TECHNETIX LIMITED

Technetix' default payment term in its Purchase Order Terms and Conditions is 90 days net end of month following receipt of an invoice. However, Technetix will frequently negotiate with its suppliers to vary this term.

Most invoices received during the period came from suppliers based overseas with the business making nearly all of its stock purchases from Asia.

Technetix has close partnerships with these suppliers and has established extended credit terms. These extended terms benefit both parties, with the suppliers being able to grow their business internationally (a key priority for them), and Technetix being able to assist in part funding their growth.

For other suppliers (mainly external 3rd party distributors), Technetix works closely with them to ensure that payments meet their expectations.

All supplier invoices are managed by the Accounts Payable team. If an invoice is queried the supplier will be contacted by a member of the team to request any missing information or updated invoices. Failing this, the query will be escalated internally to the generator of the purchase order to resolve.

In respect to intercompany invoices, the Accounts Payable team will liaise with overseas counter-parties to resolve. If the matter is not resolved by working day 3 of the month, the Group Finance team will intervene and decide on the appropriate action.