GARMIN (EUROPE) LIMITED

Company number: 02724437

Reporting period:
1 January 2018 to 30 June 2018

---

This report was filed on 27 July 2018

and approved by Sean Biddlecombe

Payment statistics

Average time taken to pay invoices: 39 days

Invoices paid:

• within 30 days: 44%
• in 31 to 60 days: 43%
• in 61 days or more: 13%

Invoices due but not paid within agreed terms: 11%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

90 days

Standard payment terms

Garmin (Europe) Limited's standard payment terms states that for third party invoices for goods and services payment will be made in 30 days from end of month of receipt of a correct, undisputed and properly due invoice. The standard payment terms in respect of other Garmin entities is 90 days from receipt of a correct, undisputed and properly due 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

90 days

The maximum contractual terms of 90 days is in relation to other Garmin entities, and does not relate to third party contracts.

Any other information about payment terms

N/A

Dispute resolution process

Garmin (Europe) Limited makes every effort to resolve any payment dispute in a timely and fair manner. Disputes are resolved through discussion, and suppliers should contact the Accounts Payable Administrator at: accounts.payable-ge@garmin.com. Communication with the supplier will made in the shortest possible timescale to ensure quick resolution.

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