Annual Report 2019

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2019 123 The United Laboratories International Holdings Limited Annual Report 2019 27. TRADE AND BILLS PAYABLES, OTHER PAYABLES AND ACCRUED CHARGES (Continued) Included in the trade payables, other payables and payables in respect of the acquisition of property, plant and equipment above are RMB153,229,000, RMB38,597,000 and RMB28,872,000 (2018: RMB26,185,000, RMB413,425,000 and RMB82,956,000), respectively which had been settled by endorsed bills for which the maturity dates of the bills receivables have not yet fallen due as at the end of the reporting period (see Note 25). 28. CONTRACT LIABILITIES 2019 2018 RMB’000 RMB’000 Receipts in advances from customers – finished goods 59,733 68,439 As at 1 January 2018, contract liabilities amounted to RMB87,054,000. The following table shows how much of the revenue recognised for the years ended 31 December 2019 and 2018 relates to the contract liabilities at the beginning of the year: 2019 2018 RMB’000 RMB’000 Revenue recognised during of the year 68,439 87,054 When the Group receives an amount from certain new customers before products are delivered to and received by the customer, this will give rise to a contract liability at the beginning of a contract, until the revenue recognised on the relevant contract exceeds the amount received. The balance is mainly contributed from new customers.