SEAMAP LIMITED

Most of our suppliers standard payment terms are 30 days but with some suppliers we have 60 and 90 days payment terms. Therefore, a proportion of invoices that have fallen into 31 to 60 days and 61 days or more category would not have been due for payment.

In terms of the percentage of invoices shown as not paid within the agreed terms, most of these payments are paid at the beginning of each calendar month and are therefore only overdue by a few days. Additionally any invoices subject to query with the supplier will have been included in the category of not paid to terms when, in fact, they will be paid once the query has been resolved.

To ensure that we maintain excellent relationships with our suppliers and not disrupt the supply chain we always endeavor to pay suppliers to terms.

Invoices are entered upon receipt and sent to the relevant department manager for approval. Should the department manager find a discrepancy, a query is raised with the supplier. The AP department monitors invoices that have been received but not approved and if necessary contacts the department manager for an update. It is our policy to pay suppliers to terms and therefore a focus is placed on query resolution to ensure that invoices can still be paid on time. The AP department also reconciles statements from suppliers each month to ensure that all invoices have been received.