There are 4 key performance indicators, which are used to scale the efficiency of working capital management with liquidity concepts. The analysis will be summarized in detail below. Working capital management analysis consists of the evaluation of working capital indicators in the concept of liquidity such as the average number of days of inventory (INV), the average number of days of receivables (AR), the average number of days of accounts debt (AP) and cash conversion cycle (CCC). These 4 elements will be analyzed as follows.Table 2: Comparison of working capital management indicators from the year 2012 to 2014WCM indicators 2014 2013 2012Average number of days of inventory 111.24 110.46 100.27Average number of days of receivables 8, 51 8.76 8.16Average number of days of debt 15.92 16.80 16.42Cash conversion cycle 103.83 102.42 92.01Source: Own representation based on “Thai Beverage Financial Statement” and annual report from www. http://thaibev.listedcompany.com/ar.html/?skipmobile=05.1) Average number of days of inventoryFor the year 2014,5.2) Average number of days of accounts receivable5.3) Average number of days of accounts