SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 20-F/A
Amendment No. 1
(Mark One)
☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
or
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2017 or
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
or
☐ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number: 1-13522
China Yuchai International Limited
(Exact name of registrant as specified in its charter)
Not Applicable | Bermuda | |
(Translation of Registrants Name Into English) |
(Jurisdiction of Incorporation or Organization) |
16 Raffles Quay #39-01A
Hong Leong Building
Singapore 048581
+65-6220-8411
(Address and Telephone Number of Principal Executive Offices)
Phung Khong Fock Thomas
Chief Financial Officer
16 Raffles Quay
#39-01A Hong Leong Building
Singapore 048581
Tel: +65 6220 8411
Fax: +65 6221 1172
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of Each Class |
Name of Each Exchange on Which Registered | |
Common Stock, par value US$0.10 per Share | The New York Stock Exchange |
Securities registered or to be registered pursuant to Section 12(g) of the Act: None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None
Indicate the number of outstanding shares of each of the issuers classes of capital or common stock as of the close of the period covered by the annual report:
As of December 31, 2017, 40,858,290 shares of common stock, par value US$0.10 per share, and one special share, par value US$0.10, were issued and outstanding.
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act: Yes ☐ No ☒
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934: Yes ☐ No ☒
Note Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☐ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer and emerging growth company in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer | ☐ | Accelerated filer | ☒ | |||
Non-accelerated filer | ☐ | Emerging growth company | ☐ |
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
The term new or revised financial accounting standard refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
US GAAP ☐ |
International Reporting Standards as issued by the International Accounting Standards Board ☒ |
Other ☐ |
If Other has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. ☐ Item 17 ☐ Item 18
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒
(Applicable only to Issuers involved in bankruptcy proceedings during the past five years).
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐
Explanatory Note
This Amendment No. 1 to the Annual Report on Form 20-F of China Yuchai International Limited (the Company) amends the Companys Annual Report on Form 20-F for the year ended December 31, 2017 (the Original 20-F), which was filed with the Securities and Exchange Commission on April 16, 2018. The Company is filing this Amendment No. 1 solely to furnish Exhibit 101, which was not included in the Original 20-F. Exhibit 101 includes information in eXtensible Business Reporting Language (XBRL).
Except as described above, this Amendment No. 1 does not amend any information set forth in the Original 20-F, and the Company has not updated disclosures included therein to reflect any events that occurred subsequent to April 16, 2018.
Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed furnished and not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, and are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and are otherwise not subject to liability under those sections.
PART III
ITEM 19. EXHIBITS
The following is a list of exhibits filed as part of this Amendment No. 1 to the Companys Annual Report on Form 20-F:
101.INS* | XBRL Instance Document | |
101.SCH* | XBRL Taxonomy Extension Schema Document | |
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document |
* | In accordance with Rule 406T(b)(2) of Regulation S-T, this eXtensible Business Reporting Language (XBRL) information is furnished and not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections. |
SIGNATURE
The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Amendment No. 1 to the Annual Report on Form 20-F on its behalf.
CHINA YUCHAI INTERNATIONAL LIMITED | ||||||
By: | /s/ Phung Khong Fock Thomas | |||||
Name: Phung Khong Fock Thomas | ||||||
Title: Chief Financial Officer |
Date: April 30, 2018
Document and Entity Information |
12 Months Ended |
---|---|
Dec. 31, 2017
shares
| |
Document - Document and Entity Information [Abstract] | |
Document Type | 20-F/A |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2017 |
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 Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 40,858,290 |
Consolidated Statement of Profit or Loss ¥ in Thousands, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017
CNY (¥)
¥ / shares
|
Dec. 31, 2017
USD ($)
$ / shares
|
Dec. 31, 2016
CNY (¥)
¥ / shares
|
Dec. 31, 2015
CNY (¥)
¥ / shares
|
|
Profit or loss [Abstract] | ||||
Revenue | ¥ 16,222,442 | $ 2,563,030 | ¥ 13,664,840 | ¥ 13,733,437 |
Cost of sales | (12,707,419) | (2,007,681) | (10,700,655) | (10,942,865) |
Gross profit | 3,515,023 | 555,349 | 2,964,185 | 2,790,572 |
Other operating income | 647,352 | 102,276 | 117,954 | 106,931 |
Other operating expenses | (22,719) | (3,589) | (22,599) | (87,594) |
Research and development costs | (608,181) | (96,088) | (588,007) | (506,955) |
Selling, general and administrative costs | (1,815,853) | (286,892) | (1,504,360) | (1,497,774) |
Operating profit | 1,715,622 | 271,056 | 967,173 | 805,180 |
Finance costs | (100,439) | (15,869) | (79,683) | (116,351) |
Share of (loss)/profit of associates and joint ventures, ne of tax | 10,054 | 1,589 | (3,612) | (2,691) |
Profit before tax | 1,625,237 | 256,776 | 883,878 | 686,138 |
Income tax expense | (220,167) | (34,785) | (160,270) | (176,818) |
Profit for the year | 1,405,070 | 221,991 | 723,608 | 509,320 |
Attributable to: | ||||
Equity holders of the parent | 953,922 | 150,713 | 515,737 | 341,108 |
Non-controlling interests | 451,148 | 71,278 | 207,871 | 168,212 |
Profit for the year | ¥ 1,405,070 | $ 221,991 | ¥ 723,608 | ¥ 509,320 |
Earnings per share | ||||
- Basic | (per share) | ¥ 23.40 | $ 3.70 | ¥ 12.89 | ¥ 8.81 |
- Diluted | (per share) | ¥ 23.40 | $ 3.70 | ¥ 12.89 | ¥ 8.81 |
Consolidated Statement of Financial Position ¥ in Thousands, $ in Thousands |
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
---|---|---|---|
Non-current assets | |||
Property, plant and equipment | ¥ 3,824,018 | $ 604,168 | ¥ 4,127,185 |
Investment property | 7,434 | 1,174 | 7,298 |
Prepaid operating leases | 367,270 | 58,026 | 379,636 |
Goodwill | 212,636 | 33,595 | 212,636 |
Intangible assets | 10,122 | 1,599 | 81,826 |
Investment in associates and joint ventures | 198,287 | 31,328 | 180,187 |
Deferred tax assets | 315,390 | 49,829 | 308,207 |
Long-term bank deposits | 70,000 | 11,060 | |
Other receivables | 620 | 98 | 1,588 |
Other assets | 303 | 48 | |
Non-current assets | 5,006,080 | 790,925 | 5,298,563 |
Current assets | |||
Inventories | 2,572,745 | 406,475 | 1,663,879 |
Trade and bill receivables | 7,031,544 | 1,110,934 | 7,057,256 |
Other receivables and prepayments | 384,390 | 60,731 | 386,365 |
Prepaid operating leases | 12,546 | 1,982 | 12,546 |
Other assets | 48,547 | 7,670 | 35,559 |
Cash and cash equivalents | 5,390,324 | 851,633 | 3,653,914 |
Short-term bank deposits | 514,074 | 81,220 | 363,043 |
Restricted cash | 54,809 | 8,659 | 36,000 |
Asset classified as held for sale | 89,381 | ||
Current assets | 16,008,979 | 2,529,304 | 13,297,943 |
Total assets | 21,015,059 | 3,320,229 | 18,596,506 |
Equity | |||
Issued capital | 2,081,138 | 328,805 | 2,059,076 |
Preference shares | 21 | 3 | 21 |
Statutory reserves | 301,026 | 47,560 | 299,144 |
Capital reserves | 30,704 | 4,851 | 30,954 |
Retained earnings | 6,009,395 | 949,441 | 5,306,199 |
Other components of equity | (74,722) | (11,805) | (11,560) |
Equity attributable to equity holders of the parent | 8,347,562 | 1,318,855 | 7,683,834 |
Non-controlling interests | 2,631,714 | 415,792 | 2,301,978 |
Total equity | 10,979,276 | 1,734,647 | 9,985,812 |
Non-current liabilities | |||
Interest-bearing loans and borrowings | 26,341 | 4,162 | 16,270 |
Other liabilities | 46 | 7 | 70 |
Deferred tax liabilities | 116,468 | 18,401 | 115,758 |
Deferred grants | 331,377 | 52,355 | 315,950 |
Other payables | 156,347 | 24,702 | 136,772 |
Non-current liabilities | 630,579 | 99,627 | 584,820 |
Current liabilities | |||
Trade and other payables | 7,468,149 | 1,179,914 | 6,845,043 |
Interest-bearing loans and borrowings | 1,600,000 | 252,789 | 894,136 |
Other liabilities | 33 | 5 | 178 |
Provision for taxation | 46,716 | 7,381 | 47,667 |
Provision for product warranty | 290,306 | 45,866 | 238,850 |
Current liabilities | 9,405,204 | 1,485,955 | 8,025,874 |
Total liabilities | 10,035,783 | 1,585,582 | 8,610,694 |
Total equity and liabilities | ¥ 21,015,059 | $ 3,320,229 | ¥ 18,596,506 |
Consolidated Statement of Changes in Equity ¥ in Thousands, $ in Thousands |
CNY (¥) |
USD ($) |
Issued capital (Note 24) [Member]
CNY (¥)
|
Issued capital (Note 24) [Member]
USD ($)
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Preference share (Note 24) [Member]
CNY (¥)
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Preference share (Note 24) [Member]
USD ($)
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Statutory reserves (Note 26) [Member]
CNY (¥)
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Statutory reserves (Note 26) [Member]
USD ($)
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Capital reserves [Member]
CNY (¥)
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Capital reserves [Member]
USD ($)
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Retained earnings [Member]
CNY (¥)
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Retained earnings [Member]
USD ($)
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Foreign currency translation reserve (Note 24) [Member]
CNY (¥)
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Foreign currency translation reserve (Note 24) [Member]
USD ($)
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Performance shares reserves (Note 24) [Member]
CNY (¥)
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Performance shares reserves (Note 24) [Member]
USD ($)
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Other reserve on transaction with non-controlling interests [Member]
CNY (¥)
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Reserve of asset classified as held for sale (Note 22) [Member]
CNY (¥)
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(Premium paid for)/discount on acquisition of non-controlling interests [Member]
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(Premium paid for)/discount on acquisition of non-controlling interests [Member]
USD ($)
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Attributable to the equity holders of the parent [Member]
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Attributable to the equity holders of the parent [Member]
USD ($)
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Non-controlling interests [Member]
CNY (¥)
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Non-controlling interests [Member]
USD ($)
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---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance at Dec. 31, 2014 | ¥ 9,151,814 | ¥ 1,840,227 | ¥ 21 | ¥ 302,780 | ¥ 2,932 | ¥ 4,924,767 | ¥ (95,395) | ¥ 5,263 | ¥ 8,762 | ¥ (925) | ¥ 6,988,432 | ¥ 2,163,382 | ||||||||||||
Profit for the year | 509,320 | 341,108 | 341,108 | 168,212 | ||||||||||||||||||||
Other comprehensive income for the year, net of tax | 31,677 | 34,538 | 34,538 | (2,861) | ||||||||||||||||||||
Total comprehensive income for the year | 540,997 | 341,108 | 34,538 | 375,646 | 165,351 | |||||||||||||||||||
Transactions with owners, recorded directly in equity | ||||||||||||||||||||||||
Shares issued during the year (Note 24) | 115,493 | 115,493 | 115,493 | |||||||||||||||||||||
Dividends paid to non-controlling interests | (108,511) | (108,511) | ||||||||||||||||||||||
Dividends declared and paid | (257,500) | (257,500) | (257,500) | |||||||||||||||||||||
Cost of share-based payments (Note 27) | 10,275 | 10,275 | 10,275 | |||||||||||||||||||||
Disposal of a subsidiary | (5,891) | 5,891 | ||||||||||||||||||||||
Acquisition of non-controlling interests | (22,499) | 28,022 | ¥ (8,762) | (11,989) | 7,271 | (29,770) | ||||||||||||||||||
Transfer to statutory reserves | 1,332 | (1,332) | ||||||||||||||||||||||
Balance at Dec. 31, 2015 | 9,430,069 | 1,955,720 | 21 | 298,221 | 30,954 | 5,012,934 | (60,857) | 15,538 | (12,914) | 7,239,617 | 2,190,452 | |||||||||||||
Profit for the year | 723,608 | 515,737 | 515,737 | 207,871 | ||||||||||||||||||||
Other comprehensive income for the year, net of tax | 36,394 | 39,618 | 39,618 | (3,224) | ||||||||||||||||||||
Total comprehensive income for the year | 760,002 | 515,737 | 39,618 | 555,355 | 204,647 | |||||||||||||||||||
Transactions with owners, recorded directly in equity | ||||||||||||||||||||||||
Shares issued during the year (Note 24) | 103,356 | 103,356 | 103,356 | |||||||||||||||||||||
Dividends paid to non-controlling interests | (84,450) | (84,450) | ||||||||||||||||||||||
Dividends declared and paid | (221,549) | (221,549) | (221,549) | |||||||||||||||||||||
Cost of share-based payments (Note 27) | 5,301 | 5,301 | 5,301 | |||||||||||||||||||||
Acquisition of non-controlling interests | (6,917) | 1,754 | 1,754 | (8,671) | ||||||||||||||||||||
Transfer to statutory reserves | 923 | (923) | ||||||||||||||||||||||
Reserve attributable to asset classified as held for sale | (22,720) | ¥ 22,720 | ||||||||||||||||||||||
Balance at Dec. 31, 2016 | 9,985,812 | 2,059,076 | 21 | 299,144 | 30,954 | 5,306,199 | (43,959) | 20,839 | 22,720 | (11,160) | 7,683,834 | 2,301,978 | ||||||||||||
Profit for the year | 1,405,070 | $ 221,991 | 953,922 | 953,922 | 451,148 | |||||||||||||||||||
Other comprehensive income for the year, net of tax | (76,523) | (12,090) | (38,980) | (22,720) | (61,700) | (14,823) | ||||||||||||||||||
Total comprehensive income for the year | 1,328,547 | 209,901 | 953,922 | (38,980) | ¥ (22,720) | 892,222 | 436,325 | |||||||||||||||||
Transactions with owners, recorded directly in equity | ||||||||||||||||||||||||
Shares issued during the year (Note 24) | 22,062 | 22,062 | 22,062 | |||||||||||||||||||||
Dividends paid to non-controlling interests | (98,941) | (98,941) | ||||||||||||||||||||||
Dividends declared and paid | (248,844) | (39,316) | (248,844) | (248,844) | ||||||||||||||||||||
Cost of share-based payments (Note 27) | 1,592 | 1,592 | 1,592 | |||||||||||||||||||||
Exercise of share option | (2,673) | (2,673) | (2,673) | |||||||||||||||||||||
Acquisition of non-controlling interests | (8,279) | (250) | (381) | (631) | (7,648) | |||||||||||||||||||
Transfer to statutory reserves | 1,882 | (1,882) | ||||||||||||||||||||||
Balance at Dec. 31, 2017 | ¥ 10,979,276 | $ 1,734,647 | ¥ 2,081,138 | $ 328,805 | ¥ 21 | $ 3 | ¥ 301,026 | $ 47,560 | ¥ 30,704 | $ 4,851 | ¥ 6,009,395 | $ 949,441 | ¥ (82,939) | $ (13,104) | ¥ 19,758 | $ 3,122 | ¥ (11,541) | $ (1,823) | ¥ 8,347,562 | $ 1,318,855 | ¥ 2,631,714 | $ 415,792 |
Consolidated Statement of Changes in Equity (Parenthetical) - $ / shares |
12 Months Ended | ||||
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Jul. 13, 2017 |
Jun. 29, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Statement of changes in equity [Abstract] | |||||
Dividends declared and paid, per share | $ 0.90 | $ 0.85 | $ 0.90 | $ 0.85 | $ 1.10 |
Corporate information |
12 Months Ended | ||||||||||||||
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Dec. 31, 2017 | |||||||||||||||
Text Block1 [Abstract] | |||||||||||||||
Corporate information |
The consolidated financial statements of China Yuchai International Limited (the “Company”) and its subsidiaries (collectively, the “Group”) for the year ended December 31, 2017 were authorized for issue in accordance with a resolution of the directors on April 16, 2018. China Yuchai International Limited is a limited company incorporated under the laws of Bermuda on April 29, 1993 whose shares are publicly traded. The registered office of the Company is located at 2 Clarendon House, Church Street, Hamilton HM11, Bermuda. On March 7, 2008, the Company registered a branch office in Singapore, located at 16 Raffles Quay #26-00, Hong Leong Building, Singapore 048581. The principal operating office is located at 16 Raffles Quay #39-01A, Hong Leong Building, Singapore 048581.
The Company was established to acquire a controlling financial interest in Guangxi Yuchai Machinery Company Limited, a Sino-foreign joint stock company which manufactures, assembles and sells diesel engines in the People’s Republic of China (the “PRC”). The principal markets for Yuchai’s diesel engines are truck and bus manufacturers in the PRC. The Company owns, through six wholly-owned subsidiaries, 361,420,150 shares or 76.41% of the issued share capital of Yuchai (“Foreign Shares of Yuchai”). Guangxi Yuchai Machinery Group Company Limited (“State Holding Company” or “SHC”), a state-owned enterprise, owns 22.09% of the issued share capital of Yuchai (“State Shares of Yuchai”). In December 1994, the Company issued a special share (the “Special Share”) at par value of US$0.10 to Diesel Machinery (BVI) Limited (“DML”), a company controlled by Hong Leong Corporation Limited, now known as Hong Leong (China) Limited (“HLC”). The Special Share entitles its holder to designate the majority of the Company’s Board of Directors (six of eleven). The Special Share is not transferable except to Hong Leong Asia Ltd. (“HLA”), the holding company of HLC, or any of its affiliates. During 2002, DML transferred the Special Share to HL Technology Systems Pte. Ltd. (“HLT”), a wholly-owned subsidiary of HLC. As at December 31 2017, Yuchai has nine direct and thirty-three indirectly owned subsidiaries, three joint ventures and one associate. Guangxi Yuchai Machinery Monopoly Development Co., Ltd. (“YMMC”) and Guangxi Yuchai Accessories Manufacturing Company Limited (“GYAMC”) are the two most significant subsidiaries of Yuchai. YMMC has thirty wholly-owned subsidiaries (collectively “YMMC Group”) located at various provinces in the PRC. The principal business of YMMC Group are trading and distribution of spare parts of diesel engines and automobiles. GYAMC has one wholly-owned subsidiary (collectively “GYAMC Group”). The principal business of GYAMC Group are sales and manufacturing of spare parts and components of diesel engines. The detailed information of Yuchai’s significant subsidiaries, joint ventures and associates are disclosed in Notes 4, 5 and 6. As used in this Consolidated Financial Statements, the term “Yuchai” refer to Guangxi Yuchai Machinery Company Limited and its subsidiaries. Relating to Yuchai’s equity interest in Jining Yuchai Engine Company Limited In September 2014, Yuchai transferred its entire 70% shareholding interest in Jining Yuchai Engine Company Limited (“Jining Yuchai’) to an independent third party (the “Purchaser”) for a consideration of RMB 1.00 Yuan. The other shareholder, Zhejiang Geely Holding Group also transferred its entire 30% shareholding interest in Jining Yuchai. Pursuant to the transfer, Yuchai entered into the following agreements with the Purchaser and Jining Yuchai:
Under the terms of the Loan Agreement entered into between the Purchaser and Jining Yuchai with Yuchai and its wholly-owned subsidiary, Guangxi Yulin Hotel Company Limited (“Lenders”), the Lenders agreed to extend loans with tenure of two years, of amounts not exceeding RMB 70 million, to Jining Yuchai, by way of entrusted loans, and such loans are solely to be utilized for Jining Yuchai’s working capital purpose. In 2016, Lenders further extend the loans to Jining Yuchai and provide financial support to its operation. In addition, in consideration of the Lenders’ financial support to Jining Yuchai, as long as the Purchaser remains a shareholder in Jining Yuchai, irrespective of whether the loans remain outstanding or not, the Purchaser is prohibited from transferring all or part of its shareholding interest in Jining Yuchai to any third party without the prior written consent of the Lenders. The Purchaser has also granted the Lenders an irrevocable option to acquire all of its shareholding in Jining Yuchai at any time at a consideration not exceeding RMB 250. These two provisions are also contained in a separate undertaking letter issued and signed by the Purchaser to the Lenders. The Purchaser, as long as it remains a shareholder in Jining Yuchai, will consult with the Lenders prior to the exercise of any of its powers in relation to Jining Yuchai. The Lenders have the right to recommend for appointment of Jining Yuchai’s legal representative and executive director.
In 2014, under the Management Agreement entered into between Yuchai and the Purchaser, Yuchai has been appointed by the Purchaser to manage Jining Yuchai in all matters relating to the running of its operations and management of its assets. The term of the agreement is for one year which may be extended upon mutual agreement and the management fee is RMB 240 per annum. In October 2016 the management agreement has been renewed and extended for one more year. Yuchai through the above-mentioned contractual arrangements has the power to exercise effective control and is able to direct the activities of Jining Yuchai that most significantly affect its economic performance, and has the exposure or rights to receive benefits from Jining Yuchai from its involvement. Accordingly, Yuchai continues to consolidate the financial results of Jining Yuchai for financial year ended at December 2014, 2015 and 2016. In November 2017, Yuchai acquired the entire equity interest in Jining Yuchai for a cash consideration of RMB250 from the Purchaser. The acquisition was made pursuant to the irrevocable option to acquire the shares in Jining Yuchai granted to Yuchai.
In February 2006, the Group acquired debt and equity securities interest in HL Global Enterprises Limited (“HLGE”) through the Group’s wholly-owned subsidiaries, Grace Star Limited (“Grace Star”) and Venture Lewis Limited (“Venture Lewis’). HLGE is a public company listed on the main board of the Singapore Exchange Securities Trading Limited (“Singapore Exchange”) and primarily engaged in investment holding, and through its group companies, invests in rental property, hospitality and property developments in Asia. The Group shareholding has changed through various transactions, the Group’s equity interest in HLGE was 49.4% as at December 31, 2011. On January 13, 2012, Grace Star transferred 24,189,170 Series B redeemable convertible preference shares (“RCPS”), representing 100% of remaining unconverted Series B RCPS, in the capital of HLGE (the “Trust Preference Shares”) to the Trustee pursuant to a trust deed entered into between HLGE and the Trustee. On January 16, 2012, the Trust Preference Shares were mandatorily converted into 24,189,170 new ordinary shares in the capital of HLGE (the “Trust Shares”) resulting in the Group’s shareholding interest in HLGE decreasing from 49.4% to 48.1%. On April 4, 2012, as a result of the conversion of all the outstanding Series A redeemable convertible preference shares held by Venture Delta Limited and Grace Star, into new ordinary shares in the capital of HLGE, Group’s shareholding interest in HLGE increased from 48.1% to 48.9%. The Trust Shares are accounted for as treasury shares by HLGE, issued by HLGE and held by the Trust, which is considered as part of HLGE. As a result, the Group’s shareholding interest in HLGE is stated as 50.1%, based on the total outstanding ordinary shares of HLGE, net of the ordinary shares held by the Trustee under the Trust. As of December 31, 2013, the Group’s interest in HLGE remained at 50.1%, based on the total outstanding ordinary shares of HLGE, net of the ordinary shares held by the Trustee under the Trust. In 2014, the Group purchased in the open market an aggregate of 465,000 ordinary shares in the capital of HLGE. As of December 31, 2014, the Group’s interest in HLGE increased from 50.1% to 50.2%, net of the ordinary shares held by the Trustee under the Trust. In 2015, HLGE undertook a share consolidation exercise to consolidate every 10 ordinary shares in the capital of HLGE into one ordinary share. Upon completion of the share consolidation exercise, the Group held 47,107,707 ordinary shares of HLGE. As at December 31, 2015, Group’s interest in HLGE was 50.2%, net of the ordinary shares held by the Trustee under the Trust. As of December 31, 2016 and 2017, the Group’s shareholding interest in HLGE remains at 50.2%, net of the ordinary shares held by the Trustee under the Trust. The Group considers HLGE as a subsidiary as it has power to exercise effective control and direct the activities of HLGE that most significantly affect its economic performance and has the exposure or rights to receive benefits from HLGE from its involvement. |
Basis of preparation and accounting policies |
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Basis of preparation and accounting policies |
The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements have been prepared on a historical cost basis, except for derivative financial instruments and held for trading investment that have been measured at fair value. The consolidated financial statements are presented in Renminbi (“RMB”) and all values are rounded to the nearest thousand (“RMB’000”) except when otherwise indicated. Translation of amounts from Renminbi to US Dollar (“USD”) is solely for the convenience of the reader. Translation of amounts from Renminbi to US Dollar has been made at the rate of RMB 6.3294 = US$1.00, the rate quoted by the People’s Bank of China at the close of business on February 28, 2018 and all values are rounded to the nearest thousand (“US$’000”) except when otherwise indicated.
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries (the “Group”) as at December 31, 2017. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has:
Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income (“OCI”) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. 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 interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value.
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 interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. If the business combination is achieved in stages, any previously held equity interest is re-measured at its acquisition date fair value and any resulting gain or loss is recognized in profit or loss. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IAS 39 Financial Instruments: Recognition and Measurement, is measured at fair value with the changes in fair value recognized in the statement of profit or loss. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests, and any previous interest held over the net identifiable assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in profit or loss. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in this circumstance is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained.
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 interests in the subsidiaries of the associate or joint venture. The financial statements of the associate or joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, then recognizes the loss within “Share of (loss)/profit of associates and joint ventures, net of tax” in the statement of profit or loss. Upon loss of significant influence over the associate or joint control over the joint venture, the Group measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the associate or joint venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from disposal is recognized in profit or loss.
The Group presents assets and liabilities in statement of financial position based on current/non-current classification. An asset is current when it is:
All other assets are classified as non-current. A liability is current when:
The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The Group measures financial instruments, such as held for trading investments and derivatives, at fair value at each balance sheet date. Fair value related disclosures for financial instruments that are measured at fair value are summarized in the following notes:
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:
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 asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. 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:
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 categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. An analysis of fair values of financial instruments and further details as to how they are measured are provided in Note 35.
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 items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of gain or loss on change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognized in OCI or profit or loss are also recognized in OCI or profit or loss, respectively). Group companies On consolidation, the assets and liabilities of foreign operations are translated into RMB at the rate of exchange prevailing at the reporting date and their statements of profit or loss are translated at average exchange rates during the reporting period. The exchange differences arising on translation for consolidation are recognized in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is recognized in profit or loss.
Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the spot rate of exchange at the reporting date.
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured, regardless of when the payment is received. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding discounts, rebates, taxes or duty. The Group has concluded that it is the principal in all of its revenue arrangements since it is the primary obligor in all the revenue arrangements, has pricing latitude and is also exposed to inventory and credit risks. The specific recognition criteria described below must also be met before revenue is recognized. Sale of goods Revenue from the sale of goods is measured at the fair value of the consideration received or receivable, net of returns and allowances, trade discounts and volume rebates. Revenue is recognized when the significant risks and rewards of ownership of the goods have been transferred to the buyer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, and there is no continuing management involvement with the goods and the amount of revenue can be measured reliably. Sale of completed development properties A development property is regarded as sold when the significant risks and rewards have been transferred to the buyer, which is normally on unconditional exchange of contracts. For conditional exchanges, sales are recognized only when all the significant conditions are satisfied. Rendering of services Revenue from rendering of services relates to project management contracts and hotel room and restaurant operations. Revenue is recognized over the period in which the services are rendered, by reference to completion of the specific transaction assessed on the basis of the actual service provided as a proportion of the total services to be performed. Interest income For all financial instruments measured at amortized cost and interest-bearing financial assets classified as available-for-sale, interest income is recorded using the effective interest rate (“EIR”). EIR is the rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. Interest income is included in “Other operating income” in the statement of profit or loss. Rental income Rental income arising from operating leases is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature. Dividends Dividend income is recognized when the Group’s right to receive the payment is established, which is generally when shareholders approve the dividend.
Government grants 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.
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:
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:
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 at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying transaction either in OCI or directly in equity. Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, are recognized subsequently if new information about facts and circumstances change. The adjustment is either treated as a reduction to goodwill (as long as it does not exceed goodwill) if it was incurred during the measurement period or recognized in profit or loss. The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. Sales tax Revenues, expenses and assets are recognized net of the amount of sales tax, except:
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.
The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense. The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the sale expected within one year from the date of the classification. Property, plant and equipment and intangible assets are not depreciated or amortized once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position.
The Company recognizes a liability to make cash or non-cash distributions to equity holders of the parent when the distribution is authorized and the distribution is no longer at the discretion of the Company. A distribution is authorized when it is approved by the shareholders. A corresponding amount is recognized directly in equity. Non-cash distributions are measured at the fair value of the assets to be distributed with fair value measurement recognized directly in equity.
Upon distribution of non-cash asset, any difference between the carrying amount of the liabilities and the carrying amount of the assets distributed is recognized in the statement of profit or loss.
Construction in progress is stated at cost, net of accumulated impairment losses, if any. Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Such cost includes the cost of replacing part of the property, plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met. When significant parts of property, plant and equipment are required to be replaced at intervals, the Group depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in profit or loss as incurred. The present value of the expected cost for the decommissioning of an asset after its use is included in the cost of the respective asset if the recognition criteria for a provision are met. Freehold land has an unlimited useful life and therefore is not depreciated. Asset under construction included in property, plant and equipment are not depreciated as these assets are not yet ready for intended use. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets as follows:
The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss when the asset is derecognized. The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. The Group capitalizes interest with respect to major assets under installation or construction based on the weighted average cost of the Group’s general borrowings and actual interest incurred for specific borrowings. Repairs and maintenance of a routine nature are expensed while those that extend the life of assets are capitalized. Construction in progress represents factories under construction and machinery and equipment pending installation. All direct costs relating to the acquisition or construction of buildings and machinery and equipment, including interest charges on borrowings, are capitalized as construction in progress.
Investment properties are properties owned by the Group that are held to lease to third parties and earn rentals rather than for use in the production or supply of goods or services, or for administrative purposes, or in the ordinary course of business. Investment properties comprise completed investment properties and properties that are being constructed or developed for future use as investment properties. Investment properties are initially recognized at cost, including transaction costs and subsequently carried at cost less accumulated depreciation and impairment losses. Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful lives of the investment properties. The estimated useful life is 30 years. Depreciation methods, useful lives and residual values of investment properties are reassessed at each reporting date. Investment properties are derecognized when either they have been disposed of or when they are permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gain or loss on the retirement or disposal of an investment property is recognized in profit or loss in the year of retirement or disposal. Transfers are made to or from investment property only when there is a change in use.
Research costs are expensed as incurred. The Group received research and development subsidies of RMB 26,815 and RMB 60,817 (US$9,609) for the years ended December 31, 2016 and 2017 respectively. Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate:
Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete and the asset is available for use. Development costs are amortized over the period of expected future benefit. During the period of development, the asset is tested for impairment annually. In 2015, 2016 and 2017, capitalized development expenditures are not amortized because the intangible asset has not been completed.
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as financial assets at fair value through profit or loss, loans and receivables, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial assets are recognized initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognized on the trade date, i.e., the date that the Group commits to purchase or sell the asset. The Group’s financial assets include cash and bank balances, bank deposits, trade and other receivables, quoted financial instruments and derivative financial instruments. Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories:
Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition at fair value through profit or loss. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments as defined by IAS 39. Financial assets at fair value through profit and loss are carried in the statement of financial position at fair value with net changes in fair value presented as other operating expenses (negative net changes in fair value) or other operating income (positive net changes in fair value) in the statement of profit or loss. Financial assets designated upon initial recognition at fair value through profit or loss are designated at their initial recognition date and only if the criteria under IAS 39 are satisfied. The Group has designated its remaining 7.7% shareholding interest in Thakral Corporation Ltd (“TCL”) as financial assets at fair value through profit or loss. The Group evaluates its financial assets held for trading, other than derivatives, to determine whether the intention to sell them in the near term is still appropriate. When, in rare circumstances, the Group is unable to trade these financial assets due to inactive markets and management’s intention to sell them in the foreseeable future significantly changes, the Group may elect to reclassify them. The reclassification to loans and receivables and available-for-sale depends on the nature of the asset. This evaluation does not affect any financial assets designated at fair value through profit or loss using the fair value option at designation, as these instruments cannot be reclassified after initial recognition. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. After initial measurement, such financial assets are subsequently measured at amortized cost using the EIR method, less impairment. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included in “Other operating income” in the statement of profit or loss. The losses arising from impairment are recognized in the statement of profit or loss in finance costs for loans and in cost of sales or other operating expenses for receivables. Held-to-maturity investments Non-derivative financial assets with fixed or determinable payments and fixed maturities are classified as held-to-maturity when the Group has the positive intention and ability to hold them to maturity. After initial measurement, held-to-maturity investments are measured at amortized cost using the EIR, less impairment. 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 income in the statement of profit or loss. The losses arising from impairment are recognized in the statement of profit or loss as finance costs. The Group did not have any held-to-maturity investments as of December 31, 2016 and 2017.
Available-for-sale (“AFS”) financial assets AFS financial assets include equity investments and debt securities. Equity investments classified as AFS are those that are neither classified as held for trading nor designated at fair value through profit or loss. Debt securities in this category are those that are intended to be held for an indefinite period of time and that may be sold in response to needs for liquidity or in response to changes in the market conditions. After initial measurement, AFS financial assets are subsequently measured at fair value with unrealized gains or losses recognized in OCI and credited in the AFS reserve until the investment is derecognized, at which time the cumulative gain or loss is recognized in other operating income, or the investment is determined to be impaired, when the cumulative loss is reclassified from the AFS reserve to the statement of profit or loss in finance costs. Interest earned whilst holding AFS financial assets reported as interest income using the EIR method. The Group evaluates whether the ability and intention to sell its AFS financial assets in the near term is still appropriate. When, in rare circumstances, the Group is unable to trade these financial assets due to inactive markets, the Group may elect to reclassify these financial assets if the management has the ability and intention to hold the assets for foreseeable future or until maturity. For a financial asset reclassified from the AFS category, the fair value carrying amount at the date of reclassification becomes its new amortized cost and any previous gain or loss on the asset that has been recognized in equity is amortized to profit or loss over the remaining life of the investment using the EIR. Any difference between the new amortized cost and the maturity amount is also amortized over the remaining life of the asset using the EIR. If the asset is subsequently determined to be impaired, then the amount recorded in equity is reclassified to the statement of profit or loss. The Group did not have AFS financial assets in 2016 and 2017. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’s consolidated statement of financial position) when:
When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of the Group’s continuing involvement. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. Impairment of financial assets The Group assesses, at each reporting date, whether there is objective evidence that a financial asset or a group of financial assets is impaired. An impairment exists if one or more events that has occurred since the initial recognition of the asset (an incurred “loss event”), has an impact on the estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated. Evidence of impairment may include indications that the debtors or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganization and observable data indicating that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults. Financial assets carried at amortized cost For financial assets carried at amortized cost, the Group first assesses whether impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Group determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be, recognized are not included in a collective assessment of impairment. The amount of any impairment loss identified is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future expected credit losses that have not yet been incurred). The present value of the estimated future cash flows is discounted at the financial asset’s original EIR. The carrying amount of the asset is reduced through the use of an allowance account and the loss is recognized in statement of profit or loss. Interest income (recorded as “Other operating income” in the statement of profit or loss) continues to be accrued on the reduced carrying amount and is accrued using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. Loans together with the associated allowance are written off when there is no realistic prospect of future recovery and all collateral has been realized or has been transferred to the Group. If, in a subsequent year, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognized, the previously recognized impairment loss is increased or reduced by adjusting the allowance account. If a write-off is later recovered, the recovery is credited to finance costs in the statement of profit or loss. AFS financial assets For AFS financial assets, the Group assesses at each reporting date whether there is objective evidence that an investment or a group of investments is impaired. In the case of equity investments classified as AFS, objective evidence would include a significant or prolonged decline in the fair value of the investment below its cost. “Significant” is evaluated against the original cost of the investment and “prolonged” against the period in which the fair value has been below its original cost. When there is evidence of impairment, the cumulative loss – measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that investment previously recognized in the statement of profit or loss – is removed from OCI and recognized in the statement of profit or loss. Impairment losses on equity investments are not reversed through profit or loss; increases in their fair value after impairment are recognized in OCI. The determination of what is ‘significant’ or ‘prolonged’ requires judgment. In making this judgment, the Group evaluates, among other factors, the duration or extent to which the fair value of an investment is less than its cost. In the case of debt instruments classified as AFS, the impairment is assessed based on the same criteria as financial assets carried at amortized cost. However, the amount recorded for impairment is the cumulative loss measured as the difference between the amortized cost and the current fair value, less any impairment loss on that investment previously recognized in the statement of profit or loss.
Future interest income continues to be accrued based on the reduced carrying amount of the asset, using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The interest income is recorded as part of finance income. If, in a subsequent year, the fair value of a debt instrument increases and the increase can be objectively related to an event occurring after the impairment loss was recognized in the statement of profit or loss, the impairment loss is reversed through the statement of profit or loss. Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, loans and borrowings, and derivative financial instruments. Subsequent measurement The measurement of financial liabilities depends on their classification, as described below: Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IAS 39. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognized in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit and loss are designated at the initial date of recognition, and only if the criteria in IAS 39 are satisfied. The Group has not designated any financial liability as at fair value through profit or loss. Loans and borrowings After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included in finance costs in the statement of profit or loss. This category generally applies to interest-bearing loans and borrowings. For more information, please refer to Note 16(b).
Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.
Initial recognition and subsequent measurement The Group uses derivative financial instruments, such as forward currency contracts, to hedge its foreign currency risks. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss. The Group does not apply hedge accounting.
Inventories 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:
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.
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s (“CGU”) fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. Impairment losses, including impairment on inventories, are recognized in the statement of profit or loss in expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset’s or CGU’s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of profit or loss. Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods.
Cash and cash equivalents comprise cash at bank and on hand, demand deposits, and short-term, highly liquid investments that are readily convertible to known amount of cash and which are subject to an insignificant risk of changes in value.
The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at the inception of the lease. The arrangement is, or contains, a lease if fulfilment of the arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to use the asset or assets, even if that asset is or those assets are not explicitly specified in an arrangement. Prepaid operating lease Prepaid operating lease represents payments made to the PRC land bureau for land use rights, which are charged to expense on a straight-line basis over the respective periods of the rights which are in the range of 15 to 50 years. Group as a lessee A lease is classified at the inception date as a finance lease or an operating lease. A lease that transfers substantially all the risks and rewards incidental to ownership to the Group is classified as a finance lease. Finance leases are capitalized at the commencement of the lease at the inception date fair value of the leased property or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognized in finance costs in the statement of profit or loss. A leased asset is depreciated over the useful life of the asset. However, if there is no reasonable certainty that the Group will obtain ownership by the end of the lease term, the asset is depreciated over the shorter of the estimated useful life of the asset and the lease term. An operating lease is a lease other than a finance lease. Operating lease payments are recognized as an operating expense in the statement of profit or loss on a straight-line basis over the lease term. Group as a lessor Leases in which the Group does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as rental income.
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. A qualifying asset is one that necessarily takes a substantial period of time to get ready for its intended use or sale. To the extent that funds are borrowed specifically for the purpose of obtaining the asset, the amount of borrowing costs eligible for capitalization should be determined as the actual borrowing costs incurred less any investment income on the temporary investment of those borrowings. To the extent that funds are borrowed generally and used for the purpose of obtaining the asset, the amount of borrowing costs eligible for capitalization is by applying a capitalization rate to the expenditures on that asset. The capitalization rate should be the weighted average of the borrowing costs applicable to the borrowings of the enterprise that are outstanding during the period, other than borrowings made specifically for the purpose of obtaining a qualifying asset. The amount of borrowing costs capitalized during a period should not exceed the amount of borrowing costs incurred during that period.
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 rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. Product warranty The Group recognizes a liability at the time the product is sold, for the estimated future costs to be incurred under the lower of a warranty period or warranty mileage on various engine models, on which the Group provides free repair and replacement. For on-road applications engines, warranties extend for a duration (generally 3 to 36 months) or mileage (generally 20,000 to 300,000 kilometers), whichever is the lower. For other applications engines, warranties extend for a duration of generally 12 to 24 months. 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.
The Group participates in and makes contributions to the national pension schemes as defined by the laws of the countries in which it has operations. The contributions are at a fixed proportion of the basic salary of the staff. Contributions are recognized as compensation expense in the period in which the related services are performed.
Employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (“equity-settled transactions”). Equity-settled transactions The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized in “staff cost” (Note 8.4), together with a corresponding increase in performance share reserve in equity, over the period in which the performance and/or service conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. No expense is recognized for awards that do not ultimately vest, except for equity-settled transactions for which vesting is conditional upon a market or non-vesting condition. These are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. When the terms of an equity-settled award are modified, the minimum expense recognized is the expense had the terms not been modified, provided the original terms of the award are met. An additional expense, measured as at the date of modification, is recognized for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share (further details are given in Note 10).
Development properties are properties acquired or being constructed for sale in the ordinary course of business, rather than to be held for the Group’s own use, rental or capital appreciation. Development properties are held as inventories and are measured at the lower of cost and net realizable value. Non-refundable commissions paid to sales or marketing agents on the sale of real estate units are expensed when incurred. 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.
For management purposes, the Group is organized into operating segments based on their products and services which are independently managed by the respective segment managers responsible for the performance of the respective segments under their charge. The segment manager’s report directly to the management of the Company who regularly review the segment results in order to allocate resources to the segments and to assess the segment performance. Additional disclosures on each of these segments are shown in Note 32, including the factors used to identify the reportable segments and the measurement basis of segment information.
New and amended standards and interpretations The Group applied for the first time certain amendments to the standards, which are effective for annual periods beginning on or after January 1, 2017. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective. The nature and the effect of these changes are disclosed below. Although these new standards and amendments applied for the first time in 2017, they did not have a material impact on the annual consolidated financial statements of the Group. The nature and the impact of each new standard or amendment is described below: IAS 7 Disclosure Initiative – Amendments to IAS 7 The amendments require entities to provide disclosure of changes in their liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes (such as foreign exchange gains or losses). The Group has provided the information for both the current and the comparative period in Note 36. IAS 12 Recognition of Deferred Tax Assets for Unrealized Losses – Amendments to IAS 12 The amendments clarify that an entity needs to consider whether tax law restricts the sources of taxable profits against which it may make deductions on the reversal of that deductible temporary difference. Furthermore, the amendments provide guidance on how an entity should determine future taxable profits and explain the circumstances in which taxable profit may include the recovery of some assets for more than their carrying amount. The Group applied amendments retrospectively. However, their application has no effect on the Group’s financial position and performance as the Group has no deductible temporary differences or assets that are in the scope of the amendments. IFRS Practice Statement 2: Making Materiality Judgements The Practice Statement (PS) contains non-mandatory guidance to help entities making materiality judgements when preparing general purpose IFRS financial statements. The PS may also help users of financial statements to understand how an entity makes materiality judgements in preparing such financial statements. The PS comprises guidance in three main areas:
Furthermore, the PS discusses the interaction between the materiality judgements an entity is required to make and local laws and regulations. The PS includes examples illustrating how an entity might apply the guidance. The PS is a non-mandatory document, it does not change or introduce any requirements in IFRS. However, the PS provides helpful guidance for entities making materiality judgements and thus may improve the communication effectiveness of financial statements. Companies are permitted to apply the guidance in the PS to financial statements prepared any time after September 14, 2017. The Group believe that appropriate materiality judgements have been made in the preparation of its consolidated financial statements for financial year ended December 31, 2017.
Annual improvements 2014-2016 cycle Amendments to IFRS 12 Disclosure of Interests in Other Entities – Clarification of the scope of the disclosure requirements in IFRS 12 The amendments clarify that the disclosure requirements in IFRS 12, other than those in paragraphs B10–B16, apply to an entity’s interest in a subsidiary, a joint venture or an associate (or a portion of its interest in a joint venture or an associate) that is classified (or included in a disposal group that is classified) as held for sale. These amendments have no material impact to the Group.
The standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective. IFRS 9 Financial Instruments In July 2014, the IASB issued the final version of IFRS 9 Financial Instruments that replaces IAS 39 Financial Instruments: Recognition and Measurement and all previous versions of IFRS 9. IFRS 9 brings together all three aspects of the accounting for financial instruments project: classification and measurement, impairment and hedge accounting. IFRS 9 is effective for annual periods beginning on or after January 1, 2018, with early application permitted. Except for hedge accounting, retrospective application is required but providing comparative information is not compulsory. For hedge accounting, the requirements are generally applied prospectively, with some limited exceptions. The Group plans to adopt the new standard on the required effective date without restating prior periods’ information. During 2017, the Group has performed a detailed impact assessment of all three aspects of IFRS 9. This assessment is based on currently available information and may be subject to changes arising from further reasonable and supportable information being made available to the Group in 2018 when the Group will adopt IFRS 9. Overall, except for the implementation of a change in the classification and measurement of bills receivable, the Group expects no significant impact on its consolidated statement of financial position and equity. The Group does not apply hedge accounting. The Group’s assessment of the elements of IFRS 9 is as described below:
The Group considers business model for managing the financial assets and contractual cash flow characteristics of the financial assets, and conclude that the measurement basis arising from adopting the new classification and measurement model under IFRS 9 as below. Loans and trade and other receivables that are currently accounted for at amortized cost will continue to be accounted for using amortized cost model under IFRS 9. Loans as well as trade and other receivables are held to collect contractual cash flows and are expected to give rise to cash flows representing solely payments of principal and interest. The Group analyzed the contractual cash flow characteristics of those instruments and concluded that they meet the criteria for amortized cost measurement under IFRS 9. Therefore, reclassification for these instruments is not required. Bills receivable that are currently accounted for at amortized cost will be accounted for at fair value through other comprehensive income under IFRS 9. For financial assets currently held at fair value, the Group expects to continue measuring most of these assets at fair value under IFRS 9. Equity securities that are currently classified as held for trading will continue to be measured at fair value through profit or loss.
IFRS 9 requires the Group to record expected credit losses on all of its trade receivables, either on a 12-month or lifetime basis. The Group will apply the simplified approach and record lifetime expected losses on all trade receivables. The Group does not expect a significant change in the expected loss allowance by adopting the new IFRS 9 compared with Group’s current practice.
In addition to the adjustments described above, on adoption of IFRS 9, the Group does not expect significant adjustments to the other items of the consolidated financial statements. In summary, the impact of IFRS 9 adoption is expected to result in a decrease in trade and other receivables by RMB 137.3 million (US$21.7 million) and a decrease in the equity by RMB 137.3 million (US$21.7 million) as of December 31, 2017. IFRS 15 Revenue from Contracts with Customers IFRS 15 was issued in May 2014 and amended in April 2016, establishes a five-step model to account for revenue arising from contracts with customers. Under IFRS 15, revenue is recognized at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. The new revenue standard will supersede all current revenue recognition requirements under IFRS. Either a full retrospective application or a modified retrospective application is required for annual periods beginning on or after January 1, 2018. Early adoption is permitted. The Group plans to adopt the new standard on the required effective date using the full retrospective method. The Group has performed a preliminary impact assessment of IFRS 15 based on currently available information. This assessment may be subject to changes arising from ongoing analysis. The Group expects the following impact upon the adoption of IFRS 15:
The Group provides certain warranties for both general repairs and maintenance services as part of the sales of goods. For general repairs, such warranties will be assurance-type warranties which will continue to be accounted for under IAS 37 Provisions, Contingent Liabilities and Contingent Assets consistent with its current practice. For maintenance services, under IFRS 15, such warranties will be accounted for as service-type warranties and, therefore, will be accounted for as a separate performance obligation for which the Group will allocate a portion of the transaction price to this performance obligation. Upon the adoption of IFRS 15, the Group expects to record an adjustment to the consolidated statement of profit or loss for the financial year ended December 31, 2017 with a decrease in selling and distribution expenses by RMB 195.9 million (US$31.0 million), a decrease in revenue by RMB 21.1 million (US$3.3 million) and an increase in cost of sales by RMB 176.8 million (US$27.9 million). The Group also expects to record an adjustment to the consolidated statement of financial position as at December 31, 2017 with a decrease in provision for product warranty by RMB 19.1 million (US$3.1million), an increase in contract liability by RMB 21.1 million (US$3.3 million) and a decrease in retained earnings as at January 1, 2017 by RMB 5.3 million (US$0.8 million).
The Group provides volume rebates or trade discount to its customers. Currently, the Group recognizes revenue from the sale of goods measured at the fair value of the consideration received or receivable, net of volume rebates and trade discounts. Under its existing accounting policy, the Group estimates the expected volume rebates or trade discount using the expected amount of rebates approach and included them in accruals. IFRS 15 requires the estimated variable consideration to be constrained to prevent over-recognition of revenue. The Group has closely monitored and assessed the provision for volume rebates and trade discounts and does not expect material impact in revenue recognition.
Under IFRS 15, an entity estimates the transaction price and recognizes revenue based on the amounts to which the entity expects to be entitled through the end of the return period, and recognize such amount of expected returns as a refund liability, representing its obligation to return the customer’s consideration. To assess the impact in this regard, the Group has collated the statistics of actual sales return incurred for the past years. Based on the historical records and management estimates, the Group believes the effect from the sales with a right of return on adoption of IFRS 15 is insignificant to the overall financial results of the Group.
Under IAS 18 Revenue, the sale of a certain intangible asset amounting to RMB 115.2 million (US$18.2 million) was recognized in 2017 as other income, as the requirement for the production milestone was fulfilled. With the adoption of IFRS 15, management has reviewed and concluded that the Group had significantly performed its obligations in 2015. Therefore, upon the adoption of IFRS 15, it will result in a decrease in other operating income of RMB 115.2 million (US$18.2 million) and tax expense of RMB 26.0 million (US$4.1 million) for the financial year ended December 31, 2017, and a corresponding increase in retained earnings of RMB 89.2 million (US$14.1 million) as at January 1, 2017.
The presentation and disclosure requirements in IFRS 15 are more detailed than under current IFRS. The presentation requirements represent a significant change from current practice and significantly increases the volume of disclosures required in the Group’s financial statements. Many of the disclosure requirements in IFRS 15 are new and the Group has assessed that the impact of some of these disclosures requirements will be significant. In particular, the Group expects that the notes to the financial statements will be expanded because of the disclosure of significant judgements made: when determining the transaction price of those contracts that include variable consideration, how the transaction price has been allocated to the performance obligations, and the assumptions made to estimate the stand-alone selling prices of each performance obligation. Also, extended disclosures are expected as a result of the significant judgement made when assessing the contracts where the Group has concluded that: it acts as an agent instead of a principal, there is a significant financing component, and service-type warranties are provided. In addition, as required by IFRS 15, the Group will disaggregate revenue recognized from contracts with customers into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. It will also disclose information about the relationship between the disclosure of disaggregated revenue and revenue information disclosed for each reportable segment. In 2017, the Group continued testing of appropriate systems, internal controls, policies and procedures necessary to collect and disclose the required information. In summary, with the adoption of IFRS 15, the Group expects to record a decrease in its selling and distribution expenses by RMB 195.9 million (US$31.0 million), a decrease in revenue by RMB 21.1 million (US$3.3 million), a decrease in other operating income by RMB 115.2 million (US$18.2 million), a decrease in tax expense by RMB 26.0 million (US$ 4.1 million) and an increase in cost of sales by RMB 176.8 million (US$27.9 million) to its consolidated statement of profit or loss for the financial year ended December 31, 2017. The Group also expects to record a decrease in provision for product warranty by RMB 19.1 million (US$3.1 million), an increase in contract liability by RMB 21.1 million (US$3.3 million) and an increase in retained earnings by RMB 83.9 million (US$ 13.3 million) as at January 1, 2017.
Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture The amendments address the conflict between IFRS 10 and IAS 28 in dealing with the loss of control of a subsidiary that is sold or contributed to an associate or joint venture. The amendments clarify that the gain or loss resulting from the sale or contribution of assets that constitute a business, as defined in IFRS 3, between an investor and its associate or joint venture, is recognized in full. Any gain or loss resulting from the sale or contribution of assets that do not constitute a business, however, is recognized only to the extent of unrelated investors’ interests in the associate or joint venture. The IASB has deferred the effective date of these amendments indefinitely, but an entity that early adopts the amendments must apply them prospectively. The Group does not intend to early adopt the amendments. The Group will perform assessment on the impact once the IASB has decided the effective date of these amendments. IFRS 2 Classification and Measurement of Share-based Payment Transactions – Amendments to IFRS 2 The IASB issued amendments to IFRS 2 Share-based Payment that address three main areas: the effects of vesting conditions on the measurement of a cash-settled share-based payment transaction; the classification of a share-based payment transaction with net settlement features for withholding tax obligations; and accounting where a modification to the terms and conditions of a share-based payment transaction changes its classification from cash settled to equity settled. On adoption, entities are required to apply the amendments without restating prior periods, but retrospective application is permitted if elected for all three amendments and other criteria are met. The amendments are effective for annual periods beginning on or after January 1, 2018, with early application permitted. The Group’s Equity Incentive Plan is considered an equity-settled share-based payment transactions and all the share options granted under this plan were vested in July 2017. The Group does not plan to elect for retrospective application and does not expect the amendments to have any material impact to the Group. IFRS 16 Leases IFRS 16 was issued in January 2016 and it replaces IAS 17 Leases, IFRIC 4 Determining whether an Arrangement contains a Lease, SIC-15 Operating Leases-Incentives and SIC-27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for all leases under a single on-balance sheet model similar to the accounting for finance leases under IAS 17. The standard includes two recognition exemptions for lessees – leases of ‘low-value’ assets (e.g., personal computers) and short-term leases (i.e., leases with a lease term of 12 months or less). At the commencement date of a lease, a lessee will recognize a liability to make lease payments (i.e., the lease liability) and an asset representing the right to use the underlying asset during the lease term (i.e., the right-of-use asset). Lessees will be required to separately recognize the interest expense on the lease liability and the depreciation expense on the right-of-use asset. Lessees will be also required to remeasure the lease liability upon the occurrence of certain events (e.g., a change in the lease term, a change in future lease payments resulting from a change in an index or rate used to determine those payments). The lessee will generally recognize the amount of the remeasurement of the lease liability as an adjustment to the right-of-use asset. Lessor accounting under IFRS 16 is substantially unchanged from today’s accounting under IAS 17. Lessors will continue to classify all leases using the same classification principle as in IAS 17 and distinguish between two types of leases: operating and finance leases. IFRS 16 also requires lessees and lessors to make more extensive disclosures than under IAS 17. IFRS 16 is effective for annual periods beginning on or after January 1, 2019. Early application is permitted, but not before an entity applies IFRS 15. A lessee can choose to apply the standard using either a full retrospective or a modified retrospective approach. The standard’s transition provisions permit certain reliefs. The Group plans to adopt the new standard on the required effective date. In 2018, the Group will continue to assess the potential effect of IFRS 16 on its consolidated financial statements.
IFRS 17 Insurance Contracts In May 2017, the IASB issued IFRS 17 Insurance Contracts (“IFRS 17”), a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. Once effective, IFRS 17 will replace IFRS 4 Insurance Contracts (“IFRS 4”) that was issued in 2005. IFRS 17 applies to all types of insurance contracts (i.e., life, non-life, direct insurance and re-insurance), regardless of the type of entities that issue them, as well as to certain guarantees and financial instruments with discretionary participation features. A few scope exceptions will apply. The overall objective of IFRS 17 is to provide an accounting model for insurance contracts that is more useful and consistent for insurers. In contrast to the requirements in IFRS 4, which are largely based on grandfathering previous local accounting policies, IFRS 17 provides a comprehensive model for insurance contracts, covering all relevant accounting aspects. The core of IFRS 17 is the general model, supplemented by:
IFRS 17 is effective for reporting periods beginning on or after January 1, 2021, with comparative figures required. Early application is permitted, provided the entity also applies IFRS 9 and IFRS 15 on or before the date it first applies IFRS 17. This standard is not applicable to the Group. IFRIC Interpretation 22 Foreign Currency Transactions and Advance Consideration The interpretation clarifies that in determining the spot exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on the derecognition of a non-monetary asset or non-monetary liability relating to advance consideration, the date of the transaction is the date on which an entity initially recognizes the non-monetary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, then the entity must determine a date of the transactions for each payment or receipt of advance consideration. IFRIC 22 is effective for annual periods beginning on or after January 1, 2018. Early application of interpretation is permitted and must be disclosed. Entities may apply the amendments on a fully retrospective basis. Alternatively, an entity may apply the interpretation prospectively to all assets, expenses and income in its scope that are initially recognized on or after:
The Group does not expect the application of IFRIC 22 to have material impact to the Group. IFRIC Interpretation 23 Uncertainty over Income Tax Treatments The Interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of IAS 12. The Interpretation does not apply to taxes or levies outside the scope of IAS 12, nor does it specifically include requirements relating to interest and penalties associated with uncertain tax treatments. The Interpretation specifically addresses the following:
An entity has to determine whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments. The approach that better predicts the resolution of the uncertainty should be followed.
The Interpretation is effective for annual reporting periods beginning on or after January 1, 2019, but certain transition reliefs are available. The Group is currently assessing the impact of the interpretation and plans to adopt the interpretation on the required effective date. Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts – Amendments to IFRS 4 The amendments address concerns arising from implementing the new financial instruments Standard, IFRS 9, before implementing IFRS 17 Insurance Contracts, which replaces IFRS 4. The amendments introduce two options for entities issuing insurance contracts:
The optional temporary exemption from IFRS 9 permits entities whose predominant activities are connected with insurance to defer the application of IFRS 9 until 2021. The entities that defer the application of IFRS 9 will continue to apply the existing financial instruments Standard—IAS 39.
The overlay approach permits all issuers of insurance contracts to recognize in other comprehensive income, rather than profit or loss, the volatility that could arise when IFRS 9 is applied before the new insurance contracts Standard is issued. The temporary exemption is first applied for reporting periods beginning on or after January 1, 2018. An entity may elect the overlay approach when it first applies IFRS 9 and apply that approach retrospectively to financial assets designated on transition to IFRS 9. The entity restates comparative information reflecting the overlay approach if, and only if, the entity restates comparative information when applying IFRS 9. This amendment is not relevant to the Group as the Group is not an issuer of insurance contract. Transfers of Investment Property -Amendments to IAS 40 The amendments clarify when an entity should transfer property, including property under construction or development into, or out of investment property. The amendments state that a change in use occurs when the property meets, or ceases to meet, the definition of investment property and there is evidence of the change in use. A mere change in management’s intentions for the use of a property does not provide evidence of a change in use. The amendments are effective for annual periods beginning on or after January 1, 2018. Entities should apply the amendments prospectively to changes in use that occur on or after the beginning of the annual reporting period in which the entity first applies the amendments. An entity should reassess the classification of property held at that date and, if applicable, reclassify property to reflect the conditions that exist at that date. Retrospective application in accordance with IAS 8 is only permitted if that is possible without the use of hindsight. Early application of the amendments is permitted and must be disclosed. The Group does not plan to early adopt the amendments and does not expect the amendments to have material impact to the Group. Annual improvements 2014-2016 cycle (issued in December 2016) IFRS 1 First-time Adoption of International Financial Reporting Standards - Deletion of short-term exemptions for first-time adopters Short-term exemptions in paragraphs E3–E7 of IFRS 1 were deleted because they have now served their intended purpose. The amendment is effective from January 1, 2018. This amendment is not applicable to the Group.
AIP IAS 28 Investments in Associates and Joint Ventures – Clarification that measuring investees at fair value through profit or loss is an investment – by – investment choice The amendments clarify that:
The amendments should be applied retrospectively and are effective from January 1, 2018, with earlier application permitted. If an entity applies those amendments for an earlier period, it must disclose that fact. The amendments are not expected to have any impact to the Group as the Group does not plan to measure its investments in associates and joint ventures at fair value through profit or loss. Prepayment Features with Negative Compensation – Amendments to IFRS 9 Under IFRS 9, a debt instrument can be measured at amortized cost or at fair value through other comprehensive income, provided that the contractual cash flows are ‘solely payments of principal and interest on the principal amount outstanding’ (the SPPI criterion) and the instrument is held within the appropriate business model for that classification. The amendments to IFRS 9 clarify that a financial asset passes the SPPI criterion regardless of the event or circumstance that causes the early termination of the contract and irrespective of which party pays or receives reasonable compensation for the early termination of the contract. The amendment is effective for annual periods beginning on or after January 1, 2019. The amendments must be applied retrospectively; earlier application is permitted. The amendment provides specific transition provisions if it is only applied in 2019 rather than in 2018 with the remainder of IFRS 9. The Group does not plan to early adopt the amendments and does not expect the amendments to have material impact to the Group. Modification or exchange of a financial liability that does not result in derecognition The IASB clarified that the requirements in IFRS 9 for adjusting the amortized cost of a financial liability, when a modification (or exchange) does not result in derecognition, are consistent with those applied to the modification of a financial asset that does not result in derecognition. The gain or loss arising on modification of a financial liability that does not result in derecognition, calculated by discounting the change in contractual cash flows at the original effective interest rate, is immediately recognized in profit or loss. This clarification relates to the application of IFRS 9 and does not need to be applied to the accounting for modification of liabilities under IAS 39 Financial Instruments: Recognition and Measurement. Any entities that have not applied this accounting under IAS 39 are therefore likely to have a change of accounting on transition. As there is no specific relief, this change needs to be made retrospectively. The Group does not plan to early adopt the amendments and does not expect the amendments to have material impact to the Group.
Long-term interests in associates and joint ventures – Amendments to IAS 28 The amendments clarify that an entity applies IFRS 9 Financial Instruments to long-term interests in an associate or joint venture to which the equity method is not applied but that, in substance, form part of the net investment in the associate or joint venture (long-term interests). This clarification is relevant because it implies that the expected credit loss model in IFRS 9 applies to such long-term interests. The Board also clarified that, in applying IFRS 9, an entity does not take account of any losses of the associate or joint venture, or any impairment losses on the net investment, recognized as adjustments to the net investment in the associate or joint venture that arise from applying IAS 28 Investments in Associates and Joint Ventures. The amendment is effective for annual periods beginning on or after January 1, 2019. Entities must apply the amendments retrospectively, with certain exceptions. Early application of the amendments is permitted and must be disclosed. The amendments will eliminate ambiguity in the wording of the standard. The amendment do not have any impact on the Group. Annual improvements 2015-2017 cycle (issued in December 2017) IFRS 3 Business Combinations – Previously held Interests in a joint operation The amendments clarify that, when an entity obtains control of a business that is a joint operation, it applies the requirements for a business combination achieved in stages, including remeasuring previously held interests in the assets and liabilities of the joint operation at fair value. An entity applies those amendments to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after January 1, 2019. Earlier application is permitted. The Group does not plan to early adopt the amendments. IFRS 11 Joint Arrangements – Previously held Interests in a joint operation A party that participates in, but does not have joint control of, a joint operation might obtain joint control of the joint operation in which the activity of the joint operation constitutes a business as defined in IFRS 3. The amendments clarify that the previously held interests in that joint operation are not remeasured. An entity applies those amendments to transactions in which it obtains joint control on or after the beginning of the first annual reporting period beginning on or after January 1, 2019. Earlier application is permitted. The Group does not plan to early adopt the amendments. IAS 12 Income Taxes – Income tax consequences of payments on financial instruments classified as equity The amendments clarify that the income tax consequences of dividends are linked more directly to past transactions or events that generated distributable profits than to distributions to owners. Therefore, an entity recognizes the income tax consequences of dividends in profit or loss, other comprehensive income or equity according to where the entity originally recognized those past transactions or events. An entity applies those amendments for annual reporting periods beginning on or after January 1, 2019. Earlier application is permitted. When an entity first applies those amendments, it applies them to the income tax consequences of dividends recognized on or after the beginning of the earliest comparative period. The Group does not plan to early adopt the amendments. The Group does not expect the amendments to have material impact to the Group.
IAS 23 Borrowing Costs – Borrowing costs eligible for capitalization The amendments clarify that an entity treats as part of general borrowings any borrowing originally made to develop a qualifying asset when substantially all of the activities necessary to prepare that asset for its intended use or sale are complete. An entity applies those amendments to borrowing costs incurred on or after the beginning of the annual reporting period in which the entity first applies those amendments. An entity applies those amendments for annual reporting periods beginning on or after January 1, 2019. Earlier application is permitted. The Group does not plan to early adopt the amendments. The Group does not expect the amendments to have material impact to the Group. |
Significant accounting judgments, estimates and assumptions |
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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.
In the process of applying the Group’s accounting policies, management has made the following judgments, which have the most significant effect on the amounts recognized in the consolidated financial statements:
Consolidation of a structured entity As discussed in Note 1.2 above, based on the contractual terms, the Group assessed that the voting rights in Jining Yuchai are not the dominant factor in deciding who controls Jining Yuchai. Also, it is assessed that there is insufficient equity financing to allow Jining Yuchai to finance its activities without the non-equity financial support from Yuchai. Therefore, the Group concluded that Jining Yuchai is a structured entity under IFRS 10 and, through the contractual arrangements, has the power to exercise effective control and is able to direct the activities of Jining Yuchai that most significantly affect its economic performance, and has the exposure or rights to receive benefits from Jining Yuchai from its involvement. Therefore, Jining Yuchai was consolidated in the Group’s consolidated financial statements for financial year 2015 and 2016. In 2017, Yuchai acquired 100% equity interest of Jining Yuchai from the Purchaser, Jining Yuchai became a wholly owned subsidiary of the Group and consolidated in the Group’s consolidated financial statements for financial year 2017. Derecognition of bills receivable The Group sell bills receivable to banks on an ongoing basis depending on funding needs and money market conditions. While the buyer is responsible for servicing the receivables upon maturity of the bills receivable, Chinese law governing bills allows recourse to be traced to all the parties in the discounting process. In relation to the transfer of risks and rewards of the bills receivable when discounted, the management believes that the risks and rewards relating to the bills receivable are substantially transferred to the banks. Accordingly, bills receivable are derecognized, and a discount equal to the difference between the carrying value of the bills receivable and cash received is recorded in the statement of profit or loss. Please refer to Note 20. Deferred tax assets Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax planning strategies. The carrying amounts of deferred tax assets as of December 31, 2016 and 2017 are RMB 308,207 and RMB 315,390 (US$49,829) respectively. If the Group was able to recognize all unrecognized deferred tax assets, profit would increase by RMB 182,726 (US$28,869) for year ended December 31, 2017 (2016: RMB 189,589).
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 fifteen years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the asset’s performance of the CGU being tested. The Group, based on its history of operations, believes that the adoption of forecast for more than five years is reasonable. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill recognized by the Group. The key assumptions used to determine the recoverable amount for the different CGUs and assets, including a sensitivity analysis, are disclosed and further explained in Note 6, Note 14 and Note 15.
Impairment of trade receivables The Group makes impairment on trade receivables based on an assessment of the recoverability of trade receivables. Impairment is applied to trade receivables where events or changes in circumstances indicate that the balances may not be collectible. The identification of impairment requires the use of judgment and estimates. Judgment is required in assessing the ultimate realization of these receivables, including the current creditworthiness, past collection history of each customer and on-going dealings with them. Where the expectation is different from the original estimate, such difference will impact the carrying value of trade receivables and impairment loss in the period in which such estimate has been changed. The carrying amounts of impairment of trade receivables as of December 31, 2016 and 2017 were RMB 54,634 and RMB 43,775 (US$6,916) respectively. Allowance for inventory obsolescence Management reviews the inventory listing on a periodic basis. This review involves comparison of the carrying value of the inventory items with the respective net realizable value. The purpose is to ascertain whether an allowance is required to be made in the financial statements for any obsolete and slow-moving items. The carrying amounts of allowance for inventory obsolescence as at December 31, 2016 and 2017 were RMB 126,796 and RMB 106,895 (US$16,889) respectively. Provision for product warranty The Group recognizes a provision for product warranty in accordance with the accounting policy stated on Note 2.3(u). The Group has made assumptions in relation to historical warranty cost per unit of engines sold. The carrying amounts of the provision of product warranty as at December 31, 2016 and 2017 were RMB 238,850 and RMB 290,306 (US$45,866) respectively. Withholding tax The China’s Unified Enterprise Income Tax Law (“CIT law”) also provides for a tax of 10% to be withheld from dividends paid to foreign investors of PRC enterprises. This withholding tax provision does not apply to dividends paid out of profits earned prior to January 1, 2008. Beginning on January 1, 2008, a 10% withholding tax is imposed on dividends paid to the Company, as a non-resident enterprise, unless an applicable tax treaty provides for a lower tax rate and the Company will recognize a provision for withholding tax payable for profits accumulated after December 31, 2007 for the earnings that the Company does not plan to indefinitely reinvest in the PRC enterprises. The carrying amounts of deferred tax liabilities for withholding tax payable as of December 31, 2016 and 2017 are RMB 103,347 and RMB 100,572 (US$15,890) respectively. The Company estimated the withholding tax by taking into consideration the dividend payment history of Yuchai and the operating cash flow needs of the Company.
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Investments in subsidiaries |
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Investments in subsidiaries |
Details of significant subsidiaries of the Group are as follows:
Note:
In November, 2017, Yuchai acquired 100% equity interest in Jining Yuchai, As a result, Jining Yuchai became a wholly owned subsidiary of Yuchai. For details, please refer to Note 1.2. The Group has the following subsidiary that has non-controlling interests (“NCI”) that are material to the Group.
Summarized financial information including goodwill on acquisition and consolidation adjustments but before intercompany eliminations of subsidiaries with material non-controlling interests are as follows:
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 interests are: Cash and cash equivalents of RMB 4,710,158 (US$744,171) (2016: RMB 3,270,182) held in the PRC are subject to local exchange control regulations. These regulations places restriction on the amount of currency being exported other than through dividends, trade and service related transactions.
Disposal of a subsidiary in 2015 On September 21, 2015, the Group disposed of one of its wholly-owned subsidiaries, Xiamen Yuchai Diesel Engines Co., Ltd. (“Xiamen Yuchai”) and the disposal consideration was settled in cash. The value of assets and liabilities of the disposal recorded in the consolidated financial statements and the cash flow effect of the disposals were:
Acquisition of ownership in subsidiaries, without loss of control in 2015
Acquisition of additional interest in a joint venture in 2016 In December 2016, Yuchai acquired an additional 32.5% equity interest in its 35% owned joint venture, YC Europe Co., Limited (“YC Europe”) through share allotment transfer and the injection of share capital will be completed in phases. Upon the full injection of capital, Yuchai’s equity interest in YC Europe will increase from 35% to 67.5%. The Group has elected to measure the non-controlling interest at the non-controlling interest’s proportionate share of YC Europe’s net identifiable assets. There was no gain or loss on remeasuring previously held equity interest in YC Europe to fair value at the acquisition date. YC Europe was newly incorporated in April 2015 to market off-road engines (excluding marine engines) in Europe. As at December 31, 2016, YC Europe is a subsidiary of the Group. The contribution from the acquisition to the Group’s financial performance for the year ended December 31, 2016, and net assets as at December 31, 2016 were not material. Goodwill arising from the acquisition of RMB 1,131 was fully written off and recognized in the “other operating expenses” line item in the Group’s profit or loss for the year ended December 31, 2016.
Acquisition of ownership in subsidiaries, without loss of control in 2016 In September 2016, YMMC acquired 47.53% of equity interest in Sichuan Yuchai Machinery Industry Company Limited (“YMMC Sichuan”) from non-controlling interest for a cash consideration of RMB 8.9 million. As a result, YMMC Sichuan became wholly owned subsidiary of YMMC. Acquisition of ownership in subsidiaries, without loss of control in 2017
Prior to the acquisition, Yuchai control 100% of Jining Yuchai through various contractual agreements and consolidated Jining Yuchai’s financial results in the Group’s consolidated financial statements. The acquisition would not have financial impact in the Group’s profit or loss for the year ended December 31, 2017. Disposal of subsidiaries in 2017 On November 22, 2017, HLGE disposed its entire shareholding in its wholly-owned subsidiary, LKN Investment International Pte. Ltd (“LKNII”) together with LKNII’s wholly-owned subsidiary, Shanghai Hutai Real Estate Development Co., Ltd to a third party for a cash consideration of RMB395.0 million (US$62.4 million). The value of assets and liabilities of the disposal recorded in the consolidated financial statements and the cash flow effect of the disposals were:
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Investment in associates |
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Investment in associates |
The Group’s investment in associates are summarized as below:
Details of the associates are as follows:
Note:
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Investment in joint ventures |
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Text Block1 [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in joint ventures |
Note:
The Group has interests in the following joint ventures:
Note:
The Group assess impairment of investments when adverse events or changes in circumstances indicate that the carrying amounts may not be recoverable. If the recoverable amount of investment is below its carrying amount, an impairment charge is recognized. The Group performs evaluation of the value of its investment using a discounted cash flows projection or fair value less cost of disposal where appropriate. The projection will be performed using historical trends as a reference and certain assumptions to project the future streams of cash flows. In 2015, the Group performed impairment evaluation of its investments in joint ventures. As a result, the Group reversed the earlier impairment of RMB 21.9 million for Copthorne Qingdao. The reversal was made because the fair value less cost of disposal estimated in the latest independent valuation report is higher than the carrying amount and the management had obtained the consent from its joint venture partner to sell the joint venture. The Group estimated the recoverable amounts of investment in Copthorne Qingdao based on its fair value less cost of disposal. The fair value is determined using recognized valuation technique, which is discounted cash flow method. The calculations require the use of key significant unobservable inputs (fair value level 3), which are occupancy rates, room rates, discount rates and gross margins of operating hotel. With regards to the valuation of the recoverable amount of Copthorne Qingdao, management believes that no reasonably possible changes in any of the key assumptions would cause the carrying value of the joint venture to materially exceed its recoverable amount. In 2016 and 2017, the Group performed impairment evaluation of its investments in joint ventures, no impairment was required.
The summarized financial information of the joint ventures, based on their IFRS financial statements, and reconciliation with the carrying amount of the investment in consolidated financial statements are set out below:
Note: As of December 31, 2017, the Group’s share of joint ventures’ capital commitment that are contracted but not paid was RMB 30,000 (US$4,740) (2016: RMB 10,982).
As of December 31, 2017, the Group’s share of outstanding bills receivables discounted with banks for which Y & C retained a recourse obligation totaled RMB Nil (US$Nil) (2016: RMB 1,440). As of December 31, 2017, the Group’s share of outstanding bills receivables endorsed to suppliers for which Y & C retained a recourse obligation were RMB 23,288 (US$3,679) (2016: RMB 5,113). Significant restrictions The nature and extent of significant restrictions on the Group’s ability to use or access assets and settle liabilities of joint ventures are: The Group’s share of cash and cash equivalents of RMB 67,238 (US$10,623) (2016: RMB 26,437) held in the PRC are subject to local exchange control regulations. These regulations places restriction on the amount of currency being exported other than through dividends, trade and service related transactions. As at December 31, 2017, the Group’s share of restricted trade receivables of RMB 6,766 (US$1,069) (2016: RMB 34,403) that were factored to large banks in China. The Group’s joint venture have obligation to the banks for its trade receivables with recourse. As at December 31, 2017, the Group’s share of restricted cash of RMB 80,452 (US$12,711) (2016: RMB 18,119) which was used as collateral by the banks for the issuance of bills to suppliers. As at December 31, 2017, the Group’s share of bills receivables of RMB 12,150 (US$1,920) (2016: RMB Nil) which was used as collateral by banks for the issuance of bills to suppliers. |
Revenue |
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Revenue |
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Other income and expenses recognized in statement of profit and loss |
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Other income and expenses recognized in statement of profit and loss |
Depreciation of property, plant and equipment, investment property and amortization of prepaid operating leases are included in the following captions.
Sales related shipping and handling expenses not separately billed to customers are included in the following caption:
|
Income tax expense |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Income tax expense |
Income tax expense in the consolidated statement of profit or loss consists of:
Income tax expense reported in the consolidated statement of profit or loss differs from the amount computed by applying the PRC income tax rate of 15% (being tax rate of Yuchai) for the years ended December 31, 2017, 2016 and 2015 for the following reasons:
Deferred tax Deferred tax relates to the following:
Note:
The CIT law provides for a tax of 10% to be withheld from dividends paid to foreign investors of PRC enterprises. This withholding tax provision does not apply to dividends paid out of profit earned prior to January 1, 2008. Beginning on January 1, 2008, a 10% withholding tax is imposed on dividends paid to the Company, as a non-resident enterprise, unless an applicable tax treaty provides for a lower tax rate. The Company recognizes a deferred tax liability for withholding tax payable for profits accumulated after December 31, 2007 for the earnings that the Company does not plan to indefinitely reinvest in the PRC enterprises. As of December 31, 2017, the deferred tax liability for withholding tax payable was RMB 100,572 (US$15,890) (2016: RMB 103,347). The amount of unrecognized deferred tax liability relating to undistributed earnings of the PRC enterprises is estimated to be RMB 228,008 (US$36,024) (2016: RMB 212,176). The following table represents the classification of the Group’s net deferred tax assets:
Deferred tax assets have not been recognized in respect of the following items:
Unrecognized tax losses for the Group are subject to agreement with the tax authorities and compliance with tax regulations in the respective countries in which the Group operates. These losses relate to subsidiaries that have a history of losses, expire within the next 5 years and may not be used to offset taxable income elsewhere in the Group. Deferred tax assets have not been recognized in respect of these items because it is not probable that future taxable profits will be available against which the Group can utilize the benefits. |
Earnings per share |
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Earnings per share |
Basic earnings per share amounts are calculated by dividing the profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share amounts are calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. Basic earnings per share The calculation of basic earnings per share is based on:
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:
In 2017, 470,000 (2016: 530,000; 2015: 570,000) share options granted to employees under the existing employee share option plan have not been included in the calculation of diluted earnings per share because they are anti-dilutive. |
Property, plant and equipment |
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Property, plant and equipment |
An impairment loss of RMB 20,845 (US$ 3,293) (2016: RMB 3,297; 2015: RMB 2,873) was charged to the consolidated statement of profit or loss under “Cost of sales” for the Group’s property, plant and equipment within the Yuchai segment. The impairment loss for 2015, 2016 and 2017 was due to assets that were not in use. As of December 31, 2017, property, plant and equipment with a carrying amount of RMB 82,710 (US$13,068) (2016: RMB 84,360) are pledged to secure bank facilities. Finance leases The carrying value of property, plant and equipment held under finance leases at December 31, 2017 was RMB 96 (US$15) (2016: RMB 144). In 2017, there was no addition of property, plant and equipment under finance leases (2016: RMB86). |
Investment property |
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Investment property |
The Group has no restrictions on the realizability of its investment property and no contractual obligations to purchase, construct or develop investment property or for repairs, maintenance or enhancement. The fair value is determined by independent professional valuers that has appropriate recognized professional qualifications and recent experience in the location and category of the property being valued. In valuing the investment property, due consideration is given to factors such as location and size of building, building infrastructure, market knowledge, historical transactions and other relevant factors to arrive at their opinion of value. The following table shows information about fair value measurement of the investment property using significant unobservable inputs (Level 3):
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Prepaid operating leases |
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Prepaid operating leases |
Yuchai is granted land use rights of 15 to 50 years in respect of such land. Prepaid operating leases represent those amounts paid for land use rights to the PRC government.
As of December 31, 2017, prepaid operating leases with a carrying amount of RMB Nil (US$Nil) (2016: RMB 71,022) are pledged to secure bank facilities. |
Goodwill |
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Goodwill |
Goodwill represents the excess of costs over fair value of net assets of businesses acquired. Goodwill acquired through business combinations have been allocated to two cash-generating units for impairment testing as follows:
Carrying amount of goodwill allocated to the cash-generating unit:
Yuchai unit The Group performs its impairment test annually. The recoverable amount of the unit was determined based on a value in use calculation using cash flow projections from financial budgets approved by senior management covering an eight-year period. The business of Yuchai is stable since the Group has control in 1994 and the business model of Yuchai is unlikely to change in the foreseeable future. The pre-tax discount rate applied to the cash flow projections was 12.84% (2016: 11.73%). No impairment was identified for this unit. Key assumptions used in value in use calculations The calculation of value in use for the cash-generating unit is most sensitive to the following assumptions:
Profit from operation – Profit from operation is based on management’s estimate with reference to historical performance of Yuchai unit. Discount rate – Discount rate reflects management’s estimate of the risks specific to the cash-generating unit and is estimated based on weighted average cost of capital (“WACC”). The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the Group’s investors. The cost of debt is based on the interest-bearing borrowings the cash-generating unit is obliged to service. This rate is weighted according to the optimal debt/equity structure arrived on the basis of the capitalization structure of the peer group. Growth rate estimate – Growth rate is based on management’s estimate with reference to general available indication of long-term gross domestic product growth rate of China. The long term rates used to extrapolate the budget for Yuchai are 6.5% for 2017 and 2016 respectively. Sensitivity to changes in assumptions The implications of the key assumptions for the recoverable amount are discussed below: Profit from operation – A decreased demand can lead to a decline in profit from operation. A decrease in demand by 2.37% (2016: 11.63%) would result in impairment. Discount rate – A rise in pre-tax discount rate to 14.82% (2016: 12.52%) 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 2.98% (2016: 5.32%) in the long-term growth rate in Yuchai unit would result in impairment. With regard to the assessment of value in use of the Yuchai unit, management believes that no reasonably possible change in any of the above key assumptions would cause the recoverable amount to materially fall below the carrying value of the unit. |
Intangible assets |
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Intangible assets |
In 2017, upon the completion of engineering design services for the heavy-duty engine platform to the Group’s joint venture company, Y&C, the respective technology development costs were transferred to consolidated statement of profit or loss under the line item “ other operating income” to record the net gain from the project. At December 31, 2017, The Group has an intangible asset representing technology development costs held by Jining Yuchai with carrying amount of RMB 10,122 (US$1,599) (2016: RMB 50,122). The Group perform an impairment review on intangible assets when there is a triggering event. In 2015, the management performed impairment review based on the updated business plan after due considerations of a slowdown in the PRC economy. As a result, subsequent to the impairment loss of RMB 60,000 recorded in 2014, a further impairment loss of RMB 26,700 was charged to consolidated statement of profit or loss under the line item “selling, distribution and administrative costs” in respect of this technology development costs. In 2016, management performed impairment review based on the updated business plan and no impairment loss was recognized. In 2017, due to the stringent emission standard requirement, management revised its business plan and shortened the expected useful life of the intangible assets from 15 years to 10 years. As a result, a further impairment loss of RMB 40,000 (US$6,320) was charged to consolidated statement of profit or loss under the line item “selling, distribution and administrative costs”. The recoverable amount was determined based on its value in use using the discounted cash flow approach. Cash flows were projected based on historical growth, past experience and management best estimation of future business outlook. The recoverable amount of the intangible asset was based on its value in use. The Group used a 10 years forecast, using pre-tax discount rate of 13.69%. The revised business plan projected 6 years, year 2023 to reach the commercial deployment of the technology. The revenue growth rate is estimated at 15.6% in 2023 and thereafter management assumed no revenue growth from 2024 to 2027. In 2016, the Group used a 15 years forecast, using pre-tax discount rate of 12.98%. The business plan projected 5 years, year 2021 to reach the commercial deployment of the technology. The revenue growth rate is estimated at 6.7% in 2022 and thereafter management assumed no revenue growth from 2023 to 2031. If the pre-tax discount rate increased by 1% (2016: 1%) from management estimates, the Group’s impairment loss on intangible asset in Jining Yuchai would increase by RMB 6,731 (US$1,063) (2016: RMB 2,443). |
Other financial liabilities |
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Other financial liabilities |
Foreign exchange forward contract On December 21, 2016, Yuchai entered into a non-deliverable forward foreign exchange contract (“NDF”) with China Construction Bank (“CCB”) to purchase US$ 15.3 million at the forward exchange rate (RMB/US$) of 7.0439 on December 20, 2017. The Group accounted for this NDF at fair value through “other operating expense” in the statement of profit or loss.
S$30.0 million credit facility with DBS Bank Ltd (“DBS”) On May 22, 2015, the Company entered into a three year revolving uncommitted credit facility agreement with DBS with an aggregate value of S$30.0 million. Among other things, the terms of the facility required that HLA retains ownership of the special share and that the Company remain a consolidated subsidiary of HLA. The terms of the facility also included certain financial covenants with respect to the Company’s consolidated tangible net worth (as defined in the agreement) not being less than US$350 million, and the ratio of the consolidated total net debt (as defined in the agreement) to consolidated tangible net worth not exceeding 1.0 times. This arrangement was used to finance the Group general working capital requirements. S$30.0 million credit facility with MUFG Bank Ltd, Singapore Brach (formally known as Bank of Tokyo Mitsubishi UFJ, Ltd., Singapore Branch) (“MUFG”) On March 30, 2017, the Company entered into an unsecured multi-currency revolving credit facility agreement with MUFG for a committed aggregate value of S$30.0 million to refinance the S$30.0 million facility that matured on March 18, 2017. The facility is available for three years from the date of the facility agreement and will be used to finance the Company’s long-term general working capital requirements. Among other things, the terms of the facility require that HLA retains ownership of the Company’s special share and that the Company remains a consolidated subsidiary of HLA. The terms of the facility also include certain financial covenants with respect to the Company’s tangible net worth (as defined in the agreement) as at June 30 and December 31 of each year not being less than US$120 million and the ratio of the Company’s total net debt (as defined in the agreement) to tangible net worth as at June 30 and December 31 of each year not exceeding 2.0 times, as well as negative pledge provisions and customary drawdown requirements. US$30.0 million credit facility with Sumitomo Mitsui Banking Corporation, Singapore Branch (“SMBC”) On March 31, 2017, the Company entered into an uncommitted and unsecured multi-currency revolving credit facility agreement with SMBC for an aggregate value of US$30.0 million to refinance the US$30.0 million facility that matured on March 18, 2017. The facility is available for three years from the date of the facility agreement and will be utilized by the Company to finance its long-term general working capital requirements. The terms of the facility require, among other things, that HLA retains ownership of the special share and that the Company remains a principal subsidiary (as defined in the facility agreement) of HLA. The terms of the facility also include certain financial covenants with respect to the Company’s consolidated tangible net worth (as defined in the agreement) as at June 30 and December 31 of each year not less than US$200 million and the ratio of the Company’s consolidated total net debt (as defined in the agreement) to consolidated tangible net worth as at June 30 and December 31 of each year not exceeding 2.0 times, as well as negative pledge provisions and customary drawdown requirements.
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Deferred grants |
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Deferred grants |
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Inventories |
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Inventories |
The reversal of write-down of inventory was made when the related inventories were sold above their carrying value. |
Other assets |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Other assets |
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Trade and bill receivables |
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Trade and bill receivables |
Trade receivables, are non-interest bearing and are generally on 60 days’ term. They are recognized at their original invoice amounts which represent their fair values on initial recognition. As of December 31, 2016 and 2017, outstanding bill receivables discounted with banks for which the Group retained a recourse obligation totaled RMB 817,391 and RMB 1,505,759 (US$237,899) respectively. All bill receivables discounted have contractual maturities within 12 months at time of discounting. As of December 31, 2016 and 2017, outstanding bill receivables endorsed to suppliers with recourse obligation were RMB 851,099 and RMB 1,316,136 (US$207,940) respectively. An analysis of the impairment of trade receivables is as follows:
The Group’s historical experience in the collection of trade receivables falls within the recorded allowances. Due to this factor, management believes that no additional credit risks beyond the amount provided for collection losses are inherent in the Group’s trade receivables. As of December 31, 2016 and 2017, gross trade receivables due from a major customer, Dongfeng Automobile Co., Ltd. and its affiliates (the “Dongfeng companies”) were RMB 34,307 and RMB 24,580 (US$3,884), respectively. See Note 33 for further discussion of customer concentration risk.
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Other receivables and prepayments |
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Other receivables and prepayments |
For terms and conditions relating to related parties, refer to Note 30. Note:
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Asset classified as held for sale |
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Asset classified as held for sale |
Sales of 60% of the issued ordinary shares in the capital of Copthorne Qingdao The Group’s subsidiary company, LKN Investment International Pte Ltd, together with the joint venture partner of Copthorne Qingdao, had on February 23, 2016, listed the entire equity interest in Copthorne Qingdao on the Shanghai United Assets and Equity Exchange for sale and the sale was re-listed on March 28, 2016. As a result, the investment in Copthorne Qingdao was classified as asset held for sale and the Group discontinued the use of equity method to recognize the interest in Copthorne Qingdao. Consequently, the Group only shared the loss incurred by Copthorne Qingdao up to February 23, 2016. As at December 31, 2016, the carrying amount of interest in joint venture, representing assets classified as held for sale is RMB 89,381 and related foreign translation reserve is RMB 22,720. On October 19, 2017, the Group completed the disposal of its investment in Copthorne Qingdao and recognized gain on disposal of RMB107,976 (US$17,059) in the Group’s profit or loss for the year ended December 31, 2017.
The value of asset and related reserves of disposal recorded in the consolidated financial statements and the cash flow effect of the disposals were:
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Cash and cash equivalents |
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Cash and cash equivalents |
Short-term bank deposits Restricted cash Long-term bank deposits
Note:
Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods, depending on the immediate cash requirements of the Group, and earn interests at the respective short-term deposit rates. The interest rate of the bank deposits (excluding long-term and short-term bank deposits) as at December 31, 2017 for the Group ranged from 0.87% to 3.28% (2016: 0.86% to 2.10%).
As at December 31, 2017, the Group’s restricted cash comprised of RMB 45,288 (US$7,155) which was used as collateral by the banks for the issuance of bills to suppliers and RMB 9,521 (US$1,504) relates to retention money deposited in a joint signatory account with the buyer of LKNII pending finalization of tax payable for the disposal of LKNII. The Group’s share of joint venture’s restricted cash is disclosed in Note 6. As at December 31, 2016, the Group’s restricted cash of RMB 36,000 was used as collateral by the banks for the issuance of bills to suppliers. As of December 31, 2016 and 2017, the Group had RMB 318,565 and RMB 474,384 (US$74,949) respectively, of undrawn committed borrowing facilities in respect of which all conditions precedent had been met. The commitment fees incurred for 2015, 2016 and 2017 were RMB368, RMB 392 and RMB 179 (US$28) respectively. |
Issued capital and Preference shares |
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Issued capital and Preference shares |
On July 13, 2017, based on the elections by shareholders, the dividend of US$0.90 per share for the financial year 2016 was paid in the form of approximately US$34.7 million in cash and 99,790 shares, at the volume weighted average trading price of US$19.0329 per share, with total value equivalent to RMB 12,897 (US$2,038). On June 29, 2016, based on the elections by shareholders, the dividend of US$0.85 per share for the financial year 2015 was paid in the form of approximately US$17.8 million in cash and 1,413,760 shares, at the volume weighted average trading price of US$11.0227 per share, with total value equivalent to RMB 103,356.
In 2017, the Company issued 46,400 shares pursuant to the exercised of share option granted under the Company’s Equity Incentive Plan. The holders of ordinary shares are entitled to such dividends as the Board of Directors of the Company may declare from time to time. All ordinary shares are entitled to one vote on a show of hands and carry one vote per share on a poll. The holder of special share is entitled to elect a majority of directors of the Company. In addition, no shareholders resolution may be passed without the affirmative vote of the special share, including any resolution to amend the Memorandum of Association or Bye-laws of the Company. The special share is not transferable except to HLA, HLC or any of its affiliates. The Bye-Laws of the Company provides that the special share shall cease to carry any rights in the event that HLA and its affiliates cease to own, directly or indirectly, at least 7,290,000 ordinary shares in the capital of the Company. Preference shares HLGE issued 197,141,190 non-redeemable convertible cumulative preference shares (“NCCPS”) at an issue price of S$0.02 each on July 4, 2006, expiring on the 10th anniversary of the NCCPS issue date, and 197,011,794 NCCPS have been converted into ordinary shares in the capital of HLGE. The NCCPS shall, subject to the terms and conditions thereof, carry the right to receive, out of the profits of HLGE available for payment of dividends, a fixed cumulative preferential dividend of 10% per annum of the issue price for each NCCPS (the “Preference Dividend”). Other than the Preference Dividend, the NCCPS holders shall have no further right to participate in the profits or assets of HLGE. NCCPS holders shall have no voting rights except under certain circumstances referred to in the Singapore Companies Act, Chapter 50 set out in the terms of the NCCPS. The NCCPS are not listed and quoted on the Official List of the Singapore Exchange. However, the holders of the NCCPS are able to exercise their rights to convert the NCCPS into new ordinary shares at the adjusted NCCPS conversion ratio of one (1) new ordinary share for every ten (10) NCCPS following the completion of the HLGE’s share consolidation exercise in May 2015, subject to the terms and conditions of the NCCPS. Such new ordinary shares will be listed and quoted on the Official List of the Singapore Exchange when issued. In accordance with the terms and conditions of the NCCPS, the rights of NCCPS holders to convert all or any of their NCCPS into fully paid ordinary shares in the capital of the HLGE has lapsed on July 4, 2016 (being the date of expiry of the NCCPS Conversion Period). NCCPS are perpetual securities and there is no mandatory conversion of the NCCPS upon the expiry of the NCCPS Conversion Period. In 2016, HLGE issued a total of 2,899 new ordinary shares, pursuant to the conversion of 28,998 NCCPS, at an issue price of S$0.02 for each NCCPS. The NCCPS conversion ratio is one (1) new ordinary share for every ten (10) NCCPS converted. |
Dividends declared and paid |
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Dividends declared and paid |
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Reserves |
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Reserves |
Note:
The foreign currency translation reserve represents exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from that of the Group’s presentation currency.
The performance shares reserve comprises the cumulative value of employee services received for the issue of share options. The amount in the reserve is retained when the option is expired. |
Share-based payment |
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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:
The expense recognized for employee services received during the year is shown in the following table:
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:
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, exercise restrictions and behavioural considerations. Fair value of share options and assumptions
The exercise price for options outstanding as at December 31, 2017 was US$21.11 dollar (2016: US$21.11 dollar). The weighted average remaining contractual life for the share options outstanding as at December 31, 2017 was 6.6 (2016: 7.6) years. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be the actual outcome. There are no market conditions associated with the share options granted. Service conditions and non-market performance conditions are not taken into account in the measurement of the fair value of the service to be received at the grant date. |
Trade and other payables |
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Trade and other payables |
Terms and conditions of the above financial liabilities:
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Provision for product warranty |
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Provision for product warranty |
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Related party disclosures |
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Related party disclosures |
The ultimate parent As of December 31, 2017, the controlling shareholder of the Company, HLA, indirectly owned 16,360,845, or 40.0% (2016: 16,360,845 or 40.2%), of the ordinary shares in the capital of the Company, as well as a special share that entitles it to elect a majority of directors of the Company. HLA controls the Company through its wholly-owned subsidiary, HLC, and through HLT, a wholly-owned subsidiary of HLC. HLT owns approximately 23.3% (2016: 23.4%) of the ordinary shares in the capital of the Company and is, and has since August 2002 been, the registered holder of the special share. HLA also owns, through another wholly-owned subsidiary, Well Summit Investments Limited, approximately 16.7% (2016: 16.8%) of the ordinary shares in the capital of the Company. HLA is a member of the Hong Leong Investment Holdings Pte. Ltd., or Hong Leong Investment group of companies. Prior to August 2002, the Company was controlled by Diesel Machinery (BVI) Limited, which, until its dissolution, was a holding company controlled by HLC and was the prior owner of the special share. Through HLT’s stock ownership and the rights accorded to the special share under Bye-Laws of the Company and various agreements among shareholders, HLA is able to effectively approve and effect most corporate transactions. There were transactions other than dividends paid, between the Group and HLA of RMB 32, RMB 34 and RMB 34 (US$5) during the financial years ended December 31, 2015, 2016 and 2017 respectively. The transaction relates to consultancy fees charged by HLA. Entity with significant influence over the Group As of December 31, 2017, the Yulin City Government through Coomber Investment Ltd. owned 17.2% (2016: 17.3%) of the ordinary shares in the capital of the Company.
The following provides the significant transactions that have been entered into with related parties for the relevant financial year.
Note:
In June 2017, GYAMC acquired 25% of equity interest in Crankshaft from State Holding Company with a purchase consideration of RMB 1.3 million (US$0.2 million).
In addition to the above, Yuchai also entered into transactions with other PRC Government owned enterprises. Management considers that these transactions were entered into in the normal course of business and expects that these transactions will continue on normal commercial terms. Balances with other PRC entities are excluded from this caption. Terms and conditions of transactions with related parties The transactions with related parties are made at terms agreed between the parties. Outstanding balances at the year-end are unsecured and interest free. Compensation of key management personnel of the Group
The non-executive directors do not receive pension entitlements from the Group. |
Commitments and contingencies |
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Commitments and contingencies |
Operating lease commitments - Group as lessee The Group has entered into commercial leases on a land, and certain motor vehicles, office space and items of machinery. These leases have an average life of between one and five years with no renewal option included in the contracts. There are no restrictions placed upon the Group by entering into these leases. Future minimum rentals payable under non-cancellable operating leases as at December 31 are as follows:
The minimum lease payments recognized as an expense for the financial year ended December 31, 2015, 2016 and 2017 amounted to RMB 60,201, RMB 54,617 and RMB 54,671 (US$8,638).
Operating lease commitments - Group as lessor The Group leased out some of its assets, including surplus office and manufacturing buildings. All leases include a clause to enable upward revision of the rental charge on an annual basis according to prevailing market conditions. Future minimum rentals receivable under non-cancellable operating leases as at December 31 are as follows:
Finance lease commitments The Group has finance lease for office equipment and motor vehicles. The lease has term of renewal but no purchase options and escalation clause. Renewal is at the option of the Group. Future minimum lease payments under finance lease together with the present value of the net minimum lease payments are as follows:
Capital commitments As of December 31, 2016 and 2017, Yuchai had capital expenditure (mainly in respect of property, plant and equipment) contracted for but not paid amounting to RMB 427,089 and RMB 409,487 (US$64,696) respectively. The Group’s share of joint venture’s capital commitment is disclosed in Note 6. Investment commitments As of December 31, 2016 and 2017, the Group has commitment of RMB 75,000 and RMB Nil (US$ Nil) relating to the Group’s interest in joint venture, respectively. Letter of credits As of December 31, 2016 and 2017, Yuchai had issued irrevocable letter of credits of RMB 29,729 and RMB 1,905 (US$301), respectively. Product liability The General Principles of the Civil Law of the People’s Republic of China imposes that manufacturers and sellers are liable for loss and injury caused by defective products. Yuchai and its subsidiaries do not carry product liability insurance. Yuchai and its subsidiaries have not had any significant product liability claims brought against them. Environmental liability China adopted its Environmental Protection Law in 1989, and the State Council and the Ministry of Environmental Protection promulgate regulations as required from time to time. The Environmental Protection Law addresses issues relating to environmental quality, waste disposal and emissions, including air, water and noise emissions. Environmental regulations have not had a material impact on Yuchai’s results of operations. Yuchai delivers, on a regular basis, burned sand and certain other waste products to a waste disposal site approved by the local government and makes payments in respect thereof. Yuchai expects that environmental standards and their enforcement in China will, as in many other countries, become more stringent over time, especially as technical advances make achievement of higher standards more feasible. Yuchai has built an air filter system to reduce the level of dust and fumes resulting from its production of diesel engines. Yuchai is subject to Chinese national and local environmental protection regulations which currently impose fees for the discharge of waste substances, require the payment of fines for pollution, and provide for the closure by the Chinese government of any facility that fails to comply with orders requiring Yuchai to cease or improve upon certain activities causing environmental damage. Due to the nature of its business, Yuchai produces certain amounts of waste water, gas, and solid waste materials during the course of its production. Yuchai believes its environmental protection facilities and systems are adequate for it to comply with the existing national, provincial and local environmental protection regulations. However, Chinese national, provincial or local authorities may impose additional or more stringent regulations which would require additional expenditure on environmental matters or changes in Yuchai’s processes or systems. |
Segment information |
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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:
Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment.
Note:
Geographic information Revenue from external customers:
The revenue information above is based on the location of the customer. Revenue from one customer group amounted to RMB 4,839,617 (US$764,625) (2016: RMB 3,580,856; 2015: RMB 2,900,332), arising from sales by Yuchai segment. Non-current assets
Non-current assets for this purpose consist of property, plant and equipment, prepaid operating leases, investment in joint ventures and associates, investment property, intangible asset and goodwill. |
Financial risk management objectives and policies |
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Text Block1 [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial risk management objectives and policies |
The Group’s principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Group’s operations. The Group has trade and other receivables, and cash and bank deposits that derive directly from its operations. The Group also holds held for trading investment and enters into derivative transactions. The Group is exposed to market risk, credit risk and liquidity risk. The Group’s senior management oversees the management of these risks. There has been no change to the Group’s exposure to these financial risks or the manner in which it manages and measures the risks. Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprise three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk. Financial instruments affected by market risk include loans and borrowings, deposits, held for trading investment and derivative financial instrument. The sensitivity analyses in the following sections relate to the position as at December 31, 2016 and 2017. The sensitivity analyses have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt and the proportion of financial instruments in foreign currencies are all constant at December 31, 2017. The analyses exclude the impact of movements in market variables on provisions and on the non-financial assets and liabilities of foreign operations.
Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s interest-bearing bank deposits and loans and borrowings from banks and financial institutions. The interest-bearing loans and borrowings of the Group are disclosed in Note 16(b). As certain interest rates are based on interbank offer rates, the Group is exposed to cash flow interest rate risk. This risk is not hedged. Interest-bearing bank deposits are short to medium-term in nature but given the significant cash and bank balances held by the Group, any variation in the interest rates may have a material impact on the results of the Group. The Group manages its interest rate risk by having a mixture of fixed and variable rates for its deposits and borrowings. Interest rate sensitivity The sensitivity analyses below have been determined based on the exposure to interest rates for bank deposits and interest-bearing financial liabilities at the end of the reporting period and the stipulated change taking place at the beginning of the year and held constant throughout the reporting period in the case of instruments that have floating rates. A 50 basis points increase or decrease is used and represents management’s assessment of the possible change in interest rates. If interest rate had been 50 (2016: 50) basis points higher or lower and all other variables were held constant, the profit before tax for the year ended December 31, 2017 of the Group would increase/decrease by RMB 22,015 (US$3,478) (2016: increase/decrease by RMB 15,712). Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group’s exposure to the risk of changes in foreign exchange rates relates primarily to the Group’s sales, purchases and financial liabilities that are denominated in currencies other than the respective functional currencies of entities within the Group. The Group also holds cash and bank balances and other investments denominated in foreign currencies. The currencies giving rise to this risk are primarily the Singapore Dollar, Renminbi, US Dollar and Euro. Foreign currency translation exposure is managed by incurring debt in the operating currency so that where possible operating cash flows can be primarily used to repay obligations in the local currency. This also has the effect of minimizing the exchange differences recorded against income, as the exchange differences on the net investment are recorded directly against equity.
The Group’s exposures to foreign currency are as follows:
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.
Equity price risk The Group has investment in TCL which is quoted. Equity price risk sensitivity A 10% increase/(decrease) in the underlying prices at the reporting date would increase/(decrease) Group’s profit before tax by the following amount:
Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. Trade receivables Customer credit risk is managed by each business unit subject to the Group’s established policy, procedures and control relating to customer credit risk management. Credit limits are established for all customers based on internal rating criteria. Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed for all customers requiring credit over a certain amount. The Group establishes an allowance for impairment that represents its estimate of incurred losses in respect of trade and other receivables. The main components of this allowance are a specific loss component that relates to individually significant exposures, and a collective loss component established for groups of similar assets in respect of losses that have been incurred but not yet identified. The collective loss allowance is determined based on historical data of payment statistic for similar financial assets. The allowance account in respect of trade and other receivables is used to record impairment losses unless the Group is satisfied that no recovery of the amount owing is possible. At that point, the financial asset is considered irrecoverable and the amount charged to the allowance account is written off against the carrying amount of the impaired financial asset. At December 31, 2017, the Group had top 20 customers (2016: top 20 customers) that owed the Group more than RMB 57,220 (US$9,040) (2016: RMB 151,033) and accounted for approximately 22.4% (2016: 51.1%) of trade receivables (excluding bills receivables) owing respectively. These customers are located in the PRC. There were 44 customers (2016: 38 customers) with balances greater than RMB 1,000 (US$158) accounting for over 73.8% (2016: 79.6%) of total trade receivable (excluding bills receivables). The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets mentioned in Note 20 and Note 21. The Group’s share of trade receivables of a joint venture which was used as collateral as security is disclosed in Note 6. Cash and fixed deposits are placed with banks and financial institutions which are regulated. Liquidity risk The Group monitors its liquidity risk and maintains a level of cash and cash equivalents deemed adequate by management to finance the Group’s operations and to mitigate the effects of fluctuations in cash flows, and having adequate amounts of committed credit facilities.
The table below summarizes the maturity profile of the Group’s financial assets and liabilities based on contractual undiscounted payments.
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Capital management |
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Capital management |
The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance except where decisions are made to exit businesses or close companies. The capital structure of the Group consists of debts (which includes the borrowings and trade and other payables, less cash and bank balances) and equity attributable to equity holders of the parent (comprising issued capital and reserves).
The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the years ended December 31, 2016 and 2017. As disclosed in Note 26, certain subsidiaries of the Group are required by the relevant authorities in the PRC to contribute and maintain a non-distributable statutory reserve fund whose utilization is subject to approval by the relevant authorities in the PRC. This externally imposed capital requirement has been complied with by the subsidiaries of the Group for the financial years ended December 31, 2016 and 2017. |
Fair value measurement |
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Fair value measurement |
Quantitative disclosures fair value measurement hierarchy for assets and liabilities as at December 31, 2016:
Quantitative disclosures fair value measurement hierarchy for assets and liabilities as at December 31, 2017:
Note:
There have been no transfers between Level 1 and Level 2 during 2017 and 2016. |
Financial assets and financial liabilities |
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Text Block1 [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial assets and financial liabilities |
Held for trading investment relates to the Group’s investment in TCL, which is a company listed on the main board of the Singapore Exchange and is involved in the manufacture, assembly and distribution of high-end consumer electronic products and home entertainment products in the PRC. 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
The ‘Others’ column includes the effect of reclassification of non-current portion of interest-bearing loans and borrowings, including obligations under finance leases due to the passage of time. |
Basis of preparation and accounting policies (Policies) |
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Text Block1 [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of preparation |
The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements have been prepared on a historical cost basis, except for derivative financial instruments and held for trading investment that have been measured at fair value. The consolidated financial statements are presented in Renminbi (“RMB”) and all values are rounded to the nearest thousand (“RMB’000”) except when otherwise indicated. Translation of amounts from Renminbi to US Dollar (“USD”) is solely for the convenience of the reader. Translation of amounts from Renminbi to US Dollar has been made at the rate of RMB 6.3294 = US$1.00, the rate quoted by the People’s Bank of China at the close of business on February 28, 2018 and all values are rounded to the nearest thousand (“US$’000”) except when otherwise indicated. |
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Basis of consolidation |
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries (the “Group”) as at December 31, 2017. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has:
Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income (“OCI”) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. 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 interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value. |
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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 interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree. If the business combination is achieved in stages, any previously held equity interest is re-measured at its acquisition date fair value and any resulting gain or loss is recognized in profit or loss. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IAS 39 Financial Instruments: Recognition and Measurement, is measured at fair value with the changes in fair value recognized in the statement of profit or loss. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests, and any previous interest held over the net identifiable assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in profit or loss. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in this circumstance is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained. |
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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 interests in the subsidiaries of the associate or joint venture. The financial statements of the associate or joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, then recognizes the loss within “Share of (loss)/profit of associates and joint ventures, net of tax” in the statement of profit or loss. Upon loss of significant influence over the associate or joint control over the joint venture, the Group measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the associate or joint venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from disposal is recognized in profit or loss. |
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Current versus non-current classification |
The Group presents assets and liabilities in statement of financial position based on current/non-current classification. An asset is current when it is:
All other assets are classified as non-current. A liability is current when:
The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. |
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Fair value measurement |
The Group measures financial instruments, such as held for trading investments and derivatives, at fair value at each balance sheet date. Fair value related disclosures for financial instruments that are measured at fair value are summarized in the following notes:
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:
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 asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. 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:
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 categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above. An analysis of fair values of financial instruments and further details as to how they are measured are provided in Note 35. |
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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 items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of gain or loss on change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognized in OCI or profit or loss are also recognized in OCI or profit or loss, respectively). Group companies On consolidation, the assets and liabilities of foreign operations are translated into RMB at the rate of exchange prevailing at the reporting date and their statements of profit or loss are translated at average exchange rates during the reporting period. The exchange differences arising on translation for consolidation are recognized in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is recognized in profit or loss.
Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operation and translated at the spot rate of exchange at the reporting date. |
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Revenue recognition |
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured, regardless of when the payment is received. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding discounts, rebates, taxes or duty. The Group has concluded that it is the principal in all of its revenue arrangements since it is the primary obligor in all the revenue arrangements, has pricing latitude and is also exposed to inventory and credit risks. The specific recognition criteria described below must also be met before revenue is recognized. Sale of goods Revenue from the sale of goods is measured at the fair value of the consideration received or receivable, net of returns and allowances, trade discounts and volume rebates. Revenue is recognized when the significant risks and rewards of ownership of the goods have been transferred to the buyer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, and there is no continuing management involvement with the goods and the amount of revenue can be measured reliably. Sale of completed development properties A development property is regarded as sold when the significant risks and rewards have been transferred to the buyer, which is normally on unconditional exchange of contracts. For conditional exchanges, sales are recognized only when all the significant conditions are satisfied. Rendering of services Revenue from rendering of services relates to project management contracts and hotel room and restaurant operations. Revenue is recognized over the period in which the services are rendered, by reference to completion of the specific transaction assessed on the basis of the actual service provided as a proportion of the total services to be performed. Interest income For all financial instruments measured at amortized cost and interest-bearing financial assets classified as available-for-sale, interest income is recorded using the effective interest rate (“EIR”). EIR is the rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. Interest income is included in “Other operating income” in the statement of profit or loss. Rental income Rental income arising from operating leases is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature. Dividends Dividend income is recognized when the Group’s right to receive the payment is established, which is generally when shareholders approve the dividend. |
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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. |
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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:
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:
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 at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying transaction either in OCI or directly in equity.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, are recognized subsequently if new information about facts and circumstances change. The adjustment is either treated as a reduction to goodwill (as long as it does not exceed goodwill) if it was incurred during the measurement period or recognized in profit or loss. The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. Sales tax Revenues, expenses and assets are recognized net of the amount of sales tax, except:
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. |
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Non-current assets held for sale |
The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense. The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the sale expected within one year from the date of the classification. Property, plant and equipment and intangible assets are not depreciated or amortized once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position. |
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Cash dividend and non-cash distribution to equity holders of the parent |
The Company recognizes a liability to make cash or non-cash distributions to equity holders of the parent when the distribution is authorized and the distribution is no longer at the discretion of the Company. A distribution is authorized when it is approved by the shareholders. A corresponding amount is recognized directly in equity. Non-cash distributions are measured at the fair value of the assets to be distributed with fair value measurement recognized directly in equity.
Upon distribution of non-cash asset, any difference between the carrying amount of the liabilities and the carrying amount of the assets distributed is recognized in the statement of profit or loss.
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Property, plant and equipment |
Construction in progress is stated at cost, net of accumulated impairment losses, if any. Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Such cost includes the cost of replacing part of the property, plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met. When significant parts of property, plant and equipment are required to be replaced at intervals, the Group depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in profit or loss as incurred. The present value of the expected cost for the decommissioning of an asset after its use is included in the cost of the respective asset if the recognition criteria for a provision are met. Freehold land has an unlimited useful life and therefore is not depreciated. Asset under construction included in property, plant and equipment are not depreciated as these assets are not yet ready for intended use. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets as follows:
The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss when the asset is derecognized. The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. The Group capitalizes interest with respect to major assets under installation or construction based on the weighted average cost of the Group’s general borrowings and actual interest incurred for specific borrowings. Repairs and maintenance of a routine nature are expensed while those that extend the life of assets are capitalized. Construction in progress represents factories under construction and machinery and equipment pending installation. All direct costs relating to the acquisition or construction of buildings and machinery and equipment, including interest charges on borrowings, are capitalized as construction in progress. |
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Investment properties |
Investment properties are properties owned by the Group that are held to lease to third parties and earn rentals rather than for use in the production or supply of goods or services, or for administrative purposes, or in the ordinary course of business. Investment properties comprise completed investment properties and properties that are being constructed or developed for future use as investment properties. Investment properties are initially recognized at cost, including transaction costs and subsequently carried at cost less accumulated depreciation and impairment losses. Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful lives of the investment properties. The estimated useful life is 30 years. Depreciation methods, useful lives and residual values of investment properties are reassessed at each reporting date. Investment properties are derecognized when either they have been disposed of or when they are permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gain or loss on the retirement or disposal of an investment property is recognized in profit or loss in the year of retirement or disposal. Transfers are made to or from investment property only when there is a change in use. |
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Research and development costs |
Research costs are expensed as incurred. The Group received research and development subsidies of RMB 26,815 and RMB 60,817 (US$9,609) for the years ended December 31, 2016 and 2017 respectively. Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate:
Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete and the asset is available for use. Development costs are amortized over the period of expected future benefit. During the period of development, the asset is tested for impairment annually. In 2015, 2016 and 2017, capitalized development expenditures are not amortized because the intangible asset has not been completed. |
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Financial instruments - initial recognition and subsequent measurement |
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as financial assets at fair value through profit or loss, loans and receivables, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial assets are recognized initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognized on the trade date, i.e., the date that the Group commits to purchase or sell the asset. The Group’s financial assets include cash and bank balances, bank deposits, trade and other receivables, quoted financial instruments and derivative financial instruments. Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories:
Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition at fair value through profit or loss. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments as defined by IAS 39. Financial assets at fair value through profit and loss are carried in the statement of financial position at fair value with net changes in fair value presented as other operating expenses (negative net changes in fair value) or other operating income (positive net changes in fair value) in the statement of profit or loss. Financial assets designated upon initial recognition at fair value through profit or loss are designated at their initial recognition date and only if the criteria under IAS 39 are satisfied. The Group has designated its remaining 7.7% shareholding interest in Thakral Corporation Ltd (“TCL”) as financial assets at fair value through profit or loss. The Group evaluates its financial assets held for trading, other than derivatives, to determine whether the intention to sell them in the near term is still appropriate. When, in rare circumstances, the Group is unable to trade these financial assets due to inactive markets and management’s intention to sell them in the foreseeable future significantly changes, the Group may elect to reclassify them. The reclassification to loans and receivables and available-for-sale depends on the nature of the asset. This evaluation does not affect any financial assets designated at fair value through profit or loss using the fair value option at designation, as these instruments cannot be reclassified after initial recognition. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. After initial measurement, such financial assets are subsequently measured at amortized cost using the EIR method, less impairment. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included in “Other operating income” in the statement of profit or loss. The losses arising from impairment are recognized in the statement of profit or loss in finance costs for loans and in cost of sales or other operating expenses for receivables. Held-to-maturity investments Non-derivative financial assets with fixed or determinable payments and fixed maturities are classified as held-to-maturity when the Group has the positive intention and ability to hold them to maturity. After initial measurement, held-to-maturity investments are measured at amortized cost using the EIR, less impairment. 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 income in the statement of profit or loss. The losses arising from impairment are recognized in the statement of profit or loss as finance costs. The Group did not have any held-to-maturity investments as of December 31, 2016 and 2017.
Available-for-sale (“AFS”) financial assets AFS financial assets include equity investments and debt securities. Equity investments classified as AFS are those that are neither classified as held for trading nor designated at fair value through profit or loss. Debt securities in this category are those that are intended to be held for an indefinite period of time and that may be sold in response to needs for liquidity or in response to changes in the market conditions. After initial measurement, AFS financial assets are subsequently measured at fair value with unrealized gains or losses recognized in OCI and credited in the AFS reserve until the investment is derecognized, at which time the cumulative gain or loss is recognized in other operating income, or the investment is determined to be impaired, when the cumulative loss is reclassified from the AFS reserve to the statement of profit or loss in finance costs. Interest earned whilst holding AFS financial assets reported as interest income using the EIR method. The Group evaluates whether the ability and intention to sell its AFS financial assets in the near term is still appropriate. When, in rare circumstances, the Group is unable to trade these financial assets due to inactive markets, the Group may elect to reclassify these financial assets if the management has the ability and intention to hold the assets for foreseeable future or until maturity. For a financial asset reclassified from the AFS category, the fair value carrying amount at the date of reclassification becomes its new amortized cost and any previous gain or loss on the asset that has been recognized in equity is amortized to profit or loss over the remaining life of the investment using the EIR. Any difference between the new amortized cost and the maturity amount is also amortized over the remaining life of the asset using the EIR. If the asset is subsequently determined to be impaired, then the amount recorded in equity is reclassified to the statement of profit or loss. The Group did not have AFS financial assets in 2016 and 2017. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’s consolidated statement of financial position) when:
When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of the Group’s continuing involvement. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. Impairment of financial assets The Group assesses, at each reporting date, whether there is objective evidence that a financial asset or a group of financial assets is impaired. An impairment exists if one or more events that has occurred since the initial recognition of the asset (an incurred “loss event”), has an impact on the estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated. Evidence of impairment may include indications that the debtors or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganization and observable data indicating that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults. Financial assets carried at amortized cost For financial assets carried at amortized cost, the Group first assesses whether impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Group determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be, recognized are not included in a collective assessment of impairment. The amount of any impairment loss identified is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future expected credit losses that have not yet been incurred). The present value of the estimated future cash flows is discounted at the financial asset’s original EIR. The carrying amount of the asset is reduced through the use of an allowance account and the loss is recognized in statement of profit or loss. Interest income (recorded as “Other operating income” in the statement of profit or loss) continues to be accrued on the reduced carrying amount and is accrued using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. Loans together with the associated allowance are written off when there is no realistic prospect of future recovery and all collateral has been realized or has been transferred to the Group. If, in a subsequent year, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognized, the previously recognized impairment loss is increased or reduced by adjusting the allowance account. If a write-off is later recovered, the recovery is credited to finance costs in the statement of profit or loss. AFS financial assets For AFS financial assets, the Group assesses at each reporting date whether there is objective evidence that an investment or a group of investments is impaired. In the case of equity investments classified as AFS, objective evidence would include a significant or prolonged decline in the fair value of the investment below its cost. “Significant” is evaluated against the original cost of the investment and “prolonged” against the period in which the fair value has been below its original cost. When there is evidence of impairment, the cumulative loss – measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that investment previously recognized in the statement of profit or loss – is removed from OCI and recognized in the statement of profit or loss. Impairment losses on equity investments are not reversed through profit or loss; increases in their fair value after impairment are recognized in OCI. The determination of what is ‘significant’ or ‘prolonged’ requires judgment. In making this judgment, the Group evaluates, among other factors, the duration or extent to which the fair value of an investment is less than its cost. In the case of debt instruments classified as AFS, the impairment is assessed based on the same criteria as financial assets carried at amortized cost. However, the amount recorded for impairment is the cumulative loss measured as the difference between the amortized cost and the current fair value, less any impairment loss on that investment previously recognized in the statement of profit or loss.
Future interest income continues to be accrued based on the reduced carrying amount of the asset, using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The interest income is recorded as part of finance income. If, in a subsequent year, the fair value of a debt instrument increases and the increase can be objectively related to an event occurring after the impairment loss was recognized in the statement of profit or loss, the impairment loss is reversed through the statement of profit or loss. Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, loans and borrowings, and derivative financial instruments. Subsequent measurement The measurement of financial liabilities depends on their classification, as described below: Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IAS 39. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognized in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit and loss are designated at the initial date of recognition, and only if the criteria in IAS 39 are satisfied. The Group has not designated any financial liability as at fair value through profit or loss. Loans and borrowings After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included in finance costs in the statement of profit or loss. This category generally applies to interest-bearing loans and borrowings. For more information, please refer to Note 16(b).
Derecognition A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously. |
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Derivative financial instruments |
Initial recognition and subsequent measurement The Group uses derivative financial instruments, such as forward currency contracts, to hedge its foreign currency risks. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss. The Group does not apply hedge accounting. |
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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:
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. |
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Impairment of non-financial assets |
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s (“CGU”) fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. Impairment losses, including impairment on inventories, are recognized in the statement of profit or loss in expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset’s or CGU’s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of profit or loss. Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods. |
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Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and on hand, demand deposits, and short-term, highly liquid investments that are readily convertible to known amount of cash and which are subject to an insignificant risk of changes in value. |
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Leases |
The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at the inception of the lease. The arrangement is, or contains, a lease if fulfilment of the arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to use the asset or assets, even if that asset is or those assets are not explicitly specified in an arrangement. Prepaid operating lease Prepaid operating lease represents payments made to the PRC land bureau for land use rights, which are charged to expense on a straight-line basis over the respective periods of the rights which are in the range of 15 to 50 years. Group as a lessee A lease is classified at the inception date as a finance lease or an operating lease. A lease that transfers substantially all the risks and rewards incidental to ownership to the Group is classified as a finance lease. Finance leases are capitalized at the commencement of the lease at the inception date fair value of the leased property or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognized in finance costs in the statement of profit or loss. A leased asset is depreciated over the useful life of the asset. However, if there is no reasonable certainty that the Group will obtain ownership by the end of the lease term, the asset is depreciated over the shorter of the estimated useful life of the asset and the lease term. An operating lease is a lease other than a finance lease. Operating lease payments are recognized as an operating expense in the statement of profit or loss on a straight-line basis over the lease term. Group as a lessor Leases in which the Group does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as rental income. |
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Borrowing costs |
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. A qualifying asset is one that necessarily takes a substantial period of time to get ready for its intended use or sale. To the extent that funds are borrowed specifically for the purpose of obtaining the asset, the amount of borrowing costs eligible for capitalization should be determined as the actual borrowing costs incurred less any investment income on the temporary investment of those borrowings. To the extent that funds are borrowed generally and used for the purpose of obtaining the asset, the amount of borrowing costs eligible for capitalization is by applying a capitalization rate to the expenditures on that asset. The capitalization rate should be the weighted average of the borrowing costs applicable to the borrowings of the enterprise that are outstanding during the period, other than borrowings made specifically for the purpose of obtaining a qualifying asset. The amount of borrowing costs capitalized during a period should not exceed the amount of borrowing costs incurred during that period. |
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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 rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. Product warranty The Group recognizes a liability at the time the product is sold, for the estimated future costs to be incurred under the lower of a warranty period or warranty mileage on various engine models, on which the Group provides free repair and replacement. For on-road applications engines, warranties extend for a duration (generally 3 to 36 months) or mileage (generally 20,000 to 300,000 kilometers), whichever is the lower. For other applications engines, warranties extend for a duration of generally 12 to 24 months. 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.
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Pensions and other post-employment benefits |
The Group participates in and makes contributions to the national pension schemes as defined by the laws of the countries in which it has operations. The contributions are at a fixed proportion of the basic salary of the staff. Contributions are recognized as compensation expense in the period in which the related services are performed. |
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Share-based payments |
Employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (“equity-settled transactions”). Equity-settled transactions The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized in “staff cost” (Note 8.4), together with a corresponding increase in performance share reserve in equity, over the period in which the performance and/or service conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. No expense is recognized for awards that do not ultimately vest, except for equity-settled transactions for which vesting is conditional upon a market or non-vesting condition. These are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. When the terms of an equity-settled award are modified, the minimum expense recognized is the expense had the terms not been modified, provided the original terms of the award are met. An additional expense, measured as at the date of modification, is recognized for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share (further details are given in Note 10). |
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Development properties |
Development properties are properties acquired or being constructed for sale in the ordinary course of business, rather than to be held for the Group’s own use, rental or capital appreciation. Development properties are held as inventories and are measured at the lower of cost and net realizable value. Non-refundable commissions paid to sales or marketing agents on the sale of real estate units are expensed when incurred. 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. |
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Segment reporting |
For management purposes, the Group is organized into operating segments based on their products and services which are independently managed by the respective segment managers responsible for the performance of the respective segments under their charge. The segment manager’s report directly to the management of the Company who regularly review the segment results in order to allocate resources to the segments and to assess the segment performance. Additional disclosures on each of these segments are shown in Note 32, including the factors used to identify the reportable segments and the measurement basis of segment information. |
Basis of preparation and accounting policies (Tables) |
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Estimated Useful Life of Assets | Depreciation is calculated on a straight-line basis over the estimated useful life of the assets as follows:
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Investments in subsidiaries (Tables) |
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Text Block1 [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Details of Significant Subsidiaries of the Group | Details of significant subsidiaries of the Group are as follows:
Note:
In November, 2017, Yuchai acquired 100% equity interest in Jining Yuchai, As a result, Jining Yuchai became a wholly owned subsidiary of Yuchai. For details, please refer to Note 1.2.
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Subsidiary having Non-controlling Interests that are Material to the Group | The Group has the following subsidiary that has non-controlling interests (“NCI”) that are material to the Group.
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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 interests are as follows:
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Assets and Liabilities and Cash Flow Effect of Disposal of Subsidiaries | The value of assets and liabilities of the disposal recorded in the consolidated financial statements and the cash flow effect of the disposals were:
The value of assets and liabilities of the disposal recorded in the consolidated financial statements and the cash flow effect of the disposals were:
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Investment in associates (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summarized Investment in Associates | The Group’s investment in associates are summarized as below:
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Details of Associates | Details of the associates are as follows:
Note:
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Investment in joint ventures (Tables) |
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Share of Results of Joint Ventures and Carrying Amount of Investment to Joint Ventures |
Note:
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Interest in Joint Ventures | The Group has interests in the following joint ventures:
Note:
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Summarized Financial Information of Joint Ventures and Reconciliation with Carrying Amount of Investment in Consolidated Financial Statements | The summarized financial information of the joint ventures, based on their IFRS financial statements, and reconciliation with the carrying amount of the investment in consolidated financial statements are set out below:
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Revenue (Tables) |
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Summary of Revenue |
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Other income and expenses recognized in statement of profit and loss (Tables) |
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Summary of Depreciation and Amortization | Depreciation of property, plant and equipment, investment property and amortization of prepaid operating leases are included in the following captions.
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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:
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Summary of Other Operating Income |
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Summary of Other Operating Expenses |
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Summary of Finance Costs |
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Summary of Staff Costs |
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Income tax expense (Tables) |
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Summary of Income Tax Expense | Income tax expense in the consolidated statement of profit or loss consists of:
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Reconciliation of Income Tax Expense | Income tax expense reported in the consolidated statement of profit or loss differs from the amount computed by applying the PRC income tax rate of 15% (being tax rate of Yuchai) for the years ended December 31, 2017, 2016 and 2015 for the following reasons:
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Summary of Deferred Tax | Deferred tax relates to the following:
Note:
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Classification of the Group's Net Deferred Tax Assets | The following table represents the classification of the Group’s net deferred tax assets:
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Deferred Tax Assets That Have Not Been Recognized | Deferred tax assets have not been recognized in respect of the following items:
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Earnings per share (Tables) |
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Summary of Earnings Per Share | The calculation of basic earnings per share is based on:
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:
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Property, plant and equipment (Tables) |
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Summary of Property, Plant and Equipment |
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Investment property (Tables) |
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Statement [LineItems] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Investment Property |
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Investment property [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement [LineItems] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement of Investment Property | The following table shows information about fair value measurement of the investment property using significant unobservable inputs (Level 3):
|
Prepaid operating leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Prepaid Operating Leases |
|
Goodwill (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Goodwill |
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Carrying Amount of Goodwill Allocated to Cash-generating Unit | Carrying amount of goodwill allocated to the cash-generating unit:
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Intangible assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Intangible Assets |
|
Other financial liabilities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Other Financial Liabilities |
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Summary of Interest-bearing Loans and Borrowings |
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Deferred grants (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Deferred Grants |
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Inventories (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Inventories |
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Analysis of Inventory Reserve Accounts |
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Other assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Other Current Assets |
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Summary of Other Non Current Assets |
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Trade and bill receivables (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Trade and Bills Receivables |
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Analysis of Impairment of Doubtful Receivables | An analysis of the impairment of trade receivables is as follows:
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Age Analysis of Trade and Bills Receivables |
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Other receivables and prepayments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Other Current Receivables and Prepayments |
For terms and conditions relating to related parties, refer to Note 30. Note:
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Summary of Non-current Other Receivables |
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Asset classified as held for sale (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Value of Asset and Related Reserves of Disposal | The value of asset and related reserves of disposal recorded in the consolidated financial statements and the cash flow effect of the disposals were:
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Cash and cash equivalents (Tables) |
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Summary of Cash and Bank Balances |
Note:
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Issued capital and Preference shares (Tables) |
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Summary of Issued Capital and Preference Shares |
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Dividends declared and paid (Tables) |
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Summary of Dividends Declared and Paid |
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Reserves (Tables) |
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Summary of Statutory Reserves |
Note:
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Summary of Other Components of Equity |
The foreign currency translation reserve represents exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from that of the Group’s presentation currency.
The performance shares reserve comprises the cumulative value of employee services received for the issue of share options. The amount in the reserve is retained when the option is expired. |
Share-based payment (Tables) |
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Expense Recognized for Employee Services Received | The expense recognized for employee services received during the year is shown in the following table:
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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:
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Fair Value of Share Options and Assumptions | Fair value of share options and assumptions
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Trade and other payables (Tables) |
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Summary of Trade and Other Current Payables |
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Summary of Other Non-current Payables |
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Provision for product warranty (Tables) |
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Summary of Provision for Product Warranty |
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Related party disclosures (Tables) |
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Significant Transactions with Related Parties | The following provides the significant transactions that have been entered into with related parties for the relevant financial year.
Note:
In June 2017, GYAMC acquired 25% of equity interest in Crankshaft from State Holding Company with a purchase consideration of RMB 1.3 million (US$0.2 million).
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Compensation of Key Management Personnel | Compensation of key management personnel of the Group
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Commitments and contingencies (Tables) |
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Operating lease [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement [LineItems] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future Minimum Rentals Receivable Under Non-cancellable Operating Leases | Future minimum rentals receivable under non-cancellable operating leases as at December 31 are as follows:
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Future Minimum Lease Payments | Future minimum rentals payable under non-cancellable operating leases as at December 31 are as follows:
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Finance lease [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement [LineItems] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future Minimum Lease Payments | Future minimum lease payments under finance lease together with the present value of the net minimum lease payments are as follows:
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Segment information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text Block1 [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Segment Information |
Note:
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Summary of Geographic Information | Revenue from external customers:
The revenue information above is based on the location of the customer. Revenue from one customer group amounted to RMB 4,839,617 (US$764,625) (2016: RMB 3,580,856; 2015: RMB 2,900,332), arising from sales by Yuchai segment. Non-current assets
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Financial risk management objectives and policies (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement [LineItems] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity Profile of Financial Assets and Liabilities Based on Contractual Undiscounted Payments | The table below summarizes the maturity profile of the Group’s financial assets and liabilities based on contractual undiscounted payments.
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Foreign currency risk [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement [LineItems] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exposures to Foreign Currency | The Group’s exposures to foreign currency are as follows:
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Risk Sensitivity Analysis |
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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:
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Capital management (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of Capital Structure | The capital structure of the Group consists of debts (which includes the borrowings and trade and other payables, less cash and bank balances) and equity attributable to equity holders of the parent (comprising issued capital and reserves).
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Fair value measurement (Tables) |
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Fair Value Measurement Hierarchy for Assets and Liabilities | Quantitative disclosures fair value measurement hierarchy for assets and liabilities as at December 31, 2016:
Quantitative disclosures fair value measurement hierarchy for assets and liabilities as at December 31, 2017:
Note:
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Financial assets and financial liabilities (Tables) |
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Summary of Financial Assets and Financial Liabilities |
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Schedule of Changes in Liabilities Arising From Financing Activities |
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Investments in Subsidiaries - Details of Significant Subsidiaries of the Group (Parenthetical) (Detail) - Yuchai [Member] - Jining Yuchai Engine Company Limited [Member] |
Dec. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2014 |
---|---|---|---|
Disclosure of subsidiaries [Line Items] | |||
Percentage of equity interest disposed | 70.00% | ||
Percentage of control | 100.00% | 100.00% |
Investments in Subsidiaries - Subsidiary having Non-controlling Interests that are Material to the Group (Detail) ¥ in Thousands, $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2015
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
|
Disclosure of subsidiaries [Line Items] | |||||
Accumulated balances of material NCI | ¥ 2,631,714 | ¥ 2,301,978 | $ 415,792 | ||
Profit allocated to material NCI | ¥ 451,148 | $ 71,278 | ¥ 207,871 | ¥ 168,212 | |
Guangxi Yuchai Machinery Company Limited [Member] | |||||
Disclosure of subsidiaries [Line Items] | |||||
Proportion of equity interest held by NCI | 23.60% | 23.60% | 23.60% | 23.60% | |
Accumulated balances of material NCI | ¥ 2,437,215 | ¥ 2,253,207 | $ 385,063 | ||
Profit allocated to material NCI | 290,497 | $ 45,896 | 210,013 | ¥ 129,088 | |
Dividends paid to material NCI | ¥ 98,941 | $ 15,632 | ¥ 83,677 | ¥ 100,412 |
Investments in Subsidiaries - Summarized Financial Information Including Goodwill on Acquisition and Consolidation Adjustment But Before Intercompany Eliminations of Subsidiaries with Material Non-controlling Interests (Detail) ¥ in Thousands, $ in Thousands |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2015
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2014
CNY (¥)
|
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Summarized statement of financial position | |||||||
Current assets | ¥ 16,008,979 | ¥ 13,297,943 | $ 2,529,304 | ||||
Non-current assets, excluding goodwill | 5,006,080 | 5,298,563 | 790,925 | ||||
Goodwill | 212,636 | 212,636 | 33,595 | $ 33,595 | |||
Current liabilities | (9,405,204) | (8,025,874) | (1,485,955) | ||||
Non-current liabilities | (630,579) | (584,820) | (99,627) | ||||
Total equity | 10,979,276 | 9,985,812 | ¥ 9,430,069 | 1,734,647 | ¥ 9,151,814 | ||
Attributable to NCI | 2,631,714 | 2,301,978 | 415,792 | ||||
Summarized statement of comprehensive income | |||||||
Revenue | 16,222,442 | $ 2,563,030 | 13,664,840 | 13,733,437 | |||
Profit for the year, representing total comprehensive income for the year | 1,328,547 | 209,901 | 760,002 | 540,997 | |||
Attributable to NCI | 436,325 | 68,936 | 204,647 | 165,351 | |||
Summarized statement of cash flows | |||||||
Operating | 1,370,167 | 216,477 | 2,276,087 | 1,686,718 | |||
Investing | 126,570 | 19,997 | (572,031) | (25,496) | |||
Financing | 280,862 | 44,374 | (1,553,986) | (485,535) | |||
Guangxi Yuchai Machinery Company Limited [Member] | |||||||
Summarized statement of financial position | |||||||
Current assets | 14,717,316 | 12,448,174 | 2,325,231 | ||||
Non-current assets, excluding goodwill | 4,693,931 | 4,876,773 | 741,608 | ||||
Goodwill | 212,636 | 212,636 | 33,595 | ||||
Current liabilities | (9,344,836) | (7,957,306) | (1,476,417) | ||||
Non-current liabilities | (495,429) | (461,712) | (78,274) | ||||
Carrying value of net assets | 9,783,618 | 9,118,565 | 1,545,743 | ||||
Total equity | 9,783,618 | 9,118,565 | 1,545,743 | ||||
Attributable to NCI | 2,437,215 | 2,253,207 | $ 385,063 | ||||
Summarized statement of comprehensive income | |||||||
Revenue | 16,165,245 | 2,553,993 | 13,598,487 | 13,671,931 | |||
Profit for the year, representing total comprehensive income for the year | 1,045,330 | 165,155 | 726,379 | 547,216 | |||
Attributable to NCI | 290,497 | 45,896 | 210,013 | 129,088 | |||
Summarized statement of cash flows | |||||||
Operating | 1,385,156 | 218,845 | 2,329,367 | 1,742,989 | |||
Investing | (165,817) | (26,198) | (293,477) | (33,515) | |||
Financing | 221,660 | 35,021 | (1,697,173) | (659,691) | |||
Net increase in cash and cash equivalents | ¥ 1,440,999 | $ 227,668 | ¥ 338,717 | ¥ 1,049,783 |
Investment in Associates - Summarized Investment in Associates (Detail) - Associates [Member] ¥ in Thousands, $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2015
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
|
Disclosure of associates [Line Items] | |||||
Share of profit/(loss) of associates, net of tax | ¥ (28) | $ (4) | ¥ 456 | ¥ 245 | |
Carrying amount of investment | ¥ 2,185 | ¥ 3,836 | $ 345 |
Investment in Associates - Details of Associates (Detail) |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Sinjori Sdn Bhd [Member] | ||
Disclosure of associates [Line Items] | ||
Principal activities | Property investment and development | |
Place of incorporation | Malaysia | |
Place of business | Malaysia | |
Group's effective equity interest | 14.00% | 14.00% |
Guangxi Yuchai Quan Xing Machinery Company Ltd [Member] | ||
Disclosure of associates [Line Items] | ||
Principal activities | Manufacture spare part and sales of auto spare part, diesel engine & spare part, metallic materials, generator & spare part, chemical products (exclude dangerous goods), lubricating oil | |
Place of incorporation | People's Republic of China | |
Place of business | People's Republic of China | |
Group's effective equity interest | 15.30% | 15.30% |
Guangxi Yulin Yuchai Property Management Co Ltd [Member] | ||
Disclosure of associates [Line Items] | ||
Principal activities | Property management | |
Place of incorporation | People's Republic of China | |
Place of business | People's Republic of China | |
Group's effective equity interest | 22.90% |
Investment in Associates - Details of Associates (Parenthetical) (Detail) - 12 months ended Dec. 31, 2017 ¥ in Thousands, $ in Thousands |
CNY (¥) |
USD ($) |
---|---|---|
Disclosure of associates [Line Items] | ||
Consideration for disposal of interest in associates | ¥ 1,832 | $ 289 |
Gain loss on disposal of associates | 199 | 31 |
Associates [Member] | State Holding Company Limited [Member] | ||
Disclosure of associates [Line Items] | ||
Consideration for disposal of interest in associates | 1,832 | 289 |
Gain loss on disposal of associates | ¥ 199 | $ 31 |
Investment in Joint Ventures - Interest in Joint Ventures (Parenthetical) (Detail) - 12 months ended Dec. 31, 2017 ¥ in Millions, $ in Millions |
CNY (¥) |
USD ($) |
---|---|---|
MTU Yuchai Power Co., Ltd [Member] | ||
Disclosure of joint ventures [Line Items] | ||
Amount invested in joint venture | ¥ 75.0 | $ 11.8 |
Revenue - Summary of Revenue (Detail) ¥ in Thousands, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2015
CNY (¥)
|
|
Revenue [Abstract] | ||||
Sale of goods | ¥ 16,085,640 | $ 2,541,416 | ¥ 13,542,568 | ¥ 13,634,395 |
Sale of development property | 710 | 112 | ||
Revenue from hotel and restaurant operations | 127,971 | 20,219 | 110,718 | 94,053 |
Rental income | 8,121 | 1,283 | 11,554 | 4,989 |
Revenue | ¥ 16,222,442 | $ 2,563,030 | ¥ 13,664,840 | ¥ 13,733,437 |
Other Income and Expenses Recognized in Statement of Profit and Loss - Summary of Depreciation and Amortization (Detail) ¥ in Thousands, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2015
CNY (¥)
|
|
Disclosure of income statement [Line Items] | ||||
Depreciation and amortization expenses | ¥ 444,181 | $ 70,177 | ¥ 478,160 | ¥ 469,435 |
Cost of sales [Member] | ||||
Disclosure of income statement [Line Items] | ||||
Depreciation and amortization expenses | 307,102 | 48,520 | 322,289 | 319,962 |
Research and development expenses [Member] | ||||
Disclosure of income statement [Line Items] | ||||
Depreciation and amortization expenses | 48,291 | 7,630 | 56,812 | 58,204 |
Selling, general and administrative expenses [Member] | ||||
Disclosure of income statement [Line Items] | ||||
Depreciation and amortization expenses | ¥ 88,788 | $ 14,027 | ¥ 99,059 | ¥ 91,269 |
Other Income and Expenses 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, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2015
CNY (¥)
|
|
Selling, general and administrative expenses [Member] | ||||
Disclosure of income statement [Line Items] | ||||
Selling, general and administrative expenses | ¥ 208,197 | $ 32,894 | ¥ 159,023 | ¥ 172,865 |
Other Income and Expenses Recognized in Statement of Profit and Loss - Summary of Other Operating Expenses (Detail) ¥ in Thousands, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2015
CNY (¥)
|
|
Profit or loss [Abstract] | ||||
Loss on disposal of property, plant and equipment | ¥ 14,020 | ¥ 14,874 | ||
Loss on disposal of subsidiary | 13,647 | |||
Loss on dilution of equity interest in joint venture | 2,848 | |||
Foreign exchange loss, net | 4,006 | 45,354 | ||
Fair value loss on held for trading investment | 243 | 10,871 | ||
Fair value loss on foreign exchange forward contract | 140 | |||
Goodwill written off | 1,131 | |||
Others | ¥ 22,719 | $ 3,589 | 3,059 | |
Other operating expenses | ¥ 22,719 | $ 3,589 | ¥ 22,599 | ¥ 87,594 |
Other Income and Expenses Recognized in Statement of Profit and Loss - Summary of Finance Costs (Detail) ¥ in Thousands, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2015
CNY (¥)
|
|
Profit or loss [Abstract] | ||||
Bank term loans | ¥ 53,888 | $ 8,514 | ¥ 34,477 | ¥ 57,212 |
Corporate bonds | 27,581 | 54,116 | ||
Bills discounting | 42,179 | 6,664 | 13,068 | 1,651 |
Bank charges | 4,367 | 690 | 4,552 | 3,364 |
Finance lease | 5 | 1 | 5 | 8 |
Finance costs | ¥ 100,439 | $ 15,869 | ¥ 79,683 | ¥ 116,351 |
Other Income and Expenses Recognized in Statement of Profit and Loss - Summary of Staff Costs (Detail) ¥ in Thousands, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2015
CNY (¥)
|
|
Profit or loss [Abstract] | ||||
Wages and salaries | ¥ 1,158,320 | $ 183,006 | ¥ 922,847 | ¥ 839,288 |
Contribution to defined contribution plans | 258,190 | 40,792 | 275,703 | 297,926 |
Executive bonuses | 59,908 | 9,465 | 44,921 | 32,190 |
Staff welfare | 76,392 | 12,069 | 81,223 | 73,908 |
Staff severance cost | 107,732 | 17,021 | 12,864 | 8,385 |
Cost of share-based payment | 1,592 | 252 | 5,301 | 10,275 |
Others | 1,870 | 295 | 20,340 | 9,062 |
Staff costs | ¥ 1,664,004 | $ 262,900 | ¥ 1,363,199 | ¥ 1,271,034 |
Income Tax Expense - Summary of Income Tax Expense (Detail) ¥ in Thousands, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2015
CNY (¥)
|
|
Current income tax | ||||
Current year | ¥ 197,264 | $ 31,167 | ¥ 104,149 | ¥ 104,584 |
(Over)/under provision in respect of prior years | (2,867) | (453) | 7,175 | (47) |
Deferred tax | ||||
Movement in temporary differences | 25,770 | 4,071 | 48,946 | 72,281 |
Consolidated income tax expense reported in the statement of profit or loss | ¥ 220,167 | $ 34,785 | ¥ 160,270 | ¥ 176,818 |
Income Tax Expense - Additional Information (Detail) ¥ in Thousands, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2015 |
Dec. 31, 2017
USD ($)
|
|
Disclosure of Income Tax [Line items] | ||||
Applicable income tax rate | 15.00% | 15.00% | 15.00% | |
Percentage of withholding tax | 10.00% | |||
Deferred tax liability for withholding tax payable | ¥ 100,572 | ¥ 103,347 | $ 15,890 | |
Unrecognized deferred tax liability relating to undistributed earnings | ¥ 228,008 | ¥ 212,176 | $ 36,024 | |
Top of range [Member] | ||||
Disclosure of Income Tax [Line items] | ||||
Unrecognized tax losses expiration period for subsidiaries that have a history of losses | 5 years |
Income Tax Expense - Reconciliation of Income Tax Expense (Detail) ¥ in Thousands, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2015
CNY (¥)
|
|
Reconciliation of accounting profit multiplied by applicable tax rates [Abstract] | ||||
Accounting profit before tax | ¥ 1,625,237 | $ 256,776 | ¥ 883,878 | ¥ 686,138 |
Computed tax expense of 15% | 243,786 | 38,517 | 132,582 | 102,921 |
Adjustments resulting from: | ||||
Non-deductible expenses | 21,982 | 3,473 | 7,039 | 9,815 |
Tax-exempt income | (58,324) | (9,215) | (178) | (5,574) |
Utilization of deferred tax benefits previously not recognized | (7,374) | (1,165) | (3,157) | (2,001) |
Deferred tax benefits not recognized | 8,084 | 1,277 | 9,045 | 61,299 |
Tax credits for research and development expense | (34,428) | (5,439) | (34,482) | (27,087) |
Tax rate differential | 21,061 | 3,328 | 25,321 | 24,249 |
(Over)/under provision in respect of previous years current tax | (2,867) | (453) | 7,175 | (47) |
Withholding tax expense | 29,447 | 4,652 | 16,925 | 13,126 |
Others | (1,200) | (190) | 117 | |
Consolidated income tax expense reported in the statement of profit or loss | ¥ 220,167 | $ 34,785 | ¥ 160,270 | ¥ 176,818 |
Income Tax Expense - Reconciliation of Income Tax Expense (Parenthetical) (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Reconciliation of accounting profit multiplied by applicable tax rates [Abstract] | |||
Applicable income tax rate | 15.00% | 15.00% | 15.00% |
Income Tax Expense - Summary of Deferred Tax (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
|
Disclosure of deferred tax assets and liabilities [Line Items] | |||
Beginning balance | ¥ (192,449) | ||
Ending balance | (198,922) | $ (31,428) | ¥ (192,449) |
PRC withholding tax on dividend income [Member] | |||
Disclosure of deferred tax assets and liabilities [Line Items] | |||
Beginning balance | (103,347) | (16,328) | (113,805) |
Provision made to consolidated statement of profit or loss | (29,031) | (4,587) | (16,628) |
Utilization | 31,806 | 5,025 | 27,107 |
Translation differences | (21) | ||
Ending balance | ¥ (100,572) | $ (15,890) | ¥ (103,347) |
Income Tax Expense - Classification of the Group's Net Deferred Tax Assets (Detail) ¥ in Thousands, $ in Thousands |
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
---|---|---|---|
Deferred tax assets and liabilities [Abstract] | |||
Deferred tax assets | ¥ 315,390 | $ 49,829 | ¥ 308,207 |
Deferred tax liabilities | (116,468) | (18,401) | (115,758) |
Net deferred tax assets | ¥ 198,922 | $ 31,428 | ¥ 192,449 |
Income Tax Expense - Deferred Tax Assets That Have Not Been Recognized (Detail) ¥ in Thousands, $ in Thousands |
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
---|---|---|---|
Disclosure of temporary difference, unused tax losses and unused tax credits [Abstract] | |||
Unutilized tax losses | ¥ 479,410 | $ 75,743 | ¥ 515,207 |
Unutilized capital allowances and investment allowances | 107,266 | 16,947 | 106,781 |
Other unrecognized temporary differences relating to provisions and deferred grants | 230,269 | 36,381 | 224,087 |
Deferred tax assets have not been recognised | ¥ 816,945 | $ 129,071 | ¥ 846,075 |
Earning Per Share - Summary of Earnings Per Share (Detail) ¥ in Thousands, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017
CNY (¥)
shares
|
Dec. 31, 2017
USD ($)
shares
|
Dec. 31, 2016
CNY (¥)
shares
|
Dec. 31, 2015
CNY (¥)
shares
|
|
Earnings per share [Abstract] | ||||
Profit attributable to ordinary equity holders of the parent | ¥ 953,922 | $ 150,713 | ¥ 515,737 | ¥ 341,108 |
Weighted average number of ordinary shares for basic earnings per share calculations | 40,764,569 | 40,764,569 | 40,016,808 | 38,712,282 |
Diluted effect of share options | 0 | 0 | 0 | 0 |
Weighted average number of ordinary shares adjusted for effect of dilution | 40,764,569 | 40,764,569 | 40,016,808 | 38,712,282 |
Earnings per share - Additional Information (Detail) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Earnings per share [Abstract] | |||
Number of employees share option plan, anti-dilutive | 470,000 | 530,000 | 570,000 |
Property, plant and equipment - Additional Information (Detail) ¥ in Thousands, $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2015
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
|
Disclosure of detailed information about property, plant and equipment [Abstract] | |||||
Impairment loss | ¥ 20,845 | $ 3,293 | ¥ 3,297 | ¥ 2,873 | |
Property, plant and equipment pledged to secure bank facilities | 82,710 | 84,360 | $ 13,068 | ||
Carrying value of property, plant and equipment held under finance leases | 96 | 144 | $ 15 | ||
Additions of property, plant and equipment under finance leases | ¥ 0 | $ 0 | ¥ 86 |
Prepaid Operating Leases - Additional Information (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
|
Disclosure of detailed information about arrangements involving legal form of lease [Line Items] | |||
Prepaid operating leases pledged to secure bank facilities | ¥ 0 | $ 0 | ¥ 71,022,000 |
Bottom of range [Member] | |||
Disclosure of detailed information about arrangements involving legal form of lease [Line Items] | |||
Land use rights terms | 15 years | ||
Top of range [Member] | |||
Disclosure of detailed information about arrangements involving legal form of lease [Line Items] | |||
Land use rights terms | 50 years |
Prepaid Operating Leases - Summary of Prepaid Operating Leases (Detail) ¥ in Thousands, $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2015
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
|
Disclosure of detailed information about arrangements involving legal form of lease [Line Items] | |||||
Beginning balance | ¥ 392,182 | ||||
Current | 12,546 | ¥ 12,546 | $ 1,982 | ||
Charge for the year | 12,366 | $ 1,954 | 12,819 | ¥ 13,433 | |
Non-current | 367,270 | 379,636 | $ 58,026 | ||
Ending balance | 379,816 | 60,008 | 392,182 | ||
Cost [Member] | |||||
Disclosure of detailed information about arrangements involving legal form of lease [Line Items] | |||||
Beginning balance | 529,577 | 83,669 | 529,577 | ||
Ending balance | 0 | 0 | 529,577 | 529,577 | |
Accumulated amortization [Member] | |||||
Disclosure of detailed information about arrangements involving legal form of lease [Line Items] | |||||
Beginning balance | 137,395 | 21,707 | 124,576 | ||
Charge for the year | 12,366 | 1,954 | 12,819 | ||
Ending balance | ¥ 149,761 | $ 23,661 | ¥ 137,395 | ¥ 124,576 |
Goodwill - Summary of Goodwill (Detail) ¥ in Thousands, $ in Thousands |
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2016
USD ($)
|
---|---|---|---|---|
Disclosure of reconciliation of changes in goodwill [Line Items] | ||||
Beginning Balance | ¥ 212,636 | $ 33,595 | ||
Ending Balance | 212,636 | 33,595 | ¥ 212,636 | $ 33,595 |
Cost [Member] | ||||
Disclosure of reconciliation of changes in goodwill [Line Items] | ||||
Beginning Balance | 218,311 | 34,492 | 218,311 | 34,492 |
Ending Balance | 218,311 | 34,492 | 218,311 | 34,492 |
Accumulated impairment [Member] | ||||
Disclosure of reconciliation of changes in goodwill [Line Items] | ||||
Beginning Balance | 5,675 | 897 | 5,675 | 897 |
Ending Balance | ¥ 5,675 | $ 897 | ¥ 5,675 | $ 897 |
Goodwill - Carrying Amount of Goodwill Allocated to Cash-generating Unit (Detail) ¥ in Thousands, $ in Thousands |
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2016
USD ($)
|
---|---|---|---|---|
Disclosure of reconciliation of changes in goodwill [Line Items] | ||||
Goodwill | ¥ 212,636 | $ 33,595 | ¥ 212,636 | $ 33,595 |
Guangxi Yuchai Machinery Company Limited [Member] | ||||
Disclosure of reconciliation of changes in goodwill [Line Items] | ||||
Goodwill | ¥ 212,636 | $ 33,595 | ¥ 212,636 |
Goodwill - Additional Information (Detail) - CNY (¥) |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disclosure of information for cash-generating units [Line Items] | ||
Impairment on goodwill | ¥ 1,131,000 | |
Long term rates used to extrapolate the budget | 6.50% | 6.50% |
Percentage decrease in profit from operation that would result in an impairment | 2.37% | 11.63% |
Pre-tax discount rate that would result in an impairment | 14.82% | 12.52% |
Long term growth rate that would result in an impairment | 2.98% | 5.32% |
Guangxi Yuchai Machinery Company Limited [Member] | ||
Disclosure of information for cash-generating units [Line Items] | ||
Pre-tax discount rate applied to cash flow projection | 12.84% | 11.73% |
Impairment on goodwill | ¥ 0 |
Intangible Assets - Summary of Intangible Assets (Detail) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2015
CNY (¥)
|
|
Disclosure of detailed information about intangible assets [Line Items] | ||||
Beginning balance | ¥ 81,826,000 | |||
Charge to consolidated statement of profit or loss | 40,000,000 | $ 6,320 | ¥ 0 | ¥ 26,700,000 |
Ending balance | 10,122,000 | $ 1,599 | 81,826,000 | |
Cost [Member] | ||||
Disclosure of detailed information about intangible assets [Line Items] | ||||
Beginning balance | 168,526,000 | |||
Disposal | (31,704,000) | |||
Ending balance | 136,822,000 | 168,526,000 | ||
Accumulated impairment [Member] | ||||
Disclosure of detailed information about intangible assets [Line Items] | ||||
Beginning balance | ¥ 86,700,000 | |||
Charge to consolidated statement of profit or loss | 40,000,000 | |||
Ending balance | ¥ 126,700,000 | ¥ 86,700,000 |
Other Financial Liabilities - Summary of Other Financial Liabilities (Detail) ¥ in Thousands, $ in Thousands |
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
---|---|---|---|
Subclassifications of assets, liabilities and equities [Abstract] | |||
Derivative not designated as hedges - foreign exchange forward contract | ¥ 140 | ||
Finance lease liabilities (Note 31) | ¥ 79 | $ 12 | 108 |
Total | 79 | 12 | 248 |
Current | 33 | 5 | 178 |
Non-current | 46 | 7 | 70 |
Total | ¥ 79 | $ 12 | ¥ 248 |
Other Financial Liabilities - Summary of Interest-bearing Loans and Borrowings (Parenthetical) (Detail) - Singapore Dollar [Member] |
Dec. 31, 2017
SGD ($)
|
Dec. 31, 2016
SGD ($)
|
Dec. 31, 2016
USD ($)
|
---|---|---|---|
Bank of Tokyo-Mitsubishi, UFJ Ltd [Member] | |||
Disclosure of detailed information about borrowings [Line Items] | |||
Facility limit | $ 30,000,000 | $ 30,000,000 | |
Sumitomo Mitsui Banking Corporation [Member] | |||
Disclosure of detailed information about borrowings [Line Items] | |||
Facility limit | $ 30,000,000 |
Deferred Grants - Summary of Deferred Grants (Detail) ¥ in Thousands, $ in Thousands |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2015
CNY (¥)
|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
|
Subclassifications of assets, liabilities and equities [Abstract] | |||||||
Beginning balance | ¥ 337,889 | $ 53,384 | ¥ 360,783 | ||||
Received during the year | 50,095 | 7,915 | 13,639 | ¥ 39,558 | |||
Released to consolidated statement of profit or loss | (34,337) | (5,425) | (36,533) | ||||
Ending balance | 353,647 | 55,874 | 337,889 | 360,783 | |||
Current (Note 28) | ¥ 22,270 | $ 3,519 | ¥ 21,939 | ||||
Non-current | 331,377 | 52,355 | 315,950 | ||||
Total | ¥ 337,889 | $ 53,384 | ¥ 360,783 | ¥ 360,783 | ¥ 353,647 | $ 55,874 | ¥ 337,889 |
Inventories - Summary of Inventories (Detail) ¥ in Thousands, $ in Thousands |
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
---|---|---|---|
Classes of current inventories [Abstract] | |||
Raw materials | ¥ 1,188,396 | $ 187,758 | ¥ 904,737 |
Work in progress | 34,924 | 5,518 | 26,807 |
Finished goods | 1,349,425 | 213,199 | 732,335 |
Total inventories at the lower of cost and net realizable value | ¥ 2,572,745 | $ 406,475 | ¥ 1,663,879 |
Inventories - Analysis of Inventory Reserve Accounts (Detail) ¥ in Thousands, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2015
CNY (¥)
|
|
Write-downs (reversals of write-downs) of inventories [Abstract] | ||||
Inventories recognized as an expense in cost of sales | ¥ 11,021,960 | $ 1,741,391 | ¥ 9,308,265 | ¥ 9,566,699 |
Inventories written down | 17,492 | 2,764 | 48,202 | 59,339 |
Reversal of write-down of inventories | ¥ (37,393) | $ (5,908) | ¥ (53,373) | ¥ (24,079) |
Other Current Assets - Summary of Other Current Assets (Detail) ¥ in Thousands, $ in Thousands |
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
---|---|---|---|
Current | |||
Development properties | ¥ 23,833 | $ 3,765 | ¥ 23,378 |
Held for trading investment, quoted equity securities(i) | 24,714 | 3,905 | 12,181 |
Total | ¥ 48,547 | $ 7,670 | ¥ 35,559 |
Other Current Assets - Summary of Other Non Current Assets (Detail) - 12 months ended Dec. 31, 2017 ¥ in Thousands, $ in Thousands |
CNY (¥) |
USD ($) |
---|---|---|
Non-current | ||
Deferred expenditure(ii) | ¥ 303 | $ 48 |
Trade and Bills Receivables - Summary of Trade and Bills Receivables (Detail) ¥ in Thousands, $ in Thousands |
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
---|---|---|---|
Trade and other current receivables [Abstract] | |||
Trade receivables, net | ¥ 212,104 | $ 33,511 | ¥ 241,168 |
Bill receivables(i) | 6,819,440 | 1,077,423 | 6,816,088 |
Total (Note 36) | ¥ 7,031,544 | $ 1,110,934 | ¥ 7,057,256 |
Trade and Bills Receivables - Summary of Trade and Bills Receivables (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands |
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
---|---|---|---|
Disclosure of financial assets [Line Items] | |||
Bills receivable | ¥ 6,819,440 | $ 1,077,423 | ¥ 6,816,088 |
Joint Ventures [Member] | |||
Disclosure of financial assets [Line Items] | |||
Bills receivable | 69,816 | 11,030 | 45,000 |
Other related parties [Member] | |||
Disclosure of financial assets [Line Items] | |||
Bills receivable | ¥ 23,832 | $ 3,765 | ¥ 3,968 |
Trade and Bills Receivables - Additional Information (Detail) ¥ in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
|
Disclosure of Trade and Bills Receivables [line items] | |||
Trade receivables payment terms | 60 days | ||
Outstanding bills receivable discounted with banks by retaining recourse obligation | ¥ 1,505,759 | $ 237,899 | ¥ 817,391 |
Outstanding bills receivable endorsed to suppliers with recourse obligation | 1,316,136 | 207,940 | 851,099 |
Gross trade receivables | ¥ 212,104 | 33,511 | 241,168 |
Top of range [Member] | |||
Disclosure of Trade and Bills Receivables [line items] | |||
Bills receivables discounted maturity period | 12 months | ||
Dongfeng Automobile Co., Ltd. [Member] | |||
Disclosure of Trade and Bills Receivables [line items] | |||
Gross trade receivables | ¥ 24,580 | $ 3,884 | ¥ 34,307 |
Trade and Bills Receivables - Analysis of Impairment of Doubtful Receivables (Detail) ¥ in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
|
Reconciliation of changes in allowance account for credit losses of financial assets [Abstract] | |||
Beginning balance | ¥ 54,634 | $ 8,632 | ¥ 51,288 |
Charge/(credit) to consolidated statement of profit or loss | (10,854) | (1,715) | 3,696 |
Written off | (5) | (1) | (346) |
Translation differences | (4) | ||
Ending balance | ¥ 43,775 | $ 6,916 | ¥ 54,634 |
Other Receivables and Prepayments - Summary of Other Current Receivables and Prepayments (Detail) ¥ in Thousands, $ in Thousands |
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
---|---|---|---|
Disclosure of financial assets [Line Items] | |||
Staff advances | ¥ 5,107 | $ 807 | ¥ 7,501 |
Interest receivables | 4,345 | 686 | 6,775 |
Bills receivable in transit | 32,013 | 5,058 | 29,134 |
Retention sums | 30,000 | 4,740 | |
Others | 10,705 | 1,692 | 10,510 |
Loans and receivables (Note 36) | 132,675 | 20,962 | 246,687 |
Tax recoverable | 177,819 | 28,094 | 102,024 |
Prepayments | 73,896 | 11,675 | 37,654 |
Total | 384,390 | 60,731 | 386,365 |
Associates and Joint Ventures [Member] | |||
Disclosure of financial assets [Line Items] | |||
Receivables from related parties | 13,230 | 2,090 | 182,671 |
Other related parties [Member] | |||
Disclosure of financial assets [Line Items] | |||
Receivables from related parties | ¥ 37,275 | $ 5,889 | ¥ 10,096 |
Other Receivables and Prepayments - Summary of Other Non-current Receivables (Detail) ¥ in Thousands, $ in Thousands |
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
---|---|---|---|
Disclosure of financial assets [Abstract] | |||
Other receivables (non-current)(Note 36) | ¥ 620 | $ 98 | ¥ 1,588 |
Asset Classified as Held for Sale - Additional Information (Detail) ¥ in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
|
Disclosure of joint ventures [Line Items] | |||
Interests in joint venture, representing asset classified as held for sale | ¥ 89,381 | ||
Foreign currency translation reserve | ¥ 22,720 | ||
Gain on disposal of joint venture | ¥ 107,976 | $ 17,059 | |
Copthorne Hotel Qingdao Co Ltd [Member] | |||
Disclosure of joint ventures [Line Items] | |||
Proportion of ownership interest in joint venture sold | 60.00% | 60.00% | |
Gain on disposal of joint venture | ¥ 107,976 | $ 17,059 |
Asset Classified as Held for Sale - Summary of Value of Asset and Related Reserves of Disposal (Detail) - 12 months ended Dec. 31, 2017 ¥ in Thousands, $ in Thousands |
CNY (¥) |
USD ($) |
---|---|---|
Disclosure of assets and liabilities classified as held for sale [Abstract] | ||
Interest in joint venture, representing asset classified as held for sale | ¥ 89,381 | $ 14,122 |
Gain on disposal: | ||
Total consideration less cost of disposal | 182,679 | 28,862 |
Interest in joint venture derecognized | (89,381) | (14,122) |
Realization of foreign currency translation reserves upon disposal | 22,720 | 3,590 |
Waiver of amount due by joint venture | (8,042) | (1,271) |
Gain on disposal of joint venture (Note 8.2(a)) | 107,976 | 17,059 |
Total consideration less cost of disposal, representing net cash inflow on disposal of the joint venture | ¥ 182,679 | $ 28,862 |
Cash and Bank Balances - Summary of Cash and Bank Balances (Detail) ¥ in Thousands, $ in Thousands |
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
CNY (¥)
|
Dec. 31, 2014
CNY (¥)
|
---|---|---|---|---|---|---|
Non-current | ||||||
Long-term bank deposits | ¥ 70,000 | $ 11,060 | ||||
Current | ||||||
Cash and cash equivalents | 5,390,324 | 851,633 | ¥ 3,653,914 | $ 577,292 | ¥ 3,474,364 | ¥ 2,291,345 |
Short-term bank deposits | 514,074 | 81,220 | 363,043 | |||
Restricted cash | 54,809 | 8,659 | 36,000 | |||
Total | 5,959,207 | 941,512 | 4,052,957 | |||
Cash and bank balances | ¥ 6,029,207 | $ 952,572 | ¥ 4,052,957 |
Issued Capital and Preference Shares - Summary of Issued Capital and Preference Shares (Detail) ¥ in Thousands, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017
CNY (¥)
shares
|
Dec. 31, 2017
USD ($)
shares
|
Dec. 31, 2016
CNY (¥)
shares
|
Dec. 31, 2017
USD ($)
shares
|
|
Ordinary shares issued and fully paid | ||||
Beginning balance | 40,712,100 | 40,712,100 | 39,298,340 | |
Shares issued during the year | 99,790 | 99,790 | 1,413,760 | |
Issued of shares upon exercised of share options | 46,400 | 46,400 | ||
Ending balance | 40,858,290 | 40,858,290 | 40,712,100 | |
Equity | ||||
Beginning balance | ¥ | ¥ 2,059,076 | ¥ 1,955,720 | ||
Issued of shares as dividend payment (Note 25) | ¥ | 12,897 | 103,356 | ||
Issued of shares upon exercised of share options (Note 27) | ¥ | 9,165 | |||
Ending balance | ¥ 2,081,138 | $ 328,805 | ¥ 2,059,076 | |
One special share issued and fully paid at US$0.10 per share | Less than RMB 1 thousand (US$1 thousand) | Less than RMB 1 thousand (US$1 thousand) | Less than RMB 1 thousand (US$1 thousand) | |
Non-redeemable convertible cumulative preference shares | ¥ 21 | ¥ 21 | $ 3 | |
Ordinary shares [Member] | ||||
Disclosure of classes of share capital [Line Items] | ||||
Ordinary share of par value US$0.10 each | 100,000,000 | 100,000,000 | 100,000,000 |
Issued Capital and Preference Shares - Summary of Issued Capital and Preference Shares (Parenthetical) (Detail) - $ / shares |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Ordinary shares [Member] | ||
Disclosure of classes of share capital [Line Items] | ||
Par value | $ 0.1 | $ 0.1 |
Dividends Declared and Paid - Summary of Dividends Declared and Paid (Detail) ¥ in Thousands, $ in Thousands |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Jul. 13, 2017
CNY (¥)
|
Jul. 13, 2017
USD ($)
|
Jun. 29, 2016
CNY (¥)
|
Jun. 29, 2016
USD ($)
|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2015
CNY (¥)
|
|
Disclosure of dividends declared and paid on ordinary capital [Abstract] | ||||||||
Dividend paid in cash | $ 34,700 | $ 17,800 | ¥ 235,947 | $ 37,278 | ¥ 118,193 | |||
Dividend paid in shares (Note 24) | ¥ 12,897 | $ 2,038 | ¥ 103,356 | 12,897 | 2,038 | 103,356 | ||
Dividends on ordinary shares | ¥ 248,844 | $ 39,316 | ¥ 221,549 | ¥ 257,500 |
Dividends Declared and Paid - Summary of Dividends Declared and Paid (Parenthetical) (Detail) - $ / shares |
12 Months Ended | ||||
---|---|---|---|---|---|
Jul. 13, 2017 |
Jun. 29, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of dividends declared and paid on ordinary capital [Abstract] | |||||
Dividends paid per ordinary share | $ 0.90 | $ 0.85 | $ 0.90 | $ 0.85 | $ 1.10 |
Reserves - Summary of Statutory Reserves (Detail) ¥ in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
|
Disclosure of reserves within equity [Line Items] | |||
Beginning balance | ¥ 299,144 | ||
Ending balance | 301,026 | $ 47,560 | ¥ 299,144 |
Statutory General Reserve [Member] | |||
Disclosure of reserves within equity [Line Items] | |||
Beginning balance | 273,438 | 43,202 | 272,515 |
Transfer from retained earnings | 1,882 | 297 | 923 |
Ending balance | 275,320 | 43,499 | 273,438 |
General Surplus Reserve [Member] | |||
Disclosure of reserves within equity [Line Items] | |||
Beginning balance | 25,706 | 4,061 | 25,706 |
Ending balance | ¥ 25,706 | $ 4,061 | ¥ 25,706 |
Reserves - Summary of Statutory Reserves (Parenthetical) (Detail) |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Disclosure of reserves within equity [Line Items] | |
Appropriation of net income to the statutory general reserve | 10.00% |
Percentage of certain statutory general reserve balance with share capital | 50.00% |
Bottom of range [Member] | |
Disclosure of reserves within equity [Line Items] | |
Percentage of decline in authorized share capital | 25.00% |
Reserves - Summary of Other Components of Equity (Detail) ¥ in Thousands, $ in Thousands |
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
---|---|---|---|
Disclosure of other components of equity [Line Items] | |||
Other components of equity | ¥ 74,722 | $ 11,805 | ¥ 11,560 |
Foreign currency translation reserve (Note 24) [Member] | |||
Disclosure of other components of equity [Line Items] | |||
Other components of equity | (82,939) | (13,104) | (43,959) |
Performance shares reserves (Note 24) [Member] | |||
Disclosure of other components of equity [Line Items] | |||
Other components of equity | 19,758 | 3,122 | 20,839 |
Reserve of asset classified as held for sale (Note 22) [Member] | |||
Disclosure of other components of equity [Line Items] | |||
Other components of equity | 22,720 | ||
(Premium paid for)/discount on acquisition of non-controlling interests [Member] | |||
Disclosure of other components of equity [Line Items] | |||
Other components of equity | ¥ (11,541) | $ (1,823) | ¥ (11,160) |
Share-based Payment - Expense Recognized for Employee Services Received (Detail) ¥ in Thousands, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2015
CNY (¥)
|
|
Disclosure of terms and conditions of share-based payment arrangement [Abstract] | ||||
Expense arising from equity-settled share-based payment transactions | ¥ 1,592 | $ 252 | ¥ 5,301 | ¥ 10,275 |
Total expense arising from share-based payment transactions | ¥ 1,592 | $ 252 | ¥ 5,301 | ¥ 10,275 |
Share-based Payment - Number and Weighted Average Exercise Prices ("WAEP") of, and Movements in Share Options (Detail) |
12 Months Ended | |
---|---|---|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Disclosure of terms and conditions of share-based payment arrangement [Abstract] | ||
Beginning balance | 530,000 | 570,000 |
Exercised during the year | (46,400) | |
Cancelled during the year | (13,600) | (40,000) |
Ending balance | 470,000 | 530,000 |
Exercisable at December 31 | 470,000 | 353,333 |
Beginning balance | $ 21.11 | $ 21.11 |
Exercised during the year | 21.11 | |
Cancelled during the year | 21.11 | 21.11 |
Ending balance | 21.11 | 21.11 |
Exercisable at December 31 | $ 21.11 | $ 21.11 |
Share-based Payment - Fair Value of Share Options and Assumptions (Detail) |
Jul. 29, 2014
USD ($)
yr
|
---|---|
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Share price | $ 21.11 |
Exercise price | $ 21.11 |
Expected volatility | 47.40% |
Expected dividends | 5.81% |
Bottom of range [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Fair value at measurement date | $ 5.70 |
Expected option life (years) | yr | 3.5 |
Risk-free interest rate | 1.40% |
Top of range [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |
Fair value at measurement date | $ 6.74 |
Expected option life (years) | yr | 5.5 |
Risk-free interest rate | 2.00% |
Trade and Other Payables - Summary of Trade and Other Current Payables (Detail) ¥ in Thousands, $ in Thousands |
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
---|---|---|---|
Trade and other current payables [Abstract] | |||
Trade and bills payables | ¥ 5,177,123 | $ 817,948 | ¥ 4,672,750 |
Other payables | 366,604 | 57,921 | 362,856 |
Accrued expenses | 843,447 | 133,258 | 841,942 |
Accrued staff costs | 622,893 | 98,413 | 406,261 |
Dividend payable | 39,786 | 6,286 | 37,851 |
Associates and joint ventures | 102,111 | 16,133 | 91,439 |
Other related parties | 125,411 | 19,814 | 120,619 |
Financial liabilities at amortized cost (Note 36) | 7,277,375 | 1,149,773 | 6,533,718 |
Other tax payable | 51,387 | 8,119 | 42,750 |
Trade and other payables with liquidity risk (Note 33) | 7,328,762 | 1,157,892 | 6,576,468 |
Deferred grants (Note 17) | 22,270 | 3,519 | 21,939 |
Deferred income | 170,000 | ||
Advance from customers | 117,117 | 18,503 | 76,636 |
Total trade and other payables (current) | ¥ 7,468,149 | $ 1,179,914 | ¥ 6,845,043 |
Trade and Other Payables - Summary of Trade and Other Current Payables (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands |
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
---|---|---|---|
Joint Ventures [Member] | |||
Disclosure Of Detailed Information About Trade And Other Payables [Line Items] | |||
Bills payable | ¥ 63,600 | $ 10,048 | ¥ 50 |
Associates [Member] | |||
Disclosure Of Detailed Information About Trade And Other Payables [Line Items] | |||
Bills payable | 8,560 | 1,352 | 12,210 |
Other related parties [Member] | |||
Disclosure Of Detailed Information About Trade And Other Payables [Line Items] | |||
Bills payable | ¥ 114,749 | $ 18,129 | ¥ 133,708 |
Trade and Other Payables - Summary of Other Non-current Payables (Detail) ¥ in Thousands, $ in Thousands |
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
---|---|---|---|
Trade and other non-current payables [Abstract] | |||
Provision for bonus | ¥ 148,287 | $ 23,428 | ¥ 133,928 |
Deferred income | 8,060 | 1,274 | 2,844 |
Other payables (non-current) (Note 33, Note 36) | ¥ 156,347 | $ 24,702 | ¥ 136,772 |
Trade and Other Payables - Additional Information (Detail) |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Trade and other payables [Abstract] | |
Trade payables settlement term | 60 days |
Other current payables settlement term | 3 months |
Provision for Product Warranty - Summary of Provision for Product Warranty (Detail) - Product Warranty Provision [Member] ¥ in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
|
Disclosure of other provisions [Line Items] | |||
Beginning balance | ¥ 238,850 | $ 37,737 | ¥ 233,577 |
Provision made | 412,514 | 65,174 | 350,803 |
Provision utilized | (361,058) | (57,045) | (345,530) |
Ending balance | ¥ 290,306 | $ 45,866 | ¥ 238,850 |
Related Party Disclosures - Significant Transactions with Related Parties (Parenthetical) (Detail) ¥ in Millions, $ in Millions |
1 Months Ended | ||||
---|---|---|---|---|---|
Aug. 31, 2017
CNY (¥)
|
Aug. 31, 2017
USD ($)
|
Jun. 30, 2017
CNY (¥)
|
Jun. 30, 2017
USD ($)
|
Oct. 31, 2015
CNY (¥)
|
|
Guangxi Yuchai Accessories Manufacturing Company Limited Stateholding Company [member] | |||||
Disclosure of transactions between related parties [Line Items] | |||||
Percentage of equity interest acquired | 25.00% | 25.00% | |||
Purchase consideration | ¥ 1.3 | $ 0.2 | |||
Guangxi Yuchai Equipment Mould Company Limited [Member] | |||||
Disclosure of transactions between related parties [Line Items] | |||||
Percentage of equity interest acquired | 2.86% | ||||
Purchase consideration | ¥ 4.2 | ||||
Guangxi Yulin Yuchai Property Management Co Ltd [Member] | |||||
Disclosure of transactions between related parties [Line Items] | |||||
Proportion of equity interest | 30.00% | 30.00% | |||
Total consideration from disposal | ¥ 1.9 | $ 0.3 |
Related Party Transactions - Compensation of Key Management Personnel (Detail) ¥ in Thousands, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2015
CNY (¥)
|
|
Disclosure of transactions between related parties [Abstract] | ||||
Short-term employee benefits | ¥ 40,831 | $ 6,451 | ¥ 31,975 | ¥ 27,331 |
Contribution to defined contribution plans | 385 | 61 | 415 | 305 |
Cost of share-based payment | 1,294 | 204 | 4,387 | 8,477 |
Total | ¥ 42,510 | $ 6,716 | ¥ 36,777 | ¥ 36,113 |
Commitments and Contingencies - Additional Information (Detail) ¥ in Thousands, $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2015
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
|
Disclosure of commitments and contingencies [Line Items] | |||||
Minimum operating lease payments recognized as an expense | ¥ 54,671 | $ 8,638 | ¥ 54,617 | ¥ 60,201 | |
Capital commitments related to property, plant and equipment | 409,487 | 427,089 | $ 64,696 | ||
Investments commitments related to interest in joint venture | 0 | 75,000 | 0 | ||
Irrevocable letter of credits issued | ¥ 1,905 | ¥ 29,729 | $ 301 | ||
Bottom of range [Member] | |||||
Disclosure of commitments and contingencies [Line Items] | |||||
Property plant and equipment, subject to or available for operating lease useful life average | 1 year | 1 year | |||
Top of range [Member] | |||||
Disclosure of commitments and contingencies [Line Items] | |||||
Property plant and equipment, subject to or available for operating lease useful life average | 5 years | 5 years |
Commitments and Contingencies - Future Minimum Lease Payments Under Finance Lease Together With Present Value of Net Minimum Lease Payments (Detail) ¥ in Thousands, $ in Thousands |
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
||||
---|---|---|---|---|---|---|---|
Disclosure of finance lease and operating lease by lessee [Line Items] | |||||||
Minimum lease payments | ¥ 79 | $ 12 | ¥ 113 | ||||
Present value of payments | 79 | 12 | 108 | ||||
Less: Amount representing finance charges | [1] | [1] | (5) | ||||
One Year or Less [Member] | |||||||
Disclosure of finance lease and operating lease by lessee [Line Items] | |||||||
Minimum lease payments | 33 | 5 | 43 | ||||
Present value of payments | 33 | 5 | 38 | ||||
After one year but not more than five years [Member] | |||||||
Disclosure of finance lease and operating lease by lessee [Line Items] | |||||||
Minimum lease payments | 46 | 7 | 70 | ||||
Present value of payments | ¥ 46 | $ 7 | ¥ 70 | ||||
|
Commitments and Contingencies - Future Minimum Lease Payments Under Finance Lease Together With Present Value of Net Minimum Lease Payments (Parenthetical) (Detail) |
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
||||
---|---|---|---|---|---|---|---|
Disclosure of finance lease and operating lease by lessee [Line Items] | |||||||
Less: Amount representing finance charges | [1] | [1] | ¥ 5,000 | ||||
Top of range [Member] | |||||||
Disclosure of finance lease and operating lease by lessee [Line Items] | |||||||
Less: Amount representing finance charges | ¥ 1,000 | $ 1,000 | |||||
|
Segment Information - Additional Information (Detail) ¥ in Thousands, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017
CNY (¥)
Segments
|
Dec. 31, 2017
USD ($)
Segments
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2015
CNY (¥)
|
|
Disclosure of operating segments [Line Items] | ||||
Number of reportable segments | 2 | 2 | ||
Revenue | ¥ 16,222,442 | $ 2,563,030 | ¥ 13,664,840 | ¥ 13,733,437 |
Customer One [Member] | ||||
Disclosure of operating segments [Line Items] | ||||
Revenue | ¥ 4,839,617 | $ 764,625 | ¥ 3,580,856 | ¥ 2,900,332 |
Segment Information - Summary of Segment Information (Detail) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2015
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
|
Revenue | |||||
Total external revenue | ¥ 16,222,442,000 | $ 2,563,030 | ¥ 13,664,840,000 | ¥ 13,733,437,000 | |
Results | |||||
Interest income | 105,421,000 | 16,656 | 56,983,000 | 41,314,000 | |
Interest expense | (96,072,000) | (15,179) | (75,131,000) | (112,987,000) | |
Gain on disposal of intangible assets | 115,235,000 | 18,206 | |||
Gain on disposal of subsidiaries | 216,115,000 | 34,145 | |||
Gain on disposal of joint venture | 107,976,000 | 17,059 | |||
Impairment of property, plant and equipment | (20,845,000) | (3,293) | (3,297,000) | (2,873,000) | |
Impairment of technology development cost | (40,000,000) | (6,320) | 0 | (26,700,000) | |
Staff severance cost | (107,732,000) | (17,021) | (12,864,000) | (8,385,000) | |
Depreciation and amortization | (444,181,000) | (70,177) | (478,160,000) | (469,435,000) | |
Share of profit/(loss) of associates and joint ventures, net of tax | 10,054,000 | 1,589 | (3,612,000) | (2,691,000) | |
Income tax expense | (220,167,000) | (34,785) | (160,270,000) | (176,818,000) | |
Segment profit after income tax | 1,405,070,000 | 221,991 | 723,608,000 | 509,320,000 | |
Total assets | 21,015,059,000 | 18,596,506,000 | $ 3,320,229 | ||
Total liabilities | (10,035,783,000) | (8,610,694,000) | (1,585,582) | ||
Other disclosures | |||||
Investment in joint ventures | 196,102,000 | 176,351,000 | $ 30,983 | ||
Capital expenditure | 261,433,000 | $ 41,305 | 284,993,000 | ||
Operating Segments [Member] | Yuchai Segment [Member] | |||||
Revenue | |||||
Total external revenue | 16,165,245,000 | 13,598,487,000 | 13,671,931,000 | ||
Results | |||||
Interest income | 94,760,000 | 51,235,000 | 35,557,000 | ||
Interest expense | (94,794,000) | (73,028,000) | (110,618,000) | ||
Gain on disposal of intangible assets | 115,235,000 | ||||
Impairment of property, plant and equipment | (20,845,000) | (3,297,000) | (2,873,000) | ||
Impairment of technology development cost | (40,000,000) | (26,700,000) | |||
Staff severance cost | (107,732,000) | (12,864,000) | (8,385,000) | ||
Depreciation and amortization | (433,921,000) | (467,177,000) | (458,759,000) | ||
Share of profit/(loss) of associates and joint ventures, net of tax | 9,255,000 | 112,000 | (10,230,000) | ||
Income tax expense | (190,573,000) | (141,272,000) | (161,731,000) | ||
Segment profit after income tax | 1,089,233,000 | 765,039,000 | 583,115,000 | ||
Total assets | 19,623,882,000 | 17,537,583,000 | |||
Total liabilities | (9,840,265,000) | (8,419,018,000) | |||
Other disclosures | |||||
Investment in joint ventures | 193,476,000 | 173,781,000 | |||
Capital expenditure | 259,068,000 | 282,284,000 | |||
Operating Segments [Member] | HL Global Enterprises Limited Segment [Member] | |||||
Revenue | |||||
Total external revenue | 57,197,000 | 66,353,000 | 61,506,000 | ||
Results | |||||
Interest income | 1,803,000 | 1,919,000 | 1,415,000 | ||
Interest expense | (3,983,000) | (7,706,000) | (7,595,000) | ||
Gain on disposal of subsidiaries | 216,115,000 | ||||
Gain on disposal of joint venture | 107,976,000 | ||||
Depreciation and amortization | (9,990,000) | (10,744,000) | (10,458,000) | ||
Share of profit/(loss) of associates and joint ventures, net of tax | 799,000 | (3,724,000) | 7,539,000 | ||
Income tax expense | (461,000) | (2,281,000) | (2,491,000) | ||
Segment profit after income tax | 322,481,000 | (4,548,000) | 6,473,000 | ||
Total assets | 451,096,000 | 449,994,000 | |||
Total liabilities | (66,920,000) | (369,124,000) | |||
Other disclosures | |||||
Investment in joint ventures | 2,626,000 | 2,570,000 | |||
Capital expenditure | 975,000 | 2,623,000 | |||
Operating Segments [Member] | Corporate Segment [Member] | |||||
Results | |||||
Interest income | 11,833,000 | 10,080,000 | 10,003,000 | ||
Interest expense | (270,000) | (648,000) | (435,000) | ||
Depreciation and amortization | (270,000) | (239,000) | (218,000) | ||
Income tax expense | (29,133,000) | (16,717,000) | (12,596,000) | ||
Segment profit after income tax | (6,644,000) | (36,883,000) | (80,268,000) | ||
Total assets | 2,444,012,000 | 2,111,248,000 | |||
Total liabilities | (128,591,000) | (151,472,000) | |||
Other disclosures | |||||
Capital expenditure | 1,390,000 | 86,000 | |||
Elimination of intersegment amounts [Member] | |||||
Results | |||||
Interest income | (2,975,000) | (6,251,000) | (5,661,000) | ||
Interest expense | 2,975,000 | 6,251,000 | ¥ 5,661,000 | ||
Total assets | (1,503,931,000) | (1,502,319,000) | |||
Total liabilities | ¥ (7,000) | ¥ 328,920,000 |
Segment Information - Summary of Geographic Information (Detail) ¥ in Thousands, $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
Dec. 31, 2015
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
|
Disclosure of geographical areas [Line Items] | |||||
Revenue from external customers | ¥ 16,222,442 | $ 2,563,030 | ¥ 13,664,840 | ¥ 13,733,437 | |
Non-current assets | 4,619,767 | 4,988,768 | $ 729,890 | ||
People's Republic of China [Member] | |||||
Disclosure of geographical areas [Line Items] | |||||
Revenue from external customers | 16,116,356 | 2,546,269 | 13,508,721 | 13,630,979 | |
Non-current assets | 4,524,988 | 4,893,338 | 714,916 | ||
Other Countries [Member] | |||||
Disclosure of geographical areas [Line Items] | |||||
Revenue from external customers | 106,086 | $ 16,761 | 156,119 | ¥ 102,458 | |
Non-current assets | ¥ 94,779 | ¥ 95,430 | $ 14,974 |
Financial Risk Management 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, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
---|---|---|---|
Singapore Dollar [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | |||
Effect on profit before tax | ¥ 41,585 | $ 6,570 | ¥ 8,422 |
Euro [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | |||
Effect on profit before tax | (937) | (148) | 231 |
USD [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | |||
Effect on profit before tax | 4,522 | 714 | (8,765) |
Renminbi [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | |||
Effect on profit before tax | ¥ (3,504) | $ (554) | ¥ 3,027 |
Financial Risk Management Objectives and Policies - Equity Price Risk Sensitivity Analysis Assuming 10% Increase/(Decrease) in Underlying Prices (Detail) ¥ in Thousands, $ in Thousands |
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
---|---|---|---|
Equity price risk [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [Line Items] | |||
Effect on profit before tax | ¥ 2,471 | $ 390 | ¥ 1,218 |
Capital Management - Summary of Capital Structure (Detail) ¥ in Thousands, $ in Thousands |
Dec. 31, 2017
CNY (¥)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
CNY (¥)
|
---|---|---|---|
Disclosure of objectives, policies and processes for managing capital [Abstract] | |||
Interest-bearing loans and borrowings (current and non-current) (Note 16(b)) | ¥ 1,626,341 | $ 256,951 | ¥ 910,406 |
Trade and other payables (current and non-current)(Note 28) | 7,624,496 | 1,204,616 | 6,981,815 |
Less: Cash and bank balances (Note 23) | (6,029,207) | (952,572) | (4,052,957) |
Net debts | 3,221,630 | 508,995 | 3,839,264 |
Equity attributable to equity holders of the parent | 8,347,562 | 1,318,855 | 7,683,834 |
Total capital and net debts | ¥ 11,569,192 | $ 1,827,850 | ¥ 11,523,098 |
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