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Investment in joint ventures | 12 Months Ended
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Dec. 31, 2021
Investments accounted for using equity method [abstract] |
Investment in joint ventures |
5. | Investment in joint v e ntures
|  | 31.12.2019 |  |  | 31.12.2020 |  |  | 31.12.2021 |  |  | 31.12.2021 |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Share of profit/(loss) of joint ventures, net of tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Y & C Engine Co., Ltd |  |  | 28,484 |  |  |  | (44,016 | ) |  |  | (125,853 | ) |  |  | (19,907 | )
MTU Yuchai Power Co., Ltd. |  |  | 594 |  |  |  | 3,238 |  |  |  | 28,037 |  |  |  | 4,435 |
Eberspaecher Yuchai Exhaust Technology Co., Ltd |  |  | (9,366 | ) |  |  | (19,157 | ) |  |  | 1,377 |  |  |  | 218 |
Other joint ventures |  |  | (497 | ) |  |  | 513 |  |  |  | 454 |  |  |  | 72 |
|  |  | 19,215 |  |  |  | (59,422 | ) |  |  | (95,985 | ) |  |  | (15,182 | )
|  | 31.12.2020 |  |  | 31.12.2021 |  |  | 31.12.2021 |
|  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Carrying amount of investments: |  |  |  |  |  |  |  |  |  |  |  |
Y & C Engine Co., Ltd |  |  | 145,599 |  |  |  | 22,821 |  |  |  | 3,610 |
MTU Yuchai Power Co., Ltd |  |  | 62,217 |  |  |  | 89,481 |  |  |  | 14,153 |
Eberspaecher Yuchai Exhaust Technology Co., Ltd |  |  | 12,638 |  |  |  | 31,655 |  |  |  | 5,007 |
Other joint ventures |  |  | 6,666 |  |  |  | 7,138 |  |  |  | 1,129 |
|  |  | 227,120 |  |  |  | 151,095 |  |  |  | 23,899 |
The Group has interests in the following joint ventures:
Name of company |  | Principal activities |  | Place of incorporation/ business |  |  | Group’s effective equity interest |
|  |  |  |  |  |  | 31.12.2020 |  |  | 31.12.2021 |
|  |  |  |  |  |  | % |  |  | % |
Held by subsidiaries |  |  |  |  |  |  |  |  |  |  |  |  |  |
HL Heritage Sdn. Bhd. |  | Property development and property investment holdings |  |  | Malaysia |  |  |  | 30.1 |  |  |  | 30.1 |
Shanghai Hengshan Equatorial Hotel Management Co., Ltd. |  | Hotel and property management |  |  | People’s Republic of China |  |  |  | 24.6 |  |  |  | 24.6 |
Y & C Engine Co., Ltd (“Y&C”) |  | Manufacture and sale of heavy duty diesel engines, spare parts and after-sales services |  |  | People’s Republic of China |  |  |  | 34.4 |  |  |  | 34.4 |
Guangxi Yineng IOT Science & Technology Co., Ltd. |  | Design, development, management and marketing of an electronic operations management platform |  |  | People’s Republic of China |  |  |  | 15.3 |  |  |  | 15.3 |
MTU Yuchai Power Co., Ltd (“MTU Yuchai Power”) |  | Manufacture off-road diesel engines |  |  | People’s Republic of China |  |  |  | 38.2 |  |  |  | 38.2 |
Eberspaecher Yuchai Exhaust Technology Co. Ltd (“Eberspaecher Yuchai”) |  | Application development, production, sales and service on engine exhaust control systems |  |  | People’s Republic of China |  |  |  | 37.4 |  |  |  | 37.4 |
The Group assess impairment of investments when adverse events or changes in circumstances indicate that the carrying amounts may not be recoverable. If the recoverable amount of investment is below its carrying amount, an impairment charge is recognized. The Group performs evaluation of the value of its investment using a discounted cash flows projection or fair value less cost of disposal where appropriate. The projection will be performed using historical trends as a reference and certain assumptions to project the future streams of cash flows. In 2020 and 2021, the Group has performed an impairment evaluation of its investments in joint ventures and no impairment was required.
|  | 31.12.2019 |
|  | Y & C |  |  | MTU Yuchai Power |  |  | Eberspaecher Yuchai |  |  | Total |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |
Revenue |  |  | 2,404,244 |  |  |  | 178,796 |  |  |  | 3,509 |  |  |  | 2,586,549 |
Depreciation and amortization |  |  | (26,099 | ) |  |  | (6,379 | ) |  |  | (25 | ) |  |  | (32,503 | )
Interest expense |  |  | (29,606 | ) |  |  | (5,017 | ) |  |  | — |  |  |  | (34,623 | )
Profit/(loss) for the year, representing total comprehensive income for the year |  |  | 44,484 |  |  |  | 600 |  |  |  | (19,114 | ) |  |  | 25,970 |
Proportion of the Group’s ownership |  |  | 45 | % |  |  | 50 | % |  |  | 49 | % |  |  |  |
Group’s share of profit/(loss) |  |  | 20,018 |  |  |  | 300 |  |  |  | (9,366 | ) |  |  |  |
Unrealized profit on transactions with joint venture |  |  | 8,466 |  |  |  | 294 |  |  |  | — |  |  |  |  |
Group’s share of profit/(loss) of significant joint ventures |  |  | 28,484 |  |  |  | 594 |  |  |  | (9,366 | ) |  |  | 19,712 |
Group’s share of loss of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (497 | )
Group’s share of profit for the year, representing the Group’s share of total comprehensive income for the year |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 19,215 |
|  | 31.12.2020 |
|  | Y & C |  |  | MTU Yuchai Power |  |  | Eberspaecher Yuchai |  |  | Total |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |
Non-current assets |  |  | 740,423 |  |  |  | 71,635 |  |  |  | 45,583 |  |  |  | 857,641 |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Cash and bank balances |  |  | 160,844 |  |  |  | 43,056 |  |  |  | 2,273 |  |  |  | 206,173 |
- Others |  |  | 1,287,935 |  |  |  | 266,123 |  |  |  | 43,895 |  |  |  | 1,597,953 |
Total assets |  |  | 2,189,202 |  |  |  | 380,814 |  |  |  | 91,751 |  |  |  | 2,661,767 |
Non-current liabilities |  |  | (417,759 | ) |  |  | — |  |  |  | — |  |  |  | (417,759 | )
Current liabilities |  |  | (1,340,704 | ) |  |  | (244,963 | ) |  |  | (65,960 | ) |  |  | (1,651,627 | )
Total liabilities |  |  | (1,758,463 | ) |  |  | (244,963 | ) |  |  | (65,960 | ) |  |  | (2,069,386 | )
Equity |  |  | 430,739 |  |  |  | 135,851 |  |  |  | 25,791 |  |  |  | 592,381 |
Proportion of the Group’s ownership |  |  | 45 | % |  |  | 50 | % |  |  | 49 | % |  |  |  |
Group’s share of net assets |  |  | 193,833 |  |  |  | 67,926 |  |  |  | 12,638 |  |  |  |  |
Unrealized profit on transactions with joint venture |  |  | (48,234 | ) |  |  | (5,709 | ) |  |  | — |  |  |  |  |
Carrying amount of significant joint ventures |  |  | 145,599 |  |  |  | 62,217 |  |  |  | 12,638 |  |  |  | 220,454 |
Carrying amount of other joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,666 |
Carrying amount of the investment in joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 227,120 |
|  | 31.12.2020 |
|  | Y & C |  |  | MTU Yuchai Power |  |  | Eberspaecher Yuchai |  |  | Total |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |
Revenue |  |  | 3,021,877 |  |  |  | 307,699 |  |  |  | 45,966 |  |  |  | 3,375,542 |
Depreciation and amortization |  |  | (59,406 | ) |  |  | (2,350 | ) |  |  | (360 | ) |  |  | (62,116 | )
Interest expense |  |  | (40,709 | ) |  |  | (1,983 | ) |  |  | — |  |  |  | (42,692 | )
Profit/(loss) for the year, representing total comprehensive income for the year |  |  | (88,785 | ) |  |  | 6,421 |  |  |  | (39,095 | ) |  |  | (121,459 | )
Proportion of the Group’s ownership |  |  | 45 | % |  |  | 50 | % |  |  | 49 | % |  |  |  |
Group’s share of profit/(loss) |  |  | (39,953 | ) |  |  | 3,211 |  |  |  | (19,157 | ) |  |  |  |
Unrealized profit on transactions with joint venture |  |  | (4,063 | ) |  |  | 27 |  |  |  | — |  |  |  |  |
Group’s share of profit/(loss) of significant joint ventures |  |  | (44,016 | ) |  |  | 3,238 |  |  |  | (19,157 | ) |  |  | (59,935 | )
Group’s share of profit of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 513 |
Group’s share of loss for the year, representing the Group’s share of total comprehensive loss for the year |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (59,422 | )
|  | 31.12.2021 |
|  | Y & C |  |  | MTU Yuchai Power |  |  | Eberspaecher Yuchai |  |  | Total |  |  | Total |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Non-current assets |  |  | 660,856 |  |  |  | 89,749 |  |  |  | 71,858 |  |  |  | 822,463 |  |  |  | 130,091 |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Cash and bank balances |  |  | 179,779 |  |  |  | 63,609 |  |  |  | 2,105 |  |  |  | 245,493 |  |  |  | 38,830 |
- Others |  |  | 817,972 |  |  |  | 310,394 |  |  |  | 99,352 |  |  |  | 1,227,718 |  |  |  | 194,192 |
Total assets |  |  | 1,658,607 |  |  |  | 463,752 |  |  |  | 173,315 |  |  |  | 2,295,674 |  |  |  | 363,113 |
Non-current liabilities |  |  | (362,779 | ) |  |  | — |  |  |  | (14,109 | ) |  |  | (376,888 | ) |  |  | (59,613 | )
Current liabilities |  |  | (1,147,416 | ) |  |  | (271,521 | ) |  |  | (94,604 | ) |  |  | (1,513,541 | ) |  |  | (239,401 | )
Total liabilities |  |  | (1,510,195 | ) |  |  | (271,521 | ) |  |  | (108,713 | ) |  |  | (1,890,429 | ) |  |  | (299,014 | )
Equity |  |  | 148,412 |  |  |  | 192,231 |  |  |  | 64,602 |  |  |  | 405,245 |  |  |  | 64,099 |
Proportion of the Group’s ownership |  |  | 45 | % |  |  | 50 | % |  |  | 49 | % |  |  |  |  |  |  |  |
Group’s share of net assets |  |  | 66,785 |  |  |  | 96,116 |  |  |  | 31,655 |  |  |  |  |  |  |  |  |
Unrealized profit on transactions with joint venture |  |  | (43,964 | ) |  |  | (6,635 | ) |  |  | — |  |  |  |  |  |  |  |  |
Carrying amount of significant joint ventures |  |  | 22,821 |  |  |  | 89,481 |  |  |  | 31,655 |  |  |  | 143,957 |  |  |  | 22,770 |
Carrying amount of other joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,138 |  |  |  | 1,129 |
Carrying amount of the investment in joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 151,095 |  |  |  | 23,899 |
|  | 31.12.2021 |
|  | Y & C |  |  | MTU Yuchai Power |  |  | Eberspaecher Yuchai |  |  | Total |  |  | Total |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Revenue |  |  | 2,072,721 |  |  |  | 467,800 |  |  |  | 157,316 |  |  |  | 2,697,837 |  |  |  | 426,724 |
Depreciation and amortization |  |  | (52,881 | ) |  |  | (2,377 | ) |  |  | (709 | ) |  |  | (55,967 | ) |  |  | (8,852 | )
Interest expense, net |  |  | (51,836 | ) |  |  | (1,850 | ) |  |  | (41 | ) |  |  | (53,727 | ) |  |  | (8,498 | )
Profit/(loss) for the year, representing total comprehensive income for the year |  |  | (282,205 | ) |  |  | 54,526 |  |  |  | 2,811 |  |  |  | (224,868 | ) |  |  | (35,568 | )
Proportion of the Group’s ownership |  |  | 45 | % |  |  | 50 | % |  |  | 49 | % |  |  |  |  |  |  |  |
Group’s share of profit/(loss) |  |  | (126,992 | ) |  |  | 27,263 |  |  |  | 1,377 |  |  |  |  |  |  |  |  |
Unrealized profit on transactions with joint venture |  |  | 1,139 |  |  |  | 774 |  |  |  | — |  |  |  |  |  |  |  |  |
Group’s share of profit/(loss) of significant joint ventures |  |  | (125,853 | ) |  |  | 28,037 |  |  |  | 1,377 |  |  |  | (96,439 | ) |  |  | (15,254 | )
Group’s share of loss of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 454 |  |  |  | 72 |
Group’s share of loss for the year, representing the Group’s share of total comprehensive loss for the year |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (95,985 | ) |  |  | (15,182 | )
Note: As of December 31, 2021, the Group’s share of joint ventures’ capital commitment that are contracted but not paid was RMB 7.0 million (US$ 1.1 million) (2020: RMB 2.1 million). As of December 31, 2021, the Group’s share of outstanding bills receivables discounted with banks for which Y & C retained a recourse obligation totaled RMB 213.9 million (US$ 33.8 million) (2020: RMB 40.1 million). As of December 31, 2021, the Group’s share of outstanding bills receivables endorsed to suppliers for which Y & C retained a recourse obligation were RMB 33.1 million (US$ 5.2 million) (2020: RMB 58.4 million). Significant restrictions The nature and extent of significant restrictions on the Group’s ability to use or access assets and settle liabilities of joint ventures are: The Group’s share of cash and cash equivalents of RMB 39.6 million (US$ 6.3 million) (2020: RMB 30.4 million) held in the PRC are subject to local exchange control regulations. These regulations places restriction on the amount of currency being exported other than through dividends, trade and service related transactions. As of December 31, 2021, the Group’s share of restricted cash of RMB 74.5 million (US$ 11.8 million) (2020: RMB 65.2 million) which was used as collateral by the banks for the issuance of bills to suppliers. As of December 31, 2021, the Group’s share of bills receivables of RMB 22.0 million (US$ 3.5 million) (2020: RMB 28.6 million) which was used as collateral by banks for the issuance of bills to suppliers.

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- Definition The disclosure of joint ventures. [Refer: Joint ventures [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 27 -IssueDate 2021-01-01 -Paragraph 17 -Subparagraph b -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=27&code=ifrs-tx-2021-en-r&anchor=para_17_b&doctype=Standard -URIDate 2021-03-24 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 27 -IssueDate 2021-01-01 -Paragraph 16 -Subparagraph b -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=27&code=ifrs-tx-2021-en-r&anchor=para_16_b&doctype=Standard -URIDate 2021-03-24 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 12 -IssueDate 2021-01-01 -Paragraph B4 -Subparagraph b -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2021-en-r&anchor=para_B4_b&doctype=Appendix&subtype=B -URIDate 2021-03-24 + Details
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