Analysis of Short-term (Operating) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Paying user area
Try for free
Anadarko Petroleum Corp. pages available for free this week:
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Price to Sales (P/S) since 2005
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Anadarko Petroleum Corp. for $22.49.
This is a one-time payment. There is no automatic renewal.
We accept:
Short-term Activity Ratios (Summary)
Anadarko Petroleum Corp., short-term (operating) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).
The analysis of the financial ratios over the given periods reveals several trends in the company's operational efficiency and liquidity management.
- Receivables Turnover
- The receivables turnover ratio exhibits a general upward trend from early 2013 through 2014, increasing from 9.01 to a peak of 14.65 by the end of 2014. This indicates improving efficiency in collecting receivables during this period. However, following this peak, the ratio fluctuates with notable declines observed in 2016, reaching a low of 8.39 by the end of 2016, before slightly recovering again in 2017. Overall, this suggests variability in collections efficiency, with a strong performance in 2014 and some weakening subsequently.
- Payables Turnover
- The payables turnover ratio starts below 1.0 in 2013, indicating a slower rate of paying suppliers. Throughout the timeline, there is a clear increasing trajectory, reaching nearly 2.0 by mid-2017. This upward trend signifies the company is turning over its payables more quickly, improving payment efficiency and potentially capitalizing on more favorable supplier terms or improving liquidity to meet obligations faster.
- Working Capital Turnover
- The data for working capital turnover is incomplete, but the available figures indicate significant variability. The ratio jumped dramatically to 22.32 in late 2013 to early 2014, signaling very efficient use of working capital during that period. However, later data show a decline, with ratios settling around lower values near 2.1 to 4.36 by 2016 and 2017. This volatility suggests fluctuating effectiveness in managing working capital, with periods of both high and low operational efficiency.
- Average Receivable Collection Period
- This metric generally moves inversely to the receivables turnover. It decreased from 41 days in early 2013 to a low of 25 days by the end of 2014, consistent with faster receivable collections during that time. However, starting in 2015, this period began to lengthen, reaching 44 days by late 2016, indicating slower collections and potential challenges in cash inflows. The period then lessens again towards mid-2017, suggesting some recovery in receivable management.
- Average Payables Payment Period
- The average payables payment period was notably high throughout the timeline, starting above one year (390 days) in early 2013 and peaking at around 462 days in mid-2014, indicating extended payment terms or delayed payments to suppliers. From 2015 onwards, this period decreased substantially, falling below one year and reaching approximately 185 days by mid-2017. This downward trend aligns with the increasing payables turnover ratio and reflects improved payment practices and possibly stronger liquidity or renegotiated payment terms.
In summary, the company's management of receivables improved significantly until 2014 but experienced some deterioration thereafter. Payables management showed consistent improvement with faster payment cycles starting from 2015. Working capital turnover was volatile, indicating inconsistent operational efficiency. Days sales outstanding and days payable outstanding trends align with their respective turnover ratios, reaffirming shifts in collection and payment behaviors over the periods analyzed.
Turnover Ratios
Average No. Days
Receivables Turnover
Anadarko Petroleum Corp., receivables turnover calculation (quarterly data)
| Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Sales revenues | |||||||||||||||||||||||||
| Accounts receivable, net of allowance, customers | |||||||||||||||||||||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||
| Receivables turnover1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Receivables Turnover, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).
1 Q3 2017 Calculation
Receivables turnover
= (Sales revenuesQ3 2017
+ Sales revenuesQ2 2017
+ Sales revenuesQ1 2017
+ Sales revenuesQ4 2016)
÷ Accounts receivable, net of allowance, customers
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several important trends in the company’s sales revenues, accounts receivable, and receivables turnover over the period from March 2013 to September 2017.
- Sales Revenues
-
Sales revenues showed moderate fluctuations during the initial years, reaching peaks in early 2014, particularly in the first two quarters. Following this period, sales experienced a general downward trend through 2015 and early 2016, hitting the lowest point in the first quarter of 2016. From mid-2016 onwards, sales revenues exhibited a recovery, with incremental increases across quarters, though they did not return to the peak levels observed in 2013 and 2014.
- Accounts Receivable, Net of Allowance
-
The accounts receivable balance generally declined over the entire timeframe. Initial values in 2013 were higher, with a noticeable reduction occurring in 2015 and the first half of 2016, reaching the lowest level in early 2016. Post this trough, receivables increased gradually, correlating partially with the recovery in sales revenues during the latter part of the analyzed period. This trend suggests an improving collection process or changes in credit terms affecting outstanding receivables.
- Receivables Turnover Ratio
-
The receivables turnover ratio improved markedly from 2013 through 2014, peaking in late 2014, indicating enhanced efficiency in collecting receivables relative to sales. During 2015 and early 2016, turnover ratios remained relatively elevated but started to decline afterward, suggesting a slowdown in collections coinciding with the reduced sales and fluctuations in receivables. Toward the latest quarters of 2017, the turnover ratio showed some recovery, though remaining below the highs observed in 2014.
In summary, sales revenues exhibited peak performance followed by a decline and later recovery, mirrored partly by fluctuations in accounts receivable. The receivables turnover ratio improved initially but deteriorated following sales declines, reflecting variations in collection efficiency or credit management over the period analyzed.
Payables Turnover
Anadarko Petroleum Corp., payables turnover calculation (quarterly data)
| Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cost of sales revenues | |||||||||||||||||||||||||
| Accounts payable, trade | |||||||||||||||||||||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||
| Payables turnover1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Payables Turnover, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).
1 Q3 2017 Calculation
Payables turnover
= (Cost of sales revenuesQ3 2017
+ Cost of sales revenuesQ2 2017
+ Cost of sales revenuesQ1 2017
+ Cost of sales revenuesQ4 2016)
÷ Accounts payable, trade
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Cost of sales revenues
- The cost of sales revenues demonstrated a generally fluctuating trend over the observed periods. Starting at 701 million USD in the first quarter of 2013, the figure increased consistently to peak near 884 million USD by the end of 2013. Subsequently, there was a slight decline and variability around the 750 to 866 million USD range throughout 2014 and 2015. From 2016 onward, the cost generally declined to a low near 665 million USD in the first quarter but then recovered steadily toward the end of 2017, reaching 875 million USD. This pattern suggests periods of rising costs potentially linked to operational changes, followed by phases of cost optimization and eventual recuperation aligned with business activity.
- Accounts payable, trade
- Accounts payable rose steadily from 2,909 million USD in early 2013 to a peak of around 3,979 million USD during the mid-2014 period. After this peak, a clear downward trend emerged, with payables dropping progressively to 1,983 million USD by late 2016. The last observed period shows a moderate increase again, ending at 1,770 million USD in late 2017. This trend indicates an initial growth in trade liabilities, possibly supporting higher procurement or investment activity, followed by a careful reduction in payables, possibly reflecting improved cash management or changes in supplier terms.
- Payables turnover ratio
- The payables turnover ratio exhibited a fluctuating but ultimately upward trend over the entire timeframe. Initially low near 0.85-0.94 in 2013 and 2014, the ratio improved steadily from 2015 onward, reaching values as high as 1.98 by mid-2017 before slightly declining toward the end of that year. The increase in payables turnover indicates that the company accelerated its payment to suppliers over time, suggesting stronger liquidity management or negotiation of faster payment terms. The peak in turnover ratio in 2017 may reflect strategic financial discipline or changes in operational dynamics impacting cash flow cycles.
- Summary
- Overall, the data reveal variable cost structures and dynamic management of trade payables over the analyzed periods. The reduction in accounts payable alongside a rising turnover ratio suggests improved efficiency in settling obligations, while the cost of sales fluctuated in alignment with broader operational demands. These patterns provide insight into the company’s shifting operational and financial management strategies, highlighting responsiveness to changing market or internal conditions.
Working Capital Turnover
Anadarko Petroleum Corp., working capital turnover calculation (quarterly data)
| Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Current assets | |||||||||||||||||||||||||
| Less: Current liabilities | |||||||||||||||||||||||||
| Working capital | |||||||||||||||||||||||||
| Sales revenues | |||||||||||||||||||||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||
| Working capital turnover1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Working Capital Turnover, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).
1 Q3 2017 Calculation
Working capital turnover
= (Sales revenuesQ3 2017
+ Sales revenuesQ2 2017
+ Sales revenuesQ1 2017
+ Sales revenuesQ4 2016)
÷ Working capital
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals notable fluctuations and trends in working capital, sales revenues, and working capital turnover ratios over the observed periods.
- Working Capital
- Working capital displays considerable volatility, with values ranging from a positive 3,945 million US dollars in March 2017 to negative values such as -1,780 million US dollars in June 2014. Initially, working capital decreases steadily from 3,238 million US dollars in March 2013 to a negative position by June 2014. Following this nadir, a recovery is observed, with working capital turning positive again in September 2014 and displaying a significant upward trend, peaking again in mid-2017. This pattern suggests periods of liquidity strain followed by effective improvements in short-term financial health.
- Sales Revenues
- Sales revenues demonstrate a declining trend over the entire period. Starting at 3,718 million US dollars in March 2013, revenue peaks early in 2014 and then generally declines, reaching a low of 1,634 million US dollars in March 2016. Post this low, a gradual recovery is evident, with revenues increasing towards 2,610 million US dollars by September 2017. This trend indicates the company experienced a downturn in revenue generation, followed by signs of stabilization or modest growth in later periods.
- Working Capital Turnover Ratio
- The working capital turnover ratio exhibits high volatility with several missing data points, limiting comprehensive analysis. However, where data is available, a significant spike is notable around September 2014 (22.32) and December 2014 (16.59), which may correspond to the sharp changes in working capital and sales revenues during these periods. Afterward, the ratio declines to values between 2.1 and 4.36 from 2016 onwards, indicating a normalization of turnover activity relative to working capital.
In summary, the financial data reflects periods of operational and liquidity challenges followed by phases of recovery. The declining sales revenue until early 2016, coupled with fluctuations in working capital, suggest market or operational pressures that impacted cash flow management. The subsequent improvement in working capital and sales revenues reflects adaptive management or favorable market conditions post-2016. The working capital turnover ratio's spike and later stabilization further underscore changes in asset utilization efficiency over time.
Average Receivable Collection Period
Anadarko Petroleum Corp., average receivable collection period calculation (quarterly data)
| Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||||||||
| Receivables turnover | |||||||||||||||||||||||||
| Short-term Activity Ratio (no. days) | |||||||||||||||||||||||||
| Average receivable collection period1 | |||||||||||||||||||||||||
| Benchmarks (no. days) | |||||||||||||||||||||||||
| Average Receivable Collection Period, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).
1 Q3 2017 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ =
2 Click competitor name to see calculations.
- Receivables Turnover
- The receivables turnover ratio exhibits a generally increasing trend from the beginning of the period until the end of 2014, rising from 9.01 in March 2013 to a peak of 14.65 by December 2014. This indicates an improving efficiency in collecting receivables over that timeframe. However, from early 2015 through to the end of 2017, the ratio shows fluctuations with a slight downward tendency, particularly noticeable in 2016 when it decreases to around 9.32 by September and further to 8.39 by December. The ratio partially recovers in 2017 to reach 12.16 by June but falls again to 10.41 by September 2017.
- Average Receivable Collection Period
- The average collection period inversely aligns with the trends observed in receivables turnover. Initially, it decreases from 41 days in March 2013 to a low of 25 days by December 2014, signifying faster collection of receivables and improved cash conversion efficiency. From 2015 onward, the collection period becomes more variable, generally increasing in 2016 to reach a high of 44 days by December, which correlates with the decline in turnover ratio during the same period. In 2017, the collection period moderately decreases to between 30 and 37 days, reflecting a partial recovery in collection efficiency.
- Overall Pattern and Insights
- The data reveals that receivables management was most effective in late 2014, with rapid collection and high turnover ratios. The reversal observed starting in 2015 and most notably in 2016 suggests a decline in collection efficiency, potentially affecting liquidity. The moderate improvement in 2017 indicates possible corrective measures or changing operational conditions. These variations underscore the importance of closely monitoring receivables to maintain optimal cash flow performance.
Average Payables Payment Period
Anadarko Petroleum Corp., average payables payment period calculation (quarterly data)
| Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||||||||
| Payables turnover | |||||||||||||||||||||||||
| Short-term Activity Ratio (no. days) | |||||||||||||||||||||||||
| Average payables payment period1 | |||||||||||||||||||||||||
| Benchmarks (no. days) | |||||||||||||||||||||||||
| Average Payables Payment Period, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).
1 Q3 2017 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ =
2 Click competitor name to see calculations.
The analysis of payables turnover and average payables payment period over the examined quarters indicates notable shifts in the company's payment behavior toward its suppliers and creditors.
- Payables Turnover Ratio
- The payables turnover ratio exhibits a general upward trend throughout the timeframe. Starting at a low of 0.79–0.85 range in early 2013 and 2014, the ratio begins to increase steadily from late 2014 onward. This increase becomes more pronounced in 2016 and especially in 2017, reaching values close to 1.9–1.98 by mid-2017. This trend suggests that the company has been accelerating the rate at which it pays off its payables relative to the average payables balance, implying enhanced efficiency in settling accounts payable or possibly changes in credit terms or supplier relationships.
- Average Payables Payment Period (Days)
- The average payment period portrays an inverse pattern relative to the payables turnover ratio. It starts at elevated values near 390 days in early 2013 and escalates further, peaking above 460 days in early 2014. However, beginning in late 2014, there is a consistent downward trajectory, indicating a reduction in the average number of days the company takes to pay its obligations. By mid-2017, this metric approaches approximately 185–193 days, nearly half of the peak levels observed earlier. This reduction signals a shortened payment cycle, reflecting quicker disbursement to creditors.
- Overall Implications
- The simultaneous increase in payables turnover ratio accompanied by a decrease in the average payment period demonstrates deliberate management of payables toward faster payment practices. This could be driven by strategic motives such as seeking to strengthen supplier relationships, taking advantage of early payment discounts, or changes in operational cash flow management. The marked shift between 2015 and 2017, particularly, indicates a significant change in payables management policy or external conditions influencing payment behavior.