GOV.UK
EUROVIA INFRASTRUCTURE LIMITED
Company number: 07388667
Reporting period:
1 January 2022
to 30 June 2022
This report was filed on 27 July 2022
and approved by A Pajot
Payment statistics
Average time taken to pay invoices: 40 days
Invoices paid:
- within 30 days: 43%
- in 31 to 60 days: 42%
- in 61 days or more: 15%
Invoices due but not paid within agreed terms: 18 %
Payment terms
Shortest standard payment period
7 days
Longest standard payment period
60 days
Standard payment terms
Earlier payment terms are available and can be agreed in certain circumstances or where there is a contractual requirement and a Client payment profile that enables reduced days to avoid unnecessary financing costs. In some situations agreements have been made with our supply chain partners, in particular with national suppliers, to pay their invoices after a period greater than 60 days, as they do with our payments. Of those payment terms where the terms of payment have been agreed at < 60 days then 95% of payments are made within the 60 day payment period. We are working on alternative solutions and processes to further improve this %, subject to agreeing changed contract conditions that then enable enhanced payment terms with our principle Public clients.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
N/A
Dispute resolution process
The Company has a 3 tier resolution process to resolve any disputes and invoice queries with its supply chain on a timely basis. The first tier involves Divisional and Operational staff who should be contacted in the first instance. The 2nd tier would involve the respective category manager and finally if disputes/queries still can't be resolved it can be escalated to the Eurovia UK Supply Chain Executive. To help resolve disputes and queries the Company may request further information. This is the principal area of delayed payment over agreed terms. As part of our drive towards increasing the level of e-invoicing we encourage our supply chain to transmit their invoices via our dedicated electronic EDI / Web portal. Vendors submitting invoices via these methods can track receipt of their invoice and view other status information which will further improve communication between all parties in the event of a dispute. We now have >89% of invoices using this faster process and we see that the vendors using this are seeing improved payment cycles with any discrepancies being resolved much quicker.
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.
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