VIVO ENERGY NAMIBIA LIMITED

Company number: 01214315

Reporting period:
1 January 2017 to 31 December 2017

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This report was filed on 31 January 2018

and approved by Christophe Dia

Payment statistics

Average time taken to pay invoices: 30 days

Invoices paid:

• within 30 days: 98%
• in 31 to 60 days: 2%

Invoices due but not paid within agreed terms: 2%

Payment terms

Shortest standard payment periods

3 days

Longest standard payment period

55 days

Standard payment terms

Vivo Energy Namibia’s standard payment term is to make payment thirty (30) days after the receipt of a valid tax invoice. This standard payment is however not applied in some circumstances: • As per the Namibian legislation e.g.: - taxes are to be paid on the 20th of the following month - VAT is to be paid on the 25th of the following month • As per the specific agreements with suppliers e.g.: - Some Hydrocarbon suppliers are paid the 10th of the following month of delivery - Civil works contractors might be paid in advance or immediately paid as per the progress of the work During the reporting period, the maximum payment period was to pay on the 25th of the following month.

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

55 days

During the reporting period, the maximum payment period was to pay on the 25th of the following month.

Any other information about payment terms

N/A

Dispute resolution process

Any claim or dispute is first acknowledged before assessment and formal feedback. When enough evidences of services / works provided are in place, the related invoice is immediately settled.

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.

Yes, this business has signed up to: Vivo Energy has an internal Code of Conduct. Training of all staff is mandatory and an annual refresh is done.

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.

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