IVECO LIMITED
Company number: 01975271
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
31 July 2018
Approved by:
Simon McCarthy
Payment statistics
Average time taken to pay invoices: 35 days
Invoices paid:
- within 30 days: 59%
- in 31 to 60 days: 14%
- in 61 days or more: 27%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 44%
Payment terms
Shortest standard payment periods
5 days
Longest standard payment period
120 days
Standard payment terms
Payment terms for Intercompany supplies are 30 days. For other purchases the standard terms are 30 days unless specifically agreed otherwise with suppliers
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
120 days
Longer payment terms tend to apply to suppliers based overseas where such payment terms are more usual than in the UK.
Any other information about payment terms
Iveco Ltd strives where possible to pay suppliers on time in order to maintain a good working relationship with its supplier base.
Dispute resolution process
Accounts payable is based in a shared service in Poland where suppliers can send e-mails to group E-mail address for queries. This is supplemented by a local (UK based) front office which can handle most locally oriented queries and disputes. Disputes are generally referred to the originator of the request for goods or services
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 Fair 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.
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