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Income tax expense (Tables) | 12 Months Ended
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Dec. 31, 2020
Text block [abstract] |
Summary of Income Tax Expense | The major components of income tax expense for the years ended December 31, 2018, 2019 and 2020 are as follows:
|  | 31.12.2018 |  |  | 31.12.2019 |  |  | 31.12.2020 |  |  | 31.12.2020 |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Current income tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Current year |  |  | 209,448 |  |  |  | 193,878 |  |  |  | 180,254 |  |  |  | 27,854 |
- Over provision in respect of prior years |  |  | (729 | ) |  |  | (6,985 | ) |  |  | (124 | ) |  |  | (19 | )
Deferred tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Movement in temporary differences |  |  | (2,052 | ) |  |  | (14,274 | ) |  |  | 12,543 |  |  |  | 1,938 |
- Over provision in respect of prior years |  |  | — |  |  |  | — |  |  |  | (135 | ) |  |  | (20 | )
Consolidated income tax expense reported in the statement of profit or loss |  |  | 206,667 |  |  |  | 172,619 |  |  |  | 192,538 |  |  |  | 29,753 |
Reconciliation of Income Tax Expense | Income tax expense reported in the consolidated statement of profit or loss differs from the amount computed by applying the PRC income tax rate of 15% (being tax rate of Yuchai) for the years ended December 31, 2018, 2019 and 2020 for the following reasons:
|  | 31.12.2018 |  |  | 31.12.2019 |  |  | 31.12.2020 |  |  | 31.12.2020 |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Accounting profit before tax |  |  | 1,181,067 |  |  |  | 1,033,319 |  |  |  | 971,864 |  |  |  | 150,180 |
Computed tax expense at 15% (2019: 15%, 2018: 15%) |  |  | 177,160 |  |  |  | 154,998 |  |  |  | 145,780 |  |  |  | 22,527 |
Adjustments resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-deductible expenses |  |  | 5,146 |  |  |  | 3,982 |  |  |  | 9,188 |  |  |  | 1,420 |
Tax-exempt income |  |  | (3,634 | ) |  |  | (6,171 | ) |  |  | (601 | ) |  |  | (93 | )
Utilization of deferred tax benefits previously not recognized |  |  | (5,518 | ) |  |  | (5,076 | ) |  |  | (1,996 | ) |  |  | (308 | )
Deferred tax benefits not recognized |  |  | 2,183 |  |  |  | 6,613 |  |  |  | 6,097 |  |  |  | 942 |
Tax credits for research and development expense |  |  | (22,407 | ) |  |  | (31,863 | ) |  |  | (26,329 | ) |  |  | (4,068 | )
Tax rate differential |  |  | 24,437 |  |  |  | 26,223 |  |  |  | 24,251 |  |  |  | 3,747 |
Over provision in respect of previous years |  |  | (729 | ) |  |  | (6,985 | ) |  |  | (259 | ) |  |  | (39 | )
Withholding tax expense |  |  | 30,029 |  |  |  | 30,898 |  |  |  | 36,332 |  |  |  | 5,614 |
Others |  |  | — |  |  |  | — |  |  |  | 75 |  |  |  | 11 |
Total |  |  | 206,667 |  |  |  | 172,619 |  |  |  | 192,538 |  |  |  | 29,753 |
Summary of Deferred Tax | Deferred tax relates to the following:
|  | Consolidated statement of financial position |  |  | Consolidated statement of profit or loss |
|  | 31.12.2019 |  |  | 31.12.2020 |  |  | 31.12.2020 |  |  | 31.12.2018 |  |  | 31.12.2019 |  |  | 31.12.2020 |  |  | 31.12.2020 |
|  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Accelerated tax depreciation |  |  | (44,920 | ) |  |  | (100,802 | ) |  |  | (15,577 | ) |  |  | (12,432 | ) |  |  | (17,366 | ) |  |  | (55,882 | ) |  |  | (8,635 | )
Interest receivable |  |  | (1,644 | ) |  |  | (1,937 | ) |  |  | (299 | ) |  |  | (1,478 | ) |  |  | 608 |  |  |  | (293 | ) |  |  | (45 | )
PRC withholding tax on dividend income (i) |  |  | (106,922 | ) |  |  | (112,456 | ) |  |  | (17,378 | ) |  |  | (29,842 | ) |  |  | (30,721 | ) |  |  | (36,255 | ) |  |  | (5,602 | )
Impairment of property, plant and equipment |  |  | 6,648 |  |  |  | 40,104 |  |  |  | 6,197 |  |  |  | 3,624 |  |  |  | (9,295 | ) |  |  | 33,456 |  |  |  | 5,170 |
Write-down of inventories |  |  | 18,403 |  |  |  | 22,628 |  |  |  | 3,497 |  |  |  | (1,433 | ) |  |  | 2,343 |  |  |  | 4,225 |  |  |  | 653 |
Allowance for doubtful account receivables |  |  | 10,077 |  |  |  | 8,056 |  |  |  | 1,245 |  |  |  | (2,199 | ) |  |  | 4,900 |  |  |  | (2,021 | ) |  |  | (312 | )
Accruals |  |  | 250,662 |  |  |  | 298,766 |  |  |  | 46,168 |  |  |  | (186 | ) |  |  | 46,108 |  |  |  | 48,149 |  |  |  | 7,440 |
Deferred income |  |  | 107,731 |  |  |  | 108,942 |  |  |  | 16,834 |  |  |  | 43,820 |  |  |  | 12,232 |  |  |  | 1,211 |  |  |  | 187 |
Others |  |  | 29,439 |  |  |  | 24,441 |  |  |  | 3,777 |  |  |  | 2,178 |  |  |  | 5,465 |  |  |  | (4,998 | ) |  |  | (774 | )
Deferred tax benefits/(expenses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,052 |  |  |  | 14,274 |  |  |  | (12,408 | ) |  |  | (1,918 | )
Net deferred tax assets |  |  | 269,474 |  |  |  | 287,742 |  |  |  | 44,464 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reflected in the consolidated statement of financial position as follows: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax assets |  |  | 422,960 |  |  |  | 400,198 |  |  |  | 61,842 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax liabilities |  |  | (153,486 | ) |  |  | (112,456 | ) |  |  | (17,378 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 269,474 |  |  |  | 287,742 |  |  |  | 44,464 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (i) | The movement of PRC withholding tax on dividend income is as follows:
|  | 31.12.2019 |  |  | 31.12.2020 |  |  | 31.12.2020 |
|  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
At January 1 |  |  | (106,922 | ) |  |  | (106,922 | ) |  |  | (16,522 | )
Provision made to consolidated statement of profit or loss |  |  | (30,721 | ) |  |  | (36,255 | ) |  |  | (5,602 | )
Utilization |  |  | 30,721 |  |  |  | 30,721 |  |  |  | 4,746 |
December 31 |  |  | (106,922 | ) |  |  | (112,456 | ) |  |  | (17,378 | )
Deferred Tax Assets That Have Not Been Recognized | Deferred tax assets have not been recognized in respect of the following items:
|  | 31.12.2019 |  |  | 31.12.2020 |  |  | 31.12.2020 |
|  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Unutilized tax losses |  |  | 414,226 |  |  |  | 404,215 |  |  |  | 62,463 |
Unutilized capital allowances and investment allowances |  |  | 107,613 |  |  |  | 105,622 |  |  |  | 16,322 |
Other unrecognized temporary differences relating to asset impairment and deferred grants |  |  | 215,296 |  |  |  | 204,423 |  |  |  | 31,589 |
|  |  | 737,135 |  |  |  | 714,260 |  |  |  | 110,374 |

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