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VOLKSWAGEN GROUP UNITED KINGDOM LIMITED

Company number: 00514809

Reporting period:
1 July 2023 to 31 December 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 29 January 2024

and approved by John Newton

Payment statistics

Average time taken to pay invoices: 39 days

Invoices paid:

• within 30 days: 14%
• in 31 to 60 days: 84%
• in 61 days or more: 1%

Invoices due but not paid within agreed terms: 11 %

Payment terms

Shortest standard payment period

30 days

Longest standard payment period

62 days

Standard payment terms

The company's standard payment terms for third party suppliers are net monthly, which means an invoice is settled at the end of the month immediately following the month it was issued. As such, the shortest standard payment period is 30 days, the longest is 62 days and the average is 45 days. Alternative payment terms may also be negotiated on a case by case basis during contract negotiations.

The company pays its intra-group suppliers of vehicles and spare parts between 35 and 65 days following the date of invoice, depending on the supplier.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

65 days

Any other information about payment terms

N/A

Dispute resolution process

The company aims to resolves all disputes related to payment as efficiently as possible. In the first instance the dispute should be handled by the Accounts Payable team. If it cannot be resolved it will be escalated to the department that entered into the business relationship with the supplier, where the company's representatives will use their best endeavours to resolve the dispute in a reasonable timescale. As a last resort the dispute may be referred to the company's Legal Counsel.

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