GOV.UK
SIEMENS HEALTHCARE LIMITED
Company number: 09567186
Reporting period:
1 October 2021
to 31 March 2022
This report was filed on 29 April 2022
and approved by Eric Kreuzer
Payment statistics
Average time taken to pay invoices: 57 days
Invoices paid:
- within 30 days: 29%
- in 31 to 60 days: 38%
- in 61 days or more: 33%
Invoices due but not paid within agreed terms: 10 %
Payment terms
Shortest standard payment period
60 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:- 3rd Party Payment terms usage is as follows 60 days 44%, 30 days 28%, 90 days 19%, 45 days 3% and the remaining 6% are terms with low occurrence which includes 120 days and immediate payments.
Out of total data population, 72% transactional data was relating to Inter-Company which was excluded for this reporting. Inter-Company invoice gets cleared automatically within 1 to 2 days in the month following the receipt of the invoice via Siemens cash pooling facility which is only available to Siemens entities. Please note Intercompany clearing terms are available to Siemens companies only and payment method for such terms results in clearing of such transactions without any transmission of money external to Siemens cash pool.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
120 days
120 Days is the standard term used for long term projects and agreed on a case by case basis. Includes Foreign suppliers with payments in Letters of Credits etc.
Any other information about payment terms
During the period changes were made to payment terms for specific suppliers after consultation with suppliers. No payments terms were used where early settlement discounts were applied.
Payment statistics improved from the previous report despite payment terms remaining consistent (see above). The business settles all undisputed invoices within the payment terms if invoices are sent on time by the supplier. The business is working with suppliers to make further improvements such as sending invoices timely.
The data presented excludes instances where the invoice has been sent late, therefore based on original invoice date, when received by the business it's instantly overdue and is paid outside of the agreed period. In these circumstances, the business aims to settle invoices without utilising the agreed period from invoice receipt date.
If the business were to include these invoices, the percentage of payment due in the reporting period, not paid within the agreed period would be 22%. However, these invoices were paid immediately by the business but excluded on the basis that it was received after the agreed upon due date and not at the fault of the business.
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 apsupport-gbandi.in@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
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.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