TREASURY & CASH MANAGEMENT | GLOBAL FINANCE CASH 25 

Author: Denise Bedell

Table Of Contents

Far From Home

Percentage of cash (including long-term marketable securities) of selected Global Finance Cash 25 companies that is held abroad
Company
%

Amgen

91.6

Oracle

87.5

Merck

85.1

Coca-Cola

82.2

Microsoft

79.2

Apple

75.8

Cisco

72.9

Johnson & Johnson

63.7

Pfizer

53.1

General Electric

37.6

Source: Analyst’s Accounting Observer

Top Regional Public Companies By Cash On Balance Sheet

NORTH AMERICA | WESTERN EUROPE | CENTRAL & EASTERN EUROPE | LATIN AMERICA | ASIA | MIDDLE EAST | AFRICA

North America

The list of North American companies with the most cash on their balance sheets in 2013 was topped by GE, whose ample cash includes the activities of its substantial finance subsidiary. The huge increase in Verizon’s cash reflected not only the $49 billion in proceeds from debt it issued last September to finance the cash portion of its acquisition of Vodafone’s 45% interest in Verizon Wireless, but also a big increase in operating cash flow.

Rank
 Company
Country
Latest Reporting Year
Cash* ($mn)
Cash* ($mn) Previous Year
Change (YoY)

1.

GENERAL ELECTRIC

US

2013

88,555

77,268

11,287

2.

MICROSOFT

US

2013

76,775

63,040

13,735

3.

VERIZON COMMUNICATIONS

US

2013

54,129

3,563

50,566

4.

CISCO SYSTEMS

US

2013

50,610

48,716

1,894

5.

APPLE

US

2013

40,546

29,129

11,417

6.

ORACLE

US

2014

38,819

32,216

6,603

7.

PFIZER

US

2013

32,408

32,399

9

8.

JOHNSON & JOHNSON

US

2013

29,206

21,089

8,117

9.

GENERAL MOTORS

US

2013

28,993

27,410

1,583

10.

THE COCA-COLA COMPANY

US

2013

20,268

16,551

3,717

11.

INTEL

US

2013

20,087

18,162

1,925

12.

AMGEN

US

2013

19,401

24,061

-4,660

13.

MERCK

US

2013

17,486

16,141

1,345

14.

CHEVRON

US

2013

16,516

21,913

-5,397

15.

BOEING

US

2013

15,258

13,558

1,700

 

Western Europe

All but four of the 10 Western European companies with the most cash on their balance sheets saw their totals rise in 2013. The cash on GDF Suez’s balance sheets fell the most on a proportionate basis, by 16%, followed by Siemens (10%), Total (7%) and Airbus (3%). Deutsche Telekom added the most cash, with an increase of 107%, while Rio Tinto and Vodafone saw their cash grow by 45%. Sanofi also saw a big increase of more than a third.

Rank
 Company
Country
Latest Reporting Year
Cash* ($mn)
Cash* ($mn) Previous Year
Change (YoY)

1.

DAIMLER

DE

2013

22,694

19,864

2,830

2.

TOTAL

FR

2013

20,942

22,471

-1,529

3.

VODAFONE

GB

2012

19,618

13,545

6,073

4.

RENAULT

FR

2013

17,599

16,056

1,543

5.

TELEFÓNICA

ES

2013

16,681

15,462

1,219

6.

GDF SUEZ

FR

2013

14,859

17,739

-2,880

7.

AIRBUS GROUP

NL

2013

14,532

15,003

-470

8.

SIEMENS

DE

2013

13,231

14,760

-1,529

9.

NOKIA

FI

2013

12,374

13,074

-700

10.

ERICSSON

SE

2013

12,000

11,793

207

11.

SANOFI

FR

2013

11,470

8,493

2,977

12.

DEUTSCHE TELEKOM

DE

2013

10,993

5,312

5,681

13.

RIO TINTO

GB

2013

10,505

7,373

3,132

14.

REPSOL

ES

2013

10,382

8,336

2,046

15.

E.ON

DE

2013

10,088

8,637

1,451

 

Central & Eastern Europe

Seven of the 10 Central and Eastern European companies with the most cash on their balance sheets at the end of 2013 were Russian. Given the Western sanctions that have been imposed on the country over its role in the Ukraine crisis, that disposition may well change this year. But in which direction? Revenues are likely to fall, but the companies might respond by curtailing spending by a greater amount.

Rank
 Company
Country
Latest Reporting Year
Cash* ($mn)
Cash* ($mn) Previous Year
Change (YoY)

1.

SURGUTNEFTEGAS

Russia

2013

14,578

12,154

2,423

2.

RUSSIAN HIGHWAYS

STATE COMPANY

Russia

2012

1,813

1,439

374

3.

MOSKOVSKY

METROPOLITEN

Russia

2012

1,754

652

1,103

4.

LASY PAŃSTWOWE

Poland

2012

936

828

107

5.

URALKALI

Russia

2013

933

1,666

-732

6.

SC OLYMPSTROY

Russia

2012

888

78

810

7.

SKOLKOVO

FUND

Russia

2012

767

506

261

8.

ACRON

Russia

2013

695

1,633

-938

9.

CESKA POSTA

Czech Republic

2012

687

434

254

10.

LESY ČESKÉ REPUBLIKY

Czech Republic

2012

558

514

44

 

LATIN AMERICA

The two Mexican companies on the list were the only ones that saw cash decline year-on-year. Cash at soft drink bottler Femsa fell by 28%, while that of media company Grupo Televisa declined by almost 17%.  At the other end of the spectrum, cash more than doubled at Chile’s Latam Airlines Group and at two Cayman Island companies, Hengan International Group and SINA Corp, with the latter seeing its total rise by 162%.

Rank
 Company
Country
Latest Reporting Year
Cash* ($mn)
Cash* ($mn) Previous Year
Change (YoY)

1.

SCHLUMBERGER

Curaçao

2013

8,370

6,274

2,096

2.

LATAM AIRLINES GROUP

Chile

2013

2,695

1,287

1,408

3.

EMBRAER

Brazil

2013

2,624

2,374

250

4.

HENGAN INTERNATIONAL GROUP

Cayman Islands

2013

2,531

1,240

1,291

5.

FEMSA

Mexico

2013

2,094

2,930

-836

6.

MARVELL TECHNOLOGY GROUP

Bermuda

2013

1,969

1,919

50

7.

SINA CORP

Cayman Islands

2013

1,868

714

1,155

8.

GREENTOWN CHINA HOLDINGS

Cayman Islands

2013

1,849

1,256

593

9.

TPK HOLDING

Cayman Islands

2013

1,583

801

782

10.

GRUPO TELEVISA

Mexico

2013

1,561

1,874

-313

 

Asia-Pacific

Japanese e-commerce site Rakuten saw its cash more than double last year, landing it on the Global 25 list this year and demonstrating the growth of online shopping. Meanwhile, South Korean electronics giant Samsung found itself under pressure to return cash to shareholders, and sure enough, the amount on its balance sheet fell by 10%. Elsewhere among the top 10 Asia-Pac companies, cash fell 17% at Petronas, 16% at Sony and 13% at Mitsui.

Rank
 Company
Country
Latest Reporting Year
Cash* ($mn)
Cash* ($mn) Previous Year
Change (YoY)

1.

Petronas

Malaysia

2012

42,053

50,595

-8,542

2.

TOYOTA MOTOR

Japan

2012

34,739

35,795

-1,056

3.

RAKUTEN

Japan

2013

17,200

8,254

8,946

4.

SAMSUNG ELECTRONICS

South Korea

2013

16,840

18,728

-1,888

5.

SBI HOLDINGS

Japan

2012

16,644

13,999

2,644

6.

SONY

Japan

2012

16,186

19,178

-2,992

7.

MITSUBISHI

Japan

2012

15,893

16,900

-1,007

8.

MITSUI

Japan

2012

15,192

17,484

-2,293

9.

SOFTBANK

Japan

2012

14,592

12,426

2,166

10.

CYUAN GUO NONG YE JIN KU

Taiwan

2011

12,486

8,898

3,588

 

Middle East

Cash at Middle Eastern companies is almost as volatile as the region’s politics. While half of the companies listed in the Top 25 were Israeli, their totals sometimes went in opposite directions, with cash falling at Teva Pharmaceuticals by 64% and soaring at Ersaban Holdings by 3,147%. The volatility wasn’t limited to Israel, with the UAE’s Arabtec Holding seeing cash rise by 182%, while the amount on the books at Kuwait’s Zain fell by 31%.

Rank
 Company
Country
Latest Reporting Year
Cash* ($mn)
Cash* ($mn) Previous Year
Change (YoY)

1.

ERSABAN HOLDINGS

Israel

2012

3,148

1

3,147

2.

ISRAEL AEROSPACE INDUSTRIES

Israel

2013

1,957

1,331

626

3.

ZAIN

Kuwait

2013

1,423

1,086

337

4.

TASNEE

Saudi Arabia

2013

1,382

1,722

-340

5.

CHECK POINT SOFTWARE TECHNOLOGIES

Israel

2013

1,167

1,503

-337

6.

TEVA PHARMACEUTICAL

Israel

2013

1,038

2,879

-1,841

7.

RAFAEL ADVANCED DEFENSE SYSTEMS

Israel

2012

829

542

287

8.

SAUDI INTERNATIONAL PETROCHEMICAL CO

Saudi Arabia

2013

762

814

-52

9.

ARABTEC HOLDING

UAE

2013

704

250

454

10.

NATIONAL INDUSTRIES GROUP

Kuwait

2013

615

707

-92

 

Africa

South Africa dominates the list of the 10 most cash-rich companies in its region, with all but one of the list domiciled in that country. Most saw increases in cash, with Sasol, Naspers, Murray & Roberts and Aspen Pharmacare all experiencing gains of 38% or more. The biggest decline among the South Africa companies was at Shoprite, where cash fell by 38%. The only non–South African corporation among the ten, Golden Agri-Resources of Mauritius, also saw cash fall, by 14%.

Rank
 Company
Country
Latest Reporting Year
Cash* ($mn)
Cash* ($mn) Previous Year
Change (YoY)

1.

LAFARGE SOUTH AFRICA

South Africa

2013

3,437

N/A

N/A

2.

SASOL

South Africa

2013

2,656

1,606

1,050

3.

NASPERS

South Africa

2012

1,768

1,281

487

4.

STEINHOFF INTERNATIONAL HOLDINGS

South Africa

2013

911

977

-66

5.

THE BIDVEST GROUP

South Africa

2013

838

716

122

6.

ANGLOGOLD ASHANTI

South Africa

2013

649

892

-243

7.

MURRAY & ROBERTS

South Africa

2013

623

413

210

8.

SHOPRITE

South Africa

2013

611

968

-357

9.

ASPEN PHARMACARE

South Africa

2013

605

405

200

10.

GOLDEN AGRI-RESOURCES

Mauritius

2013

587

685

-98

*Includes cash, cash equivalents and short-term securities (those maturing between three months and a year).  
Data valid as of July 16, 2014.
Data provided by: Orbis by Bureau van Dijk