The average time taken for GKN DRIVELINE BIRMINGHAM LIMITED to pay invoices has fluctuated over the past three periods, with a peak of 58 days in 2021 and a low of 25 days in 2023. However, there has been an overall decrease in the average time taken to pay invoices from 53 days in 2018 to 25 days in 2023.
GKN DRIVELINE BIRMINGHAM LIMITED has shown some volatility in their invoice payment practices over the past three periods. This is evident in the fluctuations in the average time taken to pay invoices, as well as the varying percentages of invoices paid within 30 days and between 31 and 60 days. However, there has been a consistent decrease in the percentage of invoices not paid within agreed terms, indicating a trend towards more timely payments.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jul 2023 - 31 Dec 2023 | 30 Jan 2024 | 25 | 66% | 34% | 0% | 7% |
| 01 Jan 2023 - 30 Jun 2023 | 27 Jul 2023 | 48 | 33% | 40% | 27% | 35% |
| 01 Jul 2022 - 31 Dec 2022 | 18 Jan 2023 | 35 | 48% | 42% | 10% | 8% |
| 01 Jan 2022 - 30 Jun 2022 | 23 Jul 2022 | 47 | 25% | 57% | 18% | 6% |
| 01 Jul 2021 - 31 Dec 2021 | 17 Jan 2022 | 48 | 22% | 55% | 23% | 7% |
| 01 Jan 2021 - 30 Jun 2021 | 29 Jul 2021 | 58 | 7% | 54% | 39% | 12% |
| 01 Jul 2020 - 31 Dec 2020 | 27 Jan 2021 | 45 | 30% | 51% | 19% | 6% |
| 01 Jan 2020 - 30 Jun 2020 | 27 Jul 2020 | 50 | 20% | 54% | 26% | 15% |
| 01 Jul 2019 - 31 Dec 2019 | 28 Jan 2020 | 46 | 21% | 64% | 15% | 54% |
| 01 Jan 2019 - 30 Jun 2019 | 30 Jul 2019 | 43 | 30% | 56% | 14% | 43% |
| 01 Jul 2018 - 31 Dec 2018 | 29 Jan 2019 | 56 | 8% | 57% | 35% | 92% |
| 01 Jan 2018 - 30 Jun 2018 | 25 Jul 2018 | 53 | 9% | 62% | 29% | 84% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
The company’s standard terms and conditions of purchase (available at: www.GKNAutomotive.com/GeneralPurchasingConditions) provide that payment will be due on the first bi-weekly GKN payment run date falling ninety (90) days after the later of the date on which: (a) a validly issued invoice is received by GKN; or (b) title to the products passes to GKN and/or the services are provided in full (as applicable). However, in practice these terms only apply in the absence of agreement and the company agrees payment terms with its suppliers on a case by case basis.
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
N/A
Maximum contractual payment period agreed
104
Due to the nature of the company’s activities, disputes with its suppliers are very infrequent. The company does not have a formal dispute resolution process. Any disputes or queries should be raised with the relevant company contact for that particular contract (which varies from contract to contract) who will attempt to resolve that dispute with the supplier informally in the first instance. There have been no formal legal disputes about payments between the company and its suppliers in the reporting period.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
❌
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?
No information available
GKN DRIVELINE BIRMINGHAM LIMITED is a leading automotive supplier based in Birmingham, UK. The company specializes in the design, development, and production of driveline systems for various vehicles including cars, trucks, and off-highway equipment.
One of the key focuses of GKN DRIVELINE BIRMINGHAM LIMITED is sustainability. The company is committed to reducing its environmental impact and promoting sustainable practices throughout its operations. This includes reducing carbon emissions, minimizing waste and promoting energy efficiency.
In terms of products and services, GKN DRIVELINE BIRMINGHAM LIMITED offers a wide range of driveline systems such as constant velocity joints, propshafts, and differentials. These products are known for their high quality, durability, and performance, making them a top choice for many automotive manufacturers.
The company's sustainability program also extends to its supply chain, where it works closely with its suppliers to ensure ethical and sustainable practices are followed. GKN DRIVELINE BIRMINGHAM LIMITED also invests in research and development to continuously improve its products and processes, with a focus on reducing environmental impact.
The key people at GKN DRIVELINE BIRMINGHAM LIMITED include the managing director, who oversees the overall operations of the company, and the sustainability manager, who leads the sustainability efforts. The company also has a team of highly skilled engineers and technicians who are responsible for the design and production of the driveline systems.
For more information on GKN DRIVELINE BIRMINGHAM LIMITED, their website address is www.gkn.com and their registered office address is PO Box 55, Birmingham, B33 0YB, UK. The company can also be contacted via phone at +44 (0) 121 504 7000 or through their social media channels. With a strong commitment to sustainability and high-quality products, GKN DRIVELINE BIRMINGHAM LIMITED continues to be a leading player in the automotive industry.