2001 Working Capital Survey - Chart 19



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.
199CHURCH & DWIGHT CO INC$79610%42098632283747155105
225COLGATE PALMOLIVE CO$9,35815%2144540345450654330451
232PROCTER & GAMBLE CO$39,95113%2543934227219650321751
249KIMBERLY CLARK CORP$13,98216%1756053645455652422720
294CLOROX CO$4,08314%2315851651545841721759
368DIAL CORP NEW$1,6397%5623327525194562529464
429TUPPER- WARE CORP$1,07310%3965650136326391229457
592BLYTH INC$1,0979%4437567727217294220785
601ENERGIZER HOLDINGS INC$1,91416%16512191168783293527546
711SCOTTS CO$1,7647%5858172146461481529480
799CENTRAL GARDEN & PET CO$1,3553%7937365439364478440240
807NEWELL RUBBER- MAID INC$6,9358%49110485662711469719814
851FORTUNE BRANDS INC$5,8458%49011589562709389118828
889TORO CO$1,3376%62211389275844474319801
932SAMSONITE CORP FL$7682%86810687442418293224641
545Industry Average$6,12610% 72 46 4 27 

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