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The CFO-PRTM Capital-Spending Scorecard
Companies with the biggest and the smallest returns on capital investment.
CFO Staff, CFO Magazine

Measuring Capex

To find out how the 300 companies in its sample fared in terms of return on capital spending, Pittiglio Rabin Todd & McGrath (PRTM) ranked the 20 largest companies (by sales) in each of 15 industries according to their 2003 earnings before interest, taxes, depreciation, and amortization (EBITDA) divided by the book value of their fixed assets. (Data was provided by Thomson Financial and the individual companies.) The resulting ratio — return on gross fixed assets (ROGFA) — reflects how much a company earns on its property, plant, and equipment. But since that number can be boosted by a decline in asset value, the Waltham, Massachusetts-based consulting firm's scorecard also shows how much those companies spent in 2003 and how that amount has changed since 2000. To complete the picture, the analysis also shows a company's degree of capital intensiveness (capital expenditures divided by revenue) and its revenue growth and shareholder returns.

Granted, ROGFA may not be the most appropriate measure to determine whether to, say, build a new plant or outsource manufacturing. For that type of decision, a metric that takes into account a company's cost of capital is generally more appropriate. But such measures provide too broad a perspective for assessing capex productivity. For one thing, they assume that assets fully depreciated for tax and accounting purposes have no value, when in fact most companies spend money to maintain tangible assets even after they have been fully written off. They also include working capital. As a result, ROGFA can be more useful in helping companies understand how efficiently they are deploying capital on those assets. ROGFA is most useful, says PRTM director Amram Shapiro, "in assessing the overall productivity of a company's capex investment." —Ron Fink

To learn more about ROGFA, see individual analyses of the 15 industries in the scoreboard, and read related articles on the subject of capex management, please visit www.prtm.com/capex.

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Aerospace and Defense
COMPANY CAPEX
(2003)
CAPEX CAGR
(2000-2003)
CAPITAL INTENSIVENESS
(2003)
ROGFA
(2003)
REVENUE GROWTH
(CAGR 2000-2003)
SHAREHOLDER GROWTH
(2000-2003)
L-3 COMMUNICATION HOLDINGS $82,874,000 35% 2% 96% 38% 10%
DASSAULT AVIATION $118,758,451 5% 3% 53% -2% 17%
GENERAL DYNAMICS $224,000,000 -8% 1% 48% 17% 6%
ALLIANT TECHSYSTEMS $54,171,000 6% 2% 44% 26% 25%
NORTHROP GRUMMAN $635,000,000 32% 2% 43% 51% 7%
RAYTHEON $428,000,000 0% 2% 32% 2% 1%
LOCKHEED MARTIN $687,000,000 11% 2% 30% 8% 16%
SMITHS GROUP $170,459,480 30% 3% 29% 28% -4%
FINMECCANICA $279,669,330 21% 3% 26% 8% -19%
TEXTRON $301,000,000 -17% 3% 24% -9% 10%
BAE SYSTEMS $439,720,316 -13% 3% 24% -5% -21%
THALES $461,585,740 3% 4% 24% 7% -18%
HONEYWELL $655,000,000 -8% 3% 22% -3% -9%
GOODRICH $125,100,000 -5% 3% 19% 0% -4%
EUROPEAN AERONAUTIC DEFENSE $3,627,535,341 23% 10% 19% 8% -5%
BBA GROUP $135,716,146 -25% 6% 18% 0% -9%
ROLLS-ROYCE GROUP $299,468,260 -12% 3% 18% 2% -2%
SAAB $69,915,661 -18% 3% 14% -1% 16%
BOEING $741,000,000 -7% 1% 13% -1% -13%
BOMBARDIER $1,801,588,242 76% 10% 3% 20% -28%
Average Performance $566,878,099 6% 3.5% 30% 10% -1%
Median Performance $300,234,130 1% 2.9% 24% 5% -3%

Companies are ranked, from highest to lowest, by return on gross fixed assets (ROGFA).

Sources: Thomson Financial; company data; Pittiglio Rabin Todd & McGrath.

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Automotive and Transport
COMPANY CAPEX
(2003)
CAPEX CAGR
(2000-2003)
CAPITAL INTENSIVENESS
(2003)
ROGFA
(2003)
REVENUE GROWTH
(CAGR 2000-2003)
SHAREHOLDER GROWTH
(2000-2003)
JOHNSON CONTROLS $664,400,000 7% 3% 29% 10% 33%
BAYERISCHE MOTOREN WERKE $12,169,637,369 65% 24% 26% 6% 4%
HONDA MOTOR $2,621,515,570 9% 4% 26% 6% 5%
GENERAL MOTORS $19,091,000,000 -15% 10% 25% 0% 5%
RENAULT $3,975,414,874 4% 9% 24% -2% 2%
AUDI $1,770,647,818 -11% 6% 22% 5% 59%
HYUNDAI MOTORS $2,458,448,111 7% 6% 21% 13% 66%
FORD MOTOR $7,749,000,000 -2% 5% 20% -1% -9%
TOYOTA MOTOR $12,849,495,960 3% 10% 20% 4% -12%
NISSAN MOTOR $7,817,747,130 53% 13% 18% 5% 25%
PEUGEOT-CITROEN $3,696,373,693 1% 6% 18% 7% 3%
DENSO $1,627,174,159 -1% 8% 16% 7% -10%
VOLVO $1,557,374,797 1% 6% 14% 12% 17%
VOLKSWAGEN $8,269,207,129 -26% 8% 14% 1% -5%
SUZUKI MOTOR $713,078,981 -2% 4% 13% 10% -4%
MITSUBISHI $1,714,240,348 -5% 5% 11% 5% -11%
DAIMLERCHRYSLER $27,684,081,130 -9% 17% 11% -6% -3%
DELPHI $1,005,000,000 -8% 4% 7% -1% -1%
MAZDA MOTOR $566,447,398 6% 3% 4% 3% -15%
VISTEON $879,000,000 3% 5% -4% -3% -1%
Average Performance $5,943,964,224 4% 7.6% 17% 4% 7%
Median Performance $2,539,981,841 1% 6.1% 18% 5% 0%

Companies are ranked, from highest to lowest, by return on gross fixed assets (ROGFA).

Sources: Thomson Financial; company data; Pittiglio Rabin Todd & McGrath.

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Chemicals, Metals, and Mining
COMPANY CAPEX
(2003)
CAPEX CAGR
(2000-2003)
CAPITAL INTENSIVENESS
(2003)
ROGFA
(2003)
REVENUE GROWTH
(CAGR 2000-2003)
SHAREHOLDER GROWTH
(2000-2003)
TOYOTA TSUSHO $134,664,065 19% 1% 27% 15% 23%
NORSK HYDRO $2,194,303,290 17% 9% 18% 11% 16%
POSCO $1,127,961,788 14% 7% 18% 9% 33%
AKZO NOBEL $714,197,910 -7% 4% 17% -2% -16%
ANGLO AMERICAN $3,339,069,602 23% 16% 15% 5% 13%
BHP BILLITON $3,590,805,477 50% 19% 15% 10% -1%
AIR LIQUIDE $918,008,604 -6% 9% 15% 1% 2%
ALCOA $863,000,000 -8% 4% 13% -2% 6%
BASF $2,546,158,574 -11% 6% 12% -2% 0%
DOW CHEMICAL $1,633,000,000 7% 5% 11% 12% 8%
THYSSEN KRUPP $1,457,897,971 -16% 3% 10% -1% -5%
ALCAN $972,796,965 -18% 7% 8% 12% 7%
E I DUPONT DE NEMOURS $1,713,000,000 -4% 6% 7% -2% 1%
MITSUBISHI CHEMICAL $804,400,489 0% 5% 7% 4% -19%
DEGUSSA $898,586,355 -8% 6% 7% -14% -6%
BAYER $2,031,960,663 -10% 6% 5% -2% -24%
SUMITOMO METAL INDUSTRIES $538,275,189 -21% 5% 5% -5% -11%
NIPPON STEEL $1,875,162,183 -3% 8% 3% 1% -16%
CORUS GROUP $249,231,890 -26% 2% 2% -5% -19%
ASAHI KASEI $642,226,557 8% 6% -2% 0% -21%
Average Performance $1,412,235,379 0% 6.7% 11% 2% -1%
Median Performance $1,050,379,377 -5% 6.1% 10% 0% 0%

Companies are ranked, from highest to lowest, by return on gross fixed assets (ROGFA).

Sources: Thomson Financial; company data; Pittiglio Rabin Todd & McGrath.

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Computer Software and Services
COMPANY CAPEX
(2003)
CAPEX CAGR
(2000-2003)
CAPITAL INTENSIVENESS
(2003)
ROGFA
(2003)
REVENUE GROWTH
(CAGR 2000-2003)
SHAREHOLDER GROWTH
(2000-2003)
MICROSOFT $891,000,000 0% 3% 265% 12% 8%
ORACLE $291,000,000 3% 3% 154% -2% -23%
SAP $250,387,215 -11% 3% 110% 4% 3%
ELECTRONIC ARTS $59,108,000 -24% 2% 101% 20% 31%
AFFILIATED COMPUTER SERVICES $205,673,000 42% 5% 86% 24% 22%
SUNGARD DATA $182,294,000 23% 6% 75% 21% 6%
UNISYS $251,300,000 8% 4% 58% -5% 1%
TECH DATA $31,278,000 -6% 0% 57% -5% 14%
COMPUTACENTER $25,536,350 -20% 1% 51% 8% 13%
ATOS ORIGIN $86,047,941 -16% 2% 44% 26% -12%
IBM $4,393,000,000 -8% 5% 43% 0% 4%
COMPUTER SCIENCES $638,500,000 3% 6% 37% 7% -10%
INGRAM MICRO $35,003,000 -38% 0% 35% -10% 12%
ELECTRONIC DATA SYSTEMS $703,000,000 -3% 3% 29% 4% -23%
NTT DATA $837,136,505 -4% 11% 21% 5% -45%
LOGICACMG $45,962,535 -3% 1% 18% 26% -44%
CSK $72,975,547 24% 2% 15% -4% -26%
CAP GEMINI E & Y $148,740,012 -11% 2% 9% -6% -41%
GETRONICS $31,960,663 -38% 1% 3% -14% -36%
COMPUTER ASSOCIATES $30,000,000 -47% 1% -2% -20% 12%
Average Performance $460,495,139 -6% 3.1% 61% 5% -7%
Median Performance $165,517,006 -5% 2.6% 43% 4% 2%

Companies are ranked, from highest to lowest, by return on gross fixed assets (ROGFA).

Sources: Thomson Financial; company data; Pittiglio Rabin Todd & McGrath.

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Construction
COMPANY CAPEX
(2003)
CAPEX CAGR
(2000-2003)
CAPITAL INTENSIVENESS
(2003)
ROGFA
(2003)
REVENUE GROWTH
(CAGR 2000-2003)
SHAREHOLDER GROWTH
(2000-2003)
MASCO 271,000,000 -11% 2% 49% 15% 4%
VINCI 1,293,054,701 27% 6% 40% 9% 3%
SKANSKA 195,599,022 -49% 1% 38% 6% -10%
ACS ACTIVIDADES 8,865,396 -65% 0% 35% 37% 18%
HOCHTIEF 299,363,245 19% 2% 27% 3% 5%
BOUYGUES 1,176,398,279 -11% 4% 27% 5% -16%
SEKISUI HOUSE 72,340,425 -16% 1% 21% -1% -4%
CRH 494,161,032 -2% 4% 21% 7% -2%
HALLIBURTON 515,000,000 -4% 3% 21% 11% -9%
COLAS 355,255,070 -3% 4% 18% 4% 22%
LAFARGE 1,062,077,443 -13% 6% 15% 4% -2%
HOLCIM 1,125,170,176 -7% 11% 14% -3% -17%
GEORGIA PACIFIC 710,000,000 -8% 4% 12% -3% 1%
TAISEI 173,814,816 13% 1% 10% -1% 14%
WEYERHAEUSER 771,000,000 -7% 4% 9% 8% 11%
KAJIMA 241,328,312 -14% 1% 9% 3% -6%
SHIMIZU 84,716,236 -16% 1% 9% 0% -1%
OBAYASHI 49,448,804 -26% 0% 5% 6% -6%
TOKYU 1,173,742,231 -5% 9% 5% 12% -7%
DAIWA HOUSE 240,112,507 30% 2% -20% 8% 1%
Average Performance 515,622,385 -8% 3.4% 18% 6% 0%
Median Performance 327,309,158 -8% 2.8% 16% 5% -1%

Companies are ranked, from highest to lowest, by return on gross fixed assets (ROGFA).

Sources: Thomson Financial; company data; Pittiglio Rabin Todd & McGrath.

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Consumer-Products Manufacturers
COMPANY CAPEX
(2003)
CAPEX CAGR
(2000-2003)
CAPITAL INTENSIVENESS
(2003)
ROGFA
(2003)
REVENUE GROWTH
(CAGR 2000-2003)
SHAREHOLDER GROWTH
(2000-2003)
ALTRIA GROUP $1,974,000,000 5% 3% 68% -1% 12%
L'OREAL $685,802,089 5% 4% 58% 3% -10%
UNILEVER $1,275,968,039 -9% 2% 52% -4% -6%
NIKE $185,900,000 -24% 2% 50% 6% 8%
BRITISH AMERICAN TOBACCO $765,113,676 6% 4% 50% -1% 21%
ALTADIS $146,989,551 2% 1% 43% 8% 15%
PROCTER & GAMBLE $1,482,000,000.00 -21% 3% 42% 3% 10%
CHRISTIAN DIOR $694,529,809 -12% 5% 40% 2% 0%
LOUIS VUITTON-MOET HENNESSY $624,462,200 -14% 4% 40% 1% -5%
SARA LEE $746,000,000 5% 4% 35% 1% -1%
SONY $2,497,709,023 -12% 4% 30% 4% -34%
HENKEL KGAA $394,591,272 -12% 3% 29% -10% -2%
ELECTROLUX $475,673,745 -8% 3% 25% 0% 13%
KIMBERLY CLARK $877,600,000 -9% 6% 21% 1% -4%
WHIRLPOOL $423,000,000 4% 3% 20% 6% 18%
JAPAN TOBACCO $946,422,900 0% 2% 18% 1% 0%
FUJI PHOTO FILM $1,112,589,030 11% 5% 15% 21% -6%
KONINKLIJKE PHILIPS ELECTRONICS $1,204,671,173 -32% 3% 14% -8% -15%
EASTMAN KODAK $506,000,000 -19% 4% 9% -2% -9%
SANYO ELECTRIC $823,690,060 4% 4% 4% 4% -18%
Average Performance $892,135,629 -6% 3.5% 33% 2% -1%
Median Performance $755,556,838 -8% 3.6% 33% 1% -2%

Companies are ranked, from highest to lowest, by return on gross fixed assets (ROGFA).

Sources: Thomson Financial; company data; Pittiglio Rabin Todd & McGrath.

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Electronics and Computer Hardware
COMPANY CAPEX
(2003)
CAPEX CAGR
(2000-2003)
CAPITAL INTENSIVENESS
(2003)
ROGFA
(2003)
REVENUE GROWTH
(CAGR 2000-2003)
SHAREHOLDER GROWTH
(2000-2003)
DELL $965,000,000 26% 2% 186% 9% 25%
CISCO $717,000,000 -13% 4% 87% 0% -14%
HON HAI PRECISION $577,448,748 15% 5% 60% 56% 11%
HEWLETT PACKARD $1,995,000,000 5% 3% 44% 14% -9%
CANON $1,905,711,563 7% 7% 34% 5% 8%
INTEL $3,656,000,000 -18% 12% 33% -4% 2%
SAMSUNG ELECTRONICS $6,687,798,523 12% 12% 33% 14% 44%
XEROX $197,000,000 -24% 1% 33% -6% 44%
EMERSON ELECTRIC $337,000,000 -21% 2% 32% -4% -4%
RICOH $653,123,440 8% 4% 24% 6% -5%
ABB $579,691,907 -8% 3% 20% -14% -43%
FLEXTRONICS INTERNATIONAL $226,820,290 -3% 2% 12% 48% -37%
SHARP $1,557,891,394 43% 9% 11% 3% -18%
NEC $1,981,071,277 -7% 4% 10% -2% -49%
HITACHI $2,938,120,945 -18% 4% 9% 1% -30%
TOSHIBA $2,261,516,127 -6% 4% 9% -1% -33%
MITSUBISHI ELECTRIC $1,208,755,614 -11% 4% 8% -1% -30%
SANMINA-SCI $70,747,000 -29% 1% 6% 38% -31%
SUN MICROSYSTEMS $373,000,000.00 -28% 3% -32% -10% -46%
SOLECTRON 182,000,000.00 -29% 2% -94% -8% -44%
Average Performance 1,453,534,842 -5% 4.4% 26% 7% -13%
Median Performance 841,000,000 -8% 3.7% 22% 0% -16%

Companies are ranked, from highest to lowest, by return on gross fixed assets (ROGFA).

Sources: Thomson Financial; company data; Pittiglio Rabin Todd & McGrath.

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Energy and Utilities
COMPANY CAPEX
(2003)
CAPEX CAGR
(2000-2003)
CAPITAL INTENSIVENESS
(2003)
ROGFA
(2003)
REVENUE GROWTH
(CAGR 2000-2003)
SHAREHOLDER GROWTH
(2000-2003)
STATOIL $3,279,358,241 10% 9% 23% 6% 22%
PETROCHINA $9,799,915,423 13% 27% 21% 8% 58%
CONOCOPHILLIPS $6,169,000,000 45% 7% 21% 63% 7%
ENTE NAZIONALE IDROCARBURI $9,641,057,160 22% 14% 20% 1% 9%
VALERO ENERGY $975,800,000 71% 3% 19% 37% 9%
SHELL TRANSPORT & TRADING $5,341,199,806 22% 6% 18% 8% -6%
TOTAL $7,824,216,349 -1% 6% 18% -3% 0%
ROYAL DUTCH PETROLEUM $7,756,130,190 17% 6% 18% 3% -11%
EXXON MOBIL $12,859,000,000 15% 6% 17% 1% 0%
CHEVRON TEXACO $5,625,000,000 15% 5% 17% 34% 4%
BP $13,601,523,495 4% 5% 16% 13% -2%
MARATHON OIL $1,892,000,000 10% 5% 15% 6% 9%
REPSOL $2,754,763,368 -18% 6% 15% -6% -1%
CHINA PETROLEUM & CHEMICAL $5,819,368,090 3% 12% 13% 8% 46%
E.ON $3,269,821,757 -11% 6% 11% -17% -4%
ENEL $4,453,595,574 14% 13% 11% 6% -8%
RWE GROUP $4,971,112,476 14% 9% 10% 0% 0%
NIPPON OIL $781,980,674 3% 2% 6% 5% 12%
TOKYO ELECTRIC POWER $7,515,229,324 -7% 17% 5% -1% 3%
SUEZ $3,447,326,367 -15% 7% 5% 5% -23%
Average Performance $5,888,869,915 11% 8.5% 15% 9% 6%
Median Performance $5,483,099,903 11% 6.2% 16% 5% 2%

Companies are ranked, from highest to lowest, by return on gross fixed assets (ROGFA).

Sources: Thomson Financial; company data; Pittiglio Rabin Todd & McGrath.

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Food and Beverage
COMPANY CAPEX
(2003)
CAPEX CAGR
(2000-2003)
CAPITAL INTENSIVENESS
(2003)
ROGFA
(2003)
REVENUE GROWTH
(CAGR 2000-2003)
SHAREHOLDER GROWTH
(2000-2003)
SODEXHO ALLIANCE $293,792,255 11% 2% 75% 4% -13%
COCA COLA CO $812,000,000 3% 4% 66% 1% -5%
GENERAL MILLS $711,000,000 38% 7% 47% 16% 3%
SYSCO $435,637,000 18% 2% 47% 11% 9%
PEPSICO $1,345,000,000 8% 5% 43% 10% -1%
DEAN FOODS $291,662,000 29% 3% 43% 17% 27%
CADBURY SCHWEPPES $553,721,879 34% 5% 39% 12% -2%
NESTLE $2,672,379,274 0% 4% 34% 3% -5%
GROUPE DANONE $667,486,170 -12% 4% 34% -3% -5%
ARAMARK $308,773,000 10% 3% 33% 9% 3%
CONAGRA $390,400,000 -10% 2% 31% -8% 4%
DIAGEO $682,881,832 -11% 6% 31% -12% 7%
ANHEUSER BUSCH $993,000,000 -3% 7% 25% 5% 7%
PEPSI BOTTLING GROUP $644,000,000 8% 6% 23% 9% 7%
COCA COLA ENTERPRISES $1,099,000,000 -2% 6% 21% 6% 6%
TYSON FOODS $402,000,000 27% 2% 20% 51% 3%
HEINEKEN $751,075,599 13% 7% 18% 10% -15%
KIRIN BREWERY $542,185,727 -14% 4% 13% 0% -2%
ARCHER DANIELS MIDLAND $435,952,000 1% 1% 12% 34% 4%
ASAHI BREWERIES $321,789,230 -12% 3% 9% 0% -5%
Average Performance $717,686,799 7% 4.1% 33% 9% 1%
Median Performance $598,860,940 6% 3.8% 32% 7% 3%

Companies are ranked, from highest to lowest, by return on gross fixed assets (ROGFA).

Sources: Thomson Financial; company data; Pittiglio Rabin Todd & McGrath.

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Health Care
COMPANY CAPEX
(2003)
CAPEX CAGR
(2000-2003)
CAPITAL INTENSIVENESS
(2003)
ROGFA
(2003)
REVENUE GROWTH
(CAGR 2000-2003)
SHAREHOLDER GROWTH
(2000-2003)
BIOMET $59,770,000 12% 4% 117% 15% 11%
MEDTRONIC $380,400,000 4% 5% 104% 15% -7%
STRYKER $144,500,000 21% 4% 90% 17% 19%
C R BARD $72,100,000 55% 5% 82% 9% 22%
SAINT JUDE $49,565,000 8% 3% 74% 18% 26%
BOSTON SCIENTIFIC $188,000,000 35% 5% 72% 9% 75%
DENTSPLY INTERNATIONAL $76,583,000 39% 5% 59% 21% 21%
FRESENIUS MEDICAL CARE $313,626,333 1% 5% 55% 2% -12%
SMITH & NEPHEW $130,855,890 5% 6% 54% 5% 16%
GUIDANT $249,300,000 16% 7% 51% 13% 4%
INVACARE $30,660,000 5% 2% 48% 7% 6%
HILLENBRAND $115,000,000 3% 6% 45% 0% 8%
BECKMAN COULTER $132,900,000 -2% 6% 44% 5% 7%
ESSILOR $184,647,818 -6% 7% 34% 2% 7%
3M $677,000,000 -15% 4% 30% 3% 14%
BAUSCH & LOMB $91,500,000 -1% 5% 29% 4% 10%
BECTON DICKINSON $261,043,000 -11% 6% 29% 8% 7%
DRAEGERWERK $55,985,248 2% 3% 26% 8% 84%
BAXTER INTERNATIONAL $789,000,000 7% 9% 25% 9% -10%
TERUMO $114,077,031 -14% 6% 20% 5% -17%
Average Performance $205,825,666 8% 5.1% 54% 9% 15%
Median Performance $131,877,945 4% 5.2% 49% 8% 9%

Companies are ranked, from highest to lowest, by return on gross fixed assets (ROGFA).

Sources: Thomson Financial; company data; Pittiglio Rabin Todd & McGrath.

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Industrial Manufacturing
COMPANY CAPEX
(2003)
CAPEX CAGR
(2000-2003)
CAPITAL INTENSIVENESS
(2003)
ROGFA
(2003)
REVENUE GROWTH
(CAGR 2000-2003)
SHAREHOLDER GROWTH
(2000-2003)
INGERSOLL RAND $107,900,000 -17% 1% 51% 4% 19%
ILLINOIS TOOL WORKS $258,312,000 -6% 3% 44% 0% 13%
UNITED TECHNOLOGIES $530,000,000 -17% 2% 40% 5% 8%
DEERE $783,300,000 22% 5% 30% 6% 14%
CATERPILLAR $1,765,000,000 3% 8% 25% 4% 23%
SAINT-GOBAIN $1,660,725,261 -8% 5% 17% 1% 0%
CNH GLOBAL $263,813,952 -21% 2% 17% -5% -35%
BRIDGESTONE $1,284,816,041 -1% 6% 15% 5% 13%
SVENSKA CELLULOSA $928,957,995 82% 8% 15% 8% 18%
MICHELIN $1,260,980,946 -5% 7% 14% 0% 0%
ASAHI GLASS COMPANY $981,536,088 2% 7% 14% 10% -9%
MAN $712,968,653 2% 4% 14% 0% -1%
UPM-KYMMENE $693,300,553 -2% 6% 10% 1% -2%
KOMATSU $629,786,071 6% 6% 10% 1% -2%
MITSUBISHI HEAVY $1,110,484,053 7% 5% 9% -3% -3%
STORA ENSO $1,507,928,703 17% 10% 8% -2% -2%
TORAY $505,266,978 -21% 5% 6% 1% -11%
OJI PAPER $603,084,879 -2% 5% 5% 0% -12%
ISHIKAWAJIMA-HARIMA $444,023,045 10% 5% 5% 1% 0%
GOODYEAR TIRE & RUBBER $446,600,000 -10% 3% 3% 2% -28%
Average Performance $823,939,261 2% 5.1% 18% 2% 0%
Median Performance $703,134,604 -1% 5.2% 14% 1% -1%

Companies are ranked, from highest to lowest, by return on gross fixed assets (ROGFA).

Sources: Thomson Financial; company data; Pittiglio Rabin Todd & McGrath.

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Pharmaceuticals
COMPANY CAPEX
(2003)
CAPEX CAGR
(2000-2003)
CAPITAL INTENSIVENESS
(2003)
ROGFA
(2003)
REVENUE GROWTH
(CAGR 2000-2003)
SHAREHOLDER GROWTH
(2000-2003)
AMGEN $1,356,800,000 46% 16% 80% 32% -1%
JOHNSON & JOHNSON $2,262,000,000 11% 5% 79% 13% 1%
TAKEDA PHARMACEUTICAL $303,742,684 -2% 3% 78% 4% -14%
BRISTOL-MYERS SQUIBB $937,000,000 17% 4% 62% 5% -25%
GLAXOSMITHKLINE $1,572,497,756 -5% 4% 62% 6% -10%
AVENTIS $1,403,810,694 -23% 6% 60% -7% -17%
NOVARTIS $1,420,892,255 9% 5% 59% -2% -6%
MERCK $1,915,900,000 -11% 9% 49% -18% -19%
ASTRAZENECA $1,409,860,375 -4% 7% 48% 3% -6%
ROCHE $1,809,882,277 1% 7% 39% 3% -8%
ELI LILLY $1,706,600,000 36% 14% 38% 5% -7%
PFIZER $2,641,000,000 6% 6% 37% 15% -7%
ABBOTT LABS $1,246,741,000 6% 6% 36% 13% 1%
YAMANOUCHI PHARMACEUTICAL $165,340,470 -9% 4% 34% 5% -18%
SUZUKEN $27,019,915 -30% 0% 32% 7% 10%
SCHERING $390,903,503 3% 7% 30% 2% -11%
WYETH $1,908,661,000 4% 12% 29% 6% -11%
MERCK KGAA $345,175,169 -13% 4% 23% 2% -9%
SANKYO $149,979,585 -22% 3% 21% -1% -14%
SCHERING PLOUGH $701,000,000 -3% 8% 6% -5% -31%
Average Performance $1,183,740,334 1% 6.6% 45% 4% -10%
Median Performance $1,380,305,347 0% 6.1% 38% 4% -9%

Companies are ranked, from highest to lowest, by return on gross fixed assets (ROGFA).

Sources: Thomson Financial; company data; Pittiglio Rabin Todd & McGrath.

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Telecommunications Equipment
COMPANY CAPEX
(2003)
CAPEX CAGR
(2000-2003)
CAPITAL INTENSIVENESS
(2003)
ROGFA
(2003)
REVENUE GROWTH
(CAGR 2000-2003)
SHAREHOLDER GROWTH
(2000-2003)
UTSTARCOM $122,339,000 84% 6% 166% 75% 34%
AUDIOVOX $5,454,000 -23% 0% 67% -8% 13%
SCIENTIFIC ATLANTA $24,440,000 -33% 2% 67% -6% -6%
SAGEM $104,899,815 -27% 3% 33% -9% -11%
VTECH $14,102,983 -22% 2% 31% -6% -48%
ERICSSON $11,036,263 -56% 1% 30% -18% -27%
SIEMENS $3,505,838,967 -18% 4% 23% -2% -18%
NOKIA $220,999,637 6% 3% 21% 10% 8%
COMVERSE TECHNOLOGY $35,352,000 -29% 5% 20% -14% -45%
HARRIS $73,000,000 -4% 3% 20% 5% 8%
MOTOROLA $655,000,000 -46% 2% 18% -10% -11%
UNIDEN $15,723,812 -3% 2% 18% -6% -2%
ANDREW $31,859,000 -27% 3% 18% 0% -19%
AVAYA $60,000,000 -51% 1% 15% -17% 8%
LUCENT TECHNOLOGIES $291,000,000 -52% 3% 8% -37% -40%
CELLSTAR $3,032,000 -18% 0% 2% -10% 21%
ERICSSON, L.M. $248,070,107 -47% 2% -2% -24% -45%
ALCATEL $174,554,394 -57% 1% -6% -26% -45%
TELLABS $9,500,000 -64% 1% -19% -34% -47%
ANRITSU $24,787,914 -17% 3% -31% -12% -22%
Average Performance $281,549,495 -25% 2.4% 25% -8% -15%
Median Performance $47,676,000 -27% 2.5% 19% -10% -14%

Companies are ranked, from highest to lowest, by return on gross fixed assets (ROGFA).

Sources: Thomson Financial; company data; Pittiglio Rabin Todd & McGrath.

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Telecommunications Services
COMPANY CAPEX
(2003)
CAPEX CAGR
(2000-2003)
CAPITAL INTENSIVENESS
(2003)
ROGFA
(2003)
REVENUE GROWTH
(CAGR 2000-2003)
SHAREHOLDER GROWTH
(2000-2003)
VODAFONE $9,679,934,405 42% 17% 50% 57% -31%
NTT DOCOMO $6,599,783,294 -2% 15% 37% 9% -36%
CHINA MOBILE (HONG KONG) $5,291,659,310 26% 28% 34% 35% -17%
COMCAST $4,161,000,000 36% 23% 27% 31% -7%
VIVENDI UNIVERSAL $1,768,800,000 -31% 6% 27% -9% -34%
VODAFONE HOLDINGS $3,227,201,379 69% 20% 26% 56% -28%
TELSTRA $1,958,642,510 -12% 13% 23% 3% -10%
BT GROUP $4,668,635,455 -10% 14% 21% 0% -46%
TELECOM ITALIA $3,824,216,349 -8% 10% 19% 1% 1%
TELEFONICA $3,654,947,756 -28% 10% 18% 0% -10%
AT&T WIRELESS $2,774,000,000 -12% 17% 18% 17% -23%
FRANCE TELECOM $6,271,665,642 -48% 11% 17% 11% -34%
BCE $2,511,951,325 -13% 17% 17% 2% -9%
DEUTSCHE TELEKOM $6,376,152,427 -12% 9% 17% 11% -23%
BELLSOUTH $3,200,000,000 -23% 14% 16% -5% -9%
KDDI $1,447,488,998 -15% 6% 15% 22% -25%
AT & T $3,157,000,000 -41% 9% 15% -19% -3%
NIPPON TELEGRAPH AND TELEPHONE $15,656,090,368 -17% 16% 13% 2% -37%
SBC COMMUNICATIONS $5,219,000,000 -26% 13% 13% -7% -15%
VERIZON $11,884,000,000 -12% 18% 12% 2% -8%
Average Performance $5,166,608,461 -7% 14.2% 22% 11% -20%
Median Performance $3,992,608,175 -12% 14.0% 18% 3% -20%

Companies are ranked, from highest to lowest, by return on gross fixed assets (ROGFA).

Sources: Thomson Financial; company data; Pittiglio Rabin Todd & McGrath.

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Transportation Services
COMPANY CAPEX
(2003)
CAPEX CAGR
(2000-2003)
CAPITAL INTENSIVENESS
(2003)
ROGFA
(2003)
REVENUE GROWTH
(CAGR 2000-2003)
SHAREHOLDER GROWTH
(2000-2003)
TPG $352,796,558 -10% 2% 33% 6% -8%
DEUTSCHE POST $1,824,216,349 -7% 4% 29% 7% -9%
EXEL $198,507,484 -9% 2% 29% 5% -6%
UNITED PARCEL SERVICE $1,947,000,000 -3% 6% 23% 4% 10%
FEDEX $1,511,000,000 -2% 7% 15% 7% 19%
NORTHWEST AIRLINES $1,123,000,000 19% 12% 12% -6% -25%
CONTINENTAL AIRLINES $205,000,000 -26% 2% 12% -4% -32%
AIR FRANCE $1,733,251,382 4% 11% 10% 7% -19%
NIPPON YUSEN $808,619,516 18% 7% 10% 4% 0%
NIPPON EXPRESS $806,233,271 1% 5% 9% 1% -13%
UNION PAC $1,752,000,000 -1% 15% 9% -1% 13%
BURLINGTON NORTHERN SANTA FE $1,726,000,000 7% 18% 9% 1% 6%
BRITISH AIRWAYS $536,248,965 -34% 4% 8% -5% -30%
CENTRAL JAPAN RAIL $1,573,451,889 -4% 13% 7% 4% 5%
EAST JAPAN RAIL $3,202,486,049 0% 14% 6% 1% 0%
WEST JAPAN RAIL $1,249,512,316 0% 12% 6% -1% 2%
DELTA AIR LINES $744,000,000 -43% 6% 3% -7% -38%
AMR $680,000,000 -43% 4% 2% -4% -31%
ALL NIPPON AIRWAYS $1,021,367,327 4% 9% 2% 0% -10%
UAL $150,000,000 -61% 1% -6% -11% -65%
Average Performance $1,157,234,556 -10% 7.7% 11% 0% -12%
Median Performance $1,072,183,664 -3% 6.3% 9% 1% -9%

Companies are ranked, from highest to lowest, by return on gross fixed assets (ROGFA).

Sources: Thomson Financial; company data; Pittiglio Rabin Todd & McGrath.

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