Industry ranking
The trend for LYB TREASURY SERVICES LTD. shows a significant increase in the average time taken to pay invoices between 2018 and 2022. This trend is also reflected in the percentage of invoices paid within 30 days, which has steadily decreased over the same period. There was a sudden spike in the average time to pay and the percentage of invoices paid later than 60 days in 2018, which remained high until 2021 when it dropped to 0%. However, in 2022 there was a significant increase in the percentage of invoices paid later than 60 days, indicating a potential return to a slower payment trend.
The data for LYB TREASURY SERVICES LTD. shows a high level of volatility in the average time to pay invoices. The average time to pay fluctuated between 17 days and 107 days over the past three years. This volatility is also evident in the percentage of invoices paid within 30 days and the percentage of invoices paid later than 60 days, which have both seen significant changes over the three-year period.
From 2018 to 2022, the average time taken for LYB TREASURY SERVICES LTD. to pay invoices increased by 28 days. This is a significant increase of 80%. The percentage of invoices paid within 30 days decreased from 67% to 50%, while the percentage of invoices paid later than 60 days increased from 0% to 66%. The company has consistently maintained a standard payment period of 60 days.
| 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 2022 - 31 Dec 2022 | 19 Jan 2023 | 63 | 0% | 34% | 66% | 100% |
| 01 Jan 2022 - 30 Jun 2022 | 29 Jul 2022 | 0 | 0% | 0% | 0% | 0% |
| 01 Jul 2021 - 31 Dec 2021 | 31 Jan 2022 | 0 | 0% | 0% | 0% | 0% |
| 01 Jan 2021 - 30 Jun 2021 | 30 Jul 2021 | 19 | 100% | 0% | 0% | 100% |
| 01 Jul 2020 - 31 Dec 2020 | 28 Jan 2021 | 27 | 50% | 50% | 0% | 50% |
| 01 Jan 2020 - 30 Jun 2020 | 29 Jul 2020 | 0 | 0% | 0% | 0% | 0% |
| 01 Jul 2019 - 31 Dec 2019 | 28 Jan 2020 | 17 | 100% | 0% | 0% | 0% |
| 01 Jan 2019 - 30 Jun 2019 | 24 Jul 2019 | 0 | 0% | 0% | 0% | 0% |
| 01 Jul 2018 - 31 Dec 2018 | 22 Jan 2019 | 107 | 0% | 0% | 100% | 100% |
| 01 Jan 2018 - 30 Jun 2018 | 27 Jul 2018 | 35 | 67% | 33% | 0% | 100% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Payment terms are referred to in the conditions printed with all Purchase Orders and Outline Agreements known as the General Conditions of Purchase (GCP) which states “Payment shall be made within 60 days of the receipt of a properly compiled invoice unless otherwise agreed in writing with the Purchaser”
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
N/A
Maximum contractual payment period agreed
60
LyondellBasell's central Accounts Payable function is responsible for payment of invoices. All invoices are only processed for payment once there is clearance/approval in our internal systems based on delegation of authority. Common dispute items such as incorrect company name, error in amounts etc can be directly resolved by the Accounts Payable function. For others, the relevant department is involved to address the issues directly with the vendor. The latter are handled on case by case basis. The Purchase Orders are governed by English Law and the parties involved agree to submit to the jurisdiction of the English Courts.
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
LYB TREASURY SERVICES LTD. is an active private limited company, incorporated on 2 October 2015, based in the London region. Registered business activity: Financial intermediation not elsewhere classified.
From Companies House records.