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2004 Working Capital Survey Tables
Days sales outstanding, days inventory outstanding, days payables outstanding, and days working capital in 67 industry sectors.
CFO Staff, CFO Magazine




CONTAINERS AND PACKAGING
COMPANY DSO DIO DPO DWC
2003 Change '03 - '02 Change '02 - '01 2003 Change '03 - '02 Change '02 - '01 2003 Change '03 - '02 Change '02 - '01 2003 Change '03 - '02 Change '02 - '01
AMDOCS 49 -16% -2% 0 N/M N/M 25 -24% -2% 24 -6% -2%
SILGAN 25 +10% -16% 51 +1% +1% 33 +5% -3% 42 +2% -6%
SONOCO 42 +4% +1% 33 +5% -13% 32 -2% +9% 44 +10% -15%
BALL CORP 31 -10% +20% 40 -2% -8% 26 -22% +28% 46 +6% -10%
SMURFIT STONE CONTAINER 38 +3% +14% 34 +2% +9% 24 -8% +10% 47 +9% +13%
PACKAGING CORP OF AMERICA 40 +9% +6% 35 +4% -3% 19 +5% -6% 56 +7% +5%
BEMIS 46 -7% +21% 42 -11% +15% 31 -13% +28% 58 -6% +12%
GREIF 56 -8% -9% 32 -1% +10% 30 -0% +19% 58 -9% -11%
PACTIV 40 -3% +20% 46 -0% +8% 23 -16% -9% 64 +5% +28%
APTARGROUP 76 -3% +3% 54 +7% +2% 61 +0% +6% 69 +3% -0%
SEALED AIR 64 +2% +1% 38 +2% +9% 20 +4% +18% 82 +2% +1%
Sector Average 43 -2% +7% 37 +1% +4% 27 -8% +11% 53 +4% +3%


COSMETICS AND PERSONAL CARE
COMPANY DSO DIO DPO DWC
2003 Change '03 - '02 Change '02 - '01 2003 Change '03 - '02 Change '02 - '01 2003 Change '03 - '02 Change '02 - '01 2003 Change '03 - '02 Change '02 - '01
AVON PRODUCTS 32 -2% +3% 35 -4% -3% 21 -5% -10% 45 -2% +4%
GILLETTE 36 -30% -13% 43 +8% -3% 23 -10% +6% 57 -15% -14%
REVLON 51 -26% +23% 40 -4% -4% 27 -10% +26% 64 -21% +6%
ALBERTO CULVER 29 -1% +16% 67 -7% +3% 28 -14% +15% 68 -1% +2%
ESTEE LAUDER 45 -6% +6% 43 +2% -15% 16 -2% -11% 72 -2% -3%
Sector Average 37 -17% -4% 43 +1% -4% 22 -8% +1% 58 -8% -6%

All data based on public financials and adjusted as needed for comparability.

DSO: Days Sales Outstanding
DIO: Days Inventory Outstanding
DPO: Days Payables Outstanding
DWC: Days Working Capital
* Adjusted for effects of securitization
N/M: Not meaningful

Source: REL Consultancy Group



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