SUMITOMO CORPORATION EUROPE LIMITED

Company number: 01885117

Reporting period:
1 October 2018 to 31 March 2019

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This report was filed on 30 April 2019

and approved by Tsutomu Ozaki

Payment statistics

Average time taken to pay invoices: 32 days

Invoices paid:

• within 30 days: 73%
• in 31 to 60 days: 22%
• in 61 days or more: 5%

Invoices due but not paid within agreed terms: 7%

Payment terms

Shortest standard payment periods

5 days

Longest standard payment period

45 days

Standard payment terms

Our most frequently used payment term is 30 days after invoice date. We use various service providers and vendors for purchase of goods and the payment terms vary from 5 days to 45 days. Payment terms are agreed in service agreement and/or indicated on the invoice.

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

Answer not provided

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

N/A

Maximum contractual payment period agreed

45 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

Payment disputes are dealt with in accordance with the terms of the relevant contract. The business contact is responsible for confirming that the good / service delivered is of the required quality before payment is actioned. invoice disputes are addressed with the suppliers directly by the business contact. In the event that the dispute remains unresolved, it will be escalated to a relevant corporate department accordingly.

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.

No

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