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INDUSTRIAL TURBINE COMPANY (UK) LIMITED

Company number: 09003402

Reporting period:
1 October 2018 to 31 March 2019

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

This report was filed on 29 April 2019

and approved by Michael Gray

Payment statistics

Average time taken to pay invoices: 33 days

Invoices paid:

• within 30 days: 54%
• in 31 to 60 days: 19%
• in 61 days or more: 28%

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 :-
Intercompany invoices paid immediately 42% , 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 75 days 31%, 60 days 11%, 30 days 6%, 90 days 4%, 45 days 4%, 0 days 1%. Remainder are payment terms with less than 1% occurrence

The payment statistics excluding the ICC transactions are as follows :-
Average time it took to pay an invoice 53 days , Split of payments 0-30 days 20%, 31-60 days 32%, 61+days 48%
Invoices paid late 34%.

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

0% 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 :-
A) Tel: 0044 192 630 6269 B) E-mail:ap.industrialturbine.cz@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 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