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SUMITOMO CORPORATION EUROPE LIMITED

Company number: 01885117

Reporting period:
1 April 2023 to 30 September 2023

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This information is as reported by the business, and responses are in their own words.

This report was filed on 31 October 2023

and approved by Tatsuro Tamura

Payment statistics

Average time taken to pay invoices: 35 days

Invoices paid:

• within 30 days: 75%
• in 31 to 60 days: 17%
• in 61 days or more: 7%

Invoices due but not paid within agreed terms: 27 %

Payment terms

Shortest standard payment period

0 days

Longest standard payment period

60 days

Standard payment terms

Our most frequently used payment term is 30 days after invoice date.

We use various services providers and vendors for purchase of goods and the payment terms vary from Immediate to 60 days. Payment terms are agreed in service agreement and/or indicated on the invoice.

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

Payment disputes are dealt with in accordance with the terms of the relevant contract. The business contact is responsible for confirming that the good / service delivered is of the required quality before payment is actioned. Invoice disputes are addressed with the suppliers directly by the business contact. In the event that the dispute remains unresolved, it will be escalated to a relevant corporate department accordingly.

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.

No

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