XML 31 R15.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Income tax expense | 12 Months Ended
--- | ---
Dec. 31, 2023
Text block [abstract] |
Income tax expense |
8. | Income tax expense
The major components of income tax expense for the years ended December 31, 2021, 2022 and 2023 are as follows:
|  | 31.12.2021 |  |  | 31.12.2022 |  |  | 31.12.2023 |  |  | 31.12.2023 |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Current income tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Current year |  |  | 48,856 |  |  |  | 72,909 |  |  |  | 81,365 |  |  |  | 11,454 |
- (Over)/under provision in respect of prior years |  |  | (21,523 | ) |  |  | 27,406 |  |  |  | 27,837 |  |  |  | 3,919 |
Deferred tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Movement in temporary differences |  |  | 16,483 |  |  |  | (41,147 | ) |  |  | (14,837 | ) |  |  | (2,089 | )
- (Over)/under provision in respect of prior years |  |  | — |  |  |  | (103 | ) |  |  | 54,131 |  |  |  | 7,620 |
Consolidated income tax expense reported in the statement of profit or loss |  |  | 43,816 |  |  |  | 59,065 |  |  |  | 148,496 |  |  |  | 20,904 |
The reconciliation between tax expense and the product of accounting profit multiplied by the PRC income tax rate of 15% (being tax rate of Yuchai) for the years ended December 31, 2021, 2022 and 2023 for the following reasons:
|  | 31.12.2021 |  |  | 31.12.2022 |  |  | 31.12.2023 |  |  | 31.12.2023 |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Profit before tax |  |  | 451,710 |  |  |  | 394,726 |  |  |  | 571,352 |  |  |  | 80,431 |
Income tax expense at 15% |  |  | 67,757 |  |  |  | 59,209 |  |  |  | 85,703 |  |  |  | 12,064 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-deductible expenses |  |  | 17,795 |  |  |  | 7,924 |  |  |  | 5,888 |  |  |  | 829 |
Tax-exempt income |  |  | (2,181 | ) |  |  | (500 | ) |  |  | (11,993 | ) |  |  | (1,688 | )
Utilization of deferred tax benefits previously not recognized |  |  | (29 | ) |  |  | (3,093 | ) |  |  | (6,211 | ) |  |  | (874 | )
Deferred tax benefits not recognized |  |  | 10,356 |  |  |  | 22,606 |  |  |  | 42,830 |  |  |  | 6,029 |
Tax credits for research and development expense |  |  | (59,633 | ) |  |  | (76,835 | ) |  |  | (85,372 | ) |  |  | (12,018 | )
Tax rate differential |  |  | 16,517 |  |  |  | 10,901 |  |  |  | 21,542 |  |  |  | 3,032 |
(Over)/under provision in respect of previous years |  |  | (21,523 | ) |  |  | 27,303 |  |  |  | 81,968 |  |  |  | 11,539 |
Withholding tax expense |  |  | 14,639 |  |  |  | 11,535 |  |  |  | 14,872 |  |  |  | 2,094 |
Others |  |  | 118 |  |  |  | 15 |  |  |  | (731 | ) |  |  | (103 | )
Total |  |  | 43,816 |  |  |  | 59,065 |  |  |  | 148,496 |  |  |  | 20,904 |
Global minimum top-up tax The Group has applied a temporary mandatory relief from deferred tax accounting for the impact of the top-up tax and accounts for it as a current tax when it is incurred. The Group is in the progress of assessing the exposure to the Pillar Two income taxes arising from the legislation. Due to the complex nature of the legislation and the calculations including the determination of the adjustments required under the Pillar Two legislation, the Group assessed that the quantitative impact of the potential top-up tax arising from the enacted/substantively enacted legislation is not yet reasonably estimatable. The Group continues to assess the impact of the Pillar Two legislation on its financials. Deferred tax Deferred tax relates to the following:
|  | Consolidated statement of financial position |  |  | Consolidated statement of profit or loss |
|  | 31.12.2022 |  |  | 31.12.2023 |  |  | 31.12.2023 |  |  | 31.12.2021 |  |  | 31.12.2022 |  |  | 31.12.2023 |  |  | 31.12.2023 |
|  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Accelerated tax depreciation |  |  | (122,298 | ) |  |  | (77,806 | ) |  |  | (10,953 | ) |  |  | (37,968 | ) |  |  | 16,472 |  |  |  | 44,492 |  |  |  | 6,263 |
Interest receivable |  |  | (3,033 | ) |  |  | — |  |  |  | — |  |  |  | (1,459 | ) |  |  | 363 |  |  |  | 3,033 |  |  |  | 427 |
PRC withholding tax on dividend income ( i ) |  |  | (61,825 | ) |  |  | (64,717 | ) |  |  | (9,110 | ) |  |  | (14,529 | ) |  |  | (11,458 | ) |  |  | (14,457 | ) |  |  | (2,035 | )
Effect of change in residual value an d impairment of property, plant and equipment |  |  | 69,641 |  |  |  | 2,866 |  |  |  | 404 |  |  |  | 25,264 |  |  |  | 4,273 |  |  |  | (66,774 | ) |  |  | (9,400 | )
Write-down of inventories |  |  | 29,503 |  |  |  | 37,120 |  |  |  | 5,226 |  |  |  | (2,378 | ) |  |  | 9,253 |  |  |  | 7,617 |  |  |  | 1,072 |
Impairment losses on trade receivables |  |  | 7,071 |  |  |  | 7,426 |  |  |  | 1,045 |  |  |  | (1,267 | ) |  |  | 282 |  |  |  | 355 |  |  |  | 50 |
Accruals |  |  | 234,586 |  |  |  | 232,048 |  |  |  | 32,666 |  |  |  | (15,339 | ) |  |  | (48,841 | ) |  |  | (2,505 | ) |  |  | (352 | )
Deferred income |  |  | 56,480 |  |  |  | 79,896 |  |  |  | 11,247 |  |  |  | (11,114 | ) |  |  | (41,348 | ) |  |  | 23,416 |  |  |  | 3,296 |
Losses available for offsetting against future taxable income |  |  | 139,747 |  |  |  | 112,601 |  |  |  | 15,851 |  |  |  | 23,072 |  |  |  | 116,675 |  |  |  | (27,146 | ) |  |  | (3,821 | )
Others |  |  | 39,185 |  |  |  | 31,854 |  |  |  | 4,484 |  |  |  | 19,235 |  |  |  | (4,421 | ) |  |  | (7,325 | ) |  |  | (1,031 | )
Deferred tax (expenses)/benefits |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (16,483 | ) |  |  | 41,250 |  |  |  | (39,294 | ) |  |  | (5,531 | )
Net deferred tax assets |  |  | 389,057 |  |  |  | 361,288 |  |  |  | 50,860 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reflected in the consolidated statement of financial position as follows: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax assets |  |  | 450,882 |  |  |  | 426,377 |  |  |  | 60,023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax liabilities |  |  | (61,825 | ) |  |  | (65,089 | ) |  |  | (9,163 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | 389,057 |  |  |  | 361,288 |  |  |  | 50,860 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Note:
| (i) | The movement of PRC withholding tax on dividend income is as follows:
|  | 31.12.2022 |  |  | 31.12.2023 |  |  | 31.12.2023 |
|  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
At January 1 |  |  | (65,544 | ) |  |  | (61,825 | ) |  |  | (8,703 | )
Provision made to consolidated statement of profit or loss |  |  | (11,458 | ) |  |  | (14,457 | ) |  |  | (2,035 | )
Utilization |  |  | 15,177 |  |  |  | 11,565 |  |  |  | 1,628 |
December 31 |  |  | (61,825 | ) |  |  | (64,717 | ) |  |  | (9,110 | )
The Corporate Income Tax (“CIT”) law provides for a tax of 10% to be withheld from dividends paid to foreign investors of PRC enterprises. This withholding tax provision does not apply to dividends paid out of profit earned prior to January 1, 2008. Beginning on January 1, 2008, a 10% withholding tax is imposed on dividends paid to the Company, as a non-resident enterprise, unless an applicable tax treaty provides for a lower tax rate. The Company recognizes a deferred tax liability for withholding tax payable for profits accumulated after December 31, 2007 for the earnings that the Company does not plan to indefinitely reinvest in the PRC enterprises. As of December 31, 202 3 , the deferred tax liability for withholding tax payable was RMB 64.7 million (US$9.1 million) (2022: RMB 61.8 million). The amount of unrecognized deferred tax liability relating to undistributed earnings of the PRC enterprises is estimated to be RMB 204.7 million (US$28.8 million) (2022: RMB 190.7 million). Deferred tax assets have not been recognized in respect of the following items:
|  | 31.12.2022 |  |  | 31.12.2023 |  |  | 31.12.2023 |
|  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Unutilized tax losses |  |  | 473,456 |  |  |  | 628,534 |  |  |  | 88,481 |
Unutilized capital allowances and investment allowances |  |  | 100,643 |  |  |  | 94,447 |  |  |  | 13,296 |
Other unrecognized temporary differences relating to asset impairment and deferred grants |  |  | 142,851 |  |  |  | 156,226 |  |  |  | 21,993 |
|  |  | 716,950 |  |  |  | 879,207 |  |  |  | 123,770 |
Unrecognized tax losses for the Group are subject to agreement with the tax authorities and compliance with tax regulations in the respective countries in which the Group operates. The unutilized tax losses for PRC subsidiaries and Malaysia subsidiaries expire within the next 5 to 10 years and 10 years, respectively. These losses may not be used to offset taxable income elsewhere in the Group. Deferred tax assets have not been recognized in respect of these items because it is not probable that future taxable profits will be available against which the Group can utilize the benefits.

X
- Definition Text block [abstract] + References No definition available. + Details
Name: | cyd_TextBlockAbstract
Namespace Prefix: | cyd_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 12 -IssueDate 2023-01-01 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=12&code=ifrs-tx-2023-en-r&doctype=Standard&dita_xref=IAS12_g79-88_TI -URIDate 2023-03-23 + Details
Name: | ifrs-full_DisclosureOfIncomeTaxExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration