2001 Working Capital Survey - Chart 7



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

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Over- all RankCompany NamePrior Year SalesCash Conver. Effic.Days Working CapitalDays Sales Outst.Inven. TurnsDays Payable Outst.
188PACKAGING CORP OF AMERICA$1,92216%1634541034306839826579
325CROWN CORK & SEAL CO INC$7,2897%548282415863556729218
372SONOCO PRODUCTS CO$2,71111%3585246946459837828516
387APTARGROUP INC$88314%241736578690856796375
388SEALED AIR CORP NEW$3,06814%2327567061687746022714
391GREIF BROS CORP$93010%36754494515511324020793
409SILGAN HOLDINGS INC$1,8578%5114338528231650636305
422BALL CORP$3,6659%4654844026210560237287
435PACTIV CORP$3,13410%4135650436330562031424
438BEMIS CO INC$2,16510%3646255650520653336293
588PECHINEY SA$9,5314%7494540550529748453114
623IVEX PACKAGING CORP NEW$7117%6016660249513652830431
780ANCHOR GLASS CONTAINER CORP NEW$6294%7747264739368560733377
872GAYLORD CONTAINER CORP$1,168-1%96264574545891128920772
993TEMPLE INLAND INC$4,28619%12630399993199919898491
507Industry Average$2,9309% 72 107 6 92 

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