In 2017, Azkoyen S.A.‘s average payment period to suppliers and payed operations ratio (both calculated according to the Resolution dated 29th of January 2016 published by the Spanish Institute of Accounting and Account Audits (ICAC) and the third additional provision “Information duties” of law 15/2010, dated 5th of July) were 81.70 and 87.31 days, respectively, aligned with the company’s average collection period from its customers.
As far as the company succeeds in reducing the average collection period from its customes, it will gradually reduce the average payment period to its suppliers. Around a 63% of these payments to suppliers were made by confirming. This confirming is never used for payments between Group companies.