2001 Working Capital Survey - Chart 15



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.
45QUESTAR CORP$1,26625%482622679864112826758
91NATIONAL FUEL GAS CO$1,42519%1112521828230839921724
93AGL RE- SOURCES INC$60721%823731622173656415904
103SOUTHERN CALIF. GAS CO$2,56922%7047424596561915621755
123NICOR INC$2,29816%1762117584896251197639
160EQUITABLE RE- SOURCES INC$1,65216%18032272687791322952123
187WGL HOLDINGS INC$97214%2243126034300651137279
190PEOPLES ENERGY CORP$1,41811%3211513725197563746167
222PIEDMONT NATURAL GAS CO INC$8309%4401110518146840035335
240UGI CORP PA$1,76210%3792420328228935326556
289NUI CORP NEW$9355%704464363252014346170
295ATMOS ENERGY CORP$85010%3923429034302840628503
522MCN ENERGY GROUP INC$2,7917%583544889694283817148
624ONEOK INC NEW$6,6436%6696154298946301036853
701KEYSPAN CORP$5,1211%9194237610596138429712
259Industry Average$2,07613% 31 54 12 47 

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