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KUEHNE + NAGEL LIMITED

Company number: 01722216

Reporting period:
1 January 2021 to 30 June 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 July 2021

and approved by Allison Best

Payment statistics

Average time taken to pay invoices: 37 days

Invoices paid:

• within 30 days: 40%
• in 31 to 60 days: 46%
• in 61 days or more: 14%

Invoices due but not paid within agreed terms: 26 %

Payment terms

Standard payment period for qualifying contracts

90 days

Standard payment terms

Our standard payment terms are EOM + 90 days. However the majority of suppliers are on 60 days or less. Suppliers engaged on Public Sector contracts will have payment terms of invoice date + 30days.

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

No

Maximum contractual payment period agreed

90 days

Any other information about payment terms

N/A

Dispute resolution process

Our process is that where any invoice cannot be approved for payment we will notify the supplier by system generated e-mail, and place a payment hold on the invoice until satisfactorily resolved. Additionally our supplier invoice portal shows the invoice as disputed, and when we reconcile the suppliers statement we sent suppliers a 'Not OK to Pay' report that lists all disputed invoices as well as the status of other invoices not yet approved. In 2020 we set up a dedicated central function to pro-actively engage with suppliers in a timely manner to ensure they are aware of disputes and have the opportunity to resolve in order to achieve payment on time.

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