The 2009 EU Industrial R&D Investment Scoreboard - IRI - Europa

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The 6 companies from the alternative energy sector, all from the EU, showedimpressive growth in R&D investment over the last three years (see Figure 8).Figure 8. R&D investment growth of some companies in the sector of alternative energySolon (3223), R&D € 5 mn300Q-Cells (863), R&D € 31 mnNormalised R&D investment (2005=100)250200150Vestas Wind Systems R&D€223mnREpow er Systems R&D€22mnSMA Solar Technology R&D€33mnEnergy total R&D €12.1 bnSolarWorld R&D €11mn1002005 2006 2007 2008Source: The 2009 EU Industrial R&D Investment ScoreboardEuropean Commission, JRC/DG RTD.38The 2009 EU Industrial R&D Investment Scoreboard
6. Initial effects of the economic crisisThis chapter analyses some preliminary effects of the economic crisis that arealready captured in the company results reported in the 2009 Scoreboard 27 .Some effects of the economic crisis are observed on indicators such as sales,operating profits and market capitalisation, whereas effects on R&D and relatedindicators are not yet reflected in this year's Scoreboard.Among the company data reported in the Scoreboard, the indicators mostsensitive to recession are the net sales, operating profits and marketcapitalisation of companies. The latter, offering the valuation of companies inthe stock market, directly reflects the effect of the economic downturn.Analysis by groups of sectors of high, medium and low R&D intensityThe growth rate of net sales increased in the low R&D-intensity sector, mainlybecause of the high oil prices in 2008 that benefited the oil-related sectors. Incontrast, the other sectors saw a reduction in their growth rate of net sales. Thiswas particularly pronounced in the high R&D-intensity sector and especially forEU companies that grew net sales at a rate less than half of that achieved bytheir US counterparts (Figure 9).Market capitalisation 28 of companies also shows clearly the effects of theeconomic crisis by sector and region. Market capitalisation of companies in theScoreboard is only available at a given date (mid-August of each year). Thus,only the change over one year can be examined. This means that the drop inmarket capitalisation up to March/April 2009 is not observed.The effects of the economic crisis on market capitalisation are visible as of theprevious reporting period (up to August 2008). The market capitalisation isfurther reduced over the last period (August 2008 – August 2009). The largestimpact for EU companies is on medium-high R&D-intensity sectors whereas forUS companies, it is on the medium-low R&D intensity ones. Companies in highR&D-intensity sectors appear less affected in the US group (Figure 10).27For more information about the effects of the economic crisis on companies see: Voigt, P. and Moncada-Paternò-Castello, P.: “Theglobal economic and financial downturn: What does it imply for firms' R&D strategies?”, IPTS Working Paper on Corporate R&D andInnovation 12/2009, http://iri.jrc.ec.europa.eu/papers/12_IPTS_WP_JRC51954.pdf28Market capitalisation of companies in the Scoreboard is only available at a given date (mid-August of each year). Thus, only thechange over one year (e.g. mid-August 2008 to mid-August 2009) can be examined. This means that the impact would have beenmuch larger comparing with market capitalisation in March/April 2009.The 2009 EU Industrial R&D Investment Scoreboard39
Page 2 and 3: AcknowledgmentsThe 2009 EU Industri
Page 5 and 6: SummaryThe 2009 "EU Industrial R&D
Page 7 and 8: However, the US is reinforcing its
Page 9 and 10: (€5.25 bn); the EU has two compan
Page 11 and 12: The pharmaceuticals & biotechnology
Page 13 and 14: Distinct effects of the economic cr
Page 15 and 16: 1. IntroductionThe 2009 "EU Industr
Page 17 and 18: Table 1: Profile of the 2009 Scoreb
Page 19 and 20: • Growth in R&D can either be org
Page 21 and 22: • The two Scoreboard indicators m
Page 23 and 24: 3. Top R&D investing companiesThis
Page 25 and 26: R&D changes driven by Mergers and A
Page 27 and 28: 4. R&D distribution by regionThis c
Page 29 and 30: Figure 3. R&D investment by the top
Page 31 and 32: Table 5. R&D trends of Scoreboard c
Page 33 and 34: As discussed in previous Scoreboard
Page 35 and 36: accounting for more than 40% of the
Page 37 and 38: R&D intensity by sectorTable 7 prov
Page 39 and 40: The Pharmaceuticals & Biotechnology
Page 41: Figure 7. Ranking of the world's to
Page 45 and 46: Analysis by industrial sectorTable
Page 47 and 48: The Automobiles & Parts sectorCompa
Page 49 and 50: The Scoreboard is aimed at three ma
Page 51 and 52: a) The previous year's figures disc
Page 53 and 54: percentage of sales, are possibly u
Page 55 and 56: Table A2.1. Euro exchange rates app
Page 57 and 58: 7. Capital expenditure (Capex) is e
Page 59 and 60: Table A2.1. Ranking of the top 1000
Page 61 and 62: R&DInvestmentNet SalesR&D/NetSales
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R&DInvestmentNet SalesR&D/NetSales
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