Annual Report 2019

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2019 154 The United Laboratories International Holdings Limited Annual Report 2019 44. MAJOR NON-CASH TRANSACTIONS During the year, short term borrowings drawn on discounted bills with recourse with an aggregate amount of RMB16,019,000 (2018: RMB24,587,000) have been derecognised when the related discounted bills receivables were matured. During the year ended 31 December 2019, the Group has reclassified certain plant and machinery under sales and leaseback arrangement amounting to RMB209,324,000 from right-of-use assets into property, plant and equipment by exercising the purchase option at nominal amount at the end of the lease term. 45. RELATED PARTY DISCLOSURES Compensation to key management personnel representing directors’ remuneration has been disclosed in Note 13. 46. LIST OF SUBSIDIARIES Details of the Company’s subsidiaries as at 31 December 2019 and 2018 are as follows: Name of subsidiary Place of incorporation/ establishment Issued and fully paid share capital/ registered capital Attributable equity interest held by the Company Principal activities and place of operation (Note a) 2019 2018 The United Laboratories (Hong Kong) Holding Limited British Virgin Islands USD50,000 100% 100% Investment holding in Hong Kong The United Laboratories (Hong Kong) Group Limited British Virgin Islands USD50,000 100% 100% Investment holding in Hong Kong Bowden Trading Limited In Hong Kong Samoa USD1,000 100% 100% Trademark holding The United Laboratories Limited Hong Kong HK$15,000,000 100% 100% Investment holding and manufacturing and sale of pharmaceutical products in Hong Kong Team Crown Trading Limited Hong Kong HK$10,000 100% 100% Trading of pharmaceutical products in Hong Kong Bear World Limited Hong Kong HK$10,000 100% 100% Investment holding in Hong Kong Team Profit Management Limited Hong Kong HK$10,000 100% 100% Inactive