Chapters
Annual Report 2020

27. Trade and Other Payables

Accounting Policy
Trade payables are obligations to pay for goods or services that have been acquired from suppliers in the ordinary course of business. Trade payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.

Trade and Other Payables can be specified as follows:

in thousands of EUR

Notes

31 December 2020

31 December 2019

Trade payables

191,306

207,979

Accrued expenses

124,828

104,588

Employee related payables

115,371

116,087

Other taxes and social security

88,591

74,765

Payables to related parties

30.1

7,374

9,242

Contingent consideration

1,700

1,943

Other payables

50,996

55,024

580,166

569,628

In 2020, increase in Other taxes and social security mainly relate to deferrals of payroll tax liability in Sweden and Denmark in line with the local government tax ruling, which is being partially settled every month as from August 2020.

In 2019, a contingent consideration of €19,540 (CHF 21,714) was paid in July 2019 in relation to the increase of the Group's shareholding in Visilab S.A. from 70% to 79%.

The carrying value of the items in the above table is assumed to approximate the fair value due to their short-term nature.