EUROAPI UK LIMITED

Company number: 01556886

Reporting period:
1 January 2022 to 30 June 2022

---

This report was filed on 5 July 2023

and approved by Chris Bryan

Payment statistics

Average time taken to pay invoices: 106 days

Invoices paid:

• within 30 days: 8%
• in 31 to 60 days: 20%
• in 61 days or more: 72%

Invoices due but not paid within agreed terms: 70%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

90 days

Standard payment terms

Standard payment terms are 60 days from the date of the invoice. We do have vendors set up with shorter or in a few cases with longer payment terms. The 90 days payment terms should no longer be used and vendors with this payment terms will be reviewed. (90 days was used by Sanofi, our systems were migrated from Sanofi in 2021 and some of our vendor master data is to be cleansed and updated as part of a project in 2023.)

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

Yes - 60 days from date of invoice as standard payment terms identified for Euroapi UK Ltd

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

New vendors are informed on terms, existing vendors were informed by Buyers or as part of contract renegotiation

Maximum contractual payment period agreed

60 days

No further comment provided

Any other information about payment terms

Intercompany invoices and vendors paid by direct debit have been reported separately from third party vendors. However they are included in overall performance. Intercompany are generally wholly owned group companies and do distort performance During the first half of 2022 we discovered some issues with the matching of our outgoing payments in the bank clearing account. To correct this we had to reverse some clearings internally and rematch the payments to the correct line items in the bank transitory . This resulted in some late payments.

Dispute resolution process

In the first instance disputes will be received by our Purchase to Pay contact center at the defined email address or telephone number printed on every Purchase Order. Queries will then be forwarded to the requester of the services/goods for information and evaluation. Failure to meet resolution will be escalated to the local Finance team and/or global P2P team and include the specific Buyer for the service/goods that is responsible for the vendor relationship.

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