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Related party disclosures | 12 Months Ended
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Dec. 31, 2023
Text block [abstract] |
Related party disclosures |
29. | Related party disclosures
The ultimate parent As of December 31, 2023, the controlling shareholder of the Company, HLA, indirectly owned 18,270,965, or 44.7% (2022: 18,270,965, or 44.7%), of the ordinary shares in the capital of the Company, as well as a special share that entitles it to elect a majority of directors of the Company. HLA controls the Company through its wholly-owned subsidiary, HLC, and through HL Technology Systems Pte. Ltd. (“HLT”), a wholly-owned subsidiary of HLC. HLT owns approximately 23.3% (2022: 23.3%) of the ordinary shares in the capital of the Company and is, and has since August 2002 been, the registered holder of the special share. HLA also owns, through another wholly-owned subsidiary, Well Summit Investments Limited, approximately 21.4% (2022: 21.4%) of the ordinary shares in the capital of the Company. HLA is a member of the Hong Leong Investment Holdings Pte. Ltd., or Hong Leong Investment group of companies. Prior to August 2002, the Company was controlled by Diesel Machinery (BVI) Limited, which, until its dissolution, was a holding company controlled by HLC and was the prior owner of the special share. Through HLT’s stock ownership and the rights accorded to the special share under Bye-Laws of the Company and various agreements among shareholders, HLA is able to effectively approve and effect most corporate transactions. In 2023, there were transactions other than dividends paid, between the Group and HLA of RMB 0.5 million (less than US$ 0.1 million) (2022: RMB 0.4 million; 2021: RMB 0.5 million). The transaction relates to consultancy fees charged by HLA. Entity with significant influence over the Group As of December 31, 2023, the Yulin City Government through Coomber Investment Ltd. owned 18.2% (2022: 17.2%) of the ordinary shares in the capital of the Company. The following provides the significant transactions that have been entered into with related parties for the relevant financial year.
|  | 31.12.2021 |  |  | 31.12.2022 |  |  | 31.12.2023 |  |  | 31.12.2023 |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Sales of engines and parts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- associates and joint ventures |  |  | 393,440 |  |  |  | 411,010 |  |  |  | 924,971 |  |  |  | 130,212 |
- GY and its affiliates |  |  | 3,223,785 |  |  |  | 2,262,306 |  |  |  | 2,034,304 |  |  |  | 286,376 |
Purchase of parts, supplies and engines |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- associates and joint ventures |  |  | 2,036,675 |  |  |  | 1,396,611 |  |  |  | 1,614,814 |  |  |  | 227,323 |
- GY and its affiliates |  |  | 1,307,137 |  |  |  | 1,053,607 |  |  |  | 1,804,457 |  |  |  | 254,020 |
Hospitality, restaurant, consultancy and other service income charged to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- a joint venture |  |  | 2,152 |  |  |  | 5,803 |  |  |  | 18,427 |  |  |  | 2,594 |
- GY and its affiliates |  |  | 6,609 |  |  |  | 10,398 |  |  |  | 18,023 |  |  |  | 2,537 |
Service charge charged by |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- joint ventures |  |  | 5,023 |  |  |  | 128 |  |  |  | 2,094 |  |  |  | 295 |
Rental income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- joint ventures |  |  | 4,415 |  |  |  | 4,634 |  |  |  | 3,834 |  |  |  | 540 |
- GY and its affiliates |  |  | 275 |  |  |  | 580 |  |  |  | 12,227 |  |  |  | 1,721 |
Sales of an intangible asset to a joint venture |  |  | — |  |  |  | — |  |  |  | 101,390 |  |  |  | 14,273 |
Property management service expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- GY and its affiliates |  |  | 21,978 |  |  |  | 22,128 |  |  |  | 24,668 |  |  |  | 3,473 |
Selling, general and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- a joint venture |  |  | 2,530 |  |  |  | — |  |  |  | — |  |  |  | — |
- GY and its affiliates |  |  | 9,315 |  |  |  | 30,151 |  |  |  | 34,178 |  |  |  | 4,811 |
- HLA and its affiliates |  |  | 7,188 |  |  |  | 8,994 |  |  |  | 9,194 |  |  |  | 1,294 |
Delivery, storage, distribution and handling expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- GY and its affiliates |  |  | 300,699 |  |  |  | 201,669 |  |  |  | 212,566 |  |  |  | 29,924 |
Payment for lease liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- GY and its affiliates |  |  | 17,215 |  |  |  | 19,802 |  |  |  | 19,615 |  |  |  | 2,761 |
Purchases of vehicles and machineries |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- GY and its affiliates |  |  | 3,460 |  |  |  | 2,513 |  |  |  | — |  |  |  | — |
In addition to the above, Yuchai also entered into transactions with other PRC Government owned enterprises. Management considers that these transactions were entered into in the normal course of business and expects that these transactions will continue on normal commercial terms. The transactions with related parties are made at terms agreed between the parties. Compensation of key management personnel of the Group
|  | 31.12.2021 |  |  | 31.12.2022 |  |  | 31.12.2023 |  |  | 31.12.2023 |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | US$’000 |
Short-term employee benefits |  |  | 25,289 |  |  |  | 25,011 |  |  |  | 30,147 |  |  |  | 4,244 |
Contribution to defined contribution plans |  |  | 273 |  |  |  | 208 |  |  |  | 305 |  |  |  | 43 |
|  |  | 25,562 |  |  |  | 25,219 |  |  |  | 30,452 |  |  |  | 4,287 |
The non-executive directors do not receive pension entitlements from the Group.

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