Annual Report 2020

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2020 148 The United Laboratories International Holdings Limited Annual Report 2020 43. MAJOR NON-CASH TRANSACTIONS During the current year, short term borrowings drawn on discounted bills with recourse and bills receivables endorsed to suppliers with full recourse with an aggregate amount of RMB284,491,000 (2019: RMB16,019,000) have been derecognised when the related discounted and endorsed bills receivables were matured. During the current year, the Group received commercial bills of RMB244,110,000 from Evergrande Chengdu as settlement of the fifth installment of consideration receivables of RMB237,000,000 (Note 10) and remaining of RMB7,110,000 was recorded in other payable. During the current year, the Group entered into new lease agreements for the use of leased vehicles for one year. On the lease commencement, the Group recognised RMB1,800,000 right-of-use assets and RMB1,800,000 lease liabilities. During the year ended 31 December 2019, the Group has reclassified all 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. 44. RELATED PARTY DISCLOSURES Compensation to key management personnel representing directors’ remuneration has been disclosed in Note 13.