Annual Report 2021

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2021 150 The United Laboratories International Holdings Limited Annual Report 2021 42. 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 of RMB26,493,000 (2020: RMB61,793,000) and RMB193,984,000 (2020: RMB220,699,000), respectively, have been derecognised when the related receivables were matured. Discounted bills with recourse amount of RMB18,353,000 (2020: RMB26,493,000) and bills receivables endorsed to suppliers with full recourse amount of RMB163,301,000 (2020: RMB193,984,000) have been recognised for which the maturity dates of the related receivables have not yet fallen due at the end of the reporting period. During the current year, the Group entered into new lease agreements for the use of leased vehicles and staff quarters ranged from one year to ten years. On the lease commencement, the Group recognised RMB12,355,000 right-of-use assets and RMB12,355,000 lease liabilities. During the year ended 31 December 2020, 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 year ended 31 December 2020, 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. 43. RELATED PARTY DISCLOSURES Compensation to key management personnel representing directors’ remuneration has been disclosed in Note 13.