Annual Report 2022

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2022 152 The United Laboratories International Holdings Limited Annual Report 2022 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 RMB18,353,000 (2021: RMB26,493,000) and RMB163,301,000 (2021: RMB193,984,000), respectively, have been derecognised when the related receivables were matured. Discounted bills with recourse amount of RMB251,378,000 (2021: RMB18,353,000) and bills receivables endorsed to suppliers with full recourse amount of RMB609,196,000 (2021: RMB163,301,000) 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 (2021: one year to ten years). On the lease commencement, the Group recognised RMB610,000 (2021: RMB12,355,000) right-of-use assets and RMB610,000 (2021: RMB12,355,000) lease liabilities. 43. RELATED PARTY DISCLOSURES Compensation to key management personnel representing directors’ remuneration has been disclosed in Note 13.