Annual Report 2023

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2023 148 The United Laboratories International Holdings Limited Annual Report 2023 43. 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 RMB251,378,000 (2022: RMB18,353,000) and RMB609,196,000 (2022: RMB163,301,000), respectively, have been derecognised when the related receivables were matured. Discounted bills with recourse amount of RMB23,853,000 (2022: RMB251,378,000) and bills receivables endorsed to suppliers with full recourse amount of RMB661,921,000 (2022: RMB609,196,000) 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 has non-cash additions to right-of-use assets by entered into new lease agreements for the use of leased office and staff quarters ranged from two year to three years (2022: one year to ten years). On the lease commencement, the Group recognised RMB3,368,000 (2022: RMB610,000) right-of-use assets and RMB3,368,000 (2022: RMB610,000) lease liabilities. 44. RELATED PARTY TRANSACTIONS Compensation to key management personnel representing directors’ remuneration has been disclosed in Note 13. During the year, the Group entered into the following transaction with a related party: Name of related party Nature of transaction Relationship 2023 2022 RMB’000 RMB’000 寧波普邦生物科技有限公司 Sales of goods Associate 1,770 – Trade advance Associate 7,500 –