GOV.UK
INDUSTRIAL TURBINE COMPANY (UK) LIMITED
Company number: 09003402
Reporting period:
1 October 2017
to 31 March 2018
This report was filed on 23 April 2018
and approved by Michael Gray
Payment statistics
Average time taken to pay invoices: 25 days
Invoices paid:
- within 30 days: 66%
- in 31 to 60 days: 22%
- in 61 days or more: 13%
Invoices due but not paid within agreed terms: 39 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
90 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
41% were cleared before end of month due net ( Only Intercompany clearing transactions ) , 32% within 75 days due net,
10 % within 60 days Due net , 8% within 30 days due net, 5% within 45 days due net, 2% payable immediately due net
1% within 90 days due net . Remainder of the transactions had payment terms with occurrence of less than 1% each and range from immediate to 90 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 transactions ( i.e. Payments with money transmission only ) are restated as follows
Average days to pay : 38 days ,Payment timing : 30 days 43% , 31-60 days 36%, 61 days & above 21%, Late invoices : 42%
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 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
During the period the only changes to payment terms were to employees and not 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: 0044 630 6269 b) E-mail: ap.industrialturbine.cz@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