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Company number: 00727817

Reporting period:
1 October 2017 to 31 March 2018

Warning This information is as reported by the business, and responses are in their own words.

This report was filed on 18 April 2018

and approved by Angela Noon

Payment statistics

Average time taken to pay invoices: 34 days

Invoices paid:

Invoices due but not paid within agreed terms: 21 %

Payment terms

Shortest standard payment period

0 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 is as follows
43% are Intercompany clearing (ICC) transactions cleared immediately , 28% within 60 days from document date, 13% within
90-96 days from document date, 10% within 30 days from document date, 1% within 28 days from document date, 3% Pay
immediately, 2% within 45 days from document date . Remainder payment terms occurrence less than 1% each and range from
immediate to 120 days and assigned on case by case basis. Please note Intercompany clearing terms are available to Siemens
companies only and are cleared via cash pooling without transmission of money.
> KPI's excluding ICC clearing) are stated as follows:
Average days to pay : 56 days ,Payment timing up to 30 days 22% , 31-60 days 34%, 61 days & above 44%, Late invoices :

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

Yes – On a case by case basis a few supplier payment terms were changed after consultation

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

Yes – This was done verbally and also in writing

Maximum contractual payment period agreed

120 days

120 days is the standard term used for project of a long term nature and agreed on a case by case basis. This includes foreign suppliers with payments in letter of credits etc.

Any other information about payment terms

Early settlement discounts are applied as agreed with suppliers and range from 1% to 3% based upon timing of the payments. During the reporting period at least 1% of the overall transactions showed pre agreed discounts with 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. A) Tel: 0845 602 6873 b) E-mail
2) AP liaise with supplier to obtain and process missing invoices
a) Check existing systems (scan provider/e-invoice provider/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 Prompt Payment Code must commit to paying 95% of their invoices within 60 days.


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.


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.


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?


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