.haighbrandfinanceFor media enquiries, please contact:Konrad JagodzinskiCommunications Director k.jagodzinskibrandfinanceFor all other enquiries, please contact:enquiriesbrandfinance+44 (0)207 389 9400linkedin/company/ brand-financefacebook/brandfinancetwitter/brandfinanceFor further information on Brand Finances services and valuation experience, please contact your local representative:Country Contact Email addressAsia Pacific Samir Dixit s.dixitbrandfinance +65 906 98 651 Australia Mark Crowe m.crowebrandfinance +61 282 498 320Brazil Geoffrey Hamilton-Jones g.hamilton-jonesbrandfinance +55 1196 499 9963Canada Bill Ratcliffe b.ratcliffebrandfinance +1 647 3437 266Caribbean Nigel Cooper n.cooperbrandfinance +1 876 8256 598China Scott Chen s.chenbrandfinance +86 1860 118 8821East Africa Jawad Jaffer j.jafferbrandfinance +254 204 440 053France Victoire Ruault v.ruaultbrandfinance +44 0207 389 9427Germany Holger Mhlbauer h.muehlbauerbrandfinance +49 1515 474 9834India Ajimon Francis a.francisbrandfinance +91 989 2085 951Indonesia Jimmy Halim j.halimbrandfinance +62 215 3678 064Ireland Simon Haigh s.haighbrandfinance +353 087 6695 881Italy Massimo Pizzo m.pizzobrandfinance +39 0230 312 5105Mexico & LatAm Laurence Newell l.newellbrandfinance +52 1559 197 1925Middle East Andrew Campbell a.campbellbrandfinance +971 508 113 341Nigeria Babatunde Odumeru t.odumerubrandfinance +234 012 911 988Romania Mihai Bogdan m.bogdanbrandfinance +40 728 702 705Spain Teresa de Lemus t.delemusbrandfinance +34 654 481 043 South Africa Jeremy Sampson j.sampsonbrandfinance +27 828 857 300Sri Lanka Ruchi Gunewardene r.gunewardenebrandfinance +94 114 941 670Turkey Muhterem Ilgner m.ilgunerbrandfinance +90 216 3526 729UK Richard Haigh rd.haighbrandfinance +44 0207 389 9400USA Amy Rand a.randbrandfinance +44 0207 389 9432Vietnam Lai Tien Manh m.laibrandfinance +84 473 004 468Brand Finance Engineering & Construction 25 February 2018 7.Brand Finance Engineering & Construction 25 February 2018 6.Definitions.Definitions. Brand Value+ Enterprise Value The value of the entire enterprise, made up of multiple branded businesses. Where a company has a purely mono- branded architecture, the enterprise value is the same as branded business value.+ Branded Business Value The value of a single branded business operating under the subject brand. A brand should be viewed in the context of the business in which it operates. Brand Finance always conducts a branded business valuation as part of any brand valuation. We evaluate the full brand value chain in order to understand the links between marketing investment, brand- tracking data, and stakeholder behaviour.+ Brand Contribution The overall uplift in shareholder value that the business derives from owning the brand rather than operating a generic brand.The brand values contained in our league tables are those of the potentially transferable brand assets only, making brand contribution a wider concept. An assessment of overall brand contribution to a business provides additional insights to help optimise performance.+ Brand Value The value of the trade mark and associated marketing IP within the branded business. Brand Finance helped to craft the internationally recognised standard on Brand Valuation ISO 10668. It defines brand as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.United TechnologiesCarrierBrand ValueCarrierCarrierEnterpriseValueBrandedBusinessValueBrandContributionBrand Strength IndexWidely recognised factors deployed by marketers to create brand loyalty and market share. Marketing Investment A brand that has high Marketing Investment but low Stakeholder Equity may be on a path to growth. This high investment is likely to lead to future performance in Stakeholder Equity which would in turn lead to better Business Performance in the future. However, high Marketing Investment over an extended period with little improvement in Stakeholder Equity would imply that the brand is unable to shape customers preference.Stakeholder Equity The same is true for Stakeholder Equity. If a company has high Stakeholder Equity, it is likely that Business Performance will improve in the future. However, if the brands poor Business Performance persists, it would suggest that the brand is inefficient compared to its competitors in transferring stakeholder sentiment to a volume or price premium.Business Performance Finally, if a brand has a strong Business Performance but scores poorly on Stakeholder Equity, it would imply that, in the future, the brands ability to drive value will diminish. However, if it is able to sustain these higher outputs, it shows that the brand is particularly efficient at creating value from sentiment compared to its competitors.MarketingInvestmentPerceptions of the brand among different stakeholder groups, with customers being the most important.Quantitative market and financial measures representing the success of the brand in achieving price and volume premium.StakeholderEquityBusinessPerformanceBrand StrengthBrand Strength is the efficacy of a brands performance on intangible measures, relative to its competitors. In order to determine the strength of a brand, we look at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding rating up to AAA+ in a format similar to a credit rating.Analysing the three brand strength measures helps inform managers of a brands potential for future success.InvestmentEquityPerformanceBrand Finance Engineering & Construction 25 February 2018 9.Brand Finance Engineering & Construction 25 February 2018 8.Executive Summary.Chinese Brands on Road to SuccessThe combined value of Chinese brands now accounts for over 28% of US$226.9 billion total brand value in the Brand Finance Engineering & Construction 25 league table, leaving the US behind with a share of 25%. There are six US and six Chinese brands in the ranking, and while last year the two countries were on par, each accounting for just under 27% of the total brand value in the sector, this year the Chinese brands have asserted their dominance. Their aggregate value has increased from US$58.3 billion in 2017 to US$64.4 billion in 2018, while the combined value of the US brands has fallen from US$58.1 billion to US$57.3 billion, owing to the 9% decline recorded by General Electric, the sectors most valuable brand.The most valuable among Chinese brands in theleague table, China State Construction Engineering Corporation (CSCEC), saw a 19% increase in brand value to US$25.0 billion and climbed above Germanys Siemens into 2nd spot in the ranking. CSCECs strong performance this year came after much more modest 4% growth in brand value in 2017, which at the time had been slowed by rising debt. The companys strong Chinas engineering and construction companies are perfectly positioned to drive the trillion-dollar Belt and Road Initiative, probably one of the most ambitious in history. But multinationals can also tap into this great business opportunity, with Siemens and GE already signing multiple joint agreements with Chinese parties.David HaighCEO, Brand FinanceExecutive Summary.order book, improved cash flows, and ample cash reserves were among the factors contributing to a faster growth in 2018.The fastest growing brand was the China Communications Construction Company (CCCC), which gained 33% year on year to US$4.6 billion. CCCC performed well this year, increasing both revenues and gross profit margin as it won contracts in Malaysia, Brazil, Serbia as well as a number of key contracts under the Belt and Road Initiative.Chinese construction companies will face a tougher domestic market in 2018, after the ruling party renewed a pledge to focus on debt management at its October 2017 congress. Analysts predict that Chinas infrastructure investment growth in 2018 will drop to 12%, down from 20% in the first 10 months of 2017, though the mightily ambitious Belt and Road Initiative will accelerate Chinas drive to become the worlds economic powerhouse. With US$900 billion of projects planned or underway to link China with Asia, Europe, the Middle East, and Africa, Chinese authorities will invest around US$150 billion a year to stimulate trade and economic growth.Brand Value Change 2017-2018 (%)Top 10 Most Valuable BrandsRank 2018: 2 2017: 3 BV 2018: $24,981m BV 2017: $21,050mBrand Rating: AA1+19%Rank 2018: 9 2017: 11 BV 2018: $7,161m BV 2017: $6,583mBrand Rating: AA+9+9%Rank 2018: 10 2017: 9 BV 2018: $7,031m BV 2017: $6,963mBrand Rating: AA+10+1%7Rank 2018: 8 2017: 10 BV 2018: $8,232m BV 2017: $6,795mBrand Rating: AA+8+21%623Rank 2018: 4 2017: 4 BV 2018: $19,341m BV 2017: $17,991mBrand Rating: AA+4+8%Rank 2018: 5 2017: 5 BV 2018: $12,932m BV 2017: $13,227mBrand Rating: AAA-5-2%Rank 2018: 6 2017: 7 BV 2018: $12,191m BV 2017: $10,361mBrand Rating: AA-+18%Rank 2018: 7 2017: 6 BV 2018: $10,255m BV 2017: $11,149mBrand Rating: A+-8%Rank 2018: 1 2017: 1 BV 2018: $32,005m BV 2017: $35,318mBrand Rating: AAA-9%Rank 2018: 3 2017: 2 BV 2018: $21,956m BV 2017: $23,088mBrand Rating: AAA-5%CCCCSamsungCumminsSchneider ElectricABBCSCECCaterpillarSaint-Gobain-2%-5%-5%-6%-8%-9%-16%-16%33%29%26%24%21%19%18%18%HitachiSiemensDaiwa HouseCRRCCRECGGeneral ElectricLarsen & ToubroMitsubishi HeavyBrand Finance Engineering & Construction 25 February 2018 11.Brand Finance Engineering & Construction 25 February 2018 10.Executive Summary.Brand Value Over TimeBrand Value by CountryExecutive Summary.Top 5 Strongest BrandsBSI Score86.9BSI Score85.4BSI Score81.9BSI Score81.9BSI Score80.3GE remains most valuableGeneral Electric suffered a moderate contraction to its brand value, decreasing 9% to US$32.0 billion. The GE brand has lost 39% of its value since 2014, when it was worth US$52.5 billion, though it remains the worlds most valuable engineering and construction brand. GEs medium-term revenue forecasts are tempered by growing global interest in new forms of renewable energy generation. This causes significant pressures and risks to
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