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Investment in joint ventures | 12 Months Ended
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Dec. 31, 2023
Investments accounted for using equity method [abstract] |
Investment in joint ventures |
5. | Investment in joint ventures
|  | 31.12.2021 |  |  | 31.12.2022 |  |  | 31.12.2023 |  |  | 31.12.2023 |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Share of results of joint ventures, net of tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Y & C Engine Co., Ltd |  |  | (125,853 | ) |  |  | (54,116 | ) |  |  | (4,019 | ) |  |  | (566 | )
MTU Yuchai Power Co., Ltd. |  |  | 28,037 |  |  |  | 40,279 |  |  |  | 74,727 |  |  |  | 10,520 |
Guangxi Purem Yuchai Automotive Technology Co., Ltd. |  |  | 1,377 |  |  |  | (11,278 | ) |  |  | (4,508 | ) |  |  | (635 | )
Other joint ventures |  |  | 454 |  |  |  | (2,431 | ) |  |  | (4,117 | ) |  |  | (579 | )
|  |  | (95,985 | ) |  |  | (27,546 | ) |  |  | 62,083 |  |  |  | 8,740 |
|  |  |  |  | 31.12.2022 |  |  | 31.12.2023 |  |  | 31.12.2023 |
|  |  |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Carrying amount of investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Y & C Engine Co., Ltd |  |  |  |  |  |  | 488 |  |  |  | 12,977 |  |  |  | 1,827 |
MTU Yuchai Power Co., Ltd |  |  |  |  |  |  | 128,140 |  |  |  | 203,156 |  |  |  | 28,599 |
Guangxi Purem Yuchai Automotive Technology Co., Ltd. |  |  |  |  |  |  | 20,377 |  |  |  | 15,869 |  |  |  | 2,234 |
Other joint ventures |  |  |  |  |  |  | 5,698 |  |  |  | 5,227 |  |  |  | 736 |
|  |  |  |  |  |  | 154,703 |  |  |  | 237,229 |  |  |  | 33,396 |
Details of significant joint ventures of the Group are as follows:
Name of company |  | Principal activities |  | Place of incorporation/ business |  | Group’s effective equity interest |
|  |  |  |  |  | 31.12.2022 |  |  | 31.12.2023 |
|  |  |  |  |  | % |  |  | % |
Held by subsidiaries |  |  |  |  |  |  |  |  |  |  |  |
Y & C Engine Co., Ltd (“Y&C”) |  | Manufacture and sale of heavy-duty diesel engines, spare parts and after-sales services |  | PRC |  |  | 34.4 |  |  |  | 34.4 |
MTU Yuchai Power Co., Ltd (“MTU Yuchai Power”) |  | Manufacture off-road diesel engines |  | PRC |  |  | 38.2 |  |  |  | 38.2 |
Guangxi Purem Yuchai Automotive Technology Co., Ltd. (“Purem”) |  | Application development, production, sales and service on engine exhaust control systems |  | PRC |  |  | 37.4 |  |  |  | 37.4 |
Summarised financial information of the Group’s significant joint ventures, based on its IFRS financial statements, and reconciliation with the carrying amount of investment in the consolidated financial statements are as follows:
|  | 31.12.2021 |
|  | Y & C |  |  | MTU Yuchai Power |  |  | Purem |  |  | Total |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |
Revenue |  |  | 2,072,721 |  |  |  | 467,800 |  |  |  | 157,316 |  |  |  | 2,697,837 |
Depreciation and amortization |  |  | (52,881 | ) |  |  | (2,377 | ) |  |  | (709 | ) |  |  | (55,967 | )
Interest expense |  |  | (51,836 | ) |  |  | (1,850 | ) |  |  | (41 | ) |  |  | (53,727 | )
Profit/(loss) for the year, representing total comprehensive income for the year |  |  | (282,205 | ) |  |  | 54,526 |  |  |  | 2,811 |  |  |  | (224,868 | )
Proportion of the Group’s ownership |  |  | 45 | % |  |  | 50 | % |  |  | 49 | % |  |  |  |
Group’s share of results |  |  | (126,992 | ) |  |  | 27,263 |  |  |  | 1,377 |  |  |  |  |
Unrealized profit on transactions with joint venture |  |  | 1,139 |  |  |  | 774 |  |  |  | — |  |  |  |  |
Group’s share of results of significant joint ventures |  |  | (125,853 | ) |  |  | 28,037 |  |  |  | 1,377 |  |  |  | (96,439 | )
Group’s share of results of other joint ventures, representing the Group’s share of total comprehensive income of other joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 454 |
Group’s share of results for the year, representing the Group’s share of total comprehensive loss for the year |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (95,985 | )
|  | 31.12.2022 |
|  | Y & C |  |  | MTU Yuchai Power |  |  | Purem |  |  | Total |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |
Non-current assets |  |  | 616,161 |  |  |  | 89,353 |  |  |  | 60,439 |  |  |  | 765,953 |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Cash and bank balances |  |  | 97,741 |  |  |  | 291,807 |  |  |  | 26,744 |  |  |  | 416,292 |
- Others |  |  | 502,174 |  |  |  | 209,696 |  |  |  | 31,512 |  |  |  | 743,382 |
Total assets |  |  | 1,216,076 |  |  |  | 590,856 |  |  |  | 118,695 |  |  |  | 1,925,627 |
Non-current liabilities |  |  | (145,418 | ) |  |  | — |  |  |  | — |  |  |  | (145,418 | )
Current liabilities |  |  | (987,638 | ) |  |  | (334,576 | ) |  |  | (77,109 | ) |  |  | (1,399,323 | )
Total liabilities |  |  | (1,133,056 | ) |  |  | (334,576 | ) |  |  | (77,109 | ) |  |  | (1,544,741 | )
Net assets |  |  | 83,020 |  |  |  | 256,280 |  |  |  | 41,586 |  |  |  | 380,886 |
Proportion of the Group’s ownership |  |  | 45 | % |  |  | 50 | % |  |  | 49 | % |  |  |  |
Group’s share of net assets |  |  | 37,359 |  |  |  | 128,140 |  |  |  | 20,377 |  |  |  |  |
Unrealized profit on transactions with joint venture |  |  | (36,871 | ) |  |  | — |  |  |  | — |  |  |  |  |
Carrying amount of significant joint ventures |  |  | 488 |  |  |  | 128,140 |  |  |  | 20,377 |  |  |  | 149,005 |
Carrying amount of other joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,698 |
Carrying amount of the investment in joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 154,703 |
|  | 31.12.2022 |
|  | Y & C |  |  | MTU Yuchai Power |  |  | Purem |  |  | Total |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |
Revenue |  |  | 1,255,967 |  |  |  | 594,197 |  |  |  | 69,380 |  |  |  | 1,919,544 |
Depreciation and amortization |  |  | (29,617 | ) |  |  | (9,733 | ) |  |  | (7,726 | ) |  |  | (47,076 | )
Interest expense |  |  | (30,547 | ) |  |  | 470 |  |  |  | (469 | ) |  |  | (30,546 | )
Profit/(loss) for the year, representing total comprehensive income for the year |  |  | (65,961 | ) |  |  | 66,076 |  |  |  | (23,016 | ) |  |  | (22,901 | )
Proportion of the Group’s ownership |  |  | 45 | % |  |  | 50 | % |  |  | 49 | % |  |  |  |
Group’s share of results |  |  | (29,682 | ) |  |  | 33,038 |  |  |  | (11,278 | ) |  |  |  |
Unrealized profit on transactions with joint venture |  |  | (24,434 | ) |  |  | 7,241 |  |  |  | — |  |  |  |  |
Group’s share of results of significant joint ventures |  |  | (54,116 | ) |  |  | 40,279 |  |  |  | (11,278 | ) |  |  | (25,115 | )
Group’s share of results of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,431 | )
Group’s share of results for the year, representing the Group’s share of total comprehensive loss for the year |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (27,546 | )
|  | 31.12.2023 |
|  | Y & C |  |  | MTU Yuchai Power |  |  | Purem |  |  | Total |  |  | Total |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Non-current assets |  |  | 685,434 |  |  |  | 74,794 |  |  |  | 51,877 |  |  |  | 812,105 |  |  |  | 114,323 |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Cash and bank balances |  |  | 64,252 |  |  |  | 523,858 |  |  |  | 16,171 |  |  |  | 604,281 |  |  |  | 85,067 |
- Others |  |  | 426,105 |  |  |  | 226,881 |  |  |  | 45,009 |  |  |  | 697,995 |  |  |  | 98,259 |
Total assets |  |  | 1,175,791 |  |  |  | 825,533 |  |  |  | 113,057 |  |  |  | 2,114,381 |  |  |  | 297,649 |
Non-current liabilities |  |  | (146,218 | ) |  |  | (4,825 | ) |  |  | — |  |  |  | (151,043 | ) |  |  | (21,263 | )
Current liabilities |  |  | (946,348 | ) |  |  | (414,396 | ) |  |  | (80,672 | ) |  |  | (1,441,416 | ) |  |  | (202,913 | )
Total liabilities |  |  | (1,092,566 | ) |  |  | (419,221 | ) |  |  | (80,672 | ) |  |  | (1,592,459 | ) |  |  | (224,176 | )
Net assets |  |  | 83,225 |  |  |  | 406,312 |  |  |  | 32,385 |  |  |  | 521,922 |  |  |  | 73,473 |
Proportion of the Group’s ownership |  |  | 45 | % |  |  | 50 | % |  |  | 49 | % |  |  |  |  |  |  |  |
Group’s share of net assets |  |  | 37,451 |  |  |  | 203,156 |  |  |  | 15,869 |  |  |  |  |  |  |  |  |
Unrealized profit on transactions with joint venture |  |  | (24,474 | ) |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Carrying amount of significant joint ventures |  |  | 12,977 |  |  |  | 203,156 |  |  |  | 15,869 |  |  |  | 232,002 |  |  |  | 32,660 |
Carrying amount of other joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,227 |  |  |  | 736 |
Carrying amount of the investment in joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 237,229 |  |  |  | 33,396 |
|  | 31.12.2023 |
|  | Y & C |  |  | MTU Yuchai Power |  |  | Purem |  |  | Total |  |  | Total |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Revenue |  |  | 1,562,179 |  |  |  | 708,432 |  |  |  | 79,119 |  |  |  | 2,349,730 |  |  |  | 330,780 |
Depreciation and amortization |  |  | (63,648 | ) |  |  | (8,682 | ) |  |  | (7,557 | ) |  |  | (79,887 | ) |  |  | (11,246 | )
Interest expense, net |  |  | (22,508 | ) |  |  | 6,762 |  |  |  | 36 |  |  |  | (15,710 | ) |  |  | (2,212 | )
Profit/(loss) for the year, representing total comprehensive income for the year |  |  | (6 | ) |  |  | 150,030 |  |  |  | (9,201 | ) |  |  | 140,823 |  |  |  | 19,824 |
Proportion of the Group’s ownership |  |  | 45 | % |  |  | 50 | % |  |  | 49 | % |  |  |  |  |  |  |  |
Group’s share of results |  |  | (3 | ) |  |  | 75,015 |  |  |  | (4,508 | ) |  |  |  |  |  |  |  |
Unrealized profit on transactions with joint venture |  |  | (4,016 | ) |  |  | (288 | ) |  |  | — |  |  |  |  |  |  |  |  |
Group’s share of results of significant joint ventures |  |  | (4,019 | ) |  |  | 74,727 |  |  |  | (4,508 | ) |  |  | 66,200 |  |  |  | 9,319 |
Group’s share of results of other joint ventures, representing the Group’s share of total comprehensive loss of other joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,117 | ) |  |  | (579 | )
Group’s share of results for the year, representing the Group’s share of total comprehensive income for the year |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 62,083 |  |  |  | 8,740 |
Note: The Group assess impairment of investments when adverse events or changes in circumstances indicate that the carrying amounts may not be recoverable. In 2022, impairment loss of RMB 1.0 million was charged to the consolidated statement of profit or loss under “Other operating expenses”. In 2023, no impairment was required. As of December 31, 2023, the Group’s share of joint ventures’ capital commitment that are contracted but not paid for was RMB 5.7 million (US$0.8 million) (2022: RMB 3.5 million). As of December 31, 2023, the Group’s share of outstanding bills receivables discounted with banks for which Y & C retained a recourse obligation totaled RMB 11.8 million (US$1.7 million) (2022: RMB 5.9 million). As of December 31, 2023, the Group’s share of outstanding bills receivables endorsed to suppliers for which Y & C retained a recourse obligation were RMB 8.8 million (US$1.2 million) (2022: RMB 39.7 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 278.5 million (US$39.2 million) (2022: RMB 163.0 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, 2023, the Group’s share of restricted cash of RMB 22.3 million (US$3.1 million) (2022: RMB 40.5 million) which was used as collateral by the banks for the issuance of bills to suppliers. As of December 31, 2023, the Group’s share of bills receivables of RMB 2.3 million (US$0.3 million) (2022: RMB 2.3 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 2023-01-01 -Paragraph 17 -Subparagraph b -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=27&code=ifrs-tx-2023-en-r&anchor=para_17_b&doctype=Standard -URIDate 2023-03-23 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 27 -IssueDate 2023-01-01 -Paragraph 16 -Subparagraph b -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=27&code=ifrs-tx-2023-en-r&anchor=para_16_b&doctype=Standard -URIDate 2023-03-23 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 12 -IssueDate 2023-01-01 -Paragraph B4 -Subparagraph b -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B4_b&doctype=Appendix&subtype=B -URIDate 2023-03-23 + Details
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