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Investments in subsidiaries

12 Months Ended

Dec. 31, 2020

Investments accounted for using equity method [abstract]

4.	Investments in subsidiaries

Details of significant subsidiaries of the Group are as follows:


Name of significant subsidiary	Place of incorporation/ business	Group’s effective equity interest
		31.12.2019		31.12.2020
		%		%

Guangxi Yuchai Machinery Company Limited	People’s Republic of China		76.4		76.4
Guangxi Yuchai Machinery Monopoly Development Co., Ltd	People’s Republic of China		54.9		54.9
Guangxi Yuchai Accessories Manufacturing Company Limited	People’s Republic of China		76.4		76.4
Guangxi Yuchai Equipment Mould Company Limited	People’s Republic of China		76.4		76.4
Guangxi Yulin Hotel Company Limited	People’s Republic of China		76.4		76.4
Jining Yuchai Engine Company Limited	People’s Republic of China		76.4		76.4
Yuchai Remanufacturing Services (Suzhou) Co., Ltd.	People’s Republic of China		76.4		76.4
HL Global Enterprises Limited	Singapore		50.2		50.2

The Group has the following subsidiary that has

non-controlling

interests (“NCI”) that are material to the Group.


	31.12.2018			31.12.2019			31.12.2020
Proportion of equity interest held by NCI
Yuchai		23.6	%		23.6	%		23.6	%


	31.12.2018 RMB’000		31.12.2019 RMB’000		31.12.2020 RMB’000		31.12.2020 US$’000
Accumulated balances of material NCI
Yuchai				2,603,227		2,624,933		405,627

Profit allocated to material NCI
Yuchai		252,394		254,284		229,231		35,423

Dividends paid to material NCI
Yuchai		135,905		207,514		207,514		32,067

Summarized financial information including goodwill on acquisition and consolidation adjustments but before intercompany eliminations of subsidiaries with material

non-controlling

interests are as follows:


	31.12.2018
	Yuchai RMB’000
Summarized statement of comprehensive income
Revenue		16,210,467

Profit after tax		972,010

Total comprehensive income for the year		867,438

Attributable to NCI		252,394

Summarized statement of cash flows
Operating		701,716
Investing		(331,416	)
Financing		(66,975	)

Net increase in cash and cash equivalents		303,325


	31.12.2019
	Yuchai RMB’000
Summarized statement of financial position
Current assets		16,444,627
Non-current assets, excluding goodwill		6,160,217
Goodwill		212,636
Current liabilities		(11,162,938	)
Non-current liabilities		(964,084	)

Net assets		10,690,458

Total equity		10,690,458

Attributable to NCI		2,603,227

Summarized statement of comprehensive income
Revenue		17,980,304

Profit after tax		825,807

Total comprehensive income for the year		828,861

Attributable to NCI		254,284

Summarized statement of cash flows
Operating		1,632,557
Investing		(858,904	)
Financing		(656,576	)

Net increase in cash and cash equivalents		117,077


	31.12.2020
	Yuchai
	RMB’000			US$’000
Summarized statement of financial position
Current assets		18,395,754			2,842,667
Non-current assets, excluding goodwill		6,722,233			1,038,776
Goodwill		212,636			32,858
Current liabilities		(13,035,680	)		(2,014,384	)
Non-current liabilities		(1,293,007	)		(199,806	)

Net assets		11,001,936			1,700,111

Total equity		11,001,936			1,700,111

Attributable to NCI		2,624,933			405,627

Summarized statement of comprehensive income
Revenue		20,557,660			3,176,743

Profit after tax		829,042			128,111

Total comprehensive income for the year		826,214			127,674

Attributable to NCI		229,231			35,423

Summarized statement of cash flows
Operating		1,476,034			228,089
Investing		(794,291	)		(122,741	)
Financing		(505,997	)		(78,191	)

Net increase in cash and cash equivalents		175,746			27,157

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:

At the end of the reporting period, cash and cash equivalents of RMB 5,289.2 million (US$817.3 million) (2019: RMB 5,112.8 million) held in the PRC are subject to local exchange control regulations. These regulations place restriction on the amount of currency being exported other than through dividends, trade and service related transactions.

Acquisition of ownership in subsidiaries, without change in control in 2019

In February 2019, Yuchai acquired 7.5% of equity interest in YC Europe Co., Ltd. (“YC Europe”) from

non-controlling

interest for a cash consideration of RMB 0.1 million (less than US$0.1 million). As a result, Yuchai’s shareholding in YC Europe increased from 67.5% to 75.0%.