SONOCO LIMITED

Company number: 00082196

Reporting period:
1 January 2018 to 30 June 2018

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This report was filed on 12 November 2018

and approved by Helen Rees

Payment statistics

Average time taken to pay invoices: 57 days

Invoices paid:

• within 30 days: 31%
• in 31 to 60 days: 37%
• in 61 days or more: 32%

Invoices due but not paid within agreed terms: 95%

Payment terms

Shortest standard payment periods

7 days

Longest standard payment period

90 days

Standard payment terms

We request End of Month plus 60 days (listed in longest terms above as 90 days as EOM not an option). We get these terms for around 17% of our suppliers. Our next preference is EOM +30 days. Depending on the nature of business in the year e.g. if we have large capital projects for which often proforma or staged payments are required, then our mix of terms varies greatly.

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

Answer not provided

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

N/A

Maximum contractual payment period agreed

90 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

We request our suppliers quote our purchase order on every invoice and will return an invoice if this request is not adhered too. We have an electronic system in place for querying an invoice not matching a PO which chases up the buyer for approval of price override. If not approved then the supplier receives an email that they have over charged.

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.

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