Annual Report 2023

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2023 113 The United Laboratories International Holdings Limited Annual Report 2023 26. TRADE AND OTHER PAYABLES The Group normally receives credit terms of up to 120 days and 180 days for trade payables and trade payables under supplier finance arrangement, respectively, from its suppliers. The following is an analysis of the trade payables and trade payables under supplier finance arrangement by age, presented based on the invoice date or bills issuance date at the end of the reporting period: 2023 2022 RMB’000 RMB’000 Trade payables 0 to 90 days 1,906,603 1,551,147 91 to 180 days 323,501 367,388 Over 180 days 8,048 51,820 2,238,152 1,970,355 Trade payables under supplier finance arrangement (Note) 0 to 90 days 1,021,012 779,384 91 to 180 days 960,917 808,685 1,981,929 1,588,069 Other payables and accruals 485,088 485,992 Other tax payable 143,899 158,654 Accrual of freight expense 78,729 76,441 Accrual of salary, staff welfare and unclaimed annual leave 214,411 191,578 Accrual of water, electricity fee & coal 345,045 370,618 Deferred income in respect of government grants (Note 34) 73,585 95,859 Payables in respect of the acquisition of property, plant and equipment 524,050 423,723 6,084,888 5,361,289 Less: Amount due within one year shown under current liabilities (6,052,651) (5,317,876) Amount shown under non-current liabilities 32,237 43,413 Note: These relate to trade payables in which the Group has issued bills to the relevant suppliers for future settlement of trade payables. The Group continues to recognise these trade payables as the relevant banks are obliged to make payments only on due dates of the bills, under the same conditions as agreed with the suppliers without further extension. In the consolidated statement of cash flows, settlements of these bills are included within operating cash flows based on the nature of the arrangements.