Chapters
Annual Report 2018

29. 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.

For the accounting policy related to contingent consideration assumed in a business combination, refer to note 4.

Trade and Other Payables can be specified as follows:

in thousands of EUR

Notes

31 December 2018

31 December 2017

Trade payables

181,234

198,646

Accrued expenses

97,351

93,254

Employee related payables

100,886

108,462

Other taxes and social security

65,687

68,490

Payables to related parties

33.1

8,526

12,713

Contingent consideration

19,676

26,690

Other payables

69,618

55,431

542,978

563,686

The contingent consideration mainly relates to the Group's obligation to increase its shareholding in Visilab S.A. in terms of the purchase agreement. Please see note 4 for more details.

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