134 Huawei Investment & Holding Co., Ltd.
26 Trade and bills payable
(CNY million) Note 2019 2018
Trade payables
Related party trade payables 32 585 500
Third party trade payables 135,069 93,820
135,654 94,320
Bills payable
Bank acceptance bills 5,187 1,565
Letters of credit payable 1,344 1,034
6,531 2,599
142,185 96,91927 Contract liabilities
(CNY million) 2019 2018
Consideration received in advance of performance 10,726 11, 878
Billing in advance of performance and unperformed obligations 58,601 46,400
69,327 58,278Significant changes in contract liabilities during the year were as follows:(CNY million) 2019 2018
At January 1 58,278 52,18 4
Acquisition of subsidiaries – 343
Revenue recognised that was included in the contract liability
balance at the beginning of the year
(45,101) (38,812)Increases due to cash received or billed but unperformed obligations 55,878 44,894
Reclassified as liabilities directly associated with the assets held for sale (348) –
Exchange adjustments 620 (331)
At December 31 69,327 58,27828 Other liabilities
(CNY million) Note 2019 2018
Accrued expenses 42,287 37,749
Refund liabilities (i) 24,141 18,118
Other taxes payable 9,288 8,296
Due in relation to property, plant and equipment 5,265 4,507
Due in relation to intangible assets 4,835 4,432
Foreign exchange derivatives 165 51
Others 21,813 18,691
Liabilities directly associated with the assets held for sale 23(iii) 1,368 –
109,162 91,84 4
Non-current portion 3,157 4,161
Current portion 106,005 87,6 83
109,162 91,84 4(i) Refund liabilities mainly comprise the rebates and other sales-based incentives to customers.