Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document - Document and Entity Information [Abstract] | |
Document Type | 20-F/A |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Trading Symbol | CYD |
Entity Registrant Name | CHINA YUCHAI INTERNATIONAL LTD |
Entity Central Index Key | 932,695 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 40,858,290 |
Consolidated Statement of Profi
Consolidated Statement of Profit or Loss ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017CNY (¥)¥ / shares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016CNY (¥)¥ / shares | Dec. 31, 2015CNY (¥)¥ / shares | |
Profit or loss [Abstract] | ||||
Revenue | ¥ 16,222,442 | $ 2,563,030 | ¥ 13,664,840 | ¥ 13,733,437 |
Cost of sales | (12,707,419) | (2,007,681) | (10,700,655) | (10,942,865) |
Gross profit | 3,515,023 | 555,349 | 2,964,185 | 2,790,572 |
Other operating income | 647,352 | 102,276 | 117,954 | 106,931 |
Other operating expenses | (22,719) | (3,589) | (22,599) | (87,594) |
Research and development costs | (608,181) | (96,088) | (588,007) | (506,955) |
Selling, general and administrative costs | (1,815,853) | (286,892) | (1,504,360) | (1,497,774) |
Operating profit | 1,715,622 | 271,056 | 967,173 | 805,180 |
Finance costs | (100,439) | (15,869) | (79,683) | (116,351) |
Share of (loss)/profit of associates and joint ventures, ne of tax | 10,054 | 1,589 | (3,612) | (2,691) |
Profit before tax | 1,625,237 | 256,776 | 883,878 | 686,138 |
Income tax expense | (220,167) | (34,785) | (160,270) | (176,818) |
Profit for the year | 1,405,070 | 221,991 | 723,608 | 509,320 |
Attributable to: | ||||
Equity holders of the parent | 953,922 | 150,713 | 515,737 | 341,108 |
Non-controlling interests | 451,148 | 71,278 | 207,871 | 168,212 |
Profit for the year | ¥ 1,405,070 | $ 221,991 | ¥ 723,608 | ¥ 509,320 |
Earnings per share | ||||
- Basic | (per share) | ¥ 23.40 | $ 3.70 | ¥ 12.89 | ¥ 8.81 |
- Diluted | (per share) | ¥ 23.40 | $ 3.70 | ¥ 12.89 | ¥ 8.81 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Statement of comprehensive income [Abstract] | ||||
Profit for the year | ¥ 1,405,070 | $ 221,991 | ¥ 723,608 | ¥ 509,320 |
Items to be reclassified to profit or loss in subsequent periods, net of tax: | ||||
Foreign currency translation | (72,271) | (11,417) | 36,394 | 31,533 |
Realization of foreign currency translation reserves upon disposal of foreign operation | (4,252) | (673) | ||
Realization of foreign currency translation reserves upon liquidation of foreign operation | 144 | |||
Net other comprehensive income to be reclassified to profit or loss in subsequent periods, net of tax | (76,523) | (12,090) | 36,394 | 31,677 |
Total comprehensive income for the year, net of tax | 1,328,547 | 209,901 | 760,002 | 540,997 |
Attributable to: | ||||
Equity holders of the parent | 892,222 | 140,965 | 555,355 | 375,646 |
Non-controlling interests | 436,325 | 68,936 | 204,647 | 165,351 |
Total comprehensive income for the year, net of tax | ¥ 1,328,547 | $ 209,901 | ¥ 760,002 | ¥ 540,997 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Non-current assets | |||
Property, plant and equipment | ¥ 3,824,018 | $ 604,168 | ¥ 4,127,185 |
Investment property | 7,434 | 1,174 | 7,298 |
Prepaid operating leases | 367,270 | 58,026 | 379,636 |
Goodwill | 212,636 | 33,595 | 212,636 |
Intangible assets | 10,122 | 1,599 | 81,826 |
Investment in associates and joint ventures | 198,287 | 31,328 | 180,187 |
Deferred tax assets | 315,390 | 49,829 | 308,207 |
Long-term bank deposits | 70,000 | 11,060 | |
Other receivables | 620 | 98 | 1,588 |
Other assets | 303 | 48 | |
Non-current assets | 5,006,080 | 790,925 | 5,298,563 |
Current assets | |||
Inventories | 2,572,745 | 406,475 | 1,663,879 |
Trade and bill receivables | 7,031,544 | 1,110,934 | 7,057,256 |
Other receivables and prepayments | 384,390 | 60,731 | 386,365 |
Prepaid operating leases | 12,546 | 1,982 | 12,546 |
Other assets | 48,547 | 7,670 | 35,559 |
Cash and cash equivalents | 5,390,324 | 851,633 | 3,653,914 |
Short-term bank deposits | 514,074 | 81,220 | 363,043 |
Restricted cash | 54,809 | 8,659 | 36,000 |
Asset classified as held for sale | 89,381 | ||
Current assets | 16,008,979 | 2,529,304 | 13,297,943 |
Total assets | 21,015,059 | 3,320,229 | 18,596,506 |
Equity | |||
Issued capital | 2,081,138 | 328,805 | 2,059,076 |
Preference shares | 21 | 3 | 21 |
Statutory reserves | 301,026 | 47,560 | 299,144 |
Capital reserves | 30,704 | 4,851 | 30,954 |
Retained earnings | 6,009,395 | 949,441 | 5,306,199 |
Other components of equity | (74,722) | (11,805) | (11,560) |
Equity attributable to equity holders of the parent | 8,347,562 | 1,318,855 | 7,683,834 |
Non-controlling interests | 2,631,714 | 415,792 | 2,301,978 |
Total equity | 10,979,276 | 1,734,647 | 9,985,812 |
Non-current liabilities | |||
Interest-bearing loans and borrowings | 26,341 | 4,162 | 16,270 |
Other liabilities | 46 | 7 | 70 |
Deferred tax liabilities | 116,468 | 18,401 | 115,758 |
Deferred grants | 331,377 | 52,355 | 315,950 |
Other payables | 156,347 | 24,702 | 136,772 |
Non-current liabilities | 630,579 | 99,627 | 584,820 |
Current liabilities | |||
Trade and other payables | 7,468,149 | 1,179,914 | 6,845,043 |
Interest-bearing loans and borrowings | 1,600,000 | 252,789 | 894,136 |
Other liabilities | 33 | 5 | 178 |
Provision for taxation | 46,716 | 7,381 | 47,667 |
Provision for product warranty | 290,306 | 45,866 | 238,850 |
Current liabilities | 9,405,204 | 1,485,955 | 8,025,874 |
Total liabilities | 10,035,783 | 1,585,582 | 8,610,694 |
Total equity and liabilities | ¥ 21,015,059 | $ 3,320,229 | ¥ 18,596,506 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) | Issued capital (Note 24) [Member]CNY (¥) | Issued capital (Note 24) [Member]USD ($) | Preference share (Note 24) [Member]CNY (¥) | Preference share (Note 24) [Member]USD ($) | Statutory reserves (Note 26) [Member]CNY (¥) | Statutory reserves (Note 26) [Member]USD ($) | Capital reserves [Member]CNY (¥) | Capital reserves [Member]USD ($) | Retained earnings [Member]CNY (¥) | Retained earnings [Member]USD ($) | Foreign currency translation reserve (Note 24) [Member]CNY (¥) | Foreign currency translation reserve (Note 24) [Member]USD ($) | Performance shares reserves (Note 24) [Member]CNY (¥) | Performance shares reserves (Note 24) [Member]USD ($) | Other reserve on transaction with non-controlling interests [Member]CNY (¥) | Reserve of asset classified as held for sale (Note 22) [Member]CNY (¥) | (Premium paid for)/discount on acquisition of non-controlling interests [Member]CNY (¥) | (Premium paid for)/discount on acquisition of non-controlling interests [Member]USD ($) | Attributable to the equity holders of the parent [Member]CNY (¥) | Attributable to the equity holders of the parent [Member]USD ($) | Non-controlling interests [Member]CNY (¥) | Non-controlling interests [Member]USD ($) |
Balance at Dec. 31, 2014 | ¥ 9,151,814 | ¥ 1,840,227 | ¥ 21 | ¥ 302,780 | ¥ 2,932 | ¥ 4,924,767 | ¥ (95,395) | ¥ 5,263 | ¥ 8,762 | ¥ (925) | ¥ 6,988,432 | ¥ 2,163,382 | ||||||||||||
Profit for the year | 509,320 | 341,108 | 341,108 | 168,212 | ||||||||||||||||||||
Other comprehensive income for the year, net of tax | 31,677 | 34,538 | 34,538 | (2,861) | ||||||||||||||||||||
Total comprehensive income for the year | 540,997 | 341,108 | 34,538 | 375,646 | 165,351 | |||||||||||||||||||
Transactions with owners, recorded directly in equity | ||||||||||||||||||||||||
Shares issued during the year (Note 24) | 115,493 | 115,493 | 115,493 | |||||||||||||||||||||
Dividends paid to non-controlling interests | (108,511) | (108,511) | ||||||||||||||||||||||
Dividends declared and paid | (257,500) | (257,500) | (257,500) | |||||||||||||||||||||
Cost of share-based payments (Note 27) | 10,275 | 10,275 | 10,275 | |||||||||||||||||||||
Disposal of a subsidiary | (5,891) | 5,891 | ||||||||||||||||||||||
Acquisition of non-controlling interests | (22,499) | 28,022 | ¥ (8,762) | (11,989) | 7,271 | (29,770) | ||||||||||||||||||
Transfer to statutory reserves | 1,332 | (1,332) | ||||||||||||||||||||||
Balance at Dec. 31, 2015 | 9,430,069 | 1,955,720 | 21 | 298,221 | 30,954 | 5,012,934 | (60,857) | 15,538 | (12,914) | 7,239,617 | 2,190,452 | |||||||||||||
Profit for the year | 723,608 | 515,737 | 515,737 | 207,871 | ||||||||||||||||||||
Other comprehensive income for the year, net of tax | 36,394 | 39,618 | 39,618 | (3,224) | ||||||||||||||||||||
Total comprehensive income for the year | 760,002 | 515,737 | 39,618 | 555,355 | 204,647 | |||||||||||||||||||
Transactions with owners, recorded directly in equity | ||||||||||||||||||||||||
Shares issued during the year (Note 24) | 103,356 | 103,356 | 103,356 | |||||||||||||||||||||
Dividends paid to non-controlling interests | (84,450) | (84,450) | ||||||||||||||||||||||
Dividends declared and paid | (221,549) | (221,549) | (221,549) | |||||||||||||||||||||
Cost of share-based payments (Note 27) | 5,301 | 5,301 | 5,301 | |||||||||||||||||||||
Acquisition of non-controlling interests | (6,917) | 1,754 | 1,754 | (8,671) | ||||||||||||||||||||
Transfer to statutory reserves | 923 | (923) | ||||||||||||||||||||||
Reserve attributable to asset classified as held for sale | (22,720) | ¥ 22,720 | ||||||||||||||||||||||
Balance at Dec. 31, 2016 | 9,985,812 | 2,059,076 | 21 | 299,144 | 30,954 | 5,306,199 | (43,959) | 20,839 | 22,720 | (11,160) | 7,683,834 | 2,301,978 | ||||||||||||
Profit for the year | 1,405,070 | $ 221,991 | 953,922 | 953,922 | 451,148 | |||||||||||||||||||
Other comprehensive income for the year, net of tax | (76,523) | (12,090) | (38,980) | (22,720) | (61,700) | (14,823) | ||||||||||||||||||
Total comprehensive income for the year | 1,328,547 | 209,901 | 953,922 | (38,980) | ¥ (22,720) | 892,222 | 436,325 | |||||||||||||||||
Transactions with owners, recorded directly in equity | ||||||||||||||||||||||||
Shares issued during the year (Note 24) | 22,062 | 22,062 | 22,062 | |||||||||||||||||||||
Dividends paid to non-controlling interests | (98,941) | (98,941) | ||||||||||||||||||||||
Dividends declared and paid | (248,844) | (39,316) | (248,844) | (248,844) | ||||||||||||||||||||
Cost of share-based payments (Note 27) | 1,592 | 1,592 | 1,592 | |||||||||||||||||||||
Exercise of share option | (2,673) | (2,673) | (2,673) | |||||||||||||||||||||
Acquisition of non-controlling interests | (8,279) | (250) | (381) | (631) | (7,648) | |||||||||||||||||||
Transfer to statutory reserves | 1,882 | (1,882) | ||||||||||||||||||||||
Balance at Dec. 31, 2017 | ¥ 10,979,276 | $ 1,734,647 | ¥ 2,081,138 | $ 328,805 | ¥ 21 | $ 3 | ¥ 301,026 | $ 47,560 | ¥ 30,704 | $ 4,851 | ¥ 6,009,395 | $ 949,441 | ¥ (82,939) | $ (13,104) | ¥ 19,758 | $ 3,122 | ¥ (11,541) | $ (1,823) | ¥ 8,347,562 | $ 1,318,855 | ¥ 2,631,714 | $ 415,792 |
Consolidated Statement of Chan6
Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares | Jul. 13, 2017 | Jun. 29, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of changes in equity [Abstract] | |||||
Dividends declared and paid, per share | $ 0.90 | $ 0.85 | $ 0.90 | $ 0.85 | $ 1.10 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Operating activities | ||||
Profit before tax | ¥ 1,625,237 | $ 256,776 | ¥ 883,878 | ¥ 686,138 |
Adjustments: | ||||
Amortization of prepaid operating leases | 12,366 | 1,954 | 12,819 | 13,433 |
Bad debt written off | 10 | 2 | ||
Cost of share-based payments | 1,592 | 252 | 5,301 | 10,275 |
Depreciation of property, plant and equipment | 431,567 | 68,184 | 465,093 | 456,002 |
Depreciation of investment property | 248 | 39 | 248 | |
Dividend income from held for trading investment | (2,532) | (400) | (943) | |
Exchange loss/(gain) | (8,319) | (1,315) | (3,407) | 45,354 |
Fair value (gain)/loss on foreign exchange forward contract | 140 | (15,506) | ||
Fair value loss/(gain) on held for trading investment | (12,768) | (2,017) | 243 | 10,871 |
Finance costs | 100,439 | 15,869 | 79,683 | 116,351 |
(Gain)/loss on disposal of: | ||||
- associate | (199) | (31) | ||
- joint venture | (107,976) | (17,059) | ||
- intangibles asset | (115,235) | (18,206) | ||
- prepaid operating leases | (2,511) | |||
- property, plant and equipment | (11,668) | (1,843) | 14,020 | 14,874 |
- subsidiaries | (216,115) | (34,145) | 13,647 | |
Gain on liquidation of joint venture | (348) | |||
Government grants | (28,035) | (4,430) | (36,533) | (19,597) |
Interest income | (105,421) | (16,656) | (56,983) | (41,314) |
Impairment losses on intangible asset | 40,000 | 6,320 | 1,131 | 26,700 |
Impairment losses on property, plant and equipment | 20,845 | 3,293 | 3,297 | 2,873 |
Impairment losses/(reversal of impairment losses) on trade receivables, net | (10,854) | (1,715) | 3,696 | 32,938 |
Loss on dilution of equity interest in joint venture | 2,848 | |||
Property, plant and equipment written off | 5,682 | 898 | 5 | 4,931 |
Share of loss/(profit) of associates and joint ventures, net of tax | (10,054) | (1,589) | 3,612 | 2,691 |
Write-down/(reversal of write-down) of inventories, net | (19,901) | (3,144) | (5,171) | 35,260 |
Write-back of trade and other payables | (29) | (5) | (9) | |
Write-back of allowance for anticipated losses on development properties | (2,976) | |||
Profit before tax after adjustments | 1,588,880 | 251,032 | 1,370,129 | 1,392,925 |
Changes in working capital | ||||
Decrease/(increase) in inventories | (897,437) | (141,789) | 55,299 | 168,176 |
Decrease in trade and other receivables | 31,121 | 4,917 | 122,192 | 700,571 |
(Decrease)/increase in trade and other payables | 850,201 | 134,326 | 861,488 | (439,180) |
Decrease in development properties | 377 | 60 | ||
Cash flows from operating activities | 1,573,142 | 248,546 | 2,409,108 | 1,822,492 |
Income taxes paid | (202,975) | (32,069) | (133,021) | (135,774) |
Net cash flows from operating activities | 1,370,167 | 216,477 | 2,276,087 | 1,686,718 |
Investing activities | ||||
Additional investment in subsidiaries | (8,279) | (1,308) | (9,076) | (22,499) |
Additional investment in associates and joint ventures | (75,000) | (11,849) | (1,255) | (2,591) |
Dividend received from: | ||||
- held for trading investment | 2,532 | 400 | 943 | |
- joint ventures | 754 | 119 | 598 | 1,190 |
Interest received | 108,481 | 17,139 | 56,734 | 46,402 |
Net cash inflow on liquidation of a joint venture | 1,763 | |||
Proceeds from disposal of: | ||||
- associate | 1,832 | 289 | ||
- intangible assets | 50,000 | 7,900 | ||
- joint venture | 182,679 | 28,862 | ||
- prepaid operating leases | 4,505 | |||
- property, plant and equipment | 15,640 | 2,471 | 667 | 6,602 |
- subsidiaries, net of cash disposed | 341,602 | 53,971 | 170,703 | |
Proceeds from government grants | 50,095 | 7,915 | 13,639 | 39,558 |
Purchase of property, plant and equipment | (289,472) | (45,735) | (351,472) | (397,817) |
Withdrawal/(placement) of fixed deposits with banks, net | (254,294) | (40,177) | (282,809) | 126,688 |
Net cash flows (used in)/from investing activities | 126,570 | 19,997 | (572,031) | (25,496) |
Dividends paid to: | ||||
- equity holders of the parent | (235,947) | (37,278) | (118,193) | (142,007) |
- non-controlling interests | (97,009) | (15,327) | (87,975) | (94,899) |
Interest paid and discounting on bills receivable | (107,246) | (16,944) | (110,774) | (108,279) |
Payment of finance lease liabilities | (38) | (6) | (61) | (85) |
Proceeds from: | ||||
- borrowings | 1,814,618 | 286,697 | 1,255,659 | 2,534,384 |
- issue of bonds | 398,777 | |||
- issue of shares | 6,617 | 1,045 | ||
(Placement)/withdrawal of fixed deposits pledged with banks for banking facilities | 300,564 | (300,564) | ||
Repayment of borrowings | (1,100,133) | (173,813) | (2,793,206) | (2,772,862) |
Net cash flows (used in)/from financing activities | 280,862 | 44,374 | (1,553,986) | (485,535) |
Net increase in cash and cash equivalents | 1,777,599 | 280,848 | 150,070 | 1,175,687 |
Cash and cash equivalents, beginning balance | 3,653,914 | 577,292 | 3,474,364 | 2,291,345 |
Effect of exchange rate changes on balances in foreign currencies | (41,189) | (6,507) | 29,480 | 7,332 |
Cash and cash equivalents, ending balance | 5,390,324 | 851,633 | 3,653,914 | 3,474,364 |
Significant non-cash investing and financing transactions | ||||
Settlement of debts with trade bills | ¥ 14,696,000 | $ 2,322,000 | ¥ 12,203,000 | ¥ 12,032,000 |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Corporate information | 1. Corporate information 1.1 Incorporation The consolidated financial statements of China Yuchai International Limited (the “Company”) and its subsidiaries (collectively, the “Group”) for the year ended December 31, 2017 were authorized for issue in accordance with a resolution of the directors on April 16, 2018. China Yuchai International Limited is a limited company incorporated under the laws of Bermuda on April 29, 1993 whose shares are publicly traded. The registered office of the Company is located at 2 Clarendon House, Church Street, Hamilton HM11, Bermuda. On March 7, 2008, the Company registered a branch office in Singapore, located at 16 Raffles Quay #26-00, #39-01A, 1.2 Investment in Guangxi Yuchai Machinery Company Limited The Company was established to acquire a controlling financial interest in Guangxi Yuchai Machinery Company Limited, a Sino-foreign joint stock company which manufactures, assembles and sells diesel engines in the People’s Republic of China (the “PRC”). The principal markets for Yuchai’s diesel engines are truck and bus manufacturers in the PRC. The Company owns, through six wholly-owned subsidiaries, 361,420,150 shares or 76.41% of the issued share capital of Yuchai (“Foreign Shares of Yuchai”). Guangxi Yuchai Machinery Group Company Limited (“State Holding Company” or “SHC”), a state-owned enterprise, owns 22.09% of the issued share capital of Yuchai (“State Shares of Yuchai”). In December 1994, the Company issued a special share (the “Special Share”) at par value of US$0.10 to Diesel Machinery (BVI) Limited (“DML”), a company controlled by Hong Leong Corporation Limited, now known as Hong Leong (China) Limited (“HLC”). The Special Share entitles its holder to designate the majority of the Company’s Board of Directors (six of eleven). The Special Share is not transferable except to Hong Leong Asia Ltd. (“HLA”), the holding company of HLC, or any of its affiliates. During 2002, DML transferred the Special Share to HL Technology Systems Pte. Ltd. (“HLT”), a wholly-owned subsidiary of HLC. As at December 31 2017, Yuchai has nine direct and thirty-three indirectly owned subsidiaries, three joint ventures and one associate. Guangxi Yuchai Machinery Monopoly Development Co., Ltd. (“YMMC”) and Guangxi Yuchai Accessories Manufacturing Company Limited (“GYAMC”) are the two most significant subsidiaries of Yuchai. YMMC has thirty wholly-owned subsidiaries (collectively “YMMC Group”) located at various provinces in the PRC. The principal business of YMMC Group are trading and distribution of spare parts of diesel engines and automobiles. GYAMC has one wholly-owned subsidiary (collectively “GYAMC Group”). The principal business of GYAMC Group are sales and manufacturing of spare parts and components of diesel engines. The detailed information of Yuchai’s significant subsidiaries, joint ventures and associates are disclosed in Notes 4, 5 and 6. As used in this Consolidated Financial Statements, the term “Yuchai” refer to Guangxi Yuchai Machinery Company Limited and its subsidiaries. Relating to Yuchai’s equity interest in Jining Yuchai Engine Company Limited In September 2014, Yuchai transferred its entire 70% shareholding interest in Jining Yuchai Engine Company Limited (“Jining Yuchai’) to an independent third party (the “Purchaser”) for a consideration of RMB 1.00 Yuan. The other shareholder, Zhejiang Geely Holding Group also transferred its entire 30% shareholding interest in Jining Yuchai. Pursuant to the transfer, Yuchai entered into the following agreements with the Purchaser and Jining Yuchai: (i) Loan Agreement Under the terms of the Loan Agreement entered into between the Purchaser and Jining Yuchai with Yuchai and its wholly-owned subsidiary, Guangxi Yulin Hotel Company Limited (“Lenders”), the Lenders agreed to extend loans with tenure of two years, of amounts not exceeding RMB 70 million, to Jining Yuchai, by way of entrusted loans, and such loans are solely to be utilized for Jining Yuchai’s working capital purpose. In 2016, Lenders further extend the loans to Jining Yuchai and provide financial support to its operation. In addition, in consideration of the Lenders’ financial support to Jining Yuchai, as long as the Purchaser remains a shareholder in Jining Yuchai, irrespective of whether the loans remain outstanding or not, the Purchaser is prohibited from transferring all or part of its shareholding interest in Jining Yuchai to any third party without the prior written consent of the Lenders. The Purchaser has also granted the Lenders an irrevocable option to acquire all of its shareholding in Jining Yuchai at any time at a consideration not exceeding RMB 250. These two provisions are also contained in a separate undertaking letter issued and signed by the Purchaser to the Lenders. The Purchaser, as long as it remains a shareholder in Jining Yuchai, will consult with the Lenders prior to the exercise of any of its powers in relation to Jining Yuchai. The Lenders have the right to recommend for appointment of Jining Yuchai’s legal representative and executive director. (ii) Management Agreement In 2014, under the Management Agreement entered into between Yuchai and the Purchaser, Yuchai has been appointed by the Purchaser to manage Jining Yuchai in all matters relating to the running of its operations and management of its assets. The term of the agreement is for one year which may be extended upon mutual agreement and the management fee is RMB 240 per annum. In October 2016 the management agreement has been renewed and extended for one more year. Yuchai through the above-mentioned contractual arrangements has the power to exercise effective control and is able to direct the activities of Jining Yuchai that most significantly affect its economic performance, and has the exposure or rights to receive benefits from Jining Yuchai from its involvement. Accordingly, Yuchai continues to consolidate the financial results of Jining Yuchai for financial year ended at December 2014, 2015 and 2016. In November 2017, Yuchai acquired the entire equity interest in Jining Yuchai for a cash consideration of RMB250 from the Purchaser. The acquisition was made pursuant to the irrevocable option to acquire the shares in Jining Yuchai granted to Yuchai. 1.3 Investment in HL Global Enterprises Limited In February 2006, the Group acquired debt and equity securities interest in HL Global Enterprises Limited (“HLGE”) through the Group’s wholly-owned subsidiaries, Grace Star Limited (“Grace Star”) and Venture Lewis Limited (“Venture Lewis’). HLGE is a public company listed on the main board of the Singapore Exchange Securities Trading Limited (“Singapore Exchange”) and primarily engaged in investment holding, and through its group companies, invests in rental property, hospitality and property developments in Asia. The Group shareholding has changed through various transactions, the Group’s equity interest in HLGE was 49.4% as at December 31, 2011. On January 13, 2012, Grace Star transferred 24,189,170 Series B redeemable convertible preference shares (“RCPS”), representing 100% of remaining unconverted Series B RCPS, in the capital of HLGE (the “Trust Preference Shares”) to the Trustee pursuant to a trust deed entered into between HLGE and the Trustee. On January 16, 2012, the Trust Preference Shares were mandatorily converted into 24,189,170 new ordinary shares in the capital of HLGE (the “Trust Shares”) resulting in the Group’s shareholding interest in HLGE decreasing from 49.4% to 48.1%. On April 4, 2012, as a result of the conversion of all the outstanding Series A redeemable convertible preference shares held by Venture Delta Limited and Grace Star, into new ordinary shares in the capital of HLGE, Group’s shareholding interest in HLGE increased from 48.1% to 48.9%. The Trust Shares are accounted for as treasury shares by HLGE, issued by HLGE and held by the Trust, which is considered as part of HLGE. As a result, the Group’s shareholding interest in HLGE is stated as 50.1%, based on the total outstanding ordinary shares of HLGE, net of the ordinary shares held by the Trustee under the Trust. As of December 31, 2013, the Group’s interest in HLGE remained at 50.1%, based on the total outstanding ordinary shares of HLGE, net of the ordinary shares held by the Trustee under the Trust. In 2014, the Group purchased in the open market an aggregate of 465,000 ordinary shares in the capital of HLGE. As of December 31, 2014, the Group’s interest in HLGE increased from 50.1% to 50.2%, net of the ordinary shares held by the Trustee under the Trust. In 2015, HLGE undertook a share consolidation exercise to consolidate every 10 ordinary shares in the capital of HLGE into one ordinary share. Upon completion of the share consolidation exercise, the Group held 47,107,707 ordinary shares of HLGE. As at December 31, 2015, Group’s interest in HLGE was 50.2%, net of the ordinary shares held by the Trustee under the Trust. As of December 31, 2016 and 2017, the Group’s shareholding interest in HLGE remains at 50.2%, net of the ordinary shares held by the Trustee under the Trust. The Group considers HLGE as a subsidiary as it has power to exercise effective control and direct the activities of HLGE that most significantly affect its economic performance and has the exposure or rights to receive benefits from HLGE from its involvement. |
Basis of preparation and accoun
Basis of preparation and accounting policies | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Basis of preparation and accounting policies | 2. Basis of preparation and accounting policies 2.1 Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements have been prepared on a historical cost basis, except for derivative financial instruments and held for trading investment that have been measured at fair value. The consolidated financial statements are presented in Renminbi (“RMB”) and all values are rounded to the nearest thousand (“RMB’000”) except when otherwise indicated. Translation of amounts from Renminbi to US Dollar (“USD”) is solely for the convenience of the reader. Translation of amounts from Renminbi to US Dollar has been made at the rate of RMB 6.3294 = US$1.00, the rate quoted by the People’s Bank of China at the close of business on February 28, 2018 and all values are rounded to the nearest thousand (“US$’000”) except when otherwise indicated. 2.2 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries (the “Group”) as at December 31, 2017. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: • Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee) • Exposure, or rights, to variable returns from its involvement with the investee • The ability to use its power over the investee to affect its returns Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: • The contractual arrangement with the other vote holders of the investee • Rights arising from other contractual arrangements • The Group’s voting rights and potential voting rights The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income (“OCI”) are attributed to the equity holders of the parent of the Group and to the non-controlling non-controlling A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling 2.3 Summary of significant accounting policies (a) Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value and the amount of any non-controlling non-controlling When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. If the business combination is achieved in stages, any previously held equity interest is re-measured Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IAS 39 Financial Instruments: Recognition and Measurement, is measured at fair value with the changes in fair value recognized in the statement of profit or loss. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling re-assesses After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in this circumstance is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained. (b) Investments in associates and joint ventures An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. The Group’s investments in its associates and joint ventures are accounted for using the equity method. Under the equity method, the investment in an associate or a joint venture is initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Group’s share of net assets of the associate or joint venture since the acquisition date. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is not tested for impairment separately. The statement of profit or loss reflects the Group’s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of the Group’s OCI. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, the Group recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture. The aggregate of the Group’s share of profit or loss of an associate and a joint venture is shown on the face of the statement of profit or loss outside operating profit and represents profit or loss after tax and non-controlling The financial statements of the associate or joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, then recognizes the loss within “Share of (loss)/profit of associates and joint ventures, net of tax” in the statement of profit or loss. Upon loss of significant influence over the associate or joint control over the joint venture, the Group measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the associate or joint venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from disposal is recognized in profit or loss. (c) Current versus non-current The Group presents assets and liabilities in statement of financial position based on current/non-current • Expected to be realized or intended to be sold or consumed in normal operating cycle • Held primarily for the purpose of trading • Expected to be realized within twelve months after the reporting period, or • Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period All other assets are classified as non-current. A liability is current when: • It is expected to be settled in normal operating cycle • It is held primarily for the purpose of trading • It is due to be settled within twelve months after the reporting period, or • There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current (d) Fair value measurement The Group measures financial instruments, such as held for trading investments and derivatives, at fair value at each balance sheet date. Fair value related disclosures for financial instruments that are measured at fair value are summarized in the following notes: • Quoted equity shares Note 35 • Foreign exchange forward contract Note 35 Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: • In the principal market for the asset or liability, or • In the absence of a principal market, in the most advantageous market for the asset or liability The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: • Level 1 – Quoted (unadjusted) market prices in active markets for identical assets or liabilities • Level 2 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable • Level 3 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. An analysis of fair values of financial instruments and further details as to how they are measured are provided in Note 35. (e) Foreign currency translation The Company’s functional currency is US Dollar. The Group’s consolidated financial statements are presented in Renminbi, which is also the functional currency of Yuchai, the largest operating segment of the Group. Each entity in the Group determines its own functional currency, and items included in the financial statements of each entity are measured using that functional currency. Transactions and balances Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognized in profit or loss with the exception of monetary items that are designated as part of the hedge of the Group’s net investment of a foreign operation. These are recognized in OCI until the net investment is disposed of, at which time, the cumulative amount is reclassified to profit or loss. Tax charges and credits attributable to exchange differences on those monetary items are also recorded in OCI. Non-monetary Non-monetary non-monetary Group companies On consolidation, the assets and liabilities of foreign operations are translated into RMB at the rate of exchange prevailing at the reporting date and their statements of profit or loss are translated at average exchange rates during the reporting period. The exchange differences arising on translation for consolidation are recognized in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is recognized in profit or loss. Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the spot rate of exchange at the reporting date. (f) Revenue recognition Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured, regardless of when the payment is received. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding discounts, rebates, taxes or duty. The Group has concluded that it is the principal in all of its revenue arrangements since it is the primary obligor in all the revenue arrangements, has pricing latitude and is also exposed to inventory and credit risks. The specific recognition criteria described below must also be met before revenue is recognized. Sale of goods Revenue from the sale of goods is measured at the fair value of the consideration received or receivable, net of returns and allowances, trade discounts and volume rebates. Revenue is recognized when the significant risks and rewards of ownership of the goods have been transferred to the buyer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, and there is no continuing management involvement with the goods and the amount of revenue can be measured reliably. Sale of completed development properties A development property is regarded as sold when the significant risks and rewards have been transferred to the buyer, which is normally on unconditional exchange of contracts. For conditional exchanges, sales are recognized only when all the significant conditions are satisfied. Rendering of services Revenue from rendering of services relates to project management contracts and hotel room and restaurant operations. Revenue is recognized over the period in which the services are rendered, by reference to completion of the specific transaction assessed on the basis of the actual service provided as a proportion of the total services to be performed. Interest income For all financial instruments measured at amortized cost and interest-bearing financial assets classified as available-for-sale, Rental income Rental income arising from operating leases is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature. Dividends Dividend income is recognized when the Group’s right to receive the payment is established, which is generally when shareholders approve the dividend. (g) Government grants Government grants are recognized where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as income in equal amounts over the expected useful life of the related asset. (h) Taxes Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Current income tax relating to items recognized directly in equity is recognized in equity and not in the statement of profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognized for all taxable temporary differences, except: • When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss • In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilized, except: • When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss • In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying transaction either in OCI or directly in equity. Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, are recognized subsequently if new information about facts and circumstances change. The adjustment is either treated as a reduction to goodwill (as long as it does not exceed goodwill) if it was incurred during the measurement period or recognized in profit or loss. The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. Sales tax Revenues, expenses and assets are recognized net of the amount of sales tax, except: • When the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case, the sales tax is recognized as part of the cost of acquisition of the asset or as part of the expense item, as applicable • When receivables and payables are stated with the amount of sales tax included The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. (i) Non-current The Group classifies non-current Non-current The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the sale expected within one year from the date of the classification. Property, plant and equipment and intangible assets are not depreciated or amortized once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position. (j) Cash dividend and non-cash The Company recognizes a liability to make cash or non-cash Non-cash Upon distribution of non-cash (k) Property, plant and equipment Construction in progress is stated at cost, net of accumulated impairment losses, if any. Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Such cost includes the cost of replacing part of the property, plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met. When significant parts of property, plant and equipment are required to be replaced at intervals, the Group depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in profit or loss as incurred. The present value of the expected cost for the decommissioning of an asset after its use is included in the cost of the respective asset if the recognition criteria for a provision are met. Freehold land has an unlimited useful life and therefore is not depreciated. Asset under construction included in property, plant and equipment are not depreciated as these assets are not yet ready for intended use. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets as follows: Freehold buildings : 50 years Leasehold land, buildings and improvements : Shorter of 15 to 50 years or lease term Plant and machinery : 3 to 20 years Office furniture, fittings and equipment : 3 to 20 years Motor and transport vehicles : 3.5 to 15 years The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss when the asset is derecognized. The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. The Group capitalizes interest with respect to major assets under installation or construction based on the weighted average cost of the Group’s general borrowings and actual interest incurred for specific borrowings. Repairs and maintenance of a routine nature are expensed while those that extend the life of assets are capitalized. Construction in progress represents factories under construction and machinery and equipment pending installation. All direct costs relating to the acquisition or construction of buildings and machinery and equipment, including interest charges on borrowings, are capitalized as construction in progress. (l) Investment properties Investment properties are properties owned by the Group that are held to lease to third parties and earn rentals rather than for use in the production or supply of goods or services, or for administrative purposes, or in the ordinary course of business. Investment properties comprise completed investment properties and properties that are being constructed or developed for future use as investment properties. Investment properties are initially recognized at cost, including transaction costs and subsequently carried at cost less accumulated depreciation and impairment losses. Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful lives of the investment properties. The estimated useful life is 30 years. Depreciation methods, useful lives and residual values of investment properties are reassessed at each reporting date. Investment properties are derecognized when either they have been disposed of or when they are permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gain or loss on the retirement or disposal of an investment property is recognized in profit or loss in the year of retirement or disposal. Transfers are made to or from investment property only when there is a change in use. (m) Research and development costs Research costs are expensed as incurred. The Group received research and development subsidies of RMB 26,815 and RMB 60,817 (US$9,609) for the years ended December 31, 2016 and 2017 respectively. Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate: • The technical feasibility of completing the intangible asset so that the asset will be available for use or sale • Its intention to complete and its ability to use or sell the asset • How the asset will generate future economic benefits • The availability of resources to complete the asset • The ability to measure reliably the expenditure during development Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete and the asset is available for use. Development costs are amortized over the period of expected future benefit. During the period of development, the asset is tested for impairment annually. In 2015, 2016 and 2017, capitalized development expenditures are not amortized because the intangible asset has not been completed. (n) Financial instruments – initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as financial assets at fair value through profit or loss, loans and receivables, held-to-maturity available-for-sale Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognized on the trade date, i.e., the date that the Group commits to purchase or sell the asset. The Group’s financial assets include cash and bank balances, bank deposits, trade and other receivables, quoted financial instruments and derivative financial instruments. Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories: • Financial assets at fair value through profit or loss • Loans and receivables • Held-to-maturity • Available-for-sale Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition at fair value through profit or loss. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments as defined by IAS 39. Financial assets at fair value through profit and loss are carried in the statement of financial position at fair value with net changes in fair value presented as other operating expenses (negative net changes in fair value) or other operating income (positive net changes in fair value) in the statement of profit or loss. Financial assets designated upon initial recognition at fair value through profit or loss are designated at their initial recognition date and only if the criteria under IAS 39 are satisfied. The Group has designated its remaining 7.7% shareholding interest in Thakral Corporation Ltd (“TCL”) as financial assets at fair value through profit or loss. The Group evaluates its financial assets held for trading, other than derivatives, to determine whether the intention to sell them in the near term is still appropriate. When, in rare circumstances, the Group is unable to trade these financial assets due to inactive markets and management’s intention to sell them in the foreseeable future significantly changes, the Group may elect to reclassify them. The reclassification to loans and receivables and available-for-sale Loans and receivables Loans and receivables are non-derivative The EIR amortization is included in “Other operating income” in the statement of profit or loss. The losses arising from impairment are recognized in the statement of profit or loss in finance costs for loans and in cost of sales or other operating expenses for receivables. Held-to-maturity Non-derivative held-to |
Significant accounting judgment
Significant accounting judgments, estimates and assumptions | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Significant accounting judgments, estimates and assumptions | 3. Significant accounting judgments, estimates and assumptions The preparation of the Group’s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. 3.1 Judgments In the process of applying the Group’s accounting policies, management has made the following judgments, which have the most significant effect on the amounts recognized in the consolidated financial statements: Consolidation of a structured entity As discussed in Note 1.2 above, based on the contractual terms, the Group assessed that the voting rights in Jining Yuchai are not the dominant factor in deciding who controls Jining Yuchai. Also, it is assessed that there is insufficient equity financing to allow Jining Yuchai to finance its activities without the non-equity Derecognition of bills receivable The Group sell bills receivable to banks on an ongoing basis depending on funding needs and money market conditions. While the buyer is responsible for servicing the receivables upon maturity of the bills receivable, Chinese law governing bills allows recourse to be traced to all the parties in the discounting process. In relation to the transfer of risks and rewards of the bills receivable when discounted, the management believes that the risks and rewards relating to the bills receivable are substantially transferred to the banks. Accordingly, bills receivable are derecognized, and a discount equal to the difference between the carrying value of the bills receivable and cash received is recorded in the statement of profit or loss. Please refer to Note 20. Deferred tax assets Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax planning strategies. The carrying amounts of deferred tax assets as of December 31, 2016 and 2017 are RMB 308,207 and RMB 315,390 (US$49,829) respectively. If the Group was able to recognize all unrecognized deferred tax assets, profit would increase by RMB 182,726 (US$28,869) for year ended December 31, 2017 (2016: RMB 189,589). 3.2 Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. Impairment of non-financial Impairment exists when the carrying value of an asset or cash-generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm’s length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a discounted cash flow (“DCF”) model. The cash flows are derived from the forecasts for the next eight to fifteen years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the asset’s performance of the CGU being tested. The Group, based on its history of operations, believes that the adoption of forecast for more than five years is reasonable. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill recognized by the Group. The key assumptions used to determine the recoverable amount for the different CGUs and assets, including a sensitivity analysis, are disclosed and further explained in Note 6, Note 14 and Note 15. Impairment of trade receivables The Group makes impairment on trade receivables based on an assessment of the recoverability of trade receivables. Impairment is applied to trade receivables where events or changes in circumstances indicate that the balances may not be collectible. The identification of impairment requires the use of judgment and estimates. Judgment is required in assessing the ultimate realization of these receivables, including the current creditworthiness, past collection history of each customer and on-going Allowance for inventory obsolescence Management reviews the inventory listing on a periodic basis. This review involves comparison of the carrying value of the inventory items with the respective net realizable value. The purpose is to ascertain whether an allowance is required to be made in the financial statements for any obsolete and slow-moving items. The carrying amounts of allowance for inventory obsolescence as at December 31, 2016 and 2017 were RMB 126,796 and RMB 106,895 (US$16,889) respectively. Provision for product warranty The Group recognizes a provision for product warranty in accordance with the accounting policy stated on Note 2.3(u). The Group has made assumptions in relation to historical warranty cost per unit of engines sold. The carrying amounts of the provision of product warranty as at December 31, 2016 and 2017 were RMB 238,850 and RMB 290,306 (US$45,866) respectively. Withholding tax The China’s Unified Enterprise Income Tax Law (“CIT law”) also provides for a tax of 10% to be withheld from dividends paid to foreign investors of PRC enterprises. This withholding tax provision does not apply to dividends paid out of profits earned prior to January 1, 2008. Beginning on January 1, 2008, a 10% withholding tax is imposed on dividends paid to the Company, as a non-resident The Company estimated the withholding tax by taking into consideration the dividend payment history of Yuchai and the operating cash flow needs of the Company. |
Investments in subsidiaries
Investments in subsidiaries | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Investments in subsidiaries | 4. Investments in subsidiaries Details of significant subsidiaries of the Group are as follows: Name of significant subsidiary Place of incorporation/ business Group’s effective equity interest 31.12.2016 31.12.2017 % % Guangxi Yuchai Machinery Company Limited People’s Republic of China 76.4 76.4 Guangxi Yuchai Machinery Monopoly Development Co., Ltd People’s Republic of China 54.9 54.9 Guangxi Yuchai Accessories Manufacturing Company Limited People’s Republic of China 76.4 76.4 Guangxi Yuchai Equipment Mould Company Limited (formerly known as Guangxi Yulin Yuchai Accessories Manufacturing Company Limited) People’s Republic of China 76.4 76.4 Guangxi Yulin Hotel Company Limited People’s Republic of China 76.4 76.4 Jining Yuchai Engine Company Limited (i) People’s Republic of China — 76.4 Yuchai Remanufacturing Services (Suzhou) Co., Ltd. People’s Republic of China 76.4 76.4 HL Global Enterprises Limited Singapore 50.2 50.2 Note: (i) In September, 2014, Yuchai disposed its 70% equity interest in Jining Yuchai. Subsequently, through contractual arrangements, Yuchai obtained 100% control in Jining Yuchai. In November, 2017, Yuchai acquired 100% equity interest in Jining Yuchai, As a result, Jining Yuchai became a wholly owned subsidiary of Yuchai. For details, please refer to Note 1.2. The Group has the following subsidiary that has non-controlling 31.12.2015 31.12.2016 31.12.2017 Proportion of equity interest held by NCI Yuchai 23.6 % 23.6 % 23.6 % 31.12.2015 RMB’000 31.12.2016 RMB’000 31.12.2017 RMB’000 31.12.2017 US$’000 Accumulated balances of material NCI Yuchai 2,253,207 2,437,215 385,063 Profit allocated to material NCI Yuchai 129,088 210,013 290,497 45,896 Dividends paid to material NCI Yuchai 100,412 83,677 98,941 15,632 Summarized financial information including goodwill on acquisition and consolidation adjustments but before intercompany eliminations of subsidiaries with material non-controlling 31.12.2015 Yuchai RMB’000 Summarized statement of comprehensive income Revenue 13,671,931 Profit for the year, representing total comprehensive income for the year 547,216 Attributable to NCI 129,088 Summarized statement of cash flows Operating 1,742,989 Investing (33,515 ) Financing (659,691 ) Net increase in cash and cash equivalents 1,049,783 31.12.2016 Yuchai RMB’000 Summarized statement of financial position Current assets 12,448,174 Non-current 4,876,773 Goodwill 212,636 Current liabilities (7,957,306 ) Non-current (461,712 ) Net assets 9,118,565 Total equity 9,118,565 Attributable to NCI 2,253,207 Summarized statement of comprehensive income Revenue 13,598,487 Profit for the year, representing total comprehensive income for the year 726,379 Attributable to NCI 210,013 Summarized statement of cash flows Operating 2,329,367 Investing (293,477 ) Financing (1,697,173 ) Net increase in cash and cash equivalents 338,717 31.12.2017 Yuchai RMB’000 US$’000 Summarized statement of financial position Current assets 14,717,316 2,325,231 Non-current 4,693,931 741,608 Goodwill 212,636 33,595 Current liabilities (9,344,836 ) (1,476,417 ) Non-current (495,429 ) (78,274 ) Net assets 9,783,618 1,545,743 Total equity 9,783,618 1,545,743 Attributable to NCI 2,437,215 385,063 Summarized statement of comprehensive income Revenue 16,165,245 2,553,993 Profit for the year, representing total comprehensive income for the year 1,045,330 165,155 Attributable to NCI 290,497 45,896 Summarized statement of cash flows Operating 1,385,156 218,845 Investing (165,817 ) (26,198 ) Financing 221,660 35,021 Net increase in cash and cash equivalents 1,440,999 227,668 Significant restrictions The nature and extent of significant restrictions on the Group’s ability to use or access assets and settle liabilities of subsidiaries with material non-controlling Cash and cash equivalents of RMB 4,710,158 (US$744,171) (2016: RMB 3,270,182) held in the PRC are subject to local exchange control regulations. These regulations places restriction on the amount of currency being exported other than through dividends, trade and service related transactions. Disposal of a subsidiary in 2015 On September 21, 2015, the Group disposed of one of its wholly-owned subsidiaries, Xiamen Yuchai Diesel Engines Co., Ltd. (“Xiamen Yuchai”) and the disposal consideration was settled in cash. The value of assets and liabilities of the disposal recorded in the consolidated financial statements and the cash flow effect of the disposals were: 31.12.2015 RMB’000 Property, plant and equipment 66,597 Land use rights 17,661 Inventories 6,354 Trade receivables and other receivables 111,651 Deferred taxation 244 Cash and bank balances 18,797 221,304 Payables and accruals (17,161 ) Provision for taxation (996 ) Carrying value of net assets 203,147 Total consideration 189,500 Net asset derecognized (203,147 ) Loss on disposal of a subsidiary (Note 8.2(b)) (13,647 ) Total consideration 189,500 Cash and bank balances of the subsidiary (18,797 ) Net cash inflow on disposal of the subsidiary 170,703 Acquisition of ownership in subsidiaries, without loss of control in 2015 (i) In July 2015, Yuchai’s subsidiary company, YMMC acquired 40.00% of equity interest in Yunnan Yuchai Machinery Industry Company Limited (“YMMC Yunnan”) by way of offsetting trade receivables from the third party of RMB 18.3 million. As a result, YMMC Yunnan became wholly owned subsidiary of YMMC. (ii) In October 2015, Yuchai acquired 2.86% of equity interest in Guangxi Yulin Yuchai Accessories Manufacturing Company Limited which was renamed to Guangxi Yuchai Equipment Mould Company Limited (“YEMC”) in November 2017, from State Holding Company with a purchase consideration of RMB 4.2 million. As a result, YEMC became wholly owned subsidiary of Yuchai. Acquisition of additional interest in a joint venture in 2016 In December 2016, Yuchai acquired an additional 32.5% equity interest in its 35% owned joint venture, YC Europe Co., Limited (“YC Europe”) through share allotment transfer and the injection of share capital will be completed in phases. Upon the full injection of capital, Yuchai’s equity interest in YC Europe will increase from 35% to 67.5%. The Group has elected to measure the non-controlling non-controlling YC Europe was newly incorporated in April 2015 to market off-road Goodwill arising from the acquisition of RMB 1,131 was fully written off and recognized in the “other operating expenses” line item in the Group’s profit or loss for the year ended December 31, 2016. Acquisition of ownership in subsidiaries, without loss of control in 2016 In September 2016, YMMC acquired 47.53% of equity interest in Sichuan Yuchai Machinery Industry Company Limited (“YMMC Sichuan”) from non-controlling Acquisition of ownership in subsidiaries, without loss of control in 2017 (i) In June 2017, GYAMC acquired 25% of equity interest in Guangxi Yuchai Crankshaft Co., Limited (“Crankshaft”) from non-controlling (ii) In October 2017, YMMC acquired 49% of equity interest in Hunan Yuchai Machinery Industry Company Limited (“YMMC Hunan”) from non-controlling (iii) In November 2017, Yuchai acquired 100% issued shares in Jining Yuchai for a cash consideration of RMB 250. As a result, Jining Yuchai became wholly owned subsidiary of Yuchai. Prior to the acquisition, Yuchai control 100% of Jining Yuchai through various contractual agreements and consolidated Jining Yuchai’s financial results in the Group’s consolidated financial statements. The acquisition would not have financial impact in the Group’s profit or loss for the year ended December 31, 2017. Disposal of subsidiaries in 2017 On November 22, 2017, HLGE disposed its entire shareholding in its wholly-owned subsidiary, LKN Investment International Pte. Ltd (“LKNII”) together with LKNII’s wholly-owned subsidiary, Shanghai Hutai Real Estate Development Co., Ltd to a third party for a cash consideration of RMB395.0 million (US$62.4 million). The value of assets and liabilities of the disposal recorded in the consolidated financial statements and the cash flow effect of the disposals were: 31.12.2017 31.12.2017 RMB’000 US$’000 Property, plant and equipment (Note 11) 104,844 16,565 Trade receivables and other receivables 3,257 514 Cash and bank balances 9,153 1,446 117,254 18,525 Trade and other payables (3,737 ) (590 ) Provision for taxation (44 ) (7 ) Deferred taxation (588 ) (93 ) Carrying value of net assets 112,885 17,835 Gain on disposal: Total consideration 395,000 62,407 Less: Cost of disposal (47,532 ) (7,510 ) Total consideration less cost of disposal 347,468 54,897 Net assets derecognized (112,885 ) (17,835 ) Realization of foreign translation reserves upon disposal (18,468 ) (2,917 ) Gain on disposal of the subsidiaries (Note 8.2(b)) 216,115 34,145 Total consideration less cost of disposal 347,468 54,897 Add: Transaction cost unpaid 33,287 5,260 Less: Retention sum receivables (30,000 ) (4,740 ) Cash and bank balances of the subsidiaries (9,153 ) (1,446 ) Net cash inflow on disposal of the subsidiaries 341,602 53,971 |
Investment in associates
Investment in associates | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Investment in associates | 5. Investment in associates The Group’s investment in associates are summarized as below: 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Share of profit/(loss) of associates, net of tax 245 456 (28 ) (4 ) 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Carrying amount of investment 3,836 2,185 345 Details of the associates are as follows: Name of company Principal activities Place of incorporation/ business Group’s effective equity interest 31.12.2016 31.12.2017 % % Held by subsidiaries Sinjori Sdn. Bhd. Property investment and development Malaysia 14.0 14.0 Guangxi Yuchai Quan Xing Machinery Co., Ltd. Manufacture spare part and sales of auto spare part, diesel engine & spare part, metallic materials, generator & spare part, chemical products (exclude dangerous goods), lubricating oil People’s Republic of 15.3 15.3 Guangxi Yulin Yuchai Property Management Co., Ltd. (“Property Management”) (i) Property management People’s Republic of 22.9 — Note: (i) In August 2017, YEMC disposed its equity interest in Property Management to State Holding Company for a consideration of RMB 1,832 (US$289). As a result, the Group recognized net gain on disposal of associate of RMB199 (US$31) in the Group’s profit or loss for the year ended December 31, 2017. |
Investment in joint ventures
Investment in joint ventures | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Investment in joint ventures | 6. Investment in joint ventures 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Share of (loss)/profit of joint ventures, net of tax: Y & C Engine Co., Ltd. (8,978 ) 2,039 17,755 2,805 Copthorne Hotel Qingdao Co., Ltd. (i) 6,941 (4,465 ) — — MTU Yuchai Power Co., Ltd. — — (8,487 ) (1,341 ) Other joint ventures (899 ) (1,642 ) 814 129 (2,936 ) (4,068 ) 10,082 1,593 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Carrying amount of investments: Y & C Engine Co., Ltd. 169,064 122,235 19,312 MTU Yuchai Power Co., Ltd. — 66,513 10,509 Other joint ventures 7,287 7,354 1,162 176,351 196,102 30,983 Note: (i) Since February 23, 2016, the investment in Copthorne Hotel Qingdao Co., Ltd had been classified as asset held for sale in view of proposed disposal. The disposal was completed on October 19, 2017. (Refer to Note 22 for details). The Group has interests in the following joint ventures: Name of company Principal activities Place of incorporation/ business Group’s effective 31.12.2016 31.12.2017 % % Held by subsidiaries Copthorne Hotel Qingdao Co., Ltd. (“Copthorne Qingdao”) Owns and operates a hotel in Qingdao, PRC People’s Republic of China 30.1 — HL Heritage Sdn. Bhd. Property development and property investment holdings Malaysia 30.1 30.1 Shanghai Hengshan Equatorial Hotel Management Co., Ltd. Hotel and property management People’s Republic of China 24.6 24.6 Y & C Engine Co., Ltd (“Y&C”) Manufacture and sale of heavy duty diesel engines, spare parts and after-sales services People’s Republic of China 34.4 34.4 Guangxi Yineng IOT Science & Technology Co., Ltd. Design, development, management and marketing of an electronic operations management platform People’s Republic of China 15.3 15.3 MTU Yuchai Power Co., Ltd (“MTU Yuchai Power”) (i) Manufacture off-road People’s Republic of China — 38.2 Note: (i) MTU Yuchai Power was incorporated on January 18, 2017. During 2017, Yuchai had invested RMB 75.0 million (US$ 11.8 million) into the joint venture. The Group assess impairment of investments when adverse events or changes in circumstances indicate that the carrying amounts may not be recoverable. If the recoverable amount of investment is below its carrying amount, an impairment charge is recognized. The Group performs evaluation of the value of its investment using a discounted cash flows projection or fair value less cost of disposal where appropriate. The projection will be performed using historical trends as a reference and certain assumptions to project the future streams of cash flows. In 2015, the Group performed impairment evaluation of its investments in joint ventures. As a result, the Group reversed the earlier impairment of RMB 21.9 million for Copthorne Qingdao. The reversal was made because the fair value less cost of disposal estimated in the latest independent valuation report is higher than the carrying amount and the management had obtained the consent from its joint venture partner to sell the joint venture. The Group estimated the recoverable amounts of investment in Copthorne Qingdao based on its fair value less cost of disposal. The fair value is determined using recognized valuation technique, which is discounted cash flow method. The calculations require the use of key significant unobservable inputs (fair value level 3), which are occupancy rates, room rates, discount rates and gross margins of operating hotel. With regards to the valuation of the recoverable amount of Copthorne Qingdao, management believes that no reasonably possible changes in any of the key assumptions would cause the carrying value of the joint venture to materially exceed its recoverable amount. In 2016 and 2017, the Group performed impairment evaluation of its investments in joint ventures, no impairment was required. The summarized financial information of the joint ventures, based on their IFRS financial statements, and reconciliation with the carrying amount of the investment in consolidated financial statements are set out below: 31.12.2015 Y & C Copthorne Qingdao Total RMB’000 RMB’000 RMB’000 Revenue 356,697 50,971 407,668 Depreciation and amortization (23,453 ) (12,079 ) (35,532 ) Interest expense (19,612 ) (8,599 ) (28,211 ) Loss for the year, representing total comprehensive loss for the year (19,952 ) (20,311 ) (40,263 ) Proportion of the Group’s ownership 45 % 60 % Group’s share of loss (8,978 ) (12,187 ) Depreciation arising from fair value adjustment during purchase price allocation — (2,804 ) Reversal of cumulative impairment loss — 21,932 Group’s share of (loss)/profit of significant joint ventures (8,978 ) 6,941 (2,037 ) Group’s share of loss of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures (899 ) Group’s share of loss for the year, representing the Group’s share of total comprehensive loss for the year (2,936 ) 31.12.2016 Y & C Total RMB’000 RMB’000 Non-current 616,397 616,397 Current assets - Cash and bank balances 99,014 99,014 - Others 215,246 215,246 Total assets 930,657 930,657 Non-current (60,382 ) (60,382 ) Current liabilities - Interest-bearing loans and borrowings (68,800 ) (68,800 ) - Others (425,777 ) (425,777 ) Total liabilities (554,959 ) (554,959 ) Equity 375,698 375,698 Proportion of the Group’s ownership 45 % Group’s share of net assets 169,064 Carrying amount of significant joint ventures 169,064 169,064 Carrying amount of other joint ventures 7,287 Carrying amount of the investment in joint ventures 176,351 2016 Y & C Copthorne Qingdao* Total RMB’000 RMB’000 RMB’000 Revenue 553,878 3,674 557,552 Depreciation and amortization (22,087 ) (2,797 ) (24,884 ) Interest expense (14,012 ) (1,337 ) (15,349 ) Profit/(loss) for the year, representing total comprehensive loss for the year 4,531 (6,664 ) (2,133 ) Proportion of the Group’s ownership 45 % 60 % Group’s share of profit/(loss) 2,039 (3,998 ) Depreciation arising from fair value adjustment during purchase price allocation — (467 ) Group’s share of profit/(loss) of significant joint ventures 2,039 (4,465 ) (2,426 ) Group’s share of loss of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures (1,642 ) Group’s share of loss for the year, representing the Group’s share of total comprehensive loss for the year (4,068 ) * On February 23, 2016, the investment in Copthorne Qingdao was classified as asset held for sale. Accordingly, the information presented includes the results of Copthorne Qingdao only for the period from January 1, 2016 to February 23, 2016. 31.12.2017 Y & C MTU Total Total RMB’000 RMB’000 RMB’000 US$’000 Non-current 734,270 32,015 766,285 121,068 Current assets - Cash and bank balances 199,925 113,055 312,980 49,449 - Others 367,293 22,775 390,068 61,628 Total assets 1,301,488 167,845 1,469,333 232,144 Non-current (13,543 ) — (13,543 ) (2,140 ) Current liabilities - Interest-bearing loans and borrowings (13,500 ) — (13,500 ) (2,133 ) - Others (842,765 ) (34,820 ) (877,585 ) (138,652 ) Total liabilities (869,808 ) (34,820 ) (904,628 ) (142,925 ) Equity 431,680 133,025 564,705 89,219 Proportion of the Group’s ownership 45 % 50 % Group’s share of net assets 194,256 66,513 Unrealized profit on transactions with joint venture (72,021 ) — Carrying amount of significant joint ventures 122,235 66,513 188,748 29,821 Carrying amount of other joint ventures 7,354 1,162 Carrying amount of the investment in joint ventures 196,102 30,983 31.12.2017 Y & C MTU Total Total RMB’000 RMB’000 RMB’000 US$’000 Revenue 1,331,823 — 1,331,823 210,419 Depreciation and amortization (20,831 ) (227 ) (21,058 ) (3,327 ) Interest expense (28,663 ) (343 ) (29,006 ) (4,583 ) Profit/(loss) for the year, representing total comprehensive income for the year 55,982 (16,973 ) 39,009 6,163 Proportion of the Group’s ownership 45 % 50 % Group’s share of profit 25,192 (8,487 ) Unrealized profit on transactions with joint venture (7,437 ) — Group’s share of profit of significant joint ventures 17,755 (8,487 ) 9,268 1,464 Group’s share of loss of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures 814 129 Group’s share of profit for the year, representing the Group’s share of total comprehensive income for the year 10,082 1,593 Note: As of December 31, 2017, the Group’s share of joint ventures’ capital commitment that are contracted but not paid was RMB 30,000 (US$4,740) (2016: RMB 10,982). As of December 31, 2017, the Group’s share of outstanding bills receivables discounted with banks for which Y & C retained a recourse obligation totaled RMB Nil (US$Nil) (2016: RMB 1,440). As of December 31, 2017, the Group’s share of outstanding bills receivables endorsed to suppliers for which Y & C retained a recourse obligation were RMB 23,288 (US$3,679) (2016: RMB 5,113). Significant restrictions The nature and extent of significant restrictions on the Group’s ability to use or access assets and settle liabilities of joint ventures are: The Group’s share of cash and cash equivalents of RMB 67,238 (US$10,623) (2016: RMB 26,437) held in the PRC are subject to local exchange control regulations. These regulations places restriction on the amount of currency being exported other than through dividends, trade and service related transactions. As at December 31, 2017, the Group’s share of restricted trade receivables of RMB 6,766 (US$1,069) (2016: RMB 34,403) that were factored to large banks in China. The Group’s joint venture have obligation to the banks for its trade receivables with recourse. As at December 31, 2017, the Group’s share of restricted cash of RMB 80,452 (US$12,711) (2016: RMB 18,119) which was used as collateral by the banks for the issuance of bills to suppliers. As at December 31, 2017, the Group’s share of bills receivables of RMB 12,150 (US$1,920) (2016: RMB Nil) which was used as collateral by banks for the issuance of bills to suppliers. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Revenue | 7. Revenue 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Sale of goods 13,634,395 13,542,568 16,085,640 2,541,416 Sale of development property — — 710 112 Revenue from hotel and restaurant operations 94,053 110,718 127,971 20,219 Rental income 4,989 11,554 8,121 1,283 Revenue 13,733,437 13,664,840 16,222,442 2,563,030 |
Other income and expenses recog
Other income and expenses recognized in statement of profit and loss | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Other income and expenses recognized in statement of profit and loss | 8.1 Depreciation and amortization, shipping and handling expenses Depreciation of property, plant and equipment, investment property and amortization of prepaid operating leases are included in the following captions. 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Cost of sales 319,962 322,289 307,102 48,520 Research and development expenses 58,204 56,812 48,291 7,630 Selling, general and administrative expenses 91,269 99,059 88,788 14,027 469,435 478,160 444,181 70,177 Sales related shipping and handling expenses not separately billed to customers are included in the following caption: 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Selling, general and administrative expenses 172,865 159,023 208,197 32,894 8.2 (a) Other operating income 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Interest income 41,314 56,983 105,421 16,656 Dividend income from held for trading investment — 943 2,532 400 Gain on disposal of subsidiaries (Note 4) — — 216,115 34,145 Gain on disposal of joint venture (Note 22) — — 107,976 17,059 Gain on disposal of associate — — 199 31 Gain on disposal of property, plant and equipment — — 11,668 1,843 Gain on disposal of intangible assets — — 115,235 18,206 Gain on disposal of prepaid operating leases 2,511 — — — Gain on liquidation of joint venture 348 — — — Government grants 31,205 41,515 34,337 5,425 Fair value gain on held for trading investment — — 12,768 2,017 Fair value gain on foreign exchange forward contract (Note 19) 15,506 — — — Write-back of trade and other payables 9 — 29 5 Write-back of allowance for anticipated losses on development properties 2,976 — — — Bad debt recovered 4,257 — — — Foreign exchange gain, net — — 30,943 4,889 Others 8,805 18,513 10,129 1,600 106,931 117,954 647,352 102,276 8.2 (b) Other operating expenses 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Loss on disposal of property, plant and equipment 14,874 14,020 — — Loss on disposal of subsidiary 13,647 — — — Loss on dilution of equity interest in joint venture 2,848 — — — Foreign exchange loss, net 45,354 4,006 — — Fair value loss on held for trading investment 10,871 243 — — Fair value loss on foreign exchange forward contract — 140 — — Goodwill written off — 1,131 — — Others — 3,059 22,719 3,589 87,594 22,599 22,719 3,589 8.3 Finance costs 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Bank term loans 57,212 34,477 53,888 8,514 Corporate bonds 54,116 27,581 — — Bills discounting 1,651 13,068 42,179 6,664 Bank charges 3,364 4,552 4,367 690 Finance lease 8 5 5 1 116,351 79,683 100,439 15,869 8.4 Staff costs 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Wages and salaries 839,288 922,847 1,158,320 183,006 Contribution to defined contribution plans 297,926 275,703 258,190 40,792 Executive bonuses 32,190 44,921 59,908 9,465 Staff welfare 73,908 81,223 76,392 12,069 Staff severance cost 8,385 12,864 107,732 17,021 Cost of share-based payment 10,275 5,301 1,592 252 Others 9,062 20,340 1,870 295 1,271,034 1,363,199 1,664,004 262,900 |
Income tax expense
Income tax expense | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Income tax expense | 9. Income tax expense Income tax expense in the consolidated statement of profit or loss consists of: 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Current income tax - Current year 104,584 104,149 197,264 31,167 - (Over)/under provision in respect of prior years (47 ) 7,175 (2,867 ) (453 ) Deferred tax - Movement in temporary differences 72,281 48,946 25,770 4,071 Consolidated income tax expense reported in the statement of profit or loss 176,818 160,270 220,167 34,785 Income tax expense reported in the consolidated statement of profit or loss differs from the amount computed by applying the PRC income tax rate of 15% (being tax rate of Yuchai) for the years ended December 31, 2017, 2016 and 2015 for the following reasons: 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Accounting profit before tax 686,138 883,878 1,625,237 256,776 Computed tax expense of 15% 102,921 132,582 243,786 38,517 Adjustments resulting from: Non-deductible 9,815 7,039 21,982 3,473 Tax-exempt (5,574 ) (178 ) (58,324 ) (9,215 ) Utilization of deferred tax benefits previously not recognized (2,001 ) (3,157 ) (7,374 ) (1,165 ) Deferred tax benefits not recognized 61,299 9,045 8,084 1,277 Tax credits for research and development expense (27,087 ) (34,482 ) (34,428 ) (5,439 ) Tax rate differential 24,249 25,321 21,061 3,328 (Over)/under provision in respect of previous years current tax (47 ) 7,175 (2,867 ) (453 ) Withholding tax expense 13,126 16,925 29,447 4,652 Others 117 — (1,200 ) (190 ) Total 176,818 160,270 220,167 34,785 Deferred tax Deferred tax relates to the following: Consolidated statement of financial Consolidated statement of profit or loss 31.12.2016 31.12.2017 31.12.2017 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 RMB’000 RMB’000 RMB’000 US$’000 Deferred tax liabilities Accelerated tax depreciation (10,521 ) (15,122 ) (2,389 ) (10,852 ) 373 (4,601 ) (727 ) Unremitted earnings from overseas source income (437 ) — — — (25 ) — — Interest receivable (1,453 ) (774 ) (122 ) — (1,471 ) 679 107 Derivatives not designated as hedges- foreign exchange forward contract — — — (2,326 ) 2,326 — — PRC withholding tax on dividend income (i) (103,347 ) (100,572 ) (15,890 ) (12,549 ) (16,628 ) (29,031 ) (4,587 ) (115,758 ) (116,468 ) (18,401 ) (25,727 ) (15,425 ) (32,953 ) (5,207 ) Deferred tax assets Impairment of property, plant and equipment 2,876 12,319 1,946 409 (9,005 ) 9,443 1,492 Write-down of inventories 21,209 17,493 2,764 (3,867 ) (4,421 ) (3,716 ) (587 ) Allowance for doubtful account receivables 9,340 7,376 1,165 (3,361 ) 7,196 (1,964 ) (310 ) Accruals 185,952 204,730 32,346 17,253 (46,350 ) 18,778 2,967 Deferred income 70,931 51,679 8,165 (44,232 ) 10,045 (19,252 ) (3,042 ) Write down of intangible asset — — — (15,000 ) — — — Others 17,899 21,793 3,443 2,244 9,014 3,894 616 308,207 315,390 49,829 (46,554 ) (33,521 ) 7,183 1,136 (72,281 ) (48,946 ) (25,770 ) (4,071 ) Note: (i) The movement of PRC withholding tax on dividend income is as follows: 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 At January 1 (113,805 ) (103,347 ) (16,328 ) Provision made to consolidated statement of profit or loss (16,628 ) (29,031 ) (4,587 ) Utilization 27,107 31,806 5,025 Translation differences (21 ) — — December 31 (103,347 ) (100,572 ) (15,890 ) The CIT law provides for a tax of 10% to be withheld from dividends paid to foreign investors of PRC enterprises. This withholding tax provision does not apply to dividends paid out of profit earned prior to January 1, 2008. Beginning on January 1, 2008, a 10% withholding tax is imposed on dividends paid to the Company, as a non-resident The following table represents the classification of the Group’s net deferred tax assets: 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Deferred tax assets 308,207 315,390 49,829 Deferred tax liabilities (115,758 ) (116,468 ) (18,401 ) 192,449 198,922 31,428 Deferred tax assets have not been recognized in respect of the following items: 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Unutilized tax losses 515,207 479,410 75,743 Unutilized capital allowances and investment allowances 106,781 107,266 16,947 Other unrecognized temporary differences relating to provisions and deferred grants 224,087 230,269 36,381 846,075 816,945 129,071 Unrecognized tax losses for the Group are subject to agreement with the tax authorities and compliance with tax regulations in the respective countries in which the Group operates. These losses relate to subsidiaries that have a history of losses, expire within the next 5 years and may not be used to offset taxable income elsewhere in the Group. Deferred tax assets have not been recognized in respect of these items because it is not probable that future taxable profits will be available against which the Group can utilize the benefits. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Earnings per share | 10. Earnings per share Basic earnings per share amounts are calculated by dividing the profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share amounts are calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. Basic earnings per share The calculation of basic earnings per share is based on: 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Profit attributable to ordinary equity holders of the parent 341,108 515,737 953,922 150,713 Weighted average number of ordinary shares 38,712,282 40,016,808 40,764,569 40,764,569 Diluted earnings per share The weighted average number of ordinary shares adjusted for the effect of unissued ordinary shares under the Share Option Scheme is determined as follows: 31.12.2015 31.12.2016 31.12.2017 Weighted average number of shares issued, used in the calculation of basic earnings per share 38,712,282 40,016,808 40,764,569 Diluted effect of share options — — — Weighted average number of ordinary shares adjusted for effect of dilution 38,712,282 40,016,808 40,764,569 In 2017, 470,000 (2016: 530,000; 2015: 570,000) share options granted to employees under the existing employee share option plan have not been included in the calculation of diluted earnings per share because they are anti-dilutive. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Property, plant and equipment | 11. Property, plant and equipment Freehold land RMB’000 Leasehold land, buildings and improvements RMB’000 Construction in progress RMB’000 Plant and machinery RMB’000 Office furniture, fittings and equipment RMB’000 Motor and transport vehicles RMB’000 Total RMB’000 Cost At January 1, 2016 13,301 2,307,160 328,117 4,969,820 181,448 114,681 7,914,527 Additions — 23,621 232,474 8,514 17,757 2,627 284,993 Acquisition as subsidiary — — — — 29 — 29 Disposals — (16,492 ) — (114,861 ) (6,966 ) (3,263 ) (141,582 ) Transfers — 37,001 (224,440 ) 186,620 142 296 (381 ) Write-off — — — — (5 ) — (5 ) Translation difference 429 356 — (337 ) 56 84 588 At December 31, 2016 and January 1, 2017 13,730 2,351,646 336,151 5,049,756 192,461 114,425 8,058,169 Additions — 1,109 226,977 7,464 16,763 9,120 261,433 Disposal of subsidiary — (107,632 ) — (35,490 ) (12,473 ) (255 ) (155,850 ) Disposals — (3,310 ) — (10,064 ) (3,718 ) (5,481 ) (22,573 ) Transfers — 81,486 (280,358 ) 198,872 — — — Write-off — (2,385 ) (1,674 ) (53,792 ) (15,307 ) (599 ) (73,757 ) Translation difference 263 1,954 — 88 2,228 (74 ) 4,459 At December 31, 2017 13,993 2,322,868 281,096 5,156,834 179,954 117,136 8,071,881 Accumulated depreciation and impairment At January 1, 2016 460 572,857 — 2,831,362 110,175 70,129 3,584,983 Charge for the year — 78,504 — 359,046 21,248 6,295 465,093 Disposals — (8,720 ) — (104,346 ) (6,514 ) (2,277 ) (121,857 ) Transfers — (24 ) — — — — (24 ) Impairment loss — — — 3,297 — — 3,297 Translation difference 7 (331 ) — (160 ) (78 ) 54 (508 ) At December 31, 2016 and January 1, 2017 467 642,286 — 3,089,199 124,831 74,201 3,930,984 Charge for the year — 78,347 — 325,979 21,202 6,039 431,567 Disposal of subsidiary — (26,031 ) — (15,040 ) (9,695 ) (240 ) (51,006 ) Disposals — (1,879 ) — (10,191 ) (1,798 ) (4,733 ) (18,601 ) Write-off — (1,377 ) — (51,087 ) (15,012 ) (599 ) (68,075 ) Impairment loss — — 1,055 19,790 — — 20,845 Translation difference 17 104 — 62 1,998 (32 ) 2,149 At December 31, 2017 484 691,450 1,055 3,358,712 121,526 74,636 4,247,863 Net book value At December 31, 2016 13,263 1,709,360 336,151 1,960,557 67,630 40,224 4,127,185 At December 31, 2017 13,509 1,631,418 280,041 1,798,122 58,428 42,500 3,824,018 US$’000 2,134 257,752 44,245 284,091 9,231 6,715 604,168 An impairment loss of RMB 20,845 (US$ 3,293) (2016: RMB 3,297; 2015: RMB 2,873) was charged to the consolidated statement of profit or loss under “Cost of sales” for the Group’s property, plant and equipment within the Yuchai segment. The impairment loss for 2015, 2016 and 2017 was due to assets that were not in use. As of December 31, 2017, property, plant and equipment with a carrying amount of RMB 82,710 (US$13,068) (2016: RMB 84,360) are pledged to secure bank facilities. Finance leases The carrying value of property, plant and equipment held under finance leases at December 31, 2017 was RMB 96 (US$15) (2016: RMB 144). In 2017, there was no addition of property, plant and equipment under finance leases (2016: RMB86). |
Investment property
Investment property | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Investment property | 12. Investment property 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Cost At January 1 31,323 31,776 5,020 Translation difference 453 1,169 185 At December 31 31,776 32,944 5,205 Accumulated depreciation At January 1 23,886 24,478 3,867 Charge for the year 248 248 39 Translation difference 344 784 125 At December 31 24,478 25,510 4,031 Net carrying amount 7,298 7,434 1,174 Fair value 10,149 10,557 1,668 Consolidated statements of profit or loss: Direct operating expenses (including repairs, maintenance and depreciation expense) arising from the rental generating property (571 ) (508 ) (80 ) The Group has no restrictions on the realizability of its investment property and no contractual obligations to purchase, construct or develop investment property or for repairs, maintenance or enhancement. The fair value is determined by independent professional valuers that has appropriate recognized professional qualifications and recent experience in the location and category of the property being valued. In valuing the investment property, due consideration is given to factors such as location and size of building, building infrastructure, market knowledge, historical transactions and other relevant factors to arrive at their opinion of value. The following table shows information about fair value measurement of the investment property using significant unobservable inputs (Level 3): Valuation techniques Unobservable input Inter-relationship between key unobservable inputs and fair value measurement 2017 Market comparison and cost Comparable price: - Land: RMB 24 to RMB 34 (US$4 to US$5) per square foot - Retail: RMB 352 to RMB 859 (US$56 to US$139) per square foot The estimated fair value increases with higher comparable price 2016 Market comparison and cost Comparable price: - Land: RMB 24 to RMB 34 per square foot - Retail: RMB 337 to RMB 847 per square foot The estimated fair value increases with higher comparable price |
Prepaid operating leases
Prepaid operating leases | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Prepaid operating leases | 13. Prepaid operating leases Yuchai is granted land use rights of 15 to 50 years in respect of such land. Prepaid operating leases represent those amounts paid for land use rights to the PRC government. 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Current 12,546 12,546 1,982 Non-current 379,636 367,270 58,026 Total 392,182 379,816 60,008 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Cost At January 1 and December 31 529,577 529,577 83,669 Accumulated amortization At January 1 124,576 137,395 21,707 Charge for the year 12,819 12,366 1,954 At December 31 137,395 149,761 23,661 Net carrying amount 392,182 379,816 60,008 As of December 31, 2017, prepaid operating leases with a carrying amount of RMB Nil (US$Nil) (2016: RMB 71,022) are pledged to secure bank facilities. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Goodwill | 14. Goodwill RMB’000 US$’000 Cost At January 1, 2016, December 31, 2016, January 1, 2017 and December 31, 2017 218,311 34,492 Accumulated impairment At January 1, 2016, December 31, 2017, January 1, 2017 and December 31, 2017 5,675 897 Net carrying amount At December 31, 2016 and December 31, 2017 212,636 33,595 Goodwill represents the excess of costs over fair value of net assets of businesses acquired. Goodwill acquired through business combinations have been allocated to two cash-generating units for impairment testing as follows: • Yuchai • Yulin Hotel. Goodwill allocated to Yulin Hotel was fully impaired in 2008. Carrying amount of goodwill allocated to the cash-generating unit: 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Yuchai 212,636 212,636 33,595 Yuchai unit The Group performs its impairment test annually. The recoverable amount of the unit was determined based on a value in use calculation using cash flow projections from financial budgets approved by senior management covering an eight-year period. The business of Yuchai is stable since the Group has control in 1994 and the business model of Yuchai is unlikely to change in the foreseeable future. The pre-tax Key assumptions used in value in use calculations The calculation of value in use for the cash-generating unit is most sensitive to the following assumptions: • Profit from operation • Discount rate • Growth rate used to extrapolate cash flows beyond the forecast period Profit from operation – Profit from operation is based on management’s estimate with reference to historical performance of Yuchai unit. Discount rate – Discount rate reflects management’s estimate of the risks specific to the cash-generating unit and is estimated based on weighted average cost of capital (“WACC”). The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the Group’s investors. The cost of debt is based on the interest-bearing borrowings the cash-generating unit is obliged to service. This rate is weighted according to the optimal debt/equity structure arrived on the basis of the capitalization structure of the peer group. Growth rate estimate – Growth rate is based on management’s estimate with reference to general available indication of long-term gross domestic product growth rate of China. The long term rates used to extrapolate the budget for Yuchai are 6.5% for 2017 and 2016 respectively. Sensitivity to changes in assumptions The implications of the key assumptions for the recoverable amount are discussed below: Profit from operation – A decreased demand can lead to a decline in profit from operation. A decrease in demand by 2.37% (2016: 11.63%) would result in impairment. Discount rate – A rise in pre-tax Growth rate assumptions – Management recognizes that the speed of technological change and the possibility of new entrants can have a significant impact on growth rate assumptions. A reduction to 2.98% (2016: 5.32%) in the long-term growth rate in Yuchai unit would result in impairment. With regard to the assessment of value in use of the Yuchai unit, management believes that no reasonably possible change in any of the above key assumptions would cause the recoverable amount to materially fall below the carrying value of the unit. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Intangible assets | 15. Intangible assets Development costs RMB’000 Cost At January 1, 2016, December 31, 2016 and January 1, 2017 168,526 Disposal (31,704 ) At December 31, 2017 136,822 Impairment At January 1, 2016, December 31, 2016 and January 1, 2017 86,700 Charge to consolidated statement of profit or loss 40,000 At December 31, 2017 126,700 Net carrying amount At December 31, 2016 81,826 At December 31, 2017 10,122 US$’000 1,599 In 2017, upon the completion of engineering design services for the heavy-duty engine platform to the Group’s joint venture company, Y&C, the respective technology development costs were transferred to consolidated statement of profit or loss under the line item “ other operating income” to record the net gain from the project. At December 31, 2017, The Group has an intangible asset representing technology development costs held by Jining Yuchai with carrying amount of RMB 10,122 (US$1,599) (2016: RMB 50,122). The Group perform an impairment review on intangible assets when there is a triggering event. In 2015, the management performed impairment review based on the updated business plan after due considerations of a slowdown in the PRC economy. As a result, subsequent to the impairment loss of RMB 60,000 recorded in 2014, a further impairment loss of RMB 26,700 was charged to consolidated statement of profit or loss under the line item “selling, distribution and administrative costs” in respect of this technology development costs. In 2016, management performed impairment review based on the updated business plan and no impairment loss was recognized. In 2017, due to the stringent emission standard requirement, management revised its business plan and shortened the expected useful life of the intangible assets from 15 years to 10 years. As a result, a further impairment loss of RMB 40,000 (US$6,320) was charged to consolidated statement of profit or loss under the line item “selling, distribution and administrative costs”. The recoverable amount was determined based on its value in use using the discounted cash flow approach. Cash flows were projected based on historical growth, past experience and management best estimation of future business outlook. The recoverable amount of the intangible asset was based on its value in use. The Group used a 10 years forecast, using pre-tax pre-tax If the pre-tax |
Other financial liabilities
Other financial liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Other financial liabilities | 16. Other financial liabilities (a) Other liabilities 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Derivative not designated as hedges – foreign exchange forward contract 140 — — Finance lease liabilities (Note 31) 108 79 12 Total 248 79 12 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Current 178 33 5 Non-current 70 46 7 Total 248 79 12 Foreign exchange forward contract On December 21, 2016, Yuchai entered into a non-deliverable (b) Interest-bearing loans and borrowings Effective interest rate Maturity 31.12.2016 % RMB’000 Current Renminbi denominated loans 3.94 2017 753,750 USD denominated loans 3.70 2017 104,055 Singapore Dollar denominated loans (ii) 1.81 2017 33,616 Malaysian Ringgit denominated loans 5.90 2017 2,715 894,136 Non-current Malaysian Ringgit denominated loans 5.90 2020 16,270 Effective interest rate Maturity 31.12.2017 31.12.2017 % RMB’000 US$’000 Current Renminbi denominated loans 3.99 2018 1,600,000 252,789 Non-current Malaysian Ringgit denominated loans 5.95 2020 11,685 1,846 Singapore Dollar denominated loans (ii) 1.88 2020 14,656 2,316 26,341 4,162 Note: (i) All loans balances as stated above do not have a callable feature. (ii) The loans comprise: Issuer bank Facility limit Usage RMB’000 December 31, 2016 Bank of Tokyo-Mitsubishi, UFJ Ltd S$ 30 million 16,808 Sumitomo Mitsui Banking Corporation US$ 30 million 16,808 33,616 December 31, 2017 Bank of Tokyo-Mitsubishi, UFJ Ltd S$ 30 million 14,656 US$’000 2,316 S$30.0 million credit facility with DBS Bank Ltd (“DBS”) On May 22, 2015, the Company entered into a three year revolving uncommitted credit facility agreement with DBS with an aggregate value of S$30.0 million. Among other things, the terms of the facility required that HLA retains ownership of the special share and that the Company remain a consolidated subsidiary of HLA. The terms of the facility also included certain financial covenants with respect to the Company’s consolidated tangible net worth (as defined in the agreement) not being less than US$350 million, and the ratio of the consolidated total net debt (as defined in the agreement) to consolidated tangible net worth not exceeding 1.0 times. This arrangement was used to finance the Group general working capital requirements. S$30.0 million credit facility with MUFG Bank Ltd, Singapore Brach (formally known as Bank of Tokyo Mitsubishi UFJ, Ltd., Singapore Branch) (“MUFG”) On March 30, 2017, the Company entered into an unsecured multi-currency revolving credit facility agreement with MUFG for a committed aggregate value of S$30.0 million to refinance the S$30.0 million facility that matured on March 18, 2017. The facility is available for three years from the date of the facility agreement and will be used to finance the Company’s long-term general working capital requirements. Among other things, the terms of the facility require that HLA retains ownership of the Company’s special share and that the Company remains a consolidated subsidiary of HLA. The terms of the facility also include certain financial covenants with respect to the Company’s tangible net worth (as defined in the agreement) as at June 30 and December 31 of each year not being less than US$120 million and the ratio of the Company’s total net debt (as defined in the agreement) to tangible net worth as at June 30 and December 31 of each year not exceeding 2.0 times, as well as negative pledge provisions and customary drawdown requirements. US$30.0 million credit facility with Sumitomo Mitsui Banking Corporation, Singapore Branch (“SMBC”) On March 31, 2017, the Company entered into an uncommitted and unsecured multi-currency revolving credit facility agreement with SMBC for an aggregate value of US$30.0 million to refinance the US$30.0 million facility that matured on March 18, 2017. The facility is available for three years from the date of the facility agreement and will be utilized by the Company to finance its long-term general working capital requirements. The terms of the facility require, among other things, that HLA retains ownership of the special share and that the Company remains a principal subsidiary (as defined in the facility agreement) of HLA. The terms of the facility also include certain financial covenants with respect to the Company’s consolidated tangible net worth (as defined in the agreement) as at June 30 and December 31 of each year not less than US$200 million and the ratio of the Company’s consolidated total net debt (as defined in the agreement) to consolidated tangible net worth as at June 30 and December 31 of each year not exceeding 2.0 times, as well as negative pledge provisions and customary drawdown requirements. |
Deferred grants
Deferred grants | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Deferred grants | 17. Deferred grants 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 At January 1 360,783 337,889 53,384 Received during the year 13,639 50,095 7,915 Released to consolidated statement of profit or loss (36,533 ) (34,337 ) (5,425 ) At December 31 337,889 353,647 55,874 Current (Note 28) 21,939 22,270 3,519 Non-current 315,950 331,377 52,355 337,889 353,647 55,874 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Inventories | 18. Inventories 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Raw materials 904,737 1,188,396 187,758 Work in progress 26,807 34,924 5,518 Finished goods 732,335 1,349,425 213,199 Total inventories at the lower of cost and net realizable value 1,663,879 2,572,745 406,475 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Inventories recognized as an expense in cost of sales 9,566,699 9,308,265 11,021,960 1,741,391 Inclusive of the following charge/(credit): - Inventories written down 59,339 48,202 17,492 2,764 - Reversal of write-down of inventories (24,079 ) (53,373 ) (37,393 ) (5,908 ) The reversal of write-down of inventory was made when the related inventories were sold above their carrying value. |
Other assets
Other assets | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Other assets | 19. Other assets 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Current Development properties 23,378 23,833 3,765 Held for trading investment, quoted equity securities (i) 12,181 24,714 3,905 35,559 48,547 7,670 31.12.2016 31.12.2017 31.12.2017 Non-current Deferred expenditure (ii) — 303 48 (i) The quoted equity securities are listed on the Singapore Exchange. (ii) The deferred expenditure relate to the legal fees for an option to purchase for sale of lands entered with a buyer in 2016 and will be transferred to the profit or loss upon completion of the sale. |
Trade and bill receivables
Trade and bill receivables | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Trade and bill receivables | 20. Trade and bill receivables 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Trade receivables, net 241,168 212,104 33,511 Bill receivables (i) 6,816,088 6,819,440 1,077,423 Total (Note 36) 7,057,256 7,031,544 1,110,934 (i) As of December 31, 2017, bill receivables include bills issued by joint venture and other related parties amounted to RMB 69,816 (US$11,030) (2016: RMB 45,000) and RMB 23,832 (US$3,765) (2016: RMB 3,968) respectively. Trade receivables, are non-interest As of December 31, 2016 and 2017, outstanding bill receivables discounted with banks for which the Group retained a recourse obligation totaled RMB 817,391 and RMB 1,505,759 (US$237,899) respectively. All bill receivables discounted have contractual maturities within 12 months at time of discounting. As of December 31, 2016 and 2017, outstanding bill receivables endorsed to suppliers with recourse obligation were RMB 851,099 and RMB 1,316,136 (US$207,940) respectively. An analysis of the impairment of trade receivables is as follows: 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 At January 1 51,288 54,634 8,632 Charge/(credit) to consolidated statement of profit or loss 3,696 (10,854 ) (1,715 ) Written off (346 ) (5 ) (1 ) Translation differences (4 ) — — At December 31 54,634 43,775 6,916 The Group’s historical experience in the collection of trade receivables falls within the recorded allowances. Due to this factor, management believes that no additional credit risks beyond the amount provided for collection losses are inherent in the Group’s trade receivables. As of December 31, 2016 and 2017, gross trade receivables due from a major customer, Dongfeng Automobile Co., Ltd. and its affiliates (the “Dongfeng companies”) were RMB 34,307 and RMB 24,580 (US$3,884), respectively. See Note 33 for further discussion of customer concentration risk. Neither past due Past due but not impaired Total nor 0 – 90 91-180 181-365 >365 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 At 31.12.2017 7,031,544 6,919,347 59,966 21,457 29,857 917 At 31.12.2016 7,057,256 6,995,511 37,902 12,062 9,654 2,127 |
Other receivables and prepaymen
Other receivables and prepayments | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Other receivables and prepayments | 21. Other receivables and prepayments 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Staff advances 7,501 5,107 807 Associates and joint ventures 182,671 13,230 2,090 Other related parties 10,096 37,275 5,889 Interest receivables 6,775 4,345 686 Bills receivable in transit 29,134 32,013 5,058 Retention sums (i) — 30,000 4,740 Others 10,510 10,705 1,692 Loans and receivables (Note 36) 246,687 132,675 20,962 Tax recoverable 102,024 177,819 28,094 Prepayments 37,654 73,896 11,675 Total 386,365 384,390 60,731 For terms and conditions relating to related parties, refer to Note 30. Note: (i) Retention sums relate to money deposits in an escrow account pending finalization of tax payable for the disposal of LKNII. 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Other receivables (non-current) (i) (Note 36) 1,588 620 98 (i) Non-current non-trade non-interest |
Asset classified as held for sa
Asset classified as held for sale | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Asset classified as held for sale | 22. Asset classified as held for sale Sales of 60% of the issued ordinary shares in the capital of Copthorne Qingdao The Group’s subsidiary company, LKN Investment International Pte Ltd, together with the joint venture partner of Copthorne Qingdao, had on February 23, 2016, listed the entire equity interest in Copthorne Qingdao on the Shanghai United Assets and Equity Exchange for sale and the sale was re-listed As a result, the investment in Copthorne Qingdao was classified as asset held for sale and the Group discontinued the use of equity method to recognize the interest in Copthorne Qingdao. Consequently, the Group only shared the loss incurred by Copthorne Qingdao up to February 23, 2016. As at December 31, 2016, the carrying amount of interest in joint venture, representing assets classified as held for sale is RMB 89,381 and related foreign translation reserve is RMB 22,720. On October 19, 2017, the Group completed the disposal of its investment in Copthorne Qingdao and recognized gain on disposal of RMB107,976 (US$17,059) in the Group’s profit or loss for the year ended December 31, 2017. The value of asset and related reserves of disposal recorded in the consolidated financial statements and the cash flow effect of the disposals were: 31.12.2017 31.12.2017 RMB’000 US$’000 Interest in joint venture, representing asset classified as held for sale 89,381 14,122 Gain on disposal: Total consideration less cost of disposal 182,679 28,862 Interest in joint venture derecognized (89,381 ) (14,122 ) Realization of foreign currency translation reserves upon disposal 22,720 3,590 Waiver of amount due by joint venture (8,042 ) (1,271 ) Gain on disposal of joint venture (Note 8.2(a)) 107,976 17,059 Total consideration less cost of disposal, representing net cash inflow on disposal of the joint venture 182,679 28,862 |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Cash and cash equivalents | 23. Cash and cash equivalents Short-term bank deposits Restricted cash Long-term bank deposits 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Non-current Long-term bank deposits (i) — 70,000 11,060 Current Cash and cash equivalents 3,653,914 5,390,324 851,633 Short-term bank deposits (ii) 363,043 514,074 81,220 Restricted cash 36,000 54,809 8,659 4,052,957 5,959,207 941,512 Cash and bank balances 4,052,957 6,029,207 952,572 Note: (i) In 2017, YMMC placed two-year (ii) Short-term bank deposits relate to bank deposits with initial maturities of more than three months and subject to more than insignificant risk of changes in value upon withdrawal before maturity. The interest rate of these bank deposits as of December 31, 2017 for the Group ranged from 1.01% to 1.97% (2016: 0.83% to 1.76%). These short-term bank deposits are not considered as cash equivalents. Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods, depending on the immediate cash requirements of the Group, and earn interests at the respective short-term deposit rates. The interest rate of the bank deposits (excluding long-term and short-term bank deposits) as at December 31, 2017 for the Group ranged from 0.87% to 3.28% (2016: 0.86% to 2.10%). As at December 31, 2017, the Group’s restricted cash comprised of RMB 45,288 (US$7,155) which was used as collateral by the banks for the issuance of bills to suppliers and RMB 9,521 (US$1,504) relates to retention money deposited in a joint signatory account with the buyer of LKNII pending finalization of tax payable for the disposal of LKNII. The Group’s share of joint venture’s restricted cash is disclosed in Note 6. As at December 31, 2016, the Group’s restricted cash of RMB 36,000 was used as collateral by the banks for the issuance of bills to suppliers. As of December 31, 2016 and 2017, the Group had RMB 318,565 and RMB 474,384 (US$74,949) respectively, of undrawn committed borrowing facilities in respect of which all conditions precedent had been met. The commitment fees incurred for 2015, 2016 and 2017 were RMB368, RMB 392 and RMB 179 (US$28) respectively. |
Issued capital and Preference s
Issued capital and Preference shares | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Issued capital and Preference shares | 24. Issued capital and Preference shares 31.12.2016 31.12.2017 thousands thousands Issued capital Authorized shares Ordinary share of par value US$0.10 each 100,000 100,000 Number of shares RMB’000 Ordinary shares issued and fully paid At January 1, 2016 39,298,340 1,955,720 Issued of shares as dividend payment (Note 25) 1,413,760 103,356 At December 31, 2016 and January 1, 2017 40,712,100 2,059,076 Issued of shares as dividend payment (Note 25) 99,790 12,897 Issued of shares upon exercised of share options (Note 27) 46,400 9,165 At December 31, 2017 40,858,290 2,081,138 US$’000 328,805 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Special share issued and fully paid One special share issued and fully paid at US$0.10 per share * * * Non-redeemable 21 21 3 * Less than RMB 1 (US$1) On July 13, 2017, based on the elections by shareholders, the dividend of US$0.90 per share for the financial year 2016 was paid in the form of approximately US$34.7 million in cash and 99,790 shares, at the volume weighted average trading price of US$19.0329 per share, with total value equivalent to RMB 12,897 (US$2,038). On June 29, 2016, based on the elections by shareholders, the dividend of US$0.85 per share for the financial year 2015 was paid in the form of approximately US$17.8 million in cash and 1,413,760 shares, at the volume weighted average trading price of US$11.0227 per share, with total value equivalent to RMB 103,356. In 2017, the Company issued 46,400 shares pursuant to the exercised of share option granted under the Company’s Equity Incentive Plan. The holders of ordinary shares are entitled to such dividends as the Board of Directors of the Company may declare from time to time. All ordinary shares are entitled to one vote on a show of hands and carry one vote per share on a poll. The holder of special share is entitled to elect a majority of directors of the Company. In addition, no shareholders resolution may be passed without the affirmative vote of the special share, including any resolution to amend the Memorandum of Association or Bye-laws Bye-Laws Preference shares HLGE issued 197,141,190 non-redeemable th anniversary of the NCCPS issue date, and 197,011,794 NCCPS have been converted into ordinary shares in the capital of HLGE. The NCCPS shall, subject to the terms and conditions thereof, carry the right to receive, out of the profits of HLGE available for payment of dividends, a fixed cumulative preferential dividend of 10% per annum of the issue price for each NCCPS (the “Preference Dividend”). Other than the Preference Dividend, the NCCPS holders shall have no further right to participate in the profits or assets of HLGE. NCCPS holders shall have no voting rights except under certain circumstances referred to in the Singapore Companies Act, Chapter 50 set out in the terms of the NCCPS. The NCCPS are not listed and quoted on the Official List of the Singapore Exchange. However, the holders of the NCCPS are able to exercise their rights to convert the NCCPS into new ordinary shares at the adjusted NCCPS conversion ratio of one (1) new ordinary share for every ten (10) NCCPS following the completion of the HLGE’s share consolidation exercise in May 2015, subject to the terms and conditions of the NCCPS. Such new ordinary shares will be listed and quoted on the Official List of the Singapore Exchange when issued. In accordance with the terms and conditions of the NCCPS, the rights of NCCPS holders to convert all or any of their NCCPS into fully paid ordinary shares in the capital of the HLGE has lapsed on July 4, 2016 (being the date of expiry of the NCCPS Conversion Period). NCCPS are perpetual securities and there is no mandatory conversion of the NCCPS upon the expiry of the NCCPS Conversion Period. In 2016, HLGE issued a total of 2,899 new ordinary shares, pursuant to the conversion of 28,998 NCCPS, at an issue price of S$0.02 for each NCCPS. The NCCPS conversion ratio is one (1) new ordinary share for every ten (10) NCCPS converted. |
Dividends declared and paid
Dividends declared and paid | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Dividends declared and paid | 25. Dividends declared and paid 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Declared and paid during the year Dividends on ordinary shares: Final dividend paid in 2017: US$0.90 per share 221,549 248,844 39,316 Dividend paid in cash 118,193 235,947 37,278 Dividend paid in shares (Note 24) 103,356 12,897 2,038 221,549 248,844 39,316 |
Reserves
Reserves | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Reserves | 26. Reserves 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Statutory reserve Statutory general reserve (ii) At January 1 272,515 273,438 43,202 Transfer from retained earnings 923 1,882 297 At December 31 273,438 275,320 43,499 General surplus reserve (iii) At January 1 and December 31 25,706 25,706 4,061 Total 299,144 301,026 47,560 Note: ( i ) In accordance with the relevant regulations in the PRC, Yuchai and its subsidiaries are required to provide certain statutory reserves which are designated for specific purposes based on the net income reported in the PRC General Accepted Accounting Principles financial statements. The reserves are not distributable in the form of cash dividends. (ii) In accordance with the relevant regulations in the PRC, a 10% appropriation to the statutory general reserve based on the net income reported in the PRC financial statements is required until the balance reaches 50% of the authorized share capital of Yuchai and its subsidiaries. Statutory general reserve can be used to make good previous years’ losses, if any, and may be converted into share capital by the issue of new shares to shareholders in proportion to their existing shareholdings, or by increasing the par value of the shares currently held by them, provided that the reserve balance after such issue is not less than 25% of the authorized share capital. (iii) General surplus reserve is appropriated in accordance with Yuchai’s Articles and resolution of the board of directors. General surplus reserve may be used to offset accumulated losses or increase the registered capital. 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Other components of equity Foreign currency translation reserve (i) (43,959 ) (82,939 ) (13,104 ) Performance shares reserve (ii) 20,839 19,758 3,122 Reserve of asset classified as held for sale 22,720 — — (Premium paid for)/discount on acquisition of non- (11,160 ) (11,541 ) (1,823 ) Total (11,560 ) (74,722 ) (11,805 ) (i) Foreign currency translation reserve The foreign currency translation reserve represents exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from that of the Group’s presentation currency. (ii) Performance shares reserve The performance shares reserve comprises the cumulative value of employee services received for the issue of share options. The amount in the reserve is retained when the option is expired. |
Share-based payment
Share-based payment | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Share-based payment | 27. Share-based payment The Company’s Equity Incentive Plan (“Equity Plan”) was approved by the shareholders at the Annual General Meeting of the Company held on July 4, 2014 for duration of 10 years (from July 29, 2014 to July 28, 2024). All options granted under the Equity Plan are subject to a vesting schedule as follows: (1) one year after the date of grant for up to 33% of the shares over which the options are exercisable; (2) two years after the date of grant for up to 66% (including (1) above) of the shares over which the options are exercisable; and (3) three years after the date of grant for up to 100% (including (1) and (2) above) of the shares over which the options are exercisable. The expense recognized for employee services received during the year is shown in the following table: 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Expense arising from equity-settled share-based payment transactions 10,275 5,301 1,592 252 Total expense arising from share-based payment transactions 10,275 5,301 1,592 252 Movements during the year The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in share options during the year: Number of share options WAEP Number of share options WAEP 2016 2016 2017 2017 Outstanding at January 1 570,000 US$ 21.11 dollar 530,000 US$ 21.11 dollar Exercised during the year — — (46,400 ) US$ 21.11 dollar Cancelled during the year (40,000 ) US$ 21.11 dollar (13,600 ) US$ 21.11 dollar Outstanding at December 31 530,000 US$ 21.11 dollar 470,000 US$ 21.11 dollar Exercisable at December 31 353,333 US$ 21.11 dollar 470,000 US$ 21.11 dollar The fair value of services received in return for share options granted are measured by reference to the fair value of share options granted. The estimate of the fair value of the services received is measured based on the Black-Scholes model. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, Fair value of share options and assumptions Date of grant of options On July 29, 2014 Fair value at measurement date (US$) 5.70 dollar – 6.74 dollar Share price (US$) 21.11 dollar Exercise price (US$) 21.11 dollar Expected volatility (%) 47.4 Expected option life (years) 3.5 – 5.5 Expected dividends (%) 5.81 Risk-free interest rate (%) 1.4 – 2.0 The exercise price for options outstanding as at December 31, 2017 was US$21.11 dollar (2016: US$21.11 dollar). The weighted average remaining contractual life for the share options outstanding as at December 31, 2017 was 6.6 (2016: 7.6) years. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be the actual outcome. There are no market conditions associated with the share options granted. Service conditions and non-market |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Trade and other payables | 28. Trade and other payables 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Trade and bills payables (i) 4,672,750 5,177,123 817,948 Other payables 362,856 366,604 57,921 Accrued expenses 841,942 843,447 133,258 Accrued staff costs 406,261 622,893 98,413 Dividend payable 37,851 39,786 6,286 Associates and joint ventures 91,439 102,111 16,133 Other related parties 120,619 125,411 19,814 Financial liabilities at amortized cost (Note 36) 6,533,718 7,277,375 1,149,773 Other tax payable 42,750 51,387 8,119 Trade and other payables with liquidity risk (Note 33) 6,576,468 7,328,762 1,157,892 Deferred grants (Note 17) 21,939 22,270 3,519 Deferred income (ii) 170,000 — — Advance from customers 76,636 117,117 18,503 Total trade and other payables (current) 6,845,043 7,468,149 1,179,914 (i) As of December 31, 2017, the trade and bills payables include bills payable to joint ventures, associates and other related parties amounted to RMB 63,600 (US$10,048) (2016: RMB 50), RMB 8,560 (US$1,352) (2016: RMB 12,210) and RMB 114,749 (US$18,129) (2016: RMB 133,708) respectively. (ii) This relates to the Group’s transfer of technology know-how 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Provision for bonus (i) 133,928 148,287 23,428 Deferred income (ii) 2,844 8,060 1,274 Other payables (non-current) (Note 136,772 156,347 24,702 (i) The provision is not expected to be settled within next 12 months. (ii) This relates to progress payments received for sale of lands and will be credited to profit and loss upon completion of the sale. Terms and conditions of the above financial liabilities: • Trade payables are non-interest 60-day • Other payables (current) are non-interest • For terms and conditions relating to related parties, refer to Note 30. |
Provision for product warranty
Provision for product warranty | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Provision for product warranty | 29. Provision for product warranty 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 At January 1 233,577 238,850 37,737 Provision made 350,803 412,514 65,174 Provision utilized (345,530 ) (361,058 ) (57,045 ) At December 31 238,850 290,306 45,866 |
Related party disclosures
Related party disclosures | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Related party disclosures | 30. Related party disclosures The ultimate parent As of December 31, 2017, the controlling shareholder of the Company, HLA, indirectly owned 16,360,845, or 40.0% (2016: 16,360,845 or 40.2%), of the ordinary shares in the capital of the Company, as well as a special share that entitles it to elect a majority of directors of the Company. HLA controls the Company through its wholly-owned subsidiary, HLC, and through HLT, a wholly-owned subsidiary of HLC. HLT owns approximately 23.3% (2016: 23.4%) of the ordinary shares in the capital of the Company and is, and has since August 2002 been, the registered holder of the special share. HLA also owns, through another wholly-owned subsidiary, Well Summit Investments Limited, approximately 16.7% (2016: 16.8%) of the ordinary shares in the capital of the Company. HLA is a member of the Hong Leong Investment Holdings Pte. Ltd., or Hong Leong Investment group of companies. Prior to August 2002, the Company was controlled by Diesel Machinery (BVI) Limited, which, until its dissolution, was a holding company controlled by HLC and was the prior owner of the special share. Through HLT’s stock ownership and the rights accorded to the special share under Bye-Laws There were transactions other than dividends paid, between the Group and HLA of RMB 32, RMB 34 and RMB 34 (US$5) during the financial years ended December 31, 2015, 2016 and 2017 respectively. The transaction relates to consultancy fees charged by HLA. Entity with significant influence over the Group As of December 31, 2017, the Yulin City Government through Coomber Investment Ltd. owned 17.2% (2016: 17.3%) of the ordinary shares in the capital of the Company. The following provides the significant transactions that have been entered into with related parties for the relevant financial year. 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Sales - Materials/engines to State Holding Company, its subsidiaries and affiliates 516,679 447,509 455,061 71,896 - Hospitality and restaurant service charged to State Holding Company, its subsidiaries and affiliates 3,247 4,761 4,454 704 - Diesel engines and materials to associates and joint ventures 156,444 219,724 412,591 65,186 Purchase - Purchase of materials and supplies from subsidiaries and affiliates of State Holding Company 1,181,852 1,028,358 1,221,421 192,976 - Materials and supplies/engines from associates and joint ventures 90,354 308,610 914,211 144,439 Others - Delivery expense charged by subsidiaries of State Holding Company 164,690 143,077 192,399 30,398 - Storage, distribution and handling expenses charged by a subsidiary of State Holding Company 30,462 50,181 18,007 2,845 - Property management service charged by an associate/ a subsidiary of SHC (ii) 23,359 20,976 22,212 3,509 - Leasing expenses charged by State Holding Company 12,951 4,715 8,676 1,371 - Consultancy fees charged by State Holding Company — 10,026 12,264 1,938 - General and administrative expenses charged by State Holding Company 3,141 4,283 7,951 1,256 - General and administrative expenses charged by affiliates of HLA 6,271 6,887 6,913 1,092 - Charged by joint ventures for service provided — 2,121 2,543 402 - Charged to subsidiaries of State Holding Company for service provided — 8,873 21,274 3,361 - Charged to a joint venture for service provided — — 14,241 2,250 - Rental income charged to State Holding Company and its subsidiaries 619 5,454 4,483 708 - Purchases of vehicles/machineries from State Holding Company and its subsidiary 1,963 — 52,443 8,286 - Purchases of additional shareholding in a subsidiary from State Holding Company (i) 4,170 — 1,335 211 - Disposal of shareholding in an associate to State Holding Company (ii) — — 1,833 290 - Sales of an intangible asset to a joint venture — — 220,000 34,758 Note: (i) In October 2015, Yuchai acquired 2.86% of equity interest in YEMC from State Holding Company with a purchase consideration of RMB 4.2 million. In June 2017, GYAMC acquired 25% of equity interest in Crankshaft from State Holding Company with a purchase consideration of RMB 1.3 million (US$0.2 million). (ii) In August 2017, YEMC disposed its 30% equity interest in Property Management to State Holding Company for a consideration of RMB 1.9 million (US$0.3 million). In addition to the above, Yuchai also entered into transactions with other PRC Government owned enterprises. Management considers that these transactions were entered into in the normal course of business and expects that these transactions will continue on normal commercial terms. Balances with other PRC entities are excluded from this caption. Terms and conditions of transactions with related parties The transactions with related parties are made at terms agreed between the parties. Outstanding balances at the year-end Compensation of key management personnel of the Group 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Short-term employee benefits 27,331 31,975 40,831 6,451 Contribution to defined contribution plans 305 415 385 61 Cost of share-based payment 8,477 4,387 1,294 204 36,113 36,777 42,510 6,716 The non-executive |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Commitments and contingencies | 31. Commitments and contingencies Operating lease commitments - Group as lessee The Group has entered into commercial leases on a land, and certain motor vehicles, office space and items of machinery. These leases have an average life of between one and five years with no renewal option included in the contracts. There are no restrictions placed upon the Group by entering into these leases. Future minimum rentals payable under non-cancellable 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Within one year - With related parties 800 5,578 881 - With third parties 11,338 14,058 2,221 After one year but not more than five years - With related parties 1,399 1,724 272 - With third parties 12,537 14,003 2,212 More than five years - With third parties 114 — — 26,188 35,363 5,586 The minimum lease payments recognized as an expense for the financial year ended December 31, 2015, 2016 and 2017 amounted to RMB 60,201, RMB 54,617 and RMB 54,671 (US$8,638). Operating lease commitments - Group as lessor The Group leased out some of its assets, including surplus office and manufacturing buildings. All leases include a clause to enable upward revision of the rental charge on an annual basis according to prevailing market conditions. Future minimum rentals receivable under non-cancellable 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Within one year - With related parties 102 184 29 - With third parties 1,624 1,438 227 After one year but not more than five years - With related parties — 268 42 - With third parties 1,855 2,491 394 More than five years - With third parties 268 1,310 207 3,849 5,691 899 Finance lease commitments The Group has finance lease for office equipment and motor vehicles. The lease has term of renewal but no purchase options and escalation clause. Renewal is at the option of the Group. Future minimum lease payments under finance lease together with the present value of the net minimum lease payments are as follows: 31.12.2016 31.12.2017 Minimum lease payments Present value of payments Minimum lease payments Present value of payments RMB’000 RMB’000 RMB’000 US$’000 RMB’000 US$’000 Not later than one year 43 38 33 5 33 5 Later than one year but not later than five years 70 70 46 7 46 7 Total minimum lease payments 113 108 79 12 79 12 Less: Amount representing finance charges (5 ) * * * * * Present value of minimum lease payments 108 108 79 12 79 12 * Less than RMB 1 (US$1) Capital commitments As of December 31, 2016 and 2017, Yuchai had capital expenditure (mainly in respect of property, plant and equipment) contracted for but not paid amounting to RMB 427,089 and RMB 409,487 (US$64,696) respectively. The Group’s share of joint venture’s capital commitment is disclosed in Note 6. Investment commitments As of December 31, 2016 and 2017, the Group has commitment of RMB 75,000 and RMB Nil (US$ Nil) relating to the Group’s interest in joint venture, respectively. Letter of credits As of December 31, 2016 and 2017, Yuchai had issued irrevocable letter of credits of RMB 29,729 and RMB 1,905 (US$301), respectively. Product liability The General Principles of the Civil Law of the People’s Republic of China imposes that manufacturers and sellers are liable for loss and injury caused by defective products. Yuchai and its subsidiaries do not carry product liability insurance. Yuchai and its subsidiaries have not had any significant product liability claims brought against them. Environmental liability China adopted its Environmental Protection Law in 1989, and the State Council and the Ministry of Environmental Protection promulgate regulations as required from time to time. The Environmental Protection Law addresses issues relating to environmental quality, waste disposal and emissions, including air, water and noise emissions. Environmental regulations have not had a material impact on Yuchai’s results of operations. Yuchai delivers, on a regular basis, burned sand and certain other waste products to a waste disposal site approved by the local government and makes payments in respect thereof. Yuchai expects that environmental standards and their enforcement in China will, as in many other countries, become more stringent over time, especially as technical advances make achievement of higher standards more feasible. Yuchai has built an air filter system to reduce the level of dust and fumes resulting from its production of diesel engines. Yuchai is subject to Chinese national and local environmental protection regulations which currently impose fees for the discharge of waste substances, require the payment of fines for pollution, and provide for the closure by the Chinese government of any facility that fails to comply with orders requiring Yuchai to cease or improve upon certain activities causing environmental damage. Due to the nature of its business, Yuchai produces certain amounts of waste water, gas, and solid waste materials during the course of its production. Yuchai believes its environmental protection facilities and systems are adequate for it to comply with the existing national, provincial and local environmental protection regulations. However, Chinese national, provincial or local authorities may impose additional or more stringent regulations which would require additional expenditure on environmental matters or changes in Yuchai’s processes or systems. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Segment information | 32. Segment information For management purposes, the Group is organized into business units based on their products and services, and has two reportable operating segments as follows: • Yuchai primarily conducts manufacturing and sale of diesel engines which are mainly distributed in the PRC market. • HLGE is engaged in hospitality and property development activities conducted mainly in the PRC and Malaysia. HLGE is listed on the Main Board of the Singapore Exchange. Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Year ended December 31, 2015 Yuchai HLGE Corporate Eliminations Consolidated financial statements RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue Total external revenue 13,671,931 61,506 — — 13,733,437 Results Interest income 35,557 1,415 10,003 (5,661 ) 41,314 Interest expense (110,618 ) (7,595 ) (435 ) 5,661 (112,987 ) Impairment of property, plant and equipment (2,873 ) — — — (2,873 ) Impairment of technology development cost (26,700 ) — — — (26,700 ) Staff severance cost (8,385 ) — — — (8,385 ) Depreciation and amortization (458,759 ) (10,458 ) (218 ) — (469,435 ) Share of (loss)/profit of associates and joint ventures, net of tax (10,230 ) 7,539 — — (2,691 ) Income tax expense (161,731 ) (2,491 ) (12,596 ) (1) — (176,818 ) Segment profit after income tax 583,115 6,473 (80,268 ) — 509,320 Year ended December 31, 2016 Yuchai HLGE Corporate Eliminations Consolidated financial statements RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue Total external revenue 13,598,487 66,353 — — 13,664,840 Results Interest income 51,235 1,919 10,080 (6,251 ) 56,983 Interest expense (73,028 ) (7,706 ) (648 ) 6,251 (75,131 ) Impairment of property, plant and equipment (3,297 ) — — — (3,297 ) Staff severance costs (12,864 ) — — — (12,864 ) Depreciation and amortization (467,177 ) (10,744 ) (239 ) — (478,160 ) Share of profit/(loss) of associates and joint ventures, net of tax 112 (3,724 ) — — (3,612 ) Income tax expense (141,272 ) (2,281 ) (16,717 ) (1) — (160,270 ) Segment profit after income tax 765,039 (4,548 ) (36,883 ) — 723,608 Total assets 17,537,583 449,994 2,111,248 (1,502,319 ) 18,596,506 Total liabilities (8,419,018 ) (369,124 ) (151,472 ) 328,920 (8,610,694 ) Other disclosures Investment in joint ventures 173,781 2,570 — — 176,351 Capital expenditure 282,284 2,623 86 — 284,993 Year ended December 31, 2017 Yuchai HLGE Corporate Eliminations Consolidated financial statements Consolidated financial statements RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 US$’000 Revenue Total external revenue 16,165,245 57,197 — — 16,222,442 2,563,030 Results Interest income 94,760 1,803 11,833 (2,975 ) 105,421 16,656 Interest expense (94,794 ) (3,983 ) (270 ) 2,975 (96,072 ) (15,179 ) Gain on disposal of intangible assets 115,235 — — — 115,235 18,206 Gain on disposal of subsidiaries — 216,115 — — 216,115 34,145 Gain on disposal of joint venture — 107,976 — — 107,976 17,059 Impairment of property, plant and equipment (20,845 ) — — — (20,845 ) (3,293 ) Impairment of technology development cost (40,000 ) — — — (40,000 ) (6,320 ) Staff severance cost (107,732 ) — — — (107,732 ) (17,021 ) Depreciation and amortization (433,921 ) (9,990 ) (270 ) — (444,181 ) (70,177 ) Share of profit of associates and joint venture 9,255 799 — — 10,054 1,589 Income tax expense (190,573 ) (461 ) (29,133 ) (1) — (220,167 ) (34,785 ) Segment profit after tax 1,089,233 322,481 (6,644 ) — 1,405,070 221,991 Total assets 19,623,882 451,096 2,444,012 (1,503,931 ) 21,015,059 3,320,229 Total liabilities (9,840,265 ) (66,920 ) (128,591 ) (2) (7 ) (10,035,783 ) (1,585,582 ) Other disclosures Investment in joint ventures 193,476 2,626 — — 196,102 30,983 Capital expenditure 259,068 975 1,390 — 261,433 41,305 Note: (1) This relates mainly to the withholding tax provisions for dividends from Yuchai. (2) Included here are mainly the cumulative withholding tax provision for dividends that are expected to be paid from income earned after December 31, 2007 by Yuchai. Geographic information Revenue from external customers: 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 People’s Republic of China 13,630,979 13,508,721 16,116,356 2,546,269 Other countries 102,458 156,119 106,086 16,761 13,733,437 13,664,840 16,222,442 2,563,030 The revenue information above is based on the location of the customer. Revenue from one customer group amounted to RMB 4,839,617 (US$764,625) (2016: RMB 3,580,856; 2015: RMB 2,900,332), arising from sales by Yuchai segment. Non-current 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 People’s Republic of China 4,893,338 4,524,988 714,916 Other countries 95,430 94,779 14,974 4,988,768 4,619,767 729,890 Non-current |
Financial risk management objec
Financial risk management objectives and policies | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Financial risk management objectives and policies | 33. Financial risk management objectives and policies The Group’s principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Group’s operations. The Group has trade and other receivables, and cash and bank deposits that derive directly from its operations. The Group also holds held for trading investment and enters into derivative transactions. The Group is exposed to market risk, credit risk and liquidity risk. The Group’s senior management oversees the management of these risks. There has been no change to the Group’s exposure to these financial risks or the manner in which it manages and measures the risks. Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprise three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk. Financial instruments affected by market risk include loans and borrowings, deposits, held for trading investment and derivative financial instrument. The sensitivity analyses in the following sections relate to the position as at December 31, 2016 and 2017. The sensitivity analyses have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt and the proportion of financial instruments in foreign currencies are all constant at December 31, 2017. The analyses exclude the impact of movements in market variables on provisions and on the non-financial Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s interest-bearing bank deposits and loans and borrowings from banks and financial institutions. The interest-bearing loans and borrowings of the Group are disclosed in Note 16(b). As certain interest rates are based on interbank offer rates, the Group is exposed to cash flow interest rate risk. This risk is not hedged. Interest-bearing bank deposits are short to medium-term in nature but given the significant cash and bank balances held by the Group, any variation in the interest rates may have a material impact on the results of the Group. The Group manages its interest rate risk by having a mixture of fixed and variable rates for its deposits and borrowings. Interest rate sensitivity The sensitivity analyses below have been determined based on the exposure to interest rates for bank deposits and interest-bearing financial liabilities at the end of the reporting period and the stipulated change taking place at the beginning of the year and held constant throughout the reporting period in the case of instruments that have floating rates. A 50 basis points increase or decrease is used and represents management’s assessment of the possible change in interest rates. If interest rate had been 50 (2016: 50) basis points higher or lower and all other variables were held constant, the profit before tax for the year ended December 31, 2017 of the Group would increase/decrease by RMB 22,015 (US$3,478) (2016: increase/decrease by RMB 15,712). Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group’s exposure to the risk of changes in foreign exchange rates relates primarily to the Group’s sales, purchases and financial liabilities that are denominated in currencies other than the respective functional currencies of entities within the Group. The Group also holds cash and bank balances and other investments denominated in foreign currencies. The currencies giving rise to this risk are primarily the Singapore Dollar, Renminbi, US Dollar and Euro. Foreign currency translation exposure is managed by incurring debt in the operating currency so that where possible operating cash flows can be primarily used to repay obligations in the local currency. This also has the effect of minimizing the exchange differences recorded against income, as the exchange differences on the net investment are recorded directly against equity. The Group’s exposures to foreign currency are as follows: 31.12.2016 Singapore Dollar Euro US Dollar Renminbi Others RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Held for trading investment 12,181 — — — — Trade and other receivables 957 9,232 15,032 31,679 982 Cash and bank balances 117,763 3,841 7,247 — — Financial liabilities (33,686 ) — (104,055 ) — — Trade and other payables (12,991 ) (10,763 ) (5,873 ) (1,410 ) — Net assets/(liabilities) 84,224 2,310 (87,649 ) 30,269 982 31.12.2017 Singapore Dollar Euro US Dollar Renminbi Others RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Held for trading investment 24,714 — — — — Trade and other receivables 725 — 34,727 469 — Cash and bank balances 418,875 1,486 16,068 — 498 Financial liabilities (14,715 ) — — — — Trade and other payables (13,748 ) (10,857 ) (5,574 ) (35,505 ) (24 ) Net assets/(liabilities) 415,851 (9,371 ) 45,221 (35,036 ) 474 US$’000 65,701 (1,481 ) 7,145 (5,535 ) 75 Foreign currency risk sensitivity A 10% strengthening of the following major currencies against the functional currency of each of the Group’s entities at the reporting date would increase/(decrease) profit before tax by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. Profit before tax 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Singapore Dollar 8,422 41,585 6,570 Euro 231 (937 ) (148 ) US Dollar (8,765 ) 4,522 714 Renminbi 3,027 (3,504 ) (554 ) Equity price risk The Group has investment in TCL which is quoted. Equity price risk sensitivity A 10% increase/(decrease) in the underlying prices at the reporting date would increase/(decrease) Group’s profit before tax by the following amount: 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Statement of profit or loss 1,218 2,471 390 Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. Trade receivables Customer credit risk is managed by each business unit subject to the Group’s established policy, procedures and control relating to customer credit risk management. Credit limits are established for all customers based on internal rating criteria. Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed for all customers requiring credit over a certain amount. The Group establishes an allowance for impairment that represents its estimate of incurred losses in respect of trade and other receivables. The main components of this allowance are a specific loss component that relates to individually significant exposures, and a collective loss component established for groups of similar assets in respect of losses that have been incurred but not yet identified. The collective loss allowance is determined based on historical data of payment statistic for similar financial assets. The allowance account in respect of trade and other receivables is used to record impairment losses unless the Group is satisfied that no recovery of the amount owing is possible. At that point, the financial asset is considered irrecoverable and the amount charged to the allowance account is written off against the carrying amount of the impaired financial asset. At December 31, 2017, the Group had top 20 customers (2016: top 20 customers) that owed the Group more than RMB 57,220 (US$9,040) (2016: RMB 151,033) and accounted for approximately 22.4% (2016: 51.1%) of trade receivables (excluding bills receivables) owing respectively. These customers are located in the PRC. There were 44 customers (2016: 38 customers) with balances greater than RMB 1,000 (US$158) accounting for over 73.8% (2016: 79.6%) of total trade receivable (excluding bills receivables). The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets mentioned in Note 20 and Note 21. The Group’s share of trade receivables of a joint venture which was used as collateral as security is disclosed in Note 6. Cash and fixed deposits are placed with banks and financial institutions which are regulated. Liquidity risk The Group monitors its liquidity risk and maintains a level of cash and cash equivalents deemed adequate by management to finance the Group’s operations and to mitigate the effects of fluctuations in cash flows, and having adequate amounts of committed credit facilities. The table below summarizes the maturity profile of the Group’s financial assets and liabilities based on contractual undiscounted payments. One year or less Two to five years More than five years Total As at December 31, 2016 RMB’000 RMB’000 RMB’000 RMB’000 Financial assets Trade and bills receivables 7,111,890 — — 7,111,890 Other receivables, excluding tax recoverable 246,687 1,588 — 248,275 Cash and bank balances 4,052,957 — — 4,052,957 Held for trading investment and derivative not designated as hedges – foreign exchange forward contract 12,181 — — 12,181 11,423,715 1,588 — 11,425,303 Financial liabilities Derivative not designated as hedges – foreign exchange forward contract 140 — — 140 Interest-bearing loans and borrowings 909,824 18,409 — 928,233 Trade and other payables (Note 28) 6,576,468 136,772 — 6,713,240 Other liabilities 43 70 — 113 7,486,475 155,251 — 7,641,726 One year or less Two to five years More than five years Total Total As at December 31, 2017 RMB’000 RMB’000 RMB’000 RMB’000 US$’000 Financial assets Trade and bills receivables 7,075,319 — — 7,075,319 1,117,850 Other receivables, excluding tax recoverable 132,675 620 — 133,295 21,060 Cash and bank balances 6,029,207 — — 6,029,207 952,572 Held for trading investment 24,714 — — 24,714 3,905 13,261,915 620 — 13,262,535 2,095,387 Financial liabilities Interest-bearing loans and 1,624,539 27,874 — 1,652,413 261,069 Trade and other payables (Note 28) 7,328,762 156,347 — 7,485,109 1,182,594 Other liabilities 33 46 — 79 12 8,953,334 184,267 — 9,137,601 1,443,675 |
Capital management
Capital management | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Capital management | 34. Capital management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance except where decisions are made to exit businesses or close companies. The capital structure of the Group consists of debts (which includes the borrowings and trade and other payables, less cash and bank balances) and equity attributable to equity holders of the parent (comprising issued capital and reserves). 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Interest-bearing loans and borrowings (current and non-current) 910,406 1,626,341 256,951 Trade and other payables (current and non-current) 6,981,815 7,624,496 1,204,616 Less: Cash and bank balances (Note 23) (4,052,957 ) (6,029,207 ) (952,572 ) Net debts 3,839,264 3,221,630 508,995 Equity attributable to equity holders of the parent 7,683,834 8,347,562 1,318,855 Total capital and net debts 11,523,098 11,569,192 1,827,850 The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the years ended December 31, 2016 and 2017. As disclosed in Note 26, certain subsidiaries of the Group are required by the relevant authorities in the PRC to contribute and maintain a non-distributable |
Fair value measurement
Fair value measurement | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Fair value measurement | 35. Fair value measurement Quantitative disclosures fair value measurement hierarchy for assets and liabilities as at December 31, 2016: Fair value measurement using Date of valuation Quoted prices in active markets Significant observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) RMB’000 RMB’000 RMB’000 RMB’000 Assets measured at fair value Held for trading investment: Quoted equity shares – TCL (Note 19) December 31, 2016 12,181 12,181 — — Liabilities measured at fair value Derivative financial liabilities: Foreign exchange forward contract - USD (i) (Note 16(a)) December 31, 2016 140 — 140 — Quantitative disclosures fair value measurement hierarchy for assets and liabilities as at December 31, 2017: Fair value measurement using Date of valuation Quoted prices in active markets Significant observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) RMB’000 RMB’000 RMB’000 RMB’000 Assets measured at fair value Held for trading investment: Quoted equity shares – TCL (Note 19) December 31, 2017 24,714 24,714 — — Note: (i) Forward currency contracts are valued using a valuation technique with market observable inputs. The most frequently applied valuation techniques include forward pricing, using present value calculations. The models incorporate various inputs including the foreign exchange spot and forward rates. There have been no transfers between Level 1 and Level 2 during 2017 and 2016. |
Financial assets and financial
Financial assets and financial liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Financial assets and financial liabilities | 36. Financial assets and financial liabilities Note Financial assets at fair value through profit or loss Loans and receivables Other financial liabilities at amortized cost Total RMB’000 RMB’000 RMB’000 RMB’000 As at December 31, 2016 Financial assets Held for trading investment 19 12,181 — — 12,181 Trade and bills receivables 20 — 7,057,256 — 7,057,256 Other receivables 21 — 248,275 — 248,275 Cash and bank balances 23 — 4,052,957 — 4,052,957 12,181 11,358,488 — 11,370,669 Financial liabilities Trade and other payables 28 — — 6,670,490 6,670,490 Loans and borrowings 16(b) — — 910,406 910,406 Other liabilities 16(a) — — 248 248 — — 7,581,144 7,581,144 Note Financial assets at fair value through profit or loss Loans and receivables Other financial liabilities at amortized cost Total Total RMB’000 RMB’000 RMB’000 RMB’000 US$’000 As at December 31, 2017 Financial assets Held for trading investment 19 24,714 — — 24,714 3,905 Trade and bills receivables 20 — 7,031,544 — 7,031,544 1,110,934 Other receivables 21 — 133,295 — 133,295 21,060 Cash and bank balances 23 — 6,029,207 — 6,029,207 952,572 24,714 13,194,046 — 13,218,760 2,088,471 Financial liabilities Trade and other payables 28 — — 7,433,722 7,433,722 1,174,475 Loans and borrowings 16(b) — — 1,626,341 1,626,341 256,951 Other liabilities 16(a) — — 79 79 12 — — 9,060,142 9,060,142 1,431,438 Held for trading investment relates to the Group’s investment in TCL, which is a company listed on the main board of the Singapore Exchange and is involved in the manufacture, assembly and distribution of high-end Financial assets/liabilities through profit or loss reflect the positive/negative change in fair value of the foreign exchange forward contract that is not designated in hedge relationships, but are, nevertheless, intended to reduce the level of foreign currency risk. Changes in liabilities arising from financing activities January 1, 2016 Cash flows Foreign exchange movement Translation reserve Others December, 31, 2016 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 As at December 31, 2016 Loans & bonds - current 2,399,195 (1,535,532 ) (9,608 ) — 40,081 894,136 - non-current 56,509 (2,015 ) (1,242 ) 3,099 (40,081 ) 16,270 Obligations under finance leases - current 59 (62 ) (5 ) 8 38 38 - non-current 55 — — — 15 70 Total liabilities from financing activities 2,455,818 (1,537,609 ) (10,855 ) 3,107 53 910,514 January 1, 2017 Cash flows Foreign exchange movement Translation reserve Others December, 31, 2017 December, 31, 2017 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 US$’000 As at December 31, 2017 Loans & bonds - current 894,136 705,109 755 — — 1,600,000 252,789 - non-current 16,270 9,376 879 (184 ) — 26,341 4,162 Obligations under finance leases - current 38 (38 ) — 9 24 33 5 - non-current 70 — — — (24 ) 46 7 Total liabilities from financing activities 910,514 714,447 1,634 (175 ) — 1,626,420 256,963 The ‘Others’ column includes the effect of reclassification of non-current |
Basis of preparation and acco44
Basis of preparation and accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Basis of preparation | 2.1 Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements have been prepared on a historical cost basis, except for derivative financial instruments and held for trading investment that have been measured at fair value. The consolidated financial statements are presented in Renminbi (“RMB”) and all values are rounded to the nearest thousand (“RMB’000”) except when otherwise indicated. Translation of amounts from Renminbi to US Dollar (“USD”) is solely for the convenience of the reader. Translation of amounts from Renminbi to US Dollar has been made at the rate of RMB 6.3294 = US$1.00, the rate quoted by the People’s Bank of China at the close of business on February 28, 2018 and all values are rounded to the nearest thousand (“US$’000”) except when otherwise indicated. |
Basis of consolidation | 2.2 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries (the “Group”) as at December 31, 2017. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: • Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee) • Exposure, or rights, to variable returns from its involvement with the investee • The ability to use its power over the investee to affect its returns Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: • The contractual arrangement with the other vote holders of the investee • Rights arising from other contractual arrangements • The Group’s voting rights and potential voting rights The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income (“OCI”) are attributed to the equity holders of the parent of the Group and to the non-controlling non-controlling A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling |
Business combinations and goodwill | (a) Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value and the amount of any non-controlling non-controlling When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. If the business combination is achieved in stages, any previously held equity interest is re-measured Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IAS 39 Financial Instruments: Recognition and Measurement, is measured at fair value with the changes in fair value recognized in the statement of profit or loss. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling re-assesses After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in this circumstance is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained. |
Investments in associates and joint ventures | (b) Investments in associates and joint ventures An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. The Group’s investments in its associates and joint ventures are accounted for using the equity method. Under the equity method, the investment in an associate or a joint venture is initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Group’s share of net assets of the associate or joint venture since the acquisition date. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is not tested for impairment separately. The statement of profit or loss reflects the Group’s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of the Group’s OCI. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, the Group recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture. The aggregate of the Group’s share of profit or loss of an associate and a joint venture is shown on the face of the statement of profit or loss outside operating profit and represents profit or loss after tax and non-controlling The financial statements of the associate or joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, then recognizes the loss within “Share of (loss)/profit of associates and joint ventures, net of tax” in the statement of profit or loss. Upon loss of significant influence over the associate or joint control over the joint venture, the Group measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the associate or joint venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from disposal is recognized in profit or loss. |
Current versus non-current classification | (c) Current versus non-current The Group presents assets and liabilities in statement of financial position based on current/non-current • Expected to be realized or intended to be sold or consumed in normal operating cycle • Held primarily for the purpose of trading • Expected to be realized within twelve months after the reporting period, or • Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period All other assets are classified as non-current. A liability is current when: • It is expected to be settled in normal operating cycle • It is held primarily for the purpose of trading • It is due to be settled within twelve months after the reporting period, or • There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current |
Fair value measurement | (d) Fair value measurement The Group measures financial instruments, such as held for trading investments and derivatives, at fair value at each balance sheet date. Fair value related disclosures for financial instruments that are measured at fair value are summarized in the following notes: • Quoted equity shares Note 35 • Foreign exchange forward contract Note 35 Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: • In the principal market for the asset or liability, or • In the absence of a principal market, in the most advantageous market for the asset or liability The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: • Level 1 – Quoted (unadjusted) market prices in active markets for identical assets or liabilities • Level 2 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable • Level 3 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. An analysis of fair values of financial instruments and further details as to how they are measured are provided in Note 35. |
Foreign currency translation | (e) Foreign currency translation The Company’s functional currency is US Dollar. The Group’s consolidated financial statements are presented in Renminbi, which is also the functional currency of Yuchai, the largest operating segment of the Group. Each entity in the Group determines its own functional currency, and items included in the financial statements of each entity are measured using that functional currency. Transactions and balances Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognized in profit or loss with the exception of monetary items that are designated as part of the hedge of the Group’s net investment of a foreign operation. These are recognized in OCI until the net investment is disposed of, at which time, the cumulative amount is reclassified to profit or loss. Tax charges and credits attributable to exchange differences on those monetary items are also recorded in OCI. Non-monetary Non-monetary non-monetary Group companies On consolidation, the assets and liabilities of foreign operations are translated into RMB at the rate of exchange prevailing at the reporting date and their statements of profit or loss are translated at average exchange rates during the reporting period. The exchange differences arising on translation for consolidation are recognized in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is recognized in profit or loss. Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the spot rate of exchange at the reporting date. |
Revenue recognition | (f) Revenue recognition Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured, regardless of when the payment is received. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding discounts, rebates, taxes or duty. The Group has concluded that it is the principal in all of its revenue arrangements since it is the primary obligor in all the revenue arrangements, has pricing latitude and is also exposed to inventory and credit risks. The specific recognition criteria described below must also be met before revenue is recognized. Sale of goods Revenue from the sale of goods is measured at the fair value of the consideration received or receivable, net of returns and allowances, trade discounts and volume rebates. Revenue is recognized when the significant risks and rewards of ownership of the goods have been transferred to the buyer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, and there is no continuing management involvement with the goods and the amount of revenue can be measured reliably. Sale of completed development properties A development property is regarded as sold when the significant risks and rewards have been transferred to the buyer, which is normally on unconditional exchange of contracts. For conditional exchanges, sales are recognized only when all the significant conditions are satisfied. Rendering of services Revenue from rendering of services relates to project management contracts and hotel room and restaurant operations. Revenue is recognized over the period in which the services are rendered, by reference to completion of the specific transaction assessed on the basis of the actual service provided as a proportion of the total services to be performed. Interest income For all financial instruments measured at amortized cost and interest-bearing financial assets classified as available-for-sale, Rental income Rental income arising from operating leases is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature. Dividends Dividend income is recognized when the Group’s right to receive the payment is established, which is generally when shareholders approve the dividend. |
Government grants | (g) Government grants Government grants are recognized where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as income in equal amounts over the expected useful life of the related asset. |
Taxes | (h) Taxes Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Current income tax relating to items recognized directly in equity is recognized in equity and not in the statement of profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognized for all taxable temporary differences, except: • When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss • In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilized, except: • When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss • In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying transaction either in OCI or directly in equity. Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, are recognized subsequently if new information about facts and circumstances change. The adjustment is either treated as a reduction to goodwill (as long as it does not exceed goodwill) if it was incurred during the measurement period or recognized in profit or loss. The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. Sales tax Revenues, expenses and assets are recognized net of the amount of sales tax, except: • When the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case, the sales tax is recognized as part of the cost of acquisition of the asset or as part of the expense item, as applicable • When receivables and payables are stated with the amount of sales tax included The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. |
Non-current assets held for sale | (i) Non-current The Group classifies non-current Non-current The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the sale expected within one year from the date of the classification. Property, plant and equipment and intangible assets are not depreciated or amortized once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position. |
Cash dividend and non-cash distribution to equity holders of the parent | (j) Cash dividend and non-cash The Company recognizes a liability to make cash or non-cash Non-cash Upon distribution of non-cash |
Property, plant and equipment | (k) Property, plant and equipment Construction in progress is stated at cost, net of accumulated impairment losses, if any. Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Such cost includes the cost of replacing part of the property, plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met. When significant parts of property, plant and equipment are required to be replaced at intervals, the Group depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in profit or loss as incurred. The present value of the expected cost for the decommissioning of an asset after its use is included in the cost of the respective asset if the recognition criteria for a provision are met. Freehold land has an unlimited useful life and therefore is not depreciated. Asset under construction included in property, plant and equipment are not depreciated as these assets are not yet ready for intended use. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets as follows: Freehold buildings : 50 years Leasehold land, buildings and improvements : Shorter of 15 to 50 years or lease term Plant and machinery : 3 to 20 years Office furniture, fittings and equipment : 3 to 20 years Motor and transport vehicles : 3.5 to 15 years The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss when the asset is derecognized. The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. The Group capitalizes interest with respect to major assets under installation or construction based on the weighted average cost of the Group’s general borrowings and actual interest incurred for specific borrowings. Repairs and maintenance of a routine nature are expensed while those that extend the life of assets are capitalized. Construction in progress represents factories under construction and machinery and equipment pending installation. All direct costs relating to the acquisition or construction of buildings and machinery and equipment, including interest charges on borrowings, are capitalized as construction in progress. |
Investment properties | (l) Investment properties Investment properties are properties owned by the Group that are held to lease to third parties and earn rentals rather than for use in the production or supply of goods or services, or for administrative purposes, or in the ordinary course of business. Investment properties comprise completed investment properties and properties that are being constructed or developed for future use as investment properties. Investment properties are initially recognized at cost, including transaction costs and subsequently carried at cost less accumulated depreciation and impairment losses. Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful lives of the investment properties. The estimated useful life is 30 years. Depreciation methods, useful lives and residual values of investment properties are reassessed at each reporting date. Investment properties are derecognized when either they have been disposed of or when they are permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gain or loss on the retirement or disposal of an investment property is recognized in profit or loss in the year of retirement or disposal. Transfers are made to or from investment property only when there is a change in use. |
Research and development costs | (m) Research and development costs Research costs are expensed as incurred. The Group received research and development subsidies of RMB 26,815 and RMB 60,817 (US$9,609) for the years ended December 31, 2016 and 2017 respectively. Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate: • The technical feasibility of completing the intangible asset so that the asset will be available for use or sale • Its intention to complete and its ability to use or sell the asset • How the asset will generate future economic benefits • The availability of resources to complete the asset • The ability to measure reliably the expenditure during development Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete and the asset is available for use. Development costs are amortized over the period of expected future benefit. During the period of development, the asset is tested for impairment annually. In 2015, 2016 and 2017, capitalized development expenditures are not amortized because the intangible asset has not been completed. |
Financial instruments - initial recognition and subsequent measurement | (n) Financial instruments – initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as financial assets at fair value through profit or loss, loans and receivables, held-to-maturity available-for-sale Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognized on the trade date, i.e., the date that the Group commits to purchase or sell the asset. The Group’s financial assets include cash and bank balances, bank deposits, trade and other receivables, quoted financial instruments and derivative financial instruments. Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories: • Financial assets at fair value through profit or loss • Loans and receivables • Held-to-maturity • Available-for-sale Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition at fair value through profit or loss. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments as defined by IAS 39. Financial assets at fair value through profit and loss are carried in the statement of financial position at fair value with net changes in fair value presented as other operating expenses (negative net changes in fair value) or other operating income (positive net changes in fair value) in the statement of profit or loss. Financial assets designated upon initial recognition at fair value through profit or loss are designated at their initial recognition date and only if the criteria under IAS 39 are satisfied. The Group has designated its remaining 7.7% shareholding interest in Thakral Corporation Ltd (“TCL”) as financial assets at fair value through profit or loss. The Group evaluates its financial assets held for trading, other than derivatives, to determine whether the intention to sell them in the near term is still appropriate. When, in rare circumstances, the Group is unable to trade these financial assets due to inactive markets and management’s intention to sell them in the foreseeable future significantly changes, the Group may elect to reclassify them. The reclassification to loans and receivables and available-for-sale Loans and receivables Loans and receivables are non-derivative The EIR amortization is included in “Other operating income” in the statement of profit or loss. The losses arising from impairment are recognized in the statement of profit or loss in finance costs for loans and in cost of sales or other operating expenses for receivables. Held-to-maturity Non-derivative held-to-maturity held-to-maturity held-to-maturity Available-for-sale AFS financial assets include equity investments and debt securities. Equity investments classified as AFS are those that are neither classified as held for trading nor designated at fair value through profit or loss. Debt securities in this category are those that are intended to be held for an indefinite period of time and that may be sold in response to needs for liquidity or in response to changes in the market conditions. After initial measurement, AFS financial assets are subsequently measured at fair value with unrealized gains or losses recognized in OCI and credited in the AFS reserve until the investment is derecognized, at which time the cumulative gain or loss is recognized in other operating income, or the investment is determined to be impaired, when the cumulative loss is reclassified from the AFS reserve to the statement of profit or loss in finance costs. Interest earned whilst holding AFS financial assets reported as interest income using the EIR method. The Group evaluates whether the ability and intention to sell its AFS financial assets in the near term is still appropriate. When, in rare circumstances, the Group is unable to trade these financial assets due to inactive markets, the Group may elect to reclassify these financial assets if the management has the ability and intention to hold the assets for foreseeable future or until maturity. For a financial asset reclassified from the AFS category, the fair value carrying amount at the date of reclassification becomes its new amortized cost and any previous gain or loss on the asset that has been recognized in equity is amortized to profit or loss over the remaining life of the investment using the EIR. Any difference between the new amortized cost and the maturity amount is also amortized over the remaining life of the asset using the EIR. If the asset is subsequently determined to be impaired, then the amount recorded in equity is reclassified to the statement of profit or loss. The Group did not have AFS financial assets in 2016 and 2017. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’s consolidated statement of financial position) when: • The rights to receive cash flows from the asset have expired, or • The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of the Group’s continuing involvement. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. Impairment of financial assets The Group assesses, at each reporting date, whether there is objective evidence that a financial asset or a group of financial assets is impaired. An impairment exists if one or more events that has occurred since the initial recognition of the asset (an incurred “loss event”), has an impact on the estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated. Evidence of impairment may include indications that the debtors or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganization and observable data indicating that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults. Financial assets carried at amortized cost For financial assets carried at amortized cost, the Group first assesses whether impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Group determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be, recognized are not included in a collective assessment of impairment. The amount of any impairment loss identified is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future expected credit losses that have not yet been incurred). The present value of the estimated future cash flows is discounted at the financial asset’s original EIR. The carrying amount of the asset is reduced through the use of an allowance account and the loss is recognized in statement of profit or loss. Interest income (recorded as “Other operating income” in the statement of profit or loss) continues to be accrued on the reduced carrying amount and is accrued using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. Loans together with the associated allowance are written off when there is no realistic prospect of future recovery and all collateral has been realized or has been transferred to the Group. If, in a subsequent year, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognized, the previously recognized impairment loss is increased or reduced by adjusting the allowance account. If a write-off AFS financial assets For AFS financial assets, the Group assesses at each reporting date whether there is objective evidence that an investment or a group of investments is impaired. In the case of equity investments classified as AFS, objective evidence would include a significant or prolonged decline in the fair value of the investment below its cost. “Significant” is evaluated against the original cost of the investment and “prolonged” against the period in which the fair value has been below its original cost. When there is evidence of impairment, the cumulative loss – measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that investment previously recognized in the statement of profit or loss – is removed from OCI and recognized in the statement of profit or loss. Impairment losses on equity investments are not reversed through profit or loss; increases in their fair value after impairment are recognized in OCI. The determination of what is ‘significant’ or ‘prolonged’ requires judgment. In making this judgment, the Group evaluates, among other factors, the duration or extent to which the fair value of an investment is less than its cost. In the case of debt instruments classified as AFS, the impairment is assessed based on the same criteria as financial assets carried at amortized cost. However, the amount recorded for impairment is the cumulative loss measured as the difference between the amortized cost and the current fair value, less any impairment loss on that investment previously recognized in the statement of profit or loss. Future interest income continues to be accrued based on the reduced carrying amount of the asset, using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The interest income is recorded as part of finance income. If, in a subsequent year, the fair value of a debt instrument increases and the increase can be objectively related to an event occurring after the impairment loss was recognized in the statement of profit or loss, the impairment loss is reversed through the statement of profit or loss. Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, loans and borrowings, and derivative financial instruments. Subsequent measurement The measurement of financial liabilities depends on their classification, as described below: Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IAS 39. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognized in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit and loss are designated at the initial date of recognition, and only if the criteria in IAS 39 are satisfied. The Group has not designated any financial liability as at fair value through profit or loss. Loans and borrowings After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included in finance costs in the statement of profit or loss. This category generally applies to interest-bearing loans and borrowings. For more information, please refer to Note 16(b). Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously. |
Derivative financial instruments | (o) Derivative financial instruments Initial recognition and subsequent measurement The Group uses derivative financial instruments, such as forward currency contracts, to hedge its foreign currency risks. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss. The Group does not apply hedge accounting. |
Inventories | (p) Inventories Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present location and condition are accounted for as follows: • Raw materials: purchase cost on a weighted average basis • Finished goods and work in progress: cost of direct materials and labor and a proportion of manufacturing overheads based on the normal operating capacity, but excluding borrowing costs Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. |
Impairment of non-financial assets | (q) Impairment of non-financial The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s (“CGU”) fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax Impairment losses, including impairment on inventories, are recognized in the statement of profit or loss in expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset’s or CGU’s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of profit or loss. Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods. |
Cash and cash equivalents | (r) Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits, and short-term, highly liquid investments that are readily convertible to known amount of cash and which are subject to an insignificant risk of changes in value. |
Leases | (s) Leases The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at the inception of the lease. The arrangement is, or contains, a lease if fulfilment of the arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to use the asset or assets, even if that asset is or those assets are not explicitly specified in an arrangement. Prepaid operating lease Prepaid operating lease represents payments made to the PRC land bureau for land use rights, which are charged to expense on a straight-line basis over the respective periods of the rights which are in the range of 15 to 50 years. Group as a lessee A lease is classified at the inception date as a finance lease or an operating lease. A lease that transfers substantially all the risks and rewards incidental to ownership to the Group is classified as a finance lease. Finance leases are capitalized at the commencement of the lease at the inception date fair value of the leased property or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognized in finance costs in the statement of profit or loss. A leased asset is depreciated over the useful life of the asset. However, if there is no reasonable certainty that the Group will obtain ownership by the end of the lease term, the asset is depreciated over the shorter of the estimated useful life of the asset and the lease term. An operating lease is a lease other than a finance lease. Operating lease payments are recognized as an operating expense in the statement of profit or loss on a straight-line basis over the lease term. Group as a lessor Leases in which the Group does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as rental income. |
Borrowing costs | (t) Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. A qualifying asset is one that necessarily takes a substantial period of time to get ready for its intended use or sale. To the extent that funds are borrowed specifically for the purpose of obtaining the asset, the amount of borrowing costs eligible for capitalization should be determined as the actual borrowing costs incurred less any investment income on the temporary investment of those borrowings. To the extent that funds are borrowed generally and used for the purpose of obtaining the asset, the amount of borrowing costs eligible for capitalization is by applying a capitalization rate to the expenditures on that asset. The capitalization rate should be the weighted average of the borrowing costs applicable to the borrowings of the enterprise that are outstanding during the period, other than borrowings made specifically for the purpose of obtaining a qualifying asset. The amount of borrowing costs capitalized during a period should not exceed the amount of borrowing costs incurred during that period. |
Provisions | (u) Provisions General Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit or loss net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax Product warranty The Group recognizes a liability at the time the product is sold, for the estimated future costs to be incurred under the lower of a warranty period or warranty mileage on various engine models, on which the Group provides free repair and replacement. For on-road |
Pensions and other post-employment benefits | (v) Pensions and other post-employment benefits The Group participates in and makes contributions to the national pension schemes as defined by the laws of the countries in which it has operations. The contributions are at a fixed proportion of the basic salary of the staff. Contributions are recognized as compensation expense in the period in which the related services are performed. |
Share-based payments | (w) Share-based payments Employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (“equity-settled transactions”). Equity-settled transactions The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized in “staff cost” (Note 8.4), together with a corresponding increase in performance share reserve in equity, over the period in which the performance and/or service conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. No expense is recognized for awards that do not ultimately vest, except for equity-settled transactions for which vesting is conditional upon a market or non-vesting non-vesting When the terms of an equity-settled award are modified, the minimum expense recognized is the expense had the terms not been modified, provided the original terms of the award are met. An additional expense, measured as at the date of modification, is recognized for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share (further details are given in Note 10). |
Development properties | (x) Development properties Development properties are properties acquired or being constructed for sale in the ordinary course of business, rather than to be held for the Group’s own use, rental or capital appreciation. Development properties are held as inventories and are measured at the lower of cost and net realizable value. Non-refundable Costs to complete development include cost of land and other direct and related development expenditure, including borrowing costs incurred in developing the properties. Net realizable value of development properties is the estimated selling price in the ordinary course of business, based on market prices at the reporting date and discounted for the time value of money if material, less the estimated costs of completion and the estimated costs necessary to make the sale. |
Segment reporting | (y) Segment reporting For management purposes, the Group is organized into operating segments based on their products and services which are independently managed by the respective segment managers responsible for the performance of the respective segments under their charge. The segment manager’s report directly to the management of the Company who regularly review the segment results in order to allocate resources to the segments and to assess the segment performance. Additional disclosures on each of these segments are shown in Note 32, including the factors used to identify the reportable segments and the measurement basis of segment information. |
Basis of preparation and acco45
Basis of preparation and accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Estimated Useful Life of Assets | Depreciation is calculated on a straight-line basis over the estimated useful life of the assets as follows: Freehold buildings : 50 years Leasehold land, buildings and improvements : Shorter of 15 to 50 years or lease term Plant and machinery : 3 to 20 years Office furniture, fittings and equipment : 3 to 20 years Motor and transport vehicles : 3.5 to 15 years |
Investments in subsidiaries (Ta
Investments in subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Details of Significant Subsidiaries of the Group | Details of significant subsidiaries of the Group are as follows: Name of significant subsidiary Place of incorporation/ business Group’s effective equity interest 31.12.2016 31.12.2017 % % Guangxi Yuchai Machinery Company Limited People’s Republic of China 76.4 76.4 Guangxi Yuchai Machinery Monopoly Development Co., Ltd People’s Republic of China 54.9 54.9 Guangxi Yuchai Accessories Manufacturing Company Limited People’s Republic of China 76.4 76.4 Guangxi Yuchai Equipment Mould Company Limited (formerly known as Guangxi Yulin Yuchai Accessories Manufacturing Company Limited) People’s Republic of China 76.4 76.4 Guangxi Yulin Hotel Company Limited People’s Republic of China 76.4 76.4 Jining Yuchai Engine Company Limited (i) People’s Republic of China — 76.4 Yuchai Remanufacturing Services (Suzhou) Co., Ltd. People’s Republic of China 76.4 76.4 HL Global Enterprises Limited Singapore 50.2 50.2 Note: (i) In September, 2014, Yuchai disposed its 70% equity interest in Jining Yuchai. Subsequently, through contractual arrangements, Yuchai obtained 100% control in Jining Yuchai. In November, 2017, Yuchai acquired 100% equity interest in Jining Yuchai, As a result, Jining Yuchai became a wholly owned subsidiary of Yuchai. For details, please refer to Note 1.2. |
Subsidiary having Non-controlling Interests that are Material to the Group | The Group has the following subsidiary that has non-controlling 31.12.2015 31.12.2016 31.12.2017 Proportion of equity interest held by NCI Yuchai 23.6 % 23.6 % 23.6 % 31.12.2015 RMB’000 31.12.2016 RMB’000 31.12.2017 RMB’000 31.12.2017 US$’000 Accumulated balances of material NCI Yuchai 2,253,207 2,437,215 385,063 Profit allocated to material NCI Yuchai 129,088 210,013 290,497 45,896 Dividends paid to material NCI Yuchai 100,412 83,677 98,941 15,632 |
Summarized Financial Information Including Goodwill on Acquisition and Consolidation Adjustment But Before Intercompany Eliminations of Subsidiaries with Material Non-controlling Interests | Summarized financial information including goodwill on acquisition and consolidation adjustments but before intercompany eliminations of subsidiaries with material non-controlling 31.12.2015 Yuchai RMB’000 Summarized statement of comprehensive income Revenue 13,671,931 Profit for the year, representing total comprehensive income for the year 547,216 Attributable to NCI 129,088 Summarized statement of cash flows Operating 1,742,989 Investing (33,515 ) Financing (659,691 ) Net increase in cash and cash equivalents 1,049,783 31.12.2016 Yuchai RMB’000 Summarized statement of financial position Current assets 12,448,174 Non-current 4,876,773 Goodwill 212,636 Current liabilities (7,957,306 ) Non-current (461,712 ) Net assets 9,118,565 Total equity 9,118,565 Attributable to NCI 2,253,207 Summarized statement of comprehensive income Revenue 13,598,487 Profit for the year, representing total comprehensive income for the year 726,379 Attributable to NCI 210,013 Summarized statement of cash flows Operating 2,329,367 Investing (293,477 ) Financing (1,697,173 ) Net increase in cash and cash equivalents 338,717 31.12.2017 Yuchai RMB’000 US$’000 Summarized statement of financial position Current assets 14,717,316 2,325,231 Non-current 4,693,931 741,608 Goodwill 212,636 33,595 Current liabilities (9,344,836 ) (1,476,417 ) Non-current (495,429 ) (78,274 ) Net assets 9,783,618 1,545,743 Total equity 9,783,618 1,545,743 Attributable to NCI 2,437,215 385,063 Summarized statement of comprehensive income Revenue 16,165,245 2,553,993 Profit for the year, representing total comprehensive income for the year 1,045,330 165,155 Attributable to NCI 290,497 45,896 Summarized statement of cash flows Operating 1,385,156 218,845 Investing (165,817 ) (26,198 ) Financing 221,660 35,021 Net increase in cash and cash equivalents 1,440,999 227,668 |
Assets and Liabilities and Cash Flow Effect of Disposal of Subsidiaries | The value of assets and liabilities of the disposal recorded in the consolidated financial statements and the cash flow effect of the disposals were: 31.12.2015 RMB’000 Property, plant and equipment 66,597 Land use rights 17,661 Inventories 6,354 Trade receivables and other receivables 111,651 Deferred taxation 244 Cash and bank balances 18,797 221,304 Payables and accruals (17,161 ) Provision for taxation (996 ) Carrying value of net assets 203,147 Total consideration 189,500 Net asset derecognized (203,147 ) Loss on disposal of a subsidiary (Note 8.2(b)) (13,647 ) Total consideration 189,500 Cash and bank balances of the subsidiary (18,797 ) Net cash inflow on disposal of the subsidiary 170,703 The value of assets and liabilities of the disposal recorded in the consolidated financial statements and the cash flow effect of the disposals were: 31.12.2017 31.12.2017 RMB’000 US$’000 Property, plant and equipment (Note 11) 104,844 16,565 Trade receivables and other receivables 3,257 514 Cash and bank balances 9,153 1,446 117,254 18,525 Trade and other payables (3,737 ) (590 ) Provision for taxation (44 ) (7 ) Deferred taxation (588 ) (93 ) Carrying value of net assets 112,885 17,835 Gain on disposal: Total consideration 395,000 62,407 Less: Cost of disposal (47,532 ) (7,510 ) Total consideration less cost of disposal 347,468 54,897 Net assets derecognized (112,885 ) (17,835 ) Realization of foreign translation reserves upon disposal (18,468 ) (2,917 ) Gain on disposal of the subsidiaries (Note 8.2(b)) 216,115 34,145 Total consideration less cost of disposal 347,468 54,897 Add: Transaction cost unpaid 33,287 5,260 Less: Retention sum receivables (30,000 ) (4,740 ) Cash and bank balances of the subsidiaries (9,153 ) (1,446 ) Net cash inflow on disposal of the subsidiaries 341,602 53,971 |
Investment in associates (Table
Investment in associates (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Summarized Investment in Associates | The Group’s investment in associates are summarized as below: 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Share of profit/(loss) of associates, net of tax 245 456 (28 ) (4 ) 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Carrying amount of investment 3,836 2,185 345 |
Details of Associates | Details of the associates are as follows: Name of company Principal activities Place of incorporation/ business Group’s effective equity interest 31.12.2016 31.12.2017 % % Held by subsidiaries Sinjori Sdn. Bhd. Property investment and development Malaysia 14.0 14.0 Guangxi Yuchai Quan Xing Machinery Co., Ltd. Manufacture spare part and sales of auto spare part, diesel engine & spare part, metallic materials, generator & spare part, chemical products (exclude dangerous goods), lubricating oil People’s Republic of 15.3 15.3 Guangxi Yulin Yuchai Property Management Co., Ltd. (“Property Management”) (i) Property management People’s Republic of 22.9 — Note: (i) In August 2017, YEMC disposed its equity interest in Property Management to State Holding Company for a consideration of RMB 1,832 (US$289). As a result, the Group recognized net gain on disposal of associate of RMB199 (US$31) in the Group’s profit or loss for the year ended December 31, 2017. |
Investment in joint ventures (T
Investment in joint ventures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Share of Results of Joint Ventures and Carrying Amount of Investment to Joint Ventures | 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Share of (loss)/profit of joint ventures, net of tax: Y & C Engine Co., Ltd. (8,978 ) 2,039 17,755 2,805 Copthorne Hotel Qingdao Co., Ltd. (i) 6,941 (4,465 ) — — MTU Yuchai Power Co., Ltd. — — (8,487 ) (1,341 ) Other joint ventures (899 ) (1,642 ) 814 129 (2,936 ) (4,068 ) 10,082 1,593 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Carrying amount of investments: Y & C Engine Co., Ltd. 169,064 122,235 19,312 MTU Yuchai Power Co., Ltd. — 66,513 10,509 Other joint ventures 7,287 7,354 1,162 176,351 196,102 30,983 Note: (i) Since February 23, 2016, the investment in Copthorne Hotel Qingdao Co., Ltd had been classified as asset held for sale in view of proposed disposal. The disposal was completed on October 19, 2017. (Refer to Note 22 for details). |
Interest in Joint Ventures | The Group has interests in the following joint ventures: Name of company Principal activities Place of incorporation/ business Group’s effective 31.12.2016 31.12.2017 % % Held by subsidiaries Copthorne Hotel Qingdao Co., Ltd. (“Copthorne Qingdao”) Owns and operates a hotel in Qingdao, PRC People’s Republic of China 30.1 — HL Heritage Sdn. Bhd. Property development and property investment holdings Malaysia 30.1 30.1 Shanghai Hengshan Equatorial Hotel Management Co., Ltd. Hotel and property management People’s Republic of China 24.6 24.6 Y & C Engine Co., Ltd (“Y&C”) Manufacture and sale of heavy duty diesel engines, spare parts and after-sales services People’s Republic of China 34.4 34.4 Guangxi Yineng IOT Science & Technology Co., Ltd. Design, development, management and marketing of an electronic operations management platform People’s Republic of China 15.3 15.3 MTU Yuchai Power Co., Ltd (“MTU Yuchai Power”) (i) Manufacture off-road People’s Republic of China — 38.2 Note: (i) MTU Yuchai Power was incorporated on January 18, 2017. During 2017, Yuchai had invested RMB 75.0 million (US$ 11.8 million) into the joint venture. |
Summarized Financial Information of Joint Ventures and Reconciliation with Carrying Amount of Investment in Consolidated Financial Statements | The summarized financial information of the joint ventures, based on their IFRS financial statements, and reconciliation with the carrying amount of the investment in consolidated financial statements are set out below: 31.12.2015 Y & C Copthorne Qingdao Total RMB’000 RMB’000 RMB’000 Revenue 356,697 50,971 407,668 Depreciation and amortization (23,453 ) (12,079 ) (35,532 ) Interest expense (19,612 ) (8,599 ) (28,211 ) Loss for the year, representing total comprehensive loss for the year (19,952 ) (20,311 ) (40,263 ) Proportion of the Group’s ownership 45 % 60 % Group’s share of loss (8,978 ) (12,187 ) Depreciation arising from fair value adjustment during purchase price allocation — (2,804 ) Reversal of cumulative impairment loss — 21,932 Group’s share of (loss)/profit of significant joint ventures (8,978 ) 6,941 (2,037 ) Group’s share of loss of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures (899 ) Group’s share of loss for the year, representing the Group’s share of total comprehensive loss for the year (2,936 ) 31.12.2016 Y & C Total RMB’000 RMB’000 Non-current 616,397 616,397 Current assets - Cash and bank balances 99,014 99,014 - Others 215,246 215,246 Total assets 930,657 930,657 Non-current (60,382 ) (60,382 ) Current liabilities - Interest-bearing loans and borrowings (68,800 ) (68,800 ) - Others (425,777 ) (425,777 ) Total liabilities (554,959 ) (554,959 ) Equity 375,698 375,698 Proportion of the Group’s ownership 45 % Group’s share of net assets 169,064 Carrying amount of significant joint ventures 169,064 169,064 Carrying amount of other joint ventures 7,287 Carrying amount of the investment in joint ventures 176,351 2016 Y & C Copthorne Qingdao* Total RMB’000 RMB’000 RMB’000 Revenue 553,878 3,674 557,552 Depreciation and amortization (22,087 ) (2,797 ) (24,884 ) Interest expense (14,012 ) (1,337 ) (15,349 ) Profit/(loss) for the year, representing total comprehensive loss for the year 4,531 (6,664 ) (2,133 ) Proportion of the Group’s ownership 45 % 60 % Group’s share of profit/(loss) 2,039 (3,998 ) Depreciation arising from fair value adjustment during purchase price allocation — (467 ) Group’s share of profit/(loss) of significant joint 2,039 (4,465 ) (2,426 ) Group’s share of loss of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures (1,642 ) Group’s share of loss for the year, representing the Group’s share of total comprehensive loss for the year (4,068 ) * On February 23, 2016, the investment in Copthorne Qingdao was classified as asset held for sale. Accordingly, the information presented includes the results of Copthorne Qingdao only for the period from January 1, 2016 to February 23, 2016. 31.12.2017 Y & C MTU Total Total RMB’000 RMB’000 RMB’000 US$’000 Non-current 734,270 32,015 766,285 121,068 Current assets - Cash and bank balances 199,925 113,055 312,980 49,449 - Others 367,293 22,775 390,068 61,628 Total assets 1,301,488 167,845 1,469,333 232,144 Non-current (13,543 ) — (13,543 ) (2,140 ) Current liabilities - Interest-bearing loans and borrowings (13,500 ) — (13,500 ) (2,133 ) - Others (842,765 ) (34,820 ) (877,585 ) (138,652 ) Total liabilities (869,808 ) (34,820 ) (904,628 ) (142,925 ) Equity 431,680 133,025 564,705 89,219 Proportion of the Group’s ownership 45 % 50 % Group’s share of net assets 194,256 66,513 Unrealized profit on transactions with joint venture (72,021 ) — Carrying amount of significant joint ventures 122,235 66,513 188,748 29,821 Carrying amount of other joint ventures 7,354 1,162 Carrying amount of the investment in joint ventures 196,102 30,983 31.12.2017 Y & C MTU Total Total RMB’000 RMB’000 RMB’000 US$’000 Revenue 1,331,823 — 1,331,823 210,419 Depreciation and amortization (20,831 ) (227 ) (21,058 ) (3,327 ) Interest expense (28,663 ) (343 ) (29,006 ) (4,583 ) Profit/(loss) for the year, representing total comprehensive income for the year 55,982 (16,973 ) 39,009 6,163 Proportion of the Group’s ownership 45 % 50 % Group’s share of profit 25,192 (8,487 ) Unrealized profit on transactions with joint venture (7,437 ) — Group’s share of profit of significant joint ventures 17,755 (8,487 ) 9,268 1,464 Group’s share of loss of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures 814 129 Group’s share of profit for the year, representing the Group’s share of total comprehensive income for the year 10,082 1,593 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Summary of Revenue | 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Sale of goods 13,634,395 13,542,568 16,085,640 2,541,416 Sale of development property — — 710 112 Revenue from hotel and restaurant operations 94,053 110,718 127,971 20,219 Rental income 4,989 11,554 8,121 1,283 Revenue 13,733,437 13,664,840 16,222,442 2,563,030 |
Other income and expenses rec50
Other income and expenses recognized in statement of profit and loss (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Summary of Depreciation and Amortization | Depreciation of property, plant and equipment, investment property and amortization of prepaid operating leases are included in the following captions. 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Cost of sales 319,962 322,289 307,102 48,520 Research and development expenses 58,204 56,812 48,291 7,630 Selling, general and administrative expenses 91,269 99,059 88,788 14,027 469,435 478,160 444,181 70,177 |
Summary of Sales Related Shipping and Handling Expenses Not Separately Billed to Customers | Sales related shipping and handling expenses not separately billed to customers are included in the following caption: 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Selling, general and administrative expenses 172,865 159,023 208,197 32,894 |
Summary of Other Operating Income | 8.2 (a) Other operating income 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Interest income 41,314 56,983 105,421 16,656 Dividend income from held for trading investment — 943 2,532 400 Gain on disposal of subsidiaries (Note 4) — — 216,115 34,145 Gain on disposal of joint venture (Note 22) — — 107,976 17,059 Gain on disposal of associate — — 199 31 Gain on disposal of property, plant and equipment — — 11,668 1,843 Gain on disposal of intangible assets — — 115,235 18,206 Gain on disposal of prepaid operating leases 2,511 — — — Gain on liquidation of joint venture 348 — — — Government grants 31,205 41,515 34,337 5,425 Fair value gain on held for trading investment — — 12,768 2,017 Fair value gain on foreign exchange forward contract (Note 19) 15,506 — — — Write-back of trade and other payables 9 — 29 5 Write-back of allowance for anticipated losses on development properties 2,976 — — — Bad debt recovered 4,257 — — — Foreign exchange gain, net — — 30,943 4,889 Others 8,805 18,513 10,129 1,600 106,931 117,954 647,352 102,276 |
Summary of Other Operating Expenses | 8.2 (b) Other operating expenses 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Loss on disposal of property, plant and equipment 14,874 14,020 — — Loss on disposal of subsidiary 13,647 — — — Loss on dilution of equity interest in joint venture 2,848 — — — Foreign exchange loss, net 45,354 4,006 — — Fair value loss on held for trading investment 10,871 243 — — Fair value loss on foreign exchange forward contract — 140 — — Goodwill written off — 1,131 — — Others — 3,059 22,719 3,589 87,594 22,599 22,719 3,589 |
Summary of Finance Costs | 8.3 Finance costs 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Bank term loans 57,212 34,477 53,888 8,514 Corporate bonds 54,116 27,581 — — Bills discounting 1,651 13,068 42,179 6,664 Bank charges 3,364 4,552 4,367 690 Finance lease 8 5 5 1 116,351 79,683 100,439 15,869 |
Summary of Staff Costs | 8.4 Staff costs 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Wages and salaries 839,288 922,847 1,158,320 183,006 Contribution to defined contribution plans 297,926 275,703 258,190 40,792 Executive bonuses 32,190 44,921 59,908 9,465 Staff welfare 73,908 81,223 76,392 12,069 Staff severance cost 8,385 12,864 107,732 17,021 Cost of share-based payment 10,275 5,301 1,592 252 Others 9,062 20,340 1,870 295 1,271,034 1,363,199 1,664,004 262,900 |
Income tax expense (Tables)
Income tax expense (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Summary of Income Tax Expense | Income tax expense in the consolidated statement of profit or loss consists of: 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Current income tax - Current year 104,584 104,149 197,264 31,167 - (Over)/under provision in respect of prior years (47 ) 7,175 (2,867 ) (453 ) Deferred tax - Movement in temporary differences 72,281 48,946 25,770 4,071 Consolidated income tax expense reported in the statement of profit or loss 176,818 160,270 220,167 34,785 |
Reconciliation of Income Tax Expense | Income tax expense reported in the consolidated statement of profit or loss differs from the amount computed by applying the PRC income tax rate of 15% (being tax rate of Yuchai) for the years ended December 31, 2017, 2016 and 2015 for the following reasons: 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Accounting profit before tax 686,138 883,878 1,625,237 256,776 Computed tax expense of 15% 102,921 132,582 243,786 38,517 Adjustments resulting from: Non-deductible 9,815 7,039 21,982 3,473 Tax-exempt (5,574 ) (178 ) (58,324 ) (9,215 ) Utilization of deferred tax benefits previously not recognized (2,001 ) (3,157 ) (7,374 ) (1,165 ) Deferred tax benefits not recognized 61,299 9,045 8,084 1,277 Tax credits for research and development expense (27,087 ) (34,482 ) (34,428 ) (5,439 ) Tax rate differential 24,249 25,321 21,061 3,328 (Over)/under provision in respect of previous years current tax (47 ) 7,175 (2,867 ) (453 ) Withholding tax expense 13,126 16,925 29,447 4,652 Others 117 — (1,200 ) (190 ) Total 176,818 160,270 220,167 34,785 |
Summary of Deferred Tax | Deferred tax relates to the following: Consolidated statement of financial Consolidated statement of profit or loss 31.12.2016 31.12.2017 31.12.2017 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 RMB’000 RMB’000 RMB’000 US$’000 Deferred tax liabilities Accelerated tax depreciation (10,521 ) (15,122 ) (2,389 ) (10,852 ) 373 (4,601 ) (727 ) Unremitted earnings from overseas source income (437 ) — — — (25 ) — — Interest receivable (1,453 ) (774 ) (122 ) — (1,471 ) 679 107 Derivatives not designated as hedges- foreign exchange forward contract — — — (2,326 ) 2,326 — — PRC withholding tax on dividend income (i) (103,347 ) (100,572 ) (15,890 ) (12,549 ) (16,628 ) (29,031 ) (4,587 ) (115,758 ) (116,468 ) (18,401 ) (25,727 ) (15,425 ) (32,953 ) (5,207 ) Deferred tax assets Impairment of property, plant and equipment 2,876 12,319 1,946 409 (9,005 ) 9,443 1,492 Write-down of inventories 21,209 17,493 2,764 (3,867 ) (4,421 ) (3,716 ) (587 ) Allowance for doubtful account receivables 9,340 7,376 1,165 (3,361 ) 7,196 (1,964 ) (310 ) Accruals 185,952 204,730 32,346 17,253 (46,350 ) 18,778 2,967 Deferred income 70,931 51,679 8,165 (44,232 ) 10,045 (19,252 ) (3,042 ) Write down of intangible asset — — — (15,000 ) — — — Others 17,899 21,793 3,443 2,244 9,014 3,894 616 308,207 315,390 49,829 (46,554 ) (33,521 ) 7,183 1,136 (72,281 ) (48,946 ) (25,770 ) (4,071 ) Note: (i) The movement of PRC withholding tax on dividend income is as follows: 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 At January 1 (113,805 ) (103,347 ) (16,328 ) Provision made to consolidated statement of profit or loss (16,628 ) (29,031 ) (4,587 ) Utilization 27,107 31,806 5,025 Translation differences (21 ) — — December 31 (103,347 ) (100,572 ) (15,890 ) |
Classification of the Group's Net Deferred Tax Assets | The following table represents the classification of the Group’s net deferred tax assets: 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Deferred tax assets 308,207 315,390 49,829 Deferred tax liabilities (115,758 ) (116,468 ) (18,401 ) 192,449 198,922 31,428 |
Deferred Tax Assets That Have Not Been Recognized | Deferred tax assets have not been recognized in respect of the following items: 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Unutilized tax losses 515,207 479,410 75,743 Unutilized capital allowances and investment allowances 106,781 107,266 16,947 Other unrecognized temporary differences relating to provisions and deferred grants 224,087 230,269 36,381 846,075 816,945 129,071 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Summary of Earnings Per Share | The calculation of basic earnings per share is based on: 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Profit attributable to ordinary equity holders of the parent 341,108 515,737 953,922 150,713 Weighted average number of ordinary shares 38,712,282 40,016,808 40,764,569 40,764,569 Diluted earnings per share The weighted average number of ordinary shares adjusted for the effect of unissued ordinary shares under the Share Option Scheme is determined as follows: 31.12.2015 31.12.2016 31.12.2017 Weighted average number of shares issued, used in the calculation of basic earnings per share 38,712,282 40,016,808 40,764,569 Diluted effect of share options — — — Weighted average number of ordinary shares adjusted for effect of dilution 38,712,282 40,016,808 40,764,569 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Summary of Property, Plant and Equipment | Freehold land RMB’000 Leasehold land, buildings and improvements RMB’000 Construction in progress RMB’000 Plant and machinery RMB’000 Office furniture, fittings and equipment RMB’000 Motor and transport vehicles RMB’000 Total RMB’000 Cost At January 1, 2016 13,301 2,307,160 328,117 4,969,820 181,448 114,681 7,914,527 Additions — 23,621 232,474 8,514 17,757 2,627 284,993 Acquisition as subsidiary — — — — 29 — 29 Disposals — (16,492 ) — (114,861 ) (6,966 ) (3,263 ) (141,582 ) Transfers — 37,001 (224,440 ) 186,620 142 296 (381 ) Write-off — — — — (5 ) — (5 ) Translation difference 429 356 — (337 ) 56 84 588 At December 31, 2016 and January 1, 2017 13,730 2,351,646 336,151 5,049,756 192,461 114,425 8,058,169 Additions — 1,109 226,977 7,464 16,763 9,120 261,433 Disposal of subsidiary — (107,632 ) — (35,490 ) (12,473 ) (255 ) (155,850 ) Disposals — (3,310 ) — (10,064 ) (3,718 ) (5,481 ) (22,573 ) Transfers — 81,486 (280,358 ) 198,872 — — — Write-off — (2,385 ) (1,674 ) (53,792 ) (15,307 ) (599 ) (73,757 ) Translation difference 263 1,954 — 88 2,228 (74 ) 4,459 At December 31, 2017 13,993 2,322,868 281,096 5,156,834 179,954 117,136 8,071,881 Accumulated depreciation and impairment At January 1, 2016 460 572,857 — 2,831,362 110,175 70,129 3,584,983 Charge for the year — 78,504 — 359,046 21,248 6,295 465,093 Disposals — (8,720 ) — (104,346 ) (6,514 ) (2,277 ) (121,857 ) Transfers — (24 ) — — — — (24 ) Impairment loss — — — 3,297 — — 3,297 Translation difference 7 (331 ) — (160 ) (78 ) 54 (508 ) At December 31, 2016 and January 1, 2017 467 642,286 — 3,089,199 124,831 74,201 3,930,984 Charge for the year — 78,347 — 325,979 21,202 6,039 431,567 Disposal of subsidiary — (26,031 ) — (15,040 ) (9,695 ) (240 ) (51,006 ) Disposals — (1,879 ) — (10,191 ) (1,798 ) (4,733 ) (18,601 ) Write-off — (1,377 ) — (51,087 ) (15,012 ) (599 ) (68,075 ) Impairment loss — — 1,055 19,790 — — 20,845 Translation difference 17 104 — 62 1,998 (32 ) 2,149 At December 31, 2017 484 691,450 1,055 3,358,712 121,526 74,636 4,247,863 Net book value At December 31, 2016 13,263 1,709,360 336,151 1,960,557 67,630 40,224 4,127,185 At December 31, 2017 13,509 1,631,418 280,041 1,798,122 58,428 42,500 3,824,018 US$’000 2,134 257,752 44,245 284,091 9,231 6,715 604,168 |
Investment property (Tables)
Investment property (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [LineItems] | |
Summary of Investment Property | 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Cost At January 1 31,323 31,776 5,020 Translation difference 453 1,169 185 At December 31 31,776 32,944 5,205 Accumulated depreciation At January 1 23,886 24,478 3,867 Charge for the year 248 248 39 Translation difference 344 784 125 At December 31 24,478 25,510 4,031 Net carrying amount 7,298 7,434 1,174 Fair value 10,149 10,557 1,668 Consolidated statements of profit or loss: Direct operating expenses (including repairs, maintenance and depreciation expense) arising from the rental generating property (571 ) (508 ) (80 ) |
Investment property [Member] | |
Statement [LineItems] | |
Fair Value Measurement of Investment Property | The following table shows information about fair value measurement of the investment property using significant unobservable inputs (Level 3): Valuation techniques Unobservable input Inter-relationship between key unobservable inputs and fair value measurement 2017 Market comparison and cost Comparable price: - Land: RMB 24 to RMB 34 (US$4 to US$5) per square foot - Retail: RMB 352 to RMB 859 (US$56 to US$139) per square foot The estimated fair value increases with higher comparable price 2016 Market comparison and cost Comparable price: - Land: RMB 24 to RMB 34 per square foot - Retail: RMB 337 to RMB 847 per square foot The estimated fair value increases with higher comparable price |
Prepaid operating leases (Table
Prepaid operating leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Summary of Prepaid Operating Leases | 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Current 12,546 12,546 1,982 Non-current 379,636 367,270 58,026 Total 392,182 379,816 60,008 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Cost At January 1 and December 31 529,577 529,577 83,669 Accumulated amortization At January 1 124,576 137,395 21,707 Charge for the year 12,819 12,366 1,954 At December 31 137,395 149,761 23,661 Net carrying amount 392,182 379,816 60,008 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Summary of Goodwill | RMB’000 US$’000 Cost At January 1, 2016, December 31, 2016, January 1, 2017 and December 31, 2017 218,311 34,492 Accumulated impairment At January 1, 2016, December 31, 2017, January 1, 2017 and December 31, 2017 5,675 897 Net carrying amount At December 31, 2016 and December 31, 2017 212,636 33,595 |
Carrying Amount of Goodwill Allocated to Cash-generating Unit | Carrying amount of goodwill allocated to the cash-generating unit: 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Yuchai 212,636 212,636 33,595 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Summary of Intangible Assets | Development costs RMB’000 Cost At January 1, 2016, December 31, 2016 and January 1, 2017 168,526 Disposal (31,704 ) At December 31, 2017 136,822 Impairment At January 1, 2016, December 31, 2016 and January 1, 2017 86,700 Charge to consolidated statement of profit or loss 40,000 At December 31, 2017 126,700 Net carrying amount At December 31, 2016 81,826 At December 31, 2017 10,122 US$’000 1,599 |
Other financial liabilities (Ta
Other financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Summary of Other Financial Liabilities | (a) Other liabilities 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Derivative not designated as hedges – foreign exchange forward contract 140 — — Finance lease liabilities (Note 31) 108 79 12 Total 248 79 12 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Current 178 33 5 Non-current 70 46 7 Total 248 79 12 |
Summary of Interest-bearing Loans and Borrowings | (b) Interest-bearing loans and borrowings Effective interest rate Maturity 31.12.2016 % RMB’000 Current Renminbi denominated loans 3.94 2017 753,750 USD denominated loans 3.70 2017 104,055 Singapore Dollar denominated loans (ii) 1.81 2017 33,616 Malaysian Ringgit denominated loans 5.90 2017 2,715 894,136 Non-current Malaysian Ringgit denominated loans 5.90 2020 16,270 Effective interest rate Maturity 31.12.2017 31.12.2017 % RMB’000 US$’000 Current Renminbi denominated loans 3.99 2018 1,600,000 252,789 Non-current Malaysian Ringgit denominated loans 5.95 2020 11,685 1,846 Singapore Dollar denominated loans (ii) 1.88 2020 14,656 2,316 26,341 4,162 Note: (i) All loans balances as stated above do not have a callable feature. (ii) The loans comprise: Issuer bank Facility limit Usage RMB’000 December 31, 2016 Bank of Tokyo-Mitsubishi, UFJ Ltd S$ 30 million 16,808 Sumitomo Mitsui Banking Corporation US$ 30 million 16,808 33,616 December 31, 2017 Bank of Tokyo-Mitsubishi, UFJ Ltd S$ 30 million 14,656 US$’000 2,316 |
Deferred grants (Tables)
Deferred grants (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Summary of Deferred Grants | 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 At January 1 360,783 337,889 53,384 Received during the year 13,639 50,095 7,915 Released to consolidated statement of profit or loss (36,533 ) (34,337 ) (5,425 ) At December 31 337,889 353,647 55,874 Current (Note 28) 21,939 22,270 3,519 Non-current 315,950 331,377 52,355 337,889 353,647 55,874 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Summary of Inventories | 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Raw materials 904,737 1,188,396 187,758 Work in progress 26,807 34,924 5,518 Finished goods 732,335 1,349,425 213,199 Total inventories at the lower of cost and net realizable value 1,663,879 2,572,745 406,475 |
Analysis of Inventory Reserve Accounts | 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Inventories recognized as an expense in cost of sales 9,566,699 9,308,265 11,021,960 1,741,391 Inclusive of the following charge/(credit): - Inventories written down 59,339 48,202 17,492 2,764 - Reversal of write-down of inventories (24,079 ) (53,373 ) (37,393 ) (5,908 ) |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Summary of Other Current Assets | 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Current Development properties 23,378 23,833 3,765 Held for trading investment, quoted equity securities (i) 12,181 24,714 3,905 35,559 48,547 7,670 |
Summary of Other Non Current Assets | 31.12.2016 31.12.2017 31.12.2017 Non-current Deferred expenditure (ii) — 303 48 (i) The quoted equity securities are listed on the Singapore Exchange. (ii) The deferred expenditure relate to the legal fees for an option to purchase for sale of lands entered with a buyer in 2016 and will be transferred to the profit or loss upon completion of the sale. |
Trade and bill receivables (Tab
Trade and bill receivables (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Summary of Trade and Bills Receivables | 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Trade receivables, net 241,168 212,104 33,511 Bill receivables (i) 6,816,088 6,819,440 1,077,423 Total (Note 36) 7,057,256 7,031,544 1,110,934 (i) As of December 31, 2017, bill receivables include bills issued by joint venture and other related parties amounted to RMB 69,816 (US$11,030) (2016: RMB 45,000) and RMB 23,832 (US$3,765) (2016: RMB 3,968) respectively. |
Analysis of Impairment of Doubtful Receivables | An analysis of the impairment of trade receivables is as follows: 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 At January 1 51,288 54,634 8,632 Charge/(credit) to consolidated statement of profit or loss 3,696 (10,854 ) (1,715 ) Written off (346 ) (5 ) (1 ) Translation differences (4 ) — — At December 31 54,634 43,775 6,916 |
Age Analysis of Trade and Bills Receivables | Neither past due Past due but not impaired Total nor 0 – 90 91-180 181-365 >365 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 At 31.12.2017 7,031,544 6,919,347 59,966 21,457 29,857 917 At 31.12.2016 7,057,256 6,995,511 37,902 12,062 9,654 2,127 |
Other receivables and prepaym63
Other receivables and prepayments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Summary of Other Current Receivables and Prepayments | 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Staff advances 7,501 5,107 807 Associates and joint ventures 182,671 13,230 2,090 Other related parties 10,096 37,275 5,889 Interest receivables 6,775 4,345 686 Bills receivable in transit 29,134 32,013 5,058 Retention sums (i) — 30,000 4,740 Others 10,510 10,705 1,692 Loans and receivables (Note 36) 246,687 132,675 20,962 Tax recoverable 102,024 177,819 28,094 Prepayments 37,654 73,896 11,675 Total 386,365 384,390 60,731 For terms and conditions relating to related parties, refer to Note 30. Note: (i) Retention sums relate to money deposits in an escrow account pending finalization of tax payable for the disposal of LKNII. |
Summary of Non-current Other Receivables | 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Other receivables (non-current) (i) (Note 36) 1,588 620 98 (i) Non-current non-trade non-interest |
Asset classified as held for 64
Asset classified as held for sale (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Summary of Value of Asset and Related Reserves of Disposal | The value of asset and related reserves of disposal recorded in the consolidated financial statements and the cash flow effect of the disposals were: 31.12.2017 31.12.2017 RMB’000 US$’000 Interest in joint venture, representing asset classified as held for sale 89,381 14,122 Gain on disposal: Total consideration less cost of disposal 182,679 28,862 Interest in joint venture derecognized (89,381 ) (14,122 ) Realization of foreign currency translation reserves upon disposal 22,720 3,590 Waiver of amount due by joint venture (8,042 ) (1,271 ) Gain on disposal of joint venture (Note 8.2(a)) 107,976 17,059 Total consideration less cost of disposal, representing net cash inflow on disposal of the joint venture 182,679 28,862 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Summary of Cash and Bank Balances | 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Non-current Long-term bank deposits (i) — 70,000 11,060 Current Cash and cash equivalents 3,653,914 5,390,324 851,633 Short-term bank deposits (ii) 363,043 514,074 81,220 Restricted cash 36,000 54,809 8,659 4,052,957 5,959,207 941,512 Cash and bank balances 4,052,957 6,029,207 952,572 Note: (i) In 2017, YMMC placed two-year (ii) Short-term bank deposits relate to bank deposits with initial maturities of more than three months and subject to more than insignificant risk of changes in value upon withdrawal before maturity. The interest rate of these bank deposits as of December 31, 2017 for the Group ranged from 1.01% to 1.97% (2016: 0.83% to 1.76%). These short-term bank deposits are not considered as cash equivalents. |
Issued capital and Preference66
Issued capital and Preference shares (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Summary of Issued Capital and Preference Shares | 31.12.2016 31.12.2017 thousands thousands Issued capital Authorized shares Ordinary share of par value US$0.10 each 100,000 100,000 Number of shares RMB’000 Ordinary shares issued and fully paid At January 1, 2016 39,298,340 1,955,720 Issued of shares as dividend payment (Note 25) 1,413,760 103,356 At December 31, 2016 and January 1, 2017 40,712,100 2,059,076 Issued of shares as dividend payment (Note 25) 99,790 12,897 Issued of shares upon exercised of share options (Note 27) 46,400 9,165 At December 31, 2017 40,858,290 2,081,138 US$’000 328,805 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Special share issued and fully paid One special share issued and fully paid at US$0.10 per share * * * Non-redeemable 21 21 3 * Less than RMB 1 (US$1) |
Dividends declared and paid (Ta
Dividends declared and paid (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Summary of Dividends Declared and Paid | 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Declared and paid during the year Dividends on ordinary shares: Final dividend paid in 2017: US$0.90 per share 221,549 248,844 39,316 Dividend paid in cash 118,193 235,947 37,278 Dividend paid in shares (Note 24) 103,356 12,897 2,038 221,549 248,844 39,316 |
Reserves (Tables)
Reserves (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Summary of Statutory Reserves | 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Statutory reserve Statutory general reserve (ii) At January 1 272,515 273,438 43,202 Transfer from retained earnings 923 1,882 297 At December 31 273,438 275,320 43,499 General surplus reserve (iii) At January 1 and December 31 25,706 25,706 4,061 Total 299,144 301,026 47,560 Note: ( i ) In accordance with the relevant regulations in the PRC, Yuchai and its subsidiaries are required to provide certain statutory reserves which are designated for specific purposes based on the net income reported in the PRC General Accepted Accounting Principles financial statements. The reserves are not distributable in the form of cash dividends. (ii) In accordance with the relevant regulations in the PRC, a 10% appropriation to the statutory general reserve based on the net income reported in the PRC financial statements is required until the balance reaches 50% of the authorized share capital of Yuchai and its subsidiaries. Statutory general reserve can be used to make good previous years’ losses, if any, and may be converted into share capital by the issue of new shares to shareholders in proportion to their existing shareholdings, or by increasing the par value of the shares currently held by them, provided that the reserve balance after such issue is not less than 25% of the authorized share capital. (iii) General surplus reserve is appropriated in accordance with Yuchai’s Articles and resolution of the board of directors. General surplus reserve may be used to offset accumulated losses or increase the registered capital. |
Summary of Other Components of Equity | 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Other components of equity Foreign currency translation reserve (i) (43,959 ) (82,939 ) (13,104 ) Performance shares reserve (ii) 20,839 19,758 3,122 Reserve of asset classified as held for sale 22,720 — — (Premium paid for)/discount on acquisition of non- (11,160 ) (11,541 ) (1,823 ) Total (11,560 ) (74,722 ) (11,805 ) (i) Foreign currency translation reserve The foreign currency translation reserve represents exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from that of the Group’s presentation currency. (ii) Performance shares reserve The performance shares reserve comprises the cumulative value of employee services received for the issue of share options. The amount in the reserve is retained when the option is expired. |
Share-based payment (Tables)
Share-based payment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Expense Recognized for Employee Services Received | The expense recognized for employee services received during the year is shown in the following table: 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Expense arising from equity-settled share-based payment transactions 10,275 5,301 1,592 252 Total expense arising from share-based payment transactions 10,275 5,301 1,592 252 |
Number and Weighted Average Exercise Prices ("WAEP") of, and Movements in Share Options | The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in share options during the year: Number of share options WAEP Number of share options WAEP 2016 2016 2017 2017 Outstanding at January 1 570,000 US$ 21.11 dollar 530,000 US$ 21.11 dollar Exercised during the year — — (46,400 ) US$ 21.11 dollar Cancelled during the year (40,000 ) US$ 21.11 dollar (13,600 ) US$ 21.11 dollar Outstanding at December 31 530,000 US$ 21.11 dollar 470,000 US$ 21.11 dollar Exercisable at December 31 353,333 US$ 21.11 dollar 470,000 US$ 21.11 dollar |
Fair Value of Share Options and Assumptions | Fair value of share options and assumptions Date of grant of options On July 29, 2014 Fair value at measurement date (US$) 5.70 dollar – 6.74 dollar Share price (US$) 21.11 dollar Exercise price (US$) 21.11 dollar Expected volatility (%) 47.4 Expected option life (years) 3.5 – 5.5 Expected dividends (%) 5.81 Risk-free interest rate (%) 1.4 – 2.0 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Summary of Trade and Other Current Payables | 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Trade and bills payables (i) 4,672,750 5,177,123 817,948 Other payables 362,856 366,604 57,921 Accrued expenses 841,942 843,447 133,258 Accrued staff costs 406,261 622,893 98,413 Dividend payable 37,851 39,786 6,286 Associates and joint ventures 91,439 102,111 16,133 Other related parties 120,619 125,411 19,814 Financial liabilities at amortized cost (Note 36) 6,533,718 7,277,375 1,149,773 Other tax payable 42,750 51,387 8,119 Trade and other payables with liquidity risk (Note 33) 6,576,468 7,328,762 1,157,892 Deferred grants (Note 17) 21,939 22,270 3,519 Deferred income (ii) 170,000 — — Advance from customers 76,636 117,117 18,503 Total trade and other payables (current) 6,845,043 7,468,149 1,179,914 (i) As of December 31, 2017, the trade and bills payables include bills payable to joint ventures, associates and other related parties amounted to RMB 63,600 (US$10,048) (2016: RMB 50), RMB 8,560 (US$1,352) (2016: RMB 12,210) and RMB 114,749 (US$18,129) (2016: RMB 133,708) respectively. (ii) This relates to the Group’s transfer of technology know-how |
Summary of Other Non-current Payables | 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Provision for bonus (i) 133,928 148,287 23,428 Deferred income (ii) 2,844 8,060 1,274 Other payables (non-current) (Note 136,772 156,347 24,702 (i) The provision is not expected to be settled within next 12 months. (ii) This relates to progress payments received for sale of lands and will be credited to profit and loss upon completion of the sale. |
Provision for product warranty
Provision for product warranty (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Summary of Provision for Product Warranty | 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 At January 1 233,577 238,850 37,737 Provision made 350,803 412,514 65,174 Provision utilized (345,530 ) (361,058 ) (57,045 ) At December 31 238,850 290,306 45,866 |
Related party disclosures (Tabl
Related party disclosures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Significant Transactions with Related Parties | The following provides the significant transactions that have been entered into with related parties for the relevant financial year. 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Sales - Materials/engines to State Holding Company, its subsidiaries and affiliates 516,679 447,509 455,061 71,896 - Hospitality and restaurant service charged to State Holding Company, its subsidiaries and affiliates 3,247 4,761 4,454 704 - Diesel engines and materials to associates and joint ventures 156,444 219,724 412,591 65,186 Purchase - Purchase of materials and supplies from subsidiaries and affiliates of State Holding Company 1,181,852 1,028,358 1,221,421 192,976 - Materials and supplies/engines from associates and joint ventures 90,354 308,610 914,211 144,439 Others - Delivery expense charged by subsidiaries of State Holding Company 164,690 143,077 192,399 30,398 - Storage, distribution and handling expenses charged by a subsidiary of State Holding Company 30,462 50,181 18,007 2,845 - Property management service charged by an associate/ a subsidiary of SHC (ii) 23,359 20,976 22,212 3,509 - Leasing expenses charged by State Holding Company 12,951 4,715 8,676 1,371 - Consultancy fees charged by State Holding Company — 10,026 12,264 1,938 - General and administrative expenses charged by State Holding Company 3,141 4,283 7,951 1,256 - General and administrative expenses charged by affiliates of HLA 6,271 6,887 6,913 1,092 - Charged by joint ventures for service provided — 2,121 2,543 402 - Charged to subsidiaries of State Holding Company for service provided — 8,873 21,274 3,361 - Charged to a joint venture for service provided — — 14,241 2,250 - Rental income charged to State Holding Company and its subsidiaries 619 5,454 4,483 708 - Purchases of vehicles/machineries from State Holding Company and its subsidiary 1,963 — 52,443 8,286 - Purchases of additional shareholding in a subsidiary from State Holding Company (i) 4,170 — 1,335 211 - Disposal of shareholding in an associate to State Holding Company (ii) — — 1,833 290 - Sales of an intangible asset to a joint venture — — 220,000 34,758 Note: (i) In October 2015, Yuchai acquired 2.86% of equity interest in YEMC from State Holding Company with a purchase consideration of RMB 4.2 million. In June 2017, GYAMC acquired 25% of equity interest in Crankshaft from State Holding Company with a purchase consideration of RMB 1.3 million (US$0.2 million). (ii) In August 2017, YEMC disposed its 30% equity interest in Property Management to State Holding Company for a consideration of RMB 1.9 million (US$0.3 million). |
Compensation of Key Management Personnel | Compensation of key management personnel of the Group 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 Short-term employee benefits 27,331 31,975 40,831 6,451 Contribution to defined contribution plans 305 415 385 61 Cost of share-based payment 8,477 4,387 1,294 204 36,113 36,777 42,510 6,716 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Operating lease [Member] | |
Statement [LineItems] | |
Future Minimum Rentals Receivable Under Non-cancellable Operating Leases | Future minimum rentals receivable under non-cancellable 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Within one year - With related parties 102 184 29 - With third parties 1,624 1,438 227 After one year but not more than five years - With related parties — 268 42 - With third parties 1,855 2,491 394 More than five years - With third parties 268 1,310 207 3,849 5,691 899 |
Future Minimum Lease Payments | Future minimum rentals payable under non-cancellable 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Within one year - With related parties 800 5,578 881 - With third parties 11,338 14,058 2,221 After one year but not more than five years - With related parties 1,399 1,724 272 - With third parties 12,537 14,003 2,212 More than five years - With third parties 114 — — 26,188 35,363 5,586 |
Finance lease [Member] | |
Statement [LineItems] | |
Future Minimum Lease Payments | Future minimum lease payments under finance lease together with the present value of the net minimum lease payments are as follows: 31.12.2016 31.12.2017 Minimum lease payments Present value of payments Minimum lease payments Present value of payments RMB’000 RMB’000 RMB’000 US$’000 RMB’000 US$’000 Not later than one year 43 38 33 5 33 5 Later than one year but not later than five years 70 70 46 7 46 7 Total minimum lease payments 113 108 79 12 79 12 Less: Amount representing finance charges (5 ) * * * * * Present value of minimum lease payments 108 108 79 12 79 12 * Less than RMB 1 (US$1) |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Summary of Segment Information | Year ended December 31, 2015 Yuchai HLGE Corporate Eliminations Consolidated financial statements RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue Total external revenue 13,671,931 61,506 — — 13,733,437 Results Interest income 35,557 1,415 10,003 (5,661 ) 41,314 Interest expense (110,618 ) (7,595 ) (435 ) 5,661 (112,987 ) Impairment of property, plant and equipment (2,873 ) — — — (2,873 ) Impairment of technology development cost (26,700 ) — — — (26,700 ) Staff severance cost (8,385 ) — — — (8,385 ) Depreciation and amortization (458,759 ) (10,458 ) (218 ) — (469,435 ) Share of (loss)/profit of associates and joint ventures, net of tax (10,230 ) 7,539 — — (2,691 ) Income tax expense (161,731 ) (2,491 ) (12,596 ) (1) — (176,818 ) Segment profit after income tax 583,115 6,473 (80,268 ) — 509,320 Year ended December 31, 2016 Yuchai HLGE Corporate Eliminations Consolidated financial statements RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue Total external revenue 13,598,487 66,353 — — 13,664,840 Results Interest income 51,235 1,919 10,080 (6,251 ) 56,983 Interest expense (73,028 ) (7,706 ) (648 ) 6,251 (75,131 ) Impairment of property, plant and equipment (3,297 ) — — — (3,297 ) Staff severance costs (12,864 ) — — — (12,864 ) Depreciation and amortization (467,177 ) (10,744 ) (239 ) — (478,160 ) Share of profit/(loss) of associates and joint ventures, net of tax 112 (3,724 ) — — (3,612 ) Income tax expense (141,272 ) (2,281 ) (16,717 ) (1) — (160,270 ) Segment profit after income tax 765,039 (4,548 ) (36,883 ) — 723,608 Total assets 17,537,583 449,994 2,111,248 (1,502,319 ) 18,596,506 Total liabilities (8,419,018 ) (369,124 ) (151,472 ) 328,920 (8,610,694 ) Other disclosures Investment in joint ventures 173,781 2,570 — — 176,351 Capital expenditure 282,284 2,623 86 — 284,993 Year ended December 31, 2017 Yuchai HLGE Corporate Eliminations Consolidated financial statements Consolidated financial statements RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 US$’000 Revenue Total external revenue 16,165,245 57,197 — — 16,222,442 2,563,030 Results Interest income 94,760 1,803 11,833 (2,975 ) 105,421 16,656 Interest expense (94,794 ) (3,983 ) (270 ) 2,975 (96,072 ) (15,179 ) Gain on disposal of intangible assets 115,235 — — — 115,235 18,206 Gain on disposal of subsidiaries — 216,115 — — 216,115 34,145 Gain on disposal of joint venture — 107,976 — — 107,976 17,059 Impairment of property, plant and equipment (20,845 ) — — — (20,845 ) (3,293 ) Impairment of technology development cost (40,000 ) — — — (40,000 ) (6,320 ) Staff severance cost (107,732 ) — — — (107,732 ) (17,021 ) Depreciation and amortization (433,921 ) (9,990 ) (270 ) — (444,181 ) (70,177 ) Share of profit of associates and joint venture 9,255 799 — — 10,054 1,589 Income tax expense (190,573 ) (461 ) (29,133 ) (1) — (220,167 ) (34,785 ) Segment profit after tax 1,089,233 322,481 (6,644 ) — 1,405,070 221,991 Total assets 19,623,882 451,096 2,444,012 (1,503,931 ) 21,015,059 3,320,229 Total liabilities (9,840,265 ) (66,920 ) (128,591 ) (2) (7 ) (10,035,783 ) (1,585,582 ) Other disclosures Investment in joint ventures 193,476 2,626 — — 196,102 30,983 Capital expenditure 259,068 975 1,390 — 261,433 41,305 Note: (1) This relates mainly to the withholding tax provisions for dividends from Yuchai. (2) Included here are mainly the cumulative withholding tax provision for dividends that are expected to be paid from income earned after December 31, 2007 by Yuchai. |
Summary of Geographic Information | Revenue from external customers: 31.12.2015 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 RMB’000 US$’000 People’s Republic of China 13,630,979 13,508,721 16,116,356 2,546,269 Other countries 102,458 156,119 106,086 16,761 13,733,437 13,664,840 16,222,442 2,563,030 The revenue information above is based on the location of the customer. Revenue from one customer group amounted to RMB 4,839,617 (US$764,625) (2016: RMB 3,580,856; 2015: RMB 2,900,332), arising from sales by Yuchai segment. Non-current 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 People’s Republic of China 4,893,338 4,524,988 714,916 Other countries 95,430 94,779 14,974 4,988,768 4,619,767 729,890 |
Financial risk management obj75
Financial risk management objectives and policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement [LineItems] | |
Maturity Profile of Financial Assets and Liabilities Based on Contractual Undiscounted Payments | The table below summarizes the maturity profile of the Group’s financial assets and liabilities based on contractual undiscounted payments. One year or less Two to five years More than five years Total As at December 31, 2016 RMB’000 RMB’000 RMB’000 RMB’000 Financial assets Trade and bills receivables 7,111,890 — — 7,111,890 Other receivables, excluding tax recoverable 246,687 1,588 — 248,275 Cash and bank balances 4,052,957 — — 4,052,957 Held for trading investment and derivative not designated as hedges – foreign exchange forward contract 12,181 — — 12,181 11,423,715 1,588 — 11,425,303 Financial liabilities Derivative not designated as hedges – foreign exchange forward contract 140 — — 140 Interest-bearing loans and borrowings 909,824 18,409 — 928,233 Trade and other payables (Note 28) 6,576,468 136,772 — 6,713,240 Other liabilities 43 70 — 113 7,486,475 155,251 — 7,641,726 One year or less Two to five years More than five years Total Total As at December 31, 2017 RMB’000 RMB’000 RMB’000 RMB’000 US$’000 Financial assets Trade and bills receivables 7,075,319 — — 7,075,319 1,117,850 Other receivables, excluding tax recoverable 132,675 620 — 133,295 21,060 Cash and bank balances 6,029,207 — — 6,029,207 952,572 Held for trading investment 24,714 — — 24,714 3,905 13,261,915 620 — 13,262,535 2,095,387 Financial liabilities Interest-bearing loans and 1,624,539 27,874 — 1,652,413 261,069 Trade and other payables (Note 28) 7,328,762 156,347 — 7,485,109 1,182,594 Other liabilities 33 46 — 79 12 8,953,334 184,267 — 9,137,601 1,443,675 |
Foreign currency risk [Member] | |
Statement [LineItems] | |
Exposures to Foreign Currency | The Group’s exposures to foreign currency are as follows: 31.12.2016 Singapore Dollar Euro US Dollar Renminbi Others RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Held for trading investment 12,181 — — — — Trade and other receivables 957 9,232 15,032 31,679 982 Cash and bank balances 117,763 3,841 7,247 — — Financial liabilities (33,686 ) — (104,055 ) — — Trade and other payables (12,991 ) (10,763 ) (5,873 ) (1,410 ) — Net assets/(liabilities) 84,224 2,310 (87,649 ) 30,269 982 31.12.2017 Singapore Dollar Euro US Dollar Renminbi Others RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Held for trading investment 24,714 — — — — Trade and other receivables 725 — 34,727 469 — Cash and bank balances 418,875 1,486 16,068 — 498 Financial liabilities (14,715 ) — — — — Trade and other payables (13,748 ) (10,857 ) (5,574 ) (35,505 ) (24 ) Net assets/(liabilities) 415,851 (9,371 ) 45,221 (35,036 ) 474 US$’000 65,701 (1,481 ) 7,145 (5,535 ) 75 |
Risk Sensitivity Analysis | Profit before tax 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Singapore Dollar 8,422 41,585 6,570 Euro 231 (937 ) (148 ) US Dollar (8,765 ) 4,522 714 Renminbi 3,027 (3,504 ) (554 ) |
Equity price risk [Member] | |
Statement [LineItems] | |
Risk Sensitivity Analysis | A 10% increase/(decrease) in the underlying prices at the reporting date would increase/(decrease) Group’s profit before tax by the following amount: 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Statement of profit or loss 1,218 2,471 390 |
Capital management (Tables)
Capital management (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Summary of Capital Structure | The capital structure of the Group consists of debts (which includes the borrowings and trade and other payables, less cash and bank balances) and equity attributable to equity holders of the parent (comprising issued capital and reserves). 31.12.2016 31.12.2017 31.12.2017 RMB’000 RMB’000 US$’000 Interest-bearing loans and borrowings (current and non-current) 910,406 1,626,341 256,951 Trade and other payables (current and non-current) 6,981,815 7,624,496 1,204,616 Less: Cash and bank balances (Note 23) (4,052,957 ) (6,029,207 ) (952,572 ) Net debts 3,839,264 3,221,630 508,995 Equity attributable to equity holders of the parent 7,683,834 8,347,562 1,318,855 Total capital and net debts 11,523,098 11,569,192 1,827,850 |
Fair value measurement (Tables)
Fair value measurement (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Fair Value Measurement Hierarchy for Assets and Liabilities | Quantitative disclosures fair value measurement hierarchy for assets and liabilities as at December 31, 2016: Fair value measurement using Date of valuation Quoted prices in active markets Significant observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) RMB’000 RMB’000 RMB’000 RMB’000 Assets measured at fair value Held for trading investment: Quoted equity shares – TCL (Note 19) December 31, 2016 12,181 12,181 — — Liabilities measured at fair value Derivative financial liabilities: Foreign exchange forward contract - USD (i) (Note 16(a)) December 31, 2016 140 — 140 — Quantitative disclosures fair value measurement hierarchy for assets and liabilities as at December 31, 2017: Fair value measurement using Date of valuation Quoted prices in active markets Significant observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) RMB’000 RMB’000 RMB’000 RMB’000 Assets measured at fair value Held for trading investment: Quoted equity shares – TCL (Note 19) December 31, 2017 24,714 24,714 — — Note: (i) Forward currency contracts are valued using a valuation technique with market observable inputs. The most frequently applied valuation techniques include forward pricing, using present value calculations. The models incorporate various inputs including the foreign exchange spot and forward rates. |
Financial assets and financia78
Financial assets and financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block1 [Abstract] | |
Summary of Financial Assets and Financial Liabilities | Note Financial assets at fair value through profit or loss Loans and receivables Other financial liabilities at amortized cost Total RMB’000 RMB’000 RMB’000 RMB’000 As at December 31, 2016 Financial assets Held for trading investment 19 12,181 — — 12,181 Trade and bills receivables 20 — 7,057,256 — 7,057,256 Other receivables 21 — 248,275 — 248,275 Cash and bank balances 23 — 4,052,957 — 4,052,957 12,181 11,358,488 — 11,370,669 Financial liabilities Trade and other payables 28 — — 6,670,490 6,670,490 Loans and borrowings 16(b) — — 910,406 910,406 Other liabilities 16(a) — — 248 248 — — 7,581,144 7,581,144 Note Financial assets at fair value through profit or loss Loans and receivables Other financial liabilities at amortized cost Total Total RMB’000 RMB’000 RMB’000 RMB’000 US$’000 As at December 31, 2017 Financial assets Held for trading investment 19 24,714 — — 24,714 3,905 Trade and bills receivables 20 — 7,031,544 — 7,031,544 1,110,934 Other receivables 21 — 133,295 — 133,295 21,060 Cash and bank balances 23 — 6,029,207 — 6,029,207 952,572 24,714 13,194,046 — 13,218,760 2,088,471 Financial liabilities Trade and other payables 28 — — 7,433,722 7,433,722 1,174,475 Loans and borrowings 16(b) — — 1,626,341 1,626,341 256,951 Other liabilities 16(a) — — 79 79 12 — — 9,060,142 9,060,142 1,431,438 |
Schedule of Changes in Liabilities Arising From Financing Activities | January 1, 2016 Cash flows Foreign exchange movement Translation reserve Others December, 31, 2016 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 As at December 31, 2016 Loans & bonds - current 2,399,195 (1,535,532 ) (9,608 ) — 40,081 894,136 - non-current 56,509 (2,015 ) (1,242 ) 3,099 (40,081 ) 16,270 Obligations under finance leases - current 59 (62 ) (5 ) 8 38 38 - non-current 55 — — — 15 70 Total liabilities from financing activities 2,455,818 (1,537,609 ) (10,855 ) 3,107 53 910,514 January 1, 2017 Cash flows Foreign exchange movement Translation reserve Others December, 31, 2017 December, 31, 2017 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 US$’000 As at December 31, 2017 Loans & bonds - current 894,136 705,109 755 — — 1,600,000 252,789 - non-current 16,270 9,376 879 (184 ) — 26,341 4,162 Obligations under finance leases - current 38 (38 ) — 9 24 33 5 - non-current 70 — — — (24 ) 46 7 Total liabilities from financing activities 910,514 714,447 1,634 (175 ) — 1,626,420 256,963 |
Corporate Information - Additio
Corporate Information - Additional Information (Detail) $ / shares in Units, $ in Thousands | Dec. 31, 2017AssociateJointVentureSubsidiariesshares | Dec. 31, 2016CNY (¥) | Dec. 31, 2014CNY (¥)shares | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 04, 2012 | Jan. 16, 2012shares | Jan. 13, 2012shares | Dec. 31, 2011 | Nov. 30, 2017CNY (¥) | Oct. 31, 2016 | Sep. 30, 2014CNY (¥) | Dec. 31, 2017CNY (¥)AssociateJointVentureSubsidiariesshares | Dec. 31, 2017USD ($)AssociateJointVentureSubsidiariesshares | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥)shares | Dec. 31, 2014CNY (¥)shares | Dec. 31, 1994$ / shares |
Disclosure of Corporate Information [Line Items] | ||||||||||||||||||
Number of indirectly owned subsidiaries | Subsidiaries | 33 | 33 | 33 | |||||||||||||||
Number of directly owned subsidiaries | Subsidiaries | 9 | 9 | 9 | |||||||||||||||
Number of joint ventures | JointVenture | 3 | 3 | 3 | |||||||||||||||
Number of associate | Associate | 1 | 1 | 1 | |||||||||||||||
Additional investment in subsidiaries | ¥ 8,279,000 | $ 1,308 | ¥ 9,076,000 | ¥ 22,499,000 | ||||||||||||||
Jining Yuchai Engine Company Limited [Member] | ||||||||||||||||||
Disclosure of Corporate Information [Line Items] | ||||||||||||||||||
Percentage of ownership interest transferred | 70.00% | |||||||||||||||||
Consideration paid | ¥ | ¥ 1 | |||||||||||||||||
Irrevocable option to acquire | ¥ | ¥ 250,000 | ¥ 250,000 | ||||||||||||||||
Management agreement term | One year | |||||||||||||||||
Management fee per annum | ¥ | ¥ 240,000 | |||||||||||||||||
Management agreement term renewed | One more year | |||||||||||||||||
Jining Yuchai Engine Company Limited [Member] | Guangxi Yulin Hotel Company Limited [Member] | ||||||||||||||||||
Disclosure of Corporate Information [Line Items] | ||||||||||||||||||
Loan tenure | Two year | |||||||||||||||||
Jining Yuchai Engine Company Limited [Member] | Guangxi Yulin Hotel Company Limited [Member] | Top of range [Member] | ||||||||||||||||||
Disclosure of Corporate Information [Line Items] | ||||||||||||||||||
Principal loan amount | ¥ | ¥ 70,000,000 | ¥ 70,000,000 | ||||||||||||||||
Jining Yuchai Engine Company Limited [Member] | Zhejiang Geely Holding Group Co Ltd [member] | ||||||||||||||||||
Disclosure of Corporate Information [Line Items] | ||||||||||||||||||
Percentage of ownership interest transferred to third party | 30.00% | |||||||||||||||||
HL Global Enterprises Limited [Member] | ||||||||||||||||||
Disclosure of Corporate Information [Line Items] | ||||||||||||||||||
Ownership interest in subsidiary | 50.20% | 50.10% | 50.10% | 48.90% | 48.10% | 49.40% | 50.20% | |||||||||||
Number of preference shares transferred | 24,189,170 | |||||||||||||||||
Percentage of unconverted preference shares transfer to trustee | 100.00% | |||||||||||||||||
Conversion of convertible preference shares into ordinary shares | 24,189,170 | |||||||||||||||||
Number of shares purchased in open market | 465,000 | 465,000 | ||||||||||||||||
Number of ordinary shares exercise to consolidation | 10 | |||||||||||||||||
Number of ordinary shares exercised into consolidation | 1 | |||||||||||||||||
Number of ordinary shares held upon completion of consolidation exercise | 47,107,707 | |||||||||||||||||
Percentage of voting power held in subsidiary | 50.20% | 50.20% | ||||||||||||||||
Yuchai [Member] | Jining Yuchai Engine Company Limited [Member] | ||||||||||||||||||
Disclosure of Corporate Information [Line Items] | ||||||||||||||||||
Additional investment in subsidiaries | ¥ | ¥ 250,000 | |||||||||||||||||
Diesel Machinery (BVI) Limited [member] | Special Share [member] | ||||||||||||||||||
Disclosure of Corporate Information [Line Items] | ||||||||||||||||||
Par value | $ / shares | $ 0.10 | |||||||||||||||||
Foreign Shares of Yuchai [member] | ||||||||||||||||||
Disclosure of Corporate Information [Line Items] | ||||||||||||||||||
Number of shares owned by entity | 361,420,150 | 361,420,150 | 361,420,150 | |||||||||||||||
Percentage of issued share capital held by group | 76.41% | 76.41% | ||||||||||||||||
Number of wholly owned subsidiaries | 6 | 6 | ||||||||||||||||
Guangxi Yuchai Machinery Group Company Limited [member] | ||||||||||||||||||
Disclosure of Corporate Information [Line Items] | ||||||||||||||||||
Percentage of issued share capital held by group | 22.09% | 22.09% | ||||||||||||||||
Guangxi Yuchai Machinery Monopoly Development Company Limited [Member] | ||||||||||||||||||
Disclosure of Corporate Information [Line Items] | ||||||||||||||||||
Number of wholly owned subsidiaries | Subsidiaries | 30 | 30 | ||||||||||||||||
Ownership interest in subsidiary | 54.90% | 54.90% | 54.90% | |||||||||||||||
Guangxi Yuchai Accessories Manufacturing Company Limited [Member] | ||||||||||||||||||
Disclosure of Corporate Information [Line Items] | ||||||||||||||||||
Number of wholly owned subsidiaries | Subsidiaries | 1 | 1 | ||||||||||||||||
Ownership interest in subsidiary | 76.40% | 76.40% | 76.40% |
Basis of Preparation and Acco80
Basis of Preparation and Accounting Policies - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2017CNY (¥)km | Dec. 31, 2017USD ($)km | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Feb. 28, 2018 | Dec. 31, 2017USD ($) | Jan. 01, 2017CNY (¥) | Jan. 01, 2017USD ($) | |
Disclosure of Summary of Significant Accounting Policies [Line items] | ||||||||
Convenience translation exchange rate per US$1.00 | 6.3294 | |||||||
Estimated useful lives of the investment properties | 30 years | 30 years | ||||||
Research and development subsidies | ¥ 60,817 | $ 9,609 | ¥ 26,815 | |||||
Percentage of shareholder interest | 7.70% | 7.70% | ||||||
Expected change in trade and other receivables arising from change in measurement attribute, initial application of IFRS 9 | ¥ 137,300 | $ 21,700 | ||||||
Expected change in equity arising from change in measurement attribute, initial application of IFRS 9 | 137,300 | 21,700 | ||||||
Selling and distribution expenses | 1,815,853 | $ 286,892 | 1,504,360 | ¥ 1,497,774 | ||||
Revenue | 16,222,442 | 2,563,030 | 13,664,840 | 13,733,437 | ||||
Cost of sales | 12,707,419 | 2,007,681 | 10,700,655 | 10,942,865 | ||||
Expected change in retained earnings arising from change in measurement attribute, initial application of IFRS 15 | ¥ 83,900 | $ 13,300 | ||||||
Other operating income | 647,352 | 102,276 | ¥ 117,954 | ¥ 106,931 | ||||
Warranty obligation [member] | ||||||||
Disclosure of Summary of Significant Accounting Policies [Line items] | ||||||||
Expected change in retained earnings arising from change in measurement attribute, initial application of IFRS 15 | ¥ (5,300) | $ (800) | ||||||
Performance obligation [member] | ||||||||
Disclosure of Summary of Significant Accounting Policies [Line items] | ||||||||
Expected change in retained earnings arising from change in measurement attribute, initial application of IFRS 15 | 89,200 | 14,100 | ||||||
Increase (decrease) due to application of IFRS 15 [member] | Warranty obligation [member] | ||||||||
Disclosure of Summary of Significant Accounting Policies [Line items] | ||||||||
Selling and distribution expenses | (195,900) | (31,000) | ||||||
Revenue | (21,100) | (3,300) | ||||||
Cost of sales | 176,800 | 27,900 | ||||||
Provision for product warranty | (19,100) | (3,100) | ||||||
Contract liability | 21,100 | $ 3,300 | ||||||
Increase (decrease) due to application of IFRS 15 [member] | Performance obligation [member] | ||||||||
Disclosure of Summary of Significant Accounting Policies [Line items] | ||||||||
Other operating income | (115,200) | (18,200) | ||||||
Reversal of income tax expense | 26,000 | 4,100 | ||||||
IAS 18 [member] | Performance obligation [member] | ||||||||
Disclosure of Summary of Significant Accounting Policies [Line items] | ||||||||
Gain on sale of intangible asset | ¥ 115,200 | $ 18,200 | ||||||
Bottom of range [Member] | ||||||||
Disclosure of Summary of Significant Accounting Policies [Line items] | ||||||||
Lease term | 15 years | 15 years | ||||||
Bottom of range [Member] | On-Road Applications Engines [member] | ||||||||
Disclosure of Summary of Significant Accounting Policies [Line items] | ||||||||
Warranty claim period | 3 months | 3 months | ||||||
Warranty mileage | 20,000 | 20,000 | ||||||
Bottom of range [Member] | Other Applications Engines [member] | ||||||||
Disclosure of Summary of Significant Accounting Policies [Line items] | ||||||||
Warranty claim period | 12 months | 12 months | ||||||
Top of range [Member] | ||||||||
Disclosure of Summary of Significant Accounting Policies [Line items] | ||||||||
Lease term | 50 years | 50 years | ||||||
Top of range [Member] | On-Road Applications Engines [member] | ||||||||
Disclosure of Summary of Significant Accounting Policies [Line items] | ||||||||
Warranty claim period | 36 months | 36 months | ||||||
Warranty mileage | 300,000 | 300,000 | ||||||
Top of range [Member] | Other Applications Engines [member] | ||||||||
Disclosure of Summary of Significant Accounting Policies [Line items] | ||||||||
Warranty claim period | 24 months | 24 months |
Basis of Preparation and Acco81
Basis of Preparation and Accounting Policies - Estimated Useful Life of Assets (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Freehold buildings [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Estimated useful life of Property, plant and equipment | 50 years |
Leasehold land, buildings and improvements [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Estimated useful life of Property, plant and equipment | Shorter of 15 to 50 years or lease term |
Bottom of range [Member] | Plant and machinery [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Estimated useful life of Property, plant and equipment | 3 years |
Bottom of range [Member] | Office furniture, fittings and equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Estimated useful life of Property, plant and equipment | 3 years |
Bottom of range [Member] | Motor and transport vehicles [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Estimated useful life of Property, plant and equipment | 3.5 years |
Top of range [Member] | Plant and machinery [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Estimated useful life of Property, plant and equipment | 20 years |
Top of range [Member] | Office furniture, fittings and equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Estimated useful life of Property, plant and equipment | 20 years |
Top of range [Member] | Motor and transport vehicles [Member] | |
Disclosure of detailed information about property, plant and equipment [Line Items] | |
Estimated useful life of Property, plant and equipment | 15 years |
Significant Accounting Judgme82
Significant Accounting Judgments, Estimates and Assumptions - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Nov. 30, 2017 | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) | |
Disclosure of changes in accounting estimates [Line Items] | |||||||
Carrying amounts of deferred tax assets | ¥ 315,390 | ¥ 308,207 | $ 49,829 | ||||
Increase in profit if all unrecognized deferred tax asset were recognized | 182,726 | $ 28,869 | 189,589 | ||||
Carrying amounts of allowance for doubtful accounts | 43,775 | 54,634 | 6,916 | $ 8,632 | ¥ 51,288 | ||
Carrying amounts of inventory provision | 106,895 | 126,796 | 16,889 | ||||
Provision of product warranty | ¥ 290,306 | 238,850 | 45,866 | ||||
Percentage of withholding tax | 10.00% | 10.00% | |||||
Provision for withholding tax payable | ¥ 100,572 | ¥ 103,347 | $ 15,890 | ||||
Yuchai [Member] | Jining Yuchai Engine Company Limited [Member] | |||||||
Disclosure of changes in accounting estimates [Line Items] | |||||||
Acquisition of equity interest | 100.00% | 100.00% | 100.00% | ||||
Bottom of range [Member] | |||||||
Disclosure of changes in accounting estimates [Line Items] | |||||||
Cash flows derived from forecasts period | 8 years | 8 years | |||||
Top of range [Member] | |||||||
Disclosure of changes in accounting estimates [Line Items] | |||||||
Cash flows derived from forecasts period | 15 years | 15 years |
Investments in Subsidiaries - D
Investments in Subsidiaries - Details of Significant Subsidiaries of the Group (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Guangxi Yuchai Machinery Company Limited [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Place of incorporation | People's Republic of China | |
Place of business | People's Republic of China | |
Group's effective equity interest | 76.40% | 76.40% |
Guangxi Yuchai Machinery Monopoly Development Company Limited [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Place of incorporation | People's Republic of China | |
Place of business | People's Republic of China | |
Group's effective equity interest | 54.90% | 54.90% |
Guangxi Yuchai Accessories Manufacturing Company Limited [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Place of incorporation | People's Republic of China | |
Place of business | People's Republic of China | |
Group's effective equity interest | 76.40% | 76.40% |
Guangxi Yuchai Equipment Mould Company Limited [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Place of incorporation | People's Republic of China | |
Place of business | People's Republic of China | |
Group's effective equity interest | 76.40% | 76.40% |
Guangxi Yulin Hotel Company Limited [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Place of incorporation | People's Republic of China | |
Place of business | People's Republic of China | |
Group's effective equity interest | 76.40% | 76.40% |
Jining Yuchai Engine Company Limited [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Place of incorporation | People's Republic of China | |
Place of business | People's Republic of China | |
Group's effective equity interest | 76.40% | |
Yuchai Remanufacturing Services Suzhou Co Ltd [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Place of incorporation | People's Republic of China | |
Place of business | People's Republic of China | |
Group's effective equity interest | 76.40% | 76.40% |
HL Global Enterprises Limited [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Place of incorporation | Singapore | |
Place of business | Singapore | |
Group's effective equity interest | 50.20% | 50.20% |
Investments in Subsidiaries -84
Investments in Subsidiaries - Details of Significant Subsidiaries of the Group (Parenthetical) (Detail) - Yuchai [Member] - Jining Yuchai Engine Company Limited [Member] | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2014 |
Disclosure of subsidiaries [Line Items] | |||
Percentage of equity interest disposed | 70.00% | ||
Percentage of control | 100.00% | 100.00% |
Investments in Subsidiaries - A
Investments in Subsidiaries - Additional Information (Detail) ¥ in Thousands, $ in Thousands | Nov. 22, 2017CNY (¥) | Nov. 22, 2017USD ($) | Nov. 30, 2017CNY (¥) | Oct. 31, 2017CNY (¥) | Jun. 30, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Nov. 30, 2016 | Sep. 30, 2016CNY (¥) | Oct. 31, 2015CNY (¥) | Jul. 31, 2015CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2017USD ($) |
Disclosure of subsidiaries [Line Items] | |||||||||||||||
Cash and cash equivalents subject to local exchange control regulations | ¥ 3,270,182 | ¥ 4,710,158 | ¥ 3,270,182 | $ 744,171 | |||||||||||
Goodwill arising from acquisition written off | 1,131 | ||||||||||||||
Additional investment in subsidiaries | ¥ 8,279 | $ 1,308 | ¥ 9,076 | ¥ 22,499 | |||||||||||
Yuchai [Member] | Guangxi Yuchai Equipment Mould Company Limited [Member] | |||||||||||||||
Disclosure of subsidiaries [Line Items] | |||||||||||||||
Percentage of additional equity interests acquired | 2.86% | ||||||||||||||
Purchase consideration | ¥ 4,200 | ||||||||||||||
Guangxi Yuchai Machinery Monopoly Development Company Limited [Member] | Yunnan Yuchai Machinery Industry Company Limited [Member] | |||||||||||||||
Disclosure of subsidiaries [Line Items] | |||||||||||||||
Acquisition of equity interest | 40.00% | ||||||||||||||
Offsetting trade receivables | ¥ 18,300 | ||||||||||||||
Guangxi Yuchai Machinery Monopoly Development Company Limited [Member] | Sichuan Yuchai Machinery Industry Company Limited [Member] | |||||||||||||||
Disclosure of subsidiaries [Line Items] | |||||||||||||||
Acquisition of equity interest | 47.53% | ||||||||||||||
Additional investment in subsidiaries | ¥ 8,900 | ||||||||||||||
Guangxi Yuchai Machinery Monopoly Development Company Limited [Member] | Hunan Yuchai Machinery Industry Company Limited [Member] | |||||||||||||||
Disclosure of subsidiaries [Line Items] | |||||||||||||||
Acquisition of equity interest | 49.00% | ||||||||||||||
Additional investment in subsidiaries | ¥ 6,700 | ||||||||||||||
Guangxi Yuchai Accessories Manufacturing Company Limited [Member] | Guangxi Yuchai Crankshaft Company Limited [Member] | |||||||||||||||
Disclosure of subsidiaries [Line Items] | |||||||||||||||
Acquisition of equity interest | 25.00% | ||||||||||||||
Additional investment in subsidiaries | ¥ 1,300 | ||||||||||||||
Jining Yuchai Engine Company Limited [Member] | Yuchai [Member] | |||||||||||||||
Disclosure of subsidiaries [Line Items] | |||||||||||||||
Acquisition of equity interest | 100.00% | 100.00% | 100.00% | ||||||||||||
Additional investment in subsidiaries | ¥ 250 | ||||||||||||||
Percentage of ownership control prior to acquisition | 100.00% | ||||||||||||||
YC Europe Co. Limited [Member] | Yuchai [Member] | |||||||||||||||
Disclosure of subsidiaries [Line Items] | |||||||||||||||
Percentage of additional equity interests acquired | 32.50% | 32.50% | |||||||||||||
Percentage of ownership interest in joint venture | 67.50% | 35.00% | |||||||||||||
HL Global Enterprises Limited [Member] | LKN Investment International Pte. Ltd and Shanghai Hutai Real Estate Development Co. [Member] | |||||||||||||||
Disclosure of subsidiaries [Line Items] | |||||||||||||||
Cash consideration, disposal | ¥ 395,000 | $ 62,400 |
Investments in Subsidiaries - S
Investments in Subsidiaries - Subsidiary having Non-controlling Interests that are Material to the Group (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2017USD ($) | |
Disclosure of subsidiaries [Line Items] | |||||
Accumulated balances of material NCI | ¥ 2,631,714 | ¥ 2,301,978 | $ 415,792 | ||
Profit allocated to material NCI | ¥ 451,148 | $ 71,278 | ¥ 207,871 | ¥ 168,212 | |
Guangxi Yuchai Machinery Company Limited [Member] | |||||
Disclosure of subsidiaries [Line Items] | |||||
Proportion of equity interest held by NCI | 23.60% | 23.60% | 23.60% | 23.60% | |
Accumulated balances of material NCI | ¥ 2,437,215 | ¥ 2,253,207 | $ 385,063 | ||
Profit allocated to material NCI | 290,497 | $ 45,896 | 210,013 | ¥ 129,088 | |
Dividends paid to material NCI | ¥ 98,941 | $ 15,632 | ¥ 83,677 | ¥ 100,412 |
Investments in Subsidiaries -87
Investments in Subsidiaries - Summarized Financial Information Including Goodwill on Acquisition and Consolidation Adjustment But Before Intercompany Eliminations of Subsidiaries with Material Non-controlling Interests (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2014CNY (¥) | |
Summarized statement of financial position | |||||||
Current assets | ¥ 16,008,979 | ¥ 13,297,943 | $ 2,529,304 | ||||
Non-current assets, excluding goodwill | 5,006,080 | 5,298,563 | 790,925 | ||||
Goodwill | 212,636 | 212,636 | 33,595 | $ 33,595 | |||
Current liabilities | (9,405,204) | (8,025,874) | (1,485,955) | ||||
Non-current liabilities | (630,579) | (584,820) | (99,627) | ||||
Total equity | 10,979,276 | 9,985,812 | ¥ 9,430,069 | 1,734,647 | ¥ 9,151,814 | ||
Attributable to NCI | 2,631,714 | 2,301,978 | 415,792 | ||||
Summarized statement of comprehensive income | |||||||
Revenue | 16,222,442 | $ 2,563,030 | 13,664,840 | 13,733,437 | |||
Profit for the year, representing total comprehensive income for the year | 1,328,547 | 209,901 | 760,002 | 540,997 | |||
Attributable to NCI | 436,325 | 68,936 | 204,647 | 165,351 | |||
Summarized statement of cash flows | |||||||
Operating | 1,370,167 | 216,477 | 2,276,087 | 1,686,718 | |||
Investing | 126,570 | 19,997 | (572,031) | (25,496) | |||
Financing | 280,862 | 44,374 | (1,553,986) | (485,535) | |||
Guangxi Yuchai Machinery Company Limited [Member] | |||||||
Summarized statement of financial position | |||||||
Current assets | 14,717,316 | 12,448,174 | 2,325,231 | ||||
Non-current assets, excluding goodwill | 4,693,931 | 4,876,773 | 741,608 | ||||
Goodwill | 212,636 | 212,636 | 33,595 | ||||
Current liabilities | (9,344,836) | (7,957,306) | (1,476,417) | ||||
Non-current liabilities | (495,429) | (461,712) | (78,274) | ||||
Carrying value of net assets | 9,783,618 | 9,118,565 | 1,545,743 | ||||
Total equity | 9,783,618 | 9,118,565 | 1,545,743 | ||||
Attributable to NCI | 2,437,215 | 2,253,207 | $ 385,063 | ||||
Summarized statement of comprehensive income | |||||||
Revenue | 16,165,245 | 2,553,993 | 13,598,487 | 13,671,931 | |||
Profit for the year, representing total comprehensive income for the year | 1,045,330 | 165,155 | 726,379 | 547,216 | |||
Attributable to NCI | 290,497 | 45,896 | 210,013 | 129,088 | |||
Summarized statement of cash flows | |||||||
Operating | 1,385,156 | 218,845 | 2,329,367 | 1,742,989 | |||
Investing | (165,817) | (26,198) | (293,477) | (33,515) | |||
Financing | 221,660 | 35,021 | (1,697,173) | (659,691) | |||
Net increase in cash and cash equivalents | ¥ 1,440,999 | $ 227,668 | ¥ 338,717 | ¥ 1,049,783 |
Investments in Subsidiaries -88
Investments in Subsidiaries - Assets and Liabilities and Cash Flow Effect of Disposal of Subsidiaries (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | |
Disclosure of subsidiaries [Line Items] | |||||
Property, plant and equipment (Note 11) | ¥ 3,824,018 | $ 604,168 | ¥ 4,127,185 | ||
Inventories | 2,572,745 | 406,475 | 1,663,879 | ||
Deferred taxation | 315,390 | 49,829 | 308,207 | ||
Total assets | 21,015,059 | 3,320,229 | 18,596,506 | ||
Payables and accruals | (7,624,496) | (1,204,616) | (6,981,815) | ||
Provision for taxation | (46,716) | (7,381) | (47,667) | ||
Deferred taxation | (116,468) | (18,401) | ¥ (115,758) | ||
Gain on disposal: | |||||
Gain (loss) on disposal of the subsidiaries (Note 8.2(b)) | 216,115 | $ 34,145 | |||
Less: Retention sum receivables | (30,000) | (4,740) | |||
Net cash inflow on disposal of the subsidiaries | 341,602 | 53,971 | ¥ 170,703 | ||
Xiamen Yuchai Diesel Engines Company Limited [Member] | |||||
Disclosure of subsidiaries [Line Items] | |||||
Property, plant and equipment (Note 11) | 66,597 | ||||
Land use rights | 17,661 | ||||
Inventories | 6,354 | ||||
Trade receivables and other receivables | 111,651 | ||||
Deferred taxation | 244 | ||||
Cash and bank balances | 18,797 | ||||
Total assets | 221,304 | ||||
Payables and accruals | (17,161) | ||||
Provision for taxation | (996) | ||||
Carrying value of net assets | 203,147 | ||||
Gain on disposal: | |||||
Total consideration | 189,500 | ||||
Net assets derecognized | (203,147) | ||||
Gain (loss) on disposal of the subsidiaries (Note 8.2(b)) | (13,647) | ||||
Cash and bank balances of the subsidiaries | (18,797) | ||||
Net cash inflow on disposal of the subsidiaries | ¥ 170,703 | ||||
LKN Investment International Pte. Ltd ("LKNII") and LKNII's wholly-owned subsidiary, Shanghai Hutai Real Estate Development Co., Ltd [Member] | |||||
Disclosure of subsidiaries [Line Items] | |||||
Property, plant and equipment (Note 11) | 104,844 | 16,565 | |||
Trade receivables and other receivables | 3,257 | 514 | |||
Cash and bank balances | 9,153 | 1,446 | |||
Total assets | 117,254 | 18,525 | |||
Payables and accruals | (3,737) | (590) | |||
Provision for taxation | (44) | (7) | |||
Deferred taxation | (588) | (93) | |||
Carrying value of net assets | 112,885 | 17,835 | |||
Gain on disposal: | |||||
Total consideration | (395,000) | (62,407) | |||
Less: Cost of disposal | (47,532) | (7,510) | |||
Total consideration less cost of disposal | 347,468 | 54,897 | |||
Net assets derecognized | (112,885) | (17,835) | |||
Realization of foreign translation reserves upon disposal | (18,468) | (2,917) | |||
Gain (loss) on disposal of the subsidiaries (Note 8.2(b)) | 216,115 | 34,145 | |||
Total consideration less cost of disposal | 347,468 | 54,897 | |||
Add: Transaction cost unpaid | 33,287 | 5,260 | |||
Less: Retention sum receivables | (30,000) | $ (4,740) | |||
Cash and bank balances of the subsidiaries | (9,153) | (1,446) | |||
Net cash inflow on disposal of the subsidiaries | ¥ 341,602 | $ 53,971 |
Investment in Associates - Summ
Investment in Associates - Summarized Investment in Associates (Detail) - Associates [Member] ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2017USD ($) | |
Disclosure of associates [Line Items] | |||||
Share of profit/(loss) of associates, net of tax | ¥ (28) | $ (4) | ¥ 456 | ¥ 245 | |
Carrying amount of investment | ¥ 2,185 | ¥ 3,836 | $ 345 |
Investment in Associates - Deta
Investment in Associates - Details of Associates (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Sinjori Sdn Bhd [Member] | ||
Disclosure of associates [Line Items] | ||
Principal activities | Property investment and development | |
Place of incorporation | Malaysia | |
Place of business | Malaysia | |
Group's effective equity interest | 14.00% | 14.00% |
Guangxi Yuchai Quan Xing Machinery Company Ltd [Member] | ||
Disclosure of associates [Line Items] | ||
Principal activities | Manufacture spare part and sales of auto spare part, diesel engine & spare part, metallic materials, generator & spare part, chemical products (exclude dangerous goods), lubricating oil | |
Place of incorporation | People's Republic of China | |
Place of business | People's Republic of China | |
Group's effective equity interest | 15.30% | 15.30% |
Guangxi Yulin Yuchai Property Management Co Ltd [Member] | ||
Disclosure of associates [Line Items] | ||
Principal activities | Property management | |
Place of incorporation | People's Republic of China | |
Place of business | People's Republic of China | |
Group's effective equity interest | 22.90% |
Investment in Associates - De91
Investment in Associates - Details of Associates (Parenthetical) (Detail) - 12 months ended Dec. 31, 2017 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Disclosure of associates [Line Items] | ||
Consideration for disposal of interest in associates | ¥ 1,832 | $ 289 |
Gain loss on disposal of associates | 199 | 31 |
Associates [Member] | State Holding Company Limited [Member] | ||
Disclosure of associates [Line Items] | ||
Consideration for disposal of interest in associates | 1,832 | 289 |
Gain loss on disposal of associates | ¥ 199 | $ 31 |
Investment in Joint Ventures -
Investment in Joint Ventures - Share of Results of Joint Ventures and Carrying Amount of Investment to Joint Ventures (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2017USD ($) | |
Disclosure of joint ventures [Line Items] | |||||
Share of (loss)/profit of joint ventures, net of tax | ¥ 10,082 | $ 1,593 | ¥ (4,068) | ¥ (2,936) | |
Carrying amount of the investment | 196,102 | 176,351 | $ 30,983 | ||
Y & C Engine Co., Ltd. [Member] | |||||
Disclosure of joint ventures [Line Items] | |||||
Share of (loss)/profit of joint ventures, net of tax | 17,755 | 2,805 | 2,039 | (8,978) | |
Carrying amount of the investment | 122,235 | 169,064 | 19,312 | ||
Copthorne Hotel Qingdao Co Ltd [Member] | |||||
Disclosure of joint ventures [Line Items] | |||||
Share of (loss)/profit of joint ventures, net of tax | (4,465) | 6,941 | |||
MTU Yuchai Power Co., Ltd [Member] | |||||
Disclosure of joint ventures [Line Items] | |||||
Share of (loss)/profit of joint ventures, net of tax | (8,487) | (1,341) | |||
Carrying amount of the investment | 66,513 | 10,509 | |||
Other Joint Ventures [Member] | |||||
Disclosure of joint ventures [Line Items] | |||||
Share of (loss)/profit of joint ventures, net of tax | 814 | $ 129 | (1,642) | ¥ (899) | |
Carrying amount of the investment | ¥ 7,354 | ¥ 7,287 | $ 1,162 |
Investment in Joint Ventures 93
Investment in Joint Ventures - Interest in Joint Ventures (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Copthorne Hotel Qingdao Co Ltd [Member] | ||
Disclosure of joint ventures [Line Items] | ||
Principal activities | Owns and operates a hotel in Qingdao, PRC | |
Place of incorporation | People's Republic of China | |
Percentage of interest held | 30.10% | |
HL Heritage Sdn Bhd [Member] | ||
Disclosure of joint ventures [Line Items] | ||
Principal activities | Property development and property investment holdings | |
Place of incorporation | Malaysia | |
Percentage of interest held | 30.10% | 30.10% |
Shanghai Hengshan Equatorial Hotel Management Co., Ltd [Member] | ||
Disclosure of joint ventures [Line Items] | ||
Principal activities | Hotel and property management | |
Place of incorporation | People's Republic of China | |
Place of business | People's Republic of China | |
Percentage of interest held | 24.60% | 24.60% |
Y & C Engine Co., Ltd. [Member] | ||
Disclosure of joint ventures [Line Items] | ||
Principal activities | Manufacture and sale of heavy duty diesel engines, spare parts and after-sales services | |
Place of incorporation | People's Republic of China | |
Place of business | People's Republic of China | |
Percentage of interest held | 34.40% | 34.40% |
Guangxi Yineng IOT Science and Technology Co Ltd [Member] | ||
Disclosure of joint ventures [Line Items] | ||
Principal activities | Design, development, management and marketing of an electronic operations management platform | |
Place of incorporation | People's Republic of China | |
Place of business | People's Republic of China | |
Percentage of interest held | 15.30% | 15.30% |
MTU Yuchai Power Co., Ltd [Member] | ||
Disclosure of joint ventures [Line Items] | ||
Principal activities | Manufacture off-road diesel engines | |
Place of incorporation | People's Republic of China | |
Place of business | of China | |
Percentage of interest held | 38.20% |
Investment in Joint Ventures 94
Investment in Joint Ventures - Interest in Joint Ventures (Parenthetical) (Detail) - 12 months ended Dec. 31, 2017 ¥ in Millions, $ in Millions | CNY (¥) | USD ($) |
MTU Yuchai Power Co., Ltd [Member] | ||
Disclosure of joint ventures [Line Items] | ||
Amount invested in joint venture | ¥ 75 | $ 11.8 |
Investment in Joint Ventures 95
Investment in Joint Ventures - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2014CNY (¥) | |
Disclosure of joint ventures [Line Items] | |||||||
Cash and cash equivalents | ¥ 5,390,324 | ¥ 3,653,914 | ¥ 3,474,364 | $ 851,633 | $ 577,292 | ¥ 2,291,345 | |
Restricted cash | 54,809 | 36,000 | 8,659 | ||||
Bills receivables | 12,150 | 0 | 1,920 | ||||
People's Republic of China [Member] | |||||||
Disclosure of joint ventures [Line Items] | |||||||
Cash and cash equivalents | 67,238 | 26,437 | 10,623 | ||||
Joint Ventures [Member] | |||||||
Disclosure of joint ventures [Line Items] | |||||||
Capital commitment | 30,000 | $ 4,740 | 10,982 | ||||
Copthorne Hotel Qingdao Co Ltd [Member] | |||||||
Disclosure of joint ventures [Line Items] | |||||||
Reversal of impairment | ¥ 21,900 | ||||||
Y & C Engine Co., Ltd. [Member] | |||||||
Disclosure of joint ventures [Line Items] | |||||||
Cash and cash equivalents | 199,925 | 99,014 | |||||
Y & C Engine Co., Ltd. [Member] | Outstanding Bills Receivables Discounted With Banks by Retain Recourse Obligation [Member] | |||||||
Disclosure of joint ventures [Line Items] | |||||||
Share of outstanding bills receivables | 0 | 1,440 | 0 | ||||
Y & C Engine Co., Ltd. [Member] | Outstanding Bills Receivables Endorsed To Suppliers by Retain Recourse Obligation [Member] | |||||||
Disclosure of joint ventures [Line Items] | |||||||
Share of outstanding bills receivables | 23,288 | 5,113 | 3,679 | ||||
Joint Ventures [Member] | |||||||
Disclosure of joint ventures [Line Items] | |||||||
Cash and cash equivalents | 312,980 | 99,014 | 49,449 | ||||
Restricted trade receivables | 6,766 | 34,403 | 1,069 | ||||
Restricted cash | ¥ 80,452 | ¥ 18,119 | $ 12,711 |
Investment in Joint Ventures 96
Investment in Joint Ventures - Summarized Financial Information of Joint Ventures and Reconciliation with Carrying Amount of Investment in Consolidated Financial Statements (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2014CNY (¥) | |
Disclosure of joint ventures [Line Items] | |||||||
Non-current assets | ¥ 5,006,080 | ¥ 5,298,563 | $ 790,925 | ||||
Cash and bank balances | 5,390,324 | 3,653,914 | ¥ 3,474,364 | 851,633 | $ 577,292 | ¥ 2,291,345 | |
Others | 48,547 | 35,559 | 7,670 | ||||
Total assets | 21,015,059 | 18,596,506 | 3,320,229 | ||||
Non-current liabilities | (630,579) | (584,820) | (99,627) | ||||
Others | (33) | (178) | (5) | ||||
Total liabilities | (10,035,783) | (8,610,694) | (1,585,582) | ||||
Equity | 10,979,276 | 9,985,812 | 9,430,069 | 1,734,647 | ¥ 9,151,814 | ||
Investment in joint ventures | 196,102 | 176,351 | 30,983 | ||||
Revenue | 16,222,442 | $ 2,563,030 | 13,664,840 | 13,733,437 | |||
Depreciation and amortization | (444,181) | (70,177) | (478,160) | (469,435) | |||
Interest expense | (96,072) | (15,179) | (75,131) | (112,987) | |||
Profit/(loss) for the year, representing total comprehensive income for the year | 1,328,547 | 209,901 | 760,002 | 540,997 | |||
Group's share of profit/(loss) for the year, representing the Group's share of total comprehensive income/(loss) for the year | 10,082 | $ 1,593 | (4,068) | ¥ (2,936) | |||
Y & C Engine Co., Ltd. [Member] | |||||||
Disclosure of joint ventures [Line Items] | |||||||
Non-current assets | 734,270 | 616,397 | |||||
Cash and bank balances | 199,925 | 99,014 | |||||
Others | 367,293 | 215,246 | |||||
Total assets | 1,301,488 | 930,657 | |||||
Non-current liabilities | (13,543) | (60,382) | |||||
Interest-bearing loans and borrowings | (13,500) | (68,800) | |||||
Others | (842,765) | (425,777) | |||||
Total liabilities | (869,808) | (554,959) | |||||
Equity | ¥ 431,680 | ¥ 375,698 | |||||
Proportion of the Group's ownership | 45.00% | 45.00% | 45.00% | 45.00% | |||
Group's share of net assets | ¥ 194,256 | ¥ 169,064 | |||||
Unrealized profit on transactions with joint venture | (72,021) | ||||||
Investment in joint ventures | 122,235 | 169,064 | 19,312 | ||||
Revenue | 1,331,823 | 553,878 | ¥ 356,697 | ||||
Depreciation and amortization | (20,831) | (22,087) | (23,453) | ||||
Interest expense | (28,663) | (14,012) | (19,612) | ||||
Profit/(loss) for the year, representing total comprehensive income for the year | ¥ 55,982 | ¥ 4,531 | ¥ (19,952) | ||||
Proportion of the Group's ownership | 45.00% | 45.00% | 45.00% | 45.00% | |||
Group's share of profit | ¥ 25,192 | ¥ 2,039 | ¥ (8,978) | ||||
Unrealized profit on transactions with joint venture | (7,437) | ||||||
Group's share of profit/(loss) for the year, representing the Group's share of total comprehensive income/(loss) for the year | 17,755 | $ 2,805 | 2,039 | (8,978) | |||
Y & C Engine Co., Ltd. [Member] | Significant Joint Ventures [Member] | |||||||
Disclosure of joint ventures [Line Items] | |||||||
Investment in joint ventures | 122,235 | 169,064 | |||||
Group's share of profit/(loss) for the year, representing the Group's share of total comprehensive income/(loss) for the year | 17,755 | ¥ 2,039 | ¥ (8,978) | ||||
Copthorne Hotel Qingdao Co Ltd [Member] | |||||||
Disclosure of joint ventures [Line Items] | |||||||
Proportion of the Group's ownership | 60.00% | 60.00% | |||||
Revenue | ¥ 3,674 | ¥ 50,971 | |||||
Depreciation and amortization | (2,797) | (12,079) | |||||
Interest expense | (1,337) | (8,599) | |||||
Profit/(loss) for the year, representing total comprehensive income for the year | ¥ (6,664) | ¥ (20,311) | |||||
Proportion of the Group's ownership | 60.00% | 60.00% | |||||
Group's share of profit | ¥ (3,998) | ¥ (12,187) | |||||
Depreciation arising from fair value adjustment during purchase price allocation | (467) | (2,804) | |||||
Reversal of cumulative impairment loss | 21,932 | ||||||
Group's share of profit/(loss) for the year, representing the Group's share of total comprehensive income/(loss) for the year | (4,465) | 6,941 | |||||
Copthorne Hotel Qingdao Co Ltd [Member] | Significant Joint Ventures [Member] | |||||||
Disclosure of joint ventures [Line Items] | |||||||
Group's share of profit/(loss) for the year, representing the Group's share of total comprehensive income/(loss) for the year | (4,465) | 6,941 | |||||
Joint Ventures [Member] | |||||||
Disclosure of joint ventures [Line Items] | |||||||
Non-current assets | 766,285 | 616,397 | 121,068 | ||||
Cash and bank balances | 312,980 | 99,014 | 49,449 | ||||
Others | 390,068 | 215,246 | 61,628 | ||||
Total assets | 1,469,333 | 930,657 | 232,144 | ||||
Non-current liabilities | (13,543) | (60,382) | (2,140) | ||||
Interest-bearing loans and borrowings | (13,500) | (68,800) | (2,133) | ||||
Others | (877,585) | (425,777) | (138,652) | ||||
Total liabilities | (904,628) | (554,959) | (142,925) | ||||
Equity | 564,705 | 375,698 | 89,219 | ||||
Investment in joint ventures | 196,102 | 176,351 | 30,983 | ||||
Revenue | 1,331,823 | 210,419 | 557,552 | 407,668 | |||
Depreciation and amortization | (21,058) | (3,327) | (24,884) | (35,532) | |||
Interest expense | (29,006) | (4,583) | (15,349) | (28,211) | |||
Profit/(loss) for the year, representing total comprehensive income for the year | 39,009 | 6,163 | (2,133) | (40,263) | |||
Group's share of profit/(loss) for the year, representing the Group's share of total comprehensive income/(loss) for the year | 10,082 | 1,593 | (4,068) | (2,936) | |||
Joint Ventures [Member] | Significant Joint Ventures [Member] | |||||||
Disclosure of joint ventures [Line Items] | |||||||
Investment in joint ventures | 188,748 | 169,064 | 29,821 | ||||
Group's share of profit/(loss) for the year, representing the Group's share of total comprehensive income/(loss) for the year | 9,268 | 1,464 | (2,426) | (2,037) | |||
Joint Ventures [Member] | Other Joint Ventures [Member] | |||||||
Disclosure of joint ventures [Line Items] | |||||||
Investment in joint ventures | 7,354 | 7,287 | 1,162 | ||||
Group's share of profit/(loss) for the year, representing the Group's share of total comprehensive income/(loss) for the year | 814 | $ 129 | ¥ (1,642) | ¥ (899) | |||
MTU Yuchai Power Co., Ltd [Member] | |||||||
Disclosure of joint ventures [Line Items] | |||||||
Non-current assets | 32,015 | ||||||
Cash and bank balances | 113,055 | ||||||
Others | 22,775 | ||||||
Total assets | 167,845 | ||||||
Others | (34,820) | ||||||
Total liabilities | (34,820) | ||||||
Equity | ¥ 133,025 | ||||||
Proportion of the Group's ownership | 50.00% | 50.00% | |||||
Group's share of net assets | ¥ 66,513 | ||||||
Investment in joint ventures | 66,513 | $ 10,509 | |||||
Depreciation and amortization | (227) | ||||||
Interest expense | (343) | ||||||
Profit/(loss) for the year, representing total comprehensive income for the year | ¥ (16,973) | ||||||
Proportion of the Group's ownership | 50.00% | 50.00% | |||||
Group's share of profit | ¥ (8,487) | ||||||
Group's share of profit/(loss) for the year, representing the Group's share of total comprehensive income/(loss) for the year | (8,487) | $ (1,341) | |||||
MTU Yuchai Power Co., Ltd [Member] | Significant Joint Ventures [Member] | |||||||
Disclosure of joint ventures [Line Items] | |||||||
Investment in joint ventures | 66,513 | ||||||
Group's share of profit/(loss) for the year, representing the Group's share of total comprehensive income/(loss) for the year | ¥ (8,487) |
Revenue - Summary of Revenue (D
Revenue - Summary of Revenue (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Revenue [Abstract] | ||||
Sale of goods | ¥ 16,085,640 | $ 2,541,416 | ¥ 13,542,568 | ¥ 13,634,395 |
Sale of development property | 710 | 112 | ||
Revenue from hotel and restaurant operations | 127,971 | 20,219 | 110,718 | 94,053 |
Rental income | 8,121 | 1,283 | 11,554 | 4,989 |
Revenue | ¥ 16,222,442 | $ 2,563,030 | ¥ 13,664,840 | ¥ 13,733,437 |
Other Income and Expenses Rec98
Other Income and Expenses Recognized in Statement of Profit and Loss - Summary of Depreciation and Amortization (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Disclosure of income statement [Line Items] | ||||
Depreciation and amortization expenses | ¥ 444,181 | $ 70,177 | ¥ 478,160 | ¥ 469,435 |
Cost of sales [Member] | ||||
Disclosure of income statement [Line Items] | ||||
Depreciation and amortization expenses | 307,102 | 48,520 | 322,289 | 319,962 |
Research and development expenses [Member] | ||||
Disclosure of income statement [Line Items] | ||||
Depreciation and amortization expenses | 48,291 | 7,630 | 56,812 | 58,204 |
Selling, general and administrative expenses [Member] | ||||
Disclosure of income statement [Line Items] | ||||
Depreciation and amortization expenses | ¥ 88,788 | $ 14,027 | ¥ 99,059 | ¥ 91,269 |
Other Income and Expenses Rec99
Other Income and Expenses Recognized in Statement of Profit and Loss - Summary of Sales Related Shipping and Handling Expenses Not Separately Billed to Customers (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Selling, general and administrative expenses [Member] | ||||
Disclosure of income statement [Line Items] | ||||
Selling, general and administrative expenses | ¥ 208,197 | $ 32,894 | ¥ 159,023 | ¥ 172,865 |
Other Income and Expenses Re100
Other Income and Expenses Recognized in Statement of Profit and Loss - Summary of Other Operating Income (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Profit or loss [Abstract] | ||||
Interest income | ¥ 105,421 | $ 16,656 | ¥ 56,983 | ¥ 41,314 |
Dividend income from held for trading investment | 2,532 | 400 | 943 | |
Gain on disposal of subsidiaries (Note 4) | 216,115 | 34,145 | ||
Gain on disposal of joint venture (Note 22) | 107,976 | 17,059 | ||
Gain on disposal of associate | 199 | 31 | ||
Gain on disposal of property, plant and equipment | 11,668 | 1,843 | ||
Gain on disposal of intangible assets | 115,235 | 18,206 | ||
Gain on disposal of prepaid operating leases | 2,511 | |||
Gain on liquidation of joint venture | 348 | |||
Government grants | 34,337 | 5,425 | 41,515 | 31,205 |
Fair value gain on held for trading investment | 12,768 | 2,017 | ||
Fair value gain on foreign exchange forward contract (Note 19) | 15,506 | |||
Write-back of trade and other payables | 29 | 5 | 9 | |
Write-back of allowance for anticipated losses on development properties | 2,976 | |||
Bad debt recovered | 4,257 | |||
Foreign exchange gain, net | 30,943 | 4,889 | ||
Others | 10,129 | 1,600 | 18,513 | 8,805 |
Other operating income | ¥ 647,352 | $ 102,276 | ¥ 117,954 | ¥ 106,931 |
Other Income and Expenses Re101
Other Income and Expenses Recognized in Statement of Profit and Loss - Summary of Other Operating Expenses (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Profit or loss [Abstract] | ||||
Loss on disposal of property, plant and equipment | ¥ 14,020 | ¥ 14,874 | ||
Loss on disposal of subsidiary | 13,647 | |||
Loss on dilution of equity interest in joint venture | 2,848 | |||
Foreign exchange loss, net | 4,006 | 45,354 | ||
Fair value loss on held for trading investment | 243 | 10,871 | ||
Fair value loss on foreign exchange forward contract | 140 | |||
Goodwill written off | 1,131 | |||
Others | ¥ 22,719 | $ 3,589 | 3,059 | |
Other operating expenses | ¥ 22,719 | $ 3,589 | ¥ 22,599 | ¥ 87,594 |
Other Income and Expenses Re102
Other Income and Expenses Recognized in Statement of Profit and Loss - Summary of Finance Costs (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Profit or loss [Abstract] | ||||
Bank term loans | ¥ 53,888 | $ 8,514 | ¥ 34,477 | ¥ 57,212 |
Corporate bonds | 27,581 | 54,116 | ||
Bills discounting | 42,179 | 6,664 | 13,068 | 1,651 |
Bank charges | 4,367 | 690 | 4,552 | 3,364 |
Finance lease | 5 | 1 | 5 | 8 |
Finance costs | ¥ 100,439 | $ 15,869 | ¥ 79,683 | ¥ 116,351 |
Other Income and Expenses Re103
Other Income and Expenses Recognized in Statement of Profit and Loss - Summary of Staff Costs (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Profit or loss [Abstract] | ||||
Wages and salaries | ¥ 1,158,320 | $ 183,006 | ¥ 922,847 | ¥ 839,288 |
Contribution to defined contribution plans | 258,190 | 40,792 | 275,703 | 297,926 |
Executive bonuses | 59,908 | 9,465 | 44,921 | 32,190 |
Staff welfare | 76,392 | 12,069 | 81,223 | 73,908 |
Staff severance cost | 107,732 | 17,021 | 12,864 | 8,385 |
Cost of share-based payment | 1,592 | 252 | 5,301 | 10,275 |
Others | 1,870 | 295 | 20,340 | 9,062 |
Staff costs | ¥ 1,664,004 | $ 262,900 | ¥ 1,363,199 | ¥ 1,271,034 |
Income Tax Expense - Summary of
Income Tax Expense - Summary of Income Tax Expense (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Current income tax | ||||
Current year | ¥ 197,264 | $ 31,167 | ¥ 104,149 | ¥ 104,584 |
(Over)/under provision in respect of prior years | (2,867) | (453) | 7,175 | (47) |
Deferred tax | ||||
Movement in temporary differences | 25,770 | 4,071 | 48,946 | 72,281 |
Consolidated income tax expense reported in the statement of profit or loss | ¥ 220,167 | $ 34,785 | ¥ 160,270 | ¥ 176,818 |
Income Tax Expense - Additional
Income Tax Expense - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015 | Dec. 31, 2017USD ($) | |
Disclosure of Income Tax [Line items] | ||||
Applicable income tax rate | 15.00% | 15.00% | 15.00% | |
Percentage of withholding tax | 10.00% | |||
Deferred tax liability for withholding tax payable | ¥ 100,572 | ¥ 103,347 | $ 15,890 | |
Unrecognized deferred tax liability relating to undistributed earnings | ¥ 228,008 | ¥ 212,176 | $ 36,024 | |
Top of range [Member] | ||||
Disclosure of Income Tax [Line items] | ||||
Unrecognized tax losses expiration period for subsidiaries that have a history of losses | 5 years |
Income Tax Expense - Reconcilia
Income Tax Expense - Reconciliation of Income Tax Expense (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Reconciliation of accounting profit multiplied by applicable tax rates [Abstract] | ||||
Accounting profit before tax | ¥ 1,625,237 | $ 256,776 | ¥ 883,878 | ¥ 686,138 |
Computed tax expense of 15% | 243,786 | 38,517 | 132,582 | 102,921 |
Adjustments resulting from: | ||||
Non-deductible expenses | 21,982 | 3,473 | 7,039 | 9,815 |
Tax-exempt income | (58,324) | (9,215) | (178) | (5,574) |
Utilization of deferred tax benefits previously not recognized | (7,374) | (1,165) | (3,157) | (2,001) |
Deferred tax benefits not recognized | 8,084 | 1,277 | 9,045 | 61,299 |
Tax credits for research and development expense | (34,428) | (5,439) | (34,482) | (27,087) |
Tax rate differential | 21,061 | 3,328 | 25,321 | 24,249 |
(Over)/under provision in respect of previous years current tax | (2,867) | (453) | 7,175 | (47) |
Withholding tax expense | 29,447 | 4,652 | 16,925 | 13,126 |
Others | (1,200) | (190) | 117 | |
Consolidated income tax expense reported in the statement of profit or loss | ¥ 220,167 | $ 34,785 | ¥ 160,270 | ¥ 176,818 |
Income Tax Expense - Reconci107
Income Tax Expense - Reconciliation of Income Tax Expense (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of accounting profit multiplied by applicable tax rates [Abstract] | |||
Applicable income tax rate | 15.00% | 15.00% | 15.00% |
Income Tax Expense - Summary108
Income Tax Expense - Summary of Deferred Tax (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2017USD ($) | |
Disclosure of deferred tax assets and liabilities [Line Items] | |||||
Deferred tax liabilities | ¥ (116,468) | ¥ (115,758) | $ (18,401) | ||
Deferred tax assets | 315,390 | 308,207 | 49,829 | ||
Reconciliation of deferred tax (expense) income | (25,770) | $ (4,071) | (48,946) | ¥ (72,281) | |
Accelerated depreciation [Member] | |||||
Disclosure of deferred tax assets and liabilities [Line Items] | |||||
Deferred tax liabilities | (15,122) | (10,521) | (2,389) | ||
Reconciliation of deferred tax (expense) income | (4,601) | (727) | 373 | (10,852) | |
Unremitted earnings from overseas source income [Member] | |||||
Disclosure of deferred tax assets and liabilities [Line Items] | |||||
Deferred tax liabilities | (437) | ||||
Reconciliation of deferred tax (expense) income | (25) | ||||
Interest receivable [Member] | |||||
Disclosure of deferred tax assets and liabilities [Line Items] | |||||
Deferred tax liabilities | (774) | (1,453) | (122) | ||
Reconciliation of deferred tax (expense) income | 679 | 107 | (1,471) | ||
Derivatives not designated as hedges - foreign exchange forward contract [Member] | |||||
Disclosure of deferred tax assets and liabilities [Line Items] | |||||
Reconciliation of deferred tax (expense) income | 2,326 | (2,326) | |||
PRC withholding tax on dividend income [Member] | |||||
Disclosure of deferred tax assets and liabilities [Line Items] | |||||
Deferred tax liabilities | (100,572) | (103,347) | (15,890) | ||
Reconciliation of deferred tax (expense) income | (29,031) | (4,587) | (16,628) | (12,549) | |
Deferred income tax liabilities [Member] | |||||
Disclosure of deferred tax assets and liabilities [Line Items] | |||||
Reconciliation of deferred tax (expense) income | (32,953) | (5,207) | (15,425) | (25,727) | |
Impairment of property, plant and equipment [Member] | |||||
Disclosure of deferred tax assets and liabilities [Line Items] | |||||
Deferred tax assets | 12,319 | 2,876 | 1,946 | ||
Reconciliation of deferred tax (expense) income | 9,443 | 1,492 | (9,005) | 409 | |
Write-down of inventories [Member] | |||||
Disclosure of deferred tax assets and liabilities [Line Items] | |||||
Deferred tax assets | 17,493 | 21,209 | 2,764 | ||
Reconciliation of deferred tax (expense) income | (3,716) | (587) | (4,421) | (3,867) | |
Allowance for doubtful account receivables [Member] | |||||
Disclosure of deferred tax assets and liabilities [Line Items] | |||||
Deferred tax assets | 7,376 | 9,340 | 1,165 | ||
Reconciliation of deferred tax (expense) income | (1,964) | (310) | 7,196 | (3,361) | |
Accruals [Member] | |||||
Disclosure of deferred tax assets and liabilities [Line Items] | |||||
Deferred tax assets | 204,730 | 185,952 | 32,346 | ||
Reconciliation of deferred tax (expense) income | 18,778 | 2,967 | (46,350) | 17,253 | |
Deferred income [Member] | |||||
Disclosure of deferred tax assets and liabilities [Line Items] | |||||
Deferred tax assets | 51,679 | 70,931 | 8,165 | ||
Reconciliation of deferred tax (expense) income | (19,252) | (3,042) | 10,045 | (44,232) | |
Write down of intangible asset [Member] | |||||
Disclosure of deferred tax assets and liabilities [Line Items] | |||||
Reconciliation of deferred tax (expense) income | (15,000) | ||||
Others [Member] | |||||
Disclosure of deferred tax assets and liabilities [Line Items] | |||||
Deferred tax assets | 21,793 | 17,899 | $ 3,443 | ||
Reconciliation of deferred tax (expense) income | 3,894 | 616 | 9,014 | 2,244 | |
Deferred Tax Asset [Member] | |||||
Disclosure of deferred tax assets and liabilities [Line Items] | |||||
Reconciliation of deferred tax (expense) income | ¥ 7,183 | $ 1,136 | ¥ (33,521) | ¥ (46,554) |
Income Tax Expense - Summary109
Income Tax Expense - Summary of Deferred Tax (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | |
Disclosure of deferred tax assets and liabilities [Line Items] | |||
Beginning balance | ¥ (192,449) | ||
Ending balance | (198,922) | $ (31,428) | ¥ (192,449) |
PRC withholding tax on dividend income [Member] | |||
Disclosure of deferred tax assets and liabilities [Line Items] | |||
Beginning balance | (103,347) | (16,328) | (113,805) |
Provision made to consolidated statement of profit or loss | (29,031) | (4,587) | (16,628) |
Utilization | 31,806 | 5,025 | 27,107 |
Translation differences | (21) | ||
Ending balance | ¥ (100,572) | $ (15,890) | ¥ (103,347) |
Income Tax Expense - Classifica
Income Tax Expense - Classification of the Group's Net Deferred Tax Assets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Deferred tax assets and liabilities [Abstract] | |||
Deferred tax assets | ¥ 315,390 | $ 49,829 | ¥ 308,207 |
Deferred tax liabilities | (116,468) | (18,401) | (115,758) |
Net deferred tax assets | ¥ 198,922 | $ 31,428 | ¥ 192,449 |
Income Tax Expense - Deferred T
Income Tax Expense - Deferred Tax Assets That Have Not Been Recognized (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Disclosure of temporary difference, unused tax losses and unused tax credits [Abstract] | |||
Unutilized tax losses | ¥ 479,410 | $ 75,743 | ¥ 515,207 |
Unutilized capital allowances and investment allowances | 107,266 | 16,947 | 106,781 |
Other unrecognized temporary differences relating to provisions and deferred grants | 230,269 | 36,381 | 224,087 |
Deferred tax assets have not been recognised | ¥ 816,945 | $ 129,071 | ¥ 846,075 |
Earning Per Share - Summary of
Earning Per Share - Summary of Earnings Per Share (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017CNY (¥)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016CNY (¥)shares | Dec. 31, 2015CNY (¥)shares | |
Earnings per share [Abstract] | ||||
Profit attributable to ordinary equity holders of the parent | ¥ 953,922 | $ 150,713 | ¥ 515,737 | ¥ 341,108 |
Weighted average number of ordinary shares for basic earnings per share calculations | 40,764,569 | 40,764,569 | 40,016,808 | 38,712,282 |
Diluted effect of share options | 0 | 0 | 0 | 0 |
Weighted average number of ordinary shares adjusted for effect of dilution | 40,764,569 | 40,764,569 | 40,016,808 | 38,712,282 |
Earnings per share - Additional
Earnings per share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings per share [Abstract] | |||
Number of employees share option plan, anti-dilutive | 470,000 | 530,000 | 570,000 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||
Beginning balance | ¥ 4,127,185 | |||
Charge for the year | 431,567 | $ 68,184 | ¥ 465,093 | ¥ 456,002 |
Impairment loss | 20,845 | 3,293 | 3,297 | 2,873 |
Ending balance | 3,824,018 | 604,168 | 4,127,185 | |
Cost [Member] | ||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||
Beginning balance | 8,058,169 | 7,914,527 | ||
Additions | 261,433 | 284,993 | ||
Acquisition as subsidiary | 29 | |||
Disposal of subsidiary | (155,850) | |||
Disposals | (22,573) | (141,582) | ||
Transfers | (381) | |||
Write-off | (73,757) | (5) | ||
Translation difference | 4,459 | 588 | ||
Ending balance | 8,071,881 | 8,058,169 | 7,914,527 | |
Accumulated depreciation, amortization and impairment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||
Beginning balance | 3,930,984 | 3,584,983 | ||
Charge for the year | 431,567 | 465,093 | ||
Disposal of subsidiary | (51,006) | |||
Disposals | (18,601) | (121,857) | ||
Transfers | (24) | |||
Write-off | (68,075) | |||
Impairment loss | 20,845 | 3,297 | ||
Translation difference | 2,149 | (508) | ||
Ending balance | 4,247,863 | 3,930,984 | 3,584,983 | |
Freehold land [Member] | ||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||
Beginning balance | 13,263 | |||
Ending balance | 13,509 | 2,134 | 13,263 | |
Freehold land [Member] | Cost [Member] | ||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||
Beginning balance | 13,730 | 13,301 | ||
Translation difference | 263 | 429 | ||
Ending balance | 13,993 | 13,730 | 13,301 | |
Freehold land [Member] | Accumulated depreciation, amortization and impairment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||
Beginning balance | 467 | 460 | ||
Translation difference | 17 | 7 | ||
Ending balance | 484 | 467 | 460 | |
Leasehold land, buildings and improvements [Member] | ||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||
Beginning balance | 1,709,360 | |||
Ending balance | 1,631,418 | 257,752 | 1,709,360 | |
Leasehold land, buildings and improvements [Member] | Cost [Member] | ||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||
Beginning balance | 2,351,646 | 2,307,160 | ||
Additions | 1,109 | 23,621 | ||
Disposal of subsidiary | (107,632) | |||
Disposals | (3,310) | (16,492) | ||
Transfers | 81,486 | 37,001 | ||
Write-off | (2,385) | |||
Translation difference | 1,954 | 356 | ||
Ending balance | 2,322,868 | 2,351,646 | 2,307,160 | |
Leasehold land, buildings and improvements [Member] | Accumulated depreciation, amortization and impairment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||
Beginning balance | 642,286 | 572,857 | ||
Charge for the year | 78,347 | 78,504 | ||
Disposal of subsidiary | (26,031) | |||
Disposals | (1,879) | (8,720) | ||
Transfers | (24) | |||
Write-off | (1,377) | |||
Translation difference | 104 | (331) | ||
Ending balance | 691,450 | 642,286 | 572,857 | |
Construction in progress [Member] | ||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||
Beginning balance | 336,151 | |||
Ending balance | 280,041 | 44,245 | 336,151 | |
Construction in progress [Member] | Cost [Member] | ||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||
Beginning balance | 336,151 | 328,117 | ||
Additions | 226,977 | 232,474 | ||
Transfers | (280,358) | (224,440) | ||
Write-off | (1,674) | |||
Ending balance | 281,096 | 336,151 | 328,117 | |
Construction in progress [Member] | Accumulated depreciation, amortization and impairment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||
Impairment loss | 1,055 | |||
Ending balance | 1,055 | |||
Plant and machinery [Member] | ||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||
Beginning balance | 1,960,557 | |||
Ending balance | 1,798,122 | 284,091 | 1,960,557 | |
Plant and machinery [Member] | Cost [Member] | ||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||
Beginning balance | 5,049,756 | 4,969,820 | ||
Additions | 7,464 | 8,514 | ||
Disposal of subsidiary | (35,490) | |||
Disposals | (10,064) | (114,861) | ||
Transfers | 198,872 | 186,620 | ||
Write-off | (53,792) | |||
Translation difference | 88 | (337) | ||
Ending balance | 5,156,834 | 5,049,756 | 4,969,820 | |
Plant and machinery [Member] | Accumulated depreciation, amortization and impairment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||
Beginning balance | 3,089,199 | 2,831,362 | ||
Charge for the year | 325,979 | 359,046 | ||
Disposal of subsidiary | (15,040) | |||
Disposals | (10,191) | (104,346) | ||
Write-off | (51,087) | |||
Impairment loss | 19,790 | 3,297 | ||
Translation difference | 62 | (160) | ||
Ending balance | 3,358,712 | 3,089,199 | 2,831,362 | |
Office furniture, fittings and equipment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||
Beginning balance | 67,630 | |||
Ending balance | 58,428 | 9,231 | 67,630 | |
Office furniture, fittings and equipment [Member] | Cost [Member] | ||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||
Beginning balance | 192,461 | 181,448 | ||
Additions | 16,763 | 17,757 | ||
Acquisition as subsidiary | 29 | |||
Disposal of subsidiary | (12,473) | |||
Disposals | (3,718) | (6,966) | ||
Transfers | 142 | |||
Write-off | (15,307) | (5) | ||
Translation difference | 2,228 | 56 | ||
Ending balance | 179,954 | 192,461 | 181,448 | |
Office furniture, fittings and equipment [Member] | Accumulated depreciation, amortization and impairment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||
Beginning balance | 124,831 | 110,175 | ||
Charge for the year | 21,202 | 21,248 | ||
Disposal of subsidiary | (9,695) | |||
Disposals | (1,798) | (6,514) | ||
Write-off | (15,012) | |||
Translation difference | 1,998 | (78) | ||
Ending balance | 121,526 | 124,831 | 110,175 | |
Motor and transport vehicles [Member] | ||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||
Beginning balance | 40,224 | |||
Ending balance | 42,500 | $ 6,715 | 40,224 | |
Motor and transport vehicles [Member] | Cost [Member] | ||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||
Beginning balance | 114,425 | 114,681 | ||
Additions | 9,120 | 2,627 | ||
Disposal of subsidiary | (255) | |||
Disposals | (5,481) | (3,263) | ||
Transfers | 296 | |||
Write-off | (599) | |||
Translation difference | (74) | 84 | ||
Ending balance | 117,136 | 114,425 | 114,681 | |
Motor and transport vehicles [Member] | Accumulated depreciation, amortization and impairment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [Line Items] | ||||
Beginning balance | 74,201 | 70,129 | ||
Charge for the year | 6,039 | 6,295 | ||
Disposal of subsidiary | (240) | |||
Disposals | (4,733) | (2,277) | ||
Write-off | (599) | |||
Translation difference | (32) | 54 | ||
Ending balance | ¥ 74,636 | ¥ 74,201 | ¥ 70,129 |
Property, plant and equipmen115
Property, plant and equipment - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2017USD ($) | |
Disclosure of detailed information about property, plant and equipment [Abstract] | |||||
Impairment loss | ¥ 20,845 | $ 3,293 | ¥ 3,297 | ¥ 2,873 | |
Property, plant and equipment pledged to secure bank facilities | 82,710 | 84,360 | $ 13,068 | ||
Carrying value of property, plant and equipment held under finance leases | 96 | 144 | $ 15 | ||
Additions of property, plant and equipment under finance leases | ¥ 0 | $ 0 | ¥ 86 |
Investment Property - Summary o
Investment Property - Summary of Investment Property (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | |
Disclosure of detailed information about investment property [Line Items] | |||
Beginning balance | ¥ 7,298 | ||
Charge for the year | 248 | $ 39 | ¥ 248 |
Ending balance | 7,434 | 1,174 | 7,298 |
Consolidated statements of profit or loss: | |||
Direct operating expenses (including repairs, maintenance and depreciation expense) arising from the rental generating property | (508) | (80) | (571) |
Fair value [Member] | |||
Disclosure of detailed information about investment property [Line Items] | |||
Beginning balance | 10,149 | ||
Ending balance | 10,557 | 1,668 | 10,149 |
Cost [Member] | |||
Disclosure of detailed information about investment property [Line Items] | |||
Beginning balance | 31,776 | 5,020 | 31,323 |
Translation difference | 1,169 | 185 | 453 |
Ending balance | 32,944 | 5,205 | 31,776 |
Accumulated depreciation, amortization and impairment [Member] | |||
Disclosure of detailed information about investment property [Line Items] | |||
Beginning balance | 24,478 | 3,867 | 23,886 |
Charge for the year | 248 | 39 | 248 |
Translation difference | 784 | 125 | 344 |
Ending balance | ¥ 25,510 | $ 4,031 | ¥ 24,478 |
Investment Property - Fair Valu
Investment Property - Fair Value Measurement of Investment Property (Detail) - Market comparison and cost method [Member] | 12 Months Ended | |
Dec. 31, 2017¥ / ft²$ / ft² | Dec. 31, 2016¥ / ft² | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [Line Items] | ||
Valuation techniques | Market comparison and cost method | Market comparison and cost method |
Unobservable input | Comparable price: - Land: RMB 24 to RMB 34 (US$4 to US$5) per square foot - Retail: RMB 352 to RMB 859 (US$56 to US$139) per square foot | Comparable price: - Land: RMB 24 to RMB 34 per square foot - Retail: RMB 337 to RMB 847 per square foot |
Inter-relationship between key unobservable inputs and fair value measurement | The estimated fair value increases with higher comparable price | The estimated fair value increases with higher comparable price |
Renminbi [Member] | Land [Member] | Bottom of range [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [Line Items] | ||
Comparable price per square foot | ¥ / ft² | 24 | 24 |
Renminbi [Member] | Land [Member] | Top of range [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [Line Items] | ||
Comparable price per square foot | ¥ / ft² | 34 | 34 |
Renminbi [Member] | Retail [Member] | Bottom of range [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [Line Items] | ||
Comparable price per square foot | ¥ / ft² | 352 | 337 |
Renminbi [Member] | Retail [Member] | Top of range [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [Line Items] | ||
Comparable price per square foot | ¥ / ft² | 859 | 847 |
USD [Member] | Land [Member] | Bottom of range [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [Line Items] | ||
Comparable price per square foot | $ / ft² | 4 | |
USD [Member] | Land [Member] | Top of range [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [Line Items] | ||
Comparable price per square foot | $ / ft² | 5 | |
USD [Member] | Retail [Member] | Bottom of range [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [Line Items] | ||
Comparable price per square foot | $ / ft² | 56 | |
USD [Member] | Retail [Member] | Top of range [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [Line Items] | ||
Comparable price per square foot | $ / ft² | 139 |
Prepaid Operating Leases - Addi
Prepaid Operating Leases - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | |
Disclosure of detailed information about arrangements involving legal form of lease [Line Items] | |||
Prepaid operating leases pledged to secure bank facilities | ¥ 0 | $ 0 | ¥ 71,022,000 |
Bottom of range [Member] | |||
Disclosure of detailed information about arrangements involving legal form of lease [Line Items] | |||
Land use rights terms | 15 years | ||
Top of range [Member] | |||
Disclosure of detailed information about arrangements involving legal form of lease [Line Items] | |||
Land use rights terms | 50 years |
Prepaid Operating Leases - Summ
Prepaid Operating Leases - Summary of Prepaid Operating Leases (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2017USD ($) | |
Disclosure of detailed information about arrangements involving legal form of lease [Line Items] | |||||
Beginning balance | ¥ 392,182 | ||||
Current | 12,546 | ¥ 12,546 | $ 1,982 | ||
Charge for the year | 12,366 | $ 1,954 | 12,819 | ¥ 13,433 | |
Non-current | 367,270 | 379,636 | $ 58,026 | ||
Ending balance | 379,816 | 60,008 | 392,182 | ||
Cost [Member] | |||||
Disclosure of detailed information about arrangements involving legal form of lease [Line Items] | |||||
Beginning balance | 529,577 | 83,669 | 529,577 | ||
Ending balance | 0 | 0 | 529,577 | 529,577 | |
Accumulated amortization [Member] | |||||
Disclosure of detailed information about arrangements involving legal form of lease [Line Items] | |||||
Beginning balance | 137,395 | 21,707 | 124,576 | ||
Charge for the year | 12,366 | 1,954 | 12,819 | ||
Ending balance | ¥ 149,761 | $ 23,661 | ¥ 137,395 | ¥ 124,576 |
Goodwill - Summary of Goodwill
Goodwill - Summary of Goodwill (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) |
Disclosure of reconciliation of changes in goodwill [Line Items] | ||||
Beginning Balance | ¥ 212,636 | $ 33,595 | ||
Ending Balance | 212,636 | 33,595 | ¥ 212,636 | $ 33,595 |
Cost [Member] | ||||
Disclosure of reconciliation of changes in goodwill [Line Items] | ||||
Beginning Balance | 218,311 | 34,492 | 218,311 | 34,492 |
Ending Balance | 218,311 | 34,492 | 218,311 | 34,492 |
Accumulated impairment [Member] | ||||
Disclosure of reconciliation of changes in goodwill [Line Items] | ||||
Beginning Balance | 5,675 | 897 | 5,675 | 897 |
Ending Balance | ¥ 5,675 | $ 897 | ¥ 5,675 | $ 897 |
Goodwill - Carrying Amount of G
Goodwill - Carrying Amount of Goodwill Allocated to Cash-generating Unit (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) |
Disclosure of reconciliation of changes in goodwill [Line Items] | ||||
Goodwill | ¥ 212,636 | $ 33,595 | ¥ 212,636 | $ 33,595 |
Guangxi Yuchai Machinery Company Limited [Member] | ||||
Disclosure of reconciliation of changes in goodwill [Line Items] | ||||
Goodwill | ¥ 212,636 | $ 33,595 | ¥ 212,636 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - CNY (¥) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of information for cash-generating units [Line Items] | ||
Impairment on goodwill | ¥ 1,131,000 | |
Long term rates used to extrapolate the budget | 6.50% | 6.50% |
Percentage decrease in profit from operation that would result in an impairment | 2.37% | 11.63% |
Pre-tax discount rate that would result in an impairment | 14.82% | 12.52% |
Long term growth rate that would result in an impairment | 2.98% | 5.32% |
Guangxi Yuchai Machinery Company Limited [Member] | ||
Disclosure of information for cash-generating units [Line Items] | ||
Pre-tax discount rate applied to cash flow projection | 12.84% | 11.73% |
Impairment on goodwill | ¥ 0 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Disclosure of detailed information about intangible assets [Line Items] | ||||
Beginning balance | ¥ 81,826,000 | |||
Charge to consolidated statement of profit or loss | 40,000,000 | $ 6,320 | ¥ 0 | ¥ 26,700,000 |
Ending balance | 10,122,000 | $ 1,599 | 81,826,000 | |
Cost [Member] | ||||
Disclosure of detailed information about intangible assets [Line Items] | ||||
Beginning balance | 168,526,000 | |||
Disposal | (31,704,000) | |||
Ending balance | 136,822,000 | 168,526,000 | ||
Accumulated impairment [Member] | ||||
Disclosure of detailed information about intangible assets [Line Items] | ||||
Beginning balance | ¥ 86,700,000 | |||
Charge to consolidated statement of profit or loss | 40,000,000 | |||
Ending balance | ¥ 126,700,000 | ¥ 86,700,000 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2017USD ($) | |
Disclosure of detailed information about intangible assets [Line Items] | ||||||
Intangible asset, carrying amount | ¥ 10,122,000 | ¥ 81,826,000 | $ 1,599 | |||
Impairment charge | ¥ 40,000,000 | $ 6,320 | ¥ 0 | ¥ 26,700,000 | ||
Projected cash flows forecast period | 10 years | 10 years | 15 years | |||
Projected cash flows forecast period for growth rate | 6 years | 6 years | 5 years | |||
Revenue growth rate | 6.50% | 6.50% | 6.50% | |||
Later Than One Year And Not Later Than Fifteen Year [member] | ||||||
Disclosure of detailed information about intangible assets [Line Items] | ||||||
Pre-tax discount rate | 13.69% | 13.69% | ||||
Later Than One Year And Not Later Than Ten Year [Member] | ||||||
Disclosure of detailed information about intangible assets [Line Items] | ||||||
Pre-tax discount rate | 12.98% | |||||
Sixth Year [Member] | ||||||
Disclosure of detailed information about intangible assets [Line Items] | ||||||
Revenue growth rate | 15.60% | 6.70% | 15.60% | |||
Later than six years and not later than fifteen years [Member] | ||||||
Disclosure of detailed information about intangible assets [Line Items] | ||||||
Revenue growth rate | 0.00% | 0.00% | 0.00% | |||
Technology development cost [member] | ||||||
Disclosure of detailed information about intangible assets [Line Items] | ||||||
Impairment charge | ¥ 26,700,000 | ¥ 60,000,000 | ||||
Jining Yuchai Engine Company Limited [Member] | One Percent Increase in Discount Rate [Member] | ||||||
Disclosure of detailed information about intangible assets [Line Items] | ||||||
Impairment charge | ¥ 6,731,000 | $ 1,063 | ¥ 2,443,000 | |||
Jining Yuchai Engine Company Limited [Member] | Technology development cost [member] | ||||||
Disclosure of detailed information about intangible assets [Line Items] | ||||||
Intangible asset, carrying amount | 10,122,000 | ¥ 50,122,000 | $ 1,599 | |||
Impairment charge | ¥ 40,000,000 | $ 6,320 | ||||
Jining Yuchai Engine Company Limited [Member] | Technology development cost [member] | Bottom of range [Member] | ||||||
Disclosure of detailed information about intangible assets [Line Items] | ||||||
Expected useful life of intangible assets | 10 years | 10 years | ||||
Jining Yuchai Engine Company Limited [Member] | Technology development cost [member] | Top of range [Member] | ||||||
Disclosure of detailed information about intangible assets [Line Items] | ||||||
Expected useful life of intangible assets | 15 years | 15 years |
Other Financial Liabilities - S
Other Financial Liabilities - Summary of Other Financial Liabilities (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Subclassifications of assets, liabilities and equities [Abstract] | |||
Derivative not designated as hedges - foreign exchange forward contract | ¥ 140 | ||
Finance lease liabilities (Note 31) | ¥ 79 | $ 12 | 108 |
Total | 79 | 12 | 248 |
Current | 33 | 5 | 178 |
Non-current | 46 | 7 | 70 |
Total | ¥ 79 | $ 12 | ¥ 248 |
Other Financial Liabilities - A
Other Financial Liabilities - Additional Information (Detail) | 12 Months Ended | ||||||
Dec. 31, 2017SGD ($) | Dec. 31, 2017USD ($) | Dec. 20, 2017 | Mar. 31, 2017USD ($) | Mar. 30, 2017SGD ($) | Dec. 21, 2016USD ($) | May 22, 2015SGD ($) | |
DBS Bank Ltd [Member] | |||||||
Disclosure of detailed information about borrowings [Line Items] | |||||||
Credit facility maturity period | Three years | ||||||
DBS Bank Ltd [Member] | Top of range [Member] | |||||||
Disclosure of detailed information about borrowings [Line Items] | |||||||
Credit facility with bank | $ 30,000,000 | ||||||
Consolidated tangible net worth ratio | 100.00% | 100.00% | |||||
DBS Bank Ltd [Member] | Bottom of range [Member] | |||||||
Disclosure of detailed information about borrowings [Line Items] | |||||||
Consolidated tangible net worth | $ 350,000,000 | ||||||
Credit facility with BOTM Singapore Branch [Member] | |||||||
Disclosure of detailed information about borrowings [Line Items] | |||||||
Credit facility maturity period | Three years | ||||||
Refinancing of unsecured multi-currency revolving credit facility | $ 30,000,000 | ||||||
Credit facility with BOTM Singapore Branch [Member] | Top of range [Member] | |||||||
Disclosure of detailed information about borrowings [Line Items] | |||||||
Consolidated tangible net worth ratio | 200.00% | 200.00% | |||||
Facility limit | $ 30,000,000 | ||||||
Credit facility with BOTM Singapore Branch [Member] | Bottom of range [Member] | |||||||
Disclosure of detailed information about borrowings [Line Items] | |||||||
Consolidated tangible net worth | $ 120,000,000 | ||||||
Sumitomo branch [Member] | |||||||
Disclosure of detailed information about borrowings [Line Items] | |||||||
Credit facility maturity period | Three years | ||||||
Refinancing of unsecured multi-currency revolving credit facility | $ 30,000,000 | ||||||
Sumitomo branch [Member] | Top of range [Member] | |||||||
Disclosure of detailed information about borrowings [Line Items] | |||||||
Consolidated tangible net worth ratio | 200.00% | 200.00% | |||||
Facility limit | $ 30,000,000 | ||||||
Sumitomo branch [Member] | Bottom of range [Member] | |||||||
Disclosure of detailed information about borrowings [Line Items] | |||||||
Consolidated tangible net worth | $ 200,000,000 | ||||||
Forward contract [Member] | |||||||
Disclosure of detailed information about borrowings [Line Items] | |||||||
Non-deliverable forward foreign exchange contract | $ 15,300,000 | ||||||
Exchange rate | 7.0439 |
Other Financial Liabilities 127
Other Financial Liabilities - Summary of Interest-bearing Loans and Borrowings (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2017USD ($) | |
Disclosure of detailed information about borrowings [Line Items] | |||
Current borrowings | ¥ 1,600,000 | ¥ 894,136 | $ 252,789 |
Non-current borrowings | 26,341 | 16,270 | 4,162 |
Renminbi [Member] | |||
Disclosure of detailed information about borrowings [Line Items] | |||
Current borrowings | 1,600,000 | 753,750 | 252,789 |
USD [Member] | |||
Disclosure of detailed information about borrowings [Line Items] | |||
Current borrowings | 104,055 | ||
Singapore Dollar [Member] | |||
Disclosure of detailed information about borrowings [Line Items] | |||
Current borrowings | 33,616 | ||
Non-current borrowings | 14,656 | 2,316 | |
Malaysian Ringgits [Member] | |||
Disclosure of detailed information about borrowings [Line Items] | |||
Current borrowings | 2,715 | ||
Non-current borrowings | ¥ 11,685 | ¥ 16,270 | $ 1,846 |
Current borrowings [Member] | Renminbi [Member] | |||
Disclosure of detailed information about borrowings [Line Items] | |||
Effective interest rate | 3.99% | 3.94% | 3.99% |
Maturity | 2,018 | 2,017 | |
Current borrowings [Member] | USD [Member] | |||
Disclosure of detailed information about borrowings [Line Items] | |||
Effective interest rate | 3.70% | ||
Maturity | 2,017 | ||
Current borrowings [Member] | Singapore Dollar [Member] | |||
Disclosure of detailed information about borrowings [Line Items] | |||
Effective interest rate | 1.88% | 1.81% | 1.88% |
Maturity | 2,020 | 2,017 | |
Current borrowings [Member] | Malaysian Ringgits [Member] | |||
Disclosure of detailed information about borrowings [Line Items] | |||
Effective interest rate | 5.90% | ||
Maturity | 2,017 | ||
Non-current borrowings [Member] | Malaysian Ringgits [Member] | |||
Disclosure of detailed information about borrowings [Line Items] | |||
Effective interest rate | 5.95% | 5.90% | 5.95% |
Maturity | 2,020 | 2,020 | |
Bank of Tokyo-Mitsubishi, UFJ Ltd [Member] | Singapore Dollar [Member] | |||
Disclosure of detailed information about borrowings [Line Items] | |||
Current borrowings | ¥ 16,808 | ||
Non-current borrowings | ¥ 14,656 | ||
Sumitomo Mitsui Banking Corporation [Member] | Singapore Dollar [Member] | |||
Disclosure of detailed information about borrowings [Line Items] | |||
Current borrowings | ¥ 16,808 |
Other Financial Liabilities 128
Other Financial Liabilities - Summary of Interest-bearing Loans and Borrowings (Parenthetical) (Detail) - Singapore Dollar [Member] | Dec. 31, 2017SGD ($) | Dec. 31, 2016SGD ($) | Dec. 31, 2016USD ($) |
Bank of Tokyo-Mitsubishi, UFJ Ltd [Member] | |||
Disclosure of detailed information about borrowings [Line Items] | |||
Facility limit | $ 30,000,000 | $ 30,000,000 | |
Sumitomo Mitsui Banking Corporation [Member] | |||
Disclosure of detailed information about borrowings [Line Items] | |||
Facility limit | $ 30,000,000 |
Deferred Grants - Summary of De
Deferred Grants - Summary of Deferred Grants (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | |
Subclassifications of assets, liabilities and equities [Abstract] | |||||||
Beginning balance | ¥ 337,889 | $ 53,384 | ¥ 360,783 | ||||
Received during the year | 50,095 | 7,915 | 13,639 | ¥ 39,558 | |||
Released to consolidated statement of profit or loss | (34,337) | (5,425) | (36,533) | ||||
Ending balance | 353,647 | 55,874 | 337,889 | 360,783 | |||
Current (Note 28) | ¥ 22,270 | $ 3,519 | ¥ 21,939 | ||||
Non-current | 331,377 | 52,355 | 315,950 | ||||
Total | ¥ 337,889 | $ 53,384 | ¥ 360,783 | ¥ 360,783 | ¥ 353,647 | $ 55,874 | ¥ 337,889 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Classes of current inventories [Abstract] | |||
Raw materials | ¥ 1,188,396 | $ 187,758 | ¥ 904,737 |
Work in progress | 34,924 | 5,518 | 26,807 |
Finished goods | 1,349,425 | 213,199 | 732,335 |
Total inventories at the lower of cost and net realizable value | ¥ 2,572,745 | $ 406,475 | ¥ 1,663,879 |
Inventories - Analysis of Inven
Inventories - Analysis of Inventory Reserve Accounts (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Write-downs (reversals of write-downs) of inventories [Abstract] | ||||
Inventories recognized as an expense in cost of sales | ¥ 11,021,960 | $ 1,741,391 | ¥ 9,308,265 | ¥ 9,566,699 |
Inventories written down | 17,492 | 2,764 | 48,202 | 59,339 |
Reversal of write-down of inventories | ¥ (37,393) | $ (5,908) | ¥ (53,373) | ¥ (24,079) |
Other Current Assets - Summary
Other Current Assets - Summary of Other Current Assets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Current | |||
Development properties | ¥ 23,833 | $ 3,765 | ¥ 23,378 |
Held for trading investment, quoted equity securities(i) | 24,714 | 3,905 | 12,181 |
Total | ¥ 48,547 | $ 7,670 | ¥ 35,559 |
Other Current Assets - Summa133
Other Current Assets - Summary of Other Non Current Assets (Detail) - 12 months ended Dec. 31, 2017 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Non-current | ||
Deferred expenditure(ii) | ¥ 303 | $ 48 |
Trade and Bills Receivables - S
Trade and Bills Receivables - Summary of Trade and Bills Receivables (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Trade and other current receivables [Abstract] | |||
Trade receivables, net | ¥ 212,104 | $ 33,511 | ¥ 241,168 |
Bill receivables(i) | 6,819,440 | 1,077,423 | 6,816,088 |
Total (Note 36) | ¥ 7,031,544 | $ 1,110,934 | ¥ 7,057,256 |
Trade and Bills Receivables 135
Trade and Bills Receivables - Summary of Trade and Bills Receivables (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Disclosure of financial assets [Line Items] | |||
Bills receivable | ¥ 6,819,440 | $ 1,077,423 | ¥ 6,816,088 |
Joint Ventures [Member] | |||
Disclosure of financial assets [Line Items] | |||
Bills receivable | 69,816 | 11,030 | 45,000 |
Other related parties [Member] | |||
Disclosure of financial assets [Line Items] | |||
Bills receivable | ¥ 23,832 | $ 3,765 | ¥ 3,968 |
Trade and Bills Receivables - A
Trade and Bills Receivables - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | |
Disclosure of Trade and Bills Receivables [line items] | |||
Trade receivables payment terms | 60 days | ||
Outstanding bills receivable discounted with banks by retaining recourse obligation | ¥ 1,505,759 | $ 237,899 | ¥ 817,391 |
Outstanding bills receivable endorsed to suppliers with recourse obligation | 1,316,136 | 207,940 | 851,099 |
Gross trade receivables | ¥ 212,104 | 33,511 | 241,168 |
Top of range [Member] | |||
Disclosure of Trade and Bills Receivables [line items] | |||
Bills receivables discounted maturity period | 12 months | ||
Dongfeng Automobile Co., Ltd. [Member] | |||
Disclosure of Trade and Bills Receivables [line items] | |||
Gross trade receivables | ¥ 24,580 | $ 3,884 | ¥ 34,307 |
Trade and Bills Receivables 137
Trade and Bills Receivables - Analysis of Impairment of Doubtful Receivables (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | |
Reconciliation of changes in allowance account for credit losses of financial assets [Abstract] | |||
Beginning balance | ¥ 54,634 | $ 8,632 | ¥ 51,288 |
Charge/(credit) to consolidated statement of profit or loss | (10,854) | (1,715) | 3,696 |
Written off | (5) | (1) | (346) |
Translation differences | (4) | ||
Ending balance | ¥ 43,775 | $ 6,916 | ¥ 54,634 |
Trade and Bills Receivables 138
Trade and Bills Receivables - Age Analysis of Trade and Bills Receivables (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Age Analysis of Trade and Bills Receivables [Line Items] | |||
Trade and bills receivables | ¥ 7,031,544 | $ 1,110,934 | ¥ 7,057,256 |
Financial assets neither past due nor impaired [Member] | |||
Age Analysis of Trade and Bills Receivables [Line Items] | |||
Trade and bills receivables | 6,919,347 | 6,995,511 | |
Financial assets past due but not impaired [Member] | 0 - 90 days [Member] | |||
Age Analysis of Trade and Bills Receivables [Line Items] | |||
Trade and bills receivables | 59,966 | 37,902 | |
Financial assets past due but not impaired [Member] | 91 - 180 days [Member] | |||
Age Analysis of Trade and Bills Receivables [Line Items] | |||
Trade and bills receivables | 21,457 | 12,062 | |
Financial assets past due but not impaired [Member] | 181 - 365 days [Member] | |||
Age Analysis of Trade and Bills Receivables [Line Items] | |||
Trade and bills receivables | 29,857 | 9,654 | |
Financial assets past due but not impaired [Member] | Later than one year [Member] | |||
Age Analysis of Trade and Bills Receivables [Line Items] | |||
Trade and bills receivables | ¥ 917 | ¥ 2,127 |
Other Receivables and Prepay139
Other Receivables and Prepayments - Summary of Other Current Receivables and Prepayments (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Disclosure of financial assets [Line Items] | |||
Staff advances | ¥ 5,107 | $ 807 | ¥ 7,501 |
Interest receivables | 4,345 | 686 | 6,775 |
Bills receivable in transit | 32,013 | 5,058 | 29,134 |
Retention sums | 30,000 | 4,740 | |
Others | 10,705 | 1,692 | 10,510 |
Loans and receivables (Note 36) | 132,675 | 20,962 | 246,687 |
Tax recoverable | 177,819 | 28,094 | 102,024 |
Prepayments | 73,896 | 11,675 | 37,654 |
Total | 384,390 | 60,731 | 386,365 |
Associates and Joint Ventures [Member] | |||
Disclosure of financial assets [Line Items] | |||
Receivables from related parties | 13,230 | 2,090 | 182,671 |
Other related parties [Member] | |||
Disclosure of financial assets [Line Items] | |||
Receivables from related parties | ¥ 37,275 | $ 5,889 | ¥ 10,096 |
Other Receivables and Prepay140
Other Receivables and Prepayments - Summary of Other Non-current Receivables (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Disclosure of financial assets [Abstract] | |||
Other receivables (non-current)(Note 36) | ¥ 620 | $ 98 | ¥ 1,588 |
Asset Classified as Held for141
Asset Classified as Held for Sale - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | |
Disclosure of joint ventures [Line Items] | |||
Interests in joint venture, representing asset classified as held for sale | ¥ 89,381 | ||
Foreign currency translation reserve | ¥ 22,720 | ||
Gain on disposal of joint venture | ¥ 107,976 | $ 17,059 | |
Copthorne Hotel Qingdao Co Ltd [Member] | |||
Disclosure of joint ventures [Line Items] | |||
Proportion of ownership interest in joint venture sold | 60.00% | 60.00% | |
Gain on disposal of joint venture | ¥ 107,976 | $ 17,059 |
Asset Classified as Held for142
Asset Classified as Held for Sale - Summary of Value of Asset and Related Reserves of Disposal (Detail) - 12 months ended Dec. 31, 2017 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Disclosure of assets and liabilities classified as held for sale [Abstract] | ||
Interest in joint venture, representing asset classified as held for sale | ¥ 89,381 | $ 14,122 |
Gain on disposal: | ||
Total consideration less cost of disposal | 182,679 | 28,862 |
Interest in joint venture derecognized | (89,381) | (14,122) |
Realization of foreign currency translation reserves upon disposal | 22,720 | 3,590 |
Waiver of amount due by joint venture | (8,042) | (1,271) |
Gain on disposal of joint venture (Note 8.2(a)) | 107,976 | 17,059 |
Total consideration less cost of disposal, representing net cash inflow on disposal of the joint venture | ¥ 182,679 | $ 28,862 |
Cash and Bank Balances - Summar
Cash and Bank Balances - Summary of Cash and Bank Balances (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) |
Non-current | ||||||
Long-term bank deposits | ¥ 70,000 | $ 11,060 | ||||
Current | ||||||
Cash and cash equivalents | 5,390,324 | 851,633 | ¥ 3,653,914 | $ 577,292 | ¥ 3,474,364 | ¥ 2,291,345 |
Short-term bank deposits | 514,074 | 81,220 | 363,043 | |||
Restricted cash | 54,809 | 8,659 | 36,000 | |||
Total | 5,959,207 | 941,512 | 4,052,957 | |||
Cash and bank balances | ¥ 6,029,207 | $ 952,572 | ¥ 4,052,957 |
Cash and Bank Balances - Sum144
Cash and Bank Balances - Summary of Cash and Bank Balances (Parenthetical) (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 31, 2017USD ($) | |
Disclosure Of Detailed Cash and Cash Equivalents Short Term Bank Deposits Current Restricted Cash and Long Term Bank Deposits [Line Items] | |||
Long-term bank deposits | ¥ 70,000,000 | $ 11,060 | |
Bottom of range [Member] | |||
Disclosure Of Detailed Cash and Cash Equivalents Short Term Bank Deposits Current Restricted Cash and Long Term Bank Deposits [Line Items] | |||
Interest rate short term bank deposit | 1.01% | 0.83% | |
Top of range [Member] | |||
Disclosure Of Detailed Cash and Cash Equivalents Short Term Bank Deposits Current Restricted Cash and Long Term Bank Deposits [Line Items] | |||
Interest rate short term bank deposit | 1.97% | 1.76% | |
Guangxi Yuchai Machinery Monopoly Development Company Limited [Member] | |||
Disclosure Of Detailed Cash and Cash Equivalents Short Term Bank Deposits Current Restricted Cash and Long Term Bank Deposits [Line Items] | |||
Long-term bank deposits | ¥ 70,000,000 | ¥ 0 | $ 11,060 |
Long term deposits maturity | 2 years | ||
Guangxi Yuchai Machinery Monopoly Development Company Limited [Member] | Bottom of range [Member] | |||
Disclosure Of Detailed Cash and Cash Equivalents Short Term Bank Deposits Current Restricted Cash and Long Term Bank Deposits [Line Items] | |||
Interest rate long term bank deposit | 2.94% | ||
Guangxi Yuchai Machinery Monopoly Development Company Limited [Member] | Top of range [Member] | |||
Disclosure Of Detailed Cash and Cash Equivalents Short Term Bank Deposits Current Restricted Cash and Long Term Bank Deposits [Line Items] | |||
Interest rate long term bank deposit | 3.15% |
Cash and Bank Balances - Additi
Cash and Bank Balances - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2017USD ($) | |
Disclosure Of Detailed Cash and Cash Equivalents Short Term Bank Deposits Current Restricted Cash and Long Term Bank Deposits [Line Items] | |||||
Restricted cash used as collateral by the banks for the issuance of bills to suppliers | ¥ 45,288 | ¥ 36,000 | $ 7,155 | ||
Restricted money relates to retention money deposited in a joint signatory account with the buyer of subsidiaries | 9,521 | 1,504 | |||
Undrawn borrowing facilities | 474,384 | 318,565 | $ 74,949 | ||
Loan commitment fee incurred | ¥ 179 | $ 28 | ¥ 392 | ¥ 368 | |
Bottom of range [Member] | |||||
Disclosure Of Detailed Cash and Cash Equivalents Short Term Bank Deposits Current Restricted Cash and Long Term Bank Deposits [Line Items] | |||||
Interest rate on bank deposits | 0.87% | 0.86% | 0.87% | ||
Top of range [Member] | |||||
Disclosure Of Detailed Cash and Cash Equivalents Short Term Bank Deposits Current Restricted Cash and Long Term Bank Deposits [Line Items] | |||||
Interest rate on bank deposits | 3.28% | 2.10% | 3.28% |
Issued Capital and Preferenc146
Issued Capital and Preference Shares - Summary of Issued Capital and Preference Shares (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017CNY (¥)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016CNY (¥)shares | Dec. 31, 2017USD ($)shares | |
Ordinary shares issued and fully paid | ||||
Beginning balance | 40,712,100 | 40,712,100 | 39,298,340 | |
Shares issued during the year | 99,790 | 99,790 | 1,413,760 | |
Issued of shares upon exercised of share options | 46,400 | 46,400 | ||
Ending balance | 40,858,290 | 40,858,290 | 40,712,100 | |
Equity | ||||
Beginning balance | ¥ | ¥ 2,059,076 | ¥ 1,955,720 | ||
Issued of shares as dividend payment (Note 25) | ¥ | 12,897 | 103,356 | ||
Issued of shares upon exercised of share options (Note 27) | ¥ | 9,165 | |||
Ending balance | ¥ 2,081,138 | $ 328,805 | ¥ 2,059,076 | |
One special share issued and fully paid at US$0.10 per share | Less than RMB 1 thousand (US$1 thousand) | Less than RMB 1 thousand (US$1 thousand) | Less than RMB 1 thousand (US$1 thousand) | |
Non-redeemable convertible cumulative preference shares | ¥ 21 | ¥ 21 | $ 3 | |
Ordinary shares [Member] | ||||
Disclosure of classes of share capital [Line Items] | ||||
Ordinary share of par value US$0.10 each | 100,000,000 | 100,000,000 | 100,000,000 |
Issued Capital and Preferenc147
Issued Capital and Preference Shares - Summary of Issued Capital and Preference Shares (Parenthetical) (Detail) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Ordinary shares [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Par value | $ 0.1 | $ 0.1 |
Issued Capital and Preferenc148
Issued Capital and Preference Shares - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | Jul. 13, 2017CNY (¥)shares | Jul. 13, 2017USD ($)$ / sharesshares | Jun. 29, 2016CNY (¥)shares | Jun. 29, 2016USD ($)$ / sharesshares | Dec. 31, 2017CNY (¥)shares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016CNY (¥)shares | Dec. 31, 2016$ / shares$ / sharesshares | Dec. 31, 2015$ / shares | Dec. 31, 2016$ / sharesshares | Jul. 04, 2006$ / sharesshares |
Disclosure of classes of share capital [Line Items] | |||||||||||
Dividend paid per share | $ / shares | $ 0.90 | $ 0.85 | $ 0.90 | $ 0.85 | $ 1.10 | ||||||
Dividend paid in form of cash | $ 34,700 | $ 17,800 | ¥ 235,947 | $ 37,278 | ¥ 118,193 | ||||||
Dividend paid in form of shares | shares | 99,790 | 99,790 | 1,413,760 | 1,413,760 | |||||||
Weighted average trading price per share | $ / shares | $ 19.0329 | $ 11.0227 | |||||||||
Total value of dividend paid in shares | ¥ 12,897 | $ 2,038 | ¥ 103,356 | ¥ 12,897 | $ 2,038 | ¥ 103,356 | |||||
Number of shares issued upon exercise of share options | 46,400 | 46,400 | |||||||||
Equity Incentive Plan [Member] | |||||||||||
Disclosure of classes of share capital [Line Items] | |||||||||||
Number of shares issued upon exercise of share options | 46,400 | 46,400 | |||||||||
Ordinary shares [Member] | |||||||||||
Disclosure of classes of share capital [Line Items] | |||||||||||
Issue price per share | $ / shares | $ 0.1 | $ 0.1 | |||||||||
Ordinary shares [Member] | HL Global Enterprises Limited [Member] | |||||||||||
Disclosure of classes of share capital [Line Items] | |||||||||||
NCCPS issued | shares | 2,899 | 2,899 | |||||||||
Ordinary shares [Member] | Bottom of range [Member] | |||||||||||
Disclosure of classes of share capital [Line Items] | |||||||||||
Number of special share shall cease to carry any rights in event by HLA | shares | 7,290,000 | 7,290,000 | |||||||||
Preference share (Note 24) [Member] | HL Global Enterprises Limited [Member] | |||||||||||
Disclosure of classes of share capital [Line Items] | |||||||||||
NCCPS issued | shares | 197,141,190 | ||||||||||
Issue price per share | $ / shares | $ 0.02 | $ 0.02 | |||||||||
Number of shares converted to ordinary shares in subsidiaries capital | shares | 197,011,794 | 197,011,794 | 28,998 | ||||||||
Issue price per share | $ / shares | $ 0.02 | ||||||||||
NCCPS conversion ratio | 10.00% |
Dividends Declared and Paid - S
Dividends Declared and Paid - Summary of Dividends Declared and Paid (Detail) ¥ in Thousands, $ in Thousands | Jul. 13, 2017CNY (¥) | Jul. 13, 2017USD ($) | Jun. 29, 2016CNY (¥) | Jun. 29, 2016USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) |
Disclosure of dividends declared and paid on ordinary capital [Abstract] | ||||||||
Dividend paid in cash | $ 34,700 | $ 17,800 | ¥ 235,947 | $ 37,278 | ¥ 118,193 | |||
Dividend paid in shares (Note 24) | ¥ 12,897 | $ 2,038 | ¥ 103,356 | 12,897 | 2,038 | 103,356 | ||
Dividends on ordinary shares | ¥ 248,844 | $ 39,316 | ¥ 221,549 | ¥ 257,500 |
Dividends Declared and Paid 150
Dividends Declared and Paid - Summary of Dividends Declared and Paid (Parenthetical) (Detail) - $ / shares | Jul. 13, 2017 | Jun. 29, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of dividends declared and paid on ordinary capital [Abstract] | |||||
Dividends paid per ordinary share | $ 0.90 | $ 0.85 | $ 0.90 | $ 0.85 | $ 1.10 |
Reserves - Summary of Statutory
Reserves - Summary of Statutory Reserves (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | |
Disclosure of reserves within equity [Line Items] | |||
Beginning balance | ¥ 299,144 | ||
Ending balance | 301,026 | $ 47,560 | ¥ 299,144 |
Statutory General Reserve [Member] | |||
Disclosure of reserves within equity [Line Items] | |||
Beginning balance | 273,438 | 43,202 | 272,515 |
Transfer from retained earnings | 1,882 | 297 | 923 |
Ending balance | 275,320 | 43,499 | 273,438 |
General Surplus Reserve [Member] | |||
Disclosure of reserves within equity [Line Items] | |||
Beginning balance | 25,706 | 4,061 | 25,706 |
Ending balance | ¥ 25,706 | $ 4,061 | ¥ 25,706 |
Reserves - Summary of Statut152
Reserves - Summary of Statutory Reserves (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of reserves within equity [Line Items] | |
Appropriation of net income to the statutory general reserve | 10.00% |
Percentage of certain statutory general reserve balance with share capital | 50.00% |
Bottom of range [Member] | |
Disclosure of reserves within equity [Line Items] | |
Percentage of decline in authorized share capital | 25.00% |
Reserves - Summary of Other Com
Reserves - Summary of Other Components of Equity (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Disclosure of other components of equity [Line Items] | |||
Other components of equity | ¥ 74,722 | $ 11,805 | ¥ 11,560 |
Foreign currency translation reserve (Note 24) [Member] | |||
Disclosure of other components of equity [Line Items] | |||
Other components of equity | (82,939) | (13,104) | (43,959) |
Performance shares reserves (Note 24) [Member] | |||
Disclosure of other components of equity [Line Items] | |||
Other components of equity | 19,758 | 3,122 | 20,839 |
Reserve of asset classified as held for sale (Note 22) [Member] | |||
Disclosure of other components of equity [Line Items] | |||
Other components of equity | 22,720 | ||
(Premium paid for)/discount on acquisition of non-controlling interests [Member] | |||
Disclosure of other components of equity [Line Items] | |||
Other components of equity | ¥ (11,541) | $ (1,823) | ¥ (11,160) |
Share-based Payment - Additiona
Share-based Payment - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2017USD ($)yr | Dec. 31, 2016USD ($)yr | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Equity incentive plan period | 10 years | |
Exercise price for options outstanding | $ | $ 21.11 | $ 21.11 |
Weighted average remaining contractual life for the share options outstanding | yr | 6.6 | 7.6 |
One year after the date of grant [Member] | Top of range [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Share-based payment vesting percentage | 33.00% | |
Two years after the date of grant [Member] | Top of range [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Share-based payment vesting percentage | 66.00% | |
Three years after the date of grant [Member] | Top of range [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Share-based payment vesting percentage | 100.00% |
Share-based Payment - Expense R
Share-based Payment - Expense Recognized for Employee Services Received (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Disclosure of terms and conditions of share-based payment arrangement [Abstract] | ||||
Expense arising from equity-settled share-based payment transactions | ¥ 1,592 | $ 252 | ¥ 5,301 | ¥ 10,275 |
Total expense arising from share-based payment transactions | ¥ 1,592 | $ 252 | ¥ 5,301 | ¥ 10,275 |
Share-based Payment - Number an
Share-based Payment - Number and Weighted Average Exercise Prices ("WAEP") of, and Movements in Share Options (Detail) | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [Abstract] | ||
Beginning balance | 530,000 | 570,000 |
Exercised during the year | (46,400) | |
Cancelled during the year | (13,600) | (40,000) |
Ending balance | 470,000 | 530,000 |
Exercisable at December 31 | 470,000 | 353,333 |
Beginning balance | $ 21.11 | $ 21.11 |
Exercised during the year | 21.11 | |
Cancelled during the year | 21.11 | 21.11 |
Ending balance | 21.11 | 21.11 |
Exercisable at December 31 | $ 21.11 | $ 21.11 |
Share-based Payment - Fair Valu
Share-based Payment - Fair Value of Share Options and Assumptions (Detail) | Jul. 29, 2014USD ($)yr |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Share price | $ 21.11 |
Exercise price | $ 21.11 |
Expected volatility | 47.40% |
Expected dividends | 5.81% |
Bottom of range [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Fair value at measurement date | $ 5.70 |
Expected option life (years) | yr | 3.5 |
Risk-free interest rate | 1.40% |
Top of range [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Fair value at measurement date | $ 6.74 |
Expected option life (years) | yr | 5.5 |
Risk-free interest rate | 2.00% |
Trade and Other Payables - Summ
Trade and Other Payables - Summary of Trade and Other Current Payables (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Trade and other current payables [Abstract] | |||
Trade and bills payables | ¥ 5,177,123 | $ 817,948 | ¥ 4,672,750 |
Other payables | 366,604 | 57,921 | 362,856 |
Accrued expenses | 843,447 | 133,258 | 841,942 |
Accrued staff costs | 622,893 | 98,413 | 406,261 |
Dividend payable | 39,786 | 6,286 | 37,851 |
Associates and joint ventures | 102,111 | 16,133 | 91,439 |
Other related parties | 125,411 | 19,814 | 120,619 |
Financial liabilities at amortized cost (Note 36) | 7,277,375 | 1,149,773 | 6,533,718 |
Other tax payable | 51,387 | 8,119 | 42,750 |
Trade and other payables with liquidity risk (Note 33) | 7,328,762 | 1,157,892 | 6,576,468 |
Deferred grants (Note 17) | 22,270 | 3,519 | 21,939 |
Deferred income | 170,000 | ||
Advance from customers | 117,117 | 18,503 | 76,636 |
Total trade and other payables (current) | ¥ 7,468,149 | $ 1,179,914 | ¥ 6,845,043 |
Trade and Other Payables - S159
Trade and Other Payables - Summary of Trade and Other Current Payables (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Joint Ventures [Member] | |||
Disclosure Of Detailed Information About Trade And Other Payables [Line Items] | |||
Bills payable | ¥ 63,600 | $ 10,048 | ¥ 50 |
Associates [Member] | |||
Disclosure Of Detailed Information About Trade And Other Payables [Line Items] | |||
Bills payable | 8,560 | 1,352 | 12,210 |
Other related parties [Member] | |||
Disclosure Of Detailed Information About Trade And Other Payables [Line Items] | |||
Bills payable | ¥ 114,749 | $ 18,129 | ¥ 133,708 |
Trade and Other Payables - S160
Trade and Other Payables - Summary of Other Non-current Payables (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Trade and other non-current payables [Abstract] | |||
Provision for bonus | ¥ 148,287 | $ 23,428 | ¥ 133,928 |
Deferred income | 8,060 | 1,274 | 2,844 |
Other payables (non-current) (Note 33, Note 36) | ¥ 156,347 | $ 24,702 | ¥ 136,772 |
Trade and Other Payables - Addi
Trade and Other Payables - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Trade and other payables [Abstract] | |
Trade payables settlement term | 60 days |
Other current payables settlement term | 3 months |
Provision for Product Warran162
Provision for Product Warranty - Summary of Provision for Product Warranty (Detail) - Product Warranty Provision [Member] ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | |
Disclosure of other provisions [Line Items] | |||
Beginning balance | ¥ 238,850 | $ 37,737 | ¥ 233,577 |
Provision made | 412,514 | 65,174 | 350,803 |
Provision utilized | (361,058) | (57,045) | (345,530) |
Ending balance | ¥ 290,306 | $ 45,866 | ¥ 238,850 |
Related Party Disclosures - Add
Related Party Disclosures - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017CNY (¥)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016CNY (¥)shares | Dec. 31, 2015CNY (¥) | |
Hong Leong Asia Limited [Member] | Subsidiaries [Member] | ||||
Disclosure of transactions between related parties [Line Items] | ||||
Ownership interest in the entity, percentage | 40.00% | 40.00% | 40.20% | |
Ownership interest in the entity, shares | 16,360,845 | 16,360,845 | 16,360,845 | |
Number of special shares held, entitles to elect majority of board of directors | 1 | 1 | 1 | |
Consultancy fees charged | ¥ 34 | $ 5 | ¥ 34 | ¥ 32 |
HL Technology Systems Private Limited [Member] | Subsidiaries [Member] | ||||
Disclosure of transactions between related parties [Line Items] | ||||
Ownership interest held by controlling shareholder, percent | 23.30% | 23.30% | 23.40% | |
Well Summit Investments Limited [Member] | Subsidiaries [Member] | ||||
Disclosure of transactions between related parties [Line Items] | ||||
Ownership interest held by controlling shareholder, percent | 16.70% | 16.70% | 16.80% | |
Yulin City Government [Member] | ||||
Disclosure of transactions between related parties [Line Items] | ||||
Ownership interest held by non-controlling shareholder with significant influence over the Group | 17.20% | 17.20% | 17.30% |
Related Party Disclosures - Sig
Related Party Disclosures - Significant Transactions with Related Parties (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Disclosure of transactions between related parties [Line Items] | ||||
Materials/engines to State Holding Company, its subsidiaries and affiliates | ¥ 710 | $ 112 | ||
Associates and Joint Ventures [Member] | ||||
Disclosure of transactions between related parties [Line Items] | ||||
Diesel engines and materials to associates and joint ventures | 412,591 | 65,186 | ¥ 219,724 | ¥ 156,444 |
Purchase of materials and supplies/engines | 914,211 | 144,439 | 308,610 | 90,354 |
Charged by joint ventures for service provided | 2,543 | 402 | 2,121 | |
Joint Ventures [Member] | ||||
Disclosure of transactions between related parties [Line Items] | ||||
Charged to a joint venture for service provided | 14,241 | 2,250 | ||
Sales of an intangible asset to a joint venture | 220,000 | 34,758 | ||
State Holding Company Limited [Member] | ||||
Disclosure of transactions between related parties [Line Items] | ||||
Disposal of shareholding in an associate to State Holding Company | 1,833 | 290 | ||
State Holding Company Limited [Member] | Subsidiaries and affiliates[Member] | ||||
Disclosure of transactions between related parties [Line Items] | ||||
Materials/engines to State Holding Company, its subsidiaries and affiliates | 455,061 | 71,896 | 447,509 | 516,679 |
Hospitality and restaurant service charged to State Holding Company, its subsidiaries and affiliates | 4,454 | 704 | 4,761 | 3,247 |
Purchase of materials and supplies/engines | 1,221,421 | 192,976 | 1,028,358 | 1,181,852 |
Delivery expense charged by subsidiaries of State Holding Company | 192,399 | 30,398 | 143,077 | 164,690 |
Storage, distribution and handling expenses charged by a subsidiary of State Holding Company | 18,007 | 2,845 | 50,181 | 30,462 |
Leasing expenses charged by State Holding Company | 8,676 | 1,371 | 4,715 | 12,951 |
Consultancy fees charged by State Holding Company | 12,264 | 1,938 | 10,026 | |
General and administrative expenses | 7,951 | 1,256 | 4,283 | 3,141 |
Charged to a joint venture for service provided | 21,274 | 3,361 | 8,873 | |
Rental income charged to State Holding Company and its subsidiaries | 4,483 | 708 | 5,454 | 619 |
Purchases of vehicles/machineries from State Holding Company and its subsidiary | 52,443 | 8,286 | 1,963 | |
Purchases of additional shareholding in a subsidiary from State Holding Company | 1,335 | 211 | 4,170 | |
State Holding Company Limited [Member] | Associates and Joint Ventures [Member] | ||||
Disclosure of transactions between related parties [Line Items] | ||||
Property management service charged by an associate/ a subsidiary of SHC | 22,212 | 3,509 | 20,976 | 23,359 |
Hong Leong Asia Limited [Member] | Subsidiaries [Member] | ||||
Disclosure of transactions between related parties [Line Items] | ||||
Consultancy fees charged by State Holding Company | 34 | 5 | 34 | 32 |
General and administrative expenses | ¥ 6,913 | $ 1,092 | ¥ 6,887 | ¥ 6,271 |
Related Party Disclosures - 165
Related Party Disclosures - Significant Transactions with Related Parties (Parenthetical) (Detail) ¥ in Millions, $ in Millions | 1 Months Ended | ||||
Aug. 31, 2017CNY (¥) | Aug. 31, 2017USD ($) | Jun. 30, 2017CNY (¥) | Jun. 30, 2017USD ($) | Oct. 31, 2015CNY (¥) | |
Guangxi Yuchai Accessories Manufacturing Company Limited Stateholding Company [member] | |||||
Disclosure of transactions between related parties [Line Items] | |||||
Percentage of equity interest acquired | 25.00% | 25.00% | |||
Purchase consideration | ¥ 1.3 | $ 0.2 | |||
Guangxi Yuchai Equipment Mould Company Limited [Member] | |||||
Disclosure of transactions between related parties [Line Items] | |||||
Percentage of equity interest acquired | 2.86% | ||||
Purchase consideration | ¥ 4.2 | ||||
Guangxi Yulin Yuchai Property Management Co Ltd [Member] | |||||
Disclosure of transactions between related parties [Line Items] | |||||
Proportion of equity interest | 30.00% | 30.00% | |||
Total consideration from disposal | ¥ 1.9 | $ 0.3 |
Related Party Transactions - Co
Related Party Transactions - Compensation of Key Management Personnel (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Disclosure of transactions between related parties [Abstract] | ||||
Short-term employee benefits | ¥ 40,831 | $ 6,451 | ¥ 31,975 | ¥ 27,331 |
Contribution to defined contribution plans | 385 | 61 | 415 | 305 |
Cost of share-based payment | 1,294 | 204 | 4,387 | 8,477 |
Total | ¥ 42,510 | $ 6,716 | ¥ 36,777 | ¥ 36,113 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2017USD ($) | |
Disclosure of commitments and contingencies [Line Items] | |||||
Minimum operating lease payments recognized as an expense | ¥ 54,671 | $ 8,638 | ¥ 54,617 | ¥ 60,201 | |
Capital commitments related to property, plant and equipment | 409,487 | 427,089 | $ 64,696 | ||
Investments commitments related to interest in joint venture | 0 | 75,000 | 0 | ||
Irrevocable letter of credits issued | ¥ 1,905 | ¥ 29,729 | $ 301 | ||
Bottom of range [Member] | |||||
Disclosure of commitments and contingencies [Line Items] | |||||
Property plant and equipment, subject to or available for operating lease useful life average | 1 year | 1 year | |||
Top of range [Member] | |||||
Disclosure of commitments and contingencies [Line Items] | |||||
Property plant and equipment, subject to or available for operating lease useful life average | 5 years | 5 years |
Commitments and Contingencie168
Commitments and Contingencies - Future Minimum Rentals Payable Under Non-cancellable Operating Leases (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Disclosure of finance lease and operating lease by lessee [Line Items] | |||
Future minimum rentals payable under non-cancellable operating leases | ¥ 35,363 | $ 5,586 | ¥ 26,188 |
One Year or Less [Member] | With third parties [Member] | |||
Disclosure of finance lease and operating lease by lessee [Line Items] | |||
Future minimum rentals payable under non-cancellable operating leases | 14,058 | 2,221 | 11,338 |
One Year or Less [Member] | With Related Parties [Member] | |||
Disclosure of finance lease and operating lease by lessee [Line Items] | |||
Future minimum rentals payable under non-cancellable operating leases | 5,578 | 881 | 800 |
After one year but not more than five years [Member] | With third parties [Member] | |||
Disclosure of finance lease and operating lease by lessee [Line Items] | |||
Future minimum rentals payable under non-cancellable operating leases | 14,003 | 2,212 | 12,537 |
After one year but not more than five years [Member] | With Related Parties [Member] | |||
Disclosure of finance lease and operating lease by lessee [Line Items] | |||
Future minimum rentals payable under non-cancellable operating leases | ¥ 1,724 | $ 272 | 1,399 |
More Than Five Years [Member] | With third parties [Member] | |||
Disclosure of finance lease and operating lease by lessee [Line Items] | |||
Future minimum rentals payable under non-cancellable operating leases | ¥ 114 |
Commitments and Contingencie169
Commitments and Contingencies - Future Minimum Rentals Receivable Under Non-cancellable Operating Leases (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Disclosure of finance lease and operating lease by lessor [Line Items] | |||
Future minimum rentals receivable under non-cancellable operating leases | ¥ 5,691 | $ 899 | ¥ 3,849 |
One Year or Less [Member] | With third parties [Member] | |||
Disclosure of finance lease and operating lease by lessor [Line Items] | |||
Future minimum rentals receivable under non-cancellable operating leases | 1,438 | 227 | 1,624 |
One Year or Less [Member] | With Related Parties [Member] | |||
Disclosure of finance lease and operating lease by lessor [Line Items] | |||
Future minimum rentals receivable under non-cancellable operating leases | 184 | 29 | 102 |
After one year but not more than five years [Member] | With third parties [Member] | |||
Disclosure of finance lease and operating lease by lessor [Line Items] | |||
Future minimum rentals receivable under non-cancellable operating leases | 2,491 | 394 | 1,855 |
After one year but not more than five years [Member] | With Related Parties [Member] | |||
Disclosure of finance lease and operating lease by lessor [Line Items] | |||
Future minimum rentals receivable under non-cancellable operating leases | 268 | 42 | |
More Than Five Years [Member] | With third parties [Member] | |||
Disclosure of finance lease and operating lease by lessor [Line Items] | |||
Future minimum rentals receivable under non-cancellable operating leases | ¥ 1,310 | $ 207 | ¥ 268 |
Commitments and Contingencie170
Commitments and Contingencies - Future Minimum Lease Payments Under Finance Lease Together With Present Value of Net Minimum Lease Payments (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | |||||
Minimum lease payments | ¥ 79 | $ 12 | ¥ 113 | ||
Present value of payments | 79 | 12 | 108 | ||
Less: Amount representing finance charges | [1] | [1] | (5) | ||
One Year or Less [Member] | |||||
Disclosure of finance lease and operating lease by lessee [Line Items] | |||||
Minimum lease payments | 33 | 5 | 43 | ||
Present value of payments | 33 | 5 | 38 | ||
After one year but not more than five years [Member] | |||||
Disclosure of finance lease and operating lease by lessee [Line Items] | |||||
Minimum lease payments | 46 | 7 | 70 | ||
Present value of payments | ¥ 46 | $ 7 | ¥ 70 | ||
[1] | Less than RMB 1 (US$1) |
Commitments and Contingencie171
Commitments and Contingencies - Future Minimum Lease Payments Under Finance Lease Together With Present Value of Net Minimum Lease Payments (Parenthetical) (Detail) | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | ||
Disclosure of finance lease and operating lease by lessee [Line Items] | |||||
Less: Amount representing finance charges | [1] | [1] | ¥ 5,000 | ||
Top of range [Member] | |||||
Disclosure of finance lease and operating lease by lessee [Line Items] | |||||
Less: Amount representing finance charges | ¥ 1,000 | $ 1,000 | |||
[1] | Less than RMB 1 (US$1) |
Segment Information - Additiona
Segment Information - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017CNY (¥)Segments | Dec. 31, 2017USD ($)Segments | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | |
Disclosure of operating segments [Line Items] | ||||
Number of reportable segments | 2 | 2 | ||
Revenue | ¥ 16,222,442 | $ 2,563,030 | ¥ 13,664,840 | ¥ 13,733,437 |
Customer One [Member] | ||||
Disclosure of operating segments [Line Items] | ||||
Revenue | ¥ 4,839,617 | $ 764,625 | ¥ 3,580,856 | ¥ 2,900,332 |
Segment Information - Summary o
Segment Information - Summary of Segment Information (Detail) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2017USD ($) | |
Revenue | |||||
Total external revenue | ¥ 16,222,442,000 | $ 2,563,030 | ¥ 13,664,840,000 | ¥ 13,733,437,000 | |
Results | |||||
Interest income | 105,421,000 | 16,656 | 56,983,000 | 41,314,000 | |
Interest expense | (96,072,000) | (15,179) | (75,131,000) | (112,987,000) | |
Gain on disposal of intangible assets | 115,235,000 | 18,206 | |||
Gain on disposal of subsidiaries | 216,115,000 | 34,145 | |||
Gain on disposal of joint venture | 107,976,000 | 17,059 | |||
Impairment of property, plant and equipment | (20,845,000) | (3,293) | (3,297,000) | (2,873,000) | |
Impairment of technology development cost | (40,000,000) | (6,320) | 0 | (26,700,000) | |
Staff severance cost | (107,732,000) | (17,021) | (12,864,000) | (8,385,000) | |
Depreciation and amortization | (444,181,000) | (70,177) | (478,160,000) | (469,435,000) | |
Share of profit/(loss) of associates and joint ventures, net of tax | 10,054,000 | 1,589 | (3,612,000) | (2,691,000) | |
Income tax expense | (220,167,000) | (34,785) | (160,270,000) | (176,818,000) | |
Segment profit after income tax | 1,405,070,000 | 221,991 | 723,608,000 | 509,320,000 | |
Total assets | 21,015,059,000 | 18,596,506,000 | $ 3,320,229 | ||
Total liabilities | (10,035,783,000) | (8,610,694,000) | (1,585,582) | ||
Other disclosures | |||||
Investment in joint ventures | 196,102,000 | 176,351,000 | $ 30,983 | ||
Capital expenditure | 261,433,000 | $ 41,305 | 284,993,000 | ||
Operating Segments [Member] | Yuchai Segment [Member] | |||||
Revenue | |||||
Total external revenue | 16,165,245,000 | 13,598,487,000 | 13,671,931,000 | ||
Results | |||||
Interest income | 94,760,000 | 51,235,000 | 35,557,000 | ||
Interest expense | (94,794,000) | (73,028,000) | (110,618,000) | ||
Gain on disposal of intangible assets | 115,235,000 | ||||
Impairment of property, plant and equipment | (20,845,000) | (3,297,000) | (2,873,000) | ||
Impairment of technology development cost | (40,000,000) | (26,700,000) | |||
Staff severance cost | (107,732,000) | (12,864,000) | (8,385,000) | ||
Depreciation and amortization | (433,921,000) | (467,177,000) | (458,759,000) | ||
Share of profit/(loss) of associates and joint ventures, net of tax | 9,255,000 | 112,000 | (10,230,000) | ||
Income tax expense | (190,573,000) | (141,272,000) | (161,731,000) | ||
Segment profit after income tax | 1,089,233,000 | 765,039,000 | 583,115,000 | ||
Total assets | 19,623,882,000 | 17,537,583,000 | |||
Total liabilities | (9,840,265,000) | (8,419,018,000) | |||
Other disclosures | |||||
Investment in joint ventures | 193,476,000 | 173,781,000 | |||
Capital expenditure | 259,068,000 | 282,284,000 | |||
Operating Segments [Member] | HL Global Enterprises Limited Segment [Member] | |||||
Revenue | |||||
Total external revenue | 57,197,000 | 66,353,000 | 61,506,000 | ||
Results | |||||
Interest income | 1,803,000 | 1,919,000 | 1,415,000 | ||
Interest expense | (3,983,000) | (7,706,000) | (7,595,000) | ||
Gain on disposal of subsidiaries | 216,115,000 | ||||
Gain on disposal of joint venture | 107,976,000 | ||||
Depreciation and amortization | (9,990,000) | (10,744,000) | (10,458,000) | ||
Share of profit/(loss) of associates and joint ventures, net of tax | 799,000 | (3,724,000) | 7,539,000 | ||
Income tax expense | (461,000) | (2,281,000) | (2,491,000) | ||
Segment profit after income tax | 322,481,000 | (4,548,000) | 6,473,000 | ||
Total assets | 451,096,000 | 449,994,000 | |||
Total liabilities | (66,920,000) | (369,124,000) | |||
Other disclosures | |||||
Investment in joint ventures | 2,626,000 | 2,570,000 | |||
Capital expenditure | 975,000 | 2,623,000 | |||
Operating Segments [Member] | Corporate Segment [Member] | |||||
Results | |||||
Interest income | 11,833,000 | 10,080,000 | 10,003,000 | ||
Interest expense | (270,000) | (648,000) | (435,000) | ||
Depreciation and amortization | (270,000) | (239,000) | (218,000) | ||
Income tax expense | (29,133,000) | (16,717,000) | (12,596,000) | ||
Segment profit after income tax | (6,644,000) | (36,883,000) | (80,268,000) | ||
Total assets | 2,444,012,000 | 2,111,248,000 | |||
Total liabilities | (128,591,000) | (151,472,000) | |||
Other disclosures | |||||
Capital expenditure | 1,390,000 | 86,000 | |||
Elimination of intersegment amounts [Member] | |||||
Results | |||||
Interest income | (2,975,000) | (6,251,000) | (5,661,000) | ||
Interest expense | 2,975,000 | 6,251,000 | ¥ 5,661,000 | ||
Total assets | (1,503,931,000) | (1,502,319,000) | |||
Total liabilities | ¥ (7,000) | ¥ 328,920,000 |
Segment Information - Summar174
Segment Information - Summary of Geographic Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2017USD ($) | |
Disclosure of geographical areas [Line Items] | |||||
Revenue from external customers | ¥ 16,222,442 | $ 2,563,030 | ¥ 13,664,840 | ¥ 13,733,437 | |
Non-current assets | 4,619,767 | 4,988,768 | $ 729,890 | ||
People's Republic of China [Member] | |||||
Disclosure of geographical areas [Line Items] | |||||
Revenue from external customers | 16,116,356 | 2,546,269 | 13,508,721 | 13,630,979 | |
Non-current assets | 4,524,988 | 4,893,338 | 714,916 | ||
Other Countries [Member] | |||||
Disclosure of geographical areas [Line Items] | |||||
Revenue from external customers | 106,086 | $ 16,761 | 156,119 | ¥ 102,458 | |
Non-current assets | ¥ 94,779 | ¥ 95,430 | $ 14,974 |
Financial Risk Management Ob175
Financial Risk Management Objectives and Policies - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017CNY (¥)Customer | Dec. 31, 2017USD ($)Customer | Dec. 31, 2016CNY (¥)Customer | Dec. 31, 2017USD ($) | |
Disclosure of detailed information about financial instruments [Line Items] | ||||
Basis points | 0.50% | 0.50% | 0.50% | |
Increase decrease in profit before tax on basis of higher lower basis points | ¥ 22,015 | $ 3,478 | ¥ 15,712 | |
Customers with Trade Receivable Balances Over Threshold [Member] | ||||
Disclosure of detailed information about financial instruments [Line Items] | ||||
Percentage of trade receivables excluding bills receivables | 73.80% | 73.80% | 79.60% | |
Number of major customers | 44 | 44 | 38 | |
Threshold of trade receivables excluding bills receivables defining major customer | ¥ 1,000 | $ 158 | ||
People's Republic of China [Member] | ||||
Disclosure of detailed information about financial instruments [Line Items] | ||||
Number of top customers | 20 | 20 | 20 | |
People's Republic of China [Member] | Top 20 Customers [Member] | ||||
Disclosure of detailed information about financial instruments [Line Items] | ||||
Amount owed | ¥ 57,220 | ¥ 151,033 | $ 9,040 | |
Percentage of trade receivables excluding bills receivables | 22.40% | 22.40% | 51.10% |
Financial Risk Management Ob176
Financial Risk Management Objectives and Policies - Exposures to Foreign Currency (Detail) ¥ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | |||
Held for trading investment | ¥ 24,714 | $ 3,905,000 | ¥ 12,181 |
Cash and bank balances | 6,029,207 | 952,572,000 | 4,052,957 |
Financial liabilities | (9,060,142) | (1,431,438,000) | (7,581,144) |
Trade and other payables | (7,624,496) | (1,204,616,000) | (6,981,815) |
Foreign currency risk [Member] | Singapore Dollar [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | |||
Held for trading investment | 24,714 | 12,181 | |
Trade and other receivables | 725 | 957 | |
Cash and bank balances | 418,875 | 117,763 | |
Financial liabilities | (14,715) | (33,686) | |
Trade and other payables | (13,748) | (12,991) | |
Net assets/(liabilities) | 415,851 | 65,701 | 84,224 |
Foreign currency risk [Member] | Euro [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | |||
Trade and other receivables | 9,232 | ||
Cash and bank balances | 1,486 | 3,841 | |
Trade and other payables | (10,857) | (10,763) | |
Net assets/(liabilities) | (9,371) | (1,481) | 2,310 |
Foreign currency risk [Member] | USD [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | |||
Trade and other receivables | 34,727 | 15,032 | |
Cash and bank balances | 16,068 | 7,247 | |
Financial liabilities | (104,055) | ||
Trade and other payables | (5,574) | (5,873) | |
Net assets/(liabilities) | 45,221 | 7,145 | (87,649) |
Foreign currency risk [Member] | Renminbi [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | |||
Trade and other receivables | 469 | 31,679 | |
Trade and other payables | (35,505) | (1,410) | |
Net assets/(liabilities) | (35,036) | (5,535) | 30,269 |
Foreign currency risk [Member] | Others [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | |||
Trade and other receivables | 982 | ||
Cash and bank balances | 498 | ||
Trade and other payables | (24) | ||
Net assets/(liabilities) | ¥ 474 | $ 75 | ¥ 982 |
Financial Risk Management Ob177
Financial Risk Management Objectives and Policies - Foreign Currency Risk Sensitivity Analysis Assuming 10% Strengthening of Major Currencies against Functional Currency (Detail) - Foreign currency risk [Member] ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Singapore Dollar [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | |||
Effect on profit before tax | ¥ 41,585 | $ 6,570 | ¥ 8,422 |
Euro [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | |||
Effect on profit before tax | (937) | (148) | 231 |
USD [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | |||
Effect on profit before tax | 4,522 | 714 | (8,765) |
Renminbi [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | |||
Effect on profit before tax | ¥ (3,504) | $ (554) | ¥ 3,027 |
Financial Risk Management Ob178
Financial Risk Management Objectives and Policies - Equity Price Risk Sensitivity Analysis Assuming 10% Increase/(Decrease) in Underlying Prices (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Equity price risk [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | |||
Effect on profit before tax | ¥ 2,471 | $ 390 | ¥ 1,218 |
Financial Risk Management Ob179
Financial Risk Management Objectives and Policies - Maturity Profile of Financial Assets and Liabilities Based on Contractual Undiscounted Payments (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Financial assets | |||
Trade and bills receivables | ¥ 12,150 | $ 1,920 | ¥ 0 |
Cash and bank balances | 6,029,207 | 952,572 | 4,052,957 |
Financial assets | 13,218,760 | 2,088,471 | 11,370,669 |
Financial liabilities | |||
Derivative not designated as hedges - foreign exchange forward contract | 140 | ||
Trade and other payables (Note 28) | 7,624,496 | 1,204,616 | 6,981,815 |
Other liabilities | 79 | 12 | 248 |
Financial liabilities | 9,060,142 | 1,431,438 | 7,581,144 |
Liquidity risk [Member] | |||
Financial assets | |||
Trade and bills receivables | 7,075,319 | 1,117,850 | 7,111,890 |
Other receivables, excluding tax recoverable | 133,295 | 21,060 | 248,275 |
Cash and bank balances | 6,029,207 | 952,572 | 4,052,957 |
Held for trading investment | 24,714 | 3,905 | 12,181 |
Financial assets | 13,262,535 | 2,095,387 | 11,425,303 |
Financial liabilities | |||
Derivative not designated as hedges - foreign exchange forward contract | 140 | ||
Interest-bearing loans and borrowings | 1,652,413 | 261,069 | 928,233 |
Trade and other payables (Note 28) | 7,485,109 | 1,182,594 | 6,713,240 |
Other liabilities | 79 | 12 | 113 |
Financial liabilities | 9,137,601 | $ 1,443,675 | 7,641,726 |
Liquidity risk [Member] | One Year or Less [Member] | |||
Financial assets | |||
Trade and bills receivables | 7,075,319 | 7,111,890 | |
Other receivables, excluding tax recoverable | 132,675 | 246,687 | |
Cash and bank balances | 6,029,207 | 4,052,957 | |
Held for trading investment | 24,714 | 12,181 | |
Financial assets | 13,261,915 | 11,423,715 | |
Financial liabilities | |||
Derivative not designated as hedges - foreign exchange forward contract | 140 | ||
Interest-bearing loans and borrowings | 1,624,539 | 909,824 | |
Trade and other payables (Note 28) | 7,328,762 | 6,576,468 | |
Other liabilities | 33 | 43 | |
Financial liabilities | 8,953,334 | 7,486,475 | |
Liquidity risk [Member] | Two to Five Years [Member] | |||
Financial assets | |||
Other receivables, excluding tax recoverable | 620 | 1,588 | |
Financial assets | 620 | 1,588 | |
Financial liabilities | |||
Interest-bearing loans and borrowings | 27,874 | 18,409 | |
Trade and other payables (Note 28) | 156,347 | 136,772 | |
Other liabilities | 46 | 70 | |
Financial liabilities | ¥ 184,267 | ¥ 155,251 |
Capital Management - Summary of
Capital Management - Summary of Capital Structure (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Disclosure of objectives, policies and processes for managing capital [Abstract] | |||
Interest-bearing loans and borrowings (current and non-current) (Note 16(b)) | ¥ 1,626,341 | $ 256,951 | ¥ 910,406 |
Trade and other payables (current and non-current)(Note 28) | 7,624,496 | 1,204,616 | 6,981,815 |
Less: Cash and bank balances (Note 23) | (6,029,207) | (952,572) | (4,052,957) |
Net debts | 3,221,630 | 508,995 | 3,839,264 |
Equity attributable to equity holders of the parent | 8,347,562 | 1,318,855 | 7,683,834 |
Total capital and net debts | ¥ 11,569,192 | $ 1,827,850 | ¥ 11,523,098 |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Value Measurement Hierarchy for Assets and Liabilities (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Disclosure of detailed information about financial instruments [Line Items] | |||
Financial assets | ¥ 13,218,760 | $ 2,088,471 | ¥ 11,370,669 |
Financial liabilities | 9,060,142 | $ 1,431,438 | 7,581,144 |
Foreign Exchange Forward Contract [Member] | Derivatives not designated as hedges - foreign exchange forward contract [Member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Financial liabilities | 140 | ||
Thakral Corporation Ltd [Member] | Quoted Equity Shares [Member] | Held for Trading Investment [Member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Financial assets | 24,714 | 12,181 | |
Quoted prices in active markets (Level 1) [Member] | Thakral Corporation Ltd [Member] | Quoted Equity Shares [Member] | Held for Trading Investment [Member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Financial assets | ¥ 24,714 | 12,181 | |
Significant observable inputs (Level 2) [Member] | Foreign Exchange Forward Contract [Member] | Derivatives not designated as hedges - foreign exchange forward contract [Member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Financial liabilities | ¥ 140 |
Financial Assets and Financi182
Financial Assets and Financial Liabilities - Summary of Financial Assets and Financial Liabilities (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) |
Disclosure of detailed information about financial instruments [Line Items] | |||
Financial assets at fair value through profit or loss | ¥ 24,714 | ¥ 12,181 | |
Loans and receivables | 13,194,046 | 11,358,488 | |
Total | 13,218,760 | $ 2,088,471 | 11,370,669 |
Other financial liabilities at amortized cost | 9,060,142 | 7,581,144 | |
Total | 9,060,142 | 1,431,438 | 7,581,144 |
Trade and other payables [Member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial liabilities at amortized cost | 7,433,722 | 6,670,490 | |
Total | 7,433,722 | 1,174,475 | 6,670,490 |
Loans and borrowings [Member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial liabilities at amortized cost | 1,626,341 | 910,406 | |
Total | 1,626,341 | 256,951 | 910,406 |
Other liabilities [Member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Other financial liabilities at amortized cost | 79 | 248 | |
Total | 79 | 12 | 248 |
Held for Trading Investment [Member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Financial assets at fair value through profit or loss | 24,714 | 12,181 | |
Total | 24,714 | 3,905 | 12,181 |
Trade and bills receivables [Member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Loans and receivables | 7,031,544 | 7,057,256 | |
Total | 7,031,544 | 1,110,934 | 7,057,256 |
Other receivables [Member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Loans and receivables | 133,295 | 248,275 | |
Total | 133,295 | 21,060 | 248,275 |
Cash and bank balances [Member] | |||
Disclosure of detailed information about financial instruments [Line Items] | |||
Loans and receivables | 6,029,207 | 4,052,957 | |
Total | ¥ 6,029,207 | $ 952,572 | ¥ 4,052,957 |
Financial Assets and Financi183
Financial Assets and Financial Liabilities - Schedule of Changes in Liabilities Arising From Financial Activities (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2016CNY (¥) | |
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | |||
Beginning balance | ¥ 910,514 | ¥ 2,455,818 | |
Cash flows | 714,447 | (1,537,609) | |
Foreign exchange movement | 1,634 | (10,855) | |
Translation reserve | (175) | 3,107 | |
Other | 53 | ||
Ending balance | 1,626,420 | $ 256,963 | 910,514 |
Short Term Borrowings [Member] | |||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | |||
Beginning balance | 894,136 | 2,399,195 | |
Cash flows | 705,109 | (1,535,532) | |
Foreign exchange movement | 755 | (9,608) | |
Other | 40,081 | ||
Ending balance | 1,600,000 | 252,789 | 894,136 |
Long Term Borrowings [member] | |||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | |||
Beginning balance | 16,270 | 56,509 | |
Cash flows | 9,376 | (2,015) | |
Foreign exchange movement | 879 | (1,242) | |
Translation reserve | (184) | 3,099 | |
Other | (40,081) | ||
Ending balance | 26,341 | 4,162 | 16,270 |
Obligations under Finance Leases Current [Member] | |||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | |||
Beginning balance | 38 | 59 | |
Cash flows | (38) | (62) | |
Foreign exchange movement | (5) | ||
Translation reserve | 9 | 8 | |
Other | 24 | 38 | |
Ending balance | 33 | 5 | 38 |
Obligations under Finance Leases Non-current [Member] | |||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | |||
Beginning balance | 70 | 55 | |
Other | (24) | 15 | |
Ending balance | ¥ 46 | $ 7 | ¥ 70 |