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SIEMENS FINANCIAL SERVICES LIMITED

Company number: 00646166

Reporting period:
1 October 2020 to 31 March 2021

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

This report was filed on 28 April 2021

and approved by James Erik Murnieks

Payment statistics

Average time taken to pay invoices: 19 days

Invoices paid:

• within 30 days: 98%
• in 31 to 60 days: 1%
• in 61 days or more: 1%

Invoices due but not paid within agreed terms: 28 %

Payment terms

Shortest standard payment period

0 days

Longest standard payment period

90 days

Standard payment terms

Payment terms are assigned by the Business units on a case by case basis. Payment terms usage is as follows , 89% were Intercompany invoices which get cleared in the next month due net.
3rd party payment terms usage as follows :- due immediately 1% , due within 30 days 10%,
Please note Intercompany clearing terms are available to Siemens companies only and are cleared via cash pooling without transmission of money.

> KPI's excluding ICC clearing transactions ( i.e. Payments with money transmission only ) are stated as follows : Average days to pay : 22 days ,Payment timing : 30 days 89% , 31-60 days 10%, 61 days & above 1%, Late invoices : 46%

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

No

Maximum contractual payment period agreed

90 days

In this period 90 days is the longest payment term

Any other information about payment terms

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

Dispute resolution process

1) Payment enquries will be routed to our AP team through customer services, relevant details are on Purchase Orders. Tel: 01753 434126, Email: customer.sfs@siemens.com
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 approvers to release overdue invoices for payment

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

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