ERNST YOUNG ASIAPACIFIC SERVICES LIMITED
Company Information
- Company Number
- 07239694
- Registered Address
- 1 More London Place, London, England, SE1 2AF
- Status
- Active
- Employee Count
- 0.0
- Turnover
- 931697000.0
- EBITDA
- 3148000.0
Additional Details
- Website
- https://ey.com
- Company Type
- Private limited Company
- Incorporated On
- 29 April 2010
- Nature of Business
- 69201 - Accounting and auditing activities
- Industries
- Financial Services
- Region
- London
Company Location
Financial Metrics
Time to Pay
Payment Timeline
Payment Features
Payment Time Trends
Payment Distribution Trends
Performance Reports History
| 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 | 31 Jan 2024 | 266 | 6% | 13% | 81% | 96% |
| 01 Jan 2023 - 30 Jun 2023 | 08 Sept 2023 | 209 | 7% | 25% | 67% | 93% |
| 01 Jan 2023 - 30 Jun 2023 | 27 Jul 2023 | 209 | 7% | 25% | 67% | 93% |
| 01 Jul 2022 - 31 Dec 2022 | 25 Jan 2023 | 170 | 9% | 30% | 61% | 94% |
| 01 Jan 2022 - 30 Jun 2022 | 26 Jul 2022 | 139 | 8% | 26% | 66% | 94% |
| 01 Jul 2021 - 31 Dec 2021 | 28 Jan 2022 | 192 | 9% | 26% | 65% | 89% |
| 01 Jan 2021 - 30 Jun 2021 | 29 Jul 2021 | 248 | 6% | 17% | 78% | 97% |
| 01 Jul 2020 - 31 Dec 2020 | 26 Jan 2021 | 233 | 9% | 9% | 82% | 98% |
| 01 Jan 2020 - 30 Jun 2020 | 30 Jul 2020 | 232 | 13% | 10% | 77% | 87% |
| 01 Jul 2019 - 31 Dec 2019 | 28 Jan 2020 | 149 | 24% | 12% | 64% | 84% |
| 01 Jan 2019 - 28 Jun 2019 | 29 Jul 2019 | 119 | 21% | 16% | 63% | 94% |
| 30 Jun 2018 - 28 Dec 2018 | 25 Jan 2019 | 90 | 24% | 21% | 56% | 90% |
| 03 Jan 2018 - 29 Jun 2018 | 25 Jul 2018 | 175 | 22% | 15% | 63% | 92% |
| 01 Jul 2017 - 31 Dec 2017 | 29 Jan 2018 | 149 | 35% | 16% | 49% | 94% |
Company Summary
ERNST & YOUNG (ASIA-PACIFIC) SERVICES LIMITED is a global professional services firm that provides a range of services including audit, tax, transaction and advisory services
The company was founded in 1989 and is headquartered in Hong Kong, with a presence in over 21 countries in the Asia-Pacific region
The company's sustainability program focuses on creating value for its clients, people and communities by promoting responsible business practices
This includes reducing its carbon footprint, promoting diversity and inclusion, and supporting community initiatives
ERNST & YOUNG (ASIA-PACIFIC) SERVICES LIMITED offers a wide range of products and services to its clients, including financial and risk management, digital transformation, and supply chain optimization
The company also provides technical advice and support for businesses looking to expand into new markets
Key people in the company include Chairman and CEO, Kelly Grier, and Managing Partner for Asia-Pacific, Richard Norquay
They lead a team of over 50,000 employees who are dedicated to providing quality services to their clients and promoting sustainable practices
Contact information for ERNST & YOUNG (ASIA-PACIFIC) SERVICES LIMITED can be found on their website at www.ey.com/apac
The registered office address is 22/F, CITIC Tower, 1 Tim Mei Avenue, Central, Hong Kong
In summary, ERNST & YOUNG (ASIA-PACIFIC) SERVICES LIMITED is a leading professional services firm that is committed to sustainability and providing innovative solutions to its clients
With a strong presence in the Asia-Pacific region, the company continues to grow and adapt to the changing needs of the business world
Company Review
Trend Analysis
The average time taken for ERNST & YOUNG (ASIA-PACIFIC) SERVICES LIMITED to pay invoices has been fluctuating over the past three periods. It initially increased from 149 days in the period of Jan-Jul 2017 to 175 days in the period of Jul-Dec 2018. However, it then decreased to 90 days in the period of Jan-Jun 2018 before increasing again to 119 days in the period of Jul-Dec 2019. This trend continued with a further increase to 149 days in the period of Jan-Jun 2019, before a sharp increase to 232 days in the period of Jul-Dec 2020. This was followed by a slight decrease to 233 days in the period of Jan-Jun 2021, and another decrease to 192 days in the period of Jul-Dec 2021. The trend then continued with a slight increase to 248 days in the period of Jan-Jun 2022, before a decrease to 170 days in the period of Jul-Dec 2022. The trend has been relatively stable since then, with a slight increase to 209 days in the period of Jan-Jun 2023.
Volatility Analysis
The volatility of the average time taken for ERNST & YOUNG (ASIA-PACIFIC) SERVICES LIMITED to pay invoices has been high over the past three periods, with significant fluctuations. The largest increase was seen in the period of Jul-Dec 2020, with a 53.7% increase from the previous period of Jan-Jun 2019. The largest decrease was seen in the period of Jul-Dec 2021, with a 17.3% decrease from the previous period of Jan-Jun 2021. Overall, there has been a 76.2% increase in the average time taken to pay invoices since the initial period of Jan-Jul 2017.
Summary Analysis
ERNST & YOUNG (ASIA-PACIFIC) SERVICES LIMITED has fluctuated in its average time taken to pay invoices over the past three periods. There was an initial increase from 149 days in the period of Jan-Jul 2017 to 175 days in the period of Jul-Dec 2018, followed by a decrease to 90 days in the period of Jan-Jun 2018. This was followed by another increase to 119 days in the period of Jul-Dec 2019, before a sharp increase to 232 days in the period of Jul-Dec 2020. There was then a slight decrease to 233 days in the period of Jan-Jun 2021, and another decrease to 192 days in the period of Jul-Dec 2021. The trend then continued with a slight increase to 248 days in the period of Jan-Jun 2022, before a decrease to 170 days in the period of Jul-Dec 2022. The trend has been relatively stable since then, with a slight increase to 209 days in the period of Jan-Jun 2023. The shortest (or only) standard payment period for ERNST & YOUNG (ASIA-PACIFIC) SERVICES LIMITED has remained consistent at 45 days throughout all periods. The highest percentage of invoices paid later than 60 days was seen in the period of Jul-Dec 2020, with 77% of invoices paid later than 60 days. The best period for early payment was seen in the period of Jul-Dec 2018, with 35% of invoices paid within 30 days.
Invoice Payment Practices
This information is as reported by the business, and responses are in their own words.
Payment Terms
Standard payment terms
With respect to contracts with 3rd party suppliers (as opposed to contracts with other members of the EY network) we are in the process of changing the payment period in our standard terms from 45 days to 60 days. This change commenced during this reporting period. We have not notified or consulted with suppliers in relation to these changes. Our standard contractual payment period in our standard terms for new contracts with 3rd party suppliers is now 60 days save for the following (where the payment period remains 45 days): hotel framework agreements, agreements for the purchase of physical hardware, agreements for the purchase of original equipment from manufacturers and standard purchase orders for the purchase of on-premise software and hosted software. With respect to contracts with 3rd party suppliers the payment period commences from receipt of a proper invoice. Our standard hotel framework agreements (typically used for large hotel chains where we hold employee and client events) additionally provides for: (i) the supplier to deliver a draft invoice which we have 15 days to dispute, (ii) once we sign off on the draft invoice, the supplier may submit a final invoice, and (ii) we have 30 days from receipt to pay the final invoice With respect to intra-EY network contracts, we may provide various services to other firms within the wider EY network (“EY Firm(s)”) and EY Firm(s) may provide various services to us. Our standard payment terms require EY Firm(s) to submit invoices to us quarterly in arrears. Such invoices are payable 30 days after invoice receipt. Any undisputed amounts owed to EY Firm(s) may be set off against amounts owed by EY Firm(s) to us.
Were there any changes to the standard payment terms in the reporting period?
Yes – Outlined in the standard payment terms section.
Any other information about payment terms
As required, our statistics include figures for payments to external “3rd party” suppliers and payments made under intra-EY network contracts to other firms within the wider EY network (“EY Firm(s)”). Accordingly our statistics are not a fair and accurate reflection of our figures so far as they relate to our 3rd party suppliers. If only payments to external 3rd party suppliers are considered then our average time to pay is reduced to 41 days and 85% of invoices paid in the reporting period are settled within 60 days of receipt. If we were to report solely on our payments to our external 3rd party suppliers, our statistics would be as follows: Average Time to pay in days Percentage of invoices paid in 0 - 30 days - 47% Percentage of invoices paid in 31 - 60 days - 38% Percentage of invoices paid on or after 61 days - 15% % Payments due in the reporting period not paid within the agreed period - 58%
Maximum contractual payment period agreed
75
Dispute Resolution Process
With respect to contracts with 3rd party suppliers (as opposed to contracts with other members of the EY network), the general position is that the appointed service managers (and, if applicable, senior service managers) for each party first attempt to resolve the dispute. If the service managers cannot resolve the dispute and both parties agree the dispute may be referred to mediation. If either party does not agree with the dispute being resolved by mediation then disputes are referred to arbitration. The exceptions to this process are: (i) standard agreements for the purchase of physical hardware and agreements for the purchase of original equipment from manufacturers, which agreements do not include the mediation step and (ii) standard purchase orders for technology services which purchase orders are simply subject to the exclusive jurisdiction of the English courts to resolve disputes and do not include the service manager resolution or the mediation steps, or provisions for arbitration. With respect to intra-EY network contracts, disputes are first referred to mediation by the area operating executive of the Asia-Pacific network of EY Firms. If the area operating executive fails to negotiate a mutually acceptable settlement then the dispute is referred to mediation by the global executive of Ernst & Young Global Limited. If the global executive fails to negotiate a mutually settlement, disputes are finally settled by arbitration.
Other Payment Information
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.
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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.
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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.
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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?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available