Answer to the ROCE Riddle...

About a week ago I posted this question:

Can a negative ROCE/ROIC be a good thing ?
if yes , how ?

I received several e-mails. And I am glad 80% were right.

Abitofvalue summed it up in a simple and direct way :

Negative ROIC can be a great thing as long as the negative is coming from the denominator - i.e. from the invested capital. So if EBIT is positive and the company has a large negative working capital with no fixed assets, the answer will be a negative ROIC. But this is a good thing - in someways its much better than having a high positive ROIC even. 

He is right .

In other words, other investors are paying you to run your business.
You are using their capital to run your concern.

Thanks to everyone who participated.