PHILIPS ELECTRONICS UK LIMITED
Company number: 00446897
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
25 July 2018
Approved by:
Graham Tranter
Payment statistics
Average time taken to pay invoices: 26 days
Invoices paid:
- within 30 days: 80%
- in 31 to 60 days: 10%
- in 61 days or more: 10%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 9%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
120 days
Standard payment terms
Payment terms are assigned by each business unit on a case by case basis depending on the nature of the product or service received from suppliers.
87% of payment transactions in the period were intergroup transactions on immediate or under 30 day payment terms. These are typically cleared via cash pooling without transmission of monies.
The most frequently used terms of payment on non-intragroup transactions in the period were as follows:
Immediate 1%
within 30 days of document date 9%
within 60 days of document date 76%
within 90 days of document date 13%
Other 1%
Were there any changes to the standard payment terms in the reporting period?
Payment terms are assigned by each business unit on a case by case basis depending on the nature of the product or service received from suppliers. These may be changed after consultation and agreement with suppliers in the ordinary course of business .
Were suppliers notified or consulted about these changes before they were made?
Notification was done verbally and in writing.
Maximum contractual payment period agreed
120 days
120 day terms may be used on a project of a long term nature and would be applied on a case by case basis.
Any other information about payment terms
No further comment provided
Dispute resolution process
In case of payment queries suppliers should contact the Vendor Query Team (VQ) based on the appropriate business unit advised per the provided Purchase Order as follows:
respironics.uk@philips.com (For Business Units RIU2, RIU3)
VQ.CL.UK@philips.com (For Business Units GB15, GB59, GB71)
VQ.HC.UK@philips.com (For Business Units GB90, GB9A, GBY1)
VQ teams will check the status of the invoice and take an action according to the results.
In case of escalation they reach out to a Payment and Purchasing team specialist who will liaise with Finance for approval.
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.
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