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Revenue from contracts with customers | 12 Months Ended
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Dec. 31, 2021
Text block [abstract] |
Revenue from contracts with customers |
6. | Revenue from contracts with customers
6.1 | Disaggregated revenue information
Set out below is the disaggregation of the Group’s revenue from contracts with customers:
|  | 31.12.2019 |
Segments |  | Yuchai |  |  | HLGE |  |  | Total |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |
Type of goods or services |  |  |  |  |  |  |  |  |  |  |  |
Heavy-duty engines |  |  | 6,189,934 |  |  |  | — |  |  |  | 6,189,934 |
Medium-duty engines |  |  | 5,583,982 |  |  |  | — |  |  |  | 5,583,982 |
Light-duty engines |  |  | 2,429,248 |  |  |  | — |  |  |  | 2,429,248 |
Other products and services (i) |  |  | 3,732,436 |  |  |  | — |  |  |  | 3,732,436 |
Revenue from hospitality operations |  |  | 44,704 |  |  |  | 35,781 |  |  |  | 80,485 |
Total revenue from contracts with customers |  |  | 17,980,304 |  |  |  | 35,781 |  |  |  | 18,016,085 |
Geographical markets |  |  |  |  |  |  |  |  |  |  |  |
People’s Republic of China |  |  | 17,913,615 |  |  |  | — |  |  |  | 17,913,615 |
Other countries |  |  | 66,689 |  |  |  | 35,781 |  |  |  | 102,470 |
Total revenue from contracts with customers |  |  | 17,980,304 |  |  |  | 35,781 |  |  |  | 18,016,085 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |
At a point in time |  |  | 17,935,600 |  |  |  | — |  |  |  | 17,935,600 |
Over time |  |  | 44,704 |  |  |  | 35,781 |  |  |  | 80,485 |
Total revenue from contracts with customers |  |  | 17,980,304 |  |  |  | 35,781 |  |  |  | 18,016,085 |
|  | 31.12.2020 |
Segments |  | Yuchai |  |  | HLGE |  |  | Total |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |
Type of goods or services |  |  |  |  |  |  |  |  |  |  |  |
Heavy-duty engines |  |  | 6,725,312 |  |  |  | — |  |  |  | 6,725,312 |
Medium-duty engines |  |  | 6,626,629 |  |  |  | — |  |  |  | 6,626,629 |
Light-duty engines |  |  | 2,356,168 |  |  |  | — |  |  |  | 2,356,168 |
Other products and services (i) |  |  | 4,809,921 |  |  |  | — |  |  |  | 4,809,921 |
Revenue from hospitality operations |  |  | 39,630 |  |  |  | 23,510 |  |  |  | 63,140 |
Total revenue from contracts with customers |  |  | 20,557,660 |  |  |  | 23,510 |  |  |  | 20,581,170 |
Geographical markets |  |  |  |  |  |  |  |  |  |  |  |
People’s Republic of China |  |  | 20,504,288 |  |  |  | — |  |  |  | 20,504,288 |
Other countries |  |  | 53,372 |  |  |  | 23,510 |  |  |  | 76,882 |
Total revenue from contracts with customers |  |  | 20,557,660 |  |  |  | 23,510 |  |  |  | 20,581,170 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |
At a point in time |  |  | 20,518,030 |  |  |  | — |  |  |  | 20,518,030 |
Over time |  |  | 39,630 |  |  |  | 23,510 |  |  |  | 63,140 |
Total revenue from contracts with customers |  |  | 20,557,660 |  |  |  | 23,510 |  |  |  | 20,581,170 |
|  | 31.12.2021 |
Segments |  | Yuchai |  |  | HLGE |  |  | Total |  |  | Total |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Type of goods or services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Heavy-duty engines |  |  | 7,410,771 |  |  |  | — |  |  |  | 7,410,771 |  |  |  | 1,172,182 |
Medium-duty engines |  |  | 7,065,283 |  |  |  | — |  |  |  | 7,065,283 |  |  |  | 1,117,535 |
Light-duty engines |  |  | 2,429,745 |  |  |  | — |  |  |  | 2,429,745 |  |  |  | 384,320 |
Other products and services (i) |  |  | 4,304,918 |  |  |  | 77 |  |  |  | 4,304,995 |  |  |  | 680,933 |
Revenue from hospitality operations |  |  | 43,417 |  |  |  | 11,719 |  |  |  | 55,136 |  |  |  | 8,721 |
Total revenue from contracts with customers |  |  | 21,254,134 |  |  |  | 11,796 |  |  |  | 21,265,930 |  |  |  | 3,363,691 |
Geographical markets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
People’s Republic of China |  |  | 21,206,280 |  |  |  | — |  |  |  | 21,206,280 |  |  |  | 3,354,256 |
Other countries |  |  | 47,854 |  |  |  | 11,796 |  |  |  | 59,650 |  |  |  | 9,435 |
Total revenue from contracts with customers |  |  | 21,254,134 |  |  |  | 11,796 |  |  |  | 21,265,930 |  |  |  | 3,363,691 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At a point in time |  |  | 21,210,718 |  |  |  | 8,067 |  |  |  | 21,218,785 |  |  |  | 3,356,234 |
Over time |  |  | 43,416 |  |  |  | 3,729 |  |  |  | 47,145 |  |  |  | 7,457 |
Total revenue from contracts with customers |  |  | 21,254,134 |  |  |  | 11,796 |  |  |  | 21,265,930 |  |  |  | 3,363,691 |
Note:
| (i) | included sales of power generator sets, engine components, service-type maintenance services and others.
6.2 | Contract balances
|  | 31.12.2020 |  |  | 31.12.2021 |  |  | 31.12.2021 |
|  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Trade receivables (Note 15) |  |  | 289,048 |  |  |  | 524,557 |  |  |  | 82,971 |
Capitalized contract cost |  |  | 127,704 |  |  |  | 147,499 |  |  |  | 23,330 |
Contract liabilities (Note 24) |  |  | 935,462 |  |  |  | 642,432 |  |  |  | 101,615 |
Trade receivables are non-interest bearing and are generally on terms of 60 - 90 days. The contract liabilities comprise short-term advance received from customers and unfulfilled service-type maintenance service. The advance received from customers is recognized as revenue upon the delivery of goods, and the contract liability arising from unfulfilled service-type warranty is recognized upon the completion of the maintenance services. According to the business customary practice, the remaining performance obligations (unfulfilled service-type maintenance service) at the year-end is expected to be satisfied within 2 years. The significant decrease in contract liabilities as at December 31, 2021 was mainly due to lower advance payment from customers as of the year-end for future product deliveries.
| (a) | Set out below is the amount of revenue recognized from:
|  | 31.12.2020 |  |  | 31.12.2021 |  |  | 31.12.2021 |
|  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Amounts include in contract liabilities |  |  | 363,464 |  |  |  | 874,391 |  |  |  | 138,305 |
| (b) | Capitalized contract costs
|  | 31.12.2020 |  |  | 31.12.2021 |  |  | 31.12.2021 |
|  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Capitalized contract costs relating to service fee charge on development of technology know-how |  |  |  |  |  |  |  |  |  |  |  |
At January 1 |  |  | 136,457 |  |  |  | 127,704 |  |  |  | 20,199 |
Addition |  |  | 24,147 |  |  |  | 19,795 |  |  |  | 3,131 |
Reclassified to development costs |  |  | (21,519 | ) |  |  | — |  |  |  | — |
Released to consolidated statement of profit or loss |  |  | (11,381 | ) |  |  | — |  |  |  | — |
At December 31 |  |  | 127,704 |  |  |  | 147,499 |  |  |  | 23,330 |
6.3 | Performance obligations
The transaction price allocated to the remaining unsatisfied performance obligations as of 31 December are, as follows:
|  | 31.12.2020 |  |  | 31.12.2021 |  |  | 31.12.2021 |
|  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Within one year |  |  | 112,454 |  |  |  | 140,601 |  |  |  | 22,239 |
More than one year |  |  | 67,269 |  |  |  | 69,172 |  |  |  | 10,941 |
Total unfulfilled service-type maintenance service (Note 24) |  |  | 179,723 |  |  |  | 209,773 |  |  |  | 33,180 |
As of December 31, 2020, the remaining performance obligations (unfulfilled maintenance service) were expected to be satisfied within three years. In 2021, the Group has reassessed the future satisfaction period relating to the remaining performance obligations related to the unfulfilled service-type maintenance service. Based on the business development and latest data, the Group expects that the remaining performance obligation as of December 31, 2021, to be recognized within 2 years, and accordingly has applied the change of management estimation prospectively. As a result, RMB 36.7 million (US$ 5.8 million) was credited to consolidated statement of profit or loss under “revenue” and lower the contract liability (current) by RMB 36.7 million (US$ 5.8 million).

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