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Company number: 00727817

Reporting period:
1 October 2023 to 31 March 2024

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

This report was filed on 29 April 2024

and approved by James Erik Murnieks

Payment statistics

Average time taken to pay invoices: 21 days

Invoices paid:

Invoices due but not paid within agreed terms: 10 %

Payment terms

Shortest standard payment period

0 days

Longest standard payment period

180 days

Standard payment terms

The payment terms are assigned by the Business units on a case by case basis.
Payment terms usage Intercompany clearing transactions paid immediately in the month following the month of invoice receipt 72%.Note: Intercompany clearing terms are available to Siemens companies only and are cleared via cash pooling without transmission of money outside of Siemens cash pool.
3rd party payment terms usage :Payable in 60 days 12%, Payable in 90 days 8%, Payable in 30 days 5%, Payable in 120 Days 1%, 0 days 1% Remainder of transactions with payments terms of less than 1% occurrence. 180 days is the longest payment term in use and has an occurrence less than 1% of total transactions.
KPI's excluding ICC clearing) are stated as follows: Average days to pay : 63 days ,Payment timing 0-30 days 16%,31-60 days 25%,61 days plus 59% Late invoices : 23%

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

Yes – On a case by case basis a few supplier payment terms were changed after consultation

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

Yes – This was done verbally and also in writing

Maximum contractual payment period agreed

180 days

180 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

Early settlement discounts are applied as agreed with the suppliers and range from 1% to 3% based upon the timing of payments. During the reporting period at least 1% 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.
a) Tel: 0845 602 6873
b) E-mail
2) AP liaise with supplier to obtain and process missing invoices
a) Check existing systems (scan provider/e-invoice provider/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.

Yes – PPC

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.


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.


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?


During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?