2001 Working Capital Survey - Chart 10



Behind the Rankings

The management of working capital combines two measures, weighted equally:
1. Days of Working Capital (DWC) = (Receivables + Inventory ­ Payables) ÷ (Sales ÷ 365 Days). If payables exceed the sum of receivables and inventory, DWC is negative.
2. Cash Conversion Efficiency (CCE) = Cash Flow from Operations ÷ Sales.

The overall ranking: (Highest Overall CCE ­ Company CCE) ÷ (Highest Overall CCE ­ Lowest Overall CCE) + (Lowest Overall DWC ­ Company DWC) ÷ (Lowest Overall DWC ­ Highest Overall DWC). Days of Sales Outstanding (DSO), Inventory Turns, and Days of Payables Outstanding (DPO) are not part of the overall ranking criteria. Industry averages consider all companies in an industry, not just the top five.

Sources: REL Consultancy Group, Piranha Web

Back to "Forget the Float? — The 2001 Working Capital Survey"

Over- all RankCompany NamePrior Year SalesCash Conver. Effic.Days Working CapitalDays Sales Outst.Inven. TurnsDays Payable Outst.
12CARNIVAL CORP$3,77936%16(7)258722113824627
30WALT DISNEY CO NEW$25,40224%56(4)3257632251227441
35ROYAL CARIBBEAN CRUISES$2,54622%74(6)27655467017862
39LOEWS CINEPLEX ENTER- TAINMENT CORP$89111%346(62)4878186127246
44MCDON- ALD'S CORP$14,24321%7846619157922917860
49GTECH HOLDS. CORP$1,01127%3441371393631520217876
58SIX FLAGS INC$92720%97882131071816015893
94APPLEBEE S INTNL. INC$69015%201358982536111951
99HARLEY DAVIDSON INC$2,90618%1372017016128932321735
102TRICON GLOBAL REST- AURANTS INC$7,0937%556(39)610941042352119
117BRINKER INTRNL. INC$2,16011%331(10)18441339317877
119RUBY TUESDAY INC$79711%310(6)29328467114921
122WENDY S INTER- NATIONAL INC$2,07212%278(1)4413108408120775
136JACK IN THE BOX INC DE$1,63011%351(4)33330545813931
137RYAN S FAMILY STEAK HOUSES INC$66511%328(1)402683355989
181PAPA JOHN S INTER- NATIONAL INC$94510%418462875535910966
189BOB EVANS FARMS INC$96510%3661095660161913997
193EASTMAN KODAK CO$13,99411%353121176878056249713
195OHIO POWER CO$2,03920%1046559058637566530430
200DARDEN REST- AURANTS INC$3,7019%4574673191816515909
202CKE REST- AURANTS INC$1,9907%569(4)31980427918841
204CBRL GROUP INC$1,77210%38113123212558813929
255AVADO BRANDS INC$6445%703(3)34440684112942
272POLARIS INDUSTRIES INC$1,4269%4452420814117837424642
275FRIENDLY ICE CREAM CORP$7094%733(3)363293010214924
327SHONEY'S INC$8364%7755754372512412945
358ADVANTICA REST- AURANT GROUP$1,5901%917(7)24438585122711
376ELECTR. ARTS INC$1,4208%50338332545832810922695
416CALLAWAY GOLF CO$83813%2647264130260383821761
427WINNE- BAGO INDUS. INC$7437%5494237716132743117865
459INTER- NATIONAL GAME TECH.$1,00418%13210887980873479825601
525BRUNSWICK CORP$3,8129%4246961541402561827549
527THOR INDUS. INC$8944%7563631024190933322688
594FLEETWOOD ENTERPR. INC$3,7132%83038322251981226514920
607AMF BOWLING INC$7334%7654743037338934619826
627MATTEL INC$4,67011%3309381178861564326569
681COACHMEN INDUS. INC$7103%8085246717134745111956
714MATSU- SHITA ELECTRIC INDUST. CO$71,3147%6057970560670559930443
736VIACOM INC$20,0447%5828575658639654518843
855HASBRO INC$3,7876%65910184589918470222700
922POLAROID CORP$1,8564%7541148938991929346664
988K2 INC$6350%95017298079870293718835
321Industry Average$5,08611% 29 28 30 24 

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