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Finance Expenses

12 Months Ended

Dec. 31, 2017

40. Finance Expenses

(1) Finance expenses for the years ended December 31, 2015, 2016 and 2017 are as follows:


		2015		2016		2017
		In millions of won
Interest expense	￦		2,015,684		1,752,868		1,789,552
Losses on sale of financial assets			3,008		9		2,343
Impairment of available-for-sale financial assets			84,370		86,703		2,713
Losses on valuation of derivatives			17,051		5,762		890,832
Losses on transaction of derivatives			37,262		101,987		198,218
Losses on foreign currency translation			743,283		406,849		207,944
Losses on foreign currency transaction			113,723		57,889		35,175
Losses on repayment of financial liabilities			33		23,000		5
Other			1,043		2,020		1,170

	￦		3,015,457		2,437,087		3,127,952

(2)

Interest expense included in finance expenses for the years ended December 31, 2015, 2016 and 2017 are as follows:


		2015			2016			2017
		In millions of won
Trade and other payables	￦		84,527			68,375			57,160
Short-term borrowings			14,627			6,969			35,891
Long-term borrowings			103,503			91,584			87,011
Debt securities			2,177,855			1,922,900			1,698,232
Other financial liabilities			538,680			482,428			491,665

			2,919,192			2,572,256			2,369,959

Less: Capitalized borrowing costs	￦		(903,508	)		(819,388	)		(580,407	)

			2,015,684			1,752,868			1,789,552

Capitalization rates for the years ended December 31, 2015, 2016 and 2017 are 2.36%~4.25%, 2.29%~4.16% and 2.30%~3.60%, respectively.