The Global Cash 25 list includes 13 US companies, seven Asian companies and five European firms.

Author: Denise Bedell

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TOP REGIONAL PUBLIC COMPANIES BY CASH ON BALANCE SHEET

North America | Western Europe | Central & Eastern Europe | Asia-Pacific | Africa | Latin America | Middle East

North America

GE once again tops the list of North American companies by cash on balance sheet, but this may change as GE is in the midst of a much-publicized sale of $100 billion in assets. It’s planing $200 million in total asset sales. mostly from its finance arm, with $200 billion in total sales planned as it refocuses on industrial businesses and drop its designation as a systemically important financial institution. Proceeds will go in part to fund $50 billion in share buybacks announced in April.

Two names that make the regional list but do not appear in the global ranking are Intel, at 14th with $14.1 billion in cash, and Chevron. The energy company is 15th in the ranking with $13.2 billion. Both made the regional ranking last year, as well. Verizon and Oracle drop off the list this year, pushing Cisco to 3rd from 4th place, and Pfizer from 7th to 4th. Apple falls from 5th last year to 8th this year, after a $15.5 billion cash decline.

Amazon is new to the North America regional list this year, coming in 11th in the ranking, with $17.4 billion in cash and short-term investments—up from $12.4 billion. Cash and short-term investments held by the top 15 companies in North America totals $687.8 billion. (back to top)

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

1

GENERAL ELECTRIC

United States

2014

90,021

88,555

1,466

2

MICROSOFT

United States

2014

85,465

76,775

8,690

3

CISCO SYSTEMS

United States

2014

52,074

50,610

1,464

4

PFIZER

United States

2014

36,122

32,408

3,714

5

JOHNSON & JOHNSON

United States

2014

33,089

29,206

3,883

6

GENERAL MOTORS

United States

2014

28,176

28,993

-817

7

AMGEN

United States

2014

27,026

19,401

7,625

8

APPLE

United States

2014

25,077

40,546

-15,469

9

COCA-COLA

United States

2014

21,675

20,268

1,407

10

QUALCOMM

United States

2014

17,565

14,966

2,599

11

AMAZON

United States

2014

17,416

12,447

4,969

12

MERCK

United States

2014

15,719

17,486

-1,767

13

HEWLETT-PACKARD

United States

2014

15,133

12,163

2,970

14

INTEL

United States

2014

14,054

20,087

-6,033

15

CHEVRON

United States

2014

13,215

16,516

-3,301


Western Europe

There are big changes in the regional list for Western Europe. Many of the firms in the top 15 are new to the group. Diversified French energy company Total and UK telco Vodafone both surpass Germany’s Daimler as the most cash-rich companies in Western Europe. Total boasts $26.5 billion in cash on its balance sheet, up from about $21 billion. Vodafone has $24.2 billion, an increase from $19.5 billion last year.

The list includes five German, three French and two Swiss companies, and one each from Finland, Ireland, Italy, Spain and the UK. Newcomers include  Medtronic—a US medical-device maker headquartered in Ireland—Swiss pharma outfit Novartis, food giant Nestle, Germany’s BMW and energy group RWE, Telecom Italia and Spanish engineering firm Grupo ACS.

Firms with the greatest year-on-year rise in cash and short-term investments include Novartis, Total and Vodafone. Novartis added $6.4 billion to its cash pile. Total added $5.5 billion. Vodafone increased its cash reserves by $4.7 billion. Novartis began a major restructuring last year, which includes the sale of around $30 billion in assets, as well as a few purchases.

Cash held by the 15 most cash-rich companies in Western Europe totals $524.4 billion. (back to top)

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

1

TOTAL

France

2014

26,474

20,939

5,535

2

VODAFONE

United Kingdom

2013

24,221

19,479

4,742

3

DAIMLER

Germany

2014

20,283

25,051

-4,769

4

RENAULT

France

2014

17,030

17,596

-566

5

MEDTRONIC

Ireland

2014

14,241

11,071

3,170

6

NOVARTIS

Switzerland

2014

13,506

7,068

6,438

7

DEUTSCHE TELEKOM

Germany

2014

12,605

10,991

1,613

8

SIEMENS

Germany

2014

11,247

13,223

-1,976

9

TELECOM ITALIA

Italy

2013

9,906

11,468

-1,562

10

NOKIA

Finland

2014

9,367

12,372

-3,005

11

BMW

Germany

2014

9,334

10,579

-1,245

12

Grupo ACS

Spain

2013

9,308

8,236

1,072

13

RWE

Germany

2014

9,204

9,327

-123

14

NESTLE.

Switzerland

2014

8,979

7,911

1,067

15

SANOFI

France

2014

8,924

11,469

-2,545


Central & Eastern Europe

The list of the top 10 companies by cash on balance sheet in the region is once again dominated by Russian names: seven of the 10 firms are from the country, and there is one each from the Czech Republic, Poland and Turkey. Oil & gas company Lukoil leads the ranking, with $3.2 billion in cash, followed by fertilizer company Uralkali, with $2.2 billion. The highest-ranking non-Russian firm—in 6th place, versus 9th place last year—is Ceska Posta, with $647 million in cash. That’s down from $687 million last year. The biggest drop in cash on balance sheet is Russian oil producer Surgutneftegas, which came in 1st last year with $14.6 billion in cash. The company this year ranks 8th, with just $509 million in cash. (back to top)

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

1

LUKOIL

Russia

2014

3,238

2,075

1,163

2

URALKALI

Russia

2014

2,155

933

1,222

3

MOL Group

Russia

2014

1,645

2,647

-1,002

4

MOSKOVSKY METROPOLITEN

Russia

2013

1,201

1,754

-553

5

RUSSIAN HIGHWAYS
STATE COMPANY

Russia

2013

1,043

1,813

-770

6

CESKA POSTA

Czech Republic

2013

647

687

-40

7

KOZA İPEK HOLDİNG

Turkey

2013

543

678

-135

8

SURGUTNEFTEGAS

Russia

2014

509

14,578

-14,068

9

ACRON

Russia

2014

507

695

-188

10

ASSECO POLAND

Poland

2014

390

284

106


Asia-Pacific

Toyota takes over from Petronas as the top-ranking firm by cash on balance sheet in the region, with $41.5 billion. The biggest increase year-on-year goes to Hyundai Motor—which did not make the top 10 last year, but comes in 4th this go-round, with $20 billion on balance sheet. That’s a sizable increase of $13 billion over last year. The Asia-Pac list contains a number of other firms that also added significantly to their cash reserves, including Toyota (up $6.8 billion), SoftBank (up $5.9 billion) and Taiwan Semiconductor (up $5.6 billion). (back to top)

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

1

TOYOTA MOTOR

Japan

2013

41,500

34,739

6,761

2

HON HAI PRECISION INDUSTRY

Taiwan

2014

21,572

23,179

-1,607

3

SOFTBANK

Japan

2013

20,523

14,592

5,931

4

HYUNDAI MOTOR

South Korea

2014

19,969

6,924

13,044

5

SAMSUNG ELECTRONICS

South Korea

2014

18,309

16,840

1,469

6

SONY

Japan

2013

18,270

16,186

2,083

7

RAKUTEN

Japan

2014

14,705

17,200

-2,495

8

MITSUBISHI

Japan

2013

14,339

15,893

-1,554

9

TAIWAN SEMICONDUCTOR

Taiwan

2014

13,789

8,167

5,623

10

RIO TINTO

Australia

2014

12,423

10,216

2,207


Africa

Sasol takes over from Lafarge as the top company by cash on balance sheet, with $3.5 billion, up from $2.7 billion last year. Lafarge drops off the list this year. Golden Agri-Resources of Mauritius is the only company not from South Africa that makes the list, moving up to 9th place from 10th last year, with $591 million in cash reserves. Anglogold Ashanti and Murray & Roberts join Lafarge in dropping off the list, replaced by SCAW Metals (4th with $979 million in cash), Woolworths (No. 5) and Grindrod (No. 10.). (back to top)

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

1

SASOL

South Africa

2014

3,544

2,654

890

2

STEINHOFF
INTERNATIONAL HOLDINGS

 

2014

1,541

917

625

3

NASPERS

 

2013

1,292

1,702

-410

4

SCAW METALS

South Africa

2012

979

n.a.

N?A

5

WOOLWORTHS

 

2014

900

157

743

6

THE BIDVEST GROUP

 

2014

834

838

-4

7

ASPEN PHARMACARE

 

2014

776

605

171

8

SHOPRITE

South Africa

2014

770

607

163

9

GOLDEN AGRI-RESOURCES

Mauritius

2014

591

587

4

10

GRINDROD

 

2013

579

534

45


Latin America

The top companies in the region by cash on balance sheet continue to be dominated by global companies headquartered in offshore domiciles such as the Cayman Islands, Bermuda and Curaçao. Schlumberger, which is domiciled in Curaçao and supplies technology to energy companies, leads the list once again, with $7.5 billion in cash on balance sheet. That’s down from $8.4 billion last year, however. Five companies in the ranking are based in the Cayman Islands (mostly Chinese firms that are domiciled there), three companies are Brazilian, and one each hails from Chile and Mexico. (back to top)

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

1

SCHLUMBERGER

Curaçao

2014

7,501

8,370

-869

2

HENGAN INTERNATIONAL

 Cayman Islands

2014

2,746

2,531

215

3

MARVELL TECHNOLOGY

Bermuda

2014

2,530

1,969

560

4

BRF

Brazil

2014

2,483

1,524

959

5

EMBRAER

Brazil

2014

2,424

2,611

-187

6

SINA CORP

 Cayman Islands

2014

2,167

1,868

298

7

CTRIP.COM

 Cayman Islands

2014

2,055

1,887

169

8

BUNGE

Bermuda

2014

1,813

904

909

9

QIHOO 360
TECHNOLOGY

 Cayman Islands

2014

1,706

1,017

689

10

LATAM AIRLINES
GROUP

Chile

2014

1,640

2,695

-1,055

11

ULTRAPAR

Brazil

2014

1,608

1,455

152

12

BELLE INTERNATIONAL

 Cayman Islands

2013

1,588

1,339

249

13

GRUPO TELEVISA

Mexico

2013

1,561

1,874

-313


Middle East

Teva Pharmaceuticals of Israel rises from 6th last year to take the top spot in the region by cash and short-term investments, reporting $2.2 billion this year from $1 billion last year. Saudi Arabia’s Tasnee moves to 2nd from 4th, with $1.2 billion in cash, and Kuwait’s Zain remains in 3rd with $1.2 billion. New entrants include Qatar Navigation, Dubai Investments, Sipchem of Saudi Arabia and Israel’s Paz Oil. (back to top)

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

1

TEVA PHARMACEUTICAL
INDUSTRIES

IL

2014

2,226

1,038

1,188

2

TASNEE

SA

2014

1,217

1,382

-165

3

ZAIN

KW

2014

1,180

1,422

-242

4

CHECK POINT SOFTWARE TECHNOLOGIES

IL

2013

1,167

1,503

-337

5

QATAR NAVIGATION

QA

2014

1,031

560

471

6

DUBAI INVESTMENTS

AE

2014

782

305

478

7

RAFAEL ADVANCED
DEFENSE SYSTEMS

IL

2013

720

829

-109

8

SIPCHEM

SA

2014

656

762

-106

9

NATIONAL INDUSTRIES

KW

2014

603

615

-12

10

PAZ OIL

IL

2013

561

28

533

*Includes cash, cash equivalents and short-term securities (those maturing between three months and a year).  Data valid as of July 23, 2015.

Data provided by: Orbis by Bureau van Dijk


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