SIEMENS INDUSTRIAL TURBOMACHINERY LIMITED
Company number: 04729734
Reporting period:
4 January 2020 to 30 September 2020
Report filed on:
29 October 2020
Approved by:
John Hunt
Payment statistics
Average time taken to pay invoices: 47 days
Invoices paid:
- within 30 days: 29%
- in 31 to 60 days: 29%
- in 61 days or more: 42%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 22%
Payment terms
Shortest standard payment periods
60 days
Longest standard payment period
120 days
Standard payment terms
The payment terms are assigned by the Business units on a case by case basis:- Payment terms usage :- Intercompany invoices paid immediately in the month following the month of invoice receipt 18% , Please note Intercompany clearing terms are available to Siemens companies only and payment method for such terms results in clearing of such transactions without any transmission of money external to Siemens cash pool. 3rd party payment terms 60 days 64%, 90 days 8%, 30 days 5%, 45 days 3%, 0 days 1% and remaining terms have less than 1% occurrence. The payment statistics excluding the ICC transactions are as follows :- Average time it took to pay an invoice 56 days , Split of payments 0-30 days 15%, 31-60 days 35%, 61 days 50% Invoices paid late 25%.
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment has changed from 90 days to 120 days
Were suppliers notified or consulted about these changes before they were made?
Discussions with suppliers via our purchasing department.
Maximum contractual payment period agreed
120 days
90 Days is the standard term used for projects with a long term and agreed on a case by case basis . Includes Foreign suppliers with payments in Letters of Credits etc.
Any other information about payment terms
Early settlement discounts are applied as agreed with the suppliers and range from 2% discount based upon the timing of payments. During the reporting less than 1% of the overall transactions showed pre-agreed discounts with the suppliers.
Dispute resolution process
1) Central Accounts Payable (AP) team for payment enquiries, contact points via phone/e-mail/supplier portal. Relevant details are on Purchase Orders and are as follow :- Tel: 00 44 (0) 1522 584650 / E-mail: lcnw.purchaseledger.pg@siemens.com 2) AP liaise with supplier to obtain and process missing invoices / Check existing systems provider/e-invoice process queue to see if invoice already in query and/or returned to suppler) 3) AP liaise with suppliers to confirm payment details (past and upcoming) 4) AP liaise with approvers to release overdue invoices for payment 5) Special team deals with ‘final demand’ cases and legal notices
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 Fair 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.
Yes
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