MEDTRONIC LIMITED

Company number: 01070807

Reporting period:
29 October 2017 to 27 April 2018

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This report was filed on 15 May 2018

and approved by Mark Elsey

Payment statistics

Average time taken to pay invoices: 27 days

Invoices paid:

• within 30 days: 73%
• in 31 to 60 days: 23%
• in 61 days or more: 4%

Invoices due but not paid within agreed terms: 81%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

60 days

Standard payment terms

Standard contractual terms for trade goods and services -60 days. Healthcare providers standard contractual terms - 30 days. Maximum contractual period 60days.

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

60 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

First point of contact for disputes is Medtronic accounts Payable Shared Services Centre in Prague. When an invoice is disputed, the supplier will receive an automated email indicating the invoice number and reason for rejection. To resolve a dispute the supplier is required to provide any missing information or a corrected invoice. Medtronic follow a strict no PO no pay policy. The PO number is communicated by Medtronic's procurement team at the time of placing the order.

Other payment information

Has this business signed up to a code of conduct or standards on payment practices? If so, which?

For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.

No, this business has not signed up to a code of conduct or standards on payment practices.

Does this business offer e-invoicing in relation to qualifying contracts?

This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.

Yes

Does this business offer supply chain finance?

This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.

No

Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?

No

During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?

No