2017俄罗斯50强品牌报告（英文版）

Russia50

2017

TheannualreportonthemostvaluableRussianbrands

April2017

Foreword. Contents

DavidHaigh,CEO,BrandFinance

Whatisthepurposeofastrongbrand;toattractcustomers,tobuildloyalty,tomotivatestaff?Alltrue,butforacommercialbrandatleast,thefirstanswermustalwaysbe‘tomakemoney’.

Hugeinvestmentsaremadeinthedesign,launchandongoingpromotionofbrands.Giventheirpotentialfinancialvalue,thismakessense.Unfortunately,mostorganisationsfailtogobeyondthat,missinghugeopportunitiestoeffectivelymakeuseofwhatareoftentheirmostimportantassets.Monitoringofbrandperformanceshouldbethenextstep,butisoftensporadic.Whereitdoestakeplaceitfrequentlylacksfinancialrigourandisheavilyreliantonqualitativemeasurespoorlyunderstoodbynon-marketers.

Asaresult,marketingteamsstruggletocommunicatethevalueoftheirworkandboardsthenunderestimatethesignificanceoftheirbrandstothebusiness.Skepticalfinanceteams,unconvincedbywhattheyperceiveasmarketingmumbojumbomayfailtoagreenecessaryinvestments.Whatmarketingspendthereiscanenduppoorlydirectedasmarketersarelefttooperatewithinsufficientfinancialguidanceoraccountability.Theendresultcanbeaslowbut

steadydownwardspiralofpoorcommunication,wastedresourcesandanegativeimpactonthebottomline.

BrandFinancebridgesthegapbetweenthemarketingandfinancialworlds.Ourteamshaveexperienceacrossawiderangeofdisciplinesfrommarketresearchandvisualidentitytotaxandaccounting.Weunderstandtheimportanceofdesign,advertisingandmarketing,butwealsobelievethattheultimateandoverridingpurposeofbrandsistomakemoney.Thatiswhyweconnectbrandstothebottomline.

Byvaluingbrands,weprovideamutuallyintelligiblelanguageformarketersandfinanceteams.Marketersthenhavetheabilitytocommunicatethesignificanceofwhattheydoandboardscanusetheinformationtochartacoursethatmaximisesprofits.

Withoutknowingtheprecise,financialvalueofanasset,howcanyouknowifyouaremaximisingyourreturns?Ifyouareintendingtolicenseabrand,howcanyouknowyouaregettingafairprice?Ifyouareintendingtosell,howdoyouknowwhattherighttimeis?Howdoyoudecidewhichbrandstodiscontinue,whethertorebrandandhowtoarrangeyourbrandarchitecture?BrandFinancehasconductedthousandsofbrandandbrandedbusinessvaluationstohelpanswerthesequestions.

BrandFinance’srecentlyconductedsharepricestudyrevealedthecompellinglinkbetweenstrongbrandsandstockmarketperformance.ItwasfoundthatinvestinginthemosthighlybrandedcompanieswouldleadtoareturnalmostdoublethatoftheaveragefortheS&P500asawhole.

Acknowledgingandmanagingacompany’sintangibleassetstapsintothehiddenvaluethatlieswithinit.Thefollowingreportisafirststeptounderstandingmoreaboutbrands,howtovaluethemandhowtousethatinformationtobenefitthebusiness.TheteamandIlookforwardtocontinuingtheconversationwithyou.

Foreword 2

Definitions 4

Methodology 6

UnderstandYourBrand’sValue 7

ExecutiveSummary 8

FullTable(RUBm) 12

FullTable(USDm) 13

HowWeCanHelp 14

ContactDetails 15

2.2.BrandBrandFinanceFinanceGlobalAustralia500100FebruaryMarch20162016

2.BrandFinanceAirlines3030February2015

2.BrandFinanceRussia50April2017 BrandFinanceRussia50April2017 3.

Definitions

E.g.

AVTOVAZ

‘BrandedBusiness’

‘BrandValue’

‘Brand’Contribution’

‘BrandedEnterprise’

Definitions

+EnterpriseValue–thevalueoftheentireenterprise,madeupofmultiplebrandedbusinesses

E.g.

Lada

+BrandedBusinessValue–thevalueofasinglebrandedbusinessoperatingunderthesubjectbrand

E.g.

Lada

+BrandContribution–Thetotaleconomicbenefitderivedbyabusinessfromitsbrand

EffectofaBrandonStakeholders

E.g.

Lada

+BrandValue–thevalueofthetrademarks(andrelatingmarketingIPand‘goodwill’attachedtoit)withinthebrandedbusiness

Debtproviders

Sales

BrandedBusinessValue

Abrandshouldbeviewedinthecontextofthebusinessinwhichitoperates.ForthisreasonBrandFinancealwaysconductsaBrandedBusinessValuationaspartofanybrandvaluation.Whereacompanyhasapurelymono-brandedarchitecture,thebusinessvalueisthesameastheoverallcompanyvalueor‘enterprisevalue’.

Inthemoreusualsituationwhereacompanyownsmultiplebrands,businessvaluereferstothevalueoftheassetsandrevenuestreamofthebusinesslineattachedtothatbrandspecifically.Weevaluatethefullbrandvaluechaininordertounderstandthelinksbetweenmarketinginvestment,brandtrackingdata,stakeholderbehaviourandbusinessvaluetomaximisethereturnsbusinessownerscanobtainfromtheirbrands.

BrandContribution

Brand

Production

PotentialCustomers

Directors

MiddleManagers

ExistingCustomers

AllOtherEmployees

Influencers

e.g.Media

TradeChannels

StrategicAllies&Suppliers

Investors

Thebrandvaluescontainedinourleaguetablesarethoseofthepotentiallytransferablebrandassetonly,butformarketersandmanagersalike,anassessmentofoverallbrandcontributiontoabusinessprovidespowerfulinsightstohelpoptimiseperformance.

BrandContributionrepresentstheoverallupliftinshareholdervaluethatthebusinessderivesfromowningthebrandratherthanoperatingagenericbrand.

Brandsaffectavarietyofstakeholders,notjustcustomersbutalsostaff,strategicpartners,regulators,investorsandmore,havingasignificantimpactonfinancialvaluebeyondwhatcanbeboughtorsoldinatransaction.

BrandValue

Intheverybroadestsense,abrandisthefocusforalltheexpectationsandopinionsheldbycustomers,staffandotherstakeholdersaboutanorganisationanditsproductsandservices.However,whenlookingatbrandsasbusinessassetsthatcanbebought,soldandlicensed,amoretechnicaldefinitionisrequired.

BrandFinancehelpedtocrafttheinternationallyrecognisedstandardonBrandValuation,ISO10668.Thatdefinesabrandas“amarketing-relatedintangibleassetincluding,butnotlimitedto,names,terms,signs,symbols,logosanddesigns,oracombinationofthese,intendedtoidentifygoods,servicesorentities,oracombinationofthese,creatingdistinctiveimagesandassociationsinthemindsofstakeholders,therebygeneratingeconomicbenefits/value”.

BrandStrength

BrandStrengthisthepartofouranalysismostdirectlyandeasilyinfluencedbythoseresponsibleformarketingandbrandmanagement.InordertodeterminethestrengthofabrandwehavedevelopedtheBrandStrengthIndex(BSI).Weanalysemarketinginvestment,brandequity(thegoodwillaccumulatedwithcustomers,staffandotherstakeholders)andfinallytheimpactofthoseonbusinessperformance.

Followingthisanalysis,eachbrandisassignedaBSIscoreoutof100,whichisfedintothebrandvaluecalculation.Basedonthescore,eachbrandintheleaguetableisassignedaratingbetweenAAA+andDinaformatsimilartoacreditrating.AAA+brandsareexceptionallystrongandwellmanagedwhileafailingbrandwouldbeassignedaDgrade.

4.BrandFinanceRussia50April2017 BrandFinanceRussia50April2017 5.

Methodology

LeagueTableValuationMethodology

UnderstandYourBrand’sValue

BrandFinancecalculatesthevaluesofthebrandsinitsleaguetablesusingthe‘RoyaltyReliefapproach’.Thisapproachinvolvesestimatingthelikelyfuturesalesthatareattributabletoabrandandcalculatingaroyaltyratethatwouldbechargedfortheuseofthebrand,i.e.whattheownerwouldhavetopayfortheuseofthebrand—assumingitwerenotalreadyowned.

Thestepsinthisprocessareasfollows:

Calculatebrandstrengthonascaleof0to100basedonanumberofattributessuchasemotionalconnection,financialperformanceandsustainability,amongothers.ThisscoreisknownastheBrandStrengthIndex,andiscalculatedusingbranddatafromtheBrandAsset®Valuatordatabase,theworld’slargestdatabaseofbrands,whichmeasuresbrandequity,considerationandemotionalimageryattributestoassessbrandpersonalityinacategoryagnosticmanner.

Determinetheroyaltyraterangefortherespectivebrandsectors.ThisisdonebyreviewingcomparablelicensingagreementssourcedfromBrandFinance’sextensivedatabaseoflicenseagreementsandotheronlinedatabases.

BrandValueDashboard

[XXX]

$707m

BrandValue(EUR)

€650m

$882m

BrandValue(EUR)

€729m

$10,216m

EnterpriseValue(EUR)

€9,399m

AA+

78/100

Historicbrandvalueperformance(EURm)

PeerGroupComparison(USDm)

$6,265

800

729

$3,031

650

$2,328

$1,913

700

$707

607

600

[XXX]

500

400

320

275

BrandValuebyProductSegment

300

213

Nutrition

37%

200

100

PerformanceMaterials

58%

0

OtherActivities

2011

2012

2013

2014

2015

2016

4%

7%

DriversofChange

ThreekeyareasimpactBrandValue(EURm)

18

131

34

729

729

616

616

650

2015

BrandStrength

BusinessPerformance

ExternalChanges

2016

2016

2015

2016

2015

BrandStrength

76

5YearForecastGrowth

BaseYearRevenue(EURm)

2.6%

3.4%

DiscountRate

8,205

9,570

LongTermGrowth

9.1% 8.6%

3.2% 2.6%

Tax

28.9%

30.2%

78

2016 2015

EconomicOutlook

Allfuturereturnsaresubjecttorisk.Iftheriskofnotreceivingtheforecastreturnsishigher(increasingthediscountrate),thebrand’smarketisnotgrowingasquicklyasexpected(lowerlongtermgrowthrate)orthetaxrateinthebrand’sregionsofoperationishigher,thenthebrand’svalueisreducedandviceversa.

BusinessOutlook

Brandsdrivehigherrevenues.Aninvestorwouldthereforepaymoreforabrandthatmakesmoremoney.

[XXX]’srevenuebaseandthe5yearforecastgrowthhavefallenthisyear,resultinginalossof$177mUSDtototalbrandvalue.

However,itisimportanttonotethatthishasarisenasaresultofthecompanydivestinganumberofdivisions.

BrandStrength

[XXX]’sbrandstrengthhasincreasedcomparedtolastyear.

Asthebrandcontinuesitssustainabilitydrive,[XXX]hasbeenimprovingacrossallCSRscores.ItnowhasthehighestCSRscoresithashadinthelastfouryearsacrossEnvironment,EmployeesandGovernance.

Thepremiumapproachisalsoleadingtosignificantmarginadvantages–positivelyaffecting“performance”.

BrandInvestment

ProveninputsthatdrivetheBrandEquityandfinancialresults

10.0

9.3

8.0

7.7

6.0

6.4

5.3

4.0

[DXSXMX]

BestinClass

CompetitorAverage

2.0

0.0

EffectiveWeighting

BestinClass

Relativeqitsproductsspendand

BrandInvestment

BrandStrengthIndex

6.25%

Inputs

25%

6.25%

6.25%

6.25%

Product:R&Dexpenditure,

Capitalexpenditure

Place:WebsiteRanking

People:NumberofEmployees,EmployeeGrowth

Promotion:Marketingexpenditure

WidelyrecognisedfactorsdeployedbyMarketerstocreatebrandloyaltyandmarketshare.Wethereforebenchmarkbrandsagainstrelevantinputmeasuresbysectoragainsteachofthesefactors.

5.00%

7.50%

Customer35%7.50%

7.50%

7.50%

FamiliarityConsiderationPreferenceSatisfactionRecommendation/NPS

Howdostakeholdersfeelaboutthebrandvs.competitors?

Staff 5%

5.00%

EmployeeScore

Brandequityaccountsfor50%toreflecttheimportanceofstakeholderperceptionstobehaviour

Financial5%

2.50%

2.50%

CreditRating

AnalystRecommendation

BrandEquityisimportanttoallstakeholdergroupswithcustomersbeingthemostimportant

1.67% EnvironmentScore

External 5% 1.67% CommunityScore

1.67%GovernanceScore

6.25%

6.25%

Outputs25%6.25%

6.25%

Revenue

%Margin

%ForecastMargin

%ForecastRevenueGrowth

Quantitativemarket,marketshareandfinancialmeasuresresultingfromthestrengthofthebrand.

BrandPerformance

25%

BrandEquity

50%

BrandInvestment

25%

BrandStrengthIndex2016

Anidealbalancedscorecardoffundamentalbrandrelatedmeasures

Effective BSI

Weighting Attributes

Calculateroyaltyrate.Thebrandstrengthscoreisappliedtotheroyaltyraterangetoarriveataroyaltyrate.Forexample,iftheroyaltyraterangeinabrand’ssectoris0-5%andabrandhasabrandstrengthscoreof80outof100,thenanappropriateroyaltyratefortheuseofthisbrandinthegivensectorwillbe4%.

Determinebrandspecificrevenuesestimatingaproportionofparentcompanyrevenuesattributabletoaspecificbrand.

BrandStrengthIndex

Determineforecastbrandspecificrevenuesusingafunctionofhistoricrevenues,equityanalystforecastsandeconomicgrowthrates.

6.25%

6.25%

6.25%

6.25%

[XXX]

DuPont

Multiple

AkzoNobel

Product

ualityofthebrand’sinvestmentin

.ThemeasurecanincludeR&Dcapitalexpenditure.

Place

Relativequalityofabrand’sdistributionnetwork.Itcanincludethequalityoflogisticalinfrastructureavailabletothebrand,thequalityofitsonlinepresence,orthenumberandqualityofitsretailoutlets.

People

Relativequalityofthehumannetworksupportingthebrand.Thismayincludethesizeofthesupportnetwork,itslikelyfuturegrowthortheinvestmentinworkforcetrainingandhumanresources.

Promotion

Relativequalityofthebrand’spromotions.Marketinginvestment,thequalityofvisualidentityandtheeffectivenessofthebrand’ssocialmediaiscoveredbythismeasure.

Applytheroyaltyratetotheforecastrevenuestoderivebrandrevenues.

Brandrevenuesarediscountedposttaxtoanetpresentvaluewhichequalsthebrandvalue.

Brandstrengthindex(BSI)

Brand‘Royaltyrate’

Brandinvestment

Brandequity

Brandperformance

Strong brand

Weak brand

Brandrevenues Brandvalue

Forecastrevenues

ABrandValueReportprovidesacompletebreakdownoftheassumptions,datasourcesandcalculationsusedtoarriveatyourbrand’svalue.Eachreportincludesexpertrecommendationsforgrowingbrandvaluetodrivebusinessperformanceandoffersacost-effectivewaytogainingabetterunderstandingofyourpositionagainstcompetitors.Itincludes:

BrandValuationSummary

+Internalunderstandingofbrand

+Brandvaluetracking

+Competitorbenchmarking

RoyaltyRates

+Transferpricing

+Licensing/franchisingnegotiation

+Internationallicensing

+Competitorbenchmarking

CostofCapital

+Independentviewofcostofcapitalforinternalvaluationsandprojectappraisalexercises

TrademarkAudit

+Highlightunprotectedmarks

+Spotpotentialinfringement

+Trademarkregistrationstrategy

BrandstrengthexpressedasaBSIscoreoutof100.

BSIscoreappliedtoanappropriatesectorroyaltyraterange.

Royaltyrateappliedtoforecastrevenuestoderivebrandvalues.

Post-taxbrandrevenuesarediscountedtoanetpresentvalue(NPV)whichequalsthebrandvalue.

+Historicalbrandvalue

BrandStrengthIndex

+Brandstrengthtracking

+Brandstrengthanalysis

+ManagementKPI’s

+Competitorbenchmarking

FormoreinformationregardingourLeagueTableReports,pleasecontact:

AlexHaigh

DirectorofLeagueTables,BrandFinance

a.haigh@

6.BrandFinanceRussia50April2017 BrandFinanceRussia50April2017 7.

ExecutiveSummary

1BV2017:₽569.5bn

Rank2017:1

BV2016:₽463.7bn

BrandRating:AAA-

+23%

50

Russia

6Rank2017:6

BV2017:₽134.7bn

-15%

2Rank2017:2

BV2016:₽158.5bn

BrandRating:AA-

7Rank2017:7

BV2017:₽305.3bn

BV2016:₽325.1bn

BrandRating:AA

3

Rank2017:3

BV2017:₽283.9bn

BV2016:₽407.7bn

BrandRating:AA

-6%

8

-30%

BV2017:₽117.4bn

BrandRating:A

Rank2017:8

BV2017:₽106.4bn

BV2016:₽140.8bn

BrandRating:AA-

-24%

Rank2017:4

9Rank2017:9

4BV2017:₽180.1bn

-8%

BV2017:₽93.1bn

-18%

SberbankisRussia’smostvaluablebrand.ItisEurope’s6thmostvaluablebankingbrandandthe24thglobally.Strengthsincludeitscreditportfolio,carefullymanagedriskbutmoreimportantlyitsambitiousandinnovativeapproach.Sberbankisdeterminedtobeayoung,innovative,technology-basedbank,andisbuildingtechplatformstosellinternationally.In2016itannouncedplanstobuilda‘nationalecommercesystem’tobeusedinbothB2CandB2Bcontexts,usingitsvastresourcesandinfrastructure.SberbankisindiscussionswithAlibabaGrouptohelpmaketheplanareality.Brandvalueisup23%to569billionRUB.

Onthebrand’sperformance,Sberbank’sAlexeyZabrodincommented,“Sberbankisrapidlytransformingintooneoftheworld’slargestecosystems.Ourmainpriorityistomakepeople’slivesbetterbyinspiringthemtofulfilltheir

aspirationsanddreams.Thishasbeenakey

driverbehindoursuccess”.

Gazprom,LukoilandRosneftoccupy2nd,3rdand4thplacesrespectively,highlightingRussia’sstrengthinoilandgas.LowerOil&Gaspricesintheearlypartof2016,inadditiontotheimpactofsanctions,hassuppressedthebrandvaluegrowthofmanyofRussia’soilmajorsthisyear.Thoughmacroeconomicconditionssuchasthesewillalwaysdeterminetheoveralldirectionofbusinessandbrandvalueperformanceforcommodity-ledfirms,theapproachtheytaketothemanagementoftheirbrandwilldeterminetheextentoftheimpact.TheimpactonGazprom,forexample,hasbeenlesspronouncedthanitmighthavebeenthanksinparttoitsbrandbuildingactivities.Foraprimarilyupstream(ieproductionfocused)brand,Gazprominvestssignificantamountsinmarketing.Inparticular,ithas

BV2016:₽194.7bn

5BV2017:₽153.0bn

Rank2017:5

BrandRating:AAA-

BrandRating:AA+

BV2016:₽114.2bn

BrandRating:AA

10

Rank2017:10

BV2017:₽89.6bn

BrandRating:AA

8.BrandFinanceRussia50April2017 BrandFinanceRussia50April2017 9.

ExecutiveSummary

BrandValueOverTime

650

600

550

Brandvalue(BillionRubles)

500

450

400

350

300

250

200

150

100

50

0

cultivatedavastarrayofsponsorships,mostnotablyinfootball,withpartnersincludingShalke04,ZenitStPetersburg,theUEFAChampionsLeagueandnextyear’sFIFAWorldCup,tobeheldonitshometurf.Suchbrandbuildingcreatespositivebrandassociationswithawiderangeofstakeholders.Extractiveindustrybrandsareintheunusualpositionwherecustomersmaynotthemostimportantstakeholdergroup.Insteadthebenefitsofastrongbrandmaybefeltmorekeenlyinrelationshipswithstaffandpotentialemployees,withlocalcommunities,withstrategicpartnersandwithgovernment,whereastrongbrandcanmakethedifferencetowhetherafirmcansecureboththeformalandinformal‘licensetooperate’.

AeroflotisRussia’smostpowerfulbrand,withaBrandStrengthIndexscoreof88.8.ThisalsomakesAeroflottheworld’smostpowerfulairlinebrand.ThenewsmaycomeasasurprisetothoseinEuropeandNorthAmericamorefamiliarwithWesternorGulfflagcarriers.Aeroflot’sbrand

The10MostPowerfulBrands

ThesearethemostpowerfulRussianbrands,whoseratingisbasedonBrandFinance’sBrandStrengthIndex(BSI).

BSIScore

88.8

BSIScore

82.8

BSIScore

80.0

BSIScore

76.3

BSIScore

2011

2012

2013

2014

2015

2016

2017

strengthstemsinpartfromdominanceofitsdomesticmarket.Itsbrandequityscoresformetricssuchasfamiliarity,consideration,preferenceandloyaltyareformidable,bothwhencomparedagainstotherRussianairlinesandagainstforeignoneswithintheirhomemarkets.ThisisallthemoreimpressivegiventhattherearenoairroutesforwhichAeroflothasexclusiveaccess,demonstratingthatitsstrengthisunderpinnedbycompetitiveadvantageratherthanmonopoly.Investmentinthebrand,whichlaysthefoundationsforfutureresilienceandgrowth,isanotherkeycomponentofbrandstrengthinwhichAeroflotexcels.Ithastheyoungestfleetofanymajorairlineandisinvestingheavilyinmarketingpromotion,particularlyinAsia.ThisisreinforcedbyitssponsorshipofManchesterUnited(theworld’smostvaluablefootballbrand),whichhelpsAeroflotreachavastaudienceacrossEastAsiainparticular.Theapproachisclearlypayingoff;thisyearMoscowovertookDubaiasthetophubfortravelbetweenChinaandEurope.

74.8

BSIScore

74.4

BSIScore

73.9

BSIScore

73.5

BSIScore

72.6

BSIScore

71.1

10.BrandFinanceRussia50April2017 BrandFinanceRussia50April201711.

BrandFinanceRussia50(RUBm)

Top50mostvaluableRussianbrands1-50.

Rank2017

Brandname

Sector

Brandvalue

(RUBm)2017

%

change

Brandvalue

(RUBm)2016

Brandrating2017

Brandrating2016

1

Sberbank

Banks

569,467

23%

463,658

AAA-

AAA-

2

Gazprom

Oil&Gas

305,315

-6%

325,104

AA

AA

3

Lukoil

Oil&Gas

283,943

-30%

407,665

AA

AA+

4

Rosneft

Oil&Gas

180,066

-8%

194,712

AA+

AA

5

Magnit

Retail

153,001

AAA-

6

Surgutneftegas

Oil&Gas

134,742

-15%

158,485

AA-

AA

7

RussianRailways

Logistics

117,371

A

8

VTBBank

Banks

106,375

-24%

140,849

AA

AAA-

9

MTS

Telecoms

93,110

-18%

114,237

AA

AAA-

10

Tatneft

Oil&Gas

89,556

AA

11

Novatek

12

Aeroflot

13

Beeline

14

Pyaterochka

15

Megafon

16

AlfaBank

17

Lenta

18

Atomenergoprom

19

Gazprombank

20

InterRao

21

Rostelecom

22

Yandex

23

RussianHelicopters

24

Nornickel

25

Rosseti

26

DIXY

27

Sibur

28

Bashneft

29

Rushydro

30

Slavneft

31

Lada

32

Transneft

33

UnitedAircraftCorporation

34

Rusal

35

Promsvyazbank

36

GAZ

37

LsrGroup

38

TMK

39

M.Video

40

Kamaz

41

Severstal

42

DetskyMir

43

OtkritieFCBank

44

NLMK

45

Irkutskenergo

46

Metalloinvest

47

Mostotrest

48

MMKGroup(Magnitogorsk)

49

S7Airlines

50

Russneft

12.BrandFinanceRussia50April2017

BrandFinanceRussia50(USDm)

Top50mostvaluableRussianbrands1-50.

Rank2017

Brandname

Sector

Brandvalue

(USDm)2017

%

change

Brandvalue

(USDm)2016

Brandrating2017

Brandrating2016

1

Sberbank

Banks

9,075

33%

6,807

AAA-

AAA-

2

Gazprom

Oil&Gas

4,865

2%

4,773

AA

AA

3

Lukoil

Oil&Gas

4,525

-24%

5,985

AA

AA+

4

Rosneft

Oil&Gas

2,869

0%

2,858

AA+

AA

5

Magnit

Retail

2,438

AAA-

6

Surgutneftegas

Oil&Gas

2,147

-8%

2,327

AA-

AA

7

RussianRailways

Logistics

1,870

A

8

VTBBank

Banks

1,695

-18%

2,068

AA

AAA-

9

MTS

Telecoms

1,484

-12%

1,677

AA

AAA-

10

Tatneft

Oil&Gas

1,427

AA

11

Novatek

12

Aeroflot

13

Beeline

14

Pyaterochka

15

Megafon

16

AlfaBank

17

Lenta

18

Atomenergoprom

19

Gazprombank

20

InterRao

21

Rostelecom

22

Yandex

23

RussianHelicopters

24

Nornickel

25

Rosseti

26

DIXY

27

Sibur

28

Bashneft

29

Rushydro

30

Slavneft

31

Lada

32

Transneft

33

UnitedAircraftCorporation

34

Rusal

35

Promsvyazbank

36

GAZ

37

LsrGroup

38

TMK

39

M.Video

40

Kamaz

41

Severstal

42

DetskyMir

43

OtkritieFCBank

44

NLMK

45

Irkutskenergo

46

Metalloinvest

47

Mostotrest

48

MMKGroup(Magnitogorsk)

49

S7Airlines

50

Russneft

Differencesin%changeintheRUBandUSDtablesaretheresultofchangingforeignexchangeratesduringtheyear.

BrandFinanceRussia50April201713.

MarketResearchAnalytics•BrandAudits

BrandScorecardTracking•ReturnonMarketingInvestment

2.Analytics:HowcanIimprovemarketing

effectiveness?

Analyticalserviceshelptouncoverdriversofdemandandinsights.Identifyingthefactorswhichdriveconsumerbehaviourallowanunderstandingofhowbrandscreatebottom-lineimpact.

TrademarkValuation

BrandContribution

BrandedBusinessValuation

IntangibleAssetValuation

1.Valuation:Whataremyintangibleassetsworth?

Valuationsmaybeconductedfortechnicalpurposesandtosetabaselineagainstwhichpotentialstrategicbrandscenarioscanbeevaluated.

Howwecanhelp Contactdetails

S

N

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4.Transactions:Isitagooddeal?CanIleveragemyintangibleassets?

Transactionserviceshelpbuyers,sellersandownersofbrandedbusinessesgetabetterdealbyleveragingthevalueoftheirintangibles.

2

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A

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A

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T

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S

A

C

T

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O

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V

A

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Brand&BusinessValue

3

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3.Strategy:HowcanIincreasethevalueofmybrandedbusiness?

T

R

Strategicmarketingservicesenablebrandstobeleveragedtogrowbusinesses.Scenariomodellingwillidentifythebestopportunities,ensuringresourcesareallocatedtothoseactivities

whichhavethemostimpactonbrandandbusinessvalue.

Contactus

Forbrandvaluereportenquiries,pleasecontact:AlexHaigh

DirectorofLeagueTablesBrandFinance

a.haigh@

Formediaenquiries,pleasecontact:RobertHaigh

Marketing&CommunicationsDirectorBrandFinance

r.haigh@

Forallotherenquiries,pleasecontact:

Ouroffices

T

E

G

Y

4

.

T

R

A

M&ADueDiligence •Franchising&Licensing

Tax&TransferPricing •ExpertWitness

MARKETING

BrandGovernance •BrandArchitecture&PortfolioManagement

BrandTransition •BrandPositioning&Extension

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enquiries@

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ForfurtherinformationonBrandFinance®’sservicesandvaluationexperience,pleasecontactyourlocalrepresentative:

Country Contact Emailaddress

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m.crowe@

Brazil PedroTavares

p.tavares@

Canada BillRatcliffe

b.ratcliffe@

China MinnieFu

m.fu@

FINANCE

Wehelpmarketerstoconnecttheirbrandstobusinessperformancebyevaluatingthereturnoninvestment(ROI)ofbrandbaseddecisionsandstrategies.

+BrandedBusinessValuation

Weprovidefinanciersandauditorswithanindependentassessmentonallformsofbrandandintangibleassetvaluations.

+BrandedBusinessValuation

Wehelpbrandownersandfiscalauthoritiestounderstandtheimplicationsofdifferenttax,transferpricingandbrandownershiparrangements.

+BrandedBusinessValuation

Wehelpclientstoenforceandexploittheirintellectualpropertyrightsbyprovidingindependentexpertadvicein-andoutsideofthecourtroom.

+BrandedBusinessValuation

/brandfinance

/brandfinance

Caribbean NigelCooper

er@

EastAfrica JawadJaffer

j.jaffer@

France VictoireRuault