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Related party disclosures | 12 Months Ended
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Dec. 31, 2020
Text block [abstract] |
Related party disclosures |
2 8 . | Related party disclosures
The ultimate parent As of December 31, 2020, the controlling shareholder of the Company, HLA, indirectly owned 18,270,965, or 44.7% (2019: 17,059,154, or 41.8%), of the ordinary shares in the capital of the Company, as well as a special share that entitles it to elect a majority of directors of the Company. HLA controls the Company through its wholly-owned subsidiary, HLC, and through HLT, a wholly-owned subsidiary of HLC. HLT owns approximately 23.3% (2019: 23.3%) of the ordinary shares in the capital of the Company and is, and has since August 2002 been, the registered holder of the special share. HLA also owns, through another wholly-owned subsidiary, Well Summit Investments Limited, approximately 21.4% (2019: 18.5%) of the ordinary shares in the capital of the Company. HLA is a member of the Hong Leong Investment Holdings Pte. Ltd., or Hong Leong Investment group of companies. Prior to August 2002, the Company was controlled by Diesel Machinery (BVI) Limited, which, until its dissolution, was a holding company controlled by HLC and was the prior owner of the special share. Through HLT’s stock ownership and the rights accorded to the special share under Bye-Laws 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 0.3 million (less than US$0.1 million) (2019: RMB 0.03 million; 2018: RMB 0.03 million) during the financial years ended December 31, 2018, 2019 and 2020 respectively. The transaction relates to consultancy fees charged by HLA. Entity with significant influence over the Group As of December 31, 2020, the Yulin City Government through Coomber Investment Ltd. owned 17.2% (2019: 17.2%) of the ordinary shares in the capital of the Company. The following provides the significant transactions that have been entered into with related parties for the relevant financial year.
|  | 31.12.2018 |  |  | 31.12.2019 |  |  | 31.12.2020 |  |  | 31.12.2020 |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Sales of engines and materials |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- associates and joint ventures |  |  | 439,106 |  |  |  | 912,877 |  |  |  | 1,256,268 |  |  |  | 194,129 |
- GY Group (including its subsidiaries and affiliates) |  |  | 406,422 |  |  |  | 1,792,280 |  |  |  | 2,637,845 |  |  |  | 407,622 |
Purchase of material, supplies and engines |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- associates and joint ventures |  |  | 1,192,322 |  |  |  | 1,999,831 |  |  |  | 2,792,707 |  |  |  | 431,553 |
- GY Group (including its subsidiaries and affiliates) |  |  | 1,589,638 |  |  |  | 1,895,239 |  |  |  | 1,245,030 |  |  |  | 192,393 |
Hospitality, restaurant, consultancy and other service income charged to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- a joint venture |  |  | 3,456 |  |  |  | 3,984 |  |  |  | 3,918 |  |  |  | 605 |
- GY Group (including its subsidiaries and affiliates) |  |  | 24,015 |  |  |  | 15,350 |  |  |  | 6,765 |  |  |  | 1,045 |
Rental income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- a joint venture |  |  | 1,937 |  |  |  | 3,206 |  |  |  | 4,565 |  |  |  | 705 |
- GY Group (including its subsidiaries and affiliates) |  |  | 3,886 |  |  |  | 2,133 |  |  |  | 3,970 |  |  |  | 613 |
Property management service expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- GY Group (including its subsidiaries and affiliates) |  |  | 26,547 |  |  |  | 22,595 |  |  |  | 24,968 |  |  |  | 3,858 |
Leasing expenses (i) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- GY Group (including its subsidiaries and affiliates) |  |  | 25,705 |  |  |  | — |  |  |  | — |  |  |  | — |
Selling, general and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- a joint venture |  |  | — |  |  |  | — |  |  |  | 7,287 |  |  |  | 1,126 |
- GY Group (including its subsidiaries and affiliates) |  |  | 21,607 |  |  |  | 19,953 |  |  |  | 4,728 |  |  |  | 731 |
- HLA (including its affiliates) |  |  | 6,639 |  |  |  | 6,788 |  |  |  | 6,687 |  |  |  | 1,033 |
Delivery, storage, distribution and handling expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- GY Group (including its subsidiaries and affiliates) |  |  | 228,195 |  |  |  | 304,532 |  |  |  | 312,891 |  |  |  | 48,351 |
Payment for trademarks usage fee |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- GY Group |  |  | — |  |  |  | 169,811 |  |  |  | — |  |  |  | — |
Payment for lease liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- GY Group (including its subsidiaries and affiliates) |  |  | — |  |  |  | 33,594 |  |  |  | 18,086 |  |  |  | 2,795 |
Purchases of vehicles and machineries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- GY Group (including its subsidiaries and affiliates) |  |  | 6,144 |  |  |  | 2,817 |  |  |  | 2,838 |  |  |  | 439 |
Note:
| (i) | The Group has adopted IFRS 16 on January 1, 2019. These leasing expenses have been recognized as right-of-use assets and lease liabilities on the consolidated statement of financial position as of December 31, 2019 and 2020.
In addition to the above, Yuchai also entered into transactions with other PRC Government owned enterprises. Management considers that these transactions were entered into in the normal course of business and expects that these transactions will continue on normal commercial terms. The transactions with related parties are made at terms agreed between the parties. Compensation of key management personnel of the Group
|  | 31.12.2018 |  |  | 31.12.2019 |  |  | 31.12.2020 |  |  | 31.12.2020 |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Short-term employee benefits |  |  | 39,703 |  |  |  | 41,606 |  |  |  | 43,178 |  |  |  | 6,672 |
Contribution to defined contribution plans |  |  | 335 |  |  |  | 362 |  |  |  | 292 |  |  |  | 45 |
|  |  | 40,038 |  |  |  | 41,968 |  |  |  | 43,470 |  |  |  | 6,717 |
The non-executive directors do not receive pension entitlements from the Group.

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