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2001 Working Capital Survey - Chart 2

AUTOMOBILES

1Jul


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"

AUTOMOBILES
Over- all RankCo. NamePrior Year SalesCash Conver. Effic.Days Working Cap.Days Sales Outst.Inven. TurnsDays Payable Outst.
CCERk.DWCRk.DSORk.Ts.Rk.DPORk.
55FORD MOTOR CO$170,06418%129(7)2611982014633372
116HAYES LEMMERZ INTNL.INC$2,29610%388(18)84443793409615
120BORG- WARNER INC$2,64611%344(9)1928226122566085
147GENERAL MOTORS CORP$184,63211%357(1)4311971324235340
226AMER. AXLE & MANUF. HLDGS$2,9538%514677251951817138270
242TOWER AUTO. INC$2,53210%37225220495171816942218
257VISTEON CORP$19,4676%648356241892313136306
298LEAR CORP$14,0734%73446051546221366278
333JOHNSON CONTROLS INC$17,1555%69415138505392611747162
335AUTOLIV INC$3,81211%34050457718161128848157
512ARVIN- MERITOR INC$5,1536%654464157684593576759
532LANCASTER COLONY CORP$1,10412%2968474439374473616882
535COLLINS & AIKMAN CORP NEW$1,9023%77835298434281226635314
641DANA CORP$12,4606%6246760549504649530439
645DURA AUTO. SYSTEMS INC$2,6333%79648439707951422544193
653MODINE MANUF. CO$1,1399%4388475059654565430455
674COOPER TIRE & RUBBER CO$3,4729%4448776972820837722691
691CARLISLE COS. INC$1,7717%5607970651552655624653
706A O SMITH CORP$1,2486%6157669054587651826570
720BANDAG INC$99610%3999883771810654011961
772FEDERAL MOGUL CORP$6,0134%7277668448493565634353
783APPLIED IND. TECH.INC$1,5723%7797264649512649820786
838GOODYEAR TIRE & RUBBER CO$14,4174%7578776555603471536299
863TBC CORP$7433%8208575439365562117869
881EXIDE CORP$2,1945%69510284764733481441230
899GENUINE PARTS CO$8,3704%73710486047480386527528
930STANDARD MOTOR PRODUCTS INC$65811%31616297078859294025608
961SNAP ON INC$2,1768%480166978113974390824629
549Industry Average$17,4167% 58 51 10 37 



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