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Income tax expense (Tables) | 12 Months Ended
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Dec. 31, 2021
Text block [abstract] |
Summary of Income Tax Expense | The major components of income tax expense for the years ended Dec e mber 31, 2019, 2020 and 2021 are as follows:
|  | 31.12.2019 |  |  | 31.12.2020 |  |  | 31.12.2021 |  |  | 31.12.2021 |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Current income tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Current year |  |  | 193,878 |  |  |  | 180,254 |  |  |  | 48,856 |  |  |  | 7,727 |
- Over provision in respect of prior years |  |  | (6,985 | ) |  |  | (124 | ) |  |  | (21,523 | ) |  |  | (3,404 | )
Deferred tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Movement in temporary differences |  |  | (14,274 | ) |  |  | 12,543 |  |  |  | 16,483 |  |  |  | 2,607 |
- Over provision in respect of prior years |  |  | — |  |  |  | (135 | ) |  |  | — |  |  |  | — |
Consolidated income tax expense reported in the statement of profit or loss |  |  | 172,619 |  |  |  | 192,538 |  |  |  | 43,816 |  |  |  | 6,930 |
Reconciliation of Income Tax Expense | Income tax expense reported in the consolidated statement of profit or loss differs from the amount computed by applying the PRC income tax rate of 15% (being tax rate of Yuchai) for the years ended December 31, 2019, 2020 and 2021 for the following reasons:
|  | 31.12.2019 |  |  | 31.12.2020 |  |  | 31.12.2021 |  |  | 31.12.2021 |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Accounting profit before tax |  |  | 1,033,319 |  |  |  | 971,864 |  |  |  | 451,710 |  |  |  | 71,447 |
Computed tax expense at 15% |  |  | 154,998 |  |  |  | 145,780 |  |  |  | 67,757 |  |  |  | 10,717 |
Adjustments resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-deductible expenses |  |  | 3,982 |  |  |  | 9,188 |  |  |  | 17,795 |  |  |  | 2,815 |
Tax-exempt income |  |  | (6,171 | ) |  |  | (601 | ) |  |  | (2,181 | ) |  |  | (345 | )
Utilization of deferred tax benefits previously not recognized |  |  | (5,076 | ) |  |  | (1,996 | ) |  |  | (29 | ) |  |  | (5 | )
Deferred tax benefits not recognized |  |  | 6,613 |  |  |  | 6,097 |  |  |  | 10,356 |  |  |  | 1,638 |
Tax credits for research and development expense |  |  | (31,863 | ) |  |  | (26,329 | ) |  |  | (59,633 | ) |  |  | (9,432 | )
Tax rate differential |  |  | 26,223 |  |  |  | 24,251 |  |  |  | 16,517 |  |  |  | 2,612 |
Over provision in respect of previous years |  |  | (6,985 | ) |  |  | (259 | ) |  |  | (21,523 | ) |  |  | (3,404 | )
Withholding tax expense |  |  | 30,898 |  |  |  | 36,332 |  |  |  | 14,639 |  |  |  | 2,315 |
Others |  |  | — |  |  |  | 75 |  |  |  | 118 |  |  |  | 19 |
Total |  |  | 172,619 |  |  |  | 192,538 |  |  |  | 43,816 |  |  |  | 6,930 |
Summary of Deferred Tax | Deferred tax relates t o the following:
|  | Consolidated statement of financial position |  |  | Consolidated statement of profit or loss |
|  | 31.12.2020 |  |  | 31.12.2021 |  |  | 31.12.2021 |  |  | 31.12.2019 |  |  | 31.12.2020 |  |  | 31.12.2021 |  |  | 31.12.2021 |
|  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Accelerated tax depreciation |  |  | (100,802 | ) |  |  | (138,770 | ) |  |  | (21,950 | ) |  |  | (17,366 | ) |  |  | (55,882 | ) |  |  | (37,968 | ) |  |  | (6,006 | )
Interest receivable |  |  | (1,937 | ) |  |  | (3,396 | ) |  |  | (537 | ) |  |  | 608 |  |  |  | (293 | ) |  |  | (1,459 | ) |  |  | (231 | )
PRC withholding tax on dividend income (i) |  |  | (112,456 | ) |  |  | (65,544 | ) |  |  | (10,367 | ) |  |  | (30,721 | ) |  |  | (36,255 | ) |  |  | (14,529 | ) |  |  | (2,298 | )
Impairment of property, plant and equipment |  |  | 6,210 |  |  |  | 5,138 |  |  |  | 812 |  |  |  | (9,295 | ) |  |  | (438 | ) |  |  | (1,072 | ) |  |  | (170 | )
Effect of change in residual value of property, plant and equipment |  |  | 33,894 |  |  |  | 60,230 |  |  |  | 9,527 |  |  |  | — |  |  |  | 33,894 |  |  |  | 26,336 |  |  |  | 4,166 |
Write-down of inventories |  |  | 22,628 |  |  |  | 20,250 |  |  |  | 3,203 |  |  |  | 2,343 |  |  |  | 4,225 |  |  |  | (2,378 | ) |  |  | (376 | )
Allowance for doubtful account receivables |  |  | 8,056 |  |  |  | 6,789 |  |  |  | 1,074 |  |  |  | 4,900 |  |  |  | (2,021 | ) |  |  | (1,267 | ) |  |  | (200 | )
Accruals |  |  | 298,766 |  |  |  | 283,427 |  |  |  | 44,830 |  |  |  | 46,108 |  |  |  | 48,149 |  |  |  | (15,339 | ) |  |  | (2,426 | )
Deferred income |  |  | 108,942 |  |  |  | 97,828 |  |  |  | 15,474 |  |  |  | 12,232 |  |  |  | 1,211 |  |  |  | (11,114 | ) |  |  | (1,758 | )
Losses available for offsetting against future taxable income |  |  | — |  |  |  | 23,072 |  |  |  | 3,650 |  |  |  | — |  |  |  | — |  |  |  | 23,072 |  |  |  | 3,650 |
Others |  |  | 24,441 |  |  |  | 43,606 |  |  |  | 6,897 |  |  |  | 5,465 |  |  |  | (4,998 | ) |  |  | 19,235 |  |  |  | 3,042 |
Deferred tax benefits/(expenses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,274 |  |  |  | (12,408 | ) |  |  | (16,483 | ) |  |  | (2,607 | )
Net deferred tax assets |  |  | 287,742 |  |  |  | 332,630 |  |  |  | 52,613 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reflected in the consolidated statement of financial position as follows: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax assets |  |  | 400,198 |  |  |  | 398,174 |  |  |  | 62,980 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax liabilities |  |  | (112,456 | ) |  |  | (65,544 | ) |  |  | (10,367 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 287,742 |  |  |  | 332,630 |  |  |  | 52,613 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (i) | The movement of PRC withholding tax on dividend income is as follows:
|  | 31.12.2020 |  |  | 31.12.2021 |  |  | 31.12.2021 |
|  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
At January 1 |  |  | (106,922 | ) |  |  | (112,456 | ) |  |  | (17,787 | )
Provision made to consolidated statement of profit or loss |  |  | (36,255 | ) |  |  | (14,529 | ) |  |  | (2,298 | )
Utilization |  |  | 30,721 |  |  |  | 61,441 |  |  |  | 9,718 |
December 31 |  |  | (112,456 | ) |  |  | (65,544 | ) |  |  | (10,367 | )
Deferred Tax Assets That Have Not Been Recognized | Deferred tax assets have not been recognized in respect of the following items:
|  | 31.12.2020 |  |  | 31.12.2021 |  |  | 31.12.2021 |
|  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Unutilized tax losses |  |  | 404,215 |  |  |  | 414,212 |  |  |  | 65,517 |
Unutilized capital allowances and investment allowances |  |  | 105,622 |  |  |  | 103,810 |  |  |  | 16,420 |
Other unrecognized temporary differences relating to asset impairment and deferred grants |  |  | 204,423 |  |  |  | 199,203 |  |  |  | 31,508 |
|  |  | 714,260 |  |  |  | 717,225 |  |  |  | 113,445 |

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