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Company number: 00727817

Reporting period:
1 October 2019 to 31 March 2020

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

This report was filed on 30 April 2020

and approved by ANGELA NOON

Payment statistics

Average time taken to pay invoices: 28 days

Invoices paid:

Invoices due but not paid within agreed terms: 20 %

Payment terms

Shortest standard payment period

0 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

Intercompany clearing transactions paid immediately in the month following the month of invoice receipt 56%.. Note Intercompany clearing terms are available to Siemens
companies only and are cleared via cash pooling without transmission of money outside of Siemens cash pool.

3rd party payment terms usage : Payable immediately 2%,Payable in 30 days 7%, Payable in 45 days 1%, Payable in 60 days 19%, Payable in 90 days 10%, Payable in 96 days 2%. Remainder of transactions with payments terms of less than 1% occurrence.. 120 days is the longest payment term in use and has an occurrence less than 1% of total transactions

> KPI's excluding ICC clearing) are stated as follows: Average days to pay : 59 days ,Payment timing 0-30 days 21%,31-60 days 27%,61 days plus 52% Late invoices : 37%

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

Yes – During the period changes were made to payment terms for specific suppliers after consultation with suppliers.

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

Yes – This was done verbally and also in writing.

Maximum contractual payment period agreed

120 days

120 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

Early settlement discounts are applied as agreed with the suppliers and range from 1% to 3% based upon the timing of payments. During the reporting period at least 1% 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.
A) Tel: 0845 602 6873
b) E-mail

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 approves 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.


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.


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.


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?


During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?