Annual Report 2023

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2023 140 The United Laboratories International Holdings Limited Annual Report 2023 39. 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, banker’s acceptance bills receivables and commercial bills receivables and other receivables. 12m ECL Lifetime ECL (credit- impaired) Total RMB’000 RMB’000 RMB’000 At 1 January 2022 9,967 339,574 349,541 Changes due to bills and other receivables recognised at 1 January 2022: – Impairment losses reversed (9,967) – (9,967) Newly originated bills and other receivables 13,719 – 13,719 At 31 December 2022 13,719 339,574 353,293 Changes due to bills and other receivables recognised at 1 January 2023: – Impairment losses reversed (13,719) – (13,719) Newly originated bills and other receivables 6,137 – 6,137 At 31 December 2023 6,137 339,574 345,711