Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2019shares | |
Cover [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Trading Symbol | CYD |
Entity Registrant Name | CHINA YUCHAI INTERNATIONAL LTD |
Entity Central Index Key | 0000932695 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Entity Current Reporting Status | Yes |
Entity Address, Country | SG |
Entity Filer Category | Accelerated Filer |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Title of 12(b) Security | common stock |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 40,858,290 |
Entity File Number | 1-13522 |
Entity Emerging Growth Company | false |
Consolidated Statement of Profi
Consolidated Statement of Profit or Loss ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019CNY (¥)¥ / shares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018CNY (¥)¥ / shares | Dec. 31, 2017CNY (¥)¥ / shares | |
Profit or loss [abstract] | ||||
Revenue | ¥ 18,016,085 | $ 2,542,813 | ¥ 16,263,248 | ¥ 16,197,819 |
Cost of sales | (14,910,244) | (2,104,451) | (13,171,227) | (12,841,768) |
Gross profit | 3,105,841 | 438,362 | 3,092,021 | 3,356,051 |
Other operating income | 347,161 | 48,999 | 205,143 | 532,117 |
Other operating expenses | (8,675) | (1,224) | (12,463) | (22,719) |
Research and development costs | (492,204) | (69,470) | (447,668) | (608,181) |
Selling, general and administrative costs | (1,806,042) | (254,907) | (1,554,512) | (1,652,855) |
Operating profit | 1,146,081 | 161,760 | 1,282,521 | 1,604,413 |
Finance costs | (131,796) | (18,602) | (113,088) | (100,439) |
Share of profit of associates and joint ventures, net of tax | 19,034 | 2,686 | 11,634 | 10,054 |
Profit before tax | 1,033,319 | 145,844 | 1,181,067 | 1,514,028 |
Income tax expense | (172,619) | (24,364) | (206,667) | (194,172) |
Profit for the year | 860,700 | 121,480 | 974,400 | 1,319,856 |
Attributable to: | ||||
Equity holders of the parent | 604,914 | 85,378 | 695,266 | 888,809 |
Non-controlling interests | 255,786 | 36,102 | 279,134 | 431,047 |
Profit for the year | ¥ 860,700 | $ 121,480 | ¥ 974,400 | ¥ 1,319,856 |
Earnings per share (dollar per share) | ||||
- Basic | (per share) | ¥ 14.81 | $ 2.09 | ¥ 17.02 | ¥ 21.80 |
- Diluted | (per share) | ¥ 14.81 | $ 2.09 | ¥ 17.02 | ¥ 21.80 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Statement of comprehensive income [abstract] | ||||
Profit for the year | ¥ 860,700 | $ 121,480 | ¥ 974,400 | ¥ 1,319,856 |
Items that may be reclassified to profit or loss in subsequent periods, net of tax: | ||||
Foreign currency translation | 8,467 | 1,195 | 49,245 | (72,271) |
Realization of foreign currency translation reserves upon disposal of foreign operation | (4,252) | |||
Net fair value change on debt instruments at fair value through other comprehensive income | 3,050 | 431 | 32,646 | |
Net other comprehensive income that may be reclassified to profit or loss in subsequent periods, representing other comprehensive income for the year, net of tax | 11,517 | 1,626 | 81,891 | (76,523) |
Total comprehensive income for the year, net of tax | 872,217 | 123,106 | 1,056,291 | 1,243,333 |
Attributable to: | ||||
Equity holders of the parent | 610,369 | 86,148 | 763,935 | 827,109 |
Non-controlling interests | 261,848 | 36,958 | 292,356 | 416,224 |
Total comprehensive income for the year, net of tax | ¥ 872,217 | $ 123,106 | ¥ 1,056,291 | ¥ 1,243,333 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position ¥ in Thousands, $ in Thousands | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | |
Non-current assets | ||||
Property, plant and equipment | ¥ 4,210,444 | $ 594,267 | ¥ 3,756,542 | |
Investment property | 6,552 | 925 | 6,765 | |
Prepaid operating leases | 354,546 | |||
Intangible assets | 954,144 | 134,669 | 418,637 | |
Investment in associates and joint ventures | 275,946 | 38,947 | 224,942 | |
Deferred tax assets | 422,960 | 59,697 | 361,207 | |
Long-term bank deposits, current | 50,000 | 7,057 | 70,000 | |
Right-of-use assets | 415,384 | 58,628 | ||
Capitalized contract cost | 136,457 | 19,260 | 44,434 | |
Non-current assets | 6,471,887 | 913,450 | 5,237,073 | |
Current assets | ||||
Inventories | 2,824,137 | 398,602 | 2,517,864 | |
Trade and other receivables | 8,190,293 | 1,155,988 | 7,785,287 | |
Prepaid operating leases | 12,546 | |||
Other current assets | [1] | 26,956 | 3,805 | 46,672 |
Cash and cash equivalents | 5,753,268 | 812,024 | 5,559,890 | |
Long-term bank deposits | 70,000 | 9,880 | 70,000 | |
Short-term bank deposits | 286,543 | 40,443 | 356,926 | |
Restricted cash | 231,107 | 32,619 | 71,706 | |
Current assets | 17,382,304 | 2,453,361 | 16,420,891 | |
Total assets | 23,854,191 | 3,366,811 | 21,657,964 | |
Equity | ||||
Issued capital | 2,081,138 | 293,734 | 2,081,138 | |
Statutory reserves | 304,307 | 42,950 | 302,404 | |
Capital reserves | 30,704 | 4,334 | 30,704 | |
Retained earnings | 6,456,802 | 911,321 | 6,092,549 | |
Other components of equity | (105,422) | (14,879) | (110,946) | |
Equity attributable to equity holders of the parent | 8,767,529 | 1,237,460 | 8,395,849 | |
Non-controlling interests | 2,805,856 | 396,022 | 2,751,705 | |
Total equity | 11,573,385 | 1,633,482 | 11,147,554 | |
Non-current liabilities | ||||
Loans and borrowings | 15,078 | |||
Other liabilities | 34 | |||
Lease liabilities | 31,374 | 4,428 | ||
Contract liabilities | 53,813 | 7,596 | 53,703 | |
Deferred tax liabilities | 153,486 | 21,663 | 136,728 | |
Deferred grants | 656,776 | 92,698 | 585,526 | |
Other payables | 176,302 | 24,883 | 160,091 | |
Non-current liabilities | 1,071,751 | 151,268 | 951,160 | |
Current liabilities | ||||
Trade and other payables | 8,468,091 | 1,195,198 | 7,031,043 | |
Loans and borrowings | 2,055,046 | 290,052 | 2,001,014 | |
Other liabilities | 999 | 141 | 14 | |
Lease liabilities | 28,633 | 4,041 | ||
Contract liabilities | 382,809 | 54,030 | 286,786 | |
Provision for taxation | 55,446 | 7,826 | 73,480 | |
Provision | 218,031 | 30,773 | 166,913 | |
Current liabilities | 11,209,055 | 1,582,061 | 9,559,250 | |
Total liabilities | 12,280,806 | 1,733,329 | 10,510,410 | |
Total equity and liabilities | ¥ 23,854,191 | $ 3,366,811 | ¥ 21,657,964 | |
[1] | On September 19, 2018, Yuchai entered into a non-deliverable forward foreign exchange contract (“NDF”) with China Construction Bank to purchase US$73.0 million at the forward exchange rate (RMB/US$) of 6.8599 on September 13, 2019. The Group accounted for this NDF at fair value through profit or loss. |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) | Issued capital [Member]CNY (¥) | Issued capital [Member]USD ($) | Preference share [member]CNY (¥) | Statutory reserves [Member]CNY (¥) | Statutory reserves [Member]USD ($) | Capital reserves [Member]CNY (¥) | Capital reserves [Member]USD ($) | Retained earnings [member]CNY (¥) | Retained earnings [member]USD ($) | Foreign currency translation reserve [member]CNY (¥) | Foreign currency translation reserve [member]USD ($) | Performance shares reserves [member]CNY (¥) | Performance shares reserves [member]USD ($) | Reserve of asset classified as held for sale [Member]CNY (¥) | Premium paid for acquisition of non-controlling interests [member]CNY (¥) | Premium paid for acquisition of non-controlling interests [member]USD ($) | Attributable to the equity holders of the parent [Member]CNY (¥) | Attributable to the equity holders of the parent [Member]USD ($) | Non-controlling interests [member]CNY (¥) | Non-controlling interests [member]USD ($) | Fair Value [member]CNY (¥) | Fair Value [member]USD ($) |
Balance at Dec. 31, 2016 | ¥ 10,053,654 | ¥ 2,059,076 | ¥ 21 | ¥ 299,144 | ¥ 30,954 | ¥ 5,358,037 | ¥ (43,959) | ¥ 20,839 | ¥ 22,720 | ¥ (11,160) | ¥ 7,735,672 | ¥ 2,317,982 | ||||||||||||
Statement [LineItems] | ||||||||||||||||||||||||
Profit for the year | 1,319,856 | 888,809 | 888,809 | 431,047 | ||||||||||||||||||||
Other comprehensive income for the year, net of tax | (76,523) | (38,980) | (22,720) | (61,700) | (14,823) | |||||||||||||||||||
Total comprehensive income for the year | 1,243,333 | 888,809 | (38,980) | ¥ (22,720) | 827,109 | 416,224 | ||||||||||||||||||
Transactions with owners, recorded directly in equity | ||||||||||||||||||||||||
Shares issued during the year | 22,062 | 22,062 | 22,062 | |||||||||||||||||||||
Dividends declared to non-controlling interests | (98,941) | (98,941) | ||||||||||||||||||||||
Dividends declared and paid | (248,844) | (248,844) | (248,844) | |||||||||||||||||||||
Cost of share-based payments | 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 | 10,961,904 | 2,081,138 | 21 | 301,026 | 30,704 | 5,996,120 | (82,939) | 19,758 | (11,541) | 8,334,287 | 2,627,617 | |||||||||||||
Statement [LineItems] | ||||||||||||||||||||||||
Effect of adoption of IFRS 9 | (137,277) | (104,893) | (32,384) | ¥ (104,893) | ||||||||||||||||||||
Profit for the year | 974,400 | 695,266 | 695,266 | 279,134 | ||||||||||||||||||||
Other comprehensive income for the year, net of tax | 81,891 | 43,724 | 68,669 | 13,222 | 24,945 | |||||||||||||||||||
Total comprehensive income for the year | 1,056,291 | 695,266 | 43,724 | 763,935 | 292,356 | 24,945 | ||||||||||||||||||
Transactions with owners, recorded directly in equity | ||||||||||||||||||||||||
Dividends declared to non-controlling interests | (135,905) | (135,905) | ||||||||||||||||||||||
Dividends declared and paid | (597,459) | (597,459) | (597,459) | |||||||||||||||||||||
Transfer to statutory reserves | 1,378 | (1,378) | ||||||||||||||||||||||
Conversion of preference shares | ¥ (21) | (21) | 21 | |||||||||||||||||||||
Balance at Dec. 31, 2018 | 11,147,554 | 2,081,138 | 302,404 | 30,704 | 6,092,549 | (39,215) | 19,758 | (11,541) | 8,395,849 | 2,751,705 | (79,948) | |||||||||||||
Statement [LineItems] | ||||||||||||||||||||||||
Profit for the year | 860,700 | $ 121,480 | 604,914 | 0 | 604,914 | 255,786 | ||||||||||||||||||
Other comprehensive income for the year, net of tax | 11,517 | 1,626 | 3,124 | 5,455 | 6,062 | 2,331 | ||||||||||||||||||
Total comprehensive income for the year | 872,217 | 123,106 | 604,914 | 3,124 | 610,369 | 261,848 | 2,331 | |||||||||||||||||
Transactions with owners, recorded directly in equity | ||||||||||||||||||||||||
Dividends declared to non-controlling interests | (207,514) | (207,514) | ||||||||||||||||||||||
Dividends declared and paid | (238,758) | (33,699) | (238,758) | (238,758) | ||||||||||||||||||||
Acquisition of non-controlling interests | (114) | 69 | 69 | (183) | ||||||||||||||||||||
Transfer to statutory reserves | 1,903 | (1,903) | ||||||||||||||||||||||
Balance at Dec. 31, 2019 | ¥ 11,573,385 | $ 1,633,482 | ¥ 2,081,138 | $ 293,734 | ¥ 304,307 | $ 42,950 | ¥ 30,704 | $ 4,334 | ¥ 6,456,802 | $ 911,321 | ¥ (36,091) | $ (5,094) | ¥ 19,758 | $ 2,789 | ¥ (11,472) | $ (1,619) | ¥ 8,767,529 | $ 1,237,460 | ¥ 2,805,856 | $ 396,022 | ¥ (77,617) | $ (10,955) |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Restatement [abstract] | |||
Dividends declared and paid, per share | $ 0.85 | $ 2.21 | $ 0.90 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | ||
Operating activities | |||||
Profit before tax | ¥ 1,033,319 | $ 145,844 | ¥ 1,181,067 | ¥ 1,514,028 | |
Adjustments: | |||||
Amortization of intangible asset | 1,012 | 143 | |||
Amortization of prepaid operating leases | 12,724 | 12,366 | |||
Bad debt written off/(recovered) | (108) | 10 | |||
Cost of share-based payments | 1,592 | ||||
Depreciation of investment property | 380 | 54 | 884 | 248 | |
Depreciation of property, plant and equipment | 422,859 | 59,683 | 420,277 | 431,567 | |
Depreciation of right-of-use assets | 40,958 | 5,781 | |||
Dividend income from quoted equity securities | (959) | (135) | (1,992) | (2,532) | |
Exchange (gain)/loss | (4,679) | (660) | 4,235 | (8,319) | |
Fair value (gain)/loss on foreign exchange forward contract | 5,529 | 780 | (4,529) | ||
Fair value (gain)/loss on quoted equity securities | (1,118) | (158) | 3,433 | (12,768) | |
Finance costs | 131,796 | 18,602 | 113,088 | 100,439 | |
(Gain)/loss on disposal of: | |||||
- associate | (199) | ||||
- joint venture | [1] | (107,976) | |||
- property, plant and equipment | 645 | 91 | (8,835) | (11,668) | |
- quoted equity securities | (11,528) | (1,627) | |||
- right-of-use assets | (9,237) | (1,304) | |||
- subsidiaries | (216,115) | ||||
Government grants | (122,371) | (17,272) | (32,237) | (28,035) | |
Interest income | (177,261) | (25,019) | (147,244) | (105,421) | |
Impairment losses on development property | 3,039 | 429 | |||
Impairment losses on intangible asset | 40,000 | ||||
Impairment losses on property, plant and equipment | 3,950 | 558 | 30,173 | 20,845 | |
(Reversal of impairment losses)/impairment losses on trade receivables | 32,340 | 4,565 | (11,052) | (10,854) | |
Property, plant and equipment written off | 4,137 | 584 | 1,265 | 5,682 | |
Provision for onerous contract | 2,316 | 327 | |||
(Reversal of write-down)/ impairment losses of inventories, net | 17,022 | 2,403 | (8,468) | (19,901) | |
Share of profit of associates and joint ventures, net of tax | (19,034) | (2,686) | (11,634) | (10,054) | |
Write-back of trade and other payables | (2,087) | (295) | (29) | ||
Profit before tax after adjustments | 1,351,028 | 190,688 | 1,541,047 | 1,592,906 | |
Changes in working capital | |||||
(Increase)/decrease in inventories | (314,904) | (44,446) | 47,533 | (897,437) | |
Decrease/(increase) in trade and other receivables and capitalized contract cost | (514,163) | (72,570) | (502,069) | 81,121 | |
Increase/(decrease) in trade and other payables and contract liabilities | 1,294,214 | 182,667 | (229,457) | 846,175 | |
Decrease/(increase) in development properties | (71) | (10) | 4,205 | 377 | |
Cash flows from operating activities | 1,816,104 | 256,329 | 861,259 | 1,623,142 | |
Income taxes paid | (233,088) | (32,898) | (190,658) | (202,975) | |
Net cash flows from operating activities | 1,583,016 | 223,431 | 670,601 | 1,420,167 | |
Investing activities | |||||
Payment for trademark usage fee | (169,811) | (23,967) | |||
Additional investment in subsidiaries | (114) | (16) | (8,279) | ||
Additional investment in associates and joint ventures | (41,160) | (5,809) | (75,000) | ||
Development costs | (345,128) | (48,712) | (180,626) | ||
Dividend received from: | |||||
- joint ventures | 821 | 116 | 801 | 754 | |
- quoted equity securities | 959 | 135 | 1,992 | 2,532 | |
Interest received | 173,745 | 24,523 | 143,768 | 108,481 | |
Proceeds from disposal of: | |||||
- associate | 1,832 | ||||
- joint venture | 182,679 | ||||
- property, plant and equipment | 1,178 | 166 | 6,669 | 15,640 | |
- quoted equity securities | 16,429 | 2,319 | |||
- right-of-use assets | 11,008 | 1,554 | |||
- subsidiaries, net of cash disposed | 341,602 | ||||
Proceeds from government grants | 191,491 | 27,027 | 286,198 | 50,095 | |
Purchase of property, plant and equipment | (749,087) | (105,727) | (407,747) | (289,472) | |
Tax and relevant expenses in relation to disposal of subsidiary | (38,887) | (5,489) | |||
(Withdrawal)/placement of fixed deposits with banks, net | 138,079 | 19,489 | 68,953 | (254,294) | |
Net cash flows from/(used in) investing activities | (810,477) | (114,391) | (79,992) | 76,570 | |
Dividends paid to: | |||||
- equity holders of the parent | (238,758) | (33,699) | (597,459) | (235,947) | |
- non-controlling interests | (203,167) | (28,675) | (132,558) | (97,009) | |
Interest paid and discounting on bills receivable | (139,118) | (19,635) | (108,039) | (107,246) | |
Payment of finance lease liabilities | (33) | (38) | |||
Payment of principal portion of lease liabilities | (48,365) | (6,826) | |||
Proceeds from: | |||||
- borrowings | 2,040,752 | 288,034 | 2,000,320 | 1,814,618 | |
- issue of shares | 6,617 | ||||
Repayment of borrowings | (2,000,773) | (282,392) | (1,611,756) | (1,100,133) | |
Net cash flows from/(used in) financing activities | (589,429) | (83,193) | (449,525) | 280,862 | |
Net increase in cash and cash equivalents | 183,110 | 25,847 | 141,084 | 1,777,599 | |
Cash and cash equivalents at January 1 | 5,559,890 | 784,729 | 5,390,324 | 3,653,914 | |
Effect of exchange rate changes on balances in foreign currencies | 10,268 | 1,448 | 28,482 | (41,189) | |
Cash and cash equivalents at December 31 | ¥ 5,753,268 | $ 812,024 | ¥ 5,559,890 | ¥ 5,390,324 | |
[1] | On October 19, 2017, the Group completed the disposal of its joint venture investment in Copthorne Qingdao and recognized gain on disposal in the Group’s profit or loss for the year ended December 31, 2017. |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2019 | |
Text block [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, 2019 were authorized for issue in accordance with a resolution of the directors on April 30, 2020. 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 (“Yuchai”), a Sino-foreign joint stock company which manufactures, assembles and sells diesel engines in the People’s Republic of China (the “PRC”). The Company owns, through six wholly-owned subsidiaries, 361,420,150 shares or 76.41% of the issued share capital of Yuchai. Guangxi Yuchai Machinery Group Company Limited (“ GY Group As at December 31, 2019, Yuchai has nine 33 (2018: 32) indirectly owned subsidiaries, four (2018: four ) (2018 : one) 29 (2018: 28) ies As used in this Consolidated Financial Statements, the term “Yuchai” refer to Guangxi Yuchai Machinery Company Limited and its subsidiaries. 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’s 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 decreased 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, the 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, the Group’s interest in HLGE was 50.2%, net of the ordinary shares held by the Trustee under the Trust. As of December 31, 2018 and 2019, 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, 2019 | |
Text block [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 as disclosed in the accounting policies below. 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 the United States Dollar (“US Dollar”) is solely for the convenience of the reader. Translation of amounts from Renminbi to US Dollar has been made at the rate of RMB 7.0851 = US$1.00, the rate quoted by the People’s Bank of China at the close of business on March 31, 2020 and all values are rounded to the nearest thousand (“US$’000”), except when otherwise indicated. The consolidated financial statements provide comparative information in respect of the previous period. 2.2 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at December 31, 2019. 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 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. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments 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 (“CGU”) 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 these circumstances 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 profit/(loss) 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 the 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 terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification. 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 quoted equity securities, bills receivable and a foreign exchange forward contract, at fair value at each balance sheet date. 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. Fair value related disclosures for financial instruments that are measured at fair value are summarized in the following notes: • Quoted equity securities Note 35 • Bills receivable Note 35 • Foreign exchange forward contract 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 In determining the spot exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on the derecognition of a non-monetary 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 reclassified to 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 from Contracts with Customers Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer. The disclosures of significant accounting judgements, estimates and assumptions relating to revenue from contracts with customers are provided in Note 3. Sale of engines Revenue from sale of engines is recognized at the point in time when control of the engine is transferred to the customer, generally on delivery of the engines, or, in some cases, when the engines are installed by the customers. The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated (e.g. warranties). In determining the transaction price for the sale of engines, the Group considers the effects of variable consideration and the existence of significant financing components. (i) Variable consideration If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in exchange for transferring the goods to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probably that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved. Some contracts for the sale of engines provide customers with volume rebates. The volume rebates give rise to variable consideration. Volume rebates The Group provides certain customers with retrospective volume rebates when the quantity of products purchased during the period exceeds a threshold specified in the contract. To estimate the variable considerations for the expected future rebates, the Group applies the most likely amount method for each individual contract. The Group then applies the requirements on constraining estimates of variable consideration in order to determine the amount of variable consideration that can be included in the transaction price and recognized as revenue. A refund liability is recognized in “Trade and other payables” for the expected future rebates (i.e., the amount not included in the transaction price). (ii) Significant financing component The Group receives advance payments from customers for the sale of engines. The Group applies the practical expedient for short-term advances received from customers. That is, the promised amount of consideration is not adjusted for the effects of a significant financing component if the period between the transfer of the promised good or service and the payment is one year or less. Warranty obligations The Group typically provides warranties for general repairs of defects as part of the sale of engines. These assurance-type warranties are accounted for as warranty provisions. Refer to the accounting policy on warranty provisions in Section (s) Provisions Certain contracts provide a customer with maintenance service, i.e. a distinct service to the customer in addition to the assurance that the product complies with agreed upon specification. These service-type warranties are bundled together with the sale of engines. Contracts for bundled sale of engines and a service-type warranty comprise two performance obligations because the promises to transfer the engines and to provide the service-type warranty are capable of being distinct. Using a combination of expected cost-plus margin and residual approaches, the transaction price is allocated to the service-type warranty and engines with the former performance obligation recognizing a corresponding contract liability. Revenue for service-type warranties is recognized at the point in time when the service-type warranty is provided. Consignment arrangements In some consignment arrangements, although the good has been delivered to the customer, the Group retains control of the good and satisfies its performance obligation only upon the utilization of the good by the customer. Sale of completed development properties Revenue is recognized when control of the property has been transferred to the customer, either over time or at a point in time, depending on the contractual terms and the practices in the legal jurisdictions. For development properties whereby the Group is restricted contractually from directing the properties for another use as they are being developed and has an enforceable right to payment for performance completed to date, revenue is recognized over time, based on the construction and other costs incurred to-date as a proportion of the estimated total construction and other costs to be incurred. For development properties whereby the Group does not have an enforceable right to payment for performance completed to date, revenue is recognized when the customer obtains control of the asset. Rendering of services Revenue from rendering 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. Contract balances Trade receivables A receivable is recognized if an amount of consideration that is unconditional is due from the customer (i.e. only the passage of time is required before payment of the consideration is due). Refer to accounting policies of financial assets in Section (m) Financial instruments – Initial recognition and subsequent measurement Contract liabilities A contract liability is recognized if a payment is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related goods or services. Contract liabilities are recognized as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer). Refund liabilities A refund liability is recognized for the obligation to refund some or all of the consideration received (or receivable) from a customer. The liability is measured at the amount the Group ultimately expects it will have to return to the customer. The Group updates its estimates of refund liabilities (and the corresponding change in the transaction price) at the end of each reporting period. Costs to fulfil a contract Costs to fulfil a contract are capitalized if the costs relate directly to the contract, generate or enhance resources used in satisfying the contract and are expected to be recovered. Other contract costs are expensed as incurred. Capitalized contract costs are subsequently recognized in profit or loss as the Group recognizes the related revenue. An impairment loss is recognized in profit or loss to the extent that the carrying amount of the capitalized contract costs exceeds the remaining amount of consideration that the Group expects to receive in exchange for the goods or services to which the contract costs relates less the costs that relate directly to providing the goods and that have not been recognized as expenses. (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. 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 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) Cash dividend and non-cash The Company recognizes a liability to make cash or non-cash Non-cash Upon distribution of non-cash (j) 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. 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 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. (k) 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. Subsequent to initial recognition, investment properties are 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 either when they have been disposed of (i.e., at the date recipient obtains control) or when they are permanently withdrawn from use and no future economic benefit is expected from its disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss in the period of derecognition. In determining the amount of consideration from the derecognition of investment property the Group considers the effects of variable consideration, existence of a significant financing component, non-cash consideration, and consideration payable to the buyer (if any). Transfers are made to (or from) investment property only when there is a change in use. Under cost model, the transfer does not change the carrying amount of the property transferred. (l) Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangibles, excluding capitalized development costs, are not capitalized and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with fin |
Significant accounting judgment
Significant accounting judgments, estimates and assumptions | 12 Months Ended |
Dec. 31, 2019 | |
Text block [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. Other disclosures relating to the Group’s exposure to risks and uncertainties includes: • Capital management (Note 31) • Financial risk management objectives and policies (Note 33) • Sensitivity analyses disclosures (Note 13, 14 and 33) 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: Revenue from contracts with customers The Group applied the following judgments that significantly affect the determination of the amount and timing of revenue from contracts with customers: • Identifying contract price and performance obligations in sales of engines The Group provides certain warranties for both general repairs and maintenance service as part of the sales of engines. For general repairs, such warranties will be assurance-type warranty that will continue to be accounted for under IAS 37 Provisions, Contingent Liabilities and Contingent Assets on-road 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 derecognition of bills receivable when discounted, the management believes that the contractual right to receive the cash flows from the asset have terminated with the Group, but 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 17. 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, 2018 and 2019 are RMB 361.2 million and RMB 423.0 million (US$59.7 million) respectively, and primarily relate to unutilized capital allowances and investment allowances, as well as other unrecognized temporary differences relating to asset impairment and deferred grants. If the Group was able to recognize all unrecognized deferred tax assets, profit would increase by RMB 162.0 million (US$22.9 million) for year ended December 31, 2019 (2018: RMB 160.0 million). Development costs Development costs are capitalized in accordance with the accounting policy in Note 2.3(l). Initial capitalization of costs is based on management’s judgment that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. 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 ten 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, development costs and trademarks 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 14. 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, 2018 and 2019 were RMB 93.6 million and RMB 108.7 million (US$15.3 million) respectively. |
Investments in subsidiaries
Investments in subsidiaries | 12 Months Ended |
Dec. 31, 2019 | |
Investments accounted for using equity method [abstract] | |
Investments in subsidiaries | 4. Investments in subsidiaries Details of significant subsidiaries of the Group are as follows: Name of significant subsidiary Place of incorporation/ business Group’s effective equity interest 31.12.2018 31.12.2019 % % Guangxi Yuchai Machinery Company Limited People’s Republic of China 76.4 76.4 Guangxi Yuchai Machinery Monopoly Development Co., Ltd People’s Republic of China 54.9 54.9 Guangxi Yuchai Accessories Manufacturing Company Limited People’s Republic of China 76.4 76.4 Guangxi Yuchai Equipment Mould Company Limited People’s Republic of China 76.4 76.4 Guangxi Yulin Hotel Company Limited People’s Republic of China 76.4 76.4 Jining Yuchai Engine Company Limited People’s Republic of China 76.4 76.4 Yuchai Remanufacturing Services (Suzhou) Co., Ltd. People’s Republic of China 76.4 76.4 HL Global Enterprises Limited Singapore 50.2 50.2 The Group has the following subsidiary that has non-controlling 31.12.2017 31.12.2018 31.12.2019 Proportion of equity interest held by NCI Yuchai 23.6 % 23.6 % 23.6 % 31.12.2017 RMB’000 31.12.2018 RMB’000 31.12.2019 RMB’000 31.12.2019 US$’000 Accumulated balances of material NCI Yuchai 2,556,644 2,603,227 367,423 Profit allocated to material NCI Yuchai 270,452 252,394 254,284 35,890 Dividends paid to material NCI Yuchai 98,941 135,905 207,514 29,289 Summarized financial information including goodwill on acquisition and consolidation adjustments but before intercompany eliminations of subsidiaries with material non-controlling 31.12.2017 Yuchai Summarized statement of comprehensive income Revenue 16,140,621 Profit for the year, representing total comprehensive income for the year 960,359 Attributable to NCI 270,452 Summarized statement of cash flows Operating 1,435,156 Investing (215,817 ) Financing 221,660 Net increase in cash and cash equivalents 1,440,999 31.12.2018 Yuchai RMB’000 Summarized statement of financial position Current assets 15,498,171 Non-current 4,925,347 Goodwill 212,636 Current liabilities (9,489,499 ) Non-current (828,993 ) Net assets 10,317,662 Total equity 10,317,662 Attributable to NCI 2,556,644 Summarized statement of comprehensive income Revenue 16,210,467 Profit for the year 972,010 Total comprehensive income for the year 867,438 Attributable to NCI 252,394 Summarized statement of cash flows Operating 701,716 Investing (331,416 ) Financing (66,975 ) Net increase in cash and cash equivalents 303,325 31.12.2019 Yuchai RMB’000 US$’000 Summarized statement of financial position Current assets 16,444,627 2,321,015 Non-current 6,160,217 869,461 Goodwill 212,636 30,012 Current liabilities (11,162,938 ) (1,575,551 ) Non-current (964,084 ) (136,072 ) Net assets 10,690,458 1,508,865 Total equity 10,690,458 1,508,865 Attributable to NCI 2,603,227 367,423 Summarized statement of comprehensive income Revenue 17,980,304 2,537,763 Profit for the year 825,807 116,555 Total comprehensive income for the year 828,861 116,987 Attributable to NCI 254,284 35,890 Summarized statement of cash flows Operating 1,632,557 230,421 Investing (858,904 ) (121,227 ) Financing (656,576 ) (92,670 ) Net increase in cash and cash equivalents 117,077 16,524 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 At the end of the reporting period, cash and cash equivalents of RMB 5,112.8 million (US$721.6 million) (2018: RMB 5,015.2 million) 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. Acquisition of ownership in subsidiaries, without change in 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 0.3 million. 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. 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 RMB 395.0 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 RMB’000 Property, plant and equipment 104,844 Trade receivables and other receivables 3,257 Cash and bank balances 9,153 117,254 Trade and other payables (3,737 ) Provision for taxation (44 ) Deferred taxation (588 ) Carrying value of net assets 112,885 Gain on disposal: Total consideration 395,000 Less: Cost of disposal (47,532 ) Total consideration less cost of disposal 347,468 Net assets derecognized (112,885 ) Realization of foreign translation reserves upon disposal (18,468 ) Gain on disposal of the subsidiaries (Note 8.2(a)) 216,115 Total consideration less cost of disposal 347,468 Add: Transaction cost unpaid 33,287 Less: Retention sum receivables (30,000 ) Cash and bank balances of the subsidiaries (9,153 ) Net cash inflow on disposal of the subsidiaries 341,602 Acquisition of ownership in subsidiaries, without change in control in 2019 In February 2019, Yuchai acquired 7.5% of equity interest in YC Europe Co., Ltd. (“YC Europe”) from non-controlling interest for a cash consideration of RMB 0.1 million (less than US$0.1 million). As a result, Yuchai’s shareholding in YC Europe increased from 67.5% to 75.0%. |
Investment in associates
Investment in associates | 12 Months Ended |
Dec. 31, 2019 | |
Investments accounted for using equity method [abstract] | |
Investment in associates | 5. Investment in associates The Group’s investment in associates are summarized as below: 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Share of loss of associates, net of tax 28 59 181 26 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Carrying amount of investment 2,130 1,955 276 Details of the associates are as follows: Name of company Principal activities Place of incorporation/ business Group’s effective equity interest 31.12.2018 31.12.2019 % % Held by subsidiaries Sinjori Sdn. Bhd. Property investment and development Malaysia 14.0 14.0 Guangxi Yuchai Quan Xing Machinery Co., Ltd. (“Quan Xing”) Manufacture spare part and sales of auto spare part, diesel engine & spare part, metallic materials, generator & spare part, chemical products (exclude dangerous goods), lubricating oil People’s Republic of 15.3 15.3 |
Investment in joint ventures
Investment in joint ventures | 12 Months Ended |
Dec. 31, 2019 | |
Investments accounted for using equity method [abstract] | |
Investment in joint ventures | 6. Investment in joint ventures 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Share of profit/(loss) of joint ventures, net of tax: Y & C Engine Co., Ltd 17,755 17,612 28,484 4,020 MTU Yuchai Power Co., Ltd. (8,487 ) (6,882 ) 594 84 Eberspaecher Yuchai Exhaust Technology Co., Ltd — — (9,366 ) (1,322 ) Other joint ventures. 814 963 (497 ) (70 ) 10,082 11,693 19,215 2,712 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Carrying amount of investments: Y & C Engine Co., Ltd 155,681 176,082 24,852 MTU Yuchai Power Co., Ltd 59,632 59,931 8,459 Eberspaecher Yuchai Exhaust Technology Co., Ltd (1) — 31,794 4,487 Other joint ventures 7,499 6,184 873 222,812 273,991 38,671 Note: (i) Eberspaecher Yuchai was incorporated on December 5, 2018. In March 2019 and December 2019, the Group injected RMB 17.6 million (US$2.5 million) and RMB 23.5 million (US$3.3 million) respectively into Eberspaecher Yuchai as payment of its investment. The Group has interests in the following joint ventures: Name of company Principal activities Place of incorporation/ business Group’s effective equity 31.12.2018 31.12.2019 % % Held by subsidiaries 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”) Manufacture off-road People’s Republic of China 38.2 38.2 Eberspaecher Yuchai Exhaust Technology Co. Ltd (“Eberspaecher Yuchai”) Application development, production, sales and service on engine exhaust control systems People’s Republic of China 37.4 37.4 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 2018 and 2019, the Group has performed an impairment evaluation of its investments in joint ventures and no impairment was required. 31.12.2017 Y & C MTU Yuchai Power Total RMB’000 RMB’000 RMB’000 Revenue 1,331,823 — 1,331,823 Depreciation and amortization (20,831 ) (227 ) (21,058 ) Interest expense (28,663 ) (343 ) (29,006 ) Profit/(loss) for the year, representing total comprehensive income for the year 55,982 (16,973 ) 39,009 Proportion of the Group’s ownership 45 % 50 % Group’s share of profit/(loss) 25,192 (8,487 ) Unrealized profit on transactions with joint venture (7,437 ) — Group’s share of profit/(loss) of significant joint ventures 17,755 (8,487 ) 9,268 Group’s share of profit of other joint ventures, representing the Group’s share of total comprehensive income of other joint ventures 814 Group’s share of profit for the year, representing the Group’s share of total comprehensive income for the year 10,082 31.12.2018 Y & C MTU Yuchai Power Total RMB’000 RMB’000 RMB’000 Non-current 755,671 72,342 828,013 Current assets - Cash and bank balances 113,061 21,707 134,768 - Others 646,751 209,022 855,773 Total assets 1,515,483 303,071 1,818,554 Non-current (46,603 ) — (46,603 ) Current liabilities - Loans and borrowings (51,534 ) — (51,534 ) - Others (942,306 ) (174,242 ) (1,116,548 ) Total liabilities (1,040,443 ) (174,242 ) (1,214,685 ) Equity 475,040 128,829 603,869 Proportion of the Group’s ownership 45 % 50 % Group’s share of net assets 213,768 64,415 Unrealized profit on transactions with joint venture (58,087 ) (4,783 ) Carrying amount of significant joint ventures 155,681 59,632 215,313 Carrying amount of other joint ventures 7,499 Carrying amount of the investment in joint ventures 222,812 31.12.2018 Y & C MTU Yuchai Power Total RMB’000 RMB’000 RMB’000 Revenue 1,443,238 160,580 1,603,818 Depreciation and amortization (45,254 ) (3,744 ) (48,998 ) Interest expense (24,605 ) (1,689 ) (26,294 ) Profit/(loss) for the year, representing total comprehensive income for the year 43,359 (4,197 ) 39,162 Proportion of the Group’s ownership 45 % 50 % Group’s share of profit/(loss) 19,512 (2,099 ) Unrealized profit on transactions with joint venture (1,900 ) (4,783 ) Group’s share of profit/(loss) of significant joint ventures 17,612 (6,882 ) 10,730 Group’s share of profit of other joint ventures, representing the Group’s share of total comprehensive income of other joint ventures 963 Group’s share of profit for the year, representing the Group’s share of total comprehensive income for the year 11,693 31.12.2019 Y & C MTU Yuchai Power Eberspaecher Yuchai Total Total RMB’000 RMB’000 RMB’000 RMB’000 US$’000 Non-current 774,046 78,362 24,001 876,409 123,697 Current assets - Cash and bank balances 164,942 9,265 54,567 228,774 32,289 - Others 1,060,805 221,482 7,970 1,290,257 182,109 Total assets 1,999,793 309,109 86,538 2,395,440 338,095 Non-current (84,154 ) — — (84,154 ) (11,878 ) Current liabilities - Others (1,396,116 ) (179,680 ) (21,651 ) (1,597,447 ) (225,466 ) Total liabilities (1,480,270 ) (179,680 ) (21,651 ) (1,681,601 ) (237,344 ) Equity 519,523 129,429 64,887 713,839 100,751 Proportion of the Group’s ownership 45 % 50 % 49 % Group’s share of net assets 233,786 64,714 31,794 Unrealized profit on transactions with joint venture (57,704 ) (4,783 ) — Carrying amount of significant joint ventures 176,082 59,931 31,794 267,807 37,798 Carrying amount of other joint ventures 6,184 873 Carrying amount of the investment in joint ventures 273,991 38,671 31.12.2019 Y & C MTU Yuchai Power Eberspaecher Yuchai Total Total RMB’000 RMB’000 RMB’000 RMB’000 US$’000 Revenue 2,404,244 178,796 3,509 2,586,549 365,069 Depreciation and amortization (26,099 ) (6,379 ) (25 ) (32,503 ) (4,588 ) Interest expense (29,606 ) (5,017 ) — (34,623 ) (4,887 ) Profit/(loss) for the year, representing total comprehensive income for the year 44,484 600 (19,114 ) 25,970 3,665 Proportion of the Group’s ownership 45 % 50 % 49 % Group’s share of profit/(loss) 20,018 300 (9,366 ) Unrealized profit on transactions with joint venture 8,466 294 — Group’s share of profit/(loss) of significant joint ventures 28,484 594 (9,366 ) 19,712 2,782 Group’s share of loss of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures (497 ) (70 ) Group’s share of profit for the year, representing the Group’s share of total comprehensive income for the year 19,215 2,712 Note: As of December 31, 2019, the Group’s share of joint ventures’ capital commitment that are contracted but not paid was RMB 81.0 million (US$11.4 million) (2018: RMB 38.0 million). As of December 31, 2019, the Group’s share of outstanding bills receivables discounted with banks for which Y & C retained a recourse obligation totaled RMB 45.0 million (US$6.3 million) (2018: RMB 98.0 million). As of December 31, 2019, the Group’s share of outstanding bills receivables endorsed to suppliers for which Y & C retained a recourse obligation were RMB 11.4 million (US$1.6 million) (2018: RMB 1.7 million). 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 44.8 million (US$6.3 million) (2018: RMB 27.3 million) held in the PRC are subject to local exchange control regulations. These regulations places restriction on the amount of currency being exported other than through dividends, trade and service related transactions. As at December 31, 2019, the Group’s share of restricted cash of RMB Nil (US$ Nil) (2018: RMB 0.7 million) which was used as collateral by the banks for letter of credit facilities granted. As at December 31, 2019, the Group’s share of restricted cash of RMB 60.8 million (US$8.6 million) (2018: RMB 33.8 million) which was used as collateral by the banks for the issuance of bills to suppliers. As at December 31, 2019, the Group’s share of bills receivables of RMB 50.8 million (US$7.2 million) (2018: RMB Nil) which was used as collateral by banks for the issuance of bills to suppliers. |
Revenue from contracts with cus
Revenue from contracts with customers | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Revenue from contracts with customers | 7. Revenue from contracts with customers 7.1 Disaggregated revenue information Set out below is the disaggregation of the Group’s revenue from contracts with customers: 31.12.2017 Yuchai HLGE Total Segments RMB’000 RMB’000 RMB’000 Type of goods or services Heavy-duty engines 5,182,930 — 5,182,930 Medium-duty engines 5,620,202 — 5,620,202 Light-duty engines 2,147,728 — 2,147,728 Other products and services (i) 3,148,016 — 3,148,016 Revenue from hospitality operations 41,746 57,197 98,943 Total revenue from contracts with customers 16,140,622 57,197 16,197,819 Geographical markets People’s Republic of China 16,073,461 17,265 16,090,726 Other countries 67,161 39,932 107,093 Total revenue from contracts with customers 16,140,622 57,197 16,197,819 Timing of revenue recognition At a point in time 16,098,876 — 16,098,876 Over time 41,746 57,197 98,943 Total revenue from contracts with customers 16,140,622 57,197 16,197,819 31.12.2018 Yuchai HLGE Total Segments RMB’000 RMB’000 RMB’000 Type of goods or services Heavy-duty engines 4,934,435 — 4,934,435 Medium-duty engines 5,537,164 — 5,537,164 Light-duty engines 2,481,554 — 2,481,554 Other products and services (i) 3,213,237 — 3,213,237 Revenue from hospitality operations 44,077 52,781 96,858 Total revenue from contracts with customers 16,210,467 52,781 16,263,248 Geographical markets People’s Republic of China 16,119,896 — 16,119,896 Other countries 90,571 52,781 143,352 Total revenue from contracts with customers 16,210,467 52,781 16,263,248 Timing of revenue recognition At a point in time 16,166,390 — 16,166,390 Over time 44,077 52,781 96,858 Total revenue from contracts with customers 16,210,467 52,781 16,263,248 31.12.2019 Yuchai HLGE Total Total Segments RMB’000 RMB’000 RMB’000 US$’000 Type of goods or services Heavy-duty engines 6,189,934 — 6,189,934 873,655 Medium-duty engines 5,583,982 — 5,583,982 788,130 Light-duty engines 2,429,248 — 2,429,248 342,867 Other products and services (i) 3,732,436 — 3,732,436 526,801 Revenue from hospitality operations 44,704 35,781 80,485 11,360 Total revenue from contracts with customers 17,980,304 35,781 18,016,085 2,542,813 Geographical markets People’s Republic of China 17,913,615 — 17,913,615 2,528,350 Other countries 66,689 35,781 102,470 14,463 Total revenue from contracts with customers 17,980,304 35,781 18,016,085 2,542,813 Timing of revenue recognition At a point in time 17,935,600 — 17,935,600 2,531,453 Over time 44,704 35,781 80,485 11,360 Total revenue from contracts with customers 17,980,304 35,781 18,016,085 2,542,813 Note: (i) included sales of power generator sets, engine components, service-type maintenance services and others. 7.2 Contract balances 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Trade receivables (Note 17) 408,000 738,929 104,293 Capitalized contract cost 44,434 136,457 19,260 Contract liabilities (Note 26) 340,489 436,622 61,626 Trade receivables are non-interest The contract liabilities comprise short-term advance received from customers and unfulfilled maintenance service. The advance received from customers is recognized as revenue upon the delivery of goods, and the contract liability arising from unfulfilled service-type warranty is recognized upon the completion of the maintenance services. According to the business customary practice, the remaining performance obligations (unfulfilled maintenance service) at the year-end 1-3 The significant increase in contract liabilities in 2019 was mainly due to increase in advance payment from customers as at December 31, 2019 for future product deliveries. (a) Set out below is the amount of revenue recognized from: 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Amounts include in contract liabilities at the beginning of the year 55,604 72,321 10,207 (b) Capitalized contract costs 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Capitalized contract costs relating to service fee charges on development of technology know-how At January 1 — 44,434 6,271 Addition 44,434 93,549 13,204 Utilization — (1,526 ) (215 ) At December 31 44,434 136,457 19,260 7.3 Performance obligations The transaction price allocated to the remaining unsatisfied performance obligations as at 31 December are, as follows: 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Within one year 138,025 127,326 17,971 More than one year 53,703 53,813 7,595 The remaining performance obligations expected to be recognized in more than one year relate to the unfulfilled maintenance service that is to be satisfied within 3 years. |
Other income and expenses recog
Other income and expenses recognized in statement of profit and loss | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Other income and expenses recognized in statement of profit and loss | 8.1 Depreciation, amortization, shipping and handling expenses (a) Depreciation and amortization expenses 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Amortization of intangible assets — — 1,012 143 Amortization of prepaid operating lease 12,366 12,724 — — Depreciation of investment property 248 884 380 54 Depreciation of property, plant and equipment 431,567 420,277 422,859 59,683 Depreciation of right-of-use assets — — 40,958 5,781 444,181 433,885 465,209 65,661 Depreciation and amortization expenses are included in the following captions: 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Cost of sales 307,102 312,769 315,445 44,523 Research and development expenses 48,291 26,751 16,470 2,325 Selling, general and administrative expenses 88,788 94,365 133,294 18,813 444,181 433,885 465,209 65,661 (b) Shipping and handling expenses Sales related shipping and handling expenses not separately billed to customers are included in the following caption: 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Selling, general and administrative expenses 208,197 211,971 221,255 31,228 8.2 (a) Other operating income 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Interest income 105,421 147,244 177,261 25,019 Dividend income from quoted equity securities 2,532 1,992 959 135 Gain on disposal of: - associate 199 — — — - joint venture (i) 107,976 — — — - property, plant and equipment 11,668 8,835 — — - quoted equity securities — — 11,528 1,627 - right-of-use — — 9,237 1,304 - subsidiaries (Note 4) 216,115 — — — Government grants 34,337 32,237 122,371 17,272 Fair value gain on quoted equity securities 12,768 — 1,118 158 Fair value gain on foreign exchange forward contract — 4,529 — — Write-back of trade and other payables 29 — 10 1 Realised foreign exchange gain, net 22,624 5,306 3,604 509 Unrealised foreign exchange gain, net 8,319 (4,235 ) 4,679 660 Others 10,129 9,235 16,394 2,314 532,117 205,143 347,161 48,999 Note: (i) On October 19, 2017, the Group completed the disposal of its joint venture investment in Copthorne Qingdao and recognized gain on disposal in the Group’s profit or loss for the year ended December 31, 2017. 8.2 (b) Other operating expenses 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Fair value loss on quoted equity securities — 3,433 — — Fair value loss on foreign exchange forward contract — — 5,529 780 Loss on disposal of property, plant and equipment — — 645 91 Others 22,719 9,030 2,501 353 22,719 12,463 8,675 1,224 8.3 Finance costs 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Bank term loans 53,888 71,513 76,721 10,828 Bills discounting 42,179 36,826 47,212 6,664 Bank charges 4,367 4,749 4,945 698 Interest on finance lease 5 — — — Interest on lease liabilities (Note 19) — — 2,918 412 100,439 113,088 131,796 18,602 8.4 Staff costs 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Wages and salaries 1,158,320 1,176,465 1,122,712 158,461 Contribution to defined contribution plans 258,190 296,073 324,623 45,818 Executive bonuses 59,908 57,674 59,791 8,439 Staff welfare 76,392 76,689 82,692 11,671 Staff severance cost 107,732 28,018 15,454 2,181 Cost of share-based payment 1,592 — — — Others 1,870 8,441 6,012 849 1,664,004 1,643,360 1,611,284 227,419 Staff costs are included in the following captions: 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Cost of sales 850,580 822,570 808,763 114,150 Research and development expenses 197,991 213,826 243,049 34,304 Selling, general and administrative expenses 615,433 606,964 559,472 78,965 1,664,004 1,643,360 1,611,284 227,419 |
Income tax expense
Income tax expense | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Income tax expense | 9. Income tax expense The major components of income tax expense for the years ended December 31, 2017, 2018 and 2019 are as follows: 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Current income tax - Current year 197,264 209,448 193,878 27,364 - Over provision in respect of prior years (2,867 ) (729 ) (6,985 ) (986 ) Deferred tax - Movement in temporary differences (225 ) (2,052 ) (14,274 ) (2,014 ) Consolidated income tax expense reported in the statement of profit or loss 194,172 206,667 172,619 24,364 Income tax expense reported in the consolidated statement of profit or loss differs from the amount computed by applying the PRC income tax rate of 15% (being tax rate of Yuchai) for the years ended December 31, 2019, 2018 and 2017 for the following reasons: 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Accounting profit before tax 1,514,028 1,181,067 1,033,319 145,844 Computed tax expense at 15% (2018: 15%, 2017: 15%) 227,104 177,160 154,998 21,877 Adjustments resulting from: Non-deductible 21,982 5,146 3,982 562 Tax-exempt (58,324 ) (3,634 ) (6,171 ) (871 ) Utilization of deferred tax benefits previously not recognized (16,687 ) (5,518 ) (5,076 ) (716 ) Deferred tax benefits not recognized 8,084 2,183 6,613 933 Tax credits for research and development expense (34,428 ) (22,407 ) (31,863 ) (4,497 ) Tax rate differential 21,061 24,437 26,223 3,701 Over provision in respect of previous years current tax (2,867 ) (729 ) (6,985 ) (986 ) Withholding tax expense 29,447 30,029 30,898 4,361 Others (1,200 ) — — — Total 194,172 206,667 172,619 24,364 Deferred tax Deferred tax relates to the following: Consolidated statement of financial position Consolidated statement of profit or loss 31.12.2018 31.12.2019 31.12.2019 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 RMB’000 RMB’000 RMB’000 US$’000 Deferred tax liabilities Accelerated tax depreciation (27,554 ) (44,920 ) (6,340 ) (4,601 ) (12,432 ) (17,366 ) (2,451 ) Interest receivable (2,252 ) (1,644 ) (232 ) 679 (1,478 ) 608 86 PRC withholding tax on dividend income (i) (106,922 ) (106,922 ) (15,091 ) (29,031 ) (29,842 ) (30,721 ) (4,336 ) (136,728 ) (153,486 ) (21,663 ) (32,953 ) (43,752 ) (47,479 ) (6,701 ) Deferred tax assets Impairment of property, plant and equipment 15,943 6,648 938 9,443 3,624 (9,295 ) (1,312 ) Write-down of inventories 16,060 18,403 2,598 (3,716 ) (1,433 ) 2,343 331 Allowance for doubtful account receivables 5,177 10,077 1,422 (1,964 ) (2,199 ) 4,900 692 Accruals 204,554 250,662 35,379 18,778 (186 ) 46,108 6,508 Deferred income 95,499 107,731 15,205 6,743 43,820 12,232 1,726 Others 23,974 29,439 4,155 3,894 2,178 5,465 770 361,207 422,960 59,697 33,178 45,804 61,753 8,715 225 2,052 14,274 2,014 Note: (i) The movement of PRC withholding tax on dividend income is as follows: 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 At January 1 (100,572 ) (106,922 ) (15,091 ) Provision made to consolidated statement of profit or loss (29,842 ) (30,721 ) (4,336 ) Utilization 23,492 30,721 4,336 December 31 (106,922 ) (106,922 ) (15,091 ) The Corporate Income Tax (“CIT”) law provides for a tax of 10% to be withheld from dividends paid to foreign investors of PRC enterprises. This withholding tax provision does not apply to dividends paid out of profit earned prior to January 1, 2008. Beginning on January 1, 2008, a 10% withholding tax is imposed on dividends paid to the Company, as a non-resident The following table represents the classification of the Group’s net deferred tax assets: 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Deferred tax assets 361,207 422,960 59,697 Deferred tax liabilities (136,728 ) (153,486 ) (21,663 ) 224,479 269,474 38,034 Deferred tax assets have not been recognized in respect of the following items: 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Unutilized tax losses 396,232 414,226 55,925 Unutilized capital allowances and investment allowances 107,588 107,613 15,185 Other unrecognized temporary differences relating to asset impairment and deferred grants 222,868 215,296 31,456 726,688 737,135 102,566 Unrecognized tax losses for the Group are subject to agreement with the tax authorities and compliance with tax regulations in the respective countries in which the Group operates. The unutilized tax losses for PRC subsidiaries and Malaysia subsidiaries expire within the next 5 years and 7 years, respectively. These losses may not be used to offset taxable income elsewhere in the Group. Deferred tax assets have not been recognized in respect of these items because it is not probable that future taxable profits will be available against which the Group can utilize the benefits. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2019 | |
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Earnings per share | 10. Earnings per share Basic earnings per share is calculated by dividing the profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share is calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. Basic earnings per share The calculation of basic earnings per share is based on: 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Profit attributable to ordinary equity holders of the parent 888,809 695,266 604,914 85,378 Weighted average number of ordinary shares 40,764,569 40,858,290 40,858,290 40,858,290 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: 31.12.2017 31.12.2018 31.12.2019 Weighted average number of shares issued, used in the calculation of basic earnings per share 40,764,569 40,858,290 40,858,290 Diluted effect of share options — — — Weighted average number of ordinary shares adjusted for effect of dilution 40,764,569 40,858,290 40,858,290 In 2019, 470,000 (2018: 470,000; 2017: 470,000) 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, 2019 | |
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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, 2018 13,993 2,322,868 281,096 5,156,834 179,954 117,136 8,071,881 Additions — 2,971 359,574 12,465 20,671 10,214 405,895 Disposals — (2,203 ) (2,258 ) (26,142 ) (4,510 ) (4,917 ) (40,030 ) Transfers — 16,845 (167,900 ) 151,055 — — — Write-off — (185 ) (1,056 ) (55,709 ) (3,512 ) (4,843 ) (65,305 ) Translation difference 437 2,249 732 199 485 93 4,195 At December 31, 2018 14,430 2,342,545 470,188 5,238,702 193,088 117,683 8,376,636 Effects of adopting IFRS 16 (i) — — — — (69 ) — (69 ) At January 1, 2019 14,430 2,342,545 470,188 5,238,702 193,019 117,683 8,376,567 Additions — 14,851 884,145 4,260 6,763 8,261 918,280 Disposals — (762 ) — (15,468 ) (902 ) (12,035 ) (29,167 ) Transfers — 45,412 (317,294 ) 268,896 2,986 — — Write-off — (27,911 ) — (211,589 ) (7,126 ) (1,442 ) (248,068 ) Translation difference 406 1,955 (4 ) 221 414 34 3,026 At December 31, 2019 14,836 2,376,090 1,037,035 5,285,022 195,154 112,501 9,020,638 Accumulated depreciation and impairment At January 1, 2018 484 691,450 1,055 3,358,712 121,526 74,636 4,247,863 Charge for the year — 77,783 — 338,132 18,832 6,218 440,965 * Disposals — (1,005 ) — (26,471 ) (3,582 ) (4,555 ) (35,613 ) Write-off — (183 ) (1,055 ) (54,686 ) (3,512 ) (4,604 ) (64,040 ) Impairment loss — — — 30,173 — — 30,173 Translation difference 15 275 — 124 287 45 746 At December 31, 2018 499 768,320 — 3,645,984 133,551 71,740 4,620,094 Effects of adopting IFRS 16 (i) — — — — (27 ) — (27 ) At January 1, 2019 499 768,320 — 3,645,984 133,524 71,740 4,620,067 Charge for the year — 105,818 — 311,402 25,324 10,675 453,219 Disposals — (284 ) — (11,467 ) (547 ) (11,597 ) (23,895 ) Write-off — (25,376 ) — (210,253 ) (6,883 ) (1,419 ) (243,931 ) Impairment loss — — — 3,950 — — 3,950 Translation difference 14 325 — 134 292 19 784 At December 31, 2019 513 848,803 — 3,739,750 151,710 69,418 4,810,194 Net book value At December 31, 2018 13,931 1,574,225 470,188 1,592,718 59,537 45,943 3,756,542 At December 31, 2019 14,323 1,527,287 1,037,035 1,545,272 43,444 43,083 4,210,444 US$’000 2,021 215,563 146,368 218,102 6,132 6,081 594,267 * In 2019, RMB 21.6 million (US$3.0 million) (2018: RMB 15.3 million) and RMB 8.8 million (US$1.2 million) (2018: RMB 5.4 million) were capitalized as intangible assets and capitalized contract cost, respectively. An impairment loss of RMB 4.0 million (US$0.6 million) (2018: RMB 30.2 million; 2017: RMB 20.8 million) was charged to the consolidated statement of profit or loss under “Cost of sales” for the Group’s property, plant and equipment within the Yuchai segment. The impairment loss for 2017, 2018 and 2019 was due to assets that were not in use. As of December 31, 2018 and 2019, there was no property, plant and equipment pledged to secure bank facilities. Note: (i) Finance leases The carrying amount of property, plant and equipment held under finance leases at December 31, 2018 was less than RMB 0.1 million. Upon the adoption of IFRS 16 on January 1, 2019, the Group has reclassified the carrying amount of this asset to “Right-of-use |
Investment property
Investment property | 12 Months Ended |
Dec. 31, 2019 | |
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Investment property | 12. Investment property 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Cost At January 1 32,944 33,972 4,795 Translation difference 1,028 968 137 At December 31 33,972 34,940 4,932 Accumulated depreciation At January 1 25,510 27,207 3,840 Charge for the year 884 380 54 Translation difference 813 801 113 At December 31 27,207 28,388 4,007 Net carrying amount 6,765 6,552 925 Fair value 10,886 11,419 1,612 Consolidated statements of profit or loss: Rental income from an investment property 437 375 53 Direct operating expenses (including repairs, maintenance and depreciation expense) arising from the rental generating property (314 ) (294 ) (41 ) 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 qualified valuer. The fair value of investment property is determined by the market comparison and cost methods. In valuing the investment property, due consideration is given to factors such as location and size of building, building infrastructure, market knowledge and historical comparable transactions 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 2019 Market comparison and cost Comparable price: - RMB 166 to RMB 440 (US$23 to US$62) per square foot The estimated fair value increases with higher comparable price 2018 Market comparison and cost Comparable price: - RMB 156 to RMB 428 per square foot The estimated fair value increases with higher comparable price |
Prepaid operating leases
Prepaid operating leases | 12 Months Ended |
Dec. 31, 2019 | |
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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. 31.12.2018 RMB’000 Current 12,546 Non-current 354,546 Total 367,092 31.12.2018 RMB’000 Cost At January 1 and December 31 529,577 Accumulated amortization At January 1 149,761 Charge for the year 12,724 At December 31 162,485 Net carrying amount 367,092 With adoption of IFRS 16 on January 1, 2019, the Group has reclassified the carrying amount of prepaid operating lease as at December 31, 2018 to “Right-of-use |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2019 | |
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Intangible assets | 14. Intangible assets Technology Know-how Development costs Goodwill Trademarks Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Cost At January 1, 2018 — 136,822 218,311 — 355,133 Addition – internally generated — 195,879 — — 195,879 Reclassification 136,822 (136,822 ) — — — At December 31, 2018 and January 1, 2019 136,822 195,879 218,311 — 551,012 Addition — 366,708 — 169,811 536,519 At December 31, 2019 136,822 562,587 218,311 169,811 1,087,531 Accumulated amortization and impairment At January 1, 2018 — 126,700 5,675 — 132,375 Reclassification 126,700 (126,700 ) — — — At December 31, 2018 and January 1, 2019 126,700 — 5,675 — 132,375 Amortization 1,012 — — — 1,012 At December 31, 2019 127,712 — 5,675 — 133,387 Net carrying amount At December 31, 2018 10,122 195,879 212,636 — 418,637 At December 31, 2019 9,110 562,587 212,636 169,811 954,144 US$’000 1,286 79,404 30,012 23,967 134,669 Goodwill Goodwill represents the excess of purchase consideration 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: 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Yuchai 212,636 212,636 30,012 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 a ten-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 and future business outlook 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 5.7% and 6.3% for 2019 and 2018 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 17.57% (2018: 1.00%) 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 2.40% (2018: 5.77%) 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. Technology know-how At December 31, 2017, the Group has an intangible asset representing technology development costs held by Jining Yuchai with carrying amount of RMB 10.1 million. In 2018, the development for 4Y20 engine platform was completed and the technical development costs with carrying amount of RMB 10.1 million as at December 31, 2017 was reclassified as the Group’s technology know-how. In late 2018, the Group has commenced the production of 4Y20 engine. In 2019 the production volume has gradually ramped up to meet market demand. As such, management believe that there is no indicator for further impairment. In addition, this model of engines is in the process of penetrating the market, management is currently accessing the future market demand and concludes that there is no reversal of impairment to be recognized in 2019. Development costs During 2018 and 2019, the Group has capitalized development costs of RMB 195.9 million and RMB 366.7 million (US$51.8 million), respectively, for new engines that comply with National VI and Tier 4 emission standards. As of December 31, 2019, the total capitalized development costs is RMB 562.6 million (US$79.4 million). These development costs relate to on-going on-road mid-2020, off-road In 2018 and 2019, the Group performs an impairment test on the development costs that have not yet been brought into use. No impairment has been identified. 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. In 2018, the Group used a 11 years forecast which is based on the financial budgets approved by the senior management covering 8 years’ period from 2019 to 2026, and a further 3 years of forecast with no terminal value. In 2019, the Group used 10 years forecast which is based on the financial budgets approved by the senior management covering 6 years’ period from 2020 to 2025, and a further 4 years of forecast with no terminal value. The calculation of value in use is most sensitive to the following assumptions: • Profit from operation – Profit from operation is based on management’s estimate with reference to historical revenue generated, growth rate and estimation of future business outlook. The revenue is estimated to grow significantly from 2020 to 2022 due to enforcement of implementation of new emission standard. From 2023 to 2025, the growth is estimated to slow down which is in the range of 10% to 15%. It is expected to remain constant at growth rate of 0% from 2026 to 2029 after the expected commercial deployment of technology. In 2018 the revenue growth rate was estimated to be 5% year on year. • 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. The Group has applied a pre-tax 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 4.53% (2018: 3.30%) would result in impairment. Discount rate – A rise in pre-tax With regard to the assessment of value in use, 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. Trademarks In 2019, Yuchai entered into a trademark license agreement with GY Group under which Yuchai was granted the exclusive and perpetual use of the trademarks listed in the trademark license agreement for a one-time usage fee of RMB 169.8 million (US$24.0 million). Management has assessed and concluded that the right granted by the trademark license, according to the terms and conditions of the trademark license agreement, is indefinite. In 2019, the Group performed an annual impairment review by taking Yuchai as a cash-generating unit. Using the same cash flow projection and assumptions for goodwill impairment test disclosed above, management concluded that no impairment charge is to be recognized in 2019. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
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Inventories | 15. Inventories 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Raw materials 1,243,955 1,500,034 211,717 Work in progress 30,038 35,688 5,037 Finished goods 1,243,871 1,288,415 181,848 Total inventories at the lower of cost and net realizable value 2,517,864 2,824,137 398,602 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Inventories recognized as an expense in cost of sales 11,021,960 11,471,988 13,167,181 1,858,433 Inclusive of the following charge/(credit): - Inventories written down 17,492 25,194 31,810 4,490 - Reversal of write-down of inventories (37,393 ) (33,662 ) (14,788 ) (2,087 ) The reversal of write-down of inventory was made when the related inventories were sold above their carrying value. |
Other assets
Other assets | 12 Months Ended |
Dec. 31, 2019 | |
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Other assets | 16. Other assets 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Current Development properties (i) 20,267 17,721 2,501 Quoted equity securities (ii) 21,876 9,235 1,304 Derivative not designated as hedges – foreign exchange forward contract (iii) 4,529 — — 46,672 26,956 3,805 Note: (i) An impairment loss of RMB 3.0 million (US$0.4 million) on development properties (2018: RMB Nil) was charged to the consolidated statement of profit or loss under “Cost of sales”. (ii) The quoted equity securities are listed on the Singapore Exchange. In 2019, the Group has disposed some of the quoted equity securities for consideration of RMB 16.4 million (US$2.3 million) and gain on disposal of RMB 11.5 million (US$1.6 million) was recognized in consolidated statement of profit or loss under “other operating income”. (iii) On September 19, 2018, Yuchai entered into a non-deliverable |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2019 | |
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Trade and other receivables | 17. Trade and other receivables 31.12.2018 31.12.2019 31.12.2019 Trade receivables, gross 438,586 794,678 112,161 Less: Allowance for expected credit losses (30,586 ) (57,611 ) (8,131 ) Net trade receivables 408,000 737,067 104,030 Bills receivable (i) 6,981,106 7,005,234 988,728 Total (Note 7.2, Note 36) 7,389,106 7,742,301 1,092,758 Amounts receivable: - associates and joint ventures (trade) 174 609 86 - associates and joint ventures (non-trade) 56,405 11,185 1,579 - related parties (trade) 32,702 73,243 10,338 - related parties (non-trade) 2,156 2,092 295 Staff advances 5,513 7,133 1,007 Interest receivables 8,220 12,224 1,725 Bills receivable in transit 8,850 8,700 1,228 Refundable deposits 3,029 2,131 301 Others 23,456 49,218 6,946 Less: Impairment losses – other receivables (ii ) — (5,243 ) (740 ) Other receivables carried at amortized cost (Note 36) 140,505 161,292 22,765 Tax recoverable 140,316 223,652 31,566 Prepayments 115,360 63,048 8,899 Net other receivables 396,181 447,992 63,230 Total trade and other receivables 7,785,287 8,190,293 1,155,988 Note: (i) As of December 31, 2019, bills receivable include bills received from joint venture and related parties amounted to RMB Nil (US$ Nil) (2018: RMB 18.1 million) and RMB 1,050.7 million (US$148.3 million) (2018: RMB 17.0 million) respectively. As of December 31, 2019, there was no bills receivable pledged to secure bank facilities. As of December 31, 2018, bills receivable of RMB 558.6 million were pledged to secure bank facilities. (ii) This comprised of impairment loss on bills receivable in transit of RMB 5.0 million (US$0.7 million) as of December 31, 2019 (2018: RMB Nil). This impairment loss was charged to the consolidated statement of profit or loss under “selling, general and administrative expenses”. Trade receivables are non-interest As of December 31, 2018, the non-trade non-trade Movement in the allowance for expected credit losses of trade and other receivables is as follows: 31.12.2018 31.12.2019 31.12.2019 At January 1 43,775 30,586 4,316 (Credit)/debit to consolidated statement of profit or loss (under “selling, general and administrative expenses”) (11,052 ) 32,340 4,565 Written off (2,137 ) (62 ) (9 ) Translation difference — (10 ) (1 ) At December 31 (Note 33) 30,586 62,854 8,871 As of December 31, 2018 and 2019, outstanding bills receivable discounted with banks for which the Group retained a recourse obligation totaled RMB 1,272.4 million and RMB 2,268.4 million (US$320.2 million) respectively. All bills receivable discounted have contractual maturities within 12 months at time of discounting. As of December 31, 2018 and 2019, outstanding bills receivable endorsed to suppliers with recourse obligation were RMB 1,627.5 million and RMB 1,120.3 million (US$158.1 million) respectively. As of December 31, 2018 and 2019, gross trade receivables due from a major customer group, Dongfeng Automobile Co., Ltd. and its affiliates (the “Dongfeng companies”) were RMB 54.1 million and RMB 136.4 million (US$19.2 million), respectively. See Note 33 for further discussion of customer concentration risk. For terms and conditions relating to related parties, refer to Note 30. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2019 | |
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Cash and cash equivalents | 18. Cash and cash equivalents Long-term bank deposits Short-term bank deposits Restricted cash 31.12.2018 31.12.2019 31.12.2019 Non-current Long-term bank deposits (i) 70,000 50,000 7,057 Current Cash and cash equivalents 5,559,890 5,753,268 812,024 Long-term bank deposits (i) 70,000 70,000 9,880 Short-term bank deposits (ii) 356,926 286,543 40,443 Restricted cash 71,706 231,107 32,619 6,058,522 6,340,918 894,966 Cash and bank balances 6,128,522 6,390,918 902,023 Note: (i) In 2019, YMMC has placed new two-year As at December 31, 2019, the 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, 2019 for the Group ranged from 1.78% to 3.65% (2018: 1.40% to 3.90%). 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, 2019 for the Group ranged from 1.50% to 3.15% (2018: 1.30% to 3.28%). As of December 31, 2019, the Group’s restricted cash of RMB 231.1 million (US$32.6 million) was used as collateral by the banks for the issuance of bills to suppliers. As at December 31, 2018, the Group’s restricted cash comprised of RMB 31.6 million which was used as collateral by the banks for the issuance of bills to suppliers and RMB 40.1 million related to retention money deposited in a joint signatory account with the buyer of LKNII for payment of tax payable for the disposal of LKNII, the tax was settled in 2019. The Group’s share of joint ventures’ restricted cash is disclosed in Note 6. As of December 31, 2018 and 2019, the Group had RMB 492.8 million and RMB 295.0 million (US$41.6 million) respectively, of undrawn committed borrowing facilities in respect of which all conditions precedent had been met. The commitment fees incurred for 2017, 2018 and 2019 were RMB 0.2 million, RMB 0.2 million and RMB 0.2 million (less than US$0.1 million) respectively. For the purpose of the statement of cash flows, cash and cash equivalents comprise the following at December 31: 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Cash at banks and on hand 5,110,520 5,205,605 734,726 Short-term bank deposits (i) 449,370 547,663 77,298 Cash and cash equivalents 5,559,890 5,753,268 812,024 Note: (i) This relates to other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
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leases | 19. Leases Group as a lessee The Group has lease contracts for land, motor vehicles, office space and staff accommodations used in its operations. These leases generally with lease term of between 1 and 6 years. The Group’s obligations under its leases are secured by the lessor’s title to the leased assets. The Group also has certain leases of office space and staff accommodations with lease terms of 12 months or less. The Group has applied the “short-term leases” recognition exemptions for these leases . Set out below are the carrying amounts of right-of-use Leasehold Building RMB’000 Office RMB’000 Total Total At January 1, 2019 — — — — — Effect of adopting of IFRS 16 (i) 369,925 76,644 39 446,608 63,035 At January 1, 2019 (Restated) 369,925 76,644 39 446,608 63,035 Addition — 11,473 — 11,473 1,619 Depreciation expenses (14,347 ) (26,597 ) (14 ) (40,958 ) (5,781 ) Disposal (1,771 ) — — (1,771 ) (250 ) Translation difference — 36 (4 ) 32 5 At December, 31, 2019 353,807 61,556 21 415,384 58,628 Note: (i) Upon the adoption of IFRS 16 on January 1, 2019, the Group has reclassified the carrying amount of prepaid operating lease and office furniture, fittings and equipment held under finance leases at December 31, 2018 to right-of-use assets. Set out below are the carrying amounts of lease liabilities and the movements during the year: 2019 2019 RMB’000 US$’000 At January 1 — — Effect of adopting of IFRS 16 (Note 2.4) 96,852 13,670 At January 1 (Restated) 96,852 13,670 Additions 11,473 1,619 Accretion of interest (Note 8.3) 2,918 412 Payments (51,283 ) (7,238 ) Translation difference 47 6 At December 31 60,007 8,469 Current (Note 27) 28,633 4,041 Non-current 31,374 4,428 Total 60,007 8,469 The maturity analysis of lease liabilities is disclosed in Note 27. The following are the amounts recognized in profit of loss: 2019 2019 Depreciation charge for right-of-use 40,958 5,781 Interest expenses on lease liabilities (Note 8.3) 2,918 412 Expenses relating to short-term leases (included in selling, general and administrative costs and research and development cost) 14,341 2,024 Total amount recognized in profit or loss 58,217 8,217 The Group had total cash outflows for leases of RMB 65.6 million (US$9.3 million) in 2019. The Group also had non-cash additions to right-of-use assets and lease liabilities of RMB 11.5 million (US$1.6 million) in 2019. The future cash outflows relating to leases that have not yet commenced are disclosed in Note 31. Group as a lessor The Group has entered into operating leases on some of its assets, including surplus office and warehouse. Theses leases have terms between 1 to 12 years. Rental income recognized by the Group during the year is RMB 11.9 million (US$ 1.7 million) (2018: RMB 11.0 million). Future minimum rental receivables under non-cancellable 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Within 1 year - related parties 1,248 1,787 252 - joint venture 2,308 2,691 380 - third parties 1,391 892 126 After 1 year but within 5 years - related parties 1,030 660 93 - joint venture 9,087 10,526 1,486 - third parties 1,463 1,504 212 After than 5 years - related parties 455 — — - joint venture 9,272 5,643 796 - third parties — 889 125 26,254 24,592 3,470 |
Issued capital
Issued capital | 12 Months Ended |
Dec. 31, 2019 | |
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Issued capital | 20. Issued capital 31.12.2018 31.12.2019 Issued capital Authorized shares Ordinary share of par value US$0.10 each 100,000 100,000 Number of shares RMB’000 Ordinary shares issued and fully paid At January 1, 2018, December 31, 2018 and December 31, 2019 40,858,290 2,081,138 US$’000 293,734 31.12.2018 31.12.2019 31.12.2019 Special share issued and fully paid One special share issued and fully paid at US$0.10 per share * * * * Less than RMB 1 (US$1) The holders of ordinary shares are entitled to such dividends as the Board of Directors of the Company may declare from time to time. All ordinary shares are entitled to one vote on a show of hands and carry one vote per share on a poll. The holder of special share is entitled to elect a majority of directors of the Company. In addition, no shareholders’ resolution may be passed without the affirmative vote of the special share, including any resolution to amend the Memorandum of Association or Bye-laws Bye-Laws |
Dividends declared and paid
Dividends declared and paid | 12 Months Ended |
Dec. 31, 2019 | |
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Dividends declared and paid | 21. Dividends declared and paid 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Declared and paid during the year Dividends on ordinary shares: Final dividend paid in 2019: US$0.85 per share (2018: US$0.73 per share) 197,353 238,758 33,699 Special dividend paid in 2019: US$ Nil per share (2018: US$1.48 per share) 400,106 — — 597,459 238,758 33,699 Dividend paid in cash 597,459 238,758 33,699 |
Reserves
Reserves | 12 Months Ended |
Dec. 31, 2019 | |
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Reserves | 22. Reserves 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Statutory reserve Statutory general reserve (i) At January 1 275,320 276,698 39,053 Transfer from retained earnings 1,378 1,903 269 At December 31 276,698 278,601 39,322 General surplus reserve (ii) At January 1 and December 31 25,706 25,706 3,628 Total 302,404 304,307 42,950 Capital reserves (iii) At January 1 and December 31 30,704 30,704 4,334 Note: (i) 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. (ii) 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. (iii) Capital reserves pertain to a capital transaction in 2015. 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Other components of equity Foreign currency translation reserve (i) (39,215 ) (36,091 ) (5,094 ) Performance shares reserve (ii) 19,758 19,758 2,789 Premium paid for acquisition of non-controlling (11,541 ) (11,472 ) (1,619 ) Fair value reserve of financial assets at FVOCI (iii) (79,948 ) (77,617 ) (10,955 ) Total (110,946 ) (105,422 ) (14,879 ) Note: (i) Foreign currency translation reserve represents exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from that of the Group’s presentation currency. (ii) Performance shares reserve comprises the cumulative value of employee services received in return for share-based compensation. The amount in the reserve is retained when the option is expired. (iii) Fair value reserve of financial assets at FVOCI relates to the subsequent measurement of the Group’s bills receivable at fair value through OCI. |
Share-based payment
Share-based payment | 12 Months Ended |
Dec. 31, 2019 | |
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Share-based payment | 23. Share-based payment The Company’s Equity Incentive Plan (“Equity Plan”) was approved by the shareholders at the Annual General Meeting of the Company held on July 4, 2014 for duration of 10 years (from July 29, 2014 to July 28, 2024). All options granted under the Equity Plan are subject to a vesting schedule as follows: (1) one year after the date of grant for up to 33% of the shares over which the options are exercisable; (2) two years after the date of grant for up to 66% (including (1) above) of the shares over which the options are exercisable; and (3) three years after the date of grant for up to 100% (including (1) and (2) above) of the shares over which the options are exercisable. The expense recognized for employee services received during the year is shown in the following table: 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Expense arising from equity-settled share-based payment transactions 1,592 — — — Total expense arising from share-based payment transactions 1,592 — — — 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 31.12.2018 31.12.2018 31.12.2019 31.12.2019 Outstanding at January 1 and December 31 470,000 US$ 21.11 470,000 US$ 21.11 Exercisable at December 31 470,000 US$ 21.11 470,000 US$ 21.11 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$) 5.70 – 6.74 Share price (US$) 21.11 Exercise price (US$) 21.11 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, 2019 was US$21.11 dollar (2018: US$21.11 dollar). The weighted average remaining contractual life for the share options outstanding as at December 31, 2019 was 4.6 (2018: 5.6) years. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be the actual outcome. There are no market conditions associated with the share options granted. Service conditions and non-market |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2019 | |
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Trade and other payables | 24. Trade and other payables 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Current Trade payables 2,495,482 2,953,479 416,858 Bills payables (i) 2,065,147 2,764,013 390,116 Other payables 329,632 54 3 7 76, 777 Accrued expenses 168,235 203,133 28,671 Accrued staff costs 666,641 653,854 92,286 Refund liabilities 761,521 757,655 106,936 Dividend payable 43,133 47,480 6,701 Amount due to: - associates and joint ventures (trade) 262,131 258,964 36,551 - associates and joint ventures (non-trade) 66 81 11 - related parties (trade) 145,747 22 1 1 31, 250 - related parties (non-trade) 32,034 4,016 567 Financial liabilities carried at amortized cost (Note 36) 6,969,769 8,408,058 1,186,724 Other tax payable 38,823 39,698 5,603 Trade and other payables with liquidity risk (Note 33) 7,008,592 8,447,756 1,192,327 Deferred grants (Note 29) 22,082 19,952 2,816 Advance from customers 369 383 55 Total trade and other payables (current) 7,031,043 8,468,091 1,195,198 (i) As of December 31, 2019, the bills payables include bills payable to joint ventures, associates and other related parties amounted to RMB 125.0 million (US$17.6 million) (2018: RMB 131.8 million), RMB 10.1 million (US$1.4 million) (2018: RMB 4.2 million) and RMB 232.6 million (US$32.8 million) (2018: RMB 62.8 million) respectively. 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Non-current Other payables (i) (Note 33, Note 36) 160,091 176,302 24,883 (i) This relates to accrual for bonus that is not expected to be settled within next 12 months. 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
Provision | 12 Months Ended |
Dec. 31, 2019 | |
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Provision | 25. Provision Provision for Provision for Total Total RMB’000 RMB’000 RMB’000 US$’000 At January 1, 2018 191,814 — 191,814 27,072 Provision made 224,582 — 224,582 31,698 Provision utilized (249,483 ) — (249,483 ) (35,212 ) At December 31, 2018 and January 1, 2019 166,913 — 166,913 23,558 Provision made 421,905 2,316 424,221 59,875 Provision utilized (373,103 ) — (373,103 ) (52,660 ) At December 31, 2019 215,715 2,316 218,031 30,773 |
Contract liabilities
Contract liabilities | 12 Months Ended |
Dec. 31, 2019 | |
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Contract liabilities | 26. Contract liabilities 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Unfulfilled maintenance services 191,728 181,139 25,566 Advance from customer 148,761 255,483 36,060 Total 340,489 436,622 61,626 Current 286,786 382,809 54,030 Non-current 53,703 53,813 7,596 Total contract liabilities (Note 7.2) 340,489 436,622 61,626 |
Lease liabilities
Lease liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Lease liabilities [abstract] | |
Lease liabilities | 27. Lease liabilities Effective interest rate Maturity 31.12.2019 31.12.2019 % RMB’000 US$’000 Current (Note 19) 1.25% - 6.20% 2020 28,633 4,041 Non- 1.25% - 6.20% 2021-2024 31,374 4,428 |
Other financial liabilities
Other financial liabilities | 12 Months Ended |
Dec. 31, 2019 | |
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Other financial liabilities | 28. Other financial liabilities (a) Other liabilities 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Derivative not designated as hedges – foreign exchange forward contract — 999 141 Finance lease liabilities 48 — — 48 999 141 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Current 14 999 141 Non-current 34 — — 48 999 141 Foreign exchange forward contract On December 11, 2019, Yuchai entered into a non-deliverable forward foreign exchange contract (“NDF”) with China Construction Bank to purchase US$20.0 million at the forward exchange rate (RMB/US$) of 7.0901 on December 8, 2020. The Group accounted for this NDF at fair value through profit or loss. F inance lease liabilities As at December 31, 2018, the group leased office equipment under finance leases expiring within three years. The lease was recorded as finance lease liabilities under “Other liabilities” until December 31, 2018, and was reclassified to “Lease liabilities” on January 1, 2019 upon adoption of IFRS 16. See Note 2.4 for further information about the change in accounting policy for leases. Future minimum lease payments under finance lease together with the present value of the net minimum lease payments are as follows: 31.12.2018 Minimum payments Present value of payments RMB’000 RMB’00 Not later than one year 14 14 Later than one year but not later than five years 34 34 Total minimum lease payments 48 48 Less: Amount representing finance charges * * Present value of minimum lease payments 48 48 * Less than RMB 1 thousand (US$1 thousand) (b) Loans and borrowings Effective interest rate Maturity 31.12.2018 % RMB’000 Current Renminbi denominated loans 4.26 2019 1,500,000 US dollar denominated loans (ii) 3.48 2019 501,014 2,001,014 Non-current Singapore Dollar denominated loans (iii) 2.84 2020 15,078 Effective interest rate Maturity 31.12.2019 31.12.2019 % RMB’000 US$’000 Current Renminbi denominated loans 3.70 – 4.13 2020 1,900,000 268,168 US dollar denominated loans 2.52 2020 139,524 19,693 Singapore Dollar denominated loans (iii) 2.84 2020 15,522 2,191 2,055,046 290,052 Note: (i) All loans balances as stated above do not have a callable feature. (ii) The loan was secured by the Group’s bills receivable of RMB 524.1 million and repaid in September 2019. (iii) The loans comprise: Issuer bank Facility limit Usage RMB’000 December 31, 2018 MUFG Bank Ltd S$ 30 million 15,078 December 31, 2019 MUFG Bank Ltd S$ 30 million 15,522 US$’000 2,191 S$30.0 million credit facility with DBS Bank Ltd (“DBS”) On June 1, 2018, the Company entered into a three-year revolving uncommitted credit facility agreement with DBS with an aggregate value of S$30.0 million to refinance the S$30.0 million facility that matured on May 22, 2018. Among other things, the terms of the facility required that (i) HLA retains ownership of the special share, at all-time all-time S$30.0 million credit facility with MUFG Bank Ltd, Singapore Branch (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. The Company is in the process of renewing this facility with the bank. 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$200 million and the ratio of the Company’s consolidated total net debt (as defined in the agreement) to consolidated tangible net worth as at June 30 and December 31 of each year not exceeding 2.0 times, as well as negative pledge provisions and customary drawdown requirements. The Company is in the process of renewing this facility with the bank. |
Deferred grants
Deferred grants | 12 Months Ended |
Dec. 31, 2019 | |
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Deferred grants | 29. Deferred grants 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 At January 1 353,647 607,608 85,758 Received during the year 282,388 187,096 26,407 Released to consolidated statement of profit or loss (28,427 ) (117,976 ) (16,651 ) At December 31 607,608 676,728 95,514 Current (Note 24) 22,082 19,952 2,816 Non-current 585,526 656,776 92,698 607,608 676,728 95,514 The government grant that have been received was to support and fund Yuchai’s production facilities, research and development activities for new engines. |
Related party disclosures
Related party disclosures | 12 Months Ended |
Dec. 31, 2019 | |
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Related party disclosures | 30. Related party disclosures The ultimate parent As of December 31, 2019, the controlling shareholder of the Company, HLA, indirectly owned 17,059,154, or 41.8% (2018: 17,059,154, or 41.8%), 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% (2018: 23.3%) 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 18.5% (2018: 18.5%) 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 0.03 million (less than US$0.01 million) during the financial years ended December 31, 2017, 2018 and 2019 respectively. The transaction relates to consultancy fees charged by HLA. Entity with significant influence over the Group As of December 31, 2019, the Yulin City Government through Coomber Investment Ltd. owned 17.2% (2018: 17.2%) of the ordinary shares in the capital of the Company. The following provides the significant transactions that have been entered into with related parties for the relevant financial year. 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Sales of engines and materials - associates and joint ventures 412,591 439,106 912,877 128,845 - GY Group (including its subsidiaries and affiliates) 455,061 406,422 1 792 280 2 52 965 Purchase of material, supplies and engines - associates and joint ventures 914,211 1,192,322 1,999,831 282,259 - GY Group (including its subsidiaries and affiliates) 1,221,421 1,589,638 1,895,239 267,496 Purchase of service - a joint venture 2,543 — — — Hospitality, restaurant, consultancy and other service income charged to - a joint venture 14,241 3,456 3,984 562 - GY Group (including its subsidiaries and affiliates) 25,728 24,015 15,350 2,167 Rental income - GY Group (including its subsidiaries and affiliates) 4,483 3,886 2,133 301 - a joint venture — 1,937 3,206 452 Property management service expenses - GY Group (including its subsidiaries and affiliates) 22,212 26,547 22,595 3,189 Leasing expenses (i) - GY Group (including its subsidiaries and affiliates) 8,676 25,705 — — General and administrative expenses - GY Group (including its subsidiaries and affiliates) 20,215 21,607 19,953 2,816 - HLA (including its affiliates) 6,913 6,639 6,788 958 Delivery, storage, distribution and handling expenses - GY Group (including its subsidiaries and affiliates) 210,406 228,195 304,532 42,982 Payment for trademark s usage - GY Group — — 169,811 23,967 Payment for lease liabilities - GY Group (including its subsidiaries and affiliates) — — 33,594 4,741 Purchases of vehicles and machineries - GY Group (including its subsidiaries and affiliates) 52,443 6,144 2,817 398 Purchases of additional shareholding in a subsidiary from - GY Group (including its subsidiaries and affiliates) (ii) 1,335 — — — Disposal of shareholding in an associate to - GY Group (including its subsidiaries and affiliates) (iii) 1,833 — — — Note: (i) As disclosed in Note 2.4, the Group has adopted IFRS 16 on January 1, 2019. These leasing expenses have been recognized as right-of-use assets and lease liabilities on the consolidated statement of financial position as at December 31, 2019. (ii) In June 2017, GYAMC acquired 25% of equity interest in Crankshaft from GY Group with a purchase consideration of RMB 1.3 million. (iii) In August 2017, YEMC disposed its 30% equity interest in Property Management to GY Group for a consideration of RMB 1.9 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. The transactions with related parties are made at terms agreed between the parties. Compensation of key management personnel of the Group 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Short-term employee benefits 40,831 39,703 41,606 5,872 Contribution to defined contribution plans 385 335 362 51 Cost of share-based payment 1,294 — — — 42,510 40,038 41,968 5,923 The non-executive |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2019 | |
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Commitments and contingencies | 31. Commitments and contingencies Operating lease commitments - Group as lessee The Group has various lease contracts that have not yet commenced as at December 31, 2019. The future lease payments these non-cancellable 31.12.2019 31.12.2019 RMB’000 US$’000 Within 1 year 105 15 After 1 year but within 5 years 85 12 After 5 years — — 190 27 Capital commitments As of December 31, 2018 and 2019, Yuchai had capital expenditure (mainly in respect of property, plant and equipment) contracted for but not paid and not recognized amounting to RMB 774.5 million and RMB 594.0 million (US$83.8 million) respectively. The Group’s share of joint venture’s capital commitment is disclosed in Note 6. Investment commitments As of December 31, 2018 and 2019, the Group has commitment of RMB 58.8 and RMB 17.6 million (US$2.5 million) relating to the Group’s interest in joint venture, respectively. Letter of credits As of December 31, 2018 and 2019, Yuchai had issued irrevocable letter of credits of RMB 93.5 million and RMB 30.8 million (US$4.4 million), 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 Ecology and Environment (formerly known as 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, 2019 | |
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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, 2017 Yuchai HLGE Corporate Eliminations/ Consolidated financial statements RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue Total external revenue (Note 7.1) 16,140,622 57,197 — — 16,197,819 Results Interest income 94,760 1,803 11,833 (2,975 ) 105,421 Interest expense (94,794 ) (3,983 ) (270 ) 2,975 (96,072 ) Gain on disposal of subsidiaries — 216,115 — — 216,115 Gain on disposal of joint venture — 107,976 — — 107,976 Impairment of property, plant and equipment (20,845 ) — — — (20,845 ) Impairment of technology development cost (40,000 ) — — — (40,000 ) Staff severance cost (107,732 ) — — — (107,732 ) Depreciation and amortization (433,921 ) (9,990 ) (270 ) — (444,181 ) Share of profit of associates and joint venture 9,255 799 — — 10,054 Income tax expense (164,578 ) (461 ) (102 ) (29,031 ) (1) (194,172 ) Segment profit after tax 1,004,019 322,160 22,708 (29,031 ) (1) 1,319,856 Year ended December 31, 2018 Yuchai HLGE Corporate Eliminations/ Consolidated financial statements RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue Total external revenue (Note 7.1) 16,210,467 52,781 — — 16,263,248 Results Interest income 124,653 4,244 18,347 — 147,244 Interest expense (107,609 ) (403 ) (327 ) — (108,339 ) Impairment of property, plant and equipment (30,173 ) — — — (30,173 ) Staff severance cost (28,018 ) — — — (28,018 ) Depreciation and amortization (428,199 ) (5,355 ) (331 ) — (433,885 ) Share of profit of associates and joint venture 10,809 825 — — 11,634 Income tax expense (175,956 ) (820 ) (49 ) (29,842 ) (1) (206,667 ) Segment profit after tax 1,019,776 4,156 (19,690 ) (29,842 ) (1) 974,400 Total assets 20,636,155 441,040 2,081,220 (1,500,451 ) 21,657,964 Total liabilities (10,318,492 ) (55,404 ) (29,592 ) (106,922 ) (2) (10,510,410 ) Other disclosures Investment in joint ventures 220,176 2,636 — — 222,812 Capital expenditure 403,179 2,643 73 — 405,895 Year ended December 31, 2019 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 (Note 7.1) 17,980,304 35,781 — — 18,016,085 2,542,813 Results Interest income 158,855 5,167 13,239 — 177,261 25,019 Interest expense (126,379 ) (51 ) (421 ) — (126,851 ) (17,904 ) Impairment of property, plant and equipment (3,950 ) — — — (3,950 ) (558 ) Staff severance cost (15,454 ) — — — (15,454 ) (2,181 ) Depreciation and amortization (458,665 ) (5,551 ) (993 ) — (465,209 ) (65,661 ) Share of profit of associates and joint venture 18,137 897 — — 19,034 2,686 Income tax expense (141,330 ) (527 ) (41 ) (30,721 ) (1) (172,619 ) (24,364 ) Segment profit after tax 884,562 4,457 1,939 (30,258 ) (1) 860,700 121,480 Total assets 22,817,479 416,397 2,120,767 (1,500,452 ) 23,854,191 3,366,811 Total liabilities (12,127,021 ) (15,575 ) (31,278 ) (106,932 ) (2) (12,280,806 ) (1,733,329 ) Other disclosures Investment in joint ventures 271,274 2,717 — — 273,991 38,671 Capital expenditure 917,192 1,033 55 — 918,280 129,607 Note: (1) This relates mainly to the deferred tax expense relating to withholding tax on dividends from Yuchai. (2) This relates mainly to the deferred tax liabilities relating to cumulative withholding tax on dividends that are expected to be declared from income earned after December 31, 2007 by Yuchai. Geographic information The geographic information for revenue from external customers is disclosed in Note 7.1. Revenue from one customer group amounted to RMB 5,205.5 million (US$734.7 million) (2018: RMB 4,463.9 million; 2017: RMB 4,839.6 million), arising from sales by Yuchai segment. Non-current 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 People’s Republic of China 4,665,990 5,764,591 813,622 Other countries 95,443 97,879 13,815 4,761,433 5,862,470 827,437 Non-current |
Financial risk management objec
Financial risk management objectives and policies | 12 Months Ended |
Dec. 31, 2019 | |
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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 quoted equity securities 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 or 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, quoted equity securities and derivative financial instrument. The sensitivity analyses in the following sections relate to the position as at December 31, 2018 and 2019. 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, 2019. 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 28(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 (2018: 50) basis points higher or lower and all other variables were held constant, the profit before tax for the year ended December 31, 2019 of the Group would increase/decrease by RMB 21.4 million (US$3.0 million) (2018: increase/decrease by RMB 20.6 million). Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group’s exposure to the risk of changes in foreign exchange rates relates primarily to the Group’s sales, purchases and financial liabilities that are denominated in currencies other than the respective functional currencies of entities within the Group. The Group also holds cash and bank balances and other investments denominated in foreign currencies. The currencies giving rise to this risk are primarily the Singapore Dollar, Renminbi, US Dollar and Euro. Foreign currency translation exposure is managed by incurring debt in the operating currency so that where possible operating cash flows can be primarily used to repay obligations in the local currency. This also has the effect of minimizing the exchange differences recorded against income, as the exchange differences on the net investment are recorded directly against equity. The Group’s exposures to foreign currency are as follows: 31.12.2018 Singapore Dollar Euro US Dollar Renminbi Others RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Quoted equity securities 21,876 — — — — Trade and other receivables 693 25,827 12,149 675 — Cash and bank balances 220,268 1,166 28,518 31,662 25 Financial liabilities (15,126 ) — (501,014 ) — — Trade and other payables (13,952 ) (17,452 ) (7,060 ) (41,828 ) — Net assets/(liabilities) 213,759 9,541 (467,407 ) (9,491 ) 25 31.12.2019 Singapore Dollar Euro US Dollar Renminbi Others RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Quoted equity securities 9,235 — — — — Trade and other receivables 607 414 7,624 658 — Cash and bank balances 228,589 52 11,233 2,595 7,364 Financial liabilities (15,710 ) — (139,524 ) — — Trade and other payables (7,086 ) (27,922 ) (10,596 ) (2,605 ) (83 ) Net assets/(liabilities) 215,635 (27,456 ) (131,263 ) 648 7,281 US$’000 30,435 (3,875 ) (18,527 ) 91 1,028 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 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Singapore Dollar 21,376 21,564 3,044 Euro 954 (2,746 ) (388 ) US Dollar (46,741 ) (13,126 ) (1,853 ) Renminbi (949 ) 65 9 Equity price risk The Group has investment in Thakral Corporation Ltd “TCL” which is quoted equity securities. Equity price risk sensitivity A 10% increase/(decrease) in the underlying prices at the reporting date would increase/(decrease) Group’s profit before tax by the following amount: 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Statement of profit or loss 2,188 924 130 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. An impairment analysis is performed at each reporting date using a provision matrix. The provision rates are determined based on days past due for groupings of various customer segments with similar loss patterns (i.e. by profiles of the customers). The calculation reflects the reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade receivables are written-off at management’s discretion after assessment and are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 17. The Group’s share of bills receivables of a joint venture which was used as collateral as security is disclosed in Note 6. Set out below is the information about the credit risk exposure on the Group’s trade receivables using a provision matrix: Trade receivables Days past due As at December 31, 2018 Total Current 0 – 90 91-180 181-365 >365 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Expected credit loss rate 6.3 % — 0.1 % — 6.3 % 75.1 % Estimated total gross carrying amount at default 438,586 281,250 47,561 25,862 47,209 36,704 Expected credit loss 30,586 — 30 — 2,990 27,566 Trade receivables Days past due As at December 31, 2019 Total Current 0 – 90 91-180 181-365 >365 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Expected credit loss rate 7. 2 % — 6.9 % 6.2 % 10.9 % 70.7 % Estimated total gross carrying amount at default 7 94 678 601,094 61,917 24,409 40,213 67,045 Expected credit loss 57,611 — 4,283 1,513 4,386 47,429 At December 31, 2019, the Group had top 20 customers (2018: top 20 customers) that owed the Group more than RMB 387.6 million (US$54.7 million) (2018: RMB 114.2 million) and accounted for approximately 50.0% (2018: 26.0%) of trade receivables (excluding bills receivables) respectively. These customers are located in the PRC. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets mentioned in Note 17. The Group’s share of bills receivables of a joint venture which was used as collateral as security is disclosed in Note 6. Cash and fixed deposits are placed with banks and financial institutions which are regulated. Liquidity risk The Group monitors its liquidity risk and maintains a level of cash and cash equivalents deemed adequate by management to finance the Group’s operations and to mitigate the effects of fluctuations in cash flows, and having adequate amounts of committed credit facilities. The table below summarizes the maturity profile of the Group’s financial assets and liabilities based on contractual undiscounted payments. 1 year or less 2 to 5 years Total As at December 31, 2018 RMB’000 RMB’000 RMB’000 Financial assets Trade and bills receivables 7,389,106 — 7,389,106 Other receivables, excluding tax recoverable 140,505 — 140,505 Cash and bank balances 6,128,522 — 6,128,522 Quoted equity securities 21,876 — 21,876 Derivative not designated as hedges – foreign exchange forward contract 4,529 — 4,529 13,684,538 — 13,684,538 Financial liabilities Loans and borrowings 2,033,519 15,196 2,048,715 Trade and other payables (Note 24) 7,008,592 160,091 7,168,683 Other liabilities 14 34 48 9,042,125 175,321 9,217,446 1 year or less 2 to 5 years Total Total As at December 31, 2019 RMB’000 RMB’000 RMB’000 US$’000 Financial assets Trade and bills receivables 7,7 4 301 — 7,7 4 301 1,09 2 758 Other receivables, excluding tax recoverable 1 61 , — 1 61 , 2 2 , Cash and bank balances 6,390,918 — 6,390,918 902,023 Quoted equity securities 9,235 — 9,235 1,304 14,303,746 — 14,303,746 2,018,850 Financial liabilities Loans and borrowings 2,085,456 — 2,085,456 294,344 Trade and other payables (Note 24) 8,447,756 176,302 8,624,058 1,217,210 Lease liabilities 29,838 35,263 65,101 9,188 Derivative not designated as hedges – foreign exchange forward contract 999 — 999 141 10,564,049 211,565 10,775,614 1,520,883 |
Capital management
Capital management | 12 Months Ended |
Dec. 31, 2019 | |
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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, lease liabilities and trade and other payables, less cash and bank balances) and equity attributable to equity holders of the parent (comprising issued capital and reserves). 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Loans and borrowings (current and non-current) 2,016,092 2,055,046 290,052 Lease liabilities (current and non-current) (Note 27) — 60,007 8,469 Other liabilities (current and non-current) (Note 28(a)) 48 — — Trade and other payables (current and non-current) 7,191,134 8,644,393 1,220,081 Less: Cash and bank balances (Note 18) (6,128,522 ) (6,390,918 ) (902,023 ) Net debts 3,078,752 4,368,528 616,579 Equity attributable to equity holders of the parent 8,395,849 8,767,529 1,237,460 Total capital and net debts 11,474,601 13,136,057 1,854,039 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, 2018 and 2019. As disclosed in Note 22, 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, 2019 | |
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Fair value measurement | 35. Fair value measurement Quantitative disclosures fair value measurement hierarchy for assets and liabilities as at December 31, 2018: 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 Quoted equity securities: Quoted equity shares – TCL (Note 16) December 31, 2018 21,876 21,876 — — Derivative financial assets: Foreign exchange forward contract – USD (i) (Note 16) December 31, 2018 4,529 — 4,529 — Debt instruments (ii) : Bills receivable (Note 17) December 31, 2018 6,981,106 — 6,981,106 — Quantitative disclosures fair value measurement hierarchy for assets and liabilities as at December 31, 2019: Fair value measurement using Date of valuation Quoted prices in active markets Significant observable inputs Significant unobservable inputs Total Total (Level 1) (Level 2) (Level 3) US$’000 RMB’000 RMB’000 RMB’000 RMB’000 Assets measured at fair value Quoted equity securities: Quoted equity shares – TCL (Note 16) December 31, 2019 1,304 9,235 9,235 — — Debt financial assets (ii) : Bills receivable (Note 17) December 31, 2019 988,728 7,005,234 — 7,005,234 — Liabilities measured at fair value Derivative financial liabilities: Foreign exchange forward contract – USD (i) (Note 28) December 31, 2019 141 999 — 999 — 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. (ii) The fair value of the Group’s debt financial assets is measured based on quoted market interest rates of similar instruments. There have been no transfers between Level 1 and Level 2 during 2019 and 2018. |
Financial assets and financial
Financial assets and financial liabilities | 12 Months Ended |
Dec. 31, 2019 | |
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Financial assets and financial liabilities | 36. Financial assets and financial liabilities Note Financial assets at fair value through profit or loss Financial Fair Value through OCI Other financial liabilities at amortized cost Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 As at December 31, 2018 Financial assets Quoted equity securities 16 21,876 — — — 21,876 Derivative not designated as hedges – foreign exchange forward contract 16 4,529 — — — 4,529 Trade and bills receivable 17 — 408,000 6,981,106 — 7,389,106 Other receivables 17 — 140,505 — — 140,505 Cash and bank balances 18 — 6,128,522 — — 6,128,522 26,405 6,677,027 6,981,106 — 13,684,538 Financial liabilities Trade and other payables 24 — — — 7,129,860 7,129,860 Loans and borrowings 28(b) — — — 2,016,092 2,016,092 Other liabilities 28(a) — — — 48 48 — — — 9,146,000 9,146,000 Note Financial assets at fair value through profit or loss Financial Fair Value through OCI Other financial liabilities at amortized cost Total Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 US$’000 As at December 31, 2019 Financial assets Quoted equity securities 16 9,235 — — — 9,235 1,304 Trade and bills receivable 17 — 7 37 067 7,005,234 — 7,7 4 301 1,09 2 758 Other receivables 17 — 1 61 , — — 1 61 292 2 2 765 Cash and bank balances 18 — 6,390,918 — — 6,390,918 902,023 9,235 7,289,277 7,005,234 — 14,303,746 2,018,850 Financial liabilities Trade and other payables 24 — — — 8,584,360 8,584,360 1,211,607 Lease liabilities 27 — — — 60,007 60,007 8,469 Loans and borrowings 28(b) — — — 2,055,046 2,055,046 290,052 — — — 10,699,413 10,699,413 1,510,128 Quoted equity securities relates to the Group’s investment in TCL, which is a company listed on the Main Board of the Singapore Exchange and is involved in investment in real estate and marketing & distributing brands in beauty, wellness and lifestyle categories. Fair values of the quoted equity shares are determined by reference to published price quotations in an active market. Financial assets/liabilities through profit or loss reflect the positive/negative change in fair value of the foreign exchange forward contract that is not designated in hedge relationships, but are, nevertheless, intended to reduce the level of foreign currency risk. Changes in liabilities arising from financing activities January 1, Cash flows Foreign Translation Others December 31, 2018 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 As at December 31, 2018 Loans and borrowings - current 1,600,000 400,320 694 — — 2,001,014 - non-current 26,341 (11,756 ) (305 ) 798 — 15,078 Obligations under finance leases - current 33 (33 ) — — 14 14 - non-current 46 — — 2 (14 ) 34 Total liabilities from financing activities 1,626,420 388,531 389 800 — 2,016,140 January 1, Effect of January 1, Cash flows Addition Accretion Foreign Translation Others December 31, 2019 December 31, 2019 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 US$’000 As at December 31, 2019 Loans and borrowings - current 2,001,014 — 2,001,014 39,979 — — (1,469 ) 444 15,078 2,055,046 290,052 - non-current 15,078 — 15,078 — — — — — (15,078 ) — — Obligations under finance leases - current 14 (14 ) — — — — — — — — — - non-current 34 (34 ) — — — — — — — — — Lease liabilities - current — 42,457 42,457 (51,283 ) 6,008 2,918 — 24 28,509 28,633 4,041 - non-current — 54,395 54,395 — 5,465 — — 23 (28,509 ) 31,374 4,428 Total liabilities from financing activities 2,016,140 96,804 2,112,944 (11,304 ) 11,473 2,918 (1,469 ) 491 — 2,115,053 298,521 The ‘Others’ column includes the effect of reclassification of non-current |
Subsequent event
Subsequent event | 12 Months Ended |
Dec. 31, 2019 | |
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Subsequent event | 37. Subsequent event Since December 2019, an outbreak of a novel strain of coronavirus (COVID-19) spread rapidly in China and globally. In an effort to contain the spread of the virus, many countries, including China, the United States and across Europe, have imposed restrictions on travel and in-person gatherings, suspensions of public events, business closures, quarantines and lock-downs, resulting in a substantial reduction in economic activity. In March 2020, the World Health Organization declared COVID-19 a pandemic. Yuchai’s operations and those of its suppliers are predominantly based in China and therefore have been adversely affected by the foregoing measures and recovery is ongoing. The market outlook for automobile industry sales has deteriorated, national and global economic growth has slowed and the liquidity and financial conditions of Yuchai’s customers have weakened. Yuchai has experienced and is continuing to experience increased supply lead times, supply disruptions, reduced manufacturing capacity and limited transport and shipping options from and to affected regions. Due to the Chinese government’s effective containment measures of COVID-19 and our employees’ tireless efforts during this period, Yuchai has observed an initial recovery in its operations. Yuchai resumed operations in mid-February 2020 at a relatively small scale due to the shortage of engine components and materials as a result of continuing supply chain disruptions. Utilization rate surpassed 50% in mid-March 2020 and ramp up is continuing. While the COVID-19 pandemic is ongoing and its dynamic nature makes it difficult to forecast the pandemic’s effects on Yuchai’s results of operations for 2020 and in subsequent years, as of the date of this Annual Report, the Company expect a decline in both production and sales in the first quarter of 2020 compared to the same period of 2019 with potential continuing impact in subsequent periods. |
Basis of preparation and acco_2
Basis of preparation and accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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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 as disclosed in the accounting policies below. 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 the United States Dollar (“US Dollar”) is solely for the convenience of the reader. Translation of amounts from Renminbi to US Dollar has been made at the rate of RMB 7.0851 = US$1.00, the rate quoted by the People’s Bank of China at the close of business on March 31, 2020 and all values are rounded to the nearest thousand (“US$’000”), except when otherwise indicated. The consolidated financial statements provide comparative information in respect of the previous period. |
Basis of consolidation | 2.2 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at December 31, 2019. 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 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. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments 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 (“CGU”) 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 these circumstances 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 profit/(loss) 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 the 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 terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification. 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 quoted equity securities, bills receivable and a foreign exchange forward contract, at fair value at each balance sheet date. 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. Fair value related disclosures for financial instruments that are measured at fair value are summarized in the following notes: • Quoted equity securities Note 35 • Bills receivable Note 35 • Foreign exchange forward contract 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 In determining the spot exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on the derecognition of a non-monetary 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 reclassified to 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 from Contracts with Customers | (f) Revenue from Contracts with Customers Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer. The disclosures of significant accounting judgements, estimates and assumptions relating to revenue from contracts with customers are provided in Note 3. Sale of engines Revenue from sale of engines is recognized at the point in time when control of the engine is transferred to the customer, generally on delivery of the engines, or, in some cases, when the engines are installed by the customers. The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated (e.g. warranties). In determining the transaction price for the sale of engines, the Group considers the effects of variable consideration and the existence of significant financing components. (i) Variable consideration If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled in exchange for transferring the goods to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probably that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved. Some contracts for the sale of engines provide customers with volume rebates. The volume rebates give rise to variable consideration. Volume rebates The Group provides certain customers with retrospective volume rebates when the quantity of products purchased during the period exceeds a threshold specified in the contract. To estimate the variable considerations for the expected future rebates, the Group applies the most likely amount method for each individual contract. The Group then applies the requirements on constraining estimates of variable consideration in order to determine the amount of variable consideration that can be included in the transaction price and recognized as revenue. A refund liability is recognized in “Trade and other payables” for the expected future rebates (i.e., the amount not included in the transaction price). (ii) Significant financing component The Group receives advance payments from customers for the sale of engines. The Group applies the practical expedient for short-term advances received from customers. That is, the promised amount of consideration is not adjusted for the effects of a significant financing component if the period between the transfer of the promised good or service and the payment is one year or less. Warranty obligations The Group typically provides warranties for general repairs of defects as part of the sale of engines. These assurance-type warranties are accounted for as warranty provisions. Refer to the accounting policy on warranty provisions in Section (s) Provisions Certain contracts provide a customer with maintenance service, i.e. a distinct service to the customer in addition to the assurance that the product complies with agreed upon specification. These service-type warranties are bundled together with the sale of engines. Contracts for bundled sale of engines and a service-type warranty comprise two performance obligations because the promises to transfer the engines and to provide the service-type warranty are capable of being distinct. Using a combination of expected cost-plus margin and residual approaches, the transaction price is allocated to the service-type warranty and engines with the former performance obligation recognizing a corresponding contract liability. Revenue for service-type warranties is recognized at the point in time when the service-type warranty is provided. Consignment arrangements In some consignment arrangements, although the good has been delivered to the customer, the Group retains control of the good and satisfies its performance obligation only upon the utilization of the good by the customer. Sale of completed development properties Revenue is recognized when control of the property has been transferred to the customer, either over time or at a point in time, depending on the contractual terms and the practices in the legal jurisdictions. For development properties whereby the Group is restricted contractually from directing the properties for another use as they are being developed and has an enforceable right to payment for performance completed to date, revenue is recognized over time, based on the construction and other costs incurred to-date as a proportion of the estimated total construction and other costs to be incurred. For development properties whereby the Group does not have an enforceable right to payment for performance completed to date, revenue is recognized when the customer obtains control of the asset. Rendering of services Revenue from rendering 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. Contract balances Trade receivables A receivable is recognized if an amount of consideration that is unconditional is due from the customer (i.e. only the passage of time is required before payment of the consideration is due). Refer to accounting policies of financial assets in Section (m) Financial instruments – Initial recognition and subsequent measurement Contract liabilities A contract liability is recognized if a payment is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related goods or services. Contract liabilities are recognized as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer). Refund liabilities A refund liability is recognized for the obligation to refund some or all of the consideration received (or receivable) from a customer. The liability is measured at the amount the Group ultimately expects it will have to return to the customer. The Group updates its estimates of refund liabilities (and the corresponding change in the transaction price) at the end of each reporting period. Costs to fulfil a contract Costs to fulfil a contract are capitalized if the costs relate directly to the contract, generate or enhance resources used in satisfying the contract and are expected to be recovered. Other contract costs are expensed as incurred. Capitalized contract costs are subsequently recognized in profit or loss as the Group recognizes the related revenue. An impairment loss is recognized in profit or loss to the extent that the carrying amount of the capitalized contract costs exceeds the remaining amount of consideration that the Group expects to receive in exchange for the goods or services to which the contract costs relates less the costs that relate directly to providing the goods and that have not been recognized as expenses. |
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. 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 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. |
Cash dividend and non-cash distribution to equity holders of the parent | (i) 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 | (j) 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. 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 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 | (k) 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. Subsequent to initial recognition, investment properties are 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 either when they have been disposed of (i.e., at the date recipient obtains control) or when they are permanently withdrawn from use and no future economic benefit is expected from its disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss in the period of derecognition. In determining the amount of consideration from the derecognition of investment property the Group considers the effects of variable consideration, existence of a significant financing component, non-cash consideration, and consideration payable to the buyer (if any). Transfers are made to (or from) investment property only when there is a change in use. Under cost model, the transfer does not change the carrying amount of the property transferred. |
Intangible assets | (l) Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangibles, excluding capitalized development costs, are not capitalized and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the statement of profit or loss in the expense category that is consistent with the function of the intangible assets. Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually, either individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. An intangible asset is derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon 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. Research and development costs Research costs are expensed as incurred. 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. Goodwill Accounting policy for goodwill is separately discussed in Note 2.3(a). A summary of the policies applied to the Group’s intangible assets is as follows: Trademarks Technology know-how Development costs Useful lives Indefinite 10 years * Amortization method used No amortization Amortized on a straight-line basis over the period of the technology know-how * Internally generated or acquired Acquired Internally generated Internally generated * Development costs relate to on-going development projects that have not been completed and are not available for use. |
Financial instruments | (m) 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 subsequently measured at amortized cost, fair value through other comprehensive income (“OCI”), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or which the Group has applied the practical expedient are measured at the transaction price as disclosed in Section (f) Revenue from contracts with customers In order for a financial asset to be classified and measured at amortized cost or fair value through OCI, it needs to give rise to cash flows that are “solely payments of principal and interest (“SPPI”)” on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortized cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows while financial assets classified and measured at fair value through OCI are held within a business model with the objective of both holding to collect contractual cash flows and selling. 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. Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories: • Financial assets at amortized cost (debt instruments) • Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) • Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) • Financial assets at fair value through profit or loss Financial assets at amortized cost (debt instruments) Financial assets at amortized cost are subsequently measured using the effective interest (“EIR”) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The Group’s financial assets at amortized cost includes trade and other receivables (excluding bills receivable). Financial assets at fair value through OCI (debt instruments) For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the statement of profit or loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative fair value change recognized in OCI is recycled to profit or loss. The Group’s debt instruments at fair value through OCI includes bills receivable. Financial assets designated at fair value through OCI (equity instruments) Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32 Financial Instruments: Presentation instrument-by-instrument Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as other income in the statement of profit or loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment. The Group does not have equity instruments measured under this category. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in statement of profit or loss. This category includes derivative instruments and listed equity investments which the Group had not irrevocably elected to classify at fair value through OCI. Dividends on listed equity investments are also recognized as other income in the statement of profit or loss when the right of payment has been established. A derivative embedded in a hybrid contract, with a financial liability or non-financial 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 has 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 its 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 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 Further disclosures relating to impairment of financial assets are also provided in the following notes: • Debt instruments at fair value through OCI represented by bills receivable (Note 17) • Trade receivables (Note 17) The Group recognizes an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss and financial guarantee contracts. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognized in two stages. For credit exposure for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a “12-month For trade receivable, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience adjusted for forward-looking factors specific to the debtors and the economic environment. For debt instruments at fair value through OCI, the Group applies the low credit risk simplifications. At every reporting date, the Group evaluate whether the debt instrument is considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. In making the evaluation, the Group reassesses the external credit rating of the debt instrument. In addition, the Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due. The Group’s debt instruments at fair value through OCI comprise solely of bills receivable. It is the Group’s policy to measure ECLs on such instruments on a 12-month basis. However, when there has been a significant increase in credit risk since origination, the allowance will be based on the lifetime ECL. The Group considers a financial asset in default when contractual payments are more than 360 days from the invoice date. However, in certain cases the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering contractual cash flow. 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, lease liabilities, other liabilities and derivative financial instruments. Subsequent measurement For purposes of subsequent measurement, financial liabilities are classified in two categories: • Financial liabilities at fair value through profit or loss • Financial liabilities at amortized cost 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 IFRS 9. 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 or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability as at fair value through profit or loss. Financial liabilities at amortized cost This is the category most relevant to the Group. After initial recognition, financial liabilities that are not carried at fair value through profit or loss 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 as finance costs in the statement of profit or loss. This category generally applies to loans and borrowings, lease liabilities, other liabilities and payables. For more information refer to Note 24 and 28. 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. |
Inventories | (n) 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 | (o) Impairment of non-financial Further disclosures relating to impairment of non-financial • Disclosures for significant assumptions (Note 3) • Property, plant and equipment (Note 11) • Intangible assets (Note 14) • Investment property (Note 12) • Right-of-use assets (Note 19) • Investment in associates & joint ventures (Note 5 & 6) 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 CGU’s 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 The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group’s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of ten years. A long-term growth rate is calculated and applied to project future cash flows after the tenth year. Impairment losses 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. Intangible assets with indefinite useful lives are tested for impairment annually at the CGU level, as appropriate, and when circumstances indicate that the carrying value may be impaired. |
Cash and cash equivalents | (p) Cash and cash equivalents For the purpose of the consolidated statement of cash flows, cash and cash equivalents in the statement of financial position comprise cash at banks and on hand, short-term highly liquid deposits with a maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. |
Leases | (q) Leases Accounting policy beginning January 1, 2019 The Group assess at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, expect for short-term leases and leases of low-value right-of-use (i) Right-of-use The Group recognizes right-of-use Right-of-use right-of-use Right-of-use • Leasehold land Shorter of 3 years to 50 years • Building and office space 1 to 6 years • Office furniture, fittings and equipment 5 years If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use Impairment of non-financial (ii) Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substances In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying assets. (iii) Short-term leases The Group applies the short-term lease recognition exemption to its short-term leases of land and building (i.e., those leases that have a lease term of 12 months of less from the commencement date and do not contain a purchase option). Lease payments on short-term leases are recognized as expense 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. Rental income arising is accounted for on straight-line basis over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature. 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. Accounting policy prior to January 1, 2019 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 | (r) 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. |
Provisions | (s) 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 relating to the assurance-type warranties, 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 Onerous contract A provision for onerous contracts is recognized when the unavoidable costs of meeting the obligations under a contract exceed the economic benefits expected to be received under it. |
Pensions and other post-employment benefits | (t) Pensions and other post-employment benefits Defined contribution plans 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 to defined contribution pension schemes are recognized as an expense in the period in which the related services are performed. Employee leave entitlement Employee entitlements to annual leave are recognized as a liability when they are accrued to the employees. The undiscounted liability for leave expected to be settled wholly before twelve months after the end of the reporting period is recognized for services rendered by employees up to the end of the reporting period. |
Share-based payments | (u) 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, further details of which are given in Note 23. That cost is recognized in “Staff costs” (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 | (v) 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 other asset and are measured at the lower of cost and net realizable value. 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. The costs of development properties recognized in profit or loss on disposal are determined with reference to the specific costs incurred on the property sold and an allocation of any non-specific |
Derivative financial instruments | (w) 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 through profit or loss. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. |
Basis of preparation and acco_3
Basis of preparation and accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
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 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. |
Disclosure of detailed information about intangible assets useful life | A summary of the policies applied to the Group’s intangible assets is as follows: Trademarks Technology know-how Development costs Useful lives Indefinite 10 years * Amortization method used No amortization Amortized on a straight-line basis over the period of the technology know-how * Internally generated or acquired Acquired Internally generated Internally generated * Development costs relate to on-going development projects that have not been completed and are not available for use. |
Disclosure of detailed information about right-of-use assets useful life | Right-of-use • Leasehold land Shorter of 3 years to 50 years • Building and office space 1 to 6 years • Office furniture, fittings and equipment 5 years |
Disclosure of detailed information about the effect of adoption IFRS 16 | The effect of adoption IFRS 16 as at January 1, 2019 (increase/(decrease)) is, as follows: RMB’000 US$’000 Assets Prepaid operating leases (367,092 ) (51,812 ) Property, plant and equipment (39 ) (6 ) Right-of-use 446,608 63,035 Trade and other receivables - Prepayment (1,770 ) (250 ) Total assets 77,707 10,967 Current Liabilities Lease liabilities 42,457 5,992 Other liabilities (14 ) (2 ) Trade and other payables - Accruals (19,097 ) (2,695 ) Total current liabilities 23,346 3,295 Non-current Lease liabilities 54,395 7,677 Other liabilities (34 ) (5 ) Total non-current 54,361 7,672 The Group has lease contracts for various items of land, motor vehicle, office space and other equipment. Before the adoption of IFRS 16, the Group classified each of its leases (as lessee) at the inception date as either a finance lease or an operating lease. Refer to Note 2.3 (q) Leases |
Schedule of operating lease commitments reconciliation | The lease liabilities as at January 1, 2019 can be reconciled to the operating lease commitments as of December 31, 2018, as follows: RMB’000 US$’000 Assets Operating lease commitments as at December 31, 2018 101,700 14,354 Less: Commitments relating to short-term leases (2,140 ) (302 ) Revised rental (13,878 ) (1,959 ) Adjusted operating lease commitments 85,682 12,093 Weighted average incremental borrowing rate as at January 1, 2019 4.34 % 4.34 % Discounted operating lease commitments as at January 1, 2019 79,477 11,218 Less: Prepayment adjusted to lease liabilities (1,770 ) (250 ) Add: Commitments relating to leases previously classified as finance leases 48 7 Accrual adjusted to lease liabilities 19,097 2,695 Lease liabilities as at January 1, 2019 (Note 19) 96,852 13,670 |
Investments in subsidiaries (Ta
Investments in subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments accounted for using equity method [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 31.12.2018 31.12.2019 % % 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 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 People’s Republic of China 76.4 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 |
Subsidiary having Non-controlling Interests that are Material to the Group | The Group has the following subsidiary that has non-controlling 31.12.2017 31.12.2018 31.12.2019 Proportion of equity interest held by NCI Yuchai 23.6 % 23.6 % 23.6 % 31.12.2017 RMB’000 31.12.2018 RMB’000 31.12.2019 RMB’000 31.12.2019 US$’000 Accumulated balances of material NCI Yuchai 2,556,644 2,603,227 367,423 Profit allocated to material NCI Yuchai 270,452 252,394 254,284 35,890 Dividends paid to material NCI Yuchai 98,941 135,905 207,514 29,289 |
Summarized Financial Information Including Goodwill on Acquisition and Consolidation Adjustment But Before Intercompany Eliminations of Subsidiaries with Material Non-controlling Interests | Summarized financial information including goodwill on acquisition and consolidation adjustments but before intercompany eliminations of subsidiaries with material non-controlling 31.12.2017 Yuchai Summarized statement of comprehensive income Revenue 16,140,621 Profit for the year, representing total comprehensive income for the year 960,359 Attributable to NCI 270,452 Summarized statement of cash flows Operating 1,435,156 Investing (215,817 ) Financing 221,660 Net increase in cash and cash equivalents 1,440,999 31.12.2018 Yuchai RMB’000 Summarized statement of financial position Current assets 15,498,171 Non-current 4,925,347 Goodwill 212,636 Current liabilities (9,489,499 ) Non-current (828,993 ) Net assets 10,317,662 Total equity 10,317,662 Attributable to NCI 2,556,644 Summarized statement of comprehensive income Revenue 16,210,467 Profit for the year 972,010 Total comprehensive income for the year 867,438 Attributable to NCI 252,394 Summarized statement of cash flows Operating 701,716 Investing (331,416 ) Financing (66,975 ) Net increase in cash and cash equivalents 303,325 31.12.2019 Yuchai RMB’000 US$’000 Summarized statement of financial position Current assets 16,444,627 2,321,015 Non-current 6,160,217 869,461 Goodwill 212,636 30,012 Current liabilities (11,162,938 ) (1,575,551 ) Non-current (964,084 ) (136,072 ) Net assets 10,690,458 1,508,865 Total equity 10,690,458 1,508,865 Attributable to NCI 2,603,227 367,423 Summarized statement of comprehensive income Revenue 17,980,304 2,537,763 Profit for the year 825,807 116,555 Total comprehensive income for the year 828,861 116,987 Attributable to NCI 254,284 35,890 Summarized statement of cash flows Operating 1,632,557 230,421 Investing (858,904 ) (121,227 ) Financing (656,576 ) (92,670 ) Net increase in cash and cash equivalents 117,077 16,524 |
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: 31.12.2017 RMB’000 Property, plant and equipment 104,844 Trade receivables and other receivables 3,257 Cash and bank balances 9,153 117,254 Trade and other payables (3,737 ) Provision for taxation (44 ) Deferred taxation (588 ) Carrying value of net assets 112,885 Gain on disposal: Total consideration 395,000 Less: Cost of disposal (47,532 ) Total consideration less cost of disposal 347,468 Net assets derecognized (112,885 ) Realization of foreign translation reserves upon disposal (18,468 ) Gain on disposal of the subsidiaries (Note 8.2(a)) 216,115 Total consideration less cost of disposal 347,468 Add: Transaction cost unpaid 33,287 Less: Retention sum receivables (30,000 ) Cash and bank balances of the subsidiaries (9,153 ) Net cash inflow on disposal of the subsidiaries 341,602 |
Investment in associates (Table
Investment in associates (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments accounted for using equity method [abstract] | |
Summarized Investment in Associates | The Group’s investment in associates are summarized as below: 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Share of loss of associates, net of tax 28 59 181 26 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Carrying amount of investment 2,130 1,955 276 |
Details of Associates | Details of the associates are as follows: Name of company Principal activities Place of incorporation/ business Group’s effective equity interest 31.12.2018 31.12.2019 % % Held by subsidiaries Sinjori Sdn. Bhd. Property investment and development Malaysia 14.0 14.0 Guangxi Yuchai Quan Xing Machinery Co., Ltd. (“Quan Xing”) 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 |
Investment in joint ventures (T
Investment in joint ventures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments accounted for using equity method [abstract] | |
Share of Results of Joint Ventures and Carrying Amount of Investment to Joint Ventures | 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Share of profit/(loss) of joint ventures, net of tax: Y & C Engine Co., Ltd 17,755 17,612 28,484 4,020 MTU Yuchai Power Co., Ltd. (8,487 ) (6,882 ) 594 84 Eberspaecher Yuchai Exhaust Technology Co., Ltd — — (9,366 ) (1,322 ) Other joint ventures. 814 963 (497 ) (70 ) 10,082 11,693 19,215 2,712 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Carrying amount of investments: Y & C Engine Co., Ltd 155,681 176,082 24,852 MTU Yuchai Power Co., Ltd 59,632 59,931 8,459 Eberspaecher Yuchai Exhaust Technology Co., Ltd (1) — 31,794 4,487 Other joint ventures 7,499 6,184 873 222,812 273,991 38,671 |
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 equity 31.12.2018 31.12.2019 % % Held by subsidiaries 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”) Manufacture off-road People’s Republic of China 38.2 38.2 Eberspaecher Yuchai Exhaust Technology Co. Ltd (“Eberspaecher Yuchai”) Application development, production, sales and service on engine exhaust control systems People’s Republic of China 37.4 37.4 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. |
Summarized Financial Information of Joint Ventures and Reconciliation with Carrying Amount of Investment in Consolidated Financial Statements | 31.12.2017 Y & C MTU Yuchai Power Total RMB’000 RMB’000 RMB’000 Revenue 1,331,823 — 1,331,823 Depreciation and amortization (20,831 ) (227 ) (21,058 ) Interest expense (28,663 ) (343 ) (29,006 ) Profit/(loss) for the year, representing total comprehensive income for the year 55,982 (16,973 ) 39,009 Proportion of the Group’s ownership 45 % 50 % Group’s share of profit/(loss) 25,192 (8,487 ) Unrealized profit on transactions with joint venture (7,437 ) — Group’s share of profit/(loss) of significant joint ventures 17,755 (8,487 ) 9,268 Group’s share of profit of other joint ventures, representing the Group’s share of total comprehensive income of other joint ventures 814 Group’s share of profit for the year, representing the Group’s share of total comprehensive income for the year 10,082 31.12.2018 Y & C MTU Yuchai Power Total RMB’000 RMB’000 RMB’000 Non-current 755,671 72,342 828,013 Current assets - Cash and bank balances 113,061 21,707 134,768 - Others 646,751 209,022 855,773 Total assets 1,515,483 303,071 1,818,554 Non-current (46,603 ) — (46,603 ) Current liabilities - Loans and borrowings (51,534 ) — (51,534 ) - Others (942,306 ) (174,242 ) (1,116,548 ) Total liabilities (1,040,443 ) (174,242 ) (1,214,685 ) Equity 475,040 128,829 603,869 Proportion of the Group’s ownership 45 % 50 % Group’s share of net assets 213,768 64,415 Unrealized profit on transactions with joint venture (58,087 ) (4,783 ) Carrying amount of significant joint ventures 155,681 59,632 215,313 Carrying amount of other joint ventures 7,499 Carrying amount of the investment in joint ventures 222,812 31.12.2018 Y & C MTU Yuchai Power Total RMB’000 RMB’000 RMB’000 Revenue 1,443,238 160,580 1,603,818 Depreciation and amortization (45,254 ) (3,744 ) (48,998 ) Interest expense (24,605 ) (1,689 ) (26,294 ) Profit/(loss) for the year, representing total comprehensive income for the year 43,359 (4,197 ) 39,162 Proportion of the Group’s ownership 45 % 50 % Group’s share of profit/(loss) 19,512 (2,099 ) Unrealized profit on transactions with joint venture (1,900 ) (4,783 ) Group’s share of profit/(loss) of significant joint ventures 17,612 (6,882 ) 10,730 Group’s share of profit of other joint ventures, representing the Group’s share of total comprehensive income of other joint ventures 963 Group’s share of profit for the year, representing the Group’s share of total comprehensive income for the year 11,693 31.12.2019 Y & C MTU Yuchai Power Eberspaecher Yuchai Total Total RMB’000 RMB’000 RMB’000 RMB’000 US$’000 Non-current 774,046 78,362 24,001 876,409 123,697 Current assets - Cash and bank balances 164,942 9,265 54,567 228,774 32,289 - Others 1,060,805 221,482 7,970 1,290,257 182,109 Total assets 1,999,793 309,109 86,538 2,395,440 338,095 Non-current (84,154 ) — — (84,154 ) (11,878 ) Current liabilities - Others (1,396,116 ) (179,680 ) (21,651 ) (1,597,447 ) (225,466 ) Total liabilities (1,480,270 ) (179,680 ) (21,651 ) (1,681,601 ) (237,344 ) Equity 519,523 129,429 64,887 713,839 100,751 Proportion of the Group’s ownership 45 % 50 % 49 % Group’s share of net assets 233,786 64,714 31,794 Unrealized profit on transactions with joint venture (57,704 ) (4,783 ) — Carrying amount of significant joint ventures 176,082 59,931 31,794 267,807 37,798 Carrying amount of other joint ventures 6,184 873 Carrying amount of the investment in joint ventures 273,991 38,671 31.12.2019 Y & C MTU Yuchai Power Eberspaecher Yuchai Total Total RMB’000 RMB’000 RMB’000 RMB’000 US$’000 Revenue 2,404,244 178,796 3,509 2,586,549 365,069 Depreciation and amortization (26,099 ) (6,379 ) (25 ) (32,503 ) (4,588 ) Interest expense (29,606 ) (5,017 ) — (34,623 ) (4,887 ) Profit/(loss) for the year, representing total comprehensive income for the year 44,484 600 (19,114 ) 25,970 3,665 Proportion of the Group’s ownership 45 % 50 % 49 % Group’s share of profit/(loss) 20,018 300 (9,366 ) Unrealized profit on transactions with joint venture 8,466 294 — Group’s share of profit/(loss) of significant joint ventures 28,484 594 (9,366 ) 19,712 2,782 Group’s share of loss of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures (497 ) (70 ) Group’s share of profit for the year, representing the Group’s share of total comprehensive income for the year 19,215 2,712 |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Disaggregation of Group's Revenue from Contracts with Customers | Set out below is the disaggregation of the Group’s revenue from contracts with customers: 31.12.2017 Yuchai HLGE Total Segments RMB’000 RMB’000 RMB’000 Type of goods or services Heavy-duty engines 5,182,930 — 5,182,930 Medium-duty engines 5,620,202 — 5,620,202 Light-duty engines 2,147,728 — 2,147,728 Other products and services (i) 3,148,016 — 3,148,016 Revenue from hospitality operations 41,746 57,197 98,943 Total revenue from contracts with customers 16,140,622 57,197 16,197,819 Geographical markets People’s Republic of China 16,073,461 17,265 16,090,726 Other countries 67,161 39,932 107,093 Total revenue from contracts with customers 16,140,622 57,197 16,197,819 Timing of revenue recognition At a point in time 16,098,876 — 16,098,876 Over time 41,746 57,197 98,943 Total revenue from contracts with customers 16,140,622 57,197 16,197,819 31.12.2018 Yuchai HLGE Total Segments RMB’000 RMB’000 RMB’000 Type of goods or services Heavy-duty engines 4,934,435 — 4,934,435 Medium-duty engines 5,537,164 — 5,537,164 Light-duty engines 2,481,554 — 2,481,554 Other products and services (i) 3,213,237 — 3,213,237 Revenue from hospitality operations 44,077 52,781 96,858 Total revenue from contracts with customers 16,210,467 52,781 16,263,248 Geographical markets People’s Republic of China 16,119,896 — 16,119,896 Other countries 90,571 52,781 143,352 Total revenue from contracts with customers 16,210,467 52,781 16,263,248 Timing of revenue recognition At a point in time 16,166,390 — 16,166,390 Over time 44,077 52,781 96,858 Total revenue from contracts with customers 16,210,467 52,781 16,263,248 31.12.2019 Yuchai HLGE Total Total Segments RMB’000 RMB’000 RMB’000 US$’000 Type of goods or services Heavy-duty engines 6,189,934 — 6,189,934 873,655 Medium-duty engines 5,583,982 — 5,583,982 788,130 Light-duty engines 2,429,248 — 2,429,248 342,867 Other products and services (i) 3,732,436 — 3,732,436 526,801 Revenue from hospitality operations 44,704 35,781 80,485 11,360 Total revenue from contracts with customers 17,980,304 35,781 18,016,085 2,542,813 Geographical markets People’s Republic of China 17,913,615 — 17,913,615 2,528,350 Other countries 66,689 35,781 102,470 14,463 Total revenue from contracts with customers 17,980,304 35,781 18,016,085 2,542,813 Timing of revenue recognition At a point in time 17,935,600 — 17,935,600 2,531,453 Over time 44,704 35,781 80,485 11,360 Total revenue from contracts with customers 17,980,304 35,781 18,016,085 2,542,813 Note: (i) included sales of power generator sets, engine components, service-type maintenance services and others. |
Summary of Change in Contract Balances | 7.2 Contract balances 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Trade receivables (Note 17) 408,000 738,929 104,293 Capitalized contract cost 44,434 136,457 19,260 Contract liabilities (Note 26) 340,489 436,622 61,626 |
Schedule of revenue recognized | (a) Set out below is the amount of revenue recognized from: 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Amounts include in contract liabilities at the beginning of the year 55,604 72,321 10,207 |
Schedule of contract cost capitalized | (b) Capitalized contract costs 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Capitalized contract costs relating to service fee charges on development of technology know-how At January 1 — 44,434 6,271 Addition 44,434 93,549 13,204 Utilization — (1,526 ) (215 ) At December 31 44,434 136,457 19,260 |
Summary of Performance Obligations | 7.3 Performance obligations The transaction price allocated to the remaining unsatisfied performance obligations as at 31 December are, as follows: 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Within one year 138,025 127,326 17,971 More than one year 53,703 53,813 7,595 |
Other income and expenses rec_2
Other income and expenses recognized in statement of profit and loss (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Depreciation and Amortization | (a) Depreciation and amortization expenses 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Amortization of intangible assets — — 1,012 143 Amortization of prepaid operating lease 12,366 12,724 — — Depreciation of investment property 248 884 380 54 Depreciation of property, plant and equipment 431,567 420,277 422,859 59,683 Depreciation of right-of-use assets — — 40,958 5,781 444,181 433,885 465,209 65,661 Depreciation and amortization expenses are included in the following captions: 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Cost of sales 307,102 312,769 315,445 44,523 Research and development expenses 48,291 26,751 16,470 2,325 Selling, general and administrative expenses 88,788 94,365 133,294 18,813 444,181 433,885 465,209 65,661 |
Summary of Sales Related Shipping and Handling Expenses Not Separately Billed to Customers | Sales related shipping and handling expenses not separately billed to customers are included in the following caption: 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Selling, general and administrative expenses 208,197 211,971 221,255 31,228 |
Summary of Other Operating Income | 8.2 (a) Other operating income 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Interest income 105,421 147,244 177,261 25,019 Dividend income from quoted equity securities 2,532 1,992 959 135 Gain on disposal of: - associate 199 — — — - joint venture (i) 107,976 — — — - property, plant and equipment 11,668 8,835 — — - quoted equity securities — — 11,528 1,627 - right-of-use — — 9,237 1,304 - subsidiaries (Note 4) 216,115 — — — Government grants 34,337 32,237 122,371 17,272 Fair value gain on quoted equity securities 12,768 — 1,118 158 Fair value gain on foreign exchange forward contract — 4,529 — — Write-back of trade and other payables 29 — 10 1 Realised foreign exchange gain, net 22,624 5,306 3,604 509 Unrealised foreign exchange gain, net 8,319 (4,235 ) 4,679 660 Others 10,129 9,235 16,394 2,314 532,117 205,143 347,161 48,999 |
Summary of Other Operating Expenses | 8.2 (b) Other operating expenses 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Fair value loss on quoted equity securities — 3,433 — — Fair value loss on foreign exchange forward contract — — 5,529 780 Loss on disposal of property, plant and equipment — — 645 91 Others 22,719 9,030 2,501 353 22,719 12,463 8,675 1,224 |
Summary of Finance Costs | 8.3 Finance costs 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Bank term loans 53,888 71,513 76,721 10,828 Bills discounting 42,179 36,826 47,212 6,664 Bank charges 4,367 4,749 4,945 698 Interest on finance lease 5 — — — Interest on lease liabilities (Note 19) — — 2,918 412 100,439 113,088 131,796 18,602 |
Summary of Staff Costs | 8.4 Staff costs 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Wages and salaries 1,158,320 1,176,465 1,122,712 158,461 Contribution to defined contribution plans 258,190 296,073 324,623 45,818 Executive bonuses 59,908 57,674 59,791 8,439 Staff welfare 76,392 76,689 82,692 11,671 Staff severance cost 107,732 28,018 15,454 2,181 Cost of share-based payment 1,592 — — — Others 1,870 8,441 6,012 849 1,664,004 1,643,360 1,611,284 227,419 Staff costs are included in the following captions: 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Cost of sales 850,580 822,570 808,763 114,150 Research and development expenses 197,991 213,826 243,049 34,304 Selling, general and administrative expenses 615,433 606,964 559,472 78,965 1,664,004 1,643,360 1,611,284 227,419 |
Income tax expense (Tables)
Income tax expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Income Tax Expense | The major components of income tax expense for the years ended December 31, 2017, 2018 and 2019 are as follows: 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Current income tax - Current year 197,264 209,448 193,878 27,364 - Over provision in respect of prior years (2,867 ) (729 ) (6,985 ) (986 ) Deferred tax - Movement in temporary differences (225 ) (2,052 ) (14,274 ) (2,014 ) Consolidated income tax expense reported in the statement of profit or loss 194,172 206,667 172,619 24,364 |
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, 2019, 2018 and 2017 for the following reasons: 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Accounting profit before tax 1,514,028 1,181,067 1,033,319 145,844 Computed tax expense at 15% (2018: 15%, 2017: 15%) 227,104 177,160 154,998 21,877 Adjustments resulting from: Non-deductible 21,982 5,146 3,982 562 Tax-exempt (58,324 ) (3,634 ) (6,171 ) (871 ) Utilization of deferred tax benefits previously not recognized (16,687 ) (5,518 ) (5,076 ) (716 ) Deferred tax benefits not recognized 8,084 2,183 6,613 933 Tax credits for research and development expense (34,428 ) (22,407 ) (31,863 ) (4,497 ) Tax rate differential 21,061 24,437 26,223 3,701 Over provision in respect of previous years current tax (2,867 ) (729 ) (6,985 ) (986 ) Withholding tax expense 29,447 30,029 30,898 4,361 Others (1,200 ) — — — Total 194,172 206,667 172,619 24,364 |
Summary of Deferred Tax | Deferred tax relates to the following: Consolidated statement of financial position Consolidated statement of profit or loss 31.12.2018 31.12.2019 31.12.2019 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 RMB’000 RMB’000 RMB’000 US$’000 Deferred tax liabilities Accelerated tax depreciation (27,554 ) (44,920 ) (6,340 ) (4,601 ) (12,432 ) (17,366 ) (2,451 ) Interest receivable (2,252 ) (1,644 ) (232 ) 679 (1,478 ) 608 86 PRC withholding tax on dividend income (i) (106,922 ) (106,922 ) (15,091 ) (29,031 ) (29,842 ) (30,721 ) (4,336 ) (136,728 ) (153,486 ) (21,663 ) (32,953 ) (43,752 ) (47,479 ) (6,701 ) Deferred tax assets Impairment of property, plant and equipment 15,943 6,648 938 9,443 3,624 (9,295 ) (1,312 ) Write-down of inventories 16,060 18,403 2,598 (3,716 ) (1,433 ) 2,343 331 Allowance for doubtful account receivables 5,177 10,077 1,422 (1,964 ) (2,199 ) 4,900 692 Accruals 204,554 250,662 35,379 18,778 (186 ) 46,108 6,508 Deferred income 95,499 107,731 15,205 6,743 43,820 12,232 1,726 Others 23,974 29,439 4,155 3,894 2,178 5,465 770 361,207 422,960 59,697 33,178 45,804 61,753 8,715 225 2,052 14,274 2,014 Note: (i) The movement of PRC withholding tax on dividend income is as follows: 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 At January 1 (100,572 ) (106,922 ) (15,091 ) Provision made to consolidated statement of profit or loss (29,842 ) (30,721 ) (4,336 ) Utilization 23,492 30,721 4,336 December 31 (106,922 ) (106,922 ) (15,091 ) The Corporate Income Tax (“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 |
Classification of the Group's Net Deferred Tax Assets | The following table represents the classification of the Group’s net deferred tax assets: 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Deferred tax assets 361,207 422,960 59,697 Deferred tax liabilities (136,728 ) (153,486 ) (21,663 ) 224,479 269,474 38,034 |
Deferred Tax Assets That Have Not Been Recognized | Deferred tax assets have not been recognized in respect of the following items: 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Unutilized tax losses 396,232 414,226 55,925 Unutilized capital allowances and investment allowances 107,588 107,613 15,185 Other unrecognized temporary differences relating to asset impairment and deferred grants 222,868 215,296 31,456 726,688 737,135 102,566 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Earnings Per Share | The calculation of basic earnings per share is based on: 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Profit attributable to ordinary equity holders of the parent 888,809 695,266 604,914 85,378 Weighted average number of ordinary shares 40,764,569 40,858,290 40,858,290 40,858,290 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: 31.12.2017 31.12.2018 31.12.2019 Weighted average number of shares issued, used in the calculation of basic earnings per share 40,764,569 40,858,290 40,858,290 Diluted effect of share options — — — Weighted average number of ordinary shares adjusted for effect of dilution 40,764,569 40,858,290 40,858,290 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [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, 2018 13,993 2,322,868 281,096 5,156,834 179,954 117,136 8,071,881 Additions — 2,971 359,574 12,465 20,671 10,214 405,895 Disposals — (2,203 ) (2,258 ) (26,142 ) (4,510 ) (4,917 ) (40,030 ) Transfers — 16,845 (167,900 ) 151,055 — — — Write-off — (185 ) (1,056 ) (55,709 ) (3,512 ) (4,843 ) (65,305 ) Translation difference 437 2,249 732 199 485 93 4,195 At December 31, 2018 14,430 2,342,545 470,188 5,238,702 193,088 117,683 8,376,636 Effects of adopting IFRS 16 (i) — — — — (69 ) — (69 ) At January 1, 2019 14,430 2,342,545 470,188 5,238,702 193,019 117,683 8,376,567 Additions — 14,851 884,145 4,260 6,763 8,261 918,280 Disposals — (762 ) — (15,468 ) (902 ) (12,035 ) (29,167 ) Transfers — 45,412 (317,294 ) 268,896 2,986 — — Write-off — (27,911 ) — (211,589 ) (7,126 ) (1,442 ) (248,068 ) Translation difference 406 1,955 (4 ) 221 414 34 3,026 At December 31, 2019 14,836 2,376,090 1,037,035 5,285,022 195,154 112,501 9,020,638 Accumulated depreciation and impairment At January 1, 2018 484 691,450 1,055 3,358,712 121,526 74,636 4,247,863 Charge for the year — 77,783 — 338,132 18,832 6,218 440,965 * Disposals — (1,005 ) — (26,471 ) (3,582 ) (4,555 ) (35,613 ) Write-off — (183 ) (1,055 ) (54,686 ) (3,512 ) (4,604 ) (64,040 ) Impairment loss — — — 30,173 — — 30,173 Translation difference 15 275 — 124 287 45 746 At December 31, 2018 499 768,320 — 3,645,984 133,551 71,740 4,620,094 Effects of adopting IFRS 16 (i) — — — — (27 ) — (27 ) At January 1, 2019 499 768,320 — 3,645,984 133,524 71,740 4,620,067 Charge for the year — 105,818 — 311,402 25,324 10,675 453,219 Disposals — (284 ) — (11,467 ) (547 ) (11,597 ) (23,895 ) Write-off — (25,376 ) — (210,253 ) (6,883 ) (1,419 ) (243,931 ) Impairment loss — — — 3,950 — — 3,950 Translation difference 14 325 — 134 292 19 784 At December 31, 2019 513 848,803 — 3,739,750 151,710 69,418 4,810,194 Net book value At December 31, 2018 13,931 1,574,225 470,188 1,592,718 59,537 45,943 3,756,542 At December 31, 2019 14,323 1,527,287 1,037,035 1,545,272 43,444 43,083 4,210,444 US$’000 2,021 215,563 146,368 218,102 6,132 6,081 594,267 |
Investment property (Tables)
Investment property (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Summary of Investment Property | 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Cost At January 1 32,944 33,972 4,795 Translation difference 1,028 968 137 At December 31 33,972 34,940 4,932 Accumulated depreciation At January 1 25,510 27,207 3,840 Charge for the year 884 380 54 Translation difference 813 801 113 At December 31 27,207 28,388 4,007 Net carrying amount 6,765 6,552 925 Fair value 10,886 11,419 1,612 Consolidated statements of profit or loss: Rental income from an investment property 437 375 53 Direct operating expenses (including repairs, maintenance and depreciation expense) arising from the rental generating property (314 ) (294 ) (41 ) |
Summary of 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 2019 Market comparison and cost Comparable price: - RMB 166 to RMB 440 (US$23 to US$62) per square foot The estimated fair value increases with higher comparable price 2018 Market comparison and cost Comparable price: - RMB 156 to RMB 428 per square foot The estimated fair value increases with higher comparable price |
Prepaid operating leases (Table
Prepaid operating leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Prepaid Operating Leases | 31.12.2018 RMB’000 Current 12,546 Non-current 354,546 Total 367,092 31.12.2018 RMB’000 Cost At January 1 and December 31 529,577 Accumulated amortization At January 1 149,761 Charge for the year 12,724 At December 31 162,485 Net carrying amount 367,092 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Intangible Assets | Technology Know-how Development costs Goodwill Trademarks Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Cost At January 1, 2018 — 136,822 218,311 — 355,133 Addition – internally generated — 195,879 — — 195,879 Reclassification 136,822 (136,822 ) — — — At December 31, 2018 and January 1, 2019 136,822 195,879 218,311 — 551,012 Addition — 366,708 — 169,811 536,519 At December 31, 2019 136,822 562,587 218,311 169,811 1,087,531 Accumulated amortization and impairment At January 1, 2018 — 126,700 5,675 — 132,375 Reclassification 126,700 (126,700 ) — — — At December 31, 2018 and January 1, 2019 126,700 — 5,675 — 132,375 Amortization 1,012 — — — 1,012 At December 31, 2019 127,712 — 5,675 — 133,387 Net carrying amount At December 31, 2018 10,122 195,879 212,636 — 418,637 At December 31, 2019 9,110 562,587 212,636 169,811 954,144 US$’000 1,286 79,404 30,012 23,967 134,669 |
Summary of carrying amount of goodwill allocated | Carrying amount of goodwill allocated to the cash-generating unit: 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Yuchai 212,636 212,636 30,012 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Inventories | 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Raw materials 1,243,955 1,500,034 211,717 Work in progress 30,038 35,688 5,037 Finished goods 1,243,871 1,288,415 181,848 Total inventories at the lower of cost and net realizable value 2,517,864 2,824,137 398,602 |
Analysis of Inventory Reserve Accounts | 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Inventories recognized as an expense in cost of sales 11,021,960 11,471,988 13,167,181 1,858,433 Inclusive of the following charge/(credit): - Inventories written down 17,492 25,194 31,810 4,490 - Reversal of write-down of inventories (37,393 ) (33,662 ) (14,788 ) (2,087 ) |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Other Non Current Assets | 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Current Development properties (i) 20,267 17,721 2,501 Quoted equity securities (ii) 21,876 9,235 1,304 Derivative not designated as hedges – foreign exchange forward contract (iii) 4,529 — — 46,672 26,956 3,805 Note: (i) An impairment loss of RMB 3.0 million (US$0.4 million) on development properties (2018: RMB Nil) was charged to the consolidated statement of profit or loss under “Cost of sales”. (ii) The quoted equity securities are listed on the Singapore Exchange. In 2019, the Group has disposed some of the quoted equity securities for consideration of RMB 16.4 million (US$2.3 million) and gain on disposal of RMB 11.5 million (US$1.6 million) was recognized in consolidated statement of profit or loss under “other operating income”. (iii) On September 19, 2018, Yuchai entered into a non-deliverable |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Trade and Other Receivables | 31.12.2018 31.12.2019 31.12.2019 Trade receivables, gross 438,586 794,678 112,161 Less: Allowance for expected credit losses (30,586 ) (57,611 ) (8,131 ) Net trade receivables 408,000 737,067 104,030 Bills receivable (i) 6,981,106 7,005,234 988,728 Total (Note 7.2, Note 36) 7,389,106 7,742,301 1,092,758 Amounts receivable: - associates and joint ventures (trade) 174 609 86 - associates and joint ventures (non-trade) 56,405 11,185 1,579 - related parties (trade) 32,702 73,243 10,338 - related parties (non-trade) 2,156 2,092 295 Staff advances 5,513 7,133 1,007 Interest receivables 8,220 12,224 1,725 Bills receivable in transit 8,850 8,700 1,228 Refundable deposits 3,029 2,131 301 Others 23,456 49,218 6,946 Less: Impairment losses – other receivables (ii ) — (5,243 ) (740 ) Other receivables carried at amortized cost (Note 36) 140,505 161,292 22,765 Tax recoverable 140,316 223,652 31,566 Prepayments 115,360 63,048 8,899 Net other receivables 396,181 447,992 63,230 Total trade and other receivables 7,785,287 8,190,293 1,155,988 Note: (i) As of December 31, 2019, bills receivable include bills received from joint venture and related parties amounted to RMB Nil (US$ Nil) (2018: RMB 18.1 million) and RMB 1,050.7 million (US$148.3 million) (2018: RMB 17.0 million) respectively. As of December 31, 2019, there was no bills receivable pledged to secure bank facilities. As of December 31, 2018, bills receivable of RMB 558.6 million were pledged to secure bank facilities. (ii) This comprised of impairment loss on bills receivable in transit of RMB 5.0 million (US$0.7 million) as of December 31, 2019 (2018: RMB Nil). This impairment loss was charged to the consolidated statement of profit or loss under “selling, general and administrative expenses”. |
Movement in the Allowance for Expected Credit Losses of Trade and Other Receivables | Movement in the allowance for expected credit losses of trade and other receivables is as follows: 31.12.2018 31.12.2019 31.12.2019 At January 1 43,775 30,586 4,316 (Credit)/debit to consolidated statement of profit or loss (under “selling, general and administrative expenses”) (11,052 ) 32,340 4,565 Written off (2,137 ) (62 ) (9 ) Translation difference — (10 ) (1 ) At December 31 (Note 33) 30,586 62,854 8,871 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Cash and Bank Balances | 31.12.2018 31.12.2019 31.12.2019 Non-current Long-term bank deposits (i) 70,000 50,000 7,057 Current Cash and cash equivalents 5,559,890 5,753,268 812,024 Long-term bank deposits (i) 70,000 70,000 9,880 Short-term bank deposits (ii) 356,926 286,543 40,443 Restricted cash 71,706 231,107 32,619 6,058,522 6,340,918 894,966 Cash and bank balances 6,128,522 6,390,918 902,023 Note: (i) In 2019, YMMC has placed new two-year As at December 31, 2019, the two-year (ii) Short-term bank deposits relate to bank deposits with initial maturities of more than three months and subject to more than insignificant risk of changes in value upon withdrawal before maturity. The interest rate of these bank deposits as of December 31, 2019 for the Group ranged from 1.78% to 3.65% (2018: 1.40% to 3.90%). These short-term bank deposits are not considered as cash equivalents. |
Summary of cash and cash equivalents | For the purpose of the statement of cash flows, cash and cash equivalents comprise the following at December 31: 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Cash at banks and on hand 5,110,520 5,205,605 734,726 Short-term bank deposits (i) 449,370 547,663 77,298 Cash and cash equivalents 5,559,890 5,753,268 812,024 Note: (i) This relates to other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. |
Leases (Table)
Leases (Table) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of detailed information about carrying amounts of right-of-use assets recognized and the movements during the year | Set out below are the carrying amounts of right-of-use Leasehold Building RMB’000 Office RMB’000 Total Total At January 1, 2019 — — — — — Effect of adopting of IFRS 16 (i) 369,925 76,644 39 446,608 63,035 At January 1, 2019 (Restated) 369,925 76,644 39 446,608 63,035 Addition — 11,473 — 11,473 1,619 Depreciation expenses (14,347 ) (26,597 ) (14 ) (40,958 ) (5,781 ) Disposal (1,771 ) — — (1,771 ) (250 ) Translation difference — 36 (4 ) 32 5 At December, 31, 2019 353,807 61,556 21 415,384 58,628 Note: (i) Upon the adoption of IFRS 16 on January 1, 2019, the Group has reclassified the carrying amount of prepaid operating lease and office furniture, fittings and equipment held under finance leases at December 31, 2018 to right-of-use assets. |
Summary of detailed information about carrying amounts of lease liabilities and the movements during the year | Set out below are the carrying amounts of lease liabilities and the movements during the year: 2019 2019 RMB’000 US$’000 At January 1 — — Effect of adopting of IFRS 16 (Note 2.4) 96,852 13,670 At January 1 (Restated) 96,852 13,670 Additions 11,473 1,619 Accretion of interest (Note 8.3) 2,918 412 Payments (51,283 ) (7,238 ) Translation difference 47 6 At December 31 60,007 8,469 Current (Note 27) 28,633 4,041 Non-current 31,374 4,428 Total 60,007 8,469 The maturity analysis of lease liabilities is disclosed in Note 27. |
Summary of detailed information about amounts recognized in profit of loss | The following are the amounts recognized in profit of loss: 2019 2019 Depreciation charge for right-of-use 40,958 5,781 Interest expenses on lease liabilities (Note 8.3) 2,918 412 Expenses relating to short-term leases (included in selling, general and administrative costs and research and development cost) 14,341 2,024 Total amount recognized in profit or loss 58,217 8,217 |
Summary of detailed information about Future minimum rental receivables under non-cancellable operating leases | Future minimum rental receivables under non-cancellable 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Within 1 year - related parties 1,248 1,787 252 - joint venture 2,308 2,691 380 - third parties 1,391 892 126 After 1 year but within 5 years - related parties 1,030 660 93 - joint venture 9,087 10,526 1,486 - third parties 1,463 1,504 212 After than 5 years - related parties 455 — — - joint venture 9,272 5,643 796 - third parties — 889 125 26,254 24,592 3,470 |
Issued capital (Tables)
Issued capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Issued Capital | 31.12.2018 31.12.2019 Issued capital Authorized shares Ordinary share of par value US$0.10 each 100,000 100,000 Number of shares RMB’000 Ordinary shares issued and fully paid At January 1, 2018, December 31, 2018 and December 31, 2019 40,858,290 2,081,138 US$’000 293,734 31.12.2018 31.12.2019 31.12.2019 Special share issued and fully paid One special share issued and fully paid at US$0.10 per share * * * * Less than RMB 1 (US$1) |
Dividends declared and paid (Ta
Dividends declared and paid (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Dividends Declared and Paid | 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Declared and paid during the year Dividends on ordinary shares: Final dividend paid in 2019: US$0.85 per share (2018: US$0.73 per share) 197,353 238,758 33,699 Special dividend paid in 2019: US$ Nil per share (2018: US$1.48 per share) 400,106 — — 597,459 238,758 33,699 Dividend paid in cash 597,459 238,758 33,699 |
Reserves (Tables)
Reserves (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Statutory Reserves | 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Statutory reserve Statutory general reserve (i) At January 1 275,320 276,698 39,053 Transfer from retained earnings 1,378 1,903 269 At December 31 276,698 278,601 39,322 General surplus reserve (ii) At January 1 and December 31 25,706 25,706 3,628 Total 302,404 304,307 42,950 Capital reserves (iii) At January 1 and December 31 30,704 30,704 4,334 Note: (i) 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. (ii) 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. (iii) Capital reserves pertain to a capital transaction in 2015. |
Summary of Other Components of Equity | 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Other components of equity Foreign currency translation reserve (i) (39,215 ) (36,091 ) (5,094 ) Performance shares reserve (ii) 19,758 19,758 2,789 Premium paid for acquisition of non-controlling (11,541 ) (11,472 ) (1,619 ) Fair value reserve of financial assets at FVOCI (iii) (79,948 ) (77,617 ) (10,955 ) Total (110,946 ) (105,422 ) (14,879 ) Note: (i) Foreign currency translation reserve represents exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from that of the Group’s presentation currency. (ii) Performance shares reserve comprises the cumulative value of employee services received in return for share-based compensation. The amount in the reserve is retained when the option is expired. (iii) Fair value reserve of financial assets at FVOCI relates to the subsequent measurement of the Group’s bills receivable at fair value through OCI. |
Share-based payment (Tables)
Share-based payment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Expense Recognized for Employee Services Received | The expense recognized for employee services received during the year is shown in the following table: 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Expense arising from equity-settled share-based payment transactions 1,592 — — — Total expense arising from share-based payment transactions 1,592 — — — |
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 31.12.2018 31.12.2018 31.12.2019 31.12.2019 Outstanding at January 1 and December 31 470,000 US$ 21.11 470,000 US$ 21.11 Exercisable at December 31 470,000 US$ 21.11 470,000 US$ 21.11 |
Fair Value of Share Options and Assumptions | Date of grant of options On July 29, 2014 Fair value at measurement date (US$) 5.70 – 6.74 Share price (US$) 21.11 Exercise price (US$) 21.11 Expected volatility (%) 47.4 Expected option life (years) 3.5 – 5.5 Expected dividends (%) 5.81 Risk-free interest rate (%) 1.4 – 2.0 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Trade and Other Current Payables | 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Current Trade payables 2,495,482 2,953,479 416,858 Bills payables (i) 2,065,147 2,764,013 390,116 Other payables 329,632 54 3 7 76, 777 Accrued expenses 168,235 203,133 28,671 Accrued staff costs 666,641 653,854 92,286 Refund liabilities 761,521 757,655 106,936 Dividend payable 43,133 47,480 6,701 Amount due to: - associates and joint ventures (trade) 262,131 258,964 36,551 - associates and joint ventures (non-trade) 66 81 11 - related parties (trade) 145,747 22 1 1 31, 250 - related parties (non-trade) 32,034 4,016 567 Financial liabilities carried at amortized cost (Note 36) 6,969,769 8,408,058 1,186,724 Other tax payable 38,823 39,698 5,603 Trade and other payables with liquidity risk (Note 33) 7,008,592 8,447,756 1,192,327 Deferred grants (Note 29) 22,082 19,952 2,816 Advance from customers 369 383 55 Total trade and other payables (current) 7,031,043 8,468,091 1,195,198 (i) As of December 31, 2019, the bills payables include bills payable to joint ventures, associates and other related parties amounted to RMB 125.0 million (US$17.6 million) (2018: RMB 131.8 million), RMB 10.1 million (US$1.4 million) (2018: RMB 4.2 million) and RMB 232.6 million (US$32.8 million) (2018: RMB 62.8 million) respectively. |
Summary of Other Non-current Payables | 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Non-current Other payables (i) (Note 33, Note 36) 160,091 176,302 24,883 (i) This relates to accrual for bonus that is not expected to be settled within next 12 months. |
Provision (Tables)
Provision (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Provision for Product Warranty | Provision for Provision for Total Total RMB’000 RMB’000 RMB’000 US$’000 At January 1, 2018 191,814 — 191,814 27,072 Provision made 224,582 — 224,582 31,698 Provision utilized (249,483 ) — (249,483 ) (35,212 ) At December 31, 2018 and January 1, 2019 166,913 — 166,913 23,558 Provision made 421,905 2,316 424,221 59,875 Provision utilized (373,103 ) — (373,103 ) (52,660 ) At December 31, 2019 215,715 2,316 218,031 30,773 |
Contract liabilities (Tables)
Contract liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Contract Liabilities | 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Unfulfilled maintenance services 191,728 181,139 25,566 Advance from customer 148,761 255,483 36,060 Total 340,489 436,622 61,626 Current 286,786 382,809 54,030 Non-current 53,703 53,813 7,596 Total contract liabilities (Note 7.2) 340,489 436,622 61,626 |
Lease liabilities (Tables)
Lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Lease liabilities [abstract] | |
Summary of Lease Liabilities | Effective interest rate Maturity 31.12.2019 31.12.2019 % RMB’000 US$’000 Current (Note 19) 1.25% - 6.20% 2020 28,633 4,041 Non- 1.25% - 6.20% 2021-2024 31,374 4,428 |
Other financial liabilities (Ta
Other financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Other Financial Liabilities | (a) Other liabilities 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Derivative not designated as hedges – foreign exchange forward contract — 999 141 Finance lease liabilities 48 — — 48 999 141 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Current 14 999 141 Non-current 34 — — 48 999 141 |
Detailed information about in other lease payments | 31.12.2018 Minimum payments Present value of payments RMB’000 RMB’00 Not later than one year 14 14 Later than one year but not later than five years 34 34 Total minimum lease payments 48 48 Less: Amount representing finance charges * * Present value of minimum lease payments 48 48 * Less than RMB 1 thousand (US$1 thousand) |
Summary of Loans and Borrowings | Effective interest rate Maturity 31.12.2018 % RMB’000 Current Renminbi denominated loans 4.26 2019 1,500,000 US dollar denominated loans (ii) 3.48 2019 501,014 2,001,014 Non-current Singapore Dollar denominated loans (iii) 2.84 2020 15,078 |
Deferred grants (Tables)
Deferred grants (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Deferred Grants | 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 At January 1 353,647 607,608 85,758 Received during the year 282,388 187,096 26,407 Released to consolidated statement of profit or loss (28,427 ) (117,976 ) (16,651 ) At December 31 607,608 676,728 95,514 Current (Note 24) 22,082 19,952 2,816 Non-current 585,526 656,776 92,698 607,608 676,728 95,514 |
Related party disclosures (Tabl
Related party disclosures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [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. 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Sales of engines and materials - associates and joint ventures 412,591 439,106 912,877 128,845 - GY Group (including its subsidiaries and affiliates) 455,061 406,422 1 792 280 2 52 965 Purchase of material, supplies and engines - associates and joint ventures 914,211 1,192,322 1,999,831 282,259 - GY Group (including its subsidiaries and affiliates) 1,221,421 1,589,638 1,895,239 267,496 Purchase of service - a joint venture 2,543 — — — Hospitality, restaurant, consultancy and other service income charged to - a joint venture 14,241 3,456 3,984 562 - GY Group (including its subsidiaries and affiliates) 25,728 24,015 15,350 2,167 Rental income - GY Group (including its subsidiaries and affiliates) 4,483 3,886 2,133 301 - a joint venture — 1,937 3,206 452 Property management service expenses - GY Group (including its subsidiaries and affiliates) 22,212 26,547 22,595 3,189 Leasing expenses (i) - GY Group (including its subsidiaries and affiliates) 8,676 25,705 — — General and administrative expenses - GY Group (including its subsidiaries and affiliates) 20,215 21,607 19,953 2,816 - HLA (including its affiliates) 6,913 6,639 6,788 958 Delivery, storage, distribution and handling expenses - GY Group (including its subsidiaries and affiliates) 210,406 228,195 304,532 42,982 Payment for trademark s usage - GY Group — — 169,811 23,967 Payment for lease liabilities - GY Group (including its subsidiaries and affiliates) — — 33,594 4,741 Purchases of vehicles and machineries - GY Group (including its subsidiaries and affiliates) 52,443 6,144 2,817 398 Purchases of additional shareholding in a subsidiary from - GY Group (including its subsidiaries and affiliates) (ii) 1,335 — — — Disposal of shareholding in an associate to - GY Group (including its subsidiaries and affiliates) (iii) 1,833 — — — Note: (i) As disclosed in Note 2.4, the Group has adopted IFRS 16 on January 1, 2019. These leasing expenses have been recognized as right-of-use assets and lease liabilities on the consolidated statement of financial position as at December 31, 2019. (ii) In June 2017, GYAMC acquired 25% of equity interest in Crankshaft from GY Group with a purchase consideration of RMB 1.3 million. (iii) In August 2017, YEMC disposed its 30% equity interest in Property Management to GY Group for a consideration of RMB 1.9 million. |
Compensation of Key Management Personnel | Compensation of key management personnel of the Group 31.12.2017 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 RMB’000 US$’000 Short-term employee benefits 40,831 39,703 41,606 5,872 Contribution to defined contribution plans 385 335 362 51 Cost of share-based payment 1,294 — — — 42,510 40,038 41,968 5,923 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Future Minimum Lease Payments | The Group has various lease contracts that have not yet commenced as at December 31, 2019. The future lease payments these non-cancellable 31.12.2019 31.12.2019 RMB’000 US$’000 Within 1 year 105 15 After 1 year but within 5 years 85 12 After 5 years — — 190 27 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Segment Information | Year ended December 31, 2017 Yuchai HLGE Corporate Eliminations/ Consolidated financial statements RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue Total external revenue (Note 7.1) 16,140,622 57,197 — — 16,197,819 Results Interest income 94,760 1,803 11,833 (2,975 ) 105,421 Interest expense (94,794 ) (3,983 ) (270 ) 2,975 (96,072 ) Gain on disposal of subsidiaries — 216,115 — — 216,115 Gain on disposal of joint venture — 107,976 — — 107,976 Impairment of property, plant and equipment (20,845 ) — — — (20,845 ) Impairment of technology development cost (40,000 ) — — — (40,000 ) Staff severance cost (107,732 ) — — — (107,732 ) Depreciation and amortization (433,921 ) (9,990 ) (270 ) — (444,181 ) Share of profit of associates and joint venture 9,255 799 — — 10,054 Income tax expense (164,578 ) (461 ) (102 ) (29,031 ) (1) (194,172 ) Segment profit after tax 1,004,019 322,160 22,708 (29,031 ) (1) 1,319,856 Year ended December 31, 2018 Yuchai HLGE Corporate Eliminations/ Consolidated financial statements RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue Total external revenue (Note 7.1) 16,210,467 52,781 — — 16,263,248 Results Interest income 124,653 4,244 18,347 — 147,244 Interest expense (107,609 ) (403 ) (327 ) — (108,339 ) Impairment of property, plant and equipment (30,173 ) — — — (30,173 ) Staff severance cost (28,018 ) — — — (28,018 ) Depreciation and amortization (428,199 ) (5,355 ) (331 ) — (433,885 ) Share of profit of associates and joint venture 10,809 825 — — 11,634 Income tax expense (175,956 ) (820 ) (49 ) (29,842 ) (1) (206,667 ) Segment profit after tax 1,019,776 4,156 (19,690 ) (29,842 ) (1) 974,400 Total assets 20,636,155 441,040 2,081,220 (1,500,451 ) 21,657,964 Total liabilities (10,318,492 ) (55,404 ) (29,592 ) (106,922 ) (2) (10,510,410 ) Other disclosures Investment in joint ventures 220,176 2,636 — — 222,812 Capital expenditure 403,179 2,643 73 — 405,895 Year ended December 31, 2019 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 (Note 7.1) 17,980,304 35,781 — — 18,016,085 2,542,813 Results Interest income 158,855 5,167 13,239 — 177,261 25,019 Interest expense (126,379 ) (51 ) (421 ) — (126,851 ) (17,904 ) Impairment of property, plant and equipment (3,950 ) — — — (3,950 ) (558 ) Staff severance cost (15,454 ) — — — (15,454 ) (2,181 ) Depreciation and amortization (458,665 ) (5,551 ) (993 ) — (465,209 ) (65,661 ) Share of profit of associates and joint venture 18,137 897 — — 19,034 2,686 Income tax expense (141,330 ) (527 ) (41 ) (30,721 ) (1) (172,619 ) (24,364 ) Segment profit after tax 884,562 4,457 1,939 (30,258 ) (1) 860,700 121,480 Total assets 22,817,479 416,397 2,120,767 (1,500,452 ) 23,854,191 3,366,811 Total liabilities (12,127,021 ) (15,575 ) (31,278 ) (106,932 ) (2) (12,280,806 ) (1,733,329 ) Other disclosures Investment in joint ventures 271,274 2,717 — — 273,991 38,671 Capital expenditure 917,192 1,033 55 — 918,280 129,607 Note: (1) This relates mainly to the deferred tax expense relating to withholding tax on dividends from Yuchai. (2) This relates mainly to the deferred tax liabilities relating to cumulative withholding tax on dividends that are expected to be declared from income earned after December 31, 2007 by Yuchai. |
Summary of Geographic Information | Revenue from one customer group amounted to RMB 5,205.5 million (US$734.7 million) (2018: RMB 4,463.9 million; 2017: RMB 4,839.6 million), arising from sales by Yuchai segment. Non-current 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 People’s Republic of China 4,665,990 5,764,591 813,622 Other countries 95,443 97,879 13,815 4,761,433 5,862,470 827,437 |
Financial risk management obj_2
Financial risk management objectives and policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Summary of Information about Credit Risk on Trade Receivables using Provision Matrix | Set out below is the information about the credit risk exposure on the Group’s trade receivables using a provision matrix: Trade receivables Days past due As at December 31, 2018 Total Current 0 – 90 91-180 181-365 >365 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Expected credit loss rate 6.3 % — 0.1 % — 6.3 % 75.1 % Estimated total gross carrying amount at default 438,586 281,250 47,561 25,862 47,209 36,704 Expected credit loss 30,586 — 30 — 2,990 27,566 Trade receivables Days past due As at December 31, 2019 Total Current 0 – 90 91-180 181-365 >365 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Expected credit loss rate 7. 2 % — 6.9 % 6.2 % 10.9 % 70.7 % Estimated total gross carrying amount at default 7 94 678 601,094 61,917 24,409 40,213 67,045 Expected credit loss 57,611 — 4,283 1,513 4,386 47,429 |
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. 1 year or less 2 to 5 years Total As at December 31, 2018 RMB’000 RMB’000 RMB’000 Financial assets Trade and bills receivables 7,389,106 — 7,389,106 Other receivables, excluding tax recoverable 140,505 — 140,505 Cash and bank balances 6,128,522 — 6,128,522 Quoted equity securities 21,876 — 21,876 Derivative not designated as hedges – foreign exchange forward contract 4,529 — 4,529 13,684,538 — 13,684,538 Financial liabilities Loans and borrowings 2,033,519 15,196 2,048,715 Trade and other payables (Note 24) 7,008,592 160,091 7,168,683 Other liabilities 14 34 48 9,042,125 175,321 9,217,446 1 year or less 2 to 5 years Total Total As at December 31, 2019 RMB’000 RMB’000 RMB’000 US$’000 Financial assets Trade and bills receivables 7,7 4 301 — 7,7 4 301 1,09 2 758 Other receivables, excluding tax recoverable 1 61 , — 1 61 , 2 2 , Cash and bank balances 6,390,918 — 6,390,918 902,023 Quoted equity securities 9,235 — 9,235 1,304 14,303,746 — 14,303,746 2,018,850 Financial liabilities Loans and borrowings 2,085,456 — 2,085,456 294,344 Trade and other payables (Note 24) 8,447,756 176,302 8,624,058 1,217,210 Lease liabilities 29,838 35,263 65,101 9,188 Derivative not designated as hedges – foreign exchange forward contract 999 — 999 141 10,564,049 211,565 10,775,614 1,520,883 |
Exposures to Foreign Currency | The Group’s exposures to foreign currency are as follows: 31.12.2018 Singapore Dollar Euro US Dollar Renminbi Others RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Quoted equity securities 21,876 — — — — Trade and other receivables 693 25,827 12,149 675 — Cash and bank balances 220,268 1,166 28,518 31,662 25 Financial liabilities (15,126 ) — (501,014 ) — — Trade and other payables (13,952 ) (17,452 ) (7,060 ) (41,828 ) — Net assets/(liabilities) 213,759 9,541 (467,407 ) (9,491 ) 25 31.12.2019 Singapore Dollar Euro US Dollar Renminbi Others RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Quoted equity securities 9,235 — — — — Trade and other receivables 607 414 7,624 658 — Cash and bank balances 228,589 52 11,233 2,595 7,364 Financial liabilities (15,710 ) — (139,524 ) — — Trade and other payables (7,086 ) (27,922 ) (10,596 ) (2,605 ) (83 ) Net assets/(liabilities) 215,635 (27,456 ) (131,263 ) 648 7,281 US$’000 30,435 (3,875 ) (18,527 ) 91 1,028 |
Foreign currency risk [Member] | |
Statement [LineItems] | |
Risk Sensitivity Analysis | Profit before tax 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Singapore Dollar 21,376 21,564 3,044 Euro 954 (2,746 ) (388 ) US Dollar (46,741 ) (13,126 ) (1,853 ) Renminbi (949 ) 65 9 |
Equity price risk [member] | |
Statement [LineItems] | |
Risk Sensitivity Analysis | A 10% increase/(decrease) in the underlying prices at the reporting date would increase/(decrease) Group’s profit before tax by the following amount: 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Statement of profit or loss 2,188 924 130 |
Capital management (Tables)
Capital management (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Capital Structure | The capital structure of the Group consists of debts (which includes the borrowings, lease liabilities and trade and other payables, less cash and bank balances) and equity attributable to equity holders of the parent (comprising issued capital and reserves). 31.12.2018 31.12.2019 31.12.2019 RMB’000 RMB’000 US$’000 Loans and borrowings (current and non-current) 2,016,092 2,055,046 290,052 Lease liabilities (current and non-current) (Note 27) — 60,007 8,469 Other liabilities (current and non-current) (Note 28(a)) 48 — — Trade and other payables (current and non-current) 7,191,134 8,644,393 1,220,081 Less: Cash and bank balances (Note 18) (6,128,522 ) (6,390,918 ) (902,023 ) Net debts 3,078,752 4,368,528 616,579 Equity attributable to equity holders of the parent 8,395,849 8,767,529 1,237,460 Total capital and net debts 11,474,601 13,136,057 1,854,039 |
Fair value measurement (Tables)
Fair value measurement (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Fair Value Measurement Hierarchy for Assets and Liabilities | Quantitative disclosures fair value measurement hierarchy for assets and liabilities as at December 31, 2018: Fair value measurement using Date of valuation Quoted prices in active markets Significant observable inputs Significant unobservable inputs Total (Level 1) (Level 2) (Level 3) RMB’000 RMB’000 RMB’000 RMB’000 Assets measured at fair value Quoted equity securities: Quoted equity shares – TCL (Note 16) December 31, 2018 21,876 21,876 — — Derivative financial assets: Foreign exchange forward contract – USD (i) (Note 16) December 31, 2018 4,529 — 4,529 — Debt instruments (ii) : Bills receivable (Note 17) December 31, 2018 6,981,106 — 6,981,106 — Quantitative disclosures fair value measurement hierarchy for assets and liabilities as at December 31, 2019: Fair value measurement using Date of valuation Quoted prices in active markets Significant observable inputs Significant unobservable inputs Total Total (Level 1) (Level 2) (Level 3) US$’000 RMB’000 RMB’000 RMB’000 RMB’000 Assets measured at fair value Quoted equity securities: Quoted equity shares – TCL (Note 16) December 31, 2019 1,304 9,235 9,235 — — Debt financial assets (ii) : Bills receivable (Note 17) December 31, 2019 988,728 7,005,234 — 7,005,234 — Liabilities measured at fair value Derivative financial liabilities: Foreign exchange forward contract – USD (i) (Note 28) December 31, 2019 141 999 — 999 — 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. (ii) The fair value of the Group’s debt financial assets is measured based on quoted market interest rates of similar instruments. |
Financial assets and financia_2
Financial assets and financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Financial Assets and Financial Liabilities | Note Financial assets at fair value through profit or loss Financial Fair Value through OCI Other financial liabilities at amortized cost Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 As at December 31, 2018 Financial assets Quoted equity securities 16 21,876 — — — 21,876 Derivative not designated as hedges – foreign exchange forward contract 16 4,529 — — — 4,529 Trade and bills receivable 17 — 408,000 6,981,106 — 7,389,106 Other receivables 17 — 140,505 — — 140,505 Cash and bank balances 18 — 6,128,522 — — 6,128,522 26,405 6,677,027 6,981,106 — 13,684,538 Financial liabilities Trade and other payables 24 — — — 7,129,860 7,129,860 Loans and borrowings 28(b) — — — 2,016,092 2,016,092 Other liabilities 28(a) — — — 48 48 — — — 9,146,000 9,146,000 Note Financial assets at fair value through profit or loss Financial Fair Value through OCI Other financial liabilities at amortized cost Total Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 US$’000 As at December 31, 2019 Financial assets Quoted equity securities 16 9,235 — — — 9,235 1,304 Trade and bills receivable 17 — 7 37 067 7,005,234 — 7,7 4 301 1,09 2 758 Other receivables 17 — 1 61 , — — 1 61 292 2 2 765 Cash and bank balances 18 — 6,390,918 — — 6,390,918 902,023 9,235 7,289,277 7,005,234 — 14,303,746 2,018,850 Financial liabilities Trade and other payables 24 — — — 8,584,360 8,584,360 1,211,607 Lease liabilities 27 — — — 60,007 60,007 8,469 Loans and borrowings 28(b) — — — 2,055,046 2,055,046 290,052 — — — 10,699,413 10,699,413 1,510,128 |
Schedule of Changes in Liabilities Arising From Financing Activities | January 1, Cash flows Foreign Translation Others December 31, 2018 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 As at December 31, 2018 Loans and borrowings - current 1,600,000 400,320 694 — — 2,001,014 - non-current 26,341 (11,756 ) (305 ) 798 — 15,078 Obligations under finance leases - current 33 (33 ) — — 14 14 - non-current 46 — — 2 (14 ) 34 Total liabilities from financing activities 1,626,420 388,531 389 800 — 2,016,140 January 1, Effect of January 1, Cash flows Addition Accretion Foreign Translation Others December 31, 2019 December 31, 2019 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 US$’000 As at December 31, 2019 Loans and borrowings - current 2,001,014 — 2,001,014 39,979 — — (1,469 ) 444 15,078 2,055,046 290,052 - non-current 15,078 — 15,078 — — — — — (15,078 ) — — Obligations under finance leases - current 14 (14 ) — — — — — — — — — - non-current 34 (34 ) — — — — — — — — — Lease liabilities - current — 42,457 42,457 (51,283 ) 6,008 2,918 — 24 28,509 28,633 4,041 - non-current — 54,395 54,395 — 5,465 — — 23 (28,509 ) 31,374 4,428 Total liabilities from financing activities 2,016,140 96,804 2,112,944 (11,304 ) 11,473 2,918 (1,469 ) 491 — 2,115,053 298,521 |
Corporate Information - Additio
Corporate Information - Additional Information (Detail) | Dec. 31, 2014shares | Apr. 04, 2012 | Jan. 16, 2012shares | Jan. 13, 2012shares | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2019SubsidiariesAssociateJointVentureshares | Dec. 31, 2018Associate | Dec. 31, 2015shares |
Disclosure of Corporate Information [Line Items] | |||||||||
Number of indirectly owned subsidiaries | 33 | 32 | |||||||
Number of directly owned subsidiaries | 9 | 9 | |||||||
Number of joint ventures | 4 | 4 | |||||||
Number of associate | Associate | 1 | 1 | |||||||
HL Global Enterprises Limited [member] | |||||||||
Disclosure of Corporate Information [Line Items] | |||||||||
Ownership interest in subsidiary | 50.20% | 48.90% | 48.10% | 50.10% | 49.40% | 50.20% | 50.20% | 50.20% | |
Number of preference shares converted into ordinary shares | 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 | ||||||||
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 | ||||||||
Foreign Shares Of Yuchai [member] | |||||||||
Disclosure of Corporate Information [Line Items] | |||||||||
Number of wholly owned subsidiaries | 6 | ||||||||
Percentage of issued share capital held by group | 76.41% | ||||||||
Number of shares owned by entity | 361,420,150 | ||||||||
Guangxi Yuchai Machinery Group Company Limited [member] | |||||||||
Disclosure of Corporate Information [Line Items] | |||||||||
Proportion of ownership interests held in parent | 22.09% | ||||||||
Guangxi Yuchai Machinery Monopoly Development Company Limited [member] | |||||||||
Disclosure of Corporate Information [Line Items] | |||||||||
Number of wholly owned subsidiaries | 29 | 28 | |||||||
Ownership interest in subsidiary | 54.90% | 54.90% | |||||||
Guangxi Yuchai Accessories Manufacturing Company Limited [member] | |||||||||
Disclosure of Corporate Information [Line Items] | |||||||||
Number of wholly owned subsidiaries | Subsidiaries | 2 | ||||||||
Ownership interest in subsidiary | 76.40% | 76.40% |
Basis of Preparation and Acco_4
Basis of Preparation and Accounting Policies - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019CNY (¥)Hoursmi | Mar. 31, 2020¥ / $ | Dec. 31, 2019USD ($) | Jan. 01, 2019CNY (¥) | Jan. 01, 2019USD ($) | Dec. 31, 2018CNY (¥) | |
Disclosure of Summary of Significant Accounting Policies [Line items] | ||||||
Convenience translation exchange rate per US$1.00 | ¥ / $ | 7.0851 | |||||
Estimated useful lives of the investment properties | 30 years | |||||
Right-of-use assets | ¥ 415,384 | $ 58,628 | ||||
Lease liabilities | 60,007 | 8,469 | ¥ 96,852 | $ 13,670 | ||
Other liabilities | ¥ 999 | $ 141 | ¥ 48 | |||
IFRS 16 [member] | ||||||
Disclosure of Summary of Significant Accounting Policies [Line items] | ||||||
Prepaid operating leases | 367,100 | 51,800 | ||||
Trade and other receivables | 1,800 | 300 | ||||
Trade and other payables | 19,100 | 2,700 | ||||
Increase decrease due to application of IFRS 16 [Member] | IFRS 16 [member] | ||||||
Disclosure of Summary of Significant Accounting Policies [Line items] | ||||||
Right-of-use assets | 446,600 | 63,000 | ||||
Finance lease assets recognized | 40 | 10 | ||||
Lease liabilities | 96,900 | 13,700 | ||||
Other liabilities | ¥ 50 | $ 10 | ||||
Bottom of range [member] | ||||||
Disclosure of Summary of Significant Accounting Policies [Line items] | ||||||
Lease term | 15 years | |||||
Bottom of range [member] | On-Road Applications Engines [member] | ||||||
Disclosure of Summary of Significant Accounting Policies [Line items] | ||||||
Warranty claim period | 12 months | |||||
Warranty mileage | mi | 50,000 | |||||
Bottom of range [member] | Other Applications Engines [member] | ||||||
Disclosure of Summary of Significant Accounting Policies [Line items] | ||||||
Warranty claim period | 12 months | |||||
Product warranty running hours | Hours | 1,000 | |||||
Top of range [member] | ||||||
Disclosure of Summary of Significant Accounting Policies [Line items] | ||||||
Lease term | 50 years | |||||
Top of range [member] | On-Road Applications Engines [member] | ||||||
Disclosure of Summary of Significant Accounting Policies [Line items] | ||||||
Warranty claim period | 60 months | |||||
Warranty mileage | mi | 360,000 | |||||
Top of range [member] | Other Applications Engines [member] | ||||||
Disclosure of Summary of Significant Accounting Policies [Line items] | ||||||
Warranty claim period | 28 months | |||||
Product warranty running hours | Hours | 3,500 |
Basis of Preparation and Acco_5
Basis of Preparation and Accounting Policies - Estimated Useful Life of Assets (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
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] | |
Description of 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 years 6 months |
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 |
Basis Of Preparation And Acco_6
Basis Of Preparation And Accounting Policies - Summary Of Policies Applied To The Group's Intangible Assets - (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Trademarks [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Description of useful life, intangible assets other than goodwill | Indefinite |
Amortisation method, intangible assets other than goodwill | No amortization |
Description Of Intangible Asset Recognition | Acquired |
Technology know how [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 10 years |
Amortisation method, intangible assets other than goodwill | Amortized on a straight-line basis over the period of the technology know-how |
Description Of Intangible Asset Recognition | Internally generated |
Development costs | |
Disclosure of detailed information about intangible assets [line items] | |
Description Of Intangible Asset Recognition | Internally generated |
Basis of preparation and acco_7
Basis of preparation and accounting policies - Disclosure of detailed information about right-of-use assets useful life (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Leasehold land [member] | |
Disclosure of right of use assets [line items] | |
Description of useful life right of use assets | Shorter of 3 years to 50 years |
Building and office space [member] | Bottom of range [member] | |
Disclosure of right of use assets [line items] | |
Useful life right of use assets | 1 year |
Building and office space [member] | Top of range [member] | |
Disclosure of right of use assets [line items] | |
Useful life right of use assets | 6 years |
Office Furniture, Fittings and Equipment [member] | |
Disclosure of right of use assets [line items] | |
Useful life right of use assets | 5 years |
Basis of preparation and acco_8
Basis of preparation and accounting policies - Disclosure of detailed information about the effect of adoption IFRS 16 (Detail) ¥ in Thousands, $ in Thousands | Jan. 01, 2019CNY (¥) | Jan. 01, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
Assets | ||||||
Prepaid operating leases | ¥ (367,092) | $ (51,812) | ||||
Property, plant and equipment | (39) | (6) | ||||
Right-of-use assets | 446,608 | 63,035 | ||||
Trade and other receivables - Prepayment | (1,770) | (250) | ¥ (514,163) | $ (72,570) | ¥ (502,069) | ¥ 81,121 |
Total assets | 77,707 | 10,967 | ||||
Current Liabilities | ||||||
Lease liabilities | 42,457 | 5,992 | ||||
Other liabilities | (14) | (2) | ||||
Trade and other payables - Accruals | (19,097) | (2,695) | ¥ 10 | $ 1 | ¥ 29 | |
Total current liabilities | 23,346 | 3,295 | ||||
Non-current Liabilities | ||||||
Lease liabilities | 54,395 | 7,677 | ||||
Other liabilities | (34) | (5) | ||||
Total non- current liabilities | ¥ 54,361 | $ 7,672 |
Basis of preparation and acco_9
Basis of preparation and accounting policies - Schedule of operating lease commitments reconciliation (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Jan. 01, 2019CNY (¥) | Jan. 01, 2019USD ($) |
Assets | ||||
Operating lease commitments as at December 31, 2018 | ¥ 101,700 | $ 14,354 | ||
Commitments relating to short-term leases | (2,140) | (302) | ||
Revised rental | (13,878) | (1,959) | ||
Adjusted operating lease commitments | ¥ 85,682 | $ 12,093 | ||
Weighted average incremental borrowing rate as at January 1, 2019 | 4.34% | 4.34% | ||
Discounted operating lease commitments as at January 1, 2019 | ¥ 79,477 | $ 11,218 | ||
Prepayment adjusted to lease liabilities | (1,770) | (250) | ||
Add: | ||||
Commitments relating to leases previously classified as finance leases | 48 | 7 | ||
Accrual adjusted to lease liabilities | 19,097 | 2,695 | ||
Lease liabilities as at January 1, 2019 | ¥ 60,007 | $ 8,469 | ¥ 96,852 | $ 13,670 |
Significant Accounting Judgme_2
Significant Accounting Judgments, Estimates and Assumptions - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2019USD ($) | |
Disclosure of changes in accounting estimates [line items] | ||||
Carrying amounts of deferred tax assets | ¥ 422,960 | ¥ 361,207 | $ 59,697 | |
Increase in profit if all unrecognized deferred tax asset were recognized | ¥ 162,000 | $ 22,900 | 160,000 | |
Cash flows derived from forecasts period | ten years | ten years | ||
Carrying amounts of inventory provision | ¥ 108,700 | ¥ 93,600 | $ 15,300 |
Investments in Subsidiaries - D
Investments in Subsidiaries - Details of Significant Subsidiaries of the Group (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Guangxi Yuchai Machinery Company Lmited [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% | 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 - 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, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2019USD ($) | |
Disclosure of subsidiaries [line items] | |||||
Accumulated balances of material NCI | ¥ 2,805,856 | ¥ 2,751,705 | $ 396,022 | ||
Profit allocated to material NCI | ¥ 255,786 | $ 36,102 | ¥ 279,134 | ¥ 431,047 | |
Guangxi Yuchai Machinery Company Lmited [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 | ¥ 2,603,227 | ¥ 2,556,644 | $ 367,423 | ||
Profit allocated to material NCI | 254,284 | $ 35,890 | 252,394 | ¥ 270,452 | |
Dividends paid to material NCI | ¥ 207,514 | $ 29,289 | ¥ 135,905 | ¥ 98,941 |
Investments in Subsidiaries -_2
Investments in Subsidiaries - Summarized Financial Information Including Goodwill On Acquisition And Consolidation Adjustment But Before Intercompany Eliminations Of Subsidiaries With Material Non Controlling Interests (Details)) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2016CNY (¥) | |
Summarized statement of financial position | ||||||
Current assets | ¥ 17,382,304 | ¥ 16,420,891 | $ 2,453,361 | |||
Current liabilities | (11,209,055) | (9,559,250) | (1,582,061) | |||
Non-current liabilities | (1,071,751) | (951,160) | (151,268) | |||
Total equity | 11,573,385 | 11,147,554 | ¥ 10,961,904 | 1,633,482 | ¥ 10,053,654 | |
Attributable to NCI | 2,805,856 | 2,751,705 | 396,022 | |||
Summarized statement of comprehensive income | ||||||
Revenue | 18,016,085 | $ 2,542,813 | 16,263,248 | 16,197,819 | ||
Profit for the year | 860,700 | 121,480 | 974,400 | 1,319,856 | ||
Total comprehensive income for the year | 872,217 | 123,106 | 1,056,291 | 1,243,333 | ||
Attributable to NCI | 261,848 | 36,958 | 292,356 | 416,224 | ||
Summarized statement of cash flows | ||||||
Operating | 1,583,016 | 223,431 | 670,601 | 1,420,167 | ||
Investing | (810,477) | (114,391) | (79,992) | 76,570 | ||
Financing | (589,429) | (83,193) | (449,525) | 280,862 | ||
Guangxi Yuchai Machinery Company Lmited [member] | ||||||
Summarized statement of financial position | ||||||
Current assets | 16,444,627 | 15,498,171 | 2,321,015 | |||
Non-current assets, excluding goodwill | 6,160,217 | 4,925,347 | 869,461 | |||
Goodwill | 212,636 | 212,636 | 30,012 | |||
Current liabilities | (11,162,938) | (9,489,499) | (1,575,551) | |||
Non-current liabilities | (964,084) | (828,993) | (136,072) | |||
Net assets | 10,690,458 | 10,317,662 | 1,508,865 | |||
Total equity | 10,690,458 | 10,317,662 | 1,508,865 | |||
Attributable to NCI | 2,603,227 | 2,556,644 | $ 367,423 | |||
Summarized statement of comprehensive income | ||||||
Revenue | 17,980,304 | 2,537,763 | 16,210,467 | 16,140,621 | ||
Profit for the year | 825,807 | 116,555 | 972,010 | 960,359 | ||
Total comprehensive income for the year | 828,861 | 116,987 | 867,438 | 960,359 | ||
Attributable to NCI | 254,284 | 35,890 | 252,394 | 270,452 | ||
Summarized statement of cash flows | ||||||
Operating | 1,632,557 | 230,421 | 701,716 | 1,435,156 | ||
Investing | (858,904) | (121,227) | (331,416) | (215,817) | ||
Financing | (656,576) | (92,670) | (66,975) | 221,660 | ||
Net increase in cash and cash equivalents | ¥ 117,077 | $ 16,524 | ¥ 303,325 | ¥ 1,440,999 |
Investments in Subsidiaries - A
Investments in Subsidiaries - Additional Information (Detail) ¥ in Thousands, $ in Thousands | Feb. 28, 2019CNY (¥) | Nov. 22, 2017CNY (¥) | Dec. 31, 2014 | Apr. 04, 2012 | Jan. 16, 2012 | Nov. 30, 2017CNY (¥) | Oct. 31, 2017CNY (¥) | Jun. 30, 2017CNY (¥) | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2015 | Dec. 31, 2019USD ($) | Feb. 28, 2019USD ($) |
Disclosure of subsidiaries [line items] | |||||||||||||||||
Cash and cash equivalents subject to local exchange control regulations | ¥ 5,112,800 | ¥ 5,015,200 | $ 721,600 | ||||||||||||||
Additional investment in subsidiaries | ¥ 114 | $ 16 | ¥ 8,279 | ||||||||||||||
Bottom of range [member] | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Percent of shareholding in subsidiary | 67.50% | ||||||||||||||||
Top of range [member] | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Percent of shareholding in subsidiary | 75.00% | ||||||||||||||||
Guangxi Yuchai Machinery Monopoly Development Company Limited [member] | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Percent of shareholding in subsidiary | 54.90% | 54.90% | 54.90% | ||||||||||||||
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] | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Percent of shareholding in subsidiary | 76.40% | 76.40% | 76.40% | ||||||||||||||
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 | ||||||||||||||||
YC Europe Co [member] | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Percentage of equity interest acquired | 7.50% | 7.50% | |||||||||||||||
Cash consideration | ¥ 100 | $ 100 | |||||||||||||||
Jining Yuchai Engine Company Limited [member] | Yuchai [member] | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Acquisition of equity interest | 100.00% | ||||||||||||||||
Additional investment in subsidiaries | ¥ 300 | ||||||||||||||||
Percentage of ownership control prior to acquisition | 100.00% | ||||||||||||||||
HL Global Enterprises Limited [member] | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Percent of shareholding in subsidiary | 50.20% | 48.90% | 48.10% | 50.10% | 49.40% | 50.20% | 50.20% | 50.20% | 50.20% | ||||||||
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 |
Investments in Subsidiaries -_3
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, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | |
Disclosure of subsidiaries [line items] | ||||
Property, plant and equipment (Note 11) | ¥ 4,210,444 | $ 594,267 | ¥ 3,756,542 | |
Cash and bank balances | 5,205,605 | 734,726 | 5,110,520 | |
Total assets | 23,854,191 | 3,366,811 | 21,657,964 | |
Trade and other payables | (8,644,393) | (1,220,081) | (7,191,134) | |
Provision for taxation | (55,446) | (7,826) | (73,480) | |
Deferred taxation | ¥ (153,486) | $ (21,663) | ¥ (136,728) | |
Gain on disposal: | ||||
Gain on disposal of the subsidiaries (Note 8.2(a)) | ¥ 216,115 | |||
Net cash inflow on disposal of the subsidiaries | 341,602 | |||
Lkn investment international pteltd lknii and lknii wholly owned subsidiary shanghai hutai real estate development co ltd [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Property, plant and equipment (Note 11) | 104,844 | |||
Trade receivables and other receivables | 3,257 | |||
Cash and bank balances | 9,153 | |||
Total assets | 117,254 | |||
Trade and other payables | (3,737) | |||
Provision for taxation | (44) | |||
Deferred taxation | (588) | |||
Net assets | 112,885 | |||
Gain on disposal: | ||||
Total consideration | 395,000 | |||
Less: Cost of disposal | (47,532) | |||
Total consideration less cost of disposal | 347,468 | |||
Net assets derecognized | (112,885) | |||
Realization of foreign translation reserves upon disposal | (18,468) | |||
Gain on disposal of the subsidiaries (Note 8.2(a)) | 216,115 | |||
Total consideration less cost of disposal | 347,468 | |||
Add: Transaction cost unpaid | 33,287 | |||
Less: Retention sum receivables | (30,000) | |||
Cash and bank balances of the subsidiaries | (9,153) | |||
Net cash inflow on disposal of the subsidiaries | ¥ 341,602 |
Investment in Associates - Summ
Investment in Associates - Summarized Investment in Associates (Detail) - Associates [member] ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2019USD ($) | |
Disclosure of associates [line items] | |||||
Share of loss of associates, net of tax | ¥ 181 | $ 26 | ¥ 59 | ¥ 28 | |
Carrying amount of investment | ¥ 1,955 | ¥ 2,130 | $ 276 |
Investment in Associates - Deta
Investment in Associates - Details of Associates (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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% |
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, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2019USD ($) | ||
Disclosure of joint ventures [line items] | ||||||
Share of (loss)/profit of joint ventures, net of tax | ¥ 19,215 | $ 2,712 | ¥ 11,693 | ¥ 10,082 | ||
Carrying amount of the investment | 273,991 | 222,812 | $ 38,671 | |||
Y & C Engine Co., Ltd. [Member] | ||||||
Disclosure of joint ventures [line items] | ||||||
Share of (loss)/profit of joint ventures, net of tax | 28,484 | 4,020 | 17,612 | 17,755 | ||
Carrying amount of the investment | 176,082 | 155,681 | 24,852 | |||
MTU Yuchai Power Co., Ltd [member] | ||||||
Disclosure of joint ventures [line items] | ||||||
Share of (loss)/profit of joint ventures, net of tax | 594 | 84 | (6,882) | (8,487) | ||
Carrying amount of the investment | 59,931 | 59,632 | 8,459 | |||
Eberspaecher Yuchai Exhaust Technology Co., Ltd [member] | ||||||
Disclosure of joint ventures [line items] | ||||||
Share of (loss)/profit of joint ventures, net of tax | (9,366) | (1,322) | ||||
Carrying amount of the investment | [1] | 31,794 | 4,487 | |||
Other Joint Ventures [member] | ||||||
Disclosure of joint ventures [line items] | ||||||
Share of (loss)/profit of joint ventures, net of tax | (497) | $ (70) | 963 | ¥ 814 | ||
Carrying amount of the investment | ¥ 6,184 | ¥ 7,499 | $ 873 | |||
[1] | Eberspaecher Yuchai was incorporated on December 5, 2018. In ___ 2019 & December 2019, the Group injected RMB 17.6 million (US$2.5 million) and RMB 23.5 million (US$3.3 million) respectively into Eberspaecher Yuchai as payment of its investment. |
Investment in Joint Ventures _2
Investment in Joint Ventures - Share of Results of Joint Ventures and Carrying Amount of Investment to Joint Ventures (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2019CNY (¥) | Mar. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2017CNY (¥) | |
Disclosure of joint ventures [line items] | |||||
Additional investment in associates | ¥ 41,160 | $ 5,809 | ¥ 75,000 | ||
Eberspaecher Yuchai [member] | |||||
Disclosure of joint ventures [line items] | |||||
Additional investment in associates | ¥ 17,600 | $ 2,500 | ¥ 23,500 | $ 3,300 |
Investment in Joint Ventures _3
Investment in Joint Ventures - Additional Information (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
Disclosure of joint ventures [line items] | ||||||
Share of capital commitment | ¥ 81,000 | $ 11,400 | ¥ 38,000 | |||
Cash and cash equivalents | 5,753,268 | 812,024 | 5,559,890 | $ 784,729 | ¥ 5,390,324 | ¥ 3,653,914 |
People's Republic of China [member] | ||||||
Disclosure of joint ventures [line items] | ||||||
Cash and cash equivalents | 44,800 | 6,300 | 27,300 | |||
Y & C Engine Co., Ltd. [Member] | ||||||
Disclosure of joint ventures [line items] | ||||||
Cash and cash equivalents | 164,942 | 113,061 | ||||
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 | 45,000 | 6,300 | 98,000 | |||
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 | 11,400 | 1,600 | 1,700 | |||
Joint ventures [member] | ||||||
Disclosure of joint ventures [line items] | ||||||
Cash and cash equivalents | 228,774 | 32,289 | 134,768 | |||
Share of restricted cash | 60,800 | 8,600 | 33,800 | |||
Bills receivables | 50,800 | 7,200 | 0 | |||
Joint ventures [member] | Letter Of Credit Facilities [member] | ||||||
Disclosure of joint ventures [line items] | ||||||
Share of restricted cash | ¥ 0 | $ 0 | ¥ 700 |
Investment in Joint Ventures _4
Investment in Joint Ventures - Interest in Joint Ventures (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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 | |
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 | |
Percentage of interest held | 34.40% | 34.40% |
Guangxi Yineng IOT Science & 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 | |
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 | |
Percentage of interest held | 38.20% | 38.20% |
Eberspaecher Yuchai Exhaust Technology Co Ltd [member] | ||
Disclosure of joint ventures [line items] | ||
Principal activities | Application development, production, sales and service on engine exhaust control systems | |
Place of incorporation | People's Republic of China | |
Percentage of interest held | 37.40% | 37.40% |
Investment in Joint Ventures _5
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, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2016CNY (¥) | ||
Disclosure of joint ventures [line items] | ||||||||
Non-current assets | ¥ 6,471,887 | ¥ 5,237,073 | $ 913,450 | |||||
Cash and bank balances | 5,753,268 | 5,559,890 | ¥ 5,390,324 | 812,024 | $ 784,729 | ¥ 3,653,914 | ||
Others | [1] | 26,956 | 46,672 | 3,805 | ||||
Total assets | 23,854,191 | 21,657,964 | 3,366,811 | |||||
Non-current liabilities | (1,071,751) | (951,160) | (151,268) | |||||
Others | (999) | (14) | (141) | |||||
Total liabilities | (12,280,806) | (10,510,410) | (1,733,329) | |||||
Equity | 11,573,385 | 11,147,554 | 10,961,904 | 1,633,482 | ¥ 10,053,654 | |||
Investment in joint ventures | 273,991 | 222,812 | 38,671 | |||||
Revenue | 18,016,085 | $ 2,542,813 | 16,263,248 | 16,197,819 | ||||
Depreciation and amortization | (465,209) | (65,661) | (433,885) | (444,181) | ||||
Interest expense | (126,851) | (17,904) | (108,339) | (96,072) | ||||
Profit/(loss) for the year, representing total comprehensive income for the year | 872,217 | 123,106 | 1,056,291 | 1,243,333 | ||||
Group's share of profit of other joint ventures, representing the Group's share of total comprehensive income of other joint ventures | 19,215 | $ 2,712 | 11,693 | ¥ 10,082 | ||||
Y & C Engine Co., Ltd. [Member] | ||||||||
Disclosure of joint ventures [line items] | ||||||||
Non-current assets | 774,046 | 755,671 | ||||||
Cash and bank balances | 164,942 | 113,061 | ||||||
Others | 1,060,805 | 646,751 | ||||||
Total assets | 1,999,793 | 1,515,483 | ||||||
Non-current liabilities | (84,154) | (46,603) | ||||||
Loans and borrowings | (51,534) | |||||||
Others | (1,396,116) | (942,306) | ||||||
Total liabilities | (1,480,270) | (1,040,443) | ||||||
Equity | ¥ 519,523 | ¥ 475,040 | ||||||
Proportion of the Group's ownership | 45.00% | 45.00% | 45.00% | 45.00% | ||||
Group's share of net assets | ¥ 233,786 | ¥ 213,768 | ||||||
Unrealized profit on transactions with joint venture | (57,704) | (58,087) | ||||||
Investment in joint ventures | 176,082 | 155,681 | 24,852 | |||||
Revenue | 2,404,244 | 1,443,238 | ¥ 1,331,823 | |||||
Depreciation and amortization | (26,099) | (45,254) | (20,831) | |||||
Interest expense | (29,606) | (24,605) | (28,663) | |||||
Profit/(loss) for the year, representing total comprehensive income for the year | ¥ 44,484 | ¥ 43,359 | ¥ 55,982 | |||||
Proportion of the Group's ownership | 45.00% | 45.00% | 45.00% | 45.00% | ||||
Group's share of profit/(loss) | ¥ 20,018 | ¥ 19,512 | ¥ 25,192 | |||||
Unrealized profit on transactions with joint venture | 8,466 | (1,900) | ||||||
Group's share of profit of other joint ventures, representing the Group's share of total comprehensive income of other joint ventures | 28,484 | $ 4,020 | 17,612 | 17,755 | ||||
Y & C Engine Co., Ltd. [Member] | Significant Joint Ventures [member] | ||||||||
Disclosure of joint ventures [line items] | ||||||||
Investment in joint ventures | 176,082 | 155,681 | ||||||
Unrealized profit on transactions with joint venture | (7,437) | |||||||
Group's share of profit of other joint ventures, representing the Group's share of total comprehensive income of other joint ventures | 28,484 | 17,612 | 17,755 | |||||
Joint ventures [member] | ||||||||
Disclosure of joint ventures [line items] | ||||||||
Non-current assets | 876,409 | 828,013 | 123,697 | |||||
Cash and bank balances | 228,774 | 134,768 | 32,289 | |||||
Others | 1,290,257 | 855,773 | 182,109 | |||||
Total assets | 2,395,440 | 1,818,554 | 338,095 | |||||
Non-current liabilities | (84,154) | (46,603) | (11,878) | |||||
Loans and borrowings | (51,534) | |||||||
Others | (1,597,447) | (1,116,548) | (225,466) | |||||
Total liabilities | (1,681,601) | (1,214,685) | (237,344) | |||||
Equity | 713,839 | 603,869 | 100,751 | |||||
Investment in joint ventures | 273,991 | 222,812 | 38,671 | |||||
Revenue | 2,586,549 | 365,069 | 1,603,818 | 1,331,823 | ||||
Depreciation and amortization | (32,503) | (4,588) | (48,998) | (21,058) | ||||
Interest expense | (34,623) | (4,887) | (26,294) | (29,006) | ||||
Profit/(loss) for the year, representing total comprehensive income for the year | 25,970 | 3,665 | 39,162 | 39,009 | ||||
Group's share of profit of other joint ventures, representing the Group's share of total comprehensive income of other joint ventures | 19,215 | 2,712 | 11,693 | 10,082 | ||||
Joint ventures [member] | Significant Joint Ventures [member] | ||||||||
Disclosure of joint ventures [line items] | ||||||||
Investment in joint ventures | 267,807 | 215,313 | 37,798 | |||||
Group's share of profit of other joint ventures, representing the Group's share of total comprehensive income of other joint ventures | 19,712 | 2,782 | 10,730 | 9,268 | ||||
Joint ventures [member] | Other Joint Ventures [member] | ||||||||
Disclosure of joint ventures [line items] | ||||||||
Investment in joint ventures | 6,184 | 7,499 | 873 | |||||
Group's share of profit of other joint ventures, representing the Group's share of total comprehensive income of other joint ventures | (497) | $ (70) | 963 | ¥ 814 | ||||
MTU Yuchai Power Co., Ltd [member] | ||||||||
Disclosure of joint ventures [line items] | ||||||||
Non-current assets | 78,362 | 72,342 | ||||||
Cash and bank balances | 9,265 | 21,707 | ||||||
Others | 221,482 | 209,022 | ||||||
Total assets | 309,109 | 303,071 | ||||||
Non-current liabilities | 0 | |||||||
Others | (179,680) | (174,242) | ||||||
Total liabilities | (179,680) | (174,242) | ||||||
Equity | ¥ 129,429 | ¥ 128,829 | ||||||
Proportion of the Group's ownership | 50.00% | 50.00% | 50.00% | 50.00% | ||||
Group's share of net assets | ¥ 64,714 | ¥ 64,415 | ||||||
Unrealized profit on transactions with joint venture | (4,783) | (4,783) | ||||||
Investment in joint ventures | 59,931 | 59,632 | $ 8,459 | |||||
Revenue | 178,796 | 160,580 | ||||||
Depreciation and amortization | (6,379) | (3,744) | ¥ (227) | |||||
Interest expense | (5,017) | (1,689) | (343) | |||||
Profit/(loss) for the year, representing total comprehensive income for the year | ¥ 600 | ¥ (4,197) | ¥ (16,973) | |||||
Proportion of the Group's ownership | 50.00% | 50.00% | 50.00% | 50.00% | ||||
Group's share of profit/(loss) | ¥ 300 | ¥ (2,099) | ¥ (8,487) | |||||
Unrealized profit on transactions with joint venture | 294 | (4,783) | ||||||
Group's share of profit of other joint ventures, representing the Group's share of total comprehensive income of other joint ventures | 594 | $ 84 | (6,882) | (8,487) | ||||
MTU Yuchai Power Co., Ltd [member] | Significant Joint Ventures [member] | ||||||||
Disclosure of joint ventures [line items] | ||||||||
Investment in joint ventures | 59,931 | 59,632 | ||||||
Group's share of profit of other joint ventures, representing the Group's share of total comprehensive income of other joint ventures | 594 | ¥ (6,882) | ¥ (8,487) | |||||
Eberspaecher Yuchai [Member] | ||||||||
Disclosure of joint ventures [line items] | ||||||||
Non-current assets | 24,001 | |||||||
Cash and bank balances | 54,567 | |||||||
Others | 7,970 | |||||||
Total assets | 86,538 | |||||||
Others | (21,651) | |||||||
Total liabilities | (21,651) | |||||||
Equity | ¥ 64,887 | |||||||
Proportion of the Group's ownership | 49.00% | 49.00% | ||||||
Group's share of net assets | ¥ 31,794 | |||||||
Unrealized profit on transactions with joint venture | 31,794 | |||||||
Investment in joint ventures | 31,794 | |||||||
Revenue | 3,509 | |||||||
Depreciation and amortization | (25) | |||||||
Profit/(loss) for the year, representing total comprehensive income for the year | ¥ (19,114) | |||||||
Proportion of the Group's ownership | 49.00% | 49.00% | ||||||
Group's share of profit/(loss) | ¥ (9,366) | |||||||
Group's share of profit of other joint ventures, representing the Group's share of total comprehensive income of other joint ventures | (9,366) | |||||||
Eberspaecher Yuchai [Member] | Significant Joint Ventures [member] | ||||||||
Disclosure of joint ventures [line items] | ||||||||
Investment in joint ventures | 31,794 | |||||||
Group's share of profit of other joint ventures, representing the Group's share of total comprehensive income of other joint ventures | ¥ (9,366) | |||||||
[1] | On September 19, 2018, Yuchai entered into a non-deliverable forward foreign exchange contract (“NDF”) with China Construction Bank to purchase US$73.0 million at the forward exchange rate (RMB/US$) of 6.8599 on September 13, 2019. The Group accounted for this NDF at fair value through profit or loss. |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Summary of Disaggregation of Group's Revenue from Contracts with Customers (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | ¥ 18,016,085 | $ 2,542,813 | ¥ 16,263,248 | ¥ 16,197,819 |
At a point in time [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 17,935,600 | 2,531,453 | 16,166,390 | 16,098,876 |
Over time [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 80,485 | 11,360 | 96,858 | 98,943 |
People's Republic of China [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 17,913,615 | 2,528,350 | 16,119,896 | 16,090,726 |
Other countries [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 102,470 | 14,463 | 143,352 | 107,093 |
Heavy-duty engines [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 6,189,934 | 873,655 | 4,934,435 | 5,182,930 |
Medium-duty engines [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 5,583,982 | 788,130 | 5,537,164 | 5,620,202 |
Light-duty engines [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 2,429,248 | 342,867 | 2,481,554 | 2,147,728 |
Other Products And Services [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 3,732,436 | 526,801 | 3,213,237 | 3,148,016 |
Revenue from hospitality operations [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 80,485 | $ 11,360 | 96,858 | 98,943 |
Yuchai segment [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 17,980,304 | 16,210,467 | 16,140,622 | |
Yuchai segment [member] | At a point in time [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 17,935,600 | 16,166,390 | 16,098,876 | |
Yuchai segment [member] | Over time [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 44,704 | 44,077 | 41,746 | |
Yuchai segment [member] | People's Republic of China [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 17,913,615 | 16,119,896 | 16,073,461 | |
Yuchai segment [member] | Other countries [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 66,689 | 90,571 | 67,161 | |
Yuchai segment [member] | Heavy-duty engines [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 6,189,934 | 4,934,435 | 5,182,930 | |
Yuchai segment [member] | Medium-duty engines [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 5,583,982 | 5,537,164 | 5,620,202 | |
Yuchai segment [member] | Light-duty engines [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 2,429,248 | 2,481,554 | 2,147,728 | |
Yuchai segment [member] | Other Products And Services [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 3,732,436 | 3,213,237 | 3,148,016 | |
Yuchai segment [member] | Revenue from hospitality operations [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 44,704 | 44,077 | 41,746 | |
HL Global Enterprises Limited segment [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 35,781 | 52,781 | 57,197 | |
HL Global Enterprises Limited segment [member] | At a point in time [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 0 | |||
HL Global Enterprises Limited segment [member] | Over time [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 35,781 | 52,781 | 57,197 | |
HL Global Enterprises Limited segment [member] | People's Republic of China [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 17,265 | |||
HL Global Enterprises Limited segment [member] | Other countries [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 35,781 | 52,781 | 39,932 | |
HL Global Enterprises Limited segment [member] | Heavy-duty engines [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 0 | |||
HL Global Enterprises Limited segment [member] | Medium-duty engines [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 0 | |||
HL Global Enterprises Limited segment [member] | Light-duty engines [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 0 | |||
HL Global Enterprises Limited segment [member] | Other Products And Services [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 0 | |||
HL Global Enterprises Limited segment [member] | Revenue from hospitality operations [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | ¥ 35,781 | ¥ 52,781 | ¥ 57,197 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Summary of Contract Balances (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) |
Disclosure of contract assets liabilities [abstract] | ||||
Trade receivables (Note 17) | ¥ 738,929 | $ 104,293 | ¥ 408,000 | |
Capitalized contract cost | 136,457 | 19,260 | 44,434 | $ 6,271 |
Contract liabilities (Note 26) | ¥ 436,622 | $ 61,626 | ¥ 340,489 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Summary of Contract Balances (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of contract assets liabilities [abstract] | |
Contract performance obligations description | According to the business customary practice, the remaining performance obligations (unfulfilled maintenance service) at the year-end is expected to be satisfied within 1-3 years. |
Revenue from contracts with c_6
Revenue from contracts with customers - Schedule Of Revenue Recognized (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | |
Disclosure of performance obligations [abstract] | |||
Amounts include in contract liabilities at the beginning of the year | ¥ 72,321 | $ 10,207 | ¥ 55,604 |
Revenue from contracts with c_7
Revenue from contracts with customers - Schedule Of Contract Cost Capitalized (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | |
Contract assets [abstract] | |||
Contract assets | ¥ 44,434 | $ 6,271 | |
Additions To Contract Assets | 93,549 | 13,204 | ¥ 44,434 |
Utilization Of Contract Assets | (1,526) | (215) | |
Contract assets | ¥ 136,457 | $ 19,260 | ¥ 44,434 |
Revenue from contracts with c_8
Revenue from contracts with customers - Performance Obligations (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) |
Within one year [member] | |||
Disclosure of transaction price allocated to remaining performance obligations [line items] | |||
Performance Obligations | ¥ 127,326 | $ 17,971 | ¥ 138,025 |
More than one year [member] | |||
Disclosure of transaction price allocated to remaining performance obligations [line items] | |||
Performance Obligations | ¥ 53,813 | $ 7,595 | ¥ 53,703 |
Other Income and Expenses Rec_3
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, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Disclosure of income statement [line items] | ||||
Amortization of intangible assets | ¥ 1,012 | $ 143 | ||
Amortization of prepaid operating lease | ¥ 12,724 | ¥ 12,366 | ||
Depreciation of investment property | 380 | 54 | 884 | 248 |
Depreciation of property, plant and equipment | 422,859 | 59,683 | 420,277 | 431,567 |
Depreciation of right-of-use assets | 40,958 | 5,781 | ||
Depreciation and amortization expenses | 465,209 | 65,661 | 433,885 | 444,181 |
Cost of sales [member] | ||||
Disclosure of income statement [line items] | ||||
Depreciation and amortization expenses | 315,445 | 44,523 | 312,769 | 307,102 |
Research and development expenses [Member] | ||||
Disclosure of income statement [line items] | ||||
Depreciation and amortization expenses | 16,470 | 2,325 | 26,751 | 48,291 |
Selling general and administrative expenses [member] | ||||
Disclosure of income statement [line items] | ||||
Depreciation and amortization expenses | ¥ 133,294 | $ 18,813 | ¥ 94,365 | ¥ 88,788 |
Other Income and Expenses Rec_4
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, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Selling general and administrative expenses [member] | ||||
Disclosure of income statement [line items] | ||||
Selling, general and administrative expenses | ¥ 221,255 | $ 31,228 | ¥ 211,971 | ¥ 208,197 |
Other Income and Expenses Rec_5
Other Income and Expenses Recognized in Statement of Profit and Loss - Summary of Other Operating Income (Detail) ¥ in Thousands, $ in Thousands | Jan. 01, 2019CNY (¥) | Jan. 01, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Disclosure Of Information On Income Statement [line items] | |||||||
Interest income | ¥ 177,261 | $ 25,019 | ¥ 147,244 | ¥ 105,421 | |||
Dividend income from quoted equity securities | 959 | 135 | 1,992 | 2,532 | |||
Gain on disposal of associate | 199 | ||||||
Gain on disposal of joint venture | [1] | 107,976 | |||||
Gain on disposal of property, plant and equipment | 8,835 | 11,668 | |||||
Gain on disposal of quoted equity securities | 11,528 | 1,627 | |||||
Gain on disposal of right-of-use assets | 9,237 | 1,304 | |||||
Gain on disposal of subsidiaries | 216,115 | ||||||
Government grants | 122,371 | 17,272 | 32,237 | 34,337 | |||
Fair value gain on quoted equity securities | 1,118 | 158 | 12,768 | ||||
Fair value gain on foreign exchange forward contract | 4,529 | ||||||
Write-back of trade and other payables | ¥ (19,097) | $ (2,695) | 10 | 1 | 29 | ||
Realised foreign exchange gain, net | 3,604 | 509 | 5,306 | 22,624 | |||
Unrealised foreign exchange gain, net | 4,679 | 660 | (4,235) | 8,319 | |||
Others | 16,394 | 2,314 | 9,235 | 10,129 | |||
Other operating income | ¥ 347,161 | $ 48,999 | ¥ 205,143 | ¥ 532,117 | |||
[1] | On October 19, 2017, the Group completed the disposal of its joint venture investment in Copthorne Qingdao and recognized gain on disposal in the Group’s profit or loss for the year ended December 31, 2017. |
Other Income and Expenses Rec_6
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, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Profit or loss [abstract] | ||||
Fair value loss on quoted equity securities | ¥ 3,433 | |||
Fair value loss on foreign exchange forward contract | ¥ 5,529 | $ 780 | ||
Loss on disposal of property, plant and equipment | 645 | 91 | ||
Others | 2,501 | 353 | 9,030 | ¥ 22,719 |
Other operating expenses | ¥ 8,675 | $ 1,224 | ¥ 12,463 | ¥ 22,719 |
Other Income and Expenses Rec_7
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, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Profit or loss [abstract] | ||||
Bank term loans | ¥ 76,721 | $ 10,828 | ¥ 71,513 | ¥ 53,888 |
Bills discounting | 47,212 | 6,664 | 36,826 | 42,179 |
Bank charges | 4,945 | 698 | 4,749 | 4,367 |
Interest on finance lease | 5 | |||
Interest on lease liabilities (Note 19) | 2,918 | 412 | ||
Finance costs | ¥ 131,796 | $ 18,602 | ¥ 113,088 | ¥ 100,439 |
Other Income and Expenses Rec_8
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, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Disclosure of income statement [line items] | ||||
Wages and salaries | ¥ 1,122,712 | $ 158,461 | ¥ 1,176,465 | ¥ 1,158,320 |
Contribution to defined contribution plans | 324,623 | 45,818 | 296,073 | 258,190 |
Executive bonuses | 59,791 | 8,439 | 57,674 | 59,908 |
Staff welfare | 82,692 | 11,671 | 76,689 | 76,392 |
Staff severance cost | 15,454 | 2,181 | 28,018 | 107,732 |
Cost of share-based payment | 1,592 | |||
Others | 6,012 | 849 | 8,441 | 1,870 |
Staff costs | 1,611,284 | 227,419 | 1,643,360 | 1,664,004 |
Cost of sales [member] | ||||
Disclosure of income statement [line items] | ||||
Staff costs | 808,763 | 114,150 | 822,570 | 850,580 |
Research and development expenses [Member] | ||||
Disclosure of income statement [line items] | ||||
Staff costs | 243,049 | 34,304 | 213,826 | 197,991 |
Selling general and administrative expenses [member] | ||||
Disclosure of income statement [line items] | ||||
Staff costs | ¥ 559,472 | $ 78,965 | ¥ 606,964 | ¥ 615,433 |
Income Tax Expense - Summary of
Income Tax Expense - Summary of Income Tax Expense (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Current income tax | ||||
Current year | ¥ 193,878 | $ 27,364 | ¥ 209,448 | ¥ 197,264 |
Over provision in respect of prior years | (6,985) | (986) | (729) | (2,867) |
Deferred tax | ||||
Movement in temporary differences | (14,274) | (2,014) | (2,052) | (225) |
Consolidated income tax expense reported in the statement of profit or loss | ¥ 172,619 | $ 24,364 | ¥ 206,667 | ¥ 194,172 |
Income Tax Expense - Additional
Income Tax Expense - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017 | Dec. 31, 2019USD ($) | |
Statement [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 | ¥ 106.9 | ¥ 106.9 | $ 15.1 | |
Unrecognized deferred tax liability relating to undistributed earnings | ¥ 253.5 | ¥ 249.2 | $ 35.8 | |
PRC [member] | ||||
Statement [line items] | ||||
Unrecognized tax losses expiration period for subsidiaries that have a history of losses | 5 years | |||
Malaysia [member] | ||||
Statement [line items] | ||||
Unrecognized tax losses expiration period for subsidiaries that have a history of losses | 7 years |
Income Tax Expense - Reconcilia
Income Tax Expense - Reconciliation of Income Tax Expense (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | ||||
Accounting profit before tax | ¥ 1,033,319 | $ 145,844 | ¥ 1,181,067 | ¥ 1,514,028 |
Computed tax expense at 15% (2018: 15%, 2017: 15%) | 154,998 | 21,877 | 177,160 | 227,104 |
Adjustments resulting from: | ||||
Non-deductible expenses | 3,982 | 562 | 5,146 | 21,982 |
Tax-exempt income | (6,171) | (871) | (3,634) | (58,324) |
Utilization of deferred tax benefits previously not recognized | (5,076) | (716) | (5,518) | (16,687) |
Deferred tax benefits not recognized | 6,613 | 933 | 2,183 | 8,084 |
Tax credits for research and development expense | (31,863) | (4,497) | (22,407) | (34,428) |
Tax rate differential | 26,223 | 3,701 | 24,437 | 21,061 |
Over provision in respect of previous years current tax | (6,985) | (986) | (729) | (2,867) |
Withholding tax expense | 30,898 | 4,361 | 30,029 | 29,447 |
Others | (1,200) | |||
Consolidated income tax expense reported in the statement of profit or loss | ¥ 172,619 | $ 24,364 | ¥ 206,667 | ¥ 194,172 |
Income Tax Expense - Reconcil_2
Income Tax Expense - Reconciliation of Income Tax Expense (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Applicable income tax rate | 15.00% | 15.00% | 15.00% |
Income Tax Expense - Summary _2
Income Tax Expense - Summary of Deferred Tax (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2019USD ($) | ||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax liabilities | ¥ (153,486) | ¥ (136,728) | $ (21,663) | |||
Deferred tax assets | 422,960 | 361,207 | 59,697 | |||
Reconciliation of deferred tax (expense) income | 14,274 | $ 2,014 | 2,052 | ¥ 225 | ||
Accelerated depreciation [Member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax liabilities | (44,920) | (27,554) | (6,340) | |||
Reconciliation of deferred tax (expense) income | (17,366) | (2,451) | (12,432) | (4,601) | ||
Interest receivable [Member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax liabilities | (1,644) | (2,252) | (232) | |||
Reconciliation of deferred tax (expense) income | 608 | 86 | (1,478) | 679 | ||
PRC withholding tax on dividend income [Member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax liabilities | [1] | (106,922) | (106,922) | (15,091) | ||
Reconciliation of deferred tax (expense) income | [1] | (30,721) | (4,336) | (29,842) | (29,031) | |
Deferred income tax liabilities [member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Reconciliation of deferred tax (expense) income | (47,479) | (6,701) | (43,752) | (32,953) | ||
Impairment of property, plant and equipment [Member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets | 6,648 | 15,943 | 938 | |||
Reconciliation of deferred tax (expense) income | (9,295) | (1,312) | 3,624 | 9,443 | ||
Write-down of inventories [member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets | 18,403 | 16,060 | 2,598 | |||
Reconciliation of deferred tax (expense) income | 2,343 | 331 | (1,433) | (3,716) | ||
Allowance for doubtful account receivables [Member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets | 10,077 | 5,177 | 1,422 | |||
Reconciliation of deferred tax (expense) income | 4,900 | 692 | (2,199) | (1,964) | ||
Accruals [member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets | 250,662 | 204,554 | 35,379 | |||
Reconciliation of deferred tax (expense) income | 46,108 | 6,508 | (186) | 18,778 | ||
Deferred income [Member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets | 107,731 | 95,499 | 15,205 | |||
Reconciliation of deferred tax (expense) income | 12,232 | 1,726 | 43,820 | 6,743 | ||
Others [Member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets | 29,439 | 23,974 | 4,155 | |||
Reconciliation of deferred tax (expense) income | 5,465 | 770 | 2,178 | 3,894 | ||
Deferred Tax Asset [member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets | 422,960 | 361,207 | $ 59,697 | |||
Reconciliation of deferred tax (expense) income | ¥ 61,753 | $ 8,715 | ¥ 45,804 | ¥ 33,178 | ||
[1] | The movement of PRC withholding tax on dividend income is as follows: |
Income Tax Expense - Summary _3
Income Tax Expense - Summary of Deferred Tax (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | |
Disclosure of deferred tax assets and liabilities [Line Items] | |||
Beginning balance | ¥ 224,479 | ||
Ending balance | 269,474 | $ 38,034 | ¥ 224,479 |
PRC withholding tax on dividend income [Member] | |||
Disclosure of deferred tax assets and liabilities [Line Items] | |||
Beginning balance | (106,922) | (15,091) | (100,572) |
Provision made to consolidated statement of profit or loss | (30,721) | (4,336) | (29,842) |
Utilization | 30,721 | 4,336 | 23,492 |
Ending balance | ¥ (106,922) | $ (15,091) | ¥ (106,922) |
Income Tax Expense - Classifica
Income Tax Expense - Classification of the Group's Net Deferred Tax Assets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) |
Deferred tax assets and liabilities [abstract] | |||
Deferred tax assets | ¥ 422,960 | $ 59,697 | ¥ 361,207 |
Deferred tax liabilities | (153,486) | (21,663) | (136,728) |
Net deferred tax assets | ¥ 269,474 | $ 38,034 | ¥ 224,479 |
Income Tax Expense - Deferred T
Income Tax Expense - Deferred Tax Assets That Have Not Been Recognized (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) |
Disclosure of temporary difference, unused tax losses and unused tax credits [abstract] | |||
Unutilized tax losses | ¥ 414,226 | $ 55,925 | ¥ 396,232 |
Unutilized capital allowances and investment allowances | 107,613 | 15,185 | 107,588 |
Other unrecognized temporary differences relating to asset impairment and deferred grants | 215,296 | 31,456 | 222,868 |
Deferred tax assets have not been recognised | ¥ 737,135 | $ 102,566 | ¥ 726,688 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Share (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019CNY (¥)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018CNY (¥)shares | Dec. 31, 2017CNY (¥)shares | |
Earnings per share [abstract] | ||||
Profit attributable to ordinary equity holders of the parent | ¥ 604,914 | $ 85,378 | ¥ 695,266 | ¥ 888,809 |
Weighted average number of ordinary shares | 40,858,290 | 40,858,290 | 40,858,290 | 40,764,569 |
Weighted average number of ordinary shares adjusted for effect of dilution | 40,858,290 | 40,858,290 | 40,858,290 | 40,764,569 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings per share [abstract] | |||
Number of employee share option, anti-dilutive | 470,000 | 470,000 | 470,000 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | ¥ 3,756,542 | |||
Charge for the year | 422,859 | $ 59,683 | ¥ 420,277 | ¥ 431,567 |
Impairment loss | 3,950 | 558 | 30,173 | 20,845 |
Ending balance | 4,210,444 | 594,267 | 3,756,542 | |
Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 8,376,636 | 8,071,881 | ||
Additions | 918,280 | 405,895 | ||
Disposals | (29,167) | (40,030) | ||
Transfers | 0 | |||
Write-off | (248,068) | (65,305) | ||
Translation difference | 3,026 | 4,195 | ||
Ending balance | 9,020,638 | 8,376,636 | 8,071,881 | |
Cost [member] | Increase (decrease) due to changes in accounting policy [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 8,376,567 | |||
Effects of adopting IFRS 16 | (69) | |||
Ending balance | 8,376,567 | |||
Accumulated depreciation, amortization and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 4,620,094 | 4,247,863 | ||
Charge for the year | 453,219 | 440,965 | ||
Disposals | (23,895) | (35,613) | ||
Write-off | (243,931) | (64,040) | ||
Impairment loss | 3,950 | 30,173 | ||
Translation difference | 784 | 746 | ||
Ending balance | 4,810,194 | 4,620,094 | 4,247,863 | |
Accumulated depreciation, amortization and impairment [member] | Increase (decrease) due to changes in accounting policy [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 4,620,067 | |||
Effects of adopting IFRS 16 | (27) | |||
Ending balance | 4,620,067 | |||
Freehold land [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 13,931 | |||
Ending balance | 14,323 | 2,021 | 13,931 | |
Freehold land [member] | Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 14,430 | 13,993 | ||
Additions | 0 | |||
Disposals | 0 | |||
Transfers | 0 | |||
Write-off | 0 | |||
Translation difference | 406 | 437 | ||
Ending balance | 14,836 | 14,430 | 13,993 | |
Freehold land [member] | Cost [member] | Increase (decrease) due to changes in accounting policy [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 14,430 | |||
Ending balance | 14,430 | |||
Freehold land [member] | Accumulated depreciation, amortization and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 499 | 484 | ||
Translation difference | 14 | 15 | ||
Ending balance | 513 | 499 | 484 | |
Freehold land [member] | Accumulated depreciation, amortization and impairment [member] | Increase (decrease) due to changes in accounting policy [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 499 | |||
Ending balance | 499 | |||
Leasehold land, buildings and improvements [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 1,574,225 | |||
Ending balance | 1,527,287 | 215,563 | 1,574,225 | |
Leasehold land, buildings and improvements [member] | Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 2,342,545 | 2,322,868 | ||
Additions | 14,851 | 2,971 | ||
Disposals | (762) | (2,203) | ||
Transfers | 45,412 | 16,845 | ||
Write-off | (27,911) | (185) | ||
Translation difference | 1,955 | 2,249 | ||
Ending balance | 2,376,090 | 2,342,545 | 2,322,868 | |
Leasehold land, buildings and improvements [member] | Cost [member] | Increase (decrease) due to changes in accounting policy [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 2,342,545 | |||
Ending balance | 2,342,545 | |||
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 | 768,320 | 691,450 | ||
Charge for the year | 105,818 | 77,783 | ||
Disposals | (284) | (1,005) | ||
Write-off | (25,376) | (183) | ||
Translation difference | 325 | 275 | ||
Ending balance | 848,803 | 768,320 | 691,450 | |
Leasehold land, buildings and improvements [member] | Accumulated depreciation, amortization and impairment [member] | Increase (decrease) due to changes in accounting policy [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 768,320 | |||
Ending balance | 768,320 | |||
Construction in progress [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 470,188 | |||
Ending balance | 1,037,035 | 146,368 | 470,188 | |
Construction in progress [member] | Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 470,188 | 281,096 | ||
Additions | 884,145 | 359,574 | ||
Disposals | 0 | (2,258) | ||
Transfers | (317,294) | (167,900) | ||
Write-off | 0 | (1,056) | ||
Translation difference | (4) | 732 | ||
Ending balance | 1,037,035 | 470,188 | 281,096 | |
Construction in progress [member] | Cost [member] | Increase (decrease) due to changes in accounting policy [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 470,188 | |||
Ending balance | 470,188 | |||
Construction in progress [member] | Accumulated depreciation, amortization and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 1,055 | |||
Write-off | (1,055) | |||
Ending balance | 1,055 | |||
Plant and machinery [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 1,592,718 | |||
Ending balance | 1,545,272 | 218,102 | 1,592,718 | |
Plant and machinery [member] | Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 5,238,702 | 5,156,834 | ||
Additions | 4,260 | 12,465 | ||
Disposals | (15,468) | (26,142) | ||
Transfers | 268,896 | 151,055 | ||
Write-off | (211,589) | (55,709) | ||
Translation difference | 221 | 199 | ||
Ending balance | 5,285,022 | 5,238,702 | 5,156,834 | |
Plant and machinery [member] | Cost [member] | Increase (decrease) due to changes in accounting policy [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 5,238,702 | |||
Ending balance | 5,238,702 | |||
Plant and machinery [member] | Accumulated depreciation, amortization and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 3,645,984 | 3,358,712 | ||
Charge for the year | 311,402 | 338,132 | ||
Disposals | (11,467) | (26,471) | ||
Write-off | (210,253) | (54,686) | ||
Impairment loss | 3,950 | 30,173 | ||
Translation difference | 134 | 124 | ||
Ending balance | 3,739,750 | 3,645,984 | 3,358,712 | |
Plant and machinery [member] | Accumulated depreciation, amortization and impairment [member] | Increase (decrease) due to changes in accounting policy [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 3,645,984 | |||
Ending balance | 3,645,984 | |||
Office furniture, fittings and equipment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 59,537 | |||
Ending balance | 43,444 | 6,132 | 59,537 | |
Office furniture, fittings and equipment [member] | Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 193,088 | 179,954 | ||
Additions | 6,763 | 20,671 | ||
Disposals | (902) | (4,510) | ||
Transfers | 2,986 | |||
Write-off | (7,126) | (3,512) | ||
Translation difference | 414 | 485 | ||
Ending balance | 195,154 | 193,088 | 179,954 | |
Office furniture, fittings and equipment [member] | Cost [member] | Increase (decrease) due to changes in accounting policy [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 193,019 | |||
Effects of adopting IFRS 16 | (69) | |||
Ending balance | 193,019 | |||
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 | 133,551 | 121,526 | ||
Charge for the year | 25,324 | 18,832 | ||
Disposals | (547) | (3,582) | ||
Write-off | (6,883) | (3,512) | ||
Translation difference | 292 | 287 | ||
Ending balance | 151,710 | 133,551 | 121,526 | |
Office furniture, fittings and equipment [member] | Accumulated depreciation, amortization and impairment [member] | Increase (decrease) due to changes in accounting policy [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 133,524 | |||
Effects of adopting IFRS 16 | (27) | |||
Ending balance | 133,524 | |||
Motor and transport vehicles [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 45,943 | |||
Ending balance | 43,083 | $ 6,081 | 45,943 | |
Motor and transport vehicles [member] | Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 117,683 | 117,136 | ||
Additions | 8,261 | 10,214 | ||
Disposals | (12,035) | (4,917) | ||
Transfers | 0 | |||
Write-off | (1,442) | (4,843) | ||
Translation difference | 34 | 93 | ||
Ending balance | 112,501 | 117,683 | 117,136 | |
Motor and transport vehicles [member] | Cost [member] | Increase (decrease) due to changes in accounting policy [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 117,683 | |||
Ending balance | 117,683 | |||
Motor and transport vehicles [member] | Accumulated depreciation, amortization and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 71,740 | 74,636 | ||
Charge for the year | 10,675 | 6,218 | ||
Disposals | (11,597) | (4,555) | ||
Write-off | (1,419) | (4,604) | ||
Translation difference | 19 | 45 | ||
Ending balance | 69,418 | 71,740 | ¥ 74,636 | |
Motor and transport vehicles [member] | Accumulated depreciation, amortization and impairment [member] | Increase (decrease) due to changes in accounting policy [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | ¥ 71,740 | |||
Ending balance | ¥ 71,740 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Parenthetical) (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | |
Disclosure of detailed information about property, plant and equipment [abstract] | |||
Depreciation capitalized as intangible assets | ¥ 21.6 | $ 3 | ¥ 15.3 |
Depreciation capitalized as contract assets | ¥ 8.8 | $ 1.2 | ¥ 5.4 |
Property, Plant and Equipment_3
Property, Plant and Equipment - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Disclosure of detailed information about property, plant and equipment [abstract] | ||||
Impairment loss | ¥ 3,950 | $ 558 | ¥ 30,173 | ¥ 20,845 |
Property, plant and equipment piedged to secure bank facilities | ¥ 0 | 0 | ||
Carrying value of property, plant and equipment held under finance leases | ¥ 100 |
Investment Property - Summary o
Investment Property - Summary of Investment Property (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Disclosure of detailed information about investment property [line items] | ||||
Beginning balance | ¥ 6,765 | |||
Charge for the year | 380 | $ 54 | ¥ 884 | ¥ 248 |
Ending balance | 6,552 | 925 | 6,765 | |
Consolidated statements of profit or loss: | ||||
Rental income from an investment property | 375 | 53 | 437 | |
Direct operating expenses (including repairs, maintenance and depreciation expense) arising from the rental generating property | (294) | (41) | (314) | |
Fair value [member] | ||||
Disclosure of detailed information about investment property [line items] | ||||
Beginning balance | 10,886 | |||
Ending balance | 11,419 | 1,612 | 10,886 | |
Cost [member] | ||||
Disclosure of detailed information about investment property [line items] | ||||
Beginning balance | 33,972 | 4,795 | 32,944 | |
Translation difference | 968 | 137 | 1,028 | |
Ending balance | 34,940 | 4,932 | 33,972 | 32,944 |
Accumulated depreciation, amortization and impairment [member] | ||||
Disclosure of detailed information about investment property [line items] | ||||
Beginning balance | 27,207 | 3,840 | 25,510 | |
Charge for the year | 380 | 54 | 884 | |
Translation difference | 801 | 113 | 813 | |
Ending balance | ¥ 28,388 | $ 4,007 | ¥ 27,207 | ¥ 25,510 |
Investment Property - Summary_2
Investment Property - Summary of Fair Value Measurement of Investment Property (Detail) - Market comparison and cost method [member] | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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:-RMB 166 to RMB 440 (US$23 to US$62) per square foot | Comparable price:-RMB 156 to RMB 428 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 |
Prepaid Operating Leases - Summ
Prepaid Operating Leases - Summary of Prepaid Operating Leases (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about arrangements involving legal form of lease [line items] | ||
Current | ¥ 12,546 | |
Charge for the year | 12,724 | ¥ 12,366 |
Non-current | 354,546 | |
Ending balance | 367,092 | |
Cost [member] | ||
Disclosure of detailed information about arrangements involving legal form of lease [line items] | ||
Beginning balance | 529,577 | |
Ending balance | 529,577 | |
Accumulated amortization [member] | ||
Disclosure of detailed information about arrangements involving legal form of lease [line items] | ||
Beginning balance | 149,761 | |
Charge for the year | 12,724 | |
Ending balance | ¥ 162,485 | ¥ 149,761 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill beginning balance | ¥ 418,637 | ||
Amortization | 1,012 | $ 143 | |
Intangible assets and goodwill ending balance | 954,144 | 134,669 | ¥ 418,637 |
Technology Know-how [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill beginning balance | 10,122 | ||
Intangible assets and goodwill ending balance | 9,110 | 1,286 | 10,122 |
Development costs [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill beginning balance | 195,879 | ||
Intangible assets and goodwill ending balance | 562,587 | 79,404 | 195,879 |
Goodwill [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill beginning balance | 212,636 | ||
Intangible assets and goodwill ending balance | 212,636 | 30,012 | 212,636 |
Trademarks [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill ending balance | 169,811 | $ 23,967 | |
Cost [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill beginning balance | 551,012 | 355,133 | |
Addition | 536,519 | ||
Intangible assets and goodwill ending balance | 1,087,531 | 551,012 | |
Cost [member] | Internally generated [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Addition | 195,879 | ||
Cost [member] | Technology Know-how [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill beginning balance | 136,822 | ||
Addition | 0 | ||
Reclassification | 136,822 | ||
Intangible assets and goodwill ending balance | 136,822 | 136,822 | |
Cost [member] | Development costs [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill beginning balance | 195,879 | 136,822 | |
Addition | 366,708 | ||
Reclassification | (136,822) | ||
Intangible assets and goodwill ending balance | 562,587 | 195,879 | |
Cost [member] | Development costs [member] | Internally generated [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Addition | 195,879 | ||
Cost [member] | Goodwill [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill beginning balance | 218,311 | 218,311 | |
Intangible assets and goodwill ending balance | 218,311 | 218,311 | |
Cost [member] | Trademarks [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Addition | 169,811 | ||
Intangible assets and goodwill ending balance | 169,811 | ||
Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill beginning balance | 132,375 | 132,375 | |
Amortization | 1,012 | ||
Intangible assets and goodwill ending balance | 133,387 | 132,375 | |
Accumulated depreciation, amortisation and impairment [member] | Technology Know-how [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill beginning balance | 126,700 | ||
Reclassification | 126,700 | ||
Amortization | 1,012 | ||
Intangible assets and goodwill ending balance | 127,712 | 126,700 | |
Accumulated depreciation, amortisation and impairment [member] | Development costs [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill beginning balance | 126,700 | ||
Reclassification | (126,700) | ||
Intangible assets and goodwill ending balance | 0 | ||
Accumulated depreciation, amortisation and impairment [member] | Goodwill [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill beginning balance | 5,675 | 5,675 | |
Intangible assets and goodwill ending balance | ¥ 5,675 | ¥ 5,675 |
Intangible Assets - Goodwill -
Intangible Assets - Goodwill - Carrying Amount of Goodwill Allocated (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) |
Yuchai | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | ¥ 212,636 | $ 30,012 | ¥ 212,636 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2017CNY (¥) | |
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible asset, carrying amount | ¥ 954,144,000 | ¥ 418,637,000 | $ 134,669 | ||
Pre-tax discount rate | 13.32% | 13.32% | 13.96% | ||
Estimated revenue growth rate | 0.00% | 0.00% | 5.00% | ||
Pre-tax discount rate that would result in an impairment | 14.79% | 14.28% | 14.79% | ||
Increase decrease in impairment charge | 4.53% | 4.53% | 3.30% | ||
Estimation of future business projection | In 2018, the Group used a 11 years forecast which is based on the financial budgets approved by the senior management covering 8 years’ period from 2019 to 2026, and a further 3 years of forecast with no terminal value. In 2019, the Group used 10 years forecast which is based on the financial budgets approved by the senior management covering 6 years’ period from 2020 to 2025, and a further 4 years of forecast with no terminal value. | In 2018, the Group used a 11 years forecast which is based on the financial budgets approved by the senior management covering 8 years’ period from 2019 to 2026, and a further 3 years of forecast with no terminal value. In 2019, the Group used 10 years forecast which is based on the financial budgets approved by the senior management covering 6 years’ period from 2020 to 2025, and a further 4 years of forecast with no terminal value. | |||
Pre-tax discount rate applied to cash flow projection | 14.13% | 26.30% | 14.13% | ||
Long term rates used to extrapolate the budget | 5.70% | 6.30% | 5.70% | ||
Percentage decrease in demand that would result in an impairment | 17.57% | 1.00% | 17.57% | ||
Long term growth rate that would result in an impairment | 2.40% | 5.77% | 2.40% | ||
Payment for trademark license fee | ¥ 169,800,000 | $ 24,000 | |||
Capitalized developemnt costs gross | ¥ 954,144,000 | ¥ 418,637,000 | $ 134,669 | ||
Bottom of range [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Estimated revenue growth rate | 10.00% | 10.00% | |||
Top of range [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Estimated revenue growth rate | 15.00% | 15.00% | |||
Guangxi Yuchai Machinery Company Limited [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Pre-tax discount rate applied to cash flow projection | 13.32% | 13.96% | 13.32% | ||
Impairment on goodwill | ¥ 0 | ||||
Technology development cost [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible asset, carrying amount | 366,700,000 | ¥ 195,900,000 | $ 51,800 | ¥ 10,100,000 | |
Capitalized developemnt costs gross | ¥ 562,600,000 | $ 79,400 | |||
Jining Yuchai Engine Company Limited [member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible asset, carrying amount | ¥ 10,100,000 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) |
Classes of current inventories [abstract] | |||
Raw materials | ¥ 1,500,034 | $ 211,717 | ¥ 1,243,955 |
Work in progress | 35,688 | 5,037 | 30,038 |
Finished goods | 1,288,415 | 181,848 | 1,243,871 |
Total inventories at the lower of cost and net realizable value | ¥ 2,824,137 | $ 398,602 | ¥ 2,517,864 |
Inventories - Summary of Analys
Inventories - Summary of Analysis of Inventory Reserve Accounts (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Write-downs (reversals of write-downs) of inventories [abstract] | ||||
Inventories recognized as an expense in cost of sales | ¥ 13,167,181 | $ 1,858,433 | ¥ 11,471,988 | ¥ 11,021,960 |
Inventories written down | 31,810 | 4,490 | 25,194 | 17,492 |
Reversal of write-down of inventories | ¥ (14,788) | $ (2,087) | ¥ (33,662) | ¥ (37,393) |
Other Current Assets - Summary
Other Current Assets - Summary of Other Current Assets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | |
Miscellaneous current assets [abstract] | ||||
Development properties | ¥ 17,721 | $ 2,501 | ¥ 20,267 | |
Quoted equity securities | 9,235 | 1,304 | 21,876 | |
Derivative not designated as hedges – foreign exchange forward contract | 4,529 | |||
Total | [1] | ¥ 26,956 | $ 3,805 | ¥ 46,672 |
[1] | On September 19, 2018, Yuchai entered into a non-deliverable forward foreign exchange contract (“NDF”) with China Construction Bank to purchase US$73.0 million at the forward exchange rate (RMB/US$) of 6.8599 on September 13, 2019. The Group accounted for this NDF at fair value through profit or loss. |
Other Current Assets - Summar_2
Other Current Assets - Summary of Other Current Assets (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 11, 2019USD ($) | Sep. 13, 2019 | Sep. 19, 2018USD ($) | |
Other Current Assets [line items] | ||||||
Exchange rate | 7.0901 | |||||
Impairment loss on development properties | ¥ 3,000 | $ 400 | ¥ 0 | |||
Proceeds from disposal of equity securities | 16,429 | 2,319 | ||||
Gain on disposal on equity investments | ¥ 11,528 | $ 1,627 | ||||
Forward contract [member] | ||||||
Other Current Assets [line items] | ||||||
Non-deliverable forward foreign exchange contract | $ 20,000 | $ 73,000 | ||||
Exchange rate | 6.8599 |
Trade and Other Receivables - S
Trade and Other Receivables - Summary of Trade and Other Receivables (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) |
Current | |||
Trade receivables, gross | ¥ 794,678 | $ 112,161 | ¥ 438,586 |
Less: Allowance for expected credit losses | (57,611) | (8,131) | (30,586) |
Net trade receivables | 737,067 | 104,030 | 408,000 |
Bill receivables | 7,005,234 | 988,728 | 6,981,106 |
Total (Note 7.2, Note 36) | 7,742,301 | 1,092,758 | 7,389,106 |
Current receivables from associates and joint ventures (trade) | 609 | 86 | 174 |
Current receivables from associates and joint ventures (non-trade) | 11,185 | 1,579 | 56,405 |
Current receivables from related parties (trade) | 73,243 | 10,338 | 32,702 |
Current receivables from related parties (non-trade) | 2,092 | 295 | 2,156 |
Staff advances | 7,133 | 1,007 | 5,513 |
Interest receivables | 12,224 | 1,725 | 8,220 |
Bills receivable in transit | 8,700 | 1,228 | 8,850 |
Refundable deposits | 2,131 | 301 | 3,029 |
Others | 49,218 | 6,946 | 23,456 |
Less: Impairment losses – other receivables | (5,243) | (740) | |
Other receivables carried at amortized cost (Note 36) | 161,292 | 22,765 | 140,505 |
Tax recoverable | 223,652 | 31,566 | 140,316 |
Prepayments | 63,048 | 8,899 | 115,360 |
Net other receivables | 447,992 | 63,230 | 396,181 |
Total trade and other receivables | ¥ 8,190,293 | $ 1,155,988 | ¥ 7,785,287 |
Trade and Other Receivables -_2
Trade and Other Receivables - Summary of Trade and Other Receivables (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2019USD ($) | |
Disclosure of trade and other receivables [line items] | ||||
Bills receivable | ¥ 7,005,234 | ¥ 6,981,106 | $ 988,728 | |
Impairment loss on bills receivable in transit | 5,000 | $ 700 | 0 | |
Secured bank facilities [member] | ||||
Disclosure of trade and other receivables [line items] | ||||
Bills receivable | 0 | 558,600 | ||
Joint ventures [member] | ||||
Disclosure of trade and other receivables [line items] | ||||
Bills receivable | 18,100 | |||
Other related parties [member] | ||||
Disclosure of trade and other receivables [line items] | ||||
Bills receivable | ¥ 1,050,700 | ¥ 17,000 | $ 148,300 |
Trade and Other Receivables - A
Trade and Other Receivables - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | |
Disclosure of trade and other receivables [line items] | |||
Trade receivables payment terms | 60 days | ||
Outstanding bills receivable discounted with banks by retaining recourse obligation | ¥ 2,268,400 | $ 320,200 | ¥ 1,272,400 |
Outstanding bills receivable endorsed to suppliers with recourse obligation | 1,120,300 | 158,100 | 1,627,500 |
Gross trade receivables | 794,678 | 112,161 | 438,586 |
Unsecured loans [member] | |||
Disclosure of trade and other receivables [line items] | |||
Non-trade receivable due from joint ventures | ¥ 50,000 | ||
Unsecured interest rate | 4.35% | ||
Dongfeng companies [member] | |||
Disclosure of trade and other receivables [line items] | |||
Gross trade receivables | ¥ 136,400 | $ 19,200 | ¥ 54,100 |
Top of range [member] | |||
Disclosure of trade and other receivables [line items] | |||
Bills receivables discounted maturity period | 12 months |
Trade and Other Receivables - M
Trade and Other Receivables - Movement in the Allowance for Expected Credit Losses of Trade and Other Receivables (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | |||
Beginning balance | ¥ 30,586 | $ 4,316 | ¥ 43,775 |
Credit to consolidated statement of profit or loss | 32,340 | 4,565 | (11,052) |
Written off | (62) | (9) | (2,137) |
Translation difference | (10) | (1) | |
Ending balance | ¥ 62,854 | $ 8,871 | ¥ 30,586 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Bank Balances (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
Non-current | ||||||
Long-term bank deposits | ¥ 50,000 | $ 7,057 | ¥ 70,000 | |||
Current | ||||||
Cash and cash equivalents | 5,753,268 | 812,024 | 5,559,890 | $ 784,729 | ¥ 5,390,324 | ¥ 3,653,914 |
Long-term bank deposits | 70,000 | 9,880 | 70,000 | |||
Short-term bank deposits | 286,543 | 40,443 | 356,926 | |||
Restricted cash | 231,107 | 32,619 | 71,706 | |||
Total | 6,340,918 | 894,966 | 6,058,522 | |||
Cash and bank balances | ¥ 6,390,918 | $ 902,023 | ¥ 6,128,522 |
Cash and Cash Equivalents - S_2
Cash and Cash Equivalents - Summary of Cash and Bank Balances (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2019USD ($) | |
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 | ¥ 50,000 | ¥ 70,000 | $ 7,057 |
Long term deposits less than maturity | 12 months | ||
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 | ¥ 50,000 | ¥ 70,000 | $ 7,100 |
Long term deposits maturity | 2 years | ||
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 | 1.78% | 1.40% | |
Bottom of range [member] | 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] | |||
Interest rate long term bank deposit | 3.99% | 2.94% | |
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 | 3.65% | 3.90% | |
Top of range [member] | 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] | |||
Interest rate long term bank deposit | 4.13% | 3.15% |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2019USD ($) | |
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 | ¥ 231.1 | ¥ 31.6 | $ 32.6 | ||
Restricted money relates to retention money deposited in a joint signatory account with the buyer of subsidiaries | 40.1 | ||||
Undrawn borrowing facilities | 295 | 492.8 | $ 41.6 | ||
Loan commitment fee incurred | ¥ 0.2 | ¥ 0.2 | ¥ 0.2 | ||
Short term deposits maturity | 3 months | 3 months | |||
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 | 1.50% | 1.30% | 1.50% | ||
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 | 3.15% | 3.28% | 3.15% | ||
Loan commitment fee incurred | $ | $ 0.1 |
Cash and Cash Equivalents - S_3
Cash and Cash Equivalents - Summary of Cash Flows, Cash and Cash Equivalents (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
Cash and cash equivalents [abstract] | ||||||
Cash at banks and on hand | ¥ 5,205,605 | $ 734,726 | ¥ 5,110,520 | |||
Short-term bank deposits | 547,663 | 77,298 | 449,370 | |||
Cash and cash equivalents | ¥ 5,753,268 | $ 812,024 | ¥ 5,559,890 | $ 784,729 | ¥ 5,390,324 | ¥ 3,653,914 |
Leases - Additional Information
Leases - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | |
Statement [line items] | |||
Cash outflows for leases | ¥ 65.6 | $ 9.3 | |
Non-cash additions to right-of-use assets and lease liabilities | 11.5 | 1.6 | |
Operating lease rental income | ¥ 11.9 | $ 1.7 | ¥ 11 |
Bottom of range [member] | |||
Statement [line items] | |||
Land use rights, term | 1 year | 1 year | |
Operating lease term of contract | 1 year | 1 year | |
Top of range [member] | |||
Statement [line items] | |||
Land use rights, term | 12 years | 12 years | |
Operating lease term of contract | 6 years | 6 years |
Leases - Summary of detailed In
Leases - Summary of detailed Information About Carrying Amounts of Right-of-use Assets Recognized and Movements During Year (Detail) - 12 months ended Dec. 31, 2019 ¥ in Thousands | CNY (¥) | USD ($) |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Addition | ¥ 11,473 | $ 1,619,000 |
Depreciation expenses | (40,958) | (5,781,000) |
Disposal | (1,771) | (250,000) |
Translation difference | 32 | 5,000 |
Ending balance | 415,384 | 58,628,000 |
Increase (decrease) due to changes in accounting policy [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 446,608 | 63,035 |
Effect of adopting of IFRS 16 | 446,608 | $ 63,035,000 |
Building and office space [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Addition | 11,473 | |
Depreciation expenses | (26,597) | |
Translation difference | 36 | |
Ending balance | 61,556 | |
Building and office space [member] | Increase (decrease) due to changes in accounting policy [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 76,644 | |
Effect of adopting of IFRS 16 | 76,644 | |
Office Furniture, Fittings and Equipment [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Depreciation expenses | (14) | |
Translation difference | (4) | |
Ending balance | 21 | |
Office Furniture, Fittings and Equipment [member] | Increase (decrease) due to changes in accounting policy [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 39 | |
Effect of adopting of IFRS 16 | 39 | |
Leasehold land [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Depreciation expenses | (14,347) | |
Disposal | (1,771) | |
Ending balance | 353,807 | |
Leasehold land [member] | Increase (decrease) due to changes in accounting policy [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 369,925 | |
Effect of adopting of IFRS 16 | ¥ 369,925 |
Leases - Summary of Detailed _2
Leases - Summary of Detailed Information About Carrying Amounts of Lease Liabilities and Movements During Year (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Jan. 01, 2019CNY (¥) | Jan. 01, 2019USD ($) | |
Disclosure Of Quantitative Information About Lease Liabilities [Line Items] | ||||||
Accretion of interest | ¥ 2,918 | $ 412 | ||||
Payments | 48,365 | 6,826 | ||||
Ending balance | 60,007 | 8,469 | ||||
Current | ¥ 28,633 | $ 4,041 | ||||
Non- current | 31,374 | 4,428 | ||||
Total | 60,007 | 8,469 | 60,007 | 8,469 | ¥ 96,852 | $ 13,670 |
Increase (decrease) due to changes in accounting policy [member] | ||||||
Disclosure Of Quantitative Information About Lease Liabilities [Line Items] | ||||||
Beginning balance | 96,852 | 13,670 | ||||
Effect of adopting of IFRS 16 | 96,852 | 13,670 | ||||
Additions | 11,473 | 1,619 | ||||
Accretion of interest | 2,918 | 412 | ||||
Payments | (51,283) | (7,238) | ||||
Translation difference | 47 | 6 | ||||
Ending balance | 60,007 | 8,469 | ||||
Total | ¥ 60,007 | $ 8,469 | ¥ 60,007 | $ 8,469 |
Leases - Summary of Detailed _3
Leases - Summary of Detailed Information About Amounts Recognized In Profit of Loss (Detail) - 12 months ended Dec. 31, 2019 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Disclosure Of Detailed Information About Lease Cost [Line Items] | ||
Depreciation charge for right-of-use assets | ¥ 40,958 | $ 5,781 |
Interest expenses on lease liabilities | 2,918 | 412 |
Expenses relating to short-term leases (included in selling, general and administrative costs and research and development cost) | 14,341 | 2,024 |
Total amount recognized in profit or loss | ¥ 58,217 | $ 8,217 |
Leases - Summary of Detailed _4
Leases - Summary of Detailed Information About Future Minimum Rental Receivables Under Non-Cancellable Operating Leases (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) |
Disclosure of maturity analysis of operating lease payments [line items] | |||
Future minimum operating leases | ¥ 24,592 | $ 3,470 | ¥ 26,254 |
Within 1 Year [member] | Related parties [member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Future minimum operating leases | 1,787 | 252 | 1,248 |
Within 1 Year [member] | Joint ventures [member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Future minimum operating leases | 2,691 | 380 | 2,308 |
Within 1 Year [member] | Third parties [member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Future minimum operating leases | 892 | 126 | 1,391 |
After 1 Year but within 5 years [member] | Related parties [member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Future minimum operating leases | 660 | 93 | 1,030 |
After 1 Year but within 5 years [member] | Joint ventures [member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Future minimum operating leases | 10,526 | 1,486 | 9,087 |
After 1 Year but within 5 years [member] | Third parties [member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Future minimum operating leases | 1,504 | 212 | 1,463 |
After than 5 years [member] | Related parties [member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Future minimum operating leases | 455 | ||
After than 5 years [member] | Joint ventures [member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Future minimum operating leases | 5,643 | 796 | ¥ 9,272 |
After than 5 years [member] | Third parties [member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Future minimum operating leases | ¥ 889 | $ 125 |
Issued capital - Summary of Iss
Issued capital - Summary of Issued Capital (Detail) ¥ in Thousands, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019CNY (¥)shares | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥)shares | Dec. 31, 2019USD ($)shares | |
Disclosure of classes of share capital [line items] | ||||
Ending balance | ¥ 2,081,138 | $ 293,734 | ¥ 2,081,138 | |
Ordinary shares issued and fully paid | ||||
Ending balance | 40,858,290 | |||
Equity | ||||
Ending balance | ¥ 2,081,138 | $ 293,734 | ¥ 2,081,138 | |
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 | ||||
Ordinary shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Ordinary share of par value US$0.10 each | 100,000 | 100,000 | 100,000 |
Issued capital - Summary of I_2
Issued capital - Summary of Issued Capital (Parenthetical) (Detail) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Ordinary shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Par value | $ 0.10 | $ 0.10 |
Issued capital - Additional Inf
Issued capital - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019shares | |
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 | 7,290,000 |
Dividends Declared and Paid - S
Dividends Declared and Paid - Summary of Dividends Declared and Paid (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Disclosure of dividends declared and paid on ordinary capital [line items] | ||||
Dividends on ordinary shares | ¥ 238,758 | $ 33,699 | ¥ 597,459 | ¥ 248,844 |
Dividend paid in cash | 238,758 | 33,699 | 597,459 | |
Final dividend [member] | ||||
Disclosure of dividends declared and paid on ordinary capital [line items] | ||||
Dividends on ordinary shares | ¥ 238,758 | $ 33,699 | 197,353 | |
Special dividend [member] | ||||
Disclosure of dividends declared and paid on ordinary capital [line items] | ||||
Dividends on ordinary shares | ¥ 400,106 |
Dividends Declared and Paid -_2
Dividends Declared and Paid - Summary of Dividends Declared and Paid (Parenthetical) (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of dividends declared and paid on ordinary capital [line items] | |||
Dividends on ordinary shares, per share | $ 0.85 | $ 2.21 | $ 0.90 |
Final dividend [member] | |||
Disclosure of dividends declared and paid on ordinary capital [line items] | |||
Dividends on ordinary shares, per share | 0.85 | 0.73 | |
Special dividend [member] | |||
Disclosure of dividends declared and paid on ordinary capital [line items] | |||
Dividends on ordinary shares, per share | $ 0 | $ 1.48 |
Reserves - Summary of Statutory
Reserves - Summary of Statutory Reserves (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | |
Disclosure of reserves within equity [line items] | |||
Beginning balance | ¥ 302,404 | ||
Ending balance | 304,307 | $ 42,950 | ¥ 302,404 |
Statutory general reserve [member] | |||
Disclosure of reserves within equity [line items] | |||
Beginning balance | 276,698 | 39,053 | 275,320 |
Transfer from retained earnings | 1,903 | 269 | 1,378 |
Ending balance | 278,601 | 39,322 | 276,698 |
General surplus reserve [member] | |||
Disclosure of reserves within equity [line items] | |||
Beginning balance | 25,706 | ||
Ending balance | 25,706 | 3,628 | 25,706 |
Capital reserves [member] | |||
Disclosure of reserves within equity [line items] | |||
Beginning balance | 30,704 | ||
Ending balance | ¥ 30,704 | $ 4,334 | ¥ 30,704 |
Reserves - Summary of Statuto_2
Reserves - Summary of Statutory Reserves (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
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] | |
Minimum statutory general reserval balance with share capital | 25.00% |
Reserves - Summary of Other Com
Reserves - Summary of Other Components of Equity (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) |
Disclosure of other components of equity [line items] | |||
Other components of equity | ¥ (105,422) | $ (14,879) | ¥ (110,946) |
Foreign currency translation reserve [member] | |||
Disclosure of other components of equity [line items] | |||
Other components of equity | (36,091) | (5,094) | (39,215) |
Performance shares reserves [member] | |||
Disclosure of other components of equity [line items] | |||
Other components of equity | 19,758 | 2,789 | 19,758 |
Premium paid for acquisition of non-controlling interests [member] | |||
Disclosure of other components of equity [line items] | |||
Other components of equity | (11,472) | (1,619) | (11,541) |
Fair value reserve of financial assets at FVOCI | |||
Disclosure of other components of equity [line items] | |||
Other components of equity | ¥ (77,617) | $ (10,955) | ¥ (79,948) |
Share-based Payment - Additiona
Share-based Payment - Additional Information (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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 | 4.6 years | 5.6 years |
One year after 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 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 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 | 12 Months Ended |
Dec. 31, 2017CNY (¥) | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Expense arising from equity-settled share-based payment transactions | ¥ 1,592 |
Total expense arising from share-based payment transactions | ¥ 1,592 |
Share-based Payment - Number an
Share-based Payment - Number and Weighted Average Exercise Prices ("WAEP") of, and Movements in Share Options (Detail) | Dec. 31, 2019shares$ / shares | Dec. 31, 2018shares$ / shares |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||
Number of share options outstanding | shares | 470,000 | 470,000 |
Number of share options exercisable | shares | 470,000 | 470,000 |
WAEP outstanding | $ / shares | $ 21.11 | $ 21.11 |
WAEP exercisable | $ / shares | $ 21.11 | $ 21.11 |
Share-based Payment - Fair Valu
Share-based Payment - Fair Value of Share Options and Assumptions (Detail) | Jul. 29, 2014USD ($)yr$ / shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Share price | $ / shares | $ 21.11 |
Exercise price | $ / shares | $ 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, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) |
Trade and other current payables [abstract] | |||
Trade payables | ¥ 2,953,479 | $ 416,858 | ¥ 2,495,482 |
Bills payables | 2,764,013 | 390,116 | 2,065,147 |
Other payables | 543,970 | 76,777 | 329,632 |
Accrued expenses | 203,133 | 28,671 | 168,235 |
Accrued staff costs | 653,854 | 92,286 | 666,641 |
Refund liabilities | 757,655 | 106,936 | 761,521 |
Dividend payable | 47,480 | 6,701 | 43,133 |
Amount due to associates and joint ventures (trade) | 258,964 | 36,551 | 262,131 |
Amount due to associates and joint ventures (non-trade) | 81 | 11 | 66 |
Amount due to related parties (trade) | 221,413 | 31,250 | 145,747 |
Amount due to related parties (non-trade) | 4,016 | 567 | 32,034 |
Financial liabilities carried at amortized cost (Note 36) | 8,408,058 | 1,186,724 | 6,969,769 |
Other tax payable | 39,698 | 5,603 | 38,823 |
Trade and other payables with liquidity risk (Note 33) | 8,447,756 | 1,192,327 | 7,008,592 |
Deferred grants (Note 29) | 19,952 | 2,816 | 22,082 |
Advance from customers | 383 | 55 | 369 |
Total trade and other payables (current) | ¥ 8,468,091 | $ 1,195,198 | ¥ 7,031,043 |
Trade and Other Payables - Su_2
Trade and Other Payables - Summary of Trade and Other Current Payables (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) |
Disclosure Of Detailed Information About Trade And Other Payables [line items] | |||
Bills payable | ¥ 2,764,013 | $ 390,116 | ¥ 2,065,147 |
Joint ventures [member] | |||
Disclosure Of Detailed Information About Trade And Other Payables [line items] | |||
Bills payable | 125,000 | 17,600 | 131,800 |
Associates [member] | |||
Disclosure Of Detailed Information About Trade And Other Payables [line items] | |||
Bills payable | 10,100 | 1,400 | 4,200 |
Other related parties [member] | |||
Disclosure Of Detailed Information About Trade And Other Payables [line items] | |||
Bills payable | ¥ 232,600 | $ 32,800 | ¥ 62,800 |
Trade and Other Payables - Su_3
Trade and Other Payables - Summary of Other Non-current Payables (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) |
Trade and other non-current payables [abstract] | |||
Other payables (Note 33, Note 36) | ¥ 176,302 | $ 24,883 | ¥ 160,091 |
Trade and Other Payables - Addi
Trade and Other Payables - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other current payables [abstract] | |
Trade payables settlement term | 60 days |
Other current payables settlement term | 3 months |
Provision - Summary of Provisio
Provision - Summary of Provision (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | |
Disclosure of other provisions [line items] | ||||
Beginning balance | ¥ 166,913 | $ 23,558 | ¥ 191,814 | $ 27,072 |
Provision made | 424,221 | 59,875 | 224,582 | 31,698 |
Provision utilized | (373,103) | (52,660) | (249,483) | (35,212) |
Ending balance | 218,031 | $ 30,773 | 166,913 | $ 23,558 |
Product warranty provision [member] | ||||
Disclosure of other provisions [line items] | ||||
Beginning balance | 166,913 | 191,814 | ||
Provision made | 421,905 | 224,582 | ||
Provision utilized | (373,103) | (249,483) | ||
Ending balance | 215,715 | ¥ 166,913 | ||
Provision for onerous contract [member[ | ||||
Disclosure of other provisions [line items] | ||||
Provision made | 2,316 | |||
Ending balance | ¥ 2,316 |
Contract Liabilities - Summary
Contract Liabilities - Summary of Contract Liabilities (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) |
Disclosure of contract liabilities [line items] | |||
Contract liabilities | ¥ 436,622 | $ 61,626 | ¥ 340,489 |
Current | 382,809 | 54,030 | 286,786 |
Non-current | 53,813 | 7,596 | 53,703 |
Unfulfilled maintenance services [member] | |||
Disclosure of contract liabilities [line items] | |||
Contract liabilities | 181,139 | 25,566 | 191,728 |
Advance from customer [member] | |||
Disclosure of contract liabilities [line items] | |||
Contract liabilities | ¥ 255,483 | $ 36,060 | ¥ 148,761 |
Lease Liabilities - Summary of
Lease Liabilities - Summary of Detailed Information About In Lease Liabilities (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Jan. 01, 2019 | |
Disclosure Of Detailed Information About Lease Liabilities [Line Items] | |||
Effective interest rate | 4.34% | ||
Current | ¥ 28,633 | $ 4,041 | |
Non- current | ¥ 31,374 | 4,428 | |
Lease Liabilities Current [Member] | |||
Disclosure Of Detailed Information About Lease Liabilities [Line Items] | |||
Maturity | 2020 | ||
Current | ¥ 28,633 | $ 4,041 | |
Lease Liabilities Current [Member] | Bottom of range [member] | |||
Disclosure Of Detailed Information About Lease Liabilities [Line Items] | |||
Effective interest rate | 1.25% | 1.25% | |
Lease Liabilities Current [Member] | Top of range [member] | |||
Disclosure Of Detailed Information About Lease Liabilities [Line Items] | |||
Effective interest rate | 6.20% | 6.20% | |
Lease Liabilities Noncurrent [Member] | |||
Disclosure Of Detailed Information About Lease Liabilities [Line Items] | |||
Non- current | ¥ 31,374 | $ 4,428 | |
Lease Liabilities Noncurrent [Member] | Bottom of range [member] | |||
Disclosure Of Detailed Information About Lease Liabilities [Line Items] | |||
Effective interest rate | 1.25% | 1.25% | |
Maturity | 2021 | ||
Lease Liabilities Noncurrent [Member] | Top of range [member] | |||
Disclosure Of Detailed Information About Lease Liabilities [Line Items] | |||
Effective interest rate | 6.20% | 6.20% | |
Maturity | 2024 |
Other Financial Liabilities - S
Other Financial Liabilities - Summary of Other Financial Liabilities (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) |
Disclosure of Detailed Information About Other financial liabilities [Line Items] | |||
Finance lease liabilities | ¥ 48 | ||
Current | ¥ 999 | $ 141 | 14 |
Non-current | 34 | ||
Total | 999 | 141 | ¥ 48 |
Derivative Not Designated As Hedges Foreign Exchange Forward Contract | |||
Disclosure of Detailed Information About Other financial liabilities [Line Items] | |||
Other financial liabilities | ¥ 999 | $ 141 |
Other Financial Liabilities - D
Other Financial Liabilities - Detailed Information About In Other Lease Payments (Detail) ¥ in Thousands | Dec. 31, 2018CNY (¥) | |
Disclosure of Detailed Information About Other financial liabilities [Line Items] | ||
Undiscounted Minimum Lease Payments | ¥ 48 | |
Undiscounted Lease Liability | 48 | |
Less: Amount representing finance charges | [1] | |
Discounted Minimum Lease Payments | 48 | |
Discounted Lease Liability | 48 | |
One year or less [member] | ||
Disclosure of Detailed Information About Other financial liabilities [Line Items] | ||
Undiscounted Minimum Lease Payments | 14 | |
Undiscounted Lease Liability | 14 | |
Later Than One Year and Not Later Than Five Years [Member] | ||
Disclosure of Detailed Information About Other financial liabilities [Line Items] | ||
Undiscounted Minimum Lease Payments | 34 | |
Undiscounted Lease Liability | ¥ 34 | |
[1] | Less than RMB 1 thousand (US$1 thousand) |
Other Financial Liabilities -_2
Other Financial Liabilities - Summary of Loans and Borrowings (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2019USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||
Non-current borrowings | ¥ 15,078 | ||
Current borrowings | ¥ 2,055,046 | ¥ 2,001,014 | $ 290,052 |
Non-current borrowings [member] | Singapore dollar [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Effective interest rate | 2.84% | ||
Maturity | 2020 | ||
Non-current borrowings | ¥ 15,078 | ||
Current borrowings [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Current borrowings | ¥ 2,001,014 | ||
Current borrowings [member] | Singapore dollar [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Effective interest rate | 2.84% | 2.84% | |
Maturity | 2020 | ||
Current borrowings | ¥ 15,522 | $ 2,191 | |
Current borrowings [member] | Renminbi [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Effective interest rate | 4.26% | ||
Maturity | 2020 | 2019 | |
Current borrowings | ¥ 1,900,000 | ¥ 1,500,000 | $ 268,168 |
Current borrowings [member] | Renminbi [Member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Effective interest rate | 3.70% | 3.70% | |
Current borrowings [member] | Renminbi [Member] | Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Effective interest rate | 4.13% | 4.13% | |
Current borrowings [member] | USD [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Effective interest rate | 2.52% | 3.48% | 2.52% |
Maturity | 2019 | ||
Current borrowings | ¥ 139,524 | ¥ 501,014 | $ 19,693 |
MUFG Bank Ltd [member] | Singapore dollar [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Non-current borrowings | ¥ 15,078 | ||
Current borrowings | 15,522 | ||
MUFG Bank Ltd [member] | USD [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Current borrowings | ¥ 2,191 |
Other Financial Liabilities -_3
Other Financial Liabilities - Summary of Loans and Borrowings (Parenthetical) (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2019SGD ($) | Sep. 30, 2019CNY (¥) | Dec. 31, 2018SGD ($) |
Current borrowings [member] | USD [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Bill receivables pledged to secured loan | ¥ | ¥ 524.1 | ||
MUFG Bank Ltd [member] | Singapore dollar [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Facility limit | $ | $ 30 | $ 30 |
Other Financial Liabilities - A
Other Financial Liabilities - Additional Information (Detail) $ in Millions, $ in Millions | Jan. 01, 2019 | Dec. 31, 2019USD ($) | Dec. 31, 2019SGD ($) | Dec. 11, 2019USD ($) | Sep. 13, 2019 | Sep. 19, 2018USD ($) | Jun. 01, 2018SGD ($) | Mar. 31, 2017USD ($) | Mar. 30, 2017SGD ($) |
Disclosure of detailed information about borrowings [line items] | |||||||||
Consolidated tangible net worth ratio | 2.00% | 2.00% | |||||||
Exchange rate | 7.0901 | ||||||||
Forward contract [member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Non-deliverable forward foreign exchange contract | $ 20 | $ 73 | |||||||
Exchange rate | 6.8599 | ||||||||
DBS Bank Ltd [member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Refinancing of uncommitted multi-currency revolving credit facility | $ 30 | ||||||||
Credit facility maturity period | three | ||||||||
Ownership interest in the entity, percentage | 76.40% | ||||||||
Facility limit | $ 30 | ||||||||
DBS Bank Ltd [member] | Hong Leong Asia Limited [member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Ownership interest in the entity, percentage | 35.00% | ||||||||
DBS Bank Ltd [member] | Top of range [member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Credit facility with bank | $ 30 | ||||||||
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 | ||||||||
Credit facility with MUFG 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 | ||||||||
Credit facility with MUFG Singapore Branch [member] | Top of range [member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Credit facility with bank | $ 30 | ||||||||
Consolidated tangible net worth | $ 120 | ||||||||
Consolidated tangible net worth ratio | 200.00% | 200.00% | |||||||
Facility limit | $ 30 | ||||||||
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 | ||||||||
Sumitomo branch [Member] | Top of range [member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Credit facility with bank | $ 30 | ||||||||
Facility limit | $ 30 | ||||||||
Sumitomo branch [Member] | Bottom of range [member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Consolidated tangible net worth | $ 200 |
Deferred Grants - Summary of De
Deferred Grants - Summary of Deferred Grants (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2019USD ($) | |
Subclassifications of assets, liabilities and equities [abstract] | ||||
Beginning balance | ¥ 607,608 | $ 85,758 | ¥ 353,647 | |
Received during the year | 187,096 | 26,407 | 282,388 | |
Released to consolidated statement of profit or loss | (117,976) | (16,651) | (28,427) | |
Ending balance | 676,728 | $ 95,514 | 607,608 | |
Current (Note 24) | 19,952 | 22,082 | $ 2,816 | |
Non-current | ¥ 656,776 | ¥ 585,526 | $ 92,698 |
Related Party Disclosures - Add
Related Party Disclosures - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019CNY (¥)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018CNY (¥)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | |
Hong Leong Asia Limited [member] | Subsidiaries [member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Ownership interest in the entity, shares | 17,059,154 | 17,059,154 | 17,059,154 | 17,059,154 | ||
Ownership interest in the entity, percentage | 41.80% | 41.80% | 41.80% | 41.80% | ||
Consultancy fees charged | ¥ 30 | $ 10 | ¥ 30 | $ 10 | ¥ 30 | $ 10 |
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% | 23.30% | 23.30% | ||
Well Summit Investments Limited [member] | Subsidiaries [member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Ownership interest held by controlling shareholder, percent | 18.50% | 18.50% | 18.50% | 18.50% | ||
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% | 17.20% | 17.20% |
Related Party Disclosures - Sig
Related Party Disclosures - Significant Transactions with Related Parties (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Disclosure of transactions between related parties [line items] | ||||
Payment for Trademark Usage Fee | ¥ 169,811 | $ 23,967 | ||
Associates and joint ventures [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Sales of engines and materials | 912,877 | 128,845 | ¥ 439,106 | ¥ 412,591 |
Purchase of material, supplies and engines | 1,999,831 | 282,259 | 1,192,322 | 914,211 |
Joint ventures [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Purchase of service | 0 | 0 | 2,543 | |
Hospitality, restaurant, consultancy and other service income | 3,984 | 562 | 3,456 | 14,241 |
Rental income | 3,206 | 452 | 1,937 | |
Hong Leong Asia Limited [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
General and administrative expenses | 6,788 | 958 | 6,639 | 6,913 |
GY Group (including its subsidiaries and affiliates) [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Sales of engines and materials | 1,792,280 | 252,965 | 406,422 | 455,061 |
Purchase of material, supplies and engines | 1,895,239 | 267,496 | 1,589,638 | 1,221,421 |
Hospitality, restaurant, consultancy and other service income | 15,350 | 2,167 | 24,015 | 25,728 |
Rental income | 2,133 | 301 | 3,886 | 4,483 |
Property management service expenses | 22,595 | 3,189 | 26,547 | 22,212 |
Leasing expenses | 0 | 0 | 25,705 | 8,676 |
General and administrative expenses | 19,953 | 2,816 | 21,607 | 20,215 |
Delivery, storage, distribution and handling expenses | 304,532 | 42,982 | 228,195 | 210,406 |
Payment for Trademark Usage Fee | 169,811 | 23,967 | ||
Payments For Lease Liabilities | 33,594 | 4,741 | ||
Purchases of vehicles and machineries | 2,817 | 398 | ¥ 6,144 | 52,443 |
Purchases of additional shareholding in a subsidiary | 0 | 0 | 1,335 | |
Disposal of shareholding in an associate | ¥ 0 | $ 0 | ¥ 1,833 |
Related Party Disclosures - S_2
Related Party Disclosures - Significant Transactions with Related Parties (Parenthetical) (Detail) - CNY (¥) ¥ in Millions | 1 Months Ended | |
Aug. 31, 2017 | Jun. 30, 2017 | |
Guangxi Yuchai Accessories Manufacturing Company Limited [member] | ||
Disclosure of transactions between related parties [line items] | ||
Proportion of equity interest | 25.00% | |
Total consideration from disposal | ¥ 1.3 | |
YEMC [member] | ||
Disclosure of transactions between related parties [line items] | ||
Proportion of equity interest | 30.00% | |
Total consideration from disposal | ¥ 1.9 |
Related Party Disclosures - Com
Related Party Disclosures - Compensation of Key Management Personnel (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Disclosure of transactions between related parties [abstract] | ||||
Short-term employee benefits | ¥ 41,606 | $ 5,872 | ¥ 39,703 | ¥ 40,831 |
Contribution to defined contribution plans | 362 | 51 | 335 | 385 |
Cost of share-based payment | 1,294 | |||
Total | ¥ 41,968 | $ 5,923 | ¥ 40,038 | ¥ 42,510 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) |
Disclosure of commitments and contingencies [line items] | |||
Capital commitments related to property, plant and equipment | ¥ 594 | $ 83.8 | ¥ 774.5 |
Investments commitments related to interest in joint venture | 17.6 | 2.5 | 58.8 |
Irrevocable letter of credits issued | ¥ 30.8 | $ 4.4 | ¥ 93.5 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Rentals Payable Under Non-cancellable Operating Leases (Detail) - Dec. 31, 2019 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Disclosure of finance lease and operating lease by lessee [line items] | ||
Future minimum rentals payable under non-cancellable operating leases | ¥ 190 | $ 27 |
One year or less [member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Future minimum rentals payable under non-cancellable operating leases | 105 | 15 |
Later than one year and not later than five years [member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Future minimum rentals payable under non-cancellable operating leases | 85 | 12 |
Later than five years [member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Future minimum rentals payable under non-cancellable operating leases |
Segment Information - Additiona
Segment Information - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019CNY (¥)Segments | Dec. 31, 2019USD ($)Segments | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Disclosure of operating segments [line items] | ||||
Number of reportable segments | 2 | 2 | ||
Revenue | ¥ 18,016,085 | $ 2,542,813 | ¥ 16,263,248 | ¥ 16,197,819 |
One customer group [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue | ¥ 5,205,500 | $ 734,700 | ¥ 4,463,900 | ¥ 4,839,600 |
Segment Information - Summary o
Segment Information - Summary of Segment Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2019USD ($) | ||
Revenue | ||||||
Total external revenue (Note 7.1) | ¥ 18,016,085 | $ 2,542,813 | ¥ 16,263,248 | ¥ 16,197,819 | ||
Results | ||||||
Interest income | 177,261 | 25,019 | 147,244 | 105,421 | ||
Interest expense | (126,851) | (17,904) | (108,339) | (96,072) | ||
Gain on disposal of subsidiaries | 216,115 | |||||
Gain on disposal of joint venture | [1] | 107,976 | ||||
Impairment of property, plant and equipment | (3,950) | (558) | (30,173) | (20,845) | ||
Impairment of technology development cost | (40,000) | |||||
Staff severance cost | (15,454) | (2,181) | (28,018) | (107,732) | ||
Depreciation and amortization | (465,209) | (65,661) | (433,885) | (444,181) | ||
Share of profit/(loss) of associates and joint ventures, net of tax | 19,034 | 2,686 | 11,634 | 10,054 | ||
Income tax expense | (172,619) | (24,364) | (206,667) | (194,172) | ||
Segment profit after tax | 860,700 | 121,480 | 974,400 | 1,319,856 | ||
Total assets | 23,854,191 | 21,657,964 | $ 3,366,811 | |||
Total liabilities | (12,280,806) | (10,510,410) | (1,733,329) | |||
Other disclosures | ||||||
Investment in joint ventures | 273,991 | 222,812 | $ 38,671 | |||
Capital expenditure | 918,280 | $ 129,607 | 405,895 | |||
Operating segments [member] | Yuchai segment [member] | ||||||
Revenue | ||||||
Total external revenue (Note 7.1) | 17,980,304 | 16,210,467 | 16,140,622 | |||
Results | ||||||
Interest income | 158,855 | 124,653 | 94,760 | |||
Interest expense | (126,379) | (107,609) | (94,794) | |||
Impairment of property, plant and equipment | (3,950) | (30,173) | (20,845) | |||
Impairment of technology development cost | (40,000) | |||||
Staff severance cost | (15,454) | (28,018) | (107,732) | |||
Depreciation and amortization | (458,665) | (428,199) | (433,921) | |||
Share of profit/(loss) of associates and joint ventures, net of tax | 18,137 | 10,809 | 9,255 | |||
Income tax expense | (141,330) | (175,956) | (164,578) | |||
Segment profit after tax | 884,562 | 1,019,776 | 1,004,019 | |||
Total assets | 22,817,479 | 20,636,155 | ||||
Total liabilities | (12,127,021) | (10,318,492) | ||||
Other disclosures | ||||||
Investment in joint ventures | 271,274 | 220,176 | ||||
Capital expenditure | 917,192 | 403,179 | ||||
Operating segments [member] | HL Global Enterprises Limited segment [member] | ||||||
Revenue | ||||||
Total external revenue (Note 7.1) | 35,781 | 52,781 | 57,197 | |||
Results | ||||||
Interest income | 5,167 | 4,244 | 1,803 | |||
Interest expense | (51) | (403) | (3,983) | |||
Gain on disposal of subsidiaries | 216,115 | |||||
Gain on disposal of joint venture | 107,976 | |||||
Depreciation and amortization | (5,551) | (5,355) | (9,990) | |||
Share of profit/(loss) of associates and joint ventures, net of tax | 897 | 825 | 799 | |||
Income tax expense | (527) | (820) | (461) | |||
Segment profit after tax | 4,457 | 4,156 | 322,160 | |||
Total assets | 416,397 | 441,040 | ||||
Total liabilities | (15,575) | (55,404) | ||||
Other disclosures | ||||||
Investment in joint ventures | 2,717 | 2,636 | ||||
Capital expenditure | 1,033 | 2,643 | ||||
Operating segments [member] | Corporate segment [member] | ||||||
Results | ||||||
Interest income | 13,239 | 18,347 | 11,833 | |||
Interest expense | (421) | (327) | (270) | |||
Depreciation and amortization | (993) | (331) | (270) | |||
Income tax expense | (41) | (49) | (102) | |||
Segment profit after tax | 1,939 | (19,690) | 22,708 | |||
Total assets | 2,120,767 | 2,081,220 | ||||
Total liabilities | (31,278) | (29,592) | ||||
Other disclosures | ||||||
Capital expenditure | 55 | 73 | ||||
Elimination of intersegment amounts [member] | ||||||
Results | ||||||
Interest income | (2,975) | |||||
Interest expense | 2,975 | |||||
Income tax expense | (29,842) | (29,031) | ||||
Segment profit after tax | (30,258) | (29,842) | ¥ (29,031) | |||
Total assets | (1,500,452) | (1,500,451) | ||||
Total liabilities | ¥ (106,932) | ¥ (106,922) | ||||
[1] | On October 19, 2017, the Group completed the disposal of its joint venture investment in Copthorne Qingdao and recognized gain on disposal in the Group’s profit or loss for the year ended December 31, 2017. |
Segment Information - Summary_2
Segment Information - Summary of Geographic Information (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) |
Disclosure of geographical areas [line items] | |||
Non-current assets | ¥ 5,862,470 | $ 827,437 | ¥ 4,761,433 |
People's Republic of China [member] | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 5,764,591 | 813,622 | 4,665,990 |
Other countries [member] | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | ¥ 97,879 | $ 13,815 | ¥ 95,443 |
Financial Risk Management Obj_3
Financial Risk Management Objectives and Policies - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019CNY (¥)Customer | Dec. 31, 2019USD ($)Customer | Dec. 31, 2018CNY (¥)Customer | Dec. 31, 2019USD ($) | |
Disclosure of detailed information about financial instruments [line items] | ||||
Basis points | 50.00% | 50.00% | 50.00% | |
Increase decrease in profit before tax on basis of higher lower basis points | ¥ 21.4 | $ 3 | ¥ 20.6 | |
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 | ¥ 387.6 | ¥ 114.2 | $ 54.7 | |
Percentage of trade receivables excluding bills receivables | 50.00% | 50.00% | 26.00% |
Financial Risk Management Obj_4
Financial Risk Management Objectives and Policies - Exposures to Foreign Currency (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Cash and bank balances | ¥ 6,390,918 | $ 902,023 | ¥ 6,128,522 |
Financial liabilities | (10,699,413) | (1,510,128) | (9,146,000) |
Trade and other payables | (8,644,393) | (1,220,081) | (7,191,134) |
Foreign currency risk [Member] | Singapore dollar [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Quoted equity securities | 9,235 | 21,876 | |
Trade and other receivables | 607 | 693 | |
Cash and bank balances | 228,589 | 220,268 | |
Financial liabilities | (15,710) | (15,126) | |
Trade and other payables | (7,086) | (13,952) | |
Net assets/(liabilities) | 215,635 | 30,435 | 213,759 |
Foreign currency risk [Member] | Euro [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Trade and other receivables | 414 | 25,827 | |
Cash and bank balances | 52 | 1,166 | |
Trade and other payables | (27,922) | (17,452) | |
Net assets/(liabilities) | (27,456) | (3,875) | 9,541 |
Foreign currency risk [Member] | USD [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Trade and other receivables | 7,624 | 12,149 | |
Cash and bank balances | 11,233 | 28,518 | |
Financial liabilities | (139,524) | (501,014) | |
Trade and other payables | (10,596) | (7,060) | |
Net assets/(liabilities) | (131,263) | (18,527) | (467,407) |
Foreign currency risk [Member] | Renminbi [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Trade and other receivables | 658 | 675 | |
Cash and bank balances | 2,595 | 31,662 | |
Trade and other payables | (2,605) | (41,828) | |
Net assets/(liabilities) | 648 | 91 | (9,491) |
Foreign currency risk [Member] | Others [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Cash and bank balances | 7,364 | 25 | |
Trade and other payables | (83) | ||
Net assets/(liabilities) | ¥ 7,281 | $ 1,028 | ¥ 25 |
Financial Risk Management Obj_5
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, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) |
Singapore dollar [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Effect on profit before tax | ¥ 21,564 | $ 3,044 | ¥ 21,376 |
Euro [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Effect on profit before tax | (2,746) | (388) | 954 |
USD [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Effect on profit before tax | (13,126) | (1,853) | (46,741) |
Renminbi [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Effect on profit before tax | ¥ 65 | $ 9 | ¥ (949) |
Financial Risk Management Obj_6
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, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) |
Equity price risk [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Statement of profit or loss | ¥ 924 | $ 130 | ¥ 2,188 |
Financial Risk Management Obj_7
Financial Risk Management Objectives and Policies - Summary of Information about Credit Risk on Trade Receivables using Provision Matrix (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) |
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ 14,303,746 | $ 2,018,850 | ¥ 13,684,538 |
Expected credit loss | ¥ 57,611 | $ 8,131 | 30,586 |
Cost [member] | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ 438,586 | ||
Trade receivables [member] | |||
Disclosure of provision matrix [line items] | |||
Expected credit loss rate | 7.20% | 7.20% | 6.30% |
Expected credit loss | ¥ 57,611 | ¥ 30,586 | |
Trade receivables [member] | Cost [member] | |||
Disclosure of provision matrix [line items] | |||
Financial assets | 794,678 | 438,586 | |
Current [member] | Trade receivables [member] | Cost [member] | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ 601,094 | ¥ 281,250 | |
Days past due 0- 90 days [member] | Trade receivables [member] | |||
Disclosure of provision matrix [line items] | |||
Expected credit loss rate | 6.90% | 6.90% | 0.10% |
Expected credit loss | ¥ 4,283 | ¥ 30 | |
Days past due 0- 90 days [member] | Trade receivables [member] | Cost [member] | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ 61,917 | 47,561 | |
Days Past due 91-180 days [member] | Trade receivables [member] | |||
Disclosure of provision matrix [line items] | |||
Expected credit loss rate | 6.20% | 6.20% | |
Expected credit loss | ¥ 1,513 | ||
Days Past due 91-180 days [member] | Trade receivables [member] | Cost [member] | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ 24,409 | ¥ 25,862 | |
Days past due 181-365 days [member] | Trade receivables [member] | |||
Disclosure of provision matrix [line items] | |||
Expected credit loss rate | 10.90% | 10.90% | 6.30% |
Expected credit loss | ¥ 4,386 | ¥ 2,990 | |
Days past due 181-365 days [member] | Trade receivables [member] | Cost [member] | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ 40,213 | ¥ 47,209 | |
Days past due greater than 365 days [member] | Trade receivables [member] | |||
Disclosure of provision matrix [line items] | |||
Expected credit loss rate | 70.70% | 70.70% | 75.10% |
Expected credit loss | ¥ 47,429 | ¥ 27,566 | |
Days past due greater than 365 days [member] | Trade receivables [member] | Cost [member] | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ 67,045 | ¥ 36,704 |
Financial Risk Management Obj_8
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, 2019CNY (¥) | Dec. 31, 2019USD ($) | Jan. 01, 2019CNY (¥) | Jan. 01, 2019USD ($) | Dec. 31, 2018CNY (¥) |
Financial assets | |||||
Cash and bank balances | ¥ 6,390,918 | $ 902,023 | ¥ 6,128,522 | ||
Derivative not designated as hedges – foreign exchange forward contract | 4,529 | ||||
Financial assets | 14,303,746 | 2,018,850 | 13,684,538 | ||
Financial liabilities | |||||
Trade and other payables (Note 24) | 8,644,393 | 1,220,081 | 7,191,134 | ||
Other liabilities | 999 | 141 | 48 | ||
Lease liabilities | 60,007 | 8,469 | ¥ 96,852 | $ 13,670 | |
Financial liabilities | 10,699,413 | 1,510,128 | 9,146,000 | ||
Liquidity risk [member] | |||||
Financial assets | |||||
Trade and bills receivables | 7,742,301 | 1,092,758 | 7,389,106 | ||
Other receivables, excluding tax recoverable | 161,292 | 22,765 | 140,505 | ||
Cash and bank balances | 6,390,918 | 902,023 | 6,128,522 | ||
Quoted equity securities | 9,235 | 1,304 | 21,876 | ||
Derivative not designated as hedges – foreign exchange forward contract | 4,529 | ||||
Financial assets | 14,303,746 | 2,018,850 | 13,684,538 | ||
Financial liabilities | |||||
Loans and borrowings | 2,085,456 | 294,344 | 2,048,715 | ||
Trade and other payables (Note 24) | 8,624,058 | 1,217,210 | 7,168,683 | ||
Other liabilities | 48 | ||||
Lease liabilities | 65,101 | 9,188 | |||
Derivative not designated as hedges – foreign exchange forward contract | 999 | 141 | |||
Financial liabilities | 10,775,614 | $ 1,520,883 | 9,217,446 | ||
Liquidity risk [member] | One year or less [member] | |||||
Financial assets | |||||
Trade and bills receivables | 7,742,301 | 7,389,106 | |||
Other receivables, excluding tax recoverable | 161,292 | 140,505 | |||
Cash and bank balances | 6,390,918 | 6,128,522 | |||
Quoted equity securities | 9,235 | 21,876 | |||
Derivative not designated as hedges – foreign exchange forward contract | 4,529 | ||||
Financial assets | 14,303,746 | 13,684,538 | |||
Financial liabilities | |||||
Loans and borrowings | 2,085,456 | 2,033,519 | |||
Trade and other payables (Note 24) | 8,447,756 | 7,008,592 | |||
Other liabilities | 14 | ||||
Lease liabilities | 29,838 | ||||
Derivative not designated as hedges – foreign exchange forward contract | 999 | ||||
Financial liabilities | 10,564,049 | 9,042,125 | |||
Liquidity risk [member] | Two to five years [member] | |||||
Financial liabilities | |||||
Loans and borrowings | 15,196 | ||||
Trade and other payables (Note 24) | 176,302 | 160,091 | |||
Other liabilities | 34 | ||||
Lease liabilities | 35,263 | ||||
Financial liabilities | ¥ 211,565 | ¥ 175,321 |
Capital Management - Summary of
Capital Management - Summary of Capital Structure (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Jan. 01, 2019CNY (¥) | Jan. 01, 2019USD ($) | Dec. 31, 2018CNY (¥) |
Disclosure of objectives, policies and processes for managing capital [abstract] | |||||
Loans and borrowings (current and non-current) (Note 28(b)) | ¥ 2,055,046 | $ 290,052 | ¥ 2,016,092 | ||
Lease liabilities (current and non-current) (Note 27) | 60,007 | 8,469 | ¥ 96,852 | $ 13,670 | |
Other liabilities (current and non-current) (Note 28(a)) | 999 | 141 | 48 | ||
Trade and other payables (current and non-current) (Note 24) | 8,644,393 | 1,220,081 | 7,191,134 | ||
Less: Cash and bank balances (Note 18) | (6,390,918) | (902,023) | (6,128,522) | ||
Net debts | 4,368,528 | 616,579 | 3,078,752 | ||
Equity attributable to equity holders of the parent | 8,767,529 | 1,237,460 | 8,395,849 | ||
Total capital and net debts | ¥ 13,136,057 | $ 1,854,039 | ¥ 11,474,601 |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Value Measurement Hierarchy for Assets and Liabilities (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) |
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | ¥ 14,303,746 | $ 2,018,850 | ¥ 13,684,538 |
Financial liabilities | 10,699,413 | 1,510,128 | 9,146,000 |
Foreign Exchange Forward Contract [Member] | Derivative Financial Liabilities [Member] | Forward contract [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities | 999 | 141 | |
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 assets | 4,529 | ||
Bill receivables [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | 7,005,234 | 988,728 | 6,981,106 |
Thakral Corporation Ltd [Member] | Quoted Equity Shares [Member] | Quoted Equity Securities [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | 9,235 | $ 1,304 | 21,876 |
Quoted prices in active markets (Level 1) [Member] | Thakral Corporation Ltd [Member] | Quoted Equity Shares [Member] | Quoted Equity Securities [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | 9,235 | 21,876 | |
Significant observable inputs (Level 2) [Member] | Foreign Exchange Forward Contract [Member] | Derivative Financial Liabilities [Member] | Forward contract [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities | 999 | ||
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 assets | 4,529 | ||
Significant observable inputs (Level 2) [Member] | Bill receivables [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | ¥ 7,005,234 | ¥ 6,981,106 |
Financial Assets and Financia_3
Financial Assets and Financial Liabilities - Summary of Financial Assets and Financial Liabilities (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) |
Disclosure of detailed information about financial instruments [line items] | |||
Other financial liabilities at amortized cost | ¥ 10,699,413 | ¥ 9,146,000 | |
Total | 14,303,746 | $ 2,018,850 | 13,684,538 |
Financial assets at fair value through profit or loss | 9,235 | 26,405 | |
Financial assets at amortised costs | 7,289,277 | 6,677,027 | |
Fair Value through OCI | 7,005,234 | 6,981,106 | |
Total | 10,699,413 | 1,510,128 | 9,146,000 |
Lease liabilities [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial liabilities at amortized cost | 60,007 | ||
Total | 60,007 | 8,469 | |
Quoted Equity Securities [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 9,235 | 1,304 | 21,876 |
Financial assets at fair value through profit or loss | 9,235 | 21,876 | |
Trade and bill receivables [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 7,742,301 | 1,092,758 | 7,389,106 |
Financial assets at amortised costs | 737,067 | 408,000 | |
Fair Value through OCI | 7,005,234 | 6,981,106 | |
Other receivables [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 161,292 | 22,765 | 140,505 |
Financial assets at amortised costs | 161,292 | 140,505 | |
Cash and bank balances [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 6,390,918 | 902,023 | 6,128,522 |
Financial assets at amortised costs | 6,390,918 | 6,128,522 | |
Derivatives not designated as hedges - foreign exchange forward contract [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 4,529 | ||
Financial assets at fair value through profit or loss | 4,529 | ||
Trade and other payables [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial liabilities at amortized cost | 8,584,360 | 7,129,860 | |
Total | 8,584,360 | 1,211,607 | 7,129,860 |
Loans and borrowings [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial liabilities at amortized cost | 2,055,046 | 2,016,092 | |
Total | ¥ 2,055,046 | $ 290,052 | 2,016,092 |
Other Liabilities [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial liabilities at amortized cost | 48 | ||
Total | ¥ 48 |
Financial Assets and Financia_4
Financial Assets and Financial Liabilities - Schedule of Changes in Liabilities Arising From Financing Activities (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | ¥ 2,016,140 | ¥ 1,626,420 | |
Effect of adoption of IFRS 16 | 96,804 | ||
Cash flows | (11,304) | 388,531 | |
Addition | 11,473 | ||
Accretion of interest | 2,918 | ||
Foreign exchange movement | (1,469) | 389 | |
Translation reserve | 491 | 800 | |
Ending balance | 2,115,053 | $ 298,521 | 2,016,140 |
Increase (decrease) due to changes in accounting policy [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 2,112,944 | ||
Ending balance | 2,112,944 | ||
Short-term borrowings [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 2,001,014 | 1,600,000 | |
Cash flows | 39,979 | 400,320 | |
Foreign exchange movement | (1,469) | 694 | |
Translation reserve | 444 | ||
Other | 15,078 | ||
Ending balance | 2,055,046 | 290,052 | 2,001,014 |
Short-term borrowings [member] | Increase (decrease) due to changes in accounting policy [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 2,001,014 | ||
Ending balance | 2,001,014 | ||
Long-term borrowings [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 15,078 | 26,341 | |
Cash flows | (11,756) | ||
Foreign exchange movement | (305) | ||
Translation reserve | 798 | ||
Other | (15,078) | ||
Ending balance | 15,078 | ||
Long-term borrowings [member] | Increase (decrease) due to changes in accounting policy [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 15,078 | ||
Ending balance | 15,078 | ||
Obligations under finance leases current [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 14 | 33 | |
Effect of adoption of IFRS 16 | (14) | ||
Cash flows | (33) | ||
Other | 14 | ||
Ending balance | 14 | ||
Obligations under finance leases noncurrent [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 34 | 46 | |
Effect of adoption of IFRS 16 | (34) | ||
Translation reserve | 2 | ||
Other | (14) | ||
Ending balance | 34 | ||
Lease Liabilities Current [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Effect of adoption of IFRS 16 | 42,457 | ||
Cash flows | (51,283) | ||
Addition | 6,008 | ||
Accretion of interest | 2,918 | ||
Translation reserve | 24 | ||
Other | 28,509 | ||
Ending balance | 28,633 | 4,041 | |
Lease Liabilities Current [Member] | Increase (decrease) due to changes in accounting policy [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 42,457 | ||
Ending balance | 42,457 | ||
Lease Liabilities Noncurrent [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Effect of adoption of IFRS 16 | 54,395 | ||
Addition | 5,465 | ||
Translation reserve | 23 | ||
Other | (28,509) | ||
Ending balance | 31,374 | $ 4,428 | |
Lease Liabilities Noncurrent [Member] | Increase (decrease) due to changes in accounting policy [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | ¥ 54,395 | ||
Ending balance | ¥ 54,395 |