VIIV HEALTHCARE TRADING SERVICES UK LIMITED

Company number: 06982415

Reporting period:
1 July 2023 to 31 December 2023

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This report was filed on 30 January 2024

and approved by Neil Wilkinson

Payment statistics

Average time taken to pay invoices: 78 days

Invoices paid:

• within 30 days: 10%
• in 31 to 60 days: 19%
• in 61 days or more: 71%

Invoices due but not paid within agreed terms: 14%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

60 days

Standard payment terms

Qualifying contracts for this entity contain a number of different payment periods:  Immediate  30 days  60 days  45 days  30 days and 5th of the following month  60 days and 5th of the following month Payments are made from date of receipt of invoice.

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

Standard 30-day terms for SMEs were introduced in place of a previous offer of 30 day terms upon application by the vendor.

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

60 days

60 days and 5th of the following month

Any other information about payment terms

1) Statistics Reported: Intercompany invoices and performance have been excluded from reported statistics as these are generally wholly owned group companies and would distort performance if included. 2) Payment terms for SMEs and 'Paid on Time' monitoring: Preferential payment terms of 30 days are put in place for vendors that are confirmed as SMEs (Small and Medium Enterprises). We closely monitor our KPIs on a weekly basis to ensure that vendors (including SMEs) are paid on time. Corrective actions are taken to remedy any late payment issues where these are within the entity’s control.

Dispute resolution process

We offer our suppliers the following support and service:  Enquiries and complaints can be logged through our Helpdesk support system (mail or telephone). Issues are often related to incorrect invoice submission, payment terms are not as per contract, PO details are wrong / nonexistent etc. Key performance metrics are monitored for quality of Helpdesk support.  Our Supplier web pages also include details and a link to our Speak Up channels that enable concerns to be raised, including channels managed independently of GSK and the option to do so anonymously, although naturally it helps in resolving matters if we know as much as possible about the issue and complainant.  We have invested in Customer Relationship Management (CRM) to ensure effective and independent supplier follow up and support to our suppliers raising issues.

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, 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.

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