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Netherlands 502017The annual report on the most valuable Dutch brandsMay 2017Brand Finance Netherlands 50 May 2017 3.Brand Finance Australia 100 March 2016 2. Global 500 February 2016 Airlines 30 30 February 2015Netherlands 50 May 2017ForewordForeword 2 Definitions 4Methodology 6Executive Summary 8Full Table (EURm) 12Full Table (USDm) 13Understand Your Brands Value 14How We Can Help 16Contact Details 17ContentsDavid Haigh, CEO, Brand FinanceWhat 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. Skeptical 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 the marketing and financial worlds. 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 marketers 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 recently conducted share price study revealed the compelling link between strong brands and stock market performance. It was found that investing in the most 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. Brand Finance Netherlands 50 May 2017 5.Brand Finance Netherlands 50 May 2017 4.DefinitionsDefinitions+ Enterprise Value the value of the entire enterprise, made up of multiple branded businesses+ Branded Business Value the value of a single branded business operating under the subject brand+ Brand Contribution The totaleconomic benefit derived by abusiness from its brand+ Brand Value the value of the trade marks (and relating marketing IP and goodwill attached to it) within the branded businessBranded BusinessBranded EnterpriseE.g.Heineken NVE.g.AmstelE.g.AmstelBrand ValueBranded BusinessBranded EnterpriseBrand ContributionE.g.AmstelBranded Business ValueA brand should be viewed in the context of the business in which it operates. For this reason Brand Finance always conducts a Branded Business Valuation as part of any brand valuation. Where a company has a purely mono-branded architecture, the business value is the same as the overall company value or enterprise value. In the more usual situation where a company owns multiple brands, business value refers to the value of the assets and revenue stream of the business line attached to that brand specifically. We evaluate the full brand value chain in order to understand the links between marketing investment, brand tracking data, stakeholder behaviour and business value to maximise the returns business owners can obtain from their brands.Brand ContributionThe brand values contained in our league tables are those of the potentially transferable brand asset only, but for marketers and managers alike, an assessment of overall brand contribution to a business provides powerful insights to help optimise performance.Brand Contribution represents the overall uplift in shareholder value that the business derives from owning the brand rather than operating a generic brand. Brands affect a variety of stakeholders, not just customers but also staff, strategic partners, regulators, investors and more, having a significant impact on financial value beyond what can be bought or sold in a transaction.Brand ValueIn the very broadest sense, a brand is the focus for all the expectations and opinions held by customers, staff and other stakeholders about an organisation and its products and services. However, when looking at brands as business assets that can be bought, sold and licensed, a more technical definition is required. Brand Finance helped to craft the internationally recognised standard on Brand Valuation, ISO 10668. That defines a brand as “a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos and designs, or a combination of these, intended to identify goods, services or entities, or a combination of these, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits/value”.Brand Strength Brand Strength is the part of our analysis most directly and easily influenced by those responsible for marketing and brand management. In order to determine the strength of a brand we have developed the Brand Strength Index (BSI). We analyse marketing investment, brand equity (the goodwill accumulated with customers, staff and other stakeholders) and finally the impact of those on business performance. Following this analysis, each brand is assigned a BSI score out of 100, which is fed into the brand value calculation. Based on the score, each brand in the league table is assigned a rating between AAA+ and D in a format similar to a credit rating. AAA+ brands are exceptionally strong and well managed while a failing brand would be assigned a D grade. Effect of a Brand on StakeholdersPotentialCustomersExistingCustomersInfluencerse.g. MediaTradeChannelsStrategicAllies &Suppliers InvestorsDebt providersSalesProductionAll OtherEmployeesMiddleManagersDirectorsBrandBrand Finance Netherlands 50 May 2017 7.Brand Finance Netherlands 50 May 2017 6.Methodology InputsStakeholderBehaviourPerformanceBrand Equity Value DriversBrand ContributionAudit the impact of brand management and investment on brand equity Run analytics to understand how perceptions link to behaviourLink stakeholder behaviour with key financial value driversModel the impact of behaviour on core financial performance and isolating the value of the brand contribution Brand Audit Trial & Preference Acquisition & RetentionValuation Modelling1 2 3 4Brand Finance Typical Project ApproachBrand Finance calculates the values of the brands in its league tables using the Royalty Relief approach. This approach involves estimating the likely future sales that are attributable to a brand and calculating a royalty rate that would be charged for the use of the brand, i.e. what the owner would have to pay for the use of the brandassuming it were not already owned. Brand strength expressed as a BSI score out of 100.BSI score applied to an appropriate sector royalty rate range.Royalty rate applied to forecast revenues to derive brand values.Post-tax brand revenues are discounted to a net present value (NPV) which equals the brand value.The steps in this process are as follows: 1 Calculate brand strength on a scale of 0 to 100 based on a number of attributes such as emotional connection, financial performance and sustainability, among others. This score is known as the Brand Strength Index, and is calculated using brand data from the BrandAsset Valuator database, the worlds largest database of brands, which measures brand equity, consideration and emotional imagery attributes to assess brand personality in a category agnostic manner.Strong brandWeak brandBrand strength index(BSI)BrandRoyalty rateBrand revenues Brand valueForecast revenuesBrand investmentBrand equityBrand performance2 Determine the royalty rate range for the respective brand sectors. This is done by reviewing comparable licensing agreements sourced from Brand Finances extensive database of license agreements and other online databases. 3 Calculate royalty rate. The brand strength score is applied to the royalty rate range to arrive at a royalty rate. For example, if the royalty rate range in a brands sector is 0-5% and a brand has a brand strength score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%. 4 Determine brand specific revenues estimating a proportion of parent company revenues attributable to a specific brand. 5 Determine forecast brand specific revenues using a function of historic revenues, equity analyst forecasts and economic growth rates. 6 Apply the royalty rate to the forecast revenues to derive brand revenues. 7 Brand revenues are discounted post tax to a net present value which equals the brand value.League Table Valuation MethodologyHow We Help to Maximise Value6. Build scale through licensing/franchising/partnerships5. Build core business through market expansion4. Build core business through product development3. Portfolio management/rebranding Group companies2. Optimise brand positioning and strength1. Base-case brand and business valuation(using internal data), growth strategyformulation, target-setting, scorecard andtracker set-upEvaluate ongoing performanceCurrent brand and business valueTarget brand and business valueMaximising astrong brandBrand Finance Netherlands 50 May 2017 9.Brand Finance Netherlands 50 May 2017 8.Shell is the Netherlands most valuable brand with a value of 32.7 billion, following an increase of 12% year on year. It remains unchallenged among Dutch brands since the inception of the ranking in 2011. Oil prices saw a fairly steady increase across 2016 as supply became slightly more constrained, helping to improve revenues. After a drop at the beginning of the year, Brent Crude nearly doubled in value from early January to the end of December. Shells asset disposal program following the completion of its merger with BG has helped to consolidate and strengthen the brand, which has been upgraded from AA+ to AAA- thanks to a Brand Strength Index score of 82. Shells longstanding partnership with Ferrari continues to deliver returns, with a demonstrable price premium attributable to the association with the worlds most powerful auto brand. Shell also invests heavily in campaigns that position it as an innovative provider of the clean energy solutions of the future. As part of its Make the Future initiative, Shell enlisted the help of six popstars from around the world for its Best Day of My Life video, which became one of the most viral ads of 2016.Placing 6th, Heineken recorded the largest growth among the top ten, rising 17% to a brand value of 4.7 billion. Sponsorship continues to be a primary brand-building tool for Heineken, though its mix of partnerships is shifting slightly. Despite a longstanding relationship with the UEFA Champions League, it is slowly shifting its focus away from football which it sees as totally overcrowded with competitors brands making differentiation difficult. Heineken is instead developing its involvement with F1 and has renewed its association with rugby by announcing that it will be the headline sponsor of the 2019 Rugby World Cup.Heineken is also securing its brands standing by Netherlands 50Executive Summarykeeping up with recent market trends. It has just launched Heineken 0.0, an alcohol-free beer, in response to a reduction of alcohol consumption as increasing numbers of consumers go teetotal or lower their intake over concerns about health, fitness, and social impact. As well as being lower in calories and alcohol-free, Heineken claims that the new product closely replicates the taste of true lager. Few alcohol-free beers have been successful in the past, therefore, if consumers are convinced, it would be a major success for Heineken from both brand and financial point of view.Unilever is 7th with a brand value of 3.8 billion, down 4% from 2016. It is a major employer, well-known for its business ethics and focus on sustainability. So when KraftHeinz launched a bid for the company, there was deep concern amongst a broad range of stakeholders both in Britain and the Netherlands. In the event, Unilevers CEO Paul Polman rebuffed the US$143 billion deal, which was seen to significantly undervalue the company. This situation illustrates one of the fundamental reasons to value brands. Since internally generated goodwill (which includes brands) is not listed in company accounts, it is often overlooked or underestimated. Unilever has one of the worlds most valuable brand portfolios, estimated by Brand Finance at 48.2 billion, more than double the value of KraftHeinz. Bringing this to the fore will be key to defending any future bids or ensuring that shareholders receive fair value. With a change of 77% in value year to year and rising to 17th place, Ziggo is the fastest growing Dutch brand. Its rapid growth has been the result both of the expansion of the application of the brand and improved service offerings. A number of own-branded sport channels have been introduced, adding more content, while last years merger between Ziggo and Vodafones operations in the Netherlands opens up further new opportunities, giving Ziggo a quad-play offering to challenge the dominance of KPN.Rank 2017: 5 2016: 5 BV 2017: 5,361m BV 2016: 6,849mBrand Rating: AA5Rank 2017: 6 2016: 7 BV 2017: 4,659m BV 2016: 3,980mBrand Rating: AARank 2017: 7 2016: 6
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