bridging the gap - pwc · 2017. 11. 16. · 4 pwc – bridging the gap in this study we look at the...

Bridging the Gap 2015 Annual Global Working Capital Survey of the Consumer sector

www.pwc.com/workingcapitalsurvey

2 PwC – Bridging the Gap

Contents

Foreword Executive summary

Sector

3 4 7 282413 21

ContactsAppendices Sub-sectors How we can support you

32015 Annual Global Working Capital Survey in the Consumer sector

Foreword


Madeleine ThomsonUK Leader of Retail & Consumer, PwC

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Welcome to PwC’s working capital survey of the consumer sector. Working capital management has become particularly important for the sector over the past few years. This survey reveals that working capital performance has slowly, but steadily improved in the consumer sector.

Whilst there have been improvements, often in collaboration with the retailers to better forecast demand, there is a significant working capital opportunity. As consumer companies continue to grow, the need for working capital is ever important.

Our working capital team has worked with many companies in the consumer sector to release working capital and increase liquidity which can be used for strategic investments or the reduction of debt.

I hope you find this survey of interest.

Executive summary


In this study we look at the performance trends of working capital within the industry sector and its related sub-sectors. Our findings show that most working capital improvement efforts started paying off from 2013 onwards led by the agricultural, food & drinks and household categories. Such efforts have helped the sector avoid a further €25 billion in investment.

In some other sub-sectors however, working capital has not shown any improvement, and the performance gap between large and small companies appears to be widening.

Since 2014, many retailers have embarked on a working capital optimisation programme, which has led to a knock-on effect by way of increased pressure on working capital in the consumer products sector.

Retailers’ initiatives such as consignment stock, longer payment terms, a move to a concession model, and a fight to reduce back margin rebates are becoming more and more common, all of which could threaten the consumer sector’s working capital performance in the coming years.

Consumer goods companies have been growing at 9.7% year-on-year. This growth required a reinvestment in working capital of €42 billion.

Daniel WindausWorking Capital Partner


growth year-on-year

10% Middle East, Asia and Australasia’s working capital performance lags behind9% or €25 billion

of working capital released in five years

Biggest winners:

agricultural products

Biggest losers:

textiles and personal products

Most improvements driven in the last

2 years

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year-on-year

10%Consumer

9% or €25 billionof working capital released in five years

Biggest winners: agricultural products

Biggest losers: textiles and personal products

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Sub-sector perform

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161 Europe

24 Australasia74 Americas

Number of consumer companies in the study by region

38 Africa22 Middle East

110 USA, Canada

538 Asia

619 USA, Canada

161 Americas18 Africa

Revenue of consumer companies in the study by region (€ billion)

29 Australasia16 Middle East

488 Europe

672 Asia

0

500000

1000000

1500000

2000000

0

500000

1000000

1500000

2000000

Our study surveyed 967 consumer goods companies across the globe with consolidated revenue in excess of €2 trillion

92015 Annual Working Capital Survey in the Consumer sector

Consumer revenue trends

Rev 2010 Rev 2011 Rev 2012 Rev 2013 Rev 2014

€1.51bn

13.1%

7.4% -0.4%

9.7%

The sector experienced a healthy growth of 9.7% year-on-year, thus increasing the need for cash Foreword

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Revenue

Percentage increase / decrease%


40.138.5

40.541.1

40.2

66.965.2

67.468.3

70.1

12.311.6

12.713.112.9

59.3

58.0

59.9 59.558.4

11.6%

12.3%

12.7%13.1%

12.9%

Consumer products revenue and NWC % (€ million) Consumer working capital performance

2014: 2,002,780

2013: 1,825,1092012: 1,832,388

2011: 1,706,146

2010: 1,508,952

Revenue

NWC %

Improvement in receivables are most likely to be reversed by retailers as they continue to receive pressure to free up cash to compete.

DSO

DIO

DPO

NWC %

2010 2011 2012 2013 2014

The consumer goods industry has improved its working capital by 10% over five years, releasing €25 billion, mainly driven by inventory and receivables reductions

Working capital performance has been slowly, but steadily improving over the past four years. Such improvements can be driven by the steady growth of the industry coupled with operational and contractual improvement initiatives.


NWC %

9.6 9.710.210.7

11.2

2010 2011 2012 2013 2014

Europe

19.1

16.0

18.418.0

22.2

2010 2011 2012 2013 2014

Australasia

16.4

14.9

16.416.2

15.1

2010 2011 2012 2013 2014

Asia

9.3 8.29.6

11.610.4

2010 2011 2012 2013 2014

Americas

12.4 12.212.912.6

14.9

2010 2011 2012 2013 2014

Africa

10.7 10.111.712.212.5

2010 2011 2012 2013 2014

USA, Canada

16.415.3

14.714.414.2

2010 2011 2012 2013 2014

Middle East

9.6 9.710.210.7

11.2

2010 2011 2012 2013 2014

Europe

19.1

16.0

18.418.0

22.2

2010 2011 2012 2013 2014

Australasia

16.4

14.9

16.416.2

15.1

2010 2011 2012 2013 2014

Asia

9.3 8.29.6

11.610.4

2010 2011 2012 2013 2014

Americas

12.4 12.212.912.6

14.9

2010 2011 2012 2013 2014

Africa

10.7 10.111.712.212.5

2010 2011 2012 2013 2014

USA, Canada

16.415.3

14.714.414.2

2010 2011 2012 2013 2014

Middle East

9.6 9.710.210.7

11.2

2010 2011 2012 2013 2014

Europe

19.1

16.0

18.418.0

22.2

2010 2011 2012 2013 2014

Australasia

16.4

14.9

16.416.2

15.1

2010 2011 2012 2013 2014

Asia

9.3 8.29.6

11.610.4

2010 2011 2012 2013 2014

Americas

12.4 12.212.912.6

14.9

2010 2011 2012 2013 2014

Africa

10.7 10.111.712.212.5

2010 2011 2012 2013 2014

USA, Canada

16.415.3

14.714.414.2

2010 2011 2012 2013 2014

Middle East

9.6 9.710.210.7

11.2

2010 2011 2012 2013 2014

Europe

19.1

16.0

18.418.0

22.2

2010 2011 2012 2013 2014

Australasia

16.4

14.9

16.416.2

15.1

2010 2011 2012 2013 2014

Asia

9.3 8.29.6

11.610.4

2010 2011 2012 2013 2014

Americas

12.4 12.212.912.6

14.9

2010 2011 2012 2013 2014

Africa

10.7 10.111.712.212.5

2010 2011 2012 2013 2014

USA, Canada

16.415.3

14.714.414.2

2010 2011 2012 2013 2014

Middle East

9.6 9.710.210.7

11.2

2010 2011 2012 2013 2014

Europe

19.1

16.0

18.418.0

22.2

2010 2011 2012 2013 2014

Australasia

16.4

14.9

16.416.2

15.1

2010 2011 2012 2013 2014

Asia

9.3 8.29.6

11.610.4

2010 2011 2012 2013 2014

Americas

12.4 12.212.912.6

14.9

2010 2011 2012 2013 2014

Africa

10.7 10.111.712.212.5

2010 2011 2012 2013 2014

USA, Canada

16.415.3

14.714.414.2

2010 2011 2012 2013 2014

Middle East

9.6 9.710.210.7

11.2

2010 2011 2012 2013 2014

Europe

19.1

16.0

18.418.0

22.2

2010 2011 2012 2013 2014

Australasia

16.4

14.9

16.416.2

15.1

2010 2011 2012 2013 2014

Asia

9.3 8.29.6

11.610.4

2010 2011 2012 2013 2014

Americas

12.4 12.212.912.6

14.9

2010 2011 2012 2013 2014

Africa

10.7 10.111.712.212.5

2010 2011 2012 2013 2014

USA, Canada

16.415.3

14.714.414.2

2010 2011 2012 2013 2014

Middle East

9.6 9.710.210.7

11.2

2010 2011 2012 2013 2014

Europe

19.1

16.0

18.418.0

22.2

2010 2011 2012 2013 2014

Australasia

16.4

14.9

16.416.2

15.1

2010 2011 2012 2013 2014

Asia

9.3 8.29.6

11.610.4

2010 2011 2012 2013 2014

Americas

12.4 12.212.912.6

14.9

2010 2011 2012 2013 2014

Africa

10.7 10.111.712.212.5

2010 2011 2012 2013 2014

USA, Canada

16.415.3

14.714.414.2

2010 2011 2012 2013 2014

Middle East

Best performers Europe, USA and Canada, Americas and Africa continued to steadily improve, whereas the Middle East, Asia and Australasia only started to improve significantly in 2014

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Consumer Sub-sectorsForew

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Personal products is theonly sub-sector with deteriorating NWC

Textiles NWC% is

60% higher than any other sub-sector

Significantspreadof NWC performance across the sector

Sub-sec

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Agricultural Products

15%

13.7%16.1%

16.1%

19.3%

2014: 250,239

2013: 229,9352012: 240,070

2011: 229,707

2010: 170,777

Revenue

NWC %

Agricultural products revenue and NWC % (€ million)

DSO DIO

DPO Key

Top performers

Weighted average performancexx

Bottom performers

15

51

13

48

14

47

18

49

30

24 2426 26

13

46

2010 20122011 2013 2014

60

50

40

30

20

10

20

58

17

70

18

58

19

64

19

63

2010 20122011 2013 2014

80

70

60

50

40

30

20

10

24 23 23 2220

50

134

70

59 60

48

140

50

130

42

137

39

110

2010 20122011 2013 2014

150

120

90

60

30

5155

Agricultural products’ working capital showed a significant improvement in inventory driven by both top and bottom performers. Receivables and payables did not show any significant change overall.


Electronics and Appliances

14.0%

11.6%

14.6%

13.6%

12.3%

2014: 235,545

2013: 202,8832012: 195,527

2011: 188,616

2010: 170,906

Revenue

NWC %

Electronics and appliances revenue and NWC % (€ million)

DSO DIO

DPO Key

Top performers


Bottom performers

58

40

83

67

45

87

72 72

51

99

48

95

47

91

2010 20122011 2013 2014

100

80

60

40

62

55

112

54

112

53

119

53

112

51

103

2010 20122011 2013 2014

120

100

80

60

40

81 8287 86 85

49

102

52

102

48

101

50

97

6561 59 58

63

41

95

2010 20122011 2013 2014

120

100

80

60

40

Electronics and appliances saw a strong improvement in working capital performance in 2014, primarily driven by a sharp reduction in receivable days. Inventories, relative to sales, have reduced in the five year period due to operational improvements in the sector.

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Food and Drinks

11.4%

11.0%

11.7%12.3%

12.0%

2014: 1,189,218

2013: 1,080,9722012: 1,085,159

2011: 998,194

2010: 893,413

Revenue

NWC %

Food and drinks revenue and NWC % (€ million)

DSO DIO

DPO Key

Top performers


Bottom performers

24

54

38 38 37

25

58

40

23

58

24

56

24

56

2010 20122011 2013 2014

60

50

40

30

20

36

28

70

29

67

29

71

29

70

28

67

2010 20122011 2013 2014

80

70

60

50

40

30

20

59 5961 61 61

42

103

42

103

42

101

42

98

41

102

2010 20122011 2013 2014

120

100

80

60

40

6768 68 6869

The food and drinks category has seen its NWC% of sales reduce by 1 percentage point over the past five years, driven improvements across all three working capital areas. DSO, DIO and DPO are all at their five year best result.


Household Products

10.1%9.8%

10.4%

11.1%

10.5%

2014: 192,498

2013: 183,9372012: 185,837

2011: 172,066

2010: 168,121

Revenue

NWC %

Household products revenue and NWC % (€ million)

DSO DIO

DPO Key

Top performers


Bottom performers

39

68

40

69

40

69

41

65

37

66

2010 20122011 2013 2014

80

70

60

50

40

30

4041 41 41 41

45

87

44

80

45

73

47

81

47

86

2010 20122011 2013 2014

100

80

60

40

75

7272

7677

63

117

63

110

60

108

63

101

57

98

2010 20122011 2013 2014

120

100

80

60

40

71 70 67 6769

Household products is the best performing category in the consumer goods sector, showing steady improvement in working capital year-on-year.

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Personal Products

12.3% 12.7%

12.3%13.1%

12.2%

2014: 92,524

2013: 86,8372012: 88,240

2011: 80,675

2010: 74,234

Revenue

NWC %

Working capital performance of the personal products category has deteriorated slightly over the past five years, primarily driven by a deterioration on the asset side of the balance sheet, only partially offset by improvements in payables.

Personal products revenue and NWC % (€ million)

DSO DIO

DPO Key

Top performers


Bottom performers

22

60

22

65

21

66

44 44 44 43

23

61

45

19

66

2010 20122011 2013 2014

80

70

60

50

40

30

20

10

111 111109

105

112

45

95

35

89

42

90

40

87

42

88

2010 20122011 2013 2014

115

110

100

80

60

40

20

81

149

81

152

85

160

81

150

78

142

2010 20122011 2013 2014

200

150

100

50

114 112116 116 117


Textiles

21.4%22.2%

23.1%

24.9%22.3%

2014: 42,756

2013: 40,5452012: 37,556

2011: 36,887

2010: 31,501

Revenue

NWC %

Inventory improvements in the textiles category have been offset by a slight deterioration in payables and receivables leading to no change in net working capital performance.

Textiles revenue and NWC % (€ million)

DSO DIO

DPO Key

Top performers


Bottom performers

26

62

30

64

33

67

48 5047 46

34

64

34

67

2010 20122011 2013 2014

80

70

60

50

40

30

20

49

28

70

26

64

27

60

25

72

22

63

2010 20122011 2013 2014

80

70

60

50

40

30

20

54

49 48 47

53

58

119

58

120

59

106

63

121

55

106

2010 20122011 2013 2014

150

120

90

60

30

96 9488 87101

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How can we support you

Accounts receivable

• Credit risk policies• Aligned and optimised

customer terms• Billing timeliness

and quality• Contract and

milestone management

• Prioritised and proactive collection procedures

• Systems-based dispute resolution

• Dispute root cause elimination

• Asset based lending / securitisation

Accounts payable

• Consolidated spending• Increased control with

centre-led procurement• Purchasing channels to

avoid leakage• Aligned and optimised

payment terms

• Supply chain finance• Payment methods

and frequency• Eradicated early

payments

Inventory

• Lean and agile supply chain strategies

• Global coordination• Forecasting techniques• Production planning• Accurate tracking of

inventory quantities

• Differentiated inventory levels for different goods

• Balanced cash, cost and service

• Asset based lending

Examples of areas where PwC could help you to release cash from working capital:

3Develop detailed action plans for implementation to generate cash and make sustainable improvements.

2Perform a diagnostic review to identify ‘quick wins’ and longer-term working capital improvement opportunities.

4Assist the realisation of sustainable working capital reduction by implementing robust, efficient and collaborative processes.

1Complete a working capital benchmarking exercise to compare performance against peers and identify potential improvement opportunities.

Addressing the key levers: • Identification, harmonisation and

improvement of commercial terms. • Process optimisation throughout the

end-to-end working capital cycles.

• Process compliance and monitoring. • Creating and embedding a ‘cash

culture’ within the organisation, optimising the trade-offs between cash, cost and service.

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Ourteamhashelpeddeliversignificantworkingcapitalbenefitsaroundtheworld

We deliver substantial benefits, typically between

5-10% of revenue

We deliver results fast,

We have helped to deliver over

€26bnof Working Capital

benefits

typically 5 -15% of improvements are quick wins

Typical project results Range of improvement

Receivables reductions 20% – 40%

Payables improvements 20% – 80%

Inventory reductions 15% – 50%

Net working capital improvements 30% – 70%

Quick wins as % of total opportunity 5% – 15%

Working Capital as % of sales 5% – 10%

Challenges in working capital optimisation:

Perception:

Working capital is an operational issue, but is often perceived to sit with finance

Cross functional:Sustainable improvements are complex, requiring an operational and cross functional approach

Complexity:

Improvements require structural changes for many interrelated processes

Driven by people:

Needs hands-on approach ‘on the shop floor’ to change operational behaviour

1

3

2

4


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Appendices



Basis of calculations and limitations

Basis of calculationsThis study provides a view of global working capital performance in the consumer sector and is based on the research of 967 companies in the world. For consistency reasons and to be able to add the individual ratios together we have calculated DSO based on sales, DPO and DIO based on Cost of Goods Sold (COGS).

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Metric Basis of calculation

NWC % (Net working capital %) NWC % measures working capital requirements relative to the size of the company.

(Accounts receivable + inventories – accounts payable)/Sales

DSO (Days sales outstanding) DSO is a measure of the average number of days that a company takes to collect cash after the sale of goods or services have been delivered.

Accounts receivable/Sales x 365

DIO (Days inventories on-hand) DIO gives an idea of how long it takes for a company to convert its inventory into sales. Generally, the lower (shorter) the DIO, the better.

Inventory/COGS x 365

DPO (Days payables outstanding) DPO is an indicator of how long a company takes to pay its trade creditors.

Accounts payable/COGS x 365

CCE (Cash conversion effi ciency) CCE is an indicator of how effi ciently a company is able to convert profi ts into cash.

Cash fl ow from operations/EBITDA

Limitations of this study

Companies have been assigned to countries based on the location of their headquarters. Although a signifi cant part of sales and purchases might be realised in that country, it does not necessarily refl ect typical payment terms or behaviour in that country.

As the research is based on publicly available information, all fi gures are fi nancial year-end fi gures. Due to disproportionate management efforts to improve working capital performance towards year-end (also referred to as ‘window dressing’) the real underlying working capital requirement within reporting periods might be higher. Also off-balance-sheet fi nancing or the effects of asset securitisation (e.g. receivables) have not been taken into account.


Summary data

Primary industry Africa Americas Asia Australasia Europe Middle East USA, Canada Total

Agricultural Products 1 6 68 6 13 2 7 103

Electronics & Appliances 1 5 66 1 17 2 9 101

Food & Drinks 34 51 266 14 109 15 60 549

Household Products 2 4 20 1 10 2 18 57

Personal Products 4 27 2 7 13 53

Textiles 4 91 5 1 3 104

Grand Total 38 74 538 24 161 22 110 967

Number of companies




Food & Drinks 36 33 37 39 39 33 32 36



Textiles 85 47 57 64 42 49

Grand Total 37 36 43 41 44 37 30 39

DSO 2014


Agricultural Products 0.0% 35.0% 15.6% 16.4% 23.7% 19.8% 10.9% 13.7%

Electronics & Appliances 29.7% 9.7% 11.2% 24.2% 16.6% 22.6% 8.5% 11.6%

Food & Drinks 11.7% 7.0% 16.0% 15.6% 8.5% 14.2% 10.2% 11.0%

Household Products 25.0% 15.5% 11.5% 20.9% 11.5% 20.6% 8.7% 9.8%

Personal Products 14.8% 15.7% 20.4% 9.1% 13.2% 12.7%

Textiles 38.6% 21.8% 21.4% 20.5% 19.9% 22.2%

Grand Total 12.2% 8.2% 14.9% 16.0% 9.7% 15.3% 10.1% 11.6%

NWC % 2014





Food & Drinks 82 52 68 80 84 82 54 67



Textiles 104 85 114 60 66 87

Grand Total 83 55 64 77 85 84 55 65

DIO 2014




Food & Drinks 73 63 38 58 98 57 45 61



Textiles 32 46 83 46 31 47

Grand Total 72 65 48 55 99 59 45 60

DPO 2014


Agricultural Products 0 291 4,242 233 788 26 4,890 10,469

Electronics & Appliances 8 55 5,054 34 1,133 75 222 6,582

Food & Drinks 722 5,728 20,279 2,116 17,814 907 13,064 60,630

Household Products 46 110 469 15 353 38 681 1,713

Personal Products 150 778 39 223 731 1,921

Textiles 146 1,484 81 17 24 1,752

Grand Total 776 6481 32,306 2437 20,392 1063 19,612 83,067

Total cash opportunity from working capital (€ million)

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Highest opportunity Low opportunity


Daniel Windaus

Daniel WindausPartnerT: +44 20 7804 5012E: [email protected]

Daniel is a partner in our working capital practice, with over sixteen years of working capital experience. He has advised company management and private equity investors on improving cash flow throughout Europe and North America.

Alain Fares

Alain FaresSenior ManagerT: +44 78 7825 0848E: [email protected]

Alain is a working capital senior manager with over 12 years experience in working capital and supply chain optimisation. Alain is an expert in working capital and supply chain optimisation in the retail and consumer sector.

Contacts

Robert Smid

Glen BabcockPartnerT: +44 20 7804 5856 E: [email protected]

Glen is a partner in our working capital practice, leading our work across the regions of the UK. He has worked with companies across the UK, Europe and internationally about cash flow improvement and cost reduction.

Simon BoehmeDirectorT: +44 20 7212 6927E: [email protected]

Simon is a director in our working capital practice. He has over 10 years of experience advising companies on working capital management across Europe, North America, Asia and the Middle East.

Robert SmidPartner, Working Capital Practice LeaderT: +44 20 7804 3598E: [email protected]

Robert leads our working capital practice and brings over twenty years of working capital advisory experience. He has made an instrumental difference to the free cash flow and balance sheet structure of many companies.

Glen Babcock

Simon Boehme Stephen Tebbett

Stephen TebbettDirectorT: +44 20 7213 5511 E: [email protected]

Stephen is a Director in our working capital practice and brings over 13 years of experience delivering sustainable improvements in both corporate and PE-backed organisations across the world. He has worked across a diverse range of industries including deep experience in retail.



Denmark

Bent Jorgensen T: +45 3945 9259E: [email protected]

Middle East

Mihir Bhatt T: +971 4304 3641 E: [email protected]

Malaysia

Ganesh Gunaratnam T: +603 2173 0888E: [email protected]

Switzerland

Reto Brunner T: +41 58 792 1419 E: [email protected]

Germany & Austria

Rob KortmanT: +49 1709 879253 E: [email protected]

Finland

Michael HardyT: +358 50 346 8530E: [email protected]

Turkey

Gokdeniz GurT: +90 212 376 5332 E: [email protected]

The Netherlands & Belgium

Danny Siemes T: +31 88 792 42 64 E: [email protected]

France

Francois GuilbaudT: +33 156 578 537 E: [email protected]

Hong Kong

Ted Osborn T: +852 2289 2299E: [email protected]

Norway

Jørn Juliussen T: +47 95 26 00 60E: [email protected]

USA

Paul GaynorT: +1 925 699 5698E: [email protected]

Spain

Josu EcheverriaT: +34 91 598 4866E: [email protected]

Singapore

Peter Greaves T: +65 6236 3388E: [email protected]

CEE

Petr SmutnyT: +42 25 115 1215 E: [email protected]

Italy

Riccardo Bua OdettiT: +39 026 672 0536 E: [email protected]

Sweden

Jesper LindbomT: +46 70 9291154 E: [email protected]

Working capital management global network

Australia

Jonas Schofer T: +612 8266 4782 E: [email protected]

Austria

Christine CatastaT: +43 1 501 88 1100 E: [email protected]

Foreword

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www.pwc.com/workingcapitalsurvey

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