Strategy

2001 Working Capital Survey – Chart 12

FOOD & BEVERAGE
CFO StaffJuly 1, 2001

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.

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FOOD & BEVERAGE
Over- all Rank Company Name Prior Year Sales Cash Conver. Effic. Days Working Capital Days Sales Outst. Inven. Turns Days Payable Outst.
CCE Rk. DWC Rk. DSO Rk. Ts. Rk. DPO Rk.
40 COCA COLA CO $20,458 18% 127 (15) 11 32 284 6 537 66 63
59 PEPSICO INC $20,438 16% 173 (14) 14 34 311 9 339 64 72
72 ANHEUSER BUSCH COS INC $12,262 19% 121 10 92 19 155 12 258 29 483
87 RALSTON PURINA CO $2,763 20% 103 26 224 53 578 7 465 67 56
149 COCA COLA ENTERPRISES INC $14,750 9% 452 (10) 17 34 309 15 209 60 88
158 GENERAL MILLS INC $6,700 11% 317 6 76 27 216 6 531 46 169
162 CAMPBELL SOUP CO $6,267 16% 178 33 277 31 264 5 597 29 463
198 PEPSI BOTTLING GROUP INC $7,982 10% 415 9 87 40 375 15 204 45 185
208 ADOLPH COORS CO $2,414 10% 390 13 121 18 151 12 264 26 585
214 WM WRIGLEY JR CO $2,146 18% 131 62 558 32 281 4 818 15 896
220 DEAN FOODS CO $4,066 8% 474 7 81 29 242 17 183 39 258
238 COCA COLA BOTTLING CO CONSOLI- DATED $995 8% 481 13 128 28 223 13 245 31 421
269 PEPSI- AMERICAS INC NEW $2,528 10% 398 27 234 38 350 11 287 31 416
274 KEEBLER FOODS CO $2,757 8% 542 16 142 13 105 6 501 21 745
286 KELLOGG CO $6,955 12% 306 42 375 36 332 7 445 19 807
297 SUIZA FOODS CORP $5,756 6% 650 13 122 38 351 18 166 42 210
341 AGRIBRANDS INTER- NATIONAL INC $1,193 5% 707 15 135 24 188 12 259 35 317
355 EARTHGRAINS CO $2,039 6% 613 26 222 38 358 14 228 28 512
371 DREYER S GRAND ICE CREAM INC $1,194 5% 724 17 152 27 215 15 200 28 496
428 PILGRIM S PRIDE CORP $1,499 7% 580 40 352 19 156 8 419 22 696
440 SARA LEE CORP $17,511 9% 456 53 476 34 301 4 741 35 319
449 IBP INC $16,950 2% 843 15 136 17 141 24 125 17 872
462 CBR BREWING CO INC $986 8% 527 49 444 35 314 12 263 11 947
472 HORMEL FOODS CORP $3,675 6% 637 41 364 28 233 9 325 15 888
477 MCCORMICK & CO INC $2,124 10% 421 61 547 44 441 5 615 29 472
484 INTER- NATIONAL MULTIFOODS CORP $2,385 2% 832 20 173 19 154 13 241 24 632
508 H J HEINZ CO $9,408 9% 446 64 573 45 456 4 754 39 262
519 FLOWERS INDUSTRIES INC $4,236 4% 726 38 335 32 287 6 541 26 578
548 SENSIENT TECH- NOLOGIES CORP $920 11% 323 82 725 54 582 3 886 56 101
551 TYSON FOODS INC $7,158 7% 550 60 538 29 246 6 507 18 847
560 CORN PRODUCTS INTER- NATIONAL INC $1,865 10% 391 75 680 55 607 7 455 25 616
569 HERSHEY FOODS CORP $4,221 9% 459 71 635 34 308 4 699 13 936
572 RALCORP HOLDINGS INC NEW $809 6% 661 53 484 36 333 6 563 33 381
578 CONAGRA FOODS INC $25,386 5% 714 48 431 24 185 6 554 30 447
580 SMITHFIELD FOODS INC $5,150 3% 818 37 312 22 176 10 308 20 765
582 IMPERIAL SUGAR CO TX $1,821 3% 807 38 323 18 148 8 402 23 663
665 BROWN FORMAN CORP $2,134 11% 329 98 832 50 536 2 969 45 176
666 J M SMUCKER CO $632 8% 526 78 701 33 292 3 823 23 665
684 ARCHER DANIELS MIDLAND CO $12,877 6% 626 72 640 52 554 5 640 50 136
690 DEL MONTE FOODS CO $1,462 4% 728 62 557 30 259 3 922 65 67
707 AURORA FOODS INC DE $1,000 2% 845 52 470 37 347 4 749 29 484
718 VLASIC FOODS INTER- NATIONAL INC $902 1% 875 50 453 28 237 5 629 29 491
755 DOLE FOOD CO INC $4,763 3% 811 64 579 47 482 8 391 22 715
793 CHIQUITA BRANDS INTER- NATIONAL INC $2,254 1% 905 59 532 29 249 5 627 31 419
901 SEABOARD CORP $1,584 0% 933 83 737 50 530 7 469 16 883
904 SENECA FOODS CORP $605 6% 671 114 894 24 191 3 869 26 583
954 CONSTEL- LATION BRANDS INC $2,340 5% 685 144 951 51 541 2 947 22 718
451 Industry Average $5,539 8%   43   33   8   32  

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