INTEGRATED REPORTING

Transcription

1 INTEGRATED REPORTING José M. Viedma Martí. President de la Comissió d Intangibles de l ACCID Soci de M&A Fusiones y Adquisiciones

2 Index 1- The fourth industrial revolution 2- The knowledge economy context 3- Intangibles and intellectual capital as the main sources of wealth. 4- Main intangibles reporting initiatives.

3 1- The fourth industrial revolution

4 Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum Ubiquitous, mobile supercomputing. Artificiallyintelligent robots. Self-driving cars. Neuro-technological brain enhancements. Genetic editing. The evidence of dramatic change is all around us and it's happening at exponential speed. We stand on the brink of a technological revolution that will fundamentally alter the way we live, work, and relate to one another.

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6 Navigating the next industrial revolution ? There are three reasons why today s transformations announce the arrival of a Fourth and distinct industrial revolution: velocity, scope, and systems impact. Source: Wikipedia

7 Industry 4.0: Enablers Artificial Intelligence 3-D printing Nanotechnology Autonomous Vehicles Robotics Internet of Things

8 2- The knowledge economy context

9 The advent of the Knowledge economy. Capital Labor - Adam Smith - Fritz Machlup - T.W. Schultz - Robert Lucas - Carl Menger - F. Hayek - Ludwig von Mises - Wilhelm Röpke - Gary Becker - Paul Romer - Joseph Schumpeter Land Knowledge Agricultural Industrial Knowledge Source: Savage Ch

10 The Knowledge Content of Goods and Services Samsung 6 Edge YOGA Lenovo Dual Apple IPAD 2 Air NEW BMW Series

11 The Knowledge Content of Goods and Services Copyright José M. Viedma 2015

12 The Knowledge Content of Processes and Business Models Copyright José M. Viedma 2015

13 Copyright José M. Viedma 2015 E-commerce

14 Copyright José M. Viedma 2015 Collaboration platforms

15 3- Intangibles and intellectual capital as the main sources of wealth.

16 Intangible Assets Definition Not tangible; incapable of being touched or perceived by touch; impalpable; imperceptible. ( Webter s dictionary definition) Intangible assets are sources of future benefits which do not have a physical embodiment. ( Baruch Lev.) Intangible liabilities are sources of future losses which do not have a physical embodiment.

17 Intellectual Capital Definitions IC= Intangible Assets = Knowledge Assets IC=Knowledge that produces value IC = Knowledge + other intangibles that produce value or are able to produce value in the future IC= core competencies or core capabilities IC= Human capital + Structural capital + Relational capital

18 Intellectual Capital Content Intellectual Capital Human Capital knowledge, skills, experiences and abilities of the employees Structural Capital R&D activities, organizational routines, procedures, systems, databases and intellectual property rights of the company Relational Capital

19 Company Value Creation Tree Product A Service B Product B Service C Service A Product C Product A Service C Process C PRESENT (Value Extraction) INTANGIBLE RESOURCES CORE KNOWLEDGE 2015 José M. Viedma Marti PROFESSIONALS CORE KNOWLEDGE CORE COMPETENCIES CORE COMPETENCIES CORE KNOWLEDGE PROFESSIONALS CORE KNOWLEDGE CORE COMPETENCIES CORE KNOWLEDGE PROFESSIONALS CORE KNOWLEDGE Intellectual Capital Management Systems

20 Innovation Tree Intellectual Capital Management Systems New Product M New Product M New Product M Service A Service B Service B Service B New Process Service A Process B Service C New Process New Process Process A Process B Process C Service C Service A Process A Process B Process C Service C Process A Process C PRESENT (Value Extraction) FUTURE (Innovation) CORE KNOWLEDGE CORE COMPETENCIES INTANGIBLE RESOURCES CORE KNOWLEDGE CORE COMPETENCIES CORE KNOWLEDGE NEW CORE CAPABILITIES NEW INTANGIBLE RESOURCES NEW CORE CAPABILITIES NEW CORE CAPABILITIES PROFESSIONALS CORE KNOWLEDGE PROFESSIONALS CORE KNOWLEDGE NEW CORE KNOWLEDGE NEW CORE KNOWLEDGE NEW CORE KNOWLEDGE NEW PROFESSIONALS CORE KNOWLEDGE NEW PROFESSIONALS CORE KNOWLEDGE NEW PROFESSIONALS CORE KNOWLEDGE 2015 José M. Viedma Marti

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22 Where Is the Wealth of Nations? Source: Where is the Wealth of Nations?; Measuring Capital for the 21st Century, 2006 The international Bank for Reconstruction and Development/The World Bank

23 A Revolution in Corporate Productive Resources

24 4- Main intangibles reporting initiatives.

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26 Baruch Lev

27 MOAT

28 1. Intangible assets Brands: Disney, Coca cola, Hershey, Luis Vuitton, Luxotica Patents: Pfizer, Merck, GlaxoSmithKline, Novartis. Government Licenses: Moody s, S&P. 2. Customer switching costs Integrated software : Oracle, Microsoft Critical business proceses: ADP, Intuit, Sage 3. The network effect Payment networks: MasterCard, Visa, PayPal. Auctions : ebay, Sotheby s. Financial exchanges: New York Stock Exchange, The London Stock Exchange, Deutsche Börse. Social networks: Facebook, LinkedIn Ecosystems: Apple ios, Google s Android 4. Cost advantages Economics of scale: Walmart Distribution: UPS, Amazon. Manufacturing: Intel

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34 Thanks for your attention