SIEMENS ENERGY LIMITED
Company number: 00631825
Reporting period:
1 April 2024 to 30 September 2024
Report filed on:
6 November 2024
Approved by:
Ross Dean
Payment statistics
Average time taken to pay invoices: 58 days
Invoices paid:
- within 30 days: 22%
- in 31 to 60 days: 22%
- in 61 days or more: 56%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 23%
Payment terms
Shortest standard payment periods
30 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 : 8% of the transactions are on Intercompany Clearing payment terms and are paid immediately in the month following the receipt of the invoice. Please note Intercompany clearing terms are available to Siemens companies only and payment method for such terms results in clearing of such transactions without any transmission of money external to Siemens cash pool. 3rd party payments terms usage is as follows 60 days 48%, 90 days 21%, 30 days 13%, 45 days 3%, 0 Days 3%, 14 days 1%, 7 Days 1%, 120 days 1% and the remainder with payment terms of less than 1 % occurrences. The payment statistics excluding the ICC transactions are as follows :- Average time it took to pay an invoice 61 days Split of payments 0-30 days 16%, 31-60 days 24%, 61+days 60% Invoices paid late 23%.
Were there any changes to the standard payment terms in the reporting period?
Yes – external and internal vendors had payment terms changed
Were suppliers notified or consulted about these changes before they were made?
communication with supplier
Maximum contractual payment period agreed
180 days
120 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 less than 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 apsupport-gbandi.in@siemens.com 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 Fair 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