Strategy

2001 Working Capital Survey – Chart 19

HOUSEHOLD PRODUCTS
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


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HOUSEHOLD PRODUCTS
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.
199 CHURCH & DWIGHT CO INC $796 10% 420 9 86 32 283 7 471 55 105
225 COLGATE PALMOLIVE CO $9,358 15% 214 45 403 45 450 6 543 30 451
232 PROCTER & GAMBLE CO $39,951 13% 254 39 342 27 219 6 503 21 751
249 KIMBERLY CLARK CORP $13,982 16% 175 60 536 45 455 6 524 22 720
294 CLOROX CO $4,083 14% 231 58 516 51 545 8 417 21 759
368 DIAL CORP NEW $1,639 7% 562 33 275 25 194 5 625 29 464
429 TUPPER- WARE CORP $1,073 10% 396 56 501 36 326 3 912 29 457
592 BLYTH INC $1,097 9% 443 75 677 27 217 2 942 20 785
601 ENERGIZER HOLDINGS INC $1,914 16% 165 121 911 68 783 2 935 27 546
711 SCOTTS CO $1,764 7% 585 81 721 46 461 4 815 29 480
799 CENTRAL GARDEN & PET CO $1,355 3% 793 73 654 39 364 4 784 40 240
807 NEWELL RUBBER- MAID INC $6,935 8% 491 104 856 62 711 4 697 19 814
851 FORTUNE BRANDS INC $5,845 8% 490 115 895 62 709 3 891 18 828
889 TORO CO $1,337 6% 622 113 892 75 844 4 743 19 801
932 SAMSONITE CORP FL $768 2% 868 106 874 42 418 2 932 24 641
545 Industry Average $6,126 10%   72   46   4   27  

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