Annual Report 2021

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2021 143 The United Laboratories International Holdings Limited Annual Report 2021 38. FINANCIAL INSTRUMENTS (Continued) Financial risk management objectives and policies (Continued) Credit risk and impairment assessment (Continued) The following table shows the movement in ECL that has been recognised for consideration receivables, commercial bills receivables and other receivables. 12m ECL Lifetime ECL (not credit- impaired) Lifetime ECL (credit- impaired) Total RMB’000 RMB’000 RMB’000 RMB’000 At 1 January 2020 16,417 – – 16,417 Changes due to other receivables recognised at 1 January 2020: Impairment losses reversed (7,596) – – (7,596) Transfer to lifetime ECL (not credit-impaired) (8,821) 8,821 – – Impairment losses recognised – 71,278 – 71,278 Newly originated other receivables 5,700 – – 5,700 At 31 December 2020 5,700 80,099 – 85,799 Changes due to other receivables recognised at 1 January 2021: Transfer to credit-impaired – (44,709) 44,709 – Impairment losses reversed (5,700) (5,185) – (10,885) Written off – (30,205) – (30,205) Impairment losses recognised – – 294,865 294,865 Newly originated other receivables 9,967 – – 9,967 At 31 December 2021 9,967 – 339,574 349,541