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Trade and other receivables | 12 Months Ended
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Dec. 31, 2021
Text block [abstract] |
Trade and other receivables |
15. | Trade and other receivables
|  | 31.12.2020 RMB’000 |  |  | 31.12.2021 RMB’000 |  |  | 31.12.2021 US$’000 |
Trade receivables, gross |  |  | 332,567 |  |  |  | 557,767 |  |  |  | 88,224 |
Less: Allowance for expected credit losses |  |  | (43,519 | ) |  |  | (33,210 | ) |  |  | (5,253 | )
Net trade receivables (Note 6.2) |  |  | 289,048 |  |  |  | 524,557 |  |  |  | 82,971 |
Bills receivable (i) |  |  | 7,793,343 |  |  |  | 6,437,100 |  |  |  | 1,018,174 |
Total (Note 34) |  |  | 8,082,391 |  |  |  | 6,961,657 |  |  |  | 1,101,145 |
Amounts receivable: |  |  |  |  |  |  |  |  |  |  |  |
- associates and joint ventures (trade) |  |  | 1,266 |  |  |  | 243 |  |  |  | 38 |
- associates and joint ventures (non-trade) |  |  | 11,119 |  |  |  | 11,959 |  |  |  | 1,892 |
- related parties (trade) |  |  | 9,663 |  |  |  | 70,594 |  |  |  | 11,166 |
- related parties (non-trade) |  |  | 2,992 |  |  |  | 459 |  |  |  | 73 |
Bills receivable in transit |  |  | 12,620 |  |  |  | 22,360 |  |  |  | 3,537 |
Interest receivables |  |  | 4,999 |  |  |  | 11,788 |  |  |  | 1,865 |
Staff advances |  |  | 3,326 |  |  |  | 5,578 |  |  |  | 882 |
Others |  |  | 36,951 |  |  |  | 24,085 |  |  |  | 3,810 |
Less: Impairment losses – other receivables (ii) |  |  | (6,741 | ) |  |  | (6,231 | ) |  |  | (986 | )
Other receivables carried at amortized cost (Note 34) |  |  | 76,195 |  |  |  | 140,835 |  |  |  | 22,277 |
Tax recoverable |  |  | 236,400 |  |  |  | 328,369 |  |  |  | 51,939 |
Prepayments |  |  | 64,102 |  |  |  | 66,474 |  |  |  | 10,514 |
Right of return assets |  |  | — |  |  |  | 40,761 |  |  |  | 6,447 |
Net other receivables |  |  | 376,697 |  |  |  | 576,439 |  |  |  | 91,177 |
Total trade and other receivables |  |  | 8,459,088 |  |  |  | 7,538,096 |  |  |  | 1,192,322 |
Note:
| (i) | As of December 31, 2021, bills receivable includes bills received from joint ventures and related parties amounted to RMB 0.7 million (US$ 0.1 million) (2020: RMB Nil) and RMB 523.5 million (US$ 82.8 million) (2020: RMB 1,014.1 million) respectively.
As of December 31, 2020 and 2021, bills receivable amounted to RMB 13.4 million (US$ 2.1 million) (2020: RMB Nil) was pledged to secure bank facilities.
| (ii) | This comprised impairment loss on bills receivable in transit of RMB 6.0 million (US$ 0.9 million) as of December 31, 2021 (2020: RMB 6.5 million). This impairment loss was charged to the consolidated statement of profit or loss under “Selling, general and administrative expenses”.
Trade receivables are non-interest bearing and are generally on 60 -90 days’ term. They are recognized at their original invoice amounts which represent their fair values on initial recognition. Non-trade balance from associates, joint ventures and other related parties are unsecured, interest-free, and repayable on demand. Movement in the allowance for expected credit losses of trade and other receivables is as follows:
|  | 31.12.2020 RMB’000 |  |  | 31.12.2021 RMB’000 |  |  | 31.12.2021 US$’000 |
At January 1 |  |  | 62,854 |  |  |  | 50,260 |  |  |  | 7,950 |
C redit to consolidated statement of profit or loss (under “Selling, general and administrative expenses”) |  |  | (12,349 | ) |  |  | (8,525 | ) |  |  | (1,348 | )
Written off |  |  | (242 | ) |  |  | (2,278 | ) |  |  | (360 | )
Translation difference |  |  | (3 | ) |  |  | (16 | ) |  |  | (3 | )
At December 31 |  |  | 50,260 |  |  |  | 39,441 |  |  |  | 6,239 |
As of December 31, 2020 and 2021, outstanding bills receivable discounted with banks for which the Group retained a recourse obligation totaled RMB 2,225.1 million and RMB 79.1 million (US$ 12.5 million) respectively. All bills receivable discounted have contractual maturities within 12 months at time of discounting. As of December 31, 2020 and 2021, outstanding bills receivable endorsed to suppliers with recourse obligation were RMB 1,834.5 million and RMB 2,550.0 million (US$ 403.3 million) respectively. As of December 31, 2020 and 2021, trade receivables due from a major customer group, Dongfeng Automobile Co., Ltd. and its affiliates (the “Dongfeng companies”) were RMB 17.6 million and RMB 65.7 million (US$ 10.4 million), respectively. See Note 31 for further discussion of customer concentration risk. For terms and conditions relating to related parties, refer to Note 28.

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