Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2020shares | |
Cover [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
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 Registration Statement | 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 |
ICFR Auditor Attestation Flag | false |
Consolidated Statement of Profi
Consolidated Statement of Profit or Loss ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥)¥ / shares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019CNY (¥)¥ / shares | Dec. 31, 2018CNY (¥)¥ / shares | |
Profit or loss [abstract] | ||||
Revenue | ¥ 20,581,170 | $ 3,180,376 | ¥ 18,016,085 | ¥ 16,263,248 |
Cost of sales | (17,391,599) | (2,687,497) | (14,910,244) | (13,171,227) |
Gross profit | 3,189,571 | 492,879 | 3,105,841 | 3,092,021 |
Other operating income | 400,269 | 61,853 | 347,161 | 205,143 |
Other operating expenses | (21,322) | (3,295) | (8,675) | (12,463) |
Research and development expenses | (626,478) | (96,809) | (492,204) | (447,668) |
Selling, general and administrative expenses | (1,760,036) | (271,975) | (1,806,042) | (1,554,512) |
Operating profit | 1,182,004 | 182,653 | 1,146,081 | 1,282,521 |
Finance costs | (151,170) | (23,360) | (131,796) | (113,088) |
Share of (loss)/profit of associates, net of tax | 452 | 70 | (181) | (59) |
Share of profit/(loss) of joint ventures, net of tax | (59,422) | (9,183) | 19,215 | 11,693 |
Profit before tax | 971,864 | 150,180 | 1,033,319 | 1,181,067 |
Income tax expense | (192,538) | (29,753) | (172,619) | (206,667) |
Profit for the year | 779,326 | 120,427 | 860,700 | 974,400 |
Attributable to: | ||||
Equity holders of the parent | 548,903 | 84,821 | 604,914 | 695,266 |
Non-controlling interests | 230,423 | 35,606 | 255,786 | 279,134 |
Profit for the year | ¥ 779,326 | $ 120,427 | ¥ 860,700 | ¥ 974,400 |
Earnings per share (dollar per share) | ||||
- Basic | (per share) | ¥ 13.43 | $ 2.08 | ¥ 14.81 | ¥ 17.02 |
- Diluted | (per share) | ¥ 13.43 | $ 2.08 | ¥ 14.81 | ¥ 17.02 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Statement of comprehensive income [abstract] | ||||
Profit for the year | ¥ 779,326 | $ 120,427 | ¥ 860,700 | ¥ 974,400 |
Items that may be reclassified to profit or loss in subsequent periods, net of tax: | ||||
Foreign currency translation | (63,864) | (9,869) | 8,467 | 49,245 |
Net fair value change on debt instruments at fair value through other comprehensive income | (2,752) | (425) | 3,050 | 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 | (66,616) | (10,294) | 11,517 | 81,891 |
Total comprehensive income for the year, net of tax | 712,710 | 110,133 | 872,217 | 1,056,291 |
Attributable to: | ||||
Equity holders of the parent | 492,966 | 76,177 | 610,369 | 763,935 |
Non-controlling interests | 219,744 | 33,956 | 261,848 | 292,356 |
Total comprehensive income for the year, net of tax | ¥ 712,710 | $ 110,133 | ¥ 872,217 | ¥ 1,056,291 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Non-current assets | |||
Property, plant and equipment | ¥ 4,258,760 | $ 658,100 | ¥ 4,210,444 |
Investment property | 5,829 | 901 | 6,552 |
Intangible assets | 1,483,968 | 229,315 | 954,144 |
Investment in associates | 2,393 | 370 | 1,955 |
Investment in joint ventures | 227,120 | 35,096 | 273,991 |
Deferred tax assets | 400,198 | 61,842 | 422,960 |
Long-term bank deposits | 140,000 | 21,634 | 50,000 |
Right-of-use assets | 384,001 | 59,339 | 415,384 |
Capitalized contract cost | 127,704 | 19,734 | 136,457 |
Non-current assets | 7,029,973 | 1,086,331 | 6,471,887 |
Current assets | |||
Inventories | 4,471,195 | 690,927 | 2,824,137 |
Trade and other receivables | 8,459,088 | 1,307,170 | 8,190,293 |
Other current assets | 23,164 | 3,579 | 26,956 |
Cash and cash equivalents | 5,877,647 | 908,264 | 5,753,268 |
Short-term bank deposits | 258,756 | 39,985 | 356,543 |
Restricted cash | 171,135 | 26,445 | 231,107 |
Current assets | 19,260,985 | 2,976,370 | 17,382,304 |
Total assets | 26,290,958 | 4,062,701 | 23,854,191 |
Equity | |||
Issued capital | 2,081,138 | 321,595 | 2,081,138 |
Statutory reserves | 307,165 | 47,466 | 304,307 |
Capital reserves | 30,704 | 4,745 | 30,704 |
Retained earnings | 6,756,976 | 1,044,145 | 6,456,802 |
Other components of equity | (161,359) | (24,935) | (105,422) |
Equity attributable to equity holders of the parent | 9,014,624 | 1,393,016 | 8,767,529 |
Non-controlling interests | 2,818,086 | 435,474 | 2,805,856 |
Total equity | 11,832,710 | 1,828,490 | 11,573,385 |
Non-current liabilities | |||
Loans and borrowings | 500,000 | 77,264 | |
Lease liabilities | 17,023 | 2,631 | 31,374 |
Contract liabilities | 67,269 | 10,395 | 53,813 |
Deferred tax liabilities | 112,456 | 17,378 | 153,486 |
Deferred grants | 518,142 | 80,068 | 656,776 |
Other payables | 191,563 | 29,602 | 176,302 |
Non-current liabilities | 1,406,453 | 217,338 | 1,071,751 |
Current liabilities | |||
Trade and other payables | 10,110,968 | 1,562,432 | 8,468,091 |
Loans and borrowings | 1,730,000 | 267,334 | 2,055,046 |
Other liabilities | 999 | ||
Lease liabilities | 22,755 | 3,516 | 28,633 |
Contract liabilities | 868,193 | 134,161 | 382,809 |
Provision for taxation | 50,801 | 7,850 | 55,446 |
Provision | 269,078 | 41,580 | 218,031 |
Current liabilities | 13,051,795 | 2,016,873 | 11,209,055 |
Total liabilities | 14,458,248 | 2,234,211 | 12,280,806 |
Total equity and liabilities | ¥ 26,290,958 | $ 4,062,701 | ¥ 23,854,191 |
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 ($) | Premium paid for acquisition of non-controlling interests [member]CNY (¥) | Premium paid for acquisition of non-controlling interests [member]USD ($) | 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, 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 | 604,914 | 604,914 | 255,786 | |||||||||||||||||||
Other comprehensive income for the year, net of tax | 11,517 | 3,124 | 5,455 | 6,062 | 2,331 | ||||||||||||||||||
Total comprehensive income for the year | 872,217 | 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) | (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 | 2,081,138 | 304,307 | 30,704 | 6,456,802 | (36,091) | 19,758 | (11,472) | 8,767,529 | 2,805,856 | (77,617) | ||||||||||||
Statement [LineItems] | |||||||||||||||||||||||
Profit for the year | 779,326 | $ 120,427 | 548,903 | 548,903 | 230,423 | ||||||||||||||||||
Other comprehensive income for the year, net of tax | (66,616) | (10,294) | (53,834) | (55,937) | (10,679) | (2,103) | |||||||||||||||||
Total comprehensive income for the year | 712,710 | 110,133 | 548,903 | (53,834) | 492,966 | 219,744 | (2,103) | ||||||||||||||||
Transactions with owners, recorded directly in equity | |||||||||||||||||||||||
Dividends declared to non-controlling interests | (207,514) | (207,514) | |||||||||||||||||||||
Dividends declared and paid | (245,871) | (245,871) | (245,871) | ||||||||||||||||||||
Transfer to statutory reserves | 2,858 | (2,858) | |||||||||||||||||||||
Balance at Dec. 31, 2020 | ¥ 11,832,710 | $ 1,828,490 | ¥ 2,081,138 | $ 321,595 | ¥ 307,165 | $ 47,466 | ¥ 30,704 | $ 4,745 | ¥ 6,756,976 | $ 1,044,145 | ¥ (89,925) | $ (13,896) | ¥ 19,758 | $ 3,053 | ¥ (11,472) | $ (1,773) | ¥ 9,014,624 | $ 1,393,016 | ¥ 2,818,086 | $ 435,474 | ¥ (79,720) | $ (12,319) |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Restatement [abstract] | |||
Dividends declared and paid, per share | $ 0.85 | $ 0.85 | $ 2.21 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | ||||
Operating activities | |||||||
Profit before tax | ¥ 971,864 | $ 150,180 | ¥ 1,033,319 | ¥ 1,181,067 | |||
Adjustments: | |||||||
Amortization of intangible asset | 1,012 | 156 | 1,012 | ||||
Amortization of prepaid operating leases | 12,724 | ||||||
Bad debt (recovered)/written off | 40 | 6 | (108) | ||||
Depreciation of investment property | 376 | 58 | 380 | 884 | |||
Depreciation of property, plant and equipment | 450,092 | 69,552 | 422,859 | 420,277 | |||
Depreciation of right-of-use assets | 43,127 | [1] | 6,664 | [1] | 40,958 | ||
Dividend income from quoted equity securities | (166) | (26) | (959) | (1,992) | |||
Exchange (gain)/loss | (1,827) | (282) | (4,679) | 4,235 | |||
Fair value (gain)/loss on foreign exchange forward contract | (999) | (154) | 5,529 | (4,529) | |||
Fair value (gain)/loss on quoted equity securities | 1,196 | 185 | (1,118) | 3,433 | |||
Finance costs | 151,170 | 23,360 | 131,796 | 113,088 | |||
(Gain)/loss on disposal of: | |||||||
- property, plant and equipment | 4,183 | 646 | 645 | (8,835) | |||
- quoted equity securities | (874) | (135) | (11,528) | ||||
- right-of-use assets | (2,574) | (398) | (9,237) | ||||
Government grants | (209,793) | (32,419) | (122,371) | (32,237) | |||
Interest income | (166,970) | (25,801) | (177,261) | (147,244) | |||
Impairment losses on development property | 3,039 | ||||||
Impairment losses on property, plant and equipment | 3,920 | 606 | 3,950 | 30,173 | |||
(Reversal of impairment losses)/impairment losses on trade receivables | (13,849) | (2,140) | 32,340 | (11,052) | |||
(Reversal of impairment losses)/impairment losses on non-trade receivables | 638 | 99 | |||||
Property, plant and equipment written off | 7,417 | 1,146 | 4,137 | 1,265 | |||
Provision for onerous contract | 11,323 | 1,750 | 2,316 | ||||
(Reversal of write-down)/ impairment losses of inventories, net | 27,978 | 4,323 | 17,022 | (8,468) | |||
Share of (profit)/loss of associates and joint ventures, net of tax | 58,970 | 9,113 | (19,034) | (11,634) | |||
Write-back of trade and other payables | (1,052) | (163) | (2,087) | ||||
Profit before tax after adjustments | 1,335,202 | 206,326 | 1,351,028 | 1,541,047 | |||
Changes in working capital | |||||||
Decrease/(increase) in inventories | (1,687,639) | (260,788) | (314,904) | 47,533 | |||
(Increase)/decrease in trade and other receivables and capitalized contract cost | (238,571) | (36,866) | (514,163) | (502,069) | |||
(Decrease)/increase in trade and other payables and contract liabilities | 2,241,327 | 346,349 | 1,294,214 | (229,457) | |||
Decrease/(increase) in development properties | (75) | (12) | (71) | 4,205 | |||
Cash flows from operating activities | 1,650,244 | 255,009 | 1,816,104 | 861,259 | |||
Income taxes paid | (234,876) | (36,295) | (233,088) | (190,658) | |||
Net cash flows from operating activities | 1,415,368 | 218,714 | 1,583,016 | 670,601 | |||
Investing activities | |||||||
Payment for trademark usage fee | (169,811) | ||||||
Additional investment in subsidiaries | (114) | ||||||
Additional investment in associates and joint ventures | (41,160) | ||||||
Development costs | (500,147) | (77,287) | (345,128) | (180,626) | |||
Dividend received from: | |||||||
- joint ventures | 821 | 801 | |||||
- quoted equity securities | 166 | 26 | 959 | 1,992 | |||
Interest received | 171,556 | 26,510 | 173,745 | 143,768 | |||
Proceeds from disposal of: | |||||||
- property, plant and equipment | 2,385 | 369 | 1,178 | 6,669 | |||
- quoted equity securities | 1,354 | 209 | 16,429 | ||||
- right-of-use assets | 5,772 | 892 | 11,008 | ||||
Proceeds from government grants | 123,178 | 19,034 | 191,491 | 286,198 | |||
Purchase of property, plant and equipment | (584,676) | (90,349) | (749,087) | (407,747) | |||
Tax and relevant expenses in relation to disposal of subsidiary | [2] | (38,887) | |||||
Withdrawal/(placement) of fixed deposits with banks, net | (5,341) | (825) | 138,079 | 68,953 | |||
Net cash flows used in investing activities | (785,753) | (121,421) | (810,477) | (79,992) | |||
Dividends paid to: | |||||||
- equity holders of the parent | (245,871) | (37,994) | (238,758) | (597,459) | |||
- non-controlling interests | (205,525) | (31,759) | (203,167) | (132,558) | |||
Interest paid and discounting on bills receivable | (148,793) | (22,993) | (139,118) | (108,039) | |||
Payment of finance lease liabilities | (33) | ||||||
Payment of principal portion of lease liabilities | (35,363) | (5,465) | (48,365) | ||||
Proceeds from borrowings | 2,230,000 | 344,598 | 2,040,752 | 2,000,320 | |||
Repayment of borrowings | (2,056,280) | (317,754) | (2,000,773) | (1,611,756) | |||
Net cash flows used in financing activities | (461,832) | (71,367) | (589,429) | (449,525) | |||
Net increase in cash and cash equivalents | 167,783 | 25,926 | 183,110 | 141,084 | |||
Cash and cash equivalents at January 1 | 5,753,268 | 889,044 | 5,559,890 | 5,390,324 | |||
Effect of exchange rate changes on balances in foreign currencies | (43,404) | (6,706) | 10,268 | 28,482 | |||
Cash and cash equivalents at December 31 | ¥ 5,877,647 | $ 908,264 | ¥ 5,753,268 | ¥ 5,559,890 | |||
[1] | In 2020, COVID-19 related rent rebate received from lessors of RMB 0.2 million (less than US$ 0.1 million) has been offset against the depreciation of right-of-use assets. | ||||||
[2] | This relates to retention money deposited in a joint signatory account with the buyer of LKNII for payment of tax payable for the disposal of LKNII in 2018, which had been settled in 2019. |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 were authorized for issue in accordance with a resolution of the directors on April 23, 2021. 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”), a state-owned enterprise, owns 22.09% of the issued share capital of Yuchai. As of December 31, 2020, Yuchai has nine (2019: nine) direct and 33 (2019: 33) indirectly owned subsidiaries, four (201 9 subsidiaries and joint ventures are disclosed in Notes 4 and 5. 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 of 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 of 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, 2019 and 2020, 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, 2020 | |
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 6.4713 = US$1.00, the rate quoted by the People’s Bank of China at the close of business on February 28, 2021 and all values are rounded to the nearest thousand (“US$’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 of December 31, 2020. 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 res u • 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 The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organi z 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 of 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 re-measured 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 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 and 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 market 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 33 • Bills receivable Note 33 • Foreign exchange forward contract Note 33 (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 de-recognition 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” (Note 22) 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 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 buildings and improvements : Shorter of 15 to 50 years or lease term Plan t, a nd equipment : 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 de - 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 de-recognition. In determining the amount of consideration from the de-recognition of investment property the Group considers the effects of variable consideration, existence of a significant financing component, non-cash 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 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 a |
Significant accounting judgment
Significant accounting judgments, estimates and assumptions | 12 Months Ended |
Dec. 31, 2020 | |
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 32) • Financial risk management objectives and policies (Note 31) • Sensitivity analyses disclosures (Note 12 and 31) 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 15. 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, 2019 and 2020 are RMB 423.0 million and RMB 400.2 million (US$61.8 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 incre a se by RMB 157.6 million (US$24.3 million ) fo y ear ended December 31, 2020 (2019: RMB 162.0 million). Development costs Development costs are capitalized in accordance with the accounting policy in Note 2.3 (l). Capitalization of development costs is based on management’s judgement to determine what constitutes development activities, and when a development project moves from the research phase into development phase. In addition, management’s judgement is required to determine the nature of the expenses that qualify for capitalization. 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 assets Impairment exists when the carrying value of an asset or cash-generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm’s length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a discounted cash flow (“DCF”) model. The cash flows are derived from the forecasts for the next eight to 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 12. |
Investments in subsidiaries
Investments in subsidiaries | 12 Months Ended |
Dec. 31, 2020 | |
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 31.12.2019 31.12.2020 % % 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 31.12.2018 31.12.2019 31.12.2020 Proportion of equity interest held by NCI Yuchai 23.6 % 23.6 % 23.6 % 31.12.2018 RMB’000 31.12.2019 RMB’000 31.12.2020 RMB’000 31.12.2020 US$’000 Accumulated balances of material NCI Yuchai 2,603,227 2,624,933 405,627 Profit allocated to material NCI Yuchai 252,394 254,284 229,231 35,423 Dividends paid to material NCI Yuchai 135,905 207,514 207,514 32,067 Summarized financial information including goodwill on acquisition and consolidation adjustments but before intercompany eliminations of subsidiaries with material non-controlling 31.12.2018 Yuchai Summarized statement of comprehensive income Revenue 16,210,467 Profit after tax 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 Summarized statement of financial position Current assets 16,444,627 Non-current 6,160,217 Goodwill 212,636 Current liabilities (11,162,938 ) Non-current (964,084 ) Net assets 10,690,458 Total equity 10,690,458 Attributable to NCI 2,603,227 Summarized statement of comprehensive income Revenue 17,980,304 Profit after tax 825,807 Total comprehensive income for the year 828,861 Attributable to NCI 254,284 Summarized statement of cash flows Operating 1,632,557 Investing (858,904 ) Financing (656,576 ) Net increase in cash and cash equivalents 117,077 31.12.2020 Yuchai RMB’000 US$’000 Summarized statement of financial position Current assets 18,395,754 2,842,667 Non-current 6,722,233 1,038,776 Goodwill 212,636 32,858 Current liabilities (13,035,680 ) (2,014,384 ) Non-current (1,293,007 ) (199,806 ) Net assets 11,001,936 1,700,111 Total equity 11,001,936 1,700,111 Attributable to NCI 2,624,933 405,627 Summarized statement of comprehensive income Revenue 20,557,660 3,176,743 Profit after tax 829,042 128,111 Total comprehensive income for the year 826,214 127,674 Attributable to NCI 229,231 35,423 Summarized statement of cash flows Operating 1,476,034 228,089 Investing (794,291 ) (122,741 ) Financing (505,997 ) (78,191 ) Net increase in cash and cash equivalents 175,746 27,157 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 5,289.2 million (US$817.3 million) (2019: RMB 5,112.8 million) held in the PRC are subject to local exchange control regulations. These regulations place restriction on the amount of currency being exported other than through dividends, trade and service related transactions. Acquisition of ownership in subsidiaries, without change in control in 2019 In February 2019, Yuchai acquired 7.5% of equity interest in YC Europe Co., Ltd. (“YC Europe”) from non-controlling |
Investment in joint ventures
Investment in joint ventures | 12 Months Ended |
Dec. 31, 2020 | |
Investments accounted for using equity method [abstract] | |
Investment in joint ventures | 5 Investment in joint ventures 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 RMB’000 US$’000 Share of profit/(loss) of joint ventures, net of tax: Y & C Engine Co., Ltd 17,612 28,484 (44,016 ) (6,802 ) MTU Yuchai Power Co., Ltd. (6,882 ) 594 3,238 500 Eberspaecher Yuchai Exhaust Technology Co., Ltd — (9,366 ) (19,157 ) (2,960 ) Other joint ventures. 963 (497 ) 513 79 11,693 19,215 (59,422 ) (9,183 ) 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Carrying amount of investments: Y & C Engine Co., Ltd 176,082 145,599 22,499 MTU Yuchai Power Co., Ltd 59,931 62,217 9,614 Eberspaecher Yuchai Exhaust Technology Co., Ltd (i ) 31,794 12,638 1,953 Other joint ventures 6,184 6,666 1,030 273,991 227,120 35,096 Note: (i) Eberspaecher Yuchai was incorporated on December 5, 2018. In March 2019 and December 2019, the Group injected RMB 17.6 million and RMB 23.5 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 31.12.2019 31.12.2020 % % 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 diesel engines 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 2019 and 2020, the Group has performed an impairment evaluation of its investments in joint ventures and no impairment was required. 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 RMB’000 RMB’000 RMB’000 RMB’000 Non-current 774,046 78,362 24,001 876,409 Current assets - Cash and bank balances 164,942 9,265 54,567 228,774 - Others 1,060,805 221,482 7,970 1,290,257 Total assets 1,999,793 309,109 86,538 2,395,440 Non-current (84,154 ) — — (84,154 ) Current liabilities - Others (1,396,116 ) (179,680 ) (21,651 ) (1,597,447 ) Total liabilities (1,480,270 ) (179,680 ) (21,651 ) (1,681,601 ) Equity 519,523 129,429 64,887 713,839 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 Carrying amount of other joint ventures 6,184 Carrying amount of the investment in joint ventures 273,991 31.12.2019 Y & C MTU Yuchai Power Eberspaecher Yuchai Total RMB’000 RMB’000 RMB’000 RMB’000 Revenue 2,404,244 178,796 3,509 2,586,549 Depreciation and amortization (26,099 ) (6,379 ) (25 ) (32,503 ) Interest expense (29,606 ) (5,017 ) — (34,623 ) Profit/(loss) for the year, representing total comprehensive income for the year 44,484 600 (19,114 ) 25,970 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 Group’s share of loss of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures (497 ) Group’s share of profit for the year, representing the Group’s share of total comprehensive income for the year 19,215 31.12.2020 Y & C MTU Yuchai Power Eberspaecher Yuchai Total Total RMB’000 RMB’000 RMB’000 RMB’000 US$’000 Non-current 740,423 71,635 45,583 857,641 132,530 Current assets - Cash and bank balances 160,844 43,056 2,273 206,173 31,860 - Others 1,287,935 266,123 43,895 1,597,953 246,929 Total assets 2,189,202 380,814 91,751 2,661,767 411,319 Non-current (417,759 ) — — (417,759 ) (64,556 ) Current liabilities - Others (1,340,704 ) (244,963 ) (65,960 ) (1,651,627 ) (255,223 ) Total liabilities (1,758,463 ) (244,963 ) (65,960 ) (2,069,386 ) (319,779 ) Equity 430,739 135,851 25,791 592,381 91,540 Proportion of the Group’s ownership 45 % 50 % 49 % Group’s share of net assets 193,833 67,926 12,638 Unrealized profit on transactions with joint venture (48,234 ) (5,709 ) — Carrying amount of significant joint ventures 145,599 62,217 12,638 220,454 34,066 Carrying amount of other joint ventures 6,666 1,030 Carrying amount of the investment in joint ventures 227,120 35,096 31.12.2020 Y & C MTU Yuchai Power Eberspaecher Yuchai Total Total RMB’000 RMB’000 RMB’000 RMB’000 US$’000 Revenue 3,021,877 307,699 45,966 3,375,542 521,617 Depreciation and amortization (59,406 ) (2,350 ) (360 ) (62,116 ) (9,599 ) Interest expense, net (40,709 ) (1,983 ) — (42,692 ) (6,597 ) Profit/(loss) for the year, representing total comprehensive income for the year (88,785 ) 6,421 (39,095 ) (121,459 ) (18,769 ) Proportion of the Group’s ownership 45 % 50 % 49 % Group’s share of profit/(loss) (39,953 ) 3,211 (19,157 ) Unrealized profit on transactions with joint venture (4,063 ) 27 — Group’s share of profit/(loss) of significant joint ventures (44,016 ) 3,238 (19,157 ) (59,935 ) (9,262 ) Group’s share of loss of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures 513 79 Group’s share of profit for the year, representing the Group’s share of total comprehensive income for the year (59,422 ) (9,183 ) Note: As of December 31, 2020, the Group’s share of joint ventures’ capital commitment that are contracted but n ot paid was RMB 2.1 million (US$0.3 million) (2019 : RMB As of December 31, 2020, the Group’s share of outstanding bills receivables discounted with banks for which Y & C retained a recourse obligation totaled RMB 40.1 million (US$6.2 million) (2019: RMB 45.0 million). As of December 31, 2020, the Group’s share of outstanding bills receivables endorsed to suppliers for which Y & C retained a recourse obligation were RMB 58.4 million (US$9.0 million) (2019: RMB 11.4 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 30.4 millio 019 : RMB 44.8 million As of December 31, 2020, the Group’s share of restricted ca sh of RMB 65.2 million (US$10.1 million) (2019 : RMB 60.8 million) which was used as collateral by the banks for the issuance of bills to suppliers. As of December 31 , 2020 , the Group’s share of bills receivables of RMB 28.6 million (US$4.4 million) (2019 |
Revenue from contracts with cus
Revenue from contracts with customers | 12 Months Ended |
Dec. 31, 2020 | |
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Revenue from contracts with customers | 6 Revenue from contracts with customers 6 Disaggregated revenue information Set out below is the disaggregation of the Group’s revenue from contracts with customers: 31.12.2018 Segments Yuchai HLGE Total RMB’000 RMB’000 RMB’000 Type of goods or services Heavy-duty engines 4,934,435 — 4,934,435 Medium-duty engines 5,537,164 — 5,537,164 Light-duty engines 2,481,554 — 2,481,554 Other products and services (i) 3,213,237 — 3,213,237 Revenue from hospitality operations 44,077 52,781 96,858 Total revenue from contracts with customers 16,210,467 52,781 16,263,248 Geographical markets People’s Republic of China 16,119,896 — 16,119,896 Other countries 90,571 52,781 143,352 Total revenue from contracts with customers 16,210,467 52,781 16,263,248 Timing of revenue recognition At a point in time 16,166,390 — 16,166,390 Over time 44,077 52,781 96,858 Total revenue from contracts with customers 16,210,467 52,781 16,263,248 31.12.2019 Segments Yuchai HLGE Total RMB’000 RMB’000 RMB’000 Type of goods or services Heavy-duty engines 6,189,934 — 6,189,934 Medium-duty engines 5,583,982 — 5,583,982 Light-duty engines 2,429,248 — 2,429,248 Other products and services (i) 3,732,436 — 3,732,436 Revenue from hospitality operations 44,704 35,781 80,485 Total revenue from contracts with customers 17,980,304 35,781 18,016,085 Geographical markets People’s Republic of China 17,913,615 — 17,913,615 Other countries 66,689 35,781 102,470 Total revenue from contracts with customers 17,980,304 35,781 18,016,085 Timing of revenue recognition At a point in time 17,935,600 — 17,935,600 Over time 44,704 35,781 80,485 Total revenue from contracts with customers 17,980,304 35,781 18,016,085 31.12.2020 Segments Yuchai HLGE Total Total RMB’000 RMB’000 RMB’000 US$’000 Type of goods or services Heavy-duty engines 6,725,312 — 6,725,312 1,039,252 Medium-duty engines 6,626,629 — 6,626,629 1,024,003 Light-duty engines 2,356,168 — 2,356,168 364,095 Other products and services (i) 4,809,921 — 4,809,921 743,269 Revenue from hospitality operations 39,630 23,510 63,140 9,757 Total revenue from contracts with customers 20,557,660 23,510 20,581,170 3,180,376 Geographical markets People’s Republic of China 20,504,288 — 20,504,288 3,168,496 Other countries 53,372 23,510 76,882 11,880 Total revenue from contracts with customers 20,557,660 23,510 20,581,170 3,180,376 Timing of revenue recognition At a point in time 20,518,030 — 20,518,030 3,170,619 Over time 39,630 23,510 63,140 9,757 Total revenue from contracts with customers 20,557,660 23,510 20,581,170 3,180,376 Note: (i) included sales of power generator sets, engine components, service-type maintenance 6 Contract balances 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Trade receivables (Note 1 5 737,067 289,048 44,666 Capitalized contract cost 136,457 127,704 19,734 Contract liabilities (Note 2 4 436,622 935,462 144,556 Trade receivables are non-interest The contract liabilities comprise short-term advance received from customers and unfulfilled service-type maintenance service. The advance received from customers is recognized as revenue upon the delivery of goods, and the contract liability arising from unfulfilled service-type warranty is recognized upon the completion of the maintenance services. According to the business customary practice, the remaining performance obligations (unfulfilled service-type maintenance service) at the year-end 1-3 The significant increase in contract liabilities as at December 31, 2020 was mainly due to increase in advance payment from customers as of the year-end for future product deliveries. (a) Set out below is the amount of revenue recognized from: 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Amounts include in contract liabilities 72,321 363,464 56,166 (b) Capitalized contract costs 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Capitalized contract costs relating to service fee charges on development of technology know-how At January 1 44,434 136,457 21,086 Addition 93,549 24,147 3,731 Reclassified to development costs — (21,519 ) (3,325 ) Released to consolidated statement of profit or loss (1,526 ) (11,381 ) (1,758 ) At December 31 136,457 127,704 19,734 6 Performance obligations The transaction price allocated to the remaining unsatisfied performance obligations as of 31 December are, as follows: 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Within one year 127,326 112,454 17,377 More than one year 53,813 67,269 10,396 Total unfulfilled service-type maintenance service (Note 24) 181,139 179,723 27,773 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, 2020 | |
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Other income and expenses recognized in statement of profit and loss | 7 Depreciation, amortization, shipping and handling expenses (a) Depreciation and amortization expenses 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’ 000 RMB’000 RMB’000 US$’000 Amortization of intangible assets — 1,012 1,012 156 Amortization of prepaid operating lease 12,724 — — — Depreciation of investment property 884 380 376 58 Depreciation of property, plant and equipment 420,277 422,859 450,092 69,552 Depreciation of right-of-use (i) — 40,958 43,127 6,664 433,885 465,209 494,607 76,430 Note: (i) In 2020, OVID less than has right-of-use Depreciation and amortization expenses are included in the following captions: 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 RMB’000 US$’000 Cost of sales 312,769 315,445 327,866 50,664 Research and development expenses 26,751 16,470 26,815 4,144 Selling, general and administrative expenses 94,365 133,294 139,926 21,622 433,885 465,209 494,607 76,430 (b) Shipping and handling expenses Sales related shipping and handling expenses not separately billed to customers are included in the following caption: 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 RMB’000 US$’000 Selling, general and administrative expenses 211,971 221,255 237,683 36,729 7 (a) Other operating income 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 RMB’000 US$’000 Interest income 147,244 177,261 166,970 25,801 Dividend income from quoted equity securities 1,992 959 166 26 Gain on disposal of: - property, plant and equipment 8,835 — — — - quoted equity securities — 11,528 874 135 - right-of-use — 9,237 2,574 398 Government grants 32,237 122,371 209,793 32,419 Fair value gain on quoted equity securities — 1,118 — — Fair value gain on foreign exchange forward contract 4,529 — 999 154 Realised foreign exchange gain, net 5,306 3,604 1,390 215 Unrealised foreign exchange gain, net (4,235 ) 4,679 1,827 282 Others 9,235 16,404 15,676 2,423 205,143 347,161 400,269 61,853 7 (b) Other operating expenses 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 RMB’000 US$’000 Fair value loss on quoted equity securities 3,433 — 1,196 185 Fair value loss on foreign exchange forward contract — 5,529 — — Loss on disposal of property, plant and equipment — 645 4,183 646 Provision for onerous contract — — 13,639 2,108 Others 9,030 2,501 2,304 356 12,463 8,675 21,322 3,295 7 Finance costs 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 RMB’000 US$’000 Bank term loans 71,513 76,721 95,357 14,735 Bills discounting 36,826 47,212 49,738 7,686 Bank charges 4,749 4,945 3,877 599 Interest on lease liabilities (Note 1 7 — 2,918 2,198 340 113,088 131,796 151,170 23,360 7 Staff costs 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 RMB’000 US$’000 Wages and salaries 1,176,465 1,122,712 1,364,751 210,893 Contribution to defined contribution plans 296,073 324,623 287,830 44,478 Executive bonuses 57,674 59,791 59,908 9,257 Staff welfare 76,689 82,692 94,982 14,677 Staff severance cost 28,018 15,454 19,712 3,046 Others 8,441 6,012 3,439 532 1,643,360 1,611,284 1,830,622 282,883 Staff costs are included in the following captions: 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 RMB’000 US$’000 Cost of sales 822,570 808,763 912,304 140,977 Research and development expenses 213,826 243,049 258,118 39,886 Selling, general and administrative expenses 606,964 559,472 660,200 102,020 1,643,360 1,611,284 1,830,622 282,883 |
Income tax expense
Income tax expense | 12 Months Ended |
Dec. 31, 2020 | |
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Income tax expense | 8 Income tax expense The major components of income tax expense for the years ended December 31, 2018, 2019 and 2020 are as follows: 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 RMB’000 US$’000 Current income tax - Current year 209,448 193,878 180,254 27,854 - Over provision in respect of prior years (729 ) (6,985 ) (124 ) (19 ) Deferred tax - Movement in temporary differences (2,052 ) (14,274 ) 12,543 1,938 - Over provision in respect of prior years — — (135 ) (20 ) Consolidated income tax expense reported in the statement of profit or loss 206,667 172,619 192,538 29,753 Income tax expense reported in the consolidated statement of profit or loss differs from the amount computed by applying the PRC income tax rate of 15% (being tax rate of Yuchai) for the years ended December 31, 2018, 2019 and 2020 for the following reasons: 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 RMB’000 US$’000 Accounting profit before tax 1,181,067 1,033,319 971,864 150,180 Computed tax expense at 15% (2019: 15%, 2018: 15%) 177,160 154,998 145,780 22,527 Adjustments resulting from: Non-deductible 5,146 3,982 9,188 1,420 Tax-exempt (3,634 ) (6,171 ) (601 ) (93 ) Utilization of deferred tax benefits previously not recognized (5,518 ) (5,076 ) (1,996 ) (308 ) Deferred tax benefits not recognized 2,183 6,613 6,097 942 Tax credits for research and development expense (22,407 ) (31,863 ) (26,329 ) (4,068 ) Tax rate differential 24,437 26,223 24,251 3,747 Over provision in respect of previous years (729 ) (6,985 ) (259 ) (39 ) Withholding tax expense 30,029 30,898 36,332 5,614 Others — — 75 11 Total 206,667 172,619 192,538 29,753 Deferred tax Deferred tax relates to the following: Consolidated statement of financial position Consolidated statement of profit or loss 31.12.2019 31.12.2020 31.12.2020 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 RMB’000 RMB’000 RMB’000 US$’000 Accelerated tax depreciation (44,920 ) (100,802 ) (15,577 ) (12,432 ) (17,366 ) (55,882 ) (8,635 ) Interest receivable (1,644 ) (1,937 ) (299 ) (1,478 ) 608 (293 ) (45 ) PRC withholding tax on dividend income (i) (106,922 ) (112,456 ) (17,378 ) (29,842 ) (30,721 ) (36,255 ) (5,602 ) Impairment of property, plant and equipment 6,648 40,104 6,197 3,624 (9,295 ) 33,456 5,170 Write-down of inventories 18,403 22,628 3,497 (1,433 ) 2,343 4,225 653 Allowance for doubtful account receivables 10,077 8,056 1,245 (2,199 ) 4,900 (2,021 ) (312 ) Accruals 250,662 298,766 46,168 (186 ) 46,108 48,149 7,440 Deferred income 107,731 108,942 16,834 43,820 12,232 1,211 187 Others 29,439 24,441 3,777 2,178 5,465 (4,998 ) (774 ) Deferred tax benefits/(expenses) 2,052 14,274 (12,408 ) (1,918 ) Net deferred tax assets 269,474 287,742 44,464 Reflected in the consolidated statement of financial position as follows: Deferred tax assets 422,960 400,198 61,842 Deferred tax liabilities (153,486 ) (112,456 ) (17,378 ) 269,474 287,742 44,464 Note: (i) The movement of PRC withholding tax on dividend income is as follows: 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 At January 1 (106,922 ) (106,922 ) (16,522 ) Provision made to consolidated statement of profit or loss (30,721 ) (36,255 ) (5,602 ) Utilization 30,721 30,721 4,746 December 31 (106,922 ) (112,456 ) (17,378 ) 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 e stimated to be RMB 236.4 million (US$36.5 million) (2019 : million). Deferred tax assets have not been recognized in respect of the following items: 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Unutilized tax losses 414,226 404,215 62,463 Unutilized capital allowances and investment allowances 107,613 105,622 16,322 Other unrecognized temporary differences relating to asset impairment and deferred grants 215,296 204,423 31,589 737,135 714,260 110,374 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, respectivel y . 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, 2020 | |
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Earnings per share | 9 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: 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 RMB’000 US$’000 Profit attributable to ordinary equity holders of the parent 695,266 604,914 548,903 84,821 Weighted average number of ordinary shares 40,858,290 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: 31.12.2018 31.12.2019 31.12.2020 Weighted average number of shares issued, used in the calculation of basic earnings per share 40,858,290 40,858,290 40,858,290 Diluted effect of share options — — — Weighted average number of ordinary shares adjusted for effect of dilution 40,858,290 40,858,290 40,858,290 In 2020, 470,000 (2019: 470,000; 2018: 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. There have been no other transactions involving ordinary shares or potential ordinary share since the reporting date and before the completion of these financial statements. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2020 | |
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Property, plant and equipment | 1 0 Property, plant and equipment Freehold land RMB’000 Leasehold 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, 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 and January 1, 2020 14,836 2,376,090 1,037,035 5,285,022 195,154 112,501 9,020,638 Additions — 16,273 487,725 20,617 14,066 16,166 554,847 Disposals — (4,664 ) — (260,996 ) (3,604 ) (4,742 ) (274,006 ) Transfers — 75,264 (823,981 ) 741,218 7,323 176 — Write-off — (9,759 ) — (53,917 ) (8,983 ) (912 ) (73,571 ) Translation difference (744 ) (3,825 ) (63 ) (459 ) (866 ) (131 ) (6,088 ) At December 31, 2020 14,092 2,449,379 700,716 5,731,485 203,090 123,058 9,221,820 Accumulated depreciation and impairment 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 and January 1, 2020 513 848,803 — 3,739,750 151,710 69,418 4,810,194 Charge for the year — 92,034 — 357,434 19,913 8,939 478,320 * Disposals — (1,102 ) — (253,121 ) (3,218 ) (4,058 ) (261,499 ) Write-off — (4,660 ) — (51,910 ) (8,719 ) (865 ) (66,154 ) Impairment loss — — — 3,920 — — 3,920 Translation difference (26 ) (685 ) — (269 ) (651 ) (90 ) (1,721 ) At December 31, 2020 487 934,390 — 3,795,804 159,035 73,344 4,963,060 Net book value At December 31, 2019 14,323 1,527,287 1,037,035 1,545,272 43,444 43,083 4,210,444 At December 31, 2020 13,605 1,514,989 700,716 1,935,681 44,055 49,714 4,258,760 US$’000 2,102 234,109 108,280 299,118 6,808 7,683 658,100 * In 2020, RMB 28.2 million (US$4.4 million) (2019: RMB 21.6 million) and RMB Nil (US$ Nil) ( An impairment loss of RMB 3.9 million (US$0.6 million) (2019: RMB 4.0 million; 2018: RMB 30.2 million) was charged to the consolidated statement of profit or loss under “Cost of sales” for the Group’s property, plant and equipment within the Yuchai segment. The impairment loss was due to assets that were not in use. As of December 31, 2019 and 2020, there was no property, plant and equipment pledged to secure bank facilities. |
Investment property
Investment property | 12 Months Ended |
Dec. 31, 2020 | |
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Investment property | 1 1 Investment property 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Cost At January 1 33,972 34,940 5,399 Translation difference 968 (1,753 ) (271 ) At December 31 34,940 33,187 5,128 Accumulated depreciation At January 1 27,207 28,388 4,387 Charge for the year 380 376 58 Translation difference 801 (1,406 ) (218 ) At December 31 28,388 27,358 4,227 Net carrying amount 6,552 5,829 901 Fair value 11,419 11,954 1,847 Consolidated statements of profit or loss: Rental income from an investment property 375 230 36 Direct operating expenses (including repairs, maintenance and depreciation expense) arising from the rental generating property (294 ) (180 ) (28 ) The Group has no restrictions on the realizable 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 assessor. 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 2020 Market comparison and cost Comparable price: - RMB 172 to RMB 418 (US$27 to US$65) per square foot The estimated fair value increases with higher comparable price 2019 Market comparison and cost Comparable price: - RMB 166 to RMB 440 per square foot The estimated fair value increases with higher comparable price |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2020 | |
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Intangible assets | 12. Intangible assets Technology Know-how Development costs Goodwill Trademarks Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Cost At January 1, 2019 136,822 195,879 218,311 — 551,012 Addition — 366,708 — 169,811 536,519 At December 31, 2019 and January 1, 2020 136,822 562,587 218,311 169,811 1,087,531 Addition — 530,836 — — 530,836 At December 31, 2020 136,822 1,093,423 218,311 169,811 1,618,367 Accumulated amortization and impairment At January 1, 2019 126,700 — 5,675 — 132,375 Amortization 1,012 — — — 1,012 At December 31, 2019 and January 1, 2020 127,712 — 5,675 — 133,387 Amortization 1,012 — — — 1,012 At December 31, 2020 128,724 — 5,675 — 134,399 Net carrying amount At December 31, 2019 9,110 562,587 212,636 169,811 954,144 At December 31, 2020 8,098 1,093,423 212,636 169,811 1,483,968 US$’000 1,251 168,965 32,858 26,241 229,315 Goodwill Goodwill represents the excess of purchase 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: 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Yuchai 212,636 212,636 32,858 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 discount rate applied to the cash flow projections was 12.37% (2019: 13.32%) and cash flows beyond the ten-year period are extrapolated using a 6% growth rate (2019: 5.7%) that is the same as the long-term average growth rate for PRC. No impairment was identified for this unit. Key assumptions used for value in use calculations Key assumptions used in estimation of value in use were as follows: • 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 Yuch ai are 6.0 % an d 5.7% for 2020 and 2019 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 13.99 % (2019: 17.57%) would result in impairment. Discount rate – A rise in pre-tax 13.58 % (2019: 14.79%) in the Yuchai unit would result in impairment. 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 3.60 % (2019: 2.40%) 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 of December 31, 2017 was reclassified as the Group’s technology know-how. In late 2018, the Group has commenced the production of 4Y20 engine. Since 2019 the production volume has gradually ramped up to meet the market demand and management believe that there is no indicator for further impairment in 2019 and 2020. Management has also considered there is no significant changes in the market and economic that will have a favorable effect to the recoverable amount of the intangible asset and had concluded that there is no reversal of impairment to be recognized in 2020. Development costs During 2019 and 2020, the Group has capitalized development costs of RMB 366.7 million and RMB 530.8 million (US$ 82.0 million), respectively, for new engines that comply with National VI and Tier 4 emission standards. As of December 31, 2020, the total capitalized development costs are In 2019 and 2020, the Group performs an impairment test on the development costs that are not available for 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 2019, the Group used 10 years forecast and in 2020, in view of current speed of technological change, management shortened the projection period to eight years. Both the 2019 and 2020 cash flow forecasts were based on the updated financial budgets approved by the senior management with no terminal value. Key assumptions used in estimation of value in use were as follows: • 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. In 2020, the revised business plan projected 8 years, the revenue growth rate is estimated at around 10% year-on-year from 2021 to 2023 due to enforcement of implementation of new emission standard, and decrease to 5% in 2024 and 2025. Management assumed no revenue growth from 2026 to 2028 after reaching the commercial deployment of technology. In 2019, the revenue was estimated to grow significantly from 2020 to 2022, and the growth expected to decrease to 10% to 15% from 2023 to 2025, and subsequently remain at a constant growth rate of 10% from 2026 to 2029. • 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 discount rate of 12.37% (2019: 13.32%). 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 25.94% %) would result in impairmen t Discount rate – A rise in pre-tax to 20.05 % (2019: 14.13%) would result in impairmen t . 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 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 and 2020, the Group performed an annual impairment review by taking Yuchai as a cash – |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
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Inventories | 1 3 Inventorie s 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Raw materials 1,500,034 1,940,119 299,804 Work in progress 35,688 33,211 5,132 Finished goods 1,288,415 2,497,865 385,991 Total inventories at the lower of cost and net realizable value 2,824,137 4,471,195 690,927 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 RMB’000 US$’000 Inventories recognized as an expense in cost of sales 11,471,988 13,167,181 15,501,807 2,395,470 Inclusive of the following charge/(credit): - Inventories written down 25,194 31,810 82,386 12,731 - Reversal of write-down of inventories (33,662 ) (14,788 ) (54,408 ) (8,408 ) The reversal of write-down of inventory was made when the related inventories were sold above their carrying value. |
Other current assets
Other current assets | 12 Months Ended |
Dec. 31, 2020 | |
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Other assets | 1 4 Other curren t 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Current Development properties (i) 17,721 16,906 2,612 Quoted equity securities (ii) 9,235 6,258 967 26,956 23,164 3,579 Note: (i) In 2020, no impairment loss was record ed (ii) The quoted equity securities are listed on the Singapore Exchange. In 2020, the Group has disposed some of the quoted equity securities for consideration of RMB 1.4 million (US$0.2 million) (2019: RMB 16.4 million) and gain on disposal of RMB 0.9 million (US$0.1 million) (2019: RMB 11.5 million) was recognized in consolidated statement of profit or loss under “ O |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2020 | |
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Trade and other receivables | 15. Trade and other receivables 31.12.2019 31.12.2020 31.12.2020 Trade receivables, gross 794,678 332,567 51,391 Less: Allowance for expected credit losses (57,611 ) (43,519 ) (6,725 ) Net trade receivables (Note 6.2) 737,067 289,048 44,666 Bills receivable (i) 7,005,234 7,793,343 1,204,293 Total (Note 34) 7,742,301 8,082,391 1,248,959 Amounts receivable: - associates and joint ventures (trade) 609 1,266 196 - associates and joint ventures (non-trade) 11,185 11,119 1,718 - related parties (trade) 73,243 9,663 1,493 - related parties (non-trade) 2,092 2,992 462 Staff advances 7,133 3,326 514 Interest receivables 12,224 4,999 772 Bills receivable in transit 8,700 12,620 1,950 Refundable deposits 2,131 283 44 Others 49,218 36,668 5,667 Less: Impairment losses – other receivables (ii) (5,243 ) (6,741 ) (1,042 ) Other receivables carried at amortized cost (Note 34) 161,292 76,195 11,774 Tax recoverable 223,652 236,400 36,531 Prepayments 63,048 64,102 9,906 Net other receivables 447,992 376,697 58,211 Total trade and other receivables 8,190,293 8,459,088 1,307,170 Note: (i) As of December 31, 2020, bills receivable includes bills received from related parties amounted to RMB 1,014.1 million (US$156.7 million) (2019: RMB 1,050.7 million) respectively. As of December 31, 2019 and 2020, there was no bills receivable pledged to secure bank facilities. (ii) This comprised of impairment loss on bills receivable in transit of RMB 6.5 million (US$1.0 million) as of December 31, 2020 (2019: RMB 5.0 million). This impairment loss was charged to the consolidated statement of profit or loss under “Selling, general and administrative expenses”. Trade receivables are non-interest Non-trade Movement in the allowance for expected credit losses of trade and other receivables is as follows: 31.12.2019 31.12.2020 31.12.2020 At January 1 30,586 62,854 9,713 Debit/(credit) to consolidated statement of profit or loss (under “Selling, general and administrative expenses”) 32,340 (12,349 ) (1,908 ) Written off (62 ) (242 ) (37 ) Translation difference (10 ) (3 ) (1 ) At December 31 62,854 50,260 7,767 As of December 31, 2019 and 2020, outstanding bills receivable discounted with banks for which the Group retained a recourse obligation totaled RMB 2,268.4 million and RMB 2,225.1 million (US$343.8 million) respectively. All bills receivable discounted have contractual maturities within 12 months at time of discounting. As of December 31, 2019 and 2020, outstanding bills receivable endorsed to suppliers with recourse obligation were RMB 1,120.3 million and RMB 1,834.5 million (US$283.5 million) respectively. As of December 31, 2019 and 2020, gross trade receivables due from a major customer group, Dongfeng Automobile Co., Ltd. and its affiliates (the “Dongfeng companies”) were RMB 136.4 million and RMB 17.6 million (US$2.7 million), respectively. See Note 31 for further discussion of customer concentration risk. For terms and conditions relating to related parties, refer to Note 28. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2020 | |
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Cash and cash equivalents | 1 6 Cash and cash equivalents Long-term bank deposits Short-term bank deposits Restricted cash 31.12.2019 31.12.2020 31.12.2020 Non-current Long-term bank deposits (i) 50,000 140,000 21,634 Current Cash and cash equivalents 5,753,268 5,877,647 908,264 Short-term bank deposits (ii) 356,543 258,756 39,985 Restricted cash 231,107 171,135 26,445 6,340,918 6,307,538 974,694 Cash and bank balances 6,390,918 6,447,538 996,328 Note: (i) In 2020, YMMC has placed new three-year time deposits of RMB 90.0 million (US$13.9 million) (2019: RMB 50.0 million) at annual interest rate range from 3.85% to 3.99% (2019: 3.99% to 4.13%) with certain banks. These long-term deposits are not considered to be cash equivalents. (ii) Short-term bank deposits relate to bank deposits with initial maturities of more than three months and subject to more than insignificant risk of changes in value upon withdrawal before maturity. The interest rate of these bank deposits as of December 31, 2020 for the Group ranged from 0.23% to 2.25% (2019: 1.78% to 3.65%). These short-term bank deposits are not considered as cash equivalents. Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods, depending on the immediate cash requirements of the Group, and earn interests at the respective short-term deposit rates. The interest rate of the bank deposits (excluding long-term and short-term bank deposits) as of December 31, 2020 for the Group ranged from 0.1% to 1.55% (2019: 1.50% to 3.15%). As at December 31, 2020, there is fixed deposits of RMB130.8 million (US$ 20.2 million) held with a related party (2019: Nil). As of December 31, 2020, the Group’s restricted cash of RMB 171.1 million (US$26.4 million) (2019: RMB 231.1 million) was used as collateral by the banks for the issuance of bills to suppliers. As of December 31, 2019 and 2020, the Group had RMB 295.0 million and RMB 491.9 million (US$76.0 million) respectively, of undrawn borrowing facilities in respect of which all conditions precedent had been met. The commitment fees incurred for 2018, 2019 and 2020 were RMB 0.2 million, RMB 0.2 million and less than RMB 0.1 million (less than US$0.1 million) respectively. For the purpose of the statement of cash flows, cash and cash equivalents comprise the following at December 31: 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Cash at banks and on hand 5,205,605 5,466,288 844,697 Short-term bank deposits (i) 547,663 411,359 63,567 Cash and cash equivalents 5,753,268 5,877,647 908,264 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, 2020 | |
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leases | 1 7 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 are 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 Office Total Total At January 1, 2019 369,925 76,644 39 446,608 69,014 Addition — 11,473 — 11,473 1,773 Depreciation expenses (14,347 ) (26,597 ) (14 ) (40,958 ) (6,329 ) Disposal (1,771 ) — — (1,771 ) (274 ) Translation difference — 36 (4 ) 32 5 At December 31, 2019 and January 1, 2020 353,807 61,556 21 415,384 64,189 Addition 2,058 13,198 — 15,256 2,357 Depreciation expenses (14,102 ) (29,182 ) (14 ) (43,298 ) (6,691 ) Disposal (3,198 ) — — (3,198 ) (494 ) Translation difference — (142 ) (1 ) (143 ) (22 ) At December 31, 2020 338,565 45,430 6 384,001 59,339 Set out below are the carrying amounts of lease liabilities and the movements during the year: 2019 2020 2020 RMB’000 RMB’000 US$’000 At January 1 96,852 60,007 9,273 Additions 11,473 15,256 2,357 Accretion of interest (Note 7 2,918 2,198 340 Payments (51,283 ) (37,561 ) (5,805 ) Translation difference 47 (122 ) (18 ) At December 31 60,007 39,778 6,147 Current (Note 2 5 28,633 22,755 3,516 Non-current 5 31,374 17,023 2,631 Total 60,007 39,778 6,147 The maturity analysis of lease liabilities is disclosed in Note 2 5 The following are the amounts recognized in profit of loss: 2019 2020 2020 Depreciation charge for right-of-use 40,958 43,127 6,664 Interest expenses on lease liabilities (Note 7 2,918 2,198 340 Expenses relating to short-term leases (included in selling, general and administrative costs and research and development cost) 14,341 14,313 2,212 Total amount recognized in profit or loss 58,217 59,638 9,216 In 2020, the Group had total cash outflows for leases of RMB 51.9 million (US$8.0 million) (2019: RMB 65.6 million). The Group also had non-cash right-of-use RMB 29 Group as a lessor The Group has entered into operating leases on some of its assets, including surplus office and warehouse. Theses leases have terms betwe en 1 to 15 years. Rental income recognized by the Group during the year is RMB 13.3 million (US$ 2.1 million) ( : RMB 11.9 million) . Future minimum rental receivables under non-cancellable 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Within 1 year - related parties 1,787 902 139 - joint venture 2,691 2,590 400 - third parties 892 5,058 782 After 1 year but within 5 years - related parties 660 — — - joint venture 10,526 10,720 1,657 - third parties 1,504 13,305 2,056 After than 5 years - joint venture 5,643 14,141 2,185 - third parties 889 4,392 679 24,592 51,108 7,898 |
Issued capital
Issued capital | 12 Months Ended |
Dec. 31, 2020 | |
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Issued capital | 1 8 Issued capital 31.12.2019 31.12.2020 Issued capital Authorized shares Ordinary share of par value US$0.10 each 100,000 100,000 Number of shares RMB’000 Ordinary shares issued and fully paid At January 1, 201 9 19 20 40,858,290 2,081,138 US$’000 321,595 31.12.2019 31.12.2020 31.12.2020 Special share issued and fully paid One special share issued and fully paid at US$0.10 per share * * * * Less than RMB 1 (US$1) The holders of ordinary shares are entitled to such dividends as the Board of Directors of the Company may declare from time to time. All ordinary shares are entitled to one vote on a show of hands and carry one vote per share on a poll. The holder of special share is entitled to elect a majority of directors of the Company. In addition, no shareholders’ resolution may be passed without the affirmative vote of the special share, including any resolution to amend the Memorandum of Association or Bye-laws Bye-Laws |
Dividends declared and paid
Dividends declared and paid | 12 Months Ended |
Dec. 31, 2020 | |
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Dividends declared and paid | 19 Dividends declared and paid 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Declared and paid during the year Dividends on ordinary shares: Final dividend paid in 2020: US$0.85 per share (2019: US$0.85 per share) 238,758 245,871 37,994 Dividend paid in cash 238,758 245,871 37,994 |
Reserves
Reserves | 12 Months Ended |
Dec. 31, 2020 | |
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Reserves | 2 0 Reserves 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Statutory reserve Statutory general reserve (i) At January 1 276,698 278,601 43,052 Transfer from retained earnings 1,903 2,858 442 At December 31 278,601 281,459 43,494 General surplus reserve (ii) At January 1 and December 31 25,706 25,706 3,972 Total 304,307 307,165 47,466 Capital reserves (iii) At January 1 and December 31 30,704 30,704 4,745 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. 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Other components of equity Foreign currency translation reserve (i) (36,091 ) (89,925 ) (13,896 ) Performance shares reserve (ii) 19,758 19,758 3,053 Premium paid for acquisition of non-controlling (11,472 ) (11,472 ) (1,773 ) Fair value reserve of financial assets at FVOCI (iii) (77,617 ) (79,720 ) (12,319 ) Total (105,422 ) (161,359 ) (24,935 ) 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, 2020 | |
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Share-based payment | 2 1 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. In 2020, there was 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 31.12.2019 31.12.201 9 31.12.2020 31.12.20 20 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 of December 31, 2020 was US$21.11 dollar (2019: US$21.11 dollar). The weighted average remaining contractual life for the share options outstanding as of December 31, 2020 was 3.6 (2019: 4.6) years. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be the actual outcome. There are no market conditions associated with the share options granted. Service conditions and non-market |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2020 | |
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Trade and other payables | 2 2 Trade and other payables 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Current Trade payables 2,953,479 3,406,398 526,385 Bills payables (i) 2,764,013 3,348,163 517,386 Other payables 543,970 533,705 82,473 Accrued expenses 203,133 233,053 36,013 Accrued staff costs 653,854 714,701 110,442 Refund liabilities 757,655 1,031,562 159,406 Dividend payable 47,480 49,468 7,644 Amount due to: - associates and joint ventures (trade) 258,964 467,351 72,219 - associates and joint ventures (non-trade) 81 205 32 - related parties (trade) 221,413 238,622 36,874 - related parties (non-trade) 4,016 1,841 284 Financial liabilities carried at amortized cost (Note 31, 4 8,408,058 10,025,069 1,549,158 Deferred grants (Note 2 7 19,952 23,468 3,626 Advance from customers 383 320 50 Other tax payable 39,698 62,111 9,598 Total trade and other payables (current) 8,468,091 10,110,968 1,562,432 (i) As of December 31, 2020, the bills payables include bills payable to joint ventures, associates and other related parties amounted to RMB 105.6 million (US$16.3 million) (2019: RMB 125.0 million), RMB 12.9 million (US$2.0 million) (2019: RMB 10.1 million) and RMB 249.0 million (US$38.5 million) ( y 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Non-current Other payables (i) (Note 31, Note 34 ) 176,302 191,563 29,602 (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 2 8 |
Provision
Provision | 12 Months Ended |
Dec. 31, 2020 | |
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Provision | 2 3 Provision Provision for Provision for Total Total RMB’000 RMB’000 RMB’000 US$’000 At January 1, 2019 166,913 — 166,913 25,793 Provision made 421,905 2,316 424,221 65,554 Provision utilized (373,103 ) — (373,103 ) (57,655 ) At December 31, 2019 and January 1, 2020 215,715 2,316 218,031 33,692 Provision made 335,664 13,639 349,303 53,977 Provision utilized (295,940 ) — (295,940 ) (45,731 ) Provision reversed — (2,316 ) (2,316 ) (358 ) At December 31, 2020 255,439 13,639 269,078 41,580 |
Contract liabilities
Contract liabilities | 12 Months Ended |
Dec. 31, 2020 | |
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Contract liabilities | 24. Contract liabilities 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Unfulfilled service-type maintenance services 181,139 179,723 27,773 Advance from customer 255,483 755,739 116,783 Total 436,622 935,462 144,556 Current 382,809 868,193 134,161 Non-current 53,813 67,269 10,395 Total contract liabilities (Note 6 436,622 935,462 144,556 |
Lease liabilities
Lease liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Lease liabilities [abstract] | |
Lease liabilities | 2 5 Lease liabilities Effective interest rate Maturity 31.12.2019 31.12.2020 31.12.2020 % RMB’000 RMB’000 US$’000 Current (Note 1 7 1.25% - 6.20% 2021 28,633 22,755 3,516 Non- 7 1.25% - 6.20% 2022-2026 31,374 17,023 2,631 |
Other financial liabilities
Other financial liabilities | 12 Months Ended |
Dec. 31, 2020 | |
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Other financial liabilities | 2 6 Other financial liabilities (a) Other liabilities 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Current: Derivative not designated as hedges – foreign exchange forward contract 999 — — Foreign exchange forward contract On December 11, 2019, Yuchai entered into a non-deliverable with maturity date of (b) Loans and borrowings Effective interest rate Maturity 31.12.2019 % RMB’000 Current Renminbi denominated loans 3.70 – 4.13 2020 1,900,000 US dollar denominated loans 2.52 2020 139,524 Singapore Dollar denominated loans (ii) 2.84 2020 15,522 2,055,046 Effective interest rate Maturity 31.12.2020 31.12.2020 % RMB’000 US$’000 Current Renminbi denominated loans 1.80 – 4.05 2021 1,730,000 267,334 Non-current Renminbi denominated loans 3.30 2022 500,000 77,264 Note: (i) All loan balances as stated above do not have a callable feature. (ii) Issuer bank Facility limit Usage RMB’000 December 31, 2019 MUFG Bank Ltd S$ 30 million 15,522 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 certain financial covenants with respect to the Company’s consolidated tangible net worth ( 1.0 times 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 June 10, 2020, the Company entered into an uncommitted and unsecured multi-currency revolving credit facility agreement with MUFG for an aggregate value of S$30.0 million to refinance the S$30.0 million facility that matured on March 17, 2020. The facility is available for three years from the date of the facility agreement and will be used to finance the Company’s 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 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) not being less than US$120 million at all times and the ratio of the Company’s total net debt (as defined in the agreement) to tangible net worth not exceeding 2.0 times US$30.0 million credit facility with Sumitomo Mitsui Banking Corporation, Singapore Branch (“SMBC”) On June 24, 2020, the Company entered into an uncommitted and unsecured multi-currency short-term 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, 2020. The maximum tenor of each drawdown under the facility is 6 months and will be utilized by the Company to finance its 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 subsidiary 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 of June 30 and December 31 of each year not less than US$200 million and the ratio of the Company’s consolidated total net debt (as defined in the agreement) to consolidated tangible net worth as of June 30 and December 31 of each year not exceeding 2.0 times |
Deferred grants
Deferred grants | 12 Months Ended |
Dec. 31, 2020 | |
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Deferred grants | 2 7 Deferred grants 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 At January 1 607,608 676,728 104,574 Received during the year 187,096 52,241 8,072 Grant receivable — 129 20 Grant disbursed to partner of joint project — (48,632 ) (7,515 ) Released to consolidated statement of profit or loss (117,976 ) (138,856 ) (21,457 ) At December 31 676,728 541,610 83,694 Current (Note 2 2 19,952 23,468 3,626 Non-current 656,776 518,142 80,068 676,728 541,610 83,694 The government grant that have been received in PRC was to support and fund Yuchai’s production facilities, research and development activities for new engines. As at December 31, 2020, RMB 271.6 million (US$42.0 million) (2019: RMB 434.8 million) of the deferred grants are related to assets. The grant receivable is related to the Job Support Scheme (the “JSS”) that was introduced in Singapore in response to COVID-19 coronavirus pandemic. The JSS is temporary scheme introduced to help the enterprises retain local employees during the period of economic uncertainty. Under the JSS, employers will receive cash grants in relation to the gross monthly wages of eligible employees. In 2020, JSS grant income amounted to RMB 1.1 million (US$ 0.2 million) was released to the consolidated statement of profit or loss under “Other income”. |
Related party disclosures
Related party disclosures | 12 Months Ended |
Dec. 31, 2020 | |
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Related party disclosures | 2 8 Related party disclosures The ultimate parent As of December 31, 2020, the controlling shareholder of the Company, HLA, indirectly owned 18,270,965, or 44.7% (2019: 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% (2019: 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 21.4% (2019: 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 0.3 million (less than US$0.1 million) (2019: RMB 0.03 million; 2018: RMB 0.03 million) during the financial years ended December 31, 2018, 2019 and 2020 respectively. The transaction relates to consultancy fees charged by HLA. Entity with significant influence over the Group As of December 31, 2020, the Yulin City Government through Coomber Investment Ltd. owned 17.2% (2019: 17.2%) of the ordinary shares in the capital of the Company. The following provides the significant transactions that have been entered into with related parties for the relevant financial year. 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 RMB’000 US$’000 Sales of engines and materials - associates and joint ventures 439,106 912,877 1,256,268 194,129 - GY Group (including its subsidiaries and affiliates) 406,422 1,792,280 2,637,845 407,622 Purchase of material, supplies and engines - associates and joint ventures 1,192,322 1,999,831 2,792,707 431,553 - GY Group (including its subsidiaries and affiliates) 1,589,638 1,895,239 1,245,030 192,393 Hospitality, restaurant, consultancy and other service income charged to - a joint venture 3,456 3,984 3,918 605 - GY Group (including its subsidiaries and affiliates) 24,015 15,350 6,765 1,045 Rental income - a joint venture 1,937 3,206 4,565 705 - GY Group (including its subsidiaries and affiliates) 3,886 2,133 3,970 613 Property management service expenses - GY Group (including its subsidiaries and affiliates) 26,547 22,595 24,968 3,858 Leasing expenses (i) - GY Group (including its subsidiaries and affiliates) 25,705 — — — Selling, general and administrative expenses - a joint venture — — 7,287 1,126 - GY Group (including its subsidiaries and affiliates) 21,607 19,953 4,728 731 - HLA (including its affiliates) 6,639 6,788 6,687 1,033 Delivery, storage, distribution and handling expenses - GY Group (including its subsidiaries and affiliates) 228,195 304,532 312,891 48,351 Payment for trademarks usage fee - GY Group — 169,811 — — Payment for lease liabilities - GY Group (including its subsidiaries and affiliates) — 33,594 18,086 2,795 Purchases of vehicles and machineries - GY Group (including its subsidiaries and affiliates) 6,144 2,817 2,838 439 Note: (i) The Group has adopted IFRS 16 on January 1, 2019. These leasing expenses have been recognized as right-of-use and 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. The transactions with related parties are made at terms agreed between the parties. Compensation of key management personnel of the Group 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 RMB’000 US$’000 Short-term employee benefits 39,703 41,606 43,178 6,672 Contribution to defined contribution plans 335 362 292 45 40,038 41,968 43,470 6,717 The non-executive |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2020 | |
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Commitments and contingencies | 29 Commitments and contingencies Operating lease commitments - Group as lessee The Group has various lease contracts that have not yet commenced as of December 31, 2019 and for non-cancellable 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Within 1 year 105 321 50 After 1 year but within 5 years 85 1,628 252 After 5 years — 71 11 190 2,020 313 The Group has entered into certain lease contracts in which the lease of these assets will be commencing in 2021. The Group has disclosed these as operating lease commitments as at year end. Capital commitments As of December 31, 2019 and 2020, Yuchai had capital expenditure (mainly in respect of property, plant and equipment) contracted for but not paid and not recognized amounting to RMB 594.0 million and RMB 450.0 million (US$69.5 million) respectively. The Group’s share of joint venture’s capital commitment is disclosed in Note 5 Investment commitments As of December 31, 2019 and 2020, the Group has commitment of RMB 17.6 mil l RMB 17.6 million (US$2.7 million) relating to the Group’s interest in joint venture, respectively. Letter of credits As of December 31, 2019 and 2020, Yuchai had issued irrevocable letter of credits of RMB 30.8 million and RMB 54.4 million (US$8.4 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, 2020 | |
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Segment information | 3 0 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, 2018 Yuchai HLGE Corporate Eliminations/ Consolidated financial statements RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue Total external revenue (Note 6 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 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue Total external revenue (Note 6 17,980,304 35,781 — — 18,016,085 Results Interest income 158,855 5,167 13,239 — 177,261 Interest expense (126,379 ) (51 ) (421 ) — (126,851 ) Impairment of property, plant and equipment (3,950 ) — — — (3,950 ) Staff severance cost (15,454 ) — — — (15,454 ) Depreciation and amortization (458,665 ) (5,551 ) (993 ) — (465,209 ) Share of profit of associates and joint venture 18,137 897 — — 19,034 Income tax expense (141,330 ) (527 ) (41 ) (30,721 ) (1) (172,619 ) Segment profit after tax 884,562 4,457 1,939 (30,258 ) (1) 860,700 Total assets 22,817,479 416,397 2,120,767 (1,500,452 ) 23,854,191 Total liabilities (12,127,021 ) (15,575 ) (31,278 ) (106,932 ) (2) (12,280,806 ) Other disclosures Investment in joint ventures 271,274 2,717 — — 273,991 Capital expenditure 917,192 1,033 55 — 918,280 Year ended December 31, 2020 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 6 20,557,660 23,510 — — 20,581,170 3,180,376 Results Interest income 158,569 3,538 4,863 — 166,970 25,801 Interest expense (147,161 ) (35 ) (97 ) — (147,293 ) (22,761 ) Impairment of property, plant and equipment (3,920 ) — — — (3,920 ) (606 ) Staff severance cost (19,712 ) — — — (19,712 ) (3,046 ) Depreciation and amortization (488,536 ) (5,181 ) (890 ) — (494,607 ) (76,430 ) Share of profit of associates and joint venture (59,476 ) 506 — — (58,970 ) (9,113 ) Income tax expense (156,007 ) (200 ) (69 ) (36,262 ) (1) (192,538 ) (29,753 ) Segment profit after tax 829,042 1,052 (17,127 ) (33,641 ) (1) 779,326 120,427 Total assets 25,330,625 392,096 2,075,262 (1,507,025 ) 26,290,958 4,062,701 Total liabilities (14,328,688 ) (10,346 ) (15,797 ) (103,417 ) ( 2 (14,458,248 ) (2,234,211 ) Other disclosures Investment in joint ventures 223,918 3,202 — — 227,120 35,096 Capital expenditure 550,424 4,409 14 — 554,847 85,740 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 6 Revenue from one customer group amounted to RMB 6,018.2 million (US$930.0 million) (2019: RMB 5,205.5 million; 2018: RMB 4,463.9 million), arising from sales by Yuchai segment. Non-current 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 People’s Republic of China 5,764,591 6,268,004 968,585 Other countries 97,879 94,067 14,536 5,862,470 6,362,071 983,121 Non-current right-of-use |
Financial risk management objec
Financial risk management objectives and policies | 12 Months Ended |
Dec. 31, 2020 | |
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Financial risk management objectives and policies | 31. 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 of December 31, 2019 and 2020. 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, 2020. 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 26(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 (2019: 50) basis points higher or lower and all other variables were held constant, the profit before tax for the year ended December 31, 2020 of the Group would increase/decrease by RMB 20.9 million (US$3.2 million) (2019: increase/decrease by RMB 21.4 million). Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group’s exposure to the risk of changes in foreign exchange rates relates primarily to the Group’s sales, purchases and financial liabilities that are denominated in currencies other than the respective functional currencies of entities within the Group. The Group also holds cash and bank balances and other investments denominated in foreign currencies. The currencies giving rise to this risk are primarily the Singapore Dollar, Renminbi, US Dollar and Euro. Foreign currency translation exposure is managed by incurring debt in the operating currency so that where possible operating cash flows can be primarily used to repay obligations in the local currency. This also has the effect of minimizing the exchange differences recorded against income, as the exchange differences on the net investment are recorded directly against equity. The Group’s exposures to foreign currency are as follows: 31.12.2019 Singapore Dollar Euro US Dollar Renminbi Others RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Quoted equity securities 9,235 — — — — Trade and other receivables 607 414 7,624 658 — Cash and bank balances 228,589 52 11,233 2,595 7,364 Financial liabilities (15,710 ) — (139,524 ) — — Trade and other payables (7,086 ) (27,922 ) (10,596 ) (2,605 ) (83 ) Net assets/(liabilities) 215,635 (27,456 ) (131,263 ) 648 7,281 31.12.2020 Singapore Dollar Euro US Dollar Renminbi Others RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Quoted equity securities 6,258 — — — — Trade and other receivables 620 8,624 913 305 372 Cash and bank balances 181,575 3,829 45,203 — 15,086 Financial liabilities (1,462 ) — — — — Trade and other payables (6,184 ) (9,356 ) (10,858 ) (2,464 ) — Net assets/(liabilities) 180,807 3,097 35,258 (2,159 ) 15,458 US$’000 27,940 479 5,448 (334 ) 2,389 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 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Singapore Dollar 21,564 18,081 2,794 Euro (2,746 ) 310 48 US Dollar (13,126 ) 3,526 545 Renminbi 65 (216 ) (33 ) Equity price risk The Group has investment in Thakral Corporation Ltd “TCL” which is quoted equity securities. Equity price risk sensitivity A 10% increase/(decrease) in the underlying prices at the reporting date would increase/(decrease) Group’s profit before tax by the following amount: 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Statement of profit or loss 924 626 97 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 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 of 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 794,678 601,094 61,917 24,409 40,213 67,045 Expected credit loss 57,611 — 4,283 1,513 4,386 47,429 Trade receivables Days past due As of December 31, 2020 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 13.1 % — 4.2 % 4.9 % 7.8 % 72.8 % Estimated total gross carrying amount at default 332,567 126,706 91,233 29,675 36,413 48,540 Expected credit loss 43,519 — 3,860 1,451 2,852 35,356 At December 31, 2020, the Group had top 20 customers (2019: top 20 customers) that owed the Group more than RMB 125.5 million (US$19.4 million) (2019: RMB 387.6 million) and accounted for approximately 37.7% (2019: 50.0%) of trade receivables (excluding bills receivables) respectively. These customers are located in the PRC. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets mentioned in Note 15. The Group’s share of bills receivables of a joint venture which was used as collateral as security is disclosed in Note 5. Cash and fixed deposits are placed with banks and financial institutions which are regulated. Liquidity risk The Group monitors its liquidity risk and maintains a level of cash and cash equivalents deemed adequate by management to finance the Group’s operations and to mitigate the effects of fluctuations in cash flows, and having adequate amounts of committed credit facilities. The table below summarizes the maturity profile of the Group’s financial assets and liabilities based on contractual undiscounted payments. 1 year or less 2 to 5 years Total As of December 31, 2019 RMB’000 RMB’000 RMB’000 Financial assets Trade and bills receivables 7,742,301 — 7,742,301 Other receivables, excluding tax recoverable 161,292 — 161,292 Cash and bank balances 6,390,918 — 6,390,918 Quoted equity securities 9,235 — 9,235 14,303,746 — 14,303,746 Financial liabilities Loans and borrowings 2,085,456 — 2,085,456 Trade and other payables (Note 22) 8,408,058 176,302 8,584,360 Lease liabilities 29,838 35,263 65,101 Derivative not designated as hedges – foreign exchange forward contract 999 — 999 10,524,351 211,565 10,735,916 1 year or less 2 to 5 years More than 5 Total Total As of December 31, 2020 RMB’000 RMB’000 RMB’000 RMB’000 US$’000 Financial assets Trade and bills receivables 8,082,391 — — 8,082,391 1,248,959 Other receivables, excluding tax recoverable 76,195 — — 76,195 11,774 Cash and bank balances 6,307,538 140,000 — 6,447,538 996,328 Quoted equity securities 6,258 — — 6,258 967 14,472,382 140,000 — 14,612,382 2,258,028 Financial liabilities Loans and borrowings 1,753,142 524,275 — 2,277,417 351,926 Trade and other payables (Note 22) 10,025,069 191,563 — 10,216,632 1,578,760 Lease liabilities 24,313 22,761 325 47,399 7,324 11,802,524 738,599 325 12,541,448 1,938,010 |
Capital management
Capital management | 12 Months Ended |
Dec. 31, 2020 | |
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Capital management | 32 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). 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Loans and borrowings (current and non-current) 6 2,055,046 2,230,000 344,598 Lease liabilities (current and non-current) 5 60,007 39,778 6,147 Trade and other payables (current and non-current) 2 8,644,393 10,302,531 1,592,034 Less: Cash and bank balances (Note 1 6 (6,390,918 ) (6,447,538 ) (996,328 ) Net debts 4,368,528 6,124,771 946,451 Equity attributable to equity holders of the parent 8,767,529 9,014,624 1,393,016 Total capital and net debts 13,136,057 15,139,395 2,339,467 The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the years ended December 31, 2019 and 2020. As disclosed in Note 2 0 non-distributable |
Fair value measurement
Fair value measurement | 12 Months Ended |
Dec. 31, 2020 | |
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Fair value measurement | 33. Fair value measurement Quantitative disclosures fair value measurement hierarchy for assets and liabilities as of December 31, 2019: Fair value measurement using Date of valuation Quoted prices in active markets Significant observable inputs Total (Level 1) (Level 2) RMB’000 RMB’000 RMB’000 Assets measured at fair value Quoted equity securities: Quoted equity shares – TCL (Note 1 4 December 31, 2019 9,235 9,235 — Debt instruments (ii) : Bills receivable (Note 1 5 December 31, 2019 7,005,234 — 7,005,234 Liabilities measured at fair value Derivative financial liabilities: Foreign exchange forward contract – USD (i) (Note 26(a)) December 31, 2019 999 — 999 Quantitative disclosures fair value measurement hierarchy for assets and liabilities as of December 31, 2020: Fair value measurement using Date of valuation Quoted prices in active markets Significant observable inputs Total Total (Level 1) (Level 2) US$’000 RMB’000 RMB’000 RMB’000 Assets measured at fair value Quoted equity securities: Quoted equity shares – TCL (Note 1 4 December 31, 2020 967 6,258 6,258 — Debt financial assets (ii) : Bills receivable (Note 1 5 December 31, 2020 1,204,293 7,793,343 — 7,793,343 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 2020 and 2019. |
Financial assets and financial
Financial assets and financial liabilities | 12 Months Ended |
Dec. 31, 2020 | |
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Financial assets and financial liabilities | 34. 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 of December 31, 2019 Financial assets Quoted equity securities 1 4 9,235 — — — 9,235 Trade and bills receivable 1 5 — 737,067 7,005,234 — 7,742,301 Other receivables 1 5 — 161,292 — — 161,292 Cash and bank balances 1 6 — 6,390,918 — — 6,390,918 9,235 7,289,277 7,005,234 — 14,303,746 Financial liabilities Trade and other payables 2 2 — — — 8,584,360 8,584,360 Lease liabilities 2 5 — — — 60,007 60,007 Loans and borrowings 2 6 — — — 2,055,046 2,055,046 — — — 10,699,413 10,699,413 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 of December 31, 2020 Financial assets Quoted equity securities 1 4 6,258 — — — 6,258 967 Trade and bills receivable 1 5 — 289,048 7,793,343 — 8,082,391 1,248,959 Other receivables 1 5 — 76,195 — — 76,195 11,774 Cash and bank balances 1 6 — 6,447,538 — — 6,447,538 996,328 6,258 6,812,781 7,793,343 — 14,612,382 2,258,028 Financial liabilities Trade and other payables 2 2 — — — 10,216,632 10,216,632 1,578,760 Lease liabilities 2 5 — — — 39,778 39,778 6,147 Loans and borrowings 2 6 — — — 2,230,000 2,230,000 344,598 — — — 12,486,410 12,486,410 1,929,505 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, 2019 Effect of January 1, (Restated) Cash flows Addition Accretion Foreign Translation Others December 31, RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 As of December 31, 2019 Loans and borrowings - current 2,001,014 — 2,001,014 39,979 — — (1,469 ) 444 15,078 2,055,046 - 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 - non-current — 54,395 54,395 — 5,465 — — 23 (28,509 ) 31,374 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 January 1, 2020 Cash flows Addition Accretion of Foreign Translation Others December 31, December 31, RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 US$’000 As of December 31, 2020 Loans and borrowings - current 2,055,046 (326,280 ) — — 1,228 6 — 1,730,000 267,334 - non-current — 500,000 — — — — — 500,000 77,264 Lease liabilities - current 28,633 (37,561 ) 4,039 2,198 — 409 25,037 22,755 3,516 - non-current 31,374 — 11,217 — — (531 ) (25,037 ) 17,023 2,631 Total liabilities from financing activities 2,115,053 136,159 15,256 2,198 1,228 (116 ) — 2,269,778 350,745 The ‘Others’ column includes the effect of reclassification of non-current i |
Basis of preparation and acco_2
Basis of preparation and accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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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 6.4713 = US$1.00, the rate quoted by the People’s Bank of China at the close of business on February 28, 2021 and all values are rounded to the nearest thousand (“US$’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 of December 31, 2020. 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 res u • 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 The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organi z 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 of 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 re-measured 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 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 and 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 market 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 33 • Bills receivable Note 33 • Foreign exchange forward contract Note 33 |
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 de-recognition 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” (Note 22) 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 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 buildings and improvements : Shorter of 15 to 50 years or lease term Plan t, a nd equipment : 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 de - 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 de-recognition. In determining the amount of consideration from the de-recognition of investment property the Group considers the effects of variable consideration, existence of a significant financing component, non-cash 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 de-recognition 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 follow s 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 |
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 de-recognition (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 de-recognition, 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 15) • Trade receivables (Note 15) 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 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 22, 25 and 26. De-recognition 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 de-recognition 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 10) • Intangible assets (Note 12) • Investment property (Note 11) • Right-of-use • Investment in joint ventures (Note 5) 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 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 3 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 re-measured 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 or 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. |
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 applications engines, warranties extend for a duration (generally 3 to 36 months) or mileage (generally 3,000 to 300,000 kilometers), whichever materializes first. For other applications engines, warranties extend for a duration of generally 3 to 36 months or running hours of 300 to 4,000 hours, whichever materializes first. Provisions for warranty are primarily determined based on historical warranty cost per unit of engines sold adjusted for specific conditions that may arise and the number of engines under warranty at each financial year. If the nature, frequency and average cost of warranty claims change, the accrued liability for product warranty will be adjusted accordingly. Onerous contract If the Group has a contract that is onerous, the present obligation under the contract is recognized and measured as a provision. However, before a separate provision for an onerous contract is established, the Group recognizes any impairment loss that has occurred on assets dedicated to that contract. An onerous contract is a contract under which the unavoidable costs (i.e., the costs that the Group cannot avoid because it has the contract) of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. The cost of fulfilling a contract comprises the costs that relate directly to the contract (i.e., both incremental costs and an allocation of costs directly related to contract activities). |
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 21. That cost is recognized in “Staff costs”, 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 of 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 of 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 9). |
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 re-measured 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, 2020 | |
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 buildings and improvements : Shorter of 15 to 50 years or lease term Plan t, a nd equipment : 3 to 20 years Office furniture, fittings and equipment : 3 to 20 years Motor and transport vehicles : 3.5 to 15 years - |
Disclosure of detailed information about intangible assets useful life | A summary of the policies applied to the Group’s intangible assets is as follow s 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 |
Disclosure of detailed information about right-of-use assets useful life | Right-of-use • Leasehold land 3 to 50 years • Building and office space 1 to 6 years • Office furniture, fittings and equipment 5 years |
Investments in subsidiaries (Ta
Investments in subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 31.12.2019 31.12.2020 % % 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 31.12.2018 31.12.2019 31.12.2020 Proportion of equity interest held by NCI Yuchai 23.6 % 23.6 % 23.6 % 31.12.2018 RMB’000 31.12.2019 RMB’000 31.12.2020 RMB’000 31.12.2020 US$’000 Accumulated balances of material NCI Yuchai 2,603,227 2,624,933 405,627 Profit allocated to material NCI Yuchai 252,394 254,284 229,231 35,423 Dividends paid to material NCI Yuchai 135,905 207,514 207,514 32,067 |
Summarized Financial Information Including Goodwill on Acquisition and Consolidation Adjustment But Before Intercompany Eliminations of Subsidiaries with Material Non-controlling Interests | Summarized financial information including goodwill on acquisition and consolidation adjustments but before intercompany eliminations of subsidiaries with material non-controlling 31.12.2018 Yuchai Summarized statement of comprehensive income Revenue 16,210,467 Profit after tax 972,010 Total comprehensive income for the year 867,438 Attributable to NCI 252,394 Summarized statement of cash flows Operating 701,716 Investing (331,416 ) Financing (66,975 ) Net increase in cash and cash equivalents 303,325 31.12.2019 Yuchai Summarized statement of financial position Current assets 16,444,627 Non-current 6,160,217 Goodwill 212,636 Current liabilities (11,162,938 ) Non-current (964,084 ) Net assets 10,690,458 Total equity 10,690,458 Attributable to NCI 2,603,227 Summarized statement of comprehensive income Revenue 17,980,304 Profit after tax 825,807 Total comprehensive income for the year 828,861 Attributable to NCI 254,284 Summarized statement of cash flows Operating 1,632,557 Investing (858,904 ) Financing (656,576 ) Net increase in cash and cash equivalents 117,077 31.12.2020 Yuchai RMB’000 US$’000 Summarized statement of financial position Current assets 18,395,754 2,842,667 Non-current 6,722,233 1,038,776 Goodwill 212,636 32,858 Current liabilities (13,035,680 ) (2,014,384 ) Non-current (1,293,007 ) (199,806 ) Net assets 11,001,936 1,700,111 Total equity 11,001,936 1,700,111 Attributable to NCI 2,624,933 405,627 Summarized statement of comprehensive income Revenue 20,557,660 3,176,743 Profit after tax 829,042 128,111 Total comprehensive income for the year 826,214 127,674 Attributable to NCI 229,231 35,423 Summarized statement of cash flows Operating 1,476,034 228,089 Investing (794,291 ) (122,741 ) Financing (505,997 ) (78,191 ) Net increase in cash and cash equivalents 175,746 27,157 |
Investment in joint ventures (T
Investment in joint ventures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments accounted for using equity method [abstract] | |
Share of Results of Joint Ventures and Carrying Amount of Investment to Joint Ventures | 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 RMB’000 US$’000 Share of profit/(loss) of joint ventures, net of tax: Y & C Engine Co., Ltd 17,612 28,484 (44,016 ) (6,802 ) MTU Yuchai Power Co., Ltd. (6,882 ) 594 3,238 500 Eberspaecher Yuchai Exhaust Technology Co., Ltd — (9,366 ) (19,157 ) (2,960 ) Other joint ventures. 963 (497 ) 513 79 11,693 19,215 (59,422 ) (9,183 ) 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Carrying amount of investments: Y & C Engine Co., Ltd 176,082 145,599 22,499 MTU Yuchai Power Co., Ltd 59,931 62,217 9,614 Eberspaecher Yuchai Exhaust Technology Co., Ltd (i ) 31,794 12,638 1,953 Other joint ventures 6,184 6,666 1,030 273,991 227,120 35,096 Note: (i) Eberspaecher Yuchai was incorporated on December 5, 2018. In March 2019 and December 2019, the Group injected RMB 17.6 million and RMB 23.5 million respectively into Eberspaecher Yuchai as payment of its investment. |
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 31.12.2019 31.12.2020 % % 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 diesel engines 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 |
Summarized Financial Information of Joint Ventures and Reconciliation with Carrying Amount of Investment in Consolidated Financial Statements | 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 RMB’000 RMB’000 RMB’000 RMB’000 Non-current 774,046 78,362 24,001 876,409 Current assets - Cash and bank balances 164,942 9,265 54,567 228,774 - Others 1,060,805 221,482 7,970 1,290,257 Total assets 1,999,793 309,109 86,538 2,395,440 Non-current (84,154 ) — — (84,154 ) Current liabilities - Others (1,396,116 ) (179,680 ) (21,651 ) (1,597,447 ) Total liabilities (1,480,270 ) (179,680 ) (21,651 ) (1,681,601 ) Equity 519,523 129,429 64,887 713,839 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 Carrying amount of other joint ventures 6,184 Carrying amount of the investment in joint ventures 273,991 31.12.2019 Y & C MTU Yuchai Power Eberspaecher Yuchai Total RMB’000 RMB’000 RMB’000 RMB’000 Revenue 2,404,244 178,796 3,509 2,586,549 Depreciation and amortization (26,099 ) (6,379 ) (25 ) (32,503 ) Interest expense (29,606 ) (5,017 ) — (34,623 ) Profit/(loss) for the year, representing total comprehensive income for the year 44,484 600 (19,114 ) 25,970 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 Group’s share of loss of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures (497 ) Group’s share of profit for the year, representing the Group’s share of total comprehensive income for the year 19,215 31.12.2020 Y & C MTU Yuchai Power Eberspaecher Yuchai Total Total RMB’000 RMB’000 RMB’000 RMB’000 US$’000 Non-current 740,423 71,635 45,583 857,641 132,530 Current assets - Cash and bank balances 160,844 43,056 2,273 206,173 31,860 - Others 1,287,935 266,123 43,895 1,597,953 246,929 Total assets 2,189,202 380,814 91,751 2,661,767 411,319 Non-current (417,759 ) — — (417,759 ) (64,556 ) Current liabilities - Others (1,340,704 ) (244,963 ) (65,960 ) (1,651,627 ) (255,223 ) Total liabilities (1,758,463 ) (244,963 ) (65,960 ) (2,069,386 ) (319,779 ) Equity 430,739 135,851 25,791 592,381 91,540 Proportion of the Group’s ownership 45 % 50 % 49 % Group’s share of net assets 193,833 67,926 12,638 Unrealized profit on transactions with joint venture (48,234 ) (5,709 ) — Carrying amount of significant joint ventures 145,599 62,217 12,638 220,454 34,066 Carrying amount of other joint ventures 6,666 1,030 Carrying amount of the investment in joint ventures 227,120 35,096 31.12.2020 Y & C MTU Yuchai Power Eberspaecher Yuchai Total Total RMB’000 RMB’000 RMB’000 RMB’000 US$’000 Revenue 3,021,877 307,699 45,966 3,375,542 521,617 Depreciation and amortization (59,406 ) (2,350 ) (360 ) (62,116 ) (9,599 ) Interest expense, net (40,709 ) (1,983 ) — (42,692 ) (6,597 ) Profit/(loss) for the year, representing total comprehensive income for the year (88,785 ) 6,421 (39,095 ) (121,459 ) (18,769 ) Proportion of the Group’s ownership 45 % 50 % 49 % Group’s share of profit/(loss) (39,953 ) 3,211 (19,157 ) Unrealized profit on transactions with joint venture (4,063 ) 27 — Group’s share of profit/(loss) of significant joint ventures (44,016 ) 3,238 (19,157 ) (59,935 ) (9,262 ) Group’s share of loss of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures 513 79 Group’s share of profit for the year, representing the Group’s share of total comprehensive income for the year (59,422 ) (9,183 ) |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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: 31.12.2018 Segments Yuchai HLGE Total 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 Segments Yuchai HLGE Total RMB’000 RMB’000 RMB’000 Type of goods or services Heavy-duty engines 6,189,934 — 6,189,934 Medium-duty engines 5,583,982 — 5,583,982 Light-duty engines 2,429,248 — 2,429,248 Other products and services (i) 3,732,436 — 3,732,436 Revenue from hospitality operations 44,704 35,781 80,485 Total revenue from contracts with customers 17,980,304 35,781 18,016,085 Geographical markets People’s Republic of China 17,913,615 — 17,913,615 Other countries 66,689 35,781 102,470 Total revenue from contracts with customers 17,980,304 35,781 18,016,085 Timing of revenue recognition At a point in time 17,935,600 — 17,935,600 Over time 44,704 35,781 80,485 Total revenue from contracts with customers 17,980,304 35,781 18,016,085 31.12.2020 Segments Yuchai HLGE Total Total RMB’000 RMB’000 RMB’000 US$’000 Type of goods or services Heavy-duty engines 6,725,312 — 6,725,312 1,039,252 Medium-duty engines 6,626,629 — 6,626,629 1,024,003 Light-duty engines 2,356,168 — 2,356,168 364,095 Other products and services (i) 4,809,921 — 4,809,921 743,269 Revenue from hospitality operations 39,630 23,510 63,140 9,757 Total revenue from contracts with customers 20,557,660 23,510 20,581,170 3,180,376 Geographical markets People’s Republic of China 20,504,288 — 20,504,288 3,168,496 Other countries 53,372 23,510 76,882 11,880 Total revenue from contracts with customers 20,557,660 23,510 20,581,170 3,180,376 Timing of revenue recognition At a point in time 20,518,030 — 20,518,030 3,170,619 Over time 39,630 23,510 63,140 9,757 Total revenue from contracts with customers 20,557,660 23,510 20,581,170 3,180,376 Note: (i) included sales of power generator sets, engine components, service maintenance |
Summary of Change in Contract Balances | 6 Contract balances 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Trade receivables (Note 1 5 737,067 289,048 44,666 Capitalized contract cost 136,457 127,704 19,734 Contract liabilities (Note 2 4 436,622 935,462 144,556 |
Schedule of revenue recognized | (a) Set out below is the amount of revenue recognized from: 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Amounts include in contract liabilities 72,321 363,464 56,166 |
Schedule of contract cost capitalized | (b) Capitalized contract costs 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Capitalized contract costs relating to service fee charges on development of technology know-how At January 1 44,434 136,457 21,086 Addition 93,549 24,147 3,731 Reclassified to development costs — (21,519 ) (3,325 ) Released to consolidated statement of profit or loss (1,526 ) (11,381 ) (1,758 ) At December 31 136,457 127,704 19,734 |
Summary of Performance Obligations | 6 Performance obligations The transaction price allocated to the remaining unsatisfied performance obligations as of 31 December are, as follows: 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Within one year 127,326 112,454 17,377 More than one year 53,813 67,269 10,396 Total unfulfilled service-type maintenance service (Note 24) 181,139 179,723 27,773 |
Other income and expenses rec_2
Other income and expenses recognized in statement of profit and loss (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Depreciation and Amortization | (a) Depreciation and amortization expenses 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’ 000 RMB’000 RMB’000 US$’000 Amortization of intangible assets — 1,012 1,012 156 Amortization of prepaid operating lease 12,724 — — — Depreciation of investment property 884 380 376 58 Depreciation of property, plant and equipment 420,277 422,859 450,092 69,552 Depreciation of right-of-use (i) — 40,958 43,127 6,664 433,885 465,209 494,607 76,430 Note: (i) In 2020, OVID less than has right-of-use Depreciation and amortization expenses are included in the following captions: 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 RMB’000 US$’000 Cost of sales 312,769 315,445 327,866 50,664 Research and development expenses 26,751 16,470 26,815 4,144 Selling, general and administrative expenses 94,365 133,294 139,926 21,622 433,885 465,209 494,607 76,430 |
Summary of Sales Related Shipping and Handling Expenses Not Separately Billed to Customers | Sales related shipping and handling expenses not separately billed to customers are included in the following caption: 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 RMB’000 US$’000 Selling, general and administrative expenses 211,971 221,255 237,683 36,729 |
Summary of Other Operating Income | 7 (a) Other operating income 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 RMB’000 US$’000 Interest income 147,244 177,261 166,970 25,801 Dividend income from quoted equity securities 1,992 959 166 26 Gain on disposal of: - property, plant and equipment 8,835 — — — - quoted equity securities — 11,528 874 135 - right-of-use — 9,237 2,574 398 Government grants 32,237 122,371 209,793 32,419 Fair value gain on quoted equity securities — 1,118 — — Fair value gain on foreign exchange forward contract 4,529 — 999 154 Realised foreign exchange gain, net 5,306 3,604 1,390 215 Unrealised foreign exchange gain, net (4,235 ) 4,679 1,827 282 Others 9,235 16,404 15,676 2,423 205,143 347,161 400,269 61,853 |
Summary of Other Operating Expenses | 7 (b) Other operating expenses 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 RMB’000 US$’000 Fair value loss on quoted equity securities 3,433 — 1,196 185 Fair value loss on foreign exchange forward contract — 5,529 — — Loss on disposal of property, plant and equipment — 645 4,183 646 Provision for onerous contract — — 13,639 2,108 Others 9,030 2,501 2,304 356 12,463 8,675 21,322 3,295 |
Summary of Finance Costs | 7 Finance costs 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 RMB’000 US$’000 Bank term loans 71,513 76,721 95,357 14,735 Bills discounting 36,826 47,212 49,738 7,686 Bank charges 4,749 4,945 3,877 599 Interest on lease liabilities (Note 1 7 — 2,918 2,198 340 113,088 131,796 151,170 23,360 |
Summary of Staff Costs | 7 Staff costs 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 RMB’000 US$’000 Wages and salaries 1,176,465 1,122,712 1,364,751 210,893 Contribution to defined contribution plans 296,073 324,623 287,830 44,478 Executive bonuses 57,674 59,791 59,908 9,257 Staff welfare 76,689 82,692 94,982 14,677 Staff severance cost 28,018 15,454 19,712 3,046 Others 8,441 6,012 3,439 532 1,643,360 1,611,284 1,830,622 282,883 Staff costs are included in the following captions: 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 RMB’000 US$’000 Cost of sales 822,570 808,763 912,304 140,977 Research and development expenses 213,826 243,049 258,118 39,886 Selling, general and administrative expenses 606,964 559,472 660,200 102,020 1,643,360 1,611,284 1,830,622 282,883 |
Income tax expense (Tables)
Income tax expense (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Income Tax Expense | The major components of income tax expense for the years ended December 31, 2018, 2019 and 2020 are as follows: 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 RMB’000 US$’000 Current income tax - Current year 209,448 193,878 180,254 27,854 - Over provision in respect of prior years (729 ) (6,985 ) (124 ) (19 ) Deferred tax - Movement in temporary differences (2,052 ) (14,274 ) 12,543 1,938 - Over provision in respect of prior years — — (135 ) (20 ) Consolidated income tax expense reported in the statement of profit or loss 206,667 172,619 192,538 29,753 |
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, 2018, 2019 and 2020 for the following reasons: 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 RMB’000 US$’000 Accounting profit before tax 1,181,067 1,033,319 971,864 150,180 Computed tax expense at 15% (2019: 15%, 2018: 15%) 177,160 154,998 145,780 22,527 Adjustments resulting from: Non-deductible 5,146 3,982 9,188 1,420 Tax-exempt (3,634 ) (6,171 ) (601 ) (93 ) Utilization of deferred tax benefits previously not recognized (5,518 ) (5,076 ) (1,996 ) (308 ) Deferred tax benefits not recognized 2,183 6,613 6,097 942 Tax credits for research and development expense (22,407 ) (31,863 ) (26,329 ) (4,068 ) Tax rate differential 24,437 26,223 24,251 3,747 Over provision in respect of previous years (729 ) (6,985 ) (259 ) (39 ) Withholding tax expense 30,029 30,898 36,332 5,614 Others — — 75 11 Total 206,667 172,619 192,538 29,753 |
Summary of Deferred Tax | Deferred tax relates to the following: Consolidated statement of financial position Consolidated statement of profit or loss 31.12.2019 31.12.2020 31.12.2020 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 RMB’000 RMB’000 RMB’000 US$’000 Accelerated tax depreciation (44,920 ) (100,802 ) (15,577 ) (12,432 ) (17,366 ) (55,882 ) (8,635 ) Interest receivable (1,644 ) (1,937 ) (299 ) (1,478 ) 608 (293 ) (45 ) PRC withholding tax on dividend income (i) (106,922 ) (112,456 ) (17,378 ) (29,842 ) (30,721 ) (36,255 ) (5,602 ) Impairment of property, plant and equipment 6,648 40,104 6,197 3,624 (9,295 ) 33,456 5,170 Write-down of inventories 18,403 22,628 3,497 (1,433 ) 2,343 4,225 653 Allowance for doubtful account receivables 10,077 8,056 1,245 (2,199 ) 4,900 (2,021 ) (312 ) Accruals 250,662 298,766 46,168 (186 ) 46,108 48,149 7,440 Deferred income 107,731 108,942 16,834 43,820 12,232 1,211 187 Others 29,439 24,441 3,777 2,178 5,465 (4,998 ) (774 ) Deferred tax benefits/(expenses) 2,052 14,274 (12,408 ) (1,918 ) Net deferred tax assets 269,474 287,742 44,464 Reflected in the consolidated statement of financial position as follows: Deferred tax assets 422,960 400,198 61,842 Deferred tax liabilities (153,486 ) (112,456 ) (17,378 ) 269,474 287,742 44,464 (i) The movement of PRC withholding tax on dividend income is as follows: 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 At January 1 (106,922 ) (106,922 ) (16,522 ) Provision made to consolidated statement of profit or loss (30,721 ) (36,255 ) (5,602 ) Utilization 30,721 30,721 4,746 December 31 (106,922 ) (112,456 ) (17,378 ) |
Deferred Tax Assets That Have Not Been Recognized | Deferred tax assets have not been recognized in respect of the following items: 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Unutilized tax losses 414,226 404,215 62,463 Unutilized capital allowances and investment allowances 107,613 105,622 16,322 Other unrecognized temporary differences relating to asset impairment and deferred grants 215,296 204,423 31,589 737,135 714,260 110,374 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Earnings Per Share | The calculation of basic earnings per share is based on: 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 RMB’000 US$’000 Profit attributable to ordinary equity holders of the parent 695,266 604,914 548,903 84,821 Weighted average number of ordinary shares 40,858,290 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: 31.12.2018 31.12.2019 31.12.2020 Weighted average number of shares issued, used in the calculation of basic earnings per share 40,858,290 40,858,290 40,858,290 Diluted effect of share options — — — Weighted average number of ordinary shares adjusted for effect of dilution 40,858,290 40,858,290 40,858,290 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Property, Plant and Equipment | Freehold land RMB’000 Leasehold 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, 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 and January 1, 2020 14,836 2,376,090 1,037,035 5,285,022 195,154 112,501 9,020,638 Additions — 16,273 487,725 20,617 14,066 16,166 554,847 Disposals — (4,664 ) — (260,996 ) (3,604 ) (4,742 ) (274,006 ) Transfers — 75,264 (823,981 ) 741,218 7,323 176 — Write-off — (9,759 ) — (53,917 ) (8,983 ) (912 ) (73,571 ) Translation difference (744 ) (3,825 ) (63 ) (459 ) (866 ) (131 ) (6,088 ) At December 31, 2020 14,092 2,449,379 700,716 5,731,485 203,090 123,058 9,221,820 Accumulated depreciation and impairment 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 and January 1, 2020 513 848,803 — 3,739,750 151,710 69,418 4,810,194 Charge for the year — 92,034 — 357,434 19,913 8,939 478,320 * Disposals — (1,102 ) — (253,121 ) (3,218 ) (4,058 ) (261,499 ) Write-off — (4,660 ) — (51,910 ) (8,719 ) (865 ) (66,154 ) Impairment loss — — — 3,920 — — 3,920 Translation difference (26 ) (685 ) — (269 ) (651 ) (90 ) (1,721 ) At December 31, 2020 487 934,390 — 3,795,804 159,035 73,344 4,963,060 Net book value At December 31, 2019 14,323 1,527,287 1,037,035 1,545,272 43,444 43,083 4,210,444 At December 31, 2020 13,605 1,514,989 700,716 1,935,681 44,055 49,714 4,258,760 US$’000 2,102 234,109 108,280 299,118 6,808 7,683 658,100 |
Investment property (Tables)
Investment property (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement [LineItems] | |
Summary of Investment Property | 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Cost At January 1 33,972 34,940 5,399 Translation difference 968 (1,753 ) (271 ) At December 31 34,940 33,187 5,128 Accumulated depreciation At January 1 27,207 28,388 4,387 Charge for the year 380 376 58 Translation difference 801 (1,406 ) (218 ) At December 31 28,388 27,358 4,227 Net carrying amount 6,552 5,829 901 Fair value 11,419 11,954 1,847 Consolidated statements of profit or loss: Rental income from an investment property 375 230 36 Direct operating expenses (including repairs, maintenance and depreciation expense) arising from the rental generating property (294 ) (180 ) (28 ) |
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 2020 Market comparison and cost Comparable price: - RMB 172 to RMB 418 (US$27 to US$65) per square foot The estimated fair value increases with higher comparable price 2019 Market comparison and cost Comparable price: - RMB 166 to RMB 440 per square foot The estimated fair value increases with higher comparable price |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Intangible Assets | Technology Know-how Development costs Goodwill Trademarks Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Cost At January 1, 2019 136,822 195,879 218,311 — 551,012 Addition — 366,708 — 169,811 536,519 At December 31, 2019 and January 1, 2020 136,822 562,587 218,311 169,811 1,087,531 Addition — 530,836 — — 530,836 At December 31, 2020 136,822 1,093,423 218,311 169,811 1,618,367 Accumulated amortization and impairment At January 1, 2019 126,700 — 5,675 — 132,375 Amortization 1,012 — — — 1,012 At December 31, 2019 and January 1, 2020 127,712 — 5,675 — 133,387 Amortization 1,012 — — — 1,012 At December 31, 2020 128,724 — 5,675 — 134,399 Net carrying amount At December 31, 2019 9,110 562,587 212,636 169,811 954,144 At December 31, 2020 8,098 1,093,423 212,636 169,811 1,483,968 US$’000 1,251 168,965 32,858 26,241 229,315 |
Summary of carrying amount of goodwill allocated | Carrying amount of goodwill allocated to the cash-generating unit: 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Yuchai 212,636 212,636 32,858 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Inventories | 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Raw materials 1,500,034 1,940,119 299,804 Work in progress 35,688 33,211 5,132 Finished goods 1,288,415 2,497,865 385,991 Total inventories at the lower of cost and net realizable value 2,824,137 4,471,195 690,927 |
Analysis of Inventory Reserve Accounts | 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 RMB’000 US$’000 Inventories recognized as an expense in cost of sales 11,471,988 13,167,181 15,501,807 2,395,470 Inclusive of the following charge/(credit): - Inventories written down 25,194 31,810 82,386 12,731 - Reversal of write-down of inventories (33,662 ) (14,788 ) (54,408 ) (8,408 ) |
Other current assets (Tables)
Other current assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Other Current Assets | 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Current Development properties (i) 17,721 16,906 2,612 Quoted equity securities (ii) 9,235 6,258 967 26,956 23,164 3,579 Note: (i) In 2020, no impairment loss was record ed (ii) The quoted equity securities are listed on the Singapore Exchange. In 2020, the Group has disposed some of the quoted equity securities for consideration of RMB 1.4 million (US$0.2 million) (2019: RMB 16.4 million) and gain on disposal of RMB 0.9 million (US$0.1 million) (2019: RMB 11.5 million) was recognized in consolidated statement of profit or loss under “ O |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Trade and Other Receivables | 31.12.2019 31.12.2020 31.12.2020 Trade receivables, gross 794,678 332,567 51,391 Less: Allowance for expected credit losses (57,611 ) (43,519 ) (6,725 ) Net trade receivables (Note 6.2) 737,067 289,048 44,666 Bills receivable (i) 7,005,234 7,793,343 1,204,293 Total (Note 34) 7,742,301 8,082,391 1,248,959 Amounts receivable: - associates and joint ventures (trade) 609 1,266 196 - associates and joint ventures (non-trade) 11,185 11,119 1,718 - related parties (trade) 73,243 9,663 1,493 - related parties (non-trade) 2,092 2,992 462 Staff advances 7,133 3,326 514 Interest receivables 12,224 4,999 772 Bills receivable in transit 8,700 12,620 1,950 Refundable deposits 2,131 283 44 Others 49,218 36,668 5,667 Less: Impairment losses – other receivables (ii) (5,243 ) (6,741 ) (1,042 ) Other receivables carried at amortized cost (Note 34) 161,292 76,195 11,774 Tax recoverable 223,652 236,400 36,531 Prepayments 63,048 64,102 9,906 Net other receivables 447,992 376,697 58,211 Total trade and other receivables 8,190,293 8,459,088 1,307,170 Note: (i) As of December 31, 2020, bills receivable includes bills received from related parties amounted to RMB 1,014.1 million (US$156.7 million) (2019: RMB 1,050.7 million) respectively. As of December 31, 2019 and 2020, there was no bills receivable pledged to secure bank facilities. (ii) This comprised of impairment loss on bills receivable in transit of RMB 6.5 million (US$1.0 million) as of December 31, 2020 (2019: RMB 5.0 million). 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: 31.12.2019 31.12.2020 31.12.2020 At January 1 30,586 62,854 9,713 Debit/(credit) to consolidated statement of profit or loss (under “ S 32,340 (12,349 ) (1,908 ) Written off (62 ) (242 ) (37 ) Translation difference (10 ) (3 ) (1 ) At December 31 62,854 50,260 7,767 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Cash and Bank Balances | 31.12.2019 31.12.2020 31.12.2020 Non-current Long-term bank deposits (i) 50,000 140,000 21,634 Current Cash and cash equivalents 5,753,268 5,877,647 908,264 Short-term bank deposits (ii) 356,543 258,756 39,985 Restricted cash 231,107 171,135 26,445 6,340,918 6,307,538 974,694 Cash and bank balances 6,390,918 6,447,538 996,328 Note: (i) In 2020, YMMC has placed new three-year time deposits of RMB 90.0 million (US$13.9 million) (2019: RMB 50.0 million) at annual interest rate range from 3.85% to 3.99% (2019: 3.99% to 4.13%) with certain banks. These long-term deposits are not considered to be cash equivalents. (ii) Short-term bank deposits relate to bank deposits with initial maturities of more than three months and subject to more than insignificant risk of changes in value upon withdrawal before maturity. The interest rate of these bank deposits as of December 31, 2020 for the Group ranged from 0.23% to 2.25% (2019: 1.78% to 3.65%). These short-term bank deposits are not considered as cash equivalents. |
Summary of cash and cash equivalents | For the purpose of the statement of cash flows, cash and cash equivalents comprise the following at December 31: 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Cash at banks and on hand 5,205,605 5,466,288 844,697 Short-term bank deposits (i) 547,663 411,359 63,567 Cash and cash equivalents 5,753,268 5,877,647 908,264 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 (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 Office Total Total At January 1, 2019 369,925 76,644 39 446,608 69,014 Addition — 11,473 — 11,473 1,773 Depreciation expenses (14,347 ) (26,597 ) (14 ) (40,958 ) (6,329 ) Disposal (1,771 ) — — (1,771 ) (274 ) Translation difference — 36 (4 ) 32 5 At December 31, 2019 and January 1, 2020 353,807 61,556 21 415,384 64,189 Addition 2,058 13,198 — 15,256 2,357 Depreciation expenses (14,102 ) (29,182 ) (14 ) (43,298 ) (6,691 ) Disposal (3,198 ) — — (3,198 ) (494 ) Translation difference — (142 ) (1 ) (143 ) (22 ) At December 31, 2020 338,565 45,430 6 384,001 59,339 |
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 2020 2020 RMB’000 RMB’000 US$’000 At January 1 96,852 60,007 9,273 Additions 11,473 15,256 2,357 Accretion of interest (Note 7 2,918 2,198 340 Payments (51,283 ) (37,561 ) (5,805 ) Translation difference 47 (122 ) (18 ) At December 31 60,007 39,778 6,147 Current (Note 2 5 28,633 22,755 3,516 Non-current 5 31,374 17,023 2,631 Total 60,007 39,778 6,147 The maturity analysis of lease liabilities is disclosed in Note 2 5 |
Summary of detailed information about amounts recognized in profit of loss | The following are the amounts recognized in profit of loss: 2019 2020 2020 Depreciation charge for right-of-use 40,958 43,127 6,664 Interest expenses on lease liabilities (Note 7 2,918 2,198 340 Expenses relating to short-term leases (included in selling, general and administrative costs and research and development cost) 14,341 14,313 2,212 Total amount recognized in profit or loss 58,217 59,638 9,216 |
Summary of detailed information about Future minimum rental receivables under non-cancellable operating leases | Future minimum rental receivables under non-cancellable 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Within 1 year - related parties 1,787 902 139 - joint venture 2,691 2,590 400 - third parties 892 5,058 782 After 1 year but within 5 years - related parties 660 — — - joint venture 10,526 10,720 1,657 - third parties 1,504 13,305 2,056 After than 5 years - joint venture 5,643 14,141 2,185 - third parties 889 4,392 679 24,592 51,108 7,898 |
Issued capital (Tables)
Issued capital (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Issued Capital | 31.12.2019 31.12.2020 Issued capital Authorized shares Ordinary share of par value US$0.10 each 100,000 100,000 Number of shares RMB’000 Ordinary shares issued and fully paid At January 1, 201 9 19 20 40,858,290 2,081,138 US$’000 321,595 31.12.2019 31.12.2020 31.12.2020 Special share issued and fully paid One special share issued and fully paid at US$0.10 per share * * * * Less than RMB 1 (US$1) |
Dividends declared and paid (Ta
Dividends declared and paid (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Dividends Declared and Paid | 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Declared and paid during the year Dividends on ordinary shares: Final dividend paid in 2020: US$0.85 per share (2019: US$0.85 per share) 238,758 245,871 37,994 Dividend paid in cash 238,758 245,871 37,994 |
Reserves (Tables)
Reserves (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Statutory Reserves | 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Statutory reserve Statutory general reserve (i) At January 1 276,698 278,601 43,052 Transfer from retained earnings 1,903 2,858 442 At December 31 278,601 281,459 43,494 General surplus reserve (ii) At January 1 and December 31 25,706 25,706 3,972 Total 304,307 307,165 47,466 Capital reserves (iii) At January 1 and December 31 30,704 30,704 4,745 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 | 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Other components of equity Foreign currency translation reserve (i) (36,091 ) (89,925 ) (13,896 ) Performance shares reserve (ii) 19,758 19,758 3,053 Premium paid for acquisition of non-controlling (11,472 ) (11,472 ) (1,773 ) Fair value reserve of financial assets at FVOCI (iii) (77,617 ) (79,720 ) (12,319 ) Total (105,422 ) (161,359 ) (24,935 ) Note: (i) Foreign currency translation reserve represents exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from that of the Group’s presentation currency. (ii) Performance shares reserve comprises the cumulative value of employee services received in return for share-based compensation. The amount in the reserve is retained when the option is expired. (iii) Fair value reserve of financial assets at FVOCI relates to the subsequent measurement of the Group’s bills receivable at fair value through OCI. |
Share-based payment (Tables)
Share-based payment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Number and Weighted Average Exercise Prices ("WAEP") of, and Movements in Share Options | The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and movements in share options during the year: Number of share options WAEP Number of share options WAEP 31.12.2019 31.12.201 9 31.12.2020 31.12.20 20 Outstanding at January 1 and December 31 470,000 US$ 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$) 21.11 Expected volatility (%) 47.4 Expected option life (years) 3.5 – 5.5 Expected dividends (%) 5.81 Risk-free interest rate (%) 1.4 – 2.0 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Trade and Other Current Payables | 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Current Trade payables 2,953,479 3,406,398 526,385 Bills payables (i) 2,764,013 3,348,163 517,386 Other payables 543,970 533,705 82,473 Accrued expenses 203,133 233,053 36,013 Accrued staff costs 653,854 714,701 110,442 Refund liabilities 757,655 1,031,562 159,406 Dividend payable 47,480 49,468 7,644 Amount due to: - associates and joint ventures (trade) 258,964 467,351 72,219 - associates and joint ventures (non-trade) 81 205 32 - related parties (trade) 221,413 238,622 36,874 - related parties (non-trade) 4,016 1,841 284 Financial liabilities carried at amortized cost (Note 31, 4 8,408,058 10,025,069 1,549,158 Deferred grants (Note 2 7 19,952 23,468 3,626 Advance from customers 383 320 50 Other tax payable 39,698 62,111 9,598 Total trade and other payables (current) 8,468,091 10,110,968 1,562,432 (i) As of December 31, 2020, the bills payables include bills payable to joint ventures, associates and other related parties amounted to RMB 105.6 million (US$16.3 million) (2019: RMB 125.0 million), RMB 12.9 million (US$2.0 million) (2019: RMB 10.1 million) and RMB 249.0 million (US$38.5 million) ( y |
Summary of Other Non-current Payables | 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Non-current Other payables (i) (Note 31, Note 34 ) 176,302 191,563 29,602 (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, 2020 | |
Text block [abstract] | |
Summary of Provision | Provision for Provision for Total Total RMB’000 RMB’000 RMB’000 US$’000 At January 1, 2019 166,913 — 166,913 25,793 Provision made 421,905 2,316 424,221 65,554 Provision utilized (373,103 ) — (373,103 ) (57,655 ) At December 31, 2019 and January 1, 2020 215,715 2,316 218,031 33,692 Provision made 335,664 13,639 349,303 53,977 Provision utilized (295,940 ) — (295,940 ) (45,731 ) Provision reversed — (2,316 ) (2,316 ) (358 ) At December 31, 2020 255,439 13,639 269,078 41,580 |
Contract liabilities (Tables)
Contract liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Contract Liabilities | 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Unfulfilled service-type maintenance services 181,139 179,723 27,773 Advance from customer 255,483 755,739 116,783 Total 436,622 935,462 144,556 Current 382,809 868,193 134,161 Non-current 53,813 67,269 10,395 Total contract liabilities (Note 6 436,622 935,462 144,556 |
Lease liabilities (Tables)
Lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Lease liabilities [abstract] | |
Summary of Lease Liabilities | Effective interest rate Maturity 31.12.2019 31.12.2020 31.12.2020 % RMB’000 RMB’000 US$’000 Current (Note 1 7 1.25% - 6.20% 2021 28,633 22,755 3,516 Non- 7 1.25% - 6.20% 2022-2026 31,374 17,023 2,631 |
Other financial liabilities (Ta
Other financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Other Financial Liabilities | 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Current: Derivative not designated as hedges – foreign exchange forward contract 999 — — |
Summary of Loans and Borrowings | Effective interest rate Maturity 31.12.2019 % RMB’000 Current Renminbi denominated loans 3.70 – 4.13 2020 1,900,000 US dollar denominated loans 2.52 2020 139,524 Singapore Dollar denominated loans (ii) 2.84 2020 15,522 2,055,046 Effective interest rate Maturity 31.12.2020 31.12.2020 % RMB’000 US$’000 Current Renminbi denominated loans 1.80 – 4.05 2021 1,730,000 267,334 Non-current Renminbi denominated loans 3.30 2022 500,000 77,264 Note: (i) All loan balances as stated above do not have a callable feature. (ii) Issuer bank Facility limit Usage RMB’000 December 31, 2019 MUFG Bank Ltd S$ 30 million 15,522 |
Deferred grants (Tables)
Deferred grants (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Deferred Grants | 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 At January 1 607,608 676,728 104,574 Received during the year 187,096 52,241 8,072 Grant receivable — 129 20 Grant disbursed to partner of joint project — (48,632 ) (7,515 ) Released to consolidated statement of profit or loss (117,976 ) (138,856 ) (21,457 ) At December 31 676,728 541,610 83,694 Current (Note 2 2 19,952 23,468 3,626 Non-current 656,776 518,142 80,068 676,728 541,610 83,694 |
Related party disclosures (Tabl
Related party disclosures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Significant Transactions with Related Parties | The following provides the significant transactions that have been entered into with related parties for the relevant financial year. 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 RMB’000 US$’000 Sales of engines and materials - associates and joint ventures 439,106 912,877 1,256,268 194,129 - GY Group (including its subsidiaries and affiliates) 406,422 1,792,280 2,637,845 407,622 Purchase of material, supplies and engines - associates and joint ventures 1,192,322 1,999,831 2,792,707 431,553 - GY Group (including its subsidiaries and affiliates) 1,589,638 1,895,239 1,245,030 192,393 Hospitality, restaurant, consultancy and other service income charged to - a joint venture 3,456 3,984 3,918 605 - GY Group (including its subsidiaries and affiliates) 24,015 15,350 6,765 1,045 Rental income - a joint venture 1,937 3,206 4,565 705 - GY Group (including its subsidiaries and affiliates) 3,886 2,133 3,970 613 Property management service expenses - GY Group (including its subsidiaries and affiliates) 26,547 22,595 24,968 3,858 Leasing expenses (i) - GY Group (including its subsidiaries and affiliates) 25,705 — — — Selling, general and administrative expenses - a joint venture — — 7,287 1,126 - GY Group (including its subsidiaries and affiliates) 21,607 19,953 4,728 731 - HLA (including its affiliates) 6,639 6,788 6,687 1,033 Delivery, storage, distribution and handling expenses - GY Group (including its subsidiaries and affiliates) 228,195 304,532 312,891 48,351 Payment for trademarks usage fee - GY Group — 169,811 — — Payment for lease liabilities - GY Group (including its subsidiaries and affiliates) — 33,594 18,086 2,795 Purchases of vehicles and machineries - GY Group (including its subsidiaries and affiliates) 6,144 2,817 2,838 439 Note: (i) The Group has adopted IFRS 16 on January 1, 2019. These leasing expenses have been recognized as right-of-use and |
Compensation of Key Management Personnel | Compensation of key management personnel of the Group 31.12.2018 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 RMB’000 US$’000 Short-term employee benefits 39,703 41,606 43,178 6,672 Contribution to defined contribution plans 335 362 292 45 40,038 41,968 43,470 6,717 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement [LineItems] | |
Future Minimum Lease Payments | The Group has various lease contracts that have not yet commenced as of December 31, 2019 and for non-cancellable 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Within 1 year 105 321 50 After 1 year but within 5 years 85 1,628 252 After 5 years — 71 11 190 2,020 313 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Summary of Segment Information | 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 6 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 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue Total external revenue (Note 6 17,980,304 35,781 — — 18,016,085 Results Interest income 158,855 5,167 13,239 — 177,261 Interest expense (126,379 ) (51 ) (421 ) — (126,851 ) Impairment of property, plant and equipment (3,950 ) — — — (3,950 ) Staff severance cost (15,454 ) — — — (15,454 ) Depreciation and amortization (458,665 ) (5,551 ) (993 ) — (465,209 ) Share of profit of associates and joint venture 18,137 897 — — 19,034 Income tax expense (141,330 ) (527 ) (41 ) (30,721 ) (1) (172,619 ) Segment profit after tax 884,562 4,457 1,939 (30,258 ) (1) 860,700 Total assets 22,817,479 416,397 2,120,767 (1,500,452 ) 23,854,191 Total liabilities (12,127,021 ) (15,575 ) (31,278 ) (106,932 ) (2) (12,280,806 ) Other disclosures Investment in joint ventures 271,274 2,717 — — 273,991 Capital expenditure 917,192 1,033 55 — 918,280 Year ended December 31, 2020 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 6 20,557,660 23,510 — — 20,581,170 3,180,376 Results Interest income 158,569 3,538 4,863 — 166,970 25,801 Interest expense (147,161 ) (35 ) (97 ) — (147,293 ) (22,761 ) Impairment of property, plant and equipment (3,920 ) — — — (3,920 ) (606 ) Staff severance cost (19,712 ) — — — (19,712 ) (3,046 ) Depreciation and amortization (488,536 ) (5,181 ) (890 ) — (494,607 ) (76,430 ) Share of profit of associates and joint venture (59,476 ) 506 — — (58,970 ) (9,113 ) Income tax expense (156,007 ) (200 ) (69 ) (36,262 ) (1) (192,538 ) (29,753 ) Segment profit after tax 829,042 1,052 (17,127 ) (33,641 ) (1) 779,326 120,427 Total assets 25,330,625 392,096 2,075,262 (1,507,025 ) 26,290,958 4,062,701 Total liabilities (14,328,688 ) (10,346 ) (15,797 ) (103,417 ) ( 2 (14,458,248 ) (2,234,211 ) Other disclosures Investment in joint ventures 223,918 3,202 — — 227,120 35,096 Capital expenditure 550,424 4,409 14 — 554,847 85,740 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 6,018.2 million (US$930.0 million) (2019: RMB 5,205.5 million; 2018: RMB 4,463.9 million), arising from sales by Yuchai segment. Non-current 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 People’s Republic of China 5,764,591 6,268,004 968,585 Other countries 97,879 94,067 14,536 5,862,470 6,362,071 983,121 Non-current right-of-use |
Financial risk management obj_2
Financial risk management objectives and policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 of 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 794,678 601,094 61,917 24,409 40,213 67,045 Expected credit loss 57,611 — 4,283 1,513 4,386 47,429 Trade receivables Days past due As of December 31, 2020 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 13.1 % — 4.2 % 4.9 % 7.8 % 72.8 % Estimated total gross carrying amount at default 332,567 126,706 91,233 29,675 36,413 48,540 Expected credit loss 43,519 — 3,860 1,451 2,852 35,356 |
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 of December 31, 2019 RMB’000 RMB’000 RMB’000 Financial assets Trade and bills receivables 7,742,301 — 7,742,301 Other receivables, excluding tax recoverable 161,292 — 161,292 Cash and bank balances 6,390,918 — 6,390,918 Quoted equity securities 9,235 — 9,235 14,303,746 — 14,303,746 Financial liabilities Loans and borrowings 2,085,456 — 2,085,456 Trade and other payables (Note 22) 8,408,058 176,302 8,584,360 Lease liabilities 29,838 35,263 65,101 Derivative not designated as hedges – foreign exchange forward contract 999 — 999 10,524,351 211,565 10,735,916 1 year or less 2 to 5 years More than 5 Total Total As of December 31, 2020 RMB’000 RMB’000 RMB’000 RMB’000 US$’000 Financial assets Trade and bills receivables 8,082,391 — — 8,082,391 1,248,959 Other receivables, excluding tax recoverable 76,195 — — 76,195 11,774 Cash and bank balances 6,307,538 140,000 — 6,447,538 996,328 Quoted equity securities 6,258 — — 6,258 967 14,472,382 140,000 — 14,612,382 2,258,028 Financial liabilities Loans and borrowings 1,753,142 524,275 — 2,277,417 351,926 Trade and other payables (Note 22) 10,025,069 191,563 — 10,216,632 1,578,760 Lease liabilities 24,313 22,761 325 47,399 7,324 11,802,524 738,599 325 12,541,448 1,938,010 |
Exposures to Foreign Currency | The Group’s exposures to foreign currency are as follows: 31.12.2019 Singapore Dollar Euro US Dollar Renminbi Others RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Quoted equity securities 9,235 — — — — Trade and other receivables 607 414 7,624 658 — Cash and bank balances 228,589 52 11,233 2,595 7,364 Financial liabilities (15,710 ) — (139,524 ) — — Trade and other payables (7,086 ) (27,922 ) (10,596 ) (2,605 ) (83 ) Net assets/(liabilities) 215,635 (27,456 ) (131,263 ) 648 7,281 31.12.2020 Singapore Dollar Euro US Dollar Renminbi Others RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Quoted equity securities 6,258 — — — — Trade and other receivables 620 8,624 913 305 372 Cash and bank balances 181,575 3,829 45,203 — 15,086 Financial liabilities (1,462 ) — — — — Trade and other payables (6,184 ) (9,356 ) (10,858 ) (2,464 ) — Net assets/(liabilities) 180,807 3,097 35,258 (2,159 ) 15,458 US$’000 27,940 479 5,448 (334 ) 2,389 |
Foreign currency risk [Member] | |
Statement [LineItems] | |
Risk Sensitivity Analysis | Profit before tax 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Singapore Dollar 21,564 18,081 2,794 Euro (2,746 ) 310 48 US Dollar (13,126 ) 3,526 545 Renminbi 65 (216 ) (33 ) |
Equity price risk [member] | |
Statement [LineItems] | |
Risk Sensitivity Analysis | A 10% increase/(decrease) in the underlying prices at the reporting date would increase/(decrease) Group’s profit before tax by the following amount: 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Statement of profit or loss 924 626 97 |
Capital management (Tables)
Capital management (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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). 31.12.2019 31.12.2020 31.12.2020 RMB’000 RMB’000 US$’000 Loans and borrowings (current and non-current) 6 2,055,046 2,230,000 344,598 Lease liabilities (current and non-current) 5 60,007 39,778 6,147 Trade and other payables (current and non-current) 2 8,644,393 10,302,531 1,592,034 Less: Cash and bank balances (Note 1 6 (6,390,918 ) (6,447,538 ) (996,328 ) Net debts 4,368,528 6,124,771 946,451 Equity attributable to equity holders of the parent 8,767,529 9,014,624 1,393,016 Total capital and net debts 13,136,057 15,139,395 2,339,467 |
Fair value measurement (Tables)
Fair value measurement (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text block [abstract] | |
Fair Value Measurement Hierarchy for Assets and Liabilities | Quantitative disclosures fair value measurement hierarchy for assets and liabilities as of December 31, 2019: Fair value measurement using Date of valuation Quoted prices in active markets Significant observable inputs Total (Level 1) (Level 2) RMB’000 RMB’000 RMB’000 Assets measured at fair value Quoted equity securities: Quoted equity shares – TCL (Note 1 4 December 31, 2019 9,235 9,235 — Debt instruments (ii) : Bills receivable (Note 1 5 December 31, 2019 7,005,234 — 7,005,234 Liabilities measured at fair value Derivative financial liabilities: Foreign exchange forward contract – USD (i) (Note 26(a)) December 31, 2019 999 — 999 Quantitative disclosures fair value measurement hierarchy for assets and liabilities as of December 31, 2020: Fair value measurement using Date of valuation Quoted prices in active markets Significant observable inputs Total Total (Level 1) (Level 2) US$’000 RMB’000 RMB’000 RMB’000 Assets measured at fair value Quoted equity securities: Quoted equity shares – TCL (Note 1 4 December 31, 2020 967 6,258 6,258 — Debt financial assets (ii) : Bills receivable (Note 1 5 December 31, 2020 1,204,293 7,793,343 — 7,793,343 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, 2020 | |
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 of December 31, 2019 Financial assets Quoted equity securities 1 4 9,235 — — — 9,235 Trade and bills receivable 1 5 — 737,067 7,005,234 — 7,742,301 Other receivables 1 5 — 161,292 — — 161,292 Cash and bank balances 1 6 — 6,390,918 — — 6,390,918 9,235 7,289,277 7,005,234 — 14,303,746 Financial liabilities Trade and other payables 2 2 — — — 8,584,360 8,584,360 Lease liabilities 2 5 — — — 60,007 60,007 Loans and borrowings 2 6 — — — 2,055,046 2,055,046 — — — 10,699,413 10,699,413 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$’000 As of December 31, 2020 Financial assets Quoted equity securities 1 4 6,258 — — — 6,258 967 Trade and bills receivable 1 5 — 289,048 7,793,343 — 8,082,391 1,248,959 Other receivables 1 5 — 76,195 — — 76,195 11,774 Cash and bank balances 1 6 — 6,447,538 — — 6,447,538 996,328 6,258 6,812,781 7,793,343 — 14,612,382 2,258,028 Financial liabilities Trade and other payables 2 2 — — — 10,216,632 10,216,632 1,578,760 Lease liabilities 2 5 — — — 39,778 39,778 6,147 Loans and borrowings 2 6 — — — 2,230,000 2,230,000 344,598 — — — 12,486,410 12,486,410 1,929,505 |
Schedule of Changes in Liabilities Arising From Financing Activities | January 1, 2019 Effect of January 1, (Restated) Cash flows Addition Accretion Foreign Translation Others December 31, RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 As of December 31, 2019 Loans and borrowings - current 2,001,014 — 2,001,014 39,979 — — (1,469 ) 444 15,078 2,055,046 - non-current 15,078 — 15,078 — — — — — (15,078 ) — Obligations under finance leases - current 14 (14 ) — — — — — — — — - non-current 34 (34 ) — — — — — — — — Lease liabilities - current — 42,457 42,457 (51,283 ) 6,008 2,918 — 24 28,509 28,633 - non-current — 54,395 54,395 — 5,465 — — 23 (28,509 ) 31,374 Total liabilities from financing activities 2,016,140 96,804 2,112,944 (11,304 ) 11,473 2,918 (1,469 ) 491 — 2,115,053 January 1, 2020 Cash flows Addition Accretion of Foreign Translation Others December 31, December 31, RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 US$’000 As of December 31, 2020 Loans and borrowings - current 2,055,046 (326,280 ) — — 1,228 6 — 1,730,000 267,334 - non-current — 500,000 — — — — — 500,000 77,264 Lease liabilities - current 28,633 (37,561 ) 4,039 2,198 — 409 25,037 22,755 3,516 - non-current 31,374 — 11,217 — — (531 ) (25,037 ) 17,023 2,631 Total liabilities from financing activities 2,115,053 136,159 15,256 2,198 1,228 (116 ) — 2,269,778 350,745 |
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, 2020SubsidiariesAssociateshares | Dec. 31, 2019SubsidiariesAssociate | Dec. 31, 2018JointVenture | Dec. 31, 2015shares |
Disclosure of Corporate Information [Line Items] | ||||||||||
Number of indirectly owned subsidiaries | 33 | 33 | ||||||||
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 | 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 | Subsidiaries | 29 | 29 | ||||||||
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) | 12 Months Ended | |
Dec. 31, 2020kmHours | Feb. 28, 2021 | |
Disclosure of Summary of Significant Accounting Policies [Line items] | ||
Convenience translation exchange rate per US$1.00 | 6.4713 | |
Estimated useful lives of the investment properties | 30 years | |
Bottom of range [member] | On-Road Applications Engines [member] | ||
Disclosure of Summary of Significant Accounting Policies [Line items] | ||
Warranty claim period | 3 months | |
Warranty mileage | km | 3,000 | |
Bottom of range [member] | Other Applications Engines [member] | ||
Disclosure of Summary of Significant Accounting Policies [Line items] | ||
Warranty claim period | 3 months | |
Product warranty running hours | Hours | 300 | |
Top of range [member] | On-Road Applications Engines [member] | ||
Disclosure of Summary of Significant Accounting Policies [Line items] | ||
Warranty claim period | 36 months | |
Warranty mileage | km | 300,000 | |
Top of range [member] | Other Applications Engines [member] | ||
Disclosure of Summary of Significant Accounting Policies [Line items] | ||
Warranty claim period | 36 months | |
Product warranty running hours | Hours | 4,000 |
Basis of Preparation and Acco_5
Basis of Preparation and Accounting Policies - Estimated Useful Life of Assets (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
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 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, machinery 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] | 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, machinery 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] | 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, 2020 | |
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, 2020 | |
Leasehold land [member] | Bottom of range [member] | |
Disclosure of right of use assets [line items] | |
Useful life right of use assets | 3 years |
Leasehold land [member] | Top of range [member] | |
Disclosure of right of use assets [line items] | |
Useful life right of use assets | 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 |
Significant Accounting Judgme_2
Significant Accounting Judgments, Estimates and Assumptions - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2020USD ($) | |
Disclosure of changes in accounting estimates [line items] | ||||
Carrying amounts of deferred tax assets | ¥ 400,198 | ¥ 422,960 | $ 61,842 | |
Increase in profit if all unrecognized deferred tax asset were recognized | ¥ 157,600 | $ 24,300 | ¥ 162,000 | |
Bottom of range [member] | ||||
Disclosure of changes in accounting estimates [line items] | ||||
Cash flows derived from forecasts period | eight years | eight years | ||
Top of range [member] | ||||
Disclosure of changes in accounting estimates [line items] | ||||
Cash flows derived from forecasts period | ten years | ten years |
Investments in Subsidiaries - D
Investments in Subsidiaries - Details of Significant Subsidiaries of the Group (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | |
Disclosure of subsidiaries [line items] | |||||
Accumulated balances of material NCI | ¥ 2,818,086 | ¥ 2,805,856 | $ 435,474 | ||
Profit allocated to material NCI | ¥ 230,423 | $ 35,606 | ¥ 255,786 | ¥ 279,134 | |
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 | ¥ 2,624,933 | ¥ 2,603,227 | $ 405,627 | ||
Profit allocated to material NCI | 229,231 | $ 35,423 | 254,284 | ¥ 252,394 | |
Dividends paid to material NCI | ¥ 207,514 | $ 32,067 | ¥ 207,514 | ¥ 135,905 |
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2017CNY (¥) | |
Summarized statement of financial position | ||||||
Current assets | ¥ 19,260,985 | ¥ 17,382,304 | $ 2,976,370 | |||
Current liabilities | (13,051,795) | (11,209,055) | (2,016,873) | |||
Non-current liabilities | (1,406,453) | (1,071,751) | (217,338) | |||
Total equity | 11,832,710 | 11,573,385 | ¥ 11,147,554 | 1,828,490 | ¥ 10,961,904 | |
Attributable to NCI | 2,818,086 | 2,805,856 | 435,474 | |||
Summarized statement of comprehensive income | ||||||
Revenue | 20,581,170 | $ 3,180,376 | 18,016,085 | 16,263,248 | ||
Profit after tax | 779,326 | 120,427 | 860,700 | 974,400 | ||
Total comprehensive income for the year | 712,710 | 110,133 | 872,217 | 1,056,291 | ||
Attributable to NCI | 219,744 | 33,956 | 261,848 | 292,356 | ||
Summarized statement of cash flows | ||||||
Operating | 1,415,368 | 218,714 | 1,583,016 | 670,601 | ||
Investing | (785,753) | (121,421) | (810,477) | (79,992) | ||
Financing | (461,832) | (71,367) | (589,429) | (449,525) | ||
Guangxi Yuchai Machinery Company Lmited [member] | ||||||
Summarized statement of financial position | ||||||
Current assets | 18,395,754 | 16,444,627 | 2,842,667 | |||
Non-current assets, excluding goodwill | 6,722,233 | 6,160,217 | 1,038,776 | |||
Goodwill | 212,636 | 212,636 | 32,858 | |||
Current liabilities | (13,035,680) | (11,162,938) | (2,014,384) | |||
Non-current liabilities | (1,293,007) | (964,084) | (199,806) | |||
Net assets | 11,001,936 | 10,690,458 | 1,700,111 | |||
Total equity | 11,001,936 | 10,690,458 | 1,700,111 | |||
Attributable to NCI | 2,624,933 | 2,603,227 | $ 405,627 | |||
Summarized statement of comprehensive income | ||||||
Revenue | 20,557,660 | 3,176,743 | 17,980,304 | 16,210,467 | ||
Profit after tax | 829,042 | 128,111 | 825,807 | 972,010 | ||
Total comprehensive income for the year | 826,214 | 127,674 | 828,861 | 867,438 | ||
Attributable to NCI | 229,231 | 35,423 | 254,284 | 252,394 | ||
Summarized statement of cash flows | ||||||
Operating | 1,476,034 | 228,089 | 1,632,557 | 701,716 | ||
Investing | (794,291) | (122,741) | (858,904) | (331,416) | ||
Financing | (505,997) | (78,191) | (656,576) | (66,975) | ||
Net increase in cash and cash equivalents | ¥ 175,746 | $ 27,157 | ¥ 117,077 | ¥ 303,325 |
Investments in Subsidiaries - A
Investments in Subsidiaries - Additional Information (Detail) ¥ in Millions, $ in Millions | Feb. 28, 2019CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Feb. 28, 2019USD ($) |
Disclosure of subsidiaries [line items] | |||||
Cash and cash equivalents subject to local exchange control regulations | ¥ 5,289.2 | $ 817.3 | ¥ 5,112.8 | ||
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% | ||||
YC Europe Co [member] | |||||
Disclosure of subsidiaries [line items] | |||||
Percentage of equity interest acquired | 7.50% | 7.50% | |||
Cash consideration | ¥ 0.1 | $ 0.1 |
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | ||
Disclosure of joint ventures [line items] | ||||||
Share of (loss)/profit of joint ventures, net of tax | ¥ (59,422) | $ (9,183) | ¥ 19,215 | ¥ 11,693 | ||
Carrying amount of the investment | 227,120 | 273,991 | 222,812 | $ 35,096 | ||
Y & C Engine Co., Ltd. [Member] | ||||||
Disclosure of joint ventures [line items] | ||||||
Share of (loss)/profit of joint ventures, net of tax | (44,016) | (6,802) | 28,484 | 17,612 | ||
Carrying amount of the investment | 145,599 | 176,082 | 22,499 | |||
MTU Yuchai Power Co., Ltd [member] | ||||||
Disclosure of joint ventures [line items] | ||||||
Share of (loss)/profit of joint ventures, net of tax | 3,238 | 500 | 594 | (6,882) | ||
Carrying amount of the investment | 62,217 | 59,931 | 9,614 | |||
Eberspaecher Yuchai Exhaust Technology Co., Ltd [member] | ||||||
Disclosure of joint ventures [line items] | ||||||
Share of (loss)/profit of joint ventures, net of tax | (19,157) | (2,960) | (9,366) | |||
Carrying amount of the investment | [1] | 12,638 | 31,794 | 1,953 | ||
Other Joint Ventures [member] | ||||||
Disclosure of joint ventures [line items] | ||||||
Share of (loss)/profit of joint ventures, net of tax | 513 | $ 79 | (497) | ¥ 963 | ||
Carrying amount of the investment | ¥ 6,666 | ¥ 6,184 | $ 1,030 | |||
[1] | Eberspaecher Yuchai was incorporated on December 5, 2018. In March 2019 and December 2019, the Group injected RMB 17.6 million and RMB 23.5 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) - CNY (¥) ¥ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | |
Disclosure of joint ventures [line items] | |||
Additional investment in joint ventures | ¥ 41,160 | ||
Eberspaecher Yuchai [member] | |||
Disclosure of joint ventures [line items] | |||
Additional investment in joint ventures | ¥ 23,500 | ¥ 17,600 |
Investment in Joint Ventures _3
Investment in Joint Ventures - Additional Information (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
Disclosure of joint ventures [line items] | ||||||
Share of capital commitment | ¥ 2,100 | $ 300 | ¥ 81,000 | |||
Cash and cash equivalents | 5,877,647 | 908,264 | 5,753,268 | $ 889,044 | ¥ 5,559,890 | ¥ 5,390,324 |
People's Republic of China [member] | ||||||
Disclosure of joint ventures [line items] | ||||||
Cash and cash equivalents | 30,400 | 4,700 | 44,800 | |||
Y & C Engine Co., Ltd. [Member] | ||||||
Disclosure of joint ventures [line items] | ||||||
Cash and cash equivalents | 160,844 | 164,942 | ||||
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 | 40,100 | 6,200 | 45,000 | |||
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 | 58,400 | 9,000 | 11,400 | |||
Joint ventures [member] | ||||||
Disclosure of joint ventures [line items] | ||||||
Cash and cash equivalents | 206,173 | 31,860 | 228,774 | |||
Share of restricted cash | 65,200 | 10,100 | 60,800 | |||
Bills receivables | ¥ 28,600 | $ 4,400 | ¥ 50,800 |
Investment in Joint Ventures _4
Investment in Joint Ventures - Interest in Joint Ventures (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2017CNY (¥) | |
Disclosure of joint ventures [line items] | |||||||
Non-current assets | ¥ 7,029,973 | ¥ 6,471,887 | $ 1,086,331 | ||||
Cash and bank balances | 5,877,647 | 5,753,268 | ¥ 5,559,890 | 908,264 | $ 889,044 | ¥ 5,390,324 | |
Others | 23,164 | 26,956 | 3,579 | ||||
Total assets | 26,290,958 | 23,854,191 | 21,657,964 | 4,062,701 | |||
Non-current liabilities | (1,406,453) | (1,071,751) | (217,338) | ||||
Others | (999) | ||||||
Total liabilities | (14,458,248) | (12,280,806) | (10,510,410) | (2,234,211) | |||
Equity | 11,832,710 | 11,573,385 | 11,147,554 | 1,828,490 | ¥ 10,961,904 | ||
Investment in joint ventures | 227,120 | 273,991 | 222,812 | 35,096 | |||
Revenue | 20,581,170 | $ 3,180,376 | 18,016,085 | 16,263,248 | |||
Depreciation and amortization | (494,607) | (76,430) | (465,209) | (433,885) | |||
Interest expense | (147,293) | (22,761) | (126,851) | (108,339) | |||
Profit/(loss) for the year, representing total comprehensive income for the year | 712,710 | 110,133 | 872,217 | 1,056,291 | |||
Group's share of profit of other joint ventures, representing the Group's share of total comprehensive income of other joint ventures | (59,422) | $ (9,183) | 19,215 | ¥ 11,693 | |||
Y & C Engine Co., Ltd. [Member] | |||||||
Disclosure of joint ventures [line items] | |||||||
Non-current assets | 740,423 | 774,046 | |||||
Cash and bank balances | 160,844 | 164,942 | |||||
Others | 1,287,935 | 1,060,805 | |||||
Total assets | 2,189,202 | 1,999,793 | |||||
Non-current liabilities | (417,759) | (84,154) | |||||
Others | (1,340,704) | (1,396,116) | |||||
Total liabilities | (1,758,463) | (1,480,270) | |||||
Equity | ¥ 430,739 | ¥ 519,523 | |||||
Proportion of the Group's ownership | 45.00% | 45.00% | 45.00% | 45.00% | |||
Group's share of net assets | ¥ 193,833 | ¥ 233,786 | |||||
Unrealized profit on transactions with joint venture | (48,234) | (57,704) | |||||
Investment in joint ventures | 145,599 | 176,082 | 22,499 | ||||
Revenue | 3,021,877 | 2,404,244 | ¥ 1,443,238 | ||||
Depreciation and amortization | (59,406) | (26,099) | (45,254) | ||||
Interest expense | (40,709) | (29,606) | (24,605) | ||||
Profit/(loss) for the year, representing total comprehensive income for the year | ¥ (88,785) | ¥ 44,484 | ¥ 43,359 | ||||
Proportion of the Group's ownership | 45.00% | 45.00% | 45.00% | 45.00% | |||
Group's share of profit/(loss) | ¥ (39,953) | ¥ 20,018 | ¥ 19,512 | ||||
Unrealized profit on transactions with joint venture | (4,063) | 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 | (44,016) | $ (6,802) | 28,484 | 17,612 | |||
Y & C Engine Co., Ltd. [Member] | Significant Joint Ventures [member] | |||||||
Disclosure of joint ventures [line items] | |||||||
Investment in joint ventures | 145,599 | 176,082 | |||||
Group's share of profit of other joint ventures, representing the Group's share of total comprehensive income of other joint ventures | (44,016) | 28,484 | 17,612 | ||||
Joint ventures [member] | |||||||
Disclosure of joint ventures [line items] | |||||||
Non-current assets | 857,641 | 876,409 | 132,530 | ||||
Cash and bank balances | 206,173 | 228,774 | 31,860 | ||||
Others | 1,597,953 | 1,290,257 | 246,929 | ||||
Total assets | 2,661,767 | 2,395,440 | 411,319 | ||||
Non-current liabilities | (417,759) | (84,154) | (64,556) | ||||
Others | (1,651,627) | (1,597,447) | (255,223) | ||||
Total liabilities | (2,069,386) | (1,681,601) | (319,779) | ||||
Equity | 592,381 | 713,839 | 91,540 | ||||
Investment in joint ventures | 227,120 | 273,991 | 35,096 | ||||
Revenue | 3,375,542 | 521,617 | 2,586,549 | 1,603,818 | |||
Depreciation and amortization | (62,116) | (9,599) | (32,503) | (48,998) | |||
Interest expense | (42,692) | (6,597) | (34,623) | (26,294) | |||
Profit/(loss) for the year, representing total comprehensive income for the year | (121,459) | (18,769) | 25,970 | 39,162 | |||
Group's share of profit of other joint ventures, representing the Group's share of total comprehensive income of other joint ventures | (59,422) | (9,183) | 19,215 | 11,693 | |||
Joint ventures [member] | Significant Joint Ventures [member] | |||||||
Disclosure of joint ventures [line items] | |||||||
Investment in joint ventures | 220,454 | 267,807 | 34,066 | ||||
Group's share of profit of other joint ventures, representing the Group's share of total comprehensive income of other joint ventures | (59,935) | (9,262) | 19,712 | 10,730 | |||
Joint ventures [member] | Other Joint Ventures [member] | |||||||
Disclosure of joint ventures [line items] | |||||||
Investment in joint ventures | 6,666 | 6,184 | 1,030 | ||||
Group's share of profit of other joint ventures, representing the Group's share of total comprehensive income of other joint ventures | 513 | $ 79 | (497) | ¥ 963 | |||
MTU Yuchai Power Co., Ltd [member] | |||||||
Disclosure of joint ventures [line items] | |||||||
Non-current assets | 71,635 | 78,362 | |||||
Cash and bank balances | 43,056 | 9,265 | |||||
Others | 266,123 | 221,482 | |||||
Total assets | 380,814 | 309,109 | |||||
Others | (244,963) | (179,680) | |||||
Total liabilities | (244,963) | (179,680) | |||||
Equity | ¥ 135,851 | ¥ 129,429 | |||||
Proportion of the Group's ownership | 50.00% | 50.00% | 50.00% | 50.00% | |||
Group's share of net assets | ¥ 67,926 | ¥ 64,714 | |||||
Unrealized profit on transactions with joint venture | (5,709) | (4,783) | |||||
Investment in joint ventures | 62,217 | 59,931 | $ 9,614 | ||||
Revenue | 307,699 | 178,796 | ¥ 160,580 | ||||
Depreciation and amortization | (2,350) | (6,379) | (3,744) | ||||
Interest expense | (1,983) | (5,017) | (1,689) | ||||
Profit/(loss) for the year, representing total comprehensive income for the year | ¥ 6,421 | ¥ 600 | ¥ (4,197) | ||||
Proportion of the Group's ownership | 50.00% | 50.00% | 50.00% | 50.00% | |||
Group's share of profit/(loss) | ¥ 3,211 | ¥ 300 | ¥ (2,099) | ||||
Unrealized profit on transactions with joint venture | 27 | 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 | 3,238 | $ 500 | 594 | (6,882) | |||
MTU Yuchai Power Co., Ltd [member] | Significant Joint Ventures [member] | |||||||
Disclosure of joint ventures [line items] | |||||||
Investment in joint ventures | 62,217 | 59,931 | |||||
Group's share of profit of other joint ventures, representing the Group's share of total comprehensive income of other joint ventures | 3,238 | 594 | ¥ (6,882) | ||||
Eberspaecher Yuchai [Member] | |||||||
Disclosure of joint ventures [line items] | |||||||
Non-current assets | 45,583 | 24,001 | |||||
Cash and bank balances | 2,273 | 54,567 | |||||
Others | 43,895 | 7,970 | |||||
Total assets | 91,751 | 86,538 | |||||
Others | (65,960) | (21,651) | |||||
Total liabilities | (65,960) | (21,651) | |||||
Equity | ¥ 25,791 | ¥ 64,887 | |||||
Proportion of the Group's ownership | 49.00% | 49.00% | 49.00% | ||||
Unrealized profit on transactions with joint venture | ¥ 12,638 | ¥ 31,794 | |||||
Revenue | 45,966 | 3,509 | |||||
Depreciation and amortization | (360) | (25) | |||||
Profit/(loss) for the year, representing total comprehensive income for the year | ¥ (39,095) | ¥ (19,114) | |||||
Proportion of the Group's ownership | 49.00% | 49.00% | 49.00% | ||||
Group's share of profit/(loss) | ¥ (19,157) | ¥ (9,366) | |||||
Eberspaecher Yuchai [Member] | Significant Joint Ventures [member] | |||||||
Disclosure of joint ventures [line items] | |||||||
Investment in joint ventures | 12,638 | 31,794 | |||||
Group's share of profit of other joint ventures, representing the Group's share of total comprehensive income of other joint ventures | ¥ (19,157) | ¥ (9,366) |
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | ¥ 20,581,170 | $ 3,180,376 | ¥ 18,016,085 | ¥ 16,263,248 |
At a point in time [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 20,518,030 | 3,170,619 | 17,935,600 | 16,166,390 |
Over time [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 63,140 | 9,757 | 80,485 | 96,858 |
People's Republic of China [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 20,504,288 | 3,168,496 | 17,913,615 | 16,119,896 |
Other countries [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 76,882 | 11,880 | 102,470 | 143,352 |
Heavy-duty engines [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 6,725,312 | 1,039,252 | 6,189,934 | 4,934,435 |
Medium-duty engines [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 6,626,629 | 1,024,003 | 5,583,982 | 5,537,164 |
Light-duty engines [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 2,356,168 | 364,095 | 2,429,248 | 2,481,554 |
Other Products And Services [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 4,809,921 | 743,269 | 3,732,436 | 3,213,237 |
Revenue from hospitality operations [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 63,140 | $ 9,757 | 80,485 | 96,858 |
Yuchai segment [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 20,557,660 | 17,980,304 | 16,210,467 | |
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 | 20,518,030 | 17,935,600 | 16,166,390 | |
Yuchai segment [member] | Over time [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 39,630 | 44,704 | 44,077 | |
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 | 20,504,288 | 17,913,615 | 16,119,896 | |
Yuchai segment [member] | Other countries [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 53,372 | 66,689 | 90,571 | |
Yuchai segment [member] | Heavy-duty engines [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 6,725,312 | 6,189,934 | 4,934,435 | |
Yuchai segment [member] | Medium-duty engines [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 6,626,629 | 5,583,982 | 5,537,164 | |
Yuchai segment [member] | Light-duty engines [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 2,356,168 | 2,429,248 | 2,481,554 | |
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 | 4,809,921 | 3,732,436 | 3,213,237 | |
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 | 39,630 | 44,704 | 44,077 | |
HL Global Enterprises Limited segment [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Total revenue from contracts with customers | 23,510 | 35,781 | 52,781 | |
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 | 23,510 | 35,781 | 52,781 | |
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 | 23,510 | 35,781 | 52,781 | |
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 | ¥ 23,510 | ¥ 35,781 | ¥ 52,781 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Summary of Contract Balances (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) |
Disclosure of contract assets liabilities [abstract] | |||||
Trade receivables (Note 15) | ¥ 289,048 | $ 44,666 | ¥ 737,067 | ||
Capitalized contract cost | 127,704 | 19,734 | 136,457 | $ 21,086 | ¥ 44,434 |
Contract liabilities (Note 24) | ¥ 935,462 | $ 144,556 | ¥ 436,622 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Summary of Contract Balances (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of contract assets liabilities [abstract] | |
Contract performance obligations description | According to the business customary practice, the remaining performance obligations (unfulfilled service-type 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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Disclosure of performance obligations [abstract] | |||
Amounts include in contract liabilities | ¥ 363,464 | $ 56,166 | ¥ 72,321 |
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Contract assets [abstract] | |||
Contract assets | ¥ 136,457 | $ 21,086 | ¥ 44,434 |
Additions To Contract Assets | 24,147 | 3,731 | 93,549 |
Reclassified to development costs | (21,519) | (3,325) | |
Released to consolidated statement of profit or loss | (11,381) | (1,758) | (1,526) |
Contract assets | ¥ 127,704 | $ 19,734 | ¥ 136,457 |
Revenue from contracts with c_8
Revenue from contracts with customers - Performance Obligations (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |||
Total unfulfilled service-type maintenance service | ¥ 179,723 | $ 27,773 | ¥ 181,139 |
Within one year [member] | |||
Disclosure of transaction price allocated to remaining performance obligations [line items] | |||
Total unfulfilled service-type maintenance service | 112,454 | 17,377 | 127,326 |
More than one year [member] | |||
Disclosure of transaction price allocated to remaining performance obligations [line items] | |||
Total unfulfilled service-type maintenance service | ¥ 67,269 | $ 10,396 | ¥ 53,813 |
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |||
Disclosure of income statement [line items] | ||||||
Amortization of intangible assets | ¥ 1,012 | $ 156 | ¥ 1,012 | |||
Amortization of prepaid operating lease | ¥ 12,724 | |||||
Depreciation of investment property | 376 | 58 | 380 | 884 | ||
Depreciation of property, plant and equipment | 450,092 | 69,552 | 422,859 | 420,277 | ||
Depreciation of right-of-use assets | 43,127 | [1] | 6,664 | [1] | 40,958 | |
Depreciation and amortization expenses | 494,607 | 76,430 | 465,209 | 433,885 | ||
Cost of sales [member] | ||||||
Disclosure of income statement [line items] | ||||||
Depreciation and amortization expenses | 327,866 | 50,664 | 315,445 | 312,769 | ||
Research and development expenses [Member] | ||||||
Disclosure of income statement [line items] | ||||||
Depreciation and amortization expenses | 26,815 | 4,144 | 16,470 | 26,751 | ||
Selling general and administrative expenses [member] | ||||||
Disclosure of income statement [line items] | ||||||
Depreciation and amortization expenses | ¥ 139,926 | $ 21,622 | ¥ 133,294 | ¥ 94,365 | ||
[1] | In 2020, COVID-19 related rent rebate received from lessors of RMB 0.2 million (less than US$ 0.1 million) has been offset against the depreciation of right-of-use assets. |
Other Income and Expenses Rec_4
Other Income and Expenses Recognized in Statement of Profit and Loss - Summary of Depreciation and Amortization (Parenthetical) (Detail) - 12 months ended Dec. 31, 2020 ¥ in Millions, $ in Millions | CNY (¥) | USD ($) |
COVID - 19 [Member] | ||
Disclosure of income statement [line items] | ||
Rent Rebate Income | ¥ 0.2 | $ 0.1 |
Other Income and Expenses Rec_5
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Selling general and administrative expenses [member] | ||||
Disclosure of income statement [line items] | ||||
Selling, general and administrative expenses | ¥ 237,683 | $ 36,729 | ¥ 221,255 | ¥ 211,971 |
Other Income and Expenses Rec_6
Other Income and Expenses Recognized in Statement of Profit and Loss - Summary of Other Operating Income (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Disclosure Of Information On Income Statement [line items] | ||||
Interest income | ¥ 166,970 | $ 25,801 | ¥ 177,261 | ¥ 147,244 |
Dividend income from quoted equity securities | 166 | 26 | 959 | 1,992 |
Gain on disposal of property, plant and equipment | 8,835 | |||
Gain on disposal of quoted equity securities | 874 | 135 | 11,528 | |
Gain on disposal of right-of-use assets | 2,574 | 398 | 9,237 | |
Government grants | 209,793 | 32,419 | 122,371 | 32,237 |
Fair value gain on quoted equity securities | 1,118 | |||
Fair value gain on foreign exchange forward contract | 999 | 154 | 4,529 | |
Realised foreign exchange gain, net | 1,390 | 215 | 3,604 | 5,306 |
Unrealised foreign exchange gain, net | 1,827 | 282 | 4,679 | (4,235) |
Others | 15,676 | 2,423 | 16,404 | 9,235 |
Other operating income | ¥ 400,269 | $ 61,853 | ¥ 347,161 | ¥ 205,143 |
Other Income and Expenses Rec_7
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Profit or loss [abstract] | ||||
Fair value loss on quoted equity securities | ¥ 1,196 | $ 185 | ¥ 3,433 | |
Fair value loss on foreign exchange forward contract | ¥ 5,529 | |||
Loss on disposal of property, plant and equipment | 4,183 | 646 | 645 | |
Provision for onerous contract | 13,639 | 2,108 | ||
Others | 2,304 | 356 | 2,501 | 9,030 |
Other operating expenses | ¥ 21,322 | $ 3,295 | ¥ 8,675 | ¥ 12,463 |
Other Income and Expenses Rec_8
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Profit or loss [abstract] | ||||
Bank term loans | ¥ 95,357 | $ 14,735 | ¥ 76,721 | ¥ 71,513 |
Bills discounting | 49,738 | 7,686 | 47,212 | 36,826 |
Bank charges | 3,877 | 599 | 4,945 | 4,749 |
Interest on lease liabilities (Note 18) | 2,198 | 340 | 2,918 | |
Finance costs | ¥ 151,170 | $ 23,360 | ¥ 131,796 | ¥ 113,088 |
Other Income and Expenses Rec_9
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Disclosure of income statement [line items] | ||||
Wages and salaries | ¥ 1,364,751 | $ 210,893 | ¥ 1,122,712 | ¥ 1,176,465 |
Contribution to defined contribution plans | 287,830 | 44,478 | 324,623 | 296,073 |
Executive bonuses | 59,908 | 9,257 | 59,791 | 57,674 |
Staff welfare | 94,982 | 14,677 | 82,692 | 76,689 |
Staff severance cost | 19,712 | 3,046 | 15,454 | 28,018 |
Others | 3,439 | 532 | 6,012 | 8,441 |
Staff costs | 1,830,622 | 282,883 | 1,611,284 | 1,643,360 |
Cost of sales [member] | ||||
Disclosure of income statement [line items] | ||||
Staff costs | 912,304 | 140,977 | 808,763 | 822,570 |
Research and development expenses [Member] | ||||
Disclosure of income statement [line items] | ||||
Staff costs | 258,118 | 39,886 | 243,049 | 213,826 |
Selling general and administrative expenses [member] | ||||
Disclosure of income statement [line items] | ||||
Staff costs | ¥ 660,200 | $ 102,020 | ¥ 559,472 | ¥ 606,964 |
Income Tax Expense - Summary of
Income Tax Expense - Summary of Income Tax Expense (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Current income tax | ||||
Current year | ¥ 180,254 | $ 27,854 | ¥ 193,878 | ¥ 209,448 |
Over provision in respect of prior years | (124) | (19) | (6,985) | (729) |
Deferred tax | ||||
Movement in temporary differences | 12,543 | 1,938 | (14,274) | (2,052) |
Over provision in respect of prior years | (135) | (20) | ||
Consolidated income tax expense reported in the statement of profit or loss | ¥ 192,538 | $ 29,753 | ¥ 172,619 | ¥ 206,667 |
Income Tax Expense - Additional
Income Tax Expense - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018 | Dec. 31, 2020USD ($) | |
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 | ¥ 112.5 | ¥ 106.9 | $ 17.4 | |
Unrecognized deferred tax liability relating to undistributed earnings | ¥ 236.4 | ¥ 253.5 | $ 36.5 | |
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | ||||
Accounting profit before tax | ¥ 971,864 | $ 150,180 | ¥ 1,033,319 | ¥ 1,181,067 |
Computed tax expense at 15% (2019: 15%, 2018: 15%) | 145,780 | 22,527 | 154,998 | 177,160 |
Adjustments resulting from: | ||||
Non-deductible expenses | 9,188 | 1,420 | 3,982 | 5,146 |
Tax-exempt income | (601) | (93) | (6,171) | (3,634) |
Utilization of deferred tax benefits previously not recognized | (1,996) | (308) | (5,076) | (5,518) |
Deferred tax benefits not recognized | 6,097 | 942 | 6,613 | 2,183 |
Tax credits for research and development expense | (26,329) | (4,068) | (31,863) | (22,407) |
Tax rate differential | 24,251 | 3,747 | 26,223 | 24,437 |
Over provision in respect of previous years | (259) | (39) | (6,985) | (729) |
Withholding tax expense | 36,332 | 5,614 | 30,898 | 30,029 |
Others | 75 | 11 | ||
Consolidated income tax expense reported in the statement of profit or loss | ¥ 192,538 | $ 29,753 | ¥ 172,619 | ¥ 206,667 |
Income Tax Expense - Reconcil_2
Income Tax Expense - Reconciliation of Income Tax Expense (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | ||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax liabilities | ¥ (112,456) | ¥ (153,486) | $ (17,378) | |||
Deferred tax assets | 400,198 | 422,960 | 61,842 | |||
Net deferred tax assets | 287,742 | 269,474 | 44,464 | |||
Reconciliation of deferred tax (expense) income | (12,408) | $ (1,918) | 14,274 | ¥ 2,052 | ||
Accelerated depreciation [Member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax liabilities | (100,802) | (44,920) | (15,577) | |||
Reconciliation of deferred tax (expense) income | (55,882) | (8,635) | (17,366) | (12,432) | ||
Interest receivable [Member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax liabilities | (1,937) | (1,644) | (299) | |||
Reconciliation of deferred tax (expense) income | (293) | (45) | 608 | (1,478) | ||
PRC withholding tax on dividend income [Member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax liabilities | [1] | (112,456) | (106,922) | (17,378) | ||
Reconciliation of deferred tax (expense) income | [1] | (36,255) | (5,602) | (30,721) | (29,842) | |
Impairment of property, plant and equipment [Member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets | 40,104 | 6,648 | 6,197 | |||
Reconciliation of deferred tax (expense) income | 33,456 | 5,170 | (9,295) | 3,624 | ||
Write-down of inventories [member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets | 22,628 | 18,403 | 3,497 | |||
Reconciliation of deferred tax (expense) income | 4,225 | 653 | 2,343 | (1,433) | ||
Allowance for doubtful account receivables [Member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets | 8,056 | 10,077 | 1,245 | |||
Reconciliation of deferred tax (expense) income | (2,021) | (312) | 4,900 | (2,199) | ||
Accruals [member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets | 298,766 | 250,662 | 46,168 | |||
Reconciliation of deferred tax (expense) income | 48,149 | 7,440 | 46,108 | (186) | ||
Deferred income [Member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets | 108,942 | 107,731 | 16,834 | |||
Reconciliation of deferred tax (expense) income | 1,211 | 187 | 12,232 | 43,820 | ||
Others [Member] | ||||||
Disclosure of deferred tax assets and liabilities [Line Items] | ||||||
Deferred tax assets | 24,441 | 29,439 | $ 3,777 | |||
Reconciliation of deferred tax (expense) income | ¥ (4,998) | $ (774) | ¥ 5,465 | ¥ 2,178 | ||
[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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Disclosure of deferred tax assets and liabilities [Line Items] | |||
Beginning balance | ¥ (153,486) | ||
Ending balance | (112,456) | $ (17,378) | ¥ (153,486) |
PRC withholding tax on dividend income [Member] | |||
Disclosure of deferred tax assets and liabilities [Line Items] | |||
Beginning balance | (106,922) | (16,522) | (106,922) |
Provision made to consolidated statement of profit or loss | (36,255) | (5,602) | (30,721) |
Utilization | 30,721 | 4,746 | 30,721 |
Ending balance | ¥ (112,456) | $ (17,378) | ¥ (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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Deferred tax assets and liabilities [abstract] | |||
Deferred tax assets | ¥ 400,198 | $ 61,842 | ¥ 422,960 |
Deferred tax liabilities | (112,456) | (17,378) | (153,486) |
Net deferred tax assets | ¥ 287,742 | $ 44,464 | ¥ 269,474 |
Income Tax Expense - Deferred T
Income Tax Expense - Deferred Tax Assets That Have Not Been Recognized (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Disclosure of temporary difference, unused tax losses and unused tax credits [abstract] | |||
Unutilized tax losses | ¥ 404,215 | $ 62,463 | ¥ 414,226 |
Unutilized capital allowances and investment allowances | 105,622 | 16,322 | 107,613 |
Other unrecognized temporary differences relating to asset impairment and deferred grants | 204,423 | 31,589 | 215,296 |
Deferred tax assets have not been recognised | ¥ 714,260 | $ 110,374 | ¥ 737,135 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Share (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2018CNY (¥)shares | |
Earnings per share [abstract] | ||||
Profit attributable to ordinary equity holders of the parent | ¥ 548,903 | $ 84,821 | ¥ 604,914 | ¥ 695,266 |
Weighted average number of ordinary shares | 40,858,290 | 40,858,290 | 40,858,290 | 40,858,290 |
Weighted average number of ordinary shares adjusted for effect of dilution | 40,858,290 | 40,858,290 | 40,858,290 | 40,858,290 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | ¥ 4,210,444 | |||
Charge for the year | 450,092 | $ 69,552 | ¥ 422,859 | ¥ 420,277 |
Impairment loss | 3,920 | 606 | 3,950 | 30,173 |
Ending balance | 4,258,760 | 658,100 | 4,210,444 | |
Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 9,020,638 | 8,376,567 | ||
Additions | 554,847 | 918,280 | ||
Disposals | (274,006) | (29,167) | ||
Write-off | (73,571) | (248,068) | ||
Translation difference | (6,088) | 3,026 | ||
Ending balance | 9,221,820 | 9,020,638 | 8,376,567 | |
Accumulated depreciation, amortization and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (4,810,194) | (4,620,067) | ||
Charge for the year | 478,320 | 453,219 | ||
Disposals | 261,499 | 23,895 | ||
Write-off | 66,154 | 243,931 | ||
Impairment loss | 3,920 | 3,950 | ||
Translation difference | (1,721) | 784 | ||
Ending balance | (4,963,060) | (4,810,194) | (4,620,067) | |
Freehold land [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 14,323 | |||
Ending balance | 13,605 | 2,102 | 14,323 | |
Freehold land [member] | Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 14,836 | 14,430 | ||
Translation difference | (744) | 406 | ||
Ending balance | 14,092 | 14,836 | 14,430 | |
Freehold land [member] | Accumulated depreciation, amortization and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (513) | (499) | ||
Translation difference | (26) | 14 | ||
Ending balance | (487) | (513) | (499) | |
Leasehold buildings and improvements [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 1,527,287 | |||
Ending balance | 1,514,989 | 234,109 | 1,527,287 | |
Leasehold buildings and improvements [member] | Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 2,376,090 | 2,342,545 | ||
Additions | 16,273 | 14,851 | ||
Disposals | (4,664) | (762) | ||
Transfers | 75,264 | 45,412 | ||
Write-off | (9,759) | (27,911) | ||
Translation difference | (3,825) | 1,955 | ||
Ending balance | 2,449,379 | 2,376,090 | 2,342,545 | |
Leasehold buildings and improvements [member] | Accumulated depreciation, amortization and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (848,803) | (768,320) | ||
Charge for the year | 92,034 | 105,818 | ||
Disposals | 1,102 | 284 | ||
Write-off | 4,660 | 25,376 | ||
Translation difference | (685) | 325 | ||
Ending balance | (934,390) | (848,803) | (768,320) | |
Construction in progress [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 1,037,035 | |||
Ending balance | 700,716 | 108,280 | 1,037,035 | |
Construction in progress [member] | Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 1,037,035 | 470,188 | ||
Additions | 487,725 | 884,145 | ||
Transfers | (823,981) | (317,294) | ||
Translation difference | (63) | (4) | ||
Ending balance | 700,716 | 1,037,035 | 470,188 | |
Plant and machinery [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 1,545,272 | |||
Ending balance | 1,935,681 | 299,118 | 1,545,272 | |
Plant and machinery [member] | Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 5,285,022 | 5,238,702 | ||
Additions | 20,617 | 4,260 | ||
Disposals | (260,996) | (15,468) | ||
Transfers | 741,218 | 268,896 | ||
Write-off | (53,917) | (211,589) | ||
Translation difference | (459) | 221 | ||
Ending balance | 5,731,485 | 5,285,022 | 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 | (3,739,750) | (3,645,984) | ||
Charge for the year | 357,434 | 311,402 | ||
Disposals | 253,121 | 11,467 | ||
Write-off | 51,910 | 210,253 | ||
Impairment loss | 3,920 | 3,950 | ||
Translation difference | (269) | 134 | ||
Ending balance | (3,795,804) | (3,739,750) | (3,645,984) | |
Office furniture, fittings and equipment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 43,444 | |||
Ending balance | 44,055 | 6,808 | 43,444 | |
Office furniture, fittings and equipment [member] | Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 195,154 | 193,019 | ||
Additions | 14,066 | 6,763 | ||
Disposals | (3,604) | (902) | ||
Transfers | 7,323 | 2,986 | ||
Write-off | (8,983) | (7,126) | ||
Translation difference | (866) | 414 | ||
Ending balance | 203,090 | 195,154 | 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 | (151,710) | (133,524) | ||
Charge for the year | 19,913 | 25,324 | ||
Disposals | 3,218 | 547 | ||
Write-off | 8,719 | 6,883 | ||
Translation difference | (651) | 292 | ||
Ending balance | (159,035) | (151,710) | (133,524) | |
Motor and transport vehicles [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 43,083 | |||
Ending balance | 49,714 | $ 7,683 | 43,083 | |
Motor and transport vehicles [member] | Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 112,501 | 117,683 | ||
Additions | 16,166 | 8,261 | ||
Disposals | (4,742) | (12,035) | ||
Transfers | 176 | |||
Write-off | (912) | (1,442) | ||
Translation difference | (131) | 34 | ||
Ending balance | 123,058 | 112,501 | 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 | (69,418) | (71,740) | ||
Charge for the year | 8,939 | 10,675 | ||
Disposals | 4,058 | 11,597 | ||
Write-off | 865 | 1,419 | ||
Translation difference | (90) | 19 | ||
Ending balance | ¥ (73,344) | ¥ (69,418) | ¥ (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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Disclosure of detailed information about property, plant and equipment [abstract] | |||
Depreciation capitalized as intangible assets | ¥ 28.2 | $ 4.4 | ¥ 21.6 |
Depreciation capitalized as contract assets | ¥ 0 | $ 0 | ¥ 8.8 |
Property, Plant and Equipment_3
Property, Plant and Equipment - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Disclosure of detailed information about property, plant and equipment [abstract] | ||||
Impairment loss | ¥ 3,920 | $ 606 | ¥ 3,950 | ¥ 30,173 |
Property, plant and equipment pledged to secure bank facilities | ¥ 0 | ¥ 0 |
Investment Property - Summary o
Investment Property - Summary of Investment Property (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Disclosure of detailed information about investment property [line items] | ||||
Beginning balance | ¥ 6,552 | |||
Charge for the year | 376 | $ 58 | ¥ 380 | ¥ 884 |
Ending balance | 5,829 | 901 | 6,552 | |
Consolidated statements of profit or loss: | ||||
Rental income from an investment property | 230 | 36 | 375 | |
Direct operating expenses (including repairs, maintenance and depreciation expense) arising from the rental generating property | (180) | (28) | (294) | |
Fair value [member] | ||||
Disclosure of detailed information about investment property [line items] | ||||
Beginning balance | 11,419 | |||
Ending balance | 11,954 | 1,847 | 11,419 | |
Cost [member] | ||||
Disclosure of detailed information about investment property [line items] | ||||
Beginning balance | 34,940 | 5,399 | 33,972 | |
Translation difference | (1,753) | (271) | 968 | |
Ending balance | 33,187 | 5,128 | 34,940 | 33,972 |
Accumulated depreciation, amortization and impairment [member] | ||||
Disclosure of detailed information about investment property [line items] | ||||
Beginning balance | (28,388) | (4,387) | (27,207) | |
Charge for the year | 376 | 58 | 380 | |
Translation difference | (1,406) | (218) | 801 | |
Ending balance | ¥ (27,358) | $ (4,227) | ¥ (28,388) | ¥ (27,207) |
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, 2020 | Dec. 31, 2019 | |
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 172 to RMB 418   (US$27 to US$65) per square foot | Comparable price: -  RMB 166 to RMB 440   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 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill beginning balance | ¥ 954,144 | ||
Amortization | 1,012 | $ 156 | ¥ 1,012 |
Intangible assets and goodwill ending balance | 1,483,968 | 229,315 | 954,144 |
Technology Know-how [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill beginning balance | 9,110 | ||
Intangible assets and goodwill ending balance | 8,098 | 1,251 | 9,110 |
Development costs [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill beginning balance | 562,587 | ||
Intangible assets and goodwill ending balance | 1,093,423 | 168,965 | 562,587 |
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 | 32,858 | 212,636 |
Trademarks [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill beginning balance | 169,811 | ||
Intangible assets and goodwill ending balance | 169,811 | $ 26,241 | 169,811 |
Cost [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill beginning balance | 1,087,531 | 551,012 | |
Addition | 530,836 | 536,519 | |
Intangible assets and goodwill ending balance | 1,618,367 | 1,087,531 | |
Cost [member] | Technology Know-how [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill beginning balance | 136,822 | 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 | 562,587 | 195,879 | |
Addition | 530,836 | 366,708 | |
Intangible assets and goodwill ending balance | 1,093,423 | 562,587 | |
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] | |||
Intangible assets and goodwill beginning balance | 169,811 | ||
Addition | 169,811 | ||
Intangible assets and goodwill ending balance | 169,811 | 169,811 | |
Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill beginning balance | (133,387) | (132,375) | |
Amortization | 1,012 | 1,012 | |
Intangible assets and goodwill ending balance | (134,399) | (133,387) | |
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 | (127,712) | (126,700) | |
Amortization | 1,012 | 1,012 | |
Intangible assets and goodwill ending balance | (128,724) | (127,712) | |
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Yuchai | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill | ¥ 212,636 | $ 32,858 | ¥ 212,636 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2017CNY (¥) | |
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible asset, carrying amount | ¥ 1,483,968,000 | ¥ 954,144,000 | $ 229,315 | |
Pre-tax discount rate | 12.37% | 13.32% | ||
Estimated revenue growth rate | 0.00% | 10.00% | ||
Pre-tax discount rate that would result in an impairment | 13.58% | 14.79% | 13.58% | |
Increase decrease in impairment charge | 25.94% | 4.53% | ||
Estimation of future business projection | In 2019 and 2020, the Group performs an impairment test on the development costs that are not available for 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 2019, the Group used 10 years forecast and in 2020, in view of current speed of technological change, management shortened the projection period to eight years. Both the 2019 and 2020 cash flow forecasts were based on the updated financial budgets approved by the senior management with no terminal value. | |||
Pre-tax discount rate applied to cash flow projection | 20.05% | 14.13% | 20.05% | |
Long term rates used to extrapolate the budget | 6.00% | 5.70% | 6.00% | |
Percentage decrease in demand that would result in an impairment | 13.99% | 17.57% | 13.99% | |
Long term growth rate that would result in an impairment | 3.60% | 2.40% | 3.60% | |
Payment for trademark license fee | ¥ 169,800,000 | |||
Capitalized developemnt costs gross | ¥ 1,483,968,000 | ¥ 954,144,000 | $ 229,315 | |
Bottom of range [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Estimated revenue growth rate | 5.00% | 10.00% | ||
Top of range [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Estimated revenue growth rate | 10.00% | 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 | 12.37% | 13.32% | 12.37% | |
Impairment on goodwill | ¥ 0 | |||
Technology development cost [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible asset, carrying amount | 530,800,000 | ¥ 366,700,000 | $ 82,000 | ¥ 10,100,000 |
Capitalized developemnt costs gross | ¥ 1,093,400,000 | $ 169,000 | ||
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Classes of current inventories [abstract] | |||
Raw materials | ¥ 1,940,119 | $ 299,804 | ¥ 1,500,034 |
Work in progress | 33,211 | 5,132 | 35,688 |
Finished goods | 2,497,865 | 385,991 | 1,288,415 |
Total inventories at the lower of cost and net realizable value | ¥ 4,471,195 | $ 690,927 | ¥ 2,824,137 |
Inventories - Summary of Analys
Inventories - Summary of Analysis of Inventory Reserve Accounts (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Write-downs (reversals of write-downs) of inventories [abstract] | ||||
Inventories recognized as an expense in cost of sales | ¥ 15,501,807 | $ 2,395,470 | ¥ 13,167,181 | ¥ 11,471,988 |
Inventories written down | 82,386 | 12,731 | 31,810 | 25,194 |
Reversal of write-down of inventories | ¥ (54,408) | $ (8,408) | ¥ (14,788) | ¥ (33,662) |
Other Current Assets - Summary
Other Current Assets - Summary of Other Current Assets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Miscellaneous current assets [abstract] | |||
Development properties | ¥ 16,906 | $ 2,612 | ¥ 17,721 |
Quoted equity securities | 6,258 | 967 | 9,235 |
Total | ¥ 23,164 | $ 3,579 | ¥ 26,956 |
Other Current Assets - Summar_2
Other Current Assets - Summary of Other Current Assets (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Other Current Assets [line items] | |||
Impairment loss on development properties | ¥ 0 | ¥ 3,000 | |
Proceeds from disposal of equity securities | 1,354 | $ 209 | 16,429 |
Gain on disposal on equity investments | ¥ 874 | $ 135 | ¥ 11,528 |
Trade and Other Receivables - S
Trade and Other Receivables - Summary of Trade and Other Receivables (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Current | |||
Trade receivables, gross | ¥ 332,567 | $ 51,391 | ¥ 794,678 |
Less: Allowance for expected credit losses | (43,519) | (6,725) | (57,611) |
Net trade receivables (Note 6.2) | 289,048 | 44,666 | 737,067 |
Bill receivables | 7,793,343 | 1,204,293 | 7,005,234 |
Total (Note 34) | 8,082,391 | 1,248,959 | 7,742,301 |
Current receivables from associates and joint ventures (trade) | 1,266 | 196 | 609 |
Current receivables from associates and joint ventures (non-trade) | 11,119 | 1,718 | 11,185 |
Current receivables from related parties (trade) | 9,663 | 1,493 | 73,243 |
Current receivables from related parties (non-trade) | 2,992 | 462 | 2,092 |
Staff advances | 3,326 | 514 | 7,133 |
Interest receivables | 4,999 | 772 | 12,224 |
Bills receivable in transit | 12,620 | 1,950 | 8,700 |
Refundable deposits | 283 | 44 | 2,131 |
Others | 36,668 | 5,667 | 49,218 |
Less: Impairment losses – other receivables | (6,741) | (1,042) | (5,243) |
Other receivables carried at amortized cost (Note 34) | 76,195 | 11,774 | 161,292 |
Tax recoverable | 236,400 | 36,531 | 223,652 |
Prepayments | 64,102 | 9,906 | 63,048 |
Net other receivables | 376,697 | 58,211 | 447,992 |
Total trade and other receivables | ¥ 8,459,088 | $ 1,307,170 | ¥ 8,190,293 |
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Disclosure of trade and other receivables [line items] | |||||
Bills receivable | ¥ 7,793,343 | ¥ 7,005,234 | $ 1,204,293 | ||
Impairment loss on bills receivable in transit | 6,500 | $ 1,000 | 5,000 | ||
Secured bank facilities [member] | |||||
Disclosure of trade and other receivables [line items] | |||||
Bills receivable | 0 | $ 0 | |||
Other related parties [member] | |||||
Disclosure of trade and other receivables [line items] | |||||
Bills receivable | ¥ 1,014,100 | ¥ 1,050,700 | $ 156,700 |
Trade and Other Receivables - A
Trade and Other Receivables - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Disclosure of trade and other receivables [line items] | |||
Trade receivables payment terms | 60 days | ||
Outstanding bills receivable discounted with banks by retaining recourse obligation | ¥ 2,225,100 | $ 343,800 | ¥ 2,268,400 |
Outstanding bills receivable endorsed to suppliers with recourse obligation | 1,834,500 | 283,500 | 1,120,300 |
Gross trade receivables | 332,567 | 51,391 | 794,678 |
Dongfeng companies [member] | |||
Disclosure of trade and other receivables [line items] | |||
Gross trade receivables | ¥ 17,600 | $ 2,700 | ¥ 136,400 |
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | |||
Beginning balance | ¥ 62,854 | $ 9,713 | ¥ 30,586 |
Debit/(credit) to consolidated statement of profit or loss | (12,349) | (1,908) | 32,340 |
Written off | (242) | (37) | (62) |
Translation difference | (3) | (1) | (10) |
Ending balance | ¥ 50,260 | $ 7,767 | ¥ 62,854 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Bank Balances (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
Non-current | ||||||
Long-term bank deposits | ¥ 140,000 | $ 21,634 | ¥ 50,000 | |||
Current | ||||||
Cash and cash equivalents | 5,877,647 | 908,264 | 5,753,268 | $ 889,044 | ¥ 5,559,890 | ¥ 5,390,324 |
Short-term bank deposits | 258,756 | 39,985 | 356,543 | |||
Restricted cash | 171,135 | 26,445 | 231,107 | |||
Total | 6,307,538 | 974,694 | 6,340,918 | |||
Cash and bank balances | ¥ 6,447,538 | $ 996,328 | ¥ 6,390,918 |
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, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2020USD ($) | |
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 | ¥ 140,000 | ¥ 50,000 | $ 21,634 |
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 | ¥ 90,000 | ¥ 50,000 | $ 13,900 |
Long term deposits maturity | 3 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 | 0.23% | 1.78% | |
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 | 3.85% | 3.99% | |
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 | 2.25% | 3.65% | |
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 | 3.99% | 4.13% |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | |
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 | ¥ 171.1 | ¥ 231.1 | $ 26.4 | ||
Undrawn borrowing facilities | 491.9 | 295 | 76 | ||
Loan commitment fee incurred | ¥ | 0.1 | 0.2 | ¥ 0.2 | ||
Fixed deposits held with related party | ¥ 130.8 | ¥ 0 | $ 20.2 | ||
Bottom of range [member] | |||||
Disclosure of detailed cash and cash equivalents short term bank deposits current restricted cash and long term bank deposits [line items] | |||||
Interest rate on bank deposits | 0.10% | 1.50% | 0.10% | ||
Loan commitment fee incurred | $ | $ 0.1 | ||||
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 | 1.55% | 3.15% | 1.55% |
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
Cash and cash equivalents [abstract] | ||||||
Cash at banks and on hand | ¥ 5,466,288 | $ 844,697 | ¥ 5,205,605 | |||
Short-term bank deposits | 411,359 | 63,567 | 547,663 | |||
Cash and cash equivalents | ¥ 5,877,647 | $ 908,264 | ¥ 5,753,268 | $ 889,044 | ¥ 5,559,890 | ¥ 5,390,324 |
Leases - Additional Information
Leases - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Statement [line items] | |||
Cash outflows for leases | ¥ 51.9 | $ 8 | ¥ 65.6 |
Non-cash additions to right-of-use assets and lease liabilities | 15.3 | 2.4 | 11.5 |
Operating lease rental income | ¥ 13.3 | $ 2.1 | ¥ 11.9 |
Bottom of range [member] | |||
Statement [line items] | |||
Operating lease, term | 1 year | 1 year | |
Operating lease term of contract | 1 year | 1 year | |
Top of range [member] | |||
Statement [line items] | |||
Operating lease, term | 15 years | 15 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) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | |
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Beginning balance | ¥ 415,384 | $ 64,189 | ¥ 446,608 | $ 69,014 |
Addition | 15,256 | 2,357 | 11,473 | 1,773 |
Depreciation expenses | (43,298) | (6,691) | (40,958) | (6,329) |
Disposal | (3,198) | (494) | (1,771) | (274) |
Translation difference | (143) | (22) | 32 | 5 |
Ending balance | 384,001 | $ 59,339 | 415,384 | $ 64,189 |
Leasehold land [member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Beginning balance | 353,807 | 369,925 | ||
Addition | 2,058 | |||
Depreciation expenses | (14,102) | (14,347) | ||
Disposal | (3,198) | (1,771) | ||
Ending balance | 338,565 | 353,807 | ||
Building and office space [member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Beginning balance | 61,556 | 76,644 | ||
Addition | 13,198 | 11,473 | ||
Depreciation expenses | (29,182) | (26,597) | ||
Translation difference | (142) | 36 | ||
Ending balance | 45,430 | 61,556 | ||
Office Furniture, Fittings and Equipment [member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Beginning balance | 21 | 39 | ||
Depreciation expenses | (14) | (14) | ||
Translation difference | (1) | (4) | ||
Ending balance | ¥ 6 | ¥ 21 |
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Disclosure Of Quantitative Information About Lease Liabilities [Line Items] | ||||||
Beginning balance | ¥ 60,007 | |||||
Accretion of interest | 2,198 | $ 340 | ¥ 2,918 | |||
Payments | 35,363 | 5,465 | 48,365 | |||
Ending balance | 39,778 | 6,147 | 60,007 | |||
Current | ¥ 22,755 | $ 3,516 | ¥ 28,633 | |||
Non- current | 17,023 | 2,631 | 31,374 | |||
Total | 60,007 | 6,147 | 60,007 | 39,778 | 6,147 | 60,007 |
Increase (decrease) due to changes in accounting policy [member] | ||||||
Disclosure Of Quantitative Information About Lease Liabilities [Line Items] | ||||||
Beginning balance | 60,007 | 9,273 | 96,852 | |||
Additions | 15,256 | 2,357 | 11,473 | |||
Accretion of interest | 2,198 | 340 | 2,918 | |||
Payments | (37,561) | (5,805) | (51,283) | |||
Translation difference | (122) | (18) | 47 | |||
Ending balance | 39,778 | 6,147 | 60,007 | |||
Total | ¥ 60,007 | $ 9,273 | ¥ 60,007 | ¥ 39,778 | $ 6,147 | ¥ 60,007 |
Leases - Summary of Detailed _3
Leases - Summary of Detailed Information About Amounts Recognized In Profit of Loss (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |||
Disclosure Of Detailed Information About Lease Cost [Line Items] | |||||
Depreciation charge for right-of-use assets | ¥ 43,127 | [1] | $ 6,664 | [1] | ¥ 40,958 |
Interest expenses on lease liabilities | 2,198 | 340 | 2,918 | ||
Expenses relating to short-term leases (included in selling, general and administrative costs and research and development cost) | 14,313 | 2,212 | 14,341 | ||
Total amount recognized in profit or loss | ¥ 59,638 | $ 9,216 | ¥ 58,217 | ||
[1] | In 2020, COVID-19 related rent rebate received from lessors of RMB 0.2 million (less than US$ 0.1 million) has been offset against the depreciation of right-of-use assets. |
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Disclosure of maturity analysis of operating lease payments [line items] | |||
Future minimum operating leases | ¥ 51,108 | $ 7,898 | ¥ 24,592 |
Within 1 Year [member] | Related parties [member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Future minimum operating leases | 902 | 139 | 1,787 |
Within 1 Year [member] | Joint ventures [member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Future minimum operating leases | 2,590 | 400 | 2,691 |
Within 1 Year [member] | Third parties [member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Future minimum operating leases | 5,058 | 782 | 892 |
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 | ||
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 | 10,720 | 1,657 | 10,526 |
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 | 13,305 | 2,056 | 1,504 |
After than 5 years [member] | Joint ventures [member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Future minimum operating leases | 14,141 | 2,185 | 5,643 |
After than 5 years [member] | Third parties [member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Future minimum operating leases | ¥ 4,392 | $ 679 | ¥ 889 |
Issued capital - Summary of Iss
Issued capital - Summary of Issued Capital (Detail) ¥ in Thousands, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2020USD ($)shares | |
Disclosure of classes of share capital [line items] | ||||
Ending balance | ¥ 2,081,138 | $ 321,595 | ¥ 2,081,138 | |
Ordinary shares issued and fully paid | ||||
Ending balance | 40,858,290 | |||
Equity | ||||
Ending balance | ¥ 2,081,138 | $ 321,595 | ¥ 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 | ¥ 0 | ¥ 0 | $ 0 | |
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, 2020 | Dec. 31, 2019 |
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, 2020shares | |
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Disclosure of dividends declared and paid on ordinary capital [line items] | ||||
Dividends on ordinary shares | ¥ 245,871 | ¥ 238,758 | ¥ 597,459 | |
Dividend paid in cash | 245,871 | $ 37,994 | 238,758 | |
Final dividend [member] | ||||
Disclosure of dividends declared and paid on ordinary capital [line items] | ||||
Dividends on ordinary shares | ¥ 245,871 | $ 37,994 | ¥ 238,758 |
Dividends Declared and Paid -_2
Dividends Declared and Paid - Summary of Dividends Declared and Paid (Parenthetical) (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of dividends declared and paid on ordinary capital [line items] | |||
Dividends on ordinary shares, per share | $ 0.85 | $ 0.85 | $ 2.21 |
Final dividend [member] | |||
Disclosure of dividends declared and paid on ordinary capital [line items] | |||
Dividends on ordinary shares, per share | $ 0.85 | $ 0.85 |
Reserves - Summary of Statutory
Reserves - Summary of Statutory Reserves (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Disclosure of reserves within equity [line items] | |||
Beginning balance | ¥ 304,307 | ||
Ending balance | 307,165 | $ 47,466 | ¥ 304,307 |
Statutory general reserve [member] | |||
Disclosure of reserves within equity [line items] | |||
Beginning balance | 278,601 | 43,052 | 276,698 |
Transfer from retained earnings | 2,858 | 442 | 1,903 |
Ending balance | 281,459 | 43,494 | 278,601 |
General surplus reserve [member] | |||
Disclosure of reserves within equity [line items] | |||
Beginning balance | 25,706 | ||
Ending balance | 25,706 | 3,972 | 25,706 |
Capital reserves [member] | |||
Disclosure of reserves within equity [line items] | |||
Beginning balance | 30,704 | ||
Ending balance | ¥ 30,704 | $ 4,745 | ¥ 30,704 |
Reserves - Summary of Statuto_2
Reserves - Summary of Statutory Reserves (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Disclosure of other components of equity [line items] | |||
Other components of equity | ¥ (161,359) | $ (24,935) | ¥ (105,422) |
Foreign currency translation reserve [member] | |||
Disclosure of other components of equity [line items] | |||
Other components of equity | (89,925) | (13,896) | (36,091) |
Performance shares reserves [member] | |||
Disclosure of other components of equity [line items] | |||
Other components of equity | 19,758 | 3,053 | 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) | (1,773) | (11,472) |
Fair value reserve of financial assets at FVOCI | |||
Disclosure of other components of equity [line items] | |||
Other components of equity | ¥ (79,720) | $ (12,319) | ¥ (77,617) |
Share-based Payment - Additiona
Share-based Payment - Additional Information (Detail) ¥ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020$ / shares | Dec. 31, 2019$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Equity incentive plan period | 10 years | ||||
Exercise price for options outstanding | $ / shares | $ 21.11 | $ 21.11 | |||
Weighted average remaining contractual life for the share options outstanding | 3.6 years | 4.6 years | |||
Expense arising from equity-settled share-based payment transactions | ¥ | ¥ 0 | ¥ 0 | ¥ 0 | ||
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 - Number an
Share-based Payment - Number and Weighted Average Exercise Prices ("WAEP") of, and Movements in Share Options (Detail) | Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares$ / 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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Trade and other current payables [abstract] | |||
Trade payables | ¥ 3,406,398 | $ 526,385 | ¥ 2,953,479 |
Bills payables | 3,348,163 | 517,386 | 2,764,013 |
Other payables | 533,705 | 82,473 | 543,970 |
Accrued expenses | 233,053 | 36,013 | 203,133 |
Accrued staff costs | 714,701 | 110,442 | 653,854 |
Refund liabilities | 1,031,562 | 159,406 | 757,655 |
Dividend payable | 49,468 | 7,644 | 47,480 |
Amount due to associates and joint ventures (trade) | 467,351 | 72,219 | 258,964 |
Amount due to associates and joint ventures (non-trade) | 205 | 32 | 81 |
Amount due to related parties (trade) | 238,622 | 36,874 | 221,413 |
Amount due to related parties (non-trade) | 1,841 | 284 | 4,016 |
Financial liabilities carried at amortized cost (Note 31, Note 34) | 10,025,069 | 1,549,158 | 8,408,058 |
Deferred grants (Note 27) | 23,468 | 3,626 | 19,952 |
Advance from customers | 320 | 50 | 383 |
Other tax payable | 62,111 | 9,598 | 39,698 |
Total trade and other payables (current) | ¥ 10,110,968 | $ 1,562,432 | ¥ 8,468,091 |
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Disclosure Of Detailed Information About Trade And Other Payables [line items] | |||
Bills payable | ¥ 3,348,163 | $ 517,386 | ¥ 2,764,013 |
Joint ventures [member] | |||
Disclosure Of Detailed Information About Trade And Other Payables [line items] | |||
Bills payable | 105,600 | 16,300 | 125,000 |
Associates [member] | |||
Disclosure Of Detailed Information About Trade And Other Payables [line items] | |||
Bills payable | 12,900 | 2,000 | 10,100 |
Other related parties [member] | |||
Disclosure Of Detailed Information About Trade And Other Payables [line items] | |||
Bills payable | ¥ 249,000 | $ 38,500 | ¥ 232,600 |
Trade and Other Payables - Su_3
Trade and Other Payables - Summary of Other Non-current Payables (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Trade and other non-current payables [abstract] | |||
Other payables (Note 31, Note 34) | ¥ 191,563 | $ 29,602 | ¥ 176,302 |
Trade and Other Payables - Addi
Trade and Other Payables - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($) | |
Disclosure of other provisions [line items] | ||||
Beginning balance | ¥ 218,031 | $ 33,692 | ¥ 166,913 | $ 25,793 |
Provision made | 349,303 | 53,977 | 424,221 | 65,554 |
Provision utilized | (295,940) | (45,731) | (373,103) | (57,655) |
Provision reversed | (2,316) | (358) | ||
Ending balance | 269,078 | $ 41,580 | 218,031 | $ 33,692 |
Product warranty provision [member] | ||||
Disclosure of other provisions [line items] | ||||
Beginning balance | 215,715 | 166,913 | ||
Provision made | 335,664 | 421,905 | ||
Provision utilized | (295,940) | (373,103) | ||
Ending balance | 255,439 | 215,715 | ||
Provision for onerous contract [member[ | ||||
Disclosure of other provisions [line items] | ||||
Beginning balance | 2,316 | |||
Provision made | 13,639 | 2,316 | ||
Provision reversed | (2,316) | |||
Ending balance | ¥ 13,639 | ¥ 2,316 |
Contract Liabilities - Summary
Contract Liabilities - Summary of Contract Liabilities (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Disclosure of contract liabilities [line items] | |||
Contract liabilities | ¥ 935,462 | $ 144,556 | ¥ 436,622 |
Current | 868,193 | 134,161 | 382,809 |
Non-current | 67,269 | 10,395 | 53,813 |
Unfulfilled service-type maintenance services [member] | |||
Disclosure of contract liabilities [line items] | |||
Contract liabilities | 179,723 | 27,773 | 181,139 |
Advance from customer [member] | |||
Disclosure of contract liabilities [line items] | |||
Contract liabilities | ¥ 755,739 | $ 116,783 | ¥ 255,483 |
Lease Liabilities - Summary of
Lease Liabilities - Summary of Detailed Information About In Lease Liabilities (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Disclosure Of Detailed Information About Lease Liabilities [Line Items] | |||
Current | ¥ 22,755 | $ 3,516 | ¥ 28,633 |
Non- current | ¥ 17,023 | 2,631 | 31,374 |
Lease Liabilities Current [Member] | |||
Disclosure Of Detailed Information About Lease Liabilities [Line Items] | |||
Maturity | 2021 | ||
Current | ¥ 22,755 | $ 3,516 | 28,633 |
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 | ¥ 17,023 | $ 2,631 | ¥ 31,374 |
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 | 2022 | ||
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 | 2026 |
Other Financial Liabilities - S
Other Financial Liabilities - Summary of Other Financial Liabilities (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Derivative Not Designated As Hedges Foreign Exchange Forward Contract | |||
Disclosure of Detailed Information About Other financial liabilities [Line Items] | |||
Other financial liabilities | ¥ 0 | $ 0 | ¥ 999 |
Other Financial Liabilities -_2
Other Financial Liabilities - Summary of Loans and Borrowings (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2020USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||
Non-current borrowings | ¥ 500,000 | $ 77,264 | |
Current borrowings | ¥ 1,730,000 | ¥ 2,055,046 | $ 267,334 |
Non-current borrowings [member] | Renminbi [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Effective interest rate | 3.30% | 3.30% | |
Maturity | 2022 | ||
Non-current borrowings | ¥ 500,000 | $ 77,264 | |
Current borrowings [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Current borrowings | ¥ 2,055,046 | ||
Current borrowings [member] | Singapore dollar [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Effective interest rate | 2.84% | ||
Maturity | 2020 | ||
Current borrowings | ¥ 15,522 | ||
Current borrowings [member] | Renminbi [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity | 2021 | 2020 | |
Current borrowings | ¥ 1,730,000 | ¥ 1,900,000 | $ 267,334 |
Current borrowings [member] | Renminbi [Member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Effective interest rate | 1.80% | 3.70% | 1.80% |
Current borrowings [member] | Renminbi [Member] | Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Effective interest rate | 4.05% | 4.13% | 4.05% |
Current borrowings [member] | USD [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Effective interest rate | 2.52% | ||
Maturity | 2020 | ||
Current borrowings | ¥ 139,524 | ||
MUFG Bank Ltd [member] | Singapore dollar [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Current borrowings | ¥ 15,522 |
Other Financial Liabilities -_3
Other Financial Liabilities - Summary of Loans and Borrowings (Parenthetical) (Detail) $ in Millions | Dec. 31, 2019SGD ($) |
MUFG Bank Ltd [member] | |
Disclosure of detailed information about borrowings [line items] | |
Facility limit | $ 30 |
Other Financial Liabilities - A
Other Financial Liabilities - Additional Information (Detail) $ in Millions, $ in Millions | Jan. 01, 2019 | Dec. 31, 2020USD ($) | Dec. 31, 2020SGD ($) | Jun. 24, 2020USD ($) | Jun. 10, 2020SGD ($) | Dec. 11, 2019USD ($) | Jun. 01, 2018SGD ($) |
Disclosure of detailed information about borrowings [line items] | |||||||
Exchange rate | 7.0901 | ||||||
Forward contract [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Non-deliverable forward foreign exchange contract | $ 20 | ||||||
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 | 1.0 times | ||||||
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 | 2.0 times | ||||||
Facility limit | $ 30 | ||||||
Sumitomo branch [Member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Credit facility maturity period | 6 months | ||||||
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 | ||||||
Consolidated tangible net worth ratio | 2.0 times |
Deferred Grants - Summary of De
Deferred Grants - Summary of Deferred Grants (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2020USD ($) | |
Subclassifications of assets, liabilities and equities [abstract] | ||||
Beginning balance | ¥ 676,728 | $ 104,574 | ¥ 607,608 | |
Received during the year | 52,241 | 8,072 | 187,096 | |
Grant receivable | 129 | 20 | ||
Grant disbursed to partner of joint project | (48,632) | (7,515) | ||
Released to consolidated statement of profit or loss | (138,856) | (21,457) | (117,976) | |
Ending balance | 541,610 | $ 83,694 | 676,728 | |
Current (Note 22) | 23,468 | 19,952 | $ 3,626 | |
Non-current | ¥ 518,142 | ¥ 656,776 | $ 80,068 |
Deferred Grants - Additional In
Deferred Grants - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | |
Statement 1 [Line Items] | |||||
Revenue From Government Grants | ¥ 209,793 | $ 32,419 | ¥ 122,371 | ¥ 32,237 | |
Deferred grant outstanding | 518,142 | 656,776 | $ 80,068 | ||
Grant Related to Assets [Member] | |||||
Statement 1 [Line Items] | |||||
Deferred grant outstanding | 271,600 | ¥ 434,800 | $ 42,000 | ||
JSS Grant [Member] | |||||
Statement 1 [Line Items] | |||||
Revenue From Government Grants | ¥ 1,100 | $ 200 |
Related Party Disclosures - Add
Related Party Disclosures - Additional Information (Detail) ¥ in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2018CNY (¥) | |
Hong Leong Asia Limited [member] | Subsidiaries [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Ownership interest in the entity, shares | 18,270,965 | 18,270,965 | 17,059,154 | |
Ownership interest in the entity, percentage | 44.70% | 44.70% | 41.80% | |
Consultancy fees charged | ¥ 300 | $ 0.1 | ¥ 30 | ¥ 30 |
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% | |
Well Summit Investments Limited [member] | Subsidiaries [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Ownership interest held by controlling shareholder, percent | 21.40% | 21.40% | 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% |
Related Party Disclosures - Sig
Related Party Disclosures - Significant Transactions with Related Parties (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Disclosure of transactions between related parties [line items] | ||||
Payment for Trademark Usage Fee | ¥ 169,811 | |||
Associates and joint ventures [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Sales of engines and materials | ¥ 1,256,268 | $ 194,129 | 912,877 | ¥ 439,106 |
Purchase of material, supplies and engines | 2,792,707 | 431,553 | 1,999,831 | 1,192,322 |
Joint ventures [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Hospitality, restaurant, consultancy and other service income | 3,918 | 605 | 3,984 | 3,456 |
Rental income | 4,565 | 705 | 3,206 | 1,937 |
Selling, general and administrative expenses | 7,287 | 1,126 | ||
Hong Leong Asia Limited [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Selling, general and administrative expenses | 6,687 | 1,033 | 6,788 | 6,639 |
GY Group (including its subsidiaries and affiliates) [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Sales of engines and materials | 2,637,845 | 407,622 | 1,792,280 | 406,422 |
Purchase of material, supplies and engines | 1,245,030 | 192,393 | 1,895,239 | 1,589,638 |
Hospitality, restaurant, consultancy and other service income | 6,765 | 1,045 | 15,350 | 24,015 |
Rental income | 3,970 | 613 | 2,133 | 3,886 |
Property management service expenses | 24,968 | 3,858 | 22,595 | 26,547 |
Leasing expenses | 25,705 | |||
Selling, general and administrative expenses | 4,728 | 731 | 19,953 | 21,607 |
Delivery, storage, distribution and handling expenses | 312,891 | 48,351 | 304,532 | 228,195 |
Payment for Trademark Usage Fee | 169,811 | |||
Payments For Lease Liabilities | 18,086 | 2,795 | 33,594 | |
Purchases of vehicles and machineries | ¥ 2,838 | $ 439 | ¥ 2,817 | ¥ 6,144 |
Related Party Disclosures - Com
Related Party Disclosures - Compensation of Key Management Personnel (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Disclosure of transactions between related parties [abstract] | ||||
Short-term employee benefits | ¥ 43,178 | $ 6,672 | ¥ 41,606 | ¥ 39,703 |
Contribution to defined contribution plans | 292 | 45 | 362 | 335 |
Total | ¥ 43,470 | $ 6,717 | ¥ 41,968 | ¥ 40,038 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) ¥ in Millions, $ in Millions | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Disclosure of commitments and contingencies [line items] | |||
Capital commitments related to property, plant and equipment | ¥ 450 | $ 69.5 | ¥ 594 |
Investments commitments related to interest in joint venture | 17.6 | 2.7 | 17.6 |
Irrevocable letter of credits issued | ¥ 54.4 | $ 8.4 | ¥ 30.8 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Rentals Payable Under Non-cancellable Operating Leases (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Disclosure of finance lease and operating lease by lessee [line items] | |||
Future minimum rentals payable under non-cancellable operating leases | ¥ 2,020 | $ 313 | ¥ 190 |
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 | 321 | 50 | 105 |
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 | 1,628 | 252 | 85 |
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, 2020CNY (¥)Segments | Dec. 31, 2020USD ($)Segments | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Disclosure of operating segments [line items] | ||||
Number of reportable segments | 2 | 2 | ||
Revenue | ¥ 20,581,170 | $ 3,180,376 | ¥ 18,016,085 | ¥ 16,263,248 |
One customer group [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue | ¥ 6,018,200 | $ 930,000 | ¥ 5,205,500 | ¥ 4,463,900 |
Segment Information - Summary o
Segment Information - Summary of Segment Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | ||||
Revenue | ||||||||
Total external revenue (Note 6.1) | ¥ 20,581,170 | $ 3,180,376 | ¥ 18,016,085 | ¥ 16,263,248 | ||||
Results | ||||||||
Interest income | 166,970 | 25,801 | 177,261 | 147,244 | ||||
Interest expense | (147,293) | (22,761) | (126,851) | (108,339) | ||||
Impairment of property, plant and equipment | (3,920) | (606) | (3,950) | (30,173) | ||||
Staff severance cost | (19,712) | (3,046) | (15,454) | (28,018) | ||||
Depreciation and amortization | (494,607) | (76,430) | (465,209) | (433,885) | ||||
Share of profit of associates and joint venture | (58,970) | (9,113) | 19,034 | 11,634 | ||||
Income tax expense | (192,538) | (29,753) | (172,619) | (206,667) | ||||
Segment profit after tax | 779,326 | 120,427 | 860,700 | 974,400 | ||||
Total assets | 26,290,958 | 23,854,191 | 21,657,964 | $ 4,062,701 | ||||
Total liabilities | (14,458,248) | (12,280,806) | (10,510,410) | (2,234,211) | ||||
Other disclosures | ||||||||
Investment in joint ventures | 227,120 | 273,991 | 222,812 | $ 35,096 | ||||
Capital expenditure | 554,847 | $ 85,740 | 918,280 | 405,895 | ||||
Operating segments [member] | Yuchai segment [member] | ||||||||
Revenue | ||||||||
Total external revenue (Note 6.1) | 20,557,660 | 17,980,304 | 16,210,467 | |||||
Results | ||||||||
Interest income | 158,569 | 158,855 | 124,653 | |||||
Interest expense | (147,161) | (126,379) | (107,609) | |||||
Impairment of property, plant and equipment | (3,920) | (3,950) | (30,173) | |||||
Staff severance cost | (19,712) | (15,454) | (28,018) | |||||
Depreciation and amortization | (488,536) | (458,665) | (428,199) | |||||
Share of profit of associates and joint venture | (59,476) | 18,137 | 10,809 | |||||
Income tax expense | (156,007) | (141,330) | (175,956) | |||||
Segment profit after tax | 829,042 | 884,562 | 1,019,776 | |||||
Total assets | 25,330,625 | 22,817,479 | 20,636,155 | |||||
Total liabilities | (14,328,688) | (12,127,021) | (10,318,492) | |||||
Other disclosures | ||||||||
Investment in joint ventures | 223,918 | 271,274 | 220,176 | |||||
Capital expenditure | 550,424 | 917,192 | 403,179 | |||||
Operating segments [member] | HL Global Enterprises Limited segment [member] | ||||||||
Revenue | ||||||||
Total external revenue (Note 6.1) | 23,510 | 35,781 | 52,781 | |||||
Results | ||||||||
Interest income | 3,538 | 5,167 | 4,244 | |||||
Interest expense | (35) | (51) | (403) | |||||
Depreciation and amortization | (5,181) | (5,551) | (5,355) | |||||
Share of profit of associates and joint venture | 506 | 897 | 825 | |||||
Income tax expense | (200) | (527) | (820) | |||||
Segment profit after tax | 1,052 | 4,457 | 4,156 | |||||
Total assets | 392,096 | 416,397 | 441,040 | |||||
Total liabilities | (10,346) | (15,575) | (55,404) | |||||
Other disclosures | ||||||||
Investment in joint ventures | 3,202 | 2,717 | 2,636 | |||||
Capital expenditure | 4,409 | 1,033 | 2,643 | |||||
Operating segments [member] | Corporate segment [member] | ||||||||
Results | ||||||||
Interest income | 4,863 | 13,239 | 18,347 | |||||
Interest expense | (97) | (421) | (327) | |||||
Depreciation and amortization | (890) | (993) | (331) | |||||
Income tax expense | (69) | (41) | (49) | |||||
Segment profit after tax | (17,127) | 1,939 | (19,690) | |||||
Total assets | 2,075,262 | 2,120,767 | 2,081,220 | |||||
Total liabilities | (15,797) | (31,278) | (29,592) | |||||
Other disclosures | ||||||||
Capital expenditure | 14 | 55 | 73 | |||||
Elimination of intersegment amounts [member] | ||||||||
Results | ||||||||
Interest income | 0 | |||||||
Interest expense | 0 | |||||||
Income tax expense | [1] | (36,262) | (30,721) | (29,842) | ||||
Segment profit after tax | [1] | (33,641) | (30,258) | (29,842) | ||||
Total assets | (1,507,025) | (1,500,452) | (1,500,451) | |||||
Total liabilities | ¥ 103,417 | ¥ 106,932 | [2] | ¥ 106,922 | [2] | |||
[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. |
Segment Information - Summary_2
Segment Information - Summary of Geographic Information (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Disclosure of geographical areas [line items] | |||
Non-current assets | ¥ 6,362,071 | $ 983,121 | ¥ 5,862,470 |
People's Republic of China [member] | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 6,268,004 | 968,585 | 5,764,591 |
Other countries [member] | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | ¥ 94,067 | $ 14,536 | ¥ 97,879 |
Financial Risk Management Obj_3
Financial Risk Management Objectives and Policies - Additional Information (Detail) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020CNY (¥)Customer | Dec. 31, 2020USD ($)Customer | Dec. 31, 2019CNY (¥)Customer | Dec. 31, 2020USD ($) | |
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 | ¥ 20.9 | $ 3.2 | ¥ 21.4 | |
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 | ¥ 125.5 | ¥ 387.6 | $ 19.4 | |
Percentage of trade receivables excluding bills receivables | 37.70% | 37.70% | 50.00% |
Financial Risk Management Obj_4
Financial Risk Management Objectives and Policies - Exposures to Foreign Currency (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Cash and bank balances | ¥ 6,447,538 | $ 996,328 | ¥ 6,390,918 |
Financial liabilities | (12,486,410) | (1,929,505) | (10,699,413) |
Trade and other payables | (10,302,531) | (1,592,034) | (8,644,393) |
Foreign currency risk [Member] | Singapore dollar [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Quoted equity securities | 6,258 | 9,235 | |
Trade and other receivables | 620 | 607 | |
Cash and bank balances | 181,575 | 228,589 | |
Financial liabilities | (1,462) | (15,710) | |
Trade and other payables | (6,184) | (7,086) | |
Net assets/(liabilities) | 180,807 | 27,940 | 215,635 |
Foreign currency risk [Member] | Euro [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Trade and other receivables | 8,624 | 414 | |
Cash and bank balances | 3,829 | 52 | |
Trade and other payables | (9,356) | (27,922) | |
Net assets/(liabilities) | 3,097 | 479 | (27,456) |
Foreign currency risk [Member] | USD [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Trade and other receivables | 913 | 7,624 | |
Cash and bank balances | 45,203 | 11,233 | |
Financial liabilities | (139,524) | ||
Trade and other payables | (10,858) | (10,596) | |
Net assets/(liabilities) | 35,258 | 5,448 | (131,263) |
Foreign currency risk [Member] | Renminbi [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Trade and other receivables | 305 | 658 | |
Cash and bank balances | 0 | 2,595 | |
Trade and other payables | (2,464) | (2,605) | |
Net assets/(liabilities) | (2,159) | (334) | 648 |
Foreign currency risk [Member] | Others [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Trade and other receivables | 372 | ||
Cash and bank balances | 15,086 | 7,364 | |
Trade and other payables | (83) | ||
Net assets/(liabilities) | ¥ 15,458 | $ 2,389 | ¥ 7,281 |
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Singapore dollar [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Effect on profit before tax | ¥ 18,081 | $ 2,794 | ¥ 21,564 |
Euro [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Effect on profit before tax | 310 | 48 | (2,746) |
USD [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Effect on profit before tax | 3,526 | 545 | (13,126) |
Renminbi [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Effect on profit before tax | ¥ (216) | $ (33) | ¥ 65 |
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Equity price risk [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Statement of profit or loss | ¥ 626 | $ 97 | ¥ 924 |
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ 14,612,382 | $ 2,258,028 | ¥ 14,303,746 |
Expected credit loss | ¥ 43,519 | $ 6,725 | ¥ 57,611 |
Trade receivables [member] | |||
Disclosure of provision matrix [line items] | |||
Expected credit loss rate | 13.10% | 13.10% | 7.20% |
Expected credit loss | ¥ 43,519 | ¥ 57,611 | |
Trade receivables [member] | Cost [member] | |||
Disclosure of provision matrix [line items] | |||
Financial assets | 332,567 | 794,678 | |
Current [member] | Trade receivables [member] | Cost [member] | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ 126,706 | ¥ 601,094 | |
Days past due 0- 90 days [member] | Trade receivables [member] | |||
Disclosure of provision matrix [line items] | |||
Expected credit loss rate | 4.20% | 4.20% | 6.90% |
Expected credit loss | ¥ 3,860 | ¥ 4,283 | |
Days past due 0- 90 days [member] | Trade receivables [member] | Cost [member] | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ 91,233 | ¥ 61,917 | |
Days Past due 91-180 days [member] | Trade receivables [member] | |||
Disclosure of provision matrix [line items] | |||
Expected credit loss rate | 4.90% | 4.90% | 6.20% |
Expected credit loss | ¥ 1,451 | ¥ 1,513 | |
Days Past due 91-180 days [member] | Trade receivables [member] | Cost [member] | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ 29,675 | ¥ 24,409 | |
Days past due 181-365 days [member] | Trade receivables [member] | |||
Disclosure of provision matrix [line items] | |||
Expected credit loss rate | 7.80% | 7.80% | 10.90% |
Expected credit loss | ¥ 2,852 | ¥ 4,386 | |
Days past due 181-365 days [member] | Trade receivables [member] | Cost [member] | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ 36,413 | ¥ 40,213 | |
Days past due greater than 365 days [member] | Trade receivables [member] | |||
Disclosure of provision matrix [line items] | |||
Expected credit loss rate | 72.80% | 72.80% | 70.70% |
Expected credit loss | ¥ 35,356 | ¥ 47,429 | |
Days past due greater than 365 days [member] | Trade receivables [member] | Cost [member] | |||
Disclosure of provision matrix [line items] | |||
Financial assets | ¥ 48,540 | ¥ 67,045 |
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Financial assets | |||
Cash and bank balances | ¥ 6,447,538 | $ 996,328 | ¥ 6,390,918 |
Financial assets | 14,612,382 | 2,258,028 | 14,303,746 |
Financial liabilities | |||
Trade and other payables (Note 22) | 10,302,531 | 1,592,034 | 8,644,393 |
Lease liabilities | 39,778 | 6,147 | 60,007 |
Financial liabilities | 12,486,410 | 1,929,505 | 10,699,413 |
Liquidity risk [member] | |||
Financial assets | |||
Trade and bills receivables | 8,082,391 | 1,248,959 | 7,742,301 |
Other receivables, excluding tax recoverable | 76,195 | 11,774 | 161,292 |
Cash and bank balances | 6,447,538 | 996,328 | 6,390,918 |
Quoted equity securities | 6,258 | 967 | 9,235 |
Financial assets | 14,612,382 | 2,258,028 | 14,303,746 |
Financial liabilities | |||
Loans and borrowings | 2,277,417 | 351,926 | 2,085,456 |
Trade and other payables (Note 22) | 10,216,632 | 1,578,760 | 8,584,360 |
Lease liabilities | 47,399 | 7,324 | 65,101 |
Derivative not designated as hedges – foreign exchange forward contract | 999 | ||
Financial liabilities | 12,541,448 | $ 1,938,010 | 10,735,916 |
Liquidity risk [member] | One year or less [member] | |||
Financial assets | |||
Trade and bills receivables | 8,082,391 | 7,742,301 | |
Other receivables, excluding tax recoverable | 76,195 | 161,292 | |
Cash and bank balances | 6,307,538 | 6,390,918 | |
Quoted equity securities | 6,258 | 9,235 | |
Financial assets | 14,472,382 | 14,303,746 | |
Financial liabilities | |||
Loans and borrowings | 1,753,142 | 2,085,456 | |
Trade and other payables (Note 22) | 10,025,069 | 8,408,058 | |
Lease liabilities | 24,313 | 29,838 | |
Derivative not designated as hedges – foreign exchange forward contract | 999 | ||
Financial liabilities | 11,802,524 | 10,524,351 | |
Liquidity risk [member] | Two to five years [member] | |||
Financial assets | |||
Cash and bank balances | 140,000 | ||
Financial assets | 140,000 | ||
Financial liabilities | |||
Loans and borrowings | 524,275 | ||
Trade and other payables (Note 22) | 191,563 | 176,302 | |
Lease liabilities | 22,761 | 35,263 | |
Financial liabilities | 738,599 | ¥ 211,565 | |
Liquidity risk [member] | More than five years [member] | |||
Financial liabilities | |||
Lease liabilities | 325 | ||
Financial liabilities | ¥ 325 |
Capital Management - Summary of
Capital Management - Summary of Capital Structure (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Disclosure of objectives, policies and processes for managing capital [abstract] | |||
Loans and borrowings (current and non-current) (Note 26(b)) | ¥ 2,230,000 | $ 344,598 | ¥ 2,055,046 |
Lease liabilities (current and non-current) (Note 25) | 39,778 | 6,147 | 60,007 |
Trade and other payables (current and non-current) (Note 22) | 10,302,531 | 1,592,034 | 8,644,393 |
Less: Cash and bank balances (Note 16) | (6,447,538) | (996,328) | (6,390,918) |
Net debts | 6,124,771 | 946,451 | 4,368,528 |
Equity attributable to equity holders of the parent | 9,014,624 | 1,393,016 | 8,767,529 |
Total capital and net debts | ¥ 15,139,395 | $ 2,339,467 | ¥ 13,136,057 |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Value Measurement Hierarchy for Assets and Liabilities (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | ¥ 14,612,382 | $ 2,258,028 | ¥ 14,303,746 |
Financial liabilities | 12,486,410 | 1,929,505 | 10,699,413 |
Foreign Exchange Forward Contract [Member] | Derivative Financial Liabilities [Member] | Forward contract [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities | 999 | ||
Bill receivables [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | 7,793,343 | 1,204,293 | 7,005,234 |
Thakral Corporation Ltd [Member] | Quoted Equity Shares [Member] | Quoted Equity Securities [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | 6,258 | $ 967 | 9,235 |
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 | 6,258 | ||
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] | Bill receivables [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | ¥ 7,793,343 | ¥ 7,005,234 |
Financial Assets and Financia_3
Financial Assets and Financial Liabilities - Summary of Financial Assets and Financial Liabilities (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Disclosure of detailed information about financial instruments [line items] | |||
Other financial liabilities at amortized cost | ¥ 12,486,410 | ¥ 10,699,413 | |
Total | 14,612,382 | $ 2,258,028 | 14,303,746 |
Financial assets at fair value through profit or loss | 6,258 | 9,235 | |
Financial assets at amortised costs | 6,812,781 | 7,289,277 | |
Fair Value through OCI | 7,793,343 | 7,005,234 | |
Total | 12,486,410 | 1,929,505 | 10,699,413 |
Lease liabilities [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial liabilities at amortized cost | 39,778 | 60,007 | |
Total | 39,778 | 6,147 | 60,007 |
Quoted Equity Securities [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 6,258 | 967 | 9,235 |
Financial assets at fair value through profit or loss | 6,258 | 9,235 | |
Trade and bill receivables [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 8,082,391 | 1,248,959 | 7,742,301 |
Financial assets at amortised costs | 289,048 | 737,067 | |
Fair Value through OCI | 7,793,343 | 7,005,234 | |
Other receivables [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 76,195 | 11,774 | 161,292 |
Financial assets at amortised costs | 76,195 | 161,292 | |
Cash and bank balances [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 6,447,538 | 996,328 | 6,390,918 |
Financial assets at amortised costs | 6,447,538 | 6,390,918 | |
Trade and other payables [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial liabilities at amortized cost | 10,216,632 | 8,584,360 | |
Total | 10,216,632 | 1,578,760 | 8,584,360 |
Loans and borrowings [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other financial liabilities at amortized cost | 2,230,000 | 2,055,046 | |
Total | ¥ 2,230,000 | $ 344,598 | ¥ 2,055,046 |
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, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | ¥ 2,115,053 | ¥ 2,016,140 | |
Effect of adoption of IFRS 16 | 96,804 | ||
Cash flows | 136,159 | (11,304) | |
Addition | 15,256 | 11,473 | |
Accretion of interest | 2,198 | 2,918 | |
Foreign exchange movement | 1,228 | (1,469) | |
Translation reserve | (116) | 491 | |
Ending balance | 2,269,778 | $ 350,745 | 2,115,053 |
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 | ||
Short-term borrowings [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 2,055,046 | 2,001,014 | |
Cash flows | (326,280) | 39,979 | |
Foreign exchange movement | 1,228 | (1,469) | |
Translation reserve | 6 | 444 | |
Other | 15,078 | ||
Ending balance | 1,730,000 | 267,334 | 2,055,046 |
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 | ||
Long-term borrowings [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 15,078 | ||
Cash flows | 500,000 | ||
Other | (15,078) | ||
Ending balance | 500,000 | 77,264 | |
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 | ||
Obligations under finance leases current [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 14 | ||
Effect of adoption of IFRS 16 | (14) | ||
Obligations under finance leases noncurrent [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 34 | ||
Effect of adoption of IFRS 16 | (34) | ||
Lease Liabilities Current [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 28,633 | ||
Effect of adoption of IFRS 16 | (37,561) | 42,457 | |
Cash flows | (51,283) | ||
Addition | 4,039 | 6,008 | |
Accretion of interest | 2,198 | 2,918 | |
Translation reserve | 409 | 24 | |
Other | 25,037 | 28,509 | |
Ending balance | 22,755 | 3,516 | 28,633 |
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 | ||
Lease Liabilities Noncurrent [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 31,374 | ||
Effect of adoption of IFRS 16 | 54,395 | ||
Addition | 11,217 | 5,465 | |
Translation reserve | (531) | 23 | |
Other | (25,037) | (28,509) | |
Ending balance | ¥ 17,023 | $ 2,631 | 31,374 |
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 |