PHILIP MORRIS LIMITED
Company number: 03619145
Reporting period:
1 July 2019 to 31 December 2019
Report filed on:
24 January 2020
Approved by:
Gillian Fielden
Payment statistics
Average time taken to pay invoices: 56 days
Invoices paid:
- within 30 days: 20%
- in 31 to 60 days: 52%
- in 61 days or more: 28%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 44%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
120 days
Standard payment terms
Our standard contractual length of time for payment of invoices is 60 or 120 days from the date of receipt of invoice depending on the total annual spend.
Were there any changes to the standard payment terms in the reporting period?
The maximum contractual payment period is 120 days from the date of receipt of invoice. This increased from the previous maximum of 60 days, effective September 1st, 2019.
Were suppliers notified or consulted about these changes before they were made?
Affected suppliers were notified during pre-scheduled business reviews.
Maximum contractual payment period agreed
120 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Supplier disputes are in the first instance managed by the Accounts Payable department via a dedicated supplier helpline.
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 Fair 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.
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