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Investment in joint ventures | 12 Months Ended
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Dec. 31, 2017
Text Block1 [Abstract] |
Investment in joint ventures |
6. | Investment in joint ventures
|  | 31.12.2015 |  |  | 31.12.2016 |  |  | 31.12.2017 |  |  | 31.12.2017 |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Share of (loss)/profit of joint ventures, net of tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Y & C Engine Co., Ltd. |  |  | (8,978 | ) |  |  | 2,039 |  |  |  | 17,755 |  |  |  | 2,805 |
Copthorne Hotel Qingdao Co., Ltd. (i) |  |  | 6,941 |  |  |  | (4,465 | ) |  |  | — |  |  |  | — |
MTU Yuchai Power Co., Ltd. |  |  | — |  |  |  | — |  |  |  | (8,487 | ) |  |  | (1,341 | )
Other joint ventures |  |  | (899 | ) |  |  | (1,642 | ) |  |  | 814 |  |  |  | 129 |
|  |  | (2,936 | ) |  |  | (4,068 | ) |  |  | 10,082 |  |  |  | 1,593 |
|  |  |  |  | 31.12.2016 |  |  | 31.12.2017 |  |  | 31.12.2017 |
|  |  |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Carrying amount of investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Y & C Engine Co., Ltd. |  |  |  |  |  |  | 169,064 |  |  |  | 122,235 |  |  |  | 19,312 |
MTU Yuchai Power Co., Ltd. |  |  |  |  |  |  | — |  |  |  | 66,513 |  |  |  | 10,509 |
Other joint ventures |  |  |  |  |  |  | 7,287 |  |  |  | 7,354 |  |  |  | 1,162 |
|  |  |  |  |  |  | 176,351 |  |  |  | 196,102 |  |  |  | 30,983 |
Note:
| (i) | Since February 23, 2016, the investment in Copthorne Hotel Qingdao Co., Ltd had been classified as asset held for sale in view of proposed disposal. The disposal was completed on October 19, 2017. (Refer to Note 22 for details).
The Group has interests in the following joint ventures:
Name of company |  | Principal activities |  | Place of incorporation/ business |  |  | Group’s effective equity interest |
|  |  |  |  |  |  | 31.12.2016 |  |  | 31.12.2017 |
|  |  |  |  |  |  | % |  |  | % |
Held by subsidiaries |  |  |  |  |  |  |  |  |  |  |  |  |  |
Copthorne Hotel Qingdao Co., Ltd. (“Copthorne Qingdao”) |  | Owns and operates a hotel in Qingdao, PRC |  |  | People’s Republic of China |  |  |  | 30.1 |  |  |  | — |
HL Heritage Sdn. Bhd. |  | Property development and property investment holdings |  |  | Malaysia |  |  |  | 30.1 |  |  |  | 30.1 |
Shanghai Hengshan Equatorial Hotel Management Co., Ltd. |  | Hotel and property management |  |  | People’s Republic of China |  |  |  | 24.6 |  |  |  | 24.6 |
Y & C Engine Co., Ltd (“Y&C”) |  | Manufacture and sale of heavy duty diesel engines, spare parts and after-sales services |  |  | People’s Republic of China |  |  |  | 34.4 |  |  |  | 34.4 |
Guangxi Yineng IOT Science & Technology Co., Ltd. |  | Design, development, management and marketing of an electronic operations management platform |  |  | People’s Republic of China |  |  |  | 15.3 |  |  |  | 15.3 |
MTU Yuchai Power Co., Ltd (“MTU Yuchai Power”) (i) |  | Manufacture off-road diesel engines |  |  | People’s Republic of China |  |  |  | — |  |  |  | 38.2 |
Note:
| (i) | MTU Yuchai Power was incorporated on January 18, 2017. During 2017, Yuchai had invested RMB 75.0 million (US$ 11.8 million) into the joint venture.
The Group assess impairment of investments when adverse events or changes in circumstances indicate that the carrying amounts may not be recoverable. If the recoverable amount of investment is below its carrying amount, an impairment charge is recognized. The Group performs evaluation of the value of its investment using a discounted cash flows projection or fair value less cost of disposal where appropriate. The projection will be performed using historical trends as a reference and certain assumptions to project the future streams of cash flows. In 2015, the Group performed impairment evaluation of its investments in joint ventures. As a result, the Group reversed the earlier impairment of RMB 21.9 million for Copthorne Qingdao. The reversal was made because the fair value less cost of disposal estimated in the latest independent valuation report is higher than the carrying amount and the management had obtained the consent from its joint venture partner to sell the joint venture. The Group estimated the recoverable amounts of investment in Copthorne Qingdao based on its fair value less cost of disposal. The fair value is determined using recognized valuation technique, which is discounted cash flow method. The calculations require the use of key significant unobservable inputs (fair value level 3), which are occupancy rates, room rates, discount rates and gross margins of operating hotel. With regards to the valuation of the recoverable amount of Copthorne Qingdao, management believes that no reasonably possible changes in any of the key assumptions would cause the carrying value of the joint venture to materially exceed its recoverable amount. In 2016 and 2017, the Group performed impairment evaluation of its investments in joint ventures, no impairment was required. The summarized financial information of the joint ventures, based on their IFRS financial statements, and reconciliation with the carrying amount of the investment in consolidated financial statements are set out below:
|  | 31.12.2015 |
|  | Y & C |  |  | Copthorne Qingdao |  |  | Total |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |
Revenue |  |  | 356,697 |  |  |  | 50,971 |  |  |  | 407,668 |
Depreciation and amortization |  |  | (23,453 | ) |  |  | (12,079 | ) |  |  | (35,532 | )
Interest expense |  |  | (19,612 | ) |  |  | (8,599 | ) |  |  | (28,211 | )
Loss for the year, representing total comprehensive loss for the year |  |  | (19,952 | ) |  |  | (20,311 | ) |  |  | (40,263 | )
Proportion of the Group’s ownership |  |  | 45 | % |  |  | 60 | % |  |  |  |
Group’s share of loss |  |  | (8,978 | ) |  |  | (12,187 | ) |  |  |  |
Depreciation arising from fair value adjustment during purchase price allocation |  |  | — |  |  |  | (2,804 | ) |  |  |  |
Reversal of cumulative impairment loss |  |  | — |  |  |  | 21,932 |  |  |  |  |
Group’s share of (loss)/profit of significant joint ventures |  |  | (8,978 | ) |  |  | 6,941 |  |  |  | (2,037 | )
Group’s share of loss of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures |  |  |  |  |  |  |  |  |  |  | (899 | )
Group’s share of loss for the year, representing the Group’s share of total comprehensive loss for the year |  |  |  |  |  |  |  |  |  |  | (2,936 | )
|  | 31.12.2016 |
|  | Y & C |  |  | Total |
|  | RMB’000 |  |  | RMB’000 |
Non-current assets |  |  | 616,397 |  |  |  | 616,397 |
Current assets |  |  |  |  |  |  |  |
- Cash and bank balances |  |  | 99,014 |  |  |  | 99,014 |
- Others |  |  | 215,246 |  |  |  | 215,246 |
Total assets |  |  | 930,657 |  |  |  | 930,657 |
Non-current liabilities |  |  | (60,382 | ) |  |  | (60,382 | )
Current liabilities |  |  |  |  |  |  |  |
- Interest-bearing loans and borrowings |  |  | (68,800 | ) |  |  | (68,800 | )
- Others |  |  | (425,777 | ) |  |  | (425,777 | )
Total liabilities |  |  | (554,959 | ) |  |  | (554,959 | )
Equity |  |  | 375,698 |  |  |  | 375,698 |
Proportion of the Group’s ownership |  |  | 45 | % |  |  |  |
Group’s share of net assets |  |  | 169,064 |  |  |  |  |
Carrying amount of significant joint ventures |  |  | 169,064 |  |  |  | 169,064 |
Carrying amount of other joint ventures |  |  |  |  |  |  | 7,287 |
Carrying amount of the investment in joint ventures |  |  |  |  |  |  | 176,351 |
|  | 2016 |
|  | Y & C |  |  | Copthorne Qingdao* |  |  | Total |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |
Revenue |  |  | 553,878 |  |  |  | 3,674 |  |  |  | 557,552 |
Depreciation and amortization |  |  | (22,087 | ) |  |  | (2,797 | ) |  |  | (24,884 | )
Interest expense |  |  | (14,012 | ) |  |  | (1,337 | ) |  |  | (15,349 | )
Profit/(loss) for the year, representing total comprehensive loss for the year |  |  | 4,531 |  |  |  | (6,664 | ) |  |  | (2,133 | )
Proportion of the Group’s ownership |  |  | 45 | % |  |  | 60 | % |  |  |  |
Group’s share of profit/(loss) |  |  | 2,039 |  |  |  | (3,998 | ) |  |  |  |
Depreciation arising from fair value adjustment during purchase price allocation |  |  | — |  |  |  | (467 | ) |  |  |  |
Group’s share of profit/(loss) of significant joint ventures |  |  | 2,039 |  |  |  | (4,465 | ) |  |  | (2,426 | )
Group’s share of loss of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures |  |  |  |  |  |  |  |  |  |  | (1,642 | )
Group’s share of loss for the year, representing the Group’s share of total comprehensive loss for the year |  |  |  |  |  |  |  |  |  |  | (4,068 | )
| * | On February 23, 2016, the investment in Copthorne Qingdao was classified as asset held for sale. Accordingly, the information presented includes the results of Copthorne Qingdao only for the period from January 1, 2016 to February 23, 2016.
|  | 31.12.2017 |
|  | Y & C |  |  | MTU |  |  | Total |  |  | Total |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Non-current assets |  |  | 734,270 |  |  |  | 32,015 |  |  |  | 766,285 |  |  |  | 121,068 |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Cash and bank balances |  |  | 199,925 |  |  |  | 113,055 |  |  |  | 312,980 |  |  |  | 49,449 |
- Others |  |  | 367,293 |  |  |  | 22,775 |  |  |  | 390,068 |  |  |  | 61,628 |
Total assets |  |  | 1,301,488 |  |  |  | 167,845 |  |  |  | 1,469,333 |  |  |  | 232,144 |
Non-current liabilities |  |  | (13,543 | ) |  |  | — |  |  |  | (13,543 | ) |  |  | (2,140 | )
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Interest-bearing loans and borrowings |  |  | (13,500 | ) |  |  | — |  |  |  | (13,500 | ) |  |  | (2,133 | )
- Others |  |  | (842,765 | ) |  |  | (34,820 | ) |  |  | (877,585 | ) |  |  | (138,652 | )
Total liabilities |  |  | (869,808 | ) |  |  | (34,820 | ) |  |  | (904,628 | ) |  |  | (142,925 | )
Equity |  |  | 431,680 |  |  |  | 133,025 |  |  |  | 564,705 |  |  |  | 89,219 |
Proportion of the Group’s ownership |  |  | 45 | % |  |  | 50 | % |  |  |  |  |  |  |  |
Group’s share of net assets |  |  | 194,256 |  |  |  | 66,513 |  |  |  |  |  |  |  |  |
Unrealized profit on transactions with joint venture |  |  | (72,021 | ) |  |  | — |  |  |  |  |  |  |  |  |
Carrying amount of significant joint ventures |  |  | 122,235 |  |  |  | 66,513 |  |  |  | 188,748 |  |  |  | 29,821 |
Carrying amount of other joint ventures |  |  |  |  |  |  |  |  |  |  | 7,354 |  |  |  | 1,162 |
Carrying amount of the investment in joint ventures |  |  |  |  |  |  |  |  |  |  | 196,102 |  |  |  | 30,983 |
|  | 31.12.2017 |
|  | Y & C |  |  | MTU |  |  | Total |  |  | Total |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Revenue |  |  | 1,331,823 |  |  |  | — |  |  |  | 1,331,823 |  |  |  | 210,419 |
Depreciation and amortization |  |  | (20,831 | ) |  |  | (227 | ) |  |  | (21,058 | ) |  |  | (3,327 | )
Interest expense |  |  | (28,663 | ) |  |  | (343 | ) |  |  | (29,006 | ) |  |  | (4,583 | )
Profit/(loss) for the year, representing total comprehensive income for the year |  |  | 55,982 |  |  |  | (16,973 | ) |  |  | 39,009 |  |  |  | 6,163 |
Proportion of the Group’s ownership |  |  | 45 | % |  |  | 50 | % |  |  |  |  |  |  |  |
Group’s share of profit |  |  | 25,192 |  |  |  | (8,487 | ) |  |  |  |  |  |  |  |
Unrealized profit on transactions with joint venture |  |  | (7,437 | ) |  |  | — |  |  |  |  |  |  |  |  |
Group’s share of profit of significant joint ventures |  |  | 17,755 |  |  |  | (8,487 | ) |  |  | 9,268 |  |  |  | 1,464 |
Group’s share of loss of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures |  |  |  |  |  |  |  |  |  |  | 814 |  |  |  | 129 |
Group’s share of profit for the year, representing the Group’s share of total comprehensive income for the year |  |  |  |  |  |  |  |  |  |  | 10,082 |  |  |  | 1,593 |
Note: As of December 31, 2017, the Group’s share of joint ventures’ capital commitment that are contracted but not paid was RMB 30,000 (US$4,740) (2016: RMB 10,982). As of December 31, 2017, the Group’s share of outstanding bills receivables discounted with banks for which Y & C retained a recourse obligation totaled RMB Nil (US$Nil) (2016: RMB 1,440). As of December 31, 2017, the Group’s share of outstanding bills receivables endorsed to suppliers for which Y & C retained a recourse obligation were RMB 23,288 (US$3,679) (2016: RMB 5,113). Significant restrictions The nature and extent of significant restrictions on the Group’s ability to use or access assets and settle liabilities of joint ventures are: The Group’s share of cash and cash equivalents of RMB 67,238 (US$10,623) (2016: RMB 26,437) held in the PRC are subject to local exchange control regulations. These regulations places restriction on the amount of currency being exported other than through dividends, trade and service related transactions. As at December 31, 2017, the Group’s share of restricted trade receivables of RMB 6,766 (US$1,069) (2016: RMB 34,403) that were factored to large banks in China. The Group’s joint venture have obligation to the banks for its trade receivables with recourse. As at December 31, 2017, the Group’s share of restricted cash of RMB 80,452 (US$12,711) (2016: RMB 18,119) which was used as collateral by the banks for the issuance of bills to suppliers. As at December 31, 2017, the Group’s share of bills receivables of RMB 12,150 (US$1,920) (2016: RMB Nil) which was used as collateral by banks for the issuance of bills to suppliers.

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