Strategy

2001 Working Capital Survey – Chart 15

GAS UTILITIES
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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Sources: REL Consultancy Group, Piranha Web


Back to “Forget the Float? — The 2001 Working Capital Survey”

GAS UTILITIES
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. Turns Rk. DPO Rk.
45 QUESTAR CORP $1,266 25% 48 26 226 79 864 11 282 67 58
91 NATIONAL FUEL GAS CO $1,425 19% 111 25 218 28 230 8 399 21 724
93 AGL RE- SOURCES INC $607 21% 82 37 316 22 173 6 564 15 904
103 SOUTHERN CALIF. GAS CO $2,569 22% 70 47 424 59 656 19 156 21 755
123 NICOR INC $2,298 16% 176 21 175 84 896 25 119 76 39
160 EQUITABLE RE- SOURCES INC $1,652 16% 180 32 272 68 779 13 229 52 123
187 WGL HOLDINGS INC $972 14% 224 31 260 34 300 6 511 37 279
190 PEOPLES ENERGY CORP $1,418 11% 321 15 137 25 197 5 637 46 167
222 PIEDMONT NATURAL GAS CO INC $830 9% 440 11 105 18 146 8 400 35 335
240 UGI CORP PA $1,762 10% 379 24 203 28 228 9 353 26 556
289 NUI CORP NEW $935 5% 704 4 64 36 325 20 143 46 170
295 ATMOS ENERGY CORP $850 10% 392 34 290 34 302 8 406 28 503
522 MCN ENERGY GROUP INC $2,791 7% 583 54 488 96 942 8 381 71 48
624 ONEOK INC NEW $6,643 6% 669 61 542 98 946 30 103 68 53
701 KEYSPAN CORP $5,121 1% 919 42 376 105 961 3 842 97 12
259 Industry Average $2,076 13%   31   54   12   47  

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