R&D Investment Scoreboard 2008

Draft version-3
The 2008 EU Industrial R&D Investment Scoreboard
Table of Contents
Summary 1. Introduction 2. Overall R&D investment trends 3. Top R&D investors 4. R&D distribution by industrial sectors 5. R&D distribution by region Annex 1 - Methodological notes Annex 2 - List of EU1000 and non-EU1000 companies
Acknowledgments
The 2008 EU R&D Investment Scoreboard is part of the Industrial Research Investment Monitoring activity carried out jointly by the Joint Research Centre (JRC) and Research (DG RTD) DirectoratesGeneral of the European Commission. The work has been conducted by the JRCs Institute for Prospective Technological Studies (JRC-IPTS), with overall monitoring and guidance provided by Directorate C (European Research Area: Knowledge Economy) of DG RTD. Within JRC-IPTS the project was coordinated and carried out by the Knowledge for Growth Unit (KfG) under the leadership of the Director Peter Kind and the Head of KfG-Unit Xabier Goenaga Beldarrain. The main authors of this report were Hctor Hernndez, Alexander Tbke and Andries Brandsma from JRC-IPTS. Tiit Jurimae (Head of Unit) and Patrick McCutcheon from DG RTD-C.2 contributed to it. External experts contributed to this work, especially Constantin Ciupagea (CERME Romanian Centre for Economic Modelling), Bert Minne (CBS Netherlands Bureau for Economic Policy Analysis) and Michael Tubbs (Innovomantex Ltd.) co-ordinated by Jos Leijten (TNO - Innovation Policy Group), all from the European Techno-Economic Policy Support Network (ETEPS). Company Reporting Ltd has collected the data under supervision by David Tonkin and Alberto Caceres. Comments and inputs can be sent by email to: [email protected] More information on Industrial Research and Innovation is available at: http://iri.jrc.ec.europa.eu/ and http://ec.europa.eu/invest-in-research/index_en.htm European Commission Joint Research Centre Institute for Prospective Technological Studies Edificio Expo C/ Inca Garcilaso, s/n E-41092 Seville (Spain) Tel.: +34 954488318, Fax: +34 954488300 IPTS e-mail: [email protected] IPTS website: http://ipts.jrc.ec.europa.eu, JRC website: http://www.jrc.ec.europa.eu; the DGRTD website: http://ec.europa.eu/invest-in-research/index_en.htm Legal Notice: Neither the European Commission nor any person acting on behalf of the Commission is responsible for the use which might be made of this publication. A great deal of additional information on the European Union is available on the Internet. It can be accessed through the Europa server at: http://europa.eu JRC47974 EUR 23530 EN ISBN 978-92-79-10051-2 ISSN 1018-5593 DOI 10.2791/53870 Luxembourg: Office for Official Publications of the European Communities European Communities, October 2008 Reproduction is authorised provided the source is acknowledged
Table of Contents
Summary 1. Introduction 2. Overall R&D investment trends 3. Top R&D investors 4. R&D distribution by industrial sectors 5. R&D distribution by region Annex 1 - Background information Annex 2 - Methodological notes Annex 3 - List of EU1000 and non-EU1000 companies
Summary
This report presents the results of the 2008 edition of the "EU Industrial R&D Investment Scoreboard" (the Scoreboard). It provides information on the 1000 EU companies and 1000 non-EU companies investing the largest sums in R&D. Worldwide corporate R&D investment growth remains high (9%). The 2008 Scoreboard shows that all 2000 companies increased R&D investments by 9% in 2007/8, compared to 10% in past years Scoreboard and 7% in the year before (Figure S1).
Figure S1. Growth of R&D investment the Scoreboard companies

12%
10.0% 2003/4 2004/5 2005/6 2006/7 2007/8 7.0% 9.0%
10%
8% growth rate
6%
4.8%
4%
1.8%
2%
0%
Source: The EU Industrial R&D Investment Scoreboards (of 2004, 2005, 2006, 2007, 2008) European Commission, JRC/DG RTD.
R&D investment growth by EU Scoreboard companies is ahead of that by their US counterparts. After many years in which the growth of R&D investment by EU companies lagged behind US companies, this year's Scoreboard shows that the R&D investment growth of EU companies has been higher than that of US companies. It also outpaces that of Japanese companies for the third straight year. Also, this is the fifth year running in which the growth rate by EU companies has beaten the previous year's figure. This years Scoreboard shows a considerable fall in the US R&D investment growth rate (Figure S2).
4 The 2008 EU Industrial R&D Investment Scoreboard
Figure S2. Growth of R&D investment in the Scoreboard and GDP growth
EU R&D 14% 12% 10% nominal growth rate 8% 6% 4% 2% 0% 2003/4 -2%
Source: The EU Industrial R&D Investment Scoreboards (of 2004, 2005, 2006, 2007, 2008) and Eurostat Note: For samples of comparable companies GDP growth calculated from nominal GDP figures European Commission, JRC/DG RTD.
US R&D
EU GDP
US GDP
2004/5
2005/6
2006/7
2007/8
Microsoft has taken over the first position as global top R&D investor from Pfizer. The regional distribution of the companies in the top 50 has not changed. The EU accounts for 18 companies among the top 50 R&D investors, the US for 20 and Japan for 9. Five out of the top 10 R&D investors are from the US, of which three are the worlds top R&D investors: Microsoft (5.58 bn), General Motors (5.54 bn) and Pfizer (5.53 bn). Nokia has taken over from Daimler as the highest ranking EU company. There are three EU companies among the top 10 R&D investors: Nokia, the top EU company, invested 5.28 bn, Volkswagen, 4.92 bn and Daimler, 4.89 bn. Among the top 10, there is one company from Japan (Toyota Motor, 5.45 bn) and one from Switzerland (Roche, 5.01 bn).
R&D intensities are no longer falling as seen in previous years. R&D intensities of Scoreboard companies are no longer falling as seen in previous years but have stabilised at 2.7% for the EU and 3.8% for the non-EU companies (Figure S3).
Figure S3. Scoreboard R&D intensities in different world regions

5
Scoreboard R&D intensity (%)
USA 4 Japan All companies EU
2 2002/3 2003/4 2004/5 2005/6 2006/7 2007/8
Source: The EU Industrial R&D Investment Scoreboards (of 2004, 2005, 2006, 2007, 2008) Note: For samples of comparable companies European Commission, JRC/DG RTD.
Sector by sector, the R&D intensities of EU companies is similar or greater Sector by sector, the R&D intensities of EU companies is similar or greater than in non-EU companies (Figure S4). Particularly, companies in high R&D intensity sectors in the EU have a significantly higher R&D intensity (12.4%) than companies in the same sectors in the rest of the world (9.6%).
Figure S4. R&D intensities by group of sectors

14% 12.4% 12% 10% R&D intensity 8% 6% 4% 2% 0%
High R&D intensity Medium -high R&D intensity Medium -low R&D intensity Low R&D intensity
EU
9.6%
non-EU
3.9%
3.2% 1.4% 1.6% 0.5% 0.6%
Note 1: Sectors are split into four groups according to the R&D intensity of the sector worldwide: High R&D intensity sectors (intensity above 5%) include e.g. Pharmaceuticals & biotechnology; Health care equipment & services; Technology hardware & equipment; Software & computer services. Medium-high R&D intensity sectors (between 2% and 5%) include e.g. Electronics & electrical equipment; Automobiles & parts; Aerospace & defence; Industrial engineering & machinery; Chemicals; Personal goods; Household goods; General industrials; Support services. Medium-low R&D intensity sectors (between 1% and 2%) include e.g. Food producers; Beverages; Travel & leisure; Media; Oil equipment; Electricity; Fixed line telecommunications. Low R&D intensity sectors (less than 1%) include e.g. Oil & gas producers; Industrial metals; Construction & materials; Food & drug retailers; Transportation; Mining; Tobacco; Multi-utilities. Note 2: For samples of comparable companies European Commission, JRC/DG RTD. Source: The EU Industrial R&D Investment Scoreboard 2008
The R&D intensity of EU companies is lower than that of non-EU companies because of the weight of the high R&D intensity sector group. The weight of the high R&D intensity sector group is far greater amongst nonEU companies than amongst the EU ones (Figure S5) and this explains, to a large extent, the higher aggregate R&D intensity of non-EU companies.
Figure S5. R&D investment shares by sector group

high R&D intensity medium-high R&D intensity medium-low R&D intensity low R&D intensity
EU
36%
49%
7%
8%
non-EU
56%
36%
4% 4%
0%
10%
20%
30%
40% 50% 60% R&D investment shares
70%
80%
90%
100%
Source: The EU Industrial R&D Investment Scoreboard 2008 Note: For samples of comparable companies European Commission, JRC/DG RTD.
The pharmaceuticals and biotechnology sector remains the top R&D investor worldwide. The pharmaceuticals & biotechnology sector again holds the top position in R&D investments and accounts for 19.2 % of the overall R&D investments made by Scoreboard companies. Several pharmaceutical companies showed a particularly strong increase in R&D investment (partly due to acquisitions): e.g. Schering-Plough (+33.7%), AstraZeneca (+29.8%), Roche (+25.9%) and Novartis (+21.1%). The increase in R&D intensities of US companies observed last year has been partly reversed. This is illustrated in Figure S6, that includes also Swiss companies for comparison.
Figure S6. R&D intensities in pharmaceuticals & biotechnology

20%
EU
CH
US
15%
R&D intensity
10%
5%
0%
2004/5 2005/6 2006/7 2007/8
Source: The EU Industrial R&D Investment Scoreboards (of 2004, 2005, 2006, 2007, 2008) Note: For samples of comparable companies European Commission, JRC/DG RTD.
Companies in the automobiles & parts sector have stepped-up their R&D investment. The automobiles & parts sector is the biggest sector in terms of R&D investment in the EU. This years R&D investment growth (6.9%) was considerably above the three year average annual growth rate (4.9 %). General Motors had the biggest increase in R&D (22.7%) but Volkswagen and Toyota Motor also raised substantially their R&D (16.1% and 9.6% respectively). US companies appear to be slowly closing the gap with EU companies in terms of R&D intensity (Figure S7).
Figure S7. R&D intensities in automobiles & parts

6%
EU
Japan
US
4%
R&D intensity
2%
0%
2004/5 2005/6 2006/7 2007/8
Companies in the energy field are increasing R&D investments sharply Over the past three years, some large companies in the energy field showed high annual R&D growth rates increasing their R&D investment several times (Figure S8). For example, Royal Dutch Shell increased R&D by 2.2 and AREVA by 1.7 times over this period. Even higher growth rates are found amongst some companies in the field of alternative energies. In wind technology, Vestas Wind Systems increased R&D by 2.2 times and Nordex by 3 times. In the solar photovoltaic field, Q-Cells has entered the Scoreboard in 2008 for the first time after increasing R&D by 15.4 times in three years.
10
Figure S8. R&D investment growth of some companies in the field of energy
Q-Cells (1536), R&D 17 mn
350
Nordex, R&D 17 mn
300 Normalised (2004/5=100)
250
Shell, R&D 821 mn Vestas, R&D 127 mn AREVA, R&D 570 mn Scoreboard average
200
150
100 2004/5 2005/6 2006/7
2007/8
Source: The EU Industrial R&D Investment Scoreboard 2008 European Commission, JRC/DG RTD.
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1.
Introduction
The 2008 EU Industrial R&D Investment Scoreboard 1 (the Scoreboard) provides information on the 1000 EU companies 2 and 1000 non-EU companies investing the largest sums in R&D in the last reporting year (i.e. 2007/8). The Scoreboard includes data on R&D investments along with other economic and financial data from the last four financial years. The data for the Scoreboard are taken from companies publicly available audited accounts. In most cases, these accounts do not include information on the place where R&D is actually performed, consequently the approach taken in the Scoreboard is to attribute each companys total R&D investment to the country in which the company has its registered office 3. Compared with the last edition, the dataset of this year incorporates the following changes in number of companies (last year figures in parentheses): EU sample - 799 listed (826); 201 unlisted (174) - 289 UK (321); 189 Germany (167); 113 France (114); etc. - 153 newcomers and leavers Non-EU sample - 956 listed (956); 44 unlisted (44) - 544 US (563); 244 Japan (237); 42 Switzerland (39); 41 Taiwan (44); etc. - 88 newcomers and leavers This report presents the key figures of the related to R&D of the worlds top investors listed here. The overall levels of R&D investment, the performance of the EU companies, and the main changes that took place last year are examined in chapter 2. The performance of individual companies among the top R&D investors, in particular those undergoing significant R&D growth, is outlined in chapter 3. Chapters 4 and 5 give an overview of the company data aggregated by industrial sectors and world regions, with comparisons between the EU companies and their main competitors. In order to ensure a uniform basis for comparisons, chapters 4 and 5 consider companies with similar levels of R&D investment. This year's Scoreboard includes 1402 companies with R&D investments of over 24.21 million. Taking
1
The EU Industrial R&D Investment Scoreboard is published annually by the European Commission (JRC-IPTS/DG RTD) as part of its Industrial Research Investment Monitoring and Analysis activity (IRMA). Company data were collected by Company Reporting Ltd. The term EU company concerns companies whose ultimate parent has its registered office in a Member State of the EU. Likewise, non-EU company apply when the ultimate parent company is located outside the EU (see also the glossary and definitions in Annex 1 as well as the handling of parent companies and subsidiaries).
3 The registered office is the company address notified to the official company registry. It is normally the place where a company's books are kept.
12
this threshold yields a comparable group of the worlds top R&D investors comprising the top 402 from the EU together with the top 1000 non-EU companies (see Box 1). The Annex 1 provides background information and methodological details about how the Scoreboard is prepared. The full methodological approach of the Scoreboard, its scope and the limitations are described in Annex 2. Annex 3 lists the EU1000 and non-EU1000 companies ranked by their level of R&D investment. The complete data set is freely accessible online at: http://iri.jrc.ec.europa.eu/.
Box 1 : Methodological Caveats

When using the Scoreboard for comparative analyses, a number of factors potentially affecting the interpretation of the figures should be borne in mind. Please refer to Annex 2 for a full explanation of the methodological aspects. In particular, the following points should be noted: Scoreboard figures are nominal and expressed in Euros with all foreign currencies having been converted at the exchange rate prevailing on 31 December 2007. Financial indicators consolidated from companies' activities in different currency areas are influenced by fluctuations in exchange rates. This has an impact on firms relative positions in the world rankings based on these indicators. Moreover, the ratios between indicators or the growth rate of an indicator may be under- or over-estimated. For example, the euro appreciated significantly against the USA dollar and the pound sterling over the period with which we are concerned, rising from $1.32 to $1.46 and from 0.67 to 0.73. This means that the Scoreboard underestimates the R&D growth rate of EU companies based in the euro area and operating in the US. Conversely the growth rate of US companies also operating in the euro area is overestimated. EU and non-EU groups include companies with different volumes of R&D investment. This year, the R&D investment threshold for the EU group is 4.27 million and that for the non-EU group 24.21 million. In order to compare EU and non-EU companies on a similar basis, it is preferable to consider only EU companies with R&D above the non-EU threshold. This comprises a group of 402 EU companies, representing approximately 95% of total R&D investment by the EU group. Using the non-EU threshold yields a sample of the world's top 1402 R&D investors that can be used for comparative purposes. Growth in R&D can be organic, due to acquisitions or a combination of the two, consequently, mergers and acquisitions may explain sudden changes in R&D growth rates and rankings of specific companies. Other important factors to take into account are the difference in the various countries (or sectors) business cycles that may have a significant impact on companies' investment decisions as well as the first time / increasing adoption of the International Financial Reporting Standards (IFRS) 4.
Since 2005, the European Union requires all listed companies in the EU to prepare their consolidated financial statements according to IFRS (see: EC Regulation No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards at http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX:32002R1606:EN:HTML).
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2. Overall R&D investment trends

This chapter provides an overview of changes of main indicators of Scoreboard companies in the EU and non-EU groups. It is important to remind that a number of factors may affect those changes and particularly the fluctuation of exchange rates (see Box 1 in Chapter 1 and methodological notes in Annex 2). Please bear also in mind that the different editions of the Scoreboard are not directly comparable because the year-on-year change of composition of the sample of companies, i.e. due to newcomers and leavers 5. Key points Corporate investment in R&D continued to grow substantially in 2007/8. Altogether, the 2000 Scoreboard companies invested 379.3 billion in the last financial year. Aggregate R&D growth was 9.0%, slightly lower than the 10.0% reported in last years Scoreboard (see Table 1). The 1000 EU companies in the Scoreboard increased their R&D investment by 8.6%, an improvement on last years 7.4% growth. At 9.2 %, the R&D investment growth of the 1000 companies in the non-EU list was less pronounced than last years 11.1 % growth. Therefore, the difference in growth of R&D investment between the EU and non-EU groups of companies has decreased significantly (see Figure 1). The number of companies increasing their R&D investment in 2007/8 was 20% more in the non-EU group than the EU one. Taking the top 100 companies in each group, the EU shows 57 increases of more than 5% in R&D and 25 decreases whereas the non-EU shows 63 increases of more than 5% and 13 decreases. Brake in trend of previous years, where the average R&D intensity 6 of companies decreased. This has stabilised, due to net sales growing at similar pace or slower than R&D investments. The ratio of fixed capital investments to net sales continued to increase gradually worldwide, as fixed capital investments grew faster than net sales. The EU companies continue to show the biggest growth in fixed capital investments.
5 6
Every Scoreboard comprises data of the latest 4 financial years allowing analysis of three years trends for the same sample of companies. R&D intensity is defined in the Scoreboard as the ratio between R&D and net sales.
14
Table 1. Overall Performance of companies in the 2008 Scoreboard*.

Factor R&D Investment, bn Change over previous year, % CAGR 7 3yr, % EU1000 126.4 (121.1) 8.6 (7.4) 7.6 (4.6) Non-EU1000 253.0 (250.5) 9.2 (11.1) 9.3 (8.7)
Capex 8 / Net Sales, % Net Sales, bn Change over previous year, % CAGR 3yr, % R&D intensity, % Profitability 9, %
7.2 (7.0) 5515.1 (5156.1) 7.0 (10.3) 9.2 (8.1) 2.3 (2.3) 12.2 (11.5)
6.8 (6.6) 6638.6 (6474.3) 9.2 (9.7) 9.9 (10.7) 3.8 (3.9) 11.3 (11.7)
* Figures of last year Scoreboard in parentheses.

Note: Calculation of growth rates and ratios include only companies for which data are fully available. Source: The 2008 EU Industrial R&D Investment Scoreboard European Commission, JRC/DG RTD.
Figure 1. Growth of R&D investment by EU and non-EU Scoreboard companies

14 12 10
8.6%
2002/3
2003/4
2004/5
2005/6
2006/7
2007/8
11.1% 9.2% 7.7%
8 6
5.3%
7.4%
6.9%
4 2
0.7%
3.9%
1.2%
0 -2 -4 -6
-1.4%
-2.0%
EU companies
non-EU companies
7 8
Compound annual growth rate. Fixed capital investment 9 Operating profit as percentage of sales.
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3. Top R&D investors

This chapter highlights the performance of individual companies, in particular, for those at the top of the R&D ranking. There are 80 companies in the world with R&D exceeding 1 bn (27 from the EU), 45 with R&D exceeding 2 bn (15 from the EU) and 8 with R&D exceeding 5 bn (1 from the EU). Top 10 There are three EU companies in the top 10 of the R&D ranking: Nokia, becoming the biggest EU R&D investor (partly through acquisitions), investing 5.28 bn, followed by Volkswagen with 4.92 bn and Daimler with 4.89 bn. There are five US companies in the top 10 of the R&D ranking: Microsoft, the world top R&D investor in the 2008 Scoreboard (5.58 bn), General Motors (5.54 bn), Pfizer (5.53 bn), Johnson & Johnson (5.25 bn) and Ford Motor (5.13 bn). Among the top 10, there is one company each from Japan (Toyota Motor, 5.45 bn) and Switzerland (Roche, 5.01 bn). Five companies in the top 10 have shown double digit growth in R&D investment. Top 50 The EU has 18 companies among the top 50 R&D investors, the same number as in the 2007 Scoreboard: two entries, Fiat, Boehringer Ingelheim, and two exits, Philips Electronics and BAE Systems. The USA has 20 companies, the same number than last year: one entry, Schering-Plough (partly through acquisitions) and one exit, Sun Microsystems. Japan has 9 companies, the same number than in last years Scoreboard: one entry, NEC, and one exit, NTT. Fifteen companies in the top 50 have shown double digit growth in R&D investment (4 from the EU and 11 from the non-EU). Most of these companies have grown their R&D investment through acquisitions. Such EU companies include Alcatel-Lucent, with 3.37 bn (+69%), Nokia with 5.28 (+42%) and AstraZeneca with 3.45 bn (+30%). The non-EU group includes mostly US companies, for example Schering-Plough with 2.0 bn (+34%) and Oracle with 1.87 bn (+25%) and a Swiss company, Roche with 5.0 bn (+26%).
16
The EU companies in the top 50 have a lower average R&D intensity (4.7%) than their non-EU counterparts (6.7%). The companies in the EU top 50 are mainly from the automobile & parts (12), pharmaceuticals sectors (7) and IT-related sectors (5), whereas in the non-EU top 50, companies are mainly from pharmaceuticals and biotechnology (12), ITrelated sectors (14) and automobile & parts (7).
17
Figure 2. Ranking of the world top 50 R&D companies by their total R&D investment in the
2008 Scoreboard ( million).

0
1 M icro so ft, USA (4) , 2, General M o to rs, USA (9) 3, P fizer, USA (1 ) 4, To yo ta M o to r, Japan (6) 5, No kia, Finland (1 7) 6, Jo hnso n & Jo hnso n, USA (3) 7, Fo rd M o to r, USA (2) 8, Ro che, Switzerland (1 5) 9, Vo lkswagen, Germany (1 4) 1 Daimler, Germany (5) 0, 1 , Sano fi-A ventis, France (1 1 2) 1 Samsung Electro nics, So uth Ko rea (1 2, 0) 1 Glaxo SmithKline, UK (7) 3, 1 No vartis, Switzerland (1 4, 6) 1 Intel, USA (1 ) 5, 1 1 IB M , USA (1 6, 3) 1 Ro bert B o sch, Germany (20) 7, 1 M atsushita Electric, Japan (1 8, 9) 1 A straZeneca, UK (27) 9, 20, Ho nda M o to r, Japan (22) 21 A lcatel-Lucent, France (42) , 22, Siemens, Germany (8) 23, M erck, USA (1 8) 24, So ny, Japan (21 ) 25, B M W, Germany (23) 26, Cisco Systems, USA (25) 27, M o to ro la, USA (24) 28, Ericsso n, Sweden (26) 29, Nissan M o to r, Japan (29) 30, EA DS, The Netherlands (28) 31 B ayer, Germany (34) , 32, B o eing, USA (33) 33, Hitachi, Japan (31 ) 34, Hewlett-P ackard, USA (30) 35, Renault, France (35) 36, To shiba, Japan (37) 37, Eli Lilly, USA (36) 38, Cano n, Japan (45) 39, B risto l-M yers Squibb, USA (39) 40, A mgen, USA (32) 41 Wyeth, USA (38) , 42, P eugeo t (P SA ), France (41 ) 43, General Electric, USA (40) 44, NEC, Japan (-) 45, Schering-P lo ugh, USA (53) 46, Finmeccanica, Italy (47) 47, Oracle, USA (51 ) 48, Fiat, Italy (65) 49, B o ehringer Ingelheim, Germany (56) 50, A bbo tt Labo rato ries, USA (49)
1000
2000
3000
4000
5000
6000
EU USA Japan South Korea Sw itzerland Previous year
Note: The numbers in brackets after the names of the companies indicate their rankings in last years Scoreboard. Source: The 2008 EU Industrial R&D Investment Scoreboard, European Commission, JRC/DG RTD.
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4. R&D distribution by industrial sectors

This chapter presents the main R&D trends among Scoreboard companies aggregated by industrial sectors 10. For comparative purposes, the sample comprising the worlds top 1402 companies is considered (the top 402 EU and 1000 non-EU companies). General trends Table 2 shows the R&D rankings of the main industrial sectors, including R&D growth and R&D intensity. Figure 3 shows those figures for the EU and non-EU groups. R&D investment in the Scoreboard remains highly concentrated by sectors: The top 15 sectors constitute 93.3% of the total R&D in the Scoreboard and the top three pharmaceuticals & biotechnology, technology hardware & equipment and automobiles & parts account for more than 50% (see Table 2). The top 3 sectors by R&D intensity (pharmaceutical & biotechnology, technology hardware & equipment and software & computer services), accounting for more than 40% of the overall R&D investment, have had doubledigit R&D growth over the last three years. The oil & gas producers sector again shows the highest one-year growth rate (+22.9%), followed by fixed line telecommunications (+15.6%) and software & computer services (+13.1%). Two of these three also had the highest three-year growth rate, namely fixed line telecommunications (+13.7%) and oil & gas producers (+13.4%). The overall lower average of R&D intensity of EU companies is due to their large share of low R&D-intensive sectors (with much higher sales) as compared to the similar group of non-EU companies. High and medium R&D intensity sectors The pharmaceuticals & biotechnology sector is reinforced as the top R&D investor, with a share of 19.2%. It is followed by the technology hardware & equipment sector, with a share of 18.3%. R&D investment growth of the companies in these sectors has been constantly high over the past years, showing double digit annual R&D growth rates. In the automobiles & parts and electronic & electrical equipment sectors, oneyear R&D investment growth was considerably above the three year average
10
According to the Industry Classification Benchmark (ICB) applied in the Scoreboard.
19
growth rate. For the automobiles & parts sector, this is a contrast to past years reduction of R&D investment in a number of large automakers. For chemicals, leisure goods and general industrials, one year R&D investment growth was much lower than the three year growth. The chemicals sector, after its strong recovery in the last Scoreboard, is the only one among the top 15 sectors showing an R&D investment decrease in the present Scoreboard (-1.3 %). Two telecommunications equipment companies have shown impressive R&D investment growth (partly due to acquisitions): Alcatel-Lucent (+69.4%) and Nokia (+42.3%). As in the previous Scoreboard, several pharmaceutical companies showed a strong increase in R&D investment (partly due to acquisitions): e.g. ScheringPlough (+33.7%), AstraZeneca (+29.8%), Roche (+25.9%), Novartis (+21.1%), Eli Lily (+11.4%) and Abbott Laboratories (+11.1%). Industrial engineering (+12.0%), software & computer services (+11.8%), aerospace & defence (+11.6%), and technology hardware & equipment sectors have continued strong double digit growth over the past years. The aerospace & defence sector showed mixed developments. While the sector continued the strong R&D growth trend seen over the last few years, EADS reduced R&D investment by -5.8% and Boeing increased R&D investment by 18.2%. The overall one-year R&D investment growth rate of the sector fell to almost half (from 12.4 % in the past Scoreboard to 6.9%). The sectors with the highest R&D intensity are still pharmaceuticals & biotechnology, and IT sectors (software & computer services and technology hardware & equipment) while sectors like telecommunications services or oil & gas continue to show low R&D intensities. For the pharmaceuticals & biotechnology and IT sectors, the combination of high R&D intensity and high R&D investment share underlines the role of these sectors for R&D investment.
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Table 2. Ranking of industrial sectors 11 by aggregate R&D for the world top 1402 companies in the 2008 Scoreboard.
R&D Investment ( m) 71409.78 68154.09 63234.41 26594.72 26049.17 16427.68 15133.66 13752.08 11052.38 8129.08 7873.26 6552.44 5723.21 4140.59 3718.92 347945.5 24913.0 372858.5 Share in R&D investment (%) 19.2 18.3 17.0 7.1 7.0 4.4 4.1 3.7 3.0 2.2 2.1 1.8 1.5 1.1 1.0 93.3 6.7 100.0 Change from previous year (%)
Rank
Sector
CAGR 3 yrs (%) 13.2 10.2 4.9 11.8 4.1 3.1 11.6 1.4 12.0 6.3 13.7 13.2 13.4 4.9 6.6
R&D intensity (%)
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Pharmaceuticals & Biotechnology Technology Hardware & Equipment Automobiles & parts Software & Computer Services Electronic & Electrical Equipment Chemicals Aerospace & defence Leisure goods Industrial Engineering General industrials Fixed line telecommunications Health care equipment & services Oil & gas producers Food producers Household goods Top 15 sectors Rest of 21 sectors Grand Total
11.5 10.8 6.9 13.1 8.7 -1.3 6.9 0.7 11.9 2.2 15.6 10.9 22.9 4.1 6.1 8.9 7.6 9.1
16.1 8.5 4.2 9.7 4.1 2.8 4.4 6.2 2.6 2.1 1.7 6.5 0.3 1.5 2.2 4.1 0.9 3.4
8.7 10.0 8.8
Source: The 2008 EU Industrial R&D Investment Scoreboard. European Commission, JRC/DG RTD
11 According to three digits ICB (Industry Classification Benchmark)
21
Table 3. Overall sector R&D and average sector R&D intensities by main world region for the world top 1402 companies in the 2008 Scoreboard.
EU Rank Sector
R&D investment ( m) R&D intensity (%) R&D investment ( m)
US
R&D intensity (%)
Japan
R&D investment ( m) R&D intensity (%)
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Pharmaceuticals & Biotechnology Technology Hardware & Equipment Automobiles & parts Software & Computer Services Electronic & Electrical Equipment Chemicals Aerospace & defence Leisure goods Industrial Engineering General industrials Fixed line telecommunications Health care equipment & services Oil & gas producers Food producers Household goods Top 15 sectors Rest of 21 sectors Grand Total
20031.1 16573.8 28589.6 3831.5 5604.8 6793.6 7999.5 1822.1 5330.8 1571.7 4247.1 1385.8 2179.8 1673.3 1141.1 108775.6 11099.2 119874.7
15.7 13.5 4.7 9.7 3.7 2.9 6.6 5.9 3.1 2.8 1.6 4.4 0.3 1.7 2.3 3.8 0.7 2.7
34853.6 35451.9 14101.6 20227.9 2906.7 4118.5 6557.8 2042.0 3040.9 4613.0 673.7 4717.1 1050.6 811.2 2207.4 137373.9 6126.7 143500.5
16.7 9.6 3.9 10.6 3.8 2.4 3.3 7.8 2.4 2.4 0.8 7.8 0.2 0.9 2.5 5.0 1.4 4.5
5616.0 10074.2 18306.4 1587.2 8899.4 4257.9 51.3 9672.9 1507.1 1253.8 1665.7 243.6 138.9 473.3 343.5 64091.2 4859.6 68950.7
15.9 5.3 4.1 4.8 5.3 3.2 6.1 6.2 2.7 2.8 2.5 5.6 0.2 2.3 1.2 4.4 1.1 3.6
Source: The 2008 EU Industrial R&D Investment Scoreboard. European Commission, JRC/DG RTD
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Figure 3. Ranking of industrial sectors by aggregate R&D for the world top 1402 companies in the 2008 Scoreboard ( bn).
EU
Pharmaceuticals & Biotechnology Technology Hardw are & Equipment Automobiles & parts Softw are & Computer Services Electronic & Electrical Equipment Chemicals Aerospace & defence Leisure goods Industrial Engineering General industrials Fixed line telecommunications Health care equipment & services Oil & gas producers Food producers Household goods 10 20 30 40 50 60 10 20
non EU
( bn)
R&D investment Previous year
( bn)
30
40
50
60
Note: Source:
Ranked by total worldwide R&D investment of the sector. The 2008 EU Industrial R&D Investment Scoreboard European Commission, JRC/DG RTD.
23
Figure 4. Ranking of industrial sectors by aggregate R&D by main world region for the world top 1402 companies in the 2008 Scoreboard ( bn).
( bn) 10 20 30 40 50 60 70 80
Pharmaceuticals & Biotechnology Technology Hardware & Equipment Automobiles & parts Software & Computer Services Electronic & Electrical Equipment Chemicals Aerospace & defence Leisure goods Industrial Engineering General industrials Fixed line telecommunications Health care equipment & services Oil & gas producers Food producers Household goods EU USA Japan RoW
Note: Source:
Ranked by total worldwide R&D investment of the sector. The 2008 EU Industrial R&D Investment Scoreboard European Commission, JRC/DG RTD.
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Figure 5. R&D shares of sectors of the main world regions.

Pharmaceuticals & Biotechnology Automobiles & parts Electronic & Electrical Equipment Aerospace & defence Industrial Engineering Other Technology Hardware & Equipment Software & Computer Services Chemicals Leisure goods General industrials
EU
17%
14%
24%
3% 5%
6%
7% 2%4%1%
18%
US
24%
25%
10%
14%
2% 3% 5%1%2% 3% 11%
Japan
8%
15 %
27%
2%
13%
6% 0%
14%
2% 2%
11%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Source: The 2008 EU Industrial R&D Investment Scoreboard European Commission, JRC/DG RTD.
Sector focus: Energy This section spotlights recent developments captured by the Scoreboard in the field of energy where a growing amount of R&D is being focused at present. Sectors dealing with the production and distribution of oil, gas and electricity are showing very high R&D growth rates since several years (see Table 4). The difference in three year growth between the EU and non-EU is due to a stagnation of R&D investment among the EU oil & gas producers compared to 2004. Figure 6 shows the top 20 Scoreboard companies from these three sectors. There are 7 EU companies in this list of top 20, some of them showing high annual R&D growth rates over the last three years, e.g. Royal Dutch Shell (29.5%), AREVA (20.3%), Vattenfall (11.6%) and BP (8.8%). In the non-EU group, high annual R&D growth rates over the last 3 years are shown by companies such as Petroleo Brasiliero (52.6%), Gazprom (38.4%), Chevron (32.4%) and China Petroleum & Chemical (31.1%). Many other Scoreboard companies dealing with energy technologies are showing outstanding R&D trends. This is particularly the case of developments
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in alternative energies 12, driven by security of supply and environmental concerns. Some examples of companies operating in the area of alternative energy technologies are the following: In wind technology, Vestas Wind Systems and Nordex have had annual R&D growth rates of 29.6% and 44.4% respectively over the last three years. In the solar photovoltaic field, Q-Cells showed annual R&D growth rate of 148.6% over the past 3 years. In biofuels technology, Abengoa has grown its R&D investment at annual rate of 32.8% over the last three years.
Table 4. Overall Performance of companies in the oil & gas producers, oil equipment, services & distribution and electricity sectors from the world top 1402 companies in the 2008 Scoreboard.
Factor R&D Investment, bn Change over previous year, % CAGR 13 3yr, % Capex 14 / Net Sales, % Net Sales, bn Change over previous year, % CAGR 3yr, % R&D intensity, % Profitability 15, % EU 3.5 19.0 3.6 8.1 910,7 7.1 11.8 0.38 14.7 Non-EU 6.0 16.5 18.0
10.1 1217,7 10.9 16.5 0.49 17.0
Note: Calculation of growth rates and ratios include only companies for which data are fully available. Source: The 2008 EU Industrial R&D Investment Scoreboard European Commission, JRC/DG RTD.
12
In the Scoreboard ICB classification there is an Alternative Energy sector with only one firm. However there are many other Scoreboard companies performing energy-related R&D that are classified under other sectors, e.g. in industrial machinery, general industrials, etc. Compound annual growth rate. 14 Fixed capital investment 15 Operating profit as percentage of sales.
13
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Figure 6. Ranking of the world top 20 R&D companies in the energy sector (oil & gas
producers, oil equipment, services & distribution and electricity) by their total R&D investment in the 2008 Scoreboard ( million ) .
0
1 Ro yal Dutch Shell,UK (94) , 2, P etro leo B rasiliero ,B razil (1 9) 1 3, TOTA L,France (1 22) 4, A REVA ,France (1 28) 5, Exxo n M o bil,USA (1 35) 6, Schlumberger,USA (1 47) 7, P etro China,China (1 48) 8, Ko rea Electric P o wer,So uth Ko rea (1 57) 9, Gazpro m,Russia (1 58) 1 B P ,UK (1 0, 73) 1 , Chevro n,USA (1 1 76) 1 Electricite de France,France (1 2, 78) 1 China P etro leum & Chemical,China (202) 3, 1 B aker Hughes,USA (249) 4, 1 Stato ilHydro ,No rway (258) 5, 1 Halliburto n,USA (281 6, ) 1 Eni,Italy (293) 7, 1 To kyo Electric P o wer,Japan (298) 8, 1 Kansai Electric P o wer,Japan (432) 9, 20, Vattenfall,Sweden (458)
200
400
600
800
1000
EU USA Japan South Korea China Brazil Norw ay Russia Previous year
Notes: The numbers in brackets after the names of the companies indicate their rankings in the 2008 Scoreboard. Source: The 2008 EU Industrial R&D Investment Scoreboard, European Commission, JRC/DG RTD.
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5. R&D distribution by region

This chapter presents the Scoreboard data aggregated by the main world regions, using the sample of the world's top 1402 companies. The sample includes the top 402 from the EU, 544 companies from the US (22 less than last year), 244 from Japan (7 more than last year) and 212 companies from the RoW 16 (12 more than last year). Key points The R&D growth of EU companies (8.8%) has been higher than the US (8.6%) and Japan (6.3%). The share of EU companies in total Scoreboard R&D investment increased from 30% to 32% whereas the share of US and Japanese companies dropped from 41% to 40%, and 19% to 18%, respectively (see Table 4). The companies of the RoW group showed the highest R&D growth (16.5 %). This is mostly due to companies based in Switzerland (19.3%) and South Korea (10.2%) that together represent about 60% of the RoW's R&D. Companies from India and China showed also very high rates of R&D growth (49.9% and 21.3% respectively), but have still a very low weight in the Scoreboard. The share of high R&D intensity sectors showing high R&D growth such as pharmaceutical & biotechnology, technology hardware & equipment and software & computer services determines, to a large extent, the aggregate R&D growth of regions. Within the EU group, Scoreboard companies in most countries, except in the Netherlands, showed a significant increase in both R&D and net sales. The R&D share of EU Scoreboard companies over the world top remained practically the same for Germany and Sweden companies, increased for companies from Finland and France and decreased slightly for UK companies. The R&D intensity of companies in most regions remained practically unchanged, thus breaking the trend of previous years in which it had fallen. The lower average R&D intensity of EU companies compared to their US and Japanese counterparts (see Table 3) is mostly due to the lower share of the EU in high R&D intensity sectors (Figure 5).
16
RoW = The group of Scoreboard companies not based in the EU, US or Japan. It covers companies from Switzerland, South Korea, China, Canada, Brazil, India, Taiwan and a further 15 countries.
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The average profitability for EU Scoreboard companies rose to 12.6%, from last year 11.9%, decreased for US companies from 12.9% to 12.1% and remained practically the same for Japanese companies at 7.5%. Continuing the trend seen in previous years, the capital intensity (percentage of fixed capital investment over net sales) of companies continued gradually to increase.
Figure 7. R&D investment by the top 1402 companies in the 2008 Scoreboard, breakdown by main world region (% of total 372.9 bn).
RoW 10.9%
USA 38.4%
Japan 18.4% EU 32.2%

United Kingdom 5.2% The Netherlands 2.3% Sw eden 1.9% Italy 1.4% Germany 10.9%
other 1.4% Denmark 0.7% France 6.7% Finland 1.7%
Source:
The 2008 EU Industrial R&D Investment Scoreboard European Commission, JRC/DG RTD.
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Table 5. Overall comparison of the world top 1402 R&D companies by main world group*.
FACTOR Number of companies R&D Investment, bn One year change, % CAGR 17 3yr, % EU 402 (400) 119.9 (115.2) 8.8 (7.4) 7.6 (5.2) 7.1 (7.0) USA 544 (563) 143.5 (147.7) 8.6 (13.3) 10.1 (9.6) Japan 244 (237) 68.9 (64.6) 6.3 (5.7) 5.6 (4.2) RoW 212 (200) 40.53 (34.74) 16.5 (12.4) 13.6 (14.0)
Capex / Net Sales Ratio, % Net Sales ( bn) One year change, % CAGR 3yr (%)
5.1 (4.9)
6.9 (6.8)
10.1 (10.5)
4487.0 (4254.2) 6.7 (10.2) 9.1 (8.3)
3190.8 (3279.1) 6.8 (8.1) 8.6 (11.1)
1905.7 (1784.7) 8.3 (8.0) 7.4 (5.9)
1542.0 (1410.4) 15.7 (16.3) 16.5 (16.8)
R&D intensity, (%) Profitability 18 (%)
2.7 (2.7) 12.6 (11.9)
4.5 (4.5) 12.1 (12.9)
3.6 (3.6) 7.5 (7.4)
2.6 (2.7) 14.2 (14.5)
* Figures of last year Scoreboard in parentheses.

Note: Calculation of growth rates and ratios include only companies for which data are fully available. Source: The 2008 EU Industrial R&D Investment European Commission, JRC/DG RTD.
17 18
Compound annual growth rate. Operating profit as percentage of sales.
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Annex 1 - Background information
The Scoreboard is part of the European Commissions monitoring activities to improve the understanding of trends in R&D investment by the private sector and the factors affecting it. It was created in response to the Commissions Research Investment Action Plan 19, which aims to help close the gap between the EUs R&D investment and that of other developed economies. The annual publication of the Scoreboard is intended to raise awareness of the importance of R&D for businesses and to encourage firms to disclose information about their R&D investments and other intangible assets. The data for the Scoreboard are taken from companies publicly available audited accounts. As in more than 99% of cases these accounts do not include information on the place where R&D is actually performed, the companys whole R&D investment in the Scoreboard is attributed to the country in which it has its registered office 20. This should be borne in mind when interpreting the Scoreboards country classifications and analyses. The Scoreboards approach is, therefore, fundamentally different 21 from that of statistical offices or the OECD when preparing Business Enterprise Expenditure on R&D (BERD) data, which are specific to a given territory. The Scoreboard data are primarily of interest to those concerned with benchmarking company commitments and performance (e.g. companies, investors and policymakers), while BERD data are primarily used by economists, governments and international organisations interested in the R&D performance of territorial units defined by political boundaries. The two approaches are therefore complementary. The methodological approach of the Scoreboard, its scope and limitations are further detailed in Annex 2 below. Scope and target audience The Scoreboard is a benchmarking tool which provides reliable up-to-date information on R&D investment and other economic and financial data, with a unique EU-focus. The 2000 companies listed in this years Scoreboard account for about 80% 22 of worldwide business enterprise expenditure on R&D (BERD). The data in the Scoreboard are published as a four-year time-series to allow further trend analyses to be carried out, for instance, to examine links between R&D and business performance.
19 Investing in research: an action plan for Europe, COM(2003)266, http://europa.eu.int/eur-lex/en/com/cnc/2003/com2003_0226en02.pdf. 20 The registered office is the company address notified to the official company registry. It is normally the place where a company's books are kept. 21 The Scoreboard refers to all R&D financed by a company from its own funds, regardless of where the R&D is performed. BERD refers to all R&D activities performed by businesses within a particular sector and territory, regardless of the location of the businesss headquarters, and regardless of the sources of finance. The sources of data also differ: the Scoreboard collects data from audited financial accounts and reports whereas BERD typically takes a stratified sample, covering all large companies and a representative sample of smaller companies. Additional differences concern the definition of R&D intensity (BERD uses the percentage of R&D in value added, while the Scoreboard considers the R&D/Sales ratio) and the sectoral classification (BERD uses NACE (the European statistical classification of economic sectors), while the Scoreboard uses the ICB (the International Classification Benchmark). 22 According to latest Eurostat statistics. However BERD and Scoreboard figures are not directly comparable.
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The Scoreboard is aimed at three main audiences. Companies can use the Scoreboard to benchmark their R&D investments and so find where they stand in the EU and in the global industrial R&D landscape. This information could be of value in shaping business or R&D strategy. Investors and financial analysts can use the Scoreboard to assess investment opportunities and risks. Policy-makers, government and business organisations can use R&D investment information as an input to policy-formulation or other R&D-related actions.
Furthermore, the Scoreboard dataset has been made freely accessible so as to encourage further economic and financial analyses and research by any interested parties.
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Annex 2 - Methodological notes

The 2008 EU Industrial R&D Investment Scoreboard (Scoreboard) has been prepared on the basis of information gathered according to the standards set out below.
Scope of the EU Industrial R&D Investment Scoreboard

The Scoreboard has been prepared from companies' annual reports and accounts received by an independent data provider up to and including 29 July 2008. To prepare the Scoreboard, a database of 5316 companies' accounts was screened. In order to maximise completeness and avoid double counting, the consolidated group accounts of the ultimate parent company are used. Companies which are subsidiaries of any other company, such as Scottish Power (UK), Ford (UK) or IBM (Germany) are not listed separately. Where consolidated group accounts of the ultimate parent company are not available, subsidiaries are included, e.g. Cognis Deutschland (Germany). For some companies whose accounts are expected close to the cut-off date, preliminary announcements are used. Examples are Microsoft (USA), Renishaw (UK), or Misys (UK). In case of a demerger, the full history of the continuing entity is included. The history of the demerged company can only go back as far as the date of the demerger to avoid double counting of figures, e.g. Prysmian (Italy) or NXP (The Netherlands). In case of an acquisition or merger, pro forma figures for the year of acquisition are used along with pro-forma comparative figures if available, e.g. Sanofi-Aventis during 2005. The R&D investment included in the Scoreboard is the cash investment which is funded by the companies themselves. It excludes R&D undertaken under contract for customers such as governments or other companies. It also excludes the companies' share of any associated company or joint venture R&D investment when disclosed. Where part or all of R&D costs have been capitalised, the additions to the appropriate intangible assets are included to calculate the cash investment and any amortisation eliminated. The first time adoption of IFRS 23, for example by many listed European companies, gives rise to an information discontinuity because R&D is treated differently than before. R&D capitalisation criteria under IFRS are stricter and, where the criteria are met, the amounts must be capitalised. In some pre-IFRS jurisdictions either one or both of these conditions did not apply. The following was implemented to minimise the impact of transition to IFRS: a) The previous year's figures disclosed in the new IFRS accounts have been used in place of the previous year's GAAP figures disclosed in the past annual report. The effect is that the discontinuity moves back by one year so that it impacts on the three year growth statistic but not the one year growth statistic.
23
Since 2005, the European Union requires all listed companies in the EU to prepare their consolidated financial statements according to IFRS (International Financial Reporting Standards, see: http://www.iasb.org/).
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b) In most cases, comparative figures are not disclosed, so the previous years' GAAP figures disclosed in the past annual report were examined to assess whether or not there appears to be a material component not disclosed. If the non disclosure appeared to be not material it was assumed to be zero and the R&D spend was calculated. If the non disclosure appeared to be material, the R&D spend was treated as unknown and the result is reported as "not available (n/a)". Companies with "n/a" results are excluded from the aggregate growth statistics. Companies are allocated to the country of their registered office. In some cases this is different from the operational or R&D headquarters. This means that the results are independent of the actual location of the R&D activity. Examples are STMicroelectronics (the Netherlands) or AstraZeneca (UK). The data used for the Scoreboard are different from data provided by statistical offices, e.g. BERD data. The Scoreboard refers to all R&D financed by a particular company from its own funds, regardless of where that R&D activity is performed. BERD refers to all R&D activities performed by businesses within a particular sector and territory, regardless of the location of the businesss headquarters, and regardless of the sources of finance. Further, the Scoreboard collects data from audited financial accounts and reports. BERD typically takes a stratified sample, covering all large companies and a representative sample of smaller companies. Additional differences concern the definition of R&D intensity (BERD uses the percentage of value added, while the Scoreboard measures it as the R&D/Sales ratio) and the sectoral classification they use (BERD follows NACE, the European statistical classification of economic sectors, while the Scoreboard classifies companies economic activities according to the ICB classification).
Sources
The database from which the Scoreboard is drawn consists of information extracted from the audited annual reports and accounts of companies, using rigorous financial reporting practice verification processes. The companies are those which are identified as having an R&D activity and which either have their accounts publicly available for free (e.g. on the internet or upon request) or at low cost (e.g. at the company registry). The market capitalisation data have been extracted from Reuters. These reflect the market capitalisation of each company at the close of trading on 8 August 2008. The source documents, annual reports & accounts, are public domain documents and so the Scoreboard is capable of independent replication. The database is supplemented by a feed service from Standard & Poor's Compustat Global Vantage database to identify potential new entrants to the ranking. The Orbis and the Experian databases have been used and recognised stock exchanges are monitored also. The database contains many times more companies than are listed in the Scoreboard to ensure that the top companies by R&D investment can be identified in each case. The industry sectors are based on the ICB Industry Classification System.
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The Scoreboard data have been compiled by Company Reporting Ltd and the following subcontracting collaborating partners: Inno Group (Germany), SPI Sociedade Portuguesa de Inovacao (Portugal), Austrian Institue for SME Research (Austria), West Hungarian Research Institute (Hungary), Slovakian National Agency for SME Development (Slovakia), Thomaz Puh (Slovenia), Entrepreneurship and Economic Development Research Institute EEDRI (Poland), Etlatieto (Research Institute of Finnish Economy, Finland), Stifterverband Wissenschaftsstatistik (Germany). In 2008, Company Reporting has continued a partnership with European organisations to expand the monitoring process in all EU economies. These external sources are used only to identify potential new entrants.
Limitations
The approach used in preparing the Scoreboard has the following limitations: 1. Disclosure
The Scoreboard relies on disclosure of R&D investment in published annual reports and accounts. Therefore, companies which do not disclose figures for R&D investment or which disclose only figures which are not material enough are not included in the Scoreboard. There are few companies which disclose a significant R&D investment only as a percentage figure (often to only one significant figure), e.g. Vallourec, France. These companies are not included in the Scoreboard. Due to different national accounting standards and disclosure practice, companies of some countries are less likely than others to disclose R&D investment consistently. Further, the facilities and possibility to acquire accounts differ considerably from country to country because the organisation of document registration varies between local and central registries as well as the information that can be obtained and the cost to acquire this data. In some countries, R&D costs are very often integrated with other operational costs and can therefore not be identified separately. For example, companies from many Southern European countries or the new Member States are under-represented in the Scoreboard. On the other side, UK companies are over-represented in the Scoreboard. For listed companies, country representation will improve with IFRS adoption. For many highly diversified companies, the R&D investment disclosed in their accounts relates only part of their activities, whereas sales, profit before tax and market capitalisation are in respect of all their activities. Unless such groups disclose their R&D investment additional to the other information in segmental analyses, it is not possible to relate the R&D more closely to the results of the individual activities which give rise to it. The impact of this is that some statistics for these groups, e.g. R&D as a percentage of sales, are possibly underestimated and so comparisons with non-diversified groups are be limited. The R&D investment disclosed in some companies' accounts follows the US practice of including engineering costs relating to product improvement, e.g. Ingersoll-Rand, Bermuda. Where these engineering costs have been disclosed separately, they have been excluded from the Scoreboard. However, the incidence of non-disclosure is uncertain and the impact of this
35
practice is a possible overstatement of some overseas R&D investment figures in comparison with the EU. Where R&D income can be clearly identified as a result of customer contracts it is deducted from the R&D expense stated in the annual report, so that the R&D investment included in the Scoreboard excludes R&D undertaken under contract for customers such as governments or other companies. However, the disclosure practise differs and R&D income from customer contracts cannot always be clearly identified. This means a possible overstatement of some R&D investment figures in the Scoreboard for companies with directly R&D related income where this is not disclosed in the annual report. As a result of these disclosure limitations, the Scoreboard cannot set out to capture systematically all companies with R&D activity. There is evidence to suggest that the distribution of R&D activity is highly skewed towards larger companies, with a long tail of smaller companies.
2.
Measurement
In implementing the definition of R&D, companies exhibit variability arising from three principal sources: a) Natural variability arises from differing interpretations of the definition. Some companies view a process as an R&D process while other companies may view the same process as an engineering or other process. b) Data capture variability arises from differing information systems. Some companies have in place better systems than others for measuring the costs associated with R&D processes. This problem of data capture systems appears challenging for companies in the EU Member States. c) Fiscal variability arises from fiscal incentives based on the treatment of costs.
Measurement variability therefore has an impact on the extent of R&D investment disclosure.
3.
Timing
The accounts of the companies included in the current year set are their latest published accounts and are intended to be their fiscal year 2007 accounts. Companies from most countries have discretion in the choice of accounting period end. As a result, the current year set of the 2008 Scoreboard can include accounts ending on a range of dates from late 2006 to early 2008. Furthermore, the accounts of some companies are publicly available more promptly than others. Therefore, the current year set represents a heterogeneous set of timed data.
4.
Availability
The accounts of companies which are not listed on any recognised stock exchange are
36
significantly more difficult to capture. There is considerable variability between countries in relation to the existence of and, where they exist, the administrative procedures and costs associated with capturing accounts. This results in (i) the smaller private companies from the long tail being under represented and (ii) a smaller number of significant private enterprises, such as Servier (France) not being represented.
Interpretation
There are some fundamental aspects of the Scoreboard which affect their interpretation. 1. Funding vs. activity The focus of the Scoreboard on R&D investment as reported in group accounts means that the results can be independent of the location of the R&D activity. The Scoreboard indicates the level of R&D funded by companies, not all of which is carried out in the country in which the company is registered. This enables inputs such as R&D and Capex investment to be related to outputs such as Sales, Profit, productivity ratios and market capitalisation. The information in the Scoreboard differs therefore from other information such as the Business Enterprise R&D (BERD) data generated by the OECD, Eurostat and by National Statistics Offices. The BERD data focus on R&D activity within the countries, independent of the source of funding and, at the national level, exclude R&D carried out by companies in other countries. In brief, the distinction can be seen as funding vs. activity. 2. Growth At the aggregate level, the growth statistics reflect the growth of the set of companies in the current year set. Companies which may have existed in the base year but which are not represented in the current year set are not part of the Scoreboard (a company may continue to be represented in the current year set if it has been acquired by or merged with another). These are therefore successful efforts aggregates rather than economic estimates of market aggregates.
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3.
Currency effects All foreign currency amounts have been translated at the Euro exchange rates ruling at 31 December 2007 as shown in the following table:
Country Australia Canada China Czech Republic Denmark Hungary India Israel Japan Norway Russia South Korea Sweden Switzerland UK USA Taiwan Euro exchange rate as of 31 Dec 2007 $ 1.67 $ 1.44 10.68 Renminbi 26.59 Koruna 7.46 Danish Kronor 252.80 Forint 57.63 Indian Rupee 5.63 Shekel 163.33 Yen 7.94 Norwegian Kronor 35.88 Rouble 1368.56 Won 9.45 Swedish Kronor 1.66 Swiss Franc 0.73 $ 1.46 $ 47.42
The exchange rate conversion also applies to the historical data. The result is that over time the Scoreboard reflects the domestic currency results of the companies rather than economic estimates of current purchasing parity results. The original domestic currency data can be derived simply by reversing the translations at the rates above. Users can then apply their own preferred current purchasing parity transformation models.
Glossary of definitions
1. Research and Development (R&D) investment in the Scoreboard is the cash investment funded by the companies themselves. It excludes R&D undertaken under contract for customers such as governments or other companies. It also excludes the companies' share of any associated company or joint venture R&D investment. Being that disclosed in the annual report and accounts, it is subject to the accounting definitions of R&D. For example, a definition is set out in International Accounting Standard (IAS) 38 Intangible assets and is based on the OECD Frascati manual. Research is defined as original and planned investigation undertaken with the prospect of gaining new scientific or technical knowledge and understanding. Expenditure on research is recognised as an expense when it is incurred. Development is the application of research findings or other knowledge to a plan or design for the production of new or
38
substantially improved materials, devices, products, processes, systems or services before the start of commercial production or use. Development costs are capitalised when they meet certain criteria and when it can be demonstrated that the asset will generate probable future economic benefits. Where part or all of R&D costs have been capitalised, the additions to the appropriate intangible assets are included to calculate the cash investment and any amortisation eliminated. 2. Sales follow the usual accounting definition of sales, excluding sales taxes and shares of sales of joint ventures & associates. For banks, sales are defined as the Total (operating) income plus any insurance income. For insurance companies, sales are defined as Gross premiums written plus any banking income. 3. R&D intensity is the ratio between R&D investment and net sales of a given company or group of companies. At the aggregate level, R&D intensity is calculated only by those companies for which data exist for both R&D and net sales in the specified year. The calculation of R&D intensity in the Scoreboard is different from than in official statistics, e.g. BERD, where R&D intensity is based on value added instead of net sales. 4. Operating profit is calculated as profit (or loss) before taxation, plus net interest cost (or minus net interest income) minus government grants, less gains (or plus losses) arising from the sale/disposal of businesses or fixed assets. 5. One-year growth is simple growth over the previous year, expressed as a percentage: 1 yr growth = 100*((C/B)-1); where C = current year amount, and B = previous year amount. 1yr growth is calculated only if data exist for both the current and previous year. At the aggregate level, 1yr growth is calculated only by aggregating those companies for which data exist for both the current and previous year. 6. Three-year growth is the compound annual growth over the previous three years, expressed as a percentage: 3 yr growth = 100*(((C/B)^(1/t))-1); where C = current year amount, B = base year amount (where base year = current year - 3), and t = number of time periods (= 3). 3yr growth is calculated only if data exist for the current and base years. At the aggregate level, 3yr growth is calculated only by aggregating those companies for which data exist for the current and base years. 7. Capital expenditure (Capex) is expenditure used by a company to acquire or upgrade physical assets such as equipment, property, industrial buildings. In accounts capital expenditure is added to an asset account (i.e. capitalised), thus increasing the asset's base. It is disclosed in accounts as additions to tangible fixed assets 8. Number of employees is the total consolidated average employees or year end employees if average not stated. 9. R&D per employee is the simple ratio of R&D investment over employees. At the aggregate level, R&D per employee and the other non-growth statistics are calculated only by aggregating those companies for which data exist for both the numerator and the denominator. 10. R&D employees is the number of employees engaged in R&D activities as stated in the annual report. 11. Market capitalisation is the share price multiplied by the number of shares issued at a
The 2008 EU Industrial R&D Investment Scoreboard 39
given date. Market capitalisation data have been extracted from both the Financial Times London Share Service and Reuters. These reflect the market capitalisation of each company at the close of trading on 8 August 2008. The gross market capitalisation amount is used to take account of those companies for which not all the equity is available on the market. Companies not listed on a recognised stock exchange have been distinguished separately by the use of italics. If a listed company is suspended from trade, the market capitalisation will be shown as n/a, e.g. Amtel-Vredestein, The Netherlands. 12. Market Spread details sales by destination, distinguishing between Europe, North America (USA and Canada) and the Rest of the World. The definition of Europe is subject to the definitions adopted by the individual companies. In cases in which companies have defined a market spread area as EMEA (Europe, Middle East, Africa), this has been allocated to Europe. When a company has not clearly disclosed the turnover region North America but Americas, this has been allocated to North America. 13. Industry sectors in are based on the ICB Industry Classification System. The level of disaggregation is generally the three-digit level unless indicated otherwise.
40
Annex 3 - List of EU1000 and non-EU1000 companies

The following tables provide the list of top R&D investors based in the EU and those based outside the EU, ranked by the level of R&D investment and including companies' net sales, R&D intensity and operating profits. The full dataset of the 2008 EU industrial R&D investment Scoreboard is freely available in the JRC/IPTS website http://iri.jrc.ec.europa.eu/. The data for the EU and the non-EU groups are presented in single tables comprising rankings by companies, industrial sectors and countries. Each listing includes the following company data of the latest four financial years: Company identification (name, country of registration, sector of declared activity according to ICB classifications. R&D investment Net Sales Capital expenditure Operating profit or loss Market capitalisation Total number of employees
41
Table A2.1. Ranking of the top 1000 EU companies by level of R&D investment.
R&D Investment Rank Company ICB Sector Country 2007 m Top 1000 Companies number of companies for calculation 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Nokia Volkswagen Daimler Sanofi-Aventis GlaxoSmithKline Robert Bosch AstraZeneca Alcatel-Lucent Siemens BMW Ericsson EADS Bayer Renault Peugeot (PSA) Finmeccanica Fiat Boehringer Ingelheim BT Philips Electronics SAP BASF Volvo Infineon Technologies STMicroelectronics Merck NXP Novo Nordisk France Telecom SAFRAN Unilever Telecommunications equipment (9578) Automobiles & parts (335) Automobiles & parts (335) Pharmaceuticals (4577) Pharmaceuticals (4577) Automobiles & parts (335) Pharmaceuticals (4577) Telecommunications equipment (9578) Electrical components & equipment (2733) Automobiles & parts (335) Telecommunications equipment (9578) Aerospace & defence (271) Chemicals (135) Automobiles & parts (335) Automobiles & parts (335) Aerospace & defence (271) Automobiles & parts (335) Pharmaceuticals (4577) Fixed line telecommunications (653) Leisure goods (374) Software (9537) Chemicals (135) Commercial vehicles & trucks (2753) Semiconductors (9576) Semiconductors (9576) Pharmaceuticals (4577) Semiconductors (9576) Pharmaceuticals (4577) Fixed line telecommunications (653) Aerospace & defence (271) Food producers (357) Finland Germany Germany France UK Germany UK France Germany Germany Sweden The Netherlands Germany France France Italy Italy Germany UK The Netherlands Germany Germany Sweden Germany The Netherlands Germany The Netherlands Denmark France France UK 126,358.38 1000 5,281.00 4,923.00 4,888.00 4,563.00 4,419.43 3,560.00 3,448.55 3,368.00 3,366.00 3,144.00 2,911.03 2,701.00 2,645.00 2,462.00 2,074.00 1,955.00 1,741.00 1,730.00 1,704.60 1,604.00 1,458.00 1,399.40 1,388.00 1,169.00 1,166.16 1,123.00 1,058.00 996.43 894.00 887.00 868.00 23.0 4.4 3.3 -4.2 change 07/06 % 8.6 983 42.3 16.1 -6.6 3.6 -6.1 4.8 29.8 69.4 1.7 -2.0 2.4 -5.9 7.7 2.6 -4.6 4.6 8.9 9.9 11.9 -17.7 12.3 7.5 16.4 -1.1 5.7 53.5 Net Sales 2007 m 5,515,078 983 51,058 108,897 129,436 28,052 30,928 46,320 20,217 18,005 90,348 56,018 19,872 39,123 32,631 39,561 60,613 11,916 58,529 10,952 28,188 27,037 10,256 57,951 30,203 7,682 6,816 8,452 4,629 5,610 52,959 11,494 40,187 R&D/Net Sales ratio 2007 % 2.3 974 10.3 4.5 3.8 16.3 14.3 7.7 17.1 18.7 3.7 5.6 14.6 6.9 8.1 6.2 3.4 16.4 3.0 15.8 6.0 5.9 14.2 2.4 4.6 15.2 17.1 13.3 22.9 17.8 1.7 7.7 2.2 Operating Profit 2007 % of Net Sales 12.2 965 11.7 6.3 6.8 23.0 33.5 6.9 27.4 -24.4 6.5 7.1 16.2 -0.3 9.4 7.3 1.8 8.5 5.2 19.2 11.1 8.3 26.2 12.8 7.4 -5.8 4.4 4.6 6.2 24.3 18.9 0.5 12.7
43
R&D Investment Rank Company ICB Sector Country 2007 m 32 33 34 35 36 37 38 39 40 41 41 43 44 45 45 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 Continental Royal Dutch Shell Valeo UCB Porsche (now Porsche Automobile) Schneider ZF Royal Bank of Scotland Rolls-Royce Telefonica TOTAL Thales Michelin Solvay AREVA ALSTOM L'Oreal Deutsche Telekom ASML Vivendi HSBC Saint-Gobain BP Electricite de France DSM MAN Shire Henkel Scania Vodafone Thomson Societe Generale Evonik Industries Lundbeck Dassault Systemes Carl Zeiss Hella Automobiles & parts (335) Oil & gas producers (53) Automobiles & parts (335) Pharmaceuticals (4577) Automobiles & parts (335) Electrical components & equipment (2733) Automobiles & parts (335) Banks (835) Aerospace & defence (271) Fixed line telecommunications (653) Oil & gas producers (53) Aerospace & defence (271) Automobiles & parts (335) Chemicals (135) Electricity (753) Industrial machinery (2757) Personal goods (376) Fixed line telecommunications (653) Semiconductors (9576) Media (555) Banks (835) Construction & materials (235) Oil & gas producers (53) Electricity (753) Chemicals (135) Commercial vehicles & trucks (2753) Pharmaceuticals (4577) Household goods (372) Commercial vehicles & trucks (2753) Mobile telecommunications (657) Media (555) Banks (835) General industrials (272) Pharmaceuticals (4577) Software (9537) Health care equipment & services (453) Automobiles & parts (335) Germany UK France Belgium Germany France Germany UK UK Spain France France France Belgium France France France Germany The Netherlands France UK France UK France The Netherlands Germany UK Germany Sweden UK France France Germany Denmark France Germany Germany 842.10 821.44 790.00 781.00 734.10 675.00 666.00 654.88 618.12 594.00 594.00 584.00 571.00 570.00 570.00 561.00 559.90 548.00 488.96 423.00 401.49 399.00 387.12 375.00 372.00 358.00 354.84 350.00 319.91 318.59 316.00 315.00 312.00 293.32 292.00 290.00 284.80 change 07/06 % 24.2 35.7 0.1 27.0 63.7 13.4 14.0 25.9 10.5 1.0 4.4 13.0 -3.4 -0.7 22.1 27.5 5.1 12.5 27.3 14.6 -0.3 7.0 43.3 -3.6 13.8 -1.1 71.7 2.9 12.8 5.4 -4.5 47.2 3.0 11.7 3.9 14.2 -0.3
Net Sales 2007 m 16,619 243,342 10,106 3,626 7,368 17,309 12,649 42,363 10,123 56,441 136,824 12,296 16,867 9,572 11,923 16,908 17,063 62,516 3,809 21,657 59,916 43,421 194,496 59,637 8,757 16,576 1,666 13,074 8,997 48,303 6,108 21,923 16,645 1,473 1,259 2,604 3,667
R&D/Net Sales ratio 2007 % 5.1 0.3 7.8 21.5 10.0 3.9 5.3 1.5 6.1 1.1 0.4 4.7 3.4 6.0 4.8 3.3 3.3 0.9 12.8 2.0 0.7 0.9 0.2 0.6 4.2 2.2 21.3 2.7 3.6 0.7 5.2 1.4 1.9 19.9 23.2 11.1 7.8
Operating Profit 2007 % of Net Sales 9.9 13.8 3.2 8.2 80.9 13.8 6.7 31.8 6.9 19.0 19.5 5.9 7.8 9.9 7.5 7.3 16.4 7.9 22.7 22.0 27.6 6.4 10.5 13.0 7.1 11.0 -1.1 10.9 14.2 28.5 1.0 8.4 6.4 23.8 19.5 13.9 1.5
44
R&D Investment Rank Company ICB Sector Country 2007 m 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 AKZO Nobel MAHLE Autoliv Dassault Aviation Nycomed ThyssenKrupp BSH Bosch und Siemens Hausgerate Reuters (now Thomson Reuters) Behr BAE Systems Sandvik UBIsoft Entertainment Fortis Heidelberger Druckmaschinen Voith Oce TeliaSonera Electrolux Eni Agfa-Gevaert Fresenius Rheinmetall Legrand L'Air Liquide Ipsen Tesco Pirelli Smiths Freudenberg Intesa-Sanpaolo BAT Barclays Atlas Copco Rabobank Knorr-Bremse Chemicals (135) Automobiles & parts (335) Automobiles & parts (335) Aerospace & defence (271) Pharmaceuticals (4577) Industrial metals (175) Household goods (372) Media (555) Automobiles & parts (335) Aerospace & defence (271) Industrial machinery (2757) Software (9537) Banks (835) Industrial machinery (2757) General industrials (272) Electronic office equipment (9574) Fixed line telecommunications (653) Household goods (372) Oil & gas producers (53) Electronic equipment (2737) Health care equipment & services (453) Automobiles & parts (335) Electrical components & equipment (2733) Chemicals (135) Pharmaceuticals (4577) Food & drug retailers (533) Automobiles & parts (335) General industrials (272) General industrials (272) Banks (835) Tobacco (378) Banks (835) Industrial machinery (2757) Banks (835) Industrial machinery (2757) The Netherlands Germany Sweden France Luxembourg Germany Germany UK Germany UK Sweden France Belgium Germany Germany The Netherlands Sweden Sweden Italy Belgium Germany Germany France France France UK Italy UK Germany Italy UK UK Sweden The Netherlands Germany 280.00 277.67 270.65 265.03 264.80 264.00 263.00 258.69 241.00 239.62 236.20 226.01 226.00 221.66 219.44 218.75 213.87 213.45 208.00 200.00 184.00 179.00 175.90 175.10 174.85 174.27 173.00 171.28 170.30 167.00 162.02 160.66 160.43 159.00 158.67 change 07/06 % -68.4 14.9 -0.5 -6.2 608.6 9.1 11.9 8.0 5.2 8.6 22.8 73.0 247.7 -6.5 13.4 -1.1 -18.9 10.1 -6.3 -1.0 10.2 5.9 0.2 13.5 8.6 -0.8 1.2 -41.9 -2.7 11.3 22.7 24.2 5.6 -10.7 12.7
Net Sales 2007 m 13,502 5,060 4,630 4,085 3,497 51,723 8,818 3,547 3,383 19,482 9,137 680 14,899 3,670 4,190 3,098 10,196 11,083 87,256 3,283 11,358 4,005 4,129 11,801 994 64,396 6,505 4,243 5,341 16,540 13,640 31,984 6,705 10,746 3,251
R&D/Net Sales ratio 2007 % 2.1 5.5 5.8 6.5 7.6 0.5 3.0 7.3 7.1 1.2 2.6 33.2 1.5 6.0 5.2 7.1 2.1 1.9 0.2 6.1 1.6 4.5 4.3 1.5 17.6 0.3 2.7 4.0 3.2 1.0 1.2 0.5 2.4 1.5 4.9
Operating Profit 2007 % of Net Sales 10.1 6.9 7.5 11.7 10.1 7.1 7.5 10.5 2.5 7.6 16.5 5.4 19.0 7.0 7.3 3.8 26.9 4.0 22.5 3.3 14.2 6.0 16.1 15.0 20.0 5.7 7.5 12.2 8.0 30.9 32.7 28.9 18.8 28.4 10.0
45
R&D Investment Rank Company ICB Sector Country 2007 m 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 Arkema Amdocs Diehl Stiftung Elan Wacker-Chemie Sage SAAB ArcelorMittal Kerry Zodiac Fujitsu Siemens Computers Danone Indra Sistemas Bouygues Essilor International Invensys Deutsche Post Trumpf Business Objects (now part of SAP, Germany) BioMerieux Metro Symbian Vestas Wind Systems Maxingvest Hexagon RWE Umicore Dragerwerk Old Mutual Wartsila Telecom Italia Danieli Reckitt Benckiser Novozymes Danfoss Vattenfall Chemicals (135) Software (9537) General industrials (272) Pharmaceuticals (4577) Chemicals (135) Software (9537) Aerospace & defence (271) Industrial metals (175) Food producers (357) Aerospace & defence (271) Computer services (9533) Food producers (357) Computer services (9533) Construction & materials (235) Health care equipment & services (453) Electronic equipment (2737) Industrial transportation (277) General industrials (272) Software (9537) Health care equipment & services (453) General retailers (537) Software (9537) Electrical components & equipment (2733) General retailers (537) Industrial machinery (2757) Gas, water & multiutilities (757) Chemicals (135) Health care equipment & services (453) Life insurance (857) Commercial vehicles & trucks (2753) Fixed line telecommunications (653) Industrial machinery (2757) Household goods (372) Biotechnology (4573) Industrial machinery (2757) Electricity (753) France UK Germany Ireland Germany UK Sweden Luxembourg Ireland France The Netherlands France Spain France France UK Germany Germany France 158.00 157.62 157.50 155.67 152.50 151.67 147.73 146.37 145.24 145.19 145.10 142.00 141.05 141.00 137.67 136.15 136.00 135.40 133.41 change 07/06 % -6.0 23.4 1.0 17.9 0.1 17.4 42.3 122.9 4.5 30.9 9.6 12.7 46.3 11.9 7.9 12.4 -0.7 13.0 20.0
Net Sales 2007 m 5,675 1,940 2,217 353 3,781 1,576 2,436 71,964 4,788 2,478 6,952 14,705 2,168 29,613 2,908 3,427 57,125 1,938 858
R&D/Net Sales ratio 2007 % 2.8 8.1 7.1 44.1 4.0 9.6 6.1 0.2 3.0 5.9 2.1 1.0 6.5 0.5 4.7 4.0 0.2 7.0 15.5
Operating Profit 2007 % of Net Sales 3.5 12.9 4.5 -104.5 16.4 22.2 9.6 15.0 7.1 14.0 1.0 14.2 10.1 8.0 18.3 12.9 5.0 13.9 9.4
123 124 125 126 126 128 129 130 131 132 133 133 135 136 137 138 139
France Germany UK Denmark Germany Sweden Germany Belgium Germany UK Finland Italy Italy UK Denmark Denmark Sweden
131.80 130.00 127.99 127.00 127.00 126.99 126.00 124.57 123.47 122.54 122.00 122.00 120.50 119.81 119.49 119.22 119.16
1.7 16.1 34.3 43.3 6.7 34.2 -6.7 21.3 4.6 60.7 43.9 -8.3 430.8 7.3 12.2 20.3 28.7
1,063 65,888 264 4,861 9,066 1,544 42,654 9,505 1,819 19,837 3,763 31,290 1,602 7,174 998 3,049 15,201
12.4 0.2 48.5 2.6 1.4 8.2 0.3 1.3 6.8 0.6 3.2 0.4 7.5 1.7 12.0 3.9 0.8
13.9 3.1 18.9 9.1 6.8 14.6 14.4 2.9 6.9 12.0 9.7 18.6 8.7 21.0 19.8 7.7 19.9
46
R&D Investment Rank Company ICB Sector Country 2007 m 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 Tognum B Braun Melsungen BHP Billiton ZF Lenksysteme GKN Genmab Rhodia Deutsche Borse Metso Claas Benteler Reed Elsevier Krones Gemalto Basell AF Corus (now part of Tata Iron & Steel, India) Italtel Serco Stora Enso Almirall ARM Giesecke & Devrient Vilmorin Suez (now part of GDF Suez) Grundfos SKF Misys Smith & Nephew Linde Wincor Nixdorf Danisco CSR Dexia Burelle SCI Entertainment voestalpine Johnson Matthey Automobiles & parts (335) Health care equipment & services (453) Mining (177) Automobiles & parts (335) Automobiles & parts (335) Biotechnology (4573) Chemicals (135) Other financials (877) Industrial machinery (2757) Commercial vehicles & trucks (2753) General industrials (272) Media (555) Industrial machinery (2757) Electronic equipment (2737) Chemicals (135) Industrial metals (175) Telecommunications equipment (9578) Support services (279) Forestry & paper (173) Pharmaceuticals (4577) Semiconductors (9576) Support services (279) Food producers (357) Gas, water & multiutilities (757) Industrial machinery (2757) Industrial machinery (2757) Software (9537) Health care equipment & services (453) Chemicals (135) Computer services (9533) Food producers (357) Semiconductors (9576) Banks (835) Automobiles & parts (335) Software (9537) Industrial metals (175) Chemicals (135) Germany Germany UK Germany UK Denmark France Germany Finland Germany Germany UK Germany The Netherlands Luxembourg UK 117.90 116.25 115.59 114.20 113.01 112.20 112.00 111.30 111.00 109.62 109.30 108.92 106.49 106.06 105.00 103.47 change 07/06 % -4.4 9.9 122.4 23.6 10.7 67.6 -5.1 6.0 8.8 10.3 2.1 -25.9 7.6 20.0 60.7 15.1
Net Sales 2007 m 2,835 3,573 27,015 2,625 5,268 71 5,135 2,454 6,250 2,659 6,319 7,265 2,156 1,629 10,495 14,187
R&D/Net Sales ratio 2007 % 4.2 3.3 0.4 4.4 2.1 158.0 2.2 4.5 1.8 4.1 1.7 1.5 4.9 6.5 1.0 0.7
Operating Profit 2007 % of Net Sales 12.2 9.7 46.2 3.7 6.2 -83.1 7.8 49.3 9.0 7.0 4.2 18.7 7.0 -4.3 6.7 4.5
156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176
Italy UK Finland Spain UK Germany France France Denmark Sweden UK UK Germany Germany Denmark UK Belgium France UK Austria UK
103.41 102.79 101.60 101.40 100.45 100.29 100.10 99.60 98.75 98.52 98.16 97.12 97.00 96.57 96.43 96.39 96.00 95.74 93.26 92.90 92.72
-1.4 -2.3 24.4 82.7 -1.2 30.4 124.4 15.8 19.2 3.1 -18.6 18.3 -61.8 10.4 -10.5 28.9 35.2 -9.1 19.3 40.8 7.2
543 3,827 15,144 792 353 1,551 939 47,475 2,255 6,197 712 2,304 12,670 2,145 2,557 580 6,788 2,849 196 10,617 10,209
19.0 2.7 0.7 12.8 28.5 6.5 10.7 0.2 4.4 1.6 13.8 4.2 0.8 4.5 3.8 16.6 1.4 3.4 47.6 0.9 0.9
2.0 4.8 1.4 15.4 15.3 10.3 10.1 11.6 8.9 12.8 11.8 14.9 9.0 8.0 8.8 17.8 42.6 3.1 -21.9 10.9 3.9
47
R&D Investment Rank Company ICB Sector Country 2007 m 177 178 179 180 181 182 182 184 185 185 187 188 189 190 191 Veolia Environnement Alliance & Leicester Orion MTU Aero Engines Marks & Spencer Nordea Bank Lanxess Merial Gaz De France (now GDF Suez) Korber adidas Symrise ASM International Assa Abloy Barco Cadbury Schweppes (now Cadbury) Ineos Schott TDC SNCF Repsol YPF Cobham KWS SAAT Industria de Turbo Propulsores GN Store Nord Meggitt IMMSI Gedeon Richter Tomkins Eberspaecher Royal & Sun Alliance (now RSA Insurance) Dyson James E.ON ALTANA Gas, water & multiutilities (757) Banks (835) Food & drug retailers (533) Aerospace & defence (271) General retailers (537) Banks (835) Chemicals (135) Biotechnology (4573) Gas, water & multiutilities (757) General industrials (272) Personal goods (376) Chemicals (135) Semiconductors (9576) Construction & materials (235) Electronic equipment (2737) Food producers (357) Chemicals (135) Construction & materials (235) Fixed line telecommunications (653) Industrial transportation (277) Oil & gas producers (53) Aerospace & defence (271) Food producers (357) Aerospace & defence (271) Telecommunications equipment (9578) Aerospace & defence (271) Automobiles & parts (335) Pharmaceuticals (4577) General industrials (272) Automobiles & parts (335) Nonlife insurance (853) Household goods (372) Gas, water & multiutilities (757) Chemicals (135) France UK Finland Germany UK Sweden Germany UK France Germany Germany Germany The Netherlands Sweden Belgium 90.90 90.40 90.00 88.80 88.63 88.00 88.00 86.93 86.00 86.00 84.00 82.85 82.60 82.12 81.33 change 07/06 % 20.9 61.5 14.5 10.2 40.9 -12.0 1.1 -13.0 2.4 -9.5 -14.3 5.8 -8.8 7.9 2.6
Net Sales 2007 m 32,694 1,941 684 2,576 12,283 7,886 6,608 1,501 27,427 1,601 10,299 1,274 955 3,550 827
R&D/Net Sales ratio 2007 % 0.3 4.7 13.2 3.4 0.7 1.1 1.3 5.8 0.3 5.4 0.8 6.5 8.6 2.3 9.8
Operating Profit 2007 % of Net Sales 7.3 28.0 27.5 9.4 13.1 49.2 5.4 23.2 14.1 10.4 9.0 15.4 15.4 16.1 7.7
192 193 194 195 196 196 198 199 200 201 202 203 204 205 206
UK UK Germany Denmark France Spain UK Germany Spain Denmark UK Italy Hungary UK Germany
80.33 78.10 77.77 77.65 77.00 77.00 75.16 73.64 72.47 72.29 72.02 71.70 71.45 70.66 70.20
-14.5 306.8 -27.4 -14.7 16.7 6.9 12.0 -0.1 3.7 35.1 41.0 7.0 24.7 -1.7 10.6
10,853 26,587 2,159 5,832 23,691 52,098 1,445 538 447 802 1,196 1,846 886 4,114 2,250
0.7 0.3 3.6 1.3 0.3 0.1 5.2 13.7 16.2 9.0 6.0 3.9 8.1 1.7 3.1
9.9 3.5 -1.1 12.0 7.8 10.4 15.5 11.5 1.3 -0.6 16.2 6.6 16.5 8.2 3.5
207 208 209 210
UK UK Germany Germany
69.44 69.33 69.00 67.44
-45.7 43.2 155.6 -86.4
8,788 701 68,935 1,380
0.8 9.9 0.1 4.9
10.4 16.1 12.8 11.7
48
R&D Investment Rank Company ICB Sector Country 2007 m 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 Tomtom SCA Bank of Ireland TietoEnator Sick Getinge Danske Bank Bang & Olufsen Software Iberdrola Deutz Biovitrum DONG Energy EPCOS Cognis Deutschland Sorin Spirent Communications Alfa Laval William Demant Pace Micro Technology (now Pace) Spectris Koenig & Bauer Kemira Nexans CGGVeritas Gameloft Krka British Sky Broadcasting Avio Salzgitter PUMA Bekaert Amer Sports Valentino Fashion Leoni Abengoa Electronic equipment (2737) Forestry & paper (173) Banks (835) Computer services (9533) Electronic equipment (2737) Health care equipment & services (453) Banks (835) Leisure goods (374) Software (9537) Electricity (753) Industrial machinery (2757) Biotechnology (4573) Oil & gas producers (53) Electronic equipment (2737) Chemicals (135) Health care equipment & services (453) Telecommunications equipment (9578) Industrial machinery (2757) Health care equipment & services (453) Leisure goods (374) Electrical components & equipment (2733) Industrial machinery (2757) Chemicals (135) Electrical components & equipment (2733) Oil equipment, services & distribution (57) Software (9537) Pharmaceuticals (4577) Media (555) Aerospace & defence (271) Industrial metals (175) Personal goods (376) Industrial metals (175) Leisure goods (374) Personal goods (376) Electrical components & equipment (2733) General industrials (272) The Netherlands Sweden Ireland Finland Germany Sweden Denmark Denmark Germany Spain Germany Sweden Denmark Germany Germany Italy UK Sweden Denmark 67.41 67.09 67.00 66.90 66.61 66.56 66.25 66.18 65.90 65.00 64.90 64.54 64.24 64.16 64.00 63.51 63.04 62.44 62.37 change 07/06 % 79.6 5.7 -18.3 -7.7 16.6 30.9 9.8 -3.6 46.9 16.1 -2.4 34.5 128.1 -16.3 0.0 11.3 -20.2 12.2 11.1
Net Sales 2007 m 1,737 11,208 5,035 1,772 708 1,740 9,298 587 621 17,468 1,731 133 5,582 1,447 3,518 785 328 2,630 736
Operating Profit 2007 % of Net Sales 24.7 9.4 37.6 -0.2 9.9 13.9 27.8 12.1 22.9 21.1 6.0 3.8 10.2 5.5 5.1 -6.8 3.7 18.7 21.9
230
UK
61.96
58.2
526
11.8
1.9
231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246
UK Germany Finland France France France Slovenia UK Italy Germany Germany Belgium Finland Italy Germany Spain
61.54 61.20 60.80 60.00 59.50 59.18 59.07 58.55 57.95 57.80 57.50 56.70 56.20 56.01 54.99 54.59
1.1 -3.2 18.5 9.1 20.0 43.6 12.2 115.0 -9.9 -0.9 1.4 14.4 -3.9 129.0 20.9 134.9
910 1,704 2,810 7,412 2,374 96 781 6,196 1,541 10,192 2,374 2,174 1,652 1,963 2,367 3,214
6.8 3.6 2.2 0.8 2.5 61.6 7.6 0.9 3.8 0.6 2.4 2.6 3.4 2.9 2.3 1.7
15.3 3.5 4.5 4.8 20.6 -5.2 23.4 18.2 9.1 12.6 15.7 9.9 2.7 12.2 5.5 8.7
49
R&D Investment Rank Company ICB Sector Country 2007 m 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 Trelleborg Grammer Wendel Telekom Austria Zeltia Infogrames Entertainment Husqvarna Kone Patria GEA UPM-Kymmene Stork Stada Arzneimittel Recordati Borealis Neopost Autonomy Rio Tinto Mundipharma Research HeidelbergCement Groupe SEB Cargotec Ingenico NicOx Christian Dior Crucell Prysmian Andritz KBC OMX (now part of Nasdaq OMX, USA) Bull Sartorius JCB Service Lafarge Elekta General industrials (272) Automobiles & parts (335) Other financials (877) Fixed line telecommunications (653) Pharmaceuticals (4577) Software (9537) Industrial machinery (2757) Industrial machinery (2757) Aerospace & defence (271) Industrial machinery (2757) Forestry & paper (173) Industrial machinery (2757) Pharmaceuticals (4577) Pharmaceuticals (4577) Support services (279) Electronic office equipment (9574) Software (9537) Mining (177) Pharmaceuticals (4577) Construction & materials (235) Household goods (372) Industrial machinery (2757) Electronic equipment (2737) Pharmaceuticals (4577) Personal goods (376) Biotechnology (4573) Electrical components & equipment (2733) Industrial machinery (2757) Banks (835) Other financials (877) Computer hardware (9572) Biotechnology (4573) Commercial vehicles & trucks (2753) Construction & materials (235) Health care equipment & services (453) Sweden Germany France Austria Spain France Sweden Finland Finland Germany Finland The Netherlands Germany Italy Austria France UK UK UK Germany France Finland France France France The Netherlands Italy Austria Belgium Sweden France Germany UK France Sweden 53.76 53.07 52.40 52.02 51.69 51.50 50.90 50.70 50.60 50.21 50.00 49.48 49.22 49.12 49.00 47.60 47.39 47.19 47.18 47.00 46.80 46.40 46.19 46.11 46.00 45.62 45.54 45.40 45.00 44.98 44.90 44.83 44.52 44.00 43.81 change 07/06 % -16.7 13.7 43.9 19.1 4.0 -36.2 24.6 0.8 3.9 5.1 13.6 2.6 25.0 8.2 8.9 -6.3 26.3 359.9 44.1 4.4 17.3 47.3 7.6 61.4 7.0 -14.1 8.7 28.2 -42.3 104.4 -2.4 18.8 17.1 7.3 11.6
Net Sales 2007 m 3,278 998 5,472 4,919 85 307 3,522 4,079 541 5,913 10,035 2,163 1,570 628 6,350 907 235 20,314 60 12,235 2,870 3,018 568 21 17,245 204 5,118 3,282 13,271 430 1,117 589 2,266 17,614 479
Operating Profit 2007 % of Net Sales 4.9 3.1 4.7 15.4 -58.8 -27.4 10.6 7.6 7.0 5.2 3.2 2.8 11.3 20.9 9.0 23.9 25.1 34.2 8.3 16.9 8.3 6.7 9.9 -176.2 20.7 -29.4 9.9 5.9 33.0 27.9 0.1 6.1 6.3 17.6 11.7
50
R&D Investment Rank Company ICB Sector Country 2007 m 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 313 315 Tate & Lyle ALK-Abello Qiagen Coloplast Fincantieri Kontron ADVA Gildemeister Alizyme Elektrobit Tenaris Sud-Chemie Technip IMI Experian Jenoptik Belgacom Jungheinrich Caixa Geral de Depositos Ultra Electronics Energie Baden GPC Biotech Arcandor Acciona NKT Grupo Ferrovial Ktm Power Sports KUKA Eramet Evotec Imagination Technologies NATS SkyePharma Sudzucker Food producers (357) Pharmaceuticals (4577) Biotechnology (4573) Health care equipment & services (453) Commercial vehicles & trucks (2753) Computer hardware (9572) Telecommunications equipment (9578) Industrial machinery (2757) Biotechnology (4573) Electronic equipment (2737) Oil equipment, services & distribution (57) Chemicals (135) Oil equipment, services & distribution (57) Industrial machinery (2757) Support services (279) Industrial machinery (2757) Fixed line telecommunications (653) Commercial vehicles & trucks (2753) Banks (835) Aerospace & defence (271) Electricity (753) Biotechnology (4573) General retailers (537) Construction & materials (235) Electrical components & equipment (2733) Construction & materials (235) Automobiles & parts (335) Industrial machinery (2757) Industrial metals (175) Pharmaceuticals (4577) Semiconductors (9576) Industrial transportation (277) Pharmaceuticals (4577) Food producers (357) UK Denmark The Netherlands Denmark Italy Germany Germany Germany UK Finland Luxembourg Germany France UK UK Germany Belgium Germany Portugal UK Germany Germany Germany Spain Denmark Spain Austria Germany France Germany UK UK UK Germany 43.57 43.32 43.18 42.78 42.70 42.61 42.49 42.45 42.39 42.27 42.20 42.10 42.00 41.80 41.72 41.30 41.00 40.97 40.69 39.82 39.70 39.64 39.11 39.02 39.01 38.50 37.53 37.22 37.00 36.77 36.58 36.49 36.49 36.30 change 07/06 % 45.5 -10.3 54.9 34.6 -9.5 -0.5 40.8 6.4 69.8 69.5 31.5 12.3 20.3 -10.0 29.8 -2.7 0.0 -6.6 20.0 41.9 82.1 -31.2 272.1 72.7 -2.0 1,126.1 22.2 -15.9 5.7 10.0 14.7 14.0 -15.2 -8.1
Net Sales 2007 m 4,862 222 444 1,116 1,734 447 251 1,562 <0.5 160 7,031 1,075 7,887 2,177 2,825 522 5,987 2,001 3,149 562 14,809 18 16,054 7,953 1,814 14,630 566 1,374 3,792 54 75 955 58 5,780
R&D/Net Sales ratio 2007 % 0.9 19.5 9.7 3.8 2.5 9.5 16.9 2.7
Operating Profit 2007 % of Net Sales 8.5 13.1 12.8 9.3 6.5 9.2 -7.6 8.1
26.4 0.6 3.9 0.5 1.9 1.5 7.9 0.7 2.0 1.3 7.1 0.3 220.2 0.2 0.5 2.2 0.3 6.6 2.7 1.0 68.1 48.8 3.8 62.9 0.6
-17.5 30.1 8.9 3.2 10.7 17.1 4.6 20.8 7.0 34.1 14.2 12.3 -405.6 3.9 11.3 7.3 13.4 6.2 5.2 29.9 -103.7 2.7 18.6 -44.8 3.7
51
R&D Investment Rank Company ICB Sector Country 2007 m 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 Voca Otto Akka Technologies Centrica Unit 4 Agresso Allergy Therapeutics Acambis IBS Beru Laird Biotest Boliden CSM Lottomatica Sophos LEGO Rockwool International Wavecom Somfy Zumtobel Intercell Simcorp ICAP ELMOS Semiconductor Egis Pharmaceuticals Deutsche Bank Renishaw Cookson SGL Carbon ElringKlinger KSB De La Rue Gamesa ISOFT Option Wolfson Microelectronics Oxford Biomedica Komercni banka Support services (279) General retailers (537) Computer services (9533) Gas, water & multiutilities (757) Software (9537) Pharmaceuticals (4577) Biotechnology (4573) Software (9537) Automobiles & parts (335) Electrical components & equipment (2733) Pharmaceuticals (4577) Mining (177) Food producers (357) Travel & leisure (575) Software (9537) Leisure goods (374) Construction & materials (235) Telecommunications equipment (9578) Electrical components & equipment (2733) Electronic equipment (2737) Biotechnology (4573) Software (9537) Other financials (877) Semiconductors (9576) Pharmaceuticals (4577) Banks (835) Electronic equipment (2737) General industrials (272) Electrical components & equipment (2733) Automobiles & parts (335) Industrial machinery (2757) Support services (279) Industrial machinery (2757) Software (9537) Telecommunications equipment (9578) Semiconductors (9576) Pharmaceuticals (4577) Banks (835) UK Germany France UK The Netherlands UK UK Sweden Germany UK Germany Sweden The Netherlands Italy UK Denmark Denmark France France Austria Austria Denmark UK Germany Hungary Germany UK UK Germany Germany Germany UK Spain UK Belgium UK UK Czech Republic 35.69 35.53 35.50 35.40 35.18 34.50 34.45 34.32 34.30 34.17 34.11 34.08 34.00 33.90 33.88 33.80 33.76 33.56 33.40 33.35 33.34 33.13 33.08 32.75 32.20 32.00 31.90 31.45 31.40 31.20 31.19 31.04 30.91 30.62 30.61 30.37 30.15 29.94 change 07/06 % -10.4 207.1 313.8 -65.3 25.4 165.0 -31.6 2.2 2.8 20.1 30.8 49.8 15.6 113.2 23.6 24.8 33.8 7.8 20.1 8.0 18.6 21.3 89.8 5.8 12.2 255.6 10.0 -2.9 15.4 16.3 11.6 0.4 -6.7 -3.4 64.7 33.4 13.4 2.9
Net Sales 2007 m 121 14,492 236 22,307 379 35 13 239 451 868 326 3,514 2,544 1,661 114 1,076 1,865 202 720 1,282 48 161 1,747 176 464 30,745 246 2,207 1,373 608 1,771 1,026 3,260 239 302 158 10 1,116
R&D/Net Sales ratio 2007 % 29.5 0.2 15.0 0.2 9.3 98.6 265.0 14.4 7.6 3.9 10.5 1.0 1.3 2.0 29.7 3.1 1.8 16.6 4.6 2.6 69.5 20.6 1.9 18.6 6.9 0.1 13.0 1.4 2.3 5.1 1.8 3.0 0.9 12.8 10.1 19.2 301.5 2.7
Operating Profit 2007 % of Net Sales 7.4 3.4 4.7 13.6 5.5 -105.7 -338.5 1.7 9.1 9.9 11.7 16.3 2.0 23.8 -9.6 18.0 19.7 6.4 20.1 8.7 -8.3 24.2 21.4 6.3 7.8 28.5 27.2 10.2 18.7 20.1 7.6 16.3 7.7 -8.4 1.0 15.8 -270.0 48.3
52
R&D Investment Rank Company ICB Sector Country 2007 m 354 355 356 357 358 359 360 360 360 360 364 365 366 367 367 367 370 371 372 373 374 375 376 377 378 379 380 380 382 383 384 385 386 387 388 389 390 391 392 393 394 Sporting Exchange LogicaCMG (now Logica) Haldex De'Longhi Nemetschek NeuroSearch Enel Royal Friesland Foods Metsaliitto AVEVA Thrane & Thrane FLSmidth Anglo American Finatis Rautaruukki Neste Oil Fidessa Renovo Same Deutz-Fahr Funkwerk Transgene Telelogic Tessenderlo Paul Hartmann Guerbet Curalogic Eureko Accor Wilo Singulus Technologies Halma Medigene Meda Protherics Indesit Napp Pharmaceutical CEGID Q-Med Servier Northgate Information Solutions Vernalis Travel & leisure (575) Computer services (9533) Automobiles & parts (335) Household goods (372) Software (9537) Biotechnology (4573) Electricity (753) Food producers (357) Forestry & paper (173) Software (9537) Telecommunications equipment (9578) Construction & materials (235) Mining (177) Food & drug retailers (533) Industrial metals (175) Oil & gas producers (53) Software (9537) Biotechnology (4573) Commercial vehicles & trucks (2753) Support services (279) Biotechnology (4573) Software (9537) Chemicals (135) Health care equipment & services (453) Pharmaceuticals (4577) Biotechnology (4573) Life insurance (857) Travel & leisure (575) Industrial machinery (2757) Industrial machinery (2757) Electronic equipment (2737) Biotechnology (4573) Pharmaceuticals (4577) Biotechnology (4573) Household goods (372) Pharmaceuticals (4577) Software (9537) Biotechnology (4573) Biotechnology (4573) Computer services (9533) Biotechnology (4573) UK UK Sweden Italy Germany Denmark Italy The Netherlands Finland UK Denmark Denmark UK France Finland Finland UK UK Italy Germany France Sweden Belgium Germany France Denmark The Netherlands France Germany Germany UK Germany Sweden UK Italy UK France Sweden UK UK UK 29.86 29.54 29.42 29.18 29.17 29.10 29.00 29.00 29.00 29.00 28.91 28.16 28.04 28.00 28.00 28.00 27.92 27.84 27.67 27.38 27.12 27.09 27.00 26.50 26.47 26.33 26.00 26.00 25.86 25.57 25.44 25.36 25.29 25.11 25.00 24.96 24.92 24.91 24.85 24.82 24.81 change 07/06 % 83.6 -46.0 -12.3 763.3 47.3 34.9 7.4 20.8 -9.1 21.0 28.5 24.2 -10.9 833.3 27.3 27.3 67.2 80.7 6.9 126.3 30.6 11.0 -3.6 -0.4 9.0 502.5 39.8 13.0 13.7 -3.1 22.0 89.3 71.3 31.9 1.6 103.6 18.0 22.6 68.7 11.6 -11.6
Net Sales 2007 m 248 4,302 840 1,491 146 15 42,695 5,075 8,944 174 168 2,692 20,199 23,291 3,876 12,103 184 1 1,100 291 26 182 2,406 1,281 306 0 17,621 8,121 927 223 542 22 862 35 3,438 211 241 139 25 479 34
R&D/Net Sales ratio 2007 % 12.0 0.7 3.5 2.0 20.0 194.0 0.1 0.6 0.3 16.7 17.2 1.0 0.1 0.1 0.7 0.2 15.2 2,784.0 2.5 9.4 104.3 14.9 1.1 2.1 8.7 0.1 0.3 2.8 11.5 4.7 115.3 2.9 71.7 0.7 11.8 10.3 17.9 99.4 5.2 73.0
Operating Profit 2007 % of Net Sales 10.1 3.1 3.7 8.2 16.4 -253.3 16.0 5.2 -1.5 33.9 4.8 8.3 29.8 4.5 16.4 6.5 12.0 -3,600.0 10.6 4.5 -30.8 18.1 5.6 4.4 11.8 5.9 10.4 10.5
17.7 -145.5 20.5 -77.1 5.4 7.1 13.7 12.9 4.0 12.9 -158.8
53
R&D Investment Rank Company ICB Sector Country 2007 m 395 396 397 398 399 400 401 401 403 404 405 406 407 408 409 410 411 412 413 414 Campina Anite Cattles Lifecycle Pharma Aeffe BIC Melexis GfK Genus Datalogic Munich Re Ilog Ahlstrom Innogenetics Parrot Energia de Portugal Fuchs Petrolub Clarins Novomatic IMA Industria Macchine Automatiche Saft Diageo Standard Life Vectura Vaisala Aixtron Austriamicrosystems BRE Bank Seton House Post Danmark Itella Hunter Douglas Pharmexa MGI Coutier Wilex Morphosys Oxford Instruments LKAB YIT BBC Seco Tools Food producers (357) Computer services (9533) Other financials (877) Biotechnology (4573) Personal goods (376) Household goods (372) Semiconductors (9576) Support services (279) Biotechnology (4573) Electronic equipment (2737) Nonlife insurance (853) Software (9537) Chemicals (135) Biotechnology (4573) Telecommunications equipment (9578) Electricity (753) Chemicals (135) Personal goods (376) Travel & leisure (575) Industrial machinery (2757) Electrical components & equipment (2733) Beverages (353) Life insurance (857) Pharmaceuticals (4577) Electronic equipment (2737) Semiconductors (9576) Electrical components & equipment (2733) Banks (835) Support services (279) Industrial transportation (277) Industrial transportation (277) Household goods (372) Biotechnology (4573) Automobiles & parts (335) Biotechnology (4573) Biotechnology (4573) Electronic equipment (2737) Mining (177) Support services (279) Media (555) Industrial machinery (2757) The Netherlands UK UK Denmark Italy France Belgium Germany UK Italy Germany France Finland Belgium France Portugal Germany France Austria Italy 24.70 24.66 24.64 24.62 24.60 24.50 24.37 24.37 24.10 24.03 24.00 23.96 23.90 23.86 23.83 23.71 23.70 23.63 23.56 23.45 4.3 18.8 248.1 34.9 -5.8 -76.7 21.3 -4.4 -6.6 51.9 -38.5 7.2 4.1 13.1 12.5 change 07/06 % -7.1 25.1 -4.8 41.9
Net Sales 2007 m 4,032 237 1,119 9 293 1,456 204 1,162 358 404 47,323 110 1,761 54 220 11,011 1,365 1,008 960 465
R&D/Net Sales ratio 2007 % 0.6 10.4 2.2 273.6 8.4 1.7 11.9 2.1 6.7 5.9 0.1 21.8 1.4 44.2 10.8 0.2 1.7 2.3 2.5 5.0
Operating Profit 2007 % of Net Sales 1.5 14.8 20.1 -255.6 11.6 17.4 19.6 12.0 12.0 7.9 10.0 1.8 0.5 -29.6 12.3 13.8 14.3 11.3 26.1 14.6
415 416 416 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435
France UK UK UK Finland Germany Austria Poland UK Denmark Finland The Netherlands Denmark France Germany Germany UK Sweden Finland UK Sweden
23.30 23.15 23.15 23.14 23.10 22.99 22.95 22.91 22.87 22.80 22.70 22.57 22.51 22.50 22.31 22.24 22.06 22.01 22.00 21.92 21.91
-1.3 -5.5 41.7 111.7 12.1 19.4 -33.2 46.7 -37.1 -34.1 -17.8 22.2 1.7 4.2 48.5 27.4 0.0 33.3 4.0 10.3 6.2
601 10,185 13,769 19 224 215 179 589 521 1,584 1,688 2,071 1 463 2 62 240 1,734 3,707 6,011 639
3.9 0.2 0.2 121.8 10.3 10.7 12.8 3.9 4.4 1.4 1.3 1.1 2,251.0 4.9 1,115.5 35.9 9.2 1.3 0.6 0.4 3.4
10.3 30.3 6.1 -89.5 15.6 8.4 12.3 38.0 2.1 6.9 5.9 10.7 -2,600.0 4.1 -1,250.0 12.9 4.2 37.5 8.6 0.0 24.7
54
R&D Investment Rank Company ICB Sector Country 2007 m 436 437 438 438 440 441 442 443 444 445 445 447 448 449 449 451 452 452 454 455 456 456 458 459 460 461 462 463 464 465 466 467 468 469 470 Axis Oberthur Technologies Cez Wittington Investments Duerr Filtronic Fimalac Wacker Construction Equipment SSAB Svenskt Stal Severn Trent RHI Atlantia Lycos Europe Fortum Micronic Laser Systems DICOM (now Kofax) Aliaxis Intec Telecom Systems Raymarine Zentiva British Energy Rexam Eniro Britannia Building Society RM Dialog Semiconductor Industrial and Financial Systems Delhaize Wanderer-Werke InBev F-Secure Ark Therapeutics Antisoma Uponor Teligent Computer hardware (9572) Electronic equipment (2737) Electricity (753) Other financials (877) Industrial machinery (2757) Telecommunications equipment (9578) Support services (279) Industrial machinery (2757) Industrial metals (175) Gas, water & multiutilities (757) Industrial machinery (2757) Industrial transportation (277) Internet (9535) Electricity (753) Semiconductors (9576) Software (9537) Construction & materials (235) Software (9537) Electronic equipment (2737) Pharmaceuticals (4577) Electricity (753) General industrials (272) Media (555) Other financials (877) Software (9537) Semiconductors (9576) Software (9537) Food & drug retailers (533) Industrial machinery (2757) Beverages (353) Computer services (9533) Biotechnology (4573) Biotechnology (4573) Construction & materials (235) Software (9537) Sweden France Czech Republic UK Germany UK France Germany Sweden UK Austria Italy The Netherlands Finland Sweden UK Belgium UK UK Czech Republic UK UK Sweden UK UK UK Sweden Belgium Germany Belgium Finland UK UK Finland Sweden 21.85 21.80 21.78 21.78 21.34 21.30 21.29 21.24 21.17 21.10 21.10 21.04 21.01 21.00 21.00 20.83 20.77 20.77 20.63 20.47 20.42 20.42 20.32 20.29 20.27 20.25 20.21 20.20 20.12 20.00 19.97 19.93 19.76 19.70 19.46 17.6 -9.8 12.4 -2.9 19.4 0.1 change 07/06 % 19.1 19.0 71.9 33.3 -9.9 -43.4 -20.6 32.0 33.4 268.9 7.1 -3.9 14.1 23.5 -10.5 21.4 4.5 -2.6 19.9 23.7 15.4 0.0 58.6 -7.4 -0.2 -3.1 9.1 -2.4
Net Sales 2007 m 177 734 6,565 9,359 1,478 179 745 742 5,043 2,114 1,486 3,269 77 4,479 55 218 2,405 170 192 496 3,827 5,206 710 512 369 59 249 19,078 578 14,430 97 2 11 1,219 46
Operating Profit 2007 % of Net Sales 21.5 7.2 30.5 8.1 3.1 -17.3 22.3 10.6 16.6 25.7 11.0 49.6 -57.1 40.1 -56.4 5.5 12.0 -6.5 19.3 13.1 18.0 10.3 28.3 18.4 5.7 -23.7 6.0 4.9 4.5 26.1 19.6 -1,500.0 -172.7 12.1 -84.8
55
R&D Investment Rank Company ICB Sector Country 2007 m 471 472 472 474 475 476 477 478 479 479 481 482 483 483 485 486 487 488 489 490 491 492 493 494 495 496 497 498 499 500 501 502 503 504 505 Active Biotech QinetiQ Wagon Croda International e2v Technologies Exact Pharming Enodis Rallye Franz Haniel & Cie Muhlbauer Sepura Karo Bio A-Tec Industries BE Semiconductor Industries James Hardie Industries Innate Pharma Flamel Technologies Recticel ACTIELEC Technologies Demag Cranes SanomaWSOY Outokumpu Auriga Industries WET Automotive Systems Gyrus (now part of Olympus, Japan) Nutreco LM Glasfiber SAES Getters National Grid Pohjolan Voima Svenska Handelsbanken SBM Offshore Psion Huhtamaki Biotechnology (4573) Aerospace & defence (271) Automobiles & parts (335) Chemicals (135) Electronic equipment (2737) Software (9537) Biotechnology (4573) Industrial machinery (2757) Food & drug retailers (533) Pharmaceuticals (4577) Electronic equipment (2737) Telecommunications equipment (9578) Biotechnology (4573) Industrial machinery (2757) Semiconductors (9576) Construction & materials (235) Biotechnology (4573) Biotechnology (4573) Chemicals (135) Electronic equipment (2737) Industrial machinery (2757) Media (555) Industrial metals (175) Chemicals (135) Automobiles & parts (335) Health care equipment & services (453) Food producers (357) Chemicals (135) Electronic equipment (2737) Gas, water & multiutilities (757) Electricity (753) Banks (835) Oil equipment, services & distribution (57) Computer hardware (9572) General industrials (272) Sweden UK UK UK UK The Netherlands The Netherlands UK France Germany Germany UK Sweden Austria The Netherlands The Netherlands France France Belgium France Germany Finland Finland Denmark Germany UK The Netherlands Denmark Italy UK Finland Sweden The Netherlands UK Finland 19.39 19.33 19.33 19.20 19.19 19.16 19.09 19.06 19.00 19.00 18.91 18.82 18.79 18.79 18.75 18.67 18.66 18.58 18.55 18.43 18.40 18.30 18.00 17.98 17.93 17.82 17.80 17.77 17.75 17.70 17.60 17.57 17.49 17.39 17.30 change 07/06 % 12.3 16.4 61.4 -3.4 24.4 6.3 131.1 19.6 -32.1 -9.5 10.0 11.8 75.9 -10.9 13.1 5.4 51.7 9.4 0.8 10.4 -14.7 61.9 5.9 -23.6 3.2 -20.3 -26.1 41.3 13.7 116.6 5.4 134.0 3.9 -5.2 -10.4
Net Sales 2007 m 1 1,860 967 1,294 279 252 1 1,095 26,381 29,173 159 93 1 2,361 166 1,005 9 25 1,612 251 1,080 2,926 7,512 726 177 303 4,053 578 167 15,826 766 3,044 1,964 272 2,311
R&D/Net Sales ratio 2007 % 1,939.0 1.0 2.0 1.5 6.9 7.6 1,909.0 1.7 0.1 0.1 11.9 20.2 1,879.0 0.8 11.3 1.9 207.3 74.3 1.2 7.3 1.7 0.6 0.2 2.5 10.1 5.9 0.4 3.1 10.6 0.1 2.3 0.6 0.9 6.4 0.7
Operating Profit 2007 % of Net Sales -2,200.0 5.4 -8.5 9.7 9.0 19.8 -3,400.0 8.9 4.5 4.7 16.4 18.3 -2,300.0 4.0 -3.6 -2.5 -111.1 -112.0 3.3 5.2 7.5 10.7 7.4 3.2 8.5 7.9 3.8 -6.9 29.9 25.1 -3.1 53.2 10.6 4.8 0.8
56
R&D Investment Rank Company ICB Sector Country 2007 m 506 507 508 508 510 510 512 513 514 515 516 517 518 518 520 521 522 523 524 525 526 526 526 529 530 530 532 533 534 535 536 537 538 539 540 541 Ion Beam Applications Lectra Santaris Pharma Nordex Q-Cells Soitec LCH Clearnet Teollisuuden Voima GW Pharmaceuticals Channel Four Television Unibel Thrombogenics Chroma Therapeutics Telekomunikacja Polska Bauer K+S Orexo Ducati Motor Micro Focus International 888 Miba KPN Wurth Vetco Astex Therapeutics Schaltbau EYBL International HKScan Aldata Solution OMV Domino Printing Sciences ESI Carraro Tarkett Konecranes LISI Health care equipment & services (453) Software (9537) Biotechnology (4573) Industrial machinery (2757) Alternative energy (58) Semiconductors (9576) Other financials (877) Electricity (753) Pharmaceuticals (4577) Media (555) Food producers (357) Biotechnology (4573) Biotechnology (4573) Fixed line telecommunications (653) Construction & materials (235) Chemicals (135) Pharmaceuticals (4577) Automobiles & parts (335) Software (9537) Travel & leisure (575) Automobiles & parts (335) Fixed line telecommunications (653) General industrials (272) Oil equipment, services & distribution (57) Biotechnology (4573) Commercial vehicles & trucks (2753) Automobiles & parts (335) Food producers (357) Software (9537) Oil & gas producers (53) Electronic equipment (2737) Software (9537) Automobiles & parts (335) Construction & materials (235) Industrial machinery (2757) Aerospace & defence (271) Belgium France Denmark Germany Germany France UK Finland UK UK France Belgium UK Poland Germany Germany Sweden Italy UK UK Austria The Netherlands Germany UK UK Germany Austria Finland Finland Austria UK France Italy France Finland France 17.27 17.26 17.24 17.24 17.20 17.20 17.18 17.10 17.03 17.02 16.94 16.90 16.69 16.69 16.33 16.32 16.12 16.11 16.10 16.07 16.00 16.00 16.00 15.91 15.88 15.88 15.69 15.60 15.47 15.46 15.42 15.41 15.31 15.20 15.10 15.00 change 07/06 % 68.5 -13.0 65.1 53.2 126.0 -34.3 7.3 8.9 -4.5 0.0 17.4 55.2 47.6 13.2 135.3 12.5 65.8 100.9 6.1 21.2 -13.5 -5.9 -43.3 -4.3 200.2 6.6 8.7 83.5 -14.8 16.8 3.5 4.1 2.1 16.0 20.8 22.0
Net Sales 2007 m 214 217 5 747 859 298 501 232 8 1,286 1,965 2 <0.5 5,074 1,033 3,344 8 398 117 146 388 12,461 8,489 2,141 8 232 333 2,107 75 20,042 315 69 814 2,087 1,750 816
R&D/Net Sales ratio 2007 % 8.1 8.0 344.8 2.3 2.0 5.8 3.4 7.4 212.9 1.3 0.9 845.0
Operating Profit 2007 % of Net Sales 3.3 4.6 -300.0 5.1 23.4 -2.7 52.3 -6.9 -237.5 -0.9 6.3 -900.0
0.3 1.6 0.5 201.5 4.0 13.8 11.0 4.1 0.1 0.2 0.7 198.5 6.8 4.7 0.7 20.6 0.1 4.9 22.3 1.9 0.7 0.9 1.8
17.8 12.9 -3.6 -237.5 5.3 33.3 15.1 7.5 18.7 8.0 1.9 -262.5 6.9 2.1 2.6 -14.7 12.4 13.7 8.7 4.8 6.6 9.9 11.9
57
R&D Investment Rank Company ICB Sector Country 2007 m 541 541 544 545 546 OP-Pohjola Provimi Bioinvent Intralot Outotec ICOS Vision Systems (now part of Kla-Tencor, USA) Sperian Protection Carlsberg SNPE Vanderlande Industries BV Vacon Manitou BF ComBOTS (now Kizoo) Conergy Geox Vitec Cramer Systems (now Amdocs Systems) Topotarget Valio SUESS MicroTec Faiveley Jerini SSL International DiaSorin Jil Sander IONA Technologies Palfinger Skanditek ProStrakan Arla Foods Tecnomen Paragon BTG KPMG LLP MessageLabs Cision UniCredit Tele Atlas Enrichment Technology Banks (835) Food producers (357) Biotechnology (4573) Travel & leisure (575) Industrial machinery (2757) Semiconductors (9576) General industrials (272) Beverages (353) Chemicals (135) Industrial machinery (2757) Electrical components & equipment (2733) Commercial vehicles & trucks (2753) Internet (9535) Electricity (753) Personal goods (376) Industrial machinery (2757) Software (9537) Biotechnology (4573) Food producers (357) Semiconductors (9576) Commercial vehicles & trucks (2753) Pharmaceuticals (4577) Personal goods (376) Biotechnology (4573) Personal goods (376) Computer services (9533) Industrial machinery (2757) Other financials (877) Pharmaceuticals (4577) Food producers (357) Telecommunications equipment (9578) Other financials (877) Biotechnology (4573) Support services (279) Computer services (9533) Support services (279) Banks (835) Media (555) Industrial machinery (2757) Finland France Sweden Greece Finland 15.00 15.00 14.91 14.76 14.70 change 07/06 % 36.4 0.0 4.0 76.3 2.1
Net Sales 2007 m 2,134 2,074 15 835 1,000
R&D/Net Sales ratio 2007 % 0.7 0.7 99.4 1.8 1.5
Operating Profit 2007 % of Net Sales 47.1 3.7 -13.3 25.1 9.1
547 548 549 550 551 552 553 554 555 556 557
Belgium France Denmark France The Netherlands Finland France Germany Germany Italy UK
14.63 14.60 14.48 14.40 14.39 14.28 14.26 14.25 14.24 14.21 14.16
-1.5 14.3 2.8 -27.3 14.2 13.6 31.5 -57.7 34.2
80 754 6,001 693 611 232 1,260 <0.5 749 770
18.3 1.9 0.2 2.1 2.4 6.2 1.1
6.3 11.5 9.6 -1.0 8.7 12.5 9.9
1.9 1.8 3.8
-33.1 23.4 9.7
5.0
373
558 559 560 561 562 563 564 565 566 567 568 568 568 571 571 573 574 574 576 577 578 578 580
UK Denmark Finland Germany France Germany UK Italy Germany Ireland Austria Sweden UK Denmark Finland UK UK UK UK Sweden Italy The Netherlands UK
14.15 14.14 14.00 13.98 13.96 13.90 13.89 13.86 13.83 13.76 13.70 13.70 13.70 13.68 13.68 13.64 13.62 13.62 13.59 13.54 13.53 13.53 13.51
62.8 23.4 12.9 17.8 5.4 9.5 15.9 23.9 43.0 26.1 11.4 10.5 -6.0 43.7 12.2 -11.7 11.2 233.0 -4.0 55.6 -80.1 43.3 -15.0
78 6 1,713 146 619 19 727 202 129 53 696 72 62 6,403 70 257 102 2,188 127 197 26,411 308 189
18.1 235.7 0.8 9.6 2.3 73.2 1.9 6.9 10.7 26.0 2.0 19.0 22.1 0.2 19.5 5.3 13.4 0.6 10.7 6.9 0.1 4.4 7.1
5.1 -500.0 1.3 4.1 12.8 -168.4 13.8 22.8 -7.8 -3.8 15.2 26.4 -35.5 3.2 12.9 48.2 13.7 27.3 -10.2 9.6 32.9 8.1 4.2
58
R&D Investment Rank Company ICB Sector Country 2007 m 581 582 583 583 585 586 586 588 589 590 591 591 593 594 595 596 597 597 599 599 601 602 603 604 604 606 607 608 609 610 611 Gewiss Nolato Grupo Empresarial ENCE REpower Systems SurfControl Endemol NPM/CNP Hikma Pharmaceuticals Archimedes Pharma Basware Baxi AGI Therapeutics Intercytex Charter Commerzbank IDS Scheer TT electronics Northern Foods Cardo Fives WMF Radiall Vossloh Brembo Dynaction Hoganas Schouw Yule Catto Tekla Enea Ubiquity Software (now part of Avaya, USA) Ohb Technology Weir Ardana INDUS Auchan Talanx Electrical components & equipment (2733) Chemicals (135) Forestry & paper (173) Industrial machinery (2757) Software (9537) Media (555) Other financials (877) Pharmaceuticals (4577) Pharmaceuticals (4577) Software (9537) Construction & materials (235) Pharmaceuticals (4577) Biotechnology (4573) Industrial machinery (2757) Banks (835) Software (9537) Electrical components & equipment (2733) Food producers (357) Construction & materials (235) Industrial machinery (2757) Household goods (372) Telecommunications equipment (9578) Industrial transportation (277) Automobiles & parts (335) Chemicals (135) Industrial metals (175) General industrials (272) Chemicals (135) Software (9537) Software (9537) Software (9537) Aerospace & defence (271) Industrial machinery (2757) Pharmaceuticals (4577) General industrials (272) General retailers (537) Nonlife insurance (853) Italy Sweden Spain Germany UK The Netherlands Belgium UK UK Finland UK Ireland UK UK Germany Germany UK UK Sweden France Germany France Germany Italy France Sweden Denmark UK Finland Sweden UK 13.48 13.44 13.38 13.38 13.37 13.30 13.30 13.23 13.21 13.17 13.16 13.16 13.10 13.07 13.00 12.97 12.93 12.93 12.81 12.81 12.80 12.72 12.70 12.50 12.50 12.49 12.45 12.37 12.34 12.32 12.24 24.8 10.4 -14.4 -20.9 8.2 8.5 -2.9 -22.1 10.2 0.0 0.9 24.1 -13.4 66.8 18.1 42.7 change 07/06 % -1.1 -41.2 63.2 -4.6 50.7 44.6 3.5 5.8 44.5 25.9 -2.4 273.9 12.3 5.5
Net Sales 2007 m 331 260 623 680 70 1,117 12,964 307 26 73 1,153 <0.5 <0.5 1,976 8,175 394 793 1,269 985 1,137 762 200 1,232 912 185 618 1,129 770 59 87 8
R&D/Net Sales ratio 2007 % 4.1 5.2 2.1 2.0 19.1 1.2 0.1 4.3 50.8 18.0 1.1
Operating Profit 2007 % of Net Sales 13.0 7.7 10.3 4.1 -2.9 14.4 5.0 20.5 -65.4 9.6 2.8
0.7 0.2 3.3 1.6 1.0 1.3 1.1 1.7 6.4 1.0 1.4 6.8 2.0 1.1 1.6 20.9 14.2 153.0
12.1 30.6 9.1 6.2 4.6 4.4 4.8 7.0 8.5 10.1 9.2 4.3 10.4 5.1 10.0 28.8 9.2 -262.5
612 613 614 615 615 615
Germany UK UK Germany France Germany
12.21 12.12 12.10 12.00 12.00 12.00
48.5 45.8 39.7 6.3 71.4 158.6
219 1,474 <0.5 930 36,869 18,790
5.6 0.8
8.7 11.8
1.3 0.0 0.1
10.9 3.5 7.1
59
R&D Investment Rank Company ICB Sector Country 2007 m 615 615 620 621 622 623 624 625 626 627 628 629 629 629 629 633 634 635 636 637 638 639 640 641 642 643 643 645 646 647 648 649 650 651 652 Corporate Express (now part of Staples, USA) Deutsche Bahn Kesa Electricals Biocompatibles International Bioalliance Pharma Morgan Crucible Rational Cegedim Plasmon Francotyp-Postalia Nokian Tyres Martin-Baker (Engineering) Summit Beta Systems Software NSB P&I Personal & Informatik Thielert JCB Compact Products Plethora Solutions Nedap EL EN FAES Farma Hamburger Hafen Und Logistik Magix Dynea Chemring BG Diamond Trading Telit Communications Ricardo Isra Vision Marzotto Chargeurs NIBE Industrier Delcam Support services (279) Travel & leisure (575) General retailers (537) Health care equipment & services (453) Health care equipment & services (453) Electrical components & equipment (2733) Household goods (372) Computer services (9533) Computer hardware (9572) Industrial machinery (2757) Automobiles & parts (335) Aerospace & defence (271) Pharmaceuticals (4577) Software (9537) Software (9537) Software (9537) Aerospace & defence (271) Commercial vehicles & trucks (2753) Pharmaceuticals (4577) Electronic equipment (2737) Electronic equipment (2737) Biotechnology (4573) Industrial transportation (277) Software (9537) Chemicals (135) Aerospace & defence (271) Oil & gas producers (53) General retailers (537) Telecommunications equipment (9578) Support services (279) Industrial machinery (2757) Personal goods (376) Personal goods (376) Household goods (372) Software (9537) The Netherlands Germany UK UK France UK Germany France UK Germany Finland UK UK Germany UK Germany Germany UK UK The Netherlands Italy Spain Germany Germany Finland UK UK UK UK UK Germany Italy France Sweden UK 12.00 12.00 11.98 11.95 11.87 11.85 11.76 11.68 11.66 11.52 11.50 11.45 11.45 11.45 11.45 11.43 11.41 11.32 11.16 11.15 11.11 11.05 11.02 11.01 10.90 10.89 10.89 10.88 10.80 10.76 10.75 10.72 10.70 10.68 10.66 change 07/06 % -52.0 9.1 158.7 13.4 69.3 6.2 15.0 -2.8 6.3 -4.0 27.8 8.5 186.3 -11.0 -3.1 12.8 115.3 17.5 51.6 -1.6 25.8 42.0 681.6 61.9 10.1 32.2 -20.0 -1.4 32.5 75.5 40.5 -23.2 1.9 4.2 7.5
Net Sales 2007 m 6,233 31,309 6,128 12 4 944 337 753 49 145 1,025 159 4 89 62 59 60 302 8 146 193 186 1,180 33 1,156 352 11,288 4,015 76 233 51 300 790 572 40
Operating Profit 2007 % of Net Sales 3.3 7.2 4.0 -75.0 -500.0 11.2 27.6 6.0 -40.8 -2.1 22.7 16.4 -400.0 6.7 14.5 22.0 8.3 -7.3 -187.5 13.7 10.4 11.8 24.4 9.1 4.9 21.9 36.1 1.7 -11.8 6.9 11.8 5.0 3.7 9.8 5.0
60
R&D Investment Rank Company ICB Sector Country 2007 m 653 654 655 656 657 657 659 660 660 662 663 664 665 666 667 668 669 670 671 672 673 674 675 JC Decaux Wuestenrot & Wurttemberg AGRANA Head Avecia Holdings ARC International Coda (now part of Unit 4 Agresso, The Netherlands) DSG International Vislink Villeroy & Boch Utimaco Safeware Socotherm Comptel Axis-Shield Natuzzi Fiberweb Oriflame Cosmetics Paragon Senior Photo-Me Gunnebo Bioxell Switchcore Amsterdam Molecular Therapeutics Trinity Biotech Linos Perstorp Kapsch TrafficCom TKH British Nuclear Fuels GERRY WEBER International Brit Insurance Pharmathen Arup Phytopharm Intrum Justitia Prima Industrie Xaar Media (555) Nonlife insurance (853) Food producers (357) Leisure goods (374) Biotechnology (4573) Semiconductors (9576) Software (9537) General retailers (537) Telecommunications equipment (9578) Household goods (372) Software (9537) Oil equipment, services & distribution (57) Software (9537) Biotechnology (4573) Household goods (372) Support services (279) Personal goods (376) Automobiles & parts (335) Industrial machinery (2757) General retailers (537) General retailers (537) Biotechnology (4573) Computer hardware (9572) Biotechnology (4573) Health care equipment & services (453) Electronic equipment (2737) Chemicals (135) Support services (279) Electrical components & equipment (2733) Electricity (753) Personal goods (376) Nonlife insurance (853) Pharmaceuticals (4577) Support services (279) Biotechnology (4573) Other financials (877) Industrial machinery (2757) Electrical components & equipment (2733) France Germany Austria The Netherlands UK UK UK UK UK Germany Germany Italy Finland UK Italy UK Luxembourg Germany UK UK Sweden Italy Sweden 10.60 10.59 10.54 10.50 10.48 10.48 10.36 10.35 10.35 10.33 10.30 10.20 10.15 10.13 10.10 10.08 10.06 10.02 9.94 9.87 9.84 9.83 9.82 -1.6 -11.7 -5.2 -23.3 -7.0 1.4 -3.3 change 07/06 % -13.1 97.6 -13.3 4.0 -25.2 14.3 -18.1 -37.2 22.3 -15.0 59.2 3.0 -7.5 -34.0 7.4
Net Sales 2007 m 2,107 5,605 1,892 321 90 20 80 11,034 134 929 49 267 82 91 634 688 1,109 109 641 298 743 1 6
R&D/Net Sales ratio 2007 % 0.5 0.2 0.6 3.3 11.6 52.4 13.0 0.1 7.7 1.1 21.0 3.8 12.4 11.1 1.6 1.5 0.9 9.2 1.6 3.3 1.3 983.0 163.7
Operating Profit 2007 % of Net Sales 17.1 4.8 5.5 -0.3 -22.2 -35.0 20.0 1.3 14.2 2.3 18.4 10.1 20.7 2.2 -7.3 -17.6 11.7 6.4 8.9 6.0 4.4 -1,600.0 -316.7
676
The Netherlands
9.80
115.4
677 678 679 680 681 682 682 684 685 686 687 687 689 690
Ireland Germany Sweden Austria The Netherlands UK Germany UK Greece UK UK Sweden Italy UK
9.79 9.75 9.74 9.61 9.58 9.53 9.53 9.51 9.46 9.45 9.43 9.43 9.37 9.35
14.0 -1.5 8.2 -8.5 27.6 -68.2 0.4 5.5 -20.1 10.4 6.0 38.9 29.4 -7.6
98 94 908 186 818 1,145 507 1,715 43 779 4 341 176 65
10.0 10.4 1.1 5.2 1.2 0.8 1.9 0.6 22.0 1.2 235.8 2.8 5.3 14.4
-20.4 9.6 9.4 17.7 7.7 2.7 10.3 15.2 2.3 4.1 -200.0 18.5 13.6 13.8
61
R&D Investment Rank Company ICB Sector Country 2007 m 691 Wavin McNeil Healthcare (now part of Cilag, Switzerland) Glanbia Netia Txt E-Solutions Constantia Packaging Erg Avanquest Software Verbund Mondi MVV Energie D'Ieteren Hermle Berthold Oxagen SoftM Software und Beratung Zetex StatPro ClearSpeed Technology Etex MBDA BSS PSI Swedish Match Lombard Medical Technologies Fugro Epigenomics WaveLight Devgen Zenon SA Robotics and Informatics Punch International Royal Ten Cate Sword Atria Plastic Logic Greencore Oncomethylome Sciences Construction & materials (235) Pharmaceuticals (4577) Food producers (357) Fixed line telecommunications (653) Software (9537) General industrials (272) Oil & gas producers (53) Software (9537) Electricity (753) Forestry & paper (173) Gas, water & multiutilities (757) General retailers (537) Industrial machinery (2757) Biotechnology (4573) Computer services (9533) Semiconductors (9576) Software (9537) Semiconductors (9576) Construction & materials (235) Aerospace & defence (271) Support services (279) Software (9537) Tobacco (378) Health care equipment & services (453) Oil equipment, services & distribution (57) Biotechnology (4573) Health care equipment & services (453) Biotechnology (4573) Industrial machinery (2757) Industrial machinery (2757) General industrials (272) Computer services (9533) Food producers (357) Electrical components & equipment (2733) Food producers (357) Biotechnology (4573) The Netherlands 9.34 change 07/06 % -37.7
Net Sales 2007 m 1,618
R&D/Net Sales ratio 2007 % 0.6
Operating Profit 2007 % of Net Sales 9.5
692 693 694 695 696 697 698 699 699 699 699 703 704 705 706 707 708 709 710 710 712 713 714 715 716 717 718 719 720 721 722 723 724 725 726
UK Ireland Poland Italy Austria Italy France Austria UK Germany Belgium Germany UK Germany UK UK UK Belgium UK UK Germany Sweden UK The Netherlands Germany Germany Belgium Greece Belgium The Netherlands France Finland UK Ireland Belgium
9.33 9.31 9.25 9.15 9.13 9.10 9.02 9.00 9.00 9.00 9.00 8.90 8.87 8.86 8.85 8.80 8.76 8.73 8.71 8.71 8.70 8.68 8.67 8.65 8.64 8.63 8.61 8.58 8.53 8.50 8.49 8.43 8.42 8.36 8.32
5.4 11.6 88.4 14.9 44.2 -20.1 13.3 25.0
207 2,207 233 53 1,566 10,166 74 3,038 6,269
4.5 0.4 4.0 17.3 0.6 0.1 12.2 0.3 0.1 0.4 0.1 3.7
7.2 4.1 -32.2 -1.9 11.6 3.6 5.4 32.5 6.2 8.5 4.9 22.2
230.9 87.5 15.0 11.6 30.3 27.3 41.3 5.8 347.7 -16.9 52.3 -18.7 -13.6 33.0 25.9 32.3 -24.3 88.8 241.8 128.7 4.9 37.2 13.3
2,259 6,016 243 0 55 88 33 2 2,129 1,074 1,755 123 1,328 1 1,803 3 88 6 8 332 887 179 1,272 <0.5
16.1 10.1 26.7 438.0 0.4 0.8 0.5 7.1 0.7 867.0 0.5 288.0 9.8 143.5 107.3 2.6 1.0 4.7 0.7
-7.3 8.0 24.2 -1,050.0 11.7 8.2 4.9 3.3 21.8 -1,700.0 17.7 -466.7 -12.5 -283.3 -75.0 8.7 7.6 16.2 4.7
19.1 15.9
1,267 1
0.7 832.0
6.8 -1,300.0
62
R&D Investment Rank Company ICB Sector Country 2007 m 727 728 728 730 730 730 733 734 734 736 737 738 739 740 741 742 742 Amarin KMD Wienerberger ACS Elexis Techem Wolford Biotie Therapies LastMile Communications Orc Software Newron Pharmaceuticals Kewill Systems (now Kewill) Infovista Lavipharm Digital Bridges Redac Lufthansa CeNeS Pharmaceuticals (now part of Paion, Germany) Anglo Design Skanska Beig Topco Pilat Media Global R Stahl ClinPhone Ablynx CeWe Color Amper Trevi Finanziaria Industrial Omega Pharma Tigenix Karolin Machine Tool (now part of Nordstjernan) Global Graphics John Lewis IPTE Umbro (now part of Nike, USA) Biotechnology (4573) Computer services (9533) Construction & materials (235) Construction & materials (235) Electrical components & equipment (2733) Support services (279) Personal goods (376) Biotechnology (4573) Telecommunications equipment (9578) Software (9537) Pharmaceuticals (4577) Software (9537) Software (9537) Pharmaceuticals (4577) Software (9537) Software (9537) Travel & leisure (575) UK Denmark Austria Spain Germany Germany Austria Finland UK Sweden Italy UK France Greece UK UK Germany 8.28 8.23 8.23 8.20 8.20 8.20 8.14 8.12 8.12 8.11 8.09 8.06 8.05 8.04 8.02 8.00 8.00 change 07/06 % -26.5 47.2 57.4 -64.9 10.8 15.3 5.4 7.1 277.7 -11.7 -28.8 60.9 5.6 51.4 -15.6 15.1 60.0
Net Sales 2007 m 0 433 2,477 21,389 161 559 158 8 <0.5 56 4 69 40 248 24 79 22,420
R&D/Net Sales ratio 2007 %
Operating Profit 2007 % of Net Sales
1.9 0.3 0.0 5.1 1.5 5.2 101.5
6.9 14.9 11.6 15.5 14.1 7.0 -37.5
14.5 202.3 11.7 20.1 3.2 33.4 10.1 0.0
23.2 -350.0 4.3 -7.5 2.4 -2.5 8.6
744
Biotechnology (4573)
UK
7.97
-19.6
797.0
-1,000.0
745 746 746 746 749 750 751 752 753 754 754 756 757 758 759 760 761
Electronic equipment (2737) Construction & materials (235) Food producers (357) Software (9537) Electrical components & equipment (2733) Health care equipment & services (453) Biotechnology (4573) General retailers (537) Telecommunications equipment (9578) Construction & materials (235) Pharmaceuticals (4577) Biotechnology (4573) Industrial machinery (2757) Software (9537) General retailers (537) Industrial machinery (2757) Personal goods (376)
UK Sweden UK UK Germany UK Belgium Germany Spain Italy Belgium Belgium Sweden France UK Belgium UK
7.96 7.94 7.94 7.94 7.92 7.89 7.88 7.86 7.81 7.77 7.77 7.72 7.70 7.64 7.62 7.57 7.54
36.5 4.2
104 14,686 407
7.7 0.1 2.0 31.8 3.7 12.3 87.6 1.9 2.5 1.0 0.8
3.8 3.9 7.1 8.0 12.7 -3.1 -166.7 3.4 5.2 12.2 9.6
42.0 7.2 115.6
25 212 64 9
3.7 38.0 9.1 -28.2 47.3 -0.8 6.3 3.7 26.8 40.7
413 310 817 1,004 <0.5 168 16 7,758 255 204
4.6 47.8 0.1 3.0 3.7
4.2 31.3 6.1 4.7 18.6
63
R&D Investment Rank Company ICB Sector Country 2007 m 762 763 763 Ebro Puleva Elisa Royal Cosun Huntleigh Technology (now part of Getinge Extended Care) TUI Kingspan MTL Instruments nCipher Larox Manutan International DekaBank Thomas Swan Fiskars Glaston Wirecard Expro Fabasoft SDL Munters Technotrans Cofide Mania Technologie Pfeiffer Vacuum Technology Telegraaf Media Groep Spyker Cars Mensch und Maschine Software SolarWorld Gamma McBride Rosenbauer International Spirax-Sarco Engineering Prayon EVS Broadcast Equipment Macro 4 Food producers (357) Fixed line telecommunications (653) Food producers (357) Health care equipment & services (453) Travel & leisure (575) Construction & materials (235) Electronic equipment (2737) Software (9537) Industrial machinery (2757) Support services (279) Banks (835) Chemicals (135) Household goods (372) Industrial machinery (2757) Support services (279) Oil equipment, services & distribution (57) Software (9537) Software (9537) Industrial machinery (2757) Electrical components & equipment (2733) General industrials (272) Electronic equipment (2737) Household goods (372) Media (555) Automobiles & parts (335) Software (9537) Electrical components & equipment (2733) Personal goods (376) Household goods (372) Commercial vehicles & trucks (2753) Industrial machinery (2757) Chemicals (135) Electronic equipment (2737) Software (9537) Spain Finland The Netherlands 7.52 7.50 7.50 change 07/06 % 27.7 25.0 0.0
Net Sales 2007 m 2,685 1,568 1,713
R&D/Net Sales ratio 2007 % 0.3 0.5 0.4
Operating Profit 2007 % of Net Sales 0.7 18.3 3.2
763
UK
7.50
-13.0
307
2.4
12.1
763 767 768 769 770 770 772 772 772 772 772 777 778 779 780 781 781 783 784 785 786 786 788 789 790 791 791 793 793 795
Germany Ireland UK UK Finland France Germany UK Finland Finland Germany UK Austria UK Sweden Germany Italy Germany Germany The Netherlands The Netherlands Germany Germany The Netherlands UK Austria UK Belgium Belgium UK
7.50 7.48 7.47 7.44 7.42 7.42 7.40 7.40 7.40 7.40 7.40 7.38 7.37 7.32 7.30 7.28 7.28 7.25 7.19 7.16 7.14 7.14 7.12 7.10 7.08 7.04 7.04 7.00 7.00 6.98
-35.9 -3.5 16.0 35.0 9.0
21,866 1,863 116 33 158 449
0.0 0.4 6.4 22.5 4.7 1.7 0.6 19.0 1.1 2.7 5.5 1.0 33.5 4.6 1.1 4.8 0.2 9.4 3.7 1.0 15.9 3.4 1.0 0.9 0.9 1.7 1.2 1.2 7.4 17.0
1.4 12.5 10.3 9.1 8.2 10.5 41.7 -5.1 16.3 5.9 24.6 12.5
68.2 2.2 21.3 31.4 179.2 125.0 -0.4 13.8 32.7 11.5 12.5 76.4 -1.8 -48.3 -20.2 22.3 -15.8 -23.7 29.9 -4.9 -11.0 6.1 27.3 5.4
1,219 39 658 270 134 706 22 160 663 153 4,215 77 192 739 45 213 699 779 806 426 568 604 95 41
11.3 9.0 9.2 8.6 1.3 27.6 -4.2 -106.7 4.7 23.0 7.4 5.3 7.3 16.7 1.8 62.1 9.8
64
R&D Investment Rank Company ICB Sector Country 2007 m 796 796 798 798 800 800 802 803 803 805 806 806 806 809 809 811 811 813 Microgen Liberata Hoeft & Wessel International Personal Finance Basler Actix International Clipper Windpower Biotage Vanco Chloride International Power Alliance Boots Sioen Industries Raisio SThree Affibody ExonHit Therapeutics Haulotte Apertio (now part of Nokia Siemens Networks) Urenco Leifheit Aga Foodservice (now Aga Rangemaster) Foseco (now part of Cookson) Paion Net Insight Randox Laboratories Silence Therapeutics Cast Ordina IAWS Newport Networks Anoto FKI (now part of Melrose) Jetter Lafuma Computer services (9533) Support services (279) Industrial machinery (2757) Other financials (877) Electrical components & equipment (2733) Software (9537) Electricity (753) Biotechnology (4573) Fixed line telecommunications (653) Electrical components & equipment (2733) Electricity (753) General retailers (537) Personal goods (376) Food producers (357) Support services (279) Biotechnology (4573) Biotechnology (4573) Commercial vehicles & trucks (2753) Telecommunications equipment (9578) Electricity (753) Household goods (372) Household goods (372) Industrial machinery (2757) Pharmaceuticals (4577) Telecommunications equipment (9578) Biotechnology (4573) Biotechnology (4573) Software (9537) Computer services (9533) Food producers (357) Telecommunications equipment (9578) Computer hardware (9572) Industrial machinery (2757) Industrial machinery (2757) Personal goods (376) UK UK Germany UK Germany UK UK Sweden UK UK UK UK Belgium Finland UK Sweden France France 6.97 6.97 6.94 6.94 6.93 6.93 6.89 6.88 6.88 6.83 6.81 6.81 6.81 6.80 6.80 6.79 6.79 6.77 -6.4 -30.1 43.5 1.3 37.1 7.9 66.5 -68.9 5.1 -39.3 857.7 16.9 32.9 8.5 27.1 change 07/06 % -16.8
Net Sales 2007 m 49 281 100 558 52 31 16 53 249 364 3,165 15,660 380 441 712 2 5 648
R&D/Net Sales ratio 2007 % 14.2 2.5 6.9 1.2 13.3 22.4 43.1 13.0 2.8 1.9 0.2 0.0 1.8 1.5 1.0 339.5 135.8 1.0
Operating Profit 2007 % of Net Sales 10.2 3.6 6.0 11.5 3.8 -9.7 -843.8 7.5 10.4 12.6 22.1 4.2 10.3 1.1 9.8 -500.0 -140.0 17.6
814 815 816 817
UK UK Germany UK
6.75 6.70 6.69 6.67
4.7 -46.4 10.4 8.8
27 1,024 276 778
25.0 0.7 2.4 0.9
-18.5 34.5 1.1 5.8
817 819 820 821 821 823 824 825 826 827 828 829 830
UK Germany Sweden UK UK France The Netherlands Ireland UK Sweden UK Germany France
6.67 6.64 6.63 6.59 6.59 6.56 6.51 6.48 6.42 6.41 6.40 6.38 6.37
-5.8 -48.0 -32.9 -20.5 51.8 10.8 -11.3 9.8 -27.0 -53.0 -37.3 0.8 15.6
587 5 24 60 6 31 665 1,908 <0.5 18 1,816 41 251
1.1 132.8 27.6 11.0 109.8 21.2 1.0 0.3
9.9 -260.0 12.5 6.7 -133.3 6.5 6.9 9.7
35.6 0.4 15.6 2.5
-5.6 6.6 9.8 3.2
65
R&D Investment Rank Company ICB Sector Country 2007 m 831 831 833 834 835 835 837 838 839 840 840 842 842 842 845 845 847 847 849 849 851 852 853 Innovia Films Graphisoft Alphameric Tilgin GW Sohlberg SHL Stratec Biomedical System BWT Nationwide 4SC Genesys (now part of West, USA) Torotrak GFI Informatique Norbrook Laboratories Kaessbohrer Gelaendefahrzeug Randstad Amtel-Vredestein SABMiller Espirito Santo Financial PZ Cussons Sectra Devro Centrotec Sustainable Artwork Systems (now part of EskoGraphics, Denmark) Christie Bond International Software Aerocrine Forensic Science Service CEAG Sodexho Alliance (now Sodexo) G4S Clearswift Systems Xchanging ReNeuron TELES Chemicals (135) Software (9537) Software (9537) Electronic equipment (2737) Electronic equipment (2737) Support services (279) Health care equipment & services (453) Gas, water & multiutilities (757) Other financials (877) Biotechnology (4573) Fixed line telecommunications (653) Automobiles & parts (335) Computer services (9533) Pharmaceuticals (4577) Industrial machinery (2757) Support services (279) Automobiles & parts (335) Beverages (353) Banks (835) Personal goods (376) Health care equipment & services (453) Food producers (357) Chemicals (135) UK Hungary UK Sweden Finland UK Germany Austria UK Germany France UK France UK Germany The Netherlands The Netherlands UK Luxembourg UK Sweden UK Germany 6.36 6.36 6.34 6.33 6.30 6.30 6.29 6.28 6.26 6.24 6.24 6.22 6.22 6.22 6.20 6.20 6.16 6.16 6.13 6.13 6.12 6.11 6.10 change 07/06 % 43.2 26.2 7.6 24.4 14.5 18.6 -18.7 6.6 -70.5 9.3 -12.0 2.6 2.0 10.9 -7.5 31.9 349.6 50.2 5.3 15.4 35.7 -7.4 56.8
Net Sales 2007 m 357 33 62 41 10 113 68 397 3,100 1 148 5 688 127 183 2,030 559 14,644 2,644 787 79 214 406
R&D/Net Sales ratio 2007 % 1.8 19.3 10.2 15.4 63.0 5.6 9.3 1.6 0.2 624.0 4.2 124.4 0.9 4.9 3.4 0.3 1.1 0.0 0.2 0.8 7.7 2.9 1.5
Operating Profit 2007 % of Net Sales 8.7 -11.3 -12.2 -280.0 1.8 20.6 8.8 30.1 -900.0 12.2 -80.0 3.9 5.5 10.4 25.9 -9.5 17.2 29.3 9.3 10.1 11.7 6.7
854 855 856 857 857 859 859 861 862 862 864 864
Software (9537) Support services (279) Software (9537) Health care equipment & services (453) Support services (279) Telecommunications equipment (9578) Travel & leisure (575) Support services (279) Software (9537) Support services (279) Biotechnology (4573) Internet (9535)
Belgium UK UK Sweden UK Germany France UK UK UK UK Germany
6.08 6.05 6.03 6.01 6.01 6.00 6.00 5.99 5.97 5.97 5.94 5.94
9.9 46.5 70.3 31.2
46 119 40 8 215
13.2 5.1 15.1 75.1 2.8 1.9 0.0 0.1 21.3 0.9 22.0
34.8 8.4 17.5 -150.0 -0.5 3.8 4.8 5.1 -28.6 6.8 -59.3
-6.3 200.0 213.6 -6.0 114.0 1.5 -6.3
315 13,385 6,502 28 637 <0.5 27
66
R&D Investment Rank Company ICB Sector Country 2007 m 866 866 866 869 870 871 872 873 873 875 876 877 877 879 880 880 882 882 882 885 886 887 888 889 890 891 892 893 894 894 896 897 898 899 900 900 MicroEmissive Displays JoWooD Productions Software Update Software Games Workshop Meridio Dantherm Vandemoortele Rhj International Systar XCounter Investment AB Kinnevik Ponsse Efore Langley Bespak (now Consort Medical) Cerep Premier Foods Phoqus Pharmaceuticals Camelot Boiron Ercros Inmarsat Fagerhult Kemble Water Surrey Satellite Technology Marshalls Biolitec Grifols Sanochemia Pharmazeutika Transitive PV Crystalox Solar PKC IRIS CML Microsystems AERO Vodochody Fagor Electrodomesticos Electrical components & equipment (2733) Software (9537) Software (9537) Leisure goods (374) Software (9537) Industrial machinery (2757) Food producers (357) Other financials (877) Software (9537) Health care equipment & services (453) Other financials (877) Commercial vehicles & trucks (2753) Electronic equipment (2737) Industrial machinery (2757) Health care equipment & services (453) Pharmaceuticals (4577) Food producers (357) Pharmaceuticals (4577) Travel & leisure (575) Pharmaceuticals (4577) Chemicals (135) Mobile telecommunications (657) Electrical components & equipment (2733) Support services (279) Telecommunications equipment (9578) Construction & materials (235) Pharmaceuticals (4577) Pharmaceuticals (4577) Pharmaceuticals (4577) Software (9537) Electrical components & equipment (2733) Electronic equipment (2737) Software (9537) Semiconductors (9576) Aerospace & defence (271) Household goods (372) UK Austria Austria UK UK Denmark Belgium Belgium France Sweden Sweden Finland Finland UK UK France UK UK UK France Spain UK Sweden UK UK UK Germany Spain Austria UK UK Finland Belgium UK Czech Republic Spain 5.92 5.92 5.92 5.91 5.90 5.89 5.87 5.86 5.86 5.85 5.82 5.81 5.81 5.76 5.74 5.74 5.72 5.72 5.72 5.71 5.70 5.68 5.62 5.58 5.56 5.55 5.54 5.53 5.52 5.52 5.51 5.50 5.48 5.40 5.38 5.38 12.0 10.3 -16.3 -56.0 13.0 change 07/06 % 8.6 14.7 46.2 2.1 10.3 24.0 6.7 -83.7 8.7 164.7 -25.7 78.2 19.5 -1.9 11.7 -55.2 16.7 34.0 -69.3 77.9 -6.6 143.8 18.6 13.9 2.6 8.0 1.5 14.0 -36.3 24.6
Net Sales 2007 m <0.5 23 32 152 15 396 972 4,104 18 <0.5 812 310 80 494 177 49 3,149 <0.5 5,884 434 845 394 267 2,175 35 549 39 703 30 4 359 289 95 23 110 1,750
R&D/Net Sales ratio 2007 %
Operating Profit 2007 % of Net Sales
25.7 18.5 3.9 39.3 1.5 0.6 0.1 32.6
8.7 12.5 -2.0 -20.0 2.3 3.9 -8.7 11.1
0.7 1.9 7.3 1.2 3.2 11.7 0.2
210.7 12.3 -2.5 10.7 11.9 2.0 3.3
0.1 1.3 0.7 1.4 2.1 0.3 15.9 1.0 14.2 0.8 18.4 138.0 1.5 1.9 5.8 23.5 4.9 0.3
1.1 10.1 -4.7 36.8 7.9 37.0 5.7 11.7 20.5 20.8 -23.3 -100.0 25.1 9.7 8.4 -8.7 -29.1 1.9
67
R&D Investment Rank Company ICB Sector Country 2007 m 902 903 904 904 906 907 908 909 909 911 911 911 914 914 914 917 917 919 920 921 922 922 924 924 926 927 927 929 929 931 932 933 934 934 936 Helphire Polynt Augusta Technologie Ambu Cie Automotive Deutsche Steinzeug Compair Balda Ensto Stonesoft Sodra Maconomy Hymer Ceres Power Dansk Landbrugs Grovvareselskab Schuler Topdanmark Trafficmaster Boss Media ALTEC Intelligent Energy Vapo Viscom Manuli Rubber Industries Lindab International Elementis Scottish and Southern Energy Inion Marazzi Havenbedrijf Rotterdam HL Display Zincox Resources Archos Adcapital Ortivus Other financials (877) Chemicals (135) Electrical components & equipment (2733) Health care equipment & services (453) Automobiles & parts (335) Construction & materials (235) Support services (279) Chemicals (135) Electrical components & equipment (2733) Computer services (9533) Forestry & paper (173) Software (9537) Automobiles & parts (335) Electrical components & equipment (2733) Food producers (357) Industrial machinery (2757) Nonlife insurance (853) Telecommunications equipment (9578) Travel & leisure (575) Computer services (9533) Electrical components & equipment (2733) Electricity (753) Electronic equipment (2737) Industrial machinery (2757) Construction & materials (235) Chemicals (135) Electricity (753) Health care equipment & services (453) Household goods (372) Industrial transportation (277) Household goods (372) Mining (177) Leisure goods (374) Other financials (877) Health care equipment & services (453) UK Italy Germany Denmark Spain Germany UK Germany Finland Finland Sweden Denmark Germany UK Denmark Germany Denmark UK Sweden Greece UK Finland Germany Italy Sweden UK UK Finland Italy The Netherlands Sweden UK France Germany Sweden 5.37 5.36 5.35 5.35 5.34 5.33 5.31 5.30 5.30 5.29 5.29 5.29 5.25 5.25 5.25 5.23 5.23 5.20 5.18 5.16 5.14 5.14 5.10 5.10 5.08 5.04 5.04 5.02 5.02 5.00 4.96 4.95 4.94 4.94 4.93 59.4 11.6 -15.9 -41.3 -0.8 -5.3 0.0 19.8 -10.6 38.0 25.7 -47.8 change 07/06 % 90.4 19.9 14.8 -7.9 -16.6 -34.2 25.8 120.8 17.8 10.2 0.0 3.1 -24.9 63.6 61.0 27.6 34.4 24.1 -26.8 -1.7 -39.6 14.5
Net Sales 2007 m 395 576 119 96 1,278 243 361 309 209 19 1,794 30 870 <0.5 3,303 725 1,687 66 33 229 2 661 52 305 982 489 20,771 5 984 474 166 0 124 118 17
R&D/Net Sales ratio 2007 % 1.4 0.9 4.5 5.6 0.4 2.2 1.5 1.7 2.5 27.8 0.3 17.6 0.6
Operating Profit 2007 % of Net Sales 13.9 7.5 13.4 9.4 6.7 4.9 5.0 -10.0 6.7 -36.8 9.9
5.6
0.2 0.7 0.3 7.9 15.7 2.3 257.0 0.8 9.8 1.7 0.5 1.0 0.0 100.4 0.5 1.1 3.0 4.0 4.2 29.0
1.7 1.9 13.2 10.6 15.2 3.9 -500.0 7.6 7.7 11.5 14.1 12.5 6.5 -240.0 11.8 35.9 9.6 2.4 18.6 -35.3
68
R&D Investment Rank Company ICB Sector Country 2007 m 936 936 939 940 941 942 943 944 945 946 947 947 949 950 950 952 952 954 954 954 957 958 959 959 959 962 963 963 963 963 967 967 969 970 Poste Italiane Meldex International Nipson Digital Printing Systems Portrait Software Victrex Finuchem ORLEN Otor OMG Quantel Tesco Personal Finance Usu Software Norddeutsche Affinerie Analytik Jena Dyson Pescanova Jensen AudioDev Pursuit Dynamics BRISA GeneMedix Avon Rubber ACH Datalex BioDiesel International Aeroports de Paris Elcoteq Rotork RCS MediaGroup Veikkaus ITM Power Emak Glunz & Jensen Realtech Industrial transportation (277) Pharmaceuticals (4577) Media (555) Software (9537) Chemicals (135) Commercial vehicles & trucks (2753) Oil & gas producers (53) General industrials (272) Software (9537) Health care equipment & services (453) Other financials (877) Software (9537) Industrial metals (175) Biotechnology (4573) Chemicals (135) Food producers (357) Industrial machinery (2757) Computer hardware (9572) Industrial machinery (2757) Industrial transportation (277) Biotechnology (4573) General industrials (272) Automobiles & parts (335) Computer services (9533) Industrial machinery (2757) Industrial transportation (277) Electronic equipment (2737) Industrial machinery (2757) Media (555) Travel & leisure (575) Electrical components & equipment (2733) Household goods (372) Computer hardware (9572) Computer services (9533) Italy UK UK UK UK France Poland France UK France UK Germany Germany Germany UK Spain Belgium Sweden UK Portugal UK UK Slovenia Ireland Austria France Finland UK Italy Finland UK Italy Denmark Germany 4.93 4.93 4.91 4.88 4.86 4.83 4.82 4.81 4.79 4.78 4.77 4.77 4.73 4.72 4.72 4.70 4.70 4.67 4.67 4.67 4.66 4.64 4.62 4.62 4.62 4.61 4.60 4.60 4.60 4.60 4.59 4.59 4.57 4.56 66.2 -1.5 12.4 5.4 20.5 11.9 2.9 443.0 -31.3 47.0 -63.8 -3.3 -8.3 -24.6 -22.7 -32.4 22.3 31.4 -69.9 109.6 3.6 2.5 -0.7 change 07/06 % 78.0 47.2 -7.2 14.3 44.2 40.0 18.4 15.1 50.6 11.9
Net Sales 2007 m 15,932 37 37 20 178 172 17,741 451 27 42 654 31 6,469 69 87 1,293 215 12 4 623 0 100 734 21 77 2,292 4,043 321 2,740 1,327 0 218 60 64
-16.2
39.3 5.8 4.0 4.2 7.4 -4.8 43.4 6.5 4.9 2.9 -16.1 4.8 8.4 -66.7 -250.0 52.3
4.6 0.6 22.0 6.0 0.2 0.1 1.4 0.2 0.3 6.7 -9.5 5.2 17.7 -2.4 23.4 9.7 31.7
2.1 7.6 7.1
11.0
10.9
69
R&D Investment Rank Company ICB Sector Country 2007 m 971 Flomerics (now part of Mentor Graphics, USA) Ocean Power Delivery (now Pelamis Wave Power) Dechra Pharmaceuticals Beijer Electronics Deceuninck Hochtief Evialis TDG Kiln Atoss Software Tamfelt UNIQA Amino Technologies ip access Astion Pharma Studsvik Osterreichische Bundesbahnen Bernard Matthews QXL ricardo (now Tradus) Lectus Therapeutics Teleste PartyGaming Isagro Bulgari Raysearch Laboratories Posten Wellstream Medivir Proteome Sciences Innovation Software (9537) UK 4.54 change 07/06 % 12.9
Net Sales 2007 m 22
Operating Profit 2007 % of Net Sales -13.6
972
Electricity (753)
UK
4.53
99.6
<0.5
972 974 975 976 976 978 978 978 981 982 983 984 984 984 987 988 988 990 990 990 993 993 993 996 996 998 999 1000
Pharmaceuticals (4577) Electronic equipment (2737) Construction & materials (235) Construction & materials (235) Food producers (357) Industrial transportation (277) Nonlife insurance (853) Software (9537) Personal goods (376) Nonlife insurance (853) Telecommunications equipment (9578) Electronic equipment (2737) Pharmaceuticals (4577) Support services (279) Travel & leisure (575) Food producers (357) General retailers (537) Biotechnology (4573) Telecommunications equipment (9578) Travel & leisure (575) Chemicals (135) General retailers (537) Health care equipment & services (453) Industrial transportation (277) Oil equipment, services & distribution (57) Pharmaceuticals (4577) Pharmaceuticals (4577) Software (9537)
UK Sweden Belgium Germany France UK UK Germany Finland Austria UK UK Denmark Sweden Austria UK UK UK Finland UK Italy Italy Sweden Sweden UK Sweden UK UK
4.53 4.52 4.51 4.50 4.50 4.49 4.49 4.49 4.48 4.46 4.44 4.42 4.42 4.42 4.40 4.39 4.39 4.38 4.38 4.38 4.35 4.35 4.35 4.34 4.34 4.30 4.28 4.27
141.0 4.6 -11.7 -31.7 25.0 -19.5 -12.5 16.9 2.3 619.4 -5.9 -27.9 127.8 5.0 -76.5 45.4 281.7 184.4 -52.9 16.5 -40.1 -19.4 48.0 78.6 37.3 -86.1 9.5 37.7
346 102 657 16,452 759 912 437 24 168 4,905 44 18 0 139 4,874 575 50 0 125 313 195 1,091 7 3,164 363 26 <0.5 150
1.3 4.4 0.7 0.0 0.6 0.5 1.0 18.7 2.7 0.1 10.1 24.6
5.5 8.8 2.1 1.7 0.7 2.1 19.9 16.7 15.5 6.9 2.3 -66.7
3.2 0.1 0.8 8.8
2.9 3.6 -5.0 26.0
3.5 1.4 2.2 0.4 62.1 0.1 1.2 16.5 2.8
9.6 -4.8 4.1 15.1 42.9 6.5 17.9 -15.4 8.7
70
Table A2.2. Ranking of the top 1000 non-EU companies by level of R&D investment.
R&D Investment Rank Company ICB Sector Country 2007 m Top 1000 Companies number of companies for calculation Software (9537) USA Automobiles & parts USA (335) Pharmaceuticals (4577) USA Automobiles & parts Japan (335) Pharmaceuticals (4577) USA Automobiles & parts USA (335) Pharmaceuticals (4577) Switzerland Electronic equipment (2737) Pharmaceuticals (4577) Semiconductors (9576) Computer services (9533) Leisure goods (374) Automobiles & parts (335) Pharmaceuticals (4577) Leisure goods (374) Telecommunications equipment (9578) Telecommunications equipment (9578) Automobiles & parts (335) Aerospace & defence (271) Computer hardware (9572) Computer hardware (9572) Computer hardware (9572) Pharmaceuticals (4577) Electronic equipment (2737) Pharmaceuticals (4577) Biotechnology (4573) Pharmaceuticals (4577) General industrials (272) Computer hardware (9572) Pharmaceuticals (4577) Software (9537) Pharmaceuticals (4577) Automobiles & parts (335) Fixed line telecommunications (653) Automobiles & parts (335) South Korea Switzerland USA USA Japan Japan USA Japan USA USA Japan USA Japan USA Japan USA Japan USA USA USA USA Japan USA USA USA Japan Japan South Korea 252,983.77 1000 5,583.89 5,540.11 5,532.59 5,453.73 5,252.85 5,129.74 5,010.17 4,438.20 4,386.95 3,936.22 3,930.75 3,539.28 3,378.63 3,339.66 3,330.20 3,077.16 3,029.28 2,845.93 2,633.26 2,525.70 2,469.80 2,412.15 2,384.78 2,254.64 2,244.77 2,233.83 2,227.53 2,058.05 2,048.80 2,001.28 1,874.75 1,713.78 1,713.60 1,665.67 1,602.76 change 07/06 % 9.2 994 14.6 22.7 6.4 9.6 7.8 4.2 25.9 6.3 21.1 -2.0 1.3 2.4 8.1 2.1 2.3 10.6 7.9 3.9 18.2 1.8 0.6 5.8 11.4 19.4 7.0 -3.0 4.8 1.3 16.4 33.7 24.9 11.1 9.2 -11.8 51.3 Net Sales 2007 m 6,638,605 997 41,325 124,719 33,116 141,280 41,787 117,962 27,871 71,979 27,222 26,219 67,566 55,764 67,880 16,550 47,483 23,885 25,048 64,093 45,406 62,742 71,130 43,569 12,745 27,437 13,664 10,103 15,321 102,622 28,485 8,680 15,341 17,724 22,100 65,880 50,857 R&D/Net Sales ratio 2007 % 3.8 995 13.5 4.4 16.7 3.9 12.6 4.3 18.0 6.2 16.1 15.0 5.8 6.3 5.0 20.2 7.0 12.9 12.1 4.4 5.8 4.0 3.5 5.5 18.7 8.2 16.4 22.1 14.5 2.0 7.2 23.1 12.2 9.7 7.8 2.5 3.2 Operating Profit 2007 % of Net Sales 11.3 994 37.6 -2.2 16.2 9.8 21.5 3.5 31.3 9.6 18.9 21.0 16.1 4.8 6.9 12.2 1.0 25.0 -1.6 6.5 9.5 2.2 8.4 2.8 20.9 17.2 18.7 26.9 28.4 16.5 2.5 -15.0 35.0 17.1 8.4 11.0 4.2
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35
Microsoft General Motors Pfizer Toyota Motor Johnson & Johnson Ford Motor Roche Samsung Electronics Novartis Intel IBM Matsushita Electric Honda Motor Merck Sony Cisco Systems Motorola Nissan Motor Boeing Hitachi Hewlett-Packard Toshiba Eli Lilly Canon Bristol-Myers Squibb Amgen Wyeth General Electric NEC Schering-Plough Oracle Abbott Laboratories Denso NTT Hyundai Motor
71
R&D Investment Rank Company ICB Sector Country 2007 m 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 Fujitsu Texas Instruments Google Procter & Gamble Sun Microsystems Delphi Advanced Micro Devices Qualcomm LG Electronics EMC Takeda Pharmaceutical Nortel Networks Sharp United Technologies Nestle FUJIFILM Daiichi Sankyo Astellas Pharma Honeywell Caterpillar Broadcom DuPont Dow Chemical Medtronic Telstra Lockheed Martin Yahoo! Mitsubishi Electric Electronic Arts Applied Materials Sanyo Electric Freescale Semiconductor Boston Scientific Ricoh AT&T Computer services (9533) Semiconductors (9576) Internet (9535) Household goods (372) Computer hardware (9572) Automobiles & parts (335) Semiconductors (9576) Telecommunications equipment (9578) Electronic equipment (2737) Computer hardware (9572) Pharmaceuticals (4577) Telecommunications equipment (9578) Electronic equipment (2737) Aerospace & defence (271) Food producers (357) Leisure goods (374) Pharmaceuticals (4577) Pharmaceuticals (4577) General industrials (272) Commercial vehicles & trucks (2753) Semiconductors (9576) Chemicals (135) Chemicals (135) Health care equipment & services (453) Fixed line telecommunications (653) Aerospace & defence (271) Internet (9535) Electrical components & equipment (2733) Leisure goods (374) Semiconductors (9576) Electronic equipment (2737) Semiconductors (9576) Health care equipment & services (453) Electronic office equipment (9574) Fixed line telecommunications (653) Japan USA USA USA USA USA USA USA South Korea USA Japan Canada Japan USA Switzerland Japan Japan Japan USA USA USA USA USA USA Australia USA USA Japan USA USA Japan USA USA Japan USA 1,555.67 1,473.94 1,450.00 1,444.53 1,383.66 1,367.93 1,263.28 1,250.97 1,232.51 1,208.38 1,183.47 1,178.47 1,162.35 1,147.69 1,132.77 1,083.69 1,044.62 1,028.23 997.90 960.29 922.33 915.15 892.57 872.06 841.97 824.86 817.50 812.58 783.14 781.14 779.24 779.04 746.21 703.99 673.71 change 07/06 % 5.2 -1.8 72.6 1.8 -22.1 -4.8 53.3 18.9 1.0 20.2 13.9 -11.1 23.0 9.7 8.1 -2.8 7.5 18.2 3.4 4.2 20.7 2.8 12.1 2.9 124.3 5.9 40.3 9.6 10.0 -0.9 0.4 -5.5 8.2 4.2 341.7
Net Sales 2007 m 31,225 9,463 11,350 52,307 9,489 17,893 4,113 6,067 39,039 9,049 7,991 7,488 19,149 36,879 64,977 17,036 5,691 5,636 23,658 30,750 2,583 20,094 36,601 9,244 14,238 28,632 4,767 23,606 2,507 6,658 13,564 3,914 5,716 12,676 81,343
Operating Profit 2007 % of Net Sales 4.2 25.2 30.9 20.9 2.6 -10.8 -50.2 32.5 4.6 13.1 41.8 2.1 5.1 13.1 14.2 3.3 5.1 21.4 10.7 11.2 2.3 13.5 8.3 20.5 24.1 10.7 10.0 4.7 -16.5 24.1 -0.9 -29.9 0.0 8.7 18.0
72
R&D Investment Rank Company ICB Sector Country 2007 m 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 Marvell Technology Eisai Mazda Motor Mitsubishi Heavy Amazon.com Aisin Seiki Biogen Idec Symantec Petroleo Brasiliero Sumitomo Chemical ABB Apple Syngenta Suzuki Motor Deere Mitsubishi Chemical Exxon Mobil Micron Technology 3M Monsanto Bridgestone Yamaha Motor Xerox Baxter International Seiko Epson Vale Do Rio Doce eBay Schlumberger PetroChina Allergan Genzyme Nvidia Agilent Technologies Forest Laboratories LSI Konica Minolta Korea Electric Power Gazprom Altria Hynix Semiconductor CA Semiconductors (9576) Pharmaceuticals (4577) Automobiles & parts (335) General industrials (272) General retailers (537) Automobiles & parts (335) Biotechnology (4573) Software (9537) Oil & gas producers (53) Chemicals (135) Electrical components & equipment (2733) Computer hardware (9572) Chemicals (135) Automobiles & parts (335) Commercial vehicles & trucks (2753) Chemicals (135) Oil & gas producers (53) Semiconductors (9576) General industrials (272) Chemicals (135) Automobiles & parts (335) Automobiles & parts (335) Electronic office equipment (9574) Health care equipment & services (453) Electronic office equipment (9574) Mining (177) General retailers (537) Oil equipment, services & distribution (57) Oil & gas producers (53) Pharmaceuticals (4577) Biotechnology (4573) Semiconductors (9576) Electronic equipment (2737) Pharmaceuticals (4577) Semiconductors (9576) Leisure goods (374) Electricity (753) Oil & gas producers (53) Tobacco (378) Semiconductors (9576) Software (9537) Bermuda Japan Japan Japan USA Japan USA USA Brazil Japan Switzerland USA Switzerland Japan USA Japan USA USA USA USA Japan Japan USA USA Japan Brazil USA USA China USA USA USA USA USA USA Japan South Korea Russia USA South Korea USA 663.99 663.03 658.48 651.17 647.71 635.20 632.78 612.31 602.57 598.25 595.73 586.16 567.69 564.12 558.66 558.22 556.75 550.59 538.96 533.49 531.11 523.77 522.55 519.81 518.51 501.35 499.52 498.26 497.70 491.16 484.43 473.06 468.52 458.92 448.15 441.68 440.43 431.64 431.58 431.21 429.53 change 07/06 % 47.5 16.1 12.3 5.5 20.6 9.0 28.8 3.3 21.2 6.4 12.8 20.4 4.3 2.5 12.5 1.8 11.1 22.7 -7.1 7.6 0.1 11.0 0.4 23.8 -8.9 52.4 27.2 17.6 24.8 -32.0 12.0 25.0 4.6 -28.7 58.5 7.4 8.8 18.0 -37.2 27.8 -0.2
Net Sales 2007 m 1,980 4,127 19,882 18,787 10,147 14,563 2,169 4,018 60,008 10,959 20,728 16,419 6,320 19,369 14,698 16,058 245,270 3,890 16,731 5,887 20,756 10,755 11,567 7,703 8,670 22,052 5,248 15,920 78,194 2,708 2,608 2,803 3,707 2,395 1,781 6,292 21,290 66,629 31,861 6,316 2,925
R&D/Net Sales ratio 2007 % 33.5 16.1 3.3 3.5 6.4 4.4 29.2 15.2 1.0 5.5 2.9 3.6 9.0 2.9 3.8 3.5 0.2 14.2 3.2 9.1 2.6 4.9 4.5 6.7 6.0 2.3 9.5 3.1 0.6 18.1 18.6 16.9 12.6 19.2 25.2 7.0 2.1 0.6 1.4 6.8 14.7
Operating Profit 2007 % of Net Sales -3.6 15.5 4.8 2.9 4.4 5.8 26.1 12.9 22.7 8.2 13.4 18.2 14.5 4.1 8.2 5.2 19.8 -4.8 21.8 15.9 7.1 6.6 10.3 18.8 1.1 40.9 8.0 28.8 23.4 18.1 17.4 20.4 10.5 31.5 -100.5 9.4 10.5 34.4 30.7 6.4 19.3
73
R&D Investment Rank Company ICB Sector Country 2007 m 112 113 114 115 116 117 118 119 120 121 122 123 Juniper Networks Adobe Systems Sumitomo Electric Dell LG Display Danaher Analog Devices Teva Pharmaceutical Industries Corning Gilead Sciences Chevron Taiwan Semiconductor Manufacturing Kyocera Northrop Grumman Eastman Kodak Pioneer Isuzu Motors Intuit Cadence Design Systems Visteon Tokyo Electron Raytheon Avaya Olympus Johnson Controls Automatic Data Processing Autodesk Liebherr St Jude Medical Hon Hai Precision Industry Asahi Kasei China Petroleum & Chemical Sega Sammy Telecommunications equipment (9578) Software (9537) Electrical components & equipment (2733) Computer hardware (9572) Electrical components & equipment (2733) Electronic equipment (2737) Semiconductors (9576) Pharmaceuticals (4577) Telecommunications equipment (9578) Biotechnology (4573) Oil & gas producers (53) Semiconductors (9576) Electrical components & equipment (2733) Aerospace & defence (271) Leisure goods (374) Electronic equipment (2737) Commercial vehicles & trucks (2753) Software (9537) Software (9537) Automobiles & parts (335) Semiconductors (9576) Aerospace & defence (271) Telecommunications equipment (9578) Leisure goods (374) Automobiles & parts (335) Support services (279) Software (9537) Commercial vehicles & trucks (2753) Health care equipment & services (453) Electronic equipment (2737) Chemicals (135) Oil & gas producers (53) Travel & leisure (575) USA USA Japan USA South Korea USA USA Israel USA USA USA Taiwan 426.08 419.44 418.61 417.22 412.99 411.35 403.90 397.38 386.44 384.56 384.39 378.44 change 07/06 % 29.7 13.6 6.1 22.5 -23.4 34.8 10.0 17.4 9.3 55.1 20.1 11.6
Net Sales 2007 m 1,940 2,160 14,598 41,813 10,487 7,597 1,874 6,435 4,008 2,893 146,431 6,803
R&D/Net Sales ratio 2007 % 22.0 19.4 2.9 1.0 3.9 5.4 21.6 6.2 9.6 13.3 0.3 5.6
Operating Profit 2007 % of Net Sales 14.3 27.4 6.1 5.5 11.4 15.8 20.8 25.4 21.2 50.9 14.3 36.1
124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144
Japan USA USA Japan Japan USA USA USA Japan USA USA Japan USA USA USA Switzerland USA Taiwan Japan China Japan
374.08 367.29 365.92 362.58 358.16 356.24 354.38 348.82 348.74 343.35 341.30 339.98 335.83 332.48 331.93 330.00 325.79 323.50 320.97 320.16 319.02
6.4 -6.4 -24.6 -6.7 6.2 19.3 7.0 -14.1 15.8 8.2 10.2 20.9 16.9 2.9 19.4 20.9 10.5 44.0 1.9 17.8 43.4
7,871 21,909 7,662 4,944 10,181 1,864 1,105 7,740 5,216 15,339 3,521 6,501 23,719 6,374 1,486 7,491 2,585 35,905 9,942 112,822 3,234
4.8 1.7 4.8 7.3 3.5 19.1 32.1 4.5 6.7 2.2 9.7 5.2 1.4 5.2 22.3 4.4 12.6 0.9 3.2 0.3 9.9
10.9 9.3 -3.3 -1.0 7.0 23.3 19.5 -1.3 16.9 9.8 4.9 8.4 5.1 18.3 20.5 11.1 20.6 5.4 7.6 7.2 14.7
74
R&D Investment Rank Company ICB Sector Country 2007 m 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 172 174 175 176 177 178 179 180 181 Omron Fuji Heavy Industries NetApp TDK Kraft Foods ZTE Kla-Tencor Spansion KT General Dynamics Nikon Whirlpool McKesson Alps Electric SanDisk Komatsu POSCO Lexmark Kao Emerson Electric Navistar International Synopsys Celgene Toray Industries Givaudan Stryker Shin-Etsu Chemical Goodyear Baker Hughes Mitsubishi Motors Japan Tobacco Cephalon Nippon Steel Dainippon Sumitomo Pharma Textron PepsiCo National Semiconductor Electronic equipment (2737) Automobiles & parts (335) Computer hardware (9572) Electronic equipment (2737) Food producers (357) Telecommunications equipment (9578) Semiconductors (9576) Semiconductors (9576) Fixed line telecommunications (653) Aerospace & defence (271) Leisure goods (374) Household goods (372) Food & drug retailers (533) Electrical components & equipment (2733) Semiconductors (9576) Commercial vehicles & trucks (2753) Industrial metals (175) Computer hardware (9572) Personal goods (376) Electrical components & equipment (2733) Commercial vehicles & trucks (2753) Software (9537) Biotechnology (4573) Chemicals (135) Personal goods (376) Health care equipment & services (453) Chemicals (135) Automobiles & parts (335) Oil equipment, services & distribution (57) Automobiles & parts (335) Tobacco (378) Pharmaceuticals (4577) Industrial metals (175) Pharmaceuticals (4577) General industrials (272) Beverages (353) Semiconductors (9576) Japan Japan USA Japan USA China USA USA South Korea USA Japan USA USA Japan USA Japan South Korea USA Japan USA USA USA USA Japan Switzerland USA Japan USA USA Japan Japan USA Japan Japan USA USA USA 318.54 310.46 309.29 306.48 305.73 300.63 299.24 298.75 295.86 294.11 289.09 287.95 287.27 286.55 285.94 283.50 281.92 276.19 271.77 271.53 261.27 260.95 258.87 258.75 256.76 256.69 255.53 254.44 254.44 253.01 252.48 252.46 252.42 250.22 249.65 248.96 248.28 13.3 14.2 25.6 17.0 14.1 27.1 -1.6 16.7 9.3 36.2 -7.8 17.4 9.0 10.3 11.5 -15.7 2.0 57.4 10.7 57.4 15.6 30.4 3.6 9.8 -31.5 10.0 -8.5 8.8 37.9 4.0 5.8 -0.2 change 07/06 % -5.9 10.7 17.3 10.0
Net Sales 2007 m 4,510 9,152 2,259 5,278 25,472 3,257 1,868 1,710 13,635 18,668 5,038 13,304 69,561 4,335 2,665 11,980 23,096 3,402 7,542 15,438 8,409 829 962 9,468 2,496 4,104 7,988 14,047 7,133 13,487 29,200 1,212 26,339 1,599 9,045 26,999 1,290
Operating Profit 2007 % of Net Sales 9.6 3.8 9.5 9.4 11.8 6.1 21.6 -9.6 9.9 11.3 10.6 5.0 1.5 2.9 7.2 14.2 15.5 6.6 9.9 14.8 3.5 11.6 29.7 5.5 7.8 21.9 19.0 3.7 21.7 1.5 6.3 -5.2 14.0 14.4 13.5 19.6 26.7
75
R&D Investment Rank Company ICB Sector Country 2007 m 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 StatoilHydro Vertex Pharmaceuticals Becton Dickinson Research In Motion Xilinx Harman International Industries Rockwell Collins Murata Manufacturing Tellabs JFE PPG Industries Nintendo Shionogi Eaton Mitsui Chemicals Cummins Yokogawa Electric Halliburton Onex Ono Pharmaceutical Teijin Samsung ElectroMechanics Toyota Industries Accenture Western Digital Asahi Glass Tata Motors Rohm Kawasaki Heavy Industries Tokyo Electric Power Kyowa Hakko Kogyo SunGard Data Systems United Microelectronics Rohm & Haas Nidec Oil & gas producers (53) Biotechnology (4573) Health care equipment & services (453) Telecommunications equipment (9578) Semiconductors (9576) Leisure goods (374) Aerospace & defence (271) Semiconductors (9576) Telecommunications equipment (9578) Industrial metals (175) Chemicals (135) Leisure goods (374) Pharmaceuticals (4577) General industrials (272) Chemicals (135) Commercial vehicles & trucks (2753) Electronic equipment (2737) Oil equipment, services & distribution (57) General industrials (272) Pharmaceuticals (4577) Chemicals (135) Electrical components & equipment (2733) Automobiles & parts (335) Support services (279) Computer hardware (9572) Construction & materials (235) Automobiles & parts (335) Semiconductors (9576) General industrials (272) Electricity (753) Biotechnology (4573) Computer services (9533) Semiconductors (9576) Chemicals (135) Computer hardware (9572) Norway USA USA Canada USA USA USA Japan USA Japan USA Japan Japan USA Japan USA Japan USA Canada Japan Japan South Korea Japan Bermuda USA Japan India Japan Japan Japan Japan USA Taiwan USA Japan 248.02 247.61 246.26 246.11 244.90 243.97 237.34 236.75 234.67 233.56 231.86 230.97 229.32 229.13 226.18 225.02 221.77 221.60 218.30 216.64 214.88 211.61 211.52 210.22 209.29 207.82 207.54 207.49 207.05 205.10 204.13 203.14 203.10 202.45 200.54 change 07/06 % 60.7 84.2 0.0 52.4 -7.7 18.1 24.4 11.5 -3.9 -0.1 1.5 23.3 16.1 4.4 -0.5 2.5 17.2 17.0 -20.5 3.9 12.5 4.5 10.9 3.0 3.0 10.3 50.1 0.3 25.1 -6.8 1.4 7.6 2.3 1.4 12.1
Net Sales 2007 m 65,711 136 4,372 4,110 1,259 2,429 3,020 3,470 1,309 19,962 8,412 5,912 1,223 8,914 10,335 8,924 2,653 11,979 16,263 868 6,181 1,749 11,500 14,673 3,740 10,293 6,187 2,419 8,808 32,345 2,169 3,352 2,389 6,095 3,855
Operating Profit 2007 % of Net Sales 26.3 -211.0 19.8 28.8 22.6 10.8 19.3 20.5 1.1 15.8 11.4 23.7 15.2 9.1 5.4 9.1 5.2 20.0 3.4 39.6 6.2 4.7 4.7 11.6 7.6 5.9 9.2 17.3 4.2 11.2 6.1 11.5 3.3 11.0 9.9
76
R&D Investment Rank Company ICB Sector Country 2007 m 217 Fuji Electric Millennium Pharmaceuticals (now part of Takeda Pharmaceutical, Japan) Lam Research Ajinomoto Cerner MediaTek BMC Software Asustek Computer Goodrich Conexant Systems Kimberly-Clark Beckman Coulter Atmel Activision (now Activision Blizzard) Altera Advantest Sepracor Lenovo Toppan Printing Elpida Memory EMBRAER Actelion Calsonic Kansei Kirin Paccar Taisho Pharmaceutical Tanabe Seiyaku (now Mitsubishi Tanabe Pharma) Brother Industries Applera AlCoA Dai Nippon Printing Barr Pharmaceuticals OC Oerlikon Colgate-Palmolive Daikin Industries Electrical components & equipment (2733) Japan 199.31 change 07/06 % 12.2
Net Sales 2007 m 5,560
218
Biotechnology (4573)
USA
196.36
-9.8
361
54.4
-4.4
219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242
Semiconductors (9576) Food producers (357) Software (9537) Semiconductors (9576) Software (9537) Computer hardware (9572) Aerospace & defence (271) Semiconductors (9576) Personal goods (376) Health care equipment & services (453) Semiconductors (9576) Leisure goods (374) Semiconductors (9576) Semiconductors (9576) Pharmaceuticals (4577) Computer hardware (9572) Media (555) Electrical components & equipment (2733) Aerospace & defence (271) Biotechnology (4573) Automobiles & parts (335) Beverages (353) Commercial vehicles & trucks (2753) Pharmaceuticals (4577)
USA Japan USA Taiwan USA Taiwan USA USA USA USA USA USA USA Japan USA Hong Kong Japan Japan Brazil Switzerland Japan Japan USA Japan
195.17 194.46 193.62 193.04 192.33 191.94 191.51 190.61 189.32 187.41 186.07 184.35 181.65 180.67 180.40 178.76 178.36 177.81 177.64 176.49 175.88 175.07 174.75 174.61
24.7 4.0 -8.1 55.0 6.4 17.9 -22.2 3.3 -8.1 3.4 -5.9 102.5 6.8 9.6 61.3 15.0 5.6 19.0 130.4 37.9 0.5 1.1 69.6 23.6
1,755 7,093 1,040 1,701 1,184 15,929 4,470 553 12,493 1,889 1,121 1,982 864 1,439 838 11,482 9,538 3,000 3,588 796 4,290 8,575 10,411 1,482
11.1 2.7 18.6 11.3 16.2 1.2 4.3 34.5 1.5 9.9 16.6 9.3 21.0 12.6 21.5 1.6 1.9 5.9 5.0 22.2 4.1 2.0 1.7 11.8
30.9 4.6 13.4 39.4 20.7 4.4 12.8 -47.0 14.9 11.0 3.1 16.5 21.8 24.7 1.7 2.6 4.3 13.0 7.1 10.8 0.0 8.7 11.0 8.2
242
Pharmaceuticals (4577) Computer hardware (9572) Biotechnology (4573) Industrial metals (175) Media (555) Pharmaceuticals (4577) General industrials (272) Personal goods (376) Construction & materials (235)
Japan
174.61
-6.6
1,087
16.1
16.7
244 245 246 247 248 249 250 251
Japan USA USA Japan USA Switzerland USA Japan
174.21 173.71 170.31 170.11 169.93 169.77 168.94 166.55
12.7 -6.4 16.9 -3.2 15.6 73.5 2.3 2.1
3,442 1,459 21,031 9,537 1,749 3,463 9,432 5,584
5.1 11.9 0.8 1.8 9.7 4.9 1.8 3.0
8.6 8.1 9.8 6.0 12.5 8.1 18.9 9.0
77
R&D Investment Rank Company ICB Sector Country 2007 m 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 Novellus Systems Tatung Thermo Fisher Scientific SK Telecom Toyota Boshoku Harris Ciba Citrix Systems Mentor Graphics Exelixis LG Chem Kobe Steel Sekisui Chemical Chi Mei Optoelectronic Toyoda Gosei Yamaha Brocade Communications Dover Parker Hannifin BorgWarner IHI Zimmer Novell PDL Biopharma RF Micro Devices Pitney Bowes 3Com Kubota Hilti General Mills Teradyne Human Genome Sciences Illinois Tool Works Palm International Game Technology Harley-Davidson Semiconductors (9576) Electrical components & equipment (2733) Electronic equipment (2737) Mobile telecommunications (657) Automobiles & parts (335) Telecommunications equipment (9578) Chemicals (135) Software (9537) Software (9537) Pharmaceuticals (4577) Chemicals (135) Industrial metals (175) Household goods (372) Electrical components & equipment (2733) Automobiles & parts (335) Leisure goods (374) Computer hardware (9572) General industrials (272) Industrial machinery (2757) Automobiles & parts (335) Industrial machinery (2757) Health care equipment & services (453) Software (9537) Biotechnology (4573) Semiconductors (9576) Electronic office equipment (9574) Telecommunications equipment (9578) General industrials (272) Construction & materials (235) Food producers (357) Semiconductors (9576) Biotechnology (4573) Industrial machinery (2757) Computer hardware (9572) Travel & leisure (575) Automobiles & parts (335) USA Taiwan USA South Korea Japan USA Switzerland USA USA USA South Korea Japan Japan Taiwan Japan Japan USA USA USA USA Japan USA USA USA USA USA USA Japan Liechtenstein USA USA USA USA USA USA USA 164.85 164.13 163.26 162.18 161.66 160.46 158.29 158.27 157.38 154.15 153.02 152.41 149.71 149.28 148.91 148.29 145.90 145.41 145.14 144.18 143.42 143.36 142.52 142.45 141.83 141.76 141.34 140.36 140.34 140.01 139.76 139.46 139.18 138.68 138.30 137.89 change 07/06 % -1.3 39.9 40.3 3.8 6.3 24.9 -3.0 33.0 1.3 21.5 -2.6 3.2 6.0 29.8 -3.9 0.7 29.4 37.2 27.7 12.3 8.4 11.3 15.5 -22.0 12.1 15.0 -4.2 0.9 7.4 7.2 -2.1 11.1 40.4 6.2 7.3 -6.6
Net Sales 2007 m 1,074 4,829 6,666 8,782 6,629 2,902 3,941 952 555 78 8,369 11,696 5,670 6,378 3,633 3,370 846 5,121 7,331 3,645 7,476 2,666 660 317 654 4,193 886 6,904 2,819 9,338 762 29 11,134 902 1,793 4,202
R&D/Net Sales ratio 2007 % 15.3 3.4 2.4 1.8 2.4 5.5 4.0 16.6 28.4 197.6 1.8 1.3 2.6 2.3 4.1 4.4 17.2 2.8 2.0 4.0 1.9 5.4 21.6 44.9 21.7 3.4 16.0 2.0 5.0 1.5 18.3 480.9 1.3 15.4 7.7 3.3
Operating Profit 2007 % of Net Sales 17.7 4.9 10.1 16.6 4.7 16.6 7.3 14.5 7.9 -105.1 5.8 10.0 4.3 14.8 5.4 6.2 8.0 13.2 11.4 8.6 -2.5 28.9 -5.8 -5.7 -4.9 14.7 -16.6 11.2 10.5 16.2 3.9 -603.4 16.2 -12.4 30.5 23.2
78
R&D Investment Rank Company ICB Sector Country 2007 m 288 289 290 291 292 Hospira Tektronix Nanya Technology International Flavors & Fragrances Amylin Pharmaceuticals Bausch & Lomb (now part of Warburg Pincus LLC) Takata Mylan Nitto Denko McAfee Chunghwa Picture Tubes OKI Electric Verisign Mattel Dana Sybase Cypress Semiconductor TRW Automotive Clariant International Kansai Electric Power Kudelski Koito Manufacturing NCR Linear Technology Expedia ITT AU Optronics Unisys Kellogg Furukawa Electric Federal-Mogul Medarex Telenor Weatherford International UTStarcom Pharmaceuticals (4577) Electronic equipment (2737) Semiconductors (9576) Personal goods (376) Biotechnology (4573) USA USA Taiwan USA USA 137.64 136.72 136.62 136.13 134.78 change 07/06 % 24.5 9.0 2.3 7.2 6.4
Net Sales 2007 m 2,350 756 1,145 1,557 534
R&D/Net Sales ratio 2007 % 5.9 18.1 11.9 8.7 25.2
Operating Profit 2007 % of Net Sales 8.9 9.3 -23.9 15.8 -31.1
293
Health care equipment & services (453) Automobiles & parts (335) Pharmaceuticals (4577) Chemicals (135) Software (9537) Electronic equipment (2737) Telecommunications equipment (9578) Software (9537) Leisure goods (374) Automobiles & parts (335) Software (9537) Semiconductors (9576) Automobiles & parts (335) Chemicals (135) Electricity (753) Electronic equipment (2737) Automobiles & parts (335) Computer hardware (9572) Semiconductors (9576) Travel & leisure (575) General industrials (272) Electronic equipment (2737) Computer services (9533) Food producers (357) General industrials (272) Automobiles & parts (335) Biotechnology (4573) Mobile telecommunications (657) Oil equipment, services & distribution (57) Telecommunications equipment (9578)
USA
134.47
10.8
1,568
8.6
5.0
294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 315 317 318 319 320 321 322
Japan USA Japan USA Taiwan Japan USA USA USA USA USA USA Switzerland Japan Switzerland Japan USA USA USA USA Taiwan USA USA Japan USA USA Norway USA USA
133.38 133.20 133.06 132.31 130.71 130.44 130.02 129.54 129.27 129.11 128.45 127.90 127.47 127.45 127.21 126.73 126.53 125.55 124.81 124.69 123.80 122.43 122.43 122.30 121.95 121.72 117.78 115.81 115.23
6.9 87.8 6.1 9.7 57.0 8.6 47.0 9.2 -14.5 0.9 -23.1 11.3 1.9 -0.6 7.8 1.5 -43.6 14.1 30.0 13.3 23.3 -46.9 -6.1 10.9 10.1 2.2 -10.6 13.3 -8.4
3,073 1,987 4,162 783 3,361 4,401 1,032 4,083 6,303 701 1,092 10,056 5,205 15,896 559 2,771 4,236 741 1,823 6,239 10,126 3,866 8,054 6,763 4,729 38 11,859 5,358 1,687
4.3 6.7 3.2 16.9 3.9 3.0 12.6 3.2 2.1 18.4 11.8 1.3 2.4 0.8 22.8 4.6 3.0 16.9 6.8 2.0 1.2 3.2 1.5 1.8 2.6 320.3 1.0 2.2 6.8
8.5 -42.4 10.2 12.9 7.0 -1.6 -14.7 12.2 -5.2 16.4 -1.0 4.4 2.8 11.3 8.9 5.6 6.1 48.4 20.2 11.5 13.4 1.4 15.8 4.7 27.6 -355.3 23.4 20.2 -9.1
79
R&D Investment Rank Company ICB Sector Country 2007 m 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 JDS Uniphase Sumitomo Metal Industries CSL Hasbro Polaris Software Lab Micronas Semiconductor Integrated Device Technology Quanta Computer Compal Electronics Sumitomo Rubber Industries Hyundai Heavy Industries Parametric Technology Casio Computer Namco Bandai Dade Behring (now part of Siemens, Germany) ConocoPhillips Garmin PMC-Sierra Molex Delta Electronics DST Systems Eastman Chemical Showa Denko JSR AGCO Winbond Electronic East Japan Railway Fanuc Pou Chen Dainippon Screen Mfg Kaneka Black & Decker Avid Technology Terumo King Pharmaceuticals Telecommunications equipment (9578) Industrial metals (175) Biotechnology (4573) Leisure goods (374) Software (9537) Semiconductors (9576) Semiconductors (9576) Computer hardware (9572) Electronic equipment (2737) Automobiles & parts (335) Commercial vehicles & trucks (2753) Software (9537) Leisure goods (374) Leisure goods (374) Pharmaceuticals (4577) Oil & gas producers (53) Leisure goods (374) Semiconductors (9576) Electronic equipment (2737) Electronic equipment (2737) Computer services (9533) Chemicals (135) Chemicals (135) Chemicals (135) Commercial vehicles & trucks (2753) Semiconductors (9576) Travel & leisure (575) Electronic equipment (2737) Personal goods (376) Semiconductors (9576) Chemicals (135) Household goods (372) Computer hardware (9572) Health care equipment & services (453) Pharmaceuticals (4577) USA Japan Australia USA India Switzerland USA Taiwan Taiwan Japan South Korea USA Japan Japan USA USA Cayman Islands USA USA Taiwan USA USA Japan Japan USA Taiwan Japan Japan Taiwan Japan Japan USA USA Japan USA 115.18 114.91 114.61 114.36 114.23 113.82 113.26 112.42 111.94 111.57 111.56 111.04 110.32 110.23 109.91 109.43 109.03 108.84 108.82 107.74 106.84 106.70 106.51 106.47 105.95 105.20 104.66 104.17 104.09 103.37 103.29 103.21 103.08 102.81 102.20 change 07/06 % 8.3 14.3 18.5 -2.4 17.1 6.8 -0.5 6.7 8.8 5.4 18.5 10.2 -1.0 -11.0 13.6 36.8 40.7 0.3 12.9 9.7 -0.9 -6.6 -10.9 9.9 21.1 6.0 1.2 5.9 11.5 27.2 0.0 8.2 6.6 -6.8 4.1
Net Sales 2007 m 955 9,812 1,905 2,625 179 431 534 16,394 10,507 3,473 15,266 644 3,801 2,811 1,190 115,212 2,175 307 2,234 2,738 1,575 5,042 6,265 2,240 4,670 694 16,269 2,569 4,159 1,845 2,897 4,489 636 1,692 1,462
Operating Profit 2007 % of Net Sales -8.6 20.3 24.7 12.2 11.7 -73.3 1.7 2.6 3.4 8.0 12.2 9.5 7.3 8.1 11.6 13.3 28.7 -5.2 10.1 12.7 17.7 6.1 6.1 14.5 6.1 -17.1 14.7 40.8 7.8 9.9 6.2 8.8 -1.4 20.2 10.7
80
R&D Investment Rank Company ICB Sector Country 2007 m 358 359 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 375 376 377 378 379 380 381 382 383 384 385 386 387 388 389 390 391 Synthes Lubrizol NGK Spark Plug Watson Pharmaceuticals Huntsman Shiseido Swatch Theravance Rockwell Automation Meiji Seika Kaisha Zymogenetics Lite-On Technology SMC SEI Investments Electronics For Imaging Bio-Rad Laboratories Alpharma Air Products and Chemicals Polycom Bombardier Dainippon Ink & Chemicals (now DIC) Prithvi Information Solutions Endo Pharmaceuticals JS KDDI Cognos (now part of IBM, USA) Wistron CR Bard National Instruments Qlogic Lear Brunswick Intersil Hoya Health care equipment & services (453) Chemicals (135) Automobiles & parts (335) Pharmaceuticals (4577) Chemicals (135) Personal goods (376) Personal goods (376) Biotechnology (4573) Electronic equipment (2737) Food producers (357) Biotechnology (4573) Computer hardware (9572) Industrial machinery (2757) Other financials (877) Computer hardware (9572) Health care equipment & services (453) Pharmaceuticals (4577) Chemicals (135) Telecommunications equipment (9578) Aerospace & defence (271) Chemicals (135) Computer services (9533) Pharmaceuticals (4577) Construction & materials (235) Mobile telecommunications (657) Software (9537) Computer hardware (9572) Health care equipment & services (453) Electronic equipment (2737) Semiconductors (9576) Automobiles & parts (335) Leisure goods (374) Semiconductors (9576) Electronic equipment (2737) Switzerland USA Japan USA USA Japan Switzerland USA USA Japan USA Taiwan Japan USA USA USA USA USA USA Canada Japan India USA Japan Japan Canada Taiwan USA USA USA USA USA USA Japan 101.67 101.36 99.51 99.03 98.97 98.77 98.48 98.46 97.88 97.51 97.36 97.28 97.09 97.05 96.55 96.12 95.93 95.89 95.08 95.07 94.95 94.94 94.56 94.51 94.20 94.03 92.94 92.88 92.21 92.11 92.06 91.99 91.91 91.35 change 07/06 % 18.3 9.5 10.6 10.5 25.4 -1.9 10.1 -6.5 -10.8 -3.9 10.8 22.8 3.8 2.0 10.4 13.9 215.7 -7.4 21.6 -19.7 4.2 66.3 66.9 -4.6 0.3 19.8 47.3 -6.8 11.9 -0.5 -20.7 1.7 6.3 5.6
Net Sales 2007 m 1,888 3,077 2,112 1,708 7,328 4,253 3,411 15 3,656 2,411 26 5,515 2,080 936 424 999 494 6,925 636 11,973 6,218 134 743 6,882 20,420 679 6,047 1,506 506 409 10,940 3,947 518 2,388
R&D/Net Sales ratio 2007 % 5.4 3.3 4.7 5.8 1.4 2.3 2.9 656.4 2.7 4.0 374.5 1.8 4.7 10.4 22.8 9.6 19.4 1.4 14.9 0.8 1.5 70.9 12.7 1.4 0.5 13.8 1.5 6.2 18.2 22.5 0.8 2.3 17.7 3.8
Operating Profit 2007 % of Net Sales 33.1 10.1 15.2 10.5 2.7 6.8 21.9 -766.7 15.9 3.1 -396.2 4.3 26.7 29.9 -0.5 9.1 -0.4 15.0 8.2 4.2 4.1 12.7 29.2 5.3 9.4 12.1 3.0 25.3 13.8 22.2 3.5 2.3 20.1 26.8
81
R&D Investment Rank Company ICB Sector Country 2007 m 392 393 394 395 396 397 398 399 400 401 402 403 403 403 406 407 408 409 410 411 412 413 414 415 416 417 417 419 420 421 422 423 ON Semiconductor Sunplus Technology Trimble Navigation Yokohama Rubber Hitachi Kokusai Electric Thq Ingersoll-Rand BE Aerospace Inventec Qisda Chubu Electric Power NTN USEC Ciena Georg Fischer Elbit Systems Skyworks Solutions Anritsu Funai Electric Rieter Logitech International ArvinMeritor OSI Pharmaceuticals Citizen Watch (now Citizen) Quest Software Edwards Lifesciences Santen Pharmaceutical Nippon Sheet Glass Tyco International Microchip Technology ImClone Systems Mindtree Consulting (now Mindtree) Semiconductors (9576) Semiconductors (9576) Electronic equipment (2737) Automobiles & parts (335) Electronic equipment (2737) Leisure goods (374) Industrial machinery (2757) Aerospace & defence (271) Computer hardware (9572) Computer hardware (9572) Electricity (753) Industrial machinery (2757) Industrial metals (175) Telecommunications equipment (9578) Industrial machinery (2757) Aerospace & defence (271) Semiconductors (9576) Electronic equipment (2737) Electronic equipment (2737) Industrial machinery (2757) Computer hardware (9572) Automobiles & parts (335) Biotechnology (4573) Electronic equipment (2737) Software (9537) Health care equipment & services (453) Pharmaceuticals (4577) Construction & materials (235) General industrials (272) Semiconductors (9576) Biotechnology (4573) Software (9537) USA Taiwan USA Japan Japan USA Bermuda USA Taiwan Taiwan Japan Japan USA USA Switzerland Israel USA Japan Japan Switzerland Switzerland USA USA Japan USA USA Japan Japan Bermuda USA USA India 90.97 89.95 89.92 89.69 88.27 88.14 87.96 87.48 87.44 87.36 87.31 87.07 87.07 87.07 87.00 86.86 86.23 86.15 85.93 85.25 85.18 84.81 84.49 84.38 83.85 83.65 83.65 83.63 82.76 82.67 82.00 81.99 change 07/06 % 31.4 15.4 26.6 0.6 12.5 32.7 -26.7 44.4 20.6 -72.4 -14.3 -3.7 20.7 14.6 9.9 37.7 -23.2 12.5 -0.5 -2.5 15.0 -29.9 -30.1 24.5 10.8 7.1 -2.2 79.2 8.0 6.3 174.7 128.8
Net Sales 2007 m 1,071 424 836 3,045 1,188 705 8,017 1,147 5,531 3,531 13,554 2,962 1,319 533 2,717 1,355 507 609 2,429 2,374 1,621 6,004 259 2,058 432 746 615 4,173 25,818 708 404 128
R&D/Net Sales ratio 2007 % 8.5 21.2 10.8 2.9 7.4 12.5 1.1 7.6 1.6 2.5 0.6 2.9 6.6 16.3 3.2 6.4 17.0 14.1 3.5 3.6 5.3 1.4 32.6 4.1 19.4 11.2 13.6 2.0 0.3 11.7 20.3 64.1
Operating Profit 2007 % of Net Sales 17.7 7.8 15.4 5.6 7.9 -8.5 8.2 14.7 1.8 -0.1 10.4 10.0 6.0 4.7 7.4 6.2 9.3 4.1 4.9 7.1 12.2 -1.5 15.1 4.6 10.9 13.3 20.3 2.3 3.9 29.4 9.4 12.5
82
R&D Investment Rank Company ICB Sector Country 2007 m 424 425 426 427 428 429 430 431 432 432 434 435 436 437 438 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 Emulex Varian Medical Systems UBE Industries Trane (now part of Ingersoll-Rand, Bermuda) Invitrogen Sanken Electric High Tech Computer Sumitomo Bakelite Tosoh Compuware Zoran Nippon Oil Campbell Soup PerkinElmer International Rectifier Lonza Newell Rubbermaid Andrew Smith International Endress & Hauser Red Hat Fujikura Ranbaxy Laboratories Fairchild Semiconductor ECI Telecom Clorox Kuraray Millipore Pliva Fidelity National Information Cell Genesys InterMune Cooper Industries ProMOS Technologies Toto Zeon Computer hardware (9572) Health care equipment & services (453) Chemicals (135) Construction & materials (235) Biotechnology (4573) Semiconductors (9576) Electronic equipment (2737) Chemicals (135) Chemicals (135) Software (9537) Semiconductors (9576) Oil & gas producers (53) Food producers (357) Electronic equipment (2737) Semiconductors (9576) Chemicals (135) Household goods (372) Telecommunications equipment (9578) Oil equipment, services & distribution (57) Electronic equipment (2737) Software (9537) Electrical components & equipment (2733) Pharmaceuticals (4577) Semiconductors (9576) Telecommunications equipment (9578) Household goods (372) Chemicals (135) Health care equipment & services (453) Pharmaceuticals (4577) Support services (279) Biotechnology (4573) Biotechnology (4573) Electrical components & equipment (2733) Semiconductors (9576) Construction & materials (235) Chemicals (135) USA USA Japan USA USA Japan Taiwan Japan Japan USA USA Japan USA USA USA Switzerland USA USA USA Switzerland USA Japan India USA Israel USA Japan USA Croatia USA USA USA USA Taiwan Japan Japan 80.59 80.31 79.71 79.34 79.23 78.29 78.14 78.07 77.76 77.76 77.38 77.34 76.60 76.34 76.21 76.12 76.06 76.04 75.72 75.55 75.32 75.25 75.14 75.10 74.55 73.87 73.49 73.18 72.86 72.72 72.59 72.46 72.30 72.02 71.95 71.91 change 07/06 % 31.4 16.9 4.3 -7.9 7.7 13.7 24.6 11.8 14.4 -16.1 14.2 25.0 13.1 11.9 6.2 16.7 9.0 -1.6 25.4 -4.4 39.3 0.3 9.1 2.1 14.4 9.1 -14.7 23.5 -2.2 0.7 10.2 1.5 26.6 39.6 0.3 28.4
Net Sales 2007 m 322 1,215 4,014 6,004 897 1,248 2,493 1,564 4,784 841 347 40,556 5,392 1,222 801 1,734 4,385 1,501 5,994 1,113 358 3,343 1,212 1,142 449 3,315 2,359 1,048 723 3,254 1 46 4,038 1,010 3,136 1,724
R&D/Net Sales ratio 2007 % 25.0 6.6 2.0 1.3 8.8 6.3 3.1 5.0 1.6 9.2 22.3 0.2 1.4 6.2 9.5 4.4 1.7 5.1 1.3 6.8 21.0 2.3 6.2 6.6 16.6 2.2 3.1 7.0 10.1 2.2 7,259.0 157.5 1.8 7.1 2.3 4.2
Operating Profit 2007 % of Net Sales 8.7 18.8 6.6 9.2 14.3 6.8 26.0 5.8 7.6 13.1 2.6 16.1 9.0 11.9 14.5 11.5 -5.5 15.6 13.1 13.4 6.0 10.8 6.1 1.1 17.6 7.2 14.1 1.4 16.0 -8,600.0 -147.8 14.9 -17.1 4.0 10.2
83
R&D Investment Rank Company ICB Sector Country 2007 m 460 461 462 462 464 465 466 AMIS (now part of ON Semiconductor) Regeneron Pharmaceuticals Incyte Daicel Chemical Industries Valeant Pharmaceuticals Midway Games Varian Semiconductor Equipment Mitsubishi Gas Chemical Cardinal Health Realnetworks Moog Pharmion (now part of Celgene) Basilea Pharmaceutica Hankook Tire Oji Paper Ebara Hydro-Quebec Advanced Semiconductor Engineering Sasol Atheros Communications Doosan Infracore MGI PHARMA (now part of Eisai, Japan) Macronix International Nippon Shokubai Mitsubishi Materials Crane Praxair Nippon Kayaku Applied Micro Circuits Semiconductor Manufacturing Sumco Tokuyama Schindler Semiconductors (9576) Biotechnology (4573) Biotechnology (4573) Chemicals (135) Pharmaceuticals (4577) Software (9537) Semiconductors (9576) USA USA USA Japan USA USA USA 71.89 71.82 71.74 71.74 71.48 71.26 71.15 change 07/06 % 0.5 22.2 19.7 4.4 -4.7 -2.0 14.8
Net Sales 2007 m 421 35 24 2,335 619 108 721
R&D/Net Sales ratio 2007 % 17.1 205.2 298.9 3.1 11.5 66.0 9.9
Operating Profit 2007 % of Net Sales 6.7 -222.9 -241.7 8.3 5.0 -50.0 24.4
467 468 469 470 471 472 473 474 475 476 477 478 479 480 481 482 483 484 485 486 487 487 489 490 491 492
Chemicals (135) Food & drug retailers (533) Software (9537) Aerospace & defence (271) Pharmaceuticals (4577) Biotechnology (4573) Automobiles & parts (335) Forestry & paper (173) Industrial machinery (2757) Electricity (753) Semiconductors (9576) Oil & gas producers (53) Semiconductors (9576) Industrial machinery (2757) Pharmaceuticals (4577) Semiconductors (9576) Chemicals (135) Industrial metals (175) Industrial machinery (2757) Chemicals (135) Chemicals (135) Semiconductors (9576) Semiconductors (9576) Semiconductors (9576) Chemicals (135) Industrial machinery (2757)
Japan USA USA USA USA Switzerland South Korea Japan Japan Canada Taiwan South Africa USA South Korea USA Taiwan Japan Japan USA USA Japan USA China Japan Japan Switzerland
70.34 70.31 70.26 70.18 70.02 69.90 69.84 69.80 69.53 69.30 69.25 69.05 69.04 68.55 68.48 68.33 68.10 68.03 67.30 67.03 66.72 66.72 66.37 66.30 65.86 65.85
7.4 4.5 32.7 48.9 45.9 39.7 27.4 -7.3 4.4 2.0 24.8 236.5 42.0 14.8 41.2 8.4 9.9 2.3 61.6 12.6 4.6 1.2 3.0 56.6 14.5 -1.8
2,955 60,438 388 1,066 183 5 2,620 7,749 3,294 8,547 2,133 9,820 285 3,127 234 535 1,632 8,890 1,791 6,431 907 168 1,060 2,908 1,792 8,358
2.4 0.1 18.1 6.6 38.3 1,398.0 2.7 0.9 2.1 0.8 3.2 0.7 24.2 2.2 29.3 12.8 4.2 0.8 3.8 1.0 7.4 39.7 6.3 2.3 3.7 0.8
11.1 1.7 4.9 11.2 -25.7 -1,640.0 7.0 3.0 0.7 50.4 17.8 24.6 7.7 7.4 -12.0 16.3 8.5 6.9 -3.9 18.9 9.3 -51.2 -7.5 28.4 10.2 3.9
84
R&D Investment Rank Company ICB Sector Country 2007 m 493 494 495 495 497 498 499 500 501 502 503 504 505 506 507 508 509 510 511 512 513 514 515 516 517 518 519 520 521 522 523 524 525 526 527 528 529 Avery Dennison Orkla Techtronic Industries Itron NGK Insulators FMC Biomet Kissei Pharmaceutical Realtek Semiconductor Norsk Hydro Toyobo Modine Manufacturing Tibco Software L-3 Communications Mettler-Toledo International Tekelec Tokyo Gas Aristocrat Leisure Sealed Air NSK Valspar Nippon Mining Quantum Silicon Laboratories NCsoft Myriad Genetics Abraxis Bioscience Osaka Gas Nissan Chemical Industries Convergys Avocent Dr Reddy's Laboratories Interdigital Hyundai Mobis Hamamatsu Photonics Toyo Tire Idenix Pharmaceuticals Chemicals (135) General industrials (272) Electrical components & equipment (2733) Electronic equipment (2737) General industrials (272) Chemicals (135) Health care equipment & services (453) Pharmaceuticals (4577) Semiconductors (9576) Industrial metals (175) Chemicals (135) Automobiles & parts (335) Software (9537) Aerospace & defence (271) Industrial machinery (2757) Telecommunications equipment (9578) Gas, water & multiutilities (757) Travel & leisure (575) General industrials (272) Support services (279) Chemicals (135) Oil & gas producers (53) Computer hardware (9572) Semiconductors (9576) Software (9537) Biotechnology (4573) Pharmaceuticals (4577) Gas, water & multiutilities (757) Chemicals (135) Support services (279) Computer hardware (9572) Pharmaceuticals (4577) Semiconductors (9576) Automobiles & parts (335) Electronic equipment (2737) Automobiles & parts (335) Biotechnology (4573) USA Norway Hong Kong USA Japan USA USA Japan Taiwan Norway Japan USA USA USA Switzerland USA Japan Australia USA Japan USA Japan USA USA South Korea USA USA Japan Japan USA USA India USA South Korea Japan Japan USA 65.32 65.25 64.93 64.93 64.73 64.70 64.58 64.12 64.10 63.86 63.83 63.74 63.56 63.47 63.18 63.08 62.91 62.55 62.10 61.84 61.78 61.51 61.26 61.09 60.90 60.78 60.68 60.65 60.61 60.26 60.11 59.82 59.60 59.46 59.39 58.82 58.71 change 07/06 % 8.6 -4.4 19.2 61.5 10.3 -2.4 11.2 -1.0 31.0 -30.3 3.4 13.0 8.2 7.5 11.6 -37.9 9.3 9.4 16.1 3.8 9.3 4.1 -22.3 -26.6 38.4 26.8 -2.2 -12.5 7.8 3.8 37.6 40.9 33.2 20.0 5.7 -4.4 -10.4
Net Sales 2007 m 4,314 7,870 2,173 1,001 1,960 1,801 1,441 393 333 20,979 2,612 1,284 395 9,548 1,227 314 8,430 674 3,181 4,391 2,222 23,280 667 262 241 107 228 7,190 1,067 1,945 411 853 160 7,841 590 1,962 46
Operating Profit 2007 % of Net Sales 7.7 11.5 1.5 3.2 15.8 8.6 23.4 2.8 9.0 25.2 4.3 -0.6 10.9 10.3 14.7 -4.1 11.4 28.8 12.6 8.1 9.9 5.6 -0.9 6.5 14.5 -29.9 -16.2 7.8 12.3 9.3 8.3 10.0 10.0 9.5 20.5 1.9 -137.0
85
R&D Investment Rank Company ICB Sector Country 2007 m 529 531 532 533 534 535 536 537 538 539 540 541 542 543 543 545 546 547 548 549 550 Powerchip Semiconductor Lawson Software Cubist Pharmaceuticals Kyushu Electric Power Powerwave Technologies Horiba Glory United Therapeutics SIG (now part of Rank, New Zealand) Lattice Semiconductor Ecolab Reliance Industries Kongsberg Gruppen Neurocrine Biosciences Cymer Advanced Medical Optics Kajima Taisei Wind River Systems SK Energy Check Point Software Technologies Tohoku Electric Power Sysmex Fortune Brands Waters Minebea Gen-Probe American Axle & Manufacturing Progress Software Bobst Nuance Communications Chunghwa Telecom Semiconductors (9576) Software (9537) Biotechnology (4573) Electricity (753) Electrical components & equipment (2733) Electronic equipment (2737) Industrial machinery (2757) Biotechnology (4573) General industrials (272) Semiconductors (9576) Chemicals (135) Oil & gas producers (53) Aerospace & defence (271) Biotechnology (4573) Semiconductors (9576) Health care equipment & services (453) Construction & materials (235) Construction & materials (235) Software (9537) Oil & gas producers (53) Internet (9535) Taiwan USA USA Japan USA Japan Japan USA Switzerland USA USA India Norway USA USA USA Japan Japan USA South Korea Israel 58.71 58.36 58.26 58.19 58.13 58.00 57.12 57.01 57.00 56.75 56.50 56.35 56.18 55.98 55.98 55.97 55.86 55.82 55.70 55.62 55.39 change 07/06 % 9.2 40.6 48.4 -2.9 19.4 15.8 -1.5 44.8 11.8 1.2 12.7 593.1 32.3 -10.0 10.8 23.8 -4.1 -2.9 10.9 -2.9 30.2
Net Sales 2007 m 1,635 513 202 8,622 534 883 1,007 144 1,349 156 3,741 19,742 1,046 1 357 746 11,580 11,469 225 29,946 500
R&D/Net Sales ratio 2007 % 3.6 11.4 28.8 0.7 10.9 6.6 5.7 39.6 4.2 36.4 1.5 0.3 5.4 5,598.0 15.7 7.5 0.5 0.5 24.8 0.2 11.1
Operating Profit 2007 % of Net Sales -18.6 -2.3 13.9 10.7 -37.8 10.3 5.9 2.8 7.1 -108.3 12.2 13.6 13.2 -14,500.0 21.8 -9.5 2.4 1.2 -2.7 2.9 38.2
551 552 553 554 555 556 557 558 559 560 561
Electricity (753) Health care equipment & services (453) Construction & materials (235) Health care equipment & services (453) Industrial machinery (2757) Biotechnology (4573) Automobiles & parts (335) Software (9537) Industrial machinery (2757) Software (9537) Fixed line telecommunications (653)
Japan Japan USA USA Japan USA USA USA Switzerland USA Taiwan
55.32 55.26 55.20 55.16 55.10 55.08 54.99 54.95 54.92 54.73 54.53
-4.4 10.3 11.0 4.3 -0.5 17.4 -3.4 4.0 -0.7 34.7 -8.4
10,581 619 6,020 1,008 2,027 276 2,222 338 1,053 412 4,237
0.5 8.9 0.9 5.5 2.7 20.0 2.5 16.3 5.2 13.3 1.3
8.1 13.1 16.5 23.7 8.0 24.6 2.2 11.5 11.1 6.6 31.3
86
R&D Investment Rank Company ICB Sector Country 2007 m 562 563 564 565 566 567 568 569 570 571 572 573 573 575 576 577 578 579 580 581 582 583 583 585 586 587 588 589 WR Grace OmniVision Technologies Sonus Networks Open Text DISH Network MiTAC International CV Therapeutics Yamatake Silicon Image Ibiden Eclipsys NHK Spring Medicines Affymetrix Asahi Breweries Credence Systems Shimizu Kyorin Foundry Networks Tenneco Shimadzu Sumitomo Heavy Industries Plantronics Magma Design Automation Newmarket Finisar JohnsonDiversey DRS Technologies Aeroflex (now part of Veritas Capital Management LLC) Oshkosh Truck (now Oshkosh) Cytec Industries ADTRAN Yaskawa Electric Japan Aviation Electronics Industry Biovail Chemicals (135) Semiconductors (9576) Telecommunications equipment (9578) Software (9537) Media (555) Electronic equipment (2737) Biotechnology (4573) Electronic equipment (2737) Semiconductors (9576) Electrical components & equipment (2733) Software (9537) Industrial machinery (2757) Pharmaceuticals (4577) Biotechnology (4573) Beverages (353) Semiconductors (9576) Construction & materials (235) Pharmaceuticals (4577) Telecommunications equipment (9578) Automobiles & parts (335) Electronic equipment (2737) Industrial machinery (2757) Telecommunications equipment (9578) Software (9537) Chemicals (135) Telecommunications equipment (9578) Household goods (372) Aerospace & defence (271) Electronic equipment (2737) Commercial vehicles & trucks (2753) Chemicals (135) Telecommunications equipment (9578) Electronic equipment (2737) Aerospace & defence (271) Pharmaceuticals (4577) USA USA USA Canada USA Taiwan USA Japan USA Japan USA Japan USA USA Japan USA Japan Japan USA USA Japan Japan USA USA USA USA USA USA 54.44 54.29 54.12 54.08 54.03 53.80 53.74 53.73 53.35 53.28 53.14 52.84 52.84 52.83 52.82 52.77 52.75 52.71 52.70 52.67 52.66 52.65 52.65 52.61 52.55 52.35 52.05 51.91 change 07/06 % 24.7 17.5 42.7 33.6 39.3 11.6 -33.6 5.0 22.6 28.0 7.8 236.3 21.6 -10.5 1.7 -15.6 10.5 -14.8 9.0 32.8 7.1 15.6 7.1 20.9 9.3 18.5 11.4 21.0
Net Sales 2007 m 2,131 547 219 407 7,585 1,893 57 1,436 219 2,441 327 2,621 176 254 8,964 315 10,127 472 415 4,230 1,607 3,675 586 147 940 301 2,141 2,254
R&D/Net Sales ratio 2007 % 2.6 9.9 24.7 13.3 0.7 2.8 94.3 3.7 24.4 2.2 16.3 2.0 30.0 20.8 0.6 16.8 0.5 11.2 12.7 1.2 3.3 1.4 9.0 35.8 5.6 17.4 2.4 2.3
Operating Profit 2007 % of Net Sales 4.6 8.0 -16.0 8.6 13.7 7.0 -217.5 7.5 8.7 17.4 3.7 6.3 -10.8 2.0 6.2 3.8 2.8 9.7 13.7 3.8 8.9 10.4 9.2 -11.6 8.4 -14.3 2.9 10.9
589
USA
51.91
23.6
377
13.8
8.0
591 592 593 594 595 596
USA USA USA Japan Japan Canada
51.85 51.78 51.55 51.53 51.34 51.33
80.2 2.4 6.6 4.2 4.4 24.1
4,314 2,396 326 2,259 843 731
1.2 2.2 15.8 2.3 6.1 7.0
9.4 9.3 22.4 7.5 7.6 21.9
87
R&D Investment Rank Company ICB Sector Country 2007 m 597 598 599 600 601 601 603 604 605 606 607 608 609 610 611 612 613 614 615 616 617 618 619 620 621 622 623 624 625 Ruag Denki Kagaku Kogyo Coherent Estee Lauder CGI Owens-Illinois Time Warner Illumina Mochida Pharmaceutical Inventec Appliances Polaris Industries Mahindra & Mahindra Nippon Shinyaku Kpit Cummins Infosystems Fonterra Cooperative Celanese FLIR Systems MKS Instruments Axcelis Technologies Cell Therapeutics Lyondell Chemical (now part of Basell, The Netherlands) Shimano Avon Products China Telecom Mitsubishi Rayon Standard Microsystems Openwave Systems Netflix Arris Kronos (now part of Hellman & Friedman LLC) Diebold Weyerhaeuser Toyama Chemical Energizer Sun Pharmaceutical Industries Trizetto Aerospace & defence (271) Chemicals (135) Electronic equipment (2737) Personal goods (376) Computer services (9533) General industrials (272) Media (555) Biotechnology (4573) Pharmaceuticals (4577) Leisure goods (374) Automobiles & parts (335) Automobiles & parts (335) Pharmaceuticals (4577) Computer services (9533) Food producers (357) Chemicals (135) Aerospace & defence (271) Semiconductors (9576) Semiconductors (9576) Biotechnology (4573) Chemicals (135) Leisure goods (374) Personal goods (376) Fixed line telecommunications (653) Chemicals (135) Semiconductors (9576) Software (9537) Travel & leisure (575) Telecommunications equipment (9578) Software (9537) Computer hardware (9572) Forestry & paper (173) Pharmaceuticals (4577) Electrical components & equipment (2733) Pharmaceuticals (4577) Software (9537) Switzerland Japan USA USA Canada USA USA USA Japan Taiwan USA India Japan India New Zealand USA USA USA USA USA USA Japan USA China Japan USA USA USA USA 51.11 51.05 51.02 50.89 50.68 50.68 50.61 50.57 50.53 50.35 50.33 50.26 50.20 50.04 50.00 49.93 49.56 49.36 49.28 49.26 49.25 49.21 49.11 49.07 49.02 49.01 48.96 48.83 48.72 29.7 -0.4 53.8 -18.6 39.9 -4.0 4.3 19.6 3.5 -0.5 16.2 -23.4 14.3 9.1 79.5 -27.0 7.6 -18.7 142.3 7.9 change 07/06 % 11.0 -5.3 2.1 3.3 6.1 130.2 -35.1 130.5
Net Sales 2007 m 855 2,016 411 4,813 2,572 5,500 31,883 251 453 1,954 1,217 3,058 345 80 7,307 4,542 533 534 277 <0.5 19,280 1,297 6,734 16,729 2,553 258 220 824 679
Operating Profit 2007 % of Net Sales 5.8 7.9 1.9 10.7 10.6 11.1 17.2 -82.1 13.9 3.9 10.0 16.2 9.0 12.5 3.4 12.4 25.1 13.5 -2.5
0.3 3.8 0.7 0.3 1.9 19.0 22.3 5.9 7.2
2.7 13.6 8.8 19.3 14.3 10.1 -66.4 7.0 11.8
626
USA
48.66
38.6
395
12.3
9.9
627 627 627 630 631 632
USA USA Japan USA India USA
48.56 48.56 48.56 48.36 48.35 48.30
17.5 2.9 25.6 -4.7 38.3 37.4
1,988 11,539 102 2,302 370 309
2.4 0.4 47.6 2.1 13.1 15.6
4.9 -1.1 -39.2 15.2 30.5 11.0
88
R&D Investment Rank Company ICB Sector Country 2007 m 633 634 635 636 637 638 639 640 641 641 643 644 645 646 647 648 649 650 651 652 653 654 655 656 657 658 659 660 661 662 663 664 Fair Isaac Sauer-Danfoss Esterline Technologies SPX Hexion Specialty Chemicals Informatica Akamai Technologies ADC Telecommunications HCL Technologies Inverness Medical Innovations Terex Investment Technology McCormick Salix Pharmaceuticals F5 Networks Cabot Tokyo Seimitsu Alliant Techsystems ConAgra Foods Orbotech Roper Industries Meiji Dairies Daifuku Nektar Therapeutics BJ Services IDEXX Laboratories Tokai Rubber Industries Extreme Networks Perrigo Swisscom FEI CNOOC Respironics (now part of Philips Electronics, The Netherlands) Software (9537) Commercial vehicles & trucks (2753) Aerospace & defence (271) Electrical components & equipment (2733) Chemicals (135) Software (9537) Internet (9535) Telecommunications equipment (9578) Computer services (9533) Health care equipment & services (453) Commercial vehicles & trucks (2753) Other financials (877) Food producers (357) Biotechnology (4573) Internet (9535) Chemicals (135) Semiconductors (9576) Aerospace & defence (271) Food producers (357) Electronic equipment (2737) Electronic equipment (2737) Food producers (357) Industrial machinery (2757) Biotechnology (4573) Oil equipment, services & distribution (57) Health care equipment & services (453) Chemicals (135) Telecommunications equipment (9578) Pharmaceuticals (4577) Fixed line telecommunications (653) Semiconductors (9576) Oil & gas producers (53) Health care equipment & services (453) USA USA USA USA USA USA USA USA India USA USA USA USA USA USA USA Japan USA USA Israel USA Japan Japan USA USA USA Japan USA USA Switzerland USA Hong Kong 48.29 48.26 48.24 48.08 47.88 47.83 47.63 47.60 47.57 47.57 47.54 47.40 47.33 47.22 47.21 47.19 46.76 46.74 46.72 46.46 46.44 46.35 46.31 46.27 46.19 46.06 45.99 45.88 45.47 45.31 45.17 45.16 29.6 32.1 21.4 17.3 44.1 40.4 19.0 -3.5 11.0 26.3 12.3 15.9 2.3 -0.9 -27.3 5.7 25.6 5.0 8.3 27.1 59.5 14.8 27.9 change 07/06 % -16.9 14.0 34.0 12.3 1.5 27.1 39.3 -3.9
Net Sales 2007 m 562 1,349 866 3,501 3,974 268 435 910 1,053 574 6,250 500 1,995 161 360 1,789 614 2,853 8,725 247 1,438 4,303 1,425 187 3,285 631 1,716 234 990 6,699 405 8,495
R&D/Net Sales ratio 2007 % 8.6 3.6 5.6 1.4 1.2 17.8 10.9 5.2 4.5 8.3 0.8 9.5 2.4 29.3 13.1 2.6 7.6 1.6 0.5 18.8 3.2 1.1 3.2 24.7 1.4 7.3 2.7 19.6 4.6 0.7 11.2 0.5
Operating Profit 2007 % of Net Sales 17.8 6.1 12.1 9.0 5.0 12.3 22.8 4.8 16.2 -20.2 10.6 25.8 12.4 5.0 18.9 7.1 13.4 10.3 10.7 -2.4 20.7 3.1 8.1 -42.2 23.8 14.7 8.4 -6.4 5.1 23.0 8.6 46.3
665
USA
45.06
11.7
817
5.5
14.7
89
R&D Investment Rank Company ICB Sector Country 2007 m 665 667 668 669 670 671 672 673 674 Mitsui Mining & Smelting Nalco Buhler Intermec TriQuint Semiconductor Woodward Governor Varian Parexel International Sigmatel (now part of Freescale Semiconductor) Daiwa House Industry Taiwan Power Genesis Microchip (now part of STMicroelectronics, The Netherlands) Komag (now WD Media) (now part of Western Digital) SPSS Bharat Heavy Electricals Actel Japan Radio Creative Technology Alexion Pharmaceuticals Ulvac Nippon Paint Owens Corning NACCO Industries Bucher Industries Albemarle Par Pharmaceutical Companies Pall Amphenol Showa Chemtura Industrial metals (175) Gas, water & multiutilities (757) Industrial machinery (2757) Computer hardware (9572) Semiconductors (9576) Electrical components & equipment (2733) Health care equipment & services (453) Biotechnology (4573) Semiconductors (9576) Japan USA Switzerland USA USA USA USA USA USA 45.06 45.01 44.95 44.88 44.71 44.66 44.57 44.32 44.31 change 07/06 % 22.3 6.8 14.3 -9.4 30.0 9.1 9.1 15.3 -28.5
Net Sales 2007 m 3,622 2,676 1,071 581 325 713 630 628 87
R&D/Net Sales ratio 2007 % 1.2 1.7 4.2 7.7 13.8 6.3 7.1 7.1 50.9
Operating Profit 2007 % of Net Sales 8.1 12.1 7.2 4.1 3.4 12.8 10.0 6.4 -34.5
675 676
Household goods (372) Electricity (753)
Japan Taiwan
44.22 44.11
16.7 -0.9
9,909 8,475
0.4 0.5
4.9 -5.0
676
Semiconductors (9576)
USA
44.11
40.5
147
30.0
-66.0
678 679 680 681 682 683 684 685 686 687 688 689 690 691 692 693 694 695
Computer hardware (9572) Software (9537) Industrial machinery (2757) Semiconductors (9576) Electronic equipment (2737) Computer hardware (9572) Biotechnology (4573) Electronic equipment (2737) Chemicals (135) Construction & materials (235) General industrials (272) Commercial vehicles & trucks (2753) Chemicals (135) Pharmaceuticals (4577) Industrial machinery (2757) Electrical components & equipment (2733) Automobiles & parts (335) Chemicals (135)
USA USA India USA Japan Singapore USA Japan Japan USA USA Switzerland USA USA USA USA Japan USA
43.90 43.69 43.67 43.59 43.54 43.53 43.30 43.27 43.20 43.09 43.02 42.96 42.88 42.71 42.69 42.68 42.62 42.41
31.3 -0.7 65.9 11.9 -45.7 -17.5 -22.5 10.7 3.4 5.0 5.2 8.9 35.4 0.0 8.8 16.1 -6.4 -5.3
641 199 2,991 135 776 626 49 1,301 1,383 3,833 2,464 1,485 1,598 496 1,539 1,950 1,603 2,685
6.8 22.0 1.5 32.3 5.6 7.0 88.4 3.3 3.1 1.1 1.7 2.9 2.7 8.6 2.8 2.2 2.7 1.6
15.9 17.1 20.0 -5.9 3.2 5.6 -138.8 6.9 5.4 2.9 3.9 9.3 14.6 1.0 13.3 18.8 6.1 2.2
90
R&D Investment Rank Company ICB Sector Country 2007 m 695 697 698 699 700 701 702 703 703 705 706 707 708 709 710 711 712 713 714 714 716 717 718 719 720 721 722 723 724 725 726 727 727 727 727 731 732 MeadWestvaco Nissin Kogyo Kureha Micro-Star International Roland Veeco Instruments Vishay Intertechnology Nippon Paper Steelcase Cheil Industries Obayashi Wrigley Wm Jr Juki Rinnai Nice Systems Koc Keyence Yakult Honsha Teledyne Technologies Phonak (now Sonova) FMC Technologies United Online Leapfrog Enterprises Central Glass Sigma-Aldrich Isis Pharmaceuticals Cree Pentair TiVo Silicon Graphics Retalix Ballard Power Systems Mercury Computer Systems Kaken Pharmaceutical DSP CSG Systems International WMS Industries General industrials (272) Automobiles & parts (335) Chemicals (135) Computer hardware (9572) Electronic equipment (2737) Electronic equipment (2737) Electrical components & equipment (2733) Forestry & paper (173) Household goods (372) Chemicals (135) Construction & materials (235) Food producers (357) Industrial machinery (2757) Household goods (372) Software (9537) General industrials (272) Electronic equipment (2737) Food producers (357) Aerospace & defence (271) Health care equipment & services (453) Oil equipment, services & distribution (57) Internet (9535) Leisure goods (374) Construction & materials (235) Chemicals (135) Pharmaceuticals (4577) Semiconductors (9576) Household goods (372) Media (555) Computer hardware (9572) Software (9537) Automobiles & parts (335) Computer hardware (9572) Pharmaceuticals (4577) Semiconductors (9576) Software (9537) Travel & leisure (575) USA Japan Japan Taiwan Japan USA USA Japan USA South Korea Japan USA Japan Japan Israel Turkey Japan Japan USA Switzerland USA USA USA Japan USA USA USA USA USA USA Israel Canada USA Japan USA USA USA 42.41 42.06 42.03 41.93 41.85 41.84 41.70 41.65 41.65 41.61 41.59 41.58 41.57 41.50 41.47 41.42 41.33 41.30 40.83 40.83 40.70 40.66 40.61 40.59 40.56 40.39 40.24 40.22 40.20 40.16 40.12 40.00 40.00 40.00 40.00 39.90 39.74 change 07/06 % -4.6 7.9 -7.3 13.0 8.8 -1.2 17.1 -3.7 37.8 41.6 -5.7 13.3 23.6 0.0 31.5 -39.2 13.3 -3.2 13.7 7.2 19.2 12.3 9.0 8.2 12.1 -9.8 7.2 1.3 15.9 -29.8 -2.8 11.9 -4.4 8.0 23.0 26.3 18.6
Net Sales 2007 m 4,723 1,150 895 2,029 583 275 1,938 7,195 2,340 2,078 9,600 3,686 860 1,304 354 30,007 1,119 1,672 1,110 648 3,173 351 302 1,177 1,394 48 270 2,325 187 311 151 45 153 468 170 287 369
Operating Profit 2007 % of Net Sales 4.5 11.0 6.7 3.5 10.5 -2.9 7.7 3.4 5.9 8.3 2.5 18.3 9.7 3.0 6.2 6.8 52.6 10.2 10.0 25.9 10.1 17.9 -23.2 8.9 22.5 -20.8 4.4 11.1 -13.4 -25.4 -0.7 -113.3 -17.0 10.5 -5.3 19.9 13.8
91
R&D Investment Rank Company ICB Sector Country 2007 m 733 734 735 736 737 737 739 740 741 742 742 744 745 746 747 747 749 750 751 752 753 753 755 756 757 758 759 760 761 762 763 764 765 766 767 768 Tokyo Ohka Kogyo Chugoku Electric Power Proton Holdings Berhad Borland Software Bruker Rigel Pharmaceuticals OneSteel Zebra Technologies Mindspeed Technologies Electric Power Development Disco West Japan Railway Ishihara Sangyo Kaisha Amada Fiserv Reynolds American DnB NOR China Motor Silicon Storage Technology Jack Henry & Associates SEZ ANSYS Enzon Pharmaceuticals Sanden Cochlear AvtoVAZ Lexicon Pharmaceuticals AptarGroup Lite-On It Aastra Technologies Hutchinson Technology Sika Sekisui House Micrel Geron Noritz Chemicals (135) Electricity (753) Automobiles & parts (335) Software (9537) Health care equipment & services (453) Pharmaceuticals (4577) Industrial metals (175) Computer hardware (9572) Semiconductors (9576) Electricity (753) Semiconductors (9576) Travel & leisure (575) Chemicals (135) Industrial machinery (2757) Support services (279) Tobacco (378) Banks (835) Automobiles & parts (335) Semiconductors (9576) Software (9537) Semiconductors (9576) Software (9537) Biotechnology (4573) Industrial machinery (2757) Health care equipment & services (453) Automobiles & parts (335) Biotechnology (4573) General industrials (272) Computer hardware (9572) Telecommunications equipment (9578) Computer hardware (9572) Chemicals (135) Household goods (372) Semiconductors (9576) Biotechnology (4573) Household goods (372) Japan Japan Malaysia USA USA USA Australia USA USA Japan Japan Japan Japan Japan USA USA Norway Taiwan USA USA Switzerland USA USA Japan Australia Russia USA USA Taiwan Canada USA Switzerland Japan USA USA Japan 39.72 39.68 39.63 39.53 39.51 39.51 39.46 39.40 39.29 39.28 39.28 39.20 39.17 39.01 38.99 38.99 38.92 38.90 38.79 38.78 38.70 38.70 38.65 38.61 38.51 38.49 38.47 38.21 37.96 37.86 37.79 37.64 37.43 37.29 37.24 37.16 change 07/06 % 14.2 -2.5 -29.5 -17.6 18.5 145.9 19.9 17.6 -10.4 -5.7 1.0 -5.4 8.4 20.2 -6.1 -1.7 -3.1 -15.7 7.1 18.2 12.5 12.5 29.8 2.3 13.1 10.3 46.8 16.0 78.4 -8.4 4.4 19.8 -1.2 4.7 34.1 3.9
Net Sales 2007 m 624 6,585 1,016 184 375 9 2,583 594 87 3,510 528 7,732 650 1,606 3,435 4,786 3,980 625 282 457 200 264 127 1,485 336 5,131 34 1,294 1,178 420 490 2,763 9,772 176 5 1,102
R&D/Net Sales ratio 2007 % 6.4 0.6 3.9 21.5 10.5 439.0 1.5 6.6 45.2 1.1 7.4 0.5 6.0 2.4 1.1 0.8 1.0 6.2 13.8 8.5 19.4 14.7 30.4 2.6 11.5 0.8 113.1 3.0 3.2 9.0 7.7 1.4 0.4 21.2 744.8 3.4
Operating Profit 2007 % of Net Sales 11.4 7.7 -14.2 -22.8 9.3 -600.0 7.7 16.5 -14.9 13.5 21.0 10.9 -7.5 15.7 15.5 32.5 47.2 2.6 -13.1 23.6 -4.5 33.0 0.8 3.0 27.7 5.3 -126.5 11.2 2.5 7.4 -2.0 11.3 6.8 24.4 -640.0 -0.3
92
R&D Investment Rank Company ICB Sector Country 2007 m 769 770 771 772 773 774 775 776 777 778 779 780 781 782 783 784 785 786 787 788 789 790 791 792 793 794 795 Timken Cardiome Pharma TPV Technology Meidensha Angiotech Pharmaceuticals deCODE genetics Eltek Neurochem (now BELLUS Health) Inspire Pharmaceuticals Acxiom Aruze Ametek Ichikoh Industries Secom Spirit Aerosystems Speedel ACI Worldwide Bally Technologies Brooks Automation Blue Coat Systems Tencent Alvarion VTech JDA Software Ariba Msc Software Hillenbrand Industries (now HillRom) Savient Pharmaceuticals Gentex Kulicke & Soffa Tandberg Kinetic Concepts Advanced Energy Industries Biomarin Pharmaceutical ResMed LTX Industrial machinery (2757) Pharmaceuticals (4577) Electronic equipment (2737) General industrials (272) Pharmaceuticals (4577) Biotechnology (4573) Telecommunications equipment (9578) Biotechnology (4573) Biotechnology (4573) Support services (279) Travel & leisure (575) Electronic equipment (2737) Automobiles & parts (335) Support services (279) Aerospace & defence (271) Biotechnology (4573) Software (9537) Travel & leisure (575) Semiconductors (9576) Software (9537) Internet (9535) Telecommunications equipment (9578) Telecommunications equipment (9578) Software (9537) Computer services (9533) Software (9537) Health care equipment & services (453) Biotechnology (4573) Automobiles & parts (335) Semiconductors (9576) Telecommunications equipment (9578) Health care equipment & services (453) Electrical components & equipment (2733) Biotechnology (4573) Health care equipment & services (453) Semiconductors (9576) USA Canada Bermuda Japan Canada Iceland Norway Canada USA USA Japan USA Japan Japan USA Switzerland USA USA USA USA China Israel Hong Kong USA USA USA USA 37.14 37.07 37.05 36.99 36.91 36.81 36.69 36.68 36.52 36.35 36.23 36.18 35.99 35.97 35.77 35.72 35.63 35.51 35.37 35.28 35.22 35.15 35.09 35.00 34.99 34.96 34.95 change 07/06 % -9.3 45.3 5.4 10.0 18.9 -9.2 65.7 -8.3 29.3 14.2 -8.6 25.9 6.7 44.7 -50.0 -18.5 27.8 15.1 -26.8 29.3 26.5 32.4 13.5 -9.0 2.1 18.2 21.4
Net Sales 2007 m 3,581 3 5,783 1,189 202 18 607 1 33 947 218 1,462 738 3,898 2,641 2 250 467 541 209 358 162 1,062 256 206 169 1,384
R&D/Net Sales ratio 2007 % 1.0 1,235.7 0.6 3.1 18.3 204.5 6.0 3,668.0 110.7 3.8 16.6 2.5 4.9 0.9 1.4 1,786.0 14.3 7.6 6.5 16.9 9.8 21.7 3.3 13.7 17.0 20.7 2.5
Operating Profit 2007 % of Net Sales 6.2 -1,700.0 3.0 2.6 -13.9 -388.9 1.6 -5,900.0 -136.4 3.2 33.5 17.9 -3.3 15.5 11.1 -2,100.0 0.8 10.1 6.7 8.1 39.7 -1.2 13.5 12.1 -9.2 0.6 13.7
796 797 798 799 800 801 802 803 804
USA USA USA Norway USA USA USA USA USA
34.79 34.69 34.67 34.61 34.56 34.47 34.43 34.27 34.23
117.3 21.4 34.6 34.9 37.7 12.4 4.9 34.7 -7.0
10 447 479 431 1,101 263 83 490 101
347.9 7.8 7.2 8.0 3.1 13.1 41.5 7.0 33.9
-470.0 23.5 5.2 23.2 23.2 12.2 -21.7 12.7 -6.9
93
R&D Investment Rank Company ICB Sector Country 2007 m 805 805 805 808 809 810 811 812 813 814 815 816 817 818 819 820 820 822 823 824 825 826 827 827 829 830 830 832 833 Verenium Ashland NOVA Chemicals Infosys Technologies Cabot Microelectronics Gigabyte Technology Church & Dwight NOF Universal Scientific Industrial Novatek Microelectronics VeriFone Nippon Light Metal Xoma Cae SAIC Suzuken Makita Intuitive Surgical Ford Otomotiv Advanced Digital Broadcast Dentsply International Take-Two Interactive Software Nippon Soda ev3 Sumitomo Metal Mining Analogic Richemont Komori Crown Aspreva Pharmaceuticals (now part of Galenica, Switzerland) AO Smith Zarlink Semiconductor Snap-On Ixia Biotechnology (4573) Chemicals (135) Chemicals (135) Software (9537) Semiconductors (9576) Computer hardware (9572) Personal goods (376) Food producers (357) Computer hardware (9572) Electronic equipment (2737) Computer hardware (9572) Industrial metals (175) Biotechnology (4573) Software (9537) Computer services (9533) Food & drug retailers (533) Household goods (372) Health care equipment & services (453) Automobiles & parts (335) Electronic equipment (2737) Health care equipment & services (453) Software (9537) Chemicals (135) Health care equipment & services (453) Mining (177) Electronic equipment (2737) General retailers (537) Industrial machinery (2757) General industrials (272) USA USA Canada India USA Taiwan USA Japan Taiwan Taiwan USA Japan Bermuda Canada USA Japan Japan USA Turkey Switzerland USA USA Japan USA Japan USA Switzerland Japan USA 34.20 34.20 34.20 34.19 34.18 34.09 34.06 34.03 33.82 33.78 33.76 33.70 33.64 33.54 33.51 33.43 33.43 33.42 33.36 33.21 33.17 33.14 33.11 33.11 33.01 33.00 33.00 32.97 32.83 81.1 1.8 -8.8 -10.8 11.5 14.3 change 07/06 % 27.4 4.2 -1.9 28.0 4.0 24.5 11.4 1.4 16.1 17.7 15.6 7.2 19.4 12.8 44.1 -12.3 13.1 64.1 6.2 2.7 9.2 -82.7
Net Sales 2007 m 30 5,325 4,604 2,897 231 1,095 1,519 920 1,373 762 397 3,785 58 987 6,184 8,907 1,714 411 4,219 203 1,375 672 890 194 5,919 233 5,302 869 5,285
R&D/Net Sales ratio 2007 % 114.0 0.6 0.7 1.2 14.8 3.1 2.2 3.7 2.5 4.4 8.5 0.9 58.0 3.4 0.5 0.4 2.0 8.1 0.8 16.4 2.4 4.9 3.7 17.1 0.6 14.2 0.6 3.8 0.6
Operating Profit 2007 % of Net Sales -246.7 3.2 8.3 27.8 13.0 2.8 14.1 7.4 3.4 20.7 18.6 4.5 -3.4 13.3 7.5 2.1 17.3 34.3 9.1 1.0 17.7 -12.8 4.6 -59.3 21.5 0.4 32.4 9.6 5.4
834
Pharmaceuticals (4577)
Canada
32.80
58.8
147
22.3
59.9
835 836 837 838
Electronic equipment (2737) Semiconductors (9576) Household goods (372) Computer services (9533)
USA Canada USA USA
32.69 32.63 32.56 32.43
13.0 45.9 4.2 9.1
1,581 126 1,993 119
2.1 25.9 1.6 27.3
5.4 -23.8 11.1 -1.7
94
R&D Investment Rank Company ICB Sector Country 2007 m 839 Encysive Pharmaceuticals (now part of Pfizer) Vanda Pharmaceuticals EMS-Chemie Kansai Paint Daewoo Shipbuilding & Marine Cirrus Logic Taiheiyo Cement QLT K-V Pharmaceutical Manhattan Associates Anadigics Move ION Geophysical Shikoku Electric Power Radisys Heiwa Aspen Technology Nihon Unisys Sycamore Networks Singapore Technologies Engineering Sulzer Nichias Rockwood Nisshin Seifun Archer Daniels Midland Maxygen Mentor Nisshin Steel Advent Software JSC Sitronics Corel Cipla Arqule Trident Microsystems Sonic Solutions Hologic Pharmaceuticals (4577) USA 32.35 change 07/06 % -25.1
Net Sales 2007 m 25
Operating Profit 2007 % of Net Sales -244.0
840 841 842 843 844 845 846 847 848 849 850 851 852 853 854 855 856 857
Biotechnology (4573) Chemicals (135) Chemicals (135) Commercial vehicles & trucks (2753) Semiconductors (9576) Construction & materials (235) Pharmaceuticals (4577) Biotechnology (4573) Software (9537) Semiconductors (9576) Internet (9535) Electronic equipment (2737) Electricity (753) Computer hardware (9572) Travel & leisure (575) Software (9537) Computer services (9533) Telecommunications equipment (9578) Aerospace & defence (271) Industrial machinery (2757) General industrials (272) Chemicals (135) Food producers (357) Food producers (357) Biotechnology (4573) Health care equipment & services (453) Industrial metals (175) Software (9537) Telecommunications equipment (9578) Software (9537) Pharmaceuticals (4577) Biotechnology (4573) Semiconductors (9576) Software (9537) Health care equipment & services (453)
USA Switzerland Japan South Korea USA Japan Canada USA USA USA USA USA Japan USA Japan USA Japan USA
32.31 32.28 32.27 32.21 32.20 32.09 31.97 31.90 31.87 31.83 31.71 31.67 31.65 31.63 31.59 31.58 31.54 31.40
-9.3 6.9 -0.1 24.9 7.1 -7.9 -16.5 48.2 12.4 30.6 22.0 41.4 -0.6 11.5 -1.7 -32.5 -15.7 46.3
0 938 1,416 5,191 124 5,759 89 412 231 158 196 488 3,545 222 469 233 1,882 107 3.4 2.3 0.6 26.0 0.6 35.9 7.7 13.8 20.1 16.2 6.5 0.9 14.2 6.7 13.6 1.7 29.3 17.8 10.2 4.8 -8.1 7.0 -116.9 21.6 12.6 0.6 -2.6 8.8 10.8 -8.6 4.3 16.3 2.0 -38.3
858
Singapore
31.34
12.9
2,400
1.3
12.5
859 860 861 862 863 864 864 866 867 868 869 870 871 872 873 874
Switzerland Japan USA Japan USA USA USA Japan USA Russia Canada India USA USA USA USA
31.30 31.20 31.12 31.05 30.78 30.77 30.77 30.72 30.69 30.66 30.58 30.49 30.48 30.45 30.44 30.43
29.5 0.9 9.6 -4.2 0.0 86.6 28.5 22.1 23.4 64.8 72.8 13.1 9.2 31.7 0.0 57.3
2,137 1,008 2,289 2,560 30,107 16 255 3,926 147 1,108 171 597 6 185 91 505
1.5 3.1 1.4 1.2 0.1 192.3 12.1 0.8 20.9 2.8 17.9 5.1 508.0 16.5 33.5 6.0
10.7 8.5 11.4 4.8 6.3 -262.5 21.2 9.5 5.4 -10.6 2.9 21.8 -683.3 15.7 -8.8 20.0
95
R&D Investment Rank Company ICB Sector Country 2007 m 875 876 877 878 879 880 880 882 883 884 885 886 887 888 889 890 891 892 893 894 895 896 897 897 897 900 900 902 903 904 905 906 906 Weichai Power Stoneridge Cytyc (now part of Hologic) Secure Computing Thoratec Hercules Armstrong World Industries Ushio American Medical Systems Tsumura Terrestar Semtech Bookham Lennox International Braskem Samsung Techwin Toagosei Harmonic Innolux Display SeaChange International Aztecsoft Nuvelo Newport Nihon Kohden Rambus Aloka Arbitron Geberit Datascope Siegfried Microsemi Herman Miller Gemstar-TV Guide International (now part of Macrovision) Dalsa Ezaki Glico Automobiles & parts (335) Automobiles & parts (335) Health care equipment & services (453) Software (9537) Health care equipment & services (453) Chemicals (135) Construction & materials (235) Electronic equipment (2737) Health care equipment & services (453) Pharmaceuticals (4577) Mobile telecommunications (657) Semiconductors (9576) Telecommunications equipment (9578) Construction & materials (235) Chemicals (135) Leisure goods (374) Chemicals (135) Telecommunications equipment (9578) Electronic equipment (2737) Software (9537) Software (9537) Biotechnology (4573) Electronic equipment (2737) Health care equipment & services (453) Semiconductors (9576) Health care equipment & services (453) Media (555) Construction & materials (235) Health care equipment & services (453) Pharmaceuticals (4577) Semiconductors (9576) Household goods (372) Media (555) Electronic equipment (2737) Food producers (357) China USA USA USA USA USA USA Japan USA Japan USA USA USA USA Brazil South Korea Japan USA Taiwan USA India USA USA Japan USA Japan USA Switzerland USA Switzerland USA USA USA 30.27 30.23 30.19 30.09 29.98 29.96 29.96 29.90 29.63 29.57 29.46 29.45 29.43 29.41 29.40 29.38 29.35 29.34 29.28 29.21 29.20 29.17 29.12 29.12 29.12 29.07 29.07 29.06 28.89 28.86 28.84 28.80 28.80 3.4 -3.9 8.6 13.2 41.6 110.7 22.8 37.1 5.1 27.9 -0.5 308.0 4.4 1.0 1.9 72.7 -59.3 -4.3 8.7 -16.7 -7.4 47.5 -52.3 1.4 -1.2 change 07/06 % 91.1 8.2 36.5 29.1 10.0 12.9
Net Sales 2007 m 2,568 497 416 163 161 1,461 2,469 928 318 559 0 195 139 2,565 6,793 2,507 996 213 3,289 123 45 32 304 592 134 297 241 1,271 259 205 302 1,312 429
R&D/Net Sales ratio 2007 % 1.2 6.1 7.3 18.5 18.6 2.1 1.2 3.2 9.3 5.3
Operating Profit 2007 % of Net Sales 12.7 6.0 33.2 -12.3 -1.2 9.7 8.7 15.8 14.8 15.9
15.1 21.2 1.1 0.4 1.2 2.9 13.8 0.9 23.7 64.9 91.2 9.6 4.9 21.7 9.8 12.1 2.3 11.2 14.1 9.5 2.2 6.7
15.4 -41.0 7.1 8.4 7.2 6.7 6.1 11.2 -4.9 15.6 -40.6 5.9 8.3 -20.1 2.4 17.8 26.4 5.0 9.8 4.0 10.2 11.2
908 909
Canada Japan
28.64 28.63
24.0 -0.5
125 1,652
22.9 1.7
-1.6 2.8
96
R&D Investment Rank Company ICB Sector Country 2007 m 910 911 912 913 914 915 916 917 918 919 920 921 922 923 923 925 926 Israel Amkor Technology China Steel QAD Weg Silicon Integrated Systems Audiocodes Sanyo Chemical Industries Seikagaku GS Yuasa Nexen Technitrol ISEKI Intevac Amcor Nippon Electric Glass Flowserve Novelis (now part of Hindalco Industries, India) Nipro Hyundai Engineering & Construction Cooper Companies Asyst Technologies Adaptec AEterna Zentaris Arpida Siliconware Precision Industries Entegris Websense Kurita Water Industries Ariad Pharmaceuticals CuraGen Medicis Pharmaceutical Metall Zug SonicWALL General industrials (272) Semiconductors (9576) Industrial metals (175) Software (9537) Electrical components & equipment (2733) Semiconductors (9576) Telecommunications equipment (9578) Chemicals (135) Pharmaceuticals (4577) Electrical components & equipment (2733) Oil & gas producers (53) Electrical components & equipment (2733) Commercial vehicles & trucks (2753) Electronic equipment (2737) General industrials (272) Electronic equipment (2737) Industrial machinery (2757) Industrial metals (175) Health care equipment & services (453) Construction & materials (235) Health care equipment & services (453) Semiconductors (9576) Computer hardware (9572) Biotechnology (4573) Biotechnology (4573) Semiconductors (9576) Semiconductors (9576) Software (9537) Support services (279) Biotechnology (4573) Biotechnology (4573) Pharmaceuticals (4577) Household goods (372) Telecommunications equipment (9578) Israel USA Taiwan USA Brazil Taiwan Israel Japan Japan Japan Canada USA Japan USA Australia Japan USA 28.61 28.49 28.17 28.09 28.05 27.93 27.84 27.80 27.78 27.77 27.72 27.63 27.54 27.45 27.45 27.44 27.36 change 07/06 % 3.2 7.6 4.2 2.6 16.6 20.8 14.9 5.2 30.1 4.2 -24.5 2.0 6.9 51.9 23.5 69.6 34.7
Net Sales 2007 m 7,804 1,874 4,385 180 1,355 137 108 749 149 1,596 4,534 702 941 148 6,536 2,060 2,574
R&D/Net Sales ratio 2007 % 0.4 1.5 0.6 15.6 2.1 20.4 25.8 3.7 18.6 1.7 0.6 3.9 2.9 18.5 0.4 1.3 1.1
Operating Profit 2007 % of Net Sales 7.2 14.2 29.5 1.7 14.7 -32.1 -3.7 5.2 22.8 -0.4 31.3 7.1 1.2 13.5 5.1 19.2 11.1
926
Canada
27.36
-2.4
6,736
0.4
-0.9
928 929 929 931 932 933 934 935 936 937 938 939 940 941 942 942
Japan South Korea USA USA USA Canada Switzerland Taiwan USA USA Japan USA USA USA Switzerland USA
27.31 27.26 27.26 27.24 27.23 27.20 27.17 27.16 27.15 27.14 27.07 27.06 27.05 26.97 26.96 26.96
18.6 -29.9 15.4 15.2 -29.6 44.9 -30.5 7.9 2.2 75.1 5.0 -8.6 3.0 -75.6 21.0 17.1
1,129 4,128 650 313 114 31 <0.5 1,396 432 145 1,207 2 16 318 388 136
2.4 0.7 4.2 8.7 23.9 87.7
2.7 7.2 4.8 -1.9 -28.1 -80.6
1.9 6.3 18.7 2.2 1,353.0 169.1 8.5 6.9 19.8
25.7 6.5 -3.4 12.3 -2,100.0 -268.8 21.1 14.7 -0.7
97
R&D Investment Rank Company ICB Sector Country 2007 m 944 945 946 947 948 949 950 951 952 953 954 955 955 957 958 959 960 961 961 963 Synaptics Microstrategy MEMC Electronic Materials Dowa Aselsan Electronic Industries Digital River Yum! Brands Riso Kagaku Sierra Wireless Scotts Miracle-Gro Pixelworks Unicharm Galenica Daido Steel AviChina Industry & Technology Kose X-Rite Hannstar Display COHU Imation Grant Prideco (now part of National Oilwell) Sirius Satellite Radio (now Sirius XM Radio) Computershare Cray Electro Scientific Industries Packeteer (now part of Blue Coat Systems) Mabuchi Motor Interwoven Westinghouse Air Brake Technologies Eizo Nanao Epicor Software Sherwin-Williams Solutia Steris Ferro Software (9537) Software (9537) Semiconductors (9576) Mining (177) Aerospace & defence (271) Internet (9535) Travel & leisure (575) Electronic office equipment (9574) Telecommunications equipment (9578) Household goods (372) Semiconductors (9576) Personal goods (376) Pharmaceuticals (4577) Industrial metals (175) Automobiles & parts (335) Personal goods (376) Electronic equipment (2737) Leisure goods (374) Semiconductors (9576) Computer hardware (9572) Oil equipment, services & distribution (57) USA USA USA Japan Turkey USA USA Japan Canada USA USA Japan Switzerland Japan China Japan USA Taiwan USA USA 26.94 26.89 26.88 26.84 26.81 26.80 26.68 26.65 26.59 26.54 26.53 26.52 26.52 26.41 26.35 26.32 26.25 26.22 26.22 26.13 change 07/06 % 11.4 14.2 9.7 17.2 62.7 20.8 18.2 -2.1 14.1 10.5 -32.0 7.8 -5.7 20.6 6.7 4.4 30.0 -35.3 -1.9 -23.6
Net Sales 2007 m 182 240 1,314 2,808 390 239 7,124 556 301 1,964 72 1,848 1,528 3,200 1,602 1,080 171 1,653 165 1,410
Operating Profit 2007 % of Net Sales 11.0 24.6 44.2 10.3 15.6 21.3 13.0 6.3 8.6 9.7 -30.6 9.4 6.2 6.7 -2.1 8.1 6.4 12.6 1.8 -1.9
964
USA
26.11
8.7
1,449
1.8
36.4
965 966 967 968
Media (555) Other financials (877) Computer hardware (9572) Electronic equipment (2737) Telecommunications equipment (9578) Electrical components & equipment (2733) Software (9537) Commercial vehicles & trucks (2753) Computer hardware (9572) Software (9537) Construction & materials (235) Chemicals (135) Health care equipment & services (453) Chemicals (135)
USA Australia USA USA
26.05 26.00 25.91 25.79
-18.0 -20.1 30.5 11.5
631 843 127 172
4.1 3.1 20.4 15.0
-55.6 22.2 -4.7 9.3
969
USA
25.68
22.5
99
25.9
-16.2
970 971 972 973 974 975 976 977 978
Japan USA USA Japan USA USA USA USA USA
25.64 25.61 25.58 25.57 25.56 25.49 25.31 25.25 25.24
2.7 6.8 14.3 9.7 9.7 1.0 -2.6 9.8 -13.4
659 154 930 585 294 5,475 2,447 865 1,508
3.9 16.6 2.8 4.4 8.7 0.5 1.0 2.9 1.7
12.1 6.5 13.2 12.6 9.9 12.1 -0.8 9.8 -2.2
98
R&D Investment Rank Company ICB Sector Country 2007 m 979 980 981 982 983 984 985 986 987 988 989 990 990 Novatel Wireless Bluescope Steel MDS Donaldson Benesse Jabil Circuit TravelSky Technology Manitowoc Nabtesco Brady Albany International Viropharma Micros Systems Viasys Healthcare (now part of Cardinal Health) Gardner Denver Kemet Neurogen ConjuChem Biotechnologies McDermott International Shanghai Electric Nordson Hexcel Computer hardware (9572) Industrial metals (175) Health care equipment & services (453) Industrial machinery (2757) Support services (279) Electrical components & equipment (2733) Telecommunications equipment (9578) Commercial vehicles & trucks (2753) Industrial machinery (2757) Electronic equipment (2737) Industrial machinery (2757) Biotechnology (4573) Computer hardware (9572) Health care equipment & services (453) Industrial machinery (2757) Electrical components & equipment (2733) Biotechnology (4573) Biotechnology (4573) Oil equipment, services & distribution (57) Industrial machinery (2757) Industrial machinery (2757) Aerospace & defence (271) USA Australia Canada USA Japan USA China USA Japan USA USA USA USA 25.21 25.04 24.95 24.94 24.90 24.88 24.72 24.69 24.64 24.59 24.55 24.53 24.53 change 07/06 % 23.6 46.8 38.5 7.6 29.9 4.0 12.8 15.7 10.7 18.1 13.3 87.1 17.0
Net Sales 2007 m 294 5,352 904 1,312 2,171 8,406 187 2,739 988 932 748 139 537
R&D/Net Sales ratio 2007 % 8.6 0.5 2.8 1.9 1.1 0.3 13.2 0.9 2.5 2.6 3.3 17.6 4.6
Operating Profit 2007 % of Net Sales 12.6 11.6 -2.3 11.4 8.6 1.4 34.8 12.7 10.6 12.7 3.2 56.8 14.3
992
USA
24.51
11.0
418
5.9
8.4
993 994 995 996 996 998 999 1000
USA USA USA Canada USA China USA USA
24.49 24.42 24.37 24.28 24.28 24.26 24.23 24.21
9.2 7.0 -29.5 15.7 89.8 59.0 44.7 16.5
1,278 581 7 <0.5 3,852 3,995 680 878
1.9 4.2 348.1
15.7 -1.2 -357.1
0.6 0.6 3.6 2.8
12.5 8.4 15.7 8.1
99
LF-NA-23530-EN-C
European Commission EUR 23530 EN DG Research Joint Research Centre, Institute for Prospective Technological Studies Title: The 2008 EU Industrial R&D Investment Scoreboard Authors: Hctor Hernndez Guevara, Alexander Tbke, Andries Brandsma Luxembourg: Office for Official Publications of the European Communities 2008 EUR Scientific and Technical Research series ISSN 1018-5593 ISBN 978-92-79-10051-2 DOI 10.2791/53870 Abstract This report presents the results of the 2008 edition of the "EU Industrial R&D Investment Scoreboard" (Scoreboard). It provides information on the 1000 EU companies and 1000 non-EU companies investing the largest sums in R&D. The Scoreboard includes R&D figures along with other economic and financial data from the last four financial years. The report includes a discussion on the key figures of the world's top R&D investors. It examines overall levels of R&D, the performance of the EU companies, and the main changes that took place in the last five years. The performance of individual companies among the top R&D investors, in particular those undergoing significant R&D growth is outlined. Moreover, an overview of the company data aggregated by industrial sectors and world regions, with comparisons between the EU companies and their main competitors is included.

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The 2008 EU Industrial R&D Investment Scoreboard

The 2008 EU Industrial R&D Investment Scoreboard

The 2008 EU Industrial R&D Investment Scoreboard

The 2008 EU Industrial R&D Investment Scoreboard

Figure S1. Growth of R&D investment the Scoreboard companies

The 2008 EU Industrial R&D Investment Scoreboard

Figure S3. Scoreboard R&D intensities in different world regions

USA 4 Japan All companies EU

2 2002/3 2003/4 2004/5 2005/6 2006/7 2007/8

The 2008 EU Industrial R&D Investment Scoreboard

Figure S4. R&D intensities by group of sectors

3.2% 1.4% 1.6% 0.5% 0.6%

The 2008 EU Industrial R&D Investment Scoreboard

Figure S5. R&D investment shares by sector group

40% 50% 60% R&D investment shares

The 2008 EU Industrial R&D Investment Scoreboard

Figure S6. R&D intensities in pharmaceuticals & biotechnology

The 2008 EU Industrial R&D Investment Scoreboard

Figure S7. R&D intensities in automobiles & parts

The 2008 EU Industrial R&D Investment Scoreboard

300 Normalised (2004/5=100)

100 2004/5 2005/6 2006/7

The 2008 EU Industrial R&D Investment Scoreboard

The 2008 EU Industrial R&D Investment Scoreboard

Box 1 : Methodological Caveats

The 2008 EU Industrial R&D Investment Scoreboard

2. Overall R&D investment trends

The 2008 EU Industrial R&D Investment Scoreboard

Table 1. Overall Performance of companies in the 2008 Scoreboard*.

* Figures of last year Scoreboard in parentheses.

Figure 1. Growth of R&D investment by EU and non-EU Scoreboard companies

11.1% 9.2% 7.7%

The 2008 EU Industrial R&D Investment Scoreboard

3. Top R&D investors

The 2008 EU Industrial R&D Investment Scoreboard

The 2008 EU Industrial R&D Investment Scoreboard

2008 Scoreboard ( million).

EU USA Japan South Korea Sw itzerland Previous year

The 2008 EU Industrial R&D Investment Scoreboard

4. R&D distribution by industrial sectors

According to the Industry Classification Benchmark (ICB) applied in the Scoreboard.

The 2008 EU Industrial R&D Investment Scoreboard

The 2008 EU Industrial R&D Investment Scoreboard

R&D intensity (%)

8.7 10.0 8.8

11 According to three digits ICB (Industry Classification Benchmark)

The 2008 EU Industrial R&D Investment Scoreboard

The 2008 EU Industrial R&D Investment Scoreboard

The 2008 EU Industrial R&D Investment Scoreboard

The 2008 EU Industrial R&D Investment Scoreboard

Figure 5. R&D shares of sectors of the main world regions.

The 2008 EU Industrial R&D Investment Scoreboard

10.1 1217,7 10.9 16.5 0.49 17.0

The 2008 EU Industrial R&D Investment Scoreboard

The 2008 EU Industrial R&D Investment Scoreboard