XML 27 R11.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Investments in subsidiaries | 12 Months Ended
--- | ---
Dec. 31, 2023
Investments accounted for using equity method [abstract] |
Investments in subsidiaries |
4. | Investments in subsidiaries
Details of significant subsidiaries of the Group are as follows:
Name of significant subsidiary |  | Place of incorporation/ business |  | Group’s effective equity interest |
|  |  |  | 31.12.2022 |  |  | 31.12.2023 |
|  |  |  | % |  |  | % |
Guangxi Yuchai Machinery Company Limited |  | PRC |  |  | 76.4 |  |  |  | 76.4 |
Guangxi Yuchai Marine and Genset Power Co., Ltd. |  | PRC |  |  | 76.4 |  |  |  | 76.4 |
Yuchai Xin-Lan New Energy Power Technology Co., Ltd |  | PRC |  |  | 69.5 |  |  |  | 67.0 |
Guangxi Yuchai Machinery Monopoly Development Co., Ltd |  | PRC |  |  | 54.9 |  |  |  | 54.9 |
Guangxi Yuchai Foundry Co., Ltd |  | PRC |  |  | 76.4 |  |  |  | 76.4 |
HL Global Enterprises Limited |  | Singapore |  |  | 50.2 |  |  |  | 50.2 |
The Group has the following subsidiary that has non-controlling interests (“NCI”) that are material to the Group.
|  | 31.12.2021 |  |  | 31.12.2022 |  |  | 31.12.2023 |
Proportion of equity interest held by NCI |  |  |  |  |  |  |  |  |  |  |  |
Yuchai |  |  | 23.6 | % |  |  | 23.6 | % |  |  | 23.6 | %
|  | 31.12.2021 RMB’000 |  |  | 31.12.2022 RMB’000 |  |  | 31.12.2023 RMB’000 |  |  | 31.12.2023 US$’000 |
Accumulated balances of material NCI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Yuchai |  |  | 2,574,669 |  |  |  | 2,627,354 |  |  |  | 2,741,359 |  |  |  | 385,911 |
Profit allocated to material NCI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Yuchai |  |  | 153,500 |  |  |  | 114,700 |  |  |  | 135,173 |  |  |  | 19,029 |
Dividends paid to material NCI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Yuchai |  |  | 203,753 |  |  |  | 103,199 |  |  |  | 35,702 |  |  |  | 5,026 |
Summarized financial information including goodwill on acquisition and consolidation adjustments but before intercompany eliminations of subsidiaries with material non-controlling interests are as follows:
|  | 31.12.2021 |
|  | Yuchai RMB’000 |
Summarized statement of comprehensive income |  |  |  |
Revenue |  |  | 21,254,134 |
Profit after tax |  |  | 443,499 |
Total comprehensive income for the year |  |  | 506,769 |
Attributable to NCI |  |  | 153,500 |
Summarized statement of cash flows |  |  |  |
Operating |  |  | 588,727 |
Investing |  |  | (674,686 | )
Financing |  |  | (1,002,764 | )
Net decrease in cash and cash equivalents |  |  | (1,088,723 | )
|  | 31.12.2022 |
|  | Yuchai RMB’000 |
Summarized statement of financial position |  |  |  |
Current assets |  |  | 16,070,488 |
Non-current assets, excluding goodwill |  |  | 6,737,117 |
Goodwill |  |  | 212,636 |
Current liabilities |  |  | (11,204,417 | )
Non-current liabilities |  |  | (1,016,521 | )
Net assets |  |  | 10,799,303 |
Total equity |  |  | 10,799,303 |
Attributable to NCI |  |  | 2,627,354 |
Summarized statement of comprehensive income |  |  |  |
Revenue |  |  | 15,998,041 |
Profit after tax |  |  | 355,140 |
Total comprehensive income for the year |  |  | 355,936 |
Attributable to NCI |  |  | 114,700 |
Summarized statement of cash flows |  |  |  |
Operating |  |  | (82,444 | )
Investing |  |  | (221,126 | )
Financing |  |  | (181,072 | )
Net decrease in cash and cash equivalents |  |  | (484,642 | )
|  | 31.12.2023 |
|  | Yuchai |
|  | RMB’000 |  |  | US$’000 |
Summarized statement of financial position |  |  |  |  |  |  |  |
Current assets |  |  | 18,073,115 |  |  |  | 2,544,219 |
Non-current assets, excluding goodwill |  |  | 6,293,318 |  |  |  | 885,934 |
Goodwill |  |  | 212,636 |  |  |  | 29,934 |
Current liabilities |  |  | (12,029,500 | ) |  |  | (1,693,437 | )
Non-current liabilities |  |  | (1,457,329 | ) |  |  | (205,154 | )
Net assets |  |  | 11,092,240 |  |  |  | 1,561,496 |
Total equity |  |  | 11,092,240 |  |  |  | 1,561,496 |
Attributable to NCI |  |  | 2,741,359 |  |  |  | 385,911 |
Summarized statement of comprehensive income |  |  |  |  |  |  |  |
Revenue |  |  | 18,015,280 |  |  |  | 2,536,077 |
Profit after tax |  |  | 431,697 |  |  |  | 60,772 |
Total comprehensive income for the year |  |  | 442,666 |  |  |  | 62,316 |
Attributable to NCI |  |  | 135,173 |  |  |  | 19,029 |
Summarized statement of cash flows |  |  |  |  |  |  |  |
Operating |  |  | 1,261,921 |  |  |  | 177,645 |
Investing |  |  | 23,243 |  |  |  | 3,272 |
Financing |  |  | (67,590 | ) |  |  | (9,515 | )
Net increase in cash and cash equivalents |  |  | 1,217,574 |  |  |  | 171,402 |
Significant restrictions The nature and extent of significant restrictions on the Group’s ability to use or access assets and settle liabilities of subsidiaries with material non-controlling interests are: At the end of the reporting period, cash and cash equivalents of RMB 4,934.6 million (US$694.7 million) (2022: RMB 3,713.3 million) held in the PRC are subject to local exchange control regulations. These regulations place restriction on the amount of currency being exported other than through dividends, trade and service related transactions. Dilution of ownership in subsidiary, without loss of control in 2022 and 2023 In November 2022, Yuchai’s wholly owned subsidiary, Yuchai Xin-Lan issued additional ordinary shares to non-controlling interest for cash consideration of RMB 50.0 million. As a result, the Group’s effective equity interest in Yuchai Xin-Lan decreased to 69.5%. In February 2023, Yuchai Xin-Lan issued additional ordinary shares to two new investors for a total cash consideration of RMB 20.0 million (US$2.8 million). As a result, the Group’s effective equity interest in Yuchai Xin-Lan decreased to 67.0%. Disposal of subsidiary in 2023 In December 2023, Yuchai disposed its entire shareholding in its wholly-owned subsidiary, Yuchai Remanufacturing Services (Suzhou) Co., Ltd. (“Suzhou Reman”), to a third party for an estimated cash consideration of RMB 241.7 million (US$ 34.0 million). The value of assets and liabilities of the disposal recorded in the consolidated financial statements and the cash flow effect of the disposals were:
|  | 31.12.2023 |  |  | 31.12.2023 |
|  | RMB’000 |  |  | US$’000 |
Property, plant and equipment |  |  | 41,111 |  |  |  | 5,787 |
Right-of-use assets |  |  | 22,782 |  |  |  | 3,207 |
Trade and other receivables |  |  | 47,595 |  |  |  | 6,700 |
Cash and cash equivalents |  |  | 32,056 |  |  |  | 4,513 |
|  |  | 143,544 |  |  |  | 20,207 |
Trade and other payables |  |  | (20,109 | ) |  |  | (2,831 | )
Provision for warranty |  |  | (2,145 | ) |  |  | (302 | )
Contract liabilities |  |  | (104 | ) |  |  | (14 | )
Carrying value of net assets |  |  | 121,186 |  |  |  | 17,060 |
Gain on disposal: |  |  |  |  |  |  |  |
Total estimated consideration less cost of disposal |  |  | 234,228 |  |  |  | 32,973 |
Net assets derecognized |  |  | (121,186 | ) |  |  | (17,060 | )
Gain on disposal of the subsidiary (Note 7.2(a)) |  |  | 113,042 |  |  |  | 15,913 |
Total estimated consideration less cost of disposal (i) |  |  | 234,228 |  |  |  | 32,973 |
Add: Transaction cost unpaid |  |  | 7,506 |  |  |  | 1,057 |
Less: Sales proceed received but restricted in use |  |  | (5,000 | ) |  |  | (704 | )
Less: Cash and cash equivalents of a subsidiary |  |  | (32,056 | ) |  |  | (4,513 | )
Less: Total estimated consideration due from acquirer |  |  | (236,734 | ) |  |  | (33,326 | )
Net cash outflow on disposal of a subsidiary |  |  | (32,056 | ) |  |  | (4,513 | )
Note:
| (i) | The estimated consideration is RMB 179.9 million (US$ 25.3 million), along with the estimated book value of cash and cash equivalents and agreed-upon fair value for the equipment in Suzhou Reman as of December 31, 2023.

X
- Definition The disclosure of interests in subsidiaries. [Refer: Subsidiaries [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 12 -IssueDate 2023-01-01 -Paragraph 2 -Subparagraph b -Clause i -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_2_b_i&doctype=Standard -URIDate 2023-03-23 + Details
Name: | ifrs-full_DisclosureOfInterestsInSubsidiariesExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | ifrs-full_InvestmentsAccountedForUsingEquityMethodAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration