Liabilities, including trade liabilities, are initially measured at fair value and subsequently, at amortised cost using the effective interest rate method.
The Group applies simplified methods of valuation of liabilities measured at amortized cost if it does not distort information included in the statement of financial position, in particular when the period until settlement of the liability is not long.
| 31/12/2019 | 31/12/2018 | |
|---|---|---|
| Trade liabilities | 7,889 | 7,275 |
| Investment liabilities | 1,362 | 1,067 |
| Finance lease* | – | 36 |
| Other | 615 | 321 |
| Financial liabilities | 9,866 | 8,699 |
| Payroll liabilities | 403 | 331 |
| Excise tax and fuel charge | 2,910 | 2,858 |
| Value added tax | 1,501 | 1,516 |
| Other taxation, duties, social security and other benefits | 303 | 197 |
| Holiday pay accruals | 93 | 76 |
| Other | 56 | 20 |
| Non-financial liabilities | 5,266 | 4,998 |
| 15,132 | 13,697 |
Division of financial liabilities denominated in foreign currencies is presented in note 13.5.2. Division of liabilities from related parties is presented in note 14.6.2.
As at 31 December 2019 and as at 31 December 2018 in the Group there were no material overdue liabilities.
The Group expects that the payment of trade liabilities to contractors will take place no later than twelve months after the end of the reporting period.