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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




FOOD, DRINK AND TOBACCO PRODUCERS
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
ANHEUSER BUSCH 17 +2% -3% 15 -0% -9% 28 +6% -1% 4 -25% -26%
PEPSI BOTTLING GROUP 35 -3% +3% 13 -11% +5% 44 -6% +8% 5 +2% -26%
INTERSTATE BAKERIES 19 -7% -2% 8 +0% +3% 12 -6% +0% 15 -4% -1%
RALCORP HOLDINGS 3 +73% -37% 41 -11% -9% 24 +11% -20% 20 -24% -2%
FRESH DEL MONTE PRODUCE 29 +1% +6% 32 -4% -3% 40 -1% +14% 20 -3% -17%
COCA COLA 36 -7% +14% 22 -10% +26% 35 -5% +1% 23 -13% +55%
DEAN FOODS CO NEW 30 +11% -24% 17 +4% -19% 23 +0% -15% 23 +18% -29%
COCA COLA BOTTLING CO 25 +6% -1% 11 -2% -23% 12 +6% +7% 24 +3% -16%
GENERAL MILLS 34 -27% +4% 38 -22% +39% 45 -19% +35% 26 -32% +3%
PEPSIAMERICAS 30 +33% +1% 19 -0% -4% 23 +3% -11% 26 +34% +11%
PEPSICO 30 +14% +2% 19 -2% +10% 22 -1% +5% 27 +15% +5%
CAMPBELL SOUP 23 -9% +3% 39 +2% +16% 34 -16% +27% 27 +23% -11%
KELLOGG 31 -4% +4% 27 +2% +12% 29 +7% +14% 29 -9% +2%
CHIQUITA BRANDS INTERNATIONAL 41 +24% +5% 27 -52% -11% 37 +23% +5% 31 -48% -10%
COCA COLA ENTERPRISES 37 +2% +0% 15 -2% -3% 19 +3% -8% 32 -1% +4%
TYSON FOODS 19 +11% -29% 30 +1% -40% 12 +6% -34% 36 +4% -37%
ADOLPH COORS 56 -6% -0% 19 +7% -14% 33 +11% -10% 43 -12% +1%
PILGRIM S PRIDE 18 +44% -21% 48 +1% -9% 22 -6% -5% 43 +20% -16%
HORMEL FOODS 25 -1% -6% 35 +6% +6% 17 +5% +7% 43 +2% -2%
CORN PRODUCTS INTERNATIONAL 44 -8% -12% 37 -1% -3% 35 +9% +16% 46 -13% -18%
ARCHER DANIELS MIDLAND 39 -11% +1% 42 -17% +6% 34 -7% +11% 48 -19% -1%
R J REYNOLDS TOBACCO HOLDINGS 5 -18% +25% 47 +6% +44% 2 -29% +12% 50 +6% +45%
SMITHFIELD FOODS 21 -17% +7% 49 +15% -5% 18 +1% +3% 53 +4% -2%
CONAGRA FOODS 18 -0% +2% 60 -19% -5% 24 -15% +5% 55 -7% -5%
KRAFT FOODS 40 +4% -2% 39 -5% +10% 24 -1% +1% 55 -1% +5%
NBTY INC 16 +2% -0% 57 -26% -7% 16 -13% -20% 57 -23% -2%
H J HEINZ 52 -13% -4% 51 -11% -0% 42 +2% -19% 61 -19% +10%
SEABOARD 24 -41% +6% 51 +4% +17% 11 -15% +8% 63 -16% +13%
DOW CHEMICAL 50 -0% +2% 45 -19% -5% 32 -15% +5% 63 -7% -5%
WM WRIGLEY JR 39 -6% +15% 42 -3% +2% 16 +24% -5% 65 -9% +11%
HERSHEY FOODS 36 +9% +13% 43 -3% +9% 12 +5% +4% 67 +1% +12%
LANCASTER COLONY 29 -17% -2% 53 +10% -22% 14 -1% +1% 68 -2% -17%
ALTRIA GROUP 32 +5% +2% 57 +7% +5% 19 +6% -12% 70 +6% +9%
SARA LEE 43 +1% +10% 54 +4% -8% 26 -6% -17% 72 +6% +8%
MCCORMICK & CO INC 56 +4% +18% 58 +21% +13% 29 -10% +12% 85 +22% +17%
DEL MONTE FOODS 26 -33% +3% 92 +39% -46% 24 +121% -13% 94 -0% -37%
UST INC 14 -15% -10% 120 +3% +8% 39 -2% +6% 95 +2% +5%
BROWN FORMAN 50 +8% -9% 90 -6% -2% 30 -7% +7% 109 +0% -7%
UNIVERSAL 52 +17% +11% 108 +14% +36% 50 +19% +44% 111 +14% +21%
STANDARD COMMERCIAL 50 +24% +6% 105 +12% +15% 40 +18% -8% 115 +15% +21%
CONSTELLATION BRANDS 53 -1% +12% 110 +1% +7% 23 +6% +23% 140 -1% +7%
SENSIENT TECHNOLOGIES 62 -0% +3% 118 +13% -3% 25 +16% -9% 155 +7% +1%
Sector Average 33 +1% +0% 41 -3% -1% 26 -2% -1% 48 -1% +0%

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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