Annual Report 2020

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2020 140 The United Laboratories International Holdings Limited Annual Report 2020 39. FINANCIAL INSTRUMENTS (Continued) Financial risk management objectives and policies (Continued) Credit risk and impairment assessment (Continued) The following table shows the movement in lifetime ECL that has been recognised for all trade receivables under the simplified approach. Lifetime ECL (not credit- impaired) Total RMB’000 RMB’000 At 1 January 2019 25,518 25,518 Changes due to trade receivables recognised at 1 January 2019: Impairment losses reversed (25,518) (25,518) Newly originated trade receivables 23,167 23,167 At 31 December 2019 23,167 23,167 Changes due to trade receivables recognised at 1 January 2020: Impairment losses reversed (23,167) (23,167) Newly originated trade receivables 19,697 19,697 At 31 December 2020 19,697 19,697