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Income tax expense (Tables) | 12 Months Ended
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Dec. 31, 2017
Text Block1 [Abstract] |
Summary of Income Tax Expense | Income tax expense in the consolidated statement of profit or loss consists of:
|  | 31.12.2015 |  |  | 31.12.2016 |  |  | 31.12.2017 |  |  | 31.12.2017 |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Current income tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Current year |  |  | 104,584 |  |  |  | 104,149 |  |  |  | 197,264 |  |  |  | 31,167 |
- (Over)/under provision in respect of prior years |  |  | (47 | ) |  |  | 7,175 |  |  |  | (2,867 | ) |  |  | (453 | )
Deferred tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Movement in temporary differences |  |  | 72,281 |  |  |  | 48,946 |  |  |  | 25,770 |  |  |  | 4,071 |
Consolidated income tax expense reported in the statement of profit or loss |  |  | 176,818 |  |  |  | 160,270 |  |  |  | 220,167 |  |  |  | 34,785 |
Reconciliation of Income Tax Expense | Income tax expense reported in the consolidated statement of profit or loss differs from the amount computed by applying the PRC income tax rate of 15% (being tax rate of Yuchai) for the years ended December 31, 2017, 2016 and 2015 for the following reasons:
|  | 31.12.2015 |  |  | 31.12.2016 |  |  | 31.12.2017 |  |  | 31.12.2017 |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Accounting profit before tax |  |  | 686,138 |  |  |  | 883,878 |  |  |  | 1,625,237 |  |  |  | 256,776 |
Computed tax expense of 15% |  |  | 102,921 |  |  |  | 132,582 |  |  |  | 243,786 |  |  |  | 38,517 |
Adjustments resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-deductible expenses |  |  | 9,815 |  |  |  | 7,039 |  |  |  | 21,982 |  |  |  | 3,473 |
Tax-exempt income |  |  | (5,574 | ) |  |  | (178 | ) |  |  | (58,324 | ) |  |  | (9,215 | )
Utilization of deferred tax benefits previously not recognized |  |  | (2,001 | ) |  |  | (3,157 | ) |  |  | (7,374 | ) |  |  | (1,165 | )
Deferred tax benefits not recognized |  |  | 61,299 |  |  |  | 9,045 |  |  |  | 8,084 |  |  |  | 1,277 |
Tax credits for research and development expense |  |  | (27,087 | ) |  |  | (34,482 | ) |  |  | (34,428 | ) |  |  | (5,439 | )
Tax rate differential |  |  | 24,249 |  |  |  | 25,321 |  |  |  | 21,061 |  |  |  | 3,328 |
(Over)/under provision in respect of previous years current tax |  |  | (47 | ) |  |  | 7,175 |  |  |  | (2,867 | ) |  |  | (453 | )
Withholding tax expense |  |  | 13,126 |  |  |  | 16,925 |  |  |  | 29,447 |  |  |  | 4,652 |
Others |  |  | 117 |  |  |  | — |  |  |  | (1,200 | ) |  |  | (190 | )
Total |  |  | 176,818 |  |  |  | 160,270 |  |  |  | 220,167 |  |  |  | 34,785 |
Summary of Deferred Tax | Deferred tax relates to the following:
|  | Consolidated statement of financial position |  |  | Consolidated statement of profit or loss |
|  | 31.12.2016 |  |  | 31.12.2017 |  |  | 31.12.2017 |  |  | 31.12.2015 |  |  | 31.12.2016 |  |  | 31.12.2017 |  |  | 31.12.2017 |
|  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Deferred tax liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accelerated tax depreciation |  |  | (10,521 | ) |  |  | (15,122 | ) |  |  | (2,389 | ) |  |  | (10,852 | ) |  |  | 373 |  |  |  | (4,601 | ) |  |  | (727 | )
Unremitted earnings from overseas source income |  |  | (437 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (25 | ) |  |  | — |  |  |  | — |
Interest receivable |  |  | (1,453 | ) |  |  | (774 | ) |  |  | (122 | ) |  |  | — |  |  |  | (1,471 | ) |  |  | 679 |  |  |  | 107 |
Derivatives not designated as hedges- foreign exchange forward contract |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,326 | ) |  |  | 2,326 |  |  |  | — |  |  |  | — |
PRC withholding tax on dividend income (i) |  |  | (103,347 | ) |  |  | (100,572 | ) |  |  | (15,890 | ) |  |  | (12,549 | ) |  |  | (16,628 | ) |  |  | (29,031 | ) |  |  | (4,587 | )
|  |  | (115,758 | ) |  |  | (116,468 | ) |  |  | (18,401 | ) |  |  | (25,727 | ) |  |  | (15,425 | ) |  |  | (32,953 | ) |  |  | (5,207 | )
Deferred tax assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impairment of property, plant and equipment |  |  | 2,876 |  |  |  | 12,319 |  |  |  | 1,946 |  |  |  | 409 |  |  |  | (9,005 | ) |  |  | 9,443 |  |  |  | 1,492 |
Write-down of inventories |  |  | 21,209 |  |  |  | 17,493 |  |  |  | 2,764 |  |  |  | (3,867 | ) |  |  | (4,421 | ) |  |  | (3,716 | ) |  |  | (587 | )
Allowance for doubtful account receivables |  |  | 9,340 |  |  |  | 7,376 |  |  |  | 1,165 |  |  |  | (3,361 | ) |  |  | 7,196 |  |  |  | (1,964 | ) |  |  | (310 | )
Accruals |  |  | 185,952 |  |  |  | 204,730 |  |  |  | 32,346 |  |  |  | 17,253 |  |  |  | (46,350 | ) |  |  | 18,778 |  |  |  | 2,967 |
Deferred income |  |  | 70,931 |  |  |  | 51,679 |  |  |  | 8,165 |  |  |  | (44,232 | ) |  |  | 10,045 |  |  |  | (19,252 | ) |  |  | (3,042 | )
Write down of intangible asset |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (15,000 | ) |  |  | — |  |  |  | — |  |  |  | — |
Others |  |  | 17,899 |  |  |  | 21,793 |  |  |  | 3,443 |  |  |  | 2,244 |  |  |  | 9,014 |  |  |  | 3,894 |  |  |  | 616 |
|  |  | 308,207 |  |  |  | 315,390 |  |  |  | 49,829 |  |  |  | (46,554 | ) |  |  | (33,521 | ) |  |  | 7,183 |  |  |  | 1,136 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | (72,281 | ) |  |  | (48,946 | ) |  |  | (25,770 | ) |  |  | (4,071 | )
Note:
| (i) | The movement of PRC withholding tax on dividend income is as follows:
|  | 31.12.2016 |  |  | 31.12.2017 |  |  | 31.12.2017 |
|  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
At January 1 |  |  | (113,805 | ) |  |  | (103,347 | ) |  |  | (16,328 | )
Provision made to consolidated statement of profit or loss |  |  | (16,628 | ) |  |  | (29,031 | ) |  |  | (4,587 | )
Utilization |  |  | 27,107 |  |  |  | 31,806 |  |  |  | 5,025 |
Translation differences |  |  | (21 | ) |  |  | — |  |  |  | — |
December 31 |  |  | (103,347 | ) |  |  | (100,572 | ) |  |  | (15,890 | )
Classification of the Group's Net Deferred Tax Assets | The following table represents the classification of the Group’s net deferred tax assets:
|  | 31.12.2016 |  |  | 31.12.2017 |  |  | 31.12.2017 |
|  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Deferred tax assets |  |  | 308,207 |  |  |  | 315,390 |  |  |  | 49,829 |
Deferred tax liabilities |  |  | (115,758 | ) |  |  | (116,468 | ) |  |  | (18,401 | )
|  |  | 192,449 |  |  |  | 198,922 |  |  |  | 31,428 |
Deferred Tax Assets That Have Not Been Recognized | Deferred tax assets have not been recognized in respect of the following items:
|  | 31.12.2016 |  |  | 31.12.2017 |  |  | 31.12.2017 |
|  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Unutilized tax losses |  |  | 515,207 |  |  |  | 479,410 |  |  |  | 75,743 |
Unutilized capital allowances and investment allowances |  |  | 106,781 |  |  |  | 107,266 |  |  |  | 16,947 |
Other unrecognized temporary differences relating to provisions and deferred grants |  |  | 224,087 |  |  |  | 230,269 |  |  |  | 36,381 |
|  |  | 846,075 |  |  |  | 816,945 |  |  |  | 129,071 |

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