GOV.UK
INDUSTRIAL TURBINE COMPANY (UK) LIMITED
Company number: 09003402
Reporting period:
1 April 2022
to 30 September 2022
This report was filed on 25 October 2022
and approved by Michael Gray
Payment statistics
Average time taken to pay invoices: 44 days
Invoices paid:
- within 30 days: 33%
- in 31 to 60 days: 32%
- in 61 days or more: 35%
Invoices due but not paid within agreed terms: 18 %
Payment terms
Shortest standard payment period
0 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:- Payment terms usage :-
Intercompany invoices paid immediately following the month of invoice receipt 21%. 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.
3rd party payment terms 60 days 43%,75 days 22%, 90 days 8%, 30 days 1%, 45 days 2%, 10 days 2% And the remaining terms have less than 1% occurrence.
The payment statistics excluding the ICC transactions are as follows :- Average time it took to pay an invoice 54 days, Split of payments 0-30 days 17%, 31-60 days 39%, 61+days 43% Invoices paid late 16%.
Were there any changes to the standard payment terms in the reporting period?
Yes – During the period changes were made to payment terms for specific suppliers after consultation with suppliers.
Were suppliers notified or consulted about these changes before they were made?
Yes – Any changes in payment terms are communicated via contract amendment signed by both parties, direct email or, for intercompany suppliers, confirmation from Group Corporate Finance of required changes
Maximum contractual payment period agreed
120 days
120 Days is the standard term used for projects with a long term and agreed on a case by case basis . Includes Foreign suppliers with payments in Letters of Credits etc.
Any other information about payment terms
0% of the overall transactions showed pre-agreed discounts with the suppliers.
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 and are as follow :-
A) Tel: 0044 192 630 6269 B) E-mail:ap.industrialturbine.cz@siemens.com
2) AP liaise with supplier to obtain and process missing invoices / Check existing systems provider/e-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