China XLX Fertiliser Ltd

NOTES TO THE FINANCIAL STATEMENTS31 December 200821. Financial liabilitiesGroupCompany2008 2007 2008 2007Rmb’000 Rmb’000 Rmb’000 Rmb’000Trade and other payables (current)Trade payables 47,760 27,685 – –Bills payable to bank – 5,000 – –Other payables 154,302 179,501 – –Due to related parties 1,676 1,682 – –203,738 213,868 – –Add:- Accruals and other liabilities (Note 22) 130,709 61,195 10,563 4,078- Short-term borrowings (Note 20) 145,000 287,000 – –- Long-term borrowings (Note 20) 522,974 90,348 307,557 –Total financial liabilities carried atamortised cost 1,002,421 652,411 318,120 4,078Trade payablesTrade payables are non-interest bearing and are normally settled on 30 to 90 days’ terms.Other payablesAdvance payments from customers 93,993 169,997 – –Deferred revenue 50,540 –VAT and other operating tax payables 1,707 3,269 – –Tender deposits 4,427 1,082 – –Staff deposits 375 46 – –Other 3,260 5,107 – –154,302 179,501 – –These balances are unsecured, non-interest bearing and repayable on demand and have an average term of3 months.Bills payable to bankBills payable to bank have an average maturity period of 90 to 180 days and are interest-free. For thefinancial year ended 31 December 2007, there were bills payable amounting to Rmb 5,000,000, of whichRmb 3,508,000 were secured by fixed deposits and corporate guarantees.Due to related partiesAmounts due to related parties are non-trade balances, which are unsecured, repayable on demand andnon-interest bearing.Annual Report 200876