280

Annex table A.I.11. The world’s top 100 non-financial TNCs, ranked by foreign assets, 2004 a
(Millions of dollars and number of employees)

World Investment Report 2006: FDI from developing and transition economies: implications for development
Ranking by: Assets Sales Employment No. of affiliates
Foreign TNI b
assets TNI b II c Corporation Home economy Industry d Foreign e Total Foreign f Total Foreign Total (Per cent) Foreign Total II c

1 68 55 General Electric United States Electrical & electronic equipment 448 901 750 507 56 896 152 866 142 000 307 000 47.8 787 1157 68.02
2 4 93 Vodafone Group Plc United Kingdom Telecommunications 247 850 258 626 53 307 62 494 45 981 57 378 87.1 70 198 35.35
3 67 65 Ford Motor United States Motor vehicles 179 856 305 341 71 444 171 652 102 749 g 225 626 48.7 130 216 60.19
4 90 71 General Motors United States Motor vehicles 173 690 479 603 59 137 193 517 114 612 h 324 000 34.0 166 290 57.24
5 10 44 British Petroleum Company Plc United Kingdom Petroleum expl./ref./distr. 154 513 193 213 232 388 285 059 85 500 102 900 81.5 445 611 72.83
6 38 37 ExxonMobil United States Petroleum expl./ref./distr. 134 923 195 256 202 870 291 252 52 968 i 105 200 63.0 237 314 75.48
7 25 88 Royal Dutch/Shell Group United Kingdom/
Netherlands Petroleum expl./ref./distr. 129 939 j 192 811 170 286 j 265 190 96 000 114 000 71.9 328 814 40.29
8 62 91 Toyota Motor Corporation Japan Motor vehicles 122 967 233 721 102 995 171 467 94 666 265 753 49.4 129 341 37.83
9 20 48 Total France Petroleum expl./ref./distr. 98 719 114 636 123 265 k 152 353 62 227 111 401 74.3 410 576 71.18
10 66 47 France Télécom France Telecommunications 85 669 131 204 24 252 58 554 81 651 206 524 48.7 162 227 71.37
11 49 60 Volkswagen AG Germany Motor vehicles 84 042 172 949 80 037 k 110 463 165 152 342 502 56.4 147 228 64.47
12 16 22 Sanofi-Aventis France Pharmaceuticals 82 612 104 548 15 418 18 678 68 776 96 439 77.6 207 253 81.82
13 61 54 Deutsche Telekom AG Germany Telecommunications 79 654 146 834 47 118 l 71 868 73 808 244 645 50.0 266 390 68.21
14 60 62 RWE Group Germany Electricity, gas and water 78 728 127 179 23 636 52 320 42 370 97 777 50.1 345 552 62.50
15 19 59 Suez France Electricity, gas and water 74 051 85 788 38 838 k 50 585 100 485 160 712 75.2 546 846 64.54
16 81 79 E.on Germany Electricity, gas and water 72 726 155 364 21 996 60 970 32 819 j 72 484 42.7 303 596 50.84
17 13 6 Hutchison Whampoa Hong Kong, China Diversified 67 638 84 162 17 039 23 037 150 687 h 180 000 79.3 94 103 91.26
18 39 49 Siemens AG Germany Electrical & electronic equipment 65 830 108 312 59 224 93 333 266 000 430 000 62.0 605 852 71.01
19 3 4 Nestlé SA Switzerland Food & beverages 65 396 j 76 965 68 586 k,l 69 778 240 406 247 000 93.5 460 487 94.46
20 92 28 Electricite De France France Electricity, gas and water 65 365 200 093 17 886 l 55 775 50 543 m 156 152 32.4 240 299 80.27
21 29 87 Honda Motor Co Ltd Japan Motor vehicles 65 036 89 483 61 621 79 951 76 763 137 827 68.5 76 188 40.43
22 52 73 Vivendi Universal France Diversified 57 589 94 439 11 613 26 607 23 377 37 906 55.4 245 435 56.32
23 48 83 ChevronTexaco United States Motor vehicles 57 186 93 208 80 034 l 150 865 31 000 56 000 56.6 121 250 48.40
24 34 23 BMW AG Germany Motor vehicles 55 726 91 826 40 198 55 050 70 846 m 105 972 66.9 124 153 81.05
25 93 80 DaimlerChrysler United States/
Germany Motor vehicles 54 869 248 850 68 928 176 391 101 450 h 384 723 29.2 324 641 50.55
26 79 34 Pfizer Inc United States Pharmaceuticals 54 055 123 684 22 977 52 516 50 287 m 115 000 43.7 82 104 78.85
27 65 42 ENI Italy Petroleum expl./ref./distr. 50 212 98 553 47 749 k,l 89 840 30 186 71 497 48.8 162 222 72.97
28 41 90 Nissan Motor Co Ltd Japan Motor vehicles 49 553 94 588 55 638 79 268 112 530 m 183 607 61.3 53 140 37.86
29 54 7 IBM United States Computer and related activities 47 928 109 183 60 656 k 96 293 175 832 m 329 001 53.4 338 371 91.11
30 85 78 ConocoPhillips United States Petroleum expl./ref./distr. 46 321 92 861 40 945 l 143 183 14 048 m 35 800 39.2 44 85 51.76
31 40 39 Hewlett-Packard United States Computer and related activities 45 816 76 138 50 543 k 79 905 93 188 m 151 000 61.7 106 144 73.61
32 87 68 Mitsubishi Corporation Japan Wholesale trade 43 867 87 879 5 476 38 319 22 485 o 51 381 36.0 212 357 59.38
33 76 97 Telefonica SA Spain Telecommunications 43 224 i 86 448 15 060 k 37 650 78 099 i 173 554 45.0 62 279 22.22
34 14 11 Roche Group Switzerland Pharmaceuticals 42 884 51 322 24 794 25 149 35 587 h 64 703 79.0 137 158 86.71
35 94 56 Telecom Italia Spa Italy Telecommunications 41 747 104 349 8 231 k 38 786 16 331 91 365 26.4 75 111 67.57
36 23 95 Anglo American United Kingdom Mining & quarrying 40 460 j 53 451 16 819 j 26 268 163 522 h,j 209 000 72.7 173 502 34.46
37 55 31 Fiat Spa Italy Motor vehicles 39 658 77 971 31 281 57 990 87 761 h 160 549 53.2 362 456 79.39
38 9 57 Unilever United Kingdom/
Netherlands Diversified 38 415 46 141 44 361 50 121 171 000 j 223 000 82.8 314 466 67.38
39 58 86 Carrefour France Retail 36 756 53 090 45 874 90 230 142 129 j 430 695 51.0 130 311 41.80
40 46 29 Procter & Gamble United States Diversified 36 128 61 527 31 399 56 741 62 731 m 110 000 57.0 357 447 79.87

/…
 Annex table A.I.11. The world’s top 100 non-financial TNCs, ranked by foreign assets, 2004 a (continued)
(Millions of dollars and number of employees)

Ranking by: Assets Sales Employment No. of affiliates

Foreign TNI b
assets TNI b II c Corporation Home economy Industry d Foreign e Total Foreign f Total Foreign Total (Per cent) Foreign Total II c

41 47 17 Sony Corporation Japan Electrical & electronic equipment 35 959 87 309 48 285 69 077 90 092 h 151 400 56.9 395 471 83.86
42 71 69 Mitsui & Co Ltd Japan Wholesale trade 35 749 72 929 14 071 p 32 587 17 614 m 38 210 46.1 243 411 59.12
43 97 18 Wal-Mart Stores United States Retail 34 525 120 223 56 277 k 285 222 410 000 1710 000 24.1 80 96 83.33
44 89 14 Deutsche Post AG Germany Transport and storage 33 178 208 888 25 560 53 601 149 201 379 828 34.3 710 834 85.13
45 26 33 Compagnie De Saint-Gobain SA France Non-metallic mineral products 31 952 42 071 27 144 l 39 765 129 034 m 181 228 71.8 622 787 79.03
46 50 72 Veolia Environnement SA France Water supply 31 946 49 396 13 788 30 636 146 249 h 251 584 55.9 484 852 56.81
47 7 38 Philips Electronics Netherlands Electrical & electronic equipment 30 330 41 848 36 155 37 646 134 814 161 586 84.0 313 425 73.65
48 12 12 Lafarge SA France Non-metallic products 30 127 33 742 15 146 17 925 52 365 q 77 075 80.6 397 460 86.30
49 72 81 Repsol YPF SA Spain Petroleum expl./ref./distr. 29 846 53 044 17 216 51 764 16 162 h 33 337 46.0 61 121 50.41
50 30 9 Novartis Switzerland Pharmaceuticals 29 081 54 469 27 917 k 28 247 43 163 j 81 392 68.4 253 280 90.36
51 32 50 GlaxoSmithKline United Kingdom Pharmaceuticals 28 971 43 607 34 057 37 275 44 679 j 100 019 67.5 196 277 70.76
52 80 82 Endesa Spain Electric services 28 786 n 65 423 10 407 k,l 27 472 12 953 26 985 43.3 87 175 49.71
53 56 41 Bayer AG Germany Pharmaceuticals/chemicals 28 577 51 493 20 913 k,l 36 950 48 700 j 112 500 51.8 214 293 73.04
54 83 20 Altria Group Inc United States Tobacco 28 545 101 648 48 388 89 610 64 023 156 000 41.0 199 242 82.23
55 53 24 BASF AG Germany Chemicals 27 771 46 197 27 715 46 609 35 289 81 955 54.2 241 298 80.87
56 5 5 Alcan Inc. Canada Metal and metal products 25 455 33 341 23 381 24 885 71 000 82 000 85.6 269 289 93.08
57 6 64 Koninklijke Ahold United States/
Netherlands Retail 24 659 28 202 51 668 64 567 206 057 h 231 003 85.6 173 287 60.28
58 74 53 Renault SA France Motor vehicles 24 406 83 009 33 004 50 555 54 390 130 573 45.4 143 208 68.75
59 95 46 Petronas - Petroliam Nasional Bhd Malaysia Petroleum expl./ref./distr. 22 647 n 62 915 10 567 r 36 065 4 016 h 33 944 25.7 167 234 71.37
60 51 26 Dow Chemical Company United States Chemicals 22 196 45 885 25 107 40 161 23 841 43 000 55.4 201 250 80.40
61 21 30 Volvo Sweden Motor vehicles 21 730 33 698 26 643 k 28 630 m 52 550 81 080 74.1 244 307 79.48
62 22 67 AES Corporation United States Electricity, gas and water 21 022 29 732 7 273 k 9 486 22 106 30 000 73.7 60 101 59.41
63 42 61 British American Tobacco United Kingdom Tobacco 20 664 j 34 139 12 496 j 22 721 40 275 j 60 953 60.5 204 319 63.95
64 35 84 McDonald’s Corp. United States Retail 20 565 27 838 12 539 19 065 240 142 s 418 000 s 65.7 34 76 44.74
65 44 75 Pinault-Printemps Redoute SA France Wholesale trade 20 543 31 261 16 943 30 064 50 416 m 95 397 58.3 138 250 55.20
66 84 99 National Grid Transco United Kingdom Energy 20 315 47 727 7 356 l 16 504 8 565 24 406 40.7 259 223 13.90
67 82 74 Matsushita Electric
Industrial Co., Ltd. Japan Electrical & electronic equipment 20 129 77 381 34 013 80 538 184 110 m 334 752 41.1 277 492 56.30
68 64 27 United Technologies Corporation United States Transport equipment 19 493 40 035 18 670 37 445 103 330 209 700 49.3 356 443 80.36
69 63 89 Metro AG Germany Retail 19 371 38 264 34 294 70 042 105 230 217 424 49.3 262 681 38.47
70 1 1 Thomson Corporation Canada Media 19 221 19 643 7 837 8 098 38 926 40 000 97.3 268 279 96.06
71 27 45 Coca-Cola Company United States Food & beverages 19 204 31 327 15 245 l 21 962 40 400 50 000 70.5 58 80 72.50
72 24 3 Nokia Finland Telecommunications 19 034 30 877 35 904 k 36 340 30 589 m 53 511 72.5 125 131 95.19
73 33 98 Singtel Ltd. Singapore Telecommunications 18 641 21 626 5 211 7 465 8 676 19 155 67.1 99 104 18.85
74 86 52 Johnson & Johnson United States Pharmaceuticals 18 339 53 317 19 578 47 348 41 622 m 109 900 37.9 138 732 68.95
75 17 92 Diageo Plc United Kingdom Consumer goods/distillers & vintners 18 147 25 661 13 715 16 544 29 922 m 38 955 77.0 171 248 36.07
76 18 2 Mittal Steel Company NV Netherlands/
United Kingdom Steel 17 720 j 19 153 20 186 j,k 22 197 150 437 j 164 000 77.0 110 305 95.42

ANNEX A
77 36 15 Inbev Netherlands Consumer goods/brewers 17 177 q 25 330 6 452 q 10 639 49 457 q 77 000 64.2 115 136 84.56
78 11 32 Astrazeneca Plc United Kingdom Pharmaceuticals 17 176 25 616 20 318 21 426 52 700 64 200 81.3 166 210 79.05
79 15 43 L’Air Liquide Groupe France Commodity chemicals 17 166 19 648 9 053 11 642 24 412 35 900 77.7 266 365 72.88
80 57 35 Abbott Laboratories United States Pharmaceuticals 17 133 28 768 8 438 19 680 31 037 m 60 600 51.2 81 103 78.64

/…

281
 Annex table A.I.11. The world’s top 100 non-financial TNCs, ranked by foreign assets, 2004 a (concluded)

282
(Millions of dollars and number of employees)

Ranking by: Assets Sales Employment No. of affiliates

World Investment Report 2006: FDI from developing and transition economies: implications for development
Foreign TNI b
assets TNI b II c Corporation Home economy Industry d Foreign e Total Foreign f Total Foreign Total (Per cent) Foreign Total II c

81 96 77 Hitachi Ltd Japan Electrical & electronic equipment 16 832 n 93 510 22 451 k 83 435 104 533 347 424 25.0 385 722 53.32
82 77 63 Thyssenkrupp AG Germany Metals and metal products 16 683 41 137 21 433 48 850 93 027 184 358 45.0 400 655 61.07
83 91 76 Marubeni Corporation Japan Wholesale trade 16 581 40 415 7 424 28 085 7 597 i 24 106 33.0 160 291 54.98
84 37 66 Bertelsmann Germany Media 15 973 28 563 14 847 21 128 48 916 76 266 63.4 334 561 59.54
85 31 10 Stora Enso Finland Paper 15 467 22 355 10 319 15 392 29 959 43 779 68.2 254 286 88.81
86 75 13 Samsung Electronics Republic of Korea Electrical & electronic equipment 15 399 66 665 55 604 71 563 21 259 61 899 45.0 75 87 86.21
87 78 21 Wyeth United States Pharmaceuticals 15 293 33 630 7 502 k 17 358 22 794 m 51 401 44.3 78 95 82.11
88 2 16 CRH Plc Ireland Lumber and other building
material dealers 15 192 16 165 14 920 15 918 57 882 60 411 94.5 484 573 84.47
89 100 100 Verizon United States Telecommunications 15 170 165 958 2 127 71 300 12 731 m 210 000 6.1 32 467 6.85
90 88 85 Statoil Asa Norway Petroleum expl./ref./distr. 14 934 41 100 8 806 l 45 248 11 349 23 899 34.4 60 135 44.44
91 73 36 Scottish Power United Kingdom Electric utilities 14 760 27 708 5 096 12 539 6 934 16 142 45.6 87 115 75.65
92 70 25 Bristol-Myers Squibb United States Pharmaceuticals 14 708 30 435 8 767 19 380 20 116 m 43 000 46.8 74 92 80.43
93 99 94 Duke Energy Corporation United States Electricity, gas and water 14 669 55 470 2 305 22 503 3 944 m 21 500 18.3 33 94 35.11
94 98 96 CITIC Group China Diversified 14 452 84 744 1 746 6 413 15 915 h 93 323 20.4 14 59 23.73
95 28 19 BHP Billiton Group Australia Mining & quarrying 14 225 21 510 17 673 24 943 25 980 m 35 070 70.4 75 90 83.33
96 45 58 Christian Dior SA France Textiles 14 177 35 242 10 513 l 16 391 41 254 61 515 57.1 21 32 65.63
97 69 70 Alcoa United States Metals and metal products 14 084 32 609 8 994 23 478 71 200 119 000 47.1 114 194 58.76
98 59 51 Motorola Inc United States Telecommunications 13 900 30 889 17 729 l 31 323 34 544 m 68 000 50.8 65 93 69.89
99 8 8 Nortel Networks Canada Telecommunications 13 854 16 984 9 260 k 9 828 25 160 34 150 83.2 58 64 90.63
100 43 40 Lvmh Moët-Hennessy
Louis Vuitton SA France Textiles and leather 13 685 27 919 10 160 15 674 37 118 56 509 59.8 313 426 73.47

Source: UNCTAD/Erasmus University database.

a All data are based on the companies’ annual reports unless otherwise stated. Data on affiliates is based on the Dun and Bradstreets ‘Who owns Whom’ database.
b TNI, the Transnationlity Index, is calculated as the average of the following three ratios: foreign assets to total assets, foreign sales to total sales and foreign employment to total employment.
c II, the”Internationalization Index”, is calculated as the number of foreign affiliates divided the number of all affiliates (Note: Affiliates counted in this table refer to only majority-owned affiliates).
d Industry classification for companies follows the United States Standard Industrial Classification as used by the United States Securities and Exchange Commission (SEC).
e In a number of cases, companies reported only partial foreign assets. In these cases, the ratio of the partial foreign assets to the partial (total) assets was applied to total assets to calculate
the total foreign assets. In all cases, the resulting figures were sent for confirmation to the companies.
f Foreign sales are based on the origin of the sales, unless otherwise stated.
g Data for outside North America.
h Foreign employment data are calculated by applying the share of foreign employment in total employment of the previous year to total employment of 2004.
i Foreign data is calculated by applying the share of the foreign into the total component of 2002 to the total component of 2004.
j Data for outside Europe.
k Foreign sales are based on customer location.
l In a number of cases companies reported only partial region-specified sales. In these cases, the ratio of the partial foreign sales to the partial (total) sales was applied to total sales to calculate
the total foreign sales. In all cases, the resulting figures were sent for confirmation to the companies.
m Foreign employment data are calculated by applying the share of both foreign assets in total assets and foreign sales in total sales to total employment.
n Foreign assets data are calculated by applying the share of foreign assets in total assets of the previous year to total assets of 2004.
o Foreign employment data are calculated by applying the average of the shares of foreign employment in total employment of all companies in the same industry (omitting the extremes) to total
employment.
p Data were obtained from the company in response to an UNCTAD survey.
q Data for outside Western Europe.
r Foreign sales data are calculated by applying the share of foreign sales in total sales of the previous year to total sales of 2004.
s Employment data is based on the data of 2003.
Note: The list covers non-financial TNCs only. In some companies, foreign investors may hold a minority share of more than 10 per cent.