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Finance Lease Liabilities | 12 Months Ended
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Dec. 31, 2018
Finance Lease Liabilities [Abstract] |
Finance Lease Liabilities |
27. | Finance Lease Liabilities
(1) | Lease contracts
The Company entered into power purchase agreements (“PPA”) with GS EPS and two other providers. The Company recognizes these PPAs as finance leases; under the PPAs, there is no transfer of ownership or bargain purchase option of the plants at the end of the agreement, however, the present value of the future minimum power purchase payments equals substantially all of the plants’ respective fair values over a twenty-year period which makes up the major part of the respective plant’s economic life.
(2) | Finance lease liabilities as of December 31, 2017 and 2018 are as follows and are included in current and non-current trade and other payables, net, in the consolidated statements of financial position:
|  |  |  |  | 2017 |  |  | 2018 |
|  |  |  |  | Minimum lease payments |  |  | Present value of minimum lease payments |  |  | Minimum lease payments |  |  | Present value of minimum lease payments |
|  |  |  |  | In millions of won |
Less than 1 year |  | ￦ |  |  |  |  | 174,534 |  |  |  | 131,792 |  |  |  | 87,709 |  |  |  | 57,200 |
1 ~ 5 years |  |  |  |  |  |  | 272,994 |  |  |  | 204,069 |  |  |  | 228,783 |  |  |  | 170,676 |
More than 5 years |  |  |  |  |  |  | 108,748 |  |  |  | 82,399 |  |  |  | 65,250 |  |  |  | 55,930 |
|  | ￦ |  |  |  |  | 556,276 |  |  |  | 418,260 |  |  |  | 381,742 |  |  |  | 283,806 |
(3) | Current and non-current portion of financial lease liabilities as of December 31, 2017 and 2018 are as follows:
|  |  |  |  | 2017 |  |  | 2018 |
|  |  |  |  | In millions of won |
Current finance lease liabilities |  | ￦ |  |  |  |  | 131,792 |  |  |  | 57,200 |
Non-current finance lease liabilities |  |  |  |  |  |  | 286,468 |  |  |  | 226,606 |
|  | ￦ |  |  |  |  | 418,260 |  |  |  | 283,806 |
(4) | Minimum lease payment and contingent rent payment recognized as an expense as a lessee for the years ended December 31, 2017 and 2018 are as follows:
|  |  |  |  | 2017 |  |  | 2018 |
|  |  |  |  | In millions of won |
Minimum lease payment |  | ￦ |  |  |  |  | 158,859 |  |  |  | 111,530 |
Contingent rent payment |  |  |  |  |  |  | (21,024 | ) |  |  | (18,872 | )
(5) | Changes in finance lease liabilities for the years ended December 31, 2017 and 2018 are as follows:
|  |  |  |  | 2017 |  |  | 2018 |
|  |  |  |  | In millions of won |
Beginning balance |  | ￦ |  |  |  |  | 541,179 |  |  |  | 418,260 |
Cash flow |  |  |  |  |  |  | (122,919 | ) |  |  | (134,454 | )
Acquisition of finance lease assets |  |  |  |  |  |  | — |  |  |  | — |
Ending balance |  | ￦ |  |  |  |  | 418,260 |  |  |  | 283,806 |

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- Definition The disclosure of finance leases and operating leases by the lessee. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Note Expiry date 2019-01-01 -Name IAS -Number 17 -IssueDate 2018-01-01 -Paragraph 31 -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=17&date=2018-03-02&anchor=para_31&doctype=Standard&book=b -URIDate 2018-03-16 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Note Expiry date 2019-01-01 -Name IAS -Number 17 -IssueDate 2018-01-01 -Paragraph 35 -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=17&date=2018-03-02&anchor=para_35&doctype=Standard&book=b -URIDate 2018-03-16 + Details
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