GOV.UK
ELECTRIUM SALES LIMITED
Company number: 02226729
Reporting period:
1 October 2017
to 31 March 2018
This report was filed on 20 April 2018
and approved by Rob Peters
Payment statistics
Average time taken to pay invoices: 45 days
Invoices paid:
- within 30 days: 38%
- in 31 to 60 days: 28%
- in 61 days or more: 34%
Invoices due but not paid within agreed terms: 13 %
Payment terms
Shortest standard payment period
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 is as follows
53% within 60 days from document date, 17% were only Intercompany clearing transactions due net end of the month (default), 10% within 30 days from document date, 8% Within 90-96 days from invoice received, 4% within 120 days from document date, 3% within 7 days from document date, 3% Payable immediately . 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 payment method for such terms results in clearing of such transactions without any transmission of money external to Siemens cash pool.
> KPI's excluding ICC clearing transactions ( i.e. Payments with money transmission only ) are restated as follows
Average days to pay : 54 days ,Payment timing : 30 days 25% , 31-60 days 34%, 61 days & above 41%, Late invoices : 15%"
Were there any changes to the standard payment terms in the reporting period?
Yes – In September 2017 Two top vendors agreed extended terms by extra 30 days.
Were suppliers notified or consulted about these changes before they were made?
Yes – This was agreed and a settlement fee was agreed
Maximum contractual payment period agreed
120 days
Any other information about payment terms
There no settlement agreements in place
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 apsupport-gbandi.in@siemens.com
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.No
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