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See this chart.
.
Another example: The Audi Group, another premium car producer, has 16 billion Euros net
cash, on a volume of annual group sales of 54 billion Euros.
That is, they have even 30 % of annual turnover as cash, for safety purposes.
A recent survey by Deloitte, among 150 German CFOs of major German corporations, shows
this conclusion: Financing conditions are at their best in history, meaning the ultralow
interest rates, and credit availability is at a maximum. Ladies and Gentlemen, how much
better than this can life be for us, the treasurers.
Ladies and Gentlemen, on another note:
I have not yet addressed the subject of over-indebtedness of states and governments which is
particularly worrying to many people and in many member countries of the European Union.
Two numbers demonstrate the phenomenon: In 2008, shortly before the financial crisis, the
government indebtedness of the 19 member states of Euroland was at 69 % of GDP. At the
end of 2014 this number had increased to 92 %.
The strong increase is mainly due to governments bailing out banks from the huge losses of
the financial crisis, but it is also due to general deficit spending by governments for general
and all kinds of political purposes.
IGTA eJournal | Summer 2015 | 15